TCRAP_Public/050812.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                  A S I A   P A C I F I C

             Friday, August 12, 2005, Vol. 8, No. 159

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Unit Forms Joint Venture with P&O
APG FITTING: Members Decide to Close Operations
AUSTRALIAN FINANCE: Students Unite for Kaye Battle
AUSTRALIAN GAS: Symex Deal Brings Cost, Environment Benefits
BOONARA PTY: Enters Liquidation

BOSTARAN PTY: Sule Arnautovic Named Liquidator
CITY PAINTING: Appoints Official Liquidators
FAIRMONT HOMES: Winding Up Proceedings Initiated
FALKIRK NOMINEES: Members, Creditors to Convene in Final Meeting
FORTESCUE METALS: Labor Shortage Threatens Operations

GELSTON PTY: Members Pass Winding Up Resolution
HIH INSURANCE: Cooper Will Stand Trial in Case
HOLMES FOR DOORS: Liquidator to Detail Wind Up Manner
INDEPENDENT TRANSPORT: Court Orders Liquidation
ION LIMITED: New Hope for 700 Jobs at SA Plant

JARMBIE OVERLAND: Winds Up Business
LEASEBACK PROPERTIES: Liquidator to Distribute Assets
M.H. BROWNE: Set to Declare Dividend August 23
MUNGALA PASTORAL: Members Opt for Voluntary Liquidation
MYER LIMITED: Deemed Big Loser in Shopping War

POWER CAPITAL: To Pay Dividend to Priority Creditors
PRO-SEAL CONCRETE: Members, Creditors Review Wind Up Report
QANTAS AIRWAYS: Brushes Off Rumors of Boss' Departure
QANTAS AIRWAYS: Adding Flights to San Francisco
RENTFORCE AUSTRALIA: Liquidator to Explain Wind-up Process

TELECASTERS AUSTRALIA: Members Agree to Wind Up Firm
VAMIDE PTY: Schedules Final Meeting Next Week
WANDA INVESTMENT: Falls Into Liquidation
WESTBUS: Receives 11th-hour Aid
W.T. & K.V.: Placed Under Voluntary Liquidation

XANADU WINES: Chairman Comments on Poor Performance


C H I N A  &  H O N G  K O N G

EVER GLAD: Court Issues Winding Up Order
GALA WIN: Creditors Annual Meeting Slated for August 12
GOLDEN NICE: Receives Winding Up Notice
GUANGDONG KELON: Regulators Look Into Suspicious Trade
GUOTAI JUN'AN: Obtains Government Aid

IN-TECH D: Winding Up Hearing Set August 31
JIUZHOU HONG KONG: Winds Up Operations
NEW CATHAY: Creditors Meeting Fixed August 12
VERTEX COMMUNICATIONS: Turns Around with HK$5.9 Mln Profit
WEALTH UNICORN: Enters Winding Up Proceedings


I N D O N E S I A

BANK MANDIRI: Malaysian Firm Denies Debt-acquisition Talks
GARUDA INDONESIA: Labor Unions Support Planned Strike
PERTAMINA: Government Against Sole Ownership of Cepu Block
PERUSAHAAN LISTRIK: Reserves Natural Gas for Other Industries


J A P A N

HOKUTO BANK: JCR Assigns 'BBB-' Rating
JAPAN AIRLINES: Extends International Fare Fuel Surcharges
JAPAN AIRLINES: Plane Panel Falls on Narita Runway
KANEBO LIMITED: Shiseido to Drop Out of Bid
SEIBU RAILWAY: To Set up Holding Firm for Reconstruction

SOFTBANK CORPORATION: Internet Provider Cuts Losses
* Outlooks On Three Electric Wire Companies Revised To Stable


K O R E A

ASIANA AIRLINES: Government Arbitration Halts Strike
DAEWOO ELECTRONICS: New CEO Unveils Goal for Firm
DOOSAN GROUP: Ex-Chairman Unveils New Evidence
SSANGYONG CEMENT: Workout Plan May End Prematurely


M A L A Y S I A

CEPATWAWASAN GROUP: Issues Update on Civil Suit
HABIB CORPORATION: Acquires Entire Share Capital of IMS
K.P. KENINGAU: SIBB's Advisory Role Ends
LION CORPORATION: EGM Set for August 24
METROPLEX BERHAD: Court Adjourns Wind-Up Petition Hearing

PAN PACIFIC: To Hold Meeting End at Month's End
PETALING TIN: Net Loss Slides to MYR5,703,000
PILECON ENGINEERING: Default Payment Status Still Unchanged
RHB CAPITAL: Replies to Bourse's Query
SAAG CONSOLIDATED: New Purchase Contract Could Prop Up Earnings

SUREMAX GROUP: Unit Urged to Pay Obligations


P H I L I P P I N E S

AYALA CORPORATION: Taps Bonds Over Investment Dearth
BAYAN TELECOMMUNICATIONS: Sells Assets to Pay US$235-Mln Debt
NATIONAL BANK: Clarifies Media Reports
NATIONAL BANK: Stake Sale Draws Only Two Bidders
NATIONAL BANK: DoF Sec Says Net Gain from Sale Only Php2 Bln

NATIONAL FOOD: Apprehends Erring Rice Traders
NATIONAL POWER: Taps Bear Stearns for Loan
NATIONAL POWER: Dues to IPPs Could Reach Php41 Bln in 2005


S I N G A P O R E

BEE LIAN: Seeks to Pay Dividend to Creditors
CREATIVE TECHNOLOGY: SGD52.6-Mln Loss Wider than Expected
PAN PACIFIC PUBLICATIONS: Creditors' Proofs of Debt Due Sept. 5
SLIGHT OPTO-ELECTRONICS: Begins Voluntary Liquidation
STRAITS LION: Disposed of by Parent Firm


T H A I L A N D

CIRCUIT ELECTRONIC: Says it Submitted Reorg Plan on Schedule
EASTERN WIRE: Director Steps Down
PREECHA GROUP: Explains Difference in Financial Results
SIAM AGRO-INDUSTRY: Hires New Auditor
SINO-THAI: Unveils Resignation, Appointment of Director

TANAYONG: Amends Article 4 of Memorandum of Association
THAI WAH: Clarifies Sale of Assets to Everen
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ADSTEAM MARINE: Unit Forms Joint Venture with P&O
-------------------------------------------------
Adsteam Agency Pty Limited, a subsidiary of Adsteam Marine
Limited, has entered into an agreement to form a new 50/50 joint
venture company with Beaufort Shipping Agency Company, a trading
division of P&O Maritime Services Pty Ltd.

The joint venture is for the Australian bulk agency division of
Adsteam Agency only. All other activities of Adsteam Agency will
continue to operate without change. The new company will operate
under the name of Oceania Maritime Services Pty Limited and will
be equally owned by both partners. The joint venture will be
operational by November 2005.

Separate commercial arrangements already exist for Beaufort
Shipping Agency Company and Adsteam Agency operations in
Fremantle, Geraldton and Kwinana and are therefore excluded from
this joint venture.

Managing Director of Adsteam Marine, John Moller said, "Oceania
Maritime Services will bring together the combined expertise of
these two maritime industry experts."

"Adsteam Agency is one of the leading ship agencies in Australia
with offices in 22 locations around the country. This new
arrangement will see cost savings and benefits from the merged
operations."

"The benefits are not expected to be fully realized until FY07,"
he said.

During the transition to the new organization, normal
operational activities will continue. Clients will be kept fully
informed of any change to current operating protocols as the
transition to the new organization occurs. Management, IT and
accounting services will be centralized in Sydney.

Regional support in Papua New Guinea, Fiji and the Pacific
Islands, will be provided by the network of Adsteam Agency and
global support through the GAC Global
Network.

CONTACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9288
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


APG FITTING: Members Decide to Close Operations
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
APG Fitting & Welding Pty Limited duly convened and held on June
30, 2005, a Special Resolution to voluntarily wind up the
Company was passed by members, and P. Ngan and G. Parker were
appointed Joint and Several Liquidators for the winding up.

Creditors confirmed the appointment of Liquidators at a meeting
of creditors held that same day.

Dated this 5th day of July 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


AUSTRALIAN FINANCE: Students Unite for Kaye Battle
--------------------------------------------------
Victims of disgraced property investment speaker Henry Kaye won
a court victory Tuesday against Australian Finance Direct (AFD),
Herald Sun reports.

The Supreme Court has rejected an attempt by AFD, the company
that financed Mr. Kaye's get-rich-quick seminars, to block a
class action against it by more than 200 victims.

AFD, a subsidiary of New Zealand-based Hanover Group argued that
each Kaye investor should be required to take individual legal
action. But Justice Elizabeth Hollingwoth ruled against AFD and
she would seek to have the class action heard quickly.

Solicitor Rob Lees, a partner with Slater and Gordon, said the
decision was a significant victory.

In their writ against AFD, the plaintiffs claimed they were
duped by Mr. Kaye's false claims about the seminars run by his
National Investment Institute.

Mr. Kaye, through NII, charged his alleged victims up to
AU$15,000 for his property seminars and the lawsuit said AFD
provided finance for all or part of the fee.

The Kaye property development and education business is in
liquidation owing an estimated AU$60 million to 3500 people.

CONTACT:

Australian Finance Direct
Level 16, 9 Castlereagh St
Sydney NSW 2000
GPO Box 7113
Sydney NSW 2001
Phone: +61 02 9239 6400
Fax: +61 02 9239 6433
Web site: http://www.ausfindirect.com.au


AUSTRALIAN GAS: Symex Deal Brings Cost, Environment Benefits
------------------------------------------------------------
Symex Holdings Limited and the Australian Gas Light Company
(AGL) have combined forces to redevelop Symex's cogeneration
energy efficient plant, which will provide considerable cost
savings and reduce greenhouse gas emissions.

The plant, established and operated by Symex since 2000, will
provide Symex, its wholly owned subsidiary Pental Products Pty
Ltd and the Victorian power grid with extra electricity and
Symex with low pressure steam. Cogeneration refers to the
production of electricity and steam.

The 4.4 megawatt facility is expected to be completed in 12
months time. Approximately 18,000 megawatt hours (MWh) of
electricity produced will be used annually by Symex Port
Melbourne and Pental in Shepparton, while the remaining 15,000
MWh will be available for export to the grid. The export amount
is enough to supply around 3,700 average households annually.
Symex has not sold electricity into the grid since 2000 and this
benefit is reflected in improved energy costs.

Symex chairman, Alan Stockdale, said,"Symex and AGL have been
working together on this project for some time. The 15 year
agreement gives Symex predictability about its long term energy
expenses, provides very low energy costs and produces an
environmentally efficient outcome".

The cogeneration facility consists of a low emissions gas
turbine/electricity generator set and a waste heat recovery low
pressure steam boiler. Steam is generated by utilizing the high
temperature exhaust heat of the gas turbine which significantly
increases its fuel efficiency compared to a conventional power
plant. This will reduce carbon dioxide emissions by up to 22,000
tonnes per annum and is equivalent to taking 4,600 standard cars
off the road for a year.

Symex managing director, Mike Newton, said the cogeneration
facility will continue to provide the Symex Port Melbourne site
with a full back-up of steam and its electricity supply needs
thus reducing risk and improving operation costs.

"By using the waste heat to generate steam there will be
significant gas savings compared to our current mode of
operation with resultant environmental benefits. Electricity
supplied to Pental in Shepparton will also be at a lower cost.

