TCRAP_Public/050822.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

             Monday, August 22, 2005, Vol. 8, No. 165

                            Headlines

A U S T R A L I A

APEX TELECOMMUNICATIONS: Liquidator to Detail Wind Up Manner
BACTON PTY: Members Decide to Close Operations
BEELAZ PTY: Prepares to Declare Dividend
BONLAC FOODS: Proposed Capital Reduction Gets Members' Nod
CITIE CENTRE: Enters Liquidation

CRM TECHNOLOGIES: Creditors Ratify Liquidator's Appointment
DONNOLLEY HOLDINGS: Initiates Wind Up Process
EG GREEN: State Unlikely to Throw Lifeline
ENTERTAINMENT MEDIA: To Restructure Debt of Canadian Ops
FRONT ROW: Appoints Official Liquidator

HEADSTART CORPORATION: Creditors, Members Resolve to Wind Up
ION LIMITED: Three Directors Step Down
JAMES HARDIE: Q1 Operating Profit up 51% to US$55.9 Mln
JAMES HARDIE: Asbestos Payout Held Up Over Tax Wrangle
LITTLEFIELD HOLDINGS: Liquidator to Explain Wind Up Report

MPI DEVELOPMENTS: Creditors Agree to Wind Up Business
MURRAY VALLEY: Inability to Pay Debt Leads to Liquidation
NATIONAL AUSTRALIA: Former Financial Adviser Permanently Banned
OSTILLA PTY: Members Opt for Voluntary Liquidation
PENNY & LANG: Meatworks' Creditors to Decide on Liquidation

PRO AM: Members, Creditors Review Liquidator's Report
QANTAS AIRWAYS: Profit Before Tax Fetches $1,027.2 Mln
RHINO RENDERING: Supreme Court Orders Wind Up
ROSS M. MEROLLI: Members Pass Winding Up Resolution
SIRAMA AUSTRALIA: Members, Creditors to Meet on Aug. 26

SONS OF GWALIA: Administrators Seek Holding DOCA
SONS OF GWALIA: Expects Tantalum Ruling by Year-end
STANDELL PTY: Winds Up Operations
STREETWISE GROUP: Ex-employee Allegedly Takes Property
TANDOU LIMITED: Warns of Earnings Downgrade

TULLY CORNER: Schedules Final Meeting August 26
WALTER CONSTRUCTION: Workers to Get Full Payout
WEBSTER MANUFACTURING: Placed Under Voluntary Wind Up
WILSON METALWORKS: To Pay Dividend to Creditors
XANADU WINES: ASX Grants Waiver from Listing Rule


C H I N A  &  H O N G  K O N G

BANK OF CHINA: To Sell 10% Stake to Investor Group
BANK OF CHINA: S&P Says Ratings Unaffected by RBSG Takeover
CHINA AVIATION OIL: Penalized for Insider Trading
DECLAMAC COMPANY: Opts to End Operations
DIALIGHT COMPANY: Sets Creditors, Contributories Meeting

FONG CHING: Winding Up Hearing Set October 5
HEALAND DEVELOPMENT: Court Orders Winding Up
HONDEX PROPERTIES: Decides to Undergo Liquidation
KIU WONG: Creditors' Proofs of Claim Due September 5
METZLER INTERNATIONAL: Winding Up Hearing Slated for September 7

PCCW LIMITED: Interim Profit Up 43%
SEGOS ELECTRONICS: Winding Up Hearing Fixed October 5
SILVER STAR: Enters Winding Up Proceedings
TAT CHI: Set to Wind Up Operations
TOPGAIN INTERNATIONAL: Court Releases Wind-up Order

WUHAN SECURITIES: CSRC Orders Shut-Down
W.S. REALTY: To Undergo Winding Up Process


I N D O N E S I A

NEWMONT MINING: Seeks Dismissal of Pollution Case
PERTAMINA: Crude Oil Output Reaches 133,000 Barrels Per Day
PERTAMINA: Seeks Alternative Energy Source
PERUSAHAAN LISTRIK: Blackout Fuels Huge Industry Losses


J A P A N

KANEBO LIMTED: VP Indicted for Falsifying Statements
MITSUBISHI MOTORS: Shares Up on Electric Car Reports
SEIYU LIMITED: 1H/2005 Net Loss Widens to JPY10.59 Bln
TOSHIBA CORPORATION: Hits 100 Mln Milestone HD Drive Shipments
TOSHIBA CORPORATION: Shifts Laptop Production to China

UFJ HOLDINGS: Move Towards Integration


K O R E A

ASIANA AIRLINES: Throng of Passengers Clamor for Free Flight
INCHON OIL: Six Investors Signify Bid Interest


M A L A Y S I A

ACP INDUSTRIES: Seeks Shareholders OK to Buy Back Shares
AKTIF LIFESTYLE: Submits Proposed Restructuring Application
DATAPREP HOLDINGS: Bourse to List, Quote New Shares
GADANG HOLDINGS: Issues New Shares for Listing, Quotation
GULA PERAK: Bourse Grants Listing of New Shares

HAP SENG: Repurchases Ordinary Shares
KIA LIM: SC Extends Time to Complete Proposal
KRETAM HOLDINGS: Wraps Up Proposed Rationalization
MBF HOLDINGS: Court Adjourns Hearing to October
PADIBERAS NASIONAL: New Shares up for Listing, Quotation

PAN MALAYSIA: Buys Back Ordinary Shares
TELEKOM MALAYSIA: Unit Enters Into Joint Venture Agreement


P H I L I P P I N E S

LIBERTY TELECOMS: Trading in Halt After Debt Relief Filing
METRO PACIFIC: Turns Around in 1H/FY05 with Php90.9-Mln Profit
NATIONAL BANK: Taipan Wins Bid for Controlling Stake
NORTHERN FOODS: TRO Reviews Tomato Paste Anti-Dumping Case
PRICESMART INCORPORATED: Mulls Shift in Product Mix


S I N G A P O R E

MENG FATT: Set Discuss Liquidation Matters at Meeting
NASSIM MANSION: Creditors' Proofs of Debt, Claims Due Sept. 12
NIHON SEKKEI: Receiving Proofs of Claims Until September 12
OMIXASIA.COM LIMITED: Parent Firm Initiates Liquidation
PLATO CAPITAL: Returns to Black in 2005

SWITCHGEAR & INSTRUMENTATION: Creditors Must Submit Debt Claims


T H A I L A N D

HANTEX: Securities Trading Suspended
NATURAL PARK: Says Damage from Flood Minimal
PICNIC CORPORATION: Releases 2Q Financial Results
POWER-P: SET Halts Trading of Securities
PREMIER ENTERPRISE: Auditor Unable to Reach Conclusion on FS

THAI AIRWAYS: New Airbus Delivery to Push Through

     -  -  -  -  -  -  -  -

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

APEX TELECOMMUNICATIONS: Liquidator to Detail Wind Up Manner
------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Apex Telecommunications Pty Limited will be held on
Aug. 26, 2005, 10:00 a.m., to have an account laid before them,
showing them the manner of the winding up and disposal of
Company property, and to hear any explanations that may be given
by the Liquidator.

Dated this 18th day of July 2005

Roderick M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
Phone: 02 9233 2111, Facsimile 02 9233 2144


BACTON PTY: Members Decide to Close Operations
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Bacton Pty Limited on July 11, 2005 it was
resolved that the Company be wound up, and Kim Wallman, of K. S.
Wallman & Co., Level 2, 15 Rheola Street, Perth WA was appointed
Liquidator for the winding up.

Dated this 11th day of July 2005

K. S. Wallman
Liquidator
K. S. Wallman & Co.
Level 2, 15 Rheola Street
Perth WA


BEELAZ PTY: Prepares to Declare Dividend
----------------------------------------
Beelaz Pty Limited will declare a first & 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 will 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


BONLAC FOODS: Proposed Capital Reduction Gets Members' Nod
----------------------------------------------------------
The members of Bonlac Foods Limited met Thursday and approved
the proposed capital reduction as set out in the Explanatory
Statement which accompanies the Notice calling the meeting on
August 18, 2005 (Explanatory Statement)).

The total number of proxy votes in respect of which the
appointments specified that:

- the proxy is to vote for the resolution was 134,388,302.
- the proxy is to vote against the resolution was nil;
- the proxy is to abstain on resolution was nil; and
- the proxy may vote at the proxy's discretion was nil.

The total number of votes cast on the poll were as follows:

- 134,388,302 in favor of the resolution;
- nil against the resolution; and
- nil abstaining on the resolution.

Meeting of A Class Shareholder

Subsequent to that meeting the A Class shareholder met and
approved the cancellation of the A Class shares in accordance
with the Explanatory Statement.

The total number of proxy votes in respect of which the
appointments specified that:

- the proxy is to vote for the resolution was 67,194,151;
- the proxy is to vote against the resolution was nil;
- the proxy is to abstain on the resolution was nil; and
- the proxy may vote at the proxy's discretion was nil.

The total number of votes cast on the poll were as follows:

- 67,194,151 in favor of the resolution;
- nil against the resolution; and
- nil abstaining on the resolution.

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/


CITIE CENTRE: Enters Liquidation
--------------------------------
Notice is hereby given that at a general meeting of members of
Citie Centre 4 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
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland


CRM TECHNOLOGIES: Creditors Ratify Liquidator's Appointment
-----------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
CRM Technologies Pty Limited held on July 11, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Danny Vrkic of Jirsch Sutherland & Co., Wollongong
Chartered Accountants be appointed Liquidator.

Creditors confirmed the Liquidator's appointment at a creditors'
meeting held later that day.

Dated this 19th day of July 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co.
Wollongong Chartered Accountants
PO Box 573, Wollongong NSW 2500


DONNOLLEY HOLDINGS: Initiates Wind Up Process
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Donnolley Holdings Pty Limited held on July 11, 2005, it was
resolved that the Company be wound up voluntarily. Helen
Christensen of Howard & Christensen Chartered Accountants, 550
Smollett Street, Albury, NSW 2640 was appointed liquidator for
the winding up.

Dated this 11th day of July 2005

Helen Christensen
Liquidator
Howard & Christensen Chartered Accountants
550 Smollett Street, Albury NSW 2640


EG GREEN: State Unlikely to Throw Lifeline
------------------------------------------
The State Government may refuse to fund a bail-out of West
Australia's biggest meat processor, EG Green and Sons.

The West Australian report came after Agriculture Minister Kim
Chance met company representatives Tuesday last week.

Mr. Chance said he would ask National Australia Bank, the firm's
banker, for more time to resolve its problems. He added it would
probably be close to four weeks before the company's abattoir
was operating again rather than the two weeks first forecast.

Earlier, Mr. Chance met with the Green family and discussed
about a possible tax-payer funded bailout.

But despite little possibility of a government rescue, Mr.
Chance is confident the veteran meat processing firm will stay
in business.

"It's a company of such importance to the industry and to the
region that it is absolutely vital that it does continue to
trade," he said.

EG Green & Sons, which accounts for 90 percent of WA's beef
exports, was forced to close down its abattoir for two weeks
starting August 12.

The move alarmed the State's cattle industry and placed more
than 500 jobs at risk. Calls for the Government to intervene
were echoed by the Opposition and the Australian Beef
Association, which described the crisis as the biggest issue to
confront the WA cattle industry in 25 years.

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


ENTERTAINMENT MEDIA: To Restructure Debt of Canadian Ops
--------------------------------------------------------
The Board of Entertainment Media & Telecoms Corporation Limited
(EMT) announced that as foreshadowed in the release made on
August 1, 2005, as part of its on going drive to achieve
positive cash flow from all of its operations in the U.S.,
Canada and the Asia Pacific Region, it has put into place a
restructuring programme that will quarantine and dispose off
approximately AU$2.0 million of the legacy liabilities of GalaVu
Entertainment Network Inc. (GalaVu), a subsidiary of EMT's
Canadian-based subsidiary Entertainment Media & Media & Telecoms
Corporation (Canada) Inc. (EMT Canada).

The process is expected to allow the liabilities, which were
assumed an acquisition of GalaVu on April 1, 2005, to be
satisfied from internally generated funds available to GalaVu,
without recourse to any funding from EMT Canada, or from EMT.

The process has also required that the operations first be
turned cash flow positive before the restructure could commence.
The Board is pleased to advise that it was able to achieve this
by the end of July 2005 and as of August 2005, other than for
the once-off restructuring costs, the Canadian operations are
expected to produce CND$90-CND$120K of quarterly positive cash
flow, a turnaround of CND$340K-CND$370K per quarter, since its
acquisition on April 1, 2005.

Given the U.S. operations are already cash flow positive; the
restructure of the Canadian operations is expected to
substantially change for the better the future landscape of
EMT's North American assets (Canada & U.S.), and will give EMT
the ability to substantially fund the installation of the sales
pipeline internally. Based on advice received and the timetable
set by advisors in Canada, EMT expects that the process will be
completed within 3 months.

CONTACT:

Entertainment Media & Telecoms Corporation Limited
Level 22, AGL Centre
111 Pacific Highway
North Sydney NSW 2060
Australia
PO Box 539
North Sydney NSW 2059
Australia
Phone:  +61 (0)2 9954 4200
Fax:  +61 (0)2 9954 5220
E-mail: info@emtcorp.com.au
Web site: http://www.emtcorp.com.au/


FRONT ROW: Appoints Official Liquidator
---------------------------------------
Notice is hereby given that at a General Meeting of Front Row
Saddlery Pty Limited held on July 9, 2005, it was resolved that
the Company be wound up voluntarily as a Members' Voluntary
Winding up and that for such purpose, Brett Phillip Watson be
appointed Liquidator.

Dated this 9th day of July 2005

Brett Phillip Watson
Liquidator
229 Pacific Highway, Hornsby NSW 2077


HEADSTART CORPORATION: Creditors, Members Resolve to Wind Up
------------------------------------------------------------
Notice is now given that at meetings of members and creditors of
Headstart Corporation Pty Limited convened and held on July 11,
2005, creditors resolved to wind up the Company and appointed R.
A. Sutcliffe to be Liquidator for such purpose.

Dated this 11th day of July 2005

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


ION LIMITED: Three Directors Step Down
--------------------------------------
Colin Nicol of McGrathNicol and Partners advised that John
Pizzey, Roger Flynn and Tom Klinger resigned as directors of ION
Limited (Subject to Deed of Company Arrangement) effective
August 3, 2005.

CONTACT:

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


JAMES HARDIE: Q1 Operating Profit up 51% to US$55.9 Mln
-------------------------------------------------------
James Hardie on Friday announced a 51% increase in operating
profit from continuing operations to US$55.9 million for the
three months ended 30 June 2005.

