TCRAP_Public/050830.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

             Tuesday, August 30, 2005, Vol. 8, No. 171

                            Headlines

A U S T R A L I A

A.C.N. 087 396 870: Members Pass Winding Up Resolution
AIR NEW ZEALAND: Fuel Leaks Profits
ANVIL MINING: Confirms Allegations are Unfounded
AUSTECH TONER: Schedules Final Meeting Sept. 7
AUSTRAL COAL: Centennial Varies Extension of Offer Period

CARTEK AUSTRALIA: R.A. Sutcliffe Named Liquidator
CEDUNA PTY: Members Opt for Voluntary Liquidation
CRYSTALEX ACRYLIC: Liquidator to Explain Wind Up Manner
ESAB CONSULTANCY: Enters Liquidation
FARNESE TECHNOLOGIES: Members, Creditors to Discuss Liquidation

FOSTER DEVELOPMENT: Supreme Court Orders Wind Up
GRASIR PTY: Prepares to Shut Down Business
HARLEQUIN COURT: Appoints Official Liquidator
ION GROUP: IAS Inks Deal to Sell Albury Facility
K&K FLEET: Court Orders Appointment of Liquidator

KNIGHTS INSOLVENCY: ANZ Bank Appoints Voluntary Administrators
KOKO ENTERPRISES: Placed Under Voluntary Liquidation
LION NATHAN: Members Agree to Wind Up
MANONGROVE PTY: To Declare Dividend Sept. 1
NATIONAL AUSTRALIA: Cuts Back Foreign Lending

P.D. MULLIGAN: Members Decide to Cease Operations
PURE NEW ZEALAND: Solomon Capital Buys 19.9% Stake
PURE NEW ZEALAND: To Hold EGM September 14
PURE NEW ZEALAND: Operating Loss Balloons to NZ$2.5 Mln
QANTAS AIRWAYS: Still Eyeing Asia Despite Losing Offshoot

RNFC INVESTMENTS: To Distribute Final Dividend Aug. 31
TOGETHER WITH KIDS: Members Agree to Wind Up Firm
TWINCREST INVESTMENTS: Set to Pay Dividend to Creditors
WINDJANA DEVELOPMENTS: Members, Creditors to Hear Wind Up Report
WOODRUFF PTY: Appoints Official Liquidator

ZURICH FINANCIAL: Awaits Investigation Results


C H I N A  &  H O N G  K O N G

CHINA MERCHANTS: AGM Set September 23
CHINA SOUTHERN: Clarifies 1H05 Financial Results
EMPIRE PROPERTIES: Winding Up Hearing Slated for October 12
GUANGDONG KELON: Banking Facilities Fall to RMB2.35 Bln
IDM ORIENT: Court Issues Winding Up Order

OCEAN ENG: Enters Bankruptcy
POLY GAINER: Receives Winding Up Notice
SHANGHAI LAND: Director Files Resignation
SHANGHAI LAND: Details Settlement Proposal
TIAN SIN: Court Releases Bankruptcy Order

TOP REGION: Enters Winding Up Proceedings
VICTORY NATIONAL: Winding Up Hearing Set October 12
WELL TECH: Court to Hear Petition October 5


I N D O N E S I A

INDOFOOD SUKSES: Net Profit Falls 88%
PERTAMINA: Allocates IDR19.23 Trillion Monthly for Oil Imports
* S&P Warns Indonesia on its Debt


J A P A N

BANK OF TOKYO-MITSUBISHI: FSA Punishes Bank Over Embezzlement
JAPAN AIRLINES: Enters Alliance With Mexicana Airlines
MITSUBISHI MOTORS: Canada Releases July 2005 Sales Figures
MITSUBISHI MOTORS: UAW Workers Approve Contract Extension
TOBU RAILWAY: JCR Affirms BBB- Rating


K O R E A

HYUNDAI MOTOR: Losses from Strike to Reach KRW380 Bln
LG CARD: Scores KRW1 Trillion in New Credit Line


M A L A Y S I A

ACP INDUSTRIES: EGM to Take Place Next Month
ANTAH HOLDING: To Hire New Company Auditor
ANTAH HOLDING: To Extend Date of Fulfilling Conditions
FABER GROUP: Issues New Shares for Listing
FARLIM GROUP: Books MYR3,009,000 Net Loss

GULA PERAK: RAM Assigns C3 Rating to RCSN
HABIB CORPORATION: Shares Trading Suspended
HONG LEONG: Buys Back 91,600 Shares
HUNZA CONSOLIDATION: Net Profit Narrows to MYR2,551,000
PANGLOBAL BERHAD: Terminates Acquisition, Disposal of Shares

POS MALAYSIA: Bourse to List, Quote new Shares
PUNCAK NIAGA: Repurchases Ordinary Shares
PWE INDUSTRIES: Passes All Resolutions at AGM
RCE CAPITAL: Shareholders Approve All Resolutions at AGM, EGM
SAAG CONSOLIDATED: Relates Financial Assistance Extension

SELANGOR DREDGING: Shareholders OK AGM Resolutions
TELEKOM MALAYSIA: Unveils Proposed Rationalization of Operations
TELEKOM MALAYSIA: New Shares up for Listing
TENCO BERHAD: Sees No Progress in Default Status
TENAGA NASIONAL: Issues New Shares for Listing, Quotation


P H I L I P P I N E S

COLLEGE ASSURANCE: Needs Php7 Bln to Get Back on its Feet
LEPANTO CONSOLIDATED: Scholars Say Activities Anti-environment
METRO PACIFIC: Defers Reverse Stock Split
NATIONAL BANK: Lucio Tan Completes Acquisition of Majority Stake
NATIONAL BANK: Confirms Resignation of Directors

NATIONAL BANK: PDIC Prepares for Second Shares Sale
NATIONAL POWER: Urges Meralco to Buy More Power
NATIONAL TRANSMISSION: Tokyo Electric Not Keen on Contract
* Foreign Fund Eyes Troubled Firms


S I N G A P O R E

INTER METALLCO: Ordered to Wind Up Operations
MAGNUS ENERGY: Net Loss Widens
NH CERAMICS: Posts Increase in Net Loss
QB HOUSE: Creditors to Discuss Wind Up on Sept. 8
REGIONAL-BEING: Court Order Liquidation

UNITED FIBER: Still Bidding for Indonesian Paper Firm


T H A I L A N D

DATAMAT: Net Loss Balloons to THB158,334,000
DATAMAT: Chairman of the Board Steps Down
BOND PRICING: For the Week 29 August to 2 September 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 087 396 870: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of A.C.N.
087 396 870 Pty Limited held on July 20, 2005, it was resolved
that the Company be wound up, and Andrew Hugh Jenner Wily of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 was appointed Liquidator for such
purpose.

Dated this 21st day of July 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


AIR NEW ZEALAND: Fuel Leaks Profits
-----------------------------------
Air New Zealand on Monday announced a profit after tax of NZ$180
million, eight percent higher than in 2004.

Profit before unusuals and tax for the year ended June 30, 2005,
was NZ$235 million compared with NZ$243 million in the previous
financial year.

The Board of Air New Zealand has declared a final dividend of
2.5 cents per share, fully imputed, in line with earlier
guidance. Total dividend for the year is 5 cents per share,
fully imputed.

Managing Director and Chief Executive Officer Ralph Norris said
that after excluding record fuel prices and the difficult
trading environment on the Tasman, the annual result was among
the best in the company's history.

"I believe the company's mettle is better tested in challenging
times than in golden years. I am therefore encouraged that even
in these tough conditions we achieved a solid profit, which was
underpinned by another year of strong domestic performance and
improvements in some key international routes," Mr. Norris said.

"Nevertheless, as one difficult year ends another perhaps more
challenging year begins, largely thanks to record fuel prices
and capacity dumping on the Tasman. To ensure that we deliver
our shareholders the value they expect it is essential that we
continue to remove cost from the business and exit areas that
are unprofitable. For example, some parts of the ANZES business
are financially under-performing and in order to improve
performance a comprehensive review is underway. At the end of
this review a consultative process with staff will be undertaken
to implement the changes required for improvement."

Liquidity continued to improve in 2005, with closing cash at
NZ$1.1 billion dollars, up 5% on the previous financial year.

Gearing improved to 51%, a 5 percentage point improvement and
remaining within the Group's medium-to-long term target range of
45% to 55%.

Group operating revenue was up by 3% to $3,616 million.

For the first time, Air New Zealand carried more than 11 million
customers in one year, up by 781,000.

Group capacity grew five percent during the year, with traffic
up seven percent. This was a positive influence on passenger
load factor, which increased by one percentage point to 76
percent.

Airline operating cost per available seat kilometre - excluding
fuel - reduced by seven percent.

Mr. Norris said the financial and operating targets set for FY06
were challenging in today's environment.

"Chief among our concerns is the cost of jet fuel, which at
current jet fuel prices represents around 30 percent of our
operating costs - up from around 20 percent a year ago. We
operate an active jet fuel price hedging programme, with the
objective of reducing the volatility in airline costs arising
from fuel price movements. In 2005, our hedging programme
realized gains of NZ$103 million. Our customers have benefited
from these gains, which effectively sheltered them from the full
impact of the price rises," he said.

Currently around 60 percent of fuel requirements for 2006 are
hedged with the average hedged price for the remainder of the
year at around US$53 per barrel (crude oil). For the first half
of 2006, the jet fuel position is hedged at 70 percent. However,
as hedges roll off and are replaced by higher priced hedges, the
operating cost base will increase, impacting margins.

Chairman John Palmer said that if fuel prices persist at current
levels, then the potential exists for the current year
performance to be around 40 percent below the 2005 result.

"There is no doubt that the times ahead will be tough, but we
have proven in the past few years that Air New Zealand has the
ability to cope with adversity. I believe that we have the
intensity and attitude to see out those tough times. I also
firmly believe we have the people and strategies to prosper
beyond that.

"We will pursue our objectives of operational excellence, cost
control and growing sales with our new product - all of which
should help strengthen our position in the airline industry. We
will also continue to look for partnerships that can add
enduring value to the business."

Meantime, Mr. Palmer said the international search for a new
Managing Director and Chief Executive Officer was progressing
well.

"The Board has made it clear that it is going through a robust
process to find the right person to lead the company during its
next phase. While the search continues, Chief Financial Officer
Rob McDonald will assume the role of acting Chief Executive
Officer.

"The decision to appoint Rob to the role on an interim basis is
a clear reflection of his ability, and his temporary appointment
preserves proper neutrality in the search process between
internal and external candidates."

Mr. McDonald said that he would not be seeking the role full-
time.

"Before the CEO selection process formally commenced, I informed
the Board that I did not feel it was the right time for me to
take on such a pivotal and demanding role full-time.
Nevertheless, I am naturally appreciative of the opportunity to
take on the role in an interim capacity before handing over to a
new Chief Executive, who will guide the Company through the many
challenges and opportunities ahead."

Mr. Palmer said that Mr. McDonald had the full support of the
executive management team, which appreciated the need for the
CEO selection process to be fair and robust.

CONTACT:

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


ANVIL MINING: Confirms Allegations are Unfounded
------------------------------------------------
Anvil Mining Limited confirmed last week the following
developments in its rejection of allegations that it had
knowledge of, or provided assistance to, the Democratic Republic
of Congo (DRC) armed forces (known as FARDC), in the committal
of any human rights violations during the suppression of a rebel
insurgency in the town of Kilwa in October 2004:

(1) Following the completion of a comprehensive internal
investigation and receipt of advice from Senior Counsel Wayne
Martin QC, Anvil has no hesitation in announcing that:

    - The investigation was thorough and complete;
    - The allegations against Anvil are unfounded;
    - There is no credible basis for any suggestion that Anvil
or any of its officers or employees committed the offence of
bribing a foreign public official or aided and abetted any
offences committed by the FARDC during the Kilwa uprising; and
    - There is no credible basis for the assertion that Anvil
had any form of civil liability to any of the persons adversely
affected by the actions of the FARDC.

(2) Anvil repeats its previous advice that it has not been
contacted by the Australian Federal Police or any other agency
of the Australian Government.

(3) Anvil has received a petition signed by more than 3,700
members of the local Kilwa community and its traditional chiefs
expressing outrage at the allegations against the Company and
calling on the international community to visit the area and
collect reliable information.