"We are fortunate to have partnered with AGL, a Company that has
the expertise to build and operate the new plant, which will be
at minimal capital cost to Symex as AGL is providing the
financial backing. And importantly, the agreement gives Symex a
reliable energy supply contract, favorable energy prices and a
low risk of volatility in our energy costs for the next 15
years," Mr. Newton added.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


BOONARA PTY: Enters Liquidation
-------------------------------
Notice is hereby given that at a General Meeting of Members of
Boonara Pty Limited held on July 4, 2005 it was resolved that
the Company be wound up voluntarily, and that Richard John Lee
of 19 Ralston Road, Palm Beach be appointed liquidator.

Dated this 4th day of July 2005

Richard John Lee
Liquidator
19 Ralston Road, Palm Beach


BOSTARAN PTY: Sule Arnautovic Named Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Bostaran Pty Limited held on June 30, 2005 it was resolved that
the Company be wound up voluntarily and for such purpose, Sule
Arnautovic was appointed as Liquidator of the Company.

Dated this 12th day of July 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: (02) 9233 2111
Fax:   (02) 9233 2144


CITY PAINTING: Appoints Official Liquidators
--------------------------------------------
At an extraordinary General Meeting of City Painting Services
Pty Limited held on June 30, 2005, Riad Tayeh and Antony de
Vries were appointed Joint Liquidators for the winding up of the
Company.

Dated this 30th day of June 2005

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


FAIRMONT HOMES: Winding Up Proceedings Initiated
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Fairmont Homes Proprietary Limited held on June 30, 2005, it
was resolved that the Company be wound up voluntarily, and that
Martin David Lewis and John Ronald Hart, Chartered Accountants
of Ferrier Hodgson, Level 6, 81 Flinders Street, Adelaide be
appointed as joint & several Liquidators for such purpose.

Dated this 30th day of June 2005

Martin D. Lewis
John R. Hart
Liquidators
Level 6, 81 Flinders Street
Adelaide SA 5000


FALKIRK NOMINEES: Members, Creditors to Convene in Final Meeting
----------------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Falkirk Nominees Pty Limited will be held on Aug. 19, 2005,
11:00 a.m. at the offices of PPB, Level 1, 5 Mill Street, Perth
WA.

AGENDA:

(1) Present to members and creditors an account of how the
winding up was conducted and how the property of the Company was
disposed of.

(2) Any other business that may arise.

Dated this 19th day of July 2005

Cliff Rocke
Liquidator
c/o PPB Chartered Accountants
Level 1, 5 Mill Street, Perth WA


FORTESCUE METALS: Labor Shortage Threatens Operations
-----------------------------------------------------
Fortescue Metals Group may fail to meet a tight schedule for its
AU$2 billion-plus Pilbara iron ore venture due to a critical
labor shortage in West Australia, The West Australian relates,
citing chief executive Andrew Forrest.

Speaking at the Diggers and Dealers forum in Kalgoorlie, Mr.
Forrest said Fortescue was still aiming to deliver first ore
from the 45 million-tonnes-a-year venture by late 2007, but
admitted that a 2008 start-up was a more "comfortable" target.

"We're targeting 2007, that remains our target date, but our
comfortable date is early 2008," he said. He was confident of a
24-month construction period for the 255km railway from Port
Hedland to the Cloud Break deposit in the Chichester Range.

But labor shortages, which have already hampered progress and
pushed up costs at resource developments across WA, were a major
threat.

Uncertainty about Fortescue's aggressive development schedule
comes less than a week after the company admitted to an AU$500-
million blowout on the cost of port and rail infrastructure
alone because of price hikes for steel, fuel, construction
materials and contract labor.

The shipping infrastructure is now expected to cost at least
AU$1.95 billion, though feasibility study author WorleyParsons
warned that was based on January 2005 prices.

Fortescue believes feasibility study estimates for the mining
operation, due next month, will come in under AU$400 million,
but even then the entire project will cost at least 30 percent
more than the company's initial estimate of AU$1.85 billion.

On Fortescue's quest to have the National Competition Council
force BHP Billiton to open up its Pilbara railway to third-party
users, Mr. Forrest said he had never wavered from his plan to
build a standalone "multi-user" railway. Access to BHP's railway
would help unlock the value of numerous small deposits in the
region, otherwise stranded without transport.

Mr. Forrest said the mining operation was likely to be
"outsourced" to major contracting groups, and that
infrastructure investors and institutions had expressed interest
in buying into the infrastructure venture.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


GELSTON PTY: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at a general meeting of Gelston Pty
Limited duly convened and held on June 30, 2005, the following
special resolution was passed:

That the Company be wound up voluntarily, and that Stephen
Damien McNamara be and is now appointed liquidator of the
Company.

Dated this 8th day of July 2005

Stephen Damien McNamara
c/o Harrington McNamara
Chartered Accountants
Level 7, 11 Help Street
Chatswood NSW 2067


HIH INSURANCE: Cooper Will Stand Trial in Case
----------------------------------------------
The trial of former HIH Insurance Group associate Brad Cooper
will proceed on August 22 after Justice Greg James in the NSW
Supreme Court on Wednesday refused Mr. Cooper's application for
a permanent stay of criminal proceedings, The Australian
reveals.

The six-week trial, on six counts of allegedly bribing former
HIH investments director Bill Howard in late 2000 and early 2001
and seven counts of allegedly making false statements, was to go
ahead earlier this month. But Mr. Cooper applied for a permanent
stay of proceedings on grounds that Howard's statement setting
out the dates and amounts of the alleged bribes was tainted.

Mr. Cooper also claimed that Mr. Howard, who in December 2003
was given a two-year jail term after pleading guilty to
dishonesty and being recklessly indifferent in making payments
from HIH, was "improperly coached" by his lawyers when he
prepared his statement. Mr. Howard has agreed to give evidence
against Mr. Cooper and other former HIH executives, directors
and associates in return for receiving a suspended sentence.

Mr. Howard's legal counsel, Jamie Stevenson, has denied the
coaching accusation. Justice James agreed that Mr. Stevenson was
"an accurate and honest witness". The judge said he accepts Mr.
Stevenson's evidence that he carried out instructions given by
Mr. Howard and did not coach Howard.

Justice James said Mr. Howard provided information to the
Australian Securities and Investments Commission (ASIC) in
relation to the alleged bribes when it had no previous
information about those transactions and how they had come
about.

Justice James also said that Mr. Cooper would have the
opportunity to cross-examine Mr. Howard on his evidence and that
his concerns could be ventilated before a jury.

Mr. Cooper has also claimed that he did not have enough money to
pay for his legal representation but on Wednesday his barrister,
Tony Bellanto, QC, told the court that he was likely to
represent Mr. Cooper at the trial, saying "we are optimistic
that we will receive instructions to appear".


HOLMES FOR DOORS: Liquidator to Detail Wind Up Manner
-----------------------------------------------------
Notice is given that the final meeting of members and creditors
of Holmes for Doors & Related Products Pty Limited will be held
on Aug. 18, 2005, 10:00 a.m. at Level 1, 32 Martin Place,
Sydney, NSW.

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
commencement of the meeting.

Dated this 7th day of July 2005

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


INDEPENDENT TRANSPORT: Court Orders Liquidation
-----------------------------------------------
On July 1, 2005, the Federal Court of Australia ordered the
winding up of Independent Transport Systems Pty Limited, and
appointed Steven Nicols to be Liquidator for such winding up.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


ION LIMITED: New Hope for 700 Jobs at SA Plant
----------------------------------------------
The administrators of failed autoparts maker ION Limited said
the future of 700 jobs remaining at the firm's South Australian
facilities is looking brighter, The Advertiser says.

McGrathNicol's partners Colin Nicol and Peter Anderson said the
prospects of selling the business were improving.

The administrators said that despite the closure of the AU$110-
million Wingfield plant last month and a loss of 400 jobs, they
were able to contain operating losses at the North Plympton and
Kilkenny operations.

"We are getting closer to being able to put a profitable
investment proposition to the market," they told creditors in an
update.

Mr. Anderson said ION's alloy wheel plant at North Plympton had
trimmed its AU$20-million annual losses and was close to trading
at break-even.

He added that the business is likely yo obtain the environmental
license in six to eight weeks after near-final talks with the SA
Environment Protection Authority.

To date, the Wingfield foundry had not attracted suitable offers
from buyers and was now facing a sale "on a break-up basis". A
sell-off of ION's Auckland, New Zealand, plant also was expected
next year after a sweeping restructure failed to cut operating
losses, largely brought about by five-year supply contracts
affected by a stronger NZ$-US$ exchange rate.

More than 500 staff in NZ would be affected by the wind-down
over the next 12 months.

McGrathNicol this week announced the sale of Ion's automotive
wheel plant in Kentucky, U.S. for US$28 million (AU$42 million).

Negotiations over the sale of a transmission plant at Albury in
New South Wales were progressing where "trading forecasts were
being met".

A "satisfactory" sale of the ION plant at Altona in Melbourne
was expected "in the near future".

Melbourne-based ION fell into administration in December 2004,
with debts to major creditors of about US$550 million.

CONTACT:

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


JARMBIE OVERLAND: Winds Up Business
-----------------------------------
Notice is hereby given that at a meeting of creditors of Jarmbie
Overland Adventures Pty Limited held on July 4, 2005, it was
resolved that the Company be wound up and Peter P. Krejci of GHK
Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 was
appointed Liquidator of the Company.

Dated this 4th day of July 2005

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


LEASEBACK PROPERTIES: Liquidator to Distribute Assets
-----------------------------------------------------
At a general meeting of Leaseback Properties 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 its assets may be distributed in whole or
in part to the members in specie, should the Liquidator so
desire.

Dated this 30th day of June 2005

Bradley C. Hutchesson
c/o WHK Carricks
Level 32, 80 Collins Street
Melbourne Victoria 3000


M.H. BROWNE: Set to Declare Dividend August 23
----------------------------------------------
M.H. Browne & Co. 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 7th day of July 2005

Philip G. Jefferson
Liquidator
c/o Horwath Jefferson Stevenson
Level 4, 370 Queen Street
Brisbane Qld 4000


MUNGALA PASTORAL: Members Opt for Voluntary Liquidation
-------------------------------------------------------
Notice is hereby given that a duly constituted meeting of
members of Mungala Pastoral Co. Pty Limited was held on June 30,
2005, and the following special resolutions were passed by the
members:

(1) That the Company be wound up voluntarily.

(2) That the liquidator be and is hereby authorized to
distribute in specie or kind such assets of the Company as the
liquidator may deem fit.

At the same meeting, Anthony M. Long of Boyce Chartered
Accountants, 19 Montague Street Goulburn, was appointed as
Liquidator of the Company.

Dated this 30th day of June 2005

Anthony M. Long
Liquidator
c/o Boyce
Chartered Accountants
19 Montague Street
Goulburn NSW 2580


MYER LIMITED: Deemed Big Loser in Shopping War
----------------------------------------------
Retail giant Coles Myer has been hit with bad news ahead of next
week's end-of-year sales results, as its subsidiary Myer Limited
has been named in an ABN Amro report as a big loser in the
battle between upmarket department stores and discount
retailers, The Age reveals.

ABN Amro's reporte said Myer was the biggest loser, with its
market share dropping more than 7 percent since 1996, as
discount operators undercut department stores on price and
quality.

In the same period, Myer's market share has plummeted from 27.8
per cent to 20.6 per cent.

Between 2001 and 2004, Myer closed 12 of its 73 outlets.