The strong first quarter results included a 17% increase in net
sales, a 31% increase in gross profit and a 49% lift in EBIT.

The U.S.A. Fibre Cement business continued to perform strongly
during the quarter, lifting net sales 19% and expanded margins
leading to a 49% increase in EBIT.

Its Asia Pacific Fibre Cement business continued to perform well
despite softer market conditions during the quarter, with the
Australia and New Zealand business recording a flat EBIT and the
Philippines business delivering another positive EBIT result.

Diluted earnings per share from continuing operations increased
49% for the quarter from US 8.1 cents to US 12.1 cents.

The company continued to incur costs related to the Special
Commission of Inquiry into the establishment of the Medical
Research and Compensation Foundation (the SCI) and other related
matters, totaling US$5.2 million for the quarter, along with a
related income tax benefit of US$0.2 million.

Operating profit from continuing operations for the quarter
includes a US$1.4 million loss related to the sale of its
Chilean business in July 2005.

Meanwhile, the company is continuing to work towards completion
of a Principal Agreement with the NSW Government to establish
and fund a special purpose fund to provide compensation on a
long-term basis for proven asbestos claims against Amaba, Amaca,
ABN 60 and Asbestos Mines (former James Hardie Australian
subsidiaries).

When it entered into the non-binding Heads of Agreement in
December 2004, it specified that tax deductibility of payments
to the special purpose fund was a condition precedent to
proceeding to a binding agreement. This recognized that all
parties to the Heads of Agreement (The Australian Council of
Trade Unions, UnionsNSW, the NSW Government, a representative of
the asbestos claimants and the Company) agreed that tax
deductibility of the payments is a critical factor regarding
affordability of the proposed voluntary funding arrangements. We
are continuing to discuss tax deductibility of the payments with
the Australian Taxation Office and the Commonwealth Treasury.

Under applicable accounting standards, the Company has not
established a provision for asbestos-related liabilities as of
30 June 2005 because at this time such liabilities do not fall
within the relevant accounting definitions of being probable and
estimable.

The need for the establishment of a provision for asbestos-
related liabilities will continue to be reviewed as discussions
on the voluntary funding proposal continue.

A copy of the entire media release is available for download
free of charge at:
http://bankrupt.com/misc/tcrap_jameshardie081905.pdf

CONTACT:

Investor and Analyst Inquiries:

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

Media Inquiries:

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


JAMES HARDIE: Asbestos Payout Held Up Over Tax Wrangle
------------------------------------------------------
A squabble between James Hardie Industries and the tax office
has caused the delay of asbestos compensation payments,
according to The Australian.

The issue is one of a number of problems delaying the
postponement of finalization of the asbestos compensation deal
with NSW government, which had been expected to be completed by
now.

James Hardie wants any payouts to asbestos victims to be tax
deductible but the Australian Tax Office (ATO) and federal
treasury are yet to make a ruling on whether this will occur.

Company chief executive Louis Gries said tax deductibility was a
crucial factor in whether the compensation deal actually went
ahead.

The tax deductibility of the payouts was a condition of the
draft compensation agreement signed by James Hardie, the NSW
government and unions last December.

There are also a number of sticking points in the negotiations
with the NSW government over the deal, worth as much as $4.5
billion over the next four decades.

Mr. Gries said most of these related to situations that could
arise a long way into the future.

One potential situation would be if James Hardie sold its 110-
year-old Australian operations and instead focused on its 15-
year-old U.S. business, which now represents more than three
quarters of its sales.

Mr. Gries refused to categorically rule out whether that would
happen but said there were no current plans to exit its
Australian business.

Despite negotiations over the compensation deal dragging on for
almost nine months, Mr. Gries said he could not put a time frame
on when they were likely to be finalized.

He said he was not concerned about a potential union backlash if
the negotiations suffered further delays, as he was "very
confident" the deal would ultimately go ahead.

However, if the tax ruling did not come through, or if
negotiations with the government could not be resolved, Mr.
Gries said James Hardie remained committed to compensating its
asbestos victims.

Currently victims are being paid from a fund set up by the
company, but there is only enough money to last until March next
year.


LITTLEFIELD HOLDINGS: Liquidator to Explain Wind Up Report
----------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Littlefield Holdings Pty Limited will be held on
Aug. 26, 2005, 12:00 p.m. at Frasers Insolvency Advisory, Level
9, 99 Elizabeth Street, Sydney NSW 2000 for the following
reasons:

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


MPI DEVELOPMENTS: Creditors Agree to Wind Up Business
-----------------------------------------------------
Notice is hereby given that at meetings of creditors of MPI
Developments Pty Limited held on July 11, 2005, it was resolved
that the Company be wound up, and Robyn Louise Duggan and Steven
John Sherman of Ferrier Hodgson, Level 17, 2 Market Street,
Sydney NSW 2001, Australia were appointed Liquidators for the
wind up.

Dated this 26th day of July 2005

Robyn L. Duggan
Steven J. Sherman
Joint Liquidators
Ferrier Hodgson
GPO Box 4114, Sydney NSW 2001


MURRAY VALLEY: Inability to Pay Debt Leads to Liquidation
---------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Murray Valley Hire Pty Limited held on July 12, 2005 the
following Special Resolution was duly passed:

That the Company be wound up by a creditors' voluntary winding
up, as the Company's directors think that it is unable to pay
its debts within 12 months.

Christopher Chamberlain of Nicholls & Co. Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, NSW was appointed Liquidator of the Company for such
purpose.

Dated this 13th day of July 2005

Christopher Chamberlain
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


NATIONAL AUSTRALIA: Former Financial Adviser Permanently Banned
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
permanently banned Mr. Phillip Ian Bates, of Toowoomba in
Queensland, from providing financial services.

Mr. Bates was formerly employed as an authorized representative
of the National Australia Bank (NAB) at its Financial Services
Centre in Toowoomba. On 21 April 2005, NAB terminated his
employment for failing to comply with the Corporations Act and
the NAB's compliance requirements. NAB referred the matter to
ASIC and the Queensland Police.

ASIC found that Mr Bates:

(1) has a propensity to engage in dishonest conduct in
connection with other people's money and hence will, if given
opportunities, engage in dishonest conduct in connection with
providing advice regarding financial products

(2) has a propensity to engage in deceptive conduct regarding
the use of other people's money and hence will, if given
opportunities, engage in deceptive conduct in connection with
financial products.

"ASIC will act quickly to remove participants from the financial
services industry who cannot act honestly and with integrity
when dealing with client funds," ASIC's Deputy Executive
Director of Enforcement, Mr. Allen Turton said.

Mr. Bates has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC's decision.


OSTILLA PTY: Members Opt for Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ostilla Pty Limited held on July 11, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
Richard Herbert Judson of Judson & Co. Chartered Accountants,
Level 1, 10 Park Road, Cheltenham be appointed liquidator of the
Company.

Dated this 11th day of July 2005

Richard Herbert Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


PENNY & LANG: Meatworks' Creditors to Decide on Liquidation
-----------------------------------------------------------
Creditors of a failed abattoir Penny & Lang will decide whether
to liquidate the business on Tuesday, according to ABC News
Online.

The Victorian abattoir Penny & Lang, the latest victim of modern
processing, ceased operations last week after falling into
administration.

Up to 100 workers from the Penney and Lang abattoir at
Carisbrook are looking for work after the meatworks closed.

Administrator PPB says it is helping the workers apply to a
Federal Government fund for workers' entitlements.

The company's Joe Dicks says the fund is available to reimburse
retrenched workers when there are insufficient funds left over
from the administration process.

"Now there's no guarantee that they will be paid. However, based
on previous experience and precedent, the fund does generally
pay any outstanding annual leave, long service leave and a
number of weeks towards notice pay and redundancy which is
normally capped at about eight weeks," he said.

Penny & Lang has been a valuable competitor at southern
saleyards, killing about 7000 lambs and sheep and 400 cattle a
week. Yet it's demise is a minor shock compared with that of
West Australian processor EG Green & Sons, whose closure is a
major blow to the red meat sector.

Penny & Lang reportedly owed money, but not a significant
amount. Its abattoir is not connected to Penny & Lang Meat
Wholesalers. It is a separate company that continues to trade.


PRO AM: Members, Creditors Review Liquidator's Report
-----------------------------------------------------
Notice is given pursuant that a final meeting of members and
creditors of Pro Am Travel Pty Limited will be held on Aug. 26,
2005, 2:30 p.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


QANTAS AIRWAYS: Profit Before Tax Fetches $1,027.2 Mln
------------------------------------------------------
Qantas Airways Limited on Thursday announced a profit before tax
of $1,027.2 million for the year ended 30 June 2005, a 6.5
percent increase on the previous year.

The net profit after tax was $763.6 million, up 17.8 percent.

The Directors declared a fully franked dividend of 10 cents per
share. Dividends for the full year total 20 cents per share,
three cents higher than last year.

Qantas also announced for the second consecutive year a one-off
cash bonus of AU$1,000 for all eligible non-executive employees.

The Chairman of Qantas, Ms Margaret Jackson, said the record
result was a credit to Qantas staff and management.

"The company responded extremely well to ever-increasing
competition, rapidly escalating oil prices and the heightened
security environment."

Ms Jackson said she was pleased that a sub-committee of senior
Cabinet ministers would be reviewing Australia's aviation policy
settings.

"Clear policy decisions and guidelines from the Government's
deliberations will better enable Qantas to prepare for the
future.

"Qantas is one of the most competitive airlines in the world,
but this competitiveness can easily be eroded by the distortions
inflicted on global aviation by widespread government ownership,
subsidies and guarantees.

"What is needed are policies that understand and, where
possible, take into account these distortions."

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
fuel represented the greatest challenge for Qantas in the coming
24 months.

"Fuel in 2004/05 was 19 per cent of our total operating costs,
up from around 15 per cent in 2003/04. It will increase to
almost 30 per cent of our total operating costs in 2005/06."

Mr. Dixon said the main drivers of the 2004/05 result were:

- The successful introduction of the value based domestic
carrier Jetstar that provided Qantas with strong competitive
business models in all sections of the domestic market - full
service, low cost and regional.
- An improvement in yields, excluding the unfavorable impact of
foreign exchange rate movements, of 2.0 per cent.
- Cost and efficiency savings of $545 million from the
Sustainable Future Program.

The savings comprised fleet, product and overhead initiatives
($279 million), labor ($150 million) and distribution ($116
million).

- A unit cost reduction, before the impact of unfavorable fuel
cost movements, of 5.8 per cent.
- A continued investment in product and service that saw overall
customer satisfaction levels, particularly amongst business
flyers, reach all time highs.

Mr. Dixon said Qantas' success in recent years had been achieved
by growing all its flying segments, while using that growth as
the catalyst for substantially reducing unit costs.

Mr. Dixon said Qantas would base its growth in the next 12
months on new international markets, while expanding existing
profitable markets, on substantially increasing freight revenues
and on expanding the Jetstar brand.

"Jetstar has been a marked success and lowered its cost base in
the second half of the year to 7.62 cents per ASK, making it the
lowest cost carrier in Australia, even with a mixed fleet.

"As additional A320s are introduced to the fleet, we expect
Jetstar's cost advantage over the competition to increase
further, giving it an enviable position from which to grow both
in Australia and internationally."

Mr. Dixon said that despite the airline's good performance in
the domestic market, there was no room for complacency.

"Competition in the domestic market will increase, with the
start-up of new carrier OzJet later in the year and Virgin
Blue's stated intention of seeking a much larger share of
business traffic."

He said the significant growth in capacity well ahead of demand
by other international airlines would continue to remain a
challenge.

"Qantas International has handled this competitive pressure,
increasing capacity by 8.9 per cent over the year as four new
A330-300 aircraft came into service, and investing in new
markets in China and India."

Mr. Dixon said he was confident Jetstar Asia would, following
the merger with Valuair, secure a strong position in the Asia
value-based airline market.

"We are committed, as are our partners, to establishing a
growing and viable airline," he said.

Mr. Dixon said Qantas faced a further increase in fuel costs of
$1.25 billion in the 2005/06 year, after the benefit of hedging.

"While the net impact of surcharges will offset $600 million of
this amount, the airline still faces an increased outlay of $650
million on yesterday's market prices.

Mr. Dixon said while Qantas had put many challenges behind it,
new challenges were appearing.

"In fact, we expect them to grow, driven by three key factors
that are outside our control - the extraordinary cost of fuel,
escalating security charges and increasingly intense competition
from other airlines," Mr. Dixon said.

"We face a difficult 24 months because of the unprecedented cost
of fuel, which we believe will stay at historic high levels."

Mr. Dixon said the airline's Sustainable Future Program had
targeted savings of $1.5 billion over three years to 2005/06.

Because of the continued high oil prices, additional savings of
up to at least $1.5 billion would be required over the following
two years to 2007/08.

"Over the past five years, our Business Segmentation and the
Sustainable Future Program have provided the platform for our
success.

"We now need to further transform our business so as to secure
another permanent reduction in our cost base in line with the
new levels of fuel prices facing the industry.

"This will involve some very difficult decisions. One of these
has been the program to reduce the number of management
positions by 15 per cent in the past two months.

"We have reviews under way in all areas of our business. As
further decisions are made, we will consult widely and act in
the best interests of the long term future of Qantas and its
people."

Mr. Dixon said Qantas' decision during the year to open a cabin
crew base in London for 400 Flight Attendants against strong
opposition was a successful outcome of the company's
transformation program.

"The base has enabled us to obtain efficiencies in flying and a
reduction in costs of $18 million a year, while at the same time
providing career opportunities for Australian Flight Attendants.
"Half of the staff at the London crew base relocated from
Australia and the other half were recruited locally - and not
one Flight Attendant in Australia lost their job as a result,"
Mr. Dixon said.

"I want to stress that none of the challenges we currently face
are insurmountable. We have been more successful than most
airlines in responding to all challenges and change in the
industry over the past few years, and we have every intention of
maintaining that success.

"Qantas has a staff complement of 38,000, with 93 per cent
employed in Australia. We have created 10,000 new jobs over the
past 10 years.

"Importantly, in the last four years, during the most volatile
period in this industry, there have been fewer than 400
compulsory redundancies of award-based staff, in stark contrast
to the massive redundancies in many airlines worldwide."

Mr. Dixon said the airline made valuable improvements over the
past year in terms of occupational health and safety, with
injury rates falling by 34 per cent over the 2003/04 figure.

"Fewer injuries clearly benefits employees and their families.
The productivity and cost savings for Qantas are also
substantial."