(4) Anvil's internal investigations into the incident were
conducted in DRC in July and August following the Four Corners
inferences and allegations and those of law firm Slater and
Gordon, and included interviews with villagers, village chiefs,
employees, local NGOs and local government.

(5) Anvil is reviewing possible defamation proceedings against
organizations in the DRC, Australia and U.K. arising from the
unfounded allegations.

Anvil President and CEO Mr. Bill Turner said that the
allegations had been a particularly distressing experience for
the Company and its employees.

"Anvil employs more than 600 local Congolese nationals and
contributes substantially to the local region through social,
educational, health and infrastructure programs in one of the
poorest communities in the world. Anvil employees and their
families wish to again express their empathy to those who may
have suffered as a result of the deplorable events last year but
welcome the advice that the allegations casting dispersions on
them and the Company are unfounded."

"Anvil's vehicles are for the purpose of mining and not for use
by the Military. The Company is working with several NGOs to
simplify and improve protocols in dealing with the Military, in
line with the U.K.-U.S.A. Voluntary Principles on Security and
Human Rights, and if a similar incident were to re-occur, local
and external NGOs and the Australian, Canadian and DRC
governments would be made aware of the situation immediately."

Mr. Turner said that the petition from the traditional chiefs
was particularly welcome because it confirmed the Company's good
standing in the local community.

The petition stated that the local community was outraged by the
allegations against the Company, without which the area would
not enjoy its recently improved economic and social conditions.
The Traditional Chiefs have also called on the international
community to send representatives to Kilwa in order to collect
reliable information and "find out what actually happened".

Extracts of the petition can be viewed at
http://bankrupt.com/misc/tcrap_anvilmining082905.pdf.

CONTACT:

Australia

Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/

Bill Turner
President & CEO
Phone: +61-8-9481 4700
E-mail: billt@anvil.com.au

Craig Munro
Vice President Corporate & Finance
Phone: +61-8-9481 4700
E-mail: craigm@anvil.com.au (Perth)

or

Caroline de Mori
Director
Purple Communications
Phone: +61 8 9485 1254 or Mobile +61 418 919 064
E-mail: cdemori@purplecom.com.au

Canada:

Robert La ValliŠre
Vice President Investor Relations
Telephone: Office +1 (514) 448 6664
Mobile: +1 (514) 944 9036
E-mail: robertl@anvil.com.au


AUSTECH TONER: Schedules Final Meeting Sept. 7
----------------------------------------------
Notice is hereby given that the final combined meeting of the
members and creditors of Austech Toner Solutions Pty Limited
will be held on Sept. 7, 2005, 3:00 p.m. at the offices of
Horwath BRI Brisbane, Level 4, 370 Queen Street, Brisbane for
the following purposes:

AGENDA

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

(2) Any other business, which may be lawfully considered with
the foregoing matters.

Dated this 18th day of July 2005

Gerald T. Collins
Liquidator
c/o Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


AUSTRAL COAL: Centennial Varies Extension of Offer Period
---------------------------------------------------------
Centennial Coal Company Limited advised that it varies the
takeover offers dated March 21, 2005 (Offers) made by is under
its off-market takeover bid to acquire all of the ordinary
shares in Austral and contained in its bidder's statement dated
March 9, 2005 (as supplemented) by extending the offer period
during which the Offers will remain open for acceptance until
7:00 p.m. Sydney time on September 2005 (unless further
extended).

The Offers were previously varied by notices dated April 22, May
17, May 30, June 10, June 24, July 11, July 25, August 1 and
August 15, 2005.

CONTACT:

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


CARTEK AUSTRALIA: R.A. Sutcliffe Named Liquidator
-------------------------------------------------
Notice is now given that at a meeting of members and creditors
of Cartek Australia Pty Limited held on July 20, 2005, creditors
resolved that the Company be wound up, and R. A. Sutcliffe was
appointed liquidator for such purpose.

Dated this 20th day of July 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Victoria 3070


CEDUNA PTY: Members Opt for Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Ceduna Pty Limited held on July 20, 2005, it was resolved
that the Company be wound up voluntarily, and that Duncan Plante
of First Floor, 350 Peel Street, Tamworth be appointed
Liquidator for the winding up.

Dated this 29th day of July 2005

Duncan Plante
Liquidator
First floor, 350 Peel Street
Tamworth


CRYSTALEX ACRYLIC: Liquidator to Explain Wind Up Manner
-------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Crystalex Acrylic Coatings Pty Limited will be held on Sept. 6,
2005, 10:30 a.m. in the Meeting Room, Judson & Co 1st Floor, 10
Park Road, Cheltenham.

The purpose of the meeting is to lay accounts showing the manner
of the winding up and disposal of Company property, and to hear
any explanation that may be given by the Liquidator.

Dated this 19th day of July 2005

Richard Judson
Liquidator
Judson & Co.
Chartered Accountants
1st Floor, 10 Park Road
Cheltenham 3192
Phone: 9585 5227


ESAB CONSULTANCY: Enters Liquidation
------------------------------------
Notice is hereby given that at a general meeting of the members
of Esab Consultancy Pty Limited held on July 20, 2005, it was
resolved that the Company be wound up voluntarily, and that
Michael Edward Slaven of Rangott Slaven Hundy, Level 3,
Engineering House, 11 National Circuit, Barton ACT 2600 be
appointed Liquidator for the winding up.

Dated this 9th day of August 2005

Michael Edward Slaven
Liquidator
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit
Barton ACT 2600


FARNESE TECHNOLOGIES: Members, Creditors to Discuss Liquidation
---------------------------------------------------------------
Notice is given that the final meeting of members and creditors
of Farnese Technologies Pty Limited will be held on Sept. 7,
2005, 10:00 a.m. at Level 1, 32 Martin Place, Sydney, NSW.

AGENDA:

To consider the Liquidator's account on the conduct of the
winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 28th day of July 2005

Nick Malanos
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW


FOSTER DEVELOPMENT: Supreme Court Orders Wind Up
------------------------------------------------
On July 19, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Foster Development Corporation Pty Ltd be
wound up, and appointed Antony de Vries to be Liquidator for
such purpose.

Dated this 25th day of July 2005

Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150


GRASIR PTY: Prepares to Shut Down Business
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Grasir Pty Limited held on July 21, 2005, it was
resolved that the Company be wound up voluntarily.

It was resolved at a creditors' meeting that same day that
Michael Stephen Hawkins Royal of Business Improvement and
Restructuring Services, Suite 5a, 19-21 Central Road, Miranda
NSW 2228, be appointed Liquidator.

Dated this 21st day of July 2005

Michael S. H. Royal
Liquidator
Business Improvement and Restructuring Services
Suite 5a, 19-21 Central Road
Miranda NSW 2228
Phone: (02) 9531 8365
Fax:   (02) 9531 8367


HARLEQUIN COURT: Appoints Official Liquidator
---------------------------------------------
At a general meeting of the members of Harlequin Court Pty
Limited duly convened and held on July 20, 2005, the following
special resolution was passed:

That the Company be wound up voluntarily, and that Mr. Ross Vile
be appointed liquidator for such winding up.

Dated this 22nd day of July 2005

Ross Vile
Liquidator
Chartered Accountant
21st Floor, 300 Queen Street
Brisbane Qld 4000
Phone: (07) 3228 4000


ION GROUP: IAS Inks Deal to Sell Albury Facility
------------------------------------------------
ION Automotive Systems Pty Ltd (IAS) of the ION Group has
executed a contract to sell its automotive transmission
manufacturing facility located in Albury, New South Wales (NSW)
to Powertrain Products International Pty Ltd (PPI). PPI's bid is
supported by global trading house, Marubeni Corporation of
Japan.

The headline purchase price for this transaction is AU$48
million adjusted for warranties provided by the Vendor and
working capital assets and employee entitlements transferring to
PPI.

Assuming satisfaction of conditions precedent, the sale is
expected to settle during October 2005.

It is PPI's stated intention to continue to operate the business
from the Albury site. It is understood that PPI has the support
of the workforce and management.

CONTACT:

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


K&K FLEET: Court Orders Appointment of Liquidator
-------------------------------------------------
On July 21, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of K&K Fleet Management Pty
Limited, and appointed Steven Nicols to be Liquidator of the
Company.

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


KNIGHTS INSOLVENCY: ANZ Bank Appoints Voluntary Administrators
--------------------------------------------------------------
The Directors of Knights Insolvency Administration Limited
advised that the Company's secured creditor, the ANZ Bank on
Monday has, at the Company's request, appoint Voluntary
Administrators pursuant to Part 5.3A of the Corporations Act.
Messrs Tony Sims and Grant Sparks of Sims Partners have been
appointed.

The Board wished, at first instance, to apologize to employees,
shareholders and creditors that this course of action became
necessary. The Directors would like to thank staff for remaining
loyal throughout this most trying of times.

The Board has exhaustively pursued alternative funding options
via a recapitalization of up to AU$3.5 million and lat on Friday
afternoon there was a reasonable expectation that it would be
achieved. Although negotiations with potential investors
continued over the weekend and this morning the potential
investors have not been able to confirm that they are able to
complete the transaction and accordingly the directors had no
alternative but to request that ANZ Bank appoint administrators.

It is the opinion of the Board that the reasons behind the need
for the appointment can be summarized as follows:

(1) The lack of financial performance of the Registered
Liquidators previously employed by the Company;

(2) The non-recoverability of significant work in progress;

(3) The impact on cash flow from the actions of a former
employees in removing files;

(4) The loss of key insolvency personnel;

(5) The ongoing disputes associated with the closure of Knights
Forensic Services Pty Ltd and the failure of debtors to pay
debts to that division.

(6) The adverse publicity creating uncertainty for referrers of
work and staff;

The Board again expressed its regret in having to appoint
administrators and advised that further information can be
obtained from the Administrators.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/

Sims Partners
Level 11
145 Eagle Street
Brisbane, 4000
Telephone: 07 3831 2700
Facsimile: 07 3831 2799
E-mail: bris@simspartners.com.au
Web site: http://www.simspartners.com.au/


KOKO ENTERPRISES: Placed Under Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a Meeting of Members of Koko
Enterprises Pty Limited held on July 20, 2005, it was resolved
that the Company be wound up voluntarily and at a Meeting of the
Creditors held on the same day, Paul Vartelas of B.K. Taylor &
Co., 8th Floor, 608 St Kilda Road, Melbourne was appointed
Liquidator for the winding up.

Dated this 20th day of July 2005

Paul Vartelas
Liquidator
B.K. Taylor & Co.
8th floor, 608 St. Kilda Road
Melbourne


LION NATHAN: Members Agree to Wind Up
-------------------------------------
At a general meeting of the members of Lion Nathan Australia
Superannuation Fund Pty Limited held on July 20, 2005 a special
resolution to wind up the Company voluntarily was passed.

David C. Pratt
Simon John Cathro
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171


MANONGROVE PTY: To Declare Dividend Sept. 1
-------------------------------------------
Manongrove Pty Limited will declare a first and final dividend
on Sept. 1, 2005.

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

Dated this 18th day of July 2005

Gerald T. Collins
Liquidator
c/o Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


NATIONAL AUSTRALIA: Cuts Back Foreign Lending
---------------------------------------------
National Australia Bank's (NAB) institutional markets and
services (IM&S) division of the National Australia Bank is
quitting non-core business in the United States such as energy
utilities lending and property, The Advertiser reports.

The withdrawal came after NAB announced earlier this year the
shutting down of offices in Singapore, Seoul, Malaysia and
Tokyo, leaving Hong Kong as its only Asian hub.

The closures are part of the division's move away from low
yielding products, which have contributed to expectations of
lower earnings in fiscal 2006.

The scaledown means IM&S will be acting in the US mainly in
support of its Australian and New Zealand clients, such as
providing foreign exchange and rates hedging.

IM&S is understood to be in its first year of turnaround but
warns the current environment is a tough one for such an
undertaking.

While the Asian and U.S. operations are cut back, NAB remained
bullish about its U.K. business, centered around the Cydesdale
and Yorkshire bank franchises.

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


P.D. MULLIGAN: Members Decide to Cease Operations
-------------------------------------------------
Notice is hereby given that at a General Meeting of P.D.
Mulligan (Eastwood) Pty Limited held on July 29, 2005, it was
resolved that the Company be wound up voluntarily, and that
Stuart Alfred Edwards and Colin John Gair of Wheeler Grenfell
Pty Limited, Level 2 77 Pacific Highway North Sydney NSW 2060,
be appointed Joint Liquidators of the Company.