The bad news came on top of Merrill Lynch's downgrade of its
forecast of Coles Myer's net profit to AU$680 million, in line
with the company's own prediction of between AU$670 million and
AU$680 million.

Merrill Lynch blamed weakness in the retail sector for the cut
of au$20 million, or 3 percent, in forecast net profit.

Coles Myer will release its full-year sales results next
Tuesday. The company declined to comment on the report.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


POWER CAPITAL: To Pay Dividend to Priority Creditors
----------------------------------------------------
Power Capital Group Limited will declare a first and final
dividend on Aug. 25, 2005.

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

Dated this 5th day of July 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: (02) 9233 2111
Fax:   (02) 9233 2144


PRO-SEAL CONCRETE: Members, Creditors Review Wind Up Report
-----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Pro-Seal Concrete Sealing Pty Limited
will be held on Aug. 19, 2005, 10:00 a.m. at the offices of
Knights Insolvency Administration, Level 3, United
Overseas Bank Building, 32 Martin Place, Sydney
NSW 2000 for the following reasons:

AGENDA

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

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

Dated this 11th day of July 2005

Bill Cotter
Liquidator
Level 3, United Overseas Bank Building
32 Martin Place, Sydney NSW 2000
Phone: (02) 8226 8100
Fax:   (02) 8226 8188


QANTAS AIRWAYS: Brushes Off Rumors of Boss' Departure
-----------------------------------------------------
Qantas Airways has denied speculations that Geoff Dixon plans to
retire prematurely as chief executive of the national flag
carrier, according to The Australian.

Rumors were flying in recent months that Mr. Dixon, who replaced
James Strong in 2001, would leave the Qantas before the end of
the year.

But Qantas Chairwoman Margaret Jackson dismissed the rumors as
untrue.

"Geoff has agreed with the board to continue in his role at
Qantas until at least the second half of 2007, an arrangement
that has not changed since he signed a new employment contract a
year ago," she said.

Ms. Jackson said Mr. Dixon has been an outstanding CEO and will
continue to provide exceptional leadership for the airline.

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: Adding Flights to San Francisco
-----------------------------------------------
Qantas Airways on Thursday announced the addition of San
Francisco to its international network - from March 29, 2006.

Qantas Executive General Manager John Borghetti said the new San
Francisco services would take the total number of Qantas return
services to mainland U.S.A. to a record 39 flights a week.

"The new services link the Sister Cities of San Francisco and
Sydney. San Francisco is a great holiday destination and we are
delighted to be flying there. The Qantas services will also
provide direct business links to the San Francisco region."

He said Qantas would initially offer three non-stop weekly
services on the Sydney-San Francisco route, operating three-
class Boeing 747-400 aircraft, with launch fares starting at
AU$1299 return including taxes and charges.

Mr. Borghetti said the three-class Boeing 747-400 aircraft would
all be fitted with Qantas' award-winning Business Class seat,
Skybed. The timings of the services would ensure good
connections to other major U.S. cities, including Dallas,
Chicago, Miami and Boston served by Qantas oneworld partner
American Airlines.

Mr. Borghetti said Qantas and Tourism Australia would conduct a
major marketing campaign to support the new route and would
continue to look at ways they could develop tourism
opportunities between North America and Australia.

Mr. Borghetti said Qantas would also introduce its own services
to Vancouver, Canada, via San Francisco during the peak travel
seasons from June 2006.

"We initially expect to introduce the Vancouver extensions
during the peak travel periods, including the North American ski
season. This is the first step to establishing year round
services to Canada," he said.

"These two new destinations will provide passengers with
unparalleled access to North America, with Qantas offering
services to 23 destinations in North America, including our own
flights to Los Angeles, New York, Honolulu, San Francisco and
Vancouver as well as a range of codeshare services with partner
airlines."

Qantas flights to San Francisco will depart from Sydney at 1:25
p.m. on Wednesdays, Fridays and Sundays. They will arrive in San
Francisco at 9:45 a.m. on the same day, and then depart San
Francisco that night at 11:00 p.m., arriving back in Sydney at
6:35 a.m. two days later.


RENTFORCE AUSTRALIA: Liquidator to Explain Wind-up Process
----------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Rentforce Australia Pty Limited will be held on Aug. 19, 2005 at
the offices of PPB, Level 1, 5 Mill Street, Perth WA.

AGENDA

(1) Present to members and creditors an account of how the
winding up was conducted and how the property of the Company was
disposed of.

(2) Any other business that may arise.

Dated this 19th day of July 2005

Cliff Rocke
Liquidator
c/o PPB Chartered Accountants
Level 1, 5 Mill Street, Perth WA


TELECASTERS AUSTRALIA: Members Agree to Wind Up Firm
----------------------------------------------------
At an Extraordinary General Meeting of Telecasters Australia
Limited held on June 30, 2005, the Company's members resolved to
wind up voluntarily, and to appoint Bruno Anthony Secatore of
Bentleys Chartered Accountants, 114 William Street, Melbourne
Vic 3000 as Liquidator for such purpose.

Dated this 8th day of July 2005

Bruno Anthony Secatore
Liquidator
Bentleys Chartered Accountants
114 William Street
Melbourne Vic 3000
Phone: 03 9274 0600


VAMIDE PTY: Schedules Final Meeting Next Week
---------------------------------------------
Notice is given that a final meeting of members of Vamide Pty
Limited will be held on Aug. 19, 2005, 10:00 a.m. at Level 3, 95
Macquarie Street, Parramatta, NSW, 2150.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up was conducted and the
property of the Company disposed of, and to receive any
explanation of the account. Accounts have been compiled in
accordance with Section 539(1), and are available for inspection
at de Vries Tayeh, Level 3, 95 Macquarie Street, Parramatta
during normal business hours.

Dated this 27th day of June 2005

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


WANDA INVESTMENT: Falls Into Liquidation
----------------------------------------
At an Extraordinary General Meeting of Wanda Investment Pty
Limited held on June 30, 205, the following Special Resolution
was passed:

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

Dated this 30th day of June 2005

R. W. Partlett
Liquidator
Partlett Chave & Rowland
Suites 6-9, 307-309 Kingsway
Caringbah NSW 2229


WESTBUS: Receives 11th-hour Aid
-------------------------------
Public transport operator Westbus has successfully averted
dissolution, according to Mt. Druitt Standard.

The rescue of the transport giant was a result of the combined
efforts of the administrator De Loitte, State Government, trade
unions, all creditors and employees.

Westbus, Hillsbus and Blue Ribbon Coaches, part of debt-ridden
Bosnjak Holdings, will be sold within a month, according to
administrator Peter Yates. The name of the new owner will be
announced when the sale is formalized.

"They will, perhaps, operate in a different livery, but they
will operate," the administrator told the Standard.

Mr. Yates also gave assurance that there will be no jobs lost
and creditors will be paid in full.

The Westbus outcome gave additional thrust to Sunday's
announcement by NSW Transport Minister John Hawkins that the
government's sweeping metropolitan "bus reforms" were 97 percent
complete.

The reforms create 15 new metropolitan bus regions. Westbus and
Busways will still serve Region 1, which includes Mt Druitt,
Blacktown and Penrith.

CONTACT:

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


W.T. & K.V.: Placed Under Voluntary Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of W.T. & K.V. Partlett Pty
Limited duly convened and held on June 30, 2005, the following
Special Resolution was passed:

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

Dated this 30th day of June 2005

R. W. Partlett
Liquidator
Partlett Chave & Rowland
Suites 6-9, 307-309 Kingsway
Caringbah NSW 2229


XANADU WINES: Chairman Comments on Poor Performance
---------------------------------------------------
Xanadu Wines Chairman Ross Norgard apologized for the company's
plight last week as dismayed shareholders approved the virtual
liquidation of what was once one of the State's premier
winemakers, The West Australian reports.

Mr. Norgard, who has presided over a devastating plunge in
market value at Xanadu, told investors he was "very apologetic"
about the group's dismal performance, which has culminated in
the forced sale of most of its assets to Nufarm chief Doug
Rathbone.

The deal was overwhelmingly backed by minority shareholders, who
saw little option but to support the AU$26.2 million sale, which
will enable the group to repay debt.

Mr. Norgard, who will step down as chairman when the sale is
finalized, blamed the company's woes on weak export markets.

Mr. Rathbone's family company, Shuttlehaven, is buying Xanadu's
namesake winery in Margaret River, including the cellar door and
restaurant, and the Xanadu brand.

Of the sale proceeds, AU$14.5 million will be repaid to Westpac
and up to another AU$5.7 million used to redeem convertible
notes.

Xanada will be left with just 1.57 million litres, which it
values at AU$3.1 million, residual brands and some cars and
computers, as well as an estimated AU$560,000 in cash.

It will change its name to Global Wine Ventures and chase wine
investments under current managing director Sam Atkins.

CONTACT:

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


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

EVER GLAD: Court Issues Winding Up Order
----------------------------------------
Ever Glad International Limited whose place of business is
located at 9th Floor,Unison Industrial Centre, 27-31 Au Pui Wan
Street, Fo Tan, Shatin, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 27, 2005.

Date of Presentation of Petition: June 2, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


GALA WIN: Creditors Annual Meeting Slated for August 12
-------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), that the Annual Meetings of
the members and creditors of Gala Win Investment Limited (In
Creditors' Voluntary Liquidation) will be held at 5th Floor, Ho
Lee Commercial Building, 38-44 D'Aguilar Street, Central, Hong
Kong on August 12, 2005 at the following times:

Annual Meeting of Members: 10:00 a.m.
Annual Meeting of Creditors: 10:30 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at the offices of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.

Dated this 29th day of July 2005

LEUNG MUN YEE RUBY
Joint and Several Liquidator


GOLDEN NICE: Receives Winding Up Notice
---------------------------------------
Golden Nice Industrial Limited whose place of business is
located at Flat 1402, 14/F, Kelly Commercial Centre, 570 Nathan
Road, Mongkok, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on July 27, 2005.

Date of Presentation of Petition: June 2, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: Regulators Look Into Suspicious Trade
------------------------------------------------------
The Securities and Futures Commission is investigating
suspicious trading activity in H shares of Guangdong Kelon
Electrical Holdings, the South China Morning Post reports.

The securities regulator is looking at the period in the run-up
to Kelon's suspension from trading on June 16. The company
requested the June 16 suspension pending the announcement of
price-sensitive information. That announcement has yet to
materialize.

On August 2, however, Kelon did announce that its Chairman, Gu
Chujun, and four of its senior executives were under
investigation by the police for alleged economic crimes.

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


GUOTAI JUN'AN: Obtains Government Aid
-------------------------------------
The Chinese government will infuse CNY2.5 billion (US$308
million) into brokerage Guotai Jun'an Securities in a move to
strengthen the brokerage sector, Xinhua News reports.

Guotai Jun'an is the fifth securities companied to receive a
central bank offer of capital support.

Central Huijin Investment Co, the central bank's investment arm,
will offer the money and take a 21 percent share of the
Shanghai-based broker.

The brokerage incurred a net profit of only CNY51.6 million
(US$6.4 million) in 2004. In the first half of this year, it
posted a loss of CNY108 million due to the sluggish stock
market.

The whole domestic brokerage sector has been in the red over the
last few years.

CONTACT:

Guotai Jun'an Securities
Jia7, Longxiang lu
Haidian District
Beijing


IN-TECH D: Winding Up Hearing Set August 31
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of In-
Tech D Engineering Limited by the High Court of Hong Kong was on
July 4, 2005 presented to the said Court by Chiu Kwok Kwong of
Room A2, 1/F., Ellen Building, 188-198 Shaukeiwan Road,
Shaukeiwan, Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on August 31, 2005.