Mr. Dixon said response to the family friendly initiatives
Qantas introduced in August 2004 had been very positive. New
parents had taken advantage of the 10 weeks' paid maternity
leave and one week's paid paternity leave.

"Our on-site child care facility in Mascot, the Joey Club, has
been well patronized, and additional centres will open in
Melbourne and Brisbane next year," he said.

Outlook

Qantas is performing strongly. The changes we have made to
improve the efficiency of our business have been significant.
However, the extraordinary cost of fuel will have a substantial
ongoing impact on the company. While further reforms in the
business are under way, and coupled with the high fuel price, we
do not expect to achieve the same levels of profitability in the
current financial year.

Group Revenue

Total revenue for the year was $12.6 billion, an increase of
$1,295 million or 11.4 per cent on the prior year compared to
capacity growth, measured in Available Seat Kilometres (ASK), of
9.4 per cent. Excluding the unfavorable impact of foreign
exchange rate movements, total revenue increased by 11.8 per
cent.

Net passenger revenue, including fuel surcharge recoveries,
increased by $857 million or 9.5 per cent to $9.8 billion with
Revenue Passenger Kilometres (RPK) growing 7.0 per cent and
yield improving by 1.7 per cent. Excluding unfavorable foreign
exchange rate movements, passenger revenue was up 9.8 per cent,
with yield improving 2.0 per cent.

Other revenue categories increased by 18.4 per cent reflecting
additional wet-leased freighter capacity, freight fuel
surcharge, growth in outbound tours and travel, various service
fees and charges and the release of surplus revenue provisions
of $52.1 million as reported in the half-year results.

Expenditure

Total expenditure, including borrowing costs, increased by 11.9
per cent or $1,233 million to $11.6 billion. Excluding the
favorable impact of movements in foreign exchange rates, total
expenditure increased by 13.1 per cent.

This increase reflects higher fuel prices that, after hedging
benefits, increased fuel costs by $484.9 million. After
adjusting for the fuel price increase, total expenditure was up
by 7.2 per cent compared to ASK growth of 9.4 per cent.

Manpower and staff related costs increased by 10.4 per cent.
This included Enterprise Bargaining Agreement (EBA) wage
increases of 3.0 per cent, a 5.0 per cent increase in average
full-time equivalent (FTE) employees. The result also includes
the provision of executive and staff bonuses following the
achievement of profitability targets for the year.

Aircraft operating variable costs increased by 9.4 per cent or
$209.0 million, in line with capacity growth. This reflected
higher landing fees and en-route charges, security charges and
other operating costs.

Total fuel costs increased by 42.5 per cent or $576.1 million.
The underlying average jet fuel price was 51.2 per cent higher
than the prior year, increasing costs by $770.4 million, while
increased consumption lifted costs by $188.0 million. Total
hedging benefits of $403.5 million were $285.5 million higher
than the prior year and contributed to reduce the impact of the
underlying fuel price rise to $484.9 million.

Financing charges, including depreciation, non-cancelable
operating lease charges and net interest, increased by 7.3 per
cent or $101.8 million reflecting higher depreciation on new
aircraft and operating lease costs on the Jetstar A320 aircraft.
Net interest costs were 29.3 per cent lower reflecting higher
capitalized interest of $25.2 million on progress payments made
against future aircraft deliveries including the Airbus A380s.

The share of net profit in associates and joint ventures
decreased by $17.9 million reflecting Qantas' share of start-up
costs in Jetstar Asia, Jet Turbine Services and Thai Air Cargo,
offset by increased contributions from Australian air Express,
Star Track Express and Air Pacific.

Sustainable Future Program Benefits

In total, the Sustainable Future Program delivered $545 million
in benefits across the Group in the year, bringing the total
benefits delivered under the Program to over $1 billion. The
savings delivered in the current year comprised labor savings of
$150 million, distribution savings of $116 million and $279
million in fleet, product and overhead initiatives.

Group Unit Costs

Net expenditure cost per ASK, excluding the favorable impact of
foreign exchange rate movements, increased by 1.2 per cent.
After eliminating the impact of unfavorable fuel cost movements,
unit costs improved by 5.8 per cent.

Net Impact of Foreign Exchange Rate Movements

The net impact of foreign exchange rate movements on the overall
profit before tax was a favorable $91.5 million.

Business Reorganization

The EBIT results that follow reflect the continued
implementation of financial reporting system changes to
transition the Qantas Group into three separate business types
(Flying, Flying Services and Associated Businesses) supported by
a corporate centre.

Recharges from Qantas to subsidiaries have increased by
approximately $99 million compared to the prior year. The
recharges include a more accurate allocation of airport,
distribution and IT costs based on a consumption-based review of
services provided.

Qantas Mainline

EBIT for Qantas mainline operations totaled $965.1 million, an
increase of $101.6 million or 11.8 per cent on the prior year.
Excluding the impact of segmentation recharges, EBIT increased
by 0.3 per cent reflecting the significant increase in fuel
prices during the year.

RPKs increased by 2.1 per cent on capacity growth of 4.4 per
cent resulting in a decline in seat factor of 1.8 percentage
points. Yield, excluding the unfavorable impact of foreign
exchange rate movements, improved by 2.6 per cent.

The capacity increase reflected the addition of new A330-300
aircraft in the international business and the impact of reduced
flying in the first quarter of the prior year due to SARS.
Capacity was also increased on key business and long-sector
routes in the domestic market, which offset the reduction in
capacity following the transfer of the Boeing 717 aircraft to
Jetstar.

Net expenditure increased by 3.6 per cent, despite the
significant impact of fuel price rises on net expenditure. This
reflected the favorable impact of productivity improvements and
segmentation recharges.

QantasLink

QantasLink contributed $42.9 million in EBIT, down $54.1 million
or 55.8 per cent on the prior year. Excluding segmentation
recharges of $44.3 million, EBIT declined by $9.8 million or
10.1 per cent.

The adjusted decline in EBIT largely reflects the retirement of
five BAe146-100 aircraft in the first half, resulting in a
capacity reduction of 3.4 per cent. RPKs decreased by 2.7 per
cent, with seat factor improving by 0.5 percentage points.
Yield, excluding the unfavourable impact of foreign exchange
rate movements, improved by 1.7 per cent.

Dash 8 turboprop operations continued to benefit from the
expansion of services on profitable routes and the replacement
of older Dash 8-100 aircraft with Dash 8-Q300 aircraft that
deliver better customer comfort, fuel efficiency and improved
economics.

Jetstar

Jetstar recorded an EBIT result of $44.1 million for the year,
compared to an EBIT loss of $23.4 million in the prior year
whilst it was largely in start-up mode. Jetstar's total cost per
ASK for the year was 8.00 cents, which is below its full year
operating cost target of 8.25 cents per ASK. Second-half unit
cost was 7.62 cents per ASK, which is lower than Virgin Blue's
latest reported unit cost before adjusting for sector length
differences.

Australian Airlines

Australian Airlines reported an EBIT loss of $11.6 million
compared to a profit of $1.1 million in the prior year.
Excluding the impact of segmentation charges of $9.3 million,
EBIT declined by $3.4 million.

This underlying result reflected difficult trading conditions in
the second half due to the impact of the Asian tsunami, travel
warnings to Indonesia, weak leisure demand from Japan and higher
fuel costs.

Market Share

Total Qantas Group international market share fell by 1.5
percentage points to 32.2 per cent based on the latest Bureau of
Transport and Regional Economics (BTRE) statistics for the 12
months to April 2005. While the Qantas Group increased
international capacity 8.9 per cent over the year, international
competitors, in particular state-controlled hub carriers, grew
capacity by over 17 per cent.

Total Qantas Group domestic market share for the 12 months to
May 2005 as reported by the BTRE was 65.9 per cent.

Qantas Holidays

Qantas Holidays contributed $50.9 million in EBIT for the year,
a decrease of $3.2 million on the prior year. Adjusted for the
impact of segmentation and non-recurring items, EBIT improved by
12.2 per cent or $6.6 million reflecting a change in mix to
higher margin land only outbound products coupled with the
stronger Australian dollar.

Qantas Catering

Qantas Catering reported an EBIT of $22.1 million for the year,
which represents a decrease of $67.9 million compared to the
prior year. The underlying variance, once adjusted for the
allocation of new segmentation charges of $37.4 million and
other one-off items of $18.3 million, was a decline of $12.2
million or 13.6 per cent. The underlying performance declined
due to price reductions to Qantas and other clients, and changes
in revenue mix to lower margin products and services. The flight
catering market remains very competitive.

Balance Sheet and Cash Flow

Net cash held at 30 June 2005 was $1,903.8 million, which was
$538.5 million higher than at 30 June 2004.

Cash flow from operations totaled $1,950.0 million, down
marginally on last year. This was predominantly due to higher
tax payments in the current year (the prior year benefited from
a tax refund on hedging losses) and working capital movements
related to shorter advance booking patterns.

Net capital expenditure on new aircraft, aircraft
reconfiguration and spares totaled $1,682.9 million. This
included payments for A330, A320 and B738 aircraft as well as
aircraft refurbishment's including the Skybed program and the
check baggage screening system.

Cash flows from financing activities totaled $15.3 million and
included the reinvestment of dividends under the Dividend
Reinvestment Plan of $175.0 million and the net repayment of
borrowings of $158.4 million.

The book debt to total capital ratio, including operating leases
and hedges, improved from 49:51 at 30 June, 2004 to 45:55 at 30
June 2005, principally due to increased equity from higher
earnings.

Interest cover was 11.9 times, up 3.7 on the prior year.

Earnings per share increased 14.3 per cent to 40.8 cents per
share reflecting increased earnings and the positive impact of
tax consolidations on income tax payable.

The fully franked final ordinary dividend of 10 cents per share
is payable on Wednesday, 28 September 2005, with a record date
(books close) of Wednesday 31 August 2005.

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


RHINO RENDERING: Supreme Court Orders Wind Up
---------------------------------------------
On July 12, 2005, the Supreme Court of New South Wales, Equity
Division ordered the wind up of Rhino Rendering Pty Limited, and
appointed R. J. Porter as Official Liquidator for the winding
up.

R. J. Porter
Liquidator
Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


ROSS M. MEROLLI: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ross M. Merolli Pty Limited held on July 11, 2005,
it was resolved that the Company be wound up voluntarily and at
a meeting of creditors held on the same day, it was resolved
that Leonard A. Milner of Venn Milner & Co. of Suite 1, 43
Railway Road, Blackburn Vic 3130 be appointed Liquidator of the
Company.

Dated this 11th day of July 2005

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


SIRAMA AUSTRALIA: Members, Creditors to Meet on Aug. 26
-------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Sirama Australia Pty Limited will be held on Aug.
26, 2005, 10:30 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: Administrators Seek Holding DOCA
------------------------------------------------
Sons of Gwalia Ltd (Administrators Appointed) creditors will be
asked to approve a holding deed of company arrangement (DOCA).

This will continue for another eight to 12 months the moratorium
on claims against group companies, which has operated during the
administration.

It will allow the Cabot arbitration to be concluded and will
also allow the progress of a test case to establish whether
shareholders who claim to have been misled are creditors.

After this time creditors will have a further opportunity to
review the options and decide on a restructuring or sale of the
assets.

The meeting will be held on August 30, 2005 at the Perth
Convention Exhibition Centre, Auditorium Level 2, 21 Mounts Bay
Road Perth, Western Australia at 11 a.m.

Andrew Love, Garry Trevor and Darren Weaver of Ferrier Hodgson
were appointed joint and several administrators of Sons of
Gwalia and 24 of its subsidiaries August 29, 2004.

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: Expects Tantalum Ruling by Year-end
---------------------------------------------------
The administrators of collapsed Sons of Gwalia Limited expect a
dispute with the miner's biggest tantalum customer to be
resolved late this year, Dow Jones Newswires reports.

Resolution of the long-standing standoff on contract prices is
likely to clear the way for an AU$500 million sale or initial
public offering of Gwalia's Australian tantalum mining unit.

Joint administrator Andrew Love told reporters that arbitration
hearings with U.S.-based Cabot Corp. (CBT) are due to begin next
month in London. The administrator hopes to reach some
negotiated settlement by then.

The administrators are examining several options for Gwalia's
tantalum operations, including an IPO, a trade sale or a debt-
for-equity restructure. The option chosen will depend on
"whether we resolve the Cabot issue, what the markets are like
at that point in time and what are the wishes of the major
creditors".

Investment bank UBS is advising on Gwalia's tantalum and
advanced mineral assets, which analysts believe could fetch
AU$400-500 million in a trade sale.

Perth-based Gwalia, the world's single biggest producer of
tantalum, fell into administration a year agho after serious
deterioration in its gold reserves.

In March, the administrators sold the group's gold unit to
Perth-based St Barbara Mines Ltd.

The company's liabilities have recently been estimated at around
AU$1 billion. Its major creditors include gold hedging banks and
a group of U.S. note holders.


STANDELL PTY: Winds Up Operations
---------------------------------
At a general meeting of the members of Standell Pty Limited duly
convened and held on July 12, 2005, the following special
resolution was passed:

That the company be wound up voluntarily.

Dated this 12th day of July 2005

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


STREETWISE GROUP: Ex-employee Picked Up Property from Office
------------------------------------------------------------
A former employee of Kovelan Bangaru's failed Streetwise Group
was allegedly seen removing property from an office occupied by
the South African-born developer at the same time as eight
Streetwise companies were being placed into administration,
according to the Daily Telegraph.

The claim was made by the liquidator Geoff McDonald and backed
up by the Walsh Bay office suites' manager Sergio Vartanians.

News that items had been removed from the offices comes as the
Streetwise liquidator continues the hunt for a missing file
server and the location of a storage facility rented by
Streetwise.

Mr. Bangaru and his wife Shamendree left Australia last
Wednesday, two days before the Australian Securities and
Investments Commission obtained court orders instructing
Streetwise executive Trevor Downs to surrender his passport.

Mr. Downs could not be contacted.


TANDOU LIMITED: Warns of Earnings Downgrade
-------------------------------------------
Tandou Limited Directors report that earnings for the half-year
ended June 30, 2005 are expected to be substantially below prior
year results, with a net loss after tax of between AU$8-AU$8.5
million.

The continuing over supply in the general bulk wine market and
declining values have resulted in approximately AU$3 million in
write downs of our bulk wine inventory to meet projected market
values. The lower wine prices have also caused a rapid decline
in grape prices. This has resulted in a AU$1.2 million write
down in the value of chardonnay vines at our Menindee vineyard.

