TCRAP_Public/050824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, August 24, 2005, Vol. 8, No. 167

                            Headlines

A U S T R A L I A

ADVANTAGE BLUE: Receivership Shocks Bridgewater Residents
AIR NEW ZEALAND: Hikes Fuel Surcharge on All Flights
AIR NEW ZEALAND: Hong Kong Tax Dispute Resolved
AM STAFFING: Members Pass Winding Up Resolution
CAMPSIE MOTOR: Members Decide to Wind Up Operations

CAPRAL ALUMINIUM: Slow Production Drives More Losses
C.C. AUSTRALIA: Liquidator to Detail Winding Up Manner
CHRIS QUINN: Members, Creditors to Discuss Wind Up Report
DACANI AGENCIES: Creditors Set to Receive Dividend
DDCM PTY: Creditors OK Liquidator's Appointment

FIMCREST PTY: Inability to Pay Debts Prompts Wind Up Action
FLIGHT CENTRE: Struggles Amid Global Downturn
GALLERY CARPET: Creditors Initiate Winding Up
HEIDT BROS: To Declare Dividend August 31
INTERNATIONAL WINE: Shrinks After Redemption Offer

JIM JAY: To Declare Final Dividend
LILYDALE COMMUNITY: Liquidator to Explain Wind Up to Members
LOPIRED PTY: Shuts Down Business
LUSTED CONSTRUCTION: Creditors Sue Partners for AU$2.7 Mln
MALDEK PTY: Appoints Official Liquidator

MILLER'S RETAIL: Asked to Explain Share Price Change
MJM MANAGEMENT: Paul Gidley Named Liquidator
MULTIPLEX: Books AU$8.6-Mln Wembley Provision
OSTALOAD PTY: Members Opt for Voluntary Liquidation
PAGA PTY: Schedules Final Meeting August 30

QANTAS AIRWAYS: Moody's Affirms Rating After Profit Announcement
RUSSALLCANE PTY: Liquidator to Distribute Company Assets
SONS OF GWALIA: ASIC Raids Peter Lalor's Beachfront Mansion
SQUEEZE CHATSWOOD: Placed Under Voluntary Liquidation
TEAC AUSTRALIA: Administrators Recommend AU$45-Mln Rescue

TOYONUSA AUSTRALIA: Final Meeting Fixed August 31
WHT TREE: Court Names Official Liquidator
XANADU WINES: Completes Sale of Business to Subsidiary


C H I N A  &  H O N G  K O N G

ASIA MASTERS: To Undergo Winding Up Process
BANK OF COMMUNICATIONS: Swings to CNY4.61 Bln Profit in H1/FY05
BETTABOB INVESTMENT: Winding Up Hearing Set September 21
EVERGREEN RESTAURANT: Holds Annual Meeting Today
HON PO: Notes Unusual Price Volume Movement

KWOK SHUN: Prepares to End Operations
MAK KEE: Creditors Meeting Fixed August 30
MEI EXCEL: Creditors to Consider Liquidation Matters
TEXCORP INTERNATIONAL: Enters Winding Up Proceedings
TREASURE FLOATING: Annual General Meeting Set for Today

TREASURE FOOD: Creditors, Members to Hear Wind-up Account
TREASURE RESTAURANT: Creditors, Members Meet Today
TREASURE SEA: Releases AGM Notice to Creditors
TREASURE MANAGEMENT: Liquidator to Report on Winding Up
WAN TAT: Court Orders Business Closure


I N D O N E S I A

INDOFOOD SUKSES: May Appeal UK Court Ruling on Bonds Buyback
PERTAMINA: Energy Minister Demands Explanation of Cepu Stake
PERTAMINA: Records 6-Month Net Profit of IDR8.6 Trillion
PERTAMINA: Centrak Bank Still Supplies Funds
PERUSAHAAN LISTRIK: Another Blackout Likely by Year's End


J A P A N

FUJITSU LIMITED: Sues Nanya Over Memory Chip Patent
HITACHI LIMITED: Unit Signs Overseas Operation Contract
JAPAN AIRLINES: Unveils Group Traffic Results for 2005
JAPAN HIGHWAY: Axes VP Michio Uchida
MITSUBISHI MOTORS: Thailand Unveils New Triton Pickup Truck

SANYO ELECTRIC: Selects CoWare's LISATek Products, Services
TOSHIBA CORPORATION: Gives Up on Unified DVD Format

   
K O R E A

INCHON OIL: SK Corp. Named Preferred Bidder
SSANGYONG FIRE: Sale Fetches KRW47.6Bln


M A L A Y S I A

AMTEL HOLDINGS: EGM Slated for Next Month
AMSTEEL CORPORATION: Dissolves Dormant Unit
ANCOM BERHAD: Purchases 576,900 Shares on Buy Back
AYER HITAM: To Undergo Restructuring
CEPATWAWASAN: Sets AGM Next Month

FABER GROUP: Accountants Release Investigative Audit
MAGNUM CORPORATION: Issues New Shares for Listing
MANGIUM INDUSTRIES: Outstanding Debt Stands at MYR58.614
MERCES HOLDINGS: Books MYR1,293,000 in Net Loss
NORTH BORNEO: Books MYR1,365,000 in Net Loss

OPENSYS (M) BERHAD: 2Q Net Loss Down to MYR1,399,000
PANTAI HOLDINGS: Bourse to List, Quote New Shares
POS MALAYSIA: New Shares Granted Listing, Quotation
QUALITY CONCRETE: Completes Disposal of Shares in OSK
SARAWAK ENTERPRISE: AmMerchant Discloses Dealing in Securities

SATERAS RESOURCES: Appeals Hearing Set Next Month
TENAGA NASIONAL: Details Unit's Transaction
TRU-TECH HOLDINGS: Granted Extension to Fulfill Conditions of MA
TRU-TECH HOLDINGS: Defaults in Monthly Deposit


P H I L I P P I N E S

LIBERTY TELECOMS: Releases Additional Info on Rehab Application
MANILA ELECTRIC: TOU Pricing Higher than Napocor Rates
NATIONAL POWER: Central Bank Approves Additional AU$100-Mln Loan
NATIONAL POWER: ADB OKs Universal Transfer for Assets
NATIONAL POWER: Sees No Rate Hike This Year

NATIONAL POWER: Told to Honor Contracts
PRICESMART PHILIPPINES: Eyes Further Expansion


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Moody's Gives Stable Ratings Outlook
CITIRAYA INDUSTRIES: Creditor Seeks Winding Up
NUNOTANI NAUTICAL: Creditors to Discuss Wind Up Matters
QUANTEC REALTY: Court Issues Winding Up Order
SILVERTON INVESTMENTS: Court to Hear Petition August 26


T H A I L A N D

ABICO HOLDINGS: Unveils 2Q Operating Results
KRUNG THAI: Chairman Steps Down
SRITHAI FOOD: Issues Financial Status Update
NEW PLUS: Clarifies 2Q Operating Results
PHUKET AIRLINES: Jumbo Jet Remains Grounded

     -  -  -  -  -  -  -  -

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

ADVANTAGE BLUE: Receivership Shocks Bridgewater Residents
---------------------------------------------------------
A surprise decision by Advantage Blue Feeds to go into
receivership jolted Bridgewater residents, The Advertiser
reports.

Advantage Blue, which operates a stock processing mill in the
town, informed its staff about the move Thursday last week.

The collapsed firm is one of the town's major employers with
around 16 permanent and three casual staff.

There are fears tens of thousands of dollars is owed to farmers,
with the future of the site now in the hands of administrators.
The firm reportedly owed money to about 190 creditors, including
grain growers and transport companies.

However, there is hope that jobs can be saved at the site, with
receiver managers Andrew Love and Barry Taylor of Ferrier
Hodgson making an assessment of the site's future.

Tom Javorsky, of Jones Condon, has been appointed voluntary
administrator, and has called a creditors' meeting in Melbourne
on Thursday.

Meanwhile, the Loddon Shire Chief Executive Craig Niemann said
any loss of industry in a small town has a big impact and it is
hoped the mill will continue operating long-term.

"It's perhaps the industry that has its peaks and troughs over a
period of time but from our knowledge it has been operating
fairly effectively over the last few years since it was taken
over by Advantage Blue. So I'm quite surprised it has been put
in receivership," he said.

The company, which also ruins a mill in Camperdown, operates
from the same Bridgewater site as Water Wheel Holdings, which
went into administration in 2000, leaving hundreds of residents
out of pocket.


AIR NEW ZEALAND: Hikes Fuel Surcharge on All Flights
----------------------------------------------------
Air New Zealand will increase the fuel surcharge on airfares
sold from 1 September.

Chief Financial Officer Rob McDonald says the cost of benchmark
Singapore Jet Fuel has continued to increase over the past few
months and the airline can no longer sustain the extra cost.

"Jet fuel is now 42 percent higher than in August last year and
around 25 percent higher than three months ago. Given that jet
fuel is currently around 30 percent of our total operating
costs, we can't absorb those prices and need to reflect such
increases in the cost of travel," Mr. McDonald said.

He said that despite increasing the fuel surcharge, Air New
Zealand would still not fully recover the increased cost of jet
fuel.

"Airlines are currently operating in one of the most challenging
periods in aviation history and we are acutely aware that
attempting to fully recover the increased cost of fuel would
ultimately impact on demand."

Mr. McDonald said that despite the increased fuel surcharge, the
cost of travel remained at some of the lowest levels ever in
real terms.

"That's been reflected in the substantial growth we have
experienced in both domestic and international bookings over the
past couple of years. For example, Air New Zealand carried 7.2
million passengers domestically and 4.5 million passengers
internationally during the 2005 financial year, an increase of
1.1 million passengers compared with the 2004 financial year."

Mr. McDonald says the airline has been passing the benefits of
its fuel price hedging programme on to customers, but as its
favorable hedges began to roll off, it needed to reflect current
prices it was paying for jet fuel.

The usual quarterly disclosure of Air New Zealand's fuel hedge
position will be announced at the Annual Result.

Fuel Surcharge Increases:

Domestic travel

Domestic airfares will increase by an average of $6 or 4.5%.

International Tickets Sold in New Zealand

Trans-Tasman and Pacific Islands flights will incur a $52 per
sector surcharge (up from $42).

Customers flying on long-haul sectors will incur a $92 surcharge
per sector (up from $72).

The surcharge for customers flying from New Zealand to the UK or
Europe will increase from $132 to $152 each way.

Flights booked and paid for before 1 September, for travel
commencing after that date, will not be subject to the increased
domestic fares or the increased international fuel surcharge.

Among airlines who have announced fuel surcharge increases in
the past two weeks are Air Canada, Thai Airways, United
Airlines, Delta, Continental Airlines, Northwest and Jetblue.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


AIR NEW ZEALAND: Hong Kong Tax Dispute Resolved
-----------------------------------------------
In March 2004, Air New Zealand advised the market that the Hong
Kong branch of its subsidiary New Zealand International Airlines
Ltd had received amended income tax assessments from the Hong
Kong IRD for the period from 1989 to 2002.

Air New Zealand and the Hong Kong IRD have reached agreement on
a basis of assessment which covers the years noted as well as
2003 and 2004. Accordingly, the matter is now resolved.

The resolution reached is considered to be a satisfactory and
fair outcome which is consistent with the Company's
expectations. No potential future liabilities relating to this
matter are anticipated beyond this point.

For further information contact:
Abhy Maharaj
Manager, Investor Relations
Air New Zealand
Phone: +649 336 2863


AM STAFFING: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
AM Staffing Pty Limited held on July 13, 2005, it was resolved
that the Company be wound up voluntarily, and that Schon G.
Condon RFD and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW be
appointed Joint Liquidators for such winding up.

Dated this 14th day of July 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
c/o Jones Condon
Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: (02) 9893 9499


CAMPSIE MOTOR: Members Decide to Wind Up Operations
---------------------------------------------------
Notice is hereby given that it was resolved by special
resolution on July 13, 2005 that Campsie Motor Works Pty Limited
be wound up voluntarily and that for such purpose, John Lord of
PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney,
be appointed Liquidator.

Dated this 17th day of July 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


CAPRAL ALUMINIUM: Slow Production Drives More Losses
----------------------------------------------------
Capral Aluminium has incurred a first half net loss after
capacity limitations slowed production as it moves its
manufacturing operations from Minto to Bremer Park, according to
the Sydney Morning Herald.

For the first half of the current fiscal year the loss-making
aluminium extrusion and distribution Company booked a net loss
of AU$21.9 million, significantly higher than the AU%13.7-
million loss recorded in the same period last year. The firm
also expects to suffer further losses in the second half of the
year.

Customers are expected to be slow to return because they have
other supply arrangements in place and the manufacturing cost at
Bremer continues to be high.

Although the firm's Campfield and Caning Vale operations are
doing well, the overall market continues to slide due to the
housing downturn.

Delays in establishing the AU$100 million Bremer Park plant near
Ipswich in southeast Queensland also contributed to a AU$71
million net loss in the 2004 calendar year. But the firm said
all elements of the Bremer plant are now working, although
automation is not fully operational in some areas and there are
some bottleneck, product quality and service issues.

Production volume at Bremer is also low while Eagle Farm remains
in operation, which will now close by December this year.

Earlier, the Company announced the purchase of Crane Group
Limited's aluminium business for approximately AU$124 million.
The Company said the merged businesses are expected to
contribute more than AU10 million per annum by 2008.

Meanwhile, Capral will raise $113 million via a two for three
renounceable rights issue and open a AU$45 million debt facility
which will fund the Crane aluminium business purchase,
acquisition costs and other anticipated cash outgoings for
2005/06.

CONTACT:

Capral Aluminium
71 Ashburn Road, Bundamba QLD 4304
PO Box 768, Booval BC QLD 4304
PO Box 768, Booval BC QLD 4304
Phone: 61 7 3816 7000
Fax: 61 7 3816 7111
Web site: http://www.capral.com.au/


C.C. AUSTRALIA: Liquidator to Detail Winding Up Manner
------------------------------------------------------
Notice is given that a final meeting of members and creditors of
C.C. Australia Pty Limited will be held on Aug. 30, 2005, 10:00
a.m. at the offices of Lawler Partners, Level 7, 1 Margaret
Street, Sydney for the following purposes:

AGENDA

(1) To have an account of the company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.

