TCRAP_Public/050817.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

             Wednesday, August 17, 2005, Vol. 8, No. 162

                            Headlines

A U S T R A L I A

AMALFI PTY: Placed Under Voluntary Liquidation
A TOUCH: Supreme Court Orders Winding Up
AUSTRAL COAL: Centennial Extends Takeover Bid
BEACONSFIELD GOLD: Clarifies TV Report on Ties with Allstate
EGERTON HOLDINGS: Initiates Wind Up Process

ELTA PTY: Appoints Official Liquidator
FORBES DOWLING: Creditors Confirm Liquidator's Appointment
GAOHAWK PTY: Liquidator to Explain Wind-up Manner to Members
GRAHAM HUNT: Creditors Must Submit Debt Claims by Aug. 30
ICJ DEVELOPMENTS: To Pay Dividend to Creditors

JAMES HARDIE: Premier Presses for Finalization of Compo Deal
KIWI HEALTH: Set to Declare Dividend August 18
LEPAL UNITED: Enters Liquidation
MYER LIMITED: Parent Eyes Sale, Demerger
NATIONAL AUSTRALIA: Ex-Financial Planner to Face Trial for Fraud

NINTH DELTALUX: Members, Creditors to Convene in Final Meeting
OCCIDENTAL CHEMICAL: Members Agree to Wind Up Operations
O'DEA BUILDING: Resolves to Shut Down Business
PHIL TRADING: Liquidator to Distribute Company Assets
PRIME PILOTS: Members, Creditors to Review Wind Up Report

SOUTH EAST TROLLEYS: R.A. Sutcliffe Named Liquidator
STREETWISE GROUP: Creditors Reject AU3-Mln Buyout Offer
TEILIS FINANCIAL: Ex-execs Face Superannuation Fraud Charges
TERRY RIDLEY: Set to Distribute Final Dividend August 26
TINBYR INVESTMENTS: Court Orders Liquidation

WHITTLE INVESTMENTS: Inability to Pay Debt Prompts Wind-up
YELLOWDALE PTY: Appoints Official Liquidators


C H I N A  &  H O N G  K O N G

ADVANCED INK: Enters Winding Up Process
BT DEVELOPMENT: Creditors Asked to Prove Debts August 31
CARGO SERVICES: Discloses Stay of Winding Up
DARTINA DEVELOPMENT: Winding Up Hearing Fixed August 24
GRANDLY HONG KONG: Commences Winding Up Process

GUANGDONG KELON: Chairman Ousted During Probe
INTERNATIONAL CAPITAL: Set for Delisting August 17
KOLDTECH DEVELOPMENT: Court Issues Winding Up Order
PROSPERITY INTERNATIONAL: Chairman Adds 144,000 Shares
QUALISUN INDUSTRIAL: Schedules Winding Up Hearing September 21

SATELLITE DEVICES: Posts Q1/2005 Financial Result
SELBO INDUSTRIES: Creditors Meeting Slated for September 6
SMART FOREST: Court Issues Winding Up Order
SMI PUBLISHING: Net Loss Shrinks to HK$20.6 Mln
SQUARE FUND: Sets Creditors, Contributories Meeting

VB CONCEPTS: Begins Winding Up Process


I N D O N E S I A

PERTAMINA: Government Won't Hike Fuel Subsidies
PERTAMINA: Mulls 20% LPG Price Increase on Soaring Costs
TELEKOMUNIKASI INDONESIA: Expects Smaller Rivals to Merge


J A P A N

FUJITSU LIMITED: Goldman Raises Rating to "Outperform"
KANEBO LIMITED: IRCJ Narrows List of Bidders
MITSUBISHI MOTORS: Displays Concept-Sportback at Motor Show
UFJ HOLDINGS: Updates Revitalization Plan
UFJ HOLDINGS: Details Rationalization Scheme

UFJ HOLDINGS: Addresses Loan Disposal Problem
* Interest-Bearing Debt of 88 Contraction Firms Dips 11.3%


K O R E A

ASIANA AIRLINES: To Offer Free Flights This Week
HANAROTELECOM: Swings to Red in 2Q
SAMSUNG LIFE: Stake Sale Hits Snag


M A L A Y S I A

ANTAH HOLDING: Legal Suits Fully Settled
CEPATWAWASAN GROUP: Court Adjourns Civil Suit Hearing
FARLIM GROUP: Provides Corporate Guarantee to Unit
GOPENG BERHAD: Clarifies Wind Up Petition Served on Unit
KUB MALAYSIA: Unit Acquires Project from Indonesia

MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
MALAYSIAN INDUSTRIAL: Details Dissolution of Unit
MANGIUM INDUSTRIES: Net Loss Down to MYR936,000
METROPLEX BERHAD: Amount Defaulted Totals MYR1,694,261,030.46
P.I.E. INDUSTRIAL: Enters into SPA with Pan Global

TELEKOM MALAYSIA: Appeals Court's Decision to Block Wind-up Bid
PADIBERAS NASIONAL: Bursa Securities to List Additional Shares
PETALING TIN: Exits PN17 Status
SCIENTEX INCORPORATED: Disposes of Dormant Units
WCT ENGINEERING: Details Islamic Bonds Issue



P H I L I P P I N E S

ABS-CBN BROADCASTING: Teams Up with ISA for Good Governance
BENPRES HOLDINGS: Sale of Digitel Interest Drives Turnaround
DMCI HOLDINGS: Doubles Profit to Php234 Mln
LEPANTO CONSOLIDATED: Board Approves Stock Rights Offer
LEPANTO CONSOLIDATED: Clarifies Deployment of Army Troops Issue

MANILA ELECTRIC: Says TOU Rate Plan Costly
METRO PACIFIC: Confirms Interest in Napocor's Assets
METRO PACIFIC: Aims to Swing Back to Black
NATIONAL BANK: Says Sugar Planters Want Interest Payment Cut
NATIONAL BANK: Analyst Says Bid Price Good for Ailing Gov't

NATIONAL BANK: Sale Barely Dents State Deficit
NATIONAL POWER: Proposed US$300 Mln Bonds Rated 'BB-'
REYNOLDS PHILIPPINES: Four Banks Mull Another Auction


S I N G A P O R E

ELBIRU ELECTRONICS: Schedules Creditors' Meeting
FUSIEN HOLDINGS: Court Issues Winding Up Order
GREATRONIC LIMITED: Results Deadline Extended to September
INFORMATICS HOLDINGS: Reduces Net Loss by 85%
LIANG HUAT: Posts 34% Lower Net Loss

SOUTHSEAS COMMODITIES: Creditors Asked to Submit Debt Claims
UNITED FIBER: Deutsche Bank AG Appointed Financial Consultant


T H A I L A N D

ABICO HOLDINGS: Net Profit Slides to THB7,692,000
ABICO HOLDINGS: Auditor Unable to Reach Conclusion on FS
ADVANCE PAINT: Net Loss Shrinks to THB1,848,000
CIRCUIT ELECTRONIC: Releases 2Q Financial Results
NEW PLUS: Failure to Submit Statements Reaps Suspension

     -  -  -  -  -  -  -  -

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

AMALFI PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Amalfi Pty Limited held on July 7, 2005, it was resolved that
the Company be wound up voluntarily and that for such purposes,
John Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as Liquidator.

Dated this 7th day of July 2005
John F. Taylor
Liquidator
c/o WHK Greenwoods
Level 15, 309 Kent Street
Sydney


A TOUCH: Supreme Court Orders Winding Up
----------------------------------------
On July 12, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that Christopher J. Palmer be appointed
Liquidator of A Touch of Class Floor Sanding Pty Limited, in
relation to its winding up.

Dated this 26th day of July 2005

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


AUSTRAL COAL: Centennial Extends Takeover Bid
---------------------------------------------
For the purpose of ASX Listing Rule 3.2, Centennial Coal Company
Limited (Centennial) advised of the following in relation to its
off-market takeover bid (Bid) for all the ordinary shares in
Austral Coal Limited (Austral):

(a) The offer period in respect of the offers under the Bid
contained in its bidder's statement dated March 9, 2005 (as
supplemented) (Offers) has been further extended to 7:00 p.m.
(Sydney time) on Monday, August 29, 2005;

(b) At the time of making the first of the Offers under the Bid,
being March 21, 2005, Centennial and its associates had a
relevant interest in 9.6% of the ordinary shares in Austral; and

(c) At the date of the extension of the Offers, being August 15,
2005, Centennial and its associates have a relevant interest in
85.66% of the ordinary shares in Austral.

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BEACONSFIELD GOLD: Clarifies TV Report on Ties with Allstate
------------------------------------------------------------
Beaconsfield Gold NL has sought to clarify its relationship with
joint venture partner Allstate Explorations NL following a
television report critical of Macquarie Bank's involvement with
Allstate.

The report, which aired on Channel 9's Sunday program on August
14, 2005, said Macquarie Bank, which became Allstate's
administrator when the Beaconsfield gold mine joint venture got
into trouble in 2001, offered to buy AU$77,000,000 of Allstate's
debt for AU$300,000. The deal was accepted by unsecured
creditors against the wishes of shareholders.

The report also said that even though Allstate earned AU$33
million in profit last year, the company remained in
administration and most of the profits went to Macquarie Bank.

Beaconsfield, which owns 25.62 percent of the issued Allstate
shares, says it holds a 48.49 percent interest in the
Beaconsfield joint venture, but Beaconsfield's cash flow from
the mine is totally separate from the cash flow received by
Allstate, which holds the remaining 51.51 percent interest.

Beaconsfield Gold also confirmed that it has no bank debt and
that it has no arrangements with Macquarie Bank.


EGERTON HOLDINGS: Initiates Wind Up Process
-------------------------------------------
Notice is hereby given that at a General Meeting of Egerton
Holdings Pty Limited held on July 1, 2005, it was resolved that
the Company be wound up by a Members' Voluntary Liquidation, and
for such purpose, Robert John Armstrong was appointed Liquidator
of the Company.

Robert J. Armstrong
Liquidator
38 Redmond Street, Salter Point WA 6152


ELTA PTY: Appoints Official Liquidator
--------------------------------------
On July 11, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that Christopher J. Palmer be appointed the
Official Liquidator for the winding up of Elta Pty Limited.

Dated this 26th day of July 2005

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


FORBES DOWLING: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Forbes Dowling Pty Limited held on July 6, 2005,
it was resolved that the Company be wound up voluntarily and at
a meeting of creditors held on the same day, it was resolved
that for such purpose, Wayne Benton and Rodney Slattery of PPB
Chartered Accountants, Level 10, 90 Collins Street, Melbourne,
Victoria, be appointed as Joint and Several Liquidators.

Dated this 6th day of July 2005

Wayne Benton
Rodney Slattery
Liquidators
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


GAOHAWK PTY: Liquidator to Explain Wind-up Manner to Members
------------------------------------------------------------
Notice is hereby given that the final meeting of members of
Gaohawk Pty Limited will be held on Aug. 23, 2005, 10:00 a.m. at
the offices of RSM Bird Cameron Partners, Level 1, 103-105
Northbourne Avenue, Turner ACT 2612, for the purpose of laying
before the meeting the liquidator's final account and report,
and to give an explanation thereof.

Dated this 8th day of July 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988
Fax:   (02) 6247 3703


GRAHAM HUNT: Creditors Must Submit Debt Claims by Aug. 30
---------------------------------------------------------
Notice is given that creditors of Graham Hunt Holdings Pty
Limited, whose debts or claims have not already been admitted,
are required on or before Aug. 30, 2005 to submit particulars of
their debts or claims and of any security held by them to the
Company Liquidator.

If subsequently required by notice in writing from the
liquidator, they must formally prove their debts or claims and
establish any title they may have to priority by statement in
writing. If they do not comply with this notice they will be
excluded from:

(a) The benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Dated this 5th day of July 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street
Melbourne Vic 3000


ICJ DEVELOPMENTS: To Pay Dividend to Creditors
----------------------------------------------
ICJ Developments Pty Limited will declare a first and final
dividend on Aug. 19, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 18, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 19th day of July 2005

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


JAMES HARDIE: Premier Presses for Finalization of Compo Deal
------------------------------------------------------------
The New South Wales Premier has set a meeting with union leaders
and asbestos support groups this week to pressure James Hardie
Industries to finalize its asbestos compensation deal, Sydney
Morning Herald has learned.

Premier Morris Iemma, who replaced Bob Carr this month, said the
embattled building products manufacturer should take seriously
the government's resolve to see that it meets its obligations.

The move comes ahead of the company's annual meeting in Sydney
on Friday, with a protest rally planned by the Asbestos Diseases
Foundation of Australia.

It also coincides with the expiry of an estimate issued jointly
by Mr. Carr and the company on June 21 that the deal would be
signed by "late July or early August".

James Hardie spokesman James Rickards said yesterday it was
"unnecessary and odd" for Mr.Iemma to apply heat "when we have
all been working closely and quite well".

With compensation still flowing to asbestos victims from the
massively underfunded trust Hardie set up in 2001, and not
expected to run out until late next year, there is little
immediate pressure on the company to finalize the new funding
arrangements it has promised.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


KIWI HEALTH: Set to Declare Dividend August 18
----------------------------------------------
Kiwi Health Products Pty Limited is set to declare a final
dividend on Aug. 18, 2005.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims on or
before Aug. 18, 2005. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 15th day of July 2005

Guy Edwards
John Georgakis
Liquidators
Ernst & Young
GPO Box 67B, Melbourne Vic 3000
Phone: 03 9288 8000


LEPAL UNITED: Enters Liquidation
--------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Lepal United Pty Limited held on July 6, 2005, it
was resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
Leonard A. Milner of Venn Milner & Co. of Suite 1, 43 Railway
Road, Blackburn Vic 3130 be appointed Liquidator for such
purpose.

Dated this 6th day of July 2005

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


MYER LIMITED: Parent Eyes Sale, Demerger
----------------------------------------
Giant retailer Coles Myer Limited is considering the future of
its underperforming department store unit, Myer Limited, The
Australian says.

Myer department store general manager Dawn Robertson said she is
committed to the review of the business which could result in
its sale or demerger.

She said it was a positive move to consider the future of the
stores as it addresses a lot of uncertainty that has surrounded
Myer for a number of years.

Coles Myer announced its full year sales result Tuesday and said
Myer is under the microscope.

Coles Myer's has begun the development of its next five-year
strategic plan, which will consider ownership options for our
Myer business, including retention, de-merger and trade sale.

Myer Limited has been named in an ABN Amro report as a big loser
in the battle between upmarket department stores and discount
retailers.

ABN Amro's report 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.