Earnings for the remainder of the financial year are not
expected to be further adjusted but remain dependent upon
stabilizing bulk wine prices and growth in our branded sales.

Further details will provided in the announcement of our half-
year accounts along with the Director's Review of Operations,
upon completion of the audit review process.

CONTACT:

31 Alan Mathews Drive,
MILDURA AIRPORT, VICTORIA,
AUSTRALIA, 3500
Telephone: (03) 5018 6500
Fax: (03) 5018 6599
Web site: http://www.tandou.com.au/


TULLY CORNER: Schedules Final Meeting August 26
-----------------------------------------------
Notice is given that a final meeting of the members of Tully
Corner Orchards Pty Limited will be held on Aug. 26, 2005 at the
offices of Cole Downey & Co., Level 1, 22 William Street,
Melbourne, to have accounts laid before them showing the manner
of the winding up and disposal of Company property, and to hear
any explanations that may be given by the Liquidator.

Dated this 12th day of July 2005

J. P. Downey
Liquidator
Cole Downey & Co.
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


WALTER CONSTRUCTION: Workers to Get Full Payout
-----------------------------------------------
All former employees of collapsed Australian building giant
Walter Construction Group will be paid their entitlements in
full, The Australian has learned.

The company collapsed in February when its German parent company
Walter Bau AG filed for insolvency over credit problems.

The downfall caused the loss of more than 300 jobs in New South
Wales and Queensland a week after it fell into the hands of
administrator Korda Mentha.

On Friday, a spokesman for the administrator said all former
Walter employees, including white-collar staff, would next month
receive 100 percent of their entitlements.

The Construction Forestry Energy and Mining Union (CFMEU) said
all its members who had been employed by the company had already
been paid up in full.

"The CFMEU successfully got all the blue-collar workers their
entitlements and we also got the majority of money for most of
the sub contractors working in the building sector," a union
spokesman said.

The union movement ran a months-long campaign to secure payouts
for their members by stopping work on all former Walter sites
until the new project managers agreed to pay all outstanding
entitlements.


WEBSTER MANUFACTURING: Placed Under Voluntary Wind Up
-----------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Webster Manufacturing Pty Limited held on July 11,
2005, it was resolved that the Company be wound up voluntarily,
and that Dean G. Scott of D. G. Scott & Co.
Chartered Accountants, 2nd Floor Dowie House, 83-89 Currie
Street Adelaide, South Australia 5000 be appointed liquidator
for such purpose.

Dated this 14th day of July 2005

D. G. Scott
Liquidator
D. G. Scott & Co.
2nd Floor, 83-89 Currie Street
Adelaide SA 5000


WILSON METALWORKS: To Pay Dividend to Creditors
-----------------------------------------------
Wilson Metalworks Pty Limited will declare a first & interim
dividend to priority creditors on Aug. 26, 2005.

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

Dated this 28th day of June 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302


XANADU WINES: ASX Grants Waiver from Listing Rule
-------------------------------------------------
Xanadu Wines Limited was granted a waiver dated August 18, 2005
from Listing Rule 14.7 as follows:

Resolution 1 of the decision of Australian Stock Exchange
Limited dated July 15, 2005 in relation to Xanadu Wines Limited
(the Company) is rescinded and replaced as follows.

1. Based solely on the information provided, ASX grants the
Company a waiver from Listing Rule 14.7 to the extent to permit
the Company to issue up to 2,270,000 convertible notes at
AU$1.00 each to directors as approved by shareholders on April
18, 2005 by no later than September 18, 2005, on the condition
that the terms of this waiver are immediately released to the
market.

2. ASX has considered Listing Rule 14.7 only and makes no
statement as to the Company's compliance with other listing
rules.

CONTACT:

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


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

BANK OF CHINA: To Sell 10% Stake to Investor Group
--------------------------------------------------
The Bank of China (BOC) plans to sell a 10-percent stake to
investors including a US$750-million stake to billionaire Li Ka-
shing, The Standard reports.

Royal Bank of Scotland (RBS), Britain's second-largest lender,
which will form an exclusive strategic partnership with BOC,
will lead the purchasers.

RBS, with Li and Merrill Lynch and other investors, will acquire
a total of 10 percent of BOC for US$3.1 billion and be bound to
a lock-up period of three years.

RBS, after an 18-month discussion with BOC, will pay US$1.6
billion for a 5 percent holding and appoint one director to the
mainland bank's board.

The investment gives RBS an entry ticket to China, where BOC has
more than 11,000 branches and enjoys a market share of 12
percent in loans.

CONTACT:

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


BANK OF CHINA: S&P Says Ratings Unaffected by RBSG Takeover
-----------------------------------------------------------
Standard & Poor's Ratings Services announced that the proposed
acquisition of a 10 percent interest in Bank of China Ltd. (BOC;
foreign currency BBB-/Positive/A-3) by a consortium led by The
Royal Bank of Scotland Group PLC (RBSG; AA-/Stable/A-1+) for
$3.1 billion does not have any immediate impact on the ratings
on BOC. The transaction, which is still subject to regulatory
approvals, would make the consortium BOC's second-largest
shareholder after the Chinese government. It is expected to
complete by the fourth quarter of 2005.

Standard & Poor's will continue to assess the ramifications of
the transaction on BOC's credit profile and capitalization,
against the backdrop of other expected improvements in the
bank's financial metrics. An upgrade of the rating on BOC would
depend on whether such improvements adequately support the
bank's credit profile in a manner commensurate with a higher
rating level. Strengthening of capitalization would be a
positive development, but an improvement in risk management
ability remains key to a potential upgrade.

RBSG is in a position to extend technical and management support
that could help improve BOC's performance over the long term.
This will, however, depend on the development of the
relationship between the two banks over time. Standard & Poor's
regards RBSG's stake in BOC as a strategic investment and
therefore is not factoring any potential financial support from
RBSG into its ratings on BOC.


CHINA AVIATION OIL: Penalized for Insider Trading
-------------------------------------------------
The Monetary Authority of Singapore (MAS) has slapped a civil
penalty of SG$8 million (US$4.8 million) on Beijing's China
Aviation Oil Holding Company (CAOHC) for insider trading,
according to Reuters.

CAOHC is the state-owned parent of jet fuel trader China
Aviation Oil (Singapore), which collapsed last November from a
US$550 million in trading losses in Singapore's biggest trading
scandal since the 1995 fall of Barings Bank.


DECLAMAC COMPANY: Opts to End Operations
----------------------------------------
Declamac Company Limited whose place of business is located at
Rm 1707-8, Metro Centre 1, 32 Lam Hing Street, Kowloon Bay,
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 6, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


DIALIGHT COMPANY: Sets Creditors, Contributories Meeting
--------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Dialight Company Limited will be held at the
official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on September 1, 2005 at the
following times:

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

Dated this 12th day of August 2005

Lee Mei Yee May
Acting Official Receiver and Provisional Liquidator


FONG CHING: Winding Up Hearing Set October 5
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fong Ching Company Limited by the High Court of Hong Kong
Special Administrative Region was on August 4, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on October 5, 2005 and any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.

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

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 October 4, 2005.


HEALAND DEVELOPMENT: Court Orders Winding Up
--------------------------------------------
Healand Development Limited whose place of business is located
at Rm 502A, Harbour Crystal Centre, 100 Granville Road,
Tsimshatsui, 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 8, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


HONDEX PROPERTIES: Decides to Undergo Liquidation
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hondex Properties Limited by the High Court of Hong Kong Special
Administrative Region was on August 8, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on October 5, 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.

CHOW, GRIFFITHS & CHAN
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  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 October 4, 2005.


KIU WONG: Creditors' Proofs of Claim Due September 5
----------------------------------------------------
Notice is hereby given that Kiu Kwong Investment Corporation
Limited (In Creditors' Voluntary Liquidation) that the creditors
of the company, which is being voluntarily wound up, are
required on or before September 5, 2005, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the Joint and
Several Liquidators of the said company.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 19th day of August, 2005

LEE YAT WAH WALTER
LEUNG FUNG YEE ALICE
Joint and Several Liquidators
of the abovenamed company
Jardine House, 5th Floor
1 Connaught Place, Hong Kong


METZLER INTERNATIONAL: Winding Up Hearing Slated for 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: Interim Profit Up 43%
-----------------------------------
PCCW Limited announced Thursday a 9 percent rise in interim
revenue and a 43 percent increase in profit, Xinhua News
reports.

The company said despite intense competition in local
telecommunications market, they made impressive progress in
slowing down net fixed line loss and the key factors in its
progress were innovative products, enhanced features and quality
of service.

Meanwhile, Infocast News reported that PCCW Ltd.'s net debt
decreased to HK$17.6 billion as at the end of June, down 33
percent from the end of 2004 level of HK$26.2 billion.

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


SEGOS ELECTRONICS: Winding Up Hearing Fixed October 5
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Segos Electronics (Hong Kong) Limited by the High Court of Hong
Kong Special Administrative Region was on August 4, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on October 5, 2005 and any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.

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

DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
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 October 4, 2005.


SILVER STAR: Enters Winding Up Proceedings
------------------------------------------
Silver Star Industrial Printing Limited whose place of business
is located at Rm 1208 Workingbond Commercial Centre, 162 Prince
Edward Road West, 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 8, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


TAT CHI: Set to Wind Up Operations
----------------------------------
Tat Chi Manufacturing Company Limited whose place of business is
located at Room 903, Parklane Centre, 25 Kowloon Wing Street,
Tuen Mun, 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


TOPGAIN INTERNATIONAL: Court Releases Wind-up Order
---------------------------------------------------
Topgain International Investment Holdings Limited whose place of
business is located at Rm 2006, 20/F Empress Plaza, Nos 17-19
Chatham Road South, 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 8, 2005

Dated this 12th day of August 2005

ET O'Connell
Official Receiver


WUHAN SECURITIES: CSRC Orders Shut-Down
---------------------------------------
The China Securities Regulatory Commission (CSRC) has ordered
medium-sized broker Wuhan Securities to shut down, China Daily
reports, citing the Shanghai Securities News.

The liquidator also said creditors would be allowed to claim
debt from the broker from August 22 to November 21.

Earlier this month, China's Guangfa Securities acquired the
brokering business of Wuhan Securities, which had a debt of
about CNY4 billion (US$ 493 million).

Founded in 1988, Wuhan Securities has 25 trading offices,
including 12 in Wuhan. Due to investment failure and
irregularities such as misappropriation of clients' guarantee
funds, the broker has been debt-ridden since 2002.


W.S. REALTY: To Undergo Winding Up Process
------------------------------------------
Notice is hereby given that a Petition for the Winding up of W.
S. Realty Company Limited by the High Court of Hong Kong was on
July 7, 2005 presented to the said Court by Lau Kit Fong of Room
909, Pik Fung House, Fung Tak Estate, Kowloon, Hong Kong.  AND
that the said petition is directed to be heard before the Court
at 9:30 am. 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.

(THOMAS E KWONG)
For Director of Legal Aid
27 Floor, Queensway Government Offices
66 Queensway
Hong Kong

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


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

NEWMONT MINING: Seeks Dismissal of Pollution Case
-------------------------------------------------
U.S.-based mining firm Newmont Mining Corporation asked a local
Indonesian court to dismiss an ongoing pollution case against
Indonesian unit PT Newmont Minhasa Raya, reports Reuters News.

According to the U.S. giant, the police investigation on the
alleged pollution of Buyat Bay was flawed. Newmont Minhasa was
brought up for charges of dumping arsenic and mercury into
nearby Buyat Bay, causing seaside villagers to be sick as a
result. The villagers look to Buyat Bay as their water source.

Newmont Mining has denied the charges, stating that the police
investigation was biased for failing to include witness evidence
and evidence from environmental experts that were favorable to
the Company. And as Newmont was never warned by the local
government of pollution during its operations, such charges are
baseless and should be dismissed, said Company lawyer Luhut
Pangaribuan.

A trial date has been set for Sept. 1, 2005, where Newmont
Minhasa president Richard Ness is accountable for the charges,
and faces a 10-year prison term and having to pay damages worth
IDR678.97 million if found guilty. But Company lawyers said that
there is no law that holds a company president automatically
liable for corporate acts, and that the indictment against Mr.
Ness is legally deficient, as it does not say what Mr. Ness did
wrong.

Newmont Minhasa, which opened in 1996, is located in northeast
Jakarta, and shut down operations in August 2004 due to depleted
reserves.

CONTACT:

Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id


PERTAMINA: Crude Oil Output Reaches 133,000 Barrels Per Day
-----------------------------------------------------------
State oil and gas firm PT Pertamina announced that it was able
to produce up to 133,000 barrels of crude oil on a daily basis
for the six months ended June 30, 2005, Dow Jones reports.

Pertamina upstream director Hari Kustoro said that the firm
hopes to reach its target output of 141,000 barrels per day, as
the Company expects to receive additional output from new
fields, which will begin operations this year.

Mr. Kustoro said that the Company's natural gas output was
pegged at 350,000 barrels per day during the six-month period
from January to June, though he did not give last year's data
for the same period.

Last year, the Company posted a pre-tax profit of IDR12.88
trillion, and for the first half of 2005 it posted a pre-tax
profit of IDR8.61 trillion. This is due to a recent oil and 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


PERTAMINA: Seeks Alternative Energy Source
------------------------------------------
State-owned oil and gas firm PT Pertamina signed a memorandum of
understanding with the Institute of Technology (ITB) located in
Bandung on Aug. 18, 2005, to search for alternative energy
resources, reports Asia Pulse.

According to Pertamina president Widya Purnama, they want to
develop alternative energy through the planting of castor oil
trees, as tests have proven that castor oil can be used as
alternative energy. ITB Rector Joko Santoso said that the castor
oil tree can substitute for fossil-based energy resources, and
the univeristy's Rekasaya Industry firm has developed castor oil
into a substitute diesel fuel for vehicles.

After extensive research, Rekayasa Industry sold the substitute
fuel to several local gasoline stations. Castor oil is also
earth-friendly, according to Rekasaya Industry director Tri
Haryo Indrawan Susilo.

This is part of Indonesian President Susilo Bambang Yudhoyono's
efforts to alleviate the recent ongoing oil shortage in the
country, through an energy efficiency program that encourages
the public to be more efficient in using fuel/oil.


PERUSAHAAN LISTRIK: Blackout Fuels Huge Industry Losses
-------------------------------------------------------
A blackout last August 18 that affected most areas in Java and
Bali, caused by a glitch in the transmission line of state power
firm PT Perusahaan Listrik Negara (PLN) is said to have caused
more than IDR50 billion in losses, the Jakarta Post reports.

