TCRAP_Public/050905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, September 5, 2005, Vol. 8, No. 175

                            Headlines
A U S T R A L I A

ACCENT OZ: Liquidator Set to Report Winding Up Matters
A.C.N. 094 807 459: To Declare Dividend September 9
AIR NEW ZEALAND: Launches New Service for Disabled Customers
ALTONEY PTY: Creditors OK Liquidator's Appointment
AUSTRALIASIAN TRADE: Members Agree to Close Operations

BALLS HEAD: Placed Under Voluntary Liquidation
BONLAC FOODS: Fonterra Takes Full Control
BONLAC FOODS: Ratings Raised as Fonterra Takes Full Control
CARTER HOLT: Remains On Watch Negative After Takeover Notice
CLIPPER COACH: Creditors Scheduled to Receive Final Dividend

EPAS LIMITED: Ex-exec Pleads Guilty to Lodging False Papers
EVANS PROPERTIES: To Undergo Voluntary Liquidation
GOTHIC SOFTWARE: Members, Creditors to Get Wind Up Report
IDYLLIC NOMINEES: To Distribute Dividend to Creditors
INFOVIDUAL TECHNOLOGIES: Members Opt for Voluntary Liquidation

MACE CONSULTING: Wind Up Process Initiated
MITSEADRAGON CORPORATION: Court Orders Liquidation
MUDGEE DEVELOPMENT: Liquidator to Explain Wind Up Manner
MYER LIMITED: Bidding War Brews
NEW TELECOM: Shuts Down Business

NICK'S BRICKLAYING: Members, Creditors to Meet Sept. 12
OXBARA PTY: Members Decide to Wind Up Business
SEMAAN BUILDING: Enters Liquidation
SMART-EEZ PTY: Liquidator to Give Winding Up Report
STREETWISE GROUP: Administrator Rejects ASIC's Claims

TRIONAK PTY: Set to Pay First, Final Dividend
W.N. JOHNS: Members to Receive Liquidator's Report Sept. 12


C H I N A  &  H O N G  K O N G

BANIC LIMITED: Receives Winding Up Order
CHINA CONSTRUCTION: CSFB to Underwrite Listing
CHINA SOUTHERN: Inks Pact to Purchase 10 Boeing Dreamliners
COMSEC TRAVEL: Court Accepts Petition to Wind Up
INDUSTRIAL AND COMMERCIAL: Raises US$537 Mln for Bank-run Fund

GUOTAI JUNAN: Receives CNY2.5-Bln Government Bailout
MILKING INTERNATIONAL: To Undergo Liquidation Proceedings
SENTEX INTERNATIONAL: Prepares to Shut Down Business
TARCOM RESOURCES: Court Releases Winding Up Order
TCL CORPORATION: JVs, Competition Drive Hefty Losses

TINY COMPUTERS: Issues Debt Claim Notice
WAKOMICRO TECHNOLOGIES: Holds Creditors Meeting
WEALTHMARK INTERNATIONAL: Chan So Fon Appointed Secretary
WIDE ASCENT: To Undergo Winding Up Process


I N D I A

SANYO-BPL: Set to Roll After Restructuring's Endorsement


I N D O N E S I A

BANK DANAMON: S&P Downgardes Foreign Currency Rating
BANK MANDIRI: S&P Revises Outlook from Positive to Stable
BANK NEGARA: S&P Cuts Foreign Currency Rating
PERTAMINA: Employees Busted on Fuel Smuggling Charges
* Standard & Poor's Downgrades Indonesia's Ratings Outlook


J A P A N

DAIEI INCORPORATED: Set to Close 40 More Stores
DAIEI INCORPORATED: Reaps US$3.87Bln Profit Despite Sales Drop
DAIEI INCORPORATED: Adopts Fresh Measures
DELPHI CORPORATION: Analysts See GM Extending Help
DELPHI CORPORATION: Clarifies Business Expansion Report

MITSUBISHI FUSO: To Recall 28,000 Trucks For Defects
MITSUBISHI MOTORS: Appoints New Canadian Operations Head
MITSUBISHI MOTOR: Canada Unveils August 2005 Sales
MITSUBISHI MOTORS: Dutch Unit Lays Off 368 Workers
MITSUBISHI MOTORS: August U.S. Sales Increase Year Over Year

SEIBU RAILWAY: Ex-pres Admits He Was Nominal Kokudo Shareholder


K O R E A

DAEWOO ENGINEERING: Woongjin Joins Race to Buy Stake
HYNIX SEMICONDUCTOR: Soon to Pick Lead Managers for Sale
INCHON OIL: SK Corp. Inks US$3.1-Bln Prelim Deal


M A L A Y S I A

AKTIF LIFESTYLE: Awaits SC Approval on Restructuring Scheme
ANCOM BERHAD: Buys Back 51,900 Shares  
AVANGARDE RESOURCES: Applies for Lifting of PN17 Status
AYER HITAM: Financial Status Remains Unchanged
BELL & ORDER: Awaits Decision on Court Application

BERJAYA GROUP: Issues Restructuring Exercise Update
BUKIT KATIL: Proposed Restructuring Not Finalized Yet
CHG INDUSTRIES: Awaits SC Nod on Restructuring Scheme
CYGAL BERHAD: Restructuring Plan Status Unchanged
DATUK KERAMAT: Securities Trading Suspended Until Further Notice

DISCCOMP BERHAD: Books MYR359,000 Net Loss
FOREMOST HOLDINGS: Net Loss Shrinks to MYR542,000
GEORGE TOWN: Contests Wind Up Petition Served on Unit
MAA HOLDINGS: Suffers MYR6,419,000 Net Loss in 2Q
PACIFIC & ORIENT: 2Q Net Loss Rises

PAN MALAYSIA: Net Loss Dips Further
SELOGA HOLDINGS: Q2 Loss Balloons to MYR1,696,000


P H I L I P P I N E S

COLLEGE ASSURANCE: Lodges Rehab Petition with Local Court
LEPANTO CONSOLIDATED: Clarifies Sanction, Inquiry Issues
LEPANTO CONSOLIDATED: Works to Nullify Hedging Contracts
LEPANTO CONSOLIDATED: Sets Record Date for 1:5 Rights Offering
NATIONAL TRANSMISSION: High Demand Buoys Jan-June Income

PACIFIC PLANS: RCBC Answers Charges
PACIFIC PLANS: Clients Seek Government Intervention