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


NATIONAL AUSTRALIA: Ex-Financial Planner to Face Trial for Fraud
----------------------------------------------------------------
Mr. Paul Drakos, from the Central Coast in New South Wales,
appeared in the Downing Centre Local Court on Tuesday and was
ordered to face a committal hearing on 14 criminal charges
brought by the Australian Securities and Investments Commission
(ASIC).

Mr. Drakos, 53, was an authorized representative of the National
Australia Bank Limited (NAB) from October 1994 until August
2001.

Mr. Drakos has been charged with eight counts of obtaining a
financial advantage by deception, two counts of fraudulent
misappropriation and four counts of making and using false
documents.

An ASIC investigation found that between 1997 and 2001, Mr.
Drakos made recommendations to a number of his former NAB
clients to invest in BSI Corp, an entity based in the Bahamas.
BSI Corp was not an NAB-approved investment product. Investments
valued at more than $4.7 million were lost.

NAB has made restitution to most of Mr. Drakos' former clients
who lost their investments.

ASIC permanently banned Mr. Drakos from acting as a
representative of a dealer or investment adviser in January
2004.

Mr. Drakos' bail was continued on condition that he does not
apply for a new passport or travel documents and does not
approach points of overseas departure or leave Australia. Mr.
Drakos was also ordered to report to the Gosford Police Station
each week, reside at his current address and report any change
of address to ASIC.

Mr. Drakos will face the committal hearing in the Downing Centre
Local Court on 19 October 2005.

CONTACT:

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


NINTH DELTALUX: Members, Creditors to Convene in Final Meeting
--------------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Ninth Deltalux Pty Limited will be held on Aug. 25,
2005, 10:00 a.m. at the offices of SimsPartners, Level 12, 40
St. George's Terrace, to have an account laid before them
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.

Dated this 21st day of June 2005

C. M. Williamson
Liquidator
SimsPartners
Chartered Accountants
Level 12, 40 St. George's Terrace
Perth WA 6000


OCCIDENTAL CHEMICAL: Members Agree to Wind Up Operations
--------------------------------------------------------
At an Extraordinary General Meeting of Occidental Chemical
Corporation (Aust) Pty Limited held on July 7, 2005, the
Company's members resolved to wind up the Company voluntarily,
and to appoint Keiran Hutchison and John Gibbons of Ernst &
Young, Level 37, 680 George Street, Sydney NSW 2000 as
Liquidators for the winding up.

Dated this 7th day of July 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 5555


O'DEA BUILDING: Resolves to Shut Down Business
----------------------------------------------
Notice is hereby given that at a meeting of creditors of O'Dea
Building Services Pty Limited convened and held on July 5, 2005,
it was resolved that the Company be wound up, and David H. Scott
of Jones Condon, Chartered Accountants, 77 Station Street,
Malvern Victoria was appointed Liquidator.

Dated this 5th day of July 2005

David H. Scott
Liquidator
Jones Condon
Chartered Accountants
77 Station Street, Malvern Vic 3144


PHIL TRADING: Liquidator to Distribute Company Assets
-----------------------------------------------------
At a General Meeting of Phil Trading Pty Limited duly convened
and held on July 4, 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 4th day of July 2005

Malcolm Shreeve
Liquidator
Shreeve & Carslake
24 Walters Drive, Herdsman WA 6017


PRIME PILOTS: Members, Creditors to Review Wind Up Report
---------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Prime Pilots Pty Limted will be held on Aug. 23,
2005, 11:00 a.m. at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, to lay
before the meeting an account showing the manner of the winding
up and disposal of Company property, and to give any explanation
thereof.

Dated this 11th day of July 2005

Schon G. Condon RFD
Liquidator
c/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramata NSW
Phone: 02 9893 9499


SOUTH EAST TROLLEYS: R.A. Sutcliffe Named Liquidator
----------------------------------------------------
Notice is given that at a meeting of the members and creditors
of South East Trolleys Pty Limited convened and held on July 7,
2005, creditors resolved that the Company be wound up, and R. A.
Sutcliffe was appointed Liquidator for such purpose.

Dated this 7th day of July 2005

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


STREETWISE GROUP: Creditors Reject AU3-Mln Buyout Offer
-------------------------------------------------------
Creditors of Kovelan Bangaru's Streetwise Group have on Friday
rejected an eleventh-hour offer by an unknown businessman to buy
the companies for AU$3 million, the Daily Telegraph reports.

The mystery bidder approached Streetwise Group administrator
Geoff McDonald on Wednesday offering AU$3 million and the
retention of the majority of creditors' rights. This would have
translated into a payment of 10c in the dollar.

But the deal was rejected with the creditors accusing the
businessman of conspiring with Mr. Bangaru, who was not present
at the meeting.

When creditors were asked to vote on a resolution to liquidate
the companies, the National Australia Bank, which originally
indicated it would abstain, voted in favor of liquidation.

They are now unlikely to retrieve any of the estimated AU$30
million lost by the companies as the man at the head, Kovelan
Bangaru, indulged a five star life style.

Hall Chadwick administrator Geoff McDonald has informed
unsecured creditors of six failed companies of Mr. Bangaru that
they were unlikely to recover any money.

The creditors also heard three cricket stars deny they recovered
AU$2.3 million preferentially.

Mr. McDonald said lawyers for Brett Lee, Shane Lee and Michael
Slater indicated they had no intention of giving any money back.


TEILIS FINANCIAL: Ex-execs Face Superannuation Fraud Charges
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
brought a total of 33 charges against Mr. Karl Heinz Hermann
Veljkovic, 67, of Berwick in Victoria, and Mr. Barry John
Patrick, 62, of Pakenham in Victoria.

ASIC alleges that Mr. Veljkovic was knowingly involved in Teilis
Financial Services Pty Ltd (now in liquidation) operating a
financial services business without a license. ASIC alleges
investors were induced to rollover their superannuation benefits
into self-managed superannuation funds and those funds were
misused to support other companies and businesses associated
with Mr. Veljkovic and Mr Patrick, in particular the operation
of petrol stations in the Gippsland towns of Moe, Morwell and
Rawson.

Other charges relate to the circumstances in which various loans
and other forms of financial accommodation were obtained by
other companies associated with Mr Veljkovic and Mr Patrick.

Mr. Veljkovic was charged with:

(1) Obtaining property by deception;

(2) Fraudulently inducing persons to redeem their
superannuation;

(3) Providing unlicensed investment advice;

(4) Fraudulently inducing persons to deal in securities;

(5) Using his position as company director to gain a financial
advantage;

(6) Operating a securities business without a dealer's license;

(7) Failing to disclose pecuniary interests when making
investment recommendations;

(8) Failing to keep company books and records; and

(9) Failing to provide assistance to a company liquidator.

Mr. Patrick was charged with:

(1) Obtaining property by deception;

(2) Failing to keep company books and records; and

(3) Failing to provide assistance to a company liquidator.

Neither defendant was required to enter a plea and they are next
scheduled to appear in the Magistrates Court for a mention on 3
November 2005. The matter is being prosecuted by the
Commonwealth Director of Public Prosecutions.

Background

The six companies operated by Messrs Veljkovic and Patrick were
Teilis Financial Services Pty Ltd, Aarosonic Credits Limited,
Supatrust Finance Ltd, Pacific Petroleum Services Pty Ltd, H.B.L
Holdings Pty Ltd, and Texol Petroleum Services Pty Ltd.

On 12 October 2001, ASIC successfully applied for Federal Court
orders appointing a liquidator to the six companies and
restraining Messrs Veljkovic and Patrick and their wives from:

(1) Soliciting money from regulated superannuation funds for an
unregistered managed investment scheme;

(2) Carrying on an unlicensed securities business which involved
the soliciting of money from regulated superannuation funds; and

(3) Carrying on an unlicensed investment advice business which
comprised advice to a regulated superannuation fund.

The liquidator advised that there were insufficient funds
available for any return to the investors.


TERRY RIDLEY: Set to Distribute Final Dividend August 26
--------------------------------------------------------
Terry Ridley (Sales) Pty Limited will declare a final dividend
on Aug. 26, 2005.

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

Dated this 17th day of June 2005

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co.
Insolvency Practitioners
471 Riversdale Road, Hawthorn East Vic 3123
Phone: (03) 9882 6666


TINBYR INVESTMENTS: Court Orders Liquidation
--------------------------------------------
On July 8, 2005, the Federal Court of Australia, New South Wales
District Registry, ordered the winding up of Tinbyr Investments
Pty Limited and appointed Steven Nicols to be the Liquidator of
the Company.

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


WHITTLE INVESTMENTS: Inability to Pay Debt Prompts Wind-up
----------------------------------------------------------
At a general meeting of the members of Whittle Investments Pty
Limited held on July 13, 2005, the following special resolution
was passed:

That in view of its inability to pay its creditors, the Company
be wound up voluntarily.

Dated this 13th day of July 2005

D. Whittle
Director
Judge Constable
Chartered Accountants
Burswood Chamber, 67 Burswood Road
Burswood, WA
Phone: 08 9470 4100


YELLOWDALE PTY: Appoints Official Liquidators
---------------------------------------------
Notice is given that at a general meeting of the members of
YellowDale Pty Limited, Susan Carter and Jason Bettles,
Registered Liquidators of Downie Insolvency, Level 6, 50 Cavill
Avenue, Surfers Paradise, Queensland, were appointed Liquidators
of the Company for the purpose of its winding up.

Dated this 13th day of July 2005

Jason Bettles
Susan Carter
Liquidators
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers, Paradise, Queensland


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

ADVANCED INK: Enters Winding Up Process
---------------------------------------
Advanced Ink & Coating Limited whose place of business is
located at Suite 701-706, Tower B, New Mandarin Plaza, 14
Science Museum Road, Tsimshatsui East, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
1, 2005.

Date of Presentation of Petition: May 31, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


BT DEVELOPMENT: Creditors Asked to Prove Debts August 31
--------------------------------------------------------
Notice is hereby given that the creditors of BT Development
Holdings Limited, which is being voluntarily wound up, are
required on or before the close of business on August 31, 2005,
to send in their names, addresses and particulars of their debts
or claims, and the name and address of their solicitors, if any,
to the undersigned at 27th Floor, Alexandra House, 16-20 Chater
Road, Central, Hong Kong.

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

Dated this 12th day of August, 2005

GABRIEL CK TAM
JACKY CW MUK
Joint and Several Liquidators


CARGO SERVICES: Discloses Stay of Winding Up
--------------------------------------------
Cargo Services Holdings Limited hereby gives notice of stay of
winding up and release of liquidators in the High Court of the
Hong Kong Special Administrative Region Court of First Instance.

Liquidators' Names and Address: Stephen Liu Yiu Keung, Yeo Boon
Ann 18th Floor, Two International Finance Centre, 8 Finance
Street, Central, Hong Kong.

Date of Stay of Winging-up and Release of Liquidators: July 29,
2005

Dated this 12th day of August 2005

STEPHEN LIU YIU KEUNG
YEO BOON ANN
Former Joint and Several Liquidators


DARTINA DEVELOPMENT: Winding Up Hearing Fixed August 24
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dartina Development Limited by the High Court of Hong Kong
Special Administrative Region was on May 17, 2005 presented to
the said Court by Golden Screen Limited whose registered office
is at 16th Floor, The Peninsula Office Tower, 18 Middle Road,
Tsimshatsui, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 24, 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.

CLIFFORD CHANCE
Solicitors for the Petitioner
29th Floor, Jardine House
One Connaught Place
Central, Hong Kong
(Ref: SRB.G3681-00004.CDH)

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 23, 2005.


GRANDLY HONG KONG: Commences Winding Up Process
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Grandly Hong Kong Limited by the High Court of Hong Kong Special
Administrative Region was on July 13, 2005 presented to the said
Court by Yuen Sor Ying of Room 5 on 19th Floor of Yip Fung
Industrial Building, 7 Sheung Hei Street, San Po Kong, Kowloon,
Hong Kong.

The said Petition is to be heard before the Court at 9:30 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.

K.Y. LO & CO.
Solicitors for the Petitioner
Units 2513-14, 25th Floor, Cosco Tower
181 Queen's Road Central
Central, 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.


GUANGDONG KELON: Chairman Ousted During Probe
---------------------------------------------
Guangdong Kelon Electrical Holdings has ousted Chairman Gu
Chujun, who is under investigation by mainland police in
connection with criminal offences, for alleged economic crime,
The Standard reports.

Mr. Gu and four other executives were alleged to have inflated
Kelon's profits since 2002 and were suspected of embezzling
funds, according to the China Securities Regulatory Commission
on August 3.

Kelon said three independent non-executive directors (INEDs) who
resigned in June have reversed their position to resume
responsibilities at the troubled company.

The Company incurred a first-quarter net profit of CNY60.49
million (HK$58.07 million), after reporting a full-year loss of
CNY44.7 million for 2004.

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


INTERNATIONAL CAPITAL: Set for Delisting August 17
--------------------------------------------------
The Hong Kong Stock Exchange announced that with effect from
9:30 a.m. on 17 August 2005, the listing of the shares of
International Capital Network Holdings Limited will be cancelled
pursuant to Rule 9.14 of the GEM Listing Rules.

By the end of the deadline mentioned below, the Company has
failed to submit a valid resumption proposal.  Therefore, the
Exchange will cancel the listing of the Company's shares in
accordance with the Rule 9.14 of the GEM Listing Rules.

The Stock Exchange of Hong Kong Limited (the Exchange) announced
that the listing of the shares of International Capital Network
Holdings Limited (Provisional Liquidators appointed) (the
Company) will be cancelled with effect from 9:30 a.m. on 17
August 2005 in accordance with Rule 9.14 of the GEM Listing
Rules.

Dealings in the shares of the Company have been suspended since
13 November 2002.  On 18 August 2004, the Company announced that
the Exchange proposed to exercise its right to cancel the
listing of the shares of the Company on the Exchange.  The
Company was given a period of six months (expiring on 5 February
2005) for the submission of a valid resumption proposal and to
remedy those matters that gave rise to the Exchange's proposal
to cancel the listing of the Company, and the Company was
required to submit such resumption proposal at least 10 business
days as defined in the GEM Listing Rules before the expiry of
the six-month period.  The Company has failed to submit a viable
resumption proposal as required. Therefore the Exchange will
cancel the listing of the Company's shares.

The Exchange has notified the Company of its obligation under
Rule 9.17 to publish an announcement providing details of the
Exchange's decision and the consequences to shareholders of the
Company.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.