Several industries such as the Indonesian Textile Association
(ITA) were heavily affected by the blackout, as it caused a
disruption in operations: machines stopped operating for 6
hours, and had to be warmed up for another two hours before they
could function normally, and other businesses had to shut down
for up to eight hours because of the blackout.

Other firms and industries such as the Jakarta Stock Exchange,
however, did not suffer as much due to backup generator systems,
which started at the onset of the blackout.

The power outage resulted in huge financial losses of as much as
IDR55 billion for ITA member firms, and IDR400 million for
several companies under the Indonesian Automotive Parts &
Components Industries Association.

As the blackout occurred just after PLN had announced that it
would raise power rates, affected firms are demanding that the
Company provide " international standard service if they expect
to be paid at international rates".

CONTACT:

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


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

KANEBO LIMTED: VP Indicted for Falsifying Statements
----------------------------------------------------
The Tokyo prosecutors indicted a former Kanebo Ltd President and
former Vice President Thursday for allegedly issuing falsified
financial statement in violation of the Securities and Exchange
Law, Kyodo News reports.

Mr. Takashi Hoashi and Takashi Miyahara, the former President
and Vice President respectively, were indicted for allegedly
covering up a capital deficit of JPY81.9 billion in fiscal 2001
and JPY80.6 billion in 2002 on a consolidated basis and issuing
falsified financial statements showing excess assets.

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: Shares Up on Electric Car Reports
----------------------------------------------------
Shares of Mitsubishi Motors Corporation increased 2.8 percent to
146 yen on Friday after local media reports that is has moved
forward the timing of a commercial launch of its electric
vehicles to 2008 from 2010 previously.

A company spokeswoman told Reuters Friday the timing of the
launch by 2010 was unchanged.

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


SEIYU LIMITED: 1H/2005 Net Loss Widens to JPY10.59 Bln
------------------------------------------------------
Supermarket chain operator Seiyu Limited posted a net loss of
JPY10.59 billion in the first half of fiscal 2005, versus a net
loss of JPY2.88 billion in a same period a year earlier,
according to Kyodo News.

Seiyu said various expenses weighed down its earnings, including
hefty expenditures for repaying long-term borrowings and costs
to purchase fixed assets for opening new outlets.

Wal-Mart owns 42 percent of Seiyu, making it the biggest
shareholder.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763


TOSHIBA CORPORATION: Hits 100 Mln Milestone HD Drive Shipments
--------------------------------------------------------------
Toshiba Corporation has produced its 100 millionth hard disk
drive (HDD), demonstrating its leadership position in developing
the right storage technology for increasingly popular computing
and consumer electronics (CE) devices such as mobile PCs, GPS,
MP3 players and automobile entertainment systems.

Toshiba has remained an industry leader in HDD development with
innovations in the mobile HDD space such as the automotive
market where Toshiba is currently the world's leading supplier
of 2.5-inch, automotive-class HDDs with more than 80 percent
market share according to the analyst research firm TSR. In
addition, Toshiba introduced the world's smallest hard disk
drive at 0.85 inches according to the 2005 Guinness World
Records(TM) and was the first company to accomplish production
of HDDs using Perpendicular Magnetic Recording (PMR), setting a
new record in areal density in the 1.8-inch form factor by
boosting the capacity of a single 1.8-inch hard-disk platter to
40 gigabytes.

"Toshiba has reached yet another important milestone in the HDD
industry, a testament to our continued investments in technology
leadership and delivering the right products for our customers,"
said Scott Maccabe, vice president and general manager, Toshiba
SDD. "The company recognizes the strength and longevity of its
flagship 2.5-inch HDD as a platform for the development of other
form factors and innovative mobile devices. We remain committed
to continued technology advancements in small form factor HDDs
and bringing to market additional technologies that will keep
Toshiba in the forefront of the industry."

Toshiba's mobile hard disk drives are available in 0.85-inch,
1.8-inch and 2.5-inch form factors in capacities ranging from
20GB to 120GB capacities. Toshiba continues to pioneer PMR and
will incorporate this technology into its entire line of HDDs by
2006. For more information about Toshiba's line HDDs, visit
www.harddrives.toshiba.com.

About Toshiba Storage Device Division

Toshiba SDD, a division of Toshiba America Information Systems,
Inc., leads the market in the development, design and
manufacturing of optical disk drives and small form factor 0.85-
inch, 1.8-inch and 2.5-inch hard disk drives. Toshiba SDD
markets high-quality peripherals to original equipment
manufacturers, value-added resellers, value-added dealers,
systems integrators and distributors in the United States.
Inherent in the Toshiba storage family are the high-quality
engineering and manufacturing capabilities that have established
Toshiba products as worldwide leaders. For more information,
visit www.sdd.toshiba.com.

About Toshiba America Information Systems, Inc. (TAIS)

Headquartered in Irvine, Calif., TAIS is comprised of three
divisions: Digital Products Division, Digital Solutions Division
and the Storage Device Division. Together, the three divisions
provide mobile products and solutions, Internet access plans,
communications, storage and imaging products and services.
Products include industry-leading portable computers,
projectors, DVD/CD recordable products and hard disk drives for
computers, telephony products, digital imaging systems, wireless
solutions and services.

TAIS provides sales, marketing and services for its wide range
of information products in the United States and Latin America.
TAIS is an independent operating company owned by Toshiba
America, Inc., a subsidiary of Toshiba Corporation, which is a
world leader in high technology and integrated manufacturing of
electrical and electronic components, products and systems.
Toshiba has global sales of over $52 billion and more than 300
subsidiaries and affiliates worldwide. For more information,
visit the company's website at www.toshiba.com.

CONTACTS:

GolinHarris for Toshiba SDD

Media Inquiries:
Kirsten Woodard,
Phone: 949-428-3872
E-mail: kwoodard@golinharris.com

or

Theresa Dreike
Phone: 949-428-3859
Web site: tdreike@golinharris.com

This is a press release.


TOSHIBA CORPORATION: Shifts Laptop Production to China
------------------------------------------------------
Toshiba Corporation has started transferring laptop production
to a more cost-competitive plant in Hangzhou, China in the
second half of last year, The Business World reports.

"Certainly, the pullout has made a huge impact in the Philippine
industry. And up until now, we are still feeling the loss,"
Semiconductor and Electronics Industries in the Philippines,
Inc. (SEIPI) President Arthur J. Young, Jr. told BusinessWorld
in an interview.

Prior to the transfer, Toshiba's plant in the Metro Manila
Philippines was manufacturing 100,000 laptops a month. As a
result of the transfer, the Hangzhou plant is expected to boost
capacity to three million units a year by March 2006.

Toshiba did not disclose the amount of investment that was
transferred to China. The whole Toshiba unit in the country has
a capitalization of Php2.3 billion as of 2001.

Personal computer notebooks manufactured in the Philippines were
shipped to the U.S., Canada, Europe, Australia and Asia.

CONTACT:

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


UFJ HOLDINGS: Move Towards Integration
--------------------------------------
Bank of Tokyo Mitsubishi (BTM) is preparing to merge with UFJ
Holdings Inc. (UFJ) in China in order to tap into this huge
market, raising expectations that the move will push their
revenue to exceed Citigroup and HSBC, Xinhua News reports.

The Shanghai branch companies of both firms are both among the
top five in terms of revenue last year, according to statistics
from the Shanghai Banking Regulatory Commission.

At the moment, both BTM and UFJ have branch companies in
Beijing, Shanghai, Shenzhen, Dalian and Tianjin.

The two companies signed a contract this February to form
Mitsubishi UFJ Financial Group (MUFG) in October.

The move will definitely strengthen their competitiveness in
China, but their rivals are mainly Japanese banks rather than
Citigroup or HSBC.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi
Chuo-ku, Tokyo
103-0027, Japan
Credit Rating Division
Phone: 03-3276-3419
Fax: 03-3276-3420
Web site: http://www.r-i.co.jp


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

ASIANA AIRLINES: Throng of Passengers Clamor for Free Flight
------------------------------------------------------------
Asiana Airlines Inc. was on Thursday crowded with customers
wanting to take advantage of its free-flight promo, Digital
Chosunilbo said.

Asiana offered free flights for all domestic services except the
Jeju route.  The offer was disadvantageous to Jeju's tourism
industry since rival destinations suddenly became more
attractive.

The event benefited Korea's other main carrier as well.
Passengers who failed to get free tickets decided to go by
Korean Air instead of going back to train stations or bus
terminals.

The response to the offer was surprising.  According to Chung
Jae-yong of Korea Air, customers were probably taking advantage
of the promo since people mostly travel by train or bus.

Korean Air was full to 91 percent capacity on Gimpo-Busan
flights, 2 percent more than the day before. On all other inland
flights 85.5 percent of seats were full, 2.5 percent more than
Wednesday. Korean Air had canceled eight domestic flights for
Thursday fearing it would see fewer passengers because of
Asiana's free ride.

Asiana Airlines sells about 75 percent of seats on domestic
flights on weekdays. However, the company saw an average of over
90 percent filled on Thursday, including 100 percent on Gimpo-
Busan, and Gimpo-Mokpo flights. Asiana opened all counters and
mobilized extra staff.

CONTACT:

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


INCHON OIL: Six Investors Signify Bid Interest
----------------------------------------------
Inchon Oil Refinery Co. Ltd. attracted six bidders for its
sales' second round, Reuters relates.

Among the six bidders are Sinochem Corp. and a Citigroup Inc.-
led consortium.  Morgan Stanley Emerging Markets Inc., Korean
refiners SK Corp. and S-Oil Corp. and a consortium led by local
shipbuilder STX Corp. also show interest in bidding.  Samil
PricewaterhouseCoopers, the Korean member firm of
PricewaterhouseCoopers, is lead manager for the deal.

The bidders did not produce bid amounts yet.  The next process
will be to determine the preferred bidder and allow due
diligence.

Initially, GS Caltex Corp., a 50:50 joint venture between GS
Holdings Corp. and ChevronTexaco Corp. and Honam Petrochemical
Corp. expressed interest to buy into Inchon.

The interest to buy into Inchon was drawn by a boom in the
refining sector led by China.  Inchon was taken over by Sinochem
seven months ago, but collapsed to the tune of KRW680 billion.

The consortium led by Citigroup Financial Products Inc. also
included Citigroup Venture Capital, he said.  Citigroup was the
largest of a handful of creditors who blocked the earlier deal
with Sinochem, which would have marked the first takeover of a
foreign oil firm by a Chinese company

Sinochem, China's oldest oil and petrochemicals trader wants to
become an integrated oil firm and is being pressed to grow
overseas as the country's massive domestic oil sector is
dominated by other state giants.

Inchon's single refinery has a capacity to process 275,000
barrels of crude oil per day. Located in the city of Inchon,
west of Seoul, the aged refinery is geographically closer to
China than its bigger domestic rivals.

CONTACT:

Inchon Oil Refinery Co. Ltd.
100 Wonchang-dong
Seo-gu, Inchon 404-210
Korea (South)
Telephone: +82 32 570 5151
Fax: +82 2 7292378


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

ACP INDUSTRIES: Seeks Shareholders OK to Buy Back Shares
--------------------------------------------------------
ACP Industries Berhad furnished Bursa Malaysia Securities Berhad
details of the proposed renewal of the authority for the company
to purchase its own shares (Proposed Renewal).

(1) Introduction

The Board of Directors of ACP Industries Berhad (ACPI) advised
that ACPI sought for a renewal of the authority from its
shareholders at its forthcoming Annual General Meeting (AGM) to
purchase up to maximum of 13,348,439 ordinary shares of MYR1.00
each representing 10 percent of the issued and paid-up capital
of the Company of 133,484,398 ordinary shares of MYR1.00 each.

(2) Details of the Proposed Renewal

At the last AGM of the Company held on September 29, 2004, the
Board obtained the shareholders' approval for the Company to
purchase up to a maximum of 13,348,439 ordinary shares of
MYR1.00 each representing 10 percent of the issued and paid-up
capital of the Company of MYR133,484,398 at the material time.
The authority conferred by the shareholders at the said AGM will
expire at the conclusion of the forthcoming AGM.

The Board proposes to seek renewal of the authority to purchase
up to ten percent (10 percent) of the issued and fully paid-up
share capital of ACPI in accordance with the prevailing laws,
rules, regulations, orders, guidelines and requirements issued
by the relevant authorities at the same time of the purchase,
including compliance with the 25 percent shareholding spread as
required by the Listing Requirements of Bursa Malaysia
Securities Berhad (Bursa Malaysia).

The total number of shares to be purchased shall take into
account all the shares previously bought back by the Company.
The actual number of shares to be purchased, the timing of the
purchase and the total funds allocated for this purpose will be
dependant on the market conditions, sentiments at Bursa Malaysia
as well as the financial resources of the Company.

All shares to be bought back by the Company may be cancelled or
retained as treasury shares or be subject to a combination of
both. In the event that the shares bought back by the Company
are retained as treasury shares, the Company may re-sell them on
the market and/or cancel/and/or distribute the treasury shares
as dividends to its shareholders.

(3) Rationale

The Proposed Renewal will enable the Company to utilize its
financial resources not immediately required for use, to buy
back its own shares in order to stabilize the supply and demand
as well as the price of ACPI shares.

The shares bought back by the Company pursuant to the Proposed
Renewal may be cancelled upon purchase or retained as treasury
shares which can be subsequently resold and/or cancelled and/or
distributed as dividends. In this respect, the Proposed Renewal
may provide an opportunity for the Company to purchase its own
shares when the market price is below the intrinsic value in
order to realize potential gains later when it appreciates
subject of course, to such obligations or restrictions imposed
by law and the Listing Requirements of Bursa Malaysia.

In the event that the treasury shares are distributed as
dividends by ACPI, the distribution may then serve as a reward
to the shareholders of the Company.

On the other hand the buy back of shares pursuant to the
Proposed Renewal may reduce the financial resources of ACPI
Group and result in the Company foregoing other investment
opportunities that may arise in the future or any interest
income that may be derived from depositing such funds in
interest - bearing accounts. In the light of the aforementioned,
the Board will always consider the best interest of the Company
and the shareholders when undertaking the purchase by the
Company of it own shares.

(4) Financial Effects

There will be no effect on the earnings of the ACPI if the
shares to be bought back by the Company pursuant to the Proposed
Renewal are retained as treasury shares.

