TCRAP_Public/050819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, August 19, 2005, Vol. 8, No. 164

                            Headlines

A U S T R A L I A

AMP LIMITED: Underlying Contribution Up 24% in First Half
ARNDELL FORMWORK: Final Meeting Scheduled August 26
AUSTRAL COAL: Loses Jump Following Centennial Takeover
AUSTRALIAN EXPORT: Members Resolve to Wind Up Business
AUSTRALIAN LIFESTYLE: Liquidator to Explain Wind-up Report

BERELA PTY: Set to Shut Down Operations
CONCRETE RECYCLERS: Liquidator to Distribute Company Assets
DAKOTA PROPERTY: Federal Court Names Liquidator
DAVIS WHOLESALE: Members to Receive Wind Up Report
EG GREEN: Farmers Fear for Firm's Fate

ELMOROSE PTY: Appoints Official Liquidator
F CHEESE: Members, Creditors to Discuss Liquidation Process
FORTESCUE METALS: Presses on with Disputed Deal
GRANFIELD DEVELOPMENTS: Creditors OK Liquidator's Appointment
HUDSON TIMBER: Judge Junks HIG's Bid

IDK CONSULTING: Supreme Court Orders Liquidation
KEERICH ENTERPRISES: Members Agree to Quit Business
MAYNE GROUP: To Webcast Full-year Results August 24
MULTIPLEX: Bags Parramatta Justice Center Contract
NATIONAL AUSTRALIA: Murray Wants Debate on Four Pillars Reform

OUTBOARD MARINE: Final Meeting Fixed August 26
PLEVNA PTY: Initiates Wind Up Process
PRAGUE NOMINEES: Liquidator to Explains Wind Up Process
PROSCOTCH DEVELOPMENTS: To Distribute Dividend to Creditors
QANTAS AIRWAYS: In the Market for New Planes

RAYDAN MANAGEMENT: Placed Under Voluntary Liquidation
SANTOS LIMITED: Acquires Additional Gippsland Basin Interests
SEMINAR MARKETERS: Members, Creditors to Meet August 26
SONS OF GWALIA: Watchdog Probes Into Affairs
SONS OF GWALIA: Administrators Release Notice to Shareholders

STORAGE COMPANY: Members Pass Winding Up Resolution
VELLA CONSULTANTS: Richard Judson Named Liquidator


C H I N A  &  H O N G  K O N G

ANANDA HOLDINGS: To Appoint Liquidators
BANK OF CHINA: China Prosecutes Former Banker
CHI WAH: Set to Wind Up Operations
DOO REE: Begins Winding Up Process
EXPERT M.W.: Winding Up Hearing Set August 31

GUANGDONG KELON: Shareholders Line Up to Sue Former Chairman
M CHANNEL: Chairman Wong Kun-to Resigns
METZLER INTERNATIONAL: Court to Hear Petition September 7
PCCW LIMITED: Sells 12.1% Stake in Mobile One
PCCW LIMITED: Expects HK$937 Mln Profit in First Half

SHANGHAI LAND: Delays Dispatch of Circular
SQUARE FUND: Creditors Meeting Fixed September 6
TIN LI: Decides to Undergo Wind-up Process
WALSON INDUSTRIAL: Set to End Operations
WING HANG: Court Orders Closure of Business


I N D O N E S I A

PERTAMINA: Korean Client Cancels LNG Shipment
PERUSAHAAN LISTRIK: Java Power Supply Cut by Defective System
* 2006 Budget Deficit Expected to Hit IDR19.8 Trillion


J A P A N

KANEBO LIMITED: Revlon Excluded from Sponsor List
MITSUBISHI MOTORS: To Develop Electric Cars With Tokyo Electric
SAKURAYA CO.: METI OKs Restructuring Scheme
SOFTBANK CORPORATION: Heads Toward Profit With China Strategy
SOFTBANK CORPORATION: Enters Alliance With Alibaba.com


K O R E A

ASIANA AIRLINES: Domestic Flights Resume
CITIBANK KOREA: Net Income Widens to KRW123.6Bln
HYNIX SEMICONDUCTOR: Ranks 3rd in NAND Sales


M A L A Y S I A

AKTIF LIFESTYLE: Unveils Amended Proposal
ANCOM BERHAD: Purchases 68,500 Shares on Buy Back
AVANGARDE RESOURCES: Fined MYR126,000 for Breaching Bourse Rule
DUOPHARMA BIOTECH: Issues New Shares for Listing, Quotation
GEORGE TOWN: Exchange Imposes Sanction for LR Violation

HAP SENG: Buys Back Ordinary Shares
INTEGRAX BERHAD: Disposes of Land Asset
NALURI BERHAD: Unit Unloads Shares
PANTAI HOLDINGS: Clarifies Reported Hospital Investment
PARAMOUNT CORPORATION: Unit Disposes of Interest in KDU College

PARK MAY: Unit Agrees to Extend Payment Period of Property
POS MALAYSIA: Bourse to List, Quote New Shares
SRIWANI HOLDINGS: Changes Name to DFZ Capital Berhad
SYARIKAT KAYU: Issued, Paid-up Capital Reaches MYR42,552,908
TELEKOM MALAYSIA: New Shares Up for Listing

UNITED CHEMICAL: EGM Slated for September 8


P H I L I P P I N E S

MANILA ELECTRIC: Reviews Viability of Subsidiaries
NATIONAL BANK: BSP Seeks Tan's Plan for Counterbid
NATIONAL BANK: Management Assures Continued Service
NATIONAL FOOD: Guarantees No Price Increase
NATIONAL POWER: PSALM Sets Pre-bid Meeting for Calaca Facility

PRICESMART INCORPORATED: New Owner Vows to Revive Local Ops
UNIWIDE SALES: Execs, Workers Still at Loggerheads
* 19 More Miners at Risk of Losing DENR Permits


S I N G A P O R E

ACCORD CUSTOMER: Wins Extension to Release Quarterly Results
CHARTERED SEMICONDUCTOR: Completes Private Shares Placement
CITIRAYA INDUSTRIES: Bribery Suspects to Plead Guilty
COCREATE SOFTWARE: Liquidator Asks Creditors to Submit Claims
DELPHA INVESTMENTS: Intends to Pay Dividend Soon

TOKYO PIGEON: Creditors Given Until Sept. 12 to Submit Claims


T H A I L A N D

CENTRAL PAPER: SET Suspends Trading of Securities
DATAMAT: Failure to Submit FS Prompts Trading Halt
M.D.X: Trading of Securities Suspended
NATURAL PARK: Unveils Operating Performance for 2Q
PICNIC CORPORATION: Clarifies Q2 Operating Results

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

AMP LIMITED: Underlying Contribution Up 24% in First Half
---------------------------------------------------------
A stronger business performance, reflecting improved cashflows,
further cost reductions and higher markets has led to a 24
percent increase in underlying contribution for the six months
to June 30, 2005 for AMP Limited to AU$383 million.

Underlying contribution is a more accurate measure of
profitability as it removes investment market volatility, and is
the basis for calculation of AMP's dividends to shareholders.

Consolidated profit after income tax rose 22 percent to AU$393
million.

The Board of Directors has declared an interim dividend of 14
cents per share, 75 percent franked, payable on October 25,
2005. This compares with 13 cents per share in the previous
corresponding period, and 14 cents per share in the second half
of 2004. The dividend payment has been approved by APRA.

AMP Chief Executive Officer Andrew Mohl said that the first half
delivered improvement in all of AMP's key short-term performance
measures:

(1) Underlying return on equity: up to 22.4 percent, compared
with 21 percent in the first half of 2004

(2) Value of new business: up 13 percent to AU$141 million
(traditional basis) in the AMP Financial Services business

(3) Total operating margins: up 21 percent to AU$297 million

(4) Controllable costs: down by 4 percent to AU$381 million

(5) Investment performance: 83 percent of Australian funds under
management met or exceeded their benchmarks.

"AMP continues to transform its operations and we are encouraged
by results in the first half of the year," Mr. Mohl said.

"The business has achieved growth in both the retail and
institutional sectors and our position in key market segments
continues to improve.

"AMP remains focused on running the business better than ever
before, capturing scale benefits from volume and market growth,
reducing costs to drive efficiency and driving ongoing business
transformation."

Capital management

AMP's capital position has improved further. Corporate debt was
reduced to AU$1.3 billion at the end of the half with the
gearing ratio at 31 percent, down 3 percentage points from a
year ago.

Underlying interest cover is now at 10.5 times compared with 5.9
times in the first half of 2004. The Group's credit rating was
lifted by Standard and Poors from A- to A just after the close
of the half.

Group capital, which was AU$2.1 billion at December 2004,
exceeded AU$1.5 billion at June 30, 2005 - even after the AU$1
billion capital management initiative in the first half of the
year (which returned AU$746 million to shareholders and redeemed
AU$265 million of AMP Income Securities) and the April net
dividend payment to shareholders of AU$225 million. Transfers
from Business Units and new loans from Cobalt-Gordian to the
Group totaled AU$638 million in the half year.

A further substantial capital management initiative is planned
for the first half of 2006, consistent with the policy to return
excess capital to shareholders while retaining an 'A' range
credit rating. The preferred form of return to shareholders is a
capital return, subject to regulatory approvals. The quantum is
likely to be determined in early 2006.

AMP's dividend payout policy in the near term remains at 75 per
cent of underlying contribution, with a franking rate of 75 per
cent. It is likely the payout ratio will increase in 2007.

Review of business unit performance

In AMP Financial Services (AFS), operating margins rose by 19
per cent to A$250 million, driven primarily by growth in
business volumes and further reductions in operating costs.

Return on Invested Capital rose 8.8 percentage points to 26.5
per cent as operating margins improved and capital from the
Australian mature business was released to the Group.

Controllable costs continued to fall, even as business volumes
rose. AFS' cost to income ratio fell by a further 4 percentage
points to 38 per cent.

Cash inflows increased by A$600 million, or 13 per cent, to A$5
billion with AMP Financial Planning flows up 12 per cent and the
Corporate Superannuation direct sales force flows almost
trebling following a number of large account wins. Persistency
improved from 84.3 per cent to 85.4 per cent.

Traditional embedded value rose by 11 per cent in the half year
to A$6,044 million (at the 3 per cent discount margin and before
transfers). The value of new business rose 13 per cent to A$141
million (at the 3 per cent discount margin) in the first half.

Within the overall AFS result, growth in the Australian
contemporary business was a highlight with operating margins up
by 38 per cent to A$144 million. The increase reflected its low-
cost manufacturing base, growth in business volumes and the
strength of AMP's distribution force.

Operating margins in the Australian mature business decreased 6
per cent to A$83 million for the half, with the focus in this
business remaining on costs, persistency and capital efficiency.

In New Zealand, operating margins grew by 28 per cent to A$23
million. The risk business continues to stand out, achieving six
consecutive quarters of market share growth. Cost reduction
continues with the cost to income ratio down 6 percentage points
to 41 per cent.

The AFS business continued its business transformation program
during the half, particularly in AMP Financial Planning where a
new, more specialised management structure has been put in place
to provide enhanced support to planners. Raising the quality of
advice remains a key focus, with programs such as compulsory
annual accreditation for planners now in place.

In AMP Capital Investors (AMPCI), operating margins rose 20 per
cent to A$42 million, due largely to higher AUM-based management
fees and tight control on costs. AUM rose 7 per cent in the
half-year to A$84 billion, reflecting favourable markets and
solid external net cashflows of A$1 billion.

Investment performance remained strong with 83 per cent of
Australian AUM meeting or exceeding benchmarks for the year to
30 June, above the target of 75 per cent. The flagship Balanced
Growth Fund achieved top quartile performance (as rated by
Mercer) and ranked second out of 31 funds in the year to June -
a strong achievement given its size, with A$3.6 billion in
assets.

Return on Invested Capital rose from 29.6 per cent to 32.6 per
cent, driven by growth in operating margins.

Key achievements in the first half included expansion of Asian
distribution channels to Singapore and Taiwan for the global
REIT product now available in these markets via agreements with
local firms. Total AUM from these two countries at 30 June 2005
was A$279 million, adding to the AUM of A$2.6 billion in Japan.

A number of funds targeting retail investors were offered,
including the Enhanced Yield Fund and AMP Capital China Fund 2,
while fund launches to institutional clients included the
Strategic Infrastructure Trust of Europe.

Cobalt/Gordian continues to focus on the run-off in its
insurance and reinsurance business, with operating margins for
the half year stable at A$21 million.

AMP is targeting a release of capital from the business to Group
in late 2005, dependent on the business having capital
sufficient to meet liabilities at the 99.5 per cent risk
threshold.


Outlook & guidance

Mr Mohl said AMP's strategy was delivering better value products
and services to customers, as well as higher returns to
shareholders.

"AMP's 2005 full year results are tracking well and are better
than expected at the start of the year. Operating margins in AFS
and AMPCI are now expected to grow by at least 15 per cent in
2005 ," he said.

"AMP is driving the business hard for shareholders by leveraging
its strong brand, our distribution network, market leading cost
efficiency and investment capabilities, as well as building an
increasingly performance-driven culture.

"These capabilities are enhancing our growth potential,
notwithstanding the competitive pressures in the marketplace."
Mr. Mohl said AMP Financial Services was actively seeking growth
in key market segments through a period of significant market
and regulatory change. The introduction of super fund choice and
a new licensing regime, for example, is providing more
opportunities for employer sponsored master trusts, while the
increasing complexity of financial matters is driving demand
from both individuals and small businesses for high quality
financial advice.

In AMP Capital, growth is being targeted by improving domestic
market presence through sustained high investment performance
and product innovation, such as the recently launched Core
Property Fund. Offshore expansion in selected Asian markets is
also being pursued.

Mr Mohl said AMP remained well positioned in the wealth
management industry, which continued to post growth rates well
above general economic growth rates.

"Overall, we are confident of AMP's ability to continue to
deliver strong value creation for shareholders in 2005 and
beyond, consistent with our medium term objective to provide
shareholders with top quartile Total Shareholder Return (TSR)
performance," he said.

"More specifically, AMP is pursuing a doubling in value between
mid 2005 and mid 2010, which equates to average growth of around
15 per cent per annum, including dividends and capital returns
paid out to shareholders as well as increases in enterprise
value."

Enterprise value will be measured by calculating the median of
the major stockbroking analyst valuations of AMP in each year,
beginning June 2005. At 30 June 2005, the median stockbroking
valuation of AMP was A$11.6 billion.