Dated this 29th day of July 2005

Stuart A. Edwards
Colin J. Gair
Limited
Wheeler Grenfell Pty Limited
Chartered Accountants
Level 2, 77 Pacific Highway
North Sydney NSW 2059


PURE NEW ZEALAND: Solomon Capital Buys 19.9% Stake
--------------------------------------------------
Wellington company, Solomon Capital Limited, associated with
Lombard Group Director Michael Reeves, has bought the 19.9%
stake in Pure New Zealand Ltd (NZX: PUR) previously owned by
Probus Holdings Ltd.

Michael Reeves, Lombard CEO and Solomon Director, said "I am
pleased with becoming a substantial shareholder in PUR as part
of our move to list Lombard through PUR. Significant growth
opportunities exist, and this step will assist Lombard in the
process".

Probus Director and current PUR Chairman Ian Smith will join the
Solomon board.

CONTACT:

Pure New Zealand
Web site: www.purenz.co.nz/


PURE NEW ZEALAND: To Hold EGM September 14
------------------------------------------
The New Zealand Stock Exchange (NZX) has approved a Notice of
Extraordinary General Meeting in respect of Pure New Zealand
Limited, which will be sent to shareholders early next week.

At the EGM, to be held on 14 September 2005, shareholders will
be asked to approve arrangements made with the various creditors
of Pure, as previously announced.

In light of the pending transaction with Lombard Finance &
Investments Ltd (which will be addressed at a subsequent
meeting), the previously announced equity injection of NZ$1
million will not proceed, but shareholders will be asked to vote
on a resolution giving the directors the authority to issue up
to 50,000,000 shares to new investors if required.

This authority is intended as an alternative authority in
circumstances where the transaction with Lombard Finance did not
proceed.


PURE NEW ZEALAND: Operating Loss Balloons to NZ$2.5 Mln
-------------------------------------------------------
The Directors of Pure New Zealand Ltd (PUR) announced an
operating loss after tax of (NZ$2,504,000) for the financial
year ended to 30 June 2005. This compares with the loss for the
previous corresponding period of (NZ$834,000).

As the loss for the half year to 31/12/04 was (NZ$2,402,980) the
additional loss for the second half amounted to NZ$101,000 -
reflecting tightly managed costs for the second half year period
during which time substantial repositioning work was done on the
company.

During the year the Company underwent a number of changes.
Actions described below are separated in to the period prior to
and post the involvement of the new Board which took over
control of PUR during March 2005:

PRIOR to new board being appointed in March 2005
- PUR sold its remaining interest in Silberhorn/Tasman Extracts
- PUR failed to file annual returns and Silberhorn International
Ltd was struck off
- PUR failed to file on time a full year report to 30 June 2004
or half year to 31 December 2004.PUR was suspended from the NZX
- PUR failed to hold its AGM within the statutorily prescribed
period
- As a direct result of the (in)actions of the previous
Directors in July 2005 PUR was sanctioned by NZX discipline for
its failures to file, along with a financial penalty and costs
being imposed
- The previous Directors of PUR failed to write-off assets that
had no justification being maintained on the balance sheet.
- The previous Directors of PUR claim in writing that they are
owed by PUR $580,000 as at 31 January 2005. Subsequent analysis
by PUR contracted accountants showed this meant that the
previous Directors were arguing that for their services in
carrying out tasks such as above, they were entitled to bill in
excess of $500,000 for the 7 month period from 1/7/04 to
31/1/05.

POST the new board being appointed in March 2005
- PUR files annual report to 30 June 2004 (which report was
belatedly prepared and supplied by the previous directors)
- New board causes PUR to hold AGM
- New board prepares and files half year report, revealing
substantial write-offs prescribed by accounting standards, but
not made by the previous Directors
- New board researches previous Directors claims that NZ$580,000
is owing to them and rejects that any amount is owing at all.
- PUR shares requoted on the NZX
- Debt to equity conversion agreements reached with PUR
creditors in respect of NZ$500,000 of debts
- Arrangement entered between PUR and Lombard Finance for the
backdoor listing of Lombard via PUR
- Notice of meeting concerning the debt to equity conversion
approved by NZX and set for posting
- Due diligence underway on Lombard transaction

Pursuant to requirements of appendix 1 rule 10.4 the following
are commented on in respect of sections 18, 19 and 20

- Material factors affecting revenues for the year were the fact
that all operating businesses were either sold or allowed to be
struck off in or prior to the financial year.

- Material factors affecting expenses in the second half year
were a conscious effort by the new board to contain costs.

- There are no significant trends over the year, but three
significant events are :

(i) the compromise reached to convert $500,000 of creditor debt
to equity

(ii) the conditional agreement reached with Lombard Finance to
list it via PUR

(iii) claims by the previous Directors that PUR owes them over
NZ$500,000, which claim is totally rejected by the present board
of PUR.

- There have been no changes in accounting policy

- No forward-looking comment is made

- No dividend is declared

- The Annual meeting is to be held at the premises of Minter
Ellison, Wellington on Thursday 27 October 2005 at 11 am

- The annual report is to be available by 27 September 2005.


QANTAS AIRWAYS: Still Eyeing Asia Despite Losing Offshoot
---------------------------------------------------------
National flag carrier Qantas Airways is not giving up on its
quest to set up low-cost carriers in Asia despite the poor
performance of its budget unit, Jetstar Asia, reports the Sydney
Morning Herald.

Qantas started hunting for new investments in the region just a
month after Jetstar Asia took over struggling Singapore-based
budget carrier Valuair.

Early this month, Qantas chief executive Geoff Dixon and finance
director Peter Gregg held informal discussions with Asia's
largest low-cost operator, Malaysia's AirAsia.

Sepculations were rife that the two are mulling a joint venture
in South-East Asia and China. Qantas was reportedly willing to
pump fresh equity into AirAsia.

However, the talks reportedly failed to progress because of the
disagreements in management control.

Qantas is already known for its hard bargaining skills, which
have been displayed on its deal to gain control of Valuair.
After pumping in extra capital to keep Valuair flying, Qantas
owns 44.5 percent of the merged Jetstar Asia-Valuair. The
Singaporean Government's investment arm, Temasek, owns about 30
percent.

Jetstar Asia's other two owners, Singaporean businessmen Tony
Chew and F.F.Wong, have had their shareholdings diluted after
declining to pump extra capital into the merged entity.

Qantas has now injected SG$51 million (AU$40 million) into
Jetstar Asia since late last year.

Meanwhile, Qantas chief financial officer Peter Gregg and
general manager airlines John Borghetti, have rejected Asian
media reports they could apply for the vacant post of managing
director of Malaysia Airlines.

Both are considered contenders for the top job at Qantas. Mr.
Dixon is expected to retire in mid-2007.

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


RNFC INVESTMENTS: To Distribute Final Dividend Aug. 31
------------------------------------------------------
RNFC Investments Pty Limited will declare a final dividend on
Aug. 31, 2005.

Creditors, whose debts or claims have not already been admitted,
are required on or before Aug. 31, 2005, to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Gavin Thomas
Liquidator
Level 9, 31 Market Street
Sydney NSW 2000


TOGETHER WITH KIDS: Members Agree to Wind Up Firm
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Together With Kids Pty Limited held on July 21,
2005, it was resolved that the Company be wound up voluntarily,
and Daniel I. Cvitanovic of Daniel I. Cvitanovic Chartered
Accountant, Level 1, 121-123 Crown Street, Wollongong NSW 2500
was appointed Liquidator of the Company at a creditors' meeting
held later that day.

Dated this 25th day of July 2005

Daniel I. Cvitanovic
Liquidator
Daniel I. Cvitanovic
Chartered Accountants
Level 1, 121-123 Crown Street
Wollongong NSW 2500


TWINCREST INVESTMENTS: Set to Pay Dividend to Creditors
-------------------------------------------------------
Twincrest Investments Pty Limited will declare a first dividend
on Sept. 2, 2005.

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

Dated this 27th day of June 2005

Jeff Herbert
Liquidator
PPB Chartered Accountants
Level 1, 5 Mill Street
Perth WA 6000


WINDJANA DEVELOPMENTS: Members, Creditors to Hear Wind Up Report
----------------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Windjana Developments Pty Ltd will be held on Sept. 7, 2005,
10:00 a.m. in the Meeting Room of HLB Mann Judd, Chartered
Accountants, Level 1, 160 Queen Street, Melbourne.

The purpose of the meeting is to lay accounts before it, showing
the manner of the winding up and disposal of Company property,
and to hear any explanation that may be given by the Liquidator.

Dated this 25th day of July 2005

C. P. White
Liquidator
C/o HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne


WOODRUFF PTY: Appoints Official Liquidator
------------------------------------------
Notice is hereby given that on July 20, 2005, the creditors of
Woodruff Pty Limited passed a special resolution to wind up the
Company, and Bruno A. Secatore of Level 7, 114 William Strret,
Melbourne was appointed Liquidator for such purpose.

Dated this 28th day of July 2005

Bruno A. Secatore
Bentleys MRI
114 William Street, Melbourne Vic 3000


ZURICH FINANCIAL: Awaits Investigation Results
----------------------------------------------
Embattled insurer Zurich Financial Services is currently
awaiting the results of an inquiry conducted by the Australian
Prudential Regulation Authority, The Age has learned.

APRA has ended the 15-month probe into Zurich Financial, which
has admitted to publishing misleading accounts and overstating
its 2000 profit by AU$61 million.

APRA is now waiting for advice from the Attorney-General about
whether to release its report to Zurich or the public. But the
regulator may decide not to release the report since it is
likely to prejudice further proceedings.

APRA first appointed an inspector to Zurich in May last year to
investigate the use of financial reinsurance contracts five
years ago. The contracts were sold to Zurich by Berkshire
Hathaway subsidiary General Re, which is the subject of a
separate APRA investigation.

They were used to prop up Zurich's balance sheet and were not
accounted for correctly in its financial statements.

APRA's report has been in draft form for months, held up by a
process known as "natural justice", which allows all parties
mentioned in the report a chance to respond.

The Australian Securities and Investments Commission (ASIC) is
conducting its own investigation into individuals involved in
preparing and signing off on the misleading accounts.

These investigations are complicated by the nature of the
financial reinsurance contracts, involving transactions with
Zurich businesses overseas.

ASIC and APRA compelled Zurich to sign enforceable undertakings
in May, and the company corrected four years of financial
statements.

CONTACT:

Zurich Financial Services Australia Ltd
5 Blue St North Sydney
NSW 2060 Australia
Web site: http://www.zurich.com.au/


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

CHINA MERCHANTS: AGM Set September 23
-------------------------------------
Notice is hereby given that the annual general meeting (AGM) of
China Merchants DiChain (Asia) Limited will be held at Basement
Function Room 1, Luk Kwok Hotel, 72 Gloucester Road, Wanchai,
Hong Kong on September 23, 2005, Friday at 11 a.m. for the
following purposes:

1. To receive and consider the audited consolidated financial
statements and the reports of the directors and auditors for the
year ended March 31, 2005.

2. To re-elect the retiring Directors and to authorize the board
of directors to fix the director's remuneration.

3. To re-appoint auditors and to authorize the board of
directors to fix their remuneration.

4. As special business, to consider and, if thought fit, pass,
with or without amendments, the following resolution as an
Ordinary Resolution:

China Merchants Dichain (Asia) Limited incurred a net loss of
HK$18.421 million in the year ended March 31, versus a net
profit of HK$14.262 million a year earlier, Infocast News
reports.

For more details go to
http://bankrupt.com/misc/tcrap_chinamerchants082905.pdf

By Order of the Board
Yu Wai Kit
Hong Kong, August 20, 2005

CONTACT:

China Merchants Dischain (Asia)  Limited
Units 3611, 36/F, West Tower
Shun Tak Centre, 168-200 Connaught Road Central
Hong Kong
Phone: 22550688
Fax: 28513660
Web site: http://www.dichainasia.com


CHINA SOUTHERN: Clarifies 1H05 Financial Results
------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
China Southern Airlines Company Limited, which is reproduced as
follows:

With reference to the 2005 interim results announcement summary
of the Company for the six months ended 30/6/2005 submitted to
the Stock Exchange of Hong Kong on 26/8/2005, the Company would
like to inform that:

"The item 'Profit/(Loss) after Taxation & MI'should be '(907)'
instead of '(1,025)' under '(Unaudited) Current Period from
01/01/2005 to 30/06/2005 (RMB million)'.  In addition, the item
'Profit/(Loss) after ETD Items should be '(907)' instead of
'(1,025)' under '(Unaudited) Current Period from 01/01/2005 to
30/06/2005 (RMB million).