Dated this 12th day of July 2005

C. Wykes
Liquidator
c/o Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000


CHRIS QUINN: Members, Creditors to Discuss Wind Up Report
---------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Chris Quinn Surfacing Pty Limited will
be held on Aug. 31, 2005, 11:00 a.m. at the offices of Knights
Insolvency Administration, Level 3, United Overseas Bank
Building, 32 Martin Place, Sydney.

AGENDA:

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

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

Dated this 13th day of July 2005

Bill Cotter
Liquidator
Level 3, United Overseas Bank Building
32 Martin Place, Sydney NSW 2000


DACANI AGENCIES: Creditors Set to Receive Dividend
--------------------------------------------------
Dacani Agencies Pty Limited will declare a first & final
dividend to its preferred unsecured creditors on Aug. 30, 2005.

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

Dated this 29th day of June 2005

M. C. Hall
T. J. Clifton
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


DDCM PTY: Creditors OK Liquidator's Appointment
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
DDCM Pty Limited held on July 13, 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. A meeting of creditors held
that same day confirmed the Liquidator's appointment.

Dated this 26th day of July 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


FIMCREST PTY: Inability to Pay Debts Prompts Wind Up Action
-----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Fimcrest Pty Limited held on July 13, 2005, the following
Special Resolution was duly passed:

That as the Company will not be able to pay its debts within 12
months, according to its directors, the Company wound up
voluntarily.

Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed Liquidator for the winding up.

Dated this 14th day of July 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


FLIGHT CENTRE: Struggles Amid Global Downturn
---------------------------------------------
Embattled travel retailer Flight Centre saw its shares plunge
more than 8 percent following the announcement of its first ever
annual profit decline, The Age says.

The company, which in the past has reported spectacular results,
hit the wall in 2004-05 with two profit downgrades.

Flight Centre on August 18 announced 2004-05 profit of $67.91
million, down 17 per cent from the previous year.

Sales were up 17 per cent to a record $6.9 billion due to growth
in retail, corporate and online operations. But profits were
dragged down by increased overhead costs and margin pressure.

The result was in line with Flight Centre's revised profit
projections.

But the stock still fell AU$1.27 or 8.19 per cent to AU$14.23 as
the company could not give clear guidance for 2005-06.

Flight Centre chairman Graham Turner said the company, which has
been in operation since 1981, was disappointed with the result.

Mr. Turner said volatility in the global travel market and
pressure on margins made it too difficult to predict this year's
net profit result.

But he said Flight Centre was aiming for a 15 per cent rise in
sales to total transaction value (TTV) for 2005-06.

A copy of the Company's financial results is available free of
charge at:
http://bankrupt.com/misc/tcrap_flightcentre082305.pdf

CONTACT:
Flight Centre Limited
Phone: +61 7 3011 7000
Web site: http://www.flightcentre.com.au/


GALLERY CARPET: Creditors Initiate Winding Up
---------------------------------------------
Notice is hereby given that at a meeting of creditors held on
July 13, 2005, it was resolved that Gallery Carpet Services Pty
Limited be wound up voluntarily, and that Glenn Anthony Crisp,
Chartered Accountant of RSM Bird Cameron Partners, Level 8, 525
Collins Street, Melbourne, be appointed liquidator for such
purpose.

Dated this 13th day of July 2005

Glenn Anthony Crisp
RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne Vic 3000


HEIDT BROS: To Declare Dividend August 31
-----------------------------------------
Heidt Bros Pty Limited will declare a dividend to its preferred
unsecured creditors on Aug. 31, 2005.

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

Dated this 26th day of June 2005

P. I. Macks
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


INTERNATIONAL WINE: Shrinks After Redemption Offer
--------------------------------------------------
The International Wine Investment Fund (Wine Fund) advised that
as a result of the recently completed AU$109.2 million Unit
Redemption Offer, the Wine Fund is now a smaller sized
investment fund.

However, the Wine Fund continues to hold some important
investments such as those in the world's largest wine Company
Constellation Brands Inc. and the leading distribution company
in the United Kingdom, Bibendum Wine Limited.

The Responsible Entity, Berren Asset Management Limited, the new
Investment Manager, Wilson Asset Management and members of the
new Investment Committee have commenced evaluating the Wine
Fund's investment portfolio in order to assess which of our
current investments will from the core foundation for the future
growth of the Wine Fund.

The asset managers also recommended evaluating new investment
opportunities and are pleased with the opportunities that
present themselves in growing wine markets around the world.
Operationally, the asset managers are examining the cost
structure of the Fund and are taking steps to reduce the Wine
Fund's expenses into line with its smaller size.

As previously advised, the final distribution of 6.5 cents per
Unit for the period ending June 30, 2005, will be paid to
Unitholders on August 26, 2005.

Geoff Wilson, the principal of Wilson Asset Management, through
an associated entity, has invested in Wine Fund Units and
intends to continue increasing his holding over time.

In the Wine Fund's Annual Report to be published in September,
Geoff Wilson will discuss the investment policies and growth
strategy for the fund.

A General Meeting of the Wine Fund will be held in November.

CONTACT:

Geoff Wilson
Chairman
Wilson Asset Management (International) Pty Limited
Phone: 0412 242 712

MIke Terlet, AO
Chairman
Berren Asset Management Limited
(08) 8373 9900

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


JIM JAY: To Declare Final Dividend
----------------------------------
Jim Jay Pty Limited will declare a first and final dividend on
Aug. 30, 2005.

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

Dated this 13th day of July 2005

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


LILYDALE COMMUNITY: Liquidator to Explain Wind Up to Members
------------------------------------------------------------
Notice is given that a Final Meeting of the members of Lilydale
Community Health Inc. will be held on Aug. 30, 2005, 10:30 a.m.
at Level 19, 15 William Street, Melbourne.

The purpose of the meeting is to receive the Liquidator's
account showing the manner of the winding up and disposal of
Company property, and to receive any explanation of the account.

Accounts have been compiled in accordance with Section 539(1) of
the Corporations Act and are available for inspection at Pitcher
Partners, Level 19, 15 William Street, Melbourne during normal
business hours.

Dated this 13th day of July 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000
Phone: (03) 8610 5144


LOPIRED PTY: Shuts Down Business
--------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Lopired Pty Limited held on July 13, 2005, the following
Special Resolution was duly passed:

That as the Company may not be able to pay its debt within 12
months, in the opinion of its directors, the Company be wound up
by a Creditors Voluntary Winding Up.

Dated this 14th day of July 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


LUSTED CONSTRUCTION: Creditors Sue Partners for AU$2.7 Mln
----------------------------------------------------------
Creditors of failed Lusted Construction were pondering an
AU$2.5-million shortfall, following news that any repayment
hinges on a lawsuit, Daily Telegraph reports.

Administrator Peter Hicks said an AU$2.7-million legal claim
would be pursued against Lusted's partners in the Dickside
Apartments development in Newcastle.

At a meeting last week, a vote decided to use AU$75,000 in
creditors funds to investigate the strength of Lusted's claims
against TASK Developments, Jackson Teece Architects and    
Keith Savage, the head of Jackson Teece and a director of TASK.

But Mr. Hicks warned if a claim was pursued in the Supreme
Court, it could take up to three years to be decided. He added
there was no guarantee these parties could meet such a hefty
payout, but warned creditors that legal action was the only hope
of recovering their money.

Creditors committee member Doug Eaton also voiced doubts about
the viability of the legal pursuit.

Lusted was found to have an AU$3.1-million deficit. The extent
of the company's financial problems saw the decision to
liquidate.


MALDEK PTY: Appoints Official Liquidator
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Maldek Pty Limited held on July 11, 2005, it was resolved
that the Company be wound up voluntarily, and that Richard
Herbert Judson of Members Voluntarys Pty Ltd be appointed
Liquidator for such purpose.

Dated this 12th day of July 2005

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


MILLER'S RETAIL: Asked to Explain Share Price Change
----------------------------------------------------
The Australian Stock Exchange on Monday ordered the beleaguered
Miller's Retail to explain an 11.5-percent run in its share
price last week, The Australian relates.

The ASX query came in the midst of Miller's consolidation talks
with New Zealand competitor, The Warehouse Group.

Miller's and Warehouse two months ago confirmed they had started
talks over a proposal that would see Warehouse merge its
Australian operations with Miller's discount variety business.

The packaged discount variety group would then be on-sold for
about AU$200 million, to private equity firms Allco Equity
Partners, Castle Harlan Australian Mezzanine Partners, Archer
Capital and Catalyst.

A formal proposal is expected to be announced soon.

Responding to the ASX query, Miller's referred to its statement
in June where it advised that it was conducting a group review,
with an emphasis on the troubled discount variety business. It
said that review included divestment opportunities but that no
decision had been made.

Miller's was asked if its previously stated earnings before
interest tax, depreciation and amortization forecast of between
AU$48 million and AU$53 million would vary more than 15 percent.
The company confirmed that any variation in the full-year number
would be no more than 15 percent. The retailer said its
previously stated one-off provisions of up to AU$55 million
would not vary materially.

Miller's is due to report its full-year profit soon. It could
then announce any potential Warehouse merger and eventual sale
to a group of private equity firms.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


MJM MANAGEMENT: Paul Gidley Named Liquidator
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of MJM Management Consultants Pty Limited held on
July 12, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held on the same day, it was resolved
that Paul William Gidley of Lawler Partners, Chartered
Accountants, 763 Hunter Street, Newcastle West NSW 2302 be
appointed Liquidator for the winding up.

Dated this 26th day of July 2005

Paul W. Gidley
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


MULTIPLEX: Books AU$8.6-Mln Wembley Provision
---------------------------------------------
Troubled property developer Multiplex Group has booked an
additional AU$8.6 million after tax provision for its Wembley
stadium project in London as it reported a "disappointing"
annual result, reveals the Sydney Morning Herald.

Multiplex's annual net profit was up 71 percent to AU$83.82
million.

Multiplex had already flagged losses from its AU$1.2 billion
reconstruction of London's iconic Wembley Stadium, which has
suffered from delays and higher than expected costs.

"The result is very disappointing and has been significantly
impacted by the substantial losses experienced at Wembley
National Stadium," Chief Executive Andrew Roberts said.

Despite progress since the introduction of an accelerated works
program, the company has made a further AU$8.6 million after tax
provision as a contingency against residual risks that remain
until project completion.

Multiplex also provided guidance for 2005/06 to take into
account the transition to international financial reporting
standards and a "more conservative methodology of recognizing
completion bonuses".

The revised forecast is for AU$215 million before stapling
eliminations and outside equity interests.

The result for the year to June 30, 2005 was impacted by a AU$62
million loss in Multiplex's construction division.

However the development division achieved a AU$95 million
profit, while property funds management contributed AU$16.5
million, with facilities and infrastructure management
contributing AU$4.1 million.

Multiplex also announced it had sold half of its 50 percent
interest in the Cricklewood urban regeneration scheme in the
United Kingdom.

A copy of Multiplex Group's financial results announcement is
availabel free of charge at:
http://bankrupt.com/misc/tcrap_multiplex082305.pdf  

CONTACT:

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


OSTALOAD PTY: Members Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ostaload Pty Limited held on July 13, 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
Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 be appointed Liquidator for such
purpose.

Dated this 13th day of July 2005

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


PAGA PTY: Schedules Final Meeting August 30
-------------------------------------------
Notice is given that a meeting of the creditors of Paga Pty
Limited will be held on Aug. 30, 2005, 10:00 a.m. in the meeting
room of SimsPartners, Level 4, 12 Pirie Street, Adelaide.

AGENDA:

To consider the liquidator's final report to creditors and
members regarding the conduct of the liquidation, including
particulars of assets realization and investigations into the
Company's affairs.

To consider the liquidators' final account showing how the
Company property was disposed of, and any other business.

Dated this 18th day of July 2005

Nick Cooper
Liquidator
SimsPartners
Level 4, 12 Pirie Street
Adelaide
Email: adel@simspartners.com.au

Note:
To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 4, 12
Pirie Street, Adelaide before the commencement of the meeting.

Proof of debt and proxy forms are available from SimsPartners.


QANTAS AIRWAYS: Moody's Affirms Rating After Profit Announcement
----------------------------------------------------------------
Moody's Investors Service has affirmed the Baa1 unsecured long-
term rating and P-2 short-term rating of Qantas after the
airline announced its financial results -- which were in line
with the rating agency's expectations -- for 2004-2005 (FY2005).

Moody's noted that key ratios that are important to the rating -
- namely, market share, yield and free cash flow generation --
were in line with expectations. For example, domestic market
share has been stable at around 65% for the past two years,
while international market share (to and from Australia) dropped
marginally to 32.2% in FY2005 from 33.7% in FY2004. Qantas also
confirmed that its yield (excluding the effects of foreign
exchange) improved.

Further, the airline has returned to a free cash flow positive
status -- after capital expenditure and dividends - and Moody's
expects this situation to continue for the next 3 years. Other
financial metrics, including interest cover, retained cash flow
to debt and debt to EBITDA (all adjusted for operating leases),
were also in line with expectations for the maintenance of a
stable outlook.

The airline has maintained strong liquidity, with a cash balance
of A$1,903.8m as at 30 June 2005, up from A$1,365.3m as at 30
June 2004.

Moody's notes that Qantas faces a core challenge in the coming
year in maintaining cash flow generation, given high fuel costs,
and which may require the company -- as it has announced - to
further reduce other operating costs, including staff costs.

The company has recorded good success in this area in recent
years, but a concern for Moody's is how much more of this
achievement is sustainable without provoking industrial unrest.
Nevertheless, the track record so far indicates Qantas is well
positioned to manage this challenge, and it has a solid
liquidity position, should issues develop.

Qantas Airways Limited is Australia's major air carrier and is
based in Sydney. It has three domestic brands: Qantas, Qantas
Link and Jetstar, and three international brands: Qantas,
Jetstar Asia and Australian Airlines.