CONTACT:

International Capital Network Holdings Limited
Room 4003, Two Exchange Square
8 connaught Place, Central
Hong Kong
Phone: 21148009
Fax: 21159483
Web site: http://www.hkicn.com


KOLDTECH DEVELOPMENT: Court Issues Winding Up Order
---------------------------------------------------
Koldtech Development (International) Limited whose place of
business is located at Unit 3, 6th Floor, Block A, Sun Fung
Centre, 88 Kwok Shui Road, Kwai Chung, 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
August 1, 2005.

Date of Presentation of Petition: May 23, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


PROSPERITY INTERNATIONAL: Chairman Adds 144,000 Shares
------------------------------------------------------
Prosperity International Holdings (H.K.) Limited (8139)
announces that the reason for the increase in the trading volume
and price of its shares on Monday is the acquisition by Wong Ben
Koon, the Chairman and controlling shareholder of the company,
of a total of 144,000 shares of the company at $0.24-0.27 per
share yesterday. After the acquisition, Wong's shareholding in
the company increased to approximately 449 million shares, or
54.73 percent.

Infocast News reported that Mr. Wong acquired shares 16,000,
16,000, 80,000 and 32,000 shares (144,000 shares in total,
representing 75% of the stock's trading volume on the day) in
the company yesterday on the market at $0.24 per share, $0.25
per share, $0.26 per share and $0.27 per share respectively. The
company said that there are no negotiations or agreements
relating to intended acquisitions or realizations, which are
discloseable.

CONTACT:

Prosperity International Holdings (H.K.) Limited
10th Floor, Prosperity Industrial Building
89 Wai Yip Street, Kwun Tong
Kowloon, Hong Kong
Phone: 27592618
Fax: 27564884


QUALISUN INDUSTRIAL: Schedules Winding Up Hearing September 21
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Qualisun Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on July 26, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on September 21, 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16/F., Wing On House
No. 71 Des Voeux Road Central
Central, 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 20, 2005.


SATELLITE DEVICES: Posts Q1/2005 Financial Result
-------------------------------------------------
Satellite Devices Corporation announced its financial results
for the year ended June 30, 2005.

Year end date: 31/03/2006
Currency: HKD
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee

Important Note:

This result announcement form only contains extracted
information from and should be read in conjunction with the
detailed results announcement of the issuer, which can be viewed
on the GEM website at http://www.hkgem.com

                               Unaudited         Unaudited
                               Current Last Corresponding
                                Period            Period
                            from 01/04/2005   from 01/04/2004
                             to 30/06/2005     to 30/06/2004
                                 $'000             $'000

Turnover                    :      239               326
Profit/(Loss) from Operations:     (3,868)           (3,411)
Finance cost                 :      N/A               N/A
Share of Profit/(Loss) of Associates: N/A             N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites         : N/A             N/A
Profit/(Loss) after Taxation & MI   :(3,868)         (3,411)
% Change Over the Last Period  :     N/A
EPS / (LPS)
          Basic (in dollar)    :    (HKD 0.0065)    (HKD 0.0058)
          Diluted (in dollar)  :     N/A               N/A
Extraordinary (ETD) Gain/(Loss):     N/A               N/A
Profit (Loss) after ETD Items  :    (3,868)           (3,411)
1st Quarter Dividends per Share:     NIL               NIL
(specify if with other options):     N/A               N/A
B/C Dates for 1st Quarter Dividends: N/A
Payable Date                       : N/A
B/C Dates for (-) General Meeting  : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                               (bdi: both days inclusive)

The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Institute of
Certified Public Accountants.

The calculation of the basic (loss) / earning per share for the
three months period ended 30 June 2005 is based on the Group's
loss attribute to shareholder of HK$3,868,000 (2004: loss of
3,411,000) and 590,916,000 shares (2004: 590,916,000 shares) in
issue during the period.

Dilluted earnings per share are not presented because there were
no dilutive potential ordinary shares outstanding during the
period.

CONTACT:

Satellite Devices Corporation
Unit 5, 20/F, Jupiter Tower
No. 9 Jupiter Street
North Point, Hong Kong
Phone: 24983180
Fax: 24292895
Web site: http://www.satellite-devices.com


SELBO INDUSTRIES: Creditors Meeting Slated for September 6
----------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Selbo Industries Limited will be held at the
official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on September 6, 2005 at the
following times:

(1) Meeting of Creditors: 11 a.m.
(2) Meeting of Contributories: 11:30 a.m.

Dated this 12th day of August 2005
7
ET O'Connell
Official Receiver & Provisional Liquidator


SMART FOREST: Court Issues Winding Up Order
-------------------------------------------
Smart Forest Limited whose place of business is located at Room
517, 5th Floor, Ping Wong House, Lam Tin, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
3, 2005.

Date of Presentation of Petition: May 4, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


SMI PUBLISHING: Net Loss Shrinks to HK$20.6 Mln
-----------------------------------------------
SMI Publishing Group (8010) posted a net loss of HK$20.684
million for the fiscal first quarter of ended June 30, versus a
net loss of HK$25.035 million a year earlier, Infocast News
reports.

Loss per shares was $0.02. No dividend was declared.

The Group is currently publishes Sing Pao Daily News and Wide
Angle Magazine, and plans to expand into the publication
distribution market in the PRC.

The company incurred a net loss of HK$100.69 million in the year
ended March 31, 2005, compared to a net loss of HK$103.87
million in the same period a year earlier, according to Chong
Hing Securities Ltd.

CONTACT:

SMI Publishing Group Limited
7/F Sing Pao Building
101 King's Road
North Point
Hong Kong
Phone: 25702201
Fax: 21690392
Web site: http://www.singpao.com


SQUARE FUND: Sets Creditors, Contributories Meeting
---------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Square Fund Industrial Limited will be held at
the official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on September 6, 2005 at the
following times:

(1) Meeting of Creditors: 10 a.m.
(2) Meeting of Contributories: 11:30 a.m.

Dated this 12th day of August 2005

ET O'Connell
Official Receiver & Provisional Liquidator


VB CONCEPTS: Begins Winding Up Process
--------------------------------------
VB Concepts HK Limited whose place of business is located at 8A
Time Centre, 53-55 Hollywood Road, 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 August
3, 2005.

Date of Presentation of Petition: May 4, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


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

PERTAMINA: Government Won't Hike Fuel Subsidies
-----------------------------------------------
The Indonesian government has no plans to increase its budget
for fuel oil subsidies as such would upset the state budget,
which has been revised many times to provide for business,
industry and mining, Asia Pulse reports.

According to Coordinating Minister for Economic Affairs Aburizal
Bakrie, the government is calculating the expected budget
deficit due to the continued increase of global oil prices. If
the financial gap goes beyond IDR20 trillion it would increase
the financial burden since the government would have to seek
foreign loans.

In response to a potential fuel price hike in January 2006, the
government is trying to turn the fuel oil subsidy into a direct
subsidy, pending the results of the Central Bureau of Statistics
on the exact number of poor people in Indonesia (the poor buy
fuel oil at a subsidized price).

The government is also turning to other alternatives to fuel oil
such as bio-diesel, gas and solar energy for industries to
continue operations.

CONTACT:

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


PERTAMINA: Mulls 20% LPG Price Increase on Soaring Costs
--------------------------------------------------------
State-owned oil and gas company PT Pertamina said it plans to
raise the price of liquefied petroleum gas (LPG) by 20% this
year due to rising costs, reports the Jakarta post.

Pertamina marketing director Ari Soemarno said that they are
still trying to see when to implement the price hike, which
would raise the price of LPG from the current IDR4250 per
kilogram to IDR5,000 per kilogram. Since the government does not
subsidize LPG, it has to conform to market prices.

Indonesia produces between 3.5 million tons to 4 million tons of
LPG on an annual basis, and sells less than 50% to the local
market. Last year, Pertamina raised the price of LPG by 42% form
IDR3,000 per kilogram.

Pertamina chief of domestic gas sales Edwin Bakti said that the
current retail price of LPG is based on global prices, which
have risen to USD400 per metric ton from USD300 per metric ton.


TELEKOMUNIKASI INDONESIA: Expects Smaller Rivals to Merge
---------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia
(Telkom) expects some of its smaller rivals in the industry to
merge as increased competition translates into lower profits,
Business Times reports.

According to Telkom, it has seven rivals in the country. Most
countries have three to five telecommunications operators.
Telkom chief executive Arwin Rasyid was quoted as saying that a
"price war" will eventually occur.

In order to maintain market share amidst increasing competition,
the Company aims to lower costs and to make its staff of 29,000
employees more productive.

Indonesia is preparing to implement a regulation to include the
reallocation of frequencies that are given to telecommunications
firms. The new regulation is expected to take effect in January
2006, and smaller phone companies would have to consolidate in
order to survive.

CONTACT:

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


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

FUJITSU LIMITED: Goldman Raises Rating to "Outperform"
------------------------------------------------------
Goldman, Sachs & Co. has raised the rating of Fujitsu Limited to
"outperform" and may increase its earnings forecast, Bloomberg
News reports.

Fujitsu shares surged as much as 2.2 percent to JPY653, and
traded at that level as of 10:21 a.m. on the Tokyo Stock
Exchange Tuesday.

Last month, the company cut its net loss forecast by half for
the six months ending September 30 to JPY15 billion ($137
million), and doubled its operating profit estimate to JPY30
billion.

The company maintained its full-year profit forecast, citing an
expected delay in recovery of chip demand in the second half. In
the 12 months ending March 31, Fujitsu expects net income to
gain 57 percent to JPY50 billion as sales rise 1.8 percent to
JPY4.85 trillion.

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com


KANEBO LIMITED: IRCJ Narrows List of Bidders
--------------------------------------------
The Industrial Revitalization of Japan (IRCJ) has started
assessing bids from as many as 10 companies for cosmetics maker
Kanebo Ltd., according to Bloomberg News.

The bailout agency said it would announce a winner by the end of
this year for the company and its profitable cosmetics unit,
Kanebo Cosmetics Inc. The agency wouldn't comment on the bidding
process on Tuesday.

Revlon Inc. and Morgan Stanley may bid for Kanebo Cosmetics.
Other bidders include Kao Corporation, Japan's largest household
goods maker, with Goldman Sachs Group Inc., the Nihon Keizai
newspaper reported on August 13.

The Company had its first annual profit in six years in the
fiscal year ended March 31 and expects to break even this year.

CONTACT:

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


MITSUBISHI MOTORS: Displays Concept-Sportback at Motor Show
-----------------------------------------------------------
Mitsubishi Motors Corporation and its European unit Mitsubishi
Motors Europe B.V. will be exhibiting a number of exciting
concept and production models at the 61st Internationale
Automobil Ausstellung (IAA; commonly known as the Frankfurt
Motor Show) in Frankfurt in September, Gizmag reports.

Exhibit highlights will include the world premiere of the
MITSUBISHI Concept-Sportback, a next-generation sports hatchback
concept. Also on display on the Mitsubishi Motors stand will be
the European version of the Lancer Evolution IX high-performance
4WD sports sedan that has its European launch in the fourth
quarter of this year, and the Pajero Evolution model that took
part in the 2005 Dakar Rally. Held at the Frankfurt Messe
Complex, the 2005 Frankfurt Motor Show will be open to the
public from September 15 through 25, with press and media pre-
viewing on September 12 to 14. Mitsubishi Motors will hold its
press briefing at its stand at 3:30pm on Monday September 12.

MITSUBISHI Concept-Sportback is a concept for the 5-door sports
hatchback class that is getting highly popular in Europe. This
concept previews a brand new Mitsubishi Motors C-segment
platform. The direction Mitsubishi Motors' design is set to take
for the near future is readily apparent in the concept's
exterior. Distinguishing features include sporty lines that
embody Mitsubishi Motors' sporty DNA, a front visage that gives
prominence to the 3-diamond logo, and body proportions that give
full expression to the vehicle concept.

Also taking a prominent place on the display stand will be the
Lancer Evolution IX that is due to appear in European showrooms
during the fourth quarter of this year. The European version of
the model that went on sale in Japan in March this year, Lancer
Evolution IX is a high-performance 4WD sports sedan that
features the critically acclaimed 2-liter Mitsubishi Innovative
Valve timing Electronic Control system (MIVEC) engine with
turbocharger/intercooler , Active Center Differential (ACD),
Super AYC(Active Yaw Control) and Sports ABS electronically
controlled all-wheel control system.

ACTIVE CENTER DIFFERENTIAL

The ACD incorporates an electronically controlled hydraulic
multi-plate clutch. An ECU optimizes clutch cover clamp load for
different driving conditions, regulating the differential
limiting action between free and locked states. The result is
improved steering response together with better traction. ACD
provides three modes - Tarmac / Gravel / Snow - to enable
quicker control response for changes in road surface. A single
ECU provides integrated management of both ACD and Super AYC
components.

SUPER AYC (ACTIVE YAW CONTROL)

Mitsubishi's Active Yaw Control system uses a torque-transfer
mechanism in the rear differential. Under ECU control, the
system operates to raise cornering performance by transferring
torque between the rear wheels as dictated by driving conditions
and so control the yaw moment acting on the car body. In an
evolutionary step, switching from the use of a bevel to a
planetary gear differential gave Super AYC the ability to
transfer almost twice the torque between the rear wheels. As
well as reducing understeer further, it delivers LSD-level
traction. The use of a single ECU to integrally manage Super AYC
with the ACD results in a synergism that makes both components
operate more effectively than if they were under independent
control.

SPORTS ABS BRAKING

The system ECU uses information from a steering angle sensor
that detects steering inputs as well as from lateral G and
vehicle speed sensors to apportion pressure to each of the four
wheels independently. The result is improved steering response
under braking. Mitsubishi's Electronic Brake Force Distribution
(EBD) system, integral with Sports ABS, optimizes allocation of
braking force between the front and rear wheels. Increasing the
pressure applied to the rear wheels when braking close to the
limit, EBD reduces the load on the front wheels to realize
better anti-fade performance. The system also compensates for
changes in surface and vehicle load conditions to ensure
predictable and consistent stopping performance at all times

CONTACT:

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


UFJ HOLDINGS: Updates Revitalization Plan
-----------------------------------------
UFJ Holdings Inc. has implemented measures to support business
revitalization of borrowers, promote final disposals by off
balancing and improve quality of its loan portfolio so that it
will resolve non-performing loan (NPL) issue and thereby secure
financial soundness.

In that process, due to off-balancing to reduce NPL balance and
increased reserves for loans extended to large borrowers, credit
related expenses exceeded the initial plan in FY 2003 and the
group posted net loss of JPY372.3 billion on subsidiary banks,
UFJSP, UFJEI and UFJTE combined basis, which was JPY507.4
billion less than planned net profit.