S I N G A P O R E

CITIRAYA INDUSTRIES: Seeks Appointment of Judicial Manager
COCO BAY: Liquidators Set Deadline for Submission of Debt Claims
HESHE HOLDINGS: Clarifies Business Times News Article
LANIER SINGAPORE: Intends to Pay Dividend to Creditors
LIANG HUAT: Still in Process of Meeting Scheme Conditions

MAGENTA COLORPRINTERS: Set to Distribute Dividend


T H A I L A N D

DATAMAT: Co-CEO Tenders Resignation
PRASIT PATANA: Changes Par Value of Share
THAI PETROCHEMICAL: Founder Wants Suspension of Dismissal

     -  -  -  -  -  -  -  -

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

ACCENT OZ: Liquidator Set to Report Winding Up Matters
------------------------------------------------------
Notice is hereby given that a final meeting of Members and
Creditors of Accent Oz Pty Limited will be held on Sept. 12,
2005, 11:00 a.m. at the offices of Pitcher Partners, Level 3, 60
Castlereagh Street, Sydney to present the Liquidator's account
before them, showing the manner of the winding up, the disposal
of the Company's property and the termination of the
administration.

Dated this 27th day of July 2005

Anthony W. Elkerton
Liquidator
C/o Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney


A.C.N. 094 807 459: To Declare Dividend September 9
---------------------------------------------------
A.C.N. 094 807 459 Pty Limited will declare a first and final
dividend on Sept. 9, 2005.

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

Dated this 26th day of July 2005

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


AIR NEW ZEALAND: Launches New Service for Disabled Customers
------------------------------------------------------------
Air New Zealand has officially introduced on September 1 a
mechanical lifting service, using the innovative Eagle2 lifting
device, to support the transfer of disabled customers to/from a
wheelchair and aircraft seat when boarding and disembarking the
airline's jet aircraft in New Zealand.

The Eagle2 device will be available from September 1 for
disabled customers traveling on Air New Zealand's jet aircraft
(including Freedom Air) from airports at Auckland, We4llington,
Christchurch, Queenstown, Rotorua, Dunedin and Palmerston North.
The device will be available for use at Hamilton Airport from
November.

The introduction of the lifting equipment follows the successful
completion of extensive trials of the Eagle prototype lifting
device undertaken by Air New Zealand earlier this year.

"Air New Zealand is proud to be one of the first airlines in the
world to offer this lifting service and is the only airline
operating within New Zealand to do so," said Group General
Manager Airlines Rob Fyfe.

"We are pleased to be able to provide a practical solution and
an additional option for those of our customers who require a
two person manual lift to transfer from their wheelchair into
the aircraft seat when traveling on our jet services - and we
are currently looking at similar options for our smaller
regional turbo-prop services," he said.

Air New Zealand has demonstrated the innovative equipment to
Hon. Ruth Dyson, Minister for Disability Issues, at Christchurch
International Airport on Wednesday prior to its official
introduction on September 1.

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/


ALTONEY PTY: Creditors OK Liquidator's Appointment
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Altoney Pty Limited duly convened and held on July 22, 2005,
members passed a Special Resolution to voluntarily wind up the
Company, and appointed M. F. Cooper to be Liquidator for such
purpose.

Creditors approved the liquidator's appointment at a creditors'
meeting held later that day.

Dated this 28th day of July 2005

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


AUSTRALIASIAN TRADE: Members Agree to Close Operations
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Australiasian Trade & Industry Periodicals Pty Limited held
on July 22, 2005, it was resolved that the Company be wound up
voluntarily, and that Bill Cotter and Dennis Offermans of
Knights Insolvency Administration, Level 3 United Overseas Bank
Building, 32 Martin Place, Sydney be and are appointed Joint &
Several Liquidators for such winding up.

Dated this 22nd day of July 2005

Bill Cotter
Dennis Offermans
Liquidators
Knights Insolvency Administration
Level 3, United Overseas Bank Building
32 Martin Place, Sydney


BALLS HEAD: Placed Under Voluntary Liquidation
----------------------------------------------
At a General Meeting of Balls Head Marine Pty Limited held on
July 25, 2005, the following Special Resolution was passed:

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

Dated this 25th day of July 2005

G. Warters
Hammond & Warters Pty Limited
98A Great North Road, Five Dock NSW 2046


BONLAC FOODS: Fonterra Takes Full Control
-----------------------------------------
Fonterra (International) Limited has on Thursday, September 1
moved to 100% ownership of all of the issued voting ordinary
shares in Bonlac Foods Limited following the cancellation of the
voting ordinary shares held by Bonlac Supply Company Limited in
Bonlac Foods Limited, and the issuing by Bonlac Foods Limited of
84,680,527 unsecured capital notes to Bonlac Supply Company
Limited, with a value of AU$1 per note in consideration for that
cancellation.

In addition, Bonlac Foods Limited announced that the following
change to officeholders have occurred:

Resignation of Directors
Mr. Noel Campbell, Mr. Robert Campbell and Mr. Kelvin Jackson

Resignation of Company Secretary
Mr. Alec Waugh

Appointment of Directors
Mr. Bruce Donnison, Mr. Peter Thorn and Mr. Mark Kennerley

Appointment of Company Secretary
Mr. Peter Thorn

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911


BONLAC FOODS: Ratings Raised as Fonterra Takes Full Control
-----------------------------------------------------------
Standard & Poor's Ratings Services Friday raised its corporate
credit and senior unsecured debt ratings on Bonlac Foods Ltd. to
'A+' after Fonterra Co-operative Group Ltd. (AA-/Stable/A-1+)
moved to full ownership of Bonlac. The outlook on Bonlac's 'A+'
rating is stable.
     
"The ratings on Bonlac were raised almost to the level of
Fonterra's because of the strong level of implied support from
Fonterra for Bonlac's outstanding debt obligations. However, the
rating is not equalized with that on Fonterra because of the
absence of a guarantee from Fonterra," said credit analyst
Anthony Flintoff, Corporate & Infrastructure Finance Ratings
group.
     
On Aug. 4, 2005, Bonlac Supply Company shareholders voted
overwhelmingly in support of the sale of their 50% shareholding
in Bonlac Foods to Fonterra for a consideration of about A$85
million in the form of capital notes. The transaction was
completed on Sept. 1, 2005.

The ratings on Fonterra reflect its flexibility in setting the
milk payout, including the effective subordination of payments
to its New Zealand supplier-shareholders for milk below payments
to other creditors; its globally competitive cost position; and
strong global trade position. These strengths are offset by its
investments in higher risk entities and countries, and exposure
to volatile global dairy product prices that are principally
denominated in U.S. dollars.