"The underlying return on equity is also set to increase
strongly in the 2005 to 2007 period," Mr Mohl said.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


ARNDELL FORMWORK: Final Meeting Scheduled August 26
---------------------------------------------------
Notice is hereby given that a final meeting of the Members and
Creditors of Arndell Formwork Pty Limited will be held on Aug.
26, 2005, 10:00 a.m. at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW.

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


AUSTRAL COAL: Loses Jump Following Centennial Takeover
------------------------------------------------------
The Directors of Austral Coal Limited announced that the Company
recorded a net loss after tax of AU$31.4 million for the six
months to 30 June 2005.

Following the scrip for scrip takeover of the Company by
Centennial Coal Company Limited (Centennial), the Directors have
resolved to change Austral's financial year to 30 June to
synchronize with that of its parent. As a result, the current
period's loss is not strictly comparable with the AU$23 million
incurred for the year to 31 December 2004.

In addition, shareholders should note that the loss incurred for
the six months to 30 June 2005 included a charge of $18 million
(pre-tax) payable to one of the Company's bankers in respect of
one-off facility fees and the provision of corporate finance
services with regard to a proposed selldown of part of the
Company's principle asset, the Tahmoor coking coal mine.

As a result of the agreed merger with Centennial, the Company's
principle asset has not been sold down, but the corporate
finance fee remained payable.

On 7 April 2005, Centennial achieved control of Austral and on
14 April the former directors of Austral resigned to be replaced
by Dr Paul Moy, a non-executive director of Centennial, as
chairman and Centennial's managing director together with three
other Centennial senior executives as non-executive directors of
the Company. This report therefore largely covers a period when
the new directors or Centennial's management team were not
involved with the Company.

Since taking control of operations, the mine's management
structure has been rearranged under a new General Manager, in
accordance with Centennial's standard process management
systems. A new Mine Manager, Technical Services Manager,
Engineering Manager and Commercial Manager have been appointed
and a general reorganisation of staff conducted.
Line-managers and supervisors have now been given responsibility
and accountability for their respective process areas.

Commentary / Operational Overview

At the beginning of the six-month period (period), the Tahmoor
Mine suffered from poor equipment availability attributable to
technology compatibility and other engineering issues. As a
result, production was severely restricted, affecting cashflow
and employee morale as mining conditions deteriorated.

By the end of the March 2005 quarter, the main equipment issues
had largely been addressed and production began to rise.
However, as more coal was produced gas levels (mainly carbon
dioxide) also started to rise resulting in considerable lost
production.

Immediately following Centennial taking control of the mine, a
comprehensive ventilation survey was undertaken to identify the
airflow restrictions impacting production. As a result, short-
term changes to the mine's ventilation system were implemented,
immediately improving airflow along the longwall face and
reducing downtime associated with raised gas levels.

Using the information gained from the ventilation survey,
changes will be implemented over the longer-term that are
expected to enhance the ventilation system across the whole
mine. This includes the installation of a larger capacity mine
fan that had already been planned and allowed for in the
Company's capital budgeting.

In respect of development, a number of issues combined to
restrict advance rates, particularly gas management. Management
has now reorganised work practices and the development crews,
integrating former contractor personnel with Tahmoor's own
development operators and deputies. As a result, an uplift in
performance is now apparent.

The mine is currently undergoing the first of three longwall
changeovers required over the next twelve months before moving
to longer blocks in the future. The first and third moves are
the conventional "start" and "end" of the block, while the
second is an additional "side-step" move to avoid a geological
intrusion (sill). This intrusion only recently became evident
during the gas drainage pre-drilling program carried out in
advance of longwall extraction.

Overall, the Directors are pleased with the progress achieved
since Centennial took management control in mid-April 2005.

To view a copy of Austral Coal's Income Statement, click on:
http://bankrupt.com/misc/tcrap_australcoal081805.pdf

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

Centennial Coal Company Limited
Level 18, BT Tower,
1 Market Street
Sydney NSW 2000 Australia
Phone:  (61-2) 9266 2700
Fax: (61-2) 9261 5533
E-mail: cey1@centennialcoal.com.au
Web site: http://www.centennialcoal.com.au


AUSTRALIAN EXPORT: Members Resolve to Wind Up Business
------------------------------------------------------
Notice is hereby given that at a Meeting of Members of
Australian Export Trade Center Pty Limited held on July 11,
2005, it was resolved that the Company be wound up voluntarily.

At a Meeting of the Creditors held on the same day, it was
resolved that Barry Keith Taylor of B. K. Taylor & Co., 8th
Floor, 608 St Kilda Road, Melbourne be appointed Liquidator for
the winding up.

Dated this 12th day of July 2005

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


AUSTRALIAN LIFESTYLE: Liquidator to Explain Wind-up Report
----------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Australian Lifestyle Media Pty Limited will be held on Aug. 26,
2005, 11:00 a.m. at the offices of CJL Partners Pty Ltd, Level
3, 180 Flinders Lane, Melbourne, 3000 for the following reasons:

AGENDA:

To lay before the meeting a final account of the Liquidators'
acts and dealings and the conduct of the winding up.

Dated this 15th day of July 2005

Richard J. Cauchi
Liquidator
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 9639 4779
Fax:   9639 4773


BERELA PTY: Set to Shut Down Operations
---------------------------------------
Notice is hereby given that at a general meeting of members of
Berela Pty Limited held on July 12, 2005, it was resolved that
the Company be wound up voluntarily, and that Jason Bettles and
Susan Carter of Downie Insolvency, Level 6, 50 Cavill Avenue,
Surfers Paradise, Queensland be appointed Liquidators for such
winding up.

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


CONCRETE RECYCLERS: Liquidator to Distribute Company Assets
-----------------------------------------------------------
Notice is hereby given that at a meeting of members of Concrete
Recyclers Demolition Pty Limited held on July 8, 2005, the
following special and ordinary resolutions were passed:

(1) 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, and

(2) That John Vouris be appointed Liquidator of the company.

Dated this 8th day of July 2005

John Vouris
Liquidator
Vouris & Bell
Chartered Accountants
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800


DAKOTA PROPERTY: Federal Court Names Liquidator
-----------------------------------------------
On July 8, 2005, the Federal Court of Australia, New South Wales
District Registry, ordered the winding up of Dakota Property
Group Pty Limited, and appointed Steven Nicols to be Liquidator
of the Company for the winding up.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


DAVIS WHOLESALE: Members to Receive Wind Up Report
--------------------------------------------------
Notice is hereby given that a final meeting of the members of
Davis Wholesale Meats Pty Limited will be held on Aug. 25, 2005,
10:oo a.m. at 20-22 Church Street, Maitland NSW.

BUSINESS:

(1) To receive the liquidator's accounts, final report on the
wind up manner, and the liquidator's acts and dealings in
connection herewith.

(2) To determine the manner in which the books, accounts and
documents of the company and of the liquidator shall be disposed
of.

Dated this 4th day of July 2005

Douglas Leonard Davis
Liquidator
20-22 Church Street
Maitland


EG GREEN: Farmers Fear for Firm's Fate
--------------------------------------
Farm leaders were considering holding an industry summit to deal
with the potential downfall of West Australia's biggest meat
processor EG Green and Sons, The West Australian reveals.

The Pastoralists and Graziers Association are working to help
solve the EG Green and Sons problems amid fears the firm's
collapse could cause major disruption to the State's cattle and
beef export markets.

The move to suspend trading in the Company's shares was
understood to have been forced on it by its creditors, including
National Australia Bank and major livestock agents Elders and
AWB Landmark, amid industry speculation they collectively could
be owed more than AU$20 million. Farmers and feedlots who have
sold cattle to EG Green directly are estimated to be owed
millions more.

WAFarmers meat section president Mike Norton has warned if the
State lost its reputation as a reliable supplier, it would be
difficult to regain it.

But hopes have risen that a solution will be found to keep the
AU$150 million business going even if its bankers opt to put the
company into receivership or administration.

Industry sources said there would probably be a number of
potential buyers and Elders managing director Greg Hunt
confirmed it would be prepared to work with EG Green to try to
find a solution.

The problems at EG Green come despite Australia's beef industry
enjoying one of the most buoyant periods in its history. The
company reaped more than AU$30 million in the past two years
from selling six big cattle stations.

But industry watchers say EG Green's financial position would
also not have been helped by its decision last year to pay a
significant amount to the receivers of beef group Nebru Plains
for an abattoir at North Dandalup, which has not operated since.

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


ELMOROSE PTY: Appoints Official Liquidator
------------------------------------------
Notice is hereby given that at a General Meeting of the Members
of Elmorose Pty Limited held on July 11, 2005, it was resolved
that the Company be wound up voluntarily, and that John Park and
Lorraine Smith of KordaMentha (Qld), 22 Market Street, Brisbane
be appointed to act as Liquidator for the winding up.

Dated this 12th day of July 2005

John Park
Lorraine Smith
Liquidators
KordaMentha (Old)
22 Market Street
Brisbane


F CHEESE: Members, Creditors to Discuss Liquidation Process
-----------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of F Cheese Pty Limited will be held on Aug. 25, 2005,
9:30 a.m. at the offices of Brooke Bird & Co., Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, to lay an
account showing the manner of the winding up and the disposal of
Company property, and to hear any explanations that may be given
by the Liquidators.

Dated this 11th day of July 2005

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


FORTESCUE METALS: Presses on with Disputed Deal
-----------------------------------------------
Fortescue Metals was scheduled to transfer yesterday AU$320,000
to a bank account held by the Nyiyaparli people amid request by
the indigenous group to declare void the land rights signed last
week.

On Wednesday, the Nyiyaparli sent a letter of complaint to the
Australian Securities and Investments Commission.

The dispute arose after the Nyiyaparli signed a contract giving
Fortescue the right to mine iron ore on a 40,000 square
kilometre land holding independent of the Pilbara Native Title
Service, which it had previously used as a legal representative.

The Nyiyaparli cashed a first payment of $80,000 last week but
later said several community members had poor command of English
and had not understood what they were signing.

It asked PNTS to resume representation and is deciding whether
to file a complaint under the Trade Practices Act.

The dispute heightened and the Nyiyaparli people walked out of a
meeting on Wednesday after Fortescue refused to deal with PNTS
as their representative.

It is agreed Fortescue and PNTS had negotiated a 100-page deal
but the community then chose to forgo PNTS's representation and
sign a five-page document.

PNTS director Simon Hawkins said there were significant
differences between the two versions, including a provision in
the 100-page version that would ensure any new equity partner in
its AU$2.3 billion iron ore project would have to honour the
agreed payment scheme.

Mr. Rowley said the contract had been whittled down to five
pages so the Nyiyaparli could easily understand it. But he said
Fortescue would agree to guarantee that the same payment terms
would apply to a possible future equity partner.

CONTACT:

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


GRANFIELD DEVELOPMENTS: Creditors OK Liquidator's Appointment
-------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Granfield Developments Pty Limited duly convened and held on
July 7, 2005, a Special Resolution to voluntarily wind up the
Company was passed by members, and P. Ngan and G. Parker were
appointed Joint and Several Liquidators. Creditors confirmed the
Liquidators' appointment at a meeting of creditors held later
that day.

Dated this 11th day of July 2005

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


HUDSON TIMBER: Judge Junks HIG's Bid
------------------------------------
The Board of Hudson Timber Products (HTL) Limited advised that
Justice Einstein handed down his judgment on Friday, August 12,
2005, on the litigation commenced by Hudson Investment Group
Limited (HIG).

Justice Einstein rejected the orders sought by HIG in relation
to the proposed transfer of 50% of the shareholding in AH Bremer
Park Pty Limited (Bremer), the Company that holds title to the
Ipswich land. HTL therefore maintains 100% ownership of Bremet.

HIG also sought specific performance of a Deed of Entitlement,
which related to HIG's entitlement to AU$10 million from the
sale of Bremer land on or before June 8, 2006. Justice Einstein
found in favor of HIG in relation to the Deed of Entitlement.

The directors have sought an independent valuation of the land,
which will be reported to shareholders when received.

The directors requested the trading over the Company's
securities.

CONTACT:

Hudson Timber Products Ltd.
Phone: 61 2 8870 4600
Fax: 61 2 9805 0641
Web site: http://www.hudsontimber.com.au


IDK CONSULTING: Supreme Court Orders Liquidation
------------------------------------------------
On July 14, 2005, the Supreme Court of New South Wales, Equity
Division issued a winding up order against IDK Consulting Pty
Limited, and appointed Steven Nicols to be Liquidator for such
winding up.

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


KEERICH ENTERPRISES: Members Agree to Quit Business
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Keerich Enterprises Pty Limited duly convened and held on July
12, 2005, a Special Resolution was passed that the Company be
wound up voluntarily, and that Gess Michael Rambaldi and Andrew
Reginald Yeo be nominated Joint & Several Liquidators of the
Company.

Dated this 12th day of July 2005

Gess Michael Rambaldi
Andrew Reginald Yeo
Liquidators
C/o Level 19, 15 William Street
Melbourne


MAYNE GROUP: To Webcast Full-year Results August 24
---------------------------------------------------
Mayne Group advised that on Wednesday, August 24, 2005, it will
announce its full-year financial results. A market briefing to
review the results will be held at 9:30 a.m.  AEST in Melbourne.

A live webcast of the briefing can be accessed via Mayne's
website, http://www.maynegroup.com.

Individuals should allow extra time prior to the briefing to
ensure their computer is compatible for viewing the webcast. The
online archive of the webcast will be available from
approximately four hours after briefing and will be accessible
on Mayne's website for 12 months.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MULTIPLEX: Bags Parramatta Justice Center Contract
--------------------------------------------------
Multiplex Group announced Thursday that it has won the design,
construct and facilities management contract to deliver the
Parramatta Justice Center in Western Sydney for the NSW
Government. The construction contract value is circa AU$250
million.

The project will deliver world class legal facilities
comprising:

(1) A new Trial Courts building with nine trial courts;

(2) A new Children's Court complex with six court rooms;

(3) A new 21,000 square meter Justice Building designed to
accommodate the NSW Attorney General's Department, Legal Aid,
Office of Protective Commissioner and Public Guardian and the
Department of Corrective Services together with Justice
facilities directly accessible by the public;

(4) The refurbishment of the historic Jeffrey House to provide
new accommodation for the Western Sydney Area Health Service's
Parramatta facilities; and

(5) Public open space.

The project will have significant benefits across the Multiplex
Group. Multiplex Constructions has been contracted to design and
deliver a finished product. On completion, Multiplex Facilities
and Infrastructure Management will manage the precinct for a 10-
year period.