For this reason, in addition to the Business Improvement Order
based on the financial results for fiscal 2002, UFJ Group
received another Business Improvement Order, since profit for
fiscal 2003 largely undershot the target stated in the Plan. In
response to the order, UFJ Group prepared a Business Improvement
Plan and announced the Plan to Revitalize Management on
September 24, 2004. UFJ Group takes the administrative action
very seriously and makes a strong commitment to improve its
business operations.

UFJ Group concluded a basic agreement with regard to management
integration with MTFG on August 12, 2004, and signed merger
agreement on April 20, 2005. The integration is scheduled on
October 1, 2005 subject to receiving approval from relevant
authorities. In the Plan to Revitalize Management released on
September 24, 2004, we couldn't incorporate merger effect such
as synergies and cost reductions because we were still at a
stage of merger preparation. Therefore, we have formulated the
Plan for the period before the management integration.
(For FY 2004 and 2005) We position the period before the
management integration with MTFG as the time period for
fundamental management reforms.

Through actions to achieve the final solution of NPL issues in
FY2004, UFJ Group improved its financial position. We will
ensure the repayment of public funds through enhancement of
corporate value and further improvement in profitability by the
management integration with MTFG. After the management
integration we will further improve profitability as a new
group. Thus as the management integration progresses, we will
formulate revised plan to revitalize management by incorporating
integration effect such as synergies and cost reductions.

CONTACT:

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

This is a company press release.


UFJ HOLDINGS: Details Rationalization Scheme
--------------------------------------------
UFJ Holdings Inc. has aggressively streamlined its operation by
such measures as bringing forward the schedule for merger of
commercial banks to realize integration effect as soon as
possible.

In addition, the group has set forth further cost reduction and
streamlining plan, taking seriously the fact that we couldn't
achieve profit target required in the so-called "30 percent
rules" for two consecutive years, and net loss for FY2004 and
suspension of dividend payment on both common and preferred
shares.

The group will pursue the maximization of efficiency for group
operation and continue the effort for cost reduction going
forward. On the other hand, in view of the planned integration
with Mitsubishi Tokyo Financial Group, the UFJ Group aim at
drastic improvement in profitability through efficient
allocation of management resources based on revised business
strategies and through further rationalization.

1. Headcount

As of March 31, 2005, the number of directors and statutory
auditors was 21, same as March 31, 2004 (Minus 1 compared to the
Plan for March 31, 2005). As of October 2004, UFJ Bank assigned
two additional directors for the purpose of strengthening
internal control system.

The number of employees was 19,582, down by 813 from March 31,
2004 (Minus 325 compared to the Plan for March 31, 2005). The
Group will further streamline business process and promote the
use of contract staff in order to achieve efficient human
resource management.

2. Branches and overseas subsidiaries

The number of domestic branches as of March 31, 2005 was 398,
unchanged from March 31, 2004 (Same as the Plan for March 31,
2005). The number of overseas branches as of March 31, 2005 was
18, increased by 1 from March 31, 2004 (Same as the Plan for
March 31, 2005), with changing the status of Ho Chi Minh from a
sub-branch to a branch. Going forward, the group will utilize
the branch network effectively based on strict review of
profitability and efficiency in the light of enhancing customer
convenience and exploring new businesses.

3. Personnel expenses

The personnel expenses for FY2004 were JPY165.7 billion, JPY44.7
billion reductions from previous year (Minus JPY15.2 billion
compared to the Plan for March 31, 2005). Average monthly salary
was JPY480 thousand, same as previous year and the Plan for
March 31, 2005.

UFJ holdings, UFJ Bank and UFJ Trust Bank (the companies) cut
employee bonuses by 20 percent year-on-year in the first half of
FY2004. The companies further cut bonuses by approximately 80
percent year-on-year in the second half of FY2004 and the first
half of FY2005 and will maintain this level until such time that
the companies will post net profit and restore dividends.

This is approximately equivalent to a 25 percent reduction
compared to that paid when the UFJ Group was formed.

4. Remuneration and bonuses for directors, statutory auditors
and executive officers. For FY2004, the total and average amount
of remuneration and bonuses for directors, statutory auditors
and executive officers were JPY228 million (Minus JPY6 million
from previous year and minus JPY22 million compared to the Plan)
and JPY13 million (Minus JPY9 million from previous year and
minus JPY1 million compared to the Plan) respectively. Average
retirement allowance for directors and statutory auditors was
JPY0 million (Minus JPY13 million from previous year and same as
the Plan).

Though compensation for all directors, statutory auditors and
executive officers had been cut by 30 percent since July 2004,
from October to December 2004, no compensation was paid to the
current top management, i.e., the president of UFJ Holdings, the
president of UFJ Bank and the president of UFJ Trust Bank. In
addition, average of over 50 percent of compensation reduction
for all the directors and executive officers has been
implemented for the second half of FY 2004 and first half of FY
2005, and this will continue until such time that the company
will post net profit and restore dividends.

No retirement benefits for directors, statutory auditors will be
paid during the term that dividends for preferred shares are
suspended. The companies carefully consider the payment of
retirement benefits when they restart dividend payments for
preferred shares based on responsibility of each directors and
statutory auditors.

Bonuses for directors, statutory auditors and executive officers
have been already suspended.

5. Non-personnel expenses

The non-personnel expenses for FY2004 were JPY333.6 billion,
JPY7.0 billion increase from previous year (Minus JPY4.3 billion
compared to the Plan).

The group has pursued maximum overall group efficiency and will
continue to do so. Following the net loss in FY2003 and FY2004,
the Group's cost structure has been aggressively re-examined,
resulting in increased efficiency and the execution of extensive
cost reductions.

In addition, in cooperation with third-party consultants, UFJ
has pursued thorough rationalization including more efficient
business procedures, conducted more efficient management of
branches and head office organization, and reviewed cost
management procedures from a variety of different angles.

As a group we have strived to reduce costs and seek more
efficient management procedures, including those of group
companies.

This is a company press release.


UFJ HOLDINGS: Addresses Loan Disposal Problem
---------------------------------------------
UFJ Holdings Inc. places the highest priority on resolution to
the non-performing loans (NPL) issue and has been addressing the
issue aggressively aiming at resolution by the end of fiscal
year 2004. The Company have strengthened its supports on
business revitalization of borrowers and taken intensive and
thorough actions mainly to large borrowers, as well as promoting
off balancing.

1. Initiatives for large borrowers

UFJ Bank has developed a framework to take intensive and
thorough actions in the first half of fiscal year 2004
especially with regards to large troubled borrowers. In May 2004
UFJ Bank set up Corporate Restructuring Department in order to
carry out fundamental revitalization and final disposal of
specific large borrowers whose performance may have direct
impact on the bank. Also UFJ Bank installed a section
specialized in large borrowers within Credit Assessment and
Audit Office in Internal Audit Department in order to strengthen
the checking functions.

UFJ Group recognizes that top management has failed to
adequately address the issue of these specific large borrowers
as evidenced by insufficient management and supervision through
existing monitoring channels. Therefore, it has strengthened the
function of the board of directors and broadened the scope of
agendas in view of development and establishment of more
effective credit risk management framework.

In December 2004, a part of operations of UFJ Trust related to
large borrowers was transferred and integrated to UFJ Bank
through assimilation-type corporate split. Thereby UFJ Group
aims at more efficient credit risk management with regard to
large borrowers.

Following the development of a framework as mentioned above, UFJ
Group has drastically revised existing revitalization plan for
each troubled borrower and the new support plans and schemes
were formulated and implemented one by one. As a result, NPL
balance and ratio significantly decreased to JPY1.72 trillion
and 4.12 percent respectively as of the end of March 2005. It
was JPY2.23 trillion reduction or minus 4.38 points from the end
of March 2004 and JPY2.44 trillion reduction or minus 5.3 points
from the end of September 2005. We believe we have completed
intensive and thorough actions for resolution of NPL problem.

Accordingly, the Corporate Advisory Group which had been set up
in July 2002 in order to reinforce and expedite initiatives to
resolve NPL problem was integrated into Corporate Banking in
April 2005. We continue to support revitalization of borrowers
actively, utilizing the revitalization skills and know-how,
which we have developed more broadly.

2. Initiatives for small and medium-sized companies

UFJ Strategic Partner Co., Ltd. (UFJSP) was established in March
2003 by UFJ Bank and Merrill Lynch for the purpose of
rehabilitating small and medium-sized companies categorized as
doubtful, quasi-bankrupt and bankrupt, and dealing with problem
loans to these borrowers. Since FY 2004, the activities of UFJSP
were extended to include other loans, mainly those to borrowers
classified as "sub-standard" to assist more companies returning
to financial health. UFJ Group steadily reduces NPL balance by
formulating revitalization plans and advising borrowers on their
implementation of the plans by combining UFJ Bank's expertise
with know-how from outside the UFJ Group.

In July 2004, UFJ Bank and Merrill Lynch established an
investment fund specialized in corporate rehabilitation. The
fund purchases loans from UFJ Bank and other financial
institutions mainly to small and medium-sized companies and
works with these borrowers to increase their corporate value.
The fund mainly targets companies classified as "sub-standard"
where prospects are good for increasing corporate value by
conducting financial restructuring programs. The fund purchases
these loans at market prices and works with borrowers to return
them to financial health.

UFJ Group will strengthen its commitment on business
rehabilitations through the cooperation between Credit
Administration Department V and UFJSP or by fully utilizing such
functions as investment funds.

3. Preventing the occurrence of new problem loans

To prevent the occurrence of new problem loans, branch offices
as well as credit administration departments and other head
office departments act quickly at the first signs of a need at
borrowers for help in improving and restructuring their
operations and financial positions. The initial step is
formulation of a First Action Plan, whereby UFJ Bank openly
discusses problems with the borrower. This leads to
recommendations and concrete support for improving the
borrower's financial condition and business activities. UFJ Bank
has an alliance with consulting firm Nihon Business Support Co.,
Limited, which stands ready to help formulate and execute
revitalization plans for small and medium-sized companies.

4. Improving the quality of the loan portfolio

Resolving the NPL issue demands both actions to deal with
existing problem loans as well as efforts from a medium- to
long-term perspective aimed at improving the quality of the loan
portfolio. Based on lessons learned in the past, the UFJ Group
banks have been taking various steps in this regard. One theme
is improving credit analysis by thoroughly focusing on the
creditworthiness of each loan applicant without undue reliance
on the value of collateral. Currently, the banks are focusing on
two high-priority issues to upgrade the overall quality of their
loan portfolios: resetting loan interest rates at levels that
accurately reflect credit risk and eliminating excessive
concentrations of credit risk in a single borrower or group of
companies. The UFJ Group also places priority on better
responding to changes in the financial position of borrowers,
providing assistance for the restructuring and rehabilitation of
borrowers, and accelerating the final resolution of problem
loans.

5. Elimination of excessive concentrations of credit risk

To minimize risks associated with the concentration of loans,
guarantees and other forms of credit in particular industries
and borrowers, the UFJ Group has established credit limit rules.
The rules place a cap on credit extensions to individual
borrowers and corporate groups in accordance with their
individual internal credit ratings. Enforcing these rules will
allow the UFJ Group to build a balanced loan portfolio in which
risks are spread among many types of borrowers.

This is a company press release.


* Interest-Bearing Debt of 88 Contraction Firms Dips 11.3%
----------------------------------------------------------
Once considered a symbol of bad debt issue, general contractors
come to a turning point since financial support for semi-large
construction companies was in the final phase. Recently, unusual
schemes of receiving a multitude of financial support were
developed, which include the second spin-off of "Fujita" and the
split-off of joint company of "Sumitomo Mitsui Construction Co.,
Ltd.".

Teikoku Databank America reported that the trend of mid-sized
general contractors since last year includes the following:
"Sata Kensetsu KK" (financial support and spin-off), "Magara
Construction Co., Ltd."(Financial support based on preferred
stock underwriting (or acceptance)), "Katsumura Construction
Co., Ltd." (financial support based on preferred stock
underwriting), "Seikitokyu Kogyo Co., Ltd." (asset enhancement
measure).

On the other hand, "Ohki Kensetsu", "Kankyo Kensetsu", "Satohide
Corporation", and "Matsumura Gumi" were forced to file legal
bankruptcy proceedings. Four listed general contractors filed
for bankruptcy since last year. Among them, "Matumura Gumi" was
bankrupt (filing under "Civil Rehabilitation Law" in May 2005)
only after a year of receiving financial support based on
preferred stock underwriting from the leading banks in 2004.
Thus, the rationale for financial support was questioned.

Reducing excess debt is a common challenge in management for
many general contractors and most of the business improvement
plans developed by those companies include the goal of
"reduction of interest-bearing debt".

Teikoku Databank extracted 88 major construction companies
nationwide (86 listed and 2 unlisted companies) and conducted
research on the current status of consolidation-based interest-
bearing debt (total of long- and short-term debt, bond, discount
bill, and commercial paper) based on their financial statements
of the latest term. However, single-based data was used for 9
out of 88 companies since those didn't adopt consolidated
accounting for two consecutive terms.

RESEARCH RESULT

In 2004, the total interest-bearing debt of 88 companies was
JPY4,516,500 million , dipping below JPY5 trillion and a 11.3%
decrease from the previous year (JPY5,089,400 million).

Interest-bearing debt has decreased by less than a half during
the past 5 years since its peak in 1999 (with over JPY10
trillion debt) due to the recent increase of financial support
(mainly debt forgiveness). However, large-sized financial
support was less in 2004 as compared to 2003, thus the year-on-
year decrease was small.

"Taisei Kensetsu" was ranked No.1 with interest-bearing debt of
JPY565.4 billion (down 3.3% from the previous year), followed by
"Kajima Corporation" (JPY475.8 billion and a 12.4% decrease),
"Sumitomo Mitsui Construction Co., Ltd." (JPY360.7 billion and a
3.9% increase), "Shimizu Kensetsu" (JPY333.8 billion and a 18.3%
decrease), and "Obayashi Gumi" (JPY327.2 billion and a 13.2%
decrease). Four out of five were super general contractors.

The breakdown of interest-bearing debt was as follows: total of
long- and short- term debt was JPY3,779,300 million (a 13.9%
decrease from the previous year); bonds and convertible bonds
were JPY593.4 billion (a 13.3% increase); commercial paper was
JPY84 billion (a 23.6% decrease); and discount bills were
JPY59.6 billion (a 9.0% decrease).