CARTER HOLT: Remains On Watch Negative After Takeover Notice
------------------------------------------------------------
Standard & Poor's Ratings Services said Friday that its 'BBB/A-
2' ratings on Carter Holt Harvey Ltd. (CHH) remain on
CreditWatch with negative implications, where they were placed
on Aug. 17, 2005.

New Zealand-based Rank Group Investment Ltd (not rated) has
lodged a Takeover Notice to purchase all of the ordinary shares
in CHH for NZ$2.50 cash per share. Current CHH majority owner,
International Paper, acceptance of the Rank Group offer will
satisfy the minimum-shareholder-acceptance conditions under the
takeover offer.

International Paper currently own 50.5% of CHH's shares. Rank
Group is expected to lodge the takeover offer documents to all
shareholders in the next two-to-four weeks.

The CreditWatch placement reflects the uncertainties surrounding
the proposed transaction, including the impact of the potential
new owner on the group's capital structure and financial
policies, and the future strategic direction of the company. If
the sale of International Paper's 50.5% share holding to Rank
Group is completed as proposed, the ratings on CHH are likely to
be lowered to non-investment grade.

This presumes that the Rank Group is funding its offer
predominantly with debt, and that the proforma consolidation
will substantially worsen CHH's financial profile. However,
there remains the possibility that a higher bid may emerge. In
either scenario, Standard &
Poor's would also seek to ascertain the likely impact that the
new owner would have on the future business mix and financial
profile of CHH.

CONTACT:

NEW ZEALAND
Carter Holt Harvey Limited  
640 Great South Road
Manukau City
Auckland 1020
Phone
From New Zealand:  09 262 6000
From Australia: 0011 64 9 262 6000
International: +64 9 262 6000
Facsimile
From New Zealand: 09 262 6099
From Australia: 0011 64 9 262 6099
International: +64 9 262 6099
   
AUSTRALIA     
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone
From Australia: 03 9823 1600
From New Zealand: 0061 3 9823 1600
International: +61 3 9823 1600
Facsimile
From Australia: 03 9823 1620
From New Zealand: 0061 3 9823 1620
International: +61 3 9823 1620


CLIPPER COACH: Creditors Scheduled to Receive Final Dividend
------------------------------------------------------------
Clipper Coach Company Pty Limited will declare a final priority
dividend on Sept. 9, 2005.

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

Dated this 8th day of July 2005

Riad Tayeh
Liquidator
de Vries Tayeh
PO Box 218, Parramatta NSW 2124


EPAS LIMITED: Ex-exec Pleads Guilty to Lodging False Papers
-----------------------------------------------------------
Mr. Terrance Robert James, a former director of EPAS Limited
(EPAS), has pleaded guilty to lodging a false document with the
Australian Securities and Investments Commission (ASIC).

The Southport Magistrates Court in Brisbane found that Mr James
lodged a false application to deregister EPAS, with ASIC, in
July 2004. Mr. James was convicted and fined AU$2,000.

At the time Mr. James lodged the false application ASIC was
undertaking civil proceedings against the company. A successful
application to deregister EPAS, the corporate trustee of the
Employees Productivity Award Superannuation Fund, would have
prevented ASIC from continuing its civil proceedings.

On 12 May 2004, Mr. James was found guilty by a Southport
District Court jury of 18 counts of breaching his duties as a
director. The charges were laid following an investigation by
ASIC. Mr. James was sentenced to three years imprisonment to be
suspended after serving 18 months upon entering into a AU$500
good behavior bond for five years.

The charges of breaches of director duties against Mr James are
separate to an earlier civil action commenced by ASIC in April
2000. The civil action is currently filed in the Supreme Court
of Queensland.


EVANS PROPERTIES: To Undergo Voluntary Liquidation
--------------------------------------------------
At a General Meeting of Evans Properties Pty Limited held on
July 25, 2005, the following Special Resolution was passed:

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

Dated this 25th day of July 2005

Sinclair Wilson
Accountants & Business Advisors
177 Koroit Street, Warrnambool Vic 3280


GOTHIC SOFTWARE: Members, Creditors to Get Wind Up Report
---------------------------------------------------------
Notice is given that a Final Meeting of the members and
creditors of Gothic Software Pty Limited will be held on Sept.
12, 2005, 3:30 p.m. at the offices of Jones Condon, Chartered
Accountants, Colmel House, 241 Stirling Street, Perth.

AGENDA:

(1) To lay before the meeting the Liquidator's account, showing
how the winding up was conducted and the property of the Company
disposed of, and to give any explanations thereof.

(2) To review and approve, if required, the Liquidator's
remuneration.

(3) To resolve any other matters that may arise during the
meeting.

Dated this 22nd day of July 2005

E. R. Verge
Liquidator
Jones Condon Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000


IDYLLIC NOMINEES: To Distribute Dividend to Creditors
-----------------------------------------------------
Idyllic Nominees Pty Limited is set to declare its final
dividend on Sept. 12, 2005.

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

Dated this 5th day of August 2005

Garry Trevor
Liquidator
Ferrier Hodgson Chartered Accountants
Level 26, 108 St. George's Terrace
Perth WA 6000


INFOVIDUAL TECHNOLOGIES: Members Opt for Voluntary Liquidation
--------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Infovidual Technologies Pty Limited held on July 27, 2005, it
was resolved that the Company be wound up voluntarily, and M. A.
Rudaks was appointed Liquidator of the Company.

Creditors confirmed the liquidator's appointment at a meeting of
creditors and contributories held that same day.

Dated this 27th day of July 2005

M. A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street
Adelaide SA 5000
Phone: 08 8236 1500
Fax:   08 8236 1555


MACE CONSULTING: Wind Up Process Initiated
------------------------------------------
Notice is hereby given that a General Meeting of the members of
Mace Consulting held on July 25, 2005, a Special Resolution was
passed to voluntarily wind up the Company, and Bruce Neil
Mulvaney of Bruce Mulvaney & Co., 1st Floor, 613 Canterbury
Road, Surrey Hills, Victoria, 3127 was appointed Liquidator for
such winding up.

Dated this 29th day of July 2005

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co.
1st Floor, 613 Canterbury Road
Surrey Hills Vic 3127


MITSEADRAGON CORPORATION: Court Orders Liquidation
--------------------------------------------------
On July 28, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Mitseadragon Corporation Pty Limited be
wound up, and appointed R. J. Porter to be Liquidator of the
Company.