(i) Earnings

The effects of the Proposed Renewal on the earnings of the ACPI
Group will depend on the actual number and the purchase price to
be paid for the shares to be bought back. The share buy-back may
increase the earnings per share of the ACPI Group as it will
reduce the issued and paid-up capital of the Company in the
event that the shares bought back are cancelled.

(ii) Net Tangible Assets (NTA) and Working Capital

The share buy-back may increase or decrease the NTA per share
depending on the purchase price of ACPI shares bought. NTA per
share is likely to increase if the purchase price is less than
the NTA per share and decrease if the purchase exceeds the NTA
per share at the time when the shares are purchased.

In carrying out the share buy-back the Company will ensure that
its working capital will not be adversely affected as compared
with the position disclosed in the Company 's latest audited
accounts.

(5) Directors' and Substantial Shareholders' Interest

None of the Directors and Substantial shareholders and persons
connected to the Directors and Substantial shareholders has any
interest, whether direct or indirect, in the Proposed Renewal
and if any, the resale of treasury shares.

(6) Condition of the Proposed Renewal

The Proposed Renewal is subject to the approval of the
shareholders of ACPI at the forthcoming AGM.

(7) Directors' Recommendation

The Board of Directors having considered all aspects of the
Proposed Renewal is of the opinion that the Proposed Renewal is
in the best interest of the Company.

CONTACT:

ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186
Fax:  +60 3 7958 6130


AKTIF LIFESTYLE: Submits Proposed Restructuring Application
-----------------------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) details the following
proposals to Bursa Malaysia Securities Berhad:

- Proposed Acquisitions of 100 percent equity interest in
Mahawira Sdn Bhd and 54 percent equity interest in Citatah AMS
Marble Sdn Bhd;

- 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)

The company refers to its announcements made on June 1, 2005 and
August 16, 2005 in relation to the Proposed Restructuring
Scheme.

On behalf of the Board of Directors of Aktif, Avenue Securities
Sdn Bhd unveiled that the application in relation to the
Proposed Restructuring Scheme was submitted to the Securities
Commission on August 16, 2005.

This announcement is dated 17 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


DATAPREP HOLDINGS: Bourse to List, Quote New Shares
---------------------------------------------------
Dataprep Holdings Bhd advised that its additional 12,057,073 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR18,085,635 nominal amount of 4 percent, 3-Year Irredeemable
Convertible Unsecured Loan Stocks 2002/2005 (Conversion of
ICULS-3) of ICULS-3 will be granted listing and quotation with
effect from 9:00 a.m., Monday, August 22, 2005.

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax: 603-2539620


GADANG HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Gadang Holdings Bhd advised that its additional 9,600,000 new
ordinary shares of MYR1.00 each issued pursuant to the private
placement of 9,600,000 ordinary shares of MYR1.00 each will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Friday, August 19, 2005.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


GULA PERAK: Bourse Grants Listing of New Shares
-----------------------------------------------
Gula Perak Berhad advised that its additional 5,700 new ordinary
shares of MYR1.00 each issued pursuant to the conversion of
5,700 Irredeemable Convertible Secured Loan Stocks 2000/2005
into 5,700 new ordinary shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, August 19, 2005.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HAP SENG: Repurchases Ordinary Shares
-------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a shares buy back notice on August 17, 2005 with the
following details:

Date of buy back: 17/08/2005

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

Total number of shares purchased (units): 14,000

Minimum price paid for each share purchased (MYR): 2.190

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

Total consideration paid (MYR): 30,907.38

Number of shares purchased retained in treasury (units): 14,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,054,500

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


KIA LIM: SC Extends Time to Complete Proposal
---------------------------------------------
Kia Lim Berhad (Kia Lim) updates Bursa Malaysia Securities
Berhad on the following proposals:

- Proposed Rights Issue

- Proposed Debt Restructuring (Proposed DRS)

Collectively Known as Proposals

AmMerchant Bank Berhad (a member of AmInvestment Group), on
behalf of the Board of Directors of Kia Lim, disclosed that the
Securities Commission (SC) has, vide their letter dated August
16, 2005 (received on August 17, 2005) approved the Company's
application for an extension of time of six (6) months from
August 16, 2005 to February 15, 2006, to complete the Proposals.

This announcement is dated 17 August 2005.

CONTACT:

Kia Lim Berhad
Wisma Ng Hoo Tee, 79,
Jalan Muar, Parit Sulong,
Batu Pahat Johor 83500
Telephone: 07-4186230
Fax: 07-4187517


KRETAM HOLDINGS: Wraps Up Proposed Rationalization
--------------------------------------------------
Further to Kretam Holdings Berhad's (KHB) announcement on the
Proposed Rationalization of KHB Group's Plantation Land released
to Bursa Malaysia on May 25, 2004, the Board of Directors of KHB
unveiled that the Proposed Rationalization has been completed.

Kretam Holdings Berhad's principal activity is the operation of
an oil palm plantation and investment holding. Other activities
include operation of hydro-electric power station, stock and
share broking, provision of property management, administrative
and related services, general contracting for construction,
civil engineering and mechanical works, provision of services as
nominees and agents and provision and maintenance of stock
market information dissemination systems.

Operations are located in Malaysia and China.

Plantation and mill accounted for 57% of 2001 revenues;
hydropower, 37% and stockbroking and related services, 6%.

CONTACT:

Kretam Holdings Berhad
Lot 6, Block 44, Leboh Tiga,
Sandakan Sabah 90000
Malaysia
Telephone: 089-218999
Fax: 089-275111


MBF HOLDINGS: Court Adjourns Hearing to October
-----------------------------------------------
Further to the announcement on July 29, 2005, MBf Holdings
Berhad advised Bursa Malaysia Securities Berhad that the
Defendant's application for summary judgment against MBf
Printing Industry Sdn Bhd and MBfH via Kuala Lumpur High Court
Suit No.D6-22-1599-2004 which was postponed for mention on
August 17, 2005, has now been adjourned to October 27, 2005.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
17 August 2005

CONTACT:

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


PADIBERAS NASIONAL: New Shares up for Listing, Quotation
--------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 90,500 new
ordinary shares of MYR1.00 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., Monday, August 22, 2005.

CONTACT:

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


PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
Pan Malaysia Corporation Berhad furnished Bursa Malaysia
Securities Berhad a notice of shares buy back dated August 17,
2005 with the following details:

Date of buy back: August 17, 2005

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

Total number of shares purchased (units): 150,000

Minimum price paid for each share purchased (MYR): 0.470

Maximum price paid for each share purchased (MYR): 0.495

Total consideration paid (MYR): 72,862.90

Number of shares purchased retained in treasury (units): 150,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 45,763,000

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

CONTACT:

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


TELEKOM MALAYSIA: Unit Enters Into Joint Venture Agreement
----------------------------------------------------------
Telekom Malaysia Berhad (TM) issued to Bursa Malaysia Securities
Berhad details of a joint venture between TM International Sdn
Bhd (TM International), a wholly owned subsidiary of TM, and
Khazanah Nasional Berhad (Khazanah) for the proposed acquisition
of shares in Mobileone Ltd (M1).

(1) Introduction

On behalf of TM, Commerce International Merchant Bankers Berhad
(CIMB) advised the exchange that TM International, Khazanah and
SunShare Investments Ltd (SunShare) have entered into a Joint
Venture and Shareholders' Agreement (JV Agreement) on August 17,
2005 with SunShare as the joint venture company for the proposed
acquisition of shares in M1.

(2) Details of the Joint Venture

(2.1) SunShare is a company incorporated in Labuan under the
Offshore Companies Act 1990. On the date of the signing of the
JV Agreement, the issued share capital of SunShare comprises 10
ordinary shares of USD1.00 each, of which TM International holds
eight (8) shares while Khazanah holds the remaining two (2)
shares.

(2.2) Under the JV Agreement, TM International and Khazanah
agreed that upon receipt of the approval from the Info-
Communications Development Authority of Singapore (IDA) as set
out in Section 3.3(ii)(c) below or on a date to be agreed, they
shall increase the issued share capital of SunShare through the
issue of ordinary shares and/or preference shares to reflect an
economic interest of 51 percent: 49 percent between TM
International and Khazanah in SunShare.

(2.3) Other Salient Terms of the JV Agreement

The other salient terms and conditions of the JV Agreement are
as follows:

(i) SunShare shall operate as a special purpose vehicle for the
acquisition of M1 shares and to hold the investments of TM
International and Khazanah in M1 (Business);

(ii) To the extent there are sufficient profits, SunShare will
declare dividends to its shareholders at least annually after
sufficient earnings have been set aside to satisfy the working
capital requirements and capital expenditure of SunShare. Upon
the increase of the issued share capital of SunShare as set out
in Section 2.2 above, any declaration of dividends shall reflect
the economic interest of TM International and Khazanah in
SunShare of 51 percent: 49 percent;

(iii) If TM International and Khazanah are unable to agree upon
the resolution of any matter:

(a) They shall mutually agree that the matter shall not proceed;

(b) Either of them may refer the matter to arbitration in
accordance with the Arbitration Act 1952; or

(c) Either of them may opt to serve notice on the other
shareholder where each shareholder shall have the right to bid
for the purchase of all of the ordinary shares and preference
shares, if any, held by the other shareholder at a price to be
paid in cash. The shareholder who deposits a bid with the
highest price shall be bound to purchase, and the other
shareholder shall be bound to sell, the ordinary shares and
preference shares, if any, at the price stated in the bid (Sell-
Out); and

(iv) If an event of default, more particularly set out in the JV
Agreement, takes place, the shareholder which is not in default
shall be entitled to invoke the Sell-Out provisions set out in
paragraph (iii)(c) above.

The JV Agreement also sets out the relationship of TM
International and Khazanah as shareholders of SunShare on
matters including but not limited to transfer restrictions on
the shareholdings of the parties, composition of the Board of
Directors of SunShare and matters requiring the approvals of the
shareholders and Board of Directors.

(3) Details of the Proposed Acquisition

(3.1) On August 17, 2005, SunShare entered into a Sale and
Purchase Agreement (SPA) with Great Eastern Telecommunications
Ltd (GET) for the acquisition by SunShare of 118,526,670 fully
paid ordinary shares of Singapore Dollar (SGD) 0.20 each in M1,
(Sale Shares), representing approximately 12.06 percent of the
issued and paid-up capital of M1, from GET for a consideration
of SGD260.8 million (approximately MYR592.0 million at an
exchange rate of SGD1:MYR2.27) (Proposed Acquisition).

(3.2) As at August 17, 2005, SunShare owns 48,861,000 M1 shares
or approximately 4.97 percent of M1 shares. In addition,
SunShare has acquired a further 6,597,000 M1 shares or
approximately 0.67 percent of M1 shares on August 17, 2005. Upon
the completion of the Proposed Acquisition, SunShare will hold
173,984,670 M1 shares or approximately 17.70 percent equity
interest in M1 for a total consideration of SGD377.2 million
(approximately MYR856.2 million at an exchange rate of SGD1:
MYR2.27).

(3.3) Details of the Proposed Acquisition

(i) Purchase Price

The purchase price for the Proposed Acquisition of SGD260.8
million (Purchase Price) was determined after taking into
consideration the following:

(a) Profit before taxation of M1 based on its audited financial
statements for the year ended December 31, 2004 of SGD183.591
million;

(b) Audited net tangible assets (NTA) of M1 as at December 31,
2004 of SGD304.954 million; and

(c) A reasonable premium over the prevailing market price of M1
shares. M1 share price closed at SGD2.08 on August 16, 2005.
The Purchase Price shall be paid in cash on the completion date
of the Proposed Acquisition.

(ii) Other Salient Terms of the SPA

The other salient terms of the SPA are as follows:

(a) SunShare shall purchase the Sale Shares together with all
rights and benefits attached as at the date of the SPA,
including all dividends, rights and other distributions which
may be declared, paid or made by M1 on or after the date of the
SPA, but excluding the dividends announced by M1 on July 19,
2005;

(b) SunShare shall purchase the Sale Shares free from any
claims, trust arrangement or encumbrances;

(c) The completion of the Proposed Acquisition is conditional on
the approval of the IDA being obtained, subject to conditions
imposed by the IDA, if any, being satisfactory to SunShare
(Condition);

(d) SunShare undertakes to use its best endeavours to procure
the fulfillment of the Condition by December 31, 2005. If the
Condition is not fulfilled by then, or such other date to be
agreed, the Proposed Acquisition will not proceed; and

(e) Completion of the Proposed Acquisition shall take place
seven (7) business days after the Condition has been fulfilled.

(3.4) Source of Funds

SunShare will fund the purchase price for the Proposed
Acquisition of SGD260.8 million through an injection of capital
by its shareholders and/or borrowings, the breakdown of which
has yet to be determined.

(3.5) Liabilities to be Assumed

Except for the purchase price to be paid under the Proposed
Acquisition, there are no liabilities to be assumed by SunShare.

(4) Information on M1

M1 was incorporated in the Republic of Singapore as Shineberg
Investments Pte Ltd on November 7, 1992. The name was changed to
Steamers Telecoms Overseas in 1993 and to MobileOne Ltd in 1994.
As at June 30, 2005, M1's authorized share capital is
SGD600,000,000, while its issued and paid-up share capital is
SGD196,630,596, comprising 983,152,980 shares of SGD0.20 each.

The principal activities of the M1 group are the provision of
mobile telecommunication services, international call services,
mobile retail sales, after-sales support, customer services,
research and development of mobile telecommunication products
and services and investment holding function. M1 was listed on
the Singapore Exchange on December 4, 2002.

M1's mobile services comprise a range of voice, non-voice and
value-added services provided on its nationwide dualband
GSM900/1800 network enhanced with General Packet Radio Services
(GPRS) capability to support data services.

M1 has been innovative in the development of its products. Among
its successes are the first operator to commercially launch 3G
service plans in Singapore; first video call price plan with the
launch of 3G; the launch of POINT, the first music recognition
service; and the launch of Singapore's first MMS service for
prepaid cards.

In addition, M1 recently obtained four (4) lots of Wireless
Broadband Access (WBA) spectrums in the 2.5 GHz band from the
IDA.

M1 has extensive distribution access to consumers and businesses
in Singapore through the combination of its own network of
shops, corporate sales force and dealers. As at 30 June 2005, M1
had a total of 1.239 million customers, with an overall share of
Singapore mobile services market of approximately 30 percent.
The number of customers on 3G was about 5,400.

The following table sets out the financial highlights of M1 for
the past four (4) financial years based on information made
publicly available after its listing on the Singapore Exchange:

(5) Information on GET

GET was incorporated in the Cayman Islands under the Companies
Law (Revised) on July 7, 1993.