CONTACT:

Sydney
David Howell
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Pty Ltd
Phone: 612 9270 8100

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
Phone: 612 9270 8100

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


RUSSALLCANE PTY: Liquidator to Distribute Company Assets
--------------------------------------------------------
Notice is hereby given that the final meeting of members of
Russallcane Pty Limited will be held on Aug. 30, 2005, 11:00
a.m. at 79 Cowper Street, Crookwell to receive the Liquidator's
account showing how the winding up was conducted and the
property of the Company was disposed of and where applicable
assets distributed.

Dated this 12th day of July 2005

Paul Joseph Culhane
Liquidator
42 Colyer Street
Crookwell NSW 2583


SONS OF GWALIA: ASIC Raids Peter Lalor's Beachfront Mansion
-----------------------------------------------------------
The corporate regulator has raided the beachfront Cottesloe
mansion of Perth businessman Peter Lalor as investigations
continue into the AU$1-billion collapse of gold miner Sons of
Gwalia, The West Australian has learned.

The Securities and Exchange Commission raided Mr. Lalor's Marine
Parade property Thursday last week after a securing a search
warrant.

The search warrant was reportedly issued on the suspicion that
Peter Lalor held documents at his Marine Parade property, which
might have been of interest in the investigation.

The ASIC has been investigating for six months now the Sons of
Gwalia collapse over possible breaches of Corporations Law and
the Australian Stock Exchange's disclosure rules.

Mr. Lalor and his brother Chris Lalor are facing separate
negligence and breach of duty claims totaling AU$567 million
launched by the administrators of Sons of Gwalia, who have been
liaising with ASIC.

The Lalor brothers, who both have Marine Parade addresses,
founded Sons of Gwalia more than two decades ago and built the
company into one of Australia's biggest gold miners.

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/


SQUEEZE CHATSWOOD: Placed Under Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Squeeze Chatswood Pty Limited held on July 14,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day, it was
resolved that for such purpose, Peter Paul Krejci of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 be
appointed Liquidator.

Dated this 14th day of July 2005

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


TEAC AUSTRALIA: Administrators Recommend AU$45-Mln Rescue
---------------------------------------------------------
Struggling electrical goods maker TEAC Australia will continue
operating since its Japanese parent has vowed to write off
around AU$45 million in debt, The Age reveals.

Administrators Sal Algeri and Simon Wallace-Smith from in
solvency firm Deloitte recommended that creditors vote in favor
of the Company being taken over by its 50-percent shareholder,
TEAC Corporation Japan, to allow the business to continue
trading.

The deal would secure the entitlements of 120 national staff and
enable a payment of AU$20.5 million to secured creditor ANZ. But
unsecured creditors would receive only 5cents in the dollar. The
warranties on TEAC electrical goods would continue to be covered
and the business would trade as normal.

TEAC Corporation Japan was owed AU$45 million, while overseas
suppliers were owed AU$12 million and several Australian
suppliers were owed AU$4 million.

The administrators, who were called in March when it was
revealed that the company owed more than AU$80 million to
secured and unsecured creditors, have claimed misappropriation
of company assets, false invoicing and misleading trading
results by its former local management.

CONTACT:

TEAC Australia
Address: 280 William St
Melbourne Vic 3000
Phone: (03) 9672 2400
       (03) 9644 2442
Fax: (03) 9672 2499
E-mail: info@teac.com.au  
Web site: http://www.teac.com.au/


TOYONUSA AUSTRALIA: Final Meeting Fixed August 31
-------------------------------------------------
Notice is hereby given that a general meeting of the members of
Toyonusa Australia Pty Limited will be held on Aug. 31, 2005,
11:00 a.m. at the offices of Worrells, Solvency & Forensic
Accountants, Level 5 15 Queen Street, Melbourne, to have an
account 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 20th day of June 2005

A. Thomas Fernandez
Liquidator
Worrells Solvency and Forensic Accountants
Level 5, 15 Queen Street
Melbourne
Web site: http://www.worrells.net.au/


WHT TREE: Court Names Official Liquidator
-----------------------------------------
On July 15, 2005, the Supreme Court of New South Wales ordered
the winding up of WHT Tree Services Pty Limited, and appointed
Stephen Jay to be Liquidator for such winding up.

Stephen Jay
Liquidator
c/o Nicholls & Co.
Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


XANADU WINES: Completes Sale of Business to Subsidiary
------------------------------------------------------
The Directors of Xanadu Wines Limited advised that the sale of
the Xanadu Wines Business to a subsidiary company of RW Group
Pty Ltd, a company associated with the Rathbone Family, was
completed Monday, August 22, 2005.

The sale of the Xanadu Wines Business was on the terms as
previously released to market.

As part of this sale transaction, the Company's debt with
Westpac was satisfied in full with payment to the bank of
AU$14.5 million plus outstanding interest.

The Company currently has approximately AU$5.7 million
convertible notes on issue. In accordance with the convertible
note Trust Deed, holders of the Company's convertible notes will
be sent a notice stating that they may redeem their convertible
notes or convert their convertible notes into shares at 85% of
the weighted average price of shares in the Company traded on
ASX during the last 30 trading days of the period immediately
preceding the date of the noteholder's notice requesting
conversion.

Pursuant to the shareholders' special resolution approved at the
general meeting of shareholders held on August 5, 2005, the
Company's name has changed to Global Wine Ventures Limited.

Global Wine Ventures Limited has been assigned the ASX code
"GWV". The new name and ASX code "GWV" will be registered on ASX
on commencement of trade Thursday, August 25, 2005.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389
Web site: http://www.xanaduwines.com.au/


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

ASIA MASTERS: To Undergo Winding Up Process
-------------------------------------------
Asia Masters Consulting Group Limited whose place of business is
located at Unit 603, 6/F, Austin Tower, 22-26A Austin, Ave, Tsim
Sha Tsui, 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 10, 2005.

Date of Presentation of Petition: June 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


BANK OF COMMUNICATIONS: Swings to CNY4.61 Bln Profit in H1/FY05
---------------------------------------------------------------
Bank of Communications (BoCom) posted a net profit of CNY4.61
billion (HK$4.41 billion) in the first half of this year, as
against a net loss of CNY1.91 billion in the same period a year
earlier, The Standard reports.

BoCom Chairman Jiang Chaoliang expects its full-year profit to
exceed the target of CNY7.87 billion.

The lender set aside CNY1.918 billion in provisions for bad
debts in the first half, down 27 percent. It included CNY98.42
million for a loan of CNY444.6 million to Greencool Group, the
parent of troubled appliance firm Guangdong Kelon, whose
Chairman is under investigation.

Some analysts said the company's bottom line improvement was
exaggerated by its lower provisioning for bad debts and lower
income tax expenses.

CONTACT:

Bank of Communications Company Limited
20 Pedder Street Central Hong Kong
Phone: 86-21-58781234
Web site: http://www.bankcomm.com


BETTABOB INVESTMENT: Winding Up Hearing Set September 21
--------------------------------------------------------
Notice is hereby given that a Petition for the winding-up of
Bettabob Investment Company Limited by the High Court of Hong
Kong was on July 26, 2005 presented to the said Court by Lee
Shun Chung of Flat B, 12th Floor, Homan Villa, 52-56 Ho Man Tin
Street, Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on September 21, 2005.

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

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 20, 2005.


EVERGREEN RESTAURANT: Holds Annual Meeting Today
------------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Evergreen Restaurant Limited (In
Creditors' Voluntary Liquidation) will be held at Venue 1-Room
304, 29/F, Wing On Centre, 111 Connaught Road Central, Hong Kong
on August 24, 2005 at 10 o'clock in the morning.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F.,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


HON PO: Notes Unusual Price Volume Movement
-------------------------------------------
The Board of Hon Po Group (Lobster King) Limited has noted the
recent increases in trading price and trading volume of the
shares of the Company and wishes to state that it is not aware
of any reasons for such increase, except that (i) the third and
final tranches of the Second Convertible Notes in an aggregate
principal amount of HK$50,000,000 were issued to 12 independent
professional, corporate or individual placees.

The Company has received conversion notices for the full
conversion of the Second Convertible Notes issued and as a
result of which the Company has issued a total of 1,000,000,000
Shares to those 12 placees at the Second Conversion Price of
HK$0.05 each of August 22, 2005; and (ii) for long term
investment purpose, the Company is currently engaged in a
preliminary discussion regarding a possible acquisition of a
certain amount of equity interest in a Hong Kong company which
is indirectly holding a right of exploitation for natural
resources in PRC through a wholly-owned foreign enterprise.

Shareholders and potential investors should exercise caution
when dealing in the Shares.

By order of the Board
Hon Po Group (Lobster King) Limited
Chan Shi Yung
Executive Director and Chief Executive Officer
Hong Kong, August 22, 2005


KWOK SHUN: Prepares to End Operations
-------------------------------------
Kwok Shun Communication (HK) Investment Limited whose place of
business is located at Room 603, Kai Wong Commercial Building,
224 Queen's Road Central, Hong KOng was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 10,
2005.

Date of Presentation of Petition: June 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


MAK KEE: Creditors Meeting Fixed August 30
------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the Members
and Creditors of Mak Kee Limited (In Creditors' Voluntary
Liquidation) will be held at 2/F, Wing Yee Commercial Building,
5 Wing Kut Street, Central, Hong Kong on August 30, 2005 at the
times listed below for the purpose of laying before the meeting
by the Joint and Several Liquidators an account of their acts
and dealings and of the conduct of the winding-up during the
preceding year.

Time of Meeting of Members 2:30 p.m.
Time of Meeting of Creditors 3:30 p.m.

Dates this 19th day of August 2005.

Lau Siu Hung
ng Chun Kong
Joint and Several Liquidators


MEI EXCEL: Creditors to Consider Liquidation Matters
-------------------------------- -------------------
Notice is hereby given, pursuant to section 241 of the Hong Kong
Companies Ordinance, that a meeting of the creditors of Mei
Excel Limited (trading as St. Savio Kindergarten), will be held
at 11:00 a.m. on September 9, 2005 at the office of Baker Tilly
Hong Kong, 12/F., China Merchants Tower, Shun Tak Centre, 168-
200 Connaught Road Central, Hong Kong to appoint a Liquidator
and to consider further matters relevant to the creditors'
voluntary winding-up of the abovenamed Company pursuant to
sections 241, 242, 243, 244 of the Companies Ordinance.

Creditors may vote either in person or by proxy.  Proxies used
at the meeting must be lodged at the office of Baker Tilly Hong
Kong, 12/F., China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road Central, Hong Kong not later than 24 hours before
the time appointed for the holding of the meeting.

Dated this 19 August 2005

Meggy Chun Lan Tseung
Director


TEXCORP INTERNATIONAL: Enters Winding Up Proceedings
----------------------------------------------------
Texcorp International Limited whose place of business is located
at Room 703, 6/F, Kai Wong commercial Building, 224 Queen's Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 10, 2005.

Date of Presentation of Petition: June 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


TREASURE FLOATING: Annual General Meeting Set for Today
-------------------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Treasure Floating Restaurant Limited
(In Creditors' Voluntary Liquidation) will be held at Venue 1-
Room 304, 29/F, Wing On Centre, 111 Connaught Road Central, Hong
Kong on August 24, 2005 at 9:40 a.m.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F.,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


TREASURE FOOD: Creditors, Members to Hear Wind-up Account
---------------------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Treasure Food Limited (In Creditors'
Voluntary Liquidation) will be held at Venue 1-Room 304, 29/F,
Wing On Cetnre, 111 Connaught Road Central, Hong Kong on August
24, 2005 at 10:40 a.m. and 2 p.m. respectively.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F.,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


TREASURE RESTAURANT: Creditors, Members Meet Today
--------------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Treasure Restaurant Company Limited (In
Creditors' Voluntary Liquidation) will be held at Venue 1-Room
304, 29/F, Wing On Centre, 111 Connaught Road Central, Hong Kong
on August 24, 2005 at 9 o'clock in the morning.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


TREASURE SEA: Releases AGM Notice to Creditors
----------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Treasure Sea Food Restaurant Limited
(In Creditors' Voluntary Liquidation) will be held at Venue 1-
Room 304, 29/F, Wing On Centre, 111 Connaught Road Central, Hong
Kong on August 24, 2005 at 9:20 a.m.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F.,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


TREASURE MANAGEMENT: Liquidator to Report on Winding Up
-------------------------------------------------------
Notice is hereby given that pursuant to Section 328 of the
Companies Ordinance (Cap 32), the Annual General Meetings of the
members and creditors of Treasure Management Company Limited (In
Creditors' Voluntary Liquidation) will be held at Venue 1-Room
304, 29/F, Wing On Cetnre, 111 Connaught Road Central, Hong Kong
on August 24, 2005 at 10:20 a.m.

The Annual General Meetings of the members and creditors of the
Companies will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator.

A member or creditor entitled to attend at any of the above
meetings may appoint a proxy to attend instead of him/her. A
Proxy need not be a member or creditor of the companies.

Proxies to be used at the meetings must be duly completed and
lodged at 29F.,Wing On Centre, 111 Connaught Road Central, Hong
Kong, or via fax at 2543 1051 no later than 4:00 p.m. on the day
before the meeting.

KONG CHI HOW, JOHNSON
Liquidator


WAN TAT: Court Orders Business Closure
--------------------------------------
Wan Tat Hong Paper Products Company Limited whose place of
business is located at Rm 1009, 10th Floor, Technology Plaza,
29-35 Sha Tsui Road, Tsuen Wan, New Territories was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
10, 2005.

Date of Presentation of Petition: June 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


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

INDOFOOD SUKSES: May Appeal UK Court Ruling on Bonds Buyback
------------------------------------------------------------
Indonesian noodle maker PT Indofood Sukses Makmur will consider
all possible options agaisnt a U.K. court ruling that prohibits
the Company from buying back at par value bonds issued abroad in
2002, reports Dow Jones.

The court ruling, which was issued last Aug. 2, 2005, doesn't
allow Indofood from redeeming at par value USD280 milllion in
Eurbonds, set to mature in 2007. The proceedings occured after
the termination of an Indonesia-Mauritius Tax Treaty that led to
a 20% increase in witholding tax, therefore allowing the Company
to buy back its bonds early, under a Trust Deed.