It is anticipated that some 2,000 jobs will be created during
the project's construction phase and, on completion, accommodate
more than 1,500 permanent staff in a range of services.

The design elements will be delivered in collaboration with
Lyons Architects, Bates Smart Architects, EDAW Gillespies and
Krikis Tayler Architects.

The Justice Precinct is located on the north-western perimeter
of the CBD of the City of Parramata and opposite the city's
largest office tower, the 54,000 square meter Jessie Street
Center office complex, which is 100 percent owned by Multiplex
Property Trust. The addition of the Parramatta Justice Center is
expected to provide significant uplift to the Jessie Street
precinct.

The northern boundary of the Parramatta Justice Precinct is the
Parramatta River and the eastern, western and southern
boundaries are Marsden, O'Connell and George Streets
respectively. The total land area is 24, 718 square meters.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


NATIONAL AUSTRALIA: Murray Wants Debate on Four Pillars Reform
--------------------------------------------------------------
The National Australia Bank (NAB) has secretly planned to take
over the ANZ, while the Commonwealth has confirmed it had
informal merger discussions with Westpac, The Advertiser has
learned.

Outgoing Commonwealth Bank chief David Murray is continuing his
call for discussion over the "Four Pillars" policy which
prevents mergers between the big four banks.

Mr. Murray confirmed that in the late 1990s the Commonwealth had
informal merger talks with Westpac prompted by speculation of a
relaxing of the Four Pillars and by the "fear factor" of a
merger between the other two banks.

In 1998, NAB reportedly set up Project Edwin to prepare for a
possible hostile takeover of the ANZ.

NAB enlisted the services of KPMG to see if the takeover was
financially viable while the accounting firm was the auditor for
ANZ at the time.

An ANZ spokesman said there were no informal or formal
discussions with NAB. He said the bank also had no problems with
KPMG liaising with NAB.

Mr. Murray said no merger moves would have come to fruition but
there was always a concern that a foreign bank might buy an
Australian bank.

Last week, Mr. Murray challenged his counterparts at Westpac,
ANZ and NAB to a more meaningful debate about mergers.

Next month, Mr. Murray will hand over his job to Air New Zealand
chief executive Ralph Norris on September 23 after 13 years at
the helm.

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/


OUTBOARD MARINE: Final Meeting Fixed August 26
----------------------------------------------
Notice is given that a final meeting of members and creditors of
Outboard Marine Corporation (Australia) Pty Limited will be held
on Aug. 26, 2005, 11:00 a.m. at the offices of Ferrier Hodgson
Level 17, 2 Market Street, Sydney, NSW 2000.

AGENDA:

(1) The purpose of the meeting is for creditors and members to
receive an account of the liquidator's acts and dealings, and
the conduct of the winding up.

(2) Any other business property brought before the meeting.

Dated this 11th day of July 2005

P. M. Walker
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


PLEVNA PTY: Initiates Wind Up Process
-------------------------------------
At a Special General Meeting of Plevna Pty Limited on July 8,
2005, the following Special Resolution was passed:

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

Dated this 8th day of July 2005

G. E. Lewis
Liquidator
Chartered Accountants
"St Ives" Jones Road
Condobolin 2877


PRAGUE NOMINEES: Liquidator to Explains Wind Up Process
-------------------------------------------------------
Notice is hereby given that a Final Meeting of Creditors and
Members of Prague Nominees will be held on Aug. 26, 2005, 11:00
a.m. at the office of Nicholls & Co. Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, New South Wales to receive the Liquidator's account
showing how the winding up was conducted and the property of the
Company disposed of, and to hear any explanation which may be
given by the Liquidator.

Dated this 14th day of July 2005

C. M. Chamberlain
Liquidator
c/o Nicholls & Co.
Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


PROSCOTCH DEVELOPMENTS: To Distribute Dividend to Creditors
-----------------------------------------------------------
Proscotch Developments (Ballarat) Pty Limited will declare a
first and final dividend on Aug. 24, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 24, 2005 to formally prove their
debts or claims. Failure to do so would exclude them from the
benefit of the dividend.

Dated this 13th day of July 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192


QANTAS AIRWAYS: In the Market for New Planes
--------------------------------------------
Qantas Airways announced Thursday it would issue a Request for
Proposal (RFP) to aircraft manufacturers for the future
provision of new wide-body aircraft.

The aircraft would replace the Qantas Group's fleet of medium
wide-body Boeing 767-300 aircraft and also cater for
international capacity growth and new route opportunities in
coming years.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said the
RFP represented the first stage in what would be the Group's
largest fleet renewal program since 2000.

"Qantas is looking at options for the next generation wide-body
aircraft to strengthen its competitive position and provide for
future growth opportunities including medium-haul routes in Asia
as well as services into the United States and Europe bypassing
traditional hubs.

"To do this, we are formally seeking detailed pricing and
performance information from Airbus and Boeing on aircraft types
currently in production as well as new types and variants under
development."

The RFP will cover a mix of firm orders and options for:

- Boeing 787 and Airbus A350 aircraft for use on medium-haul
international, trans-Tasman and Australian domestic routes; and

- Ultra-long range variants of the Boeing 777 and Airbus A340 to
operate on 'hub-busting' routes.

Mr. Dixon said Qantas wanted a modern fleet that provided
maximum flexibility, lower seat mile costs, greater fuel
efficiency and the opportunity to introduce the next generation
of inflight services.

Qantas holds options on the Airbus A320 and the Boeing 737-800,
which will cover narrow-body growth and the possible need to
replace the Boeing 737-400 fleet in the future.

Qantas' last major fleet commitment was announced in November
2000. It included the purchase of 12 Airbus A380, six Boeing
747-400ER and 13 A330-200 and A330-300 aircraft.

Since then, the Group has also purchased additional Boeing 737-
800 and A330-300 aircraft as well as 23 Airbus A320-200s for
operation by Jetstar.

CONTACT:

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


RAYDAN MANAGEMENT: Placed Under Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members and creditors of Raydan Management Pty Limited held
on July 8, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
Geoff Handberg of D'Aloia Handberg Chartered Accountants, Level
10, 200 Queen Street Melbourne was appointed Liquidator for the
winding up.

Dated this 12th day of July 2005

Geoff Handberg
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


SANTOS LIMITED: Acquires Additional Gippsland Basin Interests
-------------------------------------------------------------
Santos Limited (Santos) has expanded its interests in Victoria's
Gippsland oil and gas fields with the announcement today of the
acquisition of Trinity Gas Resources Pty Ltd which holds the
following assets:

- 10% interest in Production Licence VIC/L21 (Patricia-Baleen
gas field and associated production facilities); and a

- 10% interest in Retention Lease VIC/RL3 (Sole gas field).

Santos has also acquired a 33.33% interest in the VIC/P55
exploration block from Diamond Gas Resources Pty Ltd.

These transactions are consistent with Santos' continuing
portfolio rationalization activities. Following completion,
Santos will hold 100% in each of Patricia-Baleen, Sole and
VIC/P55.

The effective date for the acquisitions is 31 May 2005, and the
acquisitions are expected to be completed by the third quarter
of 2005, subject to government approvals.

Trinity Gas Resources Pty Ltd is owned by Mitsubishi Corporation
and Tokyo Gas whilst Diamond Gas Resources Pty Ltd is a wholly-
owned subsidiary of Mitsubishi Corporation.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SEMINAR MARKETERS: Members, Creditors to Meet August 26
-------------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
The Seminar Marketers Pty Limited will be held on Aug. 26, 2005,
10:00 a.m. at Frasers Insolvency Advisory, Level 9, 99 Elizabeth
Street, Sydney NSW 2000.

AGENDA:

(1) To consider the Liquidator's final account; and

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

Dated this 26th day of July 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


SONS OF GWALIA: Watchdog Probes Into Affairs
--------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Thursday confirmed that it has an ongoing investigation into the
affairs of Sons of Gwalia Limited (administrators appointed).

ASIC's investigation commenced in February 2005 after
discussions with the administrator Ferrier Hodgson.

As required by law, Ferrier Hodgson alerted ASIC to possible
offences in the years preceding Sons of Gwalia's placement into
voluntary administration. ASIC has been liaising closely with
the administrator in relation to these issues.

As the investigation is ongoing, ASIC will be making no further
comment at this time.

CONTACT:

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


SONS OF GWALIA: Administrators Release Notice to Shareholders
-------------------------------------------------------------
Concurrent meetings of the creditors of the Group are to be held
on Tuesday, August 30, 2005 at the Perth Convention Exhibition
Centre, Auditorium Level 2, 21 Mounts Bay Road Perth, Western
Australia at 11 a.m.

The meetings have been called pursuant to Section 439A of the
Corporations Act, to enable creditors to consider the
Administrators' recommendations and to resolve whether:

a. each company in the Group should execute a Deed of Company
Arrangement; or

b. the administration of each company should end; or

c. each company be wound up.

A report to creditors has been prepared which sets out the
position of the Group, the options available to creditors and
the Administrators' recommendations. A copy of this report may
be downloaded free of charge at:
http://bankrupt.com/misc/tcrap_sonsofgwalia081905.pdf

Shareholder Claims

A number of claims, or notice of pending claims, by shareholders
of SOG arising out of their shareholding in SOG have been
received by the Administrators to date. On the current state of
the law, the question of whether claims by shareholders are
provable as ordinary unsecured debts ranking equally with the
debts due to ordinary unsecured creditors is unclear.

The Administrators' lawyers have advised that, given that the
shareholders' claims are likely to be substantial, it is
appropriate to resolve this preliminary question by way of an
application to the Court. Given the significance of the issue
and the uncertainty surrounding the law, it seems likely that
the dispute will proceed to the High Court of Australia upon
appeal by one or more of the parties involved.

On 4 July 2005, the Administrators filed proceedings in the NSW
Registry of the Federal Court of Australia to have the issue
determined by way of a Shareholders Test Case. The Respondents
to the application are Luka Margaretic, a shareholder claimant
(represented by Jackson McDonald) and ING Investment Management
LLC, a creditor (represented by Arnold Bloch Leibler). The
matter has been set down for a one day trial on 29 August 2005.

A representative order is also being considered by the Court for
the purposes of binding all shareholders and Creditors to the
decision. His Honour has not made the representative orders thus
far, stating that he would consider them further at the 29
August 2005 hearing.

Creditors Meeting - 30 August 2005

A shareholder may be admitted to vote and attend the meeting of
creditors in certain circumstances. Should shareholders wish to
be considered for voting purposes, they will need to lodge with
the Administrators prior to 11am on 29 August 2005 an informal
proof of debt in the terms of the annexure to the report to
creditors, which proof of debt must provide specific details of
their claim. The chairman of the meeting will adjudicate each
claim and make a determination at the meeting. The particulars
that must accompany any claim by a shareholder claimant include:

(1) The basis for their claim, including:

- details of the alleged statements or conduct which is alleged
to be misleading or which otherwise founds the claim;

- when the alleged conduct occurred;

- details of why it is alleged the conduct was misleading;

- details of reliance, namely what steps it was alleged were
taken by the shareholder as a consequence of the conduct;

- details of how it is alleged that the alleged conduct caused
the loss which it is alleged to have been suffered; and

- details of the loss and damage that the shareholder claimant
says has been suffered.

(2) A copy of the contract note evidencing the number shares
held by the shareholder claimant, the purchase price and date of
acquisition.

If a shareholder claimant elects not to seek to be admitted as a
creditor for voting purposes at the second creditors' meeting,
that shareholder will not be precluded from later asserting a
right to be treated as a creditor of the Group for the purposes
of participating in any distribution of the Group's assets.

Should you have any queries in relation to this matter, please
do not hesitate to contact 9214 1485.

GARRY TREVOR, ANDREW LOVE and DARREN WEAVER
Joint and Several Administrators of
Sons of Gwalia Ltd and Certain Subsidiaries


STORAGE COMPANY: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that at a general meeting of Storage
Company Pty Limited held on July 13, 2005, it was resolved that
the Company be wound up voluntarily, and that Tim Beriman of WHK
Smith Read, Level 3, 293 Camberwell Road, Camberwell Vic be
appointed Liquidator.

Dated this 15th day of July 2005

Tim Beriman
Liquidator
WHK Smith Read
Level 3, 293 Camberwell Road
Camberwell Vic


VELLA CONSULTANTS: Richard Judson Named Liquidator
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Vella Consultants Pty Limited held on July 11, 2005, it was
resolved that the Company be wound up voluntarily by the
members, and that Richard Herbert Judson of Members Voluntarys
Pty Ltd be appointed liquidator for the wind up.

Dated this 12th day of July 2005

Richard H. Judson
Liquidator
Members Voluntarys Pty Limited
PO Box 819, Moorabbin Vic 3189


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

ANANDA HOLDINGS: To Appoint Liquidators
---------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated August 12, 2005, Mr. Lai Kar Yan
(Derek) and Mr. Darach E. Haughey, both of Messrs. Deloitte
Touche Tohmatsu, at 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong, were appointed as the Joint and Several
Liquidators of Ananda Holdings Limited with a Committee of
Inspection on July 14, 2005.

Members of a Committee of Inspection:

Umbrella Finance Company Limited
Beijing Holdings Limited
China Everbright Holdings Company Limited, and
China Agricultural Finance Company Limited

Dated this 12th day of August 2005

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


BANK OF CHINA: China Prosecutes Former Banker
---------------------------------------------
China has begun prosecuting Mr. Yu Zhendong, former head of the
Bank of China in Guangdong Province, who is accused of helping
embezzle $485 million from his state-owned bank, The Associated
Press reports.

Mr. Yu fled to the United States and was sent back to China in
April 2004, under an agreement in which he pleaded guilty to
racketeering charges in a U.S. federal court in Las Vegas.

His plea agreement required U.S. authorities to obtain
assurances that China wouldn't sentence Mr. Yu to more than 12
years in prison and "he will not be tortured or put to death,"
the U.S. government said at the time.

Mr. Yu and his accomplices are accused of using their posts at
bank to approve phony loans and money transfers.

The ruling of the court will be announced in the future, court
sources said.

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


CHI WAH: Set to Wind Up Operations
----------------------------------
Notice is hereby given that a Petition for the Winding up of Chi
Wah Engineering Company Limited by the High Court of Hong Kong
Special Administrative Region was on July 26, 2005 presented to
the said Court by Woo Wai Chung of Room 3206, 32nd Floor, Yau
Hong House, Tin Yau Court, Tin Shui Wai, New Territories, 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.