Simultaneously, "The item 'Profit/(Loss) after Taxation &
MI'should be '266' instead of '469' under '(Unaudited) last
corresponding period from 01/01/2004 to 30/06/2004 (RMB
million)'.  In addition, the item 'Profit/(Loss) after  ETD
Items should be'266' instead of '469' under '(Unaudited) last
corresponding period from 01/01/2004 to 30/06/2004 (RMB
million).

All of these discrepancies were due to mere typographical errors
during the preparation of the summary version of the interim
results announcement."

CONTACT:

China Southern Airlines
Mr. Jeff Ruffolo Manager
Public Relations Office 1 -909 -734 -6141
Cellular: 1-949-278-6440
Fax: 1 -909 -734 -6144
E-Mail: RuffoloPR@aol.com
Web site: http://www.cs-air.com/en


EMPIRE PROPERTIES: Winding Up Hearing Slated for October 12
-----------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Empire Properties Development Consultants Limited by the High
Court of Hong Kong Special Administrative Region was on August
4, 2005 presented to the said Court by Bank of China (Hong Kong)
Limited (the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  AND

The said Petition is directed to be heard before the Court at
9:30 a.m. on October 12,2005. 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.

MESSRS. T. H. KOO & ASSOCIATES
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 11, 2005.


GUANGDONG KELON: Banking Facilities Fall to RMB2.35 Bln
-------------------------------------------------------
Reference is made to the announcement of Guangdong Kelon
Electrical Holdings Company Limited dated August 1, 2005, in
relation to, amongst other things, the investigation of Mr. Gu
Chu Jun and certain members of the senior management for alleged
economic crimes.

This incident affected the financing, the suppliers and
customers' confidence in the Company. The net amount of banking
facilities of the Company decreased from RMB3 billion as at
April 30, 2005 to RMB2.35 billion as at July 31, 2005.

As at the date of this announcement, the net amount of banking
facilities of the Company is approximately RMB2.36 billion, i.e.
the total amount of banking facilities minus the amount of
monies pledged/deposited in relation to such facilities. The
Company was unable to settle the amounts due to certain
suppliers and about 40% of the suppliers decreased or stopped
supplying raw materials for the production of air-conditioners
to the Company since May 2005. However, none of the suppliers
expressed that they would terminate the business relationship
with the Company.

Due to the shortage of raw materials, about 70% of the
production lines of air-conditioners were interrupted during the
period from May to August 2005. Regarding the production of
refrigerators and freezers, about 20% of the suppliers decreased
or stopped supplying raw materials to the Company since May,
2005. About 50% of its production lines of freezers and
refrigerators were interrupted during the period Subsequent to
the incident and to date, the Company has received a significant
amount of orders from international customers, thereby enabling
the Company to resume some production.

The board of directors of the Company is now pleased to announce
that the Company's principal production lines have resumed
operations gradually since 20th August, 2005 and production
levels are expected to be back to normal In order to maintain
the Company's production and operation, the Company had at the
beginning of August, established a relevant working unit with an
aim to strengthen and improve the Company's operation
management.

The working unit comprises of the Company's vice chairman and
president, Mr. Liu Cong Meng and five other members of the
Company's principal management. The special unit is responsible
for the Company's daily operation and the management of workers
so as to maintain the production of the Company. The Company
will use funding from the Company's existing Banking facilities,
payments from customers for goods sold and deposits for new
orders from customers in order to conduct its day to day
operations, including production.

The Company refers to certain press articles in early August,
2005 stating that Mr. Liu Cong Meng has said that the courts of
the PRC and the Company's banks gave support to the Company by
deferring process of relevant cases and by withholding demands
for repayment of loans. Mr. Liu Cong Meng has confirmed to the
Company that these statements represented what Mr. Liu Cong Meng
hoped will happen, but not statements of fact.

As at the date of this announcement, the Company is also
involved in pending litigation where claims of approximately
RMB552,000,000 have been made against the Company. This amount
includes: (i) claims by certain suppliers in relation to
contractual disputes for an aggregate amount of approximately
RMB189,000,000; (ii) disputes with banks in relation to loan
agreements for an aggregate amount of approximately
RMB236,000,000; (iii) disputes over invoices for an aggregate
amount of approximately RMB39,000,000; and (iv) miscellaneous
claims for an aggregate amount of approximately RMB88,000,000.

It was stated in certain press articles that there are a number
of companies, which intended to acquire from Guangdong Greencool
Enterprise Development Company Limited, the single largest
shareholder of the Company, all its interests in the Company.
The Company confirmed that it has made written enquiry to
Guangdong Greencool in relation to this but it has not received,
as at to date, any notification or reply from Guangdong
Greencool in relation to any proposed transfer or sale of its
shares in the Company.

At the request of the Company, trading in shares of the Company
was suspended with effect from 10:00 a.m. on June 16, 2005
pending the release of an announcement in relation to price
sensitive information.

Subject to the publication of an announcement in relation to the
financial, production and trading position of the Group, trading
in shares of the Company will remain suspended until further
notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman

As disclosed in the Company's announcements dated 1st, 4th and
12th August, 2005, Mr. Gu and Mr. Yan You Song are being
formally investigated by the PRC police department and are
subject to procedures adopted by the PRC police department in
connection with criminal offences. Neither of them can be
contacted as at the date hereof. The Company is not aware of
whether Mr. Zhang Hong is also currently subject to the same
procedures, but the Company is unable to contact him. As such,
Mr. Gu, Mr. Yan and Mr. Zhang Hong do not accept responsibility
for the contents of this announcement.

Foshan City, Guangdong, the PRC, 26th August 2005

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd,
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


IDM ORIENT: Court Issues Winding Up Order
-----------------------------------------
IDM Orient Services (HK) Limited whose place of business is
located at Rm 2506A, 25th Floor Nanyang Plaza, 57 Hung To Road,
Kwun Tong, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 10, 2005.

Date of Presentation of Petition: June 14, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


OCEAN ENG: Enters Bankruptcy
----------------------------
Notice is hereby given that a Bankruptcy Order against Ocean Eng
Building Materials was made on August 15, 2005. All debts due to
the estate should be paid to me.

Dated this 26th day of August 2005

LEE MEI YEE MAY
Acting Official Receiver


POLY GAINER: Receives Winding Up Notice
---------------------------------------
Poly Gainer Limited whose place of business is located at G/F,
1H, 1J & 1K, Belcher's Street, Hong Kong was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 10,
2005.

Date of Presentation of Petition: June 15, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


SHANGHAI LAND: Director Files Resignation
-----------------------------------------
Shanghai Land Holdings Limited (Receivers Appointed) announced
that Mr. Koo Hoi Yan, Donald (Mr. Koo) has tendered his
resignation as an executive director of the Company with effect
from August 25, 2005.

Mr. Koo confirmed that there are no matters that need to be
brought to the attention of the shareholders of the Company in
relation to his 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, 26 August 2005


SHANGHAI LAND: Details Settlement Proposal
------------------------------------------
On June 7, 2003, due to the uncertainties caused by the reported
arrest of Mr. Chau in the PRC, the Board of Shanghai Land
Holdings Limited obtained an order from the Court appointing,
Stephen Liu Yiu Keung and Yeo Boon Ann, as the joint and several
receivers of the Company until further order.

Upon their appointment, we have taken over the general
management and conduct of the affairs of the Company and we have
initiated and defended legal actions in Hong Kong and PRC with a
view to preserving and maximizing the value of assets of the
Company. Significant efforts have also been made to maintain the
Group's major business operations and assets in Shanghai, the
PRC.

The receivers, having examined the various developments, the
time and costs and uncertainties involved in the pursuit of
litigation by the Group against various parties, the
difficulties involved in maintaining the continued listing
status of the Company and restoring the trading of the Shares,
consider the return of the Company's capital to Shareholders
through a members' voluntary winding-up of the Company and
bringing the receivership to an end to be a practicable option.

The receivers commenced without prejudice arm's length
negotiations with representatives of Mr. Chau and BOCHK, which
led to the terms of the settlement being agreed. The Company
announced on July 27, 2005 that it entered into the Settlement
Deed on July 5, 2005 with BOCHK, BOC (HK) Nominees, New Nongkai,
the Receivers, the NNGI Receivers, Mr. Chau and Ms Mo which
involves, among other things, the winding-up of the Company by
way of a members' voluntary winding-up, the return of the
Company's capital to Shareholders by way of a distribution of
the Company's assets and a settlement of certain significant
litigation commenced by the Company and certain other claims
which the Company would otherwise proceed to litigate.

BOCHK, not a creditor of the Company, granted loan facility to
New Nongkai, which owns approximately 75% of the Company's
issued share capital. Mr Chau is beneficially interested in the
entire issued share capital of New Nongkai. To secure the loan
facility, New Nongkai pledged the shares of the Company to BOCHK
and BOC (HK) Nominees is the registered holder of approximately
75% of the issued share capital of the Company.

Subject to the provision for or payment or discharge of all
debts and liabilities of the Company, the Company's
distributable assets (after setting aside an amount of HK$36
million, being the Costs and Expenses of the Company) amounted
to approximately HK$1,920 million shall be distributed as
follows: (i) HK$480 million shall be declared and paid in cash
to the Minority Shareholders in proportion to the number of
Shares held by them; (ii) HK$1,440 million shall be declared in
favour of BOC (HK) Nominees who is the registered Shareholder of
approximately 75% of the Company's shares or to such other party
as BOC (HK) Nominees may direct. The distribution is equivalent
to approximately HK$0.629 per Share.

The distribution of HK$1,440 million declared to BOC (HK)
Nominees is made up of HK$644 million which shall be paid in
cash (equivalent to approximately HK$0.281 per Share) and a Non-
Cash Distribution at a notional value of HK$796 million
(equivalent to approximately HK$0.348 per Share) making up a
total distribution of HK$0.629 per Share.

The Non-Cash Distribution has a notional value of HK$796 million
agreed and irrevocably accepted by the Primary Parties for the
purposes of the Settlement Deed and will not be subject to any
adjustment. The Non-Cash Distribution comprises the proceeds
from the Chau Claim (if any) or any right to receive the same
(if assignable), the Great Center Claim and the entire issued
share capital of Capital Sky which owns, among other things, the
entire issued share capital of King Success which in turn owns,
among other things, the entire issued shares in and the
respective shareholders' loans to the BVI Subsidiaries which
directly own properties in the PRC. Of the notional value of
HK$796 million, HK$735 million represents the acquisition costs
of the PRC properties and the balance represents an ascribed
value to the various claims. The Non-Cash Distribution shall be
declared in favor of BOC (HK) Nominees and be made, pursuant to
the consent and direction of BOC (HK) Nominees, to New Nongkai.

Pursuant to the Settlement Deed, Mr. Chau agreed to procure
payment of HK$140 million to BOCHK. Upon receipt by BOCHK in
cleared funds of HK$140 million, the receivership over New
Nongkai will be discharged and Mr. Chau will regain control of
New Nongkai. Without any admission whatsoever on the part of any
of the Parties as to liability or as to the validity or quantum
of the claims made by or against each other, the Parties have
agreed to settle all existing or potential claims between them,
including, without limitation, the BOCHK Claim, the Chau Claim
and the Property Transactions Claims, on the terms set out in
the Settlement Deed. We believe that the Settlement Proposal is
in the best interest of the Company and the Shareholders.

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

An Independent Board Committee has been established to consider
the Settlement Proposal and to advise the Independent
Shareholders in respect of the Settlement Proposal and the
withdrawal of listing of the Company on the Stock Exchange. Tai
Fook has been appointed to advise the Independent Board
Committee and the Independent Shareholders in this regard.

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

New Nongkai, BOC (HK) Nominees, BOCHK, Mr. Chau, Ms Mo and their
respective associates holding approximately 75% of the
shareholding should abstain from voting in respect of the
resolution to approve the Settlement Proposal and the withdrawal
of listing for the purpose of the Listing Rules.