Indofood had proposed to buy back the bonds at a 102% premium,
but majority of the bondholders refused, hence the Company
sougkt the permission of a U.K. court to redeem the bonds, since
the bonds sale is under U.K. law. So far, the Company has bought
USD124.3 million (IDR1.25 trillion) of the five-year bonds.

On the advice of eminent barristers who are saying that the
Company has the right to redeem the bonds at par value, Indofood
Sukses released a statement saying that it will wait for the
reasons for the U.K. Court ruling, which are due next month,
before pursuing the matter further.

CONTACT:

P.T. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id

  
PERTAMINA: Energy Minister Demands Explanation of Cepu Stake
------------------------------------------------------------
Minister of Energy & Mineral Resources Purnomo Yusgiantoro said
on Aug. 22, 2005 that he plans to ask state oil and gas firm PT
Pertamina and U.S. energy firm ExxonMobil Corp. To explain their
stakes in a gas block in a Cepu field, Antara News reports.

A government-led negotiating team had signed a memorandum of
understanding (MOU) with ExxonMobil on the operations of the
Cepu block, which entailed that Pertamina would hold a 45%
stake, with ExxonMobil to hold 45% stake as production-sharing
contractor, and the remaining 10% would go to the regional
government.

But Pertamina later claimed to hold a 55% stake in the gas
block. Minister Yusgiantoro said that they have asked Pertamina
to settle the matter internally, and the government plans to
meet with ExxonMobil representatives to talk about its share in
the gas block, before the signing of a new contract on Sept. 25,
2005.

The contract signing would end a four-year long dispute between
Pertamina and ExxonMobil, which started when ExxonMobil
discovered oil-rich reserves in the Cepu block and asked for an
extension of its contract to operate the block.

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: Records 6-Month Net Profit of IDR8.6 Trillion
--------------------------------------------------------
State oil firm PT Pertamina posted a net profit of IDR8.6
trillion for the first half of 2005, reports Antara News.

According to Pertamina president director Widya Purnama, the
Company aims to incur a net profit of IDR17.7 trillion by year's
end, while its pre-tax net income reached up to IDR6.72
trillion, 70% of its annual targeted IDR9 trillion pre-tax
income, which was decided earlier in a shareholders' meeting.

The Company also reported IDR3.03 trillion in income form
downstream activities in the first six months of 2005, a little
lower than the expected IDR3.5 trillion to IDR4 trillion target
income.

Mr. Purnama also said that due to the increase in global oil
prices, the Company's oil production cost (for the first half of
2005) was pegged at USD7.5 per barrel, lower than an expected
annual target of USD9 to USD10 per barrel. The Company produced
133,000 barrels of oil, 1.06 million cubic feet of natural gas,
and 5.06 million tons of geothermal energy for the first half of
the year.


PERTAMINA: Centrak Bank Still Supplies Funds
--------------------------------------------
State oil and gas firm PT Pertamina continues to receive money
from the state central bank, in response to rumors that the
Company has stopped receving dollars due to a sharp decline in
foreign exchange reserves, Reuters News reports.

According to finance ministry official Anggito Abimanyu, an
agreement between Pertamina and state central bank, Bank
Indonesia, is still ongoing, while Minister of State Enterprises
confirmed the same.

Pertamina gets dollars from a government account at the central
bank in order to import oil from abroad. Recently, the Company's
use of dollars for oil imports has led to a decline in the local
currency, the rupiah.


PERUSAHAAN LISTRIK: Another Blackout Likely by Year's End
---------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) warns that
another blackout is to be esxpected by the end of the year, due
to the country's dry season and delays in the construction of a
transmission system in Java, reports Asia Pulse.

According to PLN Java-Bali transmission and distrubiton center
general manager Mulo Adjie, PLN's power plants may reduce
capacity by 30% due to lower water levels in several basins,
affecting hydropower plants in areas like Cirata, Jatiluhur and
Saguling, where power capacity is expected to decline by as much
as 50%.

Obstructions to the construction of an extra-high transmission
system along the Southern Java route will also delay
distribution from three new PLN power plants, expected to begin
operations next year.

Since power consumption is expected to increase to 15,240
megawatts during peak hours in October (with the increased use
of air conditioners to dispel the heat, and rising oil prices),
PLN has already asked PT Pertamina to supply a needed amount of
at least 2.5 million kilolitersof diesel oil as early as
possible.

The Company is also planning to optimze the running of its fuel-
powered plants, so as to conserve energy.

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
=========

FUJITSU LIMITED: Sues Nanya Over Memory Chip Patent
---------------------------------------------------
Fujitsu Limited filed a patent infringement lawsuit on Monday
against Taiwanese memory chipmaker Nanya Technology over DRAM
(dynamic RAM) technology, Infoword reports.

In the lawsuit filed with the Tokyo District Court, Fujitsu
seeks a court order prohibiting the future importation and sale
of products that Fujitsu says infringe on its patent.

The suit covers a patent related to a technology for improving
the speed of DDR SDRAM (double data rate synchronous dynamic
RAM) memory chips, said Fujitsu spokesman Bob Pomeroy.

The report didn't disclose the amount of money being sought.
Nanya declined to comment on any lawsuit.

CONTACT:

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


HITACHI LIMITED: Unit Signs Overseas Operation Contract
------------------------------------------------------
Hitachi Limited announced that Hitachi Operation & Maintenance-
Egypt, S.A.E (HOME), a joint venture company in Egypt of
Hitachi, Ltd., Industrial System Group's (Hitachi), signed an
Operation and Maintenance contract on June 19, 2005 with the
Mechanical and Electrical Department of the Ministry of Water
Resources and Irrigation, the Arab Republic of Egypt.

The contract is for the operation and maintenance of the Mubarak
pumping station, which is under the administration of the
aforementioned department, and training of the station's
technical staff. The value of the contract, which is for 4
years, is approximately JPY 1.8 billion.

This contract was cerebrated by the ministers, high officials of
the ministries, Japanese Embassy and all attendees at the
ceremony held in Cairo on August 22, 2005.

Hitachi Group has a track record of supplying numerous pumping
station facilities domestically and abroad, and also offers
operation and maintenance services. This order will take
advantage of Hitachi's operation and maintenance service
technology, and marks the first overseas implementation of
comprehensive contracting.

This pumping station is located on the West bank of Lake Nasser,
upstream of the Nile River in Southern Egypt. By pumping water
from Late Nasser to the Toshka desert region in the Northwest,
this station contributes to the greening of the desert,
promotion of agriculture, and reclamation of new residential
areas. Completed in May 2004 by a consortium of Hitachi and
several other companies, it is one of the world's largest
pumping stations with a water supply capacity of 334 tons/sec.

HOME was founded in November 2004 as a joint venture of Hitachi
and the leading Egyptian maintenance company ICAT. It currently
provides comprehensive operation and maintenance contracting,
primarily for Egypt's water supply/sewage/irrigation plants. In
the future, HOME plans to expand the scope of its business to
comprehensive maintenance contracting for electric power plant,
machinery and building facilities.

Hereafter too, the Hitachi will actively participate in overseas
corporate infrastructure design, and contribute to society as a
total solution partner for large-scale pump and motor supply, as
well as comprehensive operation and maintenance contracting.

About HOME

Name: Hitachi Operation & Maintenance-Egypt, S.A.E
Location: Egypt / Administrative Headquarters / Cairo
On-site Headquarters / Toshka
Founded: November 8, 2004
Capital: 4 million Egyptian pounds (approx. 72 million yen)
Investment: Hitachi Ltd. 51%, ICAT 49%
Representative: Chairman / Mohamed Moussa
Managing director / Seiichi Ishikawa Business Details :
Operation, maintenance and training services for irrigation /
drainage pumping facilities, water supply and sewage facilities,
and power generation facilities

About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.

In a company statement, Hitachi recorded income before income
taxes and minority interests of JPY4.8 billion, down 89 percent
year on year. After income taxes of JPY17.6 billion, Hitachi
posted a loss before minority interests of JPY12.8 billion.
Hitachi also posted a net loss of JPY24.0 billion, compared with
net income of JPY16 billion in the first quarter of fiscal 2004.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com


JAPAN AIRLINES: Unveils Group Traffic Results for 2005
------------------------------------------------------
The Japan Airlines Group today announced results for
international and domestic passenger traffic for the 31-day
Japanese summer vacation period from July 22 to August 21.

International results: The JAL Group, based on the combined
results of JAL, JALways and Japan Asia Airways, carried a total
of 684,956 international passengers during the summer vacation
period, just 0.9% less than in the same vacation period last
year. The seat load factor was 73.4%.

Traffic on transpacific routes to Hawaii, the mainland of North
America and Korea was good, either matching or exceeding last
year's results (see chart). Load factors were high on routes
from Japan to Hawaii (81.9%), the mainland USA (91.7%) and
Oceania (86.3%). On the downside, demand to beach resort
destinations in Southeast Asia routes was below last year,
reflecting the slow recovery of Japanese traffic since the
December 2004 tsunami. Traffic to China was also down on last
year (-6.5%), due to the lingering effect of anti-Japanese
demonstrations in April this year.

JAL operated 34 extra flights on Pacific resort routes and
additionally made a total of 152 tourist charter flights (106
more than in the 2004 vacation season) including some to new
destinations such as Prague, St. Petersburg and Alice Springs,
Australia, as well as to resort spots such as Hawaii, Guam and
Palau.

Domestic result: The JAL Group domestic summer vacation domestic
passenger total was 4,253,368 - 1.4% lower than last year's
result. However domestic seat supply was 2.6% lower than the
same period last year and load factor improved to 68.5%.

The JAL Group operated an additional 147 flights to popular
vacation destinations, including Okinawa.

This is a company press release.

CONTACT:

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


JAPAN HIGHWAY: Axes VP Michio Uchida
------------------------------------
Japan Highway Public Corporation (JH) dismissed Vice President
Michio Uchida on Monday for alleged involvement in rigging bids
for bridge projects, Japan Times report.

Mr. Uchida was arrested on July 25 on suspicion of assisting in
bid rigging in violation of the Antimonopoly Law and causing
unnecessary payments for the company in a breach of trust.

Explaining the decision to dismiss Uchida, Japan Highway also
added that Mr. Uchida is unable to perform his duties needed for
its privatization slated for October 1.

CONTACT:

Japan Highway Public Corporation
3-3-2 Kazumigaseki Chiyoda-ku,
Tokyo,100-8979, Japan
Phone: +81-3-3506-267
Fax: +81-3-3506-8870
Web site: http://www.jhnet.go.jp


MITSUBISHI MOTORS: Thailand Unveils New Triton Pickup Truck
-----------------------------------------------------------
Mitsubishi Motors Thailand launched its new Triton (L200) global
pickup truck ahead of a commercial launch in Bangkok on August
25, according to Auto Asia. Triton replaces the name Strada.

The L200 will be exported to global markets with the exception
of North America and, with the exception of the top-line
version, prices are set to be maintained giving most models a
range of 440,000-830,000 baht (USD10,670-20,125), a shade
cheaper than the Toyota Hilux Vigo.

Mitsubishi Motors was the first Japanese automaker to make
Thailand a global production hub for non-U.S. pickup tricks and
more than 700,000 units of Triton/L200 have been exported out of
Thailand since 1988. The first exports of the new model should
begin at the end of this year.

Triton is the fourth-generation of Mitsubishi's one-tonne pickup
series. Some 640,000 units of the first version were sold
worldwide from 1978-1989, 1.11 million of the second from 1986-
2000 and 1.02 million of the third from 1995 to the present day.
Europe was its best market last year, soaking up 28 percent of
the 139,000 units sold worldwide, ahead of Thailand on 21
percent.

The Triton range tops out with a double-cab 4x4 model powered by
a newly developed 3.2-litre inline-four Dohc 16-valve turbo-
diesel engine with intercooling and common-rail fuel injection.
Outputs are rated at 165ps and 351Nm. A 2.5-litre version of the
same motor serves up 140ps and 321Nm. The base engine is a
single-cam 2.5 developing 90ps and 198Nm, available on the rear-
wheel drive standard cab.

The new steering system design gives Triton the best turning
circle in its class - 5.7 metres for two-wheel-drive and 5.9
metres in the case of the 4x4. This benefit may be negated by
spongy steering feel if early driving reports are anything to go
by. The wheelbase is 3,000mm, representing a 40mm stretch from
the previous crew-cab and a 50mm for extra- and standard-cab
versions. It also offers a shift-on-the-fly 4x4 drivetrain,
active stability and traction control.

The core of the design work was carried when Oliver Boulay was
still in charge of Mitsubishi's design division and his
influence is evident in the car's striking looks and the
similarity of its nose to that of Lancer and Outlander. The nose
is framed by teardrop headlamps and large fog lights embedded in
the bumper.

The curved C-pillar distinguishes Triton from Isuzu D-Max and
Toyota Vigo, as do triangular rear lights, and a generally
sporty stance.

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


SANYO ELECTRIC: Selects CoWare's LISATek Products, Services
-----------------------------------------------------------
CoWare(R) Inc., the leading supplier of electronic system-level
(ESL) design software and services, announced that Sanyo
Electric Co., Ltd. (NASDAQ:SANYY), has purchased LISATek(TM)
Processor Designer and Processor Generator software, as well as
consulting services from CoWare. CoWare has worked with SANYO to
develop a LISA 2.0 model of its SANYO digital signal processor
(DSP) core. The three-year purchase agreement will enable SANYO
to replace its current manual design methods with a LISATek-
based methodology to reduce its DSP core design cycle time by
fifty to sixty-six percent.

"DSPs are not only the domain of a few large vendors," said Will
Strauss, president of Forward Concepts, an electronics market
research firm located in Phoenix, Ariz. "Many more custom DSPs
from many other vendors are hidden inside consumer chips today.
This trend is growing as languages like LISA 2.0 and software
development tools start to ease custom DSP design. Clearly, this
is another growth opportunity for the DSP chip market."

"Customers adopting LISATek achieve drastic improvements in
productivity for their custom processor design," said Johannes
Stahl, director of marketing at CoWare. "LISATek's superior
performance in generating the C-Compiler and RTL code is key for
successful application with consumer designs."