C Y CHAN & CO
Solicitors for the Petitioner
Room 602, Tower 2, Admiralty Centre
18 Harcourt Road,
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.


DOO REE: Begins Winding Up Process
----------------------------------
Doo Ree (HK) Engineering Limited whose place of business is
located at Unit 2210, 22/F, No. 113 Argyle Street, Mongkok,
Kowloon, was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 3, 2005.

0Date of Presentation of Petition: June 6, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


EXPERT M.W.: Winding Up Hearing Set August 31
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Expert M.W. Limited by the High Court of Hong Kong Special
Administrative Region was on June 28, 2005 presented to the said
Court by Hoe Hin Pak Fah Yeow Manufactory, Limited whose
registered office is situated at 11th Floor, The Sun's Group
Ctr., No. 200 Gloucester Road, Hong Kong.  

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

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

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

WOO, KWAN, LEE & LO
Solicitors for the Petitioner
Room 2801, Sun Hung Kai Centre
30 Harbour Road,
Wanchai, Hong Kong

Note:

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


GUANGDONG KELON: Shareholders Line Up to Sue Former Chairman
------------------------------------------------------------
Mainland shareholders in Guangdong Kelon Electrical Holdings Co.
plans legal action against former Chairman Gu Chujun to recover
investment losses they claim are due to his alleged economic
crime, reports The Standard.

Mr. Gu and four other senior executives are being investigated
for allegedly inflating Kelon's profits since 2002 and
embezzling company funds, the report said.

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


M CHANNEL: Chairman Wong Kun-to Resigns
---------------------------------------
M Channel Corporation Limited announced that Mr. Wong Kun-to has
resigned as the Chairman, Executive Director, Compliance Officer
and Authorized Representative of the company with effect from
August 16, Infocast News reports.

The company is looking for a suitable person as replacement to
fill the resulting vacancies.

Trading in the shares of the company remains suspended.  

CONTACT:

M Channel Corporation Limited
26/F, Asia Orient Tower
33 Lockhart Road
Wanchai, Hong Kong  
Phone: 22369369  
Fax: 22369368  
Web site: http://www.m-channel.tv


METZLER INTERNATIONAL: Court to Hear Petition September 7
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Metzler International (Asia) Limited by the High Court of Hong
Kong Special Administrative Region was on July 8, 2005 presented
to the said Court by Moulin Global Eyecare Trading Limited
(Provisional Liquidators Appointed) whose registered office is
situate at 14/F., Hong Kong Club Building, 3A Chater Road,
Central, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater 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.


PCCW LIMITED: Sells 12.1% Stake in Mobile One
---------------------------------------------
PCCW Limited has entered an agreement to sell a 12.1 percent
stake in Mobile One Limited for US$77 million (HK$600 million),
one of its three mobile telephone operators in Singapore,
reports Xinhua News.

SunShare Investments Ltd, a jointventure between TM
International Sdn Bhd and Khazanah Nasional Berhad, is making
the purchase. The official approval from the Info-communications
Development Authority of Singapore is expected by the end of
September 2005.

PCCW said the sale was in line with its policy of selling non-
core assets.

CONTACT:

PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877
Web site: http://www.pccw.com


PCCW LIMITED: Expects HK$937 Mln Profit in First Half
-----------------------------------------------------
PCCW Limited expects its profit to climbed to HK$937 million
(US$121 million) in the six months ended June 30 from HK$805
million a year earlier, helped by rising sales at its Cyberport
apartment project, Bloomberg News reports.

Soaring property prices in Hong Kong may have allowed the
company to raise profit even as its main fixed-line phone
business lost market share. PCCW has entered an alliance with
China Network Communications Corporation to enter the China
market and is expanding an Internet television unit.

Shares in PCCW have climbed 13 percent since the Hong Kong cell-
phone carrier Sunday Communications takeover was announced, and
are up 8.6 percent this year. The stock was little changed at
HK$5.35 as of 10:05 a.m. on Thursday.


SHANGHAI LAND: Delays Dispatch of Circular
------------------------------------------
On July 27, 2005, Shanghai Land Holdings Limited announced it
has entered into a Settlement Proposal with the relevant parties
which involve, among other things, the winding-up of the Company
by way of a members' voluntary winding up, a distribution of the
Company's assets to its Shareholders and a settlement of claims.

The Settlement Proposal involves the winding-up of the Company
and is a very substantial disposal under Chapter 14 of the
Listing Rules and constitutes a connected transaction for the
Company under Chapter 14A of the Listing Rules.

An Extraordinary General Meeting (EGM) will be convened to
obtain the necessary approvals from the relevant Shareholders
for the Settlement Proposal, the winding-up of the Company and
the withdrawal of listing on the Stock Exchange following the
implementation of the Settlement Proposal.

Pursuant to Rule 14.38 and 14A.49, the Company is required to
dispatch a circular on very substantial disposal (VSD) and
transaction within twenty-one days from July 27, 2005 (the date
of the announcement of the VSD), that is, on August 16, 2005.
The Company requires additional time to prepare the audited
accounts of the Company and the Group for the year ended June
30, 2005 for the inclusion in the Circular as required under the
Listing Rules. The Company has applied to the Stock Exchange
under Rule 14.38 and 14A.49 of the Listing Rules for an
extension to dispatch the Circular on or before September 6,
2005.

Trading in the Shares on the Stock Exchange was suspended with
effect from 9:30 a.m. on June 2, 2003 and remains suspended.

For and on behalf of
Shanghai Land Holdings Limited
(Receivers Appointed)
Stephen Liu Yiu Keung and Yeo Boon Ann
Joint & Several Receivers
Hong Kong, 17 August 2005

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_shanghai081705.pdf


SQUARE FUND: Creditors Meeting Fixed September 6
------------------------------------------------
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: 10:30 a.m.
(2) Meeting of Contributories: 11:30 a.m.

Dated this 12th day of August 2005

ET O'Connell
Official Receiver & Provisional Liquidator


TIN LI: Decides to Undergo Wind-up Process
------------------------------------------
Tin Li (H.K.) Development Limited whose place of business is
located at 9/F, Tower 1, Grand Central Plaza, 138 Sha Tin Rural
Committee Road, Shatin, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 3, 2005.

Date of Presentation of Petition: June 6, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


WALSON INDUSTRIAL: Set to End Operations
----------------------------------------
Walson Industrial (Zhongshan) Investments Limited whose place of
business is located at 1st Floor, No. 53 Maidstone Road,
Tokwawan, 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: June 7, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


WING HANG: Court Orders Closure of Business
-------------------------------------------
Wing Hang Plastic & Metal Factory Limited whose place of
business is located at Room 1 & 2, 14/F, Front Block, Wah Fat
Industrial Building, 10-14 Kung Yip Street, 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 3, 2005.

Date of Presentation of Petition: June 8, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


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

PERTAMINA: Korean Client Cancels LNG Shipment
---------------------------------------------
Korea Gas Corporation, one of state-owned oil firm PT
Pertamina's foreign clients, cancelled a shipment of liquefied
natural gas (LNG) from the Company and bought LNG from Nigeria,
Joongang Daily reports.

According to Pertamina trading and marketing director Ari
Soemarno, both Korea Gas and Pertamina bid for one cargo of LNG
from Nigeria, and Korea won the bid. Pertamina had bid for the
cargo in order to fulfill a contract obligation to Korea Gas
Corp., as well as to cover the declining gas production in the
country.

But Mr. Soemarno explained that Pertamina withdrew its bid as
Korea Gas had decided to cancel an upcoming LNG shipment with a
Pertamina unit, and instead bought a cargo directly from
Nigeria.

The Company's LNG unit, PT Arun, has been producing lesser LNG
due to a decline in its gas reserves, leading to the recent gas
shortage in the country.

CONTACT:

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


PERUSAHAAN LISTRIK: Java Power Supply Cut by Defective System
-------------------------------------------------------------
Power supply failed in the areas of Jakarta and most of Java
island on Aug. 18, 2005, most probably due to a fault in the
electricity system, Bloomberg News reports.

According to state power firm PT Perusahaan Listrik Negara (PLN)
supply manager Mulyo Adji, there is a big fault in the Java-Bali
electricity generating system. PLN is investigating the cause
for the failure that occured at 10:15 a.m. local time, affecting
such offices as the Ministry of Energy and the Jakarta Stock
Exchange.

Certain parts of West, Central and East Java also experienced
power failure. Most offices, however, were not affected by the
blackout, since they have a back-up power system that starts
when main power fails. The Company is trying to determine
whether power plants or the transmission line caused the
blackout.

Power outages are a common occurrence in Indonesia, as PLN
doesn't have the financial resources to build more power plants.
The Company needs up to IDR159.11 trillion for the next 10 years
in order to ensure adequate power supply, said PLN president
director Eddie Widiono.

Indonesia is now accepting bids to finance the construction of a
coal fired power plant in Cirebon, West Java. The IDR5.97
trillion power plant is expected to begin operations in 2009,
and will produce up to 600 megawatts of power on a daily basis.

CONTACT:

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


* 2006 Budget Deficit Expected to Hit IDR19.8 Trillion
------------------------------------------------------
Indonesia's budget deficit is expected at IDR19.73 trillion or
0.7% of theGross Domestic Product (GDP), which is lower than the
forecasted 1% from PDB, reports Asia Pulse.

According to Indonesian president Susilo Bambang Yudhoyono, the
decline in expected deficit ratio against the GDP indicates the
government's efforts to maintain a fiscal consolidation program
for sustainable fiscal security.

But this doesn't eliminate the challenge of financing, which is
necessary to repay domestic and foreign debt, as well as to
cover the state budget deficit. In the 2006 state budget plan,
Indonesia has to pay IDR60.4 trillion in foreign debt and
IDR30.4 trillion in domestic debt.

The financing would come from domestic banking (expected to be
at IDR19.6 trillion) as well as the privatization of SOEs and
asset sales from the banking restructure program, which is
pegged at IDR30.7 trillion. Indonesia also needs foreign aid
expected at IDR29.9 trillion.

According to President Yudhoyono, although Indonesia is still
essentially borrowing from the local and foreign sectors in
order to pay its debts, it is believed that they are still
parallel with government efforts to stabilize fiscal
sustainability.


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

KANEBO LIMITED: Revlon Excluded from Sponsor List
-------------------------------------------------
Revlon Inc. did not make it to the final list of 10 corporate
groups selected by the Industrial Revitalization of Japan (IRCJ)
as the candidates to sponsor the rehabilitation of Kanebo Ltd.
and Kanebo Cosmetics Inc., Kyodo News reports.

Kao Corporation, Kose Corporation and L'Oreal SA survived the
selection, which was made after the corporate bailout agency
closed applications for candidates Monday.

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: To Develop Electric Cars With Tokyo Electric
---------------------------------------------------------------
Mitsubishi Motors Corporation and Tokyo Electric Power Co. plans
to form an alliance to develop electric minivehicle-sized cars
in 2008, the Yomiuri Shimbun reports.

The vehicles, which will be able to run 250 kilometers on a
four-hour charge from residential power outlets, are likely to
sell for less than JPY2 million per unit.

Tokyo Electric will provide the battery and battery-charging
technology for the Mitsubishi electric cars. The electric cars
would reportedly have electric motors installed inside the
wheels.

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


SAKURAYA CO.: METI OKs Restructuring Scheme
-------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Sakuraya Co., under the Law of
Special Measures for Industrial Revitalization.

The plan was consequently approved on August 17, 2005.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


SOFTBANK CORPORATION: Heads Toward Profit With China Strategy
-------------------------------------------------------------
Shares of Softbank Corporation increased 7.5 percent on Thursday
on expectations that the company will return to profit on cost
cuts, according to The Standard.

The company will also report one-time gains from the sale of
stakes in Chinese online ventures to Yahoo as part of a US$1
billion ($7.8 billion) transaction. President Masayoshi Son is
using gains from asset sales to invest in telecommunications in
Japan.

Softbank expects to report a US$360 million one-time gain from
selling part of its holding in Taobao.com, a Chinese venture
with Alibaba.com, to Yahoo. Yahoo also will buy shares of
Alibaba, China's biggest online retailer, for US$390 million.

Softbank, Japan's second-biggest provider of high-speed Internet
access, was one of the founding investors of Sunnyvale,
California-based Yahoo and is the biggest shareholder of Yahoo
Japan.

CONTACT:

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


SOFTBANK CORPORATION: Enters Alliance With Alibaba.com
------------------------------------------------------
Softbank Corporation announced that the company has reached a
basic agreement to form a strategic partnership with Alibaba.com
Corporation (affiliated of the company, head office: Hong Kong,
China, representative: Jack Ma, hereinafter Alibaba) and Yahoo!
Inc. (head office: California, U.S.A., representative: Jerry
Yang, Yahoo), for the promotion of Internet businesses in the
Chinese market. Reorganization caused by the alliance, the
Company has decided to sell its shares held in Tao Bao Holding
Limited (consolidated subsidiary of the company, head office:
Hong Kong, China; representative: Jack Ma Tao Bao).

1. Basic agreement

Softbank Corporation; Tao Bao, the no. 1 auction site operator
in China; Alibaba, the no. 1 B2B marketplace operator in China;
and Yahoo, operator of portal and search sites, will form a
long-term strategic partnership for the joint development of a
solid operation base in the rapidly expanding Internet market in
China, by making the utmost use of the high recognition of
Alibaba and the strong brand power of Yahoo.

2. Effects on consolidated financial result

In the 2nd quarter for the fiscal year ending March 31, 2006,
the company will sell off a part of its shares held in Tao Bao
for US$360 million and record the gain on sale of investment
securities as special income, the amount of which is yet to be
fixed at the present time because of the potential impacts that
may arise out of a certain series of transactions and as Tao Bao
is a consolidated subsidiary of the company.

The amount of special income will be disclosed when the amount
of the gain on sale of investment securities are finally fixed.

3. Outline of Alibaba.com Corporation

(1) Major line of business: Operation of the B2B marketplace in
China
(2) Established: June 1999
(3) Head office: Hong Kong, China
(4) Representative: Jack Ma
(5) Capital stock: Approximately US$23,000

4. Outline of Yahoo! Inc.

(1) Major line of business: Internet service provider
(2) Established: March 1995
(3) Head office: California, U.S.A.
(4) Representative: Jerry Yang
(5) Capital stock: Approximately US$1,416,000

5. Outline of Tao Bao Holding Limited

(1) Major line of business: Internet auction business in China
(2) Established: June 2003
(3) Head office: Hong Kong, China
(4) Representative: Jack Ma
(5) Capital stock: Approximately US$206,000

This is a company press release.