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


MUDGEE DEVELOPMENT: Liquidator to Explain Wind Up Manner
--------------------------------------------------------
Notice is given that a final meeting of members of Mudgee
Development Pty Limited will be held on Sept. 12, 2005, 10:00
a.m. at Level 9, 10 Shelley Street, Sydney NSW 2000.

The purpose of the meeting is to receive the Liquidator's
accounts showing how the liquidation was conducted and the
property of the Company disposed of, and to receive any
explanation of the account.

Dated this 21st day of July 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 9338 2666
Web site: http://www.mcgrathnicol.com.au/


MYER LIMITED: Bidding War Brews
-------------------------------
Coles Myer Limited has received expressions of interest from
several companies willing to acquire its ailing department store
unit, Myer Limited, The Age reveals.

Since Coles Myer chief executive John Fletcher announced an
"internal review" to look at selling or even breaking up the
105-year-old Myer chain, around 13 parties have signified their
interest in Myer.

The retailer's advisers Carnegie Wylie have been working for the
past to generate interest, both locally and internationally for
the 61-outlet chain, which has annual sales of AU$3.1 billion.

Other potential buyers include former Coles Myer chairman
Solomon Lew, and Australian retailers David Jones and Harris
Scarfe. Both retailers are only interested in purchasing a
handful of Myer stores, rather than the whole chain.

The huge level of interest has given rise to rumors that British
supermarket giant Tesco may be interested in Myer.

South African retailer Edgars Consolidated has also expressed
"official interest" in acquiring the troubled department store
chain.

ABN Amro analyst Matt Hoult said Edgar's declaration has given
Coles Myer options. It is clearly positive that someone is
interested in buying the Myer business as a whole.

Australian shopping centre giant Westfield is landlord of the
majority of Myer stores. Westfield is believed to be interested
in buying Myer's Bourke Street property and will be an
interested party in any negotiations. The building, which
spreads from Bourke to Lonsdale Street, is wholly owned by Myer
and valued by property sources at up to AU$250 million.

A spokesman for Westfield refused to speculate on the future of
Myer's Melbourne flagship store, other than to say they are
constantly examining opportunities.

Coles Myer is expected to release an information memorandum
concerning the sale by the end of this month, and it will
include aggressive sales figures for Myer in this financial
year, according to market sources.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


NEW TELECOM: Shuts Down Business
--------------------------------
Notice is hereby given that at a Meeting of Members of New
Telecom Pty Limited held on July 25, 2005, it was resolved that
the Company be wound up voluntarily, and creditors appointed
Paul Vartelas to be Liquidator for the winding up, at a
creditors' meeting held later that day.

Dated this 25th day of July 2005

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


NICK'S BRICKLAYING: Members, Creditors to Meet Sept. 12
-------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Nick's Bricklaying Pty Limited will be held on
Sept. 12, 2005, 10:30 a.m. at 581 Princes Highway, Rockdale NSW.

The purpose of the meeting is to:

(a) Lay before the meeting an account showing the manner of the
winding up and disposal of Company property, and for the
Liquidator to give an explanation of the account; and

(b) Consider any other matters, which may be properly brought
before the meeting.

Dated this 28th day of July 2005

Grahame Hill
Liquidator
Hill's Insolvency Services Pty Ltd
581 Princes Highway, Rockdale NSW 2216
Phone: 02 9599 7945
Fax:   02 9599 7946
Email: grahame@hillsinsolvency.com.au


OXBARA PTY: Members Decide to Wind Up Business
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Oxbara Pty Limited held on July 26, 2005, it was
resolved that the Company be wound up voluntarily, and creditors
appointed Brent Kijurina to be Liquidator for the winding up, at
a creditors' meeting held later that day.

Dated this 26th day of July 2005

Brent Kijurina
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


SEMAAN BUILDING: Enters Liquidation
-----------------------------------
Notice is hereby given that at a General Meeting of Members of
Semaan Building Pty Limited duly convened and held on July 26,
2005, a Special Resolution to voluntarily wind up the Company
was passed, and P. Ngan and G. Parker were appointed Liquidators
for the winding up.

Creditors confirmed the liquidators' appointment at a creditors'
meeting held that same day.

Dated this 27th day of July 2005

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


SMART-EEZ PTY: Liquidator to Give Winding Up Report
---------------------------------------------------
Notice is given that a final meeting of members of Smart-Eez Pty
Limited will be held on Sept. 12, 2005, 10:00 a.m. at Level 9,
10 Shelley Street, Sydney NSW 2000, to present the Liquidator's
account showing how the winding up was conducted and the
property of the Company disposed of, and to hear any explanation
of such account.

Dated this 21st day of July 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 9338 2666
Web site: http://www.mcgrathnicol.com.au/


STREETWISE GROUP: Administrator Rejects ASIC's Claims
-----------------------------------------------------
The Administrator of Streetwise group of companies has shunned
attempts by the corporate regulator to blame him for allowing
the firm's founder, Kovelan Bangaru, flee the country, The
Australian reports.

The Australian Securities and Exchange Commission (ASIC) claimed
it was unable to obtain an order for Mr. Bangaru to surrender
his passport because Geoff McDonald said he was not in the
position to support an application to the court.

But Mr. McDonald explained that ASIC had a handful of complaints
from creditors about Mr. Banagru, which could have been pulled
together for the court.

Mr. Bangaru left Australia in early August owing creditors
almost AU$64 million. Seven of his companies, including
Streetwise Property & Properties, were placed in voluntary
administration in July and the collapse is under investigation
by ASIC.

In a statement circulated to creditors by email by ASIC
assistant enforcement director Jan Spiers, the regulator said
that it was concerned about statements by administrator Mr.
McDonald of accountant Hall Chadwick, which were contained in
the minutes of an August 12 meeting of creditors.

In an email reply to creditors, Mr. McDonald rejected ASIC's
statement as incorrect and offensive.


TRIONAK PTY: Set to Pay First, Final Dividend
---------------------------------------------
Trionak Pty Limited will declare a first and final dividend on
Sept. 8, 2005.

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

Dated this 11th day of July 2005

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


W.N. JOHNS: Members to Receive Liquidator's Report Sept. 12
-----------------------------------------------------------
Notice is given that a final meeting of members of W.N. Johns
(Properties) Pty Limited will be held on Sept. 12, 2005, 10:00
a.m. at Level 9, 10 Shelley Street, Sydney NSW 2000.