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

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

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 30, 2005.


JIUZHOU HONG KONG: Winds Up Operations
--------------------------------------
Jiuzhou Hong Kong Trading Limited whose place of business is
located at 8th Floor, Wing's Building, 110-116 Queen's Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on July 27, 2005.

Date of Presentation of Petition: June 2, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


NEW CATHAY: Creditors Meeting Fixed August 12
---------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), that the Annual Meetings of
the members and creditors of New Cathay Hotel Limited (In
Liquidation) will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong on August
12, 2005 at the following times:

Annual Meeting of Members: 11:00 a.m.
Annual Meeting of Creditors: 11:30 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at the offices of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings.

Dated this 29th day of July 2005

LEUNG MUN YEE RUBY
Joint and Several Liquidator


VERTEX COMMUNICATIONS: Turns Around with HK$5.9 Mln Profit
----------------------------------------------------------
Vertex Communications & Technology Group Limited (8228) posted a
net profit of HK$5.906 million for the first half of 2005,
versus a net loss of HK$15.683 million for the same period a
year earlier, Infocast News reports.

The earnings per share (EPS) were $0.0118. No second quarter
dividend was declared.

CONTACT:
Vertex Communications & Technology Group Limited
2703 China Merchants Tower
Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong
Phone: 21873333
Fax: 21873334
Web site: http://www.vctg.com


WEALTH UNICORN: Enters Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wealth Unicorn Holdings Limited by the High Court of Hong Kong
was on July 13, 2005 presented to the said Court by Seid Sui
Ling of Room 5, 1/F., 19 Nam Cheong Street, Shamshuipo, Kowloon,
Hong Kong.

The said petition is to be heard before the Court at 10 a.m. on
September 7, 2005.

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

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

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 6, 2005.


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

BANK MANDIRI: Malaysian Firm Denies Debt-acquisition Talks
----------------------------------------------------------
Malaysian media group Media Prima Berhad is clarifying a report
stating that it is currently negotiating with Indonesian state-
owned PT Bank Mandiri to acquire the bad debt of PT Lativi Media
Karya, reports Business Times.

Television station PT Lativi Media Karya has an outstanding bad
debt of IDR327.78 billion with Bank Mandiri.

Media Prima Berhad released a statement to clarify that the
company is currently not in talks with the troubled Indonesian
bank in order to acquire the TV station's bad debt.

In the statement, it was said that Media Prima Berhad is always
on the lookout for opportunities to expand locally and within
Asia Pacific, but the company has not entered into any
investment agreement with any televisions in Indonesia or in the
region.

CONTACT:

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


GARUDA INDONESIA: Labor Unions Support Planned Strike
-----------------------------------------------------
Critical of the recent move PT Garuda Indonesia's management to
close the offices of Garuda Flight Attendants Association
(Ikagi), labor unions are showing their support for the
employees' planned strike today, the Jakarta Post reports.

According to the Chairman of the Confederation of All-Indonesian
Workers Unions (KSPI) Jacob Nuwa Wea, the forcible closure of
Ikagi's offices is a violation of the freedom to organize under
ILO Convention No. 87, the 1945 Constitution and the Labor
Unions Law. Such unilateral act would lead to destroying the
Company's image locally and abroad.

The planned strike by Garuda employees is a last resort to force
Company management to respect their basic rights and stop
workplace discrimination. Flight attendants are demanding pay
increases based on skills and performance, which Garuda pilots
had already received (hence the discrimination).

Chairman of the Confederation of Indonesian Prosperous Labor
Unions (KSBSI) Rekson Silaban said that the transportation
union, along with other unions and employees from other airlines
would show their support for the Garuda flight attendants who
plan to go ahead with the strike.

Ikagi Chairman Zainuddin Malik said that several Garuda flight
attendants have submitted reports to the Cengkareng police about
the office closure in the Cengkareng airport, and have reported
the Company management for allegedly intimidating protesting
workers by sending out leaflets and text messages warning that
employees who participate in the strike will be punished.

The planned strike of Garuda Indonesia's flight attendants is
scheduled from Aug. 12 to 14, 2005. The airline has formed a
contingency that includes recruiting employees from other
airlines to aid in maintaining normal operations during the
strike.

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: Government Against Sole Ownership of Cepu Block
----------------------------------------------------------
The Indonesian government does not agree with state-owned oil
firm PT Pertamina's requests to become the sole owner of an oil-
rich block on Cepu Island, currently contracted to U.S. energy
firm ExonMobil, reports the Jakarta Post.

The government, as sole shareholder of Pertamina, has told the
Company to sign a deal with ExxonMobil to jointly operate the
Cepu block since this is what it wants.

The government's negotiating team spokesman, Rizal Mallarangeng,
said Pertimna must honor the memorandum of understanding (MOU)
signed between ExxonMobil and the negotiating team, where
stakeholders ExxonMobil, Pertamina and local regency
administrations would share in 15% of the total output produced
by the as-yet untapped oil-rich Cepu block.

The MOU was signed on June 25, 2005, signaling the end to a
four-year long dispute between Pertamina and ExxonMobil for
rights to operate the block, located on the border of East &
Central Java. The government is set to sign a production-sharing
contract, together with a joint venture (called Pertamina Cepu)
formed by subsidiaries of both companies.

The Cepu block, which is expected to produce as much as 170,000
barrels of oil per day, or around 18% of the country's total oil
output, will help alleviate the recent fuel shortage that is
ongoing in the country.

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


PERUSAHAAN LISTRIK: Reserves Natural Gas for Other Industries
-------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) plans to set
aside 10 million standard cubic of natural gas per day to be
used for other industries for one year, the Jakarta Post
reports.

The natural gas, which normally goes to state gas distributor PT
Perusahaan Gas Negara, would be temporarily replaced with
petroleum, to be supplied by state-run PT Pertamina, according
to Minister of Industry Andung A. Nitimihardja.

The gas redistribution is set to begin in the middle of the
month. PLN director of power plants and energy generation Ali
Herman Ibrahim says, however, that due to the redistribution,
the Company is expected to suffer losses.

The Company has said that it needs 11.44 million kiloliters of
petroleum this year alone to generate power, far more than the
subsidized 8.35 million kiloliters of petroleum it is slated to
receive from Pertamina.

PLN is trying to reduce its petroleum use, as Pertamina has said
that it may have to pay market prices for any additional supply
of the precious fuel; this is due to the ongoing oil shortage in
the country.

The gas shortage is expected to end next year, when a contract
with Australian firm would allow more gas into the country.

CONTACT:

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


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

HOKUTO BANK: JCR Assigns 'BBB-' Rating
--------------------------------------
Japan Credit Rating Agency (JCR) has assigned a "BBB-" rating to
the subordinated bonds of Hokuto Bank.

Hokuto Bank is a regional bank with the head office being
located in Akita City, Akita Prefecture. The fund volume
amounted a little less than JPY1.1 trillion as of the end of
March 2005. Hokuto Bank's market share for the loans in the
prefecture is a little less than 30%.

The market share is the largest in the southern part of Akita
Prefecture. Its credit costs have been volatile. It will take a
little more time to figure out if disposal of bad loans has
peaked out for Hokuto Bank. The operating income of Hokuto Bank
has been declining. Both quality and amount of capital remain
poor. There remain issues to be addressed including these poor
operating profit and capital.

JCR announced the assignment of BBB rating to senior debts of
the bank on June 16, 2005. JCR will watch carefully performance
under the new mid-term management plan for two years commenced
in April 2005.

CONTACT:

Hokuto Bank
1-41 Nakadori 3-chome
Akita-shi
Phone: 81 (18) 833 42 11
Fax: 81 (18) 837 78 56
Web site: http://www.hokutobank.co.jp/index2.htm


JAPAN AIRLINES: Extends International Fare Fuel Surcharges
----------------------------------------------------------
On August 10, 2005, the Japan Airlines (JAL) Group requested
approval from the Japanese Ministry of Land, Infrastructure and
Transport (MLIT), to extend from October 1, 2005 until March 31,
2006, the fuel surcharge placed on all international passenger
tickets between July 1 and September 30.

JAL first introduced a fuel surcharge in February this year in
response to rises in the cost of fuel. Since then continued fuel
cost increases led JAL to review the amount of fuel surcharge
levied.

The surcharge applies to flights operated by Japan Airlines and
its international subsidiaries JALways and Japan Asia Airways
including JAL code-share flights operated by other airlines.

1. The same amounts apply to adult/child/infant fares. The
surcharges also apply to FFP international award tickets issued
to members of the JAL Mileage Bank.

2. In the case of refunds, the fuel surcharge will be refunded
in full and no cancellation or refund charge will be applied.

3. The planned extension of the fuel surcharge is subject to
government approval.

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


JAPAN AIRLINES: Plane Panel Falls on Narita Runway
--------------------------------------------------
A panel from the underside of a Japan Airlines (JAL) plane fell
onto the runway at Narita International Airport as the Boeing Co
777 was landing there on Thursday, Bloomberg News reports.

A Korean Air Lines Co. freighter, which landed at the same
runway after the JAL plane, blew a tire, said Narita
International Airport Corporation spokesman Susumu Sato.

The operator of Narita found metal fragments on the runway, and
Japan Airlines is checking whether the dropped panel caused the
tire blow-out. The airline is investigating the cause of the
trouble.

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


KANEBO LIMITED: Shiseido to Drop Out of Bid
-------------------------------------------
Cosmetics maker Shiseido Co. has decided not to bid for Kanebo
Ltd. and Kanebo Cosmetics Inc., Kyodo News reports.

Shiseido has determined there would be no significant synergies
from buying Japan's second-largest cosmetics maker Kanebo
Cosmetics Inc., the sources said.

Kanebo is now being restructured under a state-owned Industrial
Revitalization Corporation of Japan.

CONTACT:

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


SEIBU RAILWAY: To Set up Holding Firm for Reconstruction
--------------------------------------------------------
The Seibu Railway group plans to reconstruct itself under a
holding company, deviating an earlier plan to absorb other key
group members, Kyodo News reports.

The holding company would be launched by March 2006 and own
Seibu Railway and a new firm emerging from a merger between
Kokudo Corporation and Prince Hotels Inc., the report said.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SOFTBANK CORPORATION: Internet Provider Cuts Losses
---------------------------------------------------
Softbank Corporation incurred JPY11.15 billion in losses in the
April-June quarter, an improvement from the JPY17.88 billion
racked up a year earlier during those three months, The
Associated Press reports.

Sales nearly doubled to JPY258.64 billion (US$2.3 billion) from
JPY147.31 billion.

People signed with the Yahoo! BB ADSL broadband service totaled
4.9 million as of last month, gaining 43,000 people in the past
month. Most are also using the Internet-based voice telephone
service.

For the quarter that ended in June, the Internet provider posted
an operating loss of JPY3.19 billion, versus an operating loss
of JPY3.82 billion a year ago.

CONTACT:

Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html


* Outlooks On Three Electric Wire Companies Revised To Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services on Thursday revised its
outlooks on the long-term corporate credit ratings on Hitachi
Cable Ltd., Fujikura Ltd., and Furukawa Electric Co. Ltd. to
stable from negative, reflecting improvement in their debt-
servicing abilities supported by recovering profitability and
cash flow generation. The long-term corporate ratings on the
three companies were affirmed (see Ratings List below).