LISATek Provided Most Comprehensive Capabilities of All Tools
Evaluated

Stated Hideki Ohashi, manager, DSP Development Section, IP
Development Department, System Solution Central Business Unit,
SANYO Electric Co., Ltd., "We evaluated a number of products,
but LISATek was an easy choice. The range of capabilities that
LISATek provides was far superior, and the result was a dramatic
decrease in our development time."

LISATek, based on the easy-to-understand LISA 2.0 language,
automatically generates the software development environment
(assembler, debugger, and linker) from the LISA 2.0 model. This
capability alone enabled SANYO to cut its development time to
one-third the time it previously required. And because LISATek
generates RTL code directly, SANYO can use that code for
implementing its next generation DSP. SANYO already uses
CoWare's ConvergenSC(R) system-level design tools, so the
company will be able to establish an integrated ESL design
environment using the fast LISATek-generated ISS model. Through
these capabilities, SANYO expects to further decrease its design
cycle time.

About CoWare

CoWare is the leading supplier of electronic system-level (ESL)
design software and services. CoWare offers a comprehensive set
of ESL tools that enable SoC developers to "differentiate by
design" through the creation of system-IP including embedded
processors, on-chip buses, and DSP algorithms; the architecture
of optimized SoC platforms; and hardware/software co-design. The
company's solutions are based on open industry standards
including SystemC. CoWare's customers are major systems,
semiconductor, and IP companies in the market where consumer
electronics, computing, and communications converge. CoWare's
corporate investors include ARM Ltd. (LSE:ARM), (Nasdaq:ARMHY);
Cadence Design Systems (NYSE: CDN); STMicroelectronics
(NYSE:STM); and Sony Corporation (NYSE:SNE). CoWare is
headquartered in San Jose, Calif., and has offices around the
world. For more information about CoWare and its products and
services, visit http://www.coware.com.

ConvergenSC and CoWare are registered trademarks and LISATek is
a trademark of CoWare, Inc. All other trademarks are the
property of their respective owners.
  
CONTACTS:

CoWare, Inc.
Mindy Palmer, Marketing Communications
408-392-8513
mindy@CoWare.com
or
Armstrong Kendall, Inc.
Jean Armstrong, Public Relations for CoWare
503-672-4680
jean@akipr.com

This is a company press release.


TOSHIBA CORPORATION: Gives Up on Unified DVD Format
---------------------------------------------------
Toshiba Corporation and Sony Corporation have failed to reach
agreement in negotiations for a unified format for next-
generation DVD technology, The Yomiuri newspaper reports.

For three years, the two groups have pushed to have their
respective technology standards adopted to gain dominance in the
multibillion-dollar markets for DVD players, PC drives and
optical discs.

Toshiba, along with NEC Corp. and Sanyo Electric Co., has been
promoting HD DVD, while Sony and Matsushita Electric Industrial
Co., the maker of Panasonic brand products, have been developing
a technology known as Blu-ray.

The two groups have held negotiations on unifying their formats
to convince consumers to shift to advanced discs and to promote
growth in the industry.

The daily reported that the two sides are running out of time if
they are to jointly develop a new format for marketing by the
end of the year. This would leave two incompatible DVD formats
and software products on the market, it said.

In a company statement, Toshiba's income (loss) before income
taxes and minority interest was minus JPY3.6 billion (minus
US$32 million), down by JPY3.9 billion from the year-earlier
period. The net loss widened by JPY1.1 billion from the same
period a year ago to minus JPY8.9 billion (minus US$80 million).

CONTACT:

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

INCHON OIL: SK Corp. Named Preferred Bidder
-------------------------------------------
SK Corp. was chosen as preferred bidder for Inchon Oil Refinery
Co., relates Asia Pulse, citing a local court.

SK Corp. offered the court more than KRW1 trillion to acquire
Inchon Oil.  While STX-led consortium and Citigroup Financial
Product were chosen as preparatory preferred bidders and will be
allowed to negotiate first for the acquisition in case the deal
between SK Corp. and Inchon falls through.  

A memorandum of understanding will be signed for the deal next
week.  The main contract will be signed in mid-October following
a month long due diligence.

The Inchon acquisition is expected to boost SK Corp's market
share to 40 percent from the current 34 percent.  It would also
keep the company's top position by extending the gap with No. 2
GS Caltex Corp. by ten percentage points.

SK's refining ability is also expected to jump from 840,000
barrels a day to 1.12 million barrels a day, almost twice as
much as that of GS Caltex.

"Though there may be a controversy about the issue of a monopoly
through the acquisition, the authorities will likely allow the
takeover conditionally, with more options, considering the
refining facilities as national infrastructure," one of the
analysts said on condition of anonymity.

Samil PricewaterhouseCoopers is the lead manager of the sale,
while the main creditor is Korea Development Bank.

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


SSANGYONG FIRE: Sale Fetches KRW47.6Bln
---------------------------------------
Major shareholders of Ssangyong Fire & Marine Insurance Co. sold
off their controlling stakes in the company to Honua Investment
Management Inc., reveals Asia Pulse.

The shareholders led by Sechung Chemical Co. sold a combined 49
percent stake.  Subordinated convertible bonds worth KRW20
billion was also sold, the non-life insurer said.  

Proceeds from the sale reached to an estimated KRW47.6 billion
with per -share price reportedly reached KRW5,500.

The shareholders did not disclose the purpose of the sale, but
market watchers believed that the leading shareholders decided
to sell the stake due to a tussle over its control.

Conflicts between two biggest shareholders, Sechung Chemical Co.
and Dae-Yu Investment Management over management rights,
appointment of executives and others aroused speculations that
Ssangyong Fire is becoming a takeover target.

The Financial Supervisory Service, the nation's financial
watchdog, launched a special probe into the escalating
managerial row of the company in late July.

Ssangyong Fire & Marine Insurance, a former subsidiary of the
now-defunct Ssangyong Group was separated from group in 2003.  
Since then it has been facing financial problems.

CONTACT:

Ssangyong Fire & Marine Insurance Co. Ltd.
60 Toryom-dong
Chongno-gu Seoul, Seoul 110-051
South Korea
Telephone: +82 2 724 9000
Fax:  +82 2 739 4251


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

AMTEL HOLDINGS: EGM Slated for Next Month
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Amtel Holdings Berhad will be held at Bilik Selangor, Kelab Shah
Alam Selangor, No. 1A, Jalan Aerobik 13/43, Seksyen 13, 40100
Shah Alam, Selangor Darul Ehsan on Thursday, September 8, 2005
at 10:00 a.m., for the purpose of considering, and if thought
fit, passing the following resolution, with or without any
modifications:

Ordinary Resolution

Proposed mandate to dispose of a parcel of development land held
under Lot Nos. 41, 80 and 4154-4165, Mukim 1, District of
Province Wellesley Central, State of Penang (Land) owned by
Metrarama Sdn Bhd, a wholly owned subsidiary of Amtel Holdings
Berhad (Proposed Disposal) and to enter into a business
arrangement involving the appointment of Concrete Idea Sdn Bhd
as the Project Manager and/or such other business arrangements
to facilitate the Proposed Disposal for a total cash
consideration of not less than MYR16,500,000

"That approval be and is hereby given for the Company's wholly
owned subsidiary, Metrarama Sdn Bhd (MSB) to dispose of the Land
(Proposed Disposal) and that approval be and is hereby given for
MSB to appoint Concrete Idea Sdn Bhd as the Project Manager to
facilitate the subdivision of the Land into individual lots and
the sale of the individual lots with the necessary
infrastructure to purchasers over a period of five (5) years
pursuant to the conditional Project Management Agreement dated
July 19, 2005 (Proposed Business Arrangement) and/or such other
business arrangements to facilitate the Proposed Disposal for a
total cash consideration of not less than MYR16,500,000 and that
authority be and is hereby given for the Directors of the
Company to take all such steps and to enter into all other
agreements, arrangements, undertakings to implement, finalize
and give full effect to the Proposed Disposal and the business
arrangements with full powers to assent to any conditions,
modifications, variations, amendments and/or supplements as may
be necessary and/or as may be imposed by the relevant
authorities."

By Order of the Board

Chia Moh Mui
Hoh Yit Foong
Company Secretaries
Petaling Jaya
August 22, 2005

Notes:

(1) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy may but need not be a member of the Company.

(2) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or if such appointer is a corporation, under its Common
Seal or under the hand of an officer or attorney of the
corporation duly authorized in that behalf, and shall be
deposited with the Registered Office of the Company at No. 7,
Jalan PJS 7/19, Bandar Sunway, 46150 Petaling Jaya, Selangor
Darul Ehsan, not less than 48 hours before the time appointed
for holding this meeting or adjourned meeting.

(3) Where a member appoints more than one proxy, the appointment
shall be invalid unless the proportions of holdings represented
by each proxy is specified.

(4) A member shall be entitled to appoint more than one proxy to
attend and vote at this meeting provided that the provisions of
Section 149 (1)(c) of the Companies Act, 1965 are complied with.

(5) Where a member of the Company is an authorized nominee as
defined under the Securities Industry (Central Depositories) Act
1991, it may appoint at least 1 proxy in respect of each
securities account it holds with ordinary shares of the Company
standing to the credit of the said securities account.

CONTACT:

Amtel Holdings Bhd
Malaysia
Phone: 60 3 5632 2449
Fax: 60 3 5637 0042


AMSTEEL CORPORATION: Dissolves Dormant Unit
-------------------------------------------
The Board of Directors of Amsteel Corporation Berhad (Amsteel)
informed Bursa Malaysia Securities Berhad that it has on August
18, 2005 received a confirmation dated August 16, 2005 that
Parkson's Investments Ltd (PIL), a company incorporated in the
United Kingdom, and a wholly owned subsidiary of the Company
which is dormant, had been struck off the Guernsey Register of
Limited Liability Companies and dissolved on July 20, 2005.

The dissolution of PIL does not have any material impact on the
earnings and net tangible assets of the Amsteel Group.

CONTACT:

Amsteel Corporation Berhad   
Level 46, Menara City Bank, 165,
Jalan Ampang, Kuala Lumpur
Wilayah Persekutuan 50450 Malaysia
Telephone:  03-21622155   
Fax: 03-21623448


ANCOM BERHAD: Purchases 576,900 Shares on Buy Back
--------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:

Date of buy back from: August 8, 2005

Date of buy back to: August 17, 2005

Total number of shares purchased (units): 576,900

Minimum price paid for each share purchased (MYR): 0.650

Maximum price paid for each share purchased (MYR): 0.685

Total amount paid for shares purchased (MYR): 388,149.84

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 576,900

Total number of shares retained in treasury (units): 12,709,000

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished:  

Date lodged with registrar of companies: 19/08/2005

Lodged by:

PFA Corporate Services S/B
Level 14, Uptown 1, D'sara Uptown
47400 PJ

CONTACT:

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


AYER HITAM: To Undergo Restructuring
------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) issued to Bursa
Malaysia Securities Berhad details of the following proposals:

- Proposed Capital Reduction;

- Proposed Amendments to the Company's Memorandum of
Association;

- Proposed Rights Issue;

- Proposed Private Placement;

- Proposed Debt Settlement; and

- Proposed Disposal of Motif Harta Sdn Bhd

(Collectively, the Proposed Restructuring Scheme)

(1) Introduction

Further to the Company's announcement dated May 27, 2005, Avenue
Securities Sdn Bhd (Avenue), on behalf of the Company advised
that the Board of Directors of AHTIN (Board) has resolved to
undertake a restructuring scheme with the intention of restoring
AHTIN back onto stronger financial footing.

The restructuring scheme to be undertaken by AHTIN shall entail
the following:

(i) Proposed capital reduction exercise pursuant to Section 64
of the Companies Act, 1965 (Act) involving the cancellation of
MYR0.50 par value from every existing ordinary share of MYR1.00
each in AHTIN (Proposed Capital Reduction);

(ii) Proposed amendments to the Company's Memorandum of
Association to facilitate the change in the par value of the
ordinary shares resulting from the Proposed Capital Reduction
(Proposed Amendments);

(iii) Proposed renounceable rights issue of 33,880,112 ordinary
shares of MYR0.50 each in AHTIN (Rights Shares) at an issue
price of MYR0.50 per Rights Share on the basis of one (1) Rights
Share for every two (2) ordinary shares of MYR0.50 each in AHTIN
(AHTIN Shares or Shares) held after the Proposed Capital
Reduction (Proposed Rights Issue);

(iv) Proposed private placement of up to 6,000,000 new AHTIN
Shares to eligible investors (who falls within Schedule 3 of the
Securities Commission Act, 1993 (SCA)) to be identified later at
an issue price of MYR0.50 per Share (Proposed Private
Placement);

(v) Proposed settlement of the debts owing to certain of AHTIN
group of companies (AHTIN Group)'s creditors, details of which
are set out in Section 2.5 hereunder (Proposed Debt Settlement);
and

(vi) Proposed disposal of the entire issued and paid-up share
capital of Motif Harta Sdn Bhd (MHSB), a wholly owned subsidiary
of the Company by AHTIN to a special purpose vehicle to be
identified at a disposal consideration of RM1.00 upon completion
of the Proposed Debt Settlement (Proposed Disposal).

(collectively, the Proposed Restructuring Scheme)

(2) Details of the Proposed Restructuring Scheme

The details of the Proposed Restructuring Scheme are as follows:

(2.1) Proposed Capital Reduction

AHTIN proposes to undertake a capital reduction exercise
pursuant to Section 64 of the Act involving the cancellation of
MYR0.50 par value from every existing ordinary share of MYR1.00
each in AHTIN. As at August 12, 2005, AHTIN has an issued and
paid-up share capital of MYR67,760,223 comprising 67,760,223
ordinary shares of MYR1.00 each.

The reduction of the issued and paid-up share capital of AHTIN
by MYR33,880,112 and the write-off of the Company's entire share
premium balance of MYR55,972,438 would give rise to a credit of
MYR89,852,550, which will be utilized to reduce the Company's
accumulated losses. Based on the audited financial statements of
the Company for the financial year ended June 30, 2004, AHTIN
has accumulated losses of MYR108,114,587 (at Company level).

