TCRAP_Public/050826.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, August 26, 2005, Vol. 8, No. 169

                            Headlines

A U S T R A L I A

A.C.N. 072: Liquidator to Distribute Company Assets
ADSTEAM MARINE: Underlying Earnings Show Significant Improvement
AINSWORTH GAME: Books $10.6 Mln After-tax Loss
ARISTOCRAT LEISURE: Spins AU$101.7 Mln HY05 NPAT
AUSTRALIAN GAS: Delivers Steady Profit Result

AUSTWIDE FINANCE: Schedules Final Meeting September 2
BN&T KAKULAS: Set to Declare Dividend by Month's End
CAMSENSOR AUSTRALIA: Supreme Court Orders Liquidation
CHEMEQ LIMITED: Boasts of Strong Financial Position in 2005
CHEMEQ LIMITED: Secures Australian Patent Protection to 2021

EC RETAILERS: Members Opt for Voluntary Liquidation
EG GREEN: Collapse Hurts Another Meat Exporter
EG GREEN: Draws Interest of Two Firms
GEORGES CLEANING: Appoints Official Liquidator
HESUYU PTY: Members, Creditors to Review Liquidator's Report

ICS INFLITE: Liquidator to Explain Wind Up Manner
JEACK PTY: Members Decide to Close Operations
LANGLEY PARK: Court Issues Winding Up Order
NATIONAL AUSTRALIA: Extends Cultural Revolution
N.C. MORGAN: Members Pass Winding Up Resolution

PERVERT CLOTHING: Members, Creditors Agree to Liquidate Biz
QANTAS AIRWAYS: Plans to Axe Service Jobs
RACILLE PTY: Placed Under Voluntary Liquidation
RITE PRICE: Creditors Confirm Appointment of Liquidators
SAM'S SEAFOOD: Owes Creditors AU$33 Mln

SANTOS LIMITED: Triples First Half Net Profit
SIDE ON: Bryan Collis Named Liquidator
SMART BUSINESS: Wind Up Process Initiated
SOSTAR PTY: Winds Up Business
STRATHFIELD: Conversion of Convertible Notes Set Next Month

SOUTHERN BROS: To Pay Dividend to Creditors
TVSN LIMITED: Court Authorizes DOCA
WESTSIDE FABRICATION: Creditors Wind Up Company
XANADU WINES: Changes Name to Global Wine Ventures
XANADU WINES: Unveils Management Changes

ZELTIEG PTY: Prepares to Distribute Dividend


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Temasek Close to Buying Stake
BANK OF CHINA: Ratings Affirmed After RBS Buys Stake
CHINA LIFE: Posts RMB99.989-Bln Accumulated Premiums Income
GOLDRIVER CORPORATION: Issues Debt Claim Notice
HONG KEE: Releases Winding Up Petition

MOULIN GLOBAL: Dozen Buyers Keen on Assets
NSF LIMITED: Creditors' Proofs of Claims, Debt Due September 9
KOFFMAN PIONEER: Enters Winding Up Proceedings
SHANGHAI LAND: Director Fan Cho Man Resigns


I N D O N E S I A

GARUDA INDONESIA: Aims to Restructure Promissory Note Debt
PERTAMINA: Ready to Pay Part of Compensation Demand
VOKSEL ELECTRIC: Looking to Restructure Debt


J A P A N

JAPAN AIRLINES: Generates More Revenue Using Sabre Airline
KANEBO COSMETICS: Posts JPY9-Bln Operating Profit
SEIBU RAILWAY: To Close Ski Resort in Niigata
SOFTBANK CORPORATION: JCR Affirms BBB/J-2 Ratings
TOYOBO COMPANY: U.S. Gov't Files Suit Over Bulletproof Vests

USJ COMPANY: Completes Capital Increase
* Teikoku Reveals Bankruptcy Trend in Golf Course Operators


K O R E A

INCHON OIL: S&P Unlikely to Change SK Corp. Rating


M A L A Y S I A

DFZ CAPITAL: Issues New Shares for Listing
HABIB CORPORATION: Rights Issue to Commence Next Month
IRE-TEX CORPORATION: Net Loss Slides to MYR1,001,000
LIEN HOE: Books MYR8,470,000 Net Loss in 2Q
LION CORPORATION: Unveils Resolutions Passed at EGM

OLYMPIA INDUSTRIES: Unit Agrees to Modify Agreement with CPSB
MAXIS COMMUNICATIONS: 2Q Revenues Up by 14%
PAN MALAYSIA: Repurchases 100,000 Ordinary Shares
PANTAI HOLDINGS: Bourse to Grant Listing of New Shares
PILECON ENGINEERING: Releases 2Q Financial Report

POS MALAYSIA: Issues New Shares for Listing
SELANGOR DREDGING: Unit Enters Into SPA with Malaysian Assurance
TALAM CORPORATION: To List, Quote New Shares
WEMBLEY INDUSTRIES: SC Approves Revision of Proposal


P H I L I P P I N E S

BENPRES HOLDINGS: Wants to Resume Debt Talks
COLLEGE ASSURANCE: Must Plug Shortfall to Avoid SEC Takeover
GLOBAL STEEL: Hikes Capital to Php3 Bln
PHILIPPINE NICKEL: Settlement for US$325-Mln Debt Proposed
TPG CORPORATION: Under SEC's Watchful Eyes


S I N G A P O R E

ADROIT INNOVATIONS: Net Loss Drops 75%
CHINA AVIATION (S): Parent Enters Into Civil Penalty Settlement
ORCHID JAPAN: Creditors Asked to Submit Debt Claims
SENDO SINGAPORE: Receiving Proofs of Claim Until September 6
UBS GLOBAL: Liquidator Sets Deadline for Claims Submission

WEE POH: Off-loading of Losing Businesses Erases Debts


T H A I L A N D

NATURAL PARK: Receives Offer from Pacific Assets
NATURAL PARK: SET Seeks Clarification to PA Transaction
PAE THAILAND: Unveils Appointment of New Directors
PICNIC CORPORATION: To Increase Investment in Units
THAI PETROCHEMICAL: Founder to Contest SEC's Order in Court

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.C.N. 072: Liquidator to Distribute Company Assets
---------------------------------------------------
At a General Meeting of A.C.N. 072 489 484 Pty Limited duly
convened and held on July 18, 2005, the following Special
Resolution was passed:

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

Dated this 18th day of July 2005

Glenn M. Robinson
Liquidator
346 Carrington Street
Adelaide SA 5000


ADSTEAM MARINE: Underlying Earnings Show Significant Improvement
----------------------------------------------------------------
Adsteam Marine Limited on Thursday announced net profit after
tax of AU$23.4 million for the financial year ended 30 June
2005. This is slightly above previous earnings guidance.

Net profit after tax (pre restructuring charges) was AU$29.0
million for the period, a 22% increase over the AU$23.7 million
recorded in the previous year.

The improved performance of Adsteam Marine's core towage
operations reflects modest growth in operating revenue and
significant benefits delivered from the Company's business
improvement program.

Financial results

Earnings before interest, tax, depreciation and amortization
(EBITDA) for the year ended 30 June 2005 was AU$92.1 million on
sales revenue of AU$324 million.

Adsteam's underlying operating earnings improved compared to the
same period last year.

On a like-for-like basis, after adjusting for one-off
restructuring costs and earnings from non core businesses,
EBITDA increased by 11% compared to the 2004 financial year.

Cash flow from operations remained solid at AU$45 million for
the 12-month period.

Net debt was further reduced from AU$341 million at June 2004 to
AU$302 million at June 2005 resulting in a reduction in gearing
(net debt / net debt + equity) from 52% to 49 per cent.

The Group's UK business generated EBITDA on a like-for-like
basis of AU$40 million compared with $30.1 million in the
previous year as a consequence of increased prices, improved
volumes and cost savings from the implementation of three person
crewing.

With regard to Tonnage Tax in the U.K., in April 2005 Adsteam
welcomed new legislation which allows for asset uplift and
appropriate transition arrangements effective 1 July 2006.
Adsteam's Australian operations, on a like-for-like basis,
delivered EBITDA of AU$55 million for the 12 months to 30 June
2005, in line with the previous year. Revenues increased to
AU$207 million, up 7% on last year resulting from increased ship
calls, tug jobs and project work.

Mr. Moller said that Adsteam had maintained its lead position in
the Australian ship assist market with stable category share
given the continued presence of competition in three major
Australian ports.

Adsteam's remaining investment in the USA is Northland Fuel.
Northland's freight business and other miscellaneous assets in
the USA were sold at approximately book value.

The sale of Northland Fuel to the Crowley Group is subject to
the approval of a Consent Decree entered into with the State of
Alaska. On 1 August 2005, a court hearing in relation to the
Consent Decree was held and the Company awaits the decision of
the Court.

Should a favorable court decision be forthcoming, completion of
the Crowley transaction is expected to take place in the near
future. Proceeds from the sale are expected to approximate book
value and will be used to retire debt.

During the year Adsteam received funding of AU$2 million from
the Australian Government to maintain its national salvage and
emergency response capability. Adsteam was awarded a contract of
up to AU$3 million for a period of up to nine months from 1 July
2005 until a longer term solution for salvage and emergency
response is developed.

International Financial Reporting Standards

Adsteam Marine is transitioning its accounting policies and
financial reporting to the Australian equivalent of the
International Financial Reporting Standards (AIFRS). For the
year ended 30 June 2005, net profit after tax under AIFRS is
expected to be approximately AU$15 million higher than under
current Australian Accounting Standards. This is due
predominantly to adjustments relating to the absence of goodwill
amortization.

The other significant changes under AIFRS is bringing onto the
balance sheet from 1 July 2004 the net deficit for
superannuation and pension funds of AU$57 million (pre tax) and
an upward revaluation of the investment in Flinders Ports of
AU$17 million (pre tax) on 1 July 2005.

Dividend

Adsteam Marine will pay a 1.9 cents per share fully franked
final dividend on 6 October 2005 to those shareholders
registered on 8 September 2005.

This is consistent with previous guidance that dividends will be
calculated and paid on the basis of approximately 50% of net
profit after tax (post goodwill and restructuring costs).
With a final dividend of 1.9 cents per share, dividends for the
financial year ended June 2005 total 4.3 cents per share, fully
franked.

Outlook

The Company expects improved profitability in FY 2006 as a
result of increased revenue, a lower cost base, lower interest
and AIFRS changes. This will be partially offset by increased
pension plan contributions, no hedge gains, increased
depreciation and investment in business development.

As a guide, NPAT for FY 2006 on an AIFRS basis is expected to be
in the range of AU$42 - AU$46 million. This compares to
approximately AU$38 million for FY 2005 when reported on an
AIFRS basis.

The ongoing dividend policy will be a payout of approximately
50% of net profit after tax subject to satisfactory Group
liquidity.

As a result of the expected increase in FY 2006 NPAT, dividends
to be paid in respect of FY 2006 can be expected to be
substantially higher than dividends paid for FY 2005. It is
expected that the FY 2006 interim dividend will be substantially
franked.

CONTACT:

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


AINSWORTH GAME: Books $10.6 Mln After-tax Loss
----------------------------------------------
Ainsworth Game Technology Limited (AGT) announced an audited
after tax loss of $10.6 million, in line with the profit
guidance released on 30 June 2005.

Commenting on the result, the Company's major shareholder and
Executive Chairman, Mr. Len Ainsworth, said that a number of
factors had contributed to the result, including a lower than
expected sales volume to customers in Europe, South Africa and
Australia. In addition, a substantial increase in overhead costs
was incurred during the period in anticipation of the Company
meeting continuing international growth opportunities. Principal
areas of cost increases were further investment in research and
development expenditure, costs associated in applying for
licenses in new markets and increased staff costs associated
with rapid expansion in these markets.

Mr. Ainsworth added that the loss included one-off expenditure
of approximately $5 million. These one-off expenses included
costs incurred in relation to the discontinued merger with the
Unicum Group, restructuring costs incurred in NSW, Europe and
the UK, and costs associated with legal matters.

Mr. Ainsworth said, "On a positive note, revenue for the period
is up 29 per cent on the previous year to a total of $82
million."

"As announced previously, the Chief Executive Officer, Mr. David
Creary, has undertaken a review of the Company and has completed
a detailed plan for FY06," Mr. Ainsworth said.

"I have every confidence in the ability of Mr. Creary to
successfully implement the planned restructuring and cost
reduction program ensuring the Company returns to profitability
in the coming financial year."

Mr. Creary said, "The restructuring program will ensure costs of
production and overheads are reduced, with a new focus given to
product strategy and the need to deliver quality products into
areas offering the greatest prospects for growth, including the
Americas, Europe, Macau and Australia. The cost reduction
program is expected to directly impact the bottom line in the
2006 financial year".

He added, "Markets across the Americas are providing strong
opportunities for growth and AGT will give continued strong
focus in these markets, which contributed 38 per cent of the
total revenue for the current year".

"Within Australia, AGT experienced increased revenue within the
primary markets of New South Wales and Queensland, despite the
difficult market conditions. The additional benefit of sales
into the Victorian market has presented the Company with further
product opportunities."

"The Company will also continue to invest in research and
development, compliance and licensing to ensure it is well
placed to take advantage of current and new opportunities in
emerging markets", Mr. Creary added.

The Company also announced a proposal to raise $20 million in a
fully underwritten rights issue to all Shareholders, an increase
of $8 million in the amount proposed to be raised as indicated
in the previous guidance released on 30 June 2005. The Company's
Chairman, Mr. Len Ainsworth, and a number of family members have
undertaken to fully underwrite the issue. Further details in
relation to the terms and entitlements of the issue are
currently being completed and will be announced once finalised."

As previously foreshadowed, AGT has also now finalized a new
agreement with an entity controlled by Mr. LH Ainsworth to
increase loan facilities available to the Company by $10 million
to a total facility of $40 million. The terms of the facility
are more favorable than those that could be achieved from the
Company's bankers and at arms length in the open market.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


ARISTOCRAT LEISURE: Spins AU$101.7 Mln HY05 NPAT
------------------------------------------------
Gaming and leisure group Aristocrat Leisure Limited (ALL) booked
a first half net profit after tax (NPAT) of AU$101.7 million,
more than tripling the result from the previous corresponding
period and roughly in line with its own projections, according
to Egoli News.

The group forecast a full-year NPAT in the range of AU$220
million-AU$240 million, if current underlying business continues
to grow.

The half-year result was based on first half revenue of AU$525.3
million, a record for the group. The company noted that a
particularly strong performance in its North American operation
had helped drive the result.  

"The Company's position continued to strengthen during the
period with a standout performance by our North American
business and operating margin improvements in all three of our
major markets," noted Mt Paul Oneile CEO and MD of Aristocrat
Leisure Limited.

The Company's operating cashflow increased 32.7% to $119.7
million with cash on hand exceeding debt by $175.8 million at
balance date.

The company's Australian profits rose 10.7% to $43.4 million,
despite a 6.5% decline in revenue to $118.6 million.

The company noted that it had improved margins by 5.7 points to
36.6% despite a difficult domestic market conditions, impacted
by legislative and regulatory restrictions.

The groups North American operation reported a 172.1% rise in
profit from the pcp, to $94.7 million, driven by a 63.1%
increase in revenue.