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

Dated this 21st day of July 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 9338 2666
Web site: http://www.mcgrathnicol.com.au/


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

BANIC LIMITED: Receives Winding Up Order
----------------------------------------
Banic Limited whose place of business is located at Shop No. 6.
G/F, Connaught Garden, No 155 Connaught Road West, 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 17, 2005.

Date of Presentation of Petition: June 20, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


CHINA CONSTRUCTION: CSFB to Underwrite Listing
----------------------------------------------
China Construction Bank's (CCB) US$5-billion overseas listing
will be underwritten by Credit Suisse First Boston, Xinhua News
reports, citing the Financial Times.

The deal, which was signed despite resistance from CCB's long-
standing adviser Morgan Stanley, would allow Swiss bank to share
in US$150 million of fees.

CCB's deputy president Chen Zuofu last week mentioned CSFB's
possible role in the float. But he dismissed reports CSFB's
parent Credit Suisse would buy up to US$500 million worth of
shares to become a third foreign investor in CCB.

CCB has secured Bank of America and Singapore's state investment
agency Temasek Holdings as strategic investors.

Bank of America, the second-biggest U.S. lender, had agreed to
pay US$3 billion for a 9 percent stake, and Temasek is ready to
invest US$1 billion to take around 5 percent of CCB, the top
property lender.

CCB submitted a formal IPO application to the Hong Kong exchange
in June. The bank is expected to raise up to US$5 billion after
offering 10 to 15 percent of its enlarged share capital.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


CHINA SOUTHERN: Inks Pact to Purchase 10 Boeing Dreamliners
-----------------------------------------------------------
China Southern Airlines announced that it has made a firm
purchase of 10Boeing 787 aircraft from Boeing.

The pact was signed at a formal signing ceremony at The China
Hotel, a Marriott Hotel, in Guangzhou.

"The 787 is the latest aircraft design concept to be
manufactured by Boeing and will be the most state-of-the-art
aircraft in the world," said Mr. Liu Ming Qi, Vice Chairman,
China Southern Airlines Co., Ltd. who signed the purchase
agreement on behalf of China's largest airline.

Commenting on the aircraft purchase, Mr. Liu said, "It is an
important strategy of China Southern Airlines to purchase the
787 aircraft in an effort to enhance its competitiveness in the
International marketplace. The signing of this 787 Purchase
Agreement also marks one step forward in the cooperative
relationship between our two companies. It is not only conducive
to improving the operation of China Southern Airlines but also
enables us to provide better services to our growing passenger
base throughout the globe."

He added that, "in doing this, we can make greater contribution
to promoting economic cooperation and trade benefits between
China and the rest of the world."

Also signing the contract were Mr. Si Xian Min, President of
China Southern Airlines; Mr. Robert K. Laird, Vice President,
China Sales, Boeing Commercial Airplanes and Mr. Zhu Hai Ping,
Vice President, China Aviation Supplies Import & Export Group.

The first 787 aircraft is slated to be delivered to China
Southern in July 2008, one month prior to the start of the 2008
Summer Olympic Games.

The balance of the delivery order is expected to be delivered to
China Southern through the remainder of the decade, ending in
2010.

China Southern's configured 787 will have seating for 223
passengers with a maximum range of 15,700 kilometers (8,500
nautical miles) and will offer outstanding flight effectiveness.

The airline plans to use the 787 on medium and long range
routes, including International routes, partly replacing current
757 aircraft.

China Southern Airlines was the first mainland carrier to
introduce the Boeing 777, 757 and 737 and it is expected that
the further introduction of the 787 series will accordingly
reduce the airline's reserve cost in its spare parts and
engines.

The largest airline in The People's Republic of China for the
past 26years, China Southern Airlines connects more than 80
cities around the globe.Major business and vacation destinations
served in China include: Beijing, Chengdu, Guangzhou, Guilin,
Hong Kong, Kunming, Shanghai, Shenzhen and Wuhan and as well as
international service, including: Amsterdam, Bangkok, Fukuoka,
Hanoi, Ho Chi Minh City, Islamabad, Kuala Lumpur, Jakarta, Los
Angeles, Manila, Melbourne, Moscow, Osaka, Paris, Penang, Phnom
Penh, Seoul, Singapore, Sydney and Tokyo.

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


COMSEC TRAVEL: Court Accepts Petition to Wind Up
------------------------------------------------
Comsec Travel Limited whose place of business is located at Rm
1201, Wu Sang Hse, 655 Nathan Road, Mongkok, Kowloon was issued
a winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
17, 2005.

Date of Presentation of Petition: June 20, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


INDUSTRIAL AND COMMERCIAL: Raises US$537 Mln for Bank-run Fund
--------------------------------------------------------------
China's top lender Industrial and Commercial Bank of China
(ICBC) has generated US$537 million for the country's first
bank-run fund, according to Xinhua News.

ICBC set up the fund venture called ICBC Credit Suisse Asset
Management Co. Ltd with Credit Suisse First Boston in July.

The company was able to raise CNY4.35 billion (US$537.1 million)
during the fund's sales period between July 26 and August 26.
The mutual fund drew the interest of both individual and
institutional buyers.

The fund venture's general manager Guo Tehua said the strong
market response reflects investors' confidence in China's
capital market.

Stock investments will account for 60 percent to 95 percent of
the mutual fund's net value while bond and cash assets will
account for 5 percent to 40 percent.

China's stock market, lifted slightly by the government's 2.1
percent revaluation of the yuan currency in July, is still down
about 9 percent so far this year, hit by government plans to
offload over US$200 billion of State holdings in listed firms.

Investors fear the sale will drive down the value of their
holdings.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


GUOTAI JUNAN: Receives CNY2.5-Bln Government Bailout
----------------------------------------------------
Central Huijin Investment has offered to bail out ailing Guotai
Junan Securities Company Limited, according to Infocast News.

Central Huijin, the investment arm of China's central bank, will
infuse the brokerage firm with CNY1 billion in fresh capital and
CNY1.5 billion in secured loans.

Guotai Junan will then issue 1 billion shares at CNY1 each to
Huijin. Upon completion, Huijin will be the second-largest
shareholder of Guotai Junan, while Shanghai State-owned Asset
Administration Corp will remain the largest shareholder.

Besides, Guotai Junan will also pledge some assets to Huijin in
exchange for a loan of CNY1.5 billion which will be used for
working capital.