The par value of the 67,760,223 ordinary shares arising from the
Proposed Capital Reduction will be retained at MYR0.50 each and
will not be consolidated back to MYR1.00. The AHTIN Shares
arising from the Proposed Capital Reduction shall rank pari
passu with each other.

To view a full copy of the announcement, click
http://bankrupt.com/misc/AyerHitamTin082305.pdf

To view a full copy of the Proposed Settlement, click
http://bankrupt.com/misc/AyerHitamTable_final082305.pdf

This announcement is dated 17 August 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920


CEPATWAWASAN: Sets AGM Next Month
---------------------------------
The Directors of Cepatwawasan Group Berhad (the Company)
unveiled to Bursa Malaysia Securities Berhad that the Fifth
Annual General Meeting (AGM) of the Company will be held at
Ballroom I, Sabah Hotel Sandakan, KM1 Jalan Utara, Sandakan,
Sabah on Friday, September 9, 2005 at 2:30 p.m.

Click to view a full text of the Notice of AGM
http://bankrupt.com/misc/CepatwawasanGroup2005AGMNotice082305.pd
f

CONTACT:

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


FABER GROUP: Accountants Release Investigative Audit
----------------------------------------------------
Faber Group Berhad (FGB) issued to Bursa Malaysia Securities
Berhad details of the investigative audit on the past losses of
the company pursuant to the requirements set by the Securities
Commission in its approval of FGB's Restructuring Scheme.

The company refers to the announcement dated July 26, 2004 in
respect of the appointment of Messrs Monteiro & Heng (MH),
Chartered Accountants as the independent auditors to conduct an
investigative audit on the past losses of FGB pursuant to one of
the requirements set out in the Securities Commission (SC)'s
approval letter dated May 27, 2004 of FGB's Restructuring
Scheme.

The Company disclosed that MH has completed their investigative
audit and four (4) copies of the investigative audit reports
(IAR) were submitted to the SC on August 19, 2005.

From the summary findings set out in the IAR, the losses
incurred from the financial year ended June 30, 1998 to
financial year ended December 31, 2003 is attributed mainly to
investment, finance and operational aspects as a result of
amongst others, impairment of assets, assets written off,
advances written off, interest expenses, depreciation charges
and foreign exchange losses, all of which had been appropriately
disclosed in the annual reports of FGB for the financial years
concerned. A summary of the investigative audit findings (as
extracted from the IAR) is attached herewith as Appendix A.

For more information, click
http://bankrupt.com/misc/FaberGroup082305.doc

This announcement is dated 19th day of August 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


MAGNUM CORPORATION: Issues New Shares for Listing
-------------------------------------------------
Magnum Corporation Berhad informed that its additional 29,000
new ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, August 23, 2005.

CONTACT:

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


MANGIUM INDUSTRIES: Outstanding Debt Stands at MYR58.614
--------------------------------------------------------
Mangium Industries Bhd updates Bursa Malaysia Securities Berhad
on the following proposals:   

(I) Proposed debt settlement of MIB amounting to approximately
MYR58.52 million up to December 31, 2004 (including accrued
interest up to December 31, 2004) between the Company and
certain of its subsidiaries and the secured and unsecured
creditors to be settled by a combination of new ordinary shares
of MYR1.00 each in MIB (MIB Shares), irredeemable convertible
unsecured loan stocks (ICULS), redeemable convertible secured
loan stocks (RCSLS) and cash payment (Proposed Debt Settlement);

(II) Proposed renounceable rights issue of up to MYR16.0 million
nominal value 5-year ICULS together with up to 16.0 million free
detachable warrants (Warrants) attached on the basis of MYR1.00
nominal value ICULS with one (1) free detachable warrant
attached for every two (2) existing MIB Shares (Proposed Rights
Issue Of ICULS);

(III) Proposed joint venture between MIB and Telaga Chipmill Sdn
Bhd (TCSB) (Proposed Joint-Venture);

(IV) Proposed Employee Share Option Scheme for Executive
Directors and eligible employees Of MIB and its subsidiaries
(Proposed ESOS); and

(V) Proposed increase in the authorized share capital of MIB
from MYR100,000,000 comprising 100,000,000 MIB Shares to
MYR200,000,000 comprising 200,000,000 MIB Shares (Proposed
Capital Increase)

(Collectively known as the Proposals)

With reference to the announcement made by OSK Securities Berhad
(OSK), on behalf of the Board of Directors of MIB, on December
22, 2003, March 19, 2004, June 18, 2004, September 21, 2004 and
January 4, 2005, March 7, 2005 and May 19, 2005 in relation to
the Proposals.

On behalf of the Board of MIB, OSK disclosed that it has, on
behalf of the Board of MIB, submitted an application to the
Securities Commission (SC) on even date for an extension of time
of six (6) months from September 4, 2005 to March 3, 2006 for
the Company to complete the Proposed Debt Settlement and
Proposed Rights Issue Of ICULS.

OSK also disclosed, on behalf of the Board of MIB, that the
amount outstanding as at December 31, 2004 to be settled via the
Proposed Debt Settlement is MYR58.614 million instead of
MYR58.520 million due to a prior year adjustment made in respect
of underprovision of overdue interest expenses charged by
financial institutions in prior years.

There are no changes to the number of ICULS, RCSLS and MIB
Shares to be issued pursuant to the Proposed Debt Settlement and
Proposed Rights Issue Of ICULS. The additional amount of
MYR94,156 will be settled via cash proceeds from the Proposed
Rights Issue Of ICULS.

The terms used herein shall, unless the context otherwise
stated, bear the same meaning as those defined in the previous
announcements in relation to the Proposals.

This announcement is dated 19 August 2005.

CONTACT:

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


MERCES HOLDINGS: Books MYR1,293,000 in Net Loss
-----------------------------------------------
Merces Holdings Berhad furnished Bursa Malaysia Securities
Berhad its third quarter report for the financial period ended
June 30, 2005.

Summary of key Financial Information
30/06/2005

      Individual period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                         Period
30/06/2005       30/06/2004       30/06/2005       30/06/2004
MYR'000          MYR'000          MYR'000          MYR'000

(1) Revenue  
    
    3,364         1,086            4,263            3,987

(2) Profit/(loss) before tax  
    
    -1,293        -194              -2,381          -2,391

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

    -1,292        -37                -2,380         -2,076

(4) Net profit/(loss) for the period
  
    -1,292        -37                -2,380         -2,076

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

    -2.53         -0.07              -4.67           -4.07

(6) Dividend per share (sen)  
   
    0.00           0.00               0.00            0.00

    As at end of              As at preceding
   current quarter            financial year end

(7) Net tangible assets per share (MYR)  
   
    0.5200                    0.5700

For a full copy of the financial results, click
http://bankrupt.com/misc/MercesHoldings2ndQuarterlyResults082305
.xls

Click for more information
http://bankrupt.com/misc/MercesHoldingsBerhad082305.pdf

CONTACT:

Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101


NORTH BORNEO: Books MYR1,365,000 in Net Loss
--------------------------------------------
The North Borneo Corporation Bhd furnished Bursa Malaysia
Securities Berhad a second quarter report for the financial
period ended June 30, 2005.

Summary of key Financial Information
30/06/2005

      Individual period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                         Period
    30/06/2005    30/06/2004      30/06/2005      30/06/2004
    MYR'000       MYR'000         MYR'000         MYR'000

(1) Revenue  
    
    0            0                 0               0

(2) Profit/(loss) before tax  

    -1,365       -1,351            -2,692          -2,653

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

    -1,365       -1,351            -2,692          -2,653

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

    -1,365       -1,351            -2,692          -2,653

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

    -2.07         -2.04             -4.07           -4.01

(6) Dividend per share (sen)  

    0.00          0.00               0.00            0.00

    As at end of              As at preceding
   current quarter            financial year end

(7) Net tangible assets per share (MYR)  
   
    -2.3800                    -2.3400

To view a full copy of the results, click
http://bankrupt.com/misc/TheNorthBorneo082305.xls

For more information, click
http://bankrupt.com/misc/TheNorthBorneo082305.doc

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


OPENSYS (M) BERHAD: 2Q Net Loss Down to MYR1,399,000
----------------------------------------------------
Opensys (M) Berhad furnished Bursa Malaysia Securities Berhad a
copy of its unaudited second quarter report for the financial
period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue  

    2,037         4,210           5,067          5,249

(2) Profit/(loss) before tax  
    
    -1,399        -772            -1,715         -2,594

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

    -1,418        -772            -1,748         -2,594

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

    -1,418        -772             -1,748        -2,594

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

    -0.64        -0.35              -0.79        -1.19

(6) Dividend per share (sen)  
    
    0.00          0.00               0.00         0.00

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

(7) Net tangible assets per share (MYR)  

          0.0661                   0.0755

To view a full copy of the financial results, click
http://bankrupt.com/misc/Opensys05qtr2082305.doc

CONTACT:

OpenSys (Malaysia) Sdn Bhd   
Suite 3.06, Level 3,
AMODA Building, 22,
Jalan Imbi, Kuala Lumpur
Wilayah Persekutuan 55100
Telephone: 03-21482230   
Fax: 03-21482239


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional 72,321 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR81,000.00 nominal value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 72,321 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, August 23, 2005.

CONTACT:

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


POS MALAYSIA: New Shares Granted Listing, Quotation
---------------------------------------------------
Pos Malaysia & Services Holdings Berhad advised that its
additional 74,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employees' Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Tuesday,
August 23, 2005.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323 / +60 3 2166 2266


QUALITY CONCRETE: Completes Disposal of Shares in OSK
-----------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
advised Bursa Malaysia Securities Berhad that it has entered
into the following disposals and acquisitions of quoted
securities on various dates as per Appendix I.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

(2) Aggregate value of consideration for transactions on August
15, 2005: MYR11,414

This value represents the aggregate of actual sales proceeds
received.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005 MYR2.2850

NTA per share after the transactions MYR2.2805

Loss per share MYR0.0001

The Company has on August 15, 2005:

(1) Disposed off 10,000 ordinary shares of MYR1.00 each in OSK.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.

Click to view a full copy of Appendix I
http://bankrupt.com/misc/QualityConcrete082305.pdf

CONTACT:

Quality Concrete Holdings Bhd   
Level 5, Wisma Mata Kuching,
Jalan Tunku Abdul Rahman,
Kuching Sarawak 93100
Malaysia
Telephone: 082-488267   
Fax: 082-484959


SARAWAK ENTERPRISE: AmMerchant Discloses Dealing in Securities
--------------------------------------------------------------
Sarawak Enterprise Corporation Berhad (SECB) issued to Bursa
Malaysia Securities Berhad an update on the disclosure of
dealings pursuant to Section 32 of the Malaysian Code on Take
Overs and Mergers, 1998 (Code) pursuant to the unconditional
mandatory offer by SECB to acquire the remaining 17,148,000
ordinary shares of MYR1.00 each (shares) in Syarikat Sesco
Berhad (Syarikat Sesco) not already held by SECB at an offer
price of MYR4.00 per share (MGO).

With reference to the announcement of the Company dated July 1,
2005 where it was announced that AmMerchant Bank Berhad (a
member of AmInvestment Group) (AmMerchant Bank) and Newfields
Advisors Sdn Bhd had on even date served a Notice of
Unconditional Mandatory Take-Over Offer to the Board of
Directors of Syarikat SESCo in relation to the MGO.

Pursuant to Section 32 of the Code, AmMerchant Bank disclosed
the dealings in the Shares of SECB and Syarikat SESCo
(collectively, Affected Securities) by SECB, major shareholders
of SECB and/or the persons connected to them as set out in
Section 32 of the Code (collectively the Parties).

The details of the dealings of the Affected Securities by the
Parties are set out below.

Date of      Name of   Description of   No. of    Transaction
Transaction  Party     Transaction      Shares    Price (MYR)

August       Magnum    Purchased via    634,000   814,354.56
17, 2005     Corp.     market           Shares
             Berhad    transaction      in SECB

* being an associated company of Multi-Purpose Holdings Berhad,
which in turn is a major shareholder of SECB

Any disclosures made by AmMerchant Bank pursuant to Section 32
of the Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by SECB. AmMerchant Bank shall
not be responsible for any omission and/or error in such
disclosure to the authorities.

This announcement is dated 19 August 2005.

CONTACT:

Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
93200 Kuching, Sarawak 93673
Malaysia
Telephone: +60 82 244 000
Fax: +60 82 248 588


SATERAS RESOURCES: Appeals Hearing Set Next Month
-------------------------------------------------
On June 24, 2005, Sateras Resources (Malaysia) Berhad filed an
application for leave to the Federal Court to appeal against the
decision of the Court of Appeal dated June 15, 2005 to strike
out an appeal filed by the Company against the decision of the
High Court dated January 31, 2005, refusing sanction for the
Proposed Restructuring Scheme on a technicality without hearing
the merits thereof.

The company informed Bursa Malaysia Securities Berhad that the
application for leave to appeal to the Federal Court has now
been fixed for hearing on September 5, 2005. In the event leave
to appeal to the Federal Court is granted, the Company will
proceed to file its notice of appeal against the said decision
of the Court of Appeal

CONTACT:

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


TENAGA NASIONAL: Details Unit's Transaction
-------------------------------------------
Tenaga Nasional Bhd issued to Bursa Malaysia Securities Berhad
details on the maintenance services agreement between Kapar
Energy Ventures Sdn. Bhd. (KEV) and TNB Repair and Maintenance
Sdn. Bhd. (REMACO).

(1) Introduction

Pursuant to paragraph 10.08(1) of Bursa Malaysia Listing
Requirements, TNB unveiled that Kapar Energy Ventures Sdn. Bhd.
(KEV), a 60 percent subsidiary of TNB and 40 percent owned by
Malakoff Berhad (MB), has entered into a maintenance Agreement
with TNB Repair and Maintenance Sdn. Bhd. (REMACO) a wholly
owned subsidiary of TNB on August 18, 2005.

(2) Details of the related party transaction

Under the Agreement, REMACO is to provide maintenance services
for the Kapar Power Station for the duration of 3 years
commencing from July 9, 2004 with an option for a one year
extension. The estimated value of the services provided by
REMACO for the duration of 3 years is about MYR5,810,200.00.