The Company's Japanese operations posted a revenue decline of
47.1% to $91.8 million, while its overall profit contribution
decreased 42.1% from $37.3 million to $21.6 million.

The group reported an interim dividend in respect of the six
months ended 30 June 2005 of 10c per share fully franked.

A copy of Aristocrat Leisure's financial results is available
free of charge at:
http://bankrupt.com/misc/tcrap_aristocratleisure082505.pdf.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


AUSTRALIAN GAS: Delivers Steady Profit Result
---------------------------------------------
The Australian Gas Light Company (AGL) announced a profit
attributable to Shareholders for the 12 months to 30 June 2005
of AU$848.3 million which includes the first half reporting of a
net profit of AU$587.5 million from the sale of AGL's 66.05
percent interest in NGC Holdings Limited in New Zealand and the
one-off net accounting impact of AU$64.8 million from entry into
tax consolidation.

The result was negatively impacted in the second half by the
AU$193.0 million after tax write down of the value of AGL's
Victorian electricity distribution network. This follows a
review of recent realised market values for other Victorian
distribution businesses, a tightening of the overall regulatory
environment and an unfavourable draft determination by the
Victorian Essential Services Commission (ESC) on distribution
charges for 2006-2010. The fair value of the electricity network
has been determined after considering a range of potential
regulatory outcomes.

Excluding significant items and outside equity interests,
underlying net profit for the 12 months increased to AU$386.8
million up 6.9 percent on the previous year. There was no
contribution from NGC following the completion of the sale
process in December 2004.

AGL Chairman Mark Johnson said, "AGL has achieved a steady
profit result for Shareholders in a competitive and difficult
energy market environment. The result reflects the contributions
from AGL's portfolio of businesses and demonstrates the ability
to compete in the retail energy market".

Shareholders will receive a final ordinary dividend of 32 cents
per share (100 percent franked) taking the full year dividend to
63 cents per share (95 percent franked). This is five per cent
increase on the previous year's full year dividend of 60 cents
per share (75 percent franked). AGL expects to at least maintain
the total dividend pay-out to Shareholders at 63 cents per share
(100 percent franked) in 2005/06.

Business Segment Performance

Energy Sales & Marketing (ES&M)

The ES&M business reported earnings before interest and tax
(EBIT) of AU$206.2 million down 5.8 percent on the previous
year. Milder weather affected the result as well as the
investment in the business to maintain and grow retail market
share. Despite the continuing competitive pressures, AGL
achieved a net increase of 56,200 energy accounts compared with
a net loss of 46,400 accounts in the prior year.

Energy Networks

The gas network business reported EBIT of AU$163.9 million, down
0.1 percent on the previous year with returns impacted by lower
tariff revenue due to lower gas volumes from milder weather. The
NSW Gas Access Arrangement for the period 2005-2010 became
effective on July 1 and is expected to result in a net decline
of AU$5-10 million in EBITDA for the 2005/06 financial year.

The electricity network business achieved underlying EBIT of
AU$75.5 million, up 7.7 percent, prior to the impact of the
AU$231.1 million pre tax write down of its carrying value. The
write-down follows a review of recent realised market values for
Victorian distribution businesses, the tightening regulatory
environment and the draft determination by the ESC on
distribution charges for the network. AGL considers the draft
determination to be unreasonable and continues to address errors
of fact and fundamental points of difference, particularly in
relation to growth forecasts and operating expenditure 2. The
fair value of the electricity network has been determined after
considering a range of potential regulatory outcomes.

Agility

EBIT of AU$63.4 million increased by 14.2 percent as revenue
rose six per cent on the previous year principally due to
additional third-party contracts. Third party contract work won
by Agility during the period increased by AU$70 million from
existing clients as well as new contracts from Hammersley Iron,
Santos, Ergon and Energex. The acquisition of high voltage
underground electrical cable specialist Oakland Construction
during the year has established Agility's underground service
capability in the rapidly growing Queensland electricity
services market.

Power Generation

EBIT of AU$31.2 million increased 43.8 percent on the previous
year. Loy Yang's contribution of $9.5 million for the full year
was impacted by lower average wholesale electricity pool prices,
which are expected to continue in 2005/06.

AGL's peaking power plants Hallett and Somerton played an
important role in mitigating the company's potential exposure to
volatile electricity prices. Enhancements to the power stations
have seen an improvement in their operational performance. AGL
continues to examine opportunities to expand the capacity of
Hallett including a proposed wind farm.

Investments

ActewAGL (50%) - EBIT of $53 million increased 4.1 percent on
the previous year's result reflecting successful customer
retention, lower operating costs and higher capital
contributions, offset by a warmer winter than the prior year and
regulatory resets on both the electricity and gas network
tariffs.

APT (30%) - EBIT of AU$19.4 million was up 35.7 percent on the
previous year due to the benefits provided by the acquisition of
the Goldfields Gas Transmission and Parmelia gas pipelines in
August 2004 and a 30 per cent interest in the Ballera to Mt Isa
pipeline in February 2004.

LPG Investments - Elgas (50%) - EBIT of AU$13.5 million was down
2.9 percent on the previous year as warmer weather and higher
costs impacted sales volumes. HC Extractions (100%) - EBIT of
AU$6 million increased AU$4.6 million on the previous year
primarily due to higher revenue from a favourable movement in
the Saudi Contract propane price.

Chile (100%) - GasValpo - EBIT of AU$4.1 million was down 33.9
percent on the previous year due to gas restrictions from
Argentina in the summer of 2005, which has limited the supply of
natural gas to industrial customers.

PNG Upstream Gas Project Update

Technical, legal, tax and accounting due diligence is currently
underway on the two conditional agreements AGL announced in July
including the AU$4.5 billion agreement for around 1,500
petajoules of gas over 20 years from 2009 and a A$400 million
agreement with Oil Search to acquire a 10 per cent interest in
the PNG Gas Project. Both agreements are conditional on the PNG
Gas Project reaching financial close scheduled for 2006.

AGL and its consortium partner Malaysian company Petronas are
progressing the Front End Engineering and Design activities for
the Australian component of the Papua New Guinea to Queensland
natural gas pipeline, including consideration of the proposed
lateral extension of the pipeline to Gove in the Northern
Territory. Progress is being made on pipeline design, route
selection, land access, commercial terms and conditions,
environmental approvals and regulatory matters.

International Financial Reporting Standards

AGL will prepare financial statements under A-IFRS for the first
time for the half-year ending 31 December 2005. In the Appendix
4E AGL has outlined the likely impact on current year financial
statements had they been prepared using A-IFRS. Application of
A-IFRS is expected to result in improved reported net profit and
EPS for AGL in 2005/06. There will be no change to cash flow or
the capacity to pay dividends.

Outlook 2005/06

2005/06 will continue to be a period of transition for AGL,
after the divestment of NGC in December 2004 and before moving
into 2006/07 where the positive impact of the PNG investments is
expected to flow through to earnings.

Agility, Retail Energy and Merchant Energy are expected to
deliver improved performances in 2005/06. The regulatory reset
for the NSW gas distribution network, effective from 1 July
2005, and the draft reset for the Victorian electricity network
(being challenged by AGL), effective from 1 January 2006, are
expected to result in a reduced contribution, together with the
after tax interest cost resulting from the 80 cents per share
capital return in 2005.

Adjusting for the impact of A-IFRS, and subject to unforeseen
circumstances, forecast underlying profit after tax in 2005/06
is expected to be lower than 2004/05 by three to five per cent.
AGL anticipates EPS growth of zero to two per cent in the
current financial year compared to the restated EPS for the
2004/05 financial year3. The full year dividend of 63 cents per
share is expected to be at least maintained in 2005/06 with
franking increasing to 100 percent.

CONTACT:

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


AUSTWIDE FINANCE: Schedules Final Meeting September 2
-----------------------------------------------------
Notice is given that a final meeting of the Members and
Creditors of Austwide Finance Pty Limited will be held on Sept.
2, 2005, 10:30 a.m. for the following reasons:

AGENDA

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

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

Dated this 2nd day of August 2005

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


BN&T KAKULAS: Set to Declare Dividend by Month's End
----------------------------------------------------
BN&T Kakulas Pty Limited will declare a first and final dividend
on Aug. 28, 2005.

Creditors, whose debts or claims have not already been admitted,
are required on or before Aug. 28, 2005 to formally prove their
debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 20th day of July 2005

A. A. Gaffney
Liquidator
c/o RSM Bird Cameron
1st Floor, 8 St. George's Terrace
Perth WA 6000
Phone: (08) 9261 9100


CAMSENSOR AUSTRALIA: Supreme Court Orders Liquidation
-----------------------------------------------------
On July 19, 2005, the Supreme Court of New South Wales, Equity
Division appointed Christopher J. Palmer to be Liquidator for
the winding up of Camsensor Australia Pty Limited.

Dated this 2nd day of August 2005

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


CHEMEQ LIMITED: Boasts of Strong Financial Position in 2005
-----------------------------------------------------------
Chemeq Limited (ASX: CMQ) reported its results for the year
ended 30 June 2005.

Financial Performance

The loss before the write-down of the company's manufacturing
plant was $29.6 million for the year ended 30 June 2005.

Including the valuation write-down, the operating loss before
tax for the year was $60.7 million (2004: $9.9 million) and the
loss per share for the year was 63.4 cents per share (2004: 11.7
cents).

Underlying operating expenses increased 215% to $30.7 million
due to the commencement of manufacturing at Chemeq's Rockingham
manufacturing facility during the year and staff redundancies
following a strategic cost review during the year. Depreciation
expense was 895% higher at $6.3 million due to the manufacturing
plant being depreciated from 1 July 2004.

Financial Position

Chemeq is in a strong financial position, with cash and short
term deposits totaling $37.6 million at 30 June 2005 before the
injection of a further $20.0 million under the convertible bond
agreement. Total equity at 30 June 2005 was $31.4 million.

The company's strong cash position is due to major capital
raisings during the year. Firstly, Chemeq raised $9.8 million
through a placement of 4.1 million shares at $2.40 per share
with free attaching options. Then in September 2004, Chemeq
raised $20.3 million through an underwritten rights issue to
shareholders involving the issue of 8.5 million shares at $2.40
per shares with a free attaching option.

In March 2005, Chemeq completed the issue of 40,000 convertible
bonds at $1,000 each to raise $40 million. A second tranche of
20,000 convertible bonds at $1,000 each to raise $20 million was
issued shortly after year end.

Operations

The financial year has been a very busy one for Chemeq. Key
operational highlights for the year included:

Production

During the year, Chemeq produced its first product at its plant
and was awarded the Good Manufacturing Practice (GMP) license
for its manufacturing facility south of Perth. Production at the
plant during the year was below expectations due to an issue in
the filtration part of the production process. Chemeq completed
further tests and considered various solutions to this issue and
shortly after year-end, announced that it had increased total
process capability to 55% of nameplate capacity. Chemeq is
proceeding to implement this solution and believes that it will
increase output further.

Sales and Marketing

This year, Chemeq signed distribution agreements with major
veterinary product distributors in South Africa, New Zealand,
and Malaysia. Chemeq continued to receive strong interest for
its products.

Patent and Regulatory Developments

Chemeq was successful in extending patent protection for its
CHEMEQ polymeric antimicrobial until 2020 in the U.S. and China
this year. In total, Chemeq now has patents in 80 countries with
approximately 175 patents pending.

Chemeq also achieved registration in South Africa for its CHEMEQ
polymeric antimicrobial for poultry. Chemeq now has approvals in
South Africa (pigs and poultry) and New Zealand (pigs).

Board and Senior Management

There were a number of changes in the Board and senior
management during the year.

Shortly after year end, Chemeq announced the appointment of
David Williams as its new Chief Executive Officer. This
appointment was the culmination of an extensive search for the
right CEO with the leadership skills required to drive Chemeq
through the next phase of its development. Following this
appointment, Graham Melrose stepped down as CEO to become
Executive Chairman of the company.

In April, Brian Mangano was appointed as Chemeq's new CFO and
Company Secretary, and in May, Tony Davies and John Nicholls
joined the Board of Chemeq as non-executive directors.

Outlook

The Board is confident that with its strong cash balances,
world-class products and established manufacturing
infrastructure, Chemeq can deliver higher revenues in the year
ahead.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


CHEMEQ LIMITED: Secures Australian Patent Protection to 2021
------------------------------------------------------------
Chemeq Limited announced Thursday that it has been granted
patent protection for the use CHEMYDE polymeric antimicrobial in
topical emulsion compositions, in Australia, to the year 2021.

Products which could benefit from the inclusion of CHEMYDE
polymeric antimicrobial in their formulation include, but are
not limited to, deramatologicals, cosmetics, toiletries,
pharmaceuticals, and especially sunscreens.

Chemeq's CEO Dabid Williams said CHEMYDE polymeric antimicrobial
is a large molecule; the use of CHEMYDE polymeric antimicrobial
in this role would give the opportunity of producing sunscreens
in which there are minimal small-molecule chemical ingredients
which have the potential to pass through the skin and into the
user's blood system - a disadvantage of many sunscreens.

He said, "this adds to our substantial portfolio of granted
patents, in some 80 other countries around the world".


EC RETAILERS: Members Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of EC Retailers 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, Anthony D'Aloia of
D'Aloia Handberg Chartered Accountants, Level 10, 200 Queen
Street, Melbourne was appointed Liquidator for such purpose.

Dated this 20th day of July 2005

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


EG GREEN: Collapse Hurts Another Meat Exporter
----------------------------------------------
A Perth meat exporter has sent 60 of its staff home until the
fate of EG Green and Sons' Harvey abattoir becomes clearer, The
West Australian says.

Perth Meat Exports (PME) has cut its staff back to skeleton
levels since Greens suspended its processing operations more
than 12 days ago.

Osborne Park-based PME contracted Greens to slaughter about 140
cattle a day, mostly for the United States market. The Harvey
plant is the only major meatworks in WA accredited to process
beef for the U.S.

PME is still getting cattle killed elsewhere for the domestic
market but the numbers are down to about 20 percent of previous
levels.

The move has left minimal work for its Osborne Park packing
plant workers, who have been told to take holidays or take up
other job offers until the uncertainty at Greens is resolved.

Any future contract killing arrangements may also need to be
renegotiated with the Greens administrator.

CONTACT:

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


EG GREEN: Draws Interest of Two Firms
-------------------------------------
Two companies have reportedly signified their interest in taking
over Western Australia's largest meat processor, EG Green and
Sons, according to ABC Premium News.

EG Green, the operator and owner of the Harvey Beef abattoir,
was placed into administration last week, owing creditors tens
of millions of dollars.

The two parties have reportedly begun analyzing the company's
books and assets.

Elders, one of EG Green's biggest unsecured creditors, is
believed to be one of the companies involved.

Meanwhile, production at the abattoir is expected to resume on
Monday on a five-day roster.

Graeme Haynes from the Meat Industry Workers Union is urging his
members to stay with the company. He said he does not expect the
financial difficulties to result in widespread pay cuts.

Harvey Beef creditors will meet for the first time today.


GEORGES CLEANING: Appoints Official Liquidator
----------------------------------------------
Notice is hereby given that at a meeting of the members and of
creditors of Georges Cleaning Services (Australia) Pty Limited
held on July 19, 2005, the following special and ordinary
resolutions were passed:

That the Company be wound up voluntarily, and that Murray
Godfrey be appointed Liquidator for such winding up.