"Nagatani Ekohporeishon" decreased the interest-bearing debt the
most (a JPY96.9 billion decrease). The firm strived to repay
interest-bearing debt by increasing its own assets. In 2nd, 3rd,
and 4th place were "Shimizu Kensetsu", "Kajima Corporation" and
"Ohbayashi Gumi" respectively.

CONCLUSION

The excess debt issue of general contractors seems to be "ending
without significant reorganization" after repeatedly receiving
small financial support for the past six years.

It is crucial to thoroughly review if these financial supports
actually contributed to the economic rationality.

Meanwhile, mid-sized and local general contractors continue to
face management problems with excess debt. Many of them that are
undergoing a business turnaround aren't considering the risk of
a future rise of interest rates in their business plan. While
the size of the construction market is diminishing in a tough
environment, we need to pay close attention to the interest-
bearing issue in the construction sector.

CONTACT:

Teikoku Databank America, Inc.
747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com


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

ASIANA AIRLINES: To Offer Free Flights This Week
------------------------------------------------
Asiana Airlines Inc. mulls of offering a free domestic flight to
make up for the inconvenience customers experienced during the
recently concluded strike, Yonhap News said.

Once Asiana fully normalizes its domestic services, free flights
as well as discounts will be offered to customers.  The airline
is expecting to normalize operations by Thursday.

The free ticket offer applies to nine major destinations,
including Busan, Gwangju and Ulsan, from Kimpo and Incheon
airports. A 30 percent discount will also be applied on those
routes from Friday through Sunday. The offer excludes flights to
and from Jeju Island, the country's most popular tourist
destination, it said.

Although domestic flights are soon to operate normally, Asiana
will likely continue to cancel international flights until the
end of this month, as some pilots need time to prepare for their
return to work. Air freight services will fully return to normal
on Sunday.

The state committee, Asiana management and the unionized pilot
will hold a meeting this week to settle the labor dispute.

The 10-member committee of the National Labor Relations
Commission, composed of employee, employer and government
representatives, are prepared to arbitrate in the dispute after
the Ministry of Labor intervened in the matter last week.

CONTACT:

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


HANAROTELECOM: Swings to Red in 2Q
----------------------------------
Hanarotelecom Incorporated (Hanaro), Korea's leading integrated
telecommunications company providing a wide range of broadband
Internet and voice services, furnished the U.S. Securities and
Exchange Commission a copy of its second quarter results for
2005.

The Company stated that it posted revenues of KRW353.9 billion,
EBITDA of KRW108.5 billion and, due to proactive marketing
efforts to secure the subscriber base, incurred a net loss of
KRW33.2 billion for the second quarter of 2005.

As a result of proactive sales activities, broadband and voice
subscribers increased by about 42,000 and 56,000 respectively,
which in turn led to a total of around 100,000 net subscriber
adds during the second quarter. The Company also said that it
established a platform for future growth by securing about 3.8
million combined broadband subscribers of Hanaro and Thrunet as
of the second quarter this year (Refer to Table 1 - Subscriber
Breakdown).

In particular, voice revenue has continued to increase in line
with an increase in voice subscribers, which is attributed to
the favorable responses from Hanaro's VoIP and corporate voice
customers. The company plans to maximize ARPU by extending voice
service to Thrunet's broadband subscriber base in the near
future.

Also, in a strategic bid to enhance service competitiveness via
network upgrades, the Company made significant investments in
100Mbps fiber-optic LAN services similar to FTTH (Fiber To The
Home) during the second quarter. This led to 34% Optical LAN
coverage that encompasses 2,800 APT complexes and 1.65 million
households, and secured the accumulated net add of 252,000
subscribers for its Optical LAN service.

Meanwhile, the Company explained that the operating results were
rather sluggish due to

(1) A fall in the broadband revenue due to promotions and
reduced modem rental fees; and

(2) An increase in marketing expenses incurred by proactive
marketing campaigns. (Refer to Table 2-2Q 2005 Financial
Highlights)

Mr. Dominic A. Gomez, Chief Operating Officer, said, "In the
second half of this year, we will seek more opportunities for
further growth by expanding the revenue base, enhancing service
competitiveness, improving channel efficiency and leveraging
price competitiveness to energize voice business." He also
added, "At the same time, we will enhance profitability through
business rationalization, improved cost structure, and cost
reduction."

To view a full copy of the SEC Filing, click
http://bankrupt.com/misc/HanaroTelecom081605.pdf

CONTACT:

Hanarotelecom Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


SAMSUNG LIFE: Stake Sale Hits Snag
----------------------------------
Creditors of the now-defunct Samsung Motors Inc. faces rough
roads ahead as no bidder was qualified to buy a stake in Samsung
Life Insurance Co., relates The Financial News, citing industry
sources.

Bidders for the stake include, U.S.-based Kohlberg Kravis
Roberts & Co. Kohlberg did not qualify for the bidding because
it failed to meet the requirement that they should have their
own insurance business unit or a 15 percent stake in an insurer.

Samsung Motors acquired the 3.53 million shares from Samsung
Group Chairman Lee Kun-hee years ago as collateral for the
carmaker's debt.  The French automaker Renault SA acquired
Samsung Motors in 2000 to become Renault Samsung Motors Inc.

The acquisition of Samsung Insurance stake would make the owner
the second-largest shareholder in the company.  The insurer has
more than KRW90 trillion in assets and is the biggest
shareholder in Samsung Electronics Co, the world's second-
largest chipmaker.

Originally, Samsung Motors creditors sought to recoup their
loans to the carmaker via the listing of the life insurer. But
its listing was indefinitely pushed back, leading them to sell
their Samsung Life shares.

According to a recent TCR-Asia Pacific report, creditors were in
talks with U.S. equity fund Newbridge Capital and Warburg Pincus
on the sale of Samsung Life shares, but negotiations fell
through when they couldn't agree on the sale terms. They are
planning to sell the stake this year.

CONTACT:

Samsung life Insurance Co., Ltd.
Samsung Life Insurance Bldg.
150, Taepyungro 2-ga, Jung-gu
Seoul, 100-716, South Korea
Phone: +82-2-1588-3114
Fax: +82-2-751-8021
Web site: http://www.samsunglife.com


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

ANTAH HOLDING: Legal Suits Fully Settled
----------------------------------------
Antah Holding Berhad (Antah) issued to Bursa Malaysia Securities
Berhad an update on the Ex-Parte Order of Court served against
Kaseh Lebuhraya Sdn. Bhd. (Kaseh), a wholly owned subsidiary of
the company.

Further to the Company's announcement on August 9, 2005, the
Company disclosed that Kaseh and Azam Developer & Construction
Sdn. Bhd. had on August 11, 2005 mutually agreed to record a
Consent Judgement at the Kuala Lumpur High Court. As such, all
legal suits between both parties have now been fully disposed
off and resolved by the Court.

This announcement is dated 12 August 2005.

CONTACT:

Antah Holdings Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


CEPATWAWASAN GROUP: Court Adjourns Civil Suit Hearing
-----------------------------------------------------
Cepatwawasan Group Berhad issued to Bursa Malaysia an update on
the Kuala Lumpur High Court Civil Suit No. D8-26-63-2004
Ho Hee Chung v Cepatwawasan Group Berhad & 8 Ors.

Further to the announcement on July 15, 2005 regarding the Civil
Suit No D8-26-63-2004 in respect of the Petitioner's application
to dispose of the Petition on the point of law that is whether
the 2nd to 8th Respondents have breached Section 33 of the
Securities Commission Act 1993, Section 6 of the Malaysian Code
on Take-Overs and Mergers of 1998 and Practice Note 2.4 of the
Malaysian Code on Take-Overs and Mergers of 1998 (the said
Application), the Board of Directors advised that as the Learned
Judge was on emergency leave, the delivering of the decision on
the said Application was adjourned to August 23, 2005.

It should be noted that there is no prayer for relief in the
Petition directed against the Company.

Dated this 12th 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


FARLIM GROUP: Provides Corporate Guarantee to Unit
--------------------------------------------------
Farlim Group (Malaysia) Bhd. advised Bursa Malaysia Securities
Berhad that a Corporate Guarantee for MYR1,100,000.00 (Ringgit
Malaysia One Million and One Hundred Thousand Only) had been
executed by Farlim in favour of Affin Bank Berhad (the Bank) as
part of security for Additional Banking Facilities granted to
Farlim's 51 percent-owned subsidiary, Farlim (Johor) Sdn. Bhd.,
(FJSB) by the Bank.

Farlim also advised the financial assistance rendered by FJSB to
Bandar Subang Sdn. Bhd., a wholly owned subsidiary of Farlim,
amounting to MYR1,123,824.00 in relation to the said Additional
Banking Facilities.

This announcement is dated August 11, 2005

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my


GOPENG BERHAD: Clarifies Wind Up Petition Served on Unit
--------------------------------------------------------
Gopeng Berhad refers to its announcement made to Bursa Malaysia
Securities Berhad dated August 10, 2005 and issued the following
clarifications:

(1) The winding-up petition was advertised in The Star on August
8, 2005 and not August 10, 2005 as stated in paragraph 2.

(2) The total cost of the Company's investment in Gopeng
Construction Sdn Bhd (GBC) was MYR2,600,000.00 and the amount
was fully provided for in the accounts of the Company for the
year ended December 31, 1998.

To view Bursa Malaysia's Query Letter, click
http://bankrupt.com/misc/GopengBerhad081605.doc

CONTACT:

Gopeng Berhad
Taman Seri Raia
31300 Kampung Kepayang, Perak Darul Ridzuan 31300
Malaysia
Telephone: +60 5 357 5110
Fax: +60 5 357 5145


KUB MALAYSIA: Unit Acquires Project from Indonesia
--------------------------------------------------
The Board of Directors of KUB Malaysia Berhad (KUB) advised
Bursa Malaysia Securities Berhad that KUB Telekomunikasi Sdn Bhd
(KUBTel), KUB's wholly owned subsidiary has on even date
accepted the award from P.T. Angkasa Buana Cipta Elektrik for
the supply, installation and commissioning of SDH and related
equipment to P.T. Telekomunikasi Indonesia under GMD SDH 3 + 1,
Pagal-Kupang Project (the Award) for a sum of
IDR20,704,798,000.00 (Indonesia Rupiah: Twenty billion seven
hundred four million and seven hundred ninety eight thousand) or
about USD2.0 million. The project is due to be completed by
March 31, 2006.

None of the directors and substantial shareholders of the
Company and KUBTel have any interest, whether direct or
indirect, in the Award. In so far as the director and
substantial shareholders are able to ascertain and are aware of,
no person connected with them has any interest, direct or
indirect in the Award.

This announcement dated 12 August 2005.


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad informed that its additional 5,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Tuesday, August 16, 2005.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885


MALAYSIAN INDUSTRIAL: Details Dissolution of Unit
-------------------------------------------------
Malaysian Industrial Development Finance Berhad refers to its
announcement dated March 2, 2004 in connection with the member's
voluntary winding-up of Amanah Capital Partners Nominees Sdn Bhd
(ACPN), Malayan Unit Trusts Sdn Bhd (MUT) and McDonald
Industries (Malaysia) Sdn Bhd (MISB), subsidiary companies of
Malaysian Industrial Development Finance Berhad (MIDF).

MIDF advised that the Final Meetings and the lodgement dates of
the relevant documents for the respective companies were as
follows:

Companies   Date of Final Meeting       Lodgement Date

ACPN        4 August 2005               10 August 2005

MUT         8 August 2005                9 August 2005

MISB        8 August 2005                9 August 2005

On the expiration of three (3) months after the above lodgement
dates, ACPN, MUT and MISB, shall be dissolved and ceased to be
subsidiary companies of MIDF pursuant to Section 272(5) of the
Companies Act, 1965.

This announcement is dated 11 August 2005.

CONTACT:

Malaysian Industrial Development Finance Berhad
195A Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2161 0066/2161 1166
Fax: +60 3 2161 5973/2161 3906


MANGIUM INDUSTRIES: Net Loss Down to MYR936,000
-----------------------------------------------
Mangium Industries Berhad furnished to Bursa Malaysia Securities
Berhad a copy of its financial report for the second quarter for
the period ended June 30, 2005.

Summary of Key Financial Information

    Individual Period              Cumulative Period
  Current Year  Preceding Year  Current Year   Preceeding Year
  Quarter       Corresponding   To Date        Corresponding
                Quarter                        Period
  30/06/2005    30/06/2004      30/06/2005     30/06/2004
RM'000     RM'000         RM'000      RM'000

(1) Revenue

    13,533     10,227           25,504         17,052

(2) Profit/(loss) before tax

    -913       -1,723           -1,023         -4,011

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

    -936       -1,745           -1,011         -4,014

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

    -936       -1,745           -1,011         -4,014

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

   -2.93        -5.45           -3.16          -12.54

(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 (RM)

    -0.0700                         -0.0600

Click to view full information on the financial results
http://bankrupt.com/misc/MangiumIndustries081605.xls
http://bankrupt.com/misc/MangiumIndustriesText081605.doc

CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


METROPLEX BERHAD: Amount Defaulted Totals MYR1,694,261,030.46
-------------------------------------------------------------
Further to the announcement dated July 13, 2005 on PN1,
Metroplex Berhad provided Bursa Malaysia Securities Berhad an
update on the status in default in payment of MB Group's various
loan facilities as at July 31, 2005 as set out in Table A
attached.

Click to view Table A
http://bankrupt.com/misc/MetroplexBerhad081605.xls

The estimated amount of default (principal and interest) as at
July 31, 2005 is MYR1,694,261,030.46.

Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme)
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

This announcement is dated 12 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


P.I.E. INDUSTRIAL: Enters into SPA with Pan Global
--------------------------------------------------
P.I.E. Industrial Berhad (PIE) issued to Bursa Malaysia
Securities Berhad an update on the proposed acquisition of
5,000,000 ordinary shares of THB10.00 each in Pan International
Electronics (Thailand) Co Ltd (PIT) representing the entire
issued and paid-up share capital of PIT from Pan Global Holding
Co Ltd (PGH), a major shareholder of PIE, for a cash
consideration of USD3,850,000 (equivalent to approximately
MYR14,534,000) (Proposed Acquisition).

(1) Introduction

On behalf of the Board of Directors of PIE (Board), AmMerchant
Bank Berhad (a member of AmInvestment Group) (AmMerchant Bank)
disclosed that on August 11, 2005, PIE has entered into a share
sale and purchase agreement (SSPA) with PGH to acquire 5,000,000
ordinary shares of THB10.00 each in PIT representing the entire
issued and paid-up share capital of PIT (Sale Shares) for a cash
consideration of USD3,850,000 (equivalent to approximately
MYR14,534,000 based on the foreign exchange rate of MYR3.775:
USD1.00 as at August 10, 2005) (Proposed Acquisition).