Huijin had earlier offered CNY4 billion in capital injection and
loans to another broker, Shenyin & Wanguo Securities.


MILKING INTERNATIONAL: To Undergo Liquidation Proceedings
---------------------------------------------------------
Milking International Limited whose place of business is located
at Flat 603A, 6th Floor, Tower 1, Admiralty Centre, 18 Harcourt
Road, 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 17, 2005.

Date of Presentation of Petition: June 20, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


SENTEX INTERNATIONAL: Prepares to Shut Down Business
----------------------------------------------------
Sentex International Trading Limited whose place of business is
located at Flat 6, 3rd Floor, Kinglet Industrial Building, Nos
21-23 Shing Wan Road, Tai Wai, 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
17, 2005.

Date of Presentation of Petition: June 20, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


TARCOM RESOURCES: Court Releases Winding Up Order
-------------------------------------------------
Tarcom Resources Limited whose place of business is located at
Flat C, 16/F, Cindic Tower, 128 Gloucester Road, Wanchai, 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 17, 2005.

Date of Presentation of Petition: June 20, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


TCL CORPORATION: JVs, Competition Drive Hefty Losses
----------------------------------------------------
Consumer electronics giant TCL Corporation has incurred a huge
loss for the first half of the year, China Daily has learned.

The Company plunged into the red with CNY692.6 million (US$85.4
million in losses from January to June. The disappointing figure
is in sharp contrast with a net profit of CNY373 million (US$46
million) during the same period last year.

Dwindling profit margins especially in the television and mobile
phone businesses have pulled down the company's performance.

TCL's television joint venture with French company Thomson SA
and mobile phone venture with Alcatel SA are still losing money
with prices falling amid stiff competition.

The company forecast a continued loss for the third quarter due
to possible further losses to in unprofitable joint ventures,
and a sharp decline in TCL Mobile sales.

TCL's handset unit - TCL Communication - sold 4.83 million
mobile phones during the first six months, a year-on-year
increase of 10 per cent. The sales rise was mainly attributed to
its joint venture TCL & Alcatel Mobile Phone Ltd (T&A).

Hong Kong-listed TCL Communication on Tuesday reported a loss of
HK$853 million (US$109.8 million) for the first half.

TCL admitted it has been struggling to fight competition in the
global handset industry. It said it faces challenges in plans to
consolidate its handset business and raise profitability.

The company entered into agreement with Alcatel to fully
integrate T&A into the group as a wholly owned subsidiary, which
is expected to build a better foundation for achieving synergy.

TCL's other Hong Kong-listed subsidiary TCL Multimedia posted a
first-half loss of HK$96 million (US$12.4 million) on Tuesday.

CONTACT:

TCL Corporation
8/F, TCL Industrial Building,
No.6 ELing South Road HuiZhou,
GuangDong 516001,China
Phone: 86-752-2288333
Fax: 86-752-2265428
E-mail: tcl_webmaster@tcl.com
Web site: http://www.tcl.com.cn/English/


TINY COMPUTERS: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the creditors of the Tiny Computers
Pacific Limited (In Creditors' Voluntary Liquidation), which is
being voluntarily wound up, are required on or before September
10, 2005, to send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the undersigned liquidators.

If so required by notice in writing from the said Liquidators to
prove their debts and claims and to establish any title, they
may have to priority under Section 265 of the Companies
Ordinance at such time and place as shall be specified in such
notice.

In default thereof, they will be excluded from the benefit of
any distribution or dividend made after the aforesaid date or
may be excluded from objection to such distribution before such
debts are proved.

Further Notice is given that the Liquidators intend to declare
dividends to the preferential creditors after the aforesaid
date.

Dated this 26th day of August, 2005

ALVAN LIU KOWK FAI
FAN SAI YAN
Joint and Several Liquidators
Rooms 807-9, Nan Fung Tower
173 Des Voeux Road Central
Central, Hong Kong


WAKOMICRO TECHNOLOGIES: Holds Creditors Meeting
-----------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that the adjourned meeting of the
creditors of Wakomicro Technologies Limited will be held at Flat
B, 16/F., Empire Land Commercial Centre, 81-85 Lockhart Road,
Wanchai, Hong Kong on 2nd day of September 2005 at 3:00 p.m. for
the following purposes:

1. To explain the financial position of the Company.

2. To appoint, if thought fit, one person to act as Liquidator
for the purposes of the winding-up of the Company.

3. To appoint, if thought fit, not more than five person to
serve on a committee of inspection for the purposes of the
winding-up of the Company, and to review the appointment to such
committee of any persons appointed by the Shareholder of the
Company; and

4. To fix the remuneration of the Liquidator if no committee of
inspection as referred to in item (3) above is appointed.

Dated this 26th day of August 2005

Shum Tak Wah, Edward
Director


WEALTHMARK INTERNATIONAL: Chan So Fon Appointed Secretary
---------------------------------------------------------
The Board of Directors of Wealthmark International (Holdings)
Limited advised that with effect from September 1, 2005, Ms.
Chan So Fong has been appointed as the company secretary and
qualified accountant of the Company and Mr. Ko Chung Ting Peter
has resigned as the company secretary and qualified accountant
of the Company.

Ms. Chan is an Associate Member of the Association of Chartered
Certified Accountants and an Associate Member of the Hong Kong
Institute of Certified Public Accountants.

The Board would like to welcome Ms. Chan to the Company and
thank Mr. Ko for his contribution as company secretary and
qualified accountant to the company in the past.

Made by the order of Wealthmark International (Holdings)
Limited, the board of directors of which individually and
jointly accept responsibility for the accuracy of this
statement.

By Order of the Board
Wealthmark Internatiuonal (Holdings) Limited
Peter Lo
Chairman

Hong Kong, August 31, 2005

CONTACT:

Wealthmark International (Holdings) Limited
2116 Hutchison House
10 Harcourt Road,
Central, Hong Kong
Phone: 27990515
Fax: 27963712


WIDE ASCENT: To Undergo Winding Up Process
------------------------------------------
Wide Ascent Development Limited whose place of business is
located at Shop 337, B3/F, HK International Trade & Exhibition
Centre, 1 Trademark Drive, Kowloon Bay, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
17, 2005.

Date of Presentation of Petition: June 17, 2005

Dated this 26th day of August 2005

Lee Mei Yee May
Acting Official Receiver


=========
I N D I A
=========

SANYO-BPL: Set to Roll After Restructuring's Endorsement
--------------------------------------------------------
The Sanyo-BPL joint venture is set to take off with the
company's debt restructuring plans getting the Kerala High Court
approval and the marketing exercise falling in place, Sify
Business Line relates.