Dated this 20th day of July 2005

Murray Godfrey
Liquidator
RMG Partners
Chartered Accountants
Suite 67, Level 14, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0889


HESUYU PTY: Members, Creditors to Review Liquidator's Report
------------------------------------------------------------
Notice is given that a final meeting of Members and Creditors of
Hesuyu Pty Limited will be held on Sept. 2, 2005, 12:00 p.m.

AGENDA:

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

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

Dated this 2nd day of August 2005

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


ICS INFLITE: Liquidator to Explain Wind Up Manner
-------------------------------------------------
Notice is given pursuant that a joint meeting of the members and
creditors of ICS Inflite Catering Services Pty Limited will be
held on Sept. 2, 2005, 11:30 a.m. to lay an account 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 26th day of July 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2001
Phone: 02 8263 1000
Fax:   02 9262 7911


JEACK PTY: Members Decide to Close Operations
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Jeack Pty Limited held on July 18, 2005, it was resolved that
the Company be wound up voluntarily, and that Adrian Lawrence
Brown and John Ross Lindholm, Chartered Accountants of Ferrier
Hodgson, Level 29, 600 Bourke Street, Melbourne, Victoria be
appointed Liquidators for the winding up.

Dated this 20th day of July 2005

Adrian L. Brown
John R. Lindholm
Liquidators
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


LANGLEY PARK: Court Issues Winding Up Order
-------------------------------------------
On July 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Langley Park Manufacturing Pty Limited be
wound up, and appointed Steven Nicols to be Liquidator of the
Company for the winding up.

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


NATIONAL AUSTRALIA: Extends Cultural Revolution
-----------------------------------------------
Executives at National Australia Bank (NAB) have dramatically
extended a self-imposed deadline to change the bank's culture,
saying the restoration of its tarnished reputation might take as
long as five years, the Sydney Morning Herald relates.

NAB's director of finance and risk, Michael Ullmer, said the
bank continued to struggle with negative perceptions since the
AU$360-million foreign exchange scandal that scuttled its
credibility early last year.

Mr. Ullmer also said the costs of complying with the Sarbanes-
Oxley Act, which has drastically reformed corporate governance
in the U.S., had him questioning the wisdom of maintaining NAB's
presence in New York.

He added it remained to be seen whether the response from
international investors would allow NAB to leave New York.

His appraisal that repairing the bank's reputation could take
five years extends the timeframe set last year by chief
executive John Stewart. Soon after taking the role at NAB
vacated by Frank Cicutto, Mr. Stewart said it would take 12 to
24 months "to get our banks really motoring".

More than a year after making those comments, Mr. Stewart said
the bank still had as long as two years ahead of it before its
business would be recovered.

Aside from the highly publicized foreign exchange scandal, the
bank has been slugged by a series of one-off crises in the past
year, including the GBP26.5 million (AU$63 million) heist at
Belfast's Northern Bank just before Christmas last year. It is
believed that the bank, which was owned by NAB, may have been
robbed by the Irish Republican Army.

But Mr. Stewart pointed to improving stability in NAB's market
share as evidence that the franchise had already recovered well.

Some have suggested that stability was bought by sacrificing
quality in the company's crediting policies, but Mr. Ullmer said
the bank had not suffered any degradation in the quality of its
clients.

CONTACT:

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


N.C. MORGAN: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
N.C. Morgan Pty Limited duly convened and held on July 18, 2005,
a Special Resolution to voluntarily wind up the Company was
passed, and Gerard John Rier was appointed Liquidator for such
purpose.

Dated this 18th day of July 2005

Gerard J. Rier
Liquidator
c/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870


PERVERT CLOTHING: Members, Creditors Agree to Liquidate Biz
-----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members and creditors of Pervert Clothing Pty Limited
held on July 19, 2005, it was resolved that the Company be wound
up voluntarily and that for such purpose, Joseph Loebenstein,
Chartered Accountant and Registered Liquidator of Green &
Sternfeld Corporate Services Pty Limited, 203 Balaclava Road,
Caulfield North, Victoria, be appointed liquidator.

Dated this 19th day of July 2005

Joseph Loebenstein
Liquidator
Green & Sternfeld Corporate Services Pty Limited
203 Balaclava Road, Caulfield North Vic 3161


QANTAS AIRWAYS: Plans to Axe Service Jobs
-----------------------------------------
Qantas Airways will increase the number of self-service check-in
machines at airports by more than 300 percent, with a resulting
loss of 96 customer service positions, The Advertiser reports.

Qantas announced it would implement a raft of unspecified job
cuts last week on the back of a bumper net profit of AU$763.6
million for the 2004/05 year, up 17.8 percent.

Australian Services Union (ASU) assistant national secretary
Linda White said the airline wrote to customer service staff
telling them of plans to introduce an extra 80 self-service
check-in machines by early 2006.

The airline will boost the number of machines, which allow
passengers to check in without the aid of Qantas staff, from 38
to 118 across Australia.

The airline had told staff the machines would make 96 customer
service positions obsolete but only 26 staff at Melbourne
airport would be made redundant, Ms White said.

"There's 96 positions lost, which they're going to get rid of by
attrition, except 26 in Melbourne, which they're going to do
through redundancies," Ms White said.

The airline would not comment on the specific number of
positions affected by the additional check-in machines, but
Qantas executive general manager airports and catering division
Grant Fenn said it was "managing change to minimize the impact
on staff".

"Although there will be a reduction in staff numbers, we believe
that attrition, redeployment, job sharing, converting to part-
time and expressions of interest in redundancy will account for
most if not all of this impact," Mr. Fenn said.

"We don't expect compulsory redundancies to be necessary."

He said the airline would consult staff and the ASU on expanding
its self-service check-in machines.

CONTACT:

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


RACILLE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a General Meeting of Racille Pty
Limited held on July 16, 2005, it was resolved that the Company
be wound up voluntarily as a Members' Voluntary Winding up, and
that Paul Leonard Wright be appointed Liquidator for such
purpose.

Dated this 16th day of July 2005

Paul L. Wright
Liquidator
7 Glenview, Blencowes Lane
Wildes Meadow NSW


RITE PRICE: Creditors Confirm Appointment of Liquidators
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Rite Price Foods Pty Limited held on July 15,
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 Martin Jones and Darren Weaver of Ferrier Hodgson,
Chartered Accountants, Level 26, 108 St. George's Terrace, Perth
WA 6000 be appointed Joint and Several Liquidators for the
winding up.

Dated this 20th day of July 2005

Martin Jones
Darren Weaver
Liquidators
Ferrier Hodgson Chartered Accountants
Level 26, 108 St. George's Terrace
Perth WA 6000


SAM'S SEAFOOD: Owes Creditors AU$33 Mln
---------------------------------------
Administrators of failed Sam's Seafood revealed the seafood
supplier owed creditors at least AU$33 million, Courier Mail
reports.

The figure was released after Tuesday's creditors meeting for
several entities of the listed Queensland company, which
included restaurants, takeaway outlets and wholesale operations.

Administrator PPB also pointed out the possibility of unsecured
creditors owed AU$15 million getting back funds through actions
against the directors or auditors.

PPB partners Andrew Fielding and Julie Williams will first
examine the accounts of Sam's, which collapsed in May and has
only two outlets still operating.

Questions have been raised about Sam's accounts after receiver
Deloitte reported an apparent "overstatement" of up to AU$13
million in the value of stock for Sam's Seafood Hamilton, a
subsidiary of listed Sam's Seafood Holdings. But Ms. Williams
said former Sam's directors were "querying the results quite
heavily".

About a dozen creditors turned up at the meeting, with some
expressing anger at the former directors.

Ms. Williams earlier said recoveries out of debtors, stock and
sale of assets back to unsecured creditors would be "virtually"
zero and liquidation was likely.

Ms. Williams also flagged the possibility of selling the
corporate shell.

CONTACT:

Sam's Seafood Holdings Limited
43 Holt St Eagle Farm
Australia
Phone: (07) 3131 4100
Fax: (07) 3268 5231
Web site: http://www.sams.com.au/


SANTOS LIMITED: Triples First Half Net Profit
---------------------------------------------
Santos Limited on Thursday announced a record AU$290 million net
profit after tax for the six months to 30 June 2005.

This compares with net profit of AU$85 million in the first half
of 2004 when earnings were impacted by the loss of production
caused by the Moomba incident.

The 2005 first half result is favorably impacted by the partial
reversal of impairment write-downs booked on transition to the
Australian equivalent of International Financial Reporting
Standards (A-IFRS), which is not considered part of the
underlying profit.

The profit was achieved on opening half sales revenue that
topped the AU$1 billion level for the first time, representing a
73% increase on the first half of 2004.

Cash flow from the Company's operating activities was up over
190% to AU$565 million.

First half production rose 24% from 21.2 mmboe to 26.3 mmboe and
included the benefit of the Company's Mutineer-Exeter oil field
off Western Australian coming on stream ahead of schedule.

Santos has increased its forecast full year production to 55
mmboe compared with 47 mmboe in 2004.

A further production increase of at least 10% is forecast for
the 2006 calendar year.

Directors increase interim dividend to 18 cents

Directors have declared an increased fully franked interim
dividend of 18 cents per ordinary share - a 20% improvement on
the 2004 interim dividend of 15 cents per share.

Unprecedented number of new projects

This result has further highlighted the unprecedented number of
projects that have either recently come on stream or are in
development.

Three new projects - Bayu-Undan liquids, Minerva and Mutineer-
Exeter - have added to the Company's production profile in the
past year.

Five new offshore projects will commence production over the
next 18 months, including John Brookes, Casino, Oyong, Maleo and
the LNG phase of Bayu-Undan.

These projects are in addition to development activities in the
Company's existing onshore assets where the focus remains on
drilling, completing and connecting wells to extend and grow
production.

Significantly for Santos, its key growth projects are in most
cases performing above expectations.

Exploration

Santos' exploration program delivered a 22% wildcat success rate
in the first half with two discoveries from nine wildcat wells -
Hiu Aman in the deep water Kutei Basin and Hurricane in the
offshore Carnarvon.

The remainder of our 2005 exploration drilling program includes
19 wildcat exploration wells across a range of areas in
Australia and internationally.

Outlook

Mr. Ellice-Flint said Santos' Australian oil and domestic gas
businesses provide theCompany with strong and predictable
cashflows, together with incremental growth opportunities - and
will continue to do so for many years to come.

Mr. Ellice-Flint said Santos had a large number of options to
continue to satisfy eastern seaboard gas markets due to the
Company's infrastructure and supply position.

Tipperary acquisition

Mr. Ellice-Flint said the proposed US$466 million Tipperary
acquisition will underpin Santos' core position as a major
supplier of gas to eastern Australia.

A copy of the entire press release is available free of charge
at:
http://bankrupt.com/misc/tcrap_santoslimited082505.pdf.

CONTACT:

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


SIDE ON: Bryan Collis Named Liquidator
--------------------------------------
On July 13, 2005, the members of Side On Enterprises Pty Limited
passed a Special Resolution to voluntarily wind up the Company,
and Bryan Collis was appointed Liquidator for such winding up.

Dated this 2nd day of August 2005

Bryan Collis
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


SMART BUSINESS: Wind Up Process Initiated
-----------------------------------------
Notice is hereby given that the following resolutions were
passed at an extraordinary general meeting of the members of
Smart Business Systems Pty Limited on July 15, 2005:

SPECIAL RESOLUTION:

That the company be wound up by a Members' Voluntary
Liquidation.

ORDINARY RESOLUTIONS:

(i) That Stephen N. Armstrong, a partner of Allworths Chartered
Accountants, Level 9, 31 Market Street, NSW, be appointed
liquidator of the Company.

(ii) That the liquidator be entitled to charge fees to the
Company for carrying out his duties as liquidator, at the rate
prescribed by the Institute of Chartered Accountants in
Australia.

Dated this 15th day of July 2005

Stephen N. Armstrong
Liquidator
C/o Allworths Chartered Accountants
Level 9, 31 Market Street, NSW


SOSTAR PTY: Winds Up Business
-----------------------------
Notice is hereby given that the following resolutions were
passed at an extraordinary general meeting of the members of
Sostar Pty Limited on July 15, 2005:

SPECIAL RESOLUTION:

That the company be wound up by a Members' Voluntary
Liquidation.

ORDINARY RESOLUTION:

(i) That Peter R. McKeon, a partner of Allworths Chartered
Accountants, Level 9, 31 Market Street, Sydney NSW, be appointed
liquidator of the Company.

(ii) That the liquidator be entitled to charge fees to the
Company for carrying out his duties as liquidator, at the rate
prescribed by the Institute of Chartered Accountants in
Australia.

Dated this 17th day of July 2005

Peter R. McKeon
Allworths Chartered Accountants
Level 9, 31 Market Street
Sydney NSW


STRATHFIELD: Conversion of Convertible Notes Set Next Month
-----------------------------------------------------------
Strathfield Group Limited (Strathfield) notified investors that
the next conversion date for conversion of convertible notes in
Strathfield is September 30, 2005.

Noteholders wishing to convert their convertible notes to
ordinary shares on that date will need to complete, and issue to
Computershare Investor Services Pty Limited, a Conversion
Notice. This can be completed at any time from August 19, 2005
up until 5 p.m. on Friday, September 1, 2005.

Investors should note the current conversion ratio is 1.096
shares for each one (1) note and is calculated at the date of
this notice. The conversion ratio will change on the successful
completion of the Rights Issue (see Prospectus dated July 28,
2005) to 1.361 shares for each one (1) note.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com/


SOUTHERN BROS: To Pay Dividend to Creditors
-------------------------------------------
Southern Bros. Transport Pty Limited will declare a first and
final dividend on Aug. 31, 2005.

Priority creditors (employees) whose debts or claims have not
already been admitted are required on or before today, Aug. 26,
2005 to formally prove their debts or claims. Failure to do so
will exclude them from the benefit of the dividend.

Dated this 26th day of July 2005

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


TVSN LIMITED: Court Authorizes DOCA
-----------------------------------
The Supreme Court of New South Wales (NSW) has directed TVSN
Limited joint deed administrators Paul Andrew and Trevor
Pogroske to give effect the deed of company arrangement (DOCA)
on August 22, 2005, relates Australian Company News Bites.

The DOCA will allow Mr. Andrew and Mr. Pogroske realize TVSN's
assets and collect the proceeds into a fund that will be
distributed to the Company's creditors.

The Court also directed that the administrators' cost be paid
out of the deed fund.

Late last year, TVSN consisted of 13 companies and 12 were in
receivership. The company sold 60 percent of its business
activity when Interfine Holdings Pty Ltd bought the TVSN and
Expo channels on November 15, 2004.

At that time the company was trying to sell the remaining
business units of the TVSN Group, Danoz Direct and Emjoi
Australasia.

CONTACT:

TVSN Limited
Level 5 , 15 Orion Road ,
LANE COVE , NSW,
AUSTRALIA, 2066
Telephone: (02) 9490 6000
Fax: (02) 9490 6158


WESTSIDE FABRICATION: Creditors Wind Up Company
-----------------------------------------------
On July 18, 2005, the creditors of Westside Fabrication Pty
Limited, which is under administration, passed a Special
Resolution to voluntarily wind up the Company.