A resolution to approve the Settlement Proposal must be obtained
from at least 75% of the Independent Shareholders voting by way
of poll either in person or by proxy at the EGM. After passing
the aforementioned resolution, a special resolution to approve
the winding-up of the Company will be put to the Shareholders at
the same EGM.

A resolution will be put to the Independent Shareholders for
their consideration for the withdrawal of listing of the Company
on the Stock Exchange following the implementation of the
Settlement Proposal. In accordance with Rule 6.12 of the Listing
Rules, the approval of withdrawal of listing must be obtained
from at least 75% of the Independent Shareholders voting by way
of poll either in person or by proxy at the meeting, with the
number of votes cast against the same resolution amounting to
not more than 10% of the Independent Shareholders entitled to
vote at the Meeting.

The Primary Parties shall use their best endeavours to procure
that the Receivers be appointed as the liquidators of the
Company and ensure that the distributions are effective and
completed in accordance with the provisions of the Settlement
Deed.

The circular is aimed: (i) to give you further information on,
among other matters, the Settlement Proposal; (ii) to set out
the recommendation of the Board in respect of the Settlement
Proposal and proposed delisting of the Shares of the Company
from the Stock Exchange; (iii) to set out the recommendation of
the Independent Board Committee in respect of the Settlement
Proposal and proposed delisting; (iv) to set out the letter of
advice from Tai Fook to the Independent Board Committee and the
Independent Shareholders in respect of the Settlement Proposal;
(v) to set out the Valuation Reports performed by AG Wilkinson
and DTZ Debenham in relation to the PRC properties; and (vi) to
give you notice of EGM to consider and, if thought fit, to
approve the Settlement Proposal and the withdrawal of listing of
the Company from the Stock Exchange.

The Company has no outstanding options or securities convertible
into Shares. Trading in the Shares on the Stock Exchange was
suspended at the request of the Company with effect from 9:30 am
on 2 June 2003.

Shareholders should note that the Settlement Proposal, the
winding-up of the Company and the withdrawal of listing are
subject to a number of conditions and therefore may or may not
proceed.

For more information, go to
http://bankrupt.com/misc/tcrap_shanghai082905.pdf

Yours faithfully,
For and on behalf of
Shanghai Land Holdings Limited
(Receivers Appointed)
Stephen Liu Yiu Keung
Yeo Boon Ann
Joint and Several Receivers
Hong Kong, 27 August 2005
Registered office:
18/F, Two International Finance Centre
8 Finance Street
Central
Hong Kong


TIAN SIN: Court Releases Bankruptcy Order
-----------------------------------------
Tian Sin Zipper Company Limited whose place of business is
located at Unit 16, 11/F, Sing Win Factory Building, 15-17 Shing
Yip Street, Kwun Tong Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on August 10, 2005.

Date of Presentation of Petition: June 14, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


TOP REGION: Enters Winding Up Proceedings
-----------------------------------------
Top Region Holdings Limited Trading as Mega Home whose place of
business is located at Unit 317, Maritime Square, Tsing Yi, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on August 10, 2005.

Date of Presentation of Petition: June 14, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


VICTORY NATIONAL: Winding Up Hearing Set October 12
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Victory National Holdings Limited by the High sCourt of Hong
Kong Special Administrative Region was on August 4, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on October 12, 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.

MESSRS. T. H. KOO & ASSOCIATES
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 11, 2005.


WELL TECH: Court to Hear Petition October 5
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Well Tech Logistics Limited by the High Court of Hong Kong
Special Administrative Region was on August 2, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

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

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

ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 4, 2005.


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

INDOFOOD SUKSES: Net Profit Falls 88%
-------------------------------------
Noodle manufacturer PT Indofood Sukses Makmur reported an 88%
drop in its net profit for 2005 due to one-time expenses and
increased cost of raw materials, reports Dow Jones.

For the first six months of 2005, the Company's net profit was
posted at IDR14.5 billion, compared to IDR120.8 billion net
profit for the same period last year; this was due to a IDR287.4
billion loss on the unwinding of principal-only-swap hedging
contracts. The Company was also affected by the reducing value
of the local currency, according to analysts.

Indofood Suskes said that if not for the losses, the Company
stood to gain IDR200.7 billion in net profit. As it were, sales
for the first half of the year were flat at IDR8.6 trillion.

The Company is planning to sell a stake in its flour unit
Bogasari Flour Mills, to raise funds to reduce debt and expand
operations.

CONTACT:

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


PERTAMINA: Allocates IDR19.23 Trillion Monthly for Oil Imports
--------------------------------------------------------------
State oil and gas firm PT Pertamina is said to pay up to
IDR19.23 trillion (USD1.8 billion) every month to import crude
oil, Dow Jones reports.

According to Minnster of State Enterprises Sugiharto, Pertamina
needs funds from IDR16 trillion to IDR19 trillion on a monthly
basis just to finance its oil imports. He also added that the
government has asked the Company to orive it with a report of
its oil imports for the past three months, without saying why.

Pertamina has recently come under the spotlight for allegedly
causing a 10% rise in the U.S. dollar against the local rupiah,
due to its buying of dollars to finance oil imports. Local
demand for the precious fuel has risen in the past two years due
to stronger economic activity, but domestic oil output has
fallen.

Dealers reported that despite a move by Indonesia's central bank
to supply dollars directly to Pertamina to help boost the ailing
rupiah, the Company has entered currency markets many times in
order to buy more dollars. But Minister Sugiharto said that he
had already checked into the Company's oil import reports, and
found no evidence of "abuse" in the Company's dollar use.

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


* S&P Warns Indonesia on its Debt
---------------------------------
Rating agency Standard & Poors (S&P) said that the Indonesian
government's policy of allowing local and provincial governments
to participate further in budget decisions may lead to increased
debt and a downgraded rating, reports Bloomberg News.

Indonesia's local currency fell 3.9% last week on rising oil
prices. Indonesia imports oil and pays in dollars, which means
that a rise in global oil prices would force the country to buy
more dollars to import crude oil.

In a statement, S & P said that Indonesia has decentralized
revenue and spending power to local governments since 2001,
which is a cause for concern as it may increase the national
government's liabilities. Local & provincial governance must
improve, according to S&P Singapore public finance ratings
director Agost Benard.

He added that Indonesia must implement hard budget constraints,
so that local & provincial governments can borrow on their own
financial strength without rolling over to the central
government.

Indonesia's recent foreign currency debt is pegged at B+ by
Standard & Poors, while its local currency debt is rated BB.


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

BANK OF TOKYO-MITSUBISHI: FSA Punishes Bank Over Embezzlement
-------------------------------------------------------------
The Financial Services Agency (FSA) has issued a business
improvement order to Bank of Tokyo-Mitsubishi Ltd. after the
bank discovered a former employee had embezzled JPY990 million
from customers' accounts since 1993, Dow Jones reports.

The financial watchdog has asked the bank to report business
improvement measures to the agency by September 26. The bank has
already taken legal action against the former employee, a bank
spokesman said.

It takes the matter seriously and will take the necessary
measures to prevent any reoccurrence of such an incident, the
spokesman added.

The lender is a unit of Mitsubishi Tokyo Financial Group Inc.


JAPAN AIRLINES: Enters Alliance With Mexicana Airlines
------------------------------------------------------
Japan Airlines and Mexicana Airlines (MX) have reached a code-
share agreement based on connections in Los Angeles, which will
expand JAL's network in Mexico to four cities and provide
Mexicana with access to Tokyo and Osaka in Japan.

Under the terms of the agreement JAL will be able to code share
on daily Mexicana flights between Los Angeles and four
destinations in Mexico, Mexico City, Guadalajara - Mexico's
second biggest metropolis - and the popular tourist destinations
of Los Cabos and Cancun. In return, Mexicana will be able to
code share on daily flights operated by JAL between Los Angeles
and Tokyo and Osaka. Subject to government approval, the
agreement will come into effect on October 30 2005, with ticket
sales scheduled to start on September 20th 2005. (The code
shares are not for sale to passengers whose journey originates
in or whose final destination is Los Angeles).

Currently JAL operates a twice-weekly B747-400 service between
Tokyo and Mexico City routed via Vancouver.

With the inauguration of the new code share flights, JAL
passengers will now have the option of daily services between
Japan and Mexico.

Including passenger and cargo code-share agreements and frequent
flier tie-ups, the new code share agreement with Mexicana
Airlines increases to 27 the number of airlines with which JAL
has bilateral partnerships.

About Mexicana Airlines

Mexico's leading international airline, Mexicana Airlines has
served the Mexico- U.S. market for the past 76 years. Mexicana's
alliances provide important benefits to its passengers, such as
increased opportunities for the accrual and redemption of miles,
access to Executive Lounges worldwide, an enhanced network of
destinations and itineraries, and more efficient connections to
partner networks. Mexicana boasts one of the highest on time
performances within the industry. The fleet is considered one of
the most modern in the world and from its operations hub at
Mexico City International Airport, Mexicana flies to over 50
destinations in North, Central and South America and the
Caribbean. Mexicana­-s maintenance base is recognized as the
first and the best facility in Latin America, as well as one of
the best in the world. In 2004, Mexicana was awarded the World
Travel Award for "Central & Latin America's Leading Airline" for
the seventh year in a row. For more information, visit
www.mexicana.com

About Japan Airlines

Asia's biggest airline group, Japan Airlines ranks third in the
world in terms of total sales revenues, is the sixth largest
airline group in the world in terms of passengers carried and
eighth in the world in terms of traffic performance (revenue ton
kilometers).

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 1,200 flights a day on domestic and
international routes. (JALI, JALJ, JAA, JAZ, JTA, JEX, J-AIR,
RAC, HAC, JAC).

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.

The new agreement with Mexicana includes network expansion
which, combined with smooth connections in Los Angeles, will
greatly increase benefits to passengers' of both airlines with
better travel options and more convenience. Implementation of a
frequent flyer program (FFP) partnership is being discussed by
JAL and Mexicana, and will be put into practice once its scope
and terms are finalized.

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: http://www.jal.com/en/corporate


MITSUBISHI MOTORS: Canada Releases July 2005 Sales Figures
----------------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reported July
sales of 943 vehicles, a year-over-year sales increase of 15.4
per cent.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information: Laura Hooker, Fleishman-Hillard Canada,
Inc., (416) 645-8181, hookerl@fleishman.com

This is a press release.


MITSUBISHI MOTORS: UAW Workers Approve Contract Extension
---------------------------------------------------------
Mitsubishi Motors North America (MMNA) announced that members of
United Auto Workers Local 2488 voted on Sunday to approve a new
contract agreement.

Union members ratified the 31-month modified-contract extension
that runs through March 27, 2008 during an afternoon briefing
and balloting at Illinois State University's Bone Student
Center.

The contract extension sends a strong message about how the UAW
and MMNA are working together to position the company for long-
term success, said President and Chief Executive Officer Rich
Gilligan.

"Our partnership with the UAW is critical to our
competitiveness, and we are very pleased that the union
membership has approved this extension," Gilligan said. "We took
a very practical approach to these negotiations, recognizing
that people are our best resource in executing MMNA's
revitalization plan."

Jerry Berwanger, MMNA Executive Vice President and Chief
Operating Officer, Manufacturing Division, praised the efforts
of bargaining teams in reaching an agreement that is fair and
beneficial to both the UAW and Mitsubishi Motors North America
overall.

"This new agreement will help guarantee a climate of economic
certainty for our employees, our plant, and our community, and
allow us to continue focusing on building world-class quality
vehicles for our customers," Berwanger said. "It's an exciting
time to be at MMNA and in this business. We're proud to have the
support of our workers."

The fourth-generation, all-new Eclipse, which is assembled at
the Normal plant, has energized the entire Mitsubishi lineup
since going on sale in late May. The new Eclipse is selling at
65 percent beyond projections and closed its best month this
year in July, up 9 percent over June sales and up 140 percent
year over year. Retail sales across the product line in July
topped 10,000 units for the first time since August 2004, with
the Normal-built Galant continuing to be the volume leader.

The momentum will continue this fall when the Raider pickup
truck - assembled by DaimlerChrysler in Warren, Mich. - goes on
sale, followed next spring by the launch of the all-new Eclipse
Spyder convertible, which is assembled in Normal. Three
additional new models will be rolled out over the next 18
months.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States. Mitsubishi Motors sells coupes, convertibles,
sedans and sport utility vehicles through a network of
approximately 570 dealers. For more information, contact the
Mitsubishi Motors News Bureau at (888) 560-6672 or visit
http://media.mitsubishicars.com.