At the same time, Standard & Poor's raised its long-term senior
unsecured debt rating on Furukawa Electric to 'BB' from 'BB-',
on evidence of recovery in business performance. The senior
unsecured debt ratings on the other two companies were affirmed
at 'BBB-'.

"Profitability and cash flow generation have been recovering at
all three companies, backed by progress in restructuring and
growing revenues from electronics and automotive products, for
which demand is growing," said Standard & Poor's credit analyst
Chizuko Satsukawa.

"Furthermore, although demand from the communications and
electric power industries is expected to remain stagnant,
profitability and cash flow from these two industries are
unlikely to decrease substantially, underpinned by cost cuts and
the strong performance in the electronics and automotive
products segments," added Ms. Satsukawa.

Hitachi Cable turned profitable in fiscal 2004 (ended March 31,
2005) after posting net loss for three consecutive fiscal years.
As a result of various restructuring measures, including
withdrawing from unprofitable businesses, cutting personnel and
other costs, the company's profit margin before depreciation
rose to 7.9 percent. In the core wire and cable business, the
environment remains difficult with weak prospects for growth in
demand, and volatile copper prices.

However, profit contribution is expected from the information
network business, with solid demand for ethernet equipment and
an expected increase in orders for optic submarine cables. In
addition, Hitachi Cable's focus on the high-performance
materials business has started to recover. Standard & Poor's
expects the company to maintain profitability by enhancing the
products in which the company enjoys large shares, such as
semiconductor packaging materials and variant copper strips.

Hitachi Cable's cash flow generation is recovering in line with
the recovery in profitability. The ratio of funds from
operations (FFO) to total debt improved to over 50% as of March
2005 from about 20% a year earlier. As capital investment is
expected to remain within internal cash flow, the company is
likely to maintain relatively low leverage compared with its
peers, with a ratio of total debt to capital of about 20%.

Fujikura turned profitable in fiscal 2004, after posting two
years of net loss. An increase in profit from electronics and
automotive products, mainly flexible printed circuits (FPC), is
expected to continue to support the company's overall
profitability despite fluctuations in demand and price pressures
in the IT industry. In addition, demand for optic fiber to the
home (FTTH) is expected to increase in the short term, which
could boost the telecommunications segment. The recovery of cash
flow and reduction of debt has led to a gradual improvement in
the company's financial profile. As such, Standard & Poor's
expects Fujikura to be able to maintain its ratio of FFO to debt
at over 20% through the medium term.

Furukawa Electric suffered from weak performance when the
company acquired the optical fiber solutions (OFS) unit in
fiscal 2001 from Lucent Technologies Inc. (B/Positive/B-1). In
fiscal 2004, its restructuring efforts helped the company
achieve net profit for the first time in five years.
Restructuring measures included implementing personnel cuts
ahead of schedule, substantially reducing operating losses in
the communications business, and lowering debt by more than 100
billion. Although the business environment is likely to remain
difficult, an improved cost structure has reduced downside risk.
Backed by the recovery of cash flow and reduction of debt, an
FFO to debt of 10% and a ratio of debt to capital of 65% appear
achievable over the next two to three years.

The raising of the rating on Furukawa Electric's senior
unsecured debt is based on recovery of performance in line with
progress in restructuring. Standard & Poor's assigned an issue
rating equal to the issuer rating, reflecting our view that the
likelihood for financial support from creditor banks is small,
given that Furukawa Electric's severely weak performance was
mostly the result of poor management. However, as there are
clear signs of recovery in the company's performance, Standard &
Poor's believes that the likelihood that it will not be able to
receive support from its creditor banks has been reduced.

Ratings List
                          To               From
Hitachi Cable Ltd.
Corporate credit rating  BBB-/Stable/--   BBB-/Negative/--

Fujikura Ltd.
Corporate credit rating  BBB-/Stable/--   BBB-/Negative/--

Furukawa Electric Co. Ltd.
Corporate credit rating  BB-/Stable/--    BB-/Negative/--
Senior unsecured debt    BB               BB-


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

ASIANA AIRLINES: Government Arbitration Halts Strike
----------------------------------------------------
The government exercised its emergency powers Wednesday after
Asiana Airlines Inc. and unionized pilots failed to reach a
compromise, despite last minute negotiations, Associated Press
reveals.

The pilots agreed to the government's order to terminate their
strike.  The order would put an end to the protest for 30 days.
It is a step taken against industries considered critical to the
national economy.

The industrial action resulted to economic losses, inconvenience
to the Koreans and dangers resulting from long flight hours,
Labor Minister Kim Dae-hwan said.

"I hope it is understood that the decision was made in the
interests of all parties involved as well as for the Korean
people, and not in the interests of one side," Mr. Kim added.

The pilots planned to return to work, union spokesman Lee Sang-
jun said. They will face potential arrest if they ignored the
order.

According to Asiana spokesman Oh Kyung-keun, the carrier expects
to resume about 80 to 90 percent of its flight schedule in about
a week.

The strike went for 25 days, but never gained broad public
acceptance for the public sees the pilots as well-paid elites
who timed their walkout to cause disruption during the country's
peak summer travel season.

CONTACT:

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


DAEWOO ELECTRONICS: New CEO Unveils Goal for Firm
-------------------------------------------------
Newly appointed chief executive officer of Daewoo Electronics
Co. discussed his goals for the company during his inaugural
speech Monday, relates The Korea Herald.

CEO Lee Seung-chang's speech zeroed in on the goal of Daewoo
Electronics to survive on the basis of the enhancement of
corporate value and M&A.

Mr. Lee suggested that in order to achieve this goal, three main
business strategies should be accomplished namely efficient
management procedures, the creation of in-house specialists and
the reinforcement of global and domestic marketing management.

"Despite the extremely hard circumstances for the company since
the dissolution of Daewoo, Daewoo Electronics is still
adequately armed with global marketing and service networks.

Mr. Lee said, "We are still capable of developing a wide variety
of new products on the basis of affiliation with venture
businesses."

He further said that in order to make speedier and better
decisions, he will empower lower-level employees to be involved
in every business decision.

Mr. Lee started his career as an international trader at Daewoo
corp. back in 1977 and became chief of the strategic planning
department of Daewoo Electronics in 2004.

CONTACT:

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


DOOSAN GROUP: Ex-Chairman Unveils New Evidence
----------------------------------------------
The former chairman of Doosan Group submitted more evidence
pertaining to his brothers alleged embezzlement of company
funds, Yonhap News said.

Park Yong-oh said his brothers, current Chairman, Park Yong-sung
and Vice-Chairman Park Yong-man secretly channeled company funds
through a brewery unit.

"The funds from Doosan Industrial that were used to pay off the
interests payments of the owning family were all embezzled,"
said the source who prefers anonymity, adding that the money
involved was much greater than the KRW170 billion (US$167.98
million) reported so far.

"Former Chairman Park was only a figurehead and was not involved
in the day-to-day running of the group," the source said.

Accordingly the former chairman only found out recently about
his brothers siphoning off the group's funds.

The source relayed the former chairman's belief that "due to the
extent of their corruption, the brothers should withdraw from
the management so as to allow the group to normalize its
operations."

But a Doosan official said the former chairman would most likely
face legal punishment also should the allegations of
embezzlement be proven.

The former chairman filed the accusation right after his younger
brother, Yong-sung, took over the chairmanship. However, his
dismissal is pending shareholder approval in September.


SSANGYONG CEMENT: Workout Plan May End Prematurely
--------------------------------------------------
Key creditors of Ssangyong Cement Industrial Co. Ltd. may likely
conclude the debt workout program earlier than scheduled, says
The Korea Times.

The creditors will meet Thursday to discuss on the details of
the lifting of the debt workout plan as the company has fully
satisfied the conditions of the program.

According to company Manager, Park Jung-seok, the company has
passed a test by an accounting firm to finish the workout
program. Creditors will draw up the details about the exit
procedure."

The company's debt-to-equity ratio has been lowered to 135
percent from 1,700 percent through sale of the Yongpyong Resort
in Kangwon Province, and achieved ample liquidity and improved
credit, bank officials said.

Ssangyong is currently 60-percent owned by banks and 23-percent
owned by Japan-based Taiheiyo Cement Corp. (TCC).  The creditors
are considering handing over their shares to TCC or holding a
competitive auction.

"Nothing is decided for now. We will closely consult with the
Japanese cement company before the sale of the creditors'
stake," a creditor bank official said.

Since Ssangyong Cement began its debt workout program in October
2001, creditor banks, including Korea Development Bank and
Chohung Bank have controlled the company.  Under the
rehabilitation plan, the company was supposed to regain control
from banks by the end of the year.

CONTACT:

Ssangyong Cement Industrial Company Limited
Cho-dong, 2-Ga, Chung-Gu
Seoul, Seoul 100-748
Korea (South)
Telephone: +82 2 2270 5477
Fax: +82 2 2272 2191


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

CEPATWAWASAN GROUP: Issues Update on Civil Suit
-----------------------------------------------
Cepatwawasan Group Berhad issued to Bursa Malaysia Securities
Berhad an update on the Kuala Lumpur High Court Civil Suit No.
D3-22-1168-2004 Cepatwawasan Group Berhad and Prolific Yield
Sdn. Bhd. v Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar and 17
others.

Further to the announcement on July 14, 2005 regarding the Civil
Suit No D3-22-1168-2004 by Cepatwawasan Group Berhad and its
subsidiary, Prolific Yield Sdn. Bhd. against the following
persons:

(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant;

(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant;

(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant;

(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant;

(5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant;

(6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant;

(7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant;

(8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133)
- 8th Defendant;

(9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant;

(10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant;

(11) Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant;

(12) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant;

(13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant;

(14) Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th
Defendant;

(15) Dato Chua Tiong Moon (NRIC: 590831-06-5179) - 15th
Defendant;

(16) Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant;

(17) Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and

(18) Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant,
for recovery of:

- MYR13 million which was wrongfully and fraudulently paid out
by the former directors of Prolific Yield Sdn. Bhd. to Opti
Temasek Sdn. Bhd. as advance; and

- MYR3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment, the
Board of Directors of the Company wishes to announce that:

(a) The 1st to 4th Defendants' application for stay of execution
of the Court Order dated June 24, 2005 (to attach the 1st to 4th
Defendants assets) has been adjourned to August 3, 2005 as the
Learned Judge had directed the 1st to 4th Defendants' counsel to
file additional submission;

(b) On August 3, 2005, the Court has adjourned the decision to
August 4, 2005 as the Judge has yet to reach his decision;

(c) On August 4, 2005, the Court has allowed the 1st and 2nd
Defendants' aforesaid application and dismissed the 3rd and 4th
Defendants' aforesaid application.

Dated this 4th day of August 2005

CONTACT:

Cepatwawasan Group Bhd.
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
E-mail: cptgrp@tm.net.my


HABIB CORPORATION: Acquires Entire Share Capital of IMS
-------------------------------------------------------
Habib Corporation Berhad (HCB) issued to Bursa Malaysia
Securities Berhad an update on acquisition of a private company
limited by shares incorporated in Singapore as a wholly owned
subsidiary.

Reference is made to the resolution approved at the recent
Extraordinary General Meeting of HCB held on July 22, 2005 in
respect of the acquisitions of the marine logistics and offshore
businesses of Chuan Hup Holdings Limited via a wholly owned
subsidiary of HCB to be incorporated in Singapore.