Dated this 21st day of July 2005

D. I. Mansfield
R. J. Porter
Liquidators
c/o Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


XANADU WINES: Changes Name to Global Wine Ventures
--------------------------------------------------
On August 17, 2005, Xanadu Wines Limited changed its name to
Global Wine Ventures Limited.

The change of name was approved by shareholders special
resolution at the general meeting held on August 5, 2005.

As of commencement of trading Thursday, the Company shares will
trade on the Australian Stock Exchange Limited under the
Australian Stock Exchange (ASX) code "GWV".

The registered office of the Company remains at:

First Floor
28 Dequetteville Terrace
Kent Town SA 5067

The phone number remains as 61 8 8331 3000 and the fax number
remains as 61 8 8331 3377.

For further information please contact Mr. Sam Atkins, Managing
Director on +61 8 8331 3000.


XANADU WINES: Unveils Management Changes
----------------------------------------
Mr. Ross Norgard and Mr. Conor Lagan have resigned as Directors
of Global Wine Ventures Limited (formerly Xanadu Wines Limited)
effective September 1, 2005.

The Board announced that Mr. Graham Keys has consented and will
be appointed as Chairman and non-executive Director of the
Company as of September 1, 2005.

Mr. Keys has significant corporate and management experience. He
is a former partner of a "big four" accounting firm; was the
managing director of a listed public company; has been the chief
executive officer to two large private companies; and has been
chairman and/or non-executive director of several public listed
companies. Mr. Keys is the managing director and majority
shareholder of Norvest Corporate Pty Ltd a Perth-based corporate
consulting and investment company he formed in April 2000.

Mr. Sam Atkins will remain as the Managing Directors of the
Company and Mr. Ken Richards remains as a non-executive
director. Mr. Richards has announced his intention to resign, as
a Director of the Company, upon the appointment of an
appropriate replacement.

The Company will continue discussions with several other
parties, prominent in the wine industry, that have expressed
interest in joining the Board as the Company progresses.

The changes to the Board of Directors is a further step in the
restructure of the Company following the Company's sale of
significant wine assets in both Western Australia and South
Australia, the repayment of all secured bank debt, the
notification to convertible note holders of the requirement to
redeem or convert all existing convertible notes, the
restructure of the remaining substantial short-term debt to
long-term debt and the change of the Company name.


ZELTIEG PTY: Prepares to Distribute Dividend
--------------------------------------------
Zeltieg Pty Limited is set to declare a final dividend on Aug.
30, 2005 to its employees.

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

Dated this 25th day of July 2005

Ian Richard Hall
Liquidator
Waterfront Place, 1 Eagle Street
Brisbane Qld 4001


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

BANK OF CHINA: Temasek Close to Buying Stake
--------------------------------------------
Temasek Holdings Pte Ltd. is in the final stages of buying a 10-
percent stake in Bank of China for $3.1 billion, according to
Reuters, citing the Financial Times reports.

Singapore-based Temasek has demanded warranties against a sudden
drop in the state lender's finances. FT said talks were advanced
but they could still collapse or result in Temasek taking less
than 10 percent.

Foreign banks are rushing to get a foothold in China, which is
keen to bring in foreign capital and expertise to a banking
sector that boasts $1.5 trillion in personal savings.

CONTACT:

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


BANK OF CHINA: Ratings Affirmed After RBS Buys Stake
----------------------------------------------------
Moody's Investors Service has affirmed the D- Bank Financial
Strength Rating and the A2/P-1 deposit ratings for Bank of China
Limited (BOC) with a stable outlook.

The affirmation was prompted by a 10 percent equity investment
into BOC by RBSG-led financial consortium for a total amount of
US$3.1 billion.

BOC announced on August 18, 2005 that it has signed an agreement
to have Bank of Scotland Group (RBSG) as its exclusive partner
in certain lines of business including credit cards, wealth
management, corporate banking and personal lines insurance. In
addition, BOC and RBSG are to co-operate in such areas as
corporate governance, risk management, financial management,
human resources, and investment technology. Of the US$3.1
billion investment, half ($1.6 billion) will be from RBSG
directly and the remaining $1.5 billion will be raised from co-
investors. The initial period for the investment is three years
and is subject to regulatory approvals. The transaction is
expected to close by year-end 2005.

The investment made by RBSG-led consortium is purchasing a
combination of new and existing shares from BOC's current owner,
China SAFE Investment Company, an investment company under
China's Central Bank--People's Bank of China. Although new
capital is raised, the financial impact is small. Therefore,
there is no ratings impact at this point.

Nonetheless, this strategic investment represents a milestone
progress in BOC's preparation for the public listing of its
equities. In addition, BOC is expected to benefit from RBSG's
expertise in product innovation, risk management, and internal
control. Over the long-run, RBSG's global banking expertise
should help BOC to gradually improve its operations and
financial performances, if the partnership is successful.

However, Moody's notes that RBSG does not have a significant
track record in China, and it may be some time before it becomes
effective there. Therefore, it remains to be seen whether the
partnership can achieve the targeted benefits, although RBSG's
excellent track record of integrating acquisitions provides
certain comfort.

Moody's further notes that although BOC has significantly
improved its asset quality and capital position through
restructurings in the past two years, much of these improvements
were driven by government's efforts. In addition, on the asset
quality front, Moody's notices that the bank has recently
reported large increase in special-mentioned loans to a rather
high level. It is likely that some of these loans may
deteriorate further, driving up new NPLs, particularly when
China's economy slows down further. Therefore, for any positive
rating actions to happen, Moody's will need to see evidence of
asset quality stabilization and further improvements in BOC's
standalone financial performances underpinned by enhanced
corporate governance and risk management.

Royal Bank of Scotland Group, headquartered in London, had total
assets of GBP 757 billion as of June 30, 2005.

Bank of China Limited, headquartered in Beijing, is the second
largest commercial bank in China. As of end-2004, it had total
assets of US$516 billion.

Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

London
Lynn Exton
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454


CHINA LIFE: Posts RMB99.989-Bln Accumulated Premiums Income
-----------------------------------------------------------
The unaudited accumulated premiums income of China Life
Insurance Company Limited for the period from January 1, 2005 to
July 31, 2005 was about RMB99.989 billion. The figure is to be
released on CIRC's website at www.circ.gov.cn.

Reference is made to the Company's announcement dated 27 August
2004.

The unaudited accumulated premiums income of China Life
Insurance Company Limited (2628) for the period from January 1,
2005 to July 31, 2005 was about RMB99.989 billion. The figure is
to be released on CIRC's website at www.circ.gov.cn.

The above information on premiums income is unaudited and
prepared in accordance with PRC Generally Accepted Accounting
Practice (GAAP), which is different from Hong Kong GAAP adopted
by the Company in the preparation of its financial statements.

By Order of the Board of Directors
Heng Kwoo SengCompany Secretary

As at the date of this announcement, the board of directors of
the Company comprises of:

Executive directors: Yang Chao, Miao Fuchun
Non-executive directors: Wu Yan, Shi Guoqing
Independent non-executive directors: Long Yongtu, Chau Tak Hay,
Sun Shuyi, Cai Rang Hong Kong

As of December 31, 2004, the Company's current assets were
HK$43.5 million while its current liabilities were HK$342.9
million, according to Chong Hing Securities.

CONTACT:

China Life Insurance Company Limited
18th Floor, C.L.I. Building
313 Hennessy Road, Wanchai
Hong Kong  
Phone: 25458111  
Fax: 25444395  
Web site: http://www.chinalife.com.hk


GOLDRIVER CORPORATION: Issues Debt Claim Notice
-----------------------------------------------
Notice is hereby given that the creditors of Goldriver
Corporation Limited (In Liquidation), which is being voluntarily
wound up, are required on or before the close of business on
August 31, 2005, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the undersigned at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

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

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

Dated this 15th day of August, 2005

GABRIEL CK TAM
JACKY CW MUK
Joint and Several Liquidators


HONG KEE: Releases Winding Up Petition
--------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hong Kee Company Limited was on July 13, 2005 presented to the
said Court by Tong Fung Ling of Room 1101, Wu Tsui House, Wu
King Estate, Tuen Mun, New Territories, Hong Kong.  

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

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

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

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

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


MOULIN GLOBAL: Dozen Buyers Keen on Assets
------------------------------------------
The major creditors of troubled eyewear maker Moulin Global
Eyecare Holdings (0389) have sought an extra three months for
the firm's liquidation process after more than a dozen potential
buyers expressed an interest in its assets, according to the
South China Morning Post.

At a hearing in the High Court on Wednesday, the case has been
adjourned until August 29, 2005.

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road, Kowloon Bay
Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk


NSF LIMITED: Creditors' Proofs of Claims, Debt Due September 9
--------------------------------------------------------------
Notice is hereby given that the creditors of NSF (Asia) Limited,
which is being voluntarily wound up, are required on or before
the close of business on September 9, 2005, to send in their
names, addresses and particulars of their debts or claims
(including establishing any title they may have to priority
under Section 265 of the Companies Ordinance), and the name and
address of their solicitors, if any, to the undersigned at 27th
Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong.

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

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

Dated this 24th day of August, 2005

Gabriel Chi Kok Tam
Grant Andrew Jamieson
Joint and Several Liquidators


KOFFMAN PIONEER: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Koffman Pioneer Financial Services Limited by the High Court of
Hong Kong was on July 18, 2005 presented to the said Court by Li
Sze Ming Ruby of Room 2618, Hin Tak House, Hin Keng Estate,
Shatin, New Territories, Hong Kong.  

The said petition is to be heard before the Court at 9:30 a.m.
on September 14, 2005.

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

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 13, 2005.


SHANGHAI LAND: Director Fan Cho Man Resigns
-------------------------------------------
Shanghai Land Holdings Limited (Receivers Appointed) announced
that Ms. Fan Cho Man, Vivien has tendered her resignation as a
non-executive Director of the Company due to personal reason
with effect from August 19, 2005. Ms. Fan confirmed that there
are no matters that she considered need to be brought to the
attention of the shareholders of the Company in relation to her
resignation.

Trading in the shares of the Company on The Stock Exchange of
Hong Kong Limited has been suspended since 9:30 a.m. on June 2,
2003 and will remain suspended until further announcement.

For and on behalf of
Shanghai Land Holdings Limited
(Receivers Appointed)
Stephen Liu Yiu Keung and Yeo Boon Ann
Joint & Several Receivers
Hong Kong, 24 August 2005


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

GARUDA INDONESIA: Aims to Restructure Promissory Note Debt
----------------------------------------------------------
State airline PT Garuda Indonesia hopes to restructure IDR536.9
billion promissory note debt which is due at the end of 2005,
reports Asia Pulse.

The Company has appointed state securities firm PT Danareksa
Sekuritas and NM Rothschild to advise it on the restructuring
process.

According to the Company's finance director Alex Maneklaran,
securities firm PT Danareksa Sekuritas is still studying the
Company's business plan. He added that the debt restructuring
would enable Garuda to reduce its increasing costs amid a
slowdown in business.

Garuda Indonesia owes another IDR1.24 trillion in promissory
debt,a long with credit exports. The Company is currently
seeking a government bailout due to heavy losses and rising
costs.

The Indonesian government is considering the possibility of
merging Garuda Indonesia with two other state-owned airlines, PT
Merpati Nusantara Airlines and PT Pelita Air Service, in order
to rescue the airline from bankruptcy and eliminate unnecessary
competition at the same time.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Ready to Pay Part of Compensation Demand
---------------------------------------------------
In response to a demand to pay USD307 million (IDR3.17 trillion)
from a U.S. firm, state oil and gas firm PT Pertamina said it
will pay part of the compensation demanded, Asia Pulse reports.

An international arbitration court had ordered the Indonesian
government and Pertamina to pay USD261 million (IDR2.7 trillion)
in compensation to U.S.-based Karaha Bodas Company (KBC) for the
government's decision to end the contract for a geothermal
project in Kahara Bodas, East Java.

Since then, the amount has increased to USD307 million (IDR3.17
trillion) plus interest, as the arbitration court ruled in favor
of KBC.

But Pertamina president director Widya Purnama said that the
Company is prepared to pay only the value of KBC's assets in the
project, to be determined by an independent appraisal company.
The Company is ready to pay up to USD50 million (IDR516.32
billion).

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


VOKSEL ELECTRIC: Looking to Restructure Debt
--------------------------------------------
Electrical equipment maker PT Voksel Electric hopes to convert
part of its debt into shares and restructure the rest, reports
Asia Pulse.

The Company plans to convert 88% of its total long-term IDR338.2
billion debt into shares, while the remining 12% would be
restructured, according to finance director Agus Leman. Voksel
hopes to wrap up negotiations with its bondholders, creditors
and leasing comapnies this year.

If the conversion is accepted, Voksel creditors, bondholders and
leasing firms would control 80% of the Company.

Voksel proposed the debt restructuring last year, but a dispute
on the conversion delayed the restructuring. The Company has
laid off employees and plans to sell its non-productive assets
as part of its efforts to turn around.

PT Voksel Electric Tbk is one of the leading cable industries in
Indonesia, established in 1971.  Since 1975, the Company has
entered into technical collaboration with Japan's Showa Electric
Wire & Cable Co. Limited (SWCC), and in 1989 it was extended
into a joint venture company.  The Company went public in 1990
through the Jakarta Stock Exchange. Voksel Electric produces low
voltage power cables, medium voltage power cables, enamelled
wire and aluminium wire rods and telephone cables.

CONTACT:

PT Voksel Electric Tbk
Jl. Raya Narogong Km.16,
Cileungsi Bogor 16820
Indonesia
Phone: 021 - 8230525 ,82491720
Fax:   021 - 82491701
Email: sales@voksel.co.id
Web site: http://www.voksel.co.id/


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

JAPAN AIRLINES: Generates More Revenue Using Sabre Airline
----------------------------------------------------------
Japan Airlines Group, the third largest airline group in the
world and the largest in the Asia-Pacific region, has selected
Sabre AirMax Revenue Manager solution from Sabre Airline
Solutions to serve its needs for managing revenues from
international operations.

The solution is expected to generate additional revenue from a
sophisticated and proven solution set of revenue management
functions and business process services.

"We are thrilled by the prospect of the gain in top-line
revenues by moving to AirMax Revenue Manager solution," said Kei
Hirai, Japan Airlines Marketing Planning, Passenger IT
Promotion. "We are excited about the good fit that AirMax
solution has with the Japan Airlines' business requirements and
the revenue benefits it will be able to offer from its advanced
functionality, flexibility, scalability and integration
capabilities. We went through a comprehensive selection process
involving a simulation analysis and a proof of concept and
AirMax solution met our needs in the best possible manner."

Using AirMax Revenue Manager, Japan Airlines will be able to
realize additional revenues through improved overbooking and
passenger mix, resulting in not only minimizing the spill of
higher value demand prior to departure but also simultaneously
minimizing the spoilage of seats at departure.

Japan Airlines chose AirMax Revenue Manager after an extensive
selection process involving a simulation analysis and a proof-
of-concept to better understand the revenue benefits as well as
system usability and adaptability.

Steve Clampett, president of Airline Products and Services for
Sabre Airline Solutions said, "Through this engagement, Japan
Airlines and Sabre Airline Solutions are embarking on a true
strategic partnership in fulfilling the need for a leading edge
revenue management solution that has a proven record of
delivering incremental revenue benefits. We are especially
pleased that we have been chosen as an enabler of revenue
management technology after a methodical and diligent evaluation
process and are looking forward to a long-lasting relationship
between the two companies. As one of the largest carriers in the
world, Japan Airlines has significant influence on the direction
of technology development in the industry and its selection of
Sabre AirMax for the revenue management requirements continues
to prove it as the preferred choice for top airlines around the
globe."