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

ASIANA AIRLINES: Domestic Flights Resume
----------------------------------------
Asiana Airlines Inc. has begun normal operations of domestic
flight Thursday and offered free flights for the day on the
route as promised, reports Associated Press.

The only flight excluded in the free offer is the island of Jeju
service.  Asiana also expects to completely normalize
international flights early September.

The strike came to an end when the government decided to
exercise its emergency powers.  The pilots and the airline are
given until August 24 to reach a settlement following the
government intervention, with the National Labor Relations
Commission standing by to dictate terms if they fail.

The latest figures for losses incurred by Asiana and related
industries such as travel agencies reached to about KRW404
billion.

CONTACT:

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


CITIBANK KOREA: Net Income Widens to KRW123.6Bln
------------------------------------------------
Citibank Korea Inc. unveiled in a company release that it
incurred a net income of KRW123.6 billion for the second quarter
of 2005, up 113.1 percent from the KRW58.0 billion for the same
period last year.

The net income for the first half of 2005 recorded KRW258.0
billion, increased by 46.3 percent over the first half of 2004.  
ROA, for the first half of 2005, of 0.99 percent was 19 basis
points higher than the same period 2004, while ROE of 18.2
percent was slightly below prior year, due primarily to a
stronger capital base.  

The company's overall BIS capital ratio and Tier I ratio are
estimated at 12.9 percent and 9.9 percent, among the strongest
in the Korean banking system.

To view a full copy of the results, click
http://bankrupt.com/misc/CitibankKorea081805.pdf

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


HYNIX SEMICONDUCTOR: Ranks 3rd in NAND Sales
--------------------------------------------
Hynix Semiconductor Inc. sold NAND flash memory chips worth
US$228 million in the second quarter of the year, which makes it
the world's third largest NAND flash memory manufacturer,
Digital Chosunilbo reveals, citing iSuppli.

With the rise in sales, Hynix beat Renesas, a joint venture
between Hitachi and Mitsubishi Electric.  Hynix now holds 10
percent of the market share from the sales only one year after
expanding into the sector.  

The leader in the sector is still Samsung Electronics followed
by Toshiba, they recorded $1.25 billion and $529 million in NAND
chip sales respectively.

The volume of the global NAND flash memory market grew 46
percent on-year to $2.27 billion in the second quarter. In the
ranking of the DRAM chip sector, which was released last week,
Hynix also regained its No. 2 spot by beating Micron Technology.

According to Hynix, the top three ranking only shows that it has
improved competitiveness.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470   
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


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

AKTIF LIFESTYLE: Unveils Amended Proposal
-----------------------------------------
Aktif Lifestyle Corporation Berhad (AKTIF) furnished Bursa
Malaysia Securities Berhad details of the following proposals:

- Proposed acquisitions of 100 percent equity interest in
Mahawira Sdn Bhd (Mahawira) and 54 percent equity interest in
Citatah Ams Marble Sdn Bhd (Citatah);

- Proposed Exemption;

- Proposed Scheme of Arrangement;

- Proposed Restricted Offer for Sale;

- Proposed Private Placement;

- Proposed Private Debt Securities Issuance;

- Proposed Transfer of Listing Status; and

- Proposed Disposal of Aktif

(collectively the Proposed Restructuring Scheme)

Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of
Directors of Aktif announced that:

(a) Aktif;

(b) Integrated M&G Industries Berhad (IMG);

(c) Teh Li Li and Dato' Mohamad Bin Jamrah (Vendors of
Mahawira); and

(d) Amarjit Singh A/L Kartar Singh, Balveer Kaur A/P Tahil Singh
and Kiranjit Singh A/L Amarjit Singh (Vendors of Citatah) have
entered into supplemental restructuring agreements and sale and
purchase agreements on August 15, 2005 to revise certain terms
of the Proposed Restructuring Scheme. On even date, IMG and the
Vendors of Citatah had also entered into a profit guarantee
agreement pursuant to the Proposed Acquisition of Citatah
(Profit Guarantee Agreement).

To view a full copy of the Revised Proposal, click
http://bankrupt.com/misc/AktifLifestyle081805.pdf

To view a full copy of the Table, click
http://bankrupt.com/misc/AktifLifestyleTable081805.doc

This announcement is dated 16 August 2005.

CONTACT:

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


ANCOM BERHAD: Purchases 68,500 Shares on Buy Back
-------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on August 16, 2005.

Date of buy back: August 16, 2005

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

Total number of shares purchased (units): 68,500

Minimum price paid for each share purchased (MYR): 0.660

Maximum price paid for each share purchased (MYR): 0.670

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 68,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 12,673,000

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


AVANGARDE RESOURCES: Fined MYR126,000 for Breaching Bourse Rule
---------------------------------------------------------------
On August 12, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
MYR126,000 on Avangarde Resources Berhad for breach of paragraph
9.23(b) of the Listing Requirements of Bursa Securities (Bursa
Securities LR).

Paragraph 9.23(b) of the Bursa Securities LR stipulates that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' reports shall, in any
case, be given to Bursa Securities for public release, within a
period not exceeding 4 months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of 4 months from the close of the financial year
of the listed issuer.

AVGARDE has breached paragraph 9.23(b) of the Bursa Securities
LR for failure to submit its annual audited accounts for the
financial year ended December 31, 2004 (AAA 2004) on or before
April 30, 2005. As of to date, AVGARDE has yet to furnish the
AAA 2004 to Bursa Securities.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter
including the fact that AVGARDE had previously breached the
Bursa Securities LR. Bursa Securities also directs AVGARDE to
furnish the AAA 2004 to Bursa Securities for public release
within one (1) month from the date hereof.

Previous Public Reprimands

(i) On January 3, 2005, AVGARDE was publicly reprimanded and
fined MYR325,000 for breach of Paragraph 9.23 of the Bursa
Securities LR for failure to submit its Annual Audited Accounts
for the financial year ended December 31, 2002 and 2003, and its
Annual Reports for the financial year ended December 31, 2002
and 2003 within the stipulated timeframe.

The fine of MYR325,000 comprised of MYR165,000 for breach of
Paragraph 9.23(a) of Bursa Securities LR and MYR160,000 for
breach of Paragraph 9.23(b) of Bursa Securities LR.

(ii) On April 15, 2005, AVGARDE was publicly reprimanded for
breach of Paragraph 3.1(a) of PN17 pursuant to Paragraph
8.14C(2)(b) of Bursa Securities LR for not making an
announcement within 7 market days from the date the Company
triggers one or more of the criteria prescribed pursuant to
Paragraph 2.1 of PN17.

Bursa Securities views the above contravention seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


DUOPHARMA BIOTECH: Issues New Shares for Listing, Quotation
-----------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 139,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, August 18, 2005.


GEORGE TOWN: Exchange Imposes Sanction for LR Violation
-------------------------------------------------------
On August 12, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
MYR126,000 on George Town Holdings Berhad (GTOWN) for breach of
paragraph 9.23(b) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).

Paragraph 9.23(b) of the Bursa Securities LR states that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' report shall, in any
case be given to Bursa Securities for public release, within a
period not exceeding 4 months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of 4 months from the close of the financial year
of the listed issuer.

GTOWN has breached paragraph 9.23(b) of the Bursa Securities LR
for not submitting the Company's annual audited accounts for the
15 months ended December 31, 2004 (AAA 2004) to Bursa Securities
for public release on or before April 30, 2005. As at to date,
GTOWN has yet to furnish the AAA 2004 to Bursa Securities for
public release.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors including the fact that GTOWN had
previously breached the Bursa Securities LR.

Bursa Securities further directed GTOWN to furnish the AAA 2004
to Bursa Securities for public release within one (1) month from
the date hereof.

Previous Public Reprimands

On October 23, 2003, GTOWN was publicly reprimanded by Bursa
Securities for breach of the following provisions of the Bursa
Securities LR:

(a) Paragraph 9.23(b) for not submitting the Company's annual
audited accounts together with the auditors' and directors'
reports for the 15 months ended June 30, 2001 (AAA 2001) on or
before October 31, 2001. The AAA 2001 was only furnished to
Bursa Securities on January 4, 2002.

(b) Paragraph 9.23(a) for not submitting the Company's annual
report for the 15 months ended June 30, 2001 (AR 2001) on or
before December 31, 2001. The AR 2001 was only furnished on
January 28, 2002.

(c) Paragraph 9.23(b) for not submitting the Company's annual
audited accounts together with the auditors' and directors'
reports for the 9 months ended March 31, 2002 (AAA 2002) on or
before July 31, 2002. The AAA 2002 was only furnished to Bursa
Securities on October 21, 2002.

(d) Paragraph 9.23(a) for not submitting the Company's annual
report for the 9 months ended March 31, 2002 (AR 2002) on or
before September 30, 2002. The AR 2002 was only furnished on
November 1, 2002.

Bursa Securities views the above contravention seriously and
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad details of its shares buy back on August 16, 2005.
   
Date of buy back: August 16, 2005

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

Total number of shares purchased (units): 25,900

Minimum price paid for each share purchased (MYR): 2.180

Maximum price paid for each share purchased (MYR): 2.200

Total consideration paid (MYR): 57,201.50

Number of shares purchased retained in treasury (units): 25,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,040,500

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

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


INTEGRAX BERHAD: Disposes of Land Asset
---------------------------------------
Integrax Berhad furnished Bursa Malaysia Securities Berhad
details of the proposed disposal of a piece of Freehold
Industrial Land together with factory and double storey office
building erected thereon to Taiace Engineering Sdn Bhd for a
total cash consideration of MYR2,900,000 (Proposed Disposal).

(1.0) Introduction

The Board of Directors of Integrax Berhad (Integrax) disclosed
that the Company had on August 12, 2005 entered into a
conditional Sale and Purchase Agreement (SPA) with Taiace
Engineering Sdn Bhd (Purchaser) for the disposal of a piece of
freehold industrial land measuring approximately 8,681 square
metres on which are built a single storey detached factory with
an annexed double storey office building with a guard house and
a canteen block (Property) for a total cash consideration of
MYR2,900,000.

(2.0) Details of the Proposed Disposal

(2.1) Description of the Property

The Property consists of a freehold industrial land held under
H.S. (D) 78833, PT No 3367 in the Mukim Setul, Daerah Seremban,
Negeri Sembilan measuring approximately 8,681 square metres in
area and a single storey detached factory with an annexed double
storey office building with a guard house and a canteen block
built thereon with a total built-up area measuring 2,843.21
square metres bearing postal address of No. 43A, Jalan Permata
1, Arab Malaysian Industrial Park, 71800 Nilai, Negeri Sembilan.
The Property is currently vacant and is free from encumbrances.

(2.2) Basis for arriving at the Sale Consideration

The sale consideration of MYR2,900,000 for the Proposed Disposal
was arrived at on a willing-buyer willing seller basis and after
taking into consideration the current market value of the
Property and the valuation report dated May 22, 2001 prepared by
TD Aziz Sdn Bhd.

(2.3) Original cost and net book value (NBV) of investment

The original cost of investment in the Property acquired from a
former subsidiary, on 13 November 2001 being the original date
of investment, amounted to MYR2,465,912 and the NBV as at
December 31, 2004 is MYR2,347,163.

(3.0) Salient Terms of the SPA

The salient terms of the SPA are as follows:

(a) The Purchaser has paid to the Company an earnest deposit of
MYR29,000 representing 1 percent of the sale consideration and
shall pay the Company a further deposit of MYR261,000
representing 9 percent of the sale consideration within 60 days
from the date of execution of the SPA.

(b) The balance of MYR2,610,000 shall be paid by the Purchaser
within 3 months from the date of execution of the SPA.

(4.0) Utilization of Proceeds Raised from the Proposed Disposal

The proceeds will be utilized as working capital for the Company
and to defray the estimated expenses relating to the Proposed
Disposal.

(5.0) Brief Information on the Purchaser

The Purchaser was incorporated in Malaysia under the Companies
Act, 1965 as a private limited company on July 16, 1996 under
the name Taiace Engineering Sdn Bhd.

As at August 12, 2005, its authorized share capital is
MYR500,000 comprising 500,000 ordinary shares of MYR1.00 each,
of which 500,000 ordinary shares of MYR1.00 each are fully
issued and paid-up. The Purchaser is primarily involved in metal
fabrication.

(6.0) Rationale for the Proposed Disposal

The Board considers that it is in the best interests of the
Company to dispose of the Property as it does not intend to
utilize the premises.

(7.0) Effects of the Proposed Disposal

(7.1) Share Capital and Substantial shareholdings

The Proposed Disposal will not have any effect on the share
capital and substantial shareholdings of Integrax as the
Proposed Disposal is a cash transaction.

(7.2) Earnings and Net Tangible Assets (NTA)

The Proposed Disposal is not expected to have any material
effect on the earnings and NTA of Integrax for the year ending
December 31, 2005.

(8.0) Conditions of the Proposed Disposal

The Proposed Disposal is not subject to the approval of the
shareholders of Integrax or any relevant government authorities
except as provided for in the SPA relating to the State
Authority.

(9.0) Directors' and Substantial Shareholders' Interest

None of the Directors, substantial shareholders of Integrax or
persons connected with them has any interest, direct or
indirect, in the Proposed Disposal.

(10.0) Directors' Recommendation

The Board after careful deliberation on the Proposed Disposal,
is of the opinion that the Proposed Disposal is in the best
interest of the Company.

(11.0) Departure From SC's policies and guidelines on the
issue/offer of securities (SC Guidelines)

The Proposed Disposal does not depart from the SC Guidelines.

(12.0) Documents for Inspection

The SPA and valuation report are available for inspection at the
Registered office of the Company at 17th Floor-Tower Block,
Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur
during normal business hours within 14 days from the date of
this announcement.

This announcement is dated 15 August 2005.


NALURI BERHAD: Unit Unloads Shares
----------------------------------
Naluri Berhad furnished Bursa Malaysia Securities Berhad an
update on the disposal of investment.

(1) Introduction

The Board of Directors of the Naluri Corporation Berhad (Naluri)
disclosed that its wholly owned subsidiary, Naluri International
Limited (NIL) has recently disposed 817,000 common stock of
USD1.00 per share representing 3.48 percent of the outstanding
common stock of World Air Holdings, Inc. (WAH), a company
incorporated in the State of Delaware, United States of America
for a total cash consideration of USD9,516,263 or MYR35,666,954
(the Disposal). WAH is currently listed on NASDAQ, United States
of America.