GET is a joint venture between Britain's Cable and Wireless plc
(which holds 51% of the share capital of GET) and Hong Kong's
PCCW Limited (which holds 49% of the share capital of GET). Its
principal activity is to act as a holding company.

(6) Information on Khazanah

Khazanah is the investment holding arm of the Government of
Malaysia. Its role is to hold and manage the commercial assets
held by the Government of Malaysia and to undertake strategic
investments. Khazanah was incorporated under the Companies Act,
1965 on September 3, 1993 as a public limited company and
commenced operations a year later. Save for one (1) share owned
by Pesuruhjaya Tanah Persekutuan (the Federal Land
Commissioner), all the share capital of Khazanah is owned by the
Minister of Finance Incorporated, a corporate body incorporated
pursuant to the Minister of Finance (Incorporation) Act, 1957.

Khazanah has 11 principal subsidiaries and 16 principal
associated companies. These companies are involved in various
sectors such as banking, semiconductor, steel production,
airport management, automobile and motorcycle manufacture,
power, broadcasting, infrastructure, investment holding, port
development and management, shipping, property, electronics,
telecommunications, research technology and venture capital.

(7) Rationale for the Proposed Acquisition

The acquisition of the shares in M1 is in line with TM's
regional expansion plan. It allows TM to expand its regional
footprint in South East Asia, where it has already made several
key strategic investments. TM replaces GET as the strategic
telco shareholder in M1.

Singapore is an affluent and stable mobile market. M1 represents
a good investment opportunity for TM given M1's strong presence
in Singapore with good customer recognition and brand
positioning. It has approximately a 30 percent share of the
Singapore mobile services market with about 1.2 million
subscribers.

M1 currently has regional access through the mobile operator
alliance it formed, the Asia Mobility Initiative (AMI). TM
International and Celcom recently became members of the AMI. The
other members of AMI include Australia's Telstra, Philippine's
Smart, Thailand's DTAC and Macau's CTM. The AMI provides
subscribers with the same standards of seamless and reliable
data communications they enjoy with voice calls when traveling
abroad. M1's regional reach will widen with the Proposed
Acquisition as it will have access to TM's regional investments,
which offer greater connectivity and opportunities.

M1 has a successful track record of delivering advanced wireless
data products and services. With the Proposed Acquisition, both
M1 and TM International would be able to explore potential areas
of cooperation with M1's operational experience and product
innovation, and TM International's regional presence and scale.

As shown in Section 4, M1's revenue and profits after taxation
have been on an upward trend, with compounded annual growth
rates of 5.3 percent and 15.4 percent respectively over the past
four (4) financial years. M1 recorded a revenue of SGD747.1
million and profits after taxation of SGD154.6 million for the
year ended 31 December 2004. M1 is also one (1) of the highest
yielding mobile assets in the South East Asia region, with a
dividend yield of approximately 5.2 percent for the year ended
December 31, 2004.

(8) Effects of the Joint Venture and Proposed Acquisition

The effects of the Joint Venture and Proposed Acquisition on the
TM group are as follows:

(8.1) Share capital and shareholdings of substantial
shareholders

The Joint Venture and Proposed Acquisition will not have any
effect on the issued and paid-up share capital and shareholdings
of substantial shareholders of TM as they will be satisfied
entirely in cash.

(8.2) NTA

The Joint Venture and Proposed Acquisition will not have any
material effect on the NTA of the TM group.

(8.3) Earnings

The Joint Venture and Proposed Acquisition are not expected to
have a material effect on the earnings of TM for the financial
year ending December 31, 2005. However, the Joint Venture and
Proposed Acquisition are expected to contribute positively to
the future earnings of TM. TM International will be entitled to
its share of any dividend which may be paid by M1 to SunShare.
Since its listing on the Singapore Exchange in 2002, M1 had
declared dividends ranging from SGD0.073 to SGD0.107 per share
per year. For the year 2005, M1 has declared an interim tax
exempt dividend of SGD0.05 per share.

(9) Approvals Required

The Joint Venture and Proposed Acquisition are subject to the
following approvals:

(i) Bank Negara Malaysia for the Joint Venture, which was
obtained on August 17, 2005; and

(ii) IDA for the Proposed Acquisition.

(10) Prospects and Risk Factors

(10.1) Prospects

(i) Prospects of the Industry

Singapore is a highly affluent and stable mobile market. As of
June 30, 2005, total mobile phone subscriptions amount to
approximately 4.1 million, representing approximately 96.2
percent penetration. Singapore's annual gross domestic product
(GDP) per capita (adjusted for purchasing power parity) of
USD30,960, makes it one of the highest GDP per capita countries
in Asia.

Singapore is also one of the most advanced and developed mobile
markets globally in terms of data and non-voice services. Total
number of short messaging service (SMS) messages (2G and 3G) in
Singapore amounted to approximately 673.23 million messages in
the month of June 2005.

Singapore was also voted first in terms of Network Readiness
ahead of the US, Hong Kong and the UK by the World Economic
Forum's Networked Readiness Index, 2004-2005. 3G services were
recently launched in Singapore.

The prospects for Singapore's telecommunications industry is
tied to its vision of becoming a vibrant and dynamic global
information and communications technology (infocomm) capital.
Infocomm 21, released in December 2000, is Singapore's five (5)-
year strategic plan for harnessing infocomm technologies to
boost its national competitiveness and improve the quality of
life of its citizenry.

Under the framework, the government had identified six (6)
strategic thrusts by which Singapore was to achieve and maintain
its leading status. These thrusts comprised of promoting
Singapore as a premier infocomm hub, leveraging on IT to power
the private sector for business, leveraging on IT to power the
public sector, making IT part of its citizens' life, promoting
Singapore as the capital for infocomm talent, and creating an
environment which was supportive of business and consumers.

These strategic thrusts deeply entwine the telecommunications
industry with the development plans of Singapore. The IDA has
stated its support in providing the necessary resources for
enhancing the competitiveness of the infocomm sector; both at
the firm level and industry cluster level. In the long run, the
IDA intends to spur innovation among local infocomm companies by
way of emphasizing the development of an infocomm-savvy society
who are able to make sophisticated demands on the industry.

(Sources: Infocomm Development Authority of Singapore, and
Economist Intelligence Unit)

(ii) Prospects of M1

M1 is a strong and stable operator in a technologically advanced
market. It has established a strong presence in Singapore with
good customer recognition and brand positioning. Since its
listing in December 2002, M1 has achieved and maintained a share
of about 30 percent of Singapore's mobile services market. M1
also has a track record of good financial performance in
addition to being renowned for its operational and technical
excellence. TM believes that with these traits, M1 will continue
to perform well in the future under its current management team.

(10.2) Risk Factors

The risk factors (which may not be exhaustive) pertaining to the
Proposed Acquisition are set out below:

(i) Acquisition Risk

M1 operates predominantly in Singapore and is subject to the
standard operating risks of this market. These could include
political risk, regulatory risk and foreign currency risk. TM
does not believe that the risks that M1 faces in Singapore is
any different from other companies in the market. TM also
believes that the acquisition of a company with a strong
management team will help mitigate any country risk factors.

(ii) Fluctuations in Exchange Rate

A weakening/strengthening of the Singapore Dollar may impact the
value of TM's investment in M1, or any cash inflows to be
received by TM from M1 through SunShare. Hence there is no
assurance that the future foreign exchange fluctuations will not
adversely affect TM's investment in M1.

(iii) Foreign Investment

As the acquisition of M1 is a foreign investment in Singapore,
the said investment will be subject to the policies of the
Government of Singapore on foreign investment.

In addition, the ability of SunShare to repatriate the dividends
arising from its investment in Singapore will depend largely on
the relevant legislation relating to repatriation of dividends
prevailing at the point of repatriation. There can be no
assurance that any change to these policies will not materially
affect the rights or performance of M1.

However, TM has sought and will continue to seek professional
advice in order to minimise such risk.

(iv) Competition

The market for mobile telecommunications services in Singapore
is competitive. M1 faces competition from other mobile service
providers, such as SingTel and StarHub Mobile, in its core
mobile communications business.

However, M1 has established itself as an innovative mobile
operator and has adopted a series of differentiation strategies
in order to address the competition. Among these strategies
include Singapore's first video call price plan and prepaid card
with free incoming calls in 2005; Singapore's first music
recognition service, first wireless image search for mobile
phones and first direct dial for roaming prepaid customers in
2004; and Singapore's first sports news service on MMS and first
MMS service for prepaid cards in 2003.

(v) Rapid technology change

The mobile telecommunications industry is characterised by rapid
and significant changes in technology. Currently, M1 is viewed
as a leader in Singapore for wireless data products and
services. However, it is possible that future development or
application of new or alternative technologies could require
changes to M1's business model or necessitate new investments.

(11) Directors' and Substantial Shareholders' Interest

Save for the following:

(i) Khazanah, being a substantial shareholder of TM, holding
35.16 percent of the issued and paid-up share capital of TM;

(ii) Dato' Azman Mokhtar who is a Director of TM nominated by
Khazanah; and

(iii) Dato' Haji Abd. Rahim Haji Abdul who is a Director of TM
nominated by Minister of Finance Incorporated, the holding
company of Khazanah, and his alternate Mohammad Zanudin Ahmad
Rasidi, none of the Directors and/or substantial shareholders of
TM and persons connected to the Directors and/or substantial
shareholders of TM have any interest, direct or indirect, in the
Joint Venture and Proposed Acquisitions.

Dato' Azman Mokhtar, Dato' Haji Abd. Rahim Haji Abdul and
Mohammad Zanudin Ahmad Rasidi (in the absence of Dato' Haji Abd.
Rahim Haji Abdul) have abstained and will continue to abstain
from all Board deliberations on the Joint Venture and Proposed
Acquisition.

(12) Statement by the Directors

The Board of Directors of TM (except Dato' Azman Mokhtar, Dato'
Haji Abd. Rahim Haji Abdul and Mohammad Zanudin Ahmad Rasidi (in
the absence of Dato' Haji Abd. Rahim Haji Abdul) who have
abstained and will continue to abstain from all board
deliberations on the Joint Venture and Proposed Acquisition) is
of the opinion that the Joint Venture and Proposed Acquisition
are in the best interest of SunShare.

(13) Estimated Time Frame for the Completion of the Proposed
Acquisition

Barring any unforeseen circumstances and subject to all the
required approvals being obtained, the Proposed Acquisition is
expected to be completed in the fourth quarter of 2005.

(14) Departure from the SC Policies and Guidelines on
issue/offer of securities (SC's Guidelines)

The Joint Venture and Proposed Acquisition do not depart from
the SC's Guidelines.

(15) Documents Available for Inspection

The JV Agreement and SPA are available for inspection at the
registered office of TM at Level 51, North Wing, Menara TM,
Jalan Pantai Baharu, 50672 Kuala Lumpur during normal business
hours from Mondays to Fridays (except for public holidays) for a
period of three (3) months from the date of this announcement.

This announcement is dated 17 August 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


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

LIBERTY TELECOMS: Trading in Halt After Debt Relief Filing
----------------------------------------------------------
The Philippine Stock Exchange has on Thursday suspended
indefinitely trading in shares of Liberty Telecoms Holdings Inc.
after the debt-ridden firm applied for corporate rehabilitation,
The Philippine Star reports.

Embattled Libery Telecoms and its ailing subsidiaries Liberty
Broadcasting Network Inc. and Skyphone Logistics Inc. have last
week sought a moratorium on the payments of its debts worth
around Php1.3 billion.

The firms filed with the Makati Regional Trail Court a petition
for suspension of debt payments to stop creditors from
instituting foreclosure proceedings against their assets while a
rehabilitation proposal is being mapped out.

The Company, controlled by the family of businessman Raymond
Moreno, is looking to fresh funds in a bid to proceed with
expansion plans which had been put on hold after its foreign
partner Deutsche Telecoms disposed off its all Philippine
interests.

Mr. Moreno had been authorized by the board to take the
necessary measures to prevent the continuous losses sustained by
Liberty. Among these options include sourcing investments,
restructuring of existing loans, and filing of a petition for
rehabilitation.

Liberty Telecoms is currently in talks with three possible
investors that could either infuse fresh equity or provide new
loans.

Last year, consolidated assets of Liberty Telecoms fell by seven
percent to Php3.49 billion from Php3.75 billion, largely due to
the decrease in prepayment and other current assets by 22.8
percent.

CONTACT:

Liberty Telecoms Holdings Inc.
Technology Centre
2298 Pasong Tamo Ext.,
Makati City 1231
Philippines
Phone:  813-0377; 815-9801/8831 to 35
Fax:  816-0049


METRO PACIFIC: Turns Around in 1H/FY05 with Php90.9-Mln Profit
--------------------------------------------------------------
Metro Pacific Corporation on Thursday reported an unaudited IAS-
adjusted net profit of Php90.9 million for the first half of
2005, a reversal from the IAS-adjusted Php8.6 million loss
reported for the comparable period in 2004.

The profit results from improved performance by Landco Pacific
Corporation (Landco) and Negros Navigation Company (Nenaco), and
a onetime gain relating to the Pacific Plaza Towers project.
Metro Pacific last reported a profit in the year 2000.

Consolidated revenues during the first half of 2005 rose six (6)
percent to Php1.695 billion, compared with the Php1.604 billion
reported in 2004. Consolidated operating expenses fell to
Php223.5 million in 2005 versus Php315.9 million in 2004,
reflecting strict cost management. Consolidated financing
charges reduced by 65 percent to Php108.7 million in 2005,
versus Php312.2 million in 2004, reflecting substantially lower
debt levels.

As at 30th June 2005, parent company interest-bearing debts
stood at only Php742 million. Of this amount, Php434 million is
presently subject to closing documentation and when completed,
will result in Metro Pacific's parent company bank debt falling
to less than Php300 million. This is expected to further reduce
before year-end 2005. In 2001 Metro Pacific parent company
interest-bearing debts amounted to Php11.7 billion.

Operations Review

Landco's unaudited net profit increased to Php51.5 million
during the first half of 2005, compared with the restated
Php32.4 million profit reported for the same period in 2004.
Revenues stood at Php390.7 million for the first six months of
the year, principally due to strong sales at Ponderosa Leisure
Farms. New inventories at Ponderosa and Terrazas de Punta Fuego
are being prepared for a late 2005 sales launch. Construction is
also set to expand the Pacific Mall Legaspi to more than 40,000
square meters and launch of a new mall in Naga before year-end.

Pacific Plaza reported an unaudited net profit of Php171.5
million for the first half of 2005 due to an exceptional one-
time gain. This resulted from a settlement reached with a third
party contractor regarding one-time adjustments made to fees
owed, based on the project's final construction costs.