The Company announced that it has on August 4, 2005 acquired the
entire issued and paid-up share capital of International Marine
Services Pte. Ltd. (IMS), a private company limited by shares
incorporated in Singapore, for a cash consideration of SGD1.00
(the Acquisition). The details of IMS are as follows:

Date of Incorporation: July 27, 2005

Authorized Share Capital: SGD100,000.00 comprising 100,000
ordinary shares of SGD1.00 each
Paid-Up Share Capital: SGD1.00 comprising 1 ordinary share of
SGD1.00

Principal Activities: Marine Transportation and Investment
Holding

Following the Acquisition, IMS becomes a wholly owned subsidiary
of HCB.

None of the Directors or major shareholders of HCB and/or
persons connected with them have any interest, direct or
indirect, in the Acquisition.

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


K.P. KENINGAU: SIBB's Advisory Role Ends
----------------------------------------
K.P. Keningau Bhd. (KPK) disclosed to Bursa Malaysia Securities
Berhad an update on the proposed restructuring scheme.

The Board of Directors of KPK informed Bursa Malaysia Securities
Berhad that the Company has vide its letter to Southern
Investment Bank Bhd. (SIBB), informed SIBB that since their
appointment as corporate advisor was for the corporate and debt
restructuring Proposals involving the previous White Knight,
following the withdrawal of Gabungan Cendawan Sdn. Bhd. on June
29, 2005, SIBB's appointment has consequentially come to an end.

This announcement is dated 4 August 2005.

CONTACT:

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


LION CORPORATION: EGM Set for August 24
---------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Lion Corporation Berhad will be held at the Meeting Hall, Level
48, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur on
August 24, 2005 at 11:00 a.m., for the purpose of considering
and, if thought fit, passing the following Ordinary Resolutions:

Ordinary Resolution 1
Proposed Executive Share Option Scheme

THAT subject to the approval-in-principle of Bursa Malaysia
Securities Berhad for the listing of and quotation for the new
ordinary shares to be issued hereunder and the approvals of any
other relevant authorities (if required), the Directors be and
are hereby authorized:

(a) To establish and administer for the benefit of eligible
executives including Executive Directors of the Company and its
subsidiaries which are not dormant (Eligible Executives), an
executive share option scheme to be identified as the "Lion
Corporation Berhad Executive Share Option Scheme" (ESOS) under
which offers of options shall be granted in accordance with the
provisions of the ESOS Bylaws (as contained in Appendix I of the
Circular dated August 5, 2005) (Bylaws) for the subscription of
new ordinary shares of MYR1.00 each (Shares) in the capital of
the Company and to give effect to the ESOS with full power to
assent to any conditions, variations, modifications and/or
amendments as may be required or approved by the relevant
authorities;

(b) To allot and issue from time to time during the duration of
the ESOS such number of new Shares to Eligible Executives up to
fifteen per centum (15%) of the issued and paid-up share capital
of the Company at any one time as may be required to be issued
pursuant to the exercise of the options and that such new Shares
shall, upon allotment and issue, rank pari passu in all respects
with the existing Shares in the Company in accordance with the
provisions of the Bylaws except that the new Shares will not be
entitled to any dividends, rights, allotments and/or any other
distributions, the entitlement date of which is prior to the
date on which the new Shares are credited into the grantee's
individual/nominee securities account maintained with Bursa
Malaysia Depository Sdn Bhd; and

(c) To modify and/or amend the terms and conditions of the ESOS
from time to time and/or extend the duration of the ESOS,
provided that such modifications, amendments and/or extensions
are effected in accordance with the provisions of the Bylaws,
and to do all such acts, enter into all such transactions,
arrangements, agreements or undertakings, make such rules or
regulations, impose such terms and conditions, or delegate such
part of their powers as may be necessary or expedient in order
to give full effect to the ESOS.

Ordinary Resolution 2
Proposed grant of options to Tan Sri William H.J. Cheng

THAT contingent upon the passing of Ordinary Resolution 1 above,
authority be and is hereby given to the Company specifically to
offer and grant to Tan Sri William H.J. Cheng, the Chairman and
Managing Director of the Company, options to subscribe for up to
700,000 new Shares in the capital of the Company, subject always
to such terms and conditions and/or any adjustment which may be
made in accordance with the provisions of the Bylaws.

Ordinary Resolution 3
Proposed grant of options to Mr. Cheng Theng Gek

THAT contingent upon the passing of Ordinary Resolution 1 above,
authority be and is hereby given to the Company specifically to
offer and grant to Mr. Cheng Theng Gek, an executive employee of
a subsidiary of the Company and a person connected to Tan Sri
William H.J. Cheng, the Chairman and Managing Director of the
Company and also a substantial shareholder of the Company,
options to subscribe for up to 250,000 new Shares in the capital
of the Company, subject always to such terms and conditions
and/or any adjustment which may be made in accordance with the
provisions of the Bylaws.

By Order of the Board

Chan Poh Lan
Yasmin Weili Tan Binti Abdullah
Secretaries
Kuala Lumpur
August 5, 2005

Notes:

(a) A member entitled to attend and vote at the Extraordinary
General Meeting of the Company is entitled to appoint a proxy to
attend and vote instead of him. A proxy need not be a member of
the Company. The instrument appointing a proxy must be in
writing under the hand of the appointor or his attorney duly
authorized in writing or, if the appointor is a corporation,
either under seal or the hand of an officer or attorney duly
authorized.

(b) An instrument appointing a proxy executed in Malaysia need
not be witnessed. The signature to an instrument appointing a
proxy executed outside Malaysia shall be attested by a
solicitor, notary public, consul or magistrate.

(c) The instrument of proxy shall be deposited at the Registered
Office of the Company, Level 46, Menara Citibank, 165 Jalan
Ampang, 50450 Kuala Lumpur, not less than forty-eight (48) hours
before the time for holding the meeting.

(d) Form of Proxy sent through facsimile transmission shall not
be accepted.

CONTACT:

Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155
Fax:  +60 3 2162 3448


METROPLEX BERHAD: Court Adjourns Wind-Up Petition Hearing
---------------------------------------------------------
Metroplex Berhad (MB) issued to Bursa Malaysia Securities Berhad
an update on the winding-up petition served on the company by
Morgan Stanley Emerging Markets, Inc. (MSEMI).

The Company informed the bourse that the Kuala Lumpur High Court
has on August 3, 2005 adjourned the hearing of MSEMI's
application for the appointment of a provisional liquidator and
MB's application to strike out the winding-up petition by MSEMI
to September 21, 2005.

This announcement is dated 4 August 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


PAN PACIFIC: To Hold Meeting End of the Month
---------------------------------------------
Pan Pacific Asia Berhad (PPAB) updates Bursa Malaysia Securities
Berhad 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)

Avenue Securities Sdn Bhd on behalf of PPAB, advised the bourse
on:

(a) A court convened meeting of the shareholders of PPAB (CCM-
Shareholders) pursuant to Section 176 of the Companies Act, 1965
(Act) will be held on Tuesday, August 30, 2005 at 10:00 a.m. or
at any adjournment thereof for the purpose of considering the
Proposed Scheme of Arrangement with Shareholders and if thought
fit to approve the same with or without modification(s); and

(b) An Extraordinary General Meeting of the shareholders of PPAB
(EGM) will be held on Tuesday, August 30, 2005 at 10:30 a.m. or
immediately following the conclusion or adjournment (as the case
may be) of the CCM-Shareholders, whichever is later, for the
purpose of considering and if thought fit, passing with or
without modification(s), the special and ordinary resolutions
relating to the Proposed Restructuring Scheme.

The CCM-Shareholders and EGM will be held at Mersawa & Meranti
Room, Lower Ground Floor, Eastin Hotel, 13, Jalan 16/11 Pusat
Dagang Section 16, 46350 Petaling Jaya, Selangor Darul Ehsan.

The full text of the notices of the EGM and CCM-Shareholders are
attached herewith.
http://bankrupt.com/misc/PanPacific081105.pdf
http://bankrupt.com/misc/PanPacific081105B.pdf

In addition, PPAB informed the bourse that the court convened
meetings of PPAB's scheme creditors pursuant to the provisions
of Section 176 of the Act for the purposes of considering the
Proposed Scheme of Arrangement with Creditors and if thought fit
to approve the same with or without modification(s) will also be
held on Tuesday, August 30, 2005.

This announcement is dated 4 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 / +60 3 7727 1622
Web site: http://www.dno.no


PETALING TIN: Net Loss Slides to MYR5,703,000
---------------------------------------------
Petaling Tin Berhad furnished Bursa Malaysia Securities Berhad a
copy of its unaudited third quarter report for the financial
period ended July 31, 2005.

Summary of Key Financial Information
July 31, 2005

      Individual Period              Cumulative Period
Current Year     Preceding Year     Current Year  Preceding Year
Quarter      Corresponding Quarter  to Date      Corresponding
                                                  Period
31/07/2005    31/07/2004          31/07/2005   31/07/2004
MYR'000   MYR'000              MYR'000      MYR'000

(1) Revenue

    63,009   1,933              66,946    2,149

(2) Profit/(loss) before tax

    -5,692  -1,812              -8,250    -4,193

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

    -5,703  -1,944              -8,220    -4,342

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

    -5,703  -1,944              -8,220    -4,342

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

    -1.66  -0.56               -2.39     -1.26

(6) Dividend per share (sen)

    0.00   0.00                 0.00      0.00

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

(7) Net tangible assets per share (MYR)

    1.0800                 1.1100

To view a full copy of the financial results, click
http://bankrupt.com/misc/PetalingTin081005.doc

CONTACT:

Petaling Tin, Berhad
No 8 Lorong P Ramlee
Level 19 Menara PanGlobal
50250 Kuala Lumpur 50250
Malaysia
Telephone: +60 3 2026 4491
Fax: +60 3 2026 3106


PILECON ENGINEERING: Default Payment Status Still Unchanged
-----------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on July 4, 2005 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB advised Bursa Malaysia
Securities Berhad that there have not been any changes to the
status of default since then.

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


RHB CAPITAL: Replies to Bourse's Query
--------------------------------------
RHB Capital Berhad refers to Bursa Malaysia Securities Berhad's
letter dated August 4, 2005 (RH-050804-34792) pertaining to the
unusual market activity in the trading of the Company's
securities.

The Board of Directors of RHB Capital Berhad (RHB Capital)
confirmed that, save for the announcement made by the Company
dated August 1, 2005 (Ref. No. RC-050623-76833) in relation to
the cessation of office of Y Bhg Dato Sri Sulaiman Abdul Rahman
Taib (Y Bhg Dato Sri Sulaiman) as Director/ Executive Chairman
and Mr. Akira Miyama as Director as well as the announcement
dated August 3, 2005 (Ref. No. RC-050803-41589) in relation to
the appointment of Y Bhg Dato Sri Sulaiman Abdul Rahman as
Director, the company is not aware of any of the following:

(1) Any material corporate development relating to the Group's
business and affairs that has not been previously announced
which may account for the unusual market activity, including
those in the stage of negotiation or discussion;

(2) Any rumour or report concerning the business and affairs of
the Group that may account for the unusual market activity;

(3) Any other possible explanation to account for the unusual
market activity; and

(4) Any material information which may warrant for disclosure
pursuant to Paragraph 9.03 of the Bursa Securities Malaysia
Berhad Listing Requirement.

To view a copy of the exchange's query letter, click
http://bankrupt.com/misc/RHBCapitalBerhad081005.pdf

This announcement is dated 4 August 2005

CONTACT:

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


SAAG CONSOLIDATED: New Purchase Contract Could Prop Up Earnings
---------------------------------------------------------------
The Board of Directors of SAAG Consolidated (M) Berhad advised
Bursa Malaysia Securities Berhad that it has accepted a purchase
contract from a large multinational company, for the purchase of
2 units of HFO/diesel generating sets with ancillary equipments
at a net price of USD6,300,000/-.