(2) The Disposal

(2.1) Basis of Sale

The shares were disposed in the open market over a period of 17
market days from July 20, 2005 to August 11, 2005.

(2.2) Original Cost and Date of Investment

WAH shares were acquired in 1994 at the price of USD13,387,000
or MYR38,220,000.

(3) Background Information of WAH

NIL a wholly owned subsidiary of Naluri has held shares in World
Airways, Inc. (WAI) since 1994. As at December 31, 2004, NIL
held 1,217,000 common stocks in WAI.

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

In January 2005, WAH, the holding company of WAI, went through a
restructuring plan, which resulted in all stockholders of WAI
becoming stockholders of WAH.

(4) Rationale

The disposal of WAH shares forms part of Naluri Group's re-
organization plan whereby the Group is currently streamlining
its assets in accordance to its core business and area of
expertise.

Accordingly, the disposal of WAH shares is in line with Naluri
Group's strategy to focus on its core activities. The proceeds
from the sale will be utilized as working capital for the Group.

(5) Financial Effects

The following are the summary of the effects of the Disposal:

(5.1) Share Capital

The disposal does not have any effect on the issued and paid-up
share capital of Naluri as the Disposal is a cash transaction.

(5.2) Earnings

The Disposal realized a gain of MYR6.80 million or earnings per
share of MYR0.01.

(5.3) Net Tangible Assets (NTA)

Based on the audited consolidated balance sheet of Naluri as at
December 31, 2004, the effect of the Disposal on the NTA of
Naluri Group is set out below:

            Audited As at    *After adjustment    After Disposal
            31/12/2004        (RM '000)           (RM '000)
            (RM '000)  

Share Capital   690,516       690,516             690,516

Reserves          47,545       85,765              92,561

Shareholders
funds           738,061       776,281              783,077

Less:
Intangible
Assets         (49,958)       (49,958)             (49,958)

NTA             688,103        726,323             733,119

No of Shares
in issue
(' 000)         690,516        690,516             690,516

NTA Per
Share (RM)         1.00           1.05                1.06

* - Adjusted to include a reversal of impairment loss of
MYR38.22 million as previously announced on July 29, 2005.

(6) Approvals Required

The Disposal is not subject to the approval of the shareholders
of Naluri or any regulatory authorities.

(7) Directors' Statement

The Directors of Naluri, after considering all aspects of the
Disposal, are of the opinion that it is in the best interest of
the Company.

(8) Directors' & Substantial Shareholders' Interest

None of the Directors or substantial shareholders or persons
connected with them has any interest direct and/or indirect in
the Disposal.

(9) Departure from Securities Commission policies and guidelines
on issues/offer of securities (SC Guidelines)

There is no departure from SC Guidelines.

This announcement is dated 15 August 2005.

CONTACT:

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


PANTAI HOLDINGS: Clarifies Reported Hospital Investment
-------------------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a clarification to the Article entitled Pantai Holdings
invest MYR430,000 to set up a hospital in Indonesia which
appeared in Sin Chew Daily on August 16, 2005.

The company said that the article is a misrepresentation of its
announcement released on August 12, 2005.

The announcement states that Pantai Holdings Berhad, through its
subsidiaries, Pantai Group Resources Sdn Bhd and Pantai
Hospitals Sdn Bhd, has established a subsidiary company in
Indonesia known as PT Pantai Healthcare Consulting to provide
healthcare consulting services in Indonesia and is not setting-
up a hospital as reported in the said article.

CONTACT:

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


PARAMOUNT CORPORATION: Unit Disposes of Interest in KDU College
---------------------------------------------------------------
The Board of Directors of Paramount Corporation Berhad
(Paramount) unveiled to Bursa Malaysia Securities Berhad that
KDU College Sdn Bhd, a subsidiary company of Paramount, has on
August 15, 2005 disposed of its 61 percent equity interest in
KDU College (Sibu) Sdn Bhd to S.B. Education Sdn Bhd for a total
cash consideration of MYR25,000/-. KDU College (Sibu) Sdn Bhd
ceases to be a subsidiary company of Paramount on evendate.

KDU College (Sibu) Sdn Bhd has ceased its business operation
since September 30, 2003.


PARK MAY: Unit Agrees to Extend Payment Period of Property
----------------------------------------------------------
Park May Berhad (Park May) issued to Bursa Malaysia Securities
Berhad an update of the following proposals:

(I) Proposed disposal of a piece of leasehold land measuring
10,626 square metres identified as Lot 37246, Mukim of Petaling,
District of Kuala Lumpur, State of Wilayah Persekutuan, Kuala
Lumpur together with the buildings erected thereon by Landvest
Sdn Bhd (Landvest), a wholly owned subsidiary of Park May, to
MHSB Development Sdn Bhd (MHSB), a wholly owned subsidiary of
Nadicorp Holdings Sdn Bhd, for a cash consideration of
MYR10,000,000; and

(II) Proposed disposal of a piece of freehold land measuring
approximately 22,182 square metres identified as Lot 821, Mukim
of Kapar, District of Klang, State of Selangor Darul Ehsan
together with the buildings erected thereon by Landvest to MHSB
for a cash consideration of MYR4,540,000.

(Items (I) to (II) to be collectively referred to as Proposed
Disposal of Properties)

The company refers to its announcement dated July 1, 2005 where
it was announced, inter-alia, that Landvest and MHSB had on June
29, 2005 by way of an exchange of letters mutually agreed to
extend the period for MHSB to pay Landvest's solicitors as
stakeholder the balance of the purchase price for the Proposed
Disposal of Properties of MYR13,086,000 from June 20, 2005 to
August 15, 2005 (Settlement Period).

In this respect, on behalf of the Company, AmMerchant Bank
Berhad (a member of AmInvestment Group) disclosed that Landvest
and MHSB had on August 15, 2005 by way of an exchange of letters
(Settlement Extension Letters) mutually agreed to further extend
the Settlement Period from August 15, 2005 to October 31, 2005.

The Settlement Extension Letters will be made available for
inspection at the registered office of Park May at No. 38, Jalan
Chow Kit, 50350 Kuala Lumpur during normal business hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement.

This announcement is dated 16 August 2005.

CONTACT:

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


POS MALAYSIA: Bourse to List, Quote New Shares
----------------------------------------------
Pos Malaysia & Services Holdings Berhad advised that its
additional 88,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Thursday,
August 18, 2005.


SRIWANI HOLDINGS: Changes Name to DFZ Capital Berhad
----------------------------------------------------
Bursa Malaysia Securities Berhad advised that Sriwani Holdings
Berhad has changed its name to DFZ Capital Berhad. As such,
Sriwani's securities will be traded and quoted under the new
name with effect from 9:00 a.m., Thursday, August 18, 2005.

The Stock Short Names will be changed as follows:

Securities              Old                 New
                        Stock Short         Stock Short
                        Name                Name

(i) Ordinary Shares     Sriwani             DFZ

(ii) Irredeemable
     Convertible
     Preference
     Share(ICPS)-A      Sriwani-PA          DFZ-PA

(iii) ICPS-B1           Sriwani-PB          DFZ-PB

(iv) ICPS-B2            Sriwani-PC          DFZ-PC

(v) ICPS-C SRIWANI      Sriwani-PD          DFZ-PD

However, the Stock Numbers remain unchanged.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my


SYARIKAT KAYU: Issued, Paid-up Capital Reaches MYR42,552,908
------------------------------------------------------------
PM Securities Sdn Bhd, on behalf of the Board of Directors of
Syarikat Kayu Wangi Berhad (SKW), disclosed to Bursa Malaysia
Securities Berhad that as at August 5, 2005 (being the date of
completion of SKW's Rights Issue with Warrants and Debt
Settlement), the issued and paid-up share capital of SKW stood
at MYR42,552,908 comprising 42,552,908 ordinary shares of
MYR1.00 each.

As such, SKW has met the MYR40,000,000 minimum share capital
requirement as per Chapter 6 of the Securities Commission's
Policies and Guidelines on Issue/Offer of Securities and
Paragraph 3.04(2) of the Listing Requirements of Bursa
Securities in relation to the Minimum Capital Requirement for
companies listed on the Second Board of the Bursa Securities.

This announcement is dated 15 August 2005.

CONTACT:

Syarikat Kayu Wangi Bhd   
Wisma Ng Hoo Tee, 79,
Jalan Muar, Parit Sulong,
Batu Pahat Johor 83500
Telephone: 07-4186230,07-4186236   
Fax: 07-4187519


TELEKOM MALAYSIA: New Shares Up for Listing
-------------------------------------------
Telekom Malaysia Berhad advised that its additional 385,000 new
ordinary shares of MYR1.00 each issued pursuant to the aforesaid
Scheme will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Wednesday, August
17, 2005.

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


UNITED CHEMICAL: EGM Slated for September 8
-------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
United Chemical Industries Berhad (UCI) will be held at
Convention Hall, 4th Floor, Wisma Wan Mohamed, Jalan Panglima
Bukit Gantang Wahab, 30000 Ipoh, Perak Darul Ridzuan on
Thursday, September 8, 2005, 11:30 a.m. or immediately after the
Court Convened Meeting of the members for the purposes of
considering and if thought fit, to pass the following
resolutions.

Special Resolution 1 - Proposed Capital Reduction

THAT subject to the agreement of the members to the proposed
scheme of arrangement at the Court Convened Meeting pursuant to
Section 176(1) of the Companies Act, 1965, confirmation of the
High Court of Malaya (Court) and contingent upon the passing of
Special Resolution 2 and Ordinary Resolution 1, and subject to
the approvals of the Securities Commission (SC), Bursa Malaysia
Securities Berhad (Securities Exchange) and any other relevant
authorities, for the purposes of giving effect to the proposals
(whether in its original form or with or subject to any
modification, addition or condition or revaluations and/or
amendments imposed by the SC, the Securities Exchange, the Court
and/or relevant authorities), approval is hereby unconditionally
given, confirmed and ratified by the shareholders of the Company
for:

All of the existing issued and paid-up share capital of UCI of
MYR18,500,000 divided into 18,500,000 ordinary shares of MYR1.00
each in UCI (UCI Shares) to be reduced to MYR7,955,000
comprising 18,500,000 ordinary shares of MYR0.43 each by the
cancellation of MYR0.57 from the par value of each of UCI Share
(fractions, if any, to be disregarded);

forthwith and contingent upon the said reduction of capital
taking effect, the said 18,500,000 ordinary shares of MYR0.43
each to be consolidated such that 2.326 ordinary shares of
MYR0.43 each in UCI shall be consolidated into one (1) ordinary
share of MYR1.00 in par value (Consolidated UCI Share), upon
which the sum of MYR1.00 shall be credited as having been fully
paid-up, thereby consolidating the 18,500,000 ordinary shares of
MYR0.43 each into 7,955,000 ordinary shares of MYR1.00 each.

AND THAT the Directors of the Company be and are hereby
authorised to do all acts and things to give effect to the above
capital reduction with full power to assent to any condition,
modification, variation, revaluation and/or amendment (if any)
as may be imposed or required by the SC, the Securities Exchange
or any relevant authorities or by the Court (provided always
that the conditions, modifications, variations, revaluations
and/or amendments (if any) are not to the detriment of the
members of the Company) AND FURTHER THAT the Directors are
hereby duly authorised to take all steps and do all acts and
things in any manner as they may deem necessary or expedient in
connection with the Proposed Capital Reduction.

Special Resolution 2 - Proposed Share Exchange

THAT subject to the agreement of the members to the proposed
scheme of arrangement at the Court Convened Meeting pursuant to
Section 176(1) of the Companies Act, 1965, confirmation of the
Court and subject to the passing of Special Resolution 1 and the
passing of Ordinary Resolution 1, and subject to the approvals
of the SC, the Securities Exchange and any other relevant
authorities for the purpose of giving effect to the proposals
(whether in its original form, or with or subject to any
modification, addition or condition or revaluations and/or
amendments imposed by the SC, the Securities Exchange, the Court
and/or any relevant authority), approval is unconditionally
given, confirmed and ratified by the shareholders of the Company
for:

forthwith and contingent upon the reduction of capital and share
consolidation, pursuant to Special Resolution 1 becoming
effective, the share capital of the Company to be reduced by the
cancellation of all the Consolidated UCI Shares;

forthwith and contingent upon the said cancellation of the
Consolidated UCI Shares:

the share capital of the Company to be increased to its former
amount by the creation of 7,955,000 new ordinary shares of
RM1.00 each as shall be equal to the number of Consolidated UCI
Shares cancelled pursuant to this Special Resolution;

the reserve arising in the books of account of the Company as a
result of the said cancellation of the Consolidated UCI Shares
to be applied in paying up in full at par the new ordinary
shares of MYR1.00 each, such new ordinary shares to be allotted
and issued, credited as fully paid-up, to Majuperak Holdings
Berhad (MHB).

In exchange for the issuance of the said new shares to MHB, the
Company will accept the issuance of 11,364,286 new MHB shares to
be issued to the members of UCI proportionate to their
shareholding in the Company.

AND THAT the Directors of the Company be and are hereby
authorized to do all acts and things to give effect to the above
capital reorganization with full power to assent to any
condition, modification, variation, revaluation and/or amendment
(if any) as may be imposed or required by the SC, the Securities
Exchange or any relevant authorities or by the Court (provided
always that the conditions, modifications, variations,
revaluations and/or amendments (if any) are not to the detriment
of the members of the Company) AND FURTHER THAT the Directors
are hereby duly authorized to take all steps and do all acts and
things in any manner as they may deem necessary or expedient in
connection with the Proposed Share Exchange.

Ordinary Resolution 1 - Proposed Restructuring

THAT subject to the agreement of the members to the proposed
scheme of arrangement at the Court Convened Meeting pursuant to
Section 176(1) of the Companies Act, 1965, confirmation of the
Court and contingent upon the passing of Special Resolutions 1
and 2 above, and subject to the approvals of the SC, the
Securities Exchange and the relevant authorities, for purpose of
giving effect to the proposals (whether in its original form or
with or subject to any modification, addition or condition, or
revaluation and/or amendments imposed by the SC, the Securities
Exchange, the Court and/or relevant authorities) approval is
hereby unconditionally given, confirmed and ratified by the
shareholders of the Company for:

Proposed Harta Perak Acquisition

The acquisition of the entire issued and paid-up capital of
Harta Perak Corporation Sdn. Bhd. (Harta Perak) by MHB for a
consideration of MYR64,687,404 from Perbadanan Kemajuan Negeri
Perak (PKNP) and to be satisfied in full via the issuance of
92,410,577 ordinary shares of MYR0.50 each in MHB (MHB Shares)
at the issue price of MYR0.70 per share which shall in aggregate
be valued as MYR64,687,404.