The much delayed starting of the 50:50 joint venture between
Sanyo and BPL is finally taking shape. The company is putting in
place its marketing strategy ahead of its launch expected within
the next couple of months. The company is planning a 2-brand
strategy with certain products allocated to the Sanyo and the
BPL brands.

"Our objective is to clearly re-establish BPL's franchise. While
Sanyo has been the technology partner for years, this will be
the first time the brand is being launched across all durable
categories," said a BPL spokesperson.

The intention is to reach immediately to consumers and the
company hopes to catch the festival season with some if not all
the product categories being launched, the spokesperson added.
The initiative would be aggressive for recapturing the market
share amid reports that the company plans to spend INR60 crore
on the exercise.

Sanyo-BPL's plans were undermined by a corporate debt-
restructuring proposal drawn out in the past three years. But
the recent approval of the plan by the Kerala High Court has
cleared almost all hurdles in the way of the joint venture.

Last year, BPL had hived off its color television business
(manufacturing units and sales and distribution network) as a
50:50 joint venture with Sanyo in a deal through which it will
get US$80 million (approximately INR322 crore).

About SANYO:

SANYO Electric Co., Ltd. is one of the world's major consumer
electronics companies. Leading the way in innovations that
expand the scope of multimedia product technology, SANYO
continues to advance business enterprise development supplying
world-class electronic products to satisfy rapidly evolving
markets. SANYO's businesses cover a broad range of multimedia
and information systems, home appliances, commercial equipment,
electronic devices, batteries and other products. SANYO's net
sales in the fiscal year ending on March 31, 2004, amounted to
2,508 billion yen (US$22.2 billion). The SANYO group is truly an
international organization, comprising 84 manufacturing
companies, 37 sales companies and 39 other companies worldwide.

About BPL Limited:

BPL Group was promoted by the founder, TPG Nambiar. The flagship
company, BPL Limited was incorporated in 1963 as a private
limited company under the name British Physical Laboratories
India Private Limited for the manufacture of electronic test and
measuring instruments in collaboration with BPL Instruments Ltd.
UK. The company further expanded into such electronic products
as medical systems and equipments, powerline carrier
communication equipments, copiers, monitors etc. Making its
foray into consumer electronics in 1982, BPL quickly established
itself as one of India's most trusted consumer durable brands.
Huge investment in manufacturing, marketing & distribution
infrastructure, and brand building have made BPL a leader in the
consumer durable industry. BPL today enjoys the highest brand
awareness amongst consumer electronics brands and also has one
of the highest preference shares in the CTV industry. BPL is
currently engaged in the production and sales of televisions,
home theatre systems, medical equipment, automotive parts,
electronic components and alkaline batteries.


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

BANK DANAMON: S&P Downgardes Foreign Currency Rating
----------------------------------------------------
Standard & Poor's Ratings Services announced on Sept. 2, 2005
that it revised the outlooks on PT Bank Danamon Indonesia's
foreign currency ratings to stable from positive (foreign
currency B+/Stable/B, local currency BB-/Stable/B).

At the same time, Standard & Poor's affirmed Bank Danamon's
rating.

The outlook revision comes after Standard & Poor's changed the
outlook on Indonesia (foreign currency B+/Stable/B, local
currency BB/Stable/B) to stable from positive.

The outlook change on the sovereign reflects increasing concern
by Standard & Poor's over the apparent inability and
unwillingness of the Indonesian authorities to address the
underlying structural causes behind the rupiah's recent rapid
depreciation.

CONTACT:

PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax:   +62 1 577 0716
Web site: http://www.danamon.co.id/


BANK MANDIRI: S&P Revises Outlook from Positive to Stable
---------------------------------------------------------
On Sept. 2, 2005, Standard & Poor's Ratings Services revised the
outlooks on PT Bank Mandiri's foreign currency ratings to stable
from positive (foreign currency B+/Stable/B, local currency BB-
/Stable/B).

At the same time, Standard & Poor's affirmed Bank Mandiri's
rating.

The outlook revision comes after Standard & Poor's changed the
outlook on Indonesia (foreign currency B+/Stable/B, local
currency BB/Stable/B) to stable from positive.

The outlook change on the sovereign reflects increasing concern
by Standard & Poor's over the apparent inability and
unwillingness of the Indonesian authorities to address the
underlying structural causes behind the rupiah's recent rapid
depreciation.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


BANK NEGARA: S&P Cuts Foreign Currency Rating
---------------------------------------------
Standard & Poor's Ratings Services revised the outlooks on PT
Bank Negara Indonesia's foreign currency ratings to stable from
positive (BNI; foreign currency B+/Stable/B, local currency
B+/Positive/B) on Sept. 2, 2005.

At the same time, Standard & Poor's affirmed Bank Negara's
rating.

The outlook revision comes after Standard & Poor's changed the
outlook on Indonesia (foreign currency B+/Stable/B, local
currency BB/Stable/B) to stable from positive.

The outlook change on the sovereign reflects increasing concern
by Standard & Poor's over the apparent inability and
unwillingness of the Indonesian authorities to address the
underlying structural causes behind the rupiah's recent rapid
depreciation.


PERTAMINA: Employees Busted on Fuel Smuggling Charges
-----------------------------------------------------
Local police arrested some PT Pertamina employees, allegedlly
involved in fuel smuggling in the Company's Riau and Surabaya
plants, reports Dow Jones.

According to National Police Chief Sutanto, police arrested six
or seven Company employees on charges of fuel smuggling, though
he didn't eleaborate further.

The Company's spokesman could not be reached to comment.

The arrests are the result of Indonesian president Susilo
Bambang Yudhoyono's promise to eliminate fuel smuggling
operations nationwide, after the launching pf a policy package
to boost the local currency earlier this week.

The country's subsidized fuel prices may have indirectly created
a fuel smuggling network to transport fuel to nearby states
where prices are much higher.

Earlier in June, six Taiwanese men were arrested by police for
attempting to smuggle 528 metric tons of diesel out of
Indonesian via a Java port.

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


* Standard & Poor's Downgrades Indonesia's Ratings Outlook
----------------------------------------------------------
On Sept. 2, 2005, Standard & Poor's Ratings Services affirmed
its 'B+' long-term foreign and 'BB' long-term local currency
sovereign credit ratings on the Republic of Indonesia, and
revised its outlook on the ratings to stable from positive.
Standard & Poor's also affirmed its 'B' short-term sovereign
credit ratings on Indonesia.