(2) Details of the Proposed Acquisition

(2.1) Salient Terms of the SSPA

The salient terms of the SSPA in relation to the Proposed
Acquisition are as follows:

(2.1.1) Purchase Consideration

The purchase consideration for the sale, purchase and transfer
of the Sale Shares is an aggregate of USD3,850,000 (equivalent
to approximately MYR14,534,000 based on the foreign exchange
rate of MYR3.775 : USD1.00 as at 10 August 2005) (Purchase
Consideration).

Upon execution of the SSPA, ten percent (10%) of the Purchase
Consideration has been paid as deposit which shall form part of
the Purchase Consideration upon fulfillment of the conditions
precedent (as defined in Section 2.1.2 of this announcement)
(Deposit).

The Purchase Consideration (less the Deposit) shall be paid by
PIE to PGH on completion of the SSPA (as detailed in Section
2.1.3 of this announcement).

(2.1.2) Conditions Precedent

The sale, purchase and transfer of the Sale Shares are amongst
others conditional upon the following:

(i) The approvals have been obtained from all the relevant
public authorities of both Thailand and Malaysia, including:

(a) Any government in any jurisdiction;

(b) Any minister, department, officer, commission, delegate,
instrumentality, agency, board, authority or organization of any
government or in which any government is interested;

(c) Any non-government regulatory authority; and

(d) Any provider of public utility services, whether or not
government owned or controlled.

(ii) The approval of the shareholders of PIE in a shareholders'
meeting to be convened for the transaction contemplated in the
SSPA.

(iii) The conduct of a due diligence investigation by PIE into
PIT and its affairs, the results of which are satisfactory to
PIE in its absolute discretion.

(hereinafter referred to as the Conditions Precedent).

(2.1.3) Completion

The completion of the SSPA shall take place on or before:

(i) The date which is thirty (30) days after the day on which
the last of the Conditions Precedent of the SSPA is received,
obtained or fulfilled (as the case may be); or

(ii) Any other date agreed in writing between the parties;

at a place mutually agreed by the parties.

(2.2) Source of Funding and Liabilities to be Assumed by PIE
There are no other liabilities to be assumed by PIE arising from
the Proposed Acquisition other than those stated in the balance
sheet of PIT on the completion date of the Proposed Acquisition.
The estimated financial commitment for the Proposed Acquisition
is the Purchase Consideration for the Proposed Acquisition which
will be funded via internally generated funds of PIE.

(2.3) Basis of Arriving at the Purchase Consideration

The Purchase Consideration was arrived at on a willing-buyer
willing-seller basis after taking into consideration the
following:

(i) The audited net tangible assets (NTA) of PIT as at December
31, 2004 of THB92.06 million (equivalent to approximately
*MYR8.99 million) after adjusting for the dividend payable for
the financial year ended December 31, 2004 amounting to THB60.0
million (equivalent to approximately *MYR5.86 million) (Adjusted
NTA);

(ii) The expected future earnings contribution from PIT to PIE
and its subsidiaries (Group or PIE Group); and

(iii) The historical performance of PIT. The audited financial
highlights of PIT for the past five (5) financial years ended 31
December 2000 to 31 December 2004 are set out in Table 3.
The Purchase Consideration represents a premium of approximately
61.70% of the Adjusted NTA of PIT as at 31 December 2004.
(* Based on the average foreign exchange rate of MYR9.7636:
THB100 as at December 31, 2004)

(2.4) Rationale for the Proposed Acquisition

The Proposed Acquisition is intended to enable PIE to become a
regional holding company of PGH's operations in South East Asia.
PIE believes that the Proposed Acquisition will enhance the
management efficiency and will ultimately benefit the
shareholders of PIE.

In addition, the Proposed Acquisition will allow PIE to expand
its business to Thailand and enable PIE to penetrate and gain a
foothold in the Thailand market with the availability of certain
competitive advantages, namely products integration, lower
production and transportation costs.

Pursuant to the Proposed Acquisition, PIE will be able to
achieve a faster growth as compared to organic growth as PIT has
proven operations track records, established network and instant
customer base in Thailand. With such synergies, the PIE Group
will be able to achieve higher turnover and profitability.

The Proposed Acquisition is expected to contribute positively to
the earnings of PIE in the immediate term as PIE is able to
consolidate the earnings of PIT, thereby enhancing value to
PIE's shareholders.

To view a full copy of the announcement, click
http://bankrupt.com/misc/PIEIndustrialBerhad081605.pdf


TELEKOM MALAYSIA: Appeals Court's Decision to Block Wind-up Bid
---------------------------------------------------------------
With reference to Telekom Malaysia Berhad's (TM) announcement to
Bursa Malaysia Securities Berhad dated April 25, 2005 in respect
of Mobikom Sdn Berhad's application for an injunction to
restrain Inmiss Communication Sdn Bhd (Inmiss) from presenting
any petition under Section 218 of the Companies Act 1965 to
wind-up Mobikom pending the disposal of Mobikom's applications
to set aside the Arbitration Award in the High Court.

On April 28, 2005, Mobikom obtained an Interim Injunction from
the High Court to restrain Inmiss from presenting the said
winding-up petition until the final disposal of the application
under the Originating Summons (inter parte Injunction).

Following the High Court's decision on August 10, 2005 in
dismissing Mobikom's application for the said inter parte
injunction with costs, TM hereby advised that it has, on August
11, 2005, filed an appeal against the said decision with the
Court of Appeal. Further, a Notice of Motion shall be filed by
Mobikom to move the said Court for an injunction under Section
44 of the Court of Judicature Act 1964 in order to preserve the
said appeal.

The company reiterated that the said decision and the appeal by
Mobikom as abovementioned will not have any material financial
and operational impact on TM. Announcements on material
developments in respect of this matter would be made from time
to time.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S


PADIBERAS NASIONAL: Bursa Securities to List Additional Shares
--------------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 92,500 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, August 15, 2005.

CONTACT:

Padiberas Nasional Berhad
Level 19, CP Tower,
No. 11, Section 16/11,
Jalan Damansara,
Petaling Jaya Selangor
46350 Malaysia
Telephone: 03-76604545
Fax: 03-76604646


PETALING TIN: Exits PN17 Status
-------------------------------
In view that the Petaling Tin Berhad's latest quarterly report
for the period ended July 31, 2005 showed that the Company's
business or operations generated a revenue on a consolidated
basis of MYR66.946 million which represents more than 5 percent
of the issued and paid-up capital of the Company, PTGTIN has
achieved the required level of operations and no longer trigger
any of the criteria under paragraph 2.1 of PN17.

CONTACT:

Petaling Tin Bhd
Level 19, Menara PanGlobal,
8, Lorong P Ramlee,
Kuala Lumpur
Wilayah Persekutuan 50250
Telephone: 03-20264491
Fax: 03-20263106


SCIENTEX INCORPORATED: Disposes of Dormant Units
------------------------------------------------
The Board of Directors of Scientex Incorporated Berhad (SIB)
informed Bursa Malaysia Securities Berhad that its subsidiaries,
Texland Sdn Bhd and Scientex Trading Sdn Bhd have disposed off
their entire equity interest, representing 100 percent of the
issue and paid-up capital in the following dormant companies
(Disposal):

Name of Companies    Vendors   Ordinary        Cash
                               Shares of       Consideration
                               RM1.00 each     (RM)

(1) Ceria Gigih Sdn Bhd        Texland Sdn Bhd 2 2

(2) Sejati Hati Sdn Bhd        Texland Sdn Bhd 2 2

(3) Saluran Adiwarna Sdn Bhd   Texland Sdn Bhd 2 2

(4) Scientex Auto
    Parts Sdn Bhd              Texland Sdn Bhd 2 2

(5) Scientex Fabric
    Industries Sdn Bhd        Texland Sdn Bhd
                               Scientex Trading
                               Sdn Bhd        9982   9982

(6) Scientex Duplex
    Board Sdn Bhd        Texland Sdn Bhd 2 2

(7) Texland Development
    Sdn Bhd              Texland Sdn Bhd 2 2

The Disposal is in line with SIB's plan to streamline the
Group's corporate structure by disposing of dormant companies.

None of the Directors, major shareholders and persons connected
with the Directors and major shareholders of SIB has any
interest, direct and indirect in the Disposal.

The above Disposal is not expected to have any material effect
on the earnings, net tangible assets and share capital of SIB
for the financial year ended July 31, 2005.

CONTACT:

Scientex Incorporated Bhd
Jalan Utas 15/7,
Shah Alam Selangor 40913
Telephone: 03-55191325
Fax: 03-55191884


WCT ENGINEERING: Details Islamic Bonds Issue
--------------------------------------------
WCT Engineering Berhad informed Bursa Malaysia Securities Berhad
on the issue of, offer for Subscription or Purchase of or
Invitation to Subscribe for or Purchase of:

(1) Islamic Fixed Rate Serial Bonds of MYR100.0 Million (Islamic
Bonds)

(2) 7-year Islamic Commercial Papers/ Medium Term Notes
Programme of up to MYR100.0 Million (Islamic CP/MTN Programme)
(collectively referred to as the Islamic Securities)

(1) Introduction

The Board of Directors of WCT Engineering Berhad (WCTE or
Company or Issuer) advised that the Securities Commission has
vide its letter dated August 5, 2005 (which was received on
August 8, 2005) approved the issuance of the Islamic Securities.

(2) Details of the Facilities

(2.1) Brief description of the Facilities

Islamic Bonds

The Islamic Bonds is an Islamic Securities programme which
applies the underlying Syariah principle of Bai' Bithaman Ajil.
The Islamic Bonds shall have tenures of five (5), six (6) and
seven (7) years from the date of first issue.
Islamic CP/MTN Programme

The Islamic CP/MTN Programme comprises of issuance of CPs issued
with maturity of one (1), three (3), six (6), nine (9) or twelve
(12) months and/or MTNs with maturity of more than one (1) and
up to seven (7) years. The Islamic CP/MTN Programme shall have
tenure not exceeding seven (7) years from the date of first
issue.

The Islamic CP/MTN Programme applies the underlying Syariah
principles of Murabahah and/or Ijarah. The CPs shall be
underwritten up to 50% of the nominal value of the Islamic
CP/MTN Programme. The MTNs shall not be underwritten. The
Islamic CP/MTN Programme shall be fully redeemed at the end of
the tenure of seven (7) years.

(2.2) Malaysian Rating Corporation Berhad (MARC) has assigned a
long-term rating of A+ID for the Islamic Bonds and short-term
rating of MARC1 ID and a long-term rating of A+ID for the CPs
and MTNs, respectively.

A summary of the Principal Terms and Conditions of the Islamic
Securities is set out in Table 1 of this announcement.

(3) Purpose of Facilities

The proceeds arising from the Islamic Securities shall be
utilized to part-finance the acquisition of assets and/or
investment in businesses or industries similar to WCTE Group
and/or working capital requirements of WCTE and its subsidiary
companies. The utilization of the proceeds shall be Syariah
compliant.

(4) Effects of the Facilities

(4.1) Issued and Paid-up Share Capital and Substantial
Shareholdings

The Islamic Securities is not expected to have any effect on the
issued and paid up share capital and the substantial
shareholding of WCTE.

(4.2) Net Tangible Assets (NTA) and Gearing

The Islamic Securities is not expected to have a material effect
on the NTA of WCTE. The proforma effects of the Islamic
Securities on the NTA and gearing of the WCTE Group based on the
audited consolidated balance sheet of WCTE as at December 31,
2004 are set out in Table 2.

(4.3) Earnings and Dividends

The Islamic Securities is not expected to have a material impact
on the earnings or dividends of WCTE. However, it is expected to
contribute positively to the future earnings of WCTE Group.

To view a full copy of the announcement, click
http://bankrupt.com/misc/WCTEngineeringBerhad081605.pdf

This announcement is dated 12 August 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

ABS-CBN BROADCASTING: Teams Up with ISA for Good Governance
-----------------------------------------------------------
ABS-CBN Broadcasting Corp. has tied up with the Institute for
Solidarity Asia (ISA) to promote good public governance, abs-
cbnNews.com reports.

ABS-CBN president and chief operating officer Luis Alejandro
signed a memorandum of agreement with ISA president Dr. Jesus
Estanislao, to establish co-ownership on initiatives and
undertakings of ISA, particularly its "Responsible Citizenship
and Good Governance Program".

Both parties will use a program plan directed towards the common
goal of community development and nation building.

ABS-CBN said the project is in line with the company's aim to
spread a spirit of unity and solidarity in the service of
Filipinos. A series of activities, frameworks and improvement
plans will be distributed among local government leaders and
their constituents, and between public officials and ordinary
citizens.

ABS-CBN is expected to generate participation and support from
other sectors through information, communication and publicity
initiatives using its multi-platform media.

ISA, on the other hand, will provide content and communication
materials, and strive to find a partner-advocate willing to
donate time and production for public service advertisements
that ABS-CBN will air for free.

Through focus groups of the youth and academe, ABS-CBN and ISA
will support each other to bring to a wider audience the ideas
incorporated in the books put together by these two sectors.

CONTACT:

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


BENPRES HOLDINGS: Sale of Digitel Interest Drives Turnaround
------------------------------------------------------------
Benpres Holdings' turnaround in the first half of the year was
attributed mainly to the sale of its stake in Digital
Telecommunications Phils. Inc. (Digitel), according to The
Manila Times.

Lopez-controlled Benpres registered a net income of Php297
million in the first semester from a net loss of Php191 million
last year.

The firm also saw its revenue in the first six months climb 37
percent to Php5.193 million, as against Php3.792 billion in the
same period last year.

Benpres said it booked a gain on the sale of its 10.51 million
shares in Digitel, which generated a Php8-million gain for
Benpres.

Further, its wholly owned subsidiary First Philippine Holdings
Corp. (FPHC), which had equity in First Gen Corp., also gained a
36-percent increase in its equity in net earnings.

The company posted a 48-percent increase in net sales and
services during the period to Php3.784 billion from Php2.551
billion. This was largely due, Benpres said, to improvements in
subsidiary Maynilad Water Services Inc.'s revenues.

However, costs and expenses increased by 15 percent to Php5.014
billion from Php4.348 billion while costs of sales and services
declined by 12 percent to Php1.893 billion from Php2.157
billion.

General and administrative expenses grew by 11 percent to Php920
million from Php829 million, and depreciation and amortization
fell by 20 percent to Php27 million from Php34 million.

Meanwhile, its provision for losses increased to Php159 million
from Php38 million due to advance payments made by Benpres
related to the BayanTel convertible preferred shares, which is a
guaranteed liability under the balance sheet management plan.

Accretion of losses on notes in the amount of Php62 million
represented the effect of the first semester loss posted by
SkyCable on the parent company. Net consolidated interest
expense also surged by 51 percent this year to Php1.953 billion
from Php1.290 billion, which the company attributed to Maynilad.

For the period, core investment ABS-CBN Broadcasting Corp.'s net
profits dropped by 67 percent to Php185 million from Php560
million last year but registered a 2 percent growth in
consolidated net revenues of Php6.743 billion from Php6.610
billion last year.

FPHC booked a profit decline of 6 percent in the first six
months of the year to Php1.968 billion from Php2.090 billion
last year. Revenues grew by 23 percent to Php25.181 billion
while costs and expenses increased by 25 percent to Php19.598
billion.

BayanTel's net revenues were 9 percent higher at Php2.908
billion compared with Php2.663 billion last year. EBITDA is
Php1.290 billion, representing a 19 percent growth from the
Php1.084 billion posted during the same period in 2004.

The company's financial position, meanwhile, was significantly
affected by the payment of its semi-annual interest on debt
based on the terms of its management plan.

Benpres said that its short-term investments increased by 129
percent due to improved Maynilad services collection. This also
accounted for an 18 percent increase in materials and supplies
and a 40-percent increase in property and equipment due to more
facilities construction.

Payables to the Manila Waterworks Sewerage System increased by
20 percent due to the partial accrual of concession fees,
interests and maintenance operating expense. Other noncurrent
liabilities increased by 59 percent, which represented partial
accrual of other unpaid obligations.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


DMCI HOLDINGS: Doubles Profit to Php234 Mln
-------------------------------------------
DMCI Holdings Inc.'s net profit for the second quarter to June
reportedly more than doubled Php243.2 million from Php110.85
million in the same period last year due to sustained strong
performance of its coal mining business, The Manila Bulletin
relates.

In the first half of the year, its net profit rose to Php2.44
billion from Php168.4 million a year earlier, after it sold some
of its shares in mining unit Semirara Mining Corp. to the
public.

DMCI said it realized a gain of Php2.0 billion from the sale of
a total of 58.17 million Semirara Mining shares in a domestic
and international offering early this year.

Semirara Mining reportedly posted robust profits for the first
half and second quarter of the year, contributing Php409 million
to the parent firm's income at end-June from Php132 million a
year before.

Coal production in the second quarter rose 13.3 percent to
602,569 tons from the first quarter's 531,778 tons. However,
this was 2.7 percent lower than in the corresponding period last
year because of lower demand from state-run National Power Corp,
which shut down a coalfired power plant for maintenance.

Semirara's gross profit for the first half surged 59.7 percent
year-on-year to Php830.12 million, while its gross profit for
the second quarter grew at a slower rate of 8.9 percent to
Php432.78 million.

DMCI said its construction firm, DM Consunji Inc., reported
marginal contributions and decreased operations in the first
half as its net profit contracted to Php19 million from Php32
million a year earlier.

"Construction revenues declined by 12 percent as `milestone'
projects required specific work percentage to be attained prior
to billing acceptance," DMCI said.

It said the current competitive environment in the construction
sector has led to diminishing margins through the years.

CONTACT:

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


LEPANTO CONSOLIDATED: Board Approves Stock Rights Offer
-------------------------------------------------------
Lepanto Consolidated Mining Co. advised that at its regular
meeting held Monday, August 15, 2005, the Board of Directors
approved an offer to be made from the current unissued
authorized capital of the Company to shareholders as of record
date to be fixed in accordance with the rules of the Philippine
Stock Exchange (PSE), to subscribe to one (1) share of Common
Stock for every five (5) shares held on such record date, at the
price of Php0.20 per share.

The Company is targeting a record date of October 5, 2005 and an
offer period commencing on October 25, 2005. Initial payment of
50% is due upon subscription and the balance will be payable not
later than December 8, 2005. Actual record and offer dates will
be announced upon PSE approval of the pertinent listing
application.

The proceeds of the offer, which will amount to Php850,000,000,
more or less, will be utilized to settle accounts with suppliers
and local creditors.

CONTACT:

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


LEPANTO CONSOLIDATED: Clarifies Deployment of Army Troops Issue
---------------------------------------------------------------
Lepanto Consolidated Mining Company issued this announcement in
reference to the news article entitled "Military deploys troops
to Lepanto" published in the August 14, 2005 issue of The Sunday
Times.

The article reported in part that "To prevent possible eruption
of violence, the Philippine Army has dispatched a battalion near
the Lepanto mining site following reports that members of the
New People's Army were seen in the area... An army officer, who
did not want to be identified, said they are also looking into
reports that the NPA is planning to bomb vital installations
within the municipality to cripple Lepanto's operations."

In reply to the Exchange's request for an update on the labor
strike at the minesite and the possible implication of the above
quoted news article to the operations of the Company, Lepanto
Consolidated Mining Company (LC), in its letter dated August 15,
2005, disclosed that:

"Please be advised that there are Philippine National Police or
PNP (not Phil. Army) men deployed at the minesite to maintain
peace and order. We are not aware of the alleged intelligence
reports of the Philippine Army. We confirm that a barangay has
sought the immediate resolution of the present labor dispute.

"Operations have not normalized. We have about 54% of normal
workforce working. We are progressing in our efforts to return
to normal operations."


MANILA ELECTRIC: Says TOU Rate Plan Costly
------------------------------------------
The Manila Electric Co. (Meralco) warned that the time of use
(TOU) rates could prove costly to residential customers,
according to The Manila Standard.

The TUO is a new electricity pricing scheme aimed at offering
lower rates during "nonpeak" hours. But the residential
customers may have to shell out a total cost of Php32 billion
for new meters if authorities eventually require them to
implement the scheme as part of power reforms.

Meralco, in a pleading to the Energy Regulatory Commission, said
some 3.9 million residential customers might be asked to
purchase new meters at a cost of Php32 billion at Php8,200 per
meter.

Meralco said commercial and industrial users, meanwhile, would
pay an added cost of P20,000 per meter under the TOU scheme.
Meralco has 370,716 commercial users and 10,760 industrial
customers as of the end of 2004.

Meralco has proposed that its customers shoulder the metering
cost but stressed that it is up to the ERC to decide on the
matter.

CONTACT:

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


METRO PACIFIC: Confirms Interest in Napocor's Assets
----------------------------------------------------
Metro Pacific Corporation issued this announcement in reference
to the following news articles:

(1) "MetroPac keen on bidding for Napocor assets" published in
the August 15, 2005 issue of the Philippine Daily Inquirer
(Internet Edition).

The article reported in part that:

"Metro Pacific Corp., a subsidiary of Hong Kong's First Pacific
Co. Ltd., is seriously looking at the transmission and
generating assets of national Power Corporation in line with the
company's strategy to diversify into infrastructure development.
Metro Pacific chair Manuel Pangilinan said the Company was still
evaluating whether it would make a bid for the transmission
assets, now under National Transmission Corp., of Napocor's
power plants.

"Investors are not allowed to bid for both the transmission
assets and power plants as specified by the law. They have to
choose between buying the power-generating plants and vying for
the long-term management of the network of high-voltage lines
now owned by Transco.

"Metro Pacific, he said, would likely organize a consortium with
other groups because power projects required huge investments.
Metro Pacific president Jose Maria Lim said the Company was
looking at 'specific opportunities in the energy, mining and
consumer sectors.' Lim said progress had been made in the area
of toll road."

(2) "Landco to boost Metropac profits" published in the August
13, 2005 issue of The Manila Times.

The article reported in part that:

"Strong revenues from Landco Pacific Corp. will help boost
parent firm Metro Pacific Corp.'s (Metropac) profitability for
this year, a Company official said.

"'We anticipate profitability for the remaining of the year ...
and further expect profit by 2006,' Jose Ma. K. Lim, Metropac
president and chief executive officer, said during the annual
stockholders' meeting on Friday. He said the company's
performance for this year reflects Landco's ability to double
revenues, shipping unit Negros Navigation Co.'s break-even
performance and one-time exceptional gains reported by Pacific
Plaza Towers.

"'The debt picture looks even better,' Kim said, adding Metropac
reduced its debt to Php1.3 billion in the first half of this
year."

Metro Pacific Corporation, in its letter to the Exchange dated
August 15, 2005, stated that:

"Metro Pacific confirms that veracity of both articles. Metro
Pacific is exploring a number of new investment opportunities,
however, those explorations remain at a very preliminary stage.
Metro Pacific also reaffirms the performance guidance offered by
its President and CEO, Mr. Jose Ma. K. Lim."

For your information.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


METRO PACIFIC: Aims to Swing Back to Black
------------------------------------------
Metro Pacific Corp. hopes to post a profit this year after
successive losses since August 2000, BusinessWorld reports.

The listed holding firm wants to trim its bank debt by 76.92
percent to less than Php300 million this year from Php1.3
billion in 2004.

Bank debt as of end-June has been reduced to Php2.5 billion with
the bulk of those debts held by Landco Pacific Corp. and Negros
Navigation Co. (Nenaco).

As external auditors still reviewing financial of the Company,
Metro Pacific booked a profit during the first half from a
Php13.9-million loss in the same period in 2004.

Better performance was achieved after Metro Pacific settled the
long-standing dispute with a third-party contractor over fees
owned by the contractor and the company itself. The development
enabled Pacific Plaza Towers to post an exceptional one-time
gain and eliminated a potential Php2 billion in contingent
liabilities.


NATIONAL BANK: Says Sugar Planters Want Interest Payment Cut
------------------------------------------------------------
Philippine National Bank issued this announcement in reference
to the news article entitled "Sugar planters surface to seek
halt in PNB sale" published in the August 12, 2005 issue of The
Daily Tribune.

The article reported in part that:

"The initially hard line stance the Philippine National Bank
(PNB) took on the matter of the Php3-billion sugar planter loans
has softened but it refused to advance a proposal that will end
the 20-year dispute. PNB president Omar Byron Mier met yesterday
with Finance Secretary Margarito Teves along with a legislator
from Negros and a representative from the Bangko Sentral ng
Pilipinas, Deputy Governor Juan de Zuniga Jr., to try to thresh
out a problem that started with the alleged of one man, now
dead. The lawyer for the group of sugar planters trying to stop
the sale of PNB shares in open bidding today said PNB president
Mier came to the meeting yesterday without advancing a proposal
to resolve the conflicting claims.

"Lawyer Daniel Hagad, representing the Planters Against the
Plunder of the Sugar Industry, or Papsi, said Mier `wanted to
study the matter more' although he pledged also to present the
issue before their shareholders. `We ended the meeting
(yesterday) with his commitment to bring this matter with the
stockholders of PNB for proper consideration and resolution and
will get back to us as soon as he has a proposal,' the lawyer
said."

Philippine National Bank (PNB), in its letter to the Exchange
dated August 12, 2005, disclosed that:

"Our President, Mr. Omar Byron T. Mier, attended the meeting (on
August 11) of the representatives of various sugar planters with
Finance Secretary Margarito Teves and senior officers of the
BSP, Gov. Armando Tetangco and Deputy Governor Juan de Zu¤iga,
Jr. During the meeting, Mr. Mier stated that in order that the
concern of the sugar planters over their loans and sugar lands
could be allayed, they should pay the principal and interest as
provided under their loan documents and R.A. 7202. The sugar
planters reacted that while they are willing to pay the loan
principal, they would want some reduction in interest payment.
Because their demand and the issue raised was beyond his
authority to discuss, Mr. Mier remarked that he will refer the
matter for interest reduction to the Board of Directors (not the
shareholders) for proper consideration."

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: Analyst Says Bid Price Good for Ailing Gov't
-----------------------------------------------------------
The joint sale of the government and Lucio Tan's 67-percent
stake in Philippine National Bank (PNB) for Php43.77 per share
is quite a good deal, banking analyst Elena Ponceca said.

Unicapital Investment head Elena Ponceca told BusinessWorld that
although the government had acquired the shares at a higher
price, selling its PNB interest was a wise move considering the
country's fiscal problems.

"Php43 would have been okay," Ms. Ponceca said, referring to the
floor price set for the bank's auction Friday last week.

Union Bank of the Philippines submitted the highest bid at
Php43.77 per share during the public auction of the 67-percent
ownership interest in PNB. Only two groups submitted their bids.

At Php43.77 per share, the winning bidder will have to shell out
Php16.99 billion. The government, which owns over 186 million
shares, will receive Php8.14 billion while the Lucio Tan group,
which has 370.75 million shares and warrants will get Php8.84
billion.

Under the Joint Sale Agreement entered with the government in
August 2002, Mr. Tan has the right to match Union bank's offer.

Ms. Ponceca said that the taipan is likely to exercise his right
to match the highest bid price for PNB. Mr. Tan bid at the floor
price of Php43 per share on Friday last week.


NATIONAL BANK: Sale Barely Dents State Deficit
----------------------------------------------
The sale of government shares in Philippine National Bank (PNB)
only contributed a little to plug the country's widening budget
deficit, The Manila Standard reports.

Finance Assistant Secretary Gil Beltran said the Php1.98 billion
additional revenues raised from the sale of government's stake
in PNB reduced slightly this year's projected consolidated
public sector deficit (CPSD).

CPSD is the combined budget deficits of the national government,
government-owned and controlled corporations (GOCCs) as well as
local government units.

The government had expected to raise only P500 million from
privatization proceeds this year. It expects to trim this year's
public sector deficit by 14 percent down to Php203.92 billion,
or 3.8 percent of GDP from Php235.9 billion or 5 percent of GDP
last year. The government expects this year's budget shortfall
to hit Php180 billion or 3.7 percent better than last year's
Php187 billion and that of GOCCs to more than half to Php42.5
billion from Php90.7 billion.

The government and the Lucio Tan group raised Php16.28 billion
from the sale of their combined 67 percent stake in PNB Friday
last week. Union Bank of the Philippines of the Cebu-base
Aboitiz family and partner Avenue Asia Group offered P43.77 per
share, edging the P43 bid of Tan's group.

The Php1.98 billion raised by the national government would be
used for deficit reduction. The Php6.16 billion raised by the
state-run Philippine Deposit Insurance Corp. (PDIC), meanwhile,
would be used to pay off liabilities to the Bangko Sentral ng
Pilipinas (central bank).