Japan Airlines joins a growing number of leading airlines
including Malaysia Airlines, Jet Airways, Delta Airlines, US
Airways, Alaska Airlines, Air France, Alitalia, Gulf Air, Kuwait
Airways and TAM Brazilian Airlines who are using the advanced
AirMax revenue management practices to control seat inventory.
Sabre Airline Solutions is the leading provider of revenue
management systems in terms of worldwide market share by RPKs.

AirMax Revenue Manager, a robust and flexible, new generation
solution enables effective revenue management by recommending
optimal inventory controls at either the flight leg and segment
level or the origin and destination level. It incorporates the
comprehensive range of decision support processes including data
collection, forecasting, overbooking, optimization, alerting and
performance measurement and reporting. Revenue Manager provides
state-of-the-art forecasting and optimization systems supported
with flexible data collection and reporting as well as an
intuitive and easy to use graphical user interface to help cope
with the changes in the marketplace and stay ahead of
competition.

The forecasting, optimization and user interaction processes
used to determine the inventory controls fully support
simplified or restriction-free pricing considerations, key to
most low cost carrier models, as well as the airlines that
compete with this segment.

From the same application software platform, AirMax solution
supports multiple forms of inventory controls based on the
desired level of sophistication: flight leg and segment, virtual
nesting and origin and destination. The scalability of AirMax
solution provides a seamless upgrade path to origin and
destination based inventory controls paving way for an
integrated network planning environment. The solution is
customizable based on customer needs and can be installed as on-
site licensed package software or delivered through an
application service provider (ASP) using Sabre's eMergo delivery
environment.

About Japan Airlines

Asia's biggest airline group, Japan Airlines is the sixth
largest airline group in the world in terms of passengers
carried, eighth in the world in terms of traffic performance
(revenue ton kilometers) and ranks third in the world in terms
of total sales revenues. The JAL Group operates in two closely
coordinated companies, Japan Airlines International - which
handles all international passenger and cargo business - and
Japan Airlines Domestic, operating all domestic passenger
business. Coordinating the group is Japan Airlines Corporation,
a holding company.

Originally founded in 1951 for domestic operations, JAL launched
international services in February 1954.

Today, JAL Group airlines serve 208 airports in 35 countries and
territories, including 61 airports in Japan. The group network
extends over 227 international passenger routes and 36
international cargo routes. The JAL Group domestic network
covers 166 routes (as of April 2005). Altogether, the 10*
airlines of the JAL Group make a total of nearly 800 flights a
day on domestic and international routes. (Japan Airlines
International, Japan Airlines Japan, Japan Asia Airways,
JALways, Japan TransOcean Air, Japan Airliness Express, J-AIR,
Ryukyu Air Commuter, Hokkaido Air System, Japan Air Commuter).

JAL Group operates a fleet of 284 aircraft including 79 Boeing
747s and was the first airline in the world to take delivery of
100 Boeing 747 aircraft. More information about Japan Airlines
is available at www.jal.com or www.jal.co.jp

About Sabre Airline Solutions

Sabre Airline Solutions, a Sabre Holdings company, is the
world's largest provider of software products; reservations,
departure control systems and other passenger management
systems; and consulting services that help airlines simplify
operations and lower costs. Sabre Airline Solutions' proven
leadership is demonstrated by the growing number of airlines
that leverage the technology and services: More than 200
airlines worldwide use Sabre Airline Solutions' broad portfolio
of smart solutions for decision-support tools to increase
revenues and improve operations. More than 500 contracts
worldwide were signed in 2004 for Sabre Airline Solutions'
leading technology solutions. More than 100 airlines worldwide
rely on Sabre Airline Solutions for passenger management
solutions, with eight new carriers choosing the SabreSonic
solutions, the first new-generation reservations system offered
in the market in 2004 and six carrier renewals. In addition,
more than 100 clients worldwide have turned to the Sabre Airline
Solutions consulting group for strategic, commercial and
operational consulting.

Sabre Holdings Corporation (NYSE:TSG) is a world leader in
travel commerce, retailing travel products and providing
distribution and technology solutions for the travel industry.
More information about Sabre Holdings is available at
http://www.sabre-holdings.com.

Sabre Airline Solutions, Sabre, the Sabre Airline Solutions logo
and AirMax Revenue Manager are trademarks and/or service marks
of an affiliate of Sabre Holdings Corp. All other trademarks,
service marks and trade names are the property of their
respective owners. (C) 2005 Sabre Inc. All rights reserved.
  
CONTACTS:

Sabre Airline Solutions, Southlake
Media Contact
Kathryn Hayden, 682-605-2252
kathryn.hayden@sabre-holdings.com

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


KANEBO COSMETICS: Posts JPY9-Bln Operating Profit
-------------------------------------------------
Kanebo Cosmetics Inc., undergoing state-backed rehabilitation,
reported an operating profit of JPY9 billion, exceeding a
projection by JPY600 million, Kyodo News reports.

Sales in the first half of the year totaled JPY103 billion, 7.1
billion yen more than the projection in the company's
rehabilitation plan.

CONTACT:

Kanebo Cosmetics Inc.
Holland Hills Mori Tower
11-2, Toranomon 5-chome
Minato-ku, Tokyo
105-8085 JAPAN  
Telephone: +81-3-6430-5111


SEIBU RAILWAY: To Close Ski Resort in Niigata
---------------------------------------------
Seibu Railway group will close a ski resort in Niigata
Prefecture due to a decline in the number of visitors, Kyodo
News reports.

The company earlier this month scrapped its plan to take over
the real estate business of Kokudo, its parent company, and said
it would instead restructure using a holding company structure.
The holding company would own Seibu Railway, and a new firm
resulting from the merger of Kokudo and Prince Hotels.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237


SOFTBANK CORPORATION: JCR Affirms BBB/J-2 Ratings
-------------------------------------------------
Softbank Corporation will be able to turn profitable on an
operating profit basis for fiscal year through March 31, 2006
thanks to improvement in the earnings of ADSL business.

Japan Credit Rating Agency (JCR) considers that its ADSL
business will be able to maintain the good earnings level for
the foreseeable future, given the average revenue per user
(ARPU), low cancellation rate and cutback on the expenses to
acquire customers. Softbank will have to make efforts to retain
customers by spreading its image delivery and other services,
assuming competition with FTTH providers.

The number of subscriptions for the fixed-line
telecommunications business using its own telecommunicaitons
network, independent of NTT's switching network, is below the
originally forecasted due to price cut of competitors. Softbank
plans to drastically change the sales system to solicit
subscriptions efficiently.

It may take time to improve the earnings. Softbank also plans to
enter mobile phone market. Although it is discussing methods to
reduce the burden for the funds for the entry as much as
possible, JCR may revise the rating for the Company depending on
the way of the market entry.

Financial burden increased due to the tapping into new
businesses such as the fixed-line telecommunications acquiring
Japan telecom. JCR believes, however, that the interest-bearing
debt will be reduced through improvement in earnings and
recovery of investments with the capital spending having peaked
in fiscal year through March 31, 2005. Softbank retains large
unrealized gains on the equity securities held by it. There has
been no change in the financial buffer.

JCR has affirmed the BBB and the J-2 ratings on the bonds and CP
program of the issuer, respectively.

CONTACT:

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


TOYOBO COMPANY: U.S. Gov't Files Suit Over Bulletproof Vests
------------------------------------------------------------
Toyobo Company said Tuesday it has received a lawsuit filed by
the U.S. government in June over allegations that the company
supplied defective bulletproof jackets to federal police
officers, Jiji Press reports.

The suit was filed on June 30 in Washington D.C. by the U.S.
government and Aaron Westrick, a former executive of Michigan-
based Second Chance Body Armor Inc., which is now undergoing
bankruptcy proceedings.

Toyobo argues that any problem with the vests should be
attributed to the manufacturer, pointing out that bulletproof
vests made by other U.S. manufacturers with the Zylon fabric
have not caused such problems.

CONTACT:

Toyobo Co. LTd.
2-2-8 Dojima Hama, Kita-ku
Osaka 530-8230, Japan  
Phone: +81-6-6348-3191
Fax: +81-6-6348-3206


USJ COMPANY: Completes Capital Increase
---------------------------------------
Theme park operator USJ Company has completed deals to increase
its capital by JPY25 billion through a third-party share
allotment and roll over JPY65 billion in debts by 12 creditors,
Kyodo News reports.

With the completion of the deals that help it improve its
financial standing, the company said it aims to list its stock
within five years.


* Teikoku Reveals Bankruptcy Trend on Golf Course Operators
----------------------------------------------------------
Teikoku Databank announced that during the first half of 2005,
the number of bankruptcies of golf course management companies
was 39, dropping 20.4 percent from the same term of the previous
year. It was the least number of bankruptcies since 2002 when a
record-high was set, on a half-year basis.

Bankruptcy liabilities in the first half of 2005 were 846,341
million yen, a 5.7 percent drop from the same term of the
previous year. It has largely declined, by 36.2 percent,
compared to the first half year of 2003 when total liabilities
were beyond 1 trillion yen.

In the past few years, extra large-sized bankruptcies were seen
including "STT Development Ltd" (filed under the Civil
Rehabilitation Law in Oct 2002 with 492.2 billion yen in
liabilities, Tokyo) and "Pacific Golf Management K.K." (filed
under the Civil Rehabilitation Law in February 2003, then
shifting to the Corporation Reorganization Law with 332.2
billion yen in liabilities, Osaka). However this year, there was
only one large-sized bankruptcy with more than 100 billion yen
in liabilities (Shinko Ind. Ltd. with 202 billion yen in
liabilities filed under the Civil Rehabilitation Law, then
shifting to the Corporation Reorganization Law, Osaka), which
showed an obvious trend of declining.

A dramatic increase of failures of golf courses affiliated with
major business enterprises (bankruptcy of keiretsu golf course)
was seen in 2004 (17 cases). Some companies withdrew from the
golf course business by filing legal liquidation once they
became eligible to receive support from the "Industrial
Revitalization Corporation of Japan."

Some bankruptcies were due to a lack of support from their
parent companies while others were processed in preparation for
"Asset-Impairment Accounting", which will be fully introduced in
March 2006. This year, only three large-sized keiretsu golf
course bankruptcies were filed including "Mizuno Resort Gessan
Ltd." and "Kii Kogen Ltd.". However, unstable conditions appear
to continue for the rest of this year since some keiretsu golf
courses may settle with legal liquidation.

As to bankruptcy type, the "Civil Rehabilitation Law" was the
highest (26 cases, 66.7% of total), followed by the "Corporation
Reorganization Law" (6 cases 15.4%) and "Insolvency" (6 cases,
15.4%). The "Corporation Reorganization Law" has decreased
compared to last year because 17 group companies including
"Taiyo Ryokka Ltd." were filed under the "Corporation
Reorganization Law" last year. 32 companies filed for the
"turnaround-typed" bankruptcy proceedings (combining the "Civil
Rehabilitation Law" and the "Corporation Reorganization Law"),
accounting for 82.1% of the total.
  
CONTACT:

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


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

INCHON OIL: S&P Unlikely to Change SK Corp. Rating
--------------------------------------------------
Standard & Poor's Ratings Services said if SK Corp. pushes
through with its acquisition of Inchon Oil Refinery Co. under
current expectations, the purchase would be unlikely to have an
effect on the rating of SK Corp. due to its cash reserves and
strong cash flow generation.

The final purchase price is expected to be set over the
following months upon completion of SK Corp.'s due diligence of
Inchon Oil.

"The rating on SK Corp. should not be impacted if the
acquisition price is about Korean KRW1.5 trillion, as has been
reported in the media. The company has sufficient liquidity and
financial flexibility to finance the acquisition, supported by
its KRW414 billion in cash and equivalents, KRW270 billion in
free cash flow at the end of June 2005, and good access to debt
markets," said Standard & Poor's credit analyst Eun Jin Kim.

"In fact, the acquisition of Inchon Oil should enhance SK
Corp.'s strategic position in its core refinery business over
the medium- to long-term, once operations normalize at the
refinery," added Ms. Kim. Standard & Poor's expects Inchon Oil
will require subsequent investments to meet local environmental
requirements and for upgrading capacity. Other domestic industry
players have planned about KRW300 billion-KRW400 billion per
year on average over the next few years for these investments.

Inchon Oil, which was cash starved under the control of its
creditors, has made only limited improvements to date.
Investments should accelerate once the refinery's financial
standing improves under new management. The limited refining
capacity in the region and relatively strong refining margins
should help all industry players generate stable cash flow and
returns on their facility investments.

Inchon Oil is the smallest player in the domestic Korean market,
with a 5.6 percent market share and possessing about one-third
SK Corp.'s refinery capacity.

Due to its limited sales network and cash constraints, Inchon
Oil's utilization rate reached only 30 to 50 percent in recent
years. As of June 30, 2005, Inchon Oil had total outstanding
debt of about KRW584 billion and EBITDA of KRW84 billion.
Supported by favorable industry conditions, Inchon Oil's ratio
of total debt to EBITDA was 3.5x, and its EBITDA margin was 5.4
percent at the end of June 2005.

CONTACT:

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


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

DFZ CAPITAL: Issues New Shares for Listing
------------------------------------------
DFZ Capital Berhad advised that its additional 15,000 new
ordinary shares of MYR1.00 each arising from the conversion of
165,000 Irredeemable Convertible Preference Shares - A
(2005/2010) of MYR0.10 each into 15,000 New Ordinary Shares will
be granted listing and quotation with effect from 9:00 a.m.,
Friday, August 26, 2005.

CONTACT:

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


HABIB CORPORATION: Rights Issue to Commence Next Month
------------------------------------------------------
Habib Corporation Berhad disclosed to Bursa Malaysia Securities
Berhad details of the renounceable rights issue of 74,000,000
ordinary shares of MYR1.00 each in Habib Corportation Berhad
(Habib) (Habib Share) at an issue price of MYR1.15 each on the
basis of one (1) new share for each Habib Share held (Rights
Issue).

The company advised of the following:

(1) The Rights commence of trading: September 1, 2005

(2) The Date of Dispatch of the Prospectus and Provisional
Allotment Letter of Offer: August 29, 2005

(3) The last day and time for Acceptance, Renunciation and
Payment: September 22, 2005 at 5:00 p.m.  

(4) The Rights cease quotation: September 12, 2005

The Stock Short Name, Number ISIN Code (HABIB-OR, 7045OR and
MYL7045OR000) respectively.