Proposed Majuperak Scheme

The implementation of a scheme of arrangement between MHB and
Syarikat Majuperak Berhad (Majuperak) so as to cause all the
2,405 members of Majuperak to sell their shares in exchange by
the shareholders of Majuperak of 5,500,000 ordinary shares of
MYR1.00 each in Majuperak, representing the entire equity share
capital of Majuperak for 15,324,834 shares in MHB at the issue
price of MYR0.70 per MHB Share and 129,515,910 irredeemable
convertible preference shares (ICPS) at the issue price of
MYR0.50 per ICPS. PKNP shall also novate to MHB of all balance
due and owing by Majuperak to PKNP under a sale and purchase
agreement dated March 28, 2002 entered into between PKNP and
Majuperak amounting to MYR3,167,616 and in consideration of this
novation, MHB shall allot and issue to PKNP 6,335,232 ICPS at
the issue price of MYR0.50 per ICPS.

Proposed Debt-Restructuring Scheme

The implementation of a scheme of arrangement under Section 176
of the Companies Act, 1965, for MHB to settle the debt of UCI
amounting to MYR56,228,236 in aggregate owing to the creditors
of UCI to be satisfied by the combination of the issuance of
MYR11,630,998 nominal value of 2.5% redeemable convertible
secured loan stocks at 100% of its nominal value (RCSLS-A),
MYR307,402 nominal value of 2.5% redeemable convertible secured
loan stocks at 100% of its nominal value (RCSLS-B), MYR7,025,530
nominal value of 0.5% redeemable convertible unsecured loan
stocks at 100% of its nominal value (RCULS), and 15,064,286 new
MHB Shares at an issue price of MYR0.70 each.

Proposed Assets Transfer

The transfer of all identifiable and tangible assets of UCI,
including but not limited to land and buildings, motor vehicles
and capital work-in-progress, be transferred to MHB or its
successor for the sum of their total estimated realizable value
of MYR7,315,695, the consideration of which is to be satisfied
by MHB via a partial set-off of the consideration against the
inter-company debts due by UCI to MHB of up to MYR29,508,930
arising from the debt settlement by MHB on behalf of UCI
pursuant to the Proposed Debt-Restructuring Scheme and to the
terms of the Second Supplemental Agreement dated July 4, 2003.

Proposed Transfer of Listing Status

The delisting of the Company from the Official List of the
Second Board of the Securities Exchange and the transfer of the
listing status of the Company to MHB and as a consequence of
which the entire enlarged issued and paid-up share capital of
MHB will be listed and quoted on the Main Board of the
Securities Exchange in place of the Company.

Proposed Private Placements

The implementation of a private placement of up to 9,000,000 new
MHB Shares by MHB and offer for sale by PKNP of up to 4,000,000
MHB shares at an issue price of RM0.70 per MHB Share, to the
potential investors to be identified.

Proposed Exemption

The exemption to PKNP from any obligation to extend a mandatory
offer pursuant to Practice Note 2.9.3 of the Malaysian Code on
Take-over and Mergers, 1998, for the remaining MHB Shares not
already owned by PKNP following the Proposed Harta Perak
Acquisition and the Proposed Majuperak Scheme.

AND THAT the new MHB Shares to be issued pursuant to the
Proposed Share Exchange, Proposed Harta Perak Acquisition,
Proposed Majuperak Scheme, Proposed Debt-Restructuring Scheme,
Proposed Private Placements and arising from the conversion of
the ICPS, RCSLS-A, RCSLS-B and RCULS shall, upon allotment and
issue, rank pari passu, in all respects with the existing MHB
Shares in issue then, except that they will not be entitled to
any dividends, rights and/or distributions, the entitlement date
of which is prior to the date of allotment of the said new MHB
Shares.

AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and things and to execute all
necessary documents, do all things and acts to give effect to
and implement the Proposed Restructuring with full power to
assent to any conditions, modifications, variations, revaluation
and/or amendments (if any), as may be imposed or required by the
SC, the Securities Exchange and any relevant authorities or by
the Court (provided always that the conditions, modifications,
variations, revaluations and/or amendments (if any) are not to
the detriment of the members of the Company),

AND FURTHER THAT the Directors are hereby duly authorized to
take all steps and do all things in any manner as they may deem
necessary or expedient in connection with the Proposed
Restructuring.

United Chemical Industries Berhad
Yeap Kok Leong (MAICSA No. 0862549)
Company Secretary
Kuala Lumpur
August 16, 2005

Notes:

(1) A member of the Company entitled to attend and vote at the
above Extraordinary General Meeting is entitled to appoint a
proxy to attend and vote in his stead. A proxy need not be a
member of the Company and a member may appoint any person to be
his proxy without limitation and the provision of section
149(1)(b) of the Act shall not apply to the Company.

(2) A member shall not be entitled to appoint more than two (2)
proxies to attend and vote at the same meeting. Where a member
appoints two (2) proxies the appointments shall be invalid
unless he/she specifies the proportions his/her holdings to be
represented by each proxy.

(3) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or if the appointer is a Corporation this form must be
executed under its Common Seal or under the hand of its
attorney.

(4) The instrument of a proxy and the power of attorney (if
any), under which it is signed or a notarially certified copy
thereof shall be deposited at the Registered Office of the
Company at 6th Floor, Wisma Wan Mohamed, Jalan Panglima Bukit
Gantang Wahab, 30000 Ipoh, Perak Darul Ridzuan not less than
forty-eight (48) hours before the time for holding the meeting
or any adjourned meeting at which the person named in the
instrument proposes to vote.

This announcement is dated 15 August 2005.

CONTACT:

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


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

MANILA ELECTRIC: Reviews Viability of Subsidiaries
--------------------------------------------------
Power utility firm Manila Electric Co. (Meralco) is reviewing
the operations of subsidiaries to determine which ones would be
dissolved, BusinessWorld reports.

The move is part of the firm's plans to dissolve subsidiaries
that are found to be non-performing or those that do not
contribute Meralco's goals and objects.

The firm's subsidiaries include Meralco Industrial Engineering
Services Corp., Corporate Information Solutions, Inc., Rockwell
Land Corp., Meralco Energy, Inc., e-Meralco Ventures, Inc.,
Asian Center for Energy Management (ACEM), and Meralco Financial
Services Corp. All subsidiaries are required to undergo the
strategic review.

ACEM, which was set up as a corporate social responsibility
vehicle of Meralco, may have to be dissolved. ACEM was set up to
allow Meralco to train people from electric cooperatives and
small private distribution utilities. Meralco deemed ACEM a very
small and hardly functioning subsidiary.

Meralco President and Chief Operating Officer Jesus P. Francisco
said explained the review has nothing to do with cost-cutting.
The review, he said, will likely be completed by the end of the
third quarter, or by the start of the last quarter.

As this developed, Meralco officials said the company will not
be tapping the debt markets for the rest of the year.

Officials said it's not a good time to borrow, given the high
cost of borrowing from the debt markets. "The cash flows
indicate that there is no immediate need for us to borrow," an
official of Meralco's treasury department said.

But she said the company "continues to look for opportunities"
to borrow at favorable terms.

CONTACT:

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


NATIONAL BANK: BSP Seeks Tan's Plan for Counterbid
--------------------------------------------------
The Bangko Sentral ng Pilipinas (the central bank) has ordered
the Lucio Tan Group to clarify which corporate vehicle it will
use in matching the Union Bank of the Philippines' bid for a
controlling stake in Philippine National Bank (PNB), Today News
reveals.

BSP Governor Amando M. Tetangco said that while banks are
allowed 100-percent ownership of another bank, corporations and
individuals are only limited to 40-percent control.

The Lucio Tan Group, which participated in the auction, is
composed of several companies owned by taipan Lucio Tan, Allied
Banking Corp., flag-carrier Philippine Airlines (PAL), Fortune
Tobacco and Asia Brewery.

The Philippine Deposit Insurance Corp. (PDIC) has given the
Lucio Tan Group 15 days within which it can match the bid made
by UnionBank during last Friday's public auction of the joint
stake held by the government and the Lucio Tan Group in PNB.

With its partner Avenue Capital, UnionBank offered a bid of
Php43.77 a share, higher than the Tan Group's bid of P43 apiece.

The transaction will cost the Union Bank-led consortium some
Php16.98 billion. Of this amount, the national government will
rake in Php1.98 billion; the PDIC, Php6.16 billion; and the
Lucio Tan Group, Php8.84 billion.

By September, the government expects to complete the transaction
with either of the two bidders.

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: Management Assures Continued Service
---------------------------------------------------
It is business as usual for Philippine National Bank (PNB),
while waiting for the response from the Lucio Tan Group (LTG) if
it would match the offer of the winning bidder, Union Bank of
the Philippines.

According to The Philippine Star, the PNB management has assured
depositors of its continued service as it awaits the entry of
the bank's new owners.

PNB president and CEO Omar Byron T. Mier said everyone in the
bank has remained focused in their work amidst all the
developments regarding PNB's ownership.

After Friday's successful bidding for a 67-percent stake in PNB,
stock market analysts expect the eventual winner to earn a
windfall.

While a final award of the bank's ownership is being awaited,
pending LTG's exercise of its right to match the Union
Bank/Avenue Investments Management consortium's Php43.77 per
share bid, analysts said that PNB's present market valuation is
still on the rise.

As of press time, the Lucio Tan Group had yet to inform the
Philippine Deposit Insurance Corp. (PDIC) if it will exercise
its right-to-match privilege.

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 FOOD: Guarantees No Price Increase
-------------------------------------------
Government rice remains at present prices despite recent
increase in oil prices.

National Food Authority Administrator Gregorio Y. Tan, Jr. said
that regular-milled and well-milled NFA rice are still being
sold at Php16 and Php18 per kilogram, respectively in spite of
the impending oil price increase and the increase in prices of
other basic commodities.

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

The list of BGP outlets is being provided by the agency through
its offices nationwide. The list is also available in city halls
and public markets. Recently, the NFA published a list of BGP
outlets in Metro Manila as well as the deployment schedule of
rolling stores in major dailies.

In the National Capital Region, the NFA maintains 533 BGP
outlets, 224 rolling stores and 1,830 rice outlets inside and
outside public markets.

Meanwhile, the NFA has intensified its market monitoring
activities through its Palengke Watch program. The agency's
monitoring teams are on the look out for any irregularities or
violations on the Philippine Grains Standardization Program
(PGSP).

CONTACT:

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


NATIONAL POWER: PSALM Sets Pre-bid Meeting for Calaca Facility
--------------------------------------------------------------
A pre-bidding conference will be held by the end of this month
for National Power Corporation's (Napocor) Calaca coal-fired
power plant, The Philippine Star has learned.

The conference will begin the Power Sector Assets and
Liabilities Management Corp.'s (PSALM) second attempt to sell
the plant after a failed bidding last June when one of only two
bidders backed out.

The group that withdrew is Japanese firm Mitsui Co. Ltd. and
Phil-Mal Petroenergy Corp., a joint venture between businessmen
Eduardo Alinarog and WTK Holdings of Malaysia. The group said it
backtracked before the deadline for submission of tenders
because Calaca was being sold without a transition supply
contract (TSC).

The only other bidder was First Gen Luzon Power Corp.

The Calaca power plant in Calaca, Batangas is the first major
asset in the government's bidding line-up for this year. This
time though, two new foreign firms are willing to bid for the
plant despite the absence of a TSC.

The previous bidders could still participate in the pre-bid
slated on Aug. 31 at the PSALM office. A due diligence
conference will be held from Aug. 16 to Oct. 7.

Interested bidders are required to submit a letter of interest
to PSALM on or before Aug. 23. Failure to submit one will not
allow the party to participate in the bidding. A two-envelope
bidding system will be adopted.

Bidders also need to pay US$1,000 in participation fee, execute
a confidentiality agreement with PSALM and post a bid security
worth US$9 million. The bid security of the winning bidder will
be replaced by a performance security to guarantee prompt and
complete performance of obligations.

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/


PRICESMART INCORPORATED: New Owner Vows to Revive Local Ops
-----------------------------------------------------------
The new owner of PriceSmart Incorporated's local business has
assured patrons and members of PSMT Philippines that it would
work on turning around the embattled retail group, The
Philippine Star reports.

PSMT chairman William S. Go is now the majority shareholder of
the U.S.-based firm's domestic operations.

In his first press conference after officially taking over
management control of PSMT last Aug. 12, Mr. Go and his lawyer
Ramon C. Esguerra vowed that the warehouse shopping group will
continue to operate in the Philippine.

The new management group is conducting an audit of PSMT's
finances to determine if there is a need to infuse additional
capital and how the retail group can be turned around.

Creditor banks of PSMT, Mr. Esguerra said, had expressed their
continued support for PSMT and the new management group of Go.

Mr. Go and his group gained 90 percent control of PSMT following
an out-of-court settlement with Price-Smart USA whereby both
parties agreed to drop all of their legal filings against each
other, both in the U.S. and in the Philippines, and control of
PSMT would be completely turned over to Mr. Go and E-Class Corp.

Mr. Go and Price-Smart also inked a one-year agreement for the
continued use of the PriceSmart proprietary name, supply chain
and system. After that period, Mr. Go and his group can opt to
change the name of the retail group.

With the takeover, PSMT's new owners will draw up a new
financial program and marketing plan for the retail group that
will hopefully turn around the retail group.

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com  

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


UNIWIDE SALES: Execs, Workers Still at Loggerheads
--------------------------------------------------
The labor and management of cash-strapped Uniwide Sales
Warehouse Club Inc. failed to reach an agreement during a
conciliation and mediation meeting on Friday last week on
payment of benefits of 269 retrenched workers, BusinessWorld
says.

The Uniwide Sales Employees Union said that although the Company
has given loyalty benefits to current and sacked employees, it
did not give a definite answer regarding the separation pay of
retrenched workers.

The Securities and Exchange Commission (SEC) put the firm,
together with other members of the Uniwide Group of Companies,
Uniwide Holdings, Uniwide Sales, Inc. and Uniwide Sales Realty
and Resources Corp., into receivership after reporting
persistent losses.

Regulators eventually approved a rehabilitation plan in 2000
where the company will have to repay debts through a combination
of cash payment and asset-debt swaps.