(3) Rationale for the Transaction

The rates offered by REMACO are highly competitive compared to
the market prices and the terms of conditions of limitation of
liabilities offered by REMACO with respect to delays and defects
are reflective of the standard in similar industry.

(4) Effects of the Transaction

(a) Share capital and substantial shareholders' shareholding.

The transaction will not have any effect on the issued and paid
up share capital and the substantial shareholder's shareholding
of TNB.

(b) Earnings per share, net tangible assets (NTA) per share.

The transaction will not have any material effect on the
consolidated NTA and earnings of TNB Group in the current
financial year and future financial years.

(5) Directors' and Major Shareholders' Interests

Skim Amanah Saham Bumiputera (SASB) is deemed interested in the
transaction by virtue of it being a major shareholder of TNB and
deemed a major shareholder of Malakoff Berhad (MB) pursuant to
the Listing Requirement of Bursa Malaysia, which in turn holds a
60 percent shareholding and 40 percent shareholding in KEV
respectively. REMACO is a wholly owned subsidiary of TNB.

Save for Dato' Che Khalib bin Mohamad Noh who sits on the Board
of both KEV and REMACO, none of the directors and /or other
major shareholders of TNB or persons connected with the
directors and/ or other major shareholders of TNB have any
interest, direct or indirect in the transaction.

(6) Statement by Directors

After having considered all aspects of the transaction, the
Board is of the opinion that the transaction is in the best
interest of the Company.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566
Fax: +60 3 2283 3686


TRU-TECH HOLDINGS: Granted Extension to Fulfill Conditions of MA
----------------------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) updates Bursa Malaysia
Securities Berhad on the following proposals:

- Proposed Acquisition;

- Proposed Exemption;

- Proposed Capital Reconstruction;

- Proposed Scheme of Arrangement with Creditors;

- Proposed JVA Settlement;

- Proposed Listing Transfer;

- Proposed Disposal;

- Proposed Offer for Sale; and

- Proposed Placement

Further to the announcements made on November 10, 2004 and July
21, 2005, Avenue Securities Sdn Bhd (Avenue) on behalf of the
Company, disclosed that, on August 18, 2005, Tru-Tech has agreed
with Yap Sing Lee, Yap Seng Maw and Yap Sheng Poo (Vendors) and
Renewed Group Sdn Bhd (RGSB) to extend the time period for a
further period of nine (9) months from August 8, 2005 to fulfill
all conditions precedent of the Master Agreement dated November
9, 2004.

On even date, RGSB has also agreed with the Vendors to extend
the time period for a further period of nine (9) months from
August 8, 2005 to fulfill all conditions precedent of the Share
Sale Agreement dated November 9, 2004.

This announcement is dated 19 August 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


TRU-TECH HOLDINGS: Defaults in Monthly Deposit
----------------------------------------------
On behalf of Tru-Tech Holdings Berhad, Avenue Securities Sdn Bhd
advised Bursa Malaysia Securities Berhad that the Company will
not be able to make the monthly deposit of MYR1,500,000 due on
August 17, 2005 into the sinking fund account maintained for the
purposes of redemption of the RULS, due to Tru-Tech's current
tight cash flow position (Deposit Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 17, 2003.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at 31 July 2005 is set out
in Table 1 of the Appendix to this announcement.

Click to view a full copy of Table 1
http://bankrupt.com/misc/Tru_TechHoldings082305.xls

This announcement is dated 17 August 2005.


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

LIBERTY TELECOMS: Releases Additional Info on Rehab Application
---------------------------------------------------------------
This is n reference to Circular of Brokers No. 3838-2005 dated
August 17, 2005, pertaining to the Petition for Rehabilitation
and Suspension of Payments filed by Liberty Telecoms Holdings
Inc. with the regional Trail Court of Makati City.

In relation thereto, the Corporation, through SEC Form 17-C
dated August 19, 2005, which was received by the Exchange on
August 22, 2005, disclosed that the said Petition was filed:

"... on 15 August 2005." (underscoring supplied)

The Company shall inform the Trading Participants and the
investing public of further developments on the matter.

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


MANILA ELECTRIC: TOU Pricing Higher than Napocor Rates
------------------------------------------------------
Manila Electric Co. (Meralco) is seeking a higher time-of-use
(TOU) pricing scheme compared to that approved for the state-run
National Power Corp. (Napocor), according to The Philippine
Star.

Meralco buys 40 to 50 percent of its power requirements from
Napocor while the rest is supplied by its own independent power
producers (IPPs) owned by its affiliates, First Gas and Quezon
Power.

Based on Meralco's petition with the Energy Regulatory
Commission (ERC), it would apply three different TOU generation
rates, which the power distributor said reflect the cost of
electricity it buys from Napocor and its IPPs.

Meralco customers who opt not to avail of the TOU scheme will be
charged an average generation rate of Php4.93/kwh for the first
semester and Php4.74/kwh for the second semester. In contrast,
Napocor's basic generation rate as approved by ERC last April is
PHP4.4080/kwh.

Meralco has proposed to implement TOU in phases. Customers
covered by these two phases consume close to eight billion kwh
annually, or one-third of Meralco's electricity sales for 2004.

A generation charge adjustment will be added or subtracted from
the basic TOU generation charges to reflect monthly movements in
generation cost as well as other generation charge adjustments.

Meralco earlier said that applying TOU for its 3.9 million
residential customers alone will cost the company at least Php32
billion for installing new meters. It added that the
introduction of several time zones under a TOU rate
implementation will dramatically affect meter reading
timeliness, whether it be through manual meter reading or remote
meter reading.

The power distribution firm is asking the ERC to give it
"reasonable lead time" to implement the TOU pricing scheme which
means by end December or earlier than January 2006.

CONTACT:

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


NATIONAL POWER: Central Bank Approves Additional AU$100-Mln Loan
----------------------------------------------------------------
The policy-making body of the Bangko Sentral ng Pilipinas (BSP)
recently approved National Power Corporation's (Napocor)
application for US$100-million additional foreign loan
application, The Philippine Star reports.

The state-run power generation company may need at least US$600
million to US$700 million for its financing requirements this
year.

Last month, Napocor raised around US$300 million in six-year
floating rate notes. Recently, the central bank's Monetary Board
(MB) has authorized the Napocor to raise another US$100 million
to further boost its already improving financial conditioning.

Power Sector Assets and Liabilities Management Corp. (PSALM)
said the funds will be used to finance the maturing debt
obligations, capital expenditures, and general funding
requirements of Napocor and PSALM for 2005.

To mature in 2011, the notes carry an unconditional and
irrevocable guarantee from the Philippine government and pay a
quarterly coupon of three-month US dollar (USD) LIBOR (London
Interbank Offered Rate) plus 425 basis points.

The transaction was offered in Asia at the initial price of
US$200 million. But based on strong investor response, the final
issue was increased to US$300 million. The issue attracted an
order book of over US$500 million from 85 different accounts
across Asia, Europe and North America.

The notes are expected to be rated BB-/BB by Moody's and Fitch,
consistent with the ratings of the Philippines's long-term
external debt.

Arranged by Bear, Stearns and Co. Inc. as sole lead manager, the
transaction represents Napocor's second unsecured USD issuance
in the international capital markets since 2002. For the two
years prior to this issuance, the state-owned power firm had met
most of its external funding requirements through borrowings
from the National Government, issuance of local bonds, and
credit-enhanced transactions involving insurance providers such
as the Overseas Private Investment Corp. and the Asian
Development Bank.

CONTACT:

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


NATIONAL POWER: ADB OKs Universal Transfer for Assets
-----------------------------------------------------
The Asian Development Bank (ADB) is amenable to the universal
transfer of the assets and liabilities of National Power
Corporation (Napocor), reports Malaya News.

ADB has approved the issuance of a one-time consent for the
transfer of Napocor's assets and liabilities to the Power Sector
Assets and Liabilities and Management Corp. (PSALM).

With the universal transfer, PSALM would no longer ask for ADB's
consent each time the power facility is sold to the winning
bidder. The system would also shorten the closing date of the
sale.

The PSALM official said a similar agreement is being arranged
with the WB and JBIC.

The ADB earlier gave its consent to the sale of the 600-MW
Masinloc coal fired power plant to winning bidder YNN Pacific
Consortium. Without the creditors consent, PSALM could not
collect the first payment of over US$224.696 million from YNN.

YNN, an Australian-Filipino consortium won the bid for the
Masinloc plant for US$561.74 million, surpassing the bid of
First Generation Holdings Corp. of the Lopez Group.

JBIC and the WB World Bank have already given their consent on
the transfer of the assets of Napocor successfully sold last
year to the winning bidders.


NATIONAL POWER: Sees No Rate Hike This Year
-------------------------------------------
State-owned National Power Corporation (Napocor) says there will
be no more rate hikes in 2005, Today News reveals.

Napocor is not pursuing another rate hike after the Energy
Regulatory Commission (ERC) granted a power rate increase of
Php0.0556 per kilowatt-hour in April.

Napocor President Cyril del Callar said the power firm can live
with the year's present rates.

Mr. Callar said the state-owned energy firm could also erase a
projected Php17-billion loss for the year through rigid cost-
cutting measures in operations.

Napocor, which started losing revenues in 1998, said it recorded
a relatively lower net loss of Php29.9 billion last year
compared to Php117.02 billion in the previous years.

The turnaround is attributed to an expected drop in its interest
expenses after the government wrote off part of the power firm's
debt.

Also seen to boost Napocor's financial prospects this year are
ongoing efforts aimed at reducing its operating expenses,
including the increased use of natural gas and hydropower to
replace the more expensive oil and coal.

Napocor is targeting Php12 billion in savings due to cost-
cutting measures this year.


NATIONAL POWER: Told to Honor Contracts
---------------------------------------
In a bid to gain investor confidence, the National Power
Corporation (Napocor) and the Philippine National Oil Co. (PNOC)
were encouraged to honor biding agreements with the private
sector, reports The Manila Bulletin Online.

A senior member of the Congress warned Napocor and PNOC against
reneging on their project agreements with both local and private
investors, since this could affect the country's ability to
attract more investors.

"Investors deal with Napocor and PNOC with absolute confidence.
These investors believe that since they are dealing with state-
owned entities, they (investors) are also indirectly dealing
with the Philippine government," Cebu Rep. Eduardo Gullas said.

"Any irregularities or improprieties committed by Napocor and
PNOC in their transactions with the private sector will reflect
negatively on the Philippine government," warned Rep. Gullas,
who once served as House majority leader.

If foreign investors perceive Napocor and PNOC as arbitrary and
unfair, the Philippine government might likewise be perceived as
heedless and unjust, Rep. Gullas warned.

The congressman was reacting to reports both Napocor and PNOC
had been taken to task for reneging on project agreements forged
with Sukhin Energy Inc. (SEI) in connection with a pioneering 5-
megawatt biomass-fired power plant project and a new compressed
natural gas (CNG) joint venture for the transport sector.

SEI is an entity backed by British, American, Ukranian and
Filipino investors.


PRICESMART PHILIPPINES: Eyes Further Expansion
----------------------------------------------
The locally owned subsidiary of U.S.-based PriceSmart
Incorporated, PriceSmart Philippines (PSMT), is looking at
further expansion opportunities in the country, according to The
Philippine Star.

William S. Go, PriceSmart Philippines (PSMT) chairman and now
majority stockholder of the warehouse shopping firm, announced
Monday that PSMT is allocating from Php350 million to Php400
million to put up its first provincial outlet in Cebu.

PSMT has actually leased a 2.3-hectare property in the Banilad
district of Cebu City for the proposed warehouse shopping
outlet. The firm hopes to start construction of the new outlet
by the first quarter of next year and start of operation by the
third quarter.

Mr. Go and E-Class Corp. officially took over management control
of PSMT from the American parent on Aug. 12.

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

Mr. Go and his group gained 90 percent control of PSMT following
an out-of-court settlement with PriceSmart U.S.A. whereby both
parties agreed to drop all of their legal filings against each
other, both in the U.S. and in the Philippines, and control of
PSMT would be completely turned over to Mr. Go and E-Class Corp.
The remaining share of 10 percent would continue to be held by
First Metro Investment Inc., the investment arm of Metropolitan
Bank and Trust Co.

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

PSMT's looses for 2004 is expected to reach Php500 million due
to illegal disbursements made by the previous American
executives of PSMT.

CONTACT:

PriceSmart Philippines, Inc. (PSMT)
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
=================

CHARTERED SEMICONDUCTOR: Moody's Gives Stable Ratings Outlook
-------------------------------------------------------------
Moody's Investor Service has affirmed its Baa3 ratings for the
senior unsecured notes and amortizing bonds issued by Chartered
Semiconductor Manufacturing Ltd (Chartered) following the
successful closing of the issuance. At the same time, Moody's
affirmed its Baa3 corporate family rating (previously called
senior implied rating) for the Company and removed these ratings
from provisional status. The ratings outlook is stable.

Moody's notes that the senior unsecured notes has been upsized
to USD625 million (SGD1.04 billion) from USD450 million
(SGD750.42 million), and the units private placement, comprising
of convertible preference shares and amortizing bonds, was
upsized to USD300 million (SGD500.3 million) from USD250
million. We regard such upsizing have immaterial impact on
Chartered's already highly leveraged ratios and improves its
overall liquidity. Moody's understands that the senior notes net
proceeds together with cash on hand, will be used to fund the
repurchase in a tender offer, or the redemption at maturity of
Chartered's US$575 million 2.5% senior convertible notes due
April 2006.

Chartered is one of the world's top dedicated semiconductor
foundries, and offers leading-edge technologies down to 90nm,
enabling today's system-on-chip designs.

CONTACT:

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


CITIRAYA INDUSTRIES: Creditor Seeks Winding Up
----------------------------------------------
Notice is hereby given that DBS Bank Limited, a creditor of
Citiraya Industries Limited, filed a winding up petition against
the Company on Aug. 10, 2005 in the Singapore High Court.

The petition is directed to be heard before the Court sitting at
the Singapore High Court on Sept. 2, 2005, 10:00 a.m.