CONTACT:

Habib Corporation Berhad
1st Floor, Bangunan Habib Corporation,
Lot 106, Lorong Mamanda 2, Ampang Point,
68000 Ampang, Selangor
Malaysia
Telephone: (60) 3 452 7777
Fax: (60) 3 452 2143


IRE-TEX CORPORATION: Net Loss Slides to MYR1,001,000
----------------------------------------------------
Ire-Tex Corporation Berhad furnished Bursa Malaysia Securities
Behrad 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  

    14,537        17,261          27,890         33,391

(2) Profit/(loss) before tax  

    -1,223        1,603           -2,596         2,893

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

    -1,001        1,222           -2,241         2,272

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

    -1,001        1,222           -2,241         2,272

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

    -2.49          3.48            -5.57         6.47

(6) Dividend per share (sen)  

    0.00           0.00             0.00         0.00

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

(7) Net tangible assets per share (MYR)  

       1.3874                        1.4459

To view a full copy of the results, click
http://bankrupt.com/misc/IRE-TEXCorpBerhad082505.xls

CONTACT:

Ire-Tex (Malaysia) Sdn Bhd   
Plot 6, Hilir Sungai Keluang,
Phase IV, Bayan Lepas,
Bayan Lepas Penang 11900
Malaysia
Telephone: 04-6468758   
Fax: 04-6468759


LIEN HOE: Books MYR8,470,000 Net Loss in 2Q
-------------------------------------------
Lien Hoe Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad its unaudited second quarterly 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  

    23,517        29,341          43,617         53,853

(2) Profit/(loss) before tax  

    -8,122        -1,549          -12,753        -3,145

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

    -8,470         -1,821         -13,454         -3,840

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

    -8,470         -1,821         -13,454         -3,840

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

    -2.80           -0.61          -4.45           -1.29

(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)  
    
          0.7200                    0.7700

Click to view a full copy of the financial results
http://bankrupt.com/misc/LienHoeCorpBerhad082505.xls

CONTACT:

Lien Hoe Corporation Bhd   
18th Floor, Menara Lien Hoe 8,
Persiaran Tropicana,
Tropicana Golf & Country Resort,
Petaling Jaya Selangor 47410
Malaysia
Telephone: 03-78051331   
Fax: 03-78051331

  
LION CORPORATION: Unveils Resolutions Passed at EGM
---------------------------------------------------
Lion Corporation Berhad informed Bursa Malaysia Securities
Berhad the ordinary resolutions approved by shareholders at the
Extraordinary Shareholders Meeting on August 24, 2005.

Ordinary Resolution 1- Proposed Executive Share Option Scheme

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

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

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

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

Ordinary Resolution 2- Proposed Grant of Options to Tan Sri
William H.J. Cheng

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

Ordinary Resolution 3- Proposed grant of options to Cheng Theng
Gek

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

CONTACT:

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


OLYMPIA INDUSTRIES: Unit Agrees to Modify Agreement with CPSB
-------------------------------------------------------------
The Board of Olympia Industries Berhad (OIB) informed Bursa
Malaysia Securities Berhad that its wholly owned subsidiary, KL
Landmark Sdn Bhd (Developer) had on August 23, 2005 entered into
a Further Supplemental Agreement with City Properties Sdn Bhd
(CPSB) to modify and vary the terms and conditions to the Joint
Development Agreement dated June 3, 2002 (JDA) and Supplemental
Agreement dated October 23, 2002.

The Further Supplemental Agreement shall reflect the obligations
of both parties in consideration of the Landowner agreeing to
assume the Developer's responsibility for procuring and
obtaining a bridging loan or any other loan or credit facilities
of whatsoever nature (Bridging Loan) for such amount as in the
opinion of the Developer is required to part finance the
development cost for construction of condominium and service
apartments (the Towers) as well as 2 floors of the retail podium
known as "avenue K" (collectively the Project) on a parcel of
freehold land held under H.S.(D) 85904 PT No. 44, Seksyen 43,
the Town and District of Kuala Lumpur, State of Wilayah
Persekutuan (the Land) and to pay to the Developer a sum
equivalent to the Developer's entitlement under the JDA.

Pursuant to the terms of the JDA, the Developer will be granted
a development right by the Landowner to develop the Towers in
consideration of a development right payment, amounting to 30
percent of the total net built-up area of the Towers, which will
be the Landowner's entitlement. The remaining 70 percent of the
total net built-up area will be the Developer's entitlement.

The salient terms of the Further Supplemental Agreement are as
follows:

(1) The Developer consents to the Landowner creating any charge
or further charges or encumber the said Land or any part thereof
in favor of any bank and/or financial institution (Financier) as
security or additional security for the purpose of obtaining the
said Bridging Loan and such other loans as the Landowner may
require for the Project.

(2) The Developer confirms that the Landowner is entitled to
assign the sales proceeds of the units of the condominium and
service apartments to the Financier to secure the Bridging Loan
and such other loans obtained by the Landowner for the Project
together with interest thereon and all monies due and payable
thereunder as well as the Mascon Indebtedness referred to below.

(3) The Developer is to bear all costs, expenses and interest
incurred and to be incurred in connection with the Bridging
Loan.

(4) The Landowner shall utilize the sales proceeds in such
manner as the Financier may require in or towards payment of all
costs related to the Project and the Financier all sums due in
respect of the Bridging Loan as well as the Mascon Indebtedness
mentioned below.

(5) The Developer further agrees that its entitlement pursuant
to the JDA derived partly or wholly from the net sales proceeds
(if any) after deducting the items set forth in clause (4) above
by the Landowner, shall be assigned by the Landowner to secure
the repayment of the outstanding term loan facility together
with interest in the sum of MYR125,033,868 due and payable as at
September 30, 1998 (Mascon Indebtedness) under the term loan
granted by a syndicate of lenders to Mascon Sdn Bhd which is now
vested in Pengurusan Danaharta Nasional Berhad and Danaharta
Managers Sdn Bhd.

With the exception of the above, the Developer's rights,
benefits and obligations under the JDA shall remain unchanged.

The execution of the Further Supplemental Agreement is not
expected to have any material financial impact to the OIB Group
for the financial year ending June 30, 2006.

The Further Supplemental Agreement is available for inspection
at the Registered Office of the Company at Level 23, Menara
Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala Lumpur during
normal office hours from Mondays to Fridays (except for public
holidays) for a period of three (3) months from the date of this
announcement.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


MAXIS COMMUNICATIONS: 2Q Revenues Up by 14%
-------------------------------------------
Maxis Communications Berhad (Maxis) furnished Bursa Malaysia
Securities Berhad a press release for its Second Quarter Results
for the Financial Period ending June 30, 2005

Maxis Communications Berhad and its subsidiaries (Maxis)
registered a 14 percent increase in revenue to MYR3,108 million
for the six months ended June 30, 2005 compared to MYR2,729
million in the same period last year.

The growth was achieved on the back of a 1.514 million or 30
percent increase in its Malaysian operations' subscribers to
6.636 million, which was predominantly prepaid.

Maxis' mobile data revenue was up 35 percent to MYR477 million
from MYR354 million previously, accounting for a growing
contribution of 16.1 percent of total mobile revenue compared to
13.6 percent a year ago as innovative services such as Caller
Ringtones and Music Portal, and a 109 percent surge in SMS
volume continued to boost data proceeds.

More significantly, advanced data services (ie. services beyond
SMS) increased 74 percent from MYR50 million to MYR88 million,
and this bodes well to assuring Maxis' efforts in its new growth
segment, 3G.

In addition, the Group's earnings before interest, taxation,
depreciation and amortization (EBITDA) was up 10 percent to
MYR1,744 million, driven by higher revenue coupled with cost
efficiencies and scale despite the additional costs incurred in
the acquisition of Indonesian subsidiary, PT Natrindo Telepon
Seluler (NTS).

EBITDA margin remained strong at 56.1 percent, and continued to
be one of highest among major operators in the region.

Profit before tax (PBT) was up 11 percent to MYR1,260 million
from MYR1,132 million in the preceding period. Net profit rose 6
percent or MYR49 million to MYR837 million.

Postpaid average revenue per user (ARPU) declined 8 percent or
MYR13 to MYR147 on lower recurring fees as more subscribers
qualify for rebates and loyalty programmes even as minutes of
use (MOUs) increased slightly by 4 percent. Prepaid ARPU
decreased MYR5 to MYR56 due to tariff changes and lower MOUs due
to the rapid subscriber growth.

Second Quarter 2005 vs Second Quarter 2004

The Group's revenue was up 11 percent to MYR1,523 million for
the second quarter ended June 30, 2005 compared to MYR1,378
million in the same period last year.

The revenue boost was achieved on the back of a 1.514 million or
30% increase in the subscriber base to 6.636 million, which was
predominantly prepaid, and a 32 percent growth in mobile data
revenue to MYR238 million from MYR180 million previously, which
accounted for 16.3 percent of total mobile revenue compared to
13.7 percent in the preceding year.

The Group's EBITDA of MYR842 million was 1 percent or MYR5
million higher compared to the same period last year. EBITDA
margin remained strong at 55.3 percent.

PBT eased 5 percent or MYR32 million to MYR599 million due to
the MYR29 million depreciation charges as Maxis expedites its
network roll-out and enhance network quality, and the MYR19
million reversal of Maxis-TimeCel integration costs in the
preceding year's quarter. However, both are partially offset by
the lower finance costs of MYR20 million.

Net profit declined by 14 percent from MYR462 million to MYR398
million mainly due to lower PBT and higher taxation charges of
MYR34 million.

Postpaid ARPU declined 14 percent or MYR22 to MYR138. Prepaid
ARPU dropped 10 percent or MYR6 to MYR54 due to acquisition of
lower end users.

Second Quarter 2005 vs First Quarter 2005

In line with expectations, growth during the quarter suffered
from the effects of a highly competitive market and intense
price competition. Maxis responded by placing strong emphasis on
enhancing its value proposition to retain and attract quality
subscribers by undertaking a focused and targeted marketing
strategy. During the period, Maxis added 70,000 subscribers to
6.636 million.

The competitive pressures led to a revenue decrease of 4 percent
or MYR62 million to MYR1,523 million. This reduction was partly
due to the repositioning of some postpaid customers to
alternative packages, tariff reduction and the one-time MYR12
million impact of access fee refunds for subscribers migrating
to alternative plans. With these initiatives in place, postpaid
usage and net additions improved, and are expected to compensate
for the tariff reductions in due time.

For prepaid, the quarter under review saw lower net additions
and lower revenue due to retariffing. Postpaid and prepaid ARPU
decrease by MYR17 and MYR3 to end the quarter at MYR138 and
MYR54 respectively.

Data revenue of MYR238 million, which accounted for 16.3% of
mobile revenue (higher than 15.8 percent recorded last quarter),
continued on an upward trend. Billable SMS messages continued to
show strong growth of 23 percent to 2.4 billion from 1.9
billion. Revenue from advanced mobile data services increased by
14 percent, with active GPRS users increasing 29 percent to
726,000.

In line with the repositioning activities, EBITDA eased to RM842
million compared to MYR902 million for the first quarter. EBITDA
margin remained strong at 55.3 percent, as total operational
costs remained steady.

PBT and net profit decreased 9 percent to MYR599 million and
MYR398 respectively due to lower operating profit.

PT Natrindo Telepon Seluler (NTS)

The quarter ended June 30, 2005 saw the consolidation of NTS'
financial results for the first time following its acquisition
effective April 29, 2005. NTS recorded revenue of MYR3 million,
EBITDA loss of MYR2 million and net loss of MYR5 million. The
performance did not have any significant impact on Maxis'
results. The goodwill on consolidation totaled MYR83 million and
the amortization charged to the income statement for the period
was MYR1 million.

The entitlement date for the dividend payment is 16 September
2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


PAN MALAYSIA: Repurchases 100,000 Ordinary Shares
-------------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back on August 24,
2005.  

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

Total number of shares purchased (units): 100,000

Minimum price paid for each share purchased (MYR): 0.490

Maximum price paid for each share purchased (MYR): 0.500

Total consideration paid (MYR): 49,905.05

Number of shares purchased retained in treasury (units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 45,913,000

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

CONTACT:

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


PANTAI HOLDINGS: Bourse to Grant Listing of New Shares
------------------------------------------------------
Pantai Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad details of share issuance, conversion and quotation.  

(I) Conversion of MYR504,000 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 into 450,000 New
Ordinary Shares (Conversion)

(II) Employees' Share Option Scheme (Scheme)

Kindly be advised that the abovementioned Company's additional:

(i) 450,000 new ordinary shares of MYR1.00 each arising from the
aforesaid Conversion; and

(ii) 113,000 new ordinary shares of MYR1.00 each issued pursuant
to the aforesaid Scheme will be granted listing and quotation
with effect from 9:00 a.m., Friday, August 26, 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


PILECON ENGINEERING: Releases 2Q Financial Report
-------------------------------------------------
Pilecon Engineering Berhad furnished Bursa Malaysia Securities
Berhad 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

    6,469         9,652           21,393         21,669

(2) Profit/(loss) before tax  

    -1,685        -2,407          -2,829         -3,556

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

    -2,424        -3,582          -4,808         -5,325

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

    -2,424        -3,582          -4,808         -5,325

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

    -0.61          -0.90           -1.20          -1.33

(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)  
   
      0.1000                    0.1200

Click to view a full copy of the quarterly results
http://bankrupt.com/misc/PileconEngineeringBerhad082505.xls

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax: +60 3 7804 3888


POS MALAYSIA: Issues New Shares for Listing
-------------------------------------------
POS Malaysia & Services Holdings Berhad informed that its
additional 73,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Friday, August
26, 2005.

CONTACT:

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


SELANGOR DREDGING: Unit Enters Into SPA with Malaysian Assurance
----------------------------------------------------------------
Selangor Dredging Berhad issued to Bursa Malaysia Securities
Berhad details of the acquisition of land.

(1) Introduction

The Board of Directors of SDB disclosed that Smart Billion (M)
Sdn. Bhd. (SBMSB or the Purchaser), a wholly owned subsidiary of
SDB Properties Sdn. Bhd. (SDBP), which in turn is a wholly owned
subsidiary of SDB, has on August 24, 2005 entered into a
conditional Sale and Purchase Agreement (SPA) with Malaysian
Assurance Alliance Berhad (Vendor) of Suite 20.03, 20th Floor,
Menara MAA, 12, Jalan Dewan Bahasa, 50460 Kuala Lumpur to
acquire the following lands held under the following titles (the
Lands) for a cash consideration of Ringgit Malaysia Fifty
Million Seventy Four Thousand Two Hundred Eighty Seven and Cents
Ninety (RM50,074,287.90) only:

(i) Geran 43950 Lot 52309 in area measuring approximately 6,508
square metres/70,058.35968 square feet;

(ii) Geran 43951 Lot 52310 in area measuring approximately 3,272
square metres/35,222.94912 square feet;

(iii) Geran 43952 Lot 52311 in area measuring approximately
5,199 square metres/55,967.02704 square feet; and

(iv) Geran 43953 Lot 52312 in area measuring approximately 8,279
square metres/89,123.10384 square feet,

all in Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah
Persekutuan KL (Lands).

The above are hereinafter collectively referred to as Proposed
Land Acquisition.

SBMSB will not assume any liabilities arising from the Proposed
Land Acquisition.

(2) Background Information

(2.1) Information on SBMSB

SBMSB is a wholly owned subsidiary of SDBP, which in turn is a
wholly owned subsidiary of SDB. SBMSB was incorporated in
Malaysia under the Companies Act, 1965 on August 3, 1992.
The present authorized share capital of SBMSB is MYR25,000.00
comprising of 25,000 ordinary shares of MYR1.00 each.

The total issued and paid up capital is MYR2.00 divided into 2
ordinary shares of MYR1.00 each.  SBMSB has not commenced
operations since its incorporation.