Contact:

Mitsubishi Motors North America
Dan Irvin, 309-888-8205
Web site: http://media.mitsubishicars.com


TOBU RAILWAY: JCR Affirms BBB- Rating
-------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- ratings
on the bonds of Tobu Railway Co. Limited.

Tobu Railway has restructured its group operations, allocating
the management resources to the areas along the railway lines
and spinning off and withdrawing from money-losing operations.
The effects of the restructuring paid off in bus and leisure
services in particular. Alliances with others for the
distribution business are also expected to create synergy
between the business and railway operations.

On the other hand, there are concerns over drop in gains from
condominium sales and adverse impact of Tsukuba Express on the
Company's railway and bus operations. Its financial structure is
beginning to improve thanks to the efforts to reduce the debt.
However, realization of unrealized loss and restructuring
charges are heavy, restricting improvement in the capital
structure. Tobu Railway repurchased the securitized assets in
the fiscal year through March 31, 2005.

It also drew down the deferred tax assets related to revaluation
of land in the fiscal year. JCR believes that it will write down
the golf courses and hotels to a large degree in the current
fiscal year through March 31, 2006. However, there remains risk
of incurring loss in the process of restructuring for the
future. The Company should spur its efforts to raise the cash
flow generation capability of the related business and to
strengthen the financial ground.

CONTACT:

Tobu Railway Co., Ltd.
1-1-2, Oshiage
Sumida-ku
Tokyo 131 8522
Japan
Phone: 81 3 3621 5055
Fax: 81 3 3621 5161
Web site: http://www.tobu.co.jp


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

HYUNDAI MOTOR: Losses from Strike to Reach KRW380 Bln
-----------------------------------------------------
The strike at Hyundai Motor has reached its second day and
losses are estimated to reach KRW120.7 billion, Digital
Chosunilbo said.  The loss was a result of the derailed
production of 8,403 cars.

Considering that the walk out is still on its second day,
Hyundai's losses were considered twice larger than Asiana
Airlines' KRW253 billion loss incurred from the unionized pilots
strike from July 17 to August 11.

The day and night shifts on Thursday failed to produce 2,165
units as unionists suspended work for four hours.  On Friday
workers downed tools for eight hours of the day and night shifts
and fell short 6,238 units.

Another shortage in production of 6,500 cars worth KRW100
billion would also be affected if Hyundai's union intensifies
the strike by staging an all out strike.

Also subcontractors were affected by the strike, they have been
forced to cut working hours and incur losses in connection with
labor dispute. Some 3,610 subcontractors lost KRW205 billion due
to the Thursday and Friday cut in working hours.  If the strike
continues today, losses are expected to grow to KRW380 billion.

CONTACT:

Hyundai Motor
Yangjae 2-dong Seocho-gu
Seoul, Seoul 137-938
Korea (South)
Telephone: +82 2 3464 1114
Fax: +82 2 3464 3414


LG CARD: Scores KRW1 Trillion in New Credit Line
------------------------------------------------
LG Card Co. Ltd. snagged a KRW1 trillion credit line from its
creditors, says Reuters.

The new credit would carry a 5.5 percent interest rate for up to
two years.  It was offered following LG card's recent report of
a flat default ratio in July among its borrowers. LG Card's
delinquency ratio, representing card debt and loans unpaid for
more than one month stood at 9.7 percent, unchanged from a month
earlier.

Korea Development Bank, Nonghyup, Woori Bank and Industrial Bank
of Korea were among the major lenders who extended the new
credit line.  The lenders own a combined 52.2 percent stake in
LG Card.

The card issuer has been recovering from the aftermath of a
credit card boom that collapsed in late 2002.  Later this year a
move to sell the credit card firm would likely begin.

"As our credit rating has been improving, we can use the new
credit line for short-term operating funds," said Kim Jae-hyun,
an official of LG Card's investor relations division.

Last year, LG Card's creditors extended a combined KRW4.5
trillion in debt to equity swap as part of the two joint rescue
packages.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

ACP INDUSTRIES: EGM to Take Place Next Month
--------------------------------------------
ACP Industries Berhad informed Bursa Malaysia Securities Berhad
that its Extraordinary General Meeting will be held at No. 26,
Jalan 2/6, Dataran Templer, Bandar Baru Selayang, 68100 Batu
Caves, Selangor Darul Ehsan on Tuesday, September 20, 2005 at
10:15 a.m., or immediately following the conclusion or
adjournment (as the case may be) of the 12th Annual General
Meeting of the Company, which will be held at the same venue and
on the same day at 10:00 a.m., whichever is later.

Click to view details of the Notice of EGM
http://bankrupt.com/misc/ACPIndustriesMeetingNotice082905.pdf

CONTACT:

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


ANTAH HOLDING: To Hire New Company Auditor
------------------------------------------
Antah Holding Berhad disclosed to Bursa Malaysia Securities
Berhad that its Auditors, Messrs. BDO Binder has indicated its
intention not to seek re-appointment at the forthcoming Annual
General Meeting of the Company.

A notice of nomination of Messrs. Lean Chin & Co., a member firm
of Russell Bedford International, as the Auditors of the Company
in place of Messrs. BDO Binders dated August 24, 2005 has been
received by the Company and a copy of the notice will be sent to
the firm nominated and to each person entitled to receive notice
of general meetings of the Company in accordance with the
provisions of the Companies Act, 1965.

This announcement is dated 26 August 2005.

CONTACT:

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


ANTAH HOLDING: To Extend Date of Fulfilling Conditions
------------------------------------------------------
Antah Holding Berhad (Antah) disclosed to Bursa Malaysia
Securities Berhad an upadate on the following proposals:

- Proposed Debt Restructuring;

- Proposed Two-Call Rights Issue; and

- Proposed Acquisition

(collectively, the Proposed Restructuring Scheme)

On behalf of Antah, the exchange advised that Antah and the
vendors of Westform Far East Sdn Bhd (WFE), namely Koh Tian Joo,
Tan Hui Ken and Ngiow Lee Eng had on August 26, 2005 executed a
Supplemental Share Purchase Agreement (SSPA) inter alia to
extend the cut-off date of fulfilling the conditions precedent
to December 31, 2005 or by such later date(s) as the parties may
mutually agree in writing.

The following additional conditions precedent has been inserted
in the SSPA:

"The WFE Vendors shall resolve and cause:

(a) All taxation (including deferred taxation) and penalties
imposed (if any) in relation to WFE to be attended to, resolved,
provided for and fully settled with the relevant authorities
including without limitation to filing with the authorities of
all returns, computations and payments; and

(b) All disputes, negotiations or settlements with the Inland
Revenue Board or other taxation authorities to be fully settled,
to the satisfaction of Antah at least thirty (30) days prior to
the submission of the application to the Securities Commission
(SC) for the purpose of securing the approval from the SC for
the Proposed Acquisition.

The WFE Vendors shall keep Antah informed on the status of the
taxation (including deferred taxation) and shall furnish a copy
of all such correspondences, documents and notices received
and/or communicated to the relevant authorities in relation to
the taxation (including deferred taxation) to Antah."

This announcement is dated 26 August 2005.


FABER GROUP: Issues New Shares for Listing
------------------------------------------
Faber Group Berhad advised that its additional 234,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR468,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 234,000 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, August 30, 2005.

CONTACT:

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


FARLIM GROUP: Books MYR3,009,000 Net Loss
-----------------------------------------
Farlim Group (Malaysia) Bhd furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
financial period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue

    56,987        46,538          111,442        94,633

(2) Profit/(loss) before tax

    -4,508        -3,679          -11,263         -8,985

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

    -3,009        -2,293           -8,209         -6,307

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

    -3,009        -2,293           -8,209         -6,307

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

    -2.51          -1.91            -6.84          -5.26

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

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

(7) Net tangible assets per share (RM)

        0.6800                     0.7500

Click to view a full copy of the financial report
http://bankrupt.com/misc/FarlimGroup082905.xls
http://bankrupt.com/misc/FarlimGroup082905.doc

CONTACT:

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


GULA PERAK: RAM Assigns C3 Rating to RCSN
-----------------------------------------
Rating Agency Malaysia (RAM) has downgraded the enhanced long-
term rating of Gula Perak Berhad's (Gula Perak) MYR288.82
million Redeemable Convertible Secured Notes (2003/2008)
(RCSNs), from C2(s) to C3(s). The negative rating outlook has
been maintained on the rating.

As expected, the Group had encountered difficulties in meeting
its financial obligations during the past year; some of these
obligations have subsequently been restructured with more
favorable terms.

Looking ahead, the Group will be required to meet interest and
principal obligations of more than MYR104.72 million within the
next 12 months. These comprise the MYR70 million in lieu of the
full settlement of its Redeemable Secured Bonds (RSBs) by
December 18, 2005, and another MYR34.72 million that must be
paid into the sinking fund account of the RCSNs by April 22,
2006.

The Group plans to meet these obligations via the sale of its
plantation assets (valued at MYR60 million, and solely pledged
to the RSB holders) and other assets pledged under the RCSNs,
respectively. RAM opines that the Group would find it
challenging to dispose of these assets in time and at the right
price to meet its imminent financial obligations.

During the period under review, Gula Perak's business and
financial profiles have remained weak. For FYE March 31, 2005
(FY March 2005), the Group managed a pre-tax profit of MYR2.32
million, after suffering a pre-tax loss of MYR65.84 million the
previous year; the latter had been mainly due to a one-off
restructuring cost of MYR54.19 million.

The Group recorded an operating profit of MYR5.82 million in FY
March 2005 (FY March 2004: loss of MYR0.48 million), aided by
the better performance of its hotels. Moving forward, RAM does
not expect Gula Perak's performance in FY March 2006 to differ
significantly from its current performance.

Meanwhile, the enhanced rating reflects the underlying
securities pledged vis-…-vis the Group's RCSNs - via the first
legal charge on Dynasty Hotel, Empress Hotel and Gula Perak's
development land bank; these assets have an aggregate market
value of MYR679.5 million.

According to the terms and conditions of the RCSNs, Gula Perak
is not permitted to sell these assets below their forced-sale
values. Furthermore, 70 percent of the net proceeds from the
sale of the pledged assets will be contributed to the sinking
fund mentioned earlier, specifically for the redemption of the
RCSNs, whilst the remaining 30 percent can be utilized as
working capital or for other purposes.

RAM highlights that the enhanced rating only reflects the
ultimate recovery potential for the RCSNs; it does not take into
account the timeliness of such recovery.

Elsewhere, Balqis Investment Limited (Balqis) made a conditional
offer in May 2005 to buy a 32 percent-stake from Tan Sri Lim
Cheng Pow (Tan Sri Lim), the Group's substantial shareholder and
Managing Director, at MYR0.80 apiece. This offer, which has been
accepted, is conditional upon Balqis carrying out a satisfactory
due-diligence exercise vis-a-vis Gula Perak.

The possible change in the major shareholder of Gula Perak, if
the transaction materialises, is not seen to have any immediate
impact on the Group's credit profile, which remains fragile at
this juncture. Nevertheless, RAM will continue to monitor and
evaluate further developments, and their possible impact on the
rating of Gula Perak.

Analyst
Lee Wei Kwang
(603) 7628 1021
E-mail: weikwang@ram.com.my

CONTACT:

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


HABIB CORPORATION: Shares Trading Suspended
-------------------------------------------
Bursa Malaysia Securities Berhad advised that the trading of
Habib Corp. Berhad shares has been suspended with effect from
9:00 a.m., Friday, August 26, 2005. Trading in the shares will
resume with effect from 9:00 a.m., Monday, August 29, 2005.

Your attention is drawn to the announcement dated August 26,
2005 made by Commerce International Merchant Bankers Berhad on
behalf of HABIB.