Nenaco reported a marginal loss of Php5.0 million for the first
six months of 2005, a significant improvement from the restated
loss of Php903.5 million for the same period in 2004. Nenaco's
improvement results from a sixteen (16) percent rise in
passenger and cargo volumes carried, the consolidation of the
profitable operations of the company's hotel and restaurant
subsidiary, and decreases in general and administrative
expenses. With Nenaco's rehabilitation program in full
implementation, emphasis is now placed on rebuilding the
company's strength in certain key Western Visayan routes. Plans
are also being prepared for a refleeting program in line with
passenger and freight market demands.

Outlook

"We expect Metro Pacific to report a full-year profit for 2005,
principally due to improving performance at Landco and Nenaco as
well as one-time exceptional gains. Our first-half 2005 results
reflect the transition we are making - from a difficult period
of rehabilitation into one where we can seriously consider new
growth and a return to value creation. One year from now, our
results should reflect the progress we've made in rebuilding our
investment portfolio and reflect a Metro Pacific that is back on
a path of stable growth," said Jose Ma. Lim, President and CEO.

About Metro Pacific

Metro Pacific Corporation is a Manila, Philippines-based holding
firm listed on the Philippine Stock Exchange (PSE: MPC). Metro
Pacific's businesses include property concerns Landco Pacific
Corporation and Pacific Plaza Towers, and shipping firm Negros
Navigation Company. Further information regarding Metro Pacific
can be accessed at www.metropacific.com.

A copy of Metro Pacific's financial statement is availabel free
of charge at:
http://bankrupt.com/misc/tcrap_metropacific081905.pdf

CONTACT:

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


NATIONAL BANK: Taipan Wins Bid for Controlling Stake
----------------------------------------------------
The group headed by business tycoon Lucio Tan has gained control
of the semi-private Philippine National Bank (PNB), The
Philippine Star has learned.

The Tan Group has matched Union Bank of the Philippines' offer
and won the bidding for a 67-percent stake in PNB.

On Thursday last week, the Mr. Tan's camp said it would exercise
its right to match the highest bid for Php43.77 per share
offered by Union Bank in a public bidding on August 12.

The Tan Group had 15 days to match the highest bid but delivered
the notice 11 days ahead of the deadline. By exercising its
right to match, the Tan Group's ownership stake in PNB will
increase to more than 77 percent.

Based on the Php43.77 share price, the sale is expected to
generate Php8.14 billion in revenues for the government to be
shared by the National Government with Php1.98 billion and the
Philippine Deposit Insurance Corp. (PDIC) with Php6.16 billion.

The government will use the proceeds from the sale to help plug
this year's Php180 billion budget deficit.

PNB is the fifth largest domestic bank in terms of assets. It
has a network of 324 branches and offices in the Philippines and
a total of 97 branches, offices and subsidiaries abroad.  It is
the market leader in handling OFW remittances.

PNB when merged with either Union Bank or Allied Bank, will
bring the bank to number three in terms of assets.

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/


NORTHERN FOODS: TRO Reviews Tomato Paste Anti-Dumping Case
----------------------------------------------------------
The Trade Remedies Office (TRO) is re-evaluating Northern Foods
Corporation's (NFC) anti-dumping claims against China, according
to The Manila Bulletin.

The case has brought big losses to state-owned NFC, out of
competing harshly with China's cheap tomato paste.

The Department of Agriculture's (DA)TRO has asked NFC to update
its case, which ultimately aims to rotect the local industry
from recurrence of alleged tomato paste dumping in 2000.

NFC vice president for operations Norberto D. Mendoza said the
dumping case in 2000 caused NFA to cut doen on production for
two years, forcing the Company to sell at a loss.

From an output of 4,611 metric tons (MT) in 1999, NFC's
production dropped to 3,520 MT in 2001 and lower to 1,885 MT in
2002 as China exported to the Philippines tomato paste hitting a
low average of P19.80 per kilo in August 2000. On the other
hand, NFC's tomato paste during the same period was at an
average price of P27.30 on the same month.

Republic Act 8752 or the Anti-Dumping Act of 1995 protects the
country's rights with the World Trade Organization against
dumping which happens when the export price to the Philippines
of a good is lower than the normal home consumption value of
this good in the country of origin.

While China denied having sold in 2000 tomato paste at an
extremely low price, the Philippine Trade and Investment Center
in Guangzhou in a July 9, 2001 letter by Commercial Attach‚
Archime-des C. Gomez said that China shipped 28 to 30 brix
tomato paste to the country at $430 per MT.

At the time, that was equivalent to a landed cost of P21.74 per
kilo while home consumption value of tomato paste in China then
was at a higher P28 per kilo.

NFC is contesting that aside from the Philippines, Europe has
also charged China for heavy subsidies while China was
intensifying production of tomato processed products that
immediately made it world's third largest tomato processor next
to California, the first, and Italy, second.

However, China disputed charges of subsidizing, claiming it
could tap cheap labor in China and that its lands, a major
production factor, is owned by government while costs of these
in Europe are very high.

Since NFC filed the anti-dumping charge in 2000, the DA
initially rejected NFC's assumptions that there must be evidence
of dumping against China.

But DA has reconsidered its position as NFC showed it had at
least P15 million in unsold tomato paste for two years totaling
to 108.19 MT in 2001 and 475.96 MT in 2002 as a result of
China's cheap paste export despite NFC's apparent ability to
compete in the world market costwise.

China was forced to ship out its cheap processed tomato products
as it embarked on aggressive upgrading and expansion in its
factories. From just 47 tomato processing plants in 1999, this
rose to more than 60 plants last year.

NFC, whose plant is in Ilocos Norte, is Philippines' only tomato
paste manufacturer and gives jobs to about 3,000 farmers during
the tomato season from October to April.

CONTACT:

Northern Foods Corporation
7/f One Corporate Plaza
845 A. Arnaiz Ave.
1223 Makati City, Philippines
Phone: +63 2 814-0822
Fax:  +63 2 817-8075
E-mail:  main@nfc.gov.ph
Web site: http://www.nfc.gov.ph


PRICESMART INCORPORATED: Mulls Shift in Product Mix
---------------------------------------------------
The local subsidiary of PriceSmart Incorporated, which is now
100-percent Filipino, is considering shifting its product mix to
more mass-based goods to encourage more memberships, Malaya News
reveals.

William Go, who now controls 90 percent of PriceSmart after his
American partners left, expects more losses but he will not
change the warehouse club, membership concept introduced by the
first foreign company that invested in the country after retail
trade was opened.

Mr. Go said an interim management team is now checking the
financial statements of PSMT Philippines to determine whether or
not losses that stood at Php500 million at fiscal year ending
August 2003 had ballooned or shrunk.

Mr. Go said those numbers would determine financial program and
future plans of the company.

The four PriceSmart stores in Metro Manila will continue to
operate under the new management. The branches are in Alabang in
Muntinlupa, Congressional Road in Quezon City, Fort Bonifacio in
Taguig and Baclaran.

The Company also plans to set up a branch in Cebu.

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


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

MENG FATT: Set Discuss Liquidation Matters at Meeting
-----------------------------------------------------
Notice is hereby given that a meeting of the creditors of Meng
Fatt Fabricators Pte Limited will be held on Aug. 29, 2005, 9:00
a.m. at 16 Raffles Quay, #22-00 Hong Leong Building, Singapore
048581, for the purposes of:

(a) Receiving the Liquidators' report and a statement of all the
Company's receipts and payments during the period of
liquidation, and to consider the Liquidators' intention to apply
to Court for release;

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

(c) Considering any other business.

Dated this 15th day of August 2005

Michael Ng Wei Teck
Joint and Several Liquidator
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Note:
Creditors must submit their proof of debt at the Liquidator's
office on or before Aug. 25, 2005, to be entitled to voting
rights at the upcoming meeting.


NASSIM MANSION: Creditors' Proofs of Debt, Claims Due Sept. 12
--------------------------------------------------------------
Notice is hereby given that the creditors of Nassim Mansion Pte
Limited, which is being wound up voluntarily, are required on or
before Sept. 12, 2005 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the Company Liquidator.

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

Dated this 8th day of August 2005

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


NIHON SEKKEI: Receiving Proofs of Claims Until September 12
-----------------------------------------------------------
Notice is hereby given that the creditors of Nihon Sekkei
Consultants (Singapore) 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 Company Liquidator.

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 comply 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

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

CONTACT:

Nihon Sekkei Consultants (S) Pte Limited
3 Pickering Street #01-13
Nankin Row, China Square Central
Singapore 048660
Phone: 65 6250 4771
Fax:   65 6250 4772


OMIXASIA.COM LIMITED: Parent Firm Initiates Liquidation
-------------------------------------------------------
MTQ Corporation Limited announced that its 21% owned subsidiary,
Omixasia.com Pte Limited, was placed under voluntary liquidation
by its members on Aug. 15, 2005.

The Company's liquidation is not expected to affect MTQ
Corporation's net tangible assets or earnings per share for the
financial year ending March 31, 2006.

By Order of the Board
MTQ Corporation Limited
Fong Choon Seng
Secretary
August 18, 2005

CONTACT:

OmixAsia.com Pte Limited
10 Toh Guan Road #02-07
TT International Tradepark
Singapore 608838
Phone: 65 6564 8182
Fax:   65 6564 8568
Email: customercare@omixasia
Web site: http://www.omxiasia.com/


PLATO CAPITAL: Returns to Black in 2005
---------------------------------------
Plato Capital Limited announced that the Company was able to
turn around for the financial year ended June 30, 2005 on a net
profit of SGD2.42 million, a 171.4% from last year's net loss of
SGD3.4 million.

To view the Company's full-year financial statement, go to:

http://bankrupt.com/misc/tcrap_platocapital081905.pdf

CONTACT:

Plato Capital Limited
10 Collyer Quay
#19-08 Ocean Building
Singapore 049315
Phone: 65 6230 9573
Fax:   65 6536 1360
E-mail: info@platocapital.com


SWITCHGEAR & INSTRUMENTATION: Creditors Must Submit Debt Claims
---------------------------------------------------------------
Notice is hereby given that the creditors of Switchgear &
Instrumentation (Singapore) 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 Company Liquidator, by sending a
proof of debt containing their respective debts or claims via
delivery or post to the Liquidator's office.

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


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

HANTEX: Securities Trading Suspended
------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Hantex Public Company
Limited (HTX) 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:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


NATURAL PARK: Says Damage from Flood Minimal
--------------------------------------------
Natural Park Public Company Limited notified the Stock Exchange
Thailand (SET) the effect of the flood to The Chedi Chiang Mai,
which is one of the projects of the Company.

The Chedi Chiang Mai hotel is a five star hotel that located in
the old site of British Consulate, Charoen Prathet Road, along
Mae Ping Riverside.

The Chedi Chiang Mai has four storys with 84 guestrooms and
fully equipped facilities.  The project also has total usable
area of approximately 20,000 sq.m.  The Chedi Chiang Mai
operated since July 2005 and was warmly welcomed by both Thai
and foreign tourists, hence, resulted in high occupancy rate and
Chedi Chiang Mai is a project that generate revenue to the
Company.

The Chedi Chiang Mai is another hotel that was affected by the
flood but was not damaged badly for the hotel was well prepared
to handle the situation by moving all the properties away from
the flood.

With regards to the building, there were only damages to the
ground floor and the parking area.  At present, the Company has
pumped the water out of the hotel building and the floor was
already dry.  The costs of damages are still in the assessment
process.  In the preliminary assessment by the Company, the
maintenance of the hotel was expected to take approximately 45-
60 days in case where there is no flood or heavy rain that would
hamper the maintenance of the hotel.

The Company has a protection for the risk by an insurance with
the Viriyah insurance Co. Ltd. to cover all risks both All Risks
Insurance Policy for Property Damages which have a total amount
of insurance to THB1,600 million and Business Interruption
Insurance Policy which will compensate the Company in case of
any business interruption which has the total amount insured of
THB70 million.

In addition, the Company will resolve this situation soon, which
include having the insurance company to appraise the damage and
prepare for repair works to solve this problem in order for the
hotel to operate normally soon.

However, the Company informed the SET that this is just a
temporary problem that will not affect the hotel's revenue and
the revenue recognition of the Company in long term.

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: Releases 2Q Financial Results
-------------------------------------------------
Picnic Corp. Public Co. Ltd. issued to the Stock Exchange of
Thailand (SET) a summary of its Reviewed Quarterly Financial
Statements for the period ended June 30, 2005.

Picnic Corporation Public Company Limited
Reviewed Ending June 30
(In thousands)

                        Quarter 2             For 6 Months
Year                 2005        2004       2005        2004

Net profit (loss)   30,518      55,430      101,953     166,014

EPS (baht)            0.02        0.09         0.07        0.28

Type of report: Qualified Opinion with an emphasis of matters

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

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

Mr. Nattachai Aramrasmewanich
Director
Authorized to sign on behalf of the company

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


POWER-P: SET Halts Trading of Securities
----------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Power-P Public Company
Limited (PP) 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:

Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2


PREMIER ENTERPRISE: Auditor Unable to Reach Conclusion on FS
------------------------------------------------------------
The Stock Exchange of Thailand (SET) announced that Premier
Enterprise Public Company Limited (PE) 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 regarding its 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 suspended trading on the securities of the company
in view of the fact that they must prepare a rehabilitation
plan.

CONTACT:

Premier Enterprise Public Company Limited
Premier Corporated Park Bldg,
1 Soi Premier, Sinakharin Rd, Nong Bon, Prawet Bangkok
Telephone: 0-2301-1000, 0-2398-0029
Fax: 0-2398-2350, 0-2398-0701


THAI AIRWAYS: New Airbus Delivery to Push Through
-------------------------------------------------
Despite unfavorable results this year, Thai Airways
International PCL will push through with the acquisition of two
new Airbus 340-600s as planned, reveals Reuters.

The purchase will not affect Thai Airways' account deficit,
because payment will be made next year, airline director
Somchainuk Engtrakul told reporters. The planes are to be
delivered in November and December.

But last week, board member Borwornsak Uwanno said a purchase
postponement was being considered following heavy financial
losses. Thai Airways reported a net loss of THB4.78 billion
($116 million) for its third quarter to June 30, an increase
compared to THB913 million loss a year earlier, caused by rising
jet fuel prices and a slowdown in passenger traffic.

Mr. Borwornsak added that a postponement would help ease
pressure on Thailand's trade and current account deficits.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173






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

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

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

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

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

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