(2.2) Information on Vendor

Malaysian Assurance Alliance Berhad (MAAB), a wholly owned
subsidiary of MAA Holdings Berhad (MAAHB), was incorporated in
Malaysia under the Companies Act, 1965 on September 2, 1968.
The present authorized share capital of MAAB is
MYR500,000,000.00 comprising of 500,000,000 ordinary shares of
MYR1.00 each.

The total issued and paid up capital is MYR150,000,000.00
divided into 150,000,000 ordinary shares of MYR1.00 each.

MAAB is principally involved in insurance business. The net book
value based on the latest audited financial statements of for
the Lands is MYR37,719,000.00.

(2.3) Information on the Lands

The Lands are vacant freehold land located in Damansara Heights
with an area measuring approximately 23,258 square metres, free
from all encumbrances and categorised for use of "building". The
original date and cost of investment of the Lands to the Vendor
are July 18, 2001 and MYR35,000,000.00.

The Lands are proposed to be developed into high-end bungalows
development in the future. However, currently, the plans for the
development of the Lands have not been finalized yet.

(2.4) Basis of arriving at the purchase consideration

The purchase consideration was arrived at on "a willing-buyer
willing-seller" basis, after taking into consideration of the
following:

(i) Good potential for exclusive detached bungalows development;
and

(ii) Scarcity of land in Damansara Heights for high-end
development.

(3) Salient Terms of the SPA

The salient terms contained in the SPA are as follows:

(i) The Proposed Land Acquisition is conditional upon the
approval is obtained from Foreign Investment Committee on terms
acceptable to the Purchaser within three (3) months from the
date of the SPA (Approval Period) or within two (2) months from
the expiry of the Approval Period, as the case may be;

(ii) SBMSB has paid Ringgit Malaysia Five Million Seven Thousand
Four Hundred Twenty Eight and Cents Seventy Nine
(MYR5,007,428.79) only which is equivalent to 10 percent of the
purchase consideration as deposit whereupon the Vendor shall be
liable to refund all monies paid free of interest within
fourteen (14) days upon termination; and

(iii) SBMSB shall pay Ringgit Malaysia Forty Five Million Sixty
Six Thousand Eight Hundred Fifty Nine and Cents Eleven
(MYR45,066,859.11) only which is equivalent to 90 percent of the
purchase consideration (Balance Purchase Price) within a period
of three (3) months from the date of SPA has become
unconditional (Payment Period) with a further extension of one
(1) month commencing immediately after the expiry of the Payment
Period (the Extended Payment Period) to enable the Purchaser to
pay the Balance Purchase Price subject to the Purchaser paying
interest at the rate of 6% per annum on the Balance Purchase
Price or any part thereof outstanding to be calculated daily on
simple interest commencing from the Extended Payment Period
until the date of full payment thereof.

(4) Rationale for the Proposed Land Acquisition

The Lands have development potential and is part of the SDB
Group's ongoing identification of suitable land to add to the
Group's land bank.

(5) Sources of Funding

The purchase consideration shall be financed via its internally
generated funds and/or bank borrowings.

(6) Financial Effects of the Proposed Land Acquisition

(6.1) Share Capital and Substantial Shareholdings

The Proposed Land Acquisition shall not have any effect on the
share capital and substantial shareholdings of the Company as
the purchase consideration will be satisfied entirely by cash.

(6.2) Earnings

The Proposed Land Acquisition is not expected to have any
material effect on the earnings for the financial year ending
March 31, 2006 of the SDB Group. However, the Proposed Land
Acquisition is expected to contribute positively to the medium
and long-term earnings of the Group.

(6.3) Net Tangible Assets (NTA)

The Proposed Land Acquisition is not expected to have any
material effect on the NTA of the SDB Group.

(7) Directors' and Substantial Shareholders' Interest

None of the Directors and/or substantial shareholders and
persons connected with such Directors or Substantial
shareholders have any interest, direct or indirect in the
Proposed Land Acquisition.

(8) Prospects and Risk Factors

The Lands are situated strategically and are surrounded by
several growth centres with the convenience of access to the
primary highways in the Klang Valley. Also, the Lands are
surrounded by other residential and commercial development
projects undertaken by other developers. The scarcity of
development land in Damansara Heights is expected to enhance the
attractiveness of the Lands.

Like all other businesses, overall economic and governmental
policies of the country may materially affect the financial and
business prospect of the Lands. As development projects are
subject to various regulatory approvals and the commencement of
a development project on time is dependent on obtaining the
necessary approvals as scheduled, there could be possibilities
that these factors will lead to delay in commencement of or
changes to the proposed developments. Property development is
also subject to certain risks inherent in the property
development industry including competition, availability of
financing and changes in governmental legislation and
priorities.

SDB will seek to limit these risks by undertaking various
studies and measures and implementing prudent business
strategies, continuous review of its operations, marketing
strategies and to improve efficiency. However, no assurance can
be given that any change to the said factors will not have a
material adverse effect on the business and financial
conditions.

(9) Approval Required

The Proposed Land Acquisition requires the approval of the
Foreign Investment Committee and any other relevant
authorities/parties. However, it does not require the approval
from the shareholders of SDB.

(10) Statement by Directors

The Board of Directors of SDB, after due consideration of all
relevant aspects of the Proposed Land Acquisition, is of the
opinion that the Proposed Land Acquisition are reasonable and in
the best interest of the Company.

(11) Application to the Relevant Authorities

Barring unforeseen circumstances, applications to the relevant
authorities for the Proposed Land Acquisition are expected to be
made within twenty-one (21) days from the date of this
announcement.

(12) Departure from the Securities Commission's Guidelines (SC's
Guidelines)

Insofar as the Directors of SDB can ascertain, there is no
departure from the SC's Guidelines.

(13) Document Available for Inspection

The SPA will be available for inspection at the Registered
Office of the Company at Wisma Selangor Dredging, Tingkat 18,
West Block, 142-C, Jalan Ampang, 50450 Kuala Lumpur during
normal business hours from Mondays to Fridays (except public
holidays) for a period of three (3) months from the date of this
announcement.

This announcement is dated 24 August 2005.

CONTACT:

Selangor Dredging Berhad
West Block 142-C Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 3377
Web site: +60 3 2161 6651


TALAM CORPORATION: To List, Quote New Shares
--------------------------------------------
Talam Corporation Berhad advised that its additional 7,500 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of 75,000 Irredeemable Convertible Preference Shares
2004/2009 into 7,500 new ordinary shares will be granted listing
and quotation with effect from 9:00 a.m., Friday, August 26,
2005.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439


WEMBLEY INDUSTRIES: SC Approves Revision of Proposal
----------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) issued to Bursa
Malaysia Securities Berhad an update on the following proposals:

(I) Proposed Capital Reduction and Consolidation;

(II) Proposed Debt Restructuring;

(III) Proposed Rights Issue with Warrants; and

(IV) Proposed Increase in Authorized Share Capital.

(hereinafter collectively referred to as the Proposals)

Further to the announcement dated May 31, 2005, Alliance
Merchant Bank Berhad (Alliance), on behalf of the Board of
Directors of WIHB, disclosed that the Securities Commission (SC)
has, vide its letter dated August 22, 2005 which was received on
August 23, 2005, approved the revisions to the terms of approval
in relation to the Proposals as proposed (SC Approval):

As originally approved by SC Proposed Revisions

(i) Debt restructuring involving:

(a) The issuance by WIHB of approximately MYR314.981 million
nominal value of 1 percent irredeemable convertible unsecured
loan stock (ICULS) at 100 percent of its nominal value and
approximately 31.5 million warrants as full and final settlement
of the loans and amounts owing by WIHB and two (2) of its
subsidiaries, namely Plaza Rakyat Sdn Bhd (PRSB) and Wembley
IBAE Sdn Bhd (assuming Daewoo Corporation (Daewoo) does not
participate in the Debt Restructuring exercise); and Debt
restructuring involving:

(a) The issuance by WIHB of approximately MYR315.951 million
nominal value of 1 percent ICULS at 100 percent of its nominal
value and approximately 31.595 million warrants and a cash
payment of MYR493 as full and final settlement of the loans and
amounts owing by WIHB and three (3) of its subsidiaries, namely
PRSB, Wembley IBAE Sdn Bhd and Bipes Process Sdn Bhd (currently
known as Crygen Sdn Bhd (in liquidation); and

(b) An additional issuance of MYR112 million nominal value of
ICULS and 11.2 million warrants in the event that Daewoo decides
to participate in the Debt Restructuring exercise. (b) the
additional issuance of MYR112 million nominal value of ICULS and
11.2 million warrants is aborted as Daewoo is not participating
in the Debt Restructuring exercise.

(ii) Renounceable two (2) call rights issue of 144.475 million
new ordinary shares of MYR1.00 each in WIHB (Rights Shares)
together with 144.475 million free warrants (Warrants) on the
basis of five (5) Rights Shares with five (5) Warrants for every
two (2) shares held in WIHB after the Capital Reduction and
Consolidation at an issue price of MYR1.00 per Rights Share,
payable in two (2) calls as follows:

The first call of MYR0.50 will be payable in cash upon
application; and

- The second call of the remaining MYR0.50 will be payable out
of the Company's share premium account Renounceable two (2) call
rights issue of 144.475 million Rights Shares together with
57.79 million Warrants on the basis of five (5) Rights Shares
with two (2) Warrants on the basis of five (5) Rights Shares
with two (2) Warrants for every two (2) shares held in WIHB
after the Capital Reduction and Consolidation at an issue price
of MYR1.00 per Rights Share, payable in two (2) calls as
follows:

- The first call of MYR0.50 will be payable in cash upon
application; and

- The second call of the remaining MYR0.50 will be payable out
of the Company's share premium account; and

(iii) Ekran to distribute MYR10,000 nominal value of ICULS to at
least 100 holders holding not less than one (1) board lot of
RM100 nominal value of ICULS for free instead of MYR1,000
nominal value of ICULS for free in order to meet the minimum 100
holders' requirement.

The SC Approval is subject to the following conditions:

WIHB discloses the risk factors arising from the following
issues in its Abridged Prospectus and the mitigating steps
taken/to be taken:

(i) WIHB's accumulated losses as at December 31, 2004 is
MYR851.132 million;

(ii) The proposed revisions are based on the assumption that the
secured and unsecured financiers and creditors shall consent to
extension of time to implement the proposed revised debt
restructuring exercise without further modification to the
number of ICULS and warrants to be issued pursuant thereto;

(iii) The financial implications of Daewoo's claims on WIHB's
financial position in the event that Daewoo succeeds in its
legal claims against the Company;

(iv) The liquidated ascertained damages of MYR60 million are
assumed to be payable out of proceeds from the sale of new
developed units in 2006 and 2007; and

(v) Dewan Bandaraya Kuala Lumpur's reversionary interest in the
Plaza Rakyat land.

This announcement is dated 24 August 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

BENPRES HOLDINGS: Wants to Resume Debt Talks
--------------------------------------------
Benpres Holdings Corporation said it would resume discussions
with its creditors on debt restructuring, according to The
Manila Bulletin.

The firm said it wanted to negotiate the restructuring of its
US$403 million worth of principal debt, now that it has exited
Maynilad Water Services Inc.

Benpres advised the Philippine Stock Exchange of its plan to
conclude negotiations with its creditors in the next 12 months.

The Company has turned over all its shares and proxies in
Maynilad to a court-appointed receiver, signaling the start of
the water distributor's rehabilitation. Benpres previously owned
60 percent of Maynilad.

In June, a local court approved Maynilad's rehabilitation plan,
enabling Benpres to dispose of its stake in the financially
troubled water distributor.

Benpres also said the Avenue Asia Group, one of its creditors,
has acquired part of its obligations from other existing
creditors. It did not elaborate.

Benpres has 11 subsidiaries and direct affiliates including ABS-
CBN Broadcasting Corp., Bayan Telecommunications Holding Corp,
First Philippine Holdings Corp., Rockwell Land Corp. and Sky
Vision Corp.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


COLLEGE ASSURANCE: Must Plug Shortfall to Avoid SEC Takeover
------------------------------------------------------------
The corporate watchdog advised ailing College Assurance Plans
(Philippine) Inc. to first address the deficiencies in its trust
fund and capital before it could have its dealer's license
reviewed, BusinessWorld relates.

The Securities and Exchange Commission (SEC) said CAP could only
ward off an impending management takeover if the pre-need firm
would meet the regulator's requirements.

CAP said earlier that it had asked the SEC to grant its dealer's
license back even without the permit to sell securities for
prospective investors to come in. The firm's dealer's license
was suspended in August 2004.

But observers believe CAP could not easily shirk the SEC's
takeover since it does not have enough assets that could justify
a move to seek court's approval for rehabilitation.

CAP first vice-president Bobby Cafe said Monday that some
investors are requiring the company to get back its dealer's
license, which establishes a pre-need firm's corporate
personality, before they would infuse money.

Aside from capital deficiency, CAP must also meet the trust fund
deficiency. There are also the regulatory amortizations. These
were part of the seven violations that CAP committed (against
pre-need rules) and that were contained in the show-cause order.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


GLOBAL STEEL: Hikes Capital to Php3 Bln
---------------------------------------
Global Steel Philippines (SPV-AMC) Inc. (GSP) is raising its
authorized capital stock to Php3 billion from only Php500
million, The Philippine Star has learned.

Indian-owned GSP-SPV is currently the largest steel maker in the
country, taking over the former National Steel Corporation
(NSC).

In its application filed with the Securities and Exchange
Commission (SEC), GSP said that out of the Php2.5-billion hike
in its authorized capital stock, 25 percent or Php2.18 billion
had been subscribed and paid in full through conversion of
liabilities into equity by parent Global Steel Holdings.

The liabilities are comprised of non-interest bearing cash
advances which were partially used by the Company to settle the
down-payment required by the omnibus agreement on the purchase
by Global Steel Holdings of NSC's assets, finance the
rehabilitation activities and meet the working capital
requirements.

GSP said it will remain to be almost 100 percent foreign-owned
even after the increase.

Headquartered in Iligan City, GSP's manufacturing plant has a
capacity of two million tons per year. It exports 70 percent of
its production primarily to other Asian nations.

Global Steel Holdings has operations in Bosnia, Bulgaria, Libya,
Nigeria, India, and the Philippines. Worldwide, the company
produces in excess of 14 million tons of steel every year.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Telephone: 063-221-2663
Fax: 063-492-2566


PHILIPPINE NICKEL: Settlement for US$325-Mln Debt Proposed
----------------------------------------------------------
A settlement plan for Philippine Nickel Mining and Industrial
Corporation's (Philnico) loan with the government has been filed
before the Department of Finance (DoF), The Manila Bulletin
reports.

Earlier, the DoF promised to evaluate the settlement plan for
the miner's US$325-million debt in a longer term to help
investors come into the nickel project.

Department of Environment and Natural Resources (DENR)
Undersecretary for Mining Deinrado Simon D. Dimalibot confirmed
the plan, which was filed four weeks ago, includes concrete
steps for the ironing off of the financial model for Philnico.

But Philnico chairman and president Evaristo M. Narvaez Jr. said
there is no approved debt settlement yet, but added there is an
indicated settlement option for the debt.

The settlement of the debt is part of the condition of Chinese
investors," Mr. Narvaez said.