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


HONG LEONG: Buys Back 91,600 Shares
-----------------------------------
Hong Leong Industries Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: August 28, 2005

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

Total number of shares purchased (units): 91,600

Minimum price paid for each share purchased (MYR): 3.300

Maximum price paid for each share purchased (MYR): 3.320

Total consideration paid (MYR): 302,362.44

Number of shares purchased retained in treasury (units): 91,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,589,700

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

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


HUNZA CONSOLIDATION: Net Profit Narrows to MYR2,551,000
-------------------------------------------------------
Hunza Consolidation Berhad issued to Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter financial report
for the 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
    10,421        23,475          28,274         42,543
(2) Profit/(loss) before tax

    -2,481       -478              -4,662         -3,658

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

    -2,551       -541              -4,800         -3,825

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

    -2,551       -541              -4,800         -3,825

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

    -5.16       -1.10                -9.71         -7.78

(6) Dividend per share (sen)

    0.00        2.00                  0.00          2.00

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

(7) Net tangible assets per share (MYR)

         0.9600                    1.0600

To view a full copy of the financial results, click
http://bankrupt.com/misc/HunzaConsolidation082905.xls

CONTACT:

Hunza Consolidation Bhd
No. 5-3-3, Hunza Complex,
Jalan Gangsa,
Penang 11600
Malaysia
Telephone: 04-6572888
Fax: 04-6573888


PANGLOBAL BERHAD: Terminates Acquisition, Disposal of Shares
------------------------------------------------------------
PanGlobal Berhad (PGB) informed Bursa Malaysia Securities Berhad
on the approval in principle to commence preliminary
negotiations for the disposal of PGB's entire equity
shareholding in PanGlobal Insurance Berhad to OSK Holdings
Berhad.

The Company advised the Exchange that the parties are unable to
come to agreement with a concrete proposal for Bank Negara
Malaysia's consideration in relation to the said share disposal
and acquisition, in accordance with the Insurance Act 1996. The
Parties have mutually agreed to terminate further preliminary
negotiations and the relevant authority, Bank Negara Malaysia,
has been informed.

This announcement is dated 26 August 2005.

CONTACT:

Panglobal Bhd
Level 33, Menara Panglobal,
8 Jalan Sultan Ismail,
Kuala Lumpur
Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20319199
Fax: 03-20323977


POS MALAYSIA: Bourse to List, Quote new Shares
----------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 73,000 new ordinary shares of RM1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Monday, August 29, 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


PUNCAK NIAGA: Repurchases Ordinary Shares
-----------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on August 25, 2005 with the
following details:

Date of buy back: August 25, 2005

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

Total number of shares purchased (units): 503,400

Minimum price paid for each share purchased (MYR): 2.690

Maximum price paid for each share purchased (MYR): 2.690

Total consideration paid (MYR): 1,358,608.44

Number of shares purchased retained in treasury (units): 503,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,571,000

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

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


PWE INDUSTRIES: Passes All Resolutions at AGM
---------------------------------------------
PWE Industries Berhad (PWE) informed Bursa Malaysia Securities
Berhad that all the resolutions as per the Notice dated August
4, 2005 were duly passed at the Thirty-First Annual General
Meeting of the Company held at Ballroom I, Santubong Kuching
Resort, Jalan Santubong, 93748 Kuching, Sarawak on Friday,
August 26, 2005.

CONTACT:

PWE Industries Berhad
Lorong Lapangan Terbang Baru 1
Level 16 Wisma Ting Pek Khiing
93350 Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 450 908
Fax: +60 82 450 922


RCE CAPITAL: Shareholders Approve All Resolutions at AGM, EGM
-------------------------------------------------------------
The Board of Directors of RCE Capital Berhad unveiled to Bursa
Malaysia Securities Berhad the outcome of the following general
meetings of the Company:

(1) Fifty-First Annual General Meeting (51st AGM)

The shareholders of the Company have approved all the
resolutions tabled at the Company's 51st AGM held on August 25,
2005.

(2) Extraordinary General Meeting (EGM)

The shareholders of the Company have approved the Ordinary
Resolution tabled at the Company's EGM held immediately after
the conclusion of the 51st AGM.


SAAG CONSOLIDATED: Relates Financial Assistance Extension
---------------------------------------------------------
The Board of Directors of SAAG Consolidated (M) Bhd (SAAG)
informed Bursa Malaysia Securities Berhad that the financial
assistance provided by the Company during the 2nd quarter ended
June 30, 2005 to related parties as attached herewith pursuant
to Paragraph 3.0 of Practice Note No 11/2001 which is to be read
in conjunction with Paragraph 8.23 of the BMSB Listing
Requirements.

The financial assistance provided during the quarter does not
have any effect on the issued and paid-up share capital of the
Company and does not have any material effect on the net
tangible assets and earnings of the SAAG Group.

To view details of the financial assistance provided
http://bankrupt.com/misc/SaagConsolidated082905.doc

This announcement is dated 25 August 2005.

CONTACT:

SAAG Consolidated (M) Berhad
Unit 19-5, Block C1, Dataran Prima, Jalan PJU 1/41
47301 Petaling Jaya, Selangor Darul Ehsan
Telephone: 603 7884 8200
Fax: 603 7880 7958
Media Inquiries: rraveena@commsuite.com.my


SELANGOR DREDGING: Shareholders OK AGM Resolutions
--------------------------------------------------
Selangor Dredging Berhad informed Bursa Malaysia Securities
Berhad that the shareholders of the Company have at the Forty-
Fourth Annual General Meeting (AGM) approved all the resolutions
set out in the Notice of AGM dated July 29, 2005.

CONTACT:

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


TELEKOM MALAYSIA: Unveils Proposed Rationalization of Operations
----------------------------------------------------------------
Telekom Malaysia Berhad (TM) disclosed to Bursa Malaysia
Securities Berhad that its wholly owned subsidiaries, Celcom
(Malaysia) Berhad (Celcom) and Celcom Mobile Sdn Bhd (formerly
known as TM Cellular Sdn Bhd)(Celcom Mobile), have entered into
a Master Agreement for the Rationalization of Operations,
whereby Celcom will focus on providing network capacity and
services while Celcom Mobile will focus on the provision of
mobile communications services.  This rationalization follows
the successful integration of the networks of Celcom and Celcom
Mobile.

The rationalization will take effect on October 15, 2005, and
from that date onwards, the companies will operate as follows:

(a) Celcom's subscribers will be transferred to Celcom Mobile,
and the latter will provide mobile communications services and
value added services to these subscribers in addition to Celcom
Mobile's current subscriber base;

(b) Celcom Mobile will undertake all activities relating to
marketing the mobile communications services and the services
will be branded as "Celcom" products;

(c) Celcom's contracts relating to the marketing of mobile
communications services and content provision will be novated to
Celcom Mobile;

(d) Celcom will continue to manage and operate its existing
network and Celcom will provide network capacity to Celcom
Mobile pursuant to a Network Capacity and Services Agreement
which was signed concurrently with the Master Agreement;

(e) There will be no transfer of network facilities or equipment
and Celcom and Celcom Mobile will each retain their respective
individual licenses for network facilities and network services
and class license for applications services.

This rationalization will not result in any change to the
corporate structure of Celcom or any of its subsidiaries nor
will it affect the quality of services and coverage which
subscribers of Celcom and Celcom Mobile currently enjoy.

This rationalization will not have any adverse material effect
on TM's consolidated earnings for the financial year ending 31
December 2005.


TELEKOM MALAYSIA: New Shares up for Listing
-------------------------------------------
Telekom Malaysia Berhad advised that its additional 275,000 new
ordinary shares of MYR1.00 each issued pursuant to Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Monday, August 29, 2005.

CONTACT:

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


TENCO BERHAD: Sees No Progress in Default Status
------------------------------------------------
The Board of Directors of Tenco Berhad informed Bursa Malaysia
Securities Berhad that there is no material development to the
status of default payment to Lenders as announced previously on
July 29, 2005.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax:   (60) 3 541 0132


TENAGA NASIONAL: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Tenaga Nasional Bhd advised that its additional 11,523,700 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Monday, August 29, 2005.

CONTACT:

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


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

COLLEGE ASSURANCE: Needs Php7 Bln to Get Back on its Feet
---------------------------------------------------------
Embattled College Assurance Plan Phils. Inc. (CAP) would need to
pump around Php7 billion into its trust fund to secure its
dealership license and avert liquidation, The Philippine Star
relates.

Estimates prepared by the Non-Traditional Securities Department
showed that CAP needs Php7 billion to sufficiently cover its
obligations for two years.

But an official at the Securities and Exchange Commission (SEC)
said that the cash infusion must be complemented by a business
recovery program that should be faithfully complied with by CAP
to nsure continued operations. The rehabilitation plan should
detail the measures of planned courses of action to be taken by
CAP to boost ist trust fund and the organization itself for the
benefit of its plan holders.

The official said the commission remains firm in its position to
not renew CAP's dealership license unless it has secured the
required capital to boost its depleting trust fund.

CAP is currently in talks with several groups of foreign
investors, including a Hong Kong-based company for possible
equity infusion. If things go as planned, CAP expects new funds
to come in by September.

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


LEPANTO CONSOLIDATED: Scholars Say Activities Anti-environment
--------------------------------------------------------------
Three studies have found that the mining activities of
beleaguered Lepanto Consolidated Mining Company are hazardous to
the environment, according to Bulatlat News.

The studies, presented on August 24 at the Saint Louis
University (SLU) in Baguio City, said revealed that Lepanto's
activities have adversely affected the Abra River, including
plants and people on its surroundings. The studies were
conducted by doctors, engineers, professors and students from
SLU and University of the Philippines-Baguio (UP Baguio).

SLU Chemical Laboratory Officer-in-charge Engr. Josephine Dulay
studied the water quality of almost 20 sites of the Abra River,
from Mankayan, Benguet and Santa, Ilocos Sur downstream. She
said that water samples from Lepanto's mill outlet contained
0.43 milligrams per liter (mg/L) of cyanide, way above the 0.05
mg/L allowed level prescribed by the Department of Environment
and Natural Resources (DENR) Administrative Order No. 34 of the
Revised Water Usage and Classification/Water Quality Criteria.

Results of the study conducted by UP Baguio Department of
Biology Prof. Jocelyn Rafanan and Aldwin Almo on the effects of
the water sample on the root growth of onions also known as the
Allium Test showed growth inhibition and morphological effects.
Rafanan explained that the Allium Test is an established
protocol in determining the presence of chemicals and pollutants
in soil and water, which may represent environment hazard.

According to SLU College of Medicine Department of Preventive
and Community Medicine Chairperson Dr. Ana Marie Leung, aside
from the adverse effect on the river itself and plants thriving
along its banks, Lepanto's mining activities also cause harm on
residents living along the river.

It may be recalled that the company's workers are currently on
strike due to a deadlock in the negotiations for a collective
bargaining agreement (CBA).

CONTACT:

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


METRO PACIFIC: Defers Reverse Stock Split
-----------------------------------------
This is to inform the Philippine Stock Exchange and the
investing public as to the status of Metro Pacific Corporation's
(Metro Pacific) proposed reverse stock split.

At a special meeting of the Metro Pacific Board of Directors
held on December 31, 2004, a reverse stock split - increasing
the par value of Metro Pacific shares from Php1.0 to 10.0 - was
approved, pending approval by the Securities and Exchange
Commission.

While it is Metro Pacific's intention to effect such a reverse
stock split, the company has decided to defer this action to a
suitable time it deems appropriate.

CONTACT:

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


NATIONAL BANK: Lucio Tan Completes Acquisition of Majority Stake
----------------------------------------------------------------
The Lucio Tan Group represented by several companies and
individuals has completed the acquisition of the majority of the
PNB shareholdings of the Republic of the Philippines (ROP) and
Philippine Deposit Insurance Corporation (PDIC), comprising of
45,216,215 common shares and 140,817,693 preferred shares,
respectively.

The transfer of ownership was done via a special block sale
Friday at the Philippine Stock Exchange.

In accordance with the Articles of Incorporation of PNB, PDIC's
140,817,693 preferred shares were automatically converted to
common shares upon transfer to the Lucio Tan Group.

With the acquisition, the Lucio Tan Group has effectively
increased its PNB shareholdings to 77.43% constituting
443,879,707 shares.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL BANK: Confirms Resignation of Directors
------------------------------------------------
During the Executive Session of the Board of Directors on August
26, 2005, the Board of Philippine National Bank approved and
confirmed the resignations of Messrs. Ismael R. Sandig, EVP of
the Retail Banking Sector, and Federico Y. Cadiz, EVP of the
Asset Management Group, effective August 31, 2005 and September
15, 2005, respectively.

Please take note accordingly.


NATIONAL BANK: PDIC Prepares for Second Shares Sale
---------------------------------------------------
A second share sale for Philippine National bank (PNB) is
scheduled in tow weeks to raise another Php919.17 million,
according to The Philippine Daily Inquirer.