The educational and loyalty benefits amounted to only about
Php300,000, while the overall retirement payment for the
retrenched employees may reach up to Php50 million including
longevity and loyalty monetary claims, union president Deo M.
Tiongson said.

"Management said they are still looking for funding but the
fired employees need the money right now, they want it to be
given to them since they've earned it," he said after the
mediation hearings at the Labor's National Conciliation and
Mediation Board.

Some of the active employees said they are ready to call for a
strike if the mediation hearing, set today, will result in a
stalemate.


* 19 More Miners at Risk of Losing DENR Permits
-----------------------------------------------
Nineteen more mining firms may lose their permits in line with
the Department of Environment and Natural Resources' (DENR)
probe on non-performing mining sites, according to
BusinessWorld.

Deinrado D. Dimalibot, DENR undersecretary for mining and legal
affairs, said the firms have pending motions for reconsideration
with the DENR on their permit to mine and explore under their
mining lease contracts (MLCs) or mineral production sharing
agreements (MPSAs) with the government.

The 19 mining contractors include: Crescent Mining Development
Corp., Pyro Copper Mining Corp., Long Fong Corp., Security
Industrial Co., Romulo B. Reyes, Linfair Development Corp.,
Oriental Hyundai Quarry and Development Corp., 60. Luvinmin Cebu
Mining Corp./TVI Resources Dev't. (Phil.), Inc., Villor Mining
Corp., VL Chrome, Inc., Visitacion Chacon, Visitacion Chacon,
Joaquin Misa, Comet Mining Corp., Casiguran Mining Corp., E.L.
Enterprises, Inc., H & Z Mining Corp., Carac-an Development
Corp., and Ventura Timber Corp.

"We are now scanning through the alibis in the 19 remaining
motions for reconsideration. Previously, the cancelled mining
firms reason the industry is sluggish or that they were affected
by the Asian crisis. But the real measure is if these mining
contractors have done something in consonance with the work
program they submitted to the DENR," Mr. Dimalibot said.

Last week, 65 mining permits were cancelled with finality by the
DENR following the denial of their respective motions for
reconsideration. In an earlier interview, Environment Secretary
Michael T. Defensor said in line with the government's
revitalization of the mining industry, the cancellation of the
non-performing mining tenements is a strategy to do away with
speculators who end up only sitting on the sites without putting
in investments.

Some of the MPSAs or MLCs, Mr. Dimalibot said, were signed as
early as the 1980s but their contractors have yet to undertake
any considerable investment in the mining tenements. "Now that
is unforgivable because they have not done anything since then,"
he said.

He said the DENR has imposed a moratorium on the acceptance of
mining applications to replace the 65 cancelled mining permits
in order to give the government the opportunity for a rational
disposition of the mining sites.


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

ACCORD CUSTOMER: Wins Extension to Release Quarterly Results
------------------------------------------------------------
Accord Customer Care Solutions Limited announced that the
Singapore Exchange Securities Trading Limited (SGX-ST) granted
the Company an extension up to Sept. 30, 2005 for the Company to
announce its second quarter financial results for the period
ending June 30, 2005.

The Company will finalize and release the financial statements
for the first quarter ended March 31, 2005 at the end of the
month. As the Company would be presenting year-to-date results
in its announcement of its financial results for the second
quarter, the fist quarter financial results must be completed
before the second quarter financial results can be finalized.
The Company had therefore sought an extension to release its
second quarter financial results, as it would not be able to do
so within the time frame prescribed in the Listing Manual of the
SGX-ST.

The Company and its directors confirm that they are unaware of
any information that would affect the decision of its investors,
which is yet to be announced.

BY ORDER OF THE BOARD

Woo Kah Wai
Company Secretary
August 17, 2005
Singapore

CONTACT:

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


CHARTERED SEMICONDUCTOR: Completes Private Shares Placement
-----------------------------------------------------------
Chartered Semiconductor Manufacturing limited announced that
after the approval of all proposed resolutions at the Company's
Extraordinary General Meeting (EGM) held on Aug. 17, 2005, it
completed its private placement of USD300 million (SGD497.8
million) of Units.

Goldman Sachs is the lead manager for the Units, which comprise
convertible redeemable preference shares of par value USD0.01
(SGD1.66) each and amortizing bonds due in 2010, with an
aggregate issue price of USD300 million (SGD497.8 million). The
USD300 million Units issuance comprises USD250 million (SGD414.8
million) of Units previously announced and USD50 million
(SGD82.98 million) of additional Units purchased.

The completion of the Units Private Placement has allowed the
Company to increase equity without immediately diluting its
ordinary shares. The Preference Shares will be convertible into
new Ordinary Shares or, subject to certain limitations, American
Depositary Shares of Chartered Semiconductor at the election of
their holders, at a conversion price of USD0.8719 per Ordinary
Share versus today's closing share price of USD0.7185 (based on
the Aug. 16, 2005 USD/SGD exchange rate of USD0.6038 per
SGD1.00) per Ordinary Share. The conversion premium of the
Preference Shares results in less dilution to the Ordinary
Shares compared to an offering of Ordinary Shares.


Chartered Semiconductor issued an initial principal amount of
approximately USD47 million (SGD77.98 million) of Amortizing
Bonds. The Amortizing Bonds will pay semi-annual cash payments
of USD5.47 million (SGD9.08 million) per payment, as a
combination of principal and interest, on February 17 and August
17 of each year, beginning on February 17, 2006, and will
amortize to zero at maturity on August 17, 2010.

The Company intends to use the net proceeds from the Units
Private Placement primarily to repay some of its current debt
with the remainder to be used for other working capital and
general corporate purposes.

At the Aug. 17 EGM, Chartered's shareholders approved (1) an
increase in the Company's authorized share capital by the
creation of the new Preference Shares, (2) an amendment to
Chartered's articles of association to incorporate the terms of
the Preference Shares and (3) the issuance of the Preference
Shares and the Ordinary Shares issuable upon conversion of the
Preference Shares.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax:   65 63622938
Web site: http://www.charteredsemi.com


CITIRAYA INDUSTRIES: Bribery Suspects to Plead Guilty
-----------------------------------------------------
In the latest update on the arrest of four employees of waste
recycling firm Citiraya Industries on bribery charges, their
lawyers say that they are set to plead guilty to the charges,
reports Channel News Asia.

The employees were arrested in June for accepting almost SGD2
million as a bribe to sell microprocessor chips on the black
market instead of recycling them.

Laawyers of the accused announced at a pre-trial conference held
on Aug. 17 that the case was adjourned to Sept. 15, in order to
enter the guilty plea.

The lawyer of Johnny Seow Tecj Keng said that the accused is
willing to agree to the prosecution's offer to plead guilty to
10 charges, with 53 other charges to be considered. He faces the
most number of charges, having accepted SGD1.7 million in
bribes.

The lawyers representing the three other employees said that the
accused are willing to plead guilty to reduced charges.

Citiraya Industries former assistant general manager is also up
on 193 charges of faking accounts and giving bribes, and is set
to appear at a pre-trial conference set on Sept. 5.

CONTACT:

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


COCREATE SOFTWARE: Liquidator Asks Creditors to Submit Claims
-------------------------------------------------------------
Notice is hereby given that the creditors of Cocreate Software
Far East Pte Limited, whose debts or claims have not already
been admitted, are required to submit particulars of their debts
or claims and any security held by them to the Company
liquidator on or before Sept. 12, 2005.

This should be done by delivering or sending (through the post)
a formal Proof of Debt containing their respective debts or
claims to the Liquidator's office. Failure to do so will exclude
creditors from the benefit of any distribution made before their
debts or claims are proved or their priority is established, and
from objecting to the distribution.

Dated this 12th day of August 2005

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

CONTACT:

Cocreate Software Far East Pte Limited
Blk 19 Kallang Avenue
#03-161/163
Singapore 339410
Phone: 65 6393 2410
Fax:   65 6291 0465
Email: Gary_Brown@CoCreate.com
Web site: http://www.cocreate.com/


DELPHA INVESTMENTS: Intends to Pay Dividend Soon
------------------------------------------------
Delpha Investments Pte Limited, of 47 Hill Street #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365,
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Delpha Investments Pte Limited
Last day for receiving proofs: Aug. 26, 2005
Name  & address of Liquidators: Kon Yin Tong and Wong Kian Kok
Foo Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce & Industry Building
Singapore 179365

Dated this 12th day of August 2005

CONTACT:

Delpha Investments Pte Limited
22 Tanjong Kling Road Singapore 628048
Phone: 65 67757726   
Fax:   65 62617569


TOKYO PIGEON: Creditors Given Until Sept. 12 to Submit Claims
-------------------------------------------------------------
Notice is hereby given that the creditors of Tokyo Pigeon
Manufacturing Pte Limited, whose debts or claims have not
already been admitted, are required on or before Sept. 12, 2005
to submit particulars of their debts or claims and any security
held by them to the Liquidator on or before Sept. 12, 2005.

This should be done by delivering or sending a formal Proof of
Debt containing their respective debt claims to the Liquidator.
In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established, and from
objecting to the distribution.

Dated this 12th day of August 2005

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

CONTACT:

Tokyo Pigeon Manufacturing Pte Limited
9 Bukit Batok Street
22 #02-00 Singamip Building
Singapore 659585
Phone: 65 65693060   
Fax:   65 65643093,65655157


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

CENTRAL PAPER: SET Suspends Trading of Securities
-------------------------------------------------
The Stock Exchange of Thailand (SET) announced that Central
Paper Industry Public Company Limited (BSI) 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.

CONTACT:

Central Paper Industry Public Company Limited   
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn    
Telephone: 0-2383-0257-70   
Fax: 0-2383-0208-9     


DATAMAT: Failure to Submit FS Prompts Trading Halt
--------------------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Datamat Public Company
Limited (DTM) 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:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th
  

M.D.X: Trading of Securities Suspended
--------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of M.D.X. Public Company
Limited (MDX) 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:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


NATURAL PARK: Unveils Operating Performance for 2Q
--------------------------------------------------
Natural Park Public Company Limited has recently submitted the
reviewed interim financial statements for the period ended June
30, 2005 to the Stock Exchange of Thailand with a view to share
the information with general investors.  

The key indicators and changes regarding the financial status
and operating performance are:

Financial Position of the Company

As at 30 June 2005, the Company has strong financial position
due to the total assets of THB15,765.72 million and total
liabilities of THB8,345.34 million and total shareholders equity
of THB7,420.38 million or Book Value per share of THB0.92, which
improved the Debt to Equity Ratio from 1.18 times in 2004 to
only 1.12 times at present since the Company's total liabilities
reduced by THB910.24 million from 2004 because the Company
repaid some debt to financial institutions and also paid tax.

Operating Performance of the Company

Operating performance for the six-month ended June 30, 2005
compared over the same period of year 2004.

The Company has total revenue of THB811.92 million, which
increased by THB125.91 million from 2004 or increased by 18.35
percent.

The increase was due to the increase in revenue from share of
profits from investments in associates and gain on sale of
investment in associates totaled THB239.38 million, which
increased 200.64 percent.

In addition, the Company has revenue from restaurant business
such as Le Notre and others totaled THB47.12 million, which
increased by 284.33 percent.  However, the revenue from hotel
business declined by THB52.27 million because the hotel of
Pacific Assets Public Company Limited in Phuket was affected by
the slow down in the tourism in Phuket.

In term of expenses, the Company has total expenses of THB878.90
million or increased by 15.80 percent.  Nonetheless, the
increase in revenue that increased by 18.35 percent exceeded the
increase in expenses that increased by 15.80 percent,
consequently, net loss of THB270.74 million in 2004 was reduce
to net loss of THB225.35 million in 2005 or loss declined by
THB45.40 million or the loss declined by 16.77 percent.  

Also, the increase of expenses mainly came from the increase in
selling and administrative expenses, which was in-line with the
business expansion through development of real estate projects
and investment in service businesses.

In conclusion, the Company's operating performance for the six-
month ended June 30, 2005 was better than that of the same
period of year 2004.

Operating performance for the quarterly (3-month) ended June 30,
2005 compared over the same period of year 2004.

The Company has total revenue of THB358.19 million and increased
by 17.92 percent due mainly to the revenue from the share of
profits from investments in associates amounted THB92.93 million
and revenue from restaurant business of THB21.19 million from Le
Notre and others.

However, the revenue from hotel business declined by THB24.43
million due to the hotel of Pacific Assets Public Company
Limited in Phuket was affected by the slow down in the tourism
in Phuket. Also, total expenses increased by 21.52 percent
mainly came from the increase in selling and administrative
expenses, which was in-line with the business expansion through
development of real estate projects and investment in service
businesses.

The Company has net loss for the quarterly ended year 2005
amounted THB197.01 million and loss increased by 3.06 percent.
The net loss this year was relatively the same as of year 2004
that has a net loss of THB191.16 million.

At present, the Company still develop and renovate all projects
for faster revenue generation by implementing the strategy of
purchasing the properties, develop and renovate in order to add
value to the properties and consider to sell the properties with
good return that maximize profit to the Company.

Please be informed accordingly.

Sincerely Yours,
Mr. Sermsin Samalapa
President and Chief Executive Officer

CONTACT:

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


PICNIC CORPORATION: Clarifies Q2 Operating Results
--------------------------------------------------
Picnic Corporation Public Company Limited issued to the Stock
Exchange of Thailand (SET) a clarification on its six-month
operational results ended June 30, 2005.

The Company and its subsidiaries have net profit amounting to
THB101.95 million which decreased THB64.06 million or 35.59
percent compared to the net profit of the same period last year.

The details:

(1) Interest Expense
   
- Interest expenses, amounted to THB142.08 million, an increase
of THB92.23 million from the same period last year. The increase
is due to the enormous business expansion compared to the second
quarter of 2004 such as investment in oil trading, domestic and
international LPG trading, including LPG distribution service.
Thus, the Company has to raise more debts.

(2) Corporate Income Tax
   
- The Company has corporate income tax amounting to THB72.02
million which increased from the same period last year about
THB50.02 million. In 2004, the Company had retained loss brought
forward from the previous years which can be used to deduct
taxable income while, in 2005, the Company has to pay income tax
for the full amount of profit before tax since all retained loss
had been used during 2004.

Please be informed accordingly

Yours sincerely
Mr. Nattachai Aramrasmewanich
Director

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok  
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com



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

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


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


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


JAPAN
------
Fujitsu Comp Ltd                6719        20.63      283.16


MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





  





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

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

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

This material is copyrighted and any commercial use, resale or
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