The 2 units are to be delivered within 12 months of contract
after due overhaul and refurbishment.

This contract will have a positive contribution to the earnings
of the group for the current year.

None of the Directors, substantial shareholders and persons
connected to them has an interest in the above.

This announcement is dated 4 August 2005.


SUREMAX GROUP: Unit Urged to Pay Obligations
--------------------------------------------
The Board of Directors of Suremax Group Berhad informed Bursa
Malaysia Securities Berhad that a Notice pursuant to Section 218
of the Companies Act, 1965, dated August 1, 2005 has been
received by Suremax's wholly owned subsidiary, Suremax Land Sdn.
Bhd. (SLSB) on August 4, 2005.

The Notice was issued by Messrs. S. K. Song on behalf of Long
Kee Piling Works Sdn. Bhd. (LKPW) demanding payment for a sum of
MYR155,867.25 being the refund of full purchase price under the
Sale and Purchase Agreement dated November 13, 2003 of
MYR141,697.50 together with MYR14,169.75 as agreed liquidated
damages.

Pursuant to the Notice, in the event that SLSB fails to make
payment for the aforesaid debt within twenty-one (21) days from
the date of receipt of the Notice, SLSB shall be deemed to be
unable to pay the aforesaid debt and appropriate action will be
taken for the winding-up of SLSB.

SLSB will seek legal advice from its Solicitors on the next
course of action.

This announcement is dated 4 August 2005.

CONTACT:

Suremax Group Bhd
No. 7-1, Faber Imperial Court,
Sheraton Imperial Hotel,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-76606080
Fax: 03-76606090


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

AYALA CORPORATION: Taps Bonds Over Investment Dearth
----------------------------------------------------
Ayala Corporation decided to tap the bond market with a Php3-
billion issuance of fixed-rate corporate notes due to a dearth
in investment outlets, reports BusinessWorld.

In a statement, the firm said the increase in liquidity in the
system is not sufficiently met due to few investment outlets.

"While Ayala has sufficient cash of about US$200 million to
address the requirements up to next year, we thought of
opportunistically tapping the market to improve the risk profile
of our liabilities, lower overall funding costs, and extend the
maturities of our existing obligation," it said.

"We have observed that while there has been an increase of
liquidity in the system, there is also a lack of sufficient
investment outlets on the other hand."

The group said that due to the lack of sufficient investment
outlets, investors are more wiling to price issues based on
scarcity value.

Since there is no pressing need for a bigger size given the
company's current requirements and cash position, the
conglomerate kept the notes at Php3 billion.

The funds raised will be used to prepay obligations maturing in
2006 consistent with the plan to cut debts. The new borrowing
will further improve the debt mix of Ayala Corp.

The conglomerate's current net debt is US$551 million, which is
down from US$645 million at the start of 2005.

The planned issuance was approved by the corporation's executive
board on Tuesday. However, it is still subject for approval by
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


BAYAN TELECOMMUNICATIONS: Sells Assets to Pay US$235-Mln Debt
-------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) is considering
disposing of its idle assets in order to raise capital to help
finance a US$325-million debt under its rehabilitation program,
BusinessWorld says.

The telecom is looking to offload three-story buildings in "key
cities" such as Manila, Tacloban, Bicol, Butuan and General
Santos, among others.

The sale is set about late next year or when the real estate
business starts to pick up.

Net value of assets was not disclosed although BayanTel expects
proceeds to be "substantial".

Bayantel is also looking at other options such as the
commercialization of assets and leasing them to other companies.

Salvador G. Tirona, the firm's chief finance officer, said
assets sale would help improve the firm's core business and
eventually help it service its debts.

BayanTel net revenues grew 9% in the first half to Php2.90
billion from Php2.66 billion a year ago on data services and DSL
business segments. It expects revenue to shoot up between Php5.2
billion and Php6.07 billion this year compared with Php5.36
billion in 2004.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


NATIONAL BANK: Clarifies Media Reports
--------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the following news articles:

(1) "Lucio Tan may seek approval to match highest offer for PNB
stake" published in the August 10, 2005 issue of the Philippine
Star.

The article reported that:

"The Lucio Tan Group may seek the approval of the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas (BSP) to match the
highest offer for the 67-percent stake in the Philippine
National Bank (PNB). A BSP source said yesterday that under
existing banking rules, any individual or corporation can only
own up to 40 percent of a bank. `It is an option for Mr. Lucio
Tan to have a pre-clearance from MB so he will not encounter any
problem if in case he would be matching the bid of other
groups,' the source said. The source said Tan may use other
corporations as long as it complies with the 40-percent ceiling
imposed under BSP rules."

(2) "Teves seeks end to dispute in PNB" published in the August
10, 2005 issue of the Philippine Daily Inquirer.

The article reported in part that:

"Finance Secretary Gary Teves has scheduled a make or break
meeting tomorrow among aggrieved sugar planters, the Bangko
Sentral ng Pilipinas and Philippine National Bank to settle the
dispute over Php3 billion in sugar crop loans ahead of the
bank's privatization. It aims to address the sugar planters'
concerns over their debts that the BSP took out of PNB as part
of a dacion en pago (payment in kind) arrangement in 1994."

Philippine National Bank (PNB), in its letter to the Exchange
dated August 10, 2005, disclosed that:

"In response to the request ... to provide information related
to certain articles that appeared today in The Philippine Star
(`Lucio Tan Group may seek approval to match the highest offer
for PNB stake') and The Philippine Daily Inquirer (`Teves seeks
end to dispute in PNB'), please find our responses below, viz:

1. We are not privy to and do not have any official and reliable
information as to the reported plan of the Lucio Tan Group to
seek pre-clearance from the Monetary Board to allow them to
match the highest offer for the 67% stake in PNB. We believe it
is not appropriate for us to comment on the purported moves of
the LT Group under such circumstances. As for the reported
comments of BSP, we believe the news article speaks for itself
since we are not the source.

2. As for Finance Secretary Margarito Teves' efforts to settle
the dispute involving the Php3 Billion sugar crop loans of
various sugar planters with the BSP and PNB, we would like to
confirm that there is such a meeting (on Friday) to which the
PNB President is invited.

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: Stake Sale Draws Only Two Bidders
------------------------------------------------
The national government is optimistic the auction of Philippine
National Bank's (PNB) 67-percent stake scheduled today will
succeed despite its failure to attract more buyers, according to
BusinessWorld.

Philippine Deposit Insurance Corp. (PDIC), the head of the
technical working group overseeing the sale, is bullish about
the divestment.

"We are going to have a successful bidding...we have at least
two bidders and the requirement is for us to have at least two
to proceed with the sale," PDIC executive vice president
Cristina Orbeta said.

Union Bank of the Philippines (UBP.PH) and its partner Avenue
Asia Capital Group have obtained approval from the Monetary
Board to join the bidding, which has set a floor price of PHP43
a share, says the report.

The other bidder is the group of tycoon Lucio Tan, which earlier
signified its intention to exercise its right to first offer as
provided for under the 2002 joint sale agreement of the group
and the government.

The government and Tan's group are the joint owners of the 67
percent PNB stake up for sale.


NATIONAL BANK: DoF Sec Says Net Gain from Sale Only Php2 Bln
------------------------------------------------------------
The government can only expect to reap a net gain of Php2
billion from the sale of its shares in Philippine National Bank
(PNB), The Manila Bulletin reports, citing the Department of
Finance (DoF) secretary.

Sec. Margarito Teves said the government will only get Php2
billion when the PNB shares are sold off, as the government has
yet to settle many obligations.

The government through the Philippine Deposit Insurance Corp. is
set to implement the Joint Sale Agreement between the PDIC and
the Lucio Tan group today, Aug. 12.

Presently, PDIC has Php7.8 billion worth of preferred shares
converted from the Php27 billion the government infused as
rehabilitation financing to PNB in 2001. The government also has
Php6.1 billion outstanding loans or restructured loans in the
bank and Php2.5-billion common shares held.

When the 67 percent stake is sold, PDIC and the Tan group will
both own only 8.64 percent or 72 million shares each.

Under the joint sale agreement, the Tan group and the government
have to agree to sell. This will involve at least 45 million
common shares, 140.8 million preferred shares of PDIC and 186
million shares of the Tan group.

The government has 257.8 million shares in PNB consisting of
62.7 common shares for account of the government and had 195.1
million preferred shares for PDIC, while the Tan side has 257.8
million common shares and 256 million warrants.


NATIONAL FOOD: Apprehends Erring Rice Traders
---------------------------------------------
At least 26 rice traders found violating the rules and
regulations set by the Philippine Grains Standardization Program
(PGSP) were apprehended by the monitoring teams of the National
Food Authority (NFA) from April 6 to date.

Of this number, 13 were violations on rice diversion as reported
by the NFA's Enforcement, Investigation and Prosecution
Department (EIPD). Other violations reported were unauthorized
possession of rice, 2; overpricing of NFA rice, 1; no NFA
license, 8; non-display of NFA license, 1; and rice boxes not
painted white, 1.

The NFA regularly deploys its personnel under the agency's
Palengke Watch program to monitor any irregularities in the
selling of government rice both in minor and major public
markets nationwide.

Violators will be meted with corresponding penalties, including
cancellation of their permits to operate.

NFA rice comes in regular-milled and well-milled varieties and
is sold at P16 and P18 per kilogram, respectively.

It is available through the agency's 2,493 outlets of Bigasan ni
Gloria sa Palengke (BGP), 269 units of Tindahan ni Gloria
rolling stores, and 26,112 rice outlets inside and outlets
public markets accredited by the NFA.

CONTACT:

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


NATIONAL POWER: Taps Bear Stearns for Loan
------------------------------------------
National Power Corp. (Napocor) has appointed Bear Stearns for a
US$200 million, six-year floating rate note, The Manila Bulletin
relates, citing debt market news service Basis Point.

Basis Point said the marketing for the deal could begin as early
as next week, adding that the lead had already sounded out some
investors. Indicative pricing was rumored at 425 basis points
over LIBOR (London Interbank Offered Rate), about 135 basis
points wider than the Philippines' 2011 bonds, it said.

Napocor last tapped the global debt market in September 2003
when it sold US$250 million of 15-year bonds. That bond, also
lead managed by Bear Stearns, was insured by the U.S. Overseas
Private Investment Corp. and guaranteed by the Philippine
government.

The national government borrowed US$400 million early this year
on behalf of Napocor. Last week, the debt-laden Napocor said it
expected to reverse years of losses and at least break even this
year, helped by an electricity rate hike and rising energy
sales.

CONTACT:

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


NATIONAL POWER: Dues to IPPs Could Reach Php41 Bln in 2005
----------------------------------------------------------
National Power Corporation (Napcor) is expected to shell out
around Php41.167 billion this year for purchased power cost or
the fixed capacity payments under its contracts with the
independent power producers, The Manila Bulletin has learned.

The scheduled expenditure is on top of the Php55.828 billion it
has allocated for fuel expenses under the so-called energy
conversion agreements wherein the power firm assumed fuel risk
in most of the power projects sponsored by private investors.

Napocor's financial data revealed that the two main items will
eat up most of its budgeted operating expenses for the year
pegged at Php149.888 billion. The others requiring huge
allotments are amortization payments at Php24.136 billion and
depreciation costs at Php16.032 billion.