The outlook change reflects the ratings service's growing
concern over the Indonesian authorities' apparent inability and
unwillingness to address the underlying structural causes behind
the rupiah's recent rapid depreciation. The government's
unsustainably high fuel subsidies, which exacerbate consumption
and import demand, coupled with the central bank's reticent
approach to the challenges of inflation and rising global
interest rates have cuased the local currency to fall by 5% in
the past month.

According to Standard & Poor's credit analyst Agost Bernanrd,
policy responses to renewed bouts of currency weakness have
tended to be slow, reactive, and incremental over the past year.
He added that the inability to craft and implement appropriate
policy measures leaves fiscal and external balances exposed in a
rapidly evolving environment, such as that of the golbal energy
market. It could threaten to undo macroeconomic stability that
has been achieved in recent years.

Fuel subsidies potentially rising to 5.3% of GDP this year from
just under 3% of GDP last year pose a direct threat to the
budget. Moreover, as the price of refined oil (which Indonesia
imports) rises faster than that of crude (which it exports),
this translates into bigger losses to both the budget and the
trade account. With a high level of overall and external
indebtedness (net general government debt of 61% of GDP and net
general government external debt of 57% of current account
receipts), a weaker currency and rising domestic interest rates
will push up debt servicing costs from a currently moderate
level of about 16% of revenue, further constraining Indonesia's
hitherto solid progress in fiscal consolidation.

Mr. Benard explained that, in response to these emerging
challenges, President Susilo Bambang Yudhoyono's Aug. 31, 2005,
address fell well short of expectations of concrete and
immediate steps to address the subsidy issue, thereby
reinforcing market perceptions of indecision and lack of ability
to formulate and implement responses to shocks in a timely
manner. While the vague promise of a subsidy reduction "after
October" in an announcement and Bank Indonesia's 75 basis point
rate hike on Aug. 30 appear to have bought the administration
some time, the continued absence of a detailed and comprehensive
policy tack means the currency, and with it fiscal and external
balances, will continue to be highly vulnerable in the near
term.

Standard & Poor's said that aside from its apparent policy
weaknesses, Indonesia's medium-term economic prospects and
credit fundamentals remain favorable. The stable outlook
reflects improved political stability, the faster pace and
broadening character of economic growth underpinned by
increasing foreign direct investment, adequate external
liquidity, and positive perceptions on fighting corruption and
improving the investment climate.

"The positive outlook could be restored by credible and timely
policy action to alleviate distortions (particularly the fuel
subsidy) that cause downward pressure on the currency and
threaten both external balances and the budget," Mr. Benard
noted. "Conversely, should lack of political will and/or policy
coordination result in the continued absence of remedial actions
that are both timely and appropriate in addressing fundamental
causes of currency volatility, the outlook could be revised to
negative," he concluded.


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

DAIEI INCORPORATED: Set to Close 40 More Stores
-----------------------------------------------
Ailing supermarket chain operator Daiei Inc. plans to shut down
forty more loss-making outlets across Japan to open 100 new
stores in the Tokyo metropolitan area and Kansai region, NamNews
reports.

The company's corporate restructuring plan is supported by the
government-owned Industrial Revitalization Corporation of Japan
(IRCJ).

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


DAIEI INCORPORATED: Reaps US$3.87Bln Profit Despite Sales Drop
--------------------------------------------------------------
Daiei Incorporated incurred a net profit of JPY434.75 billion
(US$3.87 billion) for the March-May quarter, but its profit was
exaggerated by a total of JPY400.4 billion in debt waivers its
creditors conducted in March, Namnews reports.

Group operating revenue in the same period fell 8.3 percent to
JPY424.95 billion from JPY463.44 billion a year earlier.

A recovery in sales is crucial for Daiei, which is restructuring
its operations under the guidance of the government-backed
Industrial Revitalization Corp. of Japan.


DAIEI INCORPORATED: Adopts Fresh Measures
-----------------------------------------
Daiei Incorporated has put in place measures to improve the
freshness of fruits and vegetables sold at its outlets, The
Japan Tines reveals.

The campaign started in mid-June after the struggling retailer
found that lack of freshness was one of the most unpopular
aspects of its 387 outlets that handle fruits and vegetables.

Daiei hopes the efforts will help it regain consumer trust and
boost sales.

According to Daiei officials, a team reporting directly to
Higuchi was set up on June 10 to come up with ways to improve
freshness of its produce.

Among the measures proposed were ensuring that outlets sell off
all fruit and vegetables on the day the produce is shipped to
the stores, and increasing procurement from markets that are
closer to each store.


DELPHI CORPORATION: Analysts See GM Extending Help
--------------------------------------------------
In a bid to ensure smooth launches of its vehicles, embattled
General Motors Corporation is likely assist in the bail out of
beleaguered parts supplier Delphi Corporation, according to
analysts.

But analysts told Reuters that despite the possible positive
move, Delphi, GM and the unions representing Delphi workers will
fail to reach a deal in the time Delphi has allotted, and
Delphi's U.S. operations may file for bankruptcy.

Goldman Sachs analyst Robert Barry noted the market is bullish
GM will offer assistance to its former captive supplier, Delphi.
He added, however, that bankruptcy risk cannot be ignored.

GM spin-off Delphi earlier said it must cut high U.S. wage and
benefit costs and would consider a Chapter 11 bankruptcy filing
if it cannot reach an agreement with both GM and its unions to
restructure U.S. operations out of court.

Delphi has not set a formal deadline, but Chief Executive Robert
"Steve" Miller has said U.S. bankruptcy law changes that take
effect Oct. 17 will be unfavorable to debtors.

In a presentation to analysts at GM headquarters in Detroit on
Tuesday, GM Chief Financial Officer John Devine said GM wants to
be as constructive as possible and is focused on what would be
best for GM and GM shareholders.

Merrill Lynch analyst John Casesa said Devine's remarks
suggested GM will work with Delphi to avoid bankruptcy, but
cannot rule it out. Mr. Casesa expects a deal by mid October.

GM's spin-off agreement with Delphi requires GM to assume
retiree obligations for United Auto Workers members through
September 2007 if Delphi cannot shoulder those costs.

GM and Delphi have not said how much the obligations would cost
GM and estimates have varied widely.

Deutsche Bank analyst Rod Lache in early August