The Philippine Deposit Insurance Corp (PDIC) is preparing for
the possibly by the first week of September.

The second sale will be done as required by the privatization
law. Under the law, the government is must sell 21 million
shares to the public at the same price offered in the joint sale
of shares owned by the government and Lucio Tan group on August
16.

The 21 million shares are expected to fetch Php919.17 million at
Php43.77 per share.

In the meantime the Department of Finance (DoF) and PDIC
announced Sunday the completion of the joint sale transaction
with the Lucio Tan group. Lucio Tan remitted Php8.14 billion in
cash Sunday morning using his Allied Bank to JP Morgan, the PDIC
escrow agent worth Php1.98 billion to the National Government
and Php6.16 billion to the Bangko Sentral ng Pilipinas.

In a statement, the DoF said following the completion of the
sale, the Lucio Tan group now has 77 percent ownership interest
in PNB while the government's residual shares will be 12.5
percent.

Lucio Tan group has up until November 16 to convert its
warrants. Based on Php40 warrant exercise price, Lucio Tan will
need Php7.4 billion to convert all its warrants in PNB.

The government has 257.8 million shares in PNB consisting of
62.7 common shares for account of the government and had 195.1
million preferred shares for PDIC, while the Lucio Tan side has
257.8 million common shares and 256 million warrants.


NATIONAL POWER: Urges Meralco to Buy More Power
-----------------------------------------------
Manila Electric Company (Meralco) was asked to buy more power
from the National Power Corporation (Napocor) during off-peak
hours to take advantage of its lower electricity rates, The
Manila Standard reports.

Meralco failed to avail of Napocor's low rates during off-peak
hours because it bought less powerf from the state-owned firm
and more from its independent power producers (IPPs).

Napocor's average time-of-use (TOU) rate charge to Meralco went
up in May and June this year by Php0.3421 per kwh and by
Php0.3745 per kwh, respectively, because Meralco opted to buy
more from Napocor during peak hours.

Meralco's claim that its TOU rates are lower than Napocor's will
be put to the test if Meralco buys more of its electricity
requirements during peak hours from its own IPPs, such as First
Gas Power Corp. and Quezon Power (Phils.) Ltd. Co.

Under the TOU scheme, Napocor bills customers at its lowest
during off-peak hours (usually from 10 pm to 7 am the following
day); and the highest during peak hours (usually from 10 a.m. to
4 p.m. and from 6 p.m. to 9 p.m.).

CONTACT:

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


NATIONAL TRANSMISSION: Tokyo Electric Not Keen on Contract
----------------------------------------------------------
Tokyo Electric Power Co. (TEPCO) said it is not considering
bidding for the concession contract of National Transmission
Corp. (TransCo), says The Philippine Star. Instead, the Japanese
power giant may set its eyes upon the privatization of National
Power Corporation's (Napocor) generation companies (gencos).

TEPCO has turned its back on TransCo due to a possible conflict
of interest. TEPCO, which owns genco assets, fear that it may be
prohibited from investing in genco if it enters the TransCo
business.

TEPCO's name cropped up last year as it reportedly joined forces
with San Miguel Corp. (SMC) in bidding for Transco, which
controls the country's $2-billion power transmission highway.

TEPCO development manager for international affairs department
Takao Onuki, however, said they are still in a "wait-and-see
attitude" with regard to their participation in the genco sale
process. "Nothing is keeping us from investing, we are just in a
wait-and-see situation right now".

Though declining to identify which plant they want to buy, Mr.
Onuki said one of TEPCO's expertise is in the operation and
maintenance of natural gas-run power plants.

Aside from the possible purchase of genco assets, TEPCO is also
offering consultancy services to Transco and Napocor for
technology transfer in power reliability system to minimize
energy losses and reduction of emission.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


* Foreign Fund Eyes Troubled Firms
----------------------------------
A U.S.-based fund manager is eyeing to acquire more shares from
beleaguered Philippine banks and firms, according to Today News,
citing an official of the Union Bank of the Philippines.

Union Bank president Victor Valdepenas said Avenue Asia Capital
Group is determined to penetrate the local banking sector and
acquire troubled firms that could be bought at a discount and
later sold at a premium.

Avenue Asia is UnionBank's partner in a failed bid to acquire
majority control of the Philippine National Bank (PNB)

Avenue Asia's mandate is to make noncontrol investments in
senior debt or debt-related instruments of non-Japanese Asian
companies that are in reorganization or bankruptcy; in
industries that are in turmoil; undervalued because of other
economic conditions or extraordinary events; or in those being
sold by banks or asset management companies.

Avenue Asia is one of the major creditors of the Lopez group's
Benpres Holdings Inc. and phone subsidiary Bayan
Telecommunications Inc. Benpres has a total of US$403 million in
principal debts, half of which belongs to Bayantel.

Earlier reports also showed that Avenue Asia bought Php2.4-
billion worth of bad loans held by the Bank of the Philippine
Islands (BPI).


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

INTER METALLCO: Ordered to Wind Up Operations
---------------------------------------------
In the matter of Inter, Metallco Pte Limited, the Singapore High
Court issued a winding up order against the Company on Aug. 12,
2005, with the following details:

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

Messrs. Shook Lin & Bok
Solicitors for the Petitioner

Note:

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

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

CONTACT:

Inter Metallco Pte Limited
76 South Bridge Road
#03-00 Merchant Buiding
Singapore 058706
Phone: 65 6538 2755
Email: intermet@pacific.net.sg


MAGNUS ENERGY: Net Loss Widens
------------------------------
Magnus Energy reported a huge increase in its net loss for the
financial year ended June 30, 2005.

The Company's net loss for 2005 is SGD6.95 million, comapred to
a net loss of SGD995,000 for the same period last year.

Magnus Energy Group Limited is involved in the provision of
mechanical and electrical engineering services to the public
sector.

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

http://bankrupt.com/misc/tcrap_magnusenergy082905.pdf

CONTACT:

Magnus Energy Group Limited
22 Tagore Lane
Singapore 787480
Phone: 65 6455 3922
Fax:   65 6455 7322
Web site: http://www.magnus.com.sg/


NH CERAMICS: Posts Increase in Net Loss
---------------------------------------
NH Ceramics Limited announced that the Company reported a
significant increase in its net loss for the financial year
ended June 30, 2005.

The Company posted a net loss of SGD5 million after taxes,
against a net loss of SGD1.67 million net loss for the same
period last year.

NH Ceramics Limited, which operates through its wholly owned
subsidiary, Nam Huat Tiling & Panelling Co. Pte Ltd (NHTP), is
principally engaged as a Specialist Supplier and Stockist of
building materials including ceramics & homogeneous tiles,
marbles, slates, pavers, and a one-stop design, supply
fabrication of mosaic murals; and other finishing and building
products.

It also provides Technical Services to designers, architects,
developers and building contractors.

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

http://bankrupt.com/misc/tcrap_nhceramics082905.pdf

CONTACT:

NH Ceramics Limited
1 & 3 Tuas Ave.
8 Jurong Industrial Estate
Singapore 639217
Phone: 65 6861 2626
Fax:   65 6861 4023
Web site: http://www.namhuat.com.sg/


QB HOUSE: Creditors to Discuss Wind Up on Sept. 8
-------------------------------------------------
Notice is hereby given that a meeting of creditors of QB House
Pte Limited will be held on Sept. 8, 2005, 2:30 p.m. at Wong &
Leow LLC, #27-01 Millenia Tower, 1 Temasek Avenue, Singapore
039192, for the following reasons:

AGENDA

1. To receive the liquidators' report on the progress of the
liquidation.

2. To appoint a committee of inspection, if necessary.

3. Any other matters.

Dated this 26th day of August 2005

Ong Yew Huat
Seshadri Rajagopalan
Joint Liquidators
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315

To entitle a creditor to vote at the meeting, his proof of debt
must be lodged at the Liquidator's office not later than 5:00
p.m. on Sept. 6, 2005.

Proxies to be used at the meeting must be lodged at the
Liquidator's office no later than 5:00 p.m. on Sept. 6, 2005.

CONTACT:

QB House Pte Limited
190 Clemenceau Avenue
#05-03 Singapore Shopping Centre
Singapore 239924
Phone: 65 6339 1440


REGIONAL-BEING: Court Order Liquidation
---------------------------------------
The Singapore High Court issued a winding up order against
Regional-Being Semi-conductors Pte Limited on Aug. 19, 2005,
with the following details:

Name & address of liquidator: The Official Receiver
45 Maxwell Road, #05-11/#06-11 URA Centre
(East Wing)
Singapore 069118

Dated this 22nd day of August 2005

Unilegal LLC
Solicitors for the Petitioner

Note:

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

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

CONTACT:

Regional-Being Semi-Conductors Pte Limited
Blk 1 Rochor Road, #02-622, Rochor Centre
Singapore 180001
Phone: 65 6295 4388, 65 6299 8502
Fax:   65 6295 2128, 65 6299 8503
Email: Sales@Regional-Being.Com
Web site: http://regional-being.com/


UNITED FIBER: Still Bidding for Indonesian Paper Firm
-----------------------------------------------------
United Fiber System Limited (UFS) is committed to bidding for
Indonesian pulp and paper firm PT Kiani Kertas, even as
consortium partner JPMorgan & Chase Co. withdrew from the
consortium to bid separately for the company, reports Dow Jones.

JPMorgan and Indonesian investment firm Kingsclere Finance were
slated to buy Kiani Kertas and sell 80% stake to UFS.

According to UFS Chief Executive Officer Kishore Dass, the
Company is still interested in acquring Kiani Kertas, and will
bid for the company based on the results of the due diligence
that is currently being performed.

UFS is planning to acquire a majority stake in the Inodnesian
pAaper firm for SGD1.17 billion, with SGD335.2 million to be
paid out in cash, while the remaining SGD838 million would go to
assuming Kiani Kertas' debt.

The Company currently has a management contract to operate the
Kiani Kertas mill as soon as the deal is concluded.

CONTACT:

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


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

DATAMAT: Net Loss Balloons to THB158,334,000
--------------------------------------------
Datamat Public Co. Ltd. furnished the Stock Exchange of Thailand
(SET) a summary of its first quarter financial statement.

Datamat Public Company Limited
Reviewed (In thousands)
Ending March 31


             Year             2005              2004

Net profit (loss)             (158,334)        (32,245)

EPS (baht)                     (0.15)          (0.03)

Type of report: Unable to reach any conclusion

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

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

Bhana Swasdibutara
Chief executive officer& managing director
Authorized to sign on behalf of the company

CONTACT:

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


DATAMAT: Chairman of the Board Steps Down
-----------------------------------------
Datamat Public Co. Ltd. informed the Stock Exchange of Thailand
that the Board of Directors' Meeting held on August 25, 2005 at
6:00 p.m. resolved to:

(1) Approve the Company's the Minutes of the Board of Directors'
Meeting No. 10/2005, held July 29, 2005.

(2) Acknowledge the resignation of Mr. Weerakorn Ongsakul as
Chairman of the Board effective August 25, 2005.

(3) The Meeting resolves to approve the Company's Financial
Statements and Consolidated Financial Statement dated March 31,
2005.

Yours sincerely,

Bhana Swasdibutara
Chief Executive Officer & Managing Director




BOND PRICING: For the Week 29 August to 2 September 2005
--------------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     7
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     8
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%     5/06/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    12
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Crest Builder Holdings Bhd            7.000%      2/24/06    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Equine Capital Bhd                    3.000%      8/26/08    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Konsortium Lebuhraya                  4.000%      7/15/19   70
Konsortium Lebuhraya                  4.000%      1/15/20   69
Konsortium Lebuhraya                  4.000%      7/15/20   68
Konsortium Lebuhraya                  4.000%      1/15/21   67
Konsortium Lebuhraya                  4.000%      7/15/21   66
Konsortium Lebuhraya                  4.000%      1/14/22   64
Konsortium Lebuhraya                  4.000%      7/15/22   63
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    3
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    1
Pantai Holdings Bhd                   5.000%      7/31/07    1
Patimas Computers Bhd                 6.000%      2/19/06    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1
Tampines Assets Ltd                   5.625%     12/07/06    1
Tincel Limited                        7.400%      6/13/11    1




                            *********


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

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

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

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

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

                 *** End of Transmission ***