NATIONAL POWER: Proposed US$300 Mln Bonds Rated 'BB-'
-----------------------------------------------------
Standard & Poor's Ratings Services had assigned its BB- issue
rating to the proposed US$300 million bond issue by National
Power Corp. (Napocor; foreign currency BB-/Negative/--, local
currency BB+/Negative/--) maturing 2011. The rating is based on
an irrevocable and unconditional guarantee on the bonds by the
Republic of Philippines (foreign currency BB-/Negative/B; local
currency BB+/Negative/B).

Under the terms of the issue, Power Sector Assets & Liabilities
Management Corp. (PSALM) can assume Napocor's role as obligor
after meeting certain conditions but without seeking the consent
of bondholders. The Philippine government's guarantee on the
debt will continue if PSALM assumes the role of obligor.

"The rating on the bonds is also expected to be unchanged and
remain on par with the foreign currency sovereign rating on
Philippines, if PSALM assumes Napocor's role as obligor," said
Standard & Poor's credit analyst Cheow Hon Lee.

Napocor is the national power generation and transmission
company of the Philippines and is 100%-owned by the government
of the Philippines. PSALM was created under the Electric Power
Industry Reform Act of 2001 to take ownership of Napocor's
generation assets, liabilities, real estate, and certain
independent power producer contracts. At the same time,
Napocor's transmission assets are to be transferred to National
Transmission Corp., which was set up in 2001 as a subsidiary of
PSALM under the government's program of restructuring the power
industry. The transfer of Napocor's assets to PSALM is currently
on hold, pending some conditions being met and the approval of
Napocor's existing creditors. PSALM's structure, financial
profile, and creditworthiness after the transfer are uncertain.

Napocor's stand-alone credit profile is very weak. Low
affordability among consumers, overcapacity, earlier difficulty
in raising electricity rates, and heavy costs associated with
long-term take-or-pay contracts for power purchase obligations
continue to affect Napocor. Although the regulator approved a
further increase in generation tariff in April 2005, Napocor's
financial profile is expected to remain weak, due to its very
high debt burden. Funds from operation to total debt (after
adjusting for imputed debt due to power purchase obligations) is
still weak, despite improving to 5% in 2004 from 0.3% in 2003,
given earlier increase in generation rates and the absorption of
Philippine peso (PHP) 200 billion (US$3.6 billion) of Napocor's
borrowings by the Department of Finance. The company relies
mainly on government support to maintain financial stability and
meet its liquidity requirement.

Napocor's operating environment remains uncertain as the
government plans to set up a wholesale electricity pool. In
addition, regulation of the electricity industry has also been
unpredictable, as reflected by the Supreme Court's reversal of
the regulator's rulings in recent years.

These weaknesses are partially offset by Napocor's dominant
market share in electricity generation, and its position as the
sole transmission company in the Philippines.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.

Primary Credit Analyst(s): Cheow Hon Lee, Singapore
(65) 6239-6301; cheowhon_lee@standardandpoors.com

Secondary Credit Analyst(s): Anshukant Taneja, Singapore
(65) 6239-6340; anshukant_taneja@standardandpoors.com

Analytic services provided by Standard & Poor's Ratings Services
(" Ratings Services ") are the result of separate activities
designed to preserve the independence and objectivity of ratings
opinions. The credit ratings and observations contained herein
are solely statements of opinion and not statements of fact or
recommendations to purchase, hold, or sell any securities or
make any other investment decisions. Accordingly, any user of
the information contained herein should not rely on any credit
rating or other opinion contained herein in making any
investment decision. Ratings are based on information received
by Ratings Services. Other divisions of Standard & Poor's may
have information that is not available to Ratings Services.
Standard & Poor's has established policies and procedures to
maintain the confidentiality of non-public information received
during the ratings process.

Ratings Services receives compensation for its ratings. Such
compensation is normally paid either by the issuers of such
securities or third parties participating in marketing the
securities. While Standard & Poor's reserves the right to
disseminate the rating, it receives no payment for doing so,
except for subscriptions to its publications. Additional
information about our ratings fees is available at
www.standardandpoors.com/usratingsfees.

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/


REYNOLDS PHILIPPINES: Four Banks Mull Another Auction
-----------------------------------------------------
A consortium of banks that has taken over the collapsed Reynolds
Philippines Corp. is likely to rebid the firm if it is unable to
negotiate with one of the bidders during the failed July 28
auction, relates the Manila Standard.

The banks namely Land Bank of the Philippines, Metropolitan Bank
and Trust Co., RCBC Savings Bank and Asiatrust have set a floor
price of Php365 million for the Reynolds's building and
equipment. They also have set a floor price of over Php460
million for Reynolds's property in Cavite.

"We have to go through the process of bidding," LandBank first
vice president Omar Salvo said.

"There was one bid but it did not comply with the requirements.
We're exploring the alternatives. We might have to adjust the
parameters and then go through another bidding. Then, we can set
up the terms and open it to negotiation."

The banks would still have to agree on how to split proceeds
once the Reynolds' equipment is sold.

Late last year, the Securities and Exchange Commission (SEC) has
ordered the dissolution of aluminum maker Reynolds Philippines
Corporation due to lack of working capital to support its
operations.

In May 2002, Reynolds Philippines shut down its manufacturing
plant in Dasmarinas, Cavite due to tight liquidity problems that
limited its ability to pay maturing debt obligations.


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

ELBIRU ELECTRONICS: Schedules Creditors' Meeting
------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Elbiru Electronics Pte Limited will be held on Aug. 25, 2005,
3:00 p.m. at 16 Raffles Quay, #22-00 Hong Leong Building,
Singapore 048581 for the purposes of:

(i) Presenting a statement of all the Company's receipts and
payments during the period of liquidation (from Dec. 4, 1998 to
the estimated date of discharge);

(ii) Approving the Liquidators' report for the period of the
liquidation (until the estimated date of discharge);

(iii) Passing a resolution under section 268 (3) (b) of the
Companies Act (Cap. 50, 1994 Ed.) to consent to the amount of
the liquidators' remuneration;

(iv) Resolving under section 320 (3) of the Act that the books,
accounts and documents of the Company and liquidators may be
disposed off after the dissolution of the Company; and
(v) Any other business.

Dated this 12th day of August 2005

Tham Sai Choy
Liquidator

CONTACT:

Elbiru Electronics Pte Limited
38A Jalan Pemimpin
#03-01 Wisdom Industrial Building
Singapore 577179
Phone: 65 2583725
Fax:   65 2584262


FUSIEN HOLDINGS: Court Issues Winding Up Order
----------------------------------------------
In the matter of Fusien Holdings Pte Limited, the Singapore High
Court issued a winding order against the Company on Aug. 5,
2005, with the following details:

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Dated this 5th day of August 2005

Rajah & Tann
Solicitors for the Petitioner

Note:

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

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

CONTACT:

Fusien Holdings Pte Ltd
15 Chin Bee Road Singapore 619825
Phone: 65 65368182
Fax:   65 65365363


GREATRONIC LIMITED: Results Deadline Extended to September
----------------------------------------------------------
Greatronic Limited announced that on July 27, 2005, the Company
applied to the Singapore Exchange Securities Trading limited
(SGX_ST) for a waiver of compliance with Rule 705(1) of the SGX-
ST Listing Manual for two-month extension to submit its first
half-year financial results for the period ended June 30, 2005,
for the following reasons:

1) The Company is unable to collect relevant information from
its main operating company, Greatronic Technology (Malaysia) Sdn
Berhad in order to prepare its half-year financial results;

2) The Company does not have the financial resources nor the
manpower to collate the results from the Company's different
subsidiaries.

As an update to the Company's application, SGX-ST had on Aug.
15, 2005 granted the Company a waiver from complying with Rule
704(8) of the SGX-ST Listing Manual (in compliance with Rule 107
of the Listing Manual). SGX-ST also granted a one-month
extension until Sept. 13, 2005 for the Company to announce its
first half-year financial results for the period ending June 30,
2005.

SGX-ST also allowed a one-month extension up to Aug. 31, 2005
for the Company to appoint a third audit committee member, as
former chairman of the Company's audit committee Cheong Quee Wah
was not re-elected as a director at the Annual General Meeting
held on April 30, 2005. Greatronic Limited has found it
difficult to find anyone to replace him due to the bad publicity
surrounding the Company.

CONTACT:

Greatronic Limited (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: 65 68417828
Fax:   65 68417282
Web site: http://www.greatronic.com/


INFORMATICS HOLDINGS: Reduces Net Loss by 85%
---------------------------------------------
Education services provider Informatics Holdings Pte limited has
managed to narrow down its net loss by 85%, reports Channel News
Asia.

The Company was able to drastically cut its net loss through
lower staff costs and substantial savings in operating costs.
Its net loss for the second quarter ending June 30 was pegged at
SGD3.9 million, a huge turnaround from a previous SGD26.4
million net loss posted for the same period last year.

Due to continued financial support from majority share holder
Berjaya and efforts to sell non-core assets, Informatics
Holdings hopes to get back to black by continuing to increase
revenue and control costs.

The Company is currently looking into agreements with
underwriters on an earlier proposed rights issue, in order to
raise working capital.

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 65625625
Fax:   65 65651371
Web site: http://www.informaticsgroup.com


LIANG HUAT: Posts 34% Lower Net Loss
------------------------------------
Liang Huat Aluminum Limited announces that for the first half of
the year ending June 30, 2005, the Company posts a net loss of
SGD22.84 million, a 34% reduction from a net loss of SGD67.63
for the same period last year.

To view the Company's financial report, go to:

http://bankrupt.com/misc/tcrap_lianghuat081605.pdf

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


SOUTHSEAS COMMODITIES: Creditors Asked to Submit Debt Claims
------------------------------------------------------------
Notice is hereby given that the creditors of Southseas
Commodities Pte Limited, which is being wound up voluntarily,
are required on or before Sept. 12, 2005 to send in their names
and addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by notice in writing from the
said Liquidators, are by their solicitors, or personally, to
come in and prove their said debts or claims at the time & place
such time and place specified in such notice; in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 8th day of August 2005

Chan Kheng Tek
Liquidator
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424

CONTACT:

Southseas Commodities (Pte) Ltd
65 Chulia Street #48-08 OCBC Center
Singapore 049513
Phone: 65 65353808
Fax:   65 65353212


UNITED FIBER: Deutsche Bank AG Appointed Financial Consultant
-------------------------------------------------------------
In relation to United Fiber System Limited's proposed
acquisition of a majority stake in troubled Indonesian paper
firm PT Kiani Kertas, the Company announces that it has chosen
Deutsche Bank AG, Singapore Branch as its financial advisor to
and assist in the arrangement of financing for such acquisition.

The Proposed Acquisition will be subject to certain conditions
precedent being fulfilled or satisfied including the obtaining
of the approval, consent and/or waiver of various regulatory
authorities, as well as the approval of the shareholders of the
Company in a General Meeting to be convened (if necessary).

The Company will make the necessary announcements when the terms
of the proposed acquisition are finalized and a definite sale &
purchase agreement is entered into by both parties.

By Order of the Board
Kishore Dass
Chief Executive Officer
Aug. 15, 2005

CONTACT:

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


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

ABICO HOLDINGS: Net Profit Slides to THB7,692,000
-------------------------------------------------
Abico Holdings Public Co. Ltd. issued to the Stock Exchange of
Thailand (SET) its reviewed Quarter 2 and Consolidated Financial
Statement for the period ended June 30, 2005.

Abico Holdings Public Company Limited
Reviewed Ending June 30
(In thousands)

                         Quarter 2         For 6 Months
Year                   2005      2004        2005         2004

Net profit (loss)    7,692     (493)       10,574      (28,390)

EPS (baht)         0.36460   (0.00350)   0.29000     (0.20280)

Type of report: Unable to reach any conclusion

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

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

Kitti Vilaivarangkul
The Plan Administrator of
Abico Holdings Public Company Limited.
Authorized to sign on behalf of the company

CONTACT:

Abico Holdings Pcl
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani
Telephone: 0-2992-5858 (14 Lines)
Fax: 0-2992-5878-9
Website: http://www.abicogroup.com


ABICO HOLDINGS: Auditor Unable to Reach Conclusion on FS
--------------------------------------------------------
The Stock Exchange of Thailand (SET) announced that Abico
Holdings Public Co. Ltd. has submitted its reviewed financial
statements for the period ending June 30, 2005.

However, the company's auditor was not able to reach a
conclusion to the said financial statements.  It can be
considered that the numbers, which represent the company's
financial status and operating outcome as presented in its
financial statements, failed to adequately and/or properly
reflect the actual position of the company.

The SET then, informs shareholders and investors on the above
matter to scrutinize the auditor 's report on its financial
statements.

The SET has still suspended trading on the securities of the
company in view of the fact that they must prepare a
rehabilitation plan.


ADVANCE PAINT: Net Loss Shrinks to THB1,848,000
-----------------------------------------------
Advance Paint & Chemical (Thailand) Public Co. Ltd. submitted to
the Stock Exchange of Thailand (SET) a summary of its reviewed
quarterly Financial Statements for the second quarter for the
period ended June 30.

Advance Paint & Chemical (Thailand) Public Company Limited

Reviewed Ending June 30
(In thousands)

                          Quarter 2            For 6 Months
Year                   2005        2004      2005        2004

Net profit (loss)     (1,848)     (9,346)  (14,104)    (13,144)

EPS (baht)           (0.0083)     (0.042)  (0.0634)    (0.0591)

Type of report: Unqualified Opinion with an emphasis of matters
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

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

Mrs. Narumol Punnakitikashem
Director
Authorized to sign on behalf of the company

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871


CIRCUIT ELECTRONIC: Releases 2Q Financial Results
-------------------------------------------------
Circuit Electronic Industries Public Company Limited furnished
the Stock Exchange of Thailand (SET) a summary of its second
quarter financial statement for the period ended June 30, 2005.

Circuit Electronic Industries Public Company Limited
Reviewed Ending June 30
(In thousands)

                         Quarter 2         For 6 Months
Year                  2005        2004    2005        2004

Net profit (loss)      0           0     29,585    (1,554,146)

EPS (baht)             0.00        0.00    0.59    (31.08)

Type of report:

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

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

Mr. Somboon Kritchanchai
Executive Vice President
Authorized to sign on behalf of the company

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


NEW PLUS: Failure to Submit Statements Reaps Suspension
-------------------------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of New Plus Knitting Public
Co. Ltd. (NPK) effective from the first trading session of
August 16, 2005 due to its failure to submit the financial
statements for the period ending June 30, 2005 by the deadline
specified by the SET.

CONTACT:

New Plus Knitting Public Company Limited
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao
Telephone: 0-3859-3126
Fax: 0-3859-3125





                            *********


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
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contained herein is obtained from sources believed to be
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