Interest charges, on the other hand, is seen trimmed down
significantly to Php13.811 billion, mainly because of the
national government's absorption of the power firm's Php200-
billion worth of outstanding loan obligations, as mandated under
the Electric Power Industry Reform Act.

While Napocor has been plagued by fuel and purchased power cost
expenses, the debt-mired power firm have also indicated that
these would be offset partly by new revenues from its two-tiered
tariff increases recently granted but the Energy Regulatory
Commission.

Because of the additional revenues flowing in from the rate
adjustments, PSALM said the level of borrowings for the power
firm could already be brought down to the range of US$200
million to US$400 million this year.


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

BEE LIAN: Seeks to Pay Dividend to Creditors
--------------------------------------------
Bee Lian Building Contractor Pte Limited, of 11 Collyer Quay,
#10-02 The Arcade, Singapore 049317, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Bee Lian Building Contractor Pte Limited
Court: Singapore High Court
Last day for receiving proofs: Aug. 19, 2005
Name  & address of Liquidators: Mick Aw Cheok Huat and
Christopher Bruce Johnson
11 Collyer Quay
#10-02 The Arcade
Singapore 049317


CREATIVE TECHNOLOGY: SGD52.6-Mln Loss Wider than Expected
---------------------------------------------------------
Creative Technology Limited posted a fourth quarter loss ending
June 2005 that was wider than expected at SGD52.6 million,
whereas for the same period last year the Company posted a net
profit of SGD10.93 million, reports Channel News Asia.

The Company's products (Nomad, Zen music players) are competing
with Apple's iPod, but intense price competition led to a
decline in its shares. Although sales for the June quarter were
up 51%, from SGD332.6 million to SGD503.4 million, target sales
were lower than expected, and falling prices also created a
negative effect on the Company's finances.

The Company also reported that inventory writedowns (due to a
decline in the value of certain components) negatively impacted
gross margins. Such a huge loss has brought down the Company's
net profit for the financial year ending June 2005 to SGD969,500
from SGD221.32 million the previous year.

But according to Creative Labs Inc. president Craig McHugh, who
runs the Company's U.S. unit, Creative Technology is expected to
return to black by the end of 2005 with the introduction of two
new (and more advanced) MP3 players. The Company doesn't plan on
engaging in a price war with its competitors, but instead plans
to manage its inventory better in order to recoup its losses.

CONTACT:

Creative Technology Limited
Phone: 65 6895 4100
Web site: http://www.creative.com


PAN PACIFIC PUBLICATIONS: Creditors' Proofs of Debt Due Sept. 5
---------------------------------------------------------------
Notice is hereby given that that the creditors of Pan Pacific
Publications (Singapore) Pte Limited, which is being wound up
voluntarily, are required on or before Sept. 5, 2005 to send in
their names and addresses and the particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to Liquidator of the Company.

If so required by notice in writing from the said Liquidator,
they are by their solicitors, or personally, to come in and
prove their said debts or claims at the time and place
designated in the notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 3rd day of August 2005

Chia Soo Hien
Liquidator
c/o BDO Raffles
5 Shenton Way #07-01
UIC Building
Singapore 068808


SLIGHT OPTO-ELECTRONICS: Begins Voluntary Liquidation
-----------------------------------------------------
CDW Holdings Limited announced that on Aug. 2, 2005, it was
informed that its 21% associated company, Slight Opto-
Electronics Co., Limited, had begun voluntary liquidation on May
4, 2005.

As the investment had been fully provided for in 2003, the
company's liquidation will not affect the Company any way
financially.

By Order of the Board

Lai Shi Hong Edward
Executive Director
Aug. 10, 2005


STRAITS LION: Disposed of by Parent Firm
----------------------------------------
Straits Trading Company, Limited (STC) announced that on Aug.
11, 2005, the Company entered into and completed a share
purchase agreement (SPA) for the sale of its entire 15.1% stake
in Straits Lion Asset Management Limited (SLAM)

STC entered into the SPA with Orient Holdings Private Limited, a
wholly owned subsidiary of Oversea-Chinese Banking Corporation
Limited (OCBC), and Great Eastern Holdings Limited (GEH).

Pursuant to the SPA, STC agreed to sell:

(1) 218,867 SLAM shares to Orient; and

(2) 381,133 SLAM shares to GEH, or 600,000 SLAM shares in
aggregate, representing 15.1% of the issued share capital of
SLAM as at the date hereof, at a purchase price of SGD71.78 in
cash per Sale Share, making an aggregate Purchase Price of
SGD43,068,000. The Purchase Price was arrived on, after arm's
length negotiations, a willing-buyer, willing-seller basis. The
audited consolidated net tangible asset value as at Dec. 31,
2004 per SLAM share was SGD17.52.

The sale and purchase of the Sale Shares was completed on Aug.
10, 2005. STC decided to dispose its entire stakeholding in SLAM
as it has ceased to be an associate company of STC, and the STC
Group can no longer equity account the earnings contribution of
SLAM.

CONTACT:

Straits Lion Asset Management Limited
C/o Straits Trading Company Limited
9 Battery Road
#21-00 Straits Trading Building
Singapore 049910
Phone: 65 65354722
Fax:   65 65327939
Web site: http://www.stc.com.sg


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

CIRCUIT ELECTRONIC: Says it Submitted Reorg Plan on Schedule
------------------------------------------------------------
Circuit Electronic Industries (Public) Co., Ltd. informed the
Stock Exchange of Thailand (SET) that the Central Bankruptcy
Court has ordered the company to enter into reorganization
process according to the Bankruptcy Law on May 9, 2005 including
appointment of the company to process the reorganization plan
and submit to the Central Bankruptcy Court within 3 months.

The company advised that regarding the Bankruptcy laws, the
reorganization plan have to be submitted within 3 months after
being published in the Government Gazette, therefore the plan
should be submitted within September 20, 2005 since it has been
published on June 21, 2005.

Please be informed.

Yours sincerely,
Mr. Sukit Nganthavee
Director

CONTACT:

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


EASTERN WIRE: Director Steps Down
---------------------------------
Eastern Wire Public Company Limited (the Company) notified the
Stock Exchange of Thailand (SET) that Pol. Maj. Gen. Somyot
Poompanmoung resigned from being a Director and Member of the
Audit Committee of the company due to other commitment in public
servant.

The resignation will be effective on August 10, 2005 and the
company is looking for a suitable replacement for such position.

Please be informed accordingly,

Best regards,
Mr. Sontaya Noicharoen
Chief Operation Officer

CONTACT:

Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067


PREECHA GROUP: Explains Difference in Financial Results
-------------------------------------------------------
According to the submission of Preecha Group Public Company
Limited's reviewed financial statement for the 2nd quarter 2005,
the company advised the Stock Exchange of Thailand (SET) that
the company and its subsidiaries acquired a net loss from
operations at THB0.19 million.

In comparison, the company had a net profit from operation at
THB33.74 million at the end of the 2nd quarter of last year.

In fact, in the first quarter of year 2004, the assets were
transferred to the company at the amount of THB16.26 million.
The company has reversed the provision on the deposit and
recorded bad debt recoverable in the statement of income and
gain on asset transfer for debt restructuring of THB19.92
million.

Also in 2005 price of construction materials is high which
affected the diminished profit from selling when compared in the
same period of the prior year.

Sincerely Yours,

Mr. Preecha Tirakijpong
President

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


SIAM AGRO-INDUSTRY: Hires New Auditor
-------------------------------------
Siam Agro-Industrial Public Co. Ltd. informed the Stock Exchange
of Thailand (SET) that due to the increase in financial audit
fee, the company will change authorized financial auditor from
KPMG Audit (Thailand) Ltd. to Grant Thornton Ltd.

This will be effective on the financial statement of quarter
2/2005 until the statement of end of year 2005.

The following are the auditor's names:

Mr. Somckid Tiatragul:     CPA registration no. 2785

Ms. Sumalee Chokdeeanant:  CPA registration no. 3322

For your information

Best Regards,
Mr. Prafs Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th


SINO-THAI: Unveils Resignation, Appointment of Director
-------------------------------------------------------
Whereas the Board of Directors of Sino-Thai Resources
Development Public Company Limited convened the Board of
Directors Meeting on August 10, 2005, the company issued to the
Stock Exchange of Thailand (SET) a report on the resolutions
adopted at the said meeting:

(1) Approved the appointment of Mr. Sawaeng Boonyasuwat as the
Director of the company by replacing of Mr. Piroon Shinawatra
the resigned director.

(2) Accepted the resignation of Mr. Wichien Kultawanich as
Director and Assistant Managing Director that will be effective
September 1, 2005.

It is therefore, informed for your acknowledgment and the
dissemination to the public and other investors.

Sincerely yours,
Umyos Huvanandana
Managing Director

CONTACT:

Sino-Thai Resources Development Public Co., Ltd.
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008


TANAYONG: Amends Article 4 of Memorandum of Association
-------------------------------------------------------
Pursuant to the orders issued by the Central Bankruptcy Court on
May 30, 2005 to approve the business reorganization plan and
appoint Tanayong Public Co. Ltd. as the plan administrator, the
company advised the Stock Exchange of Thailand (SET) that on
August 9, 2005 the Company, by the order of the Central
Bankruptcy Court, has split par value from THB10 to THB1 per
share and amended the memorandum of association article 4 to be:

Registered share capital      THB3,677,468,400

Divide to be                  3,677,468,400 shares

Per value                     THB1

Common share                  3,677,468,400 shares

Preferred share               -

Please be informed accordingly.

Yours sincerely,

Mr. Sudha Liptawat / Mr. Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Plan Administrator of
Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn
Telephone: 0-2273-8511-15
Fax: 0-2273-8516-17
Web site: http://www.tanayong.co.th


THAI WAH: Clarifies Sale of Assets to Everen
--------------------------------------------
With reference to the Stock Exchange of Thailand's (SET) letter
to Thai Wah PCL dated July 28, 2005, the company would like to
make clarification to the following issues:

(1) Sales of assets to Everen Investment Pte Ltd (Everen)

(1.1) Value of the assets

Notes to the financial statement Nos. 1.1, 6 and the letter from
the Company refer to the sales of non-core assets to Everen,
which include shares in Thai Wah Plaza Ltd (TWPL) of 10,188,203
shares (87.4 percent) and shares in Thai Wah Tower (2) Co Ltd
(TWT2) of 36,743 shares (17.4 percent) and access road to Thai
Wah Tower 2.

-  Do the sales of shares in TWPL include shares in Thai Wah
Tower Co Ltd (TWT) and TWT2?

According to the financial statement for the period of 1Q2005,
the Company did not own the shares in TWPL, TWT and TWT2 as
compared to the previous shareholding of 87.5 percent, 87.5
percent and 89.7 percent, respectively.

The company advised that prior to the sales transaction, the
Company held shares directly in TWPL of 87.45 percent and held
shares directly in TWT2 of 17.50 percent.  However, TWPL holds
shares directly in TWT of 99.9 percent and holds shares directly
in TWT2 of 82.50 percent.  The Company did not have any direct
shareholding in TWT.

In the notes to the financial statement, the auditor reported
the shareholding in TWT and TWT2 of 87.5 percent and 9.7 percent
respectively.

These figures have included the indirect shareholding in both
companies through TWPL. Following the sales of the shares
directly owned by the Company in TWPL and TWT2 to Everen in
February 2005, the financial statement for the period of 1Q2005
have excluded the shareholding in TWPL, TWT and TWT2.

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com



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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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