The debt settlement is pertinent to the entry of Chinese
investors (Jinchuan Group, the Shanghai Baosteel, and China
Development Bank) into the project which are currently
conducting a due diligence on it.


TPG CORPORATION: Under SEC's Watchful Eyes
------------------------------------------
The Securities and Exchange Commission (SEC) tightens its watch
over pre-need firm TPG Corporation, according to The Philippine
Star.

TPG is under fire for failure to submit pertinent information
regarding its financial health, fuelling speculations it is
facing liquidity problems just like other pre-need providers in
the country.

The corporate watchdog has ordered TPG to explain why no
administrative sanctions should be imposed against it for
failing to submit its actuarial valuation report (AVR) and
annual financial statements.

The AVR is used as a toll in determining the solvency of a pre-
need company. Failure to file financial statements and AVR would
only mean the firm is in financial distress.

TPG is the sixth pre-need firm issued a show-cause order by the
SEC for violation of the rules governing pre-need plans. The
companies that were earlier issued a show-cause order are
College Assurance Plan Phils. Inc., AMA Plans, Primanila Plans,
Pryce Plans and Platinum Plans.

CONTACT:

TPG Corporation
The Professional Tower
37 EDSA corner Boni Avenue
Mandaluyong City 1550
Phone: (02) 533-7061 to 66; (02) 746-7878 to 91
Web site: http://www.professional.com.ph


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

ADROIT INNOVATIONS: Net Loss Drops 75%
--------------------------------------
Adroit Innovations Limited announced that the Company reported a
75% decrease in its net loss for the financial year ended June
30, 2005.

The Company posted a net loss of SGD1.69 million after taxes,
compared to its reported SGD6.68 million net loss for the same
period last year.

Adroit Innovations Limited is an eBusiness enabler with core
competencies in financial services solution, insurance, payment
and security and solutions integration.

To view the Company's financial statements, click on:

http://bankrupt.com/misc/tcrap_adroitinnovations082505.pdf

CONTACT:

Adroit Innovations Limited
20 Kakit Bukit Crescent
Kaki Bukit Techpark 1
Singapore 416251
Phone: (65) 6841 8168
Fax:   (65) 6841 8108
Email: sales@adroit-innovations.com
Web site: http://www.adroit-innovations.com/


CHINA AVIATION (S): Parent Enters Into Civil Penalty Settlement
---------------------------------------------------------------
China Aviation Oil Corporation (Singapore) Ltd. announced that
it has been informed by its parent company, China Aviation Oil
Holding Co. (CAOHC), that the latter has entered into a civil
penalty settlement with the Monetary Authority of Singapore
(MAS) for contravening the insider trading provisions of the
Securities and Futures Act.

The details of the civil penalty settlement are set out in a
press release issued by the MAS dated August 19, 2005.

Previously, CAO had announced that the CAOHC shareholder loan
would not participate in the benefits available under CAO's debt
restructuring plan set out in its Scheme of Arrangement, but
instead will be converted into equity in CAO.

In relation to the civil penalty settlement, CAOHC has informed
CAO that CAOHC has agreed to transfer to the minority
shareholders of CAO all the shares (relating to the net proceeds
from the 15 percent share placement), which it will receive
pursuant to the conversion.

The details of the conversion and how the minority shareholders
will receive shares are subject to the finalization of the
Company's proposed equity restructuring. The equity-
restructuring plan has not yet been finalized, and is also
subject to the approval of, CAOHC, the New Investor, minority
shareholders of the Company, the Singapore Exchange Securities
Trading Limited, State-Owned Assets Supervisory and
Administration Commission and other relevant regulatory bodies
in the various jurisdictions.

The Company will make further appropriate announcement of the
progress of the equity restructuring in due course.

This is a company press release.

CONTACT:

China Aviation Oil (Singapore) Corp.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


ORCHID JAPAN: Creditors Asked to Submit Debt Claims
---------------------------------------------------
Notice is hereby given that the creditors of Orchid Japan Pte
Limited, which is being wound up voluntarily, are required on or
before Sept. 19, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
liquidator.

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

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

Dated this 19th day of August 2005

Tsuyoshi Tanishige
Liquidator
c/o 9 Raffles Place
#41-01 Republic Plaza
Singapore 048619


SENDO SINGAPORE: Receiving Proofs of Claim Until September 6
------------------------------------------------------------
Sendo Singapore Pte Limited posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Sendo Singapore Pte Limited
Address of Registered Office: c/o 50 Raffles Place, #16-06
Singapore Land Tower, Singapore 048623
Last day for receiving proofs: Sept. 6, 2005
Name  & address of Liquidator: Timothy James Reid
Ferrier Hodgson
50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623

Dated this 19th day of August 2005


UBS GLOBAL: Liquidator Sets Deadline for Claims Submission
----------------------------------------------------------
Notice is hereby given that the creditors of UBS Global Asset
Management (Singapore) holdings Pte Limited, which is being
wound up voluntarily, are required on or before Sept. 19, 2005
to send in their names and addresses and particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to the Company liquidators.

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

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

Dated this 19th day of August 2005

Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


WEE POH: Off-loading of Losing Businesses Erases Debts
------------------------------------------------------
Wee Poh Holdings Limited recently divested its loss-making
civil engineering construction businesses.

The Group is now in the final stages of acquiring The Winning
Group, an established trader of watch movements and manufacturer
and seller of branded watches in the Hong Kong and the PRC
markets, which is subject to regulatory and shareholders'
approval.

Wee Poh chairman Wong Teck Kui highlighted that the Company's
rationalization efforts to dispose substantially all of its
construction activities, in particularly its wholly owned
subsidiary, Wee Poh Construction Co. (Pte.) Ltd in the second
half of 2005, have returned fruitful results. Wee Poh's revenue
for FY2005 was SGD1.6 million as a result of the divestment,
compared with FY2004 of SGD19.8 million. As compared to the
SGD4.8 million losses incurred in the first half of 2005,
2HFY05 reported a loss of only SGD0.9 million, of which SGD0.7
million was attributed to the loss of disposal and
deconsolidation of WPC and other subsidiaries.

On the YoY basis, the degree of the losses has been greatly
narrowed by more than 70.3%. This resulted in a 0.95-cent
progression in its loss per share from 1.17 cents in FY2004 to
0.22 cents in FY2005.

Mr. Wong said that "What is most significant is that, for the
first time in many years, Wee Poh is now debtfree, with all bank
loans repaid! The various measures we had taken had enabled us
to clear substantially most of our liabilities including those
creditors under the Scheme of Arrangement. The total liabilities
of the Group diminished from SGD28.6 million as at June 30, 2004
to SGD2.1 million as at June 30, 2005.  Wee Poh is now ready
to begin a new corporate journey on a clean slate."

To view the Company's entire press release, go to:

http://bankrupt.com/misc/tcrap_weepoh082505.pdf

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


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

NATURAL PARK: Receives Offer from Pacific Assets
------------------------------------------------
Natural Park Public Company Limited (N-Park) informed the Stock
Exchange of Thailand (SET) that it has received an official
offer as stated in the official letter dated August 19,
2005 from Pacific Assets Public Company Limited (PA).

The offer is in accordance with the Extraordinary General
Meeting of Shareholders of PA on August 18, 2005 that resolved
to approve the offer to purchase land, construction, fixture,
furniture and assets related to The Chedi Chiang Mai Hotel from
Natural Real Estate Company Limited (subsidiary of N-PARK) and
the common shares of Deluxe Origin Company Limited.

The owner of Chedi Chiang Mai Serviced Apartment with 993 shares
of 99.30 percent of the share issued (will be collectively
called The Chedi Chiang Mai) from N-Park under the following
conditions:

(a) The Company would purchase assets at the book value at the
transaction incurred.

(b) Due diligence would be conducted as appropriate for the
purchase of assets and the purchase of assets had to be approved
by the shareholders meeting of PA and approved by the Board of
Directors and the shareholders meeting of N-Park in accordance
with the related laws and regulations of the Stock Exchange of
Thailand.

N-Park, thereby, held a Board of Directors Meeting on August 22,
2005 and resolved to approve the sale of The Chedi Chiang Mai at
Book Value on the date of transaction. (as at June 30, 2005 the
Book Value equal THB874.39 million).

Also, when liabilities and commitments will be included into the
calculation of the transaction volume, the volume of transaction
will be 9.49 percent which is in accordance with the Value of
Assets Acquired Method and Total Value of Consideration Method.  

The transaction volume is below 15 percent and no issuance of
securities in consideration of the acquisition of assets,
therefore, the Board of Directors has the authority to approve
such transaction by not requiring approval from the shareholders
meeting of N-Park.  

In addition, the Board of Directors hereby authorize the
executive committee or any persons authorize by the committee to
negotiate, sign in related documents and agreements or any other
actions necessary to negotiate and give consent on the sale of
assets to PA.

With regards to the approval to sell such assets, the Board of
Directors of N-Park has considered such matter together with the
opinion of Ayudhya Securities Public Company Limited (Financial
Advisor) that has been appointed to be a Financial Advisor to
study the pros and cons in selling such assets to PA.  

The Financial Advisor has an opinion that the offering price
from PA to purchase The Chedi Chiang Mai is reasonable because
it falls within the range of various assets valuation method.  

In addition, the sale of assets will benefit N-PARK by increase
efficiency in managing properties to N-PARK group since PA has
expertise in managing hotels and N-PARK will gain financial
stability whereby the cash received can be use to develop
existing projects and seek for new future business
opportunities.  

Also, N-Park will incur future income from operation.  
Nonetheless, such transaction may have negative impact on the
Company and the shareholders since N-Park will have to disregard
36.6 percent of the revenue of The Chedi Chiang Mai from the
sale of such project.

The opinion of the Board of Directors is consistent with the
Financial Advisor and believes that N-Park will still recognize
63.4 percent of revenue and future income from operation from
The Chedi Chiang Mai from PA.  

Although N-Park has to partially disregard such revenue
recognition, it still benefits N-Park because of stronger
financial stability and the cash received from the sales of such
assets can be used to develop other projects and search from new
business opportunities in the future.

Please be informed accordingly.

Sincerely Yours,

Mr. Sermsin Samalapa
President and Chief Executive Officer

CONTACT:

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


NATURAL PARK: SET Seeks Clarification to PA Transaction
-------------------------------------------------------
The Stock Exchange of Thailand (SET) required Natural Park
Public Co. Ltd. to clarify details on the resolution of the
board to approve the sale of land, construction, fixture,
furniture and assets related to The Chedi Chiang Mai Hotel from
Natural Real Estate Company Limited (subsidiary of N-PARK) and
the common shares of Deluxe Origin Company Limited, the owner of
Chedi Chiang Mai Serviced Apartment with 993 shares of 99.30
percent of the share issued (will be collectively called The
Chedi Chiang Mai).

To view a full copy of SET's request, click
http://bankrupt.com/misc/NaturalPark082505.pdf


PAE THAILAND: Unveils Appointment of New Directors
--------------------------------------------------
The board of directors meeting of PAE (Thailand) Public Co. Ltd.
held the meeting on August 24, 2005. The meeting started at
10:00 a.m. and the following are the highlights of the meeting:

(1) The Meeting resolved to appoint Pol. General Pornsak
Durongkavibul as the Chairman of Company Board of Director.

(2) The Meeting resolved to appoint Mr. Somchai Sakulsurarat as
the Chief Executive Officer.

(3) The Meeting resolved to appoint Mrs. Jintana Kaveewong as
the Secretary of Board of Director and Executive Committee.

(4) The Meeting appoint Mr. Viravat Cholvanich as the Board of
Committee.

Sincerely Yours,

Soradej Choothesa
Director of Finance & Accounting
PAE (Thailand) Public Company

CONTACT:

PAE (Thailand) Pcl   
69 Sinakharin Road, Suan Luang, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
Web site: http://www.pae.co.th


PICNIC CORPORATION: To Increase Investment in Units
---------------------------------------------------
With reference to the previously disclosed resolutions of Picnic
Corp. Public Co. Ltd's shareholders' meeting on August 22, 2005
to increase the company's capital by issuing 1,485,000,000
common shares and allot 1,477,673,297 shares to its existing
shareholders at the ratio of 1 existing shares of 1 new shares
at THB1.50 per share, the board of directors meeting held on
August 24, 2005 resolved to close the Company's registration
book to determine the eligible shareholders to subscribe for the
increasing shares at 12:00 p.m. on September 8, 2005.  The
subscription date will be September 26 to 30, 2005.

The meeting also resolved to increase the Company's investment
in 2 subsidiaries, World Gas (Thailand) Co., Ltd. (World Gas),
and S.C.T. (Vietnam) Gas Co., Ltd. (SCT) held through S.S.C.
Petro Development Co., Ltd. (SSC), amounting THB600,000,000 and
USD 3,100,000 or approximately THB127,100,000 by convert the
loans which the Company gives to World Gas and SSC gives to SCT
to equity.  

The Company still holds 99.99 percent stake in World Gas and
SCT, held through SSC, after the capital increase. The details
of the capital increase will be informed later when the
transactions have been completed. The objective of the increase
is to strengthen the subsidiaries' financial status, thus, they
can raise debts by themselves.

Please be informed accordingly

Yours sincerely
Mr. Nattachai Aramrasmewanich
Managing Director

CONTACT:

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


THAI PETROCHEMICAL: Founder to Contest SEC's Order in Court
-----------------------------------------------------------
Prachai Leophairatana vowed to take matters to the court if the
Securities and Exchange Commission would disqualify him as
director of Thai Petrochemical Industry Public Co. Ltd., TPI
Polene Public Co. Ltd. and Bangkok Union Insurance, Bangkok Post
reveals.

The SEC based its decision to disqualify Mr. Prachai from the
board on grounds of violating securities laws.

According to Mr. Prachai, the SEC and the Stock Exchange of
Thailand (SET) was being unfair and selective application of the
rules when it released the orders.  Mr. Prachai said the SEC
accusations were filed in August 2004, before market regulations
on the qualifications of directors.

"This is very unfair to me. Why does the [SEC] need to pressure
the SET to enforce these rules retroactively?"

The violations were said to have occurred in December 2003, when
TPI Polene was considering a public share offering to raise
funds to repay creditors.  

Mr. Prachai produced information on a report by consultancy
Stern Stewart Co that TPIPL's fair share value should be THB89,
above the actual price of THB46 at the time.

But according to the authorities, the disclosure was a violation
of securities laws, and the SEC filed a complaint with the
department of Special Investigation, which recently announced
that the charges had grounds for prosecution.  

The SEC told the SET that as a result, Mr. Prachai was
disqualified from standing as a board member of any listed
company due to violations of the SEC Act and the penal code.

According to SET President Kittirat Na Ranong, all three
companies would face being delisted if it fails to remove Mr.
Prachai.

"We are now waiting for the answers from these three firms. I do
believe that the TPI board will not take up to 60 days to look
at the matter, as (the SET) has always received good co-
operation from listed company boards," Mr. Kittiratt said.

A member of the TPI planning team, Siri Jirapongphan said it had
not yet determined how to handle the matter to as there were
some unclear issues.

"We are looking at what we should do in this circumstance. Do we
have any power to remove him and how about his position under
the Bankruptcy Law? It is absolutely unclear and any move needs
to be made cautiously," he said.

Mr. Prachai's removal from the board would not affect TPI's debt
restructuring plan, since it was making good progress.

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th
  



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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

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