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

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

The Petitioner's address is at 6 Shenton Way, DBS Building,
Singapore 068809

The Petitioner's solicitors are Messrs. Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
notice in writing of his intention to do so. The notice must
state the name and address of the person, or if a firm, the name
and address of the firm, and must be signed by the person, firm,
or his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Sept. 1, 2005 (the day
before the day appointed for the hearing of the petition).

CONTACT:

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


NUNOTANI NAUTICAL: Creditors to Discuss Wind Up Matters
-------------------------------------------------------
Notice is hereby given that a meeting of creditors of Nunotani
Nautical Instruments Singapore Co. Pte Limited will be held  on
Aug. 26, 2005, 11:30 a.m. at 135 Cecil Street, #10-04 LKN
Building, Singapore 069536, for the following purposes:

1. To lay before the creditors a full statement of the Company
affairs, showing its assets and liabilities;

2. Appointment of Liquidator;

3. To appoint a Committee of Inspection, if deemed necessary.

The above meeting is held in view of the fact that the following
special resolutions are to be proposed at an Extraordinary
General Meeting of Company shareholders to be held preceding the
above meeting:

(a) That as the company cannot by reason of its liabilities
continue its business, it be wound up voluntarily;
(b) That Mr. Assan Masood of MGI Menon & Associates be and is
hereby appointed liquidator for the winding up.

Dated this 18th day of August 2005

Assan Masood
MGI Menon & Associates
135 Cecil Street
#10-05 LKN Building
Singapore 069536

Notes:

1. Particulars of the claims of any creditors wishing to attend
and vote at such meeting shall be lodged before 4:00 pm. of Aug.
25, 2005 (a day before the meeting), at the office of Messrs MGI
Menon & Associates, 135 Cecil Street, #10-05 LKN Building,
Singapore 069536.

2. For the purpose of voting at the meeting, secured creditors
(unless they surrender their security) must lodge at the above
office before the meeting the particulars of the security, the
date it was received and its value.

3. A creditor may appoint a proxy to attend and vote instead of
him and that proxy need not himself be a creditor. Forms of
General and Special Proxy are enclosed which. If intended to be
used, must be duly completed and lodged at the above office
before 4:00 p.m. on the day before the meeting.


QUANTEC REALTY: Court Issues Winding Up Order
---------------------------------------------
In the matter of Quantec Realty Pte Limited, the Singapore High
Court issued a winding up order against the Company on Aug. 12,
2005, with the following details:

Name and address of Liquidators: Mr. Ong Yew Huat and
Mr. Seshadri Rajagopalan
c/o Messrs Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315

Dated this 19th day of August 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

CONTACT:

Quantec Realty Pte Limited
28 Mohamed Sultan Road
Singapore 238972
Phone: 65 6736 1214


SILVERTON INVESTMENTS: Court to Hear Petition August 26
-------------------------------------------------------
Notice is hereby given that the Agricultural Bank of China, a
creditor of Silverton Investments Pte Limited, filed a winding
up petition against the Company on Aug. 3, 2005.

The said Petition is directed to be heard before the Court
sitting at the Singapore High Court on Aug. 26, 2005, 10:00 a.m.

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

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

The Petitioners' address is 80 Raffles Place, #27-20 UOB Plaza
2, Singapore 048624.

The Petitioners' Solicitors are Messrs. Tan Jinhwee, Eunice &
Lim Chooeng at 105 Cecil Street, #23-00 The Octagon, Singapore
069534.

Messrs. Tan Jinhwee,
Eunice & Lim Chooeng

Solicitors for the Petitioning Creditors.

Note

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the solicitors notice
in writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm, and must be served, or if posted, must be
sent by post in sufficient time to reach the solicitors not
later than 12:00 p.m. on Aug. 25, 2005.


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

ABICO HOLDINGS: Unveils 2Q Operating Results
--------------------------------------------
Abico Holdings Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its financial statements for the
previous first six months of 2005 that have been verified by the
auditor with the explanation of the operating performance of the
company for the first six months of 2005 compared to that of
2004.

(1) The company's total revenue from sale is THB100.14 million

Company/Business   6 months interval     Increased/Decreased
(in millions)     2005        2004

Co-Packing        94.46       99.40     (4.94)

Real estate
Business           5.68        5.72     (0.04)

Total            100.14      105.12      4.98

Co-packing and real estate earned the comparable revenues with
the previous year.

(2) The total expenses on sale and management are THB27.42
million, THB6.54 million less than last year, resulting from the
strict control and the decline of sale and management costs.

(3) The company incurred loss from the investment capital
according to the equity method of THB3.09 million.  This was a
result of the entire amount of capital invested in Malee Samphan
Public Co. Ltd.

(4) The company is now in the course of business reorganization
approved by the Central Bankruptcy Court on November 29, 2004.  
The company has now reduced its registered capital to THB200
million (20 million ordinary shares at 10 baht/share) and 0.5
million capital increased ordinary shares were issued at
THB10/share to deal with the debt conversion that has been
completed.

Only the capital increase of 3 million shares at the value of
THB10/share has to be done while the value of 1.53 million
shares had already been paid. The remaining 1.47 million shares
have been is still being processed and after which the full
amount of capital have been increased and the ordinary share
value has been changed to THB1.00/share. The company shall
succeed in reorganizing the business and to acknowledge the
profit from the debt restructuring according to the business
reorganization plan to the amount of THB1,967.18 million that
shall result in the positive effect on the company's financial
status that shall be achieved according to the terms and
conditions of being a registered company.

Forwarded for your information.

Sincerely yours,
Abico Holdings Public Company Limited
Kitti Vilaivarangkul
The Plan Administor of Abico Holdings Public Company Limited

CONTACT:

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

KRUNG THAI: Chairman Steps Down
-------------------------------
Krung Thai Bank PCL informed the Stock Exchange of Thailand
(SET) that General Mongkon Ampornpisit, Chairman of the Board of
Directors of Krung Thai Bank PCL has retired from directorship
since he has now completed the age of 65 years in accordance
with the Standard Qualification for Directors and Employees of
State Enterprise Act, B.E.2518 (1975), effective from August 21,
2005 onward.

Please be informed accordingly.

Yours sincerely,
Krung Thai Bank Public Company Limited
Mr. Somgiat Sangsurane
Secretary to the Board of Directors

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th
  

SRITHAI FOOD: Issues Financial Status Update
--------------------------------------------
Srithai Food & Beverage Public Co. Ltd. issued to the Stock
Exchange of Thailand (SET) explanation and analysis of its
financial status and business performance.

(1) Business Recovery Progress
   
Having processed the debt restructuring to the Central
Bankruptcy Court on September 3, 2004, Srithai Food and Beverage
Public Co. Ltd. as a plan maker, completely created a debt
restructuring plan and delivered it to the trustee on March 26,
2005 that includes setting up a meeting with the creditors to
consider the plan on June 20, 2005.

In such meeting, the creditors requested to revise the plan;
therefore, the resolution was first time postponed to August 15,
2005 and second time postponed to October 10, 2005. The progress
will be reported by the company.

(2) Obligations and Debt arising in the future

The estimations of the unpaid debt which occured from security
standing for the relevant companies as of June 30, 2005 are:

(i) The security for Noppadol Farm Co. Ltd. having major
shareholders and participating in the controlled price chicken
meat manufacturing project to the company, has the warranty
amount of THB55.0 million.

On the date where Noppadol Farm Co. Ltd. failed to pay debt to
Krung Thai Bank Public Co. Ltd., there was an outstanding unpaid
debt amounting to THB48,934,202, the bank prosecuted the
company, as the guarantor, and requested for the total debt
payment. The company added such debt in the debt-restructuring
plan.

(ii) The security for Kabinburi Farm Panom Co. Ltd., having
major shareholders and participating in the controlled price
chicken meat manufacturing project to the company, has the
warranty amount THB112.0 million.

On the date where Kabinburi Farm Panom Co., Ltd. failed to pay
debt to Krungthai Bank Public Co., Ltd., there was the
outstanding unpaid debt amounting to THB97,851,159, the bank
prosecuted the company, as the guarantor, and requested for the
total debt payment. The company added such debt in the debt-
restructuring plan.

(iii) The security for Srithai Feed Mill Co. Ltd. having major
shareholders and producing good quality of chicken feed for the
company has the warranty amount THB112.0 million. Krung Thai
Bank Public Co. Ltd. prosecuted the company, as the guarantor,
and requested for the total debt payment. The company added such
debt in the debt-restructuring plan.

(3) The Explanation and Analysis of Financial Status and
Business Performance

The company has continually suffered from the loss in overall
performance and the performance of the specific company for many
years since the limitation of frozen chicken meat exportation
and the circumstance of bird flu outbreak in Thailand in early
2004.

The company had to reduce production line to the part of selling
in Thailand only; therefore, the sale volume was THB78.8 million
only. The net loss of the overall performance for 6 months
period as of June 30, 2005 was THB64.08 million; arising from
the fixed cost of plant, machine and equipment depreciation
including exceeding labor cost which cause the current
liabilities higher than current assets amounting to THB2,967.29
million. The total debt was higher than the total assets
amounting to THB1,744.02 million respectively.

The company breached the debt restructuring contract under the
Corporate Debt Restructuring Advisory Committee (CDRAC) dated
February 1, 2001. The company cannot increase capital in the
amount of THB120 million within February 1, 2004 and the company
ceased paying debt from January 1, 2004 until now.

The company negotiated with the creditors for the 2nd debt
restructuring, and the creditors had the resolution to refute
the plan on July 5, 2004.

On July 6, 2004, The company submitted a request for business
recovery at Central Bankruptcy Court that put an order to
recover the business and appointed the company to create plan on
September 3, 2004.

To continue the company business, it depends on the ability of
operation and the capability of payment of interest, overdraft,
short-term loan and unpaid debt in accordance with the debt
restructuring contract made by the financial institute. The
company expects that if the debt-restructuring plan under
Central Bankruptcy Court is approved, the company can carry out
its business in the plan and the performance will be better in
the future.

(4) Inter-Company Transactions and Individual who may have
contradicted Inter-Company Transactions between the company and
subsidiary companies and related companies for 6 months period
as of June 30, 2005 are as follows:

(i) Inter-revenue and expense
   
Selling product

Srithai Food Product Co., Ltd. amounting THB7.80 million
Buying product

Srithai Feed Mill Co., Ltd. amounting THB16.00 million

(ii) Inter-assets and debt
    
Trade accounts receivable

Srithai Food Product Co., Ltd. amounting THB4.12 million
Trade accounts payable

SJ Agricultural Industrial Co., Ltd. amounting THB11.28 million

Srithai Feed Mill Co., Ltd. amounting THB56.97 million

Name                         Title                  Signature

Mr. Anan Juntranukul         Executive Director       

CONTACT:

Srithai Food & Beverage Public Company Limited   
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn    
Telephone: 0-2312-4281-4, 0-2312-4289-300   
Fax: 0-2312-4285   
Web site: http://www.srithaifood.thailand.com


NEW PLUS: Clarifies 2Q Operating Results
----------------------------------------
New Plus Knitting Public Company Limited clarified to the Stock
Exchange of Thailand (SET) causes of the operating result for
the second quarter of 2005.

In the second quarter the sales income reached THB132.04 million
a decrease by THB24.68 million or 15.75 percent.  The cost of
sales is THB122.62 million, decreased by 28.74 million or 18.99
percent compared to the same quarter last year.  The operating
result shows the loss of THB6.88 millions in the second quarter
of 2005.

Yours Sincerely,

Mrs. Orasa Kruthakool
Director

Mr. Prakob Boonruang
Director           

CONTACT:

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


PHUKET AIRLINES: Jumbo Jet Remains Grounded
-------------------------------------------
A Phuket Airlines Co. Ltd's jumbo jet was impounded again
despite paying US$230,000 as settlement for aircraft support and
catering bills owed by its Korean agent to International Airport
Corp., Bangkok Post said.

Last Friday the Boeing 747-300 was allowed to leave Incheon
International Airport after it settled its dues.  But local
authorities blocked the flight at the request of its agent, TV
Club.  The agent filed another lawsuit against Phuket Airlines.

It sought $1.2 million in damages to claim losses incurred as a
result of Phuket Airline's decision to suspend chartered flights
between Incheon to Phuket in July.

The contract between TV Club and Phuket Airlines will run until
September 2006, but the carrier was unhappy working with the
Korean company so it cancelled the contract.

"It's outrageous to impound our aircraft. What rights do they
have?" Bangkok Post quoted Chawanit Chiamcharoenvut, executive
vice-president of Phuket Airlines as saying.  Mr. Chawanit said
they are victims of blackmail.

Capt. Chawanit, a 30-year veteran pilot, noted that Phuket
Airlines had reserved the right to terminate the contract with
TV Club under the terms established in the charter contract.

Under the contract, both contractual parties should discuss any
disagreements first before resorting to a lawsuit, which in any
case must be filed in a Thai court.

Phuket Airlines' team of lawyers was scheduled to leave for
Incheon Monday night to iron out the legal issues and secure the
aircraft's return.  Also, a group of pilots are to fly in to
South Korea to fly the jumbo jet.  The aircraft is insured for
THB1 billion.

"I believe we can secure the aircraft back very soon," Capt
Chawanit said, noting that TV Club was trying to get some money
it hopes to raise via the legal claim to pay back its debts owed
to five or six sub-agents.

Given that Korean authorities refuse to let the carrier fly back
to Thailand, Phuket Airline executives will be prompted to raise
the issue at the highest level with authorities of Thailand and
South Korea.

Executives of TV Club could not be reached for comment.

The Incheon-Phuket route commenced in June in a charter
arrangement with TV Club as Korean Air and Asiana Airlines
suspended flights to the Thai resort island after the December
26 tsunami as passenger demand nosedived.  The Korean agent paid
a $1 million deposit for the chartered flight.  Phuket Airlines
said it would deduct the said deposit from the payment it made
to the Incheon airport authority.

CONTACT:

Phuket Airlines Co.,Ltd.   
1168/7 25th Floor
Lumpini Tower Rama 4 Road
Thungmahamek Sathorn Bangkok 10120
Telephone: 662-6798238 662-6798239   
Fax: 662-2856408







                            *********


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.

                 *** End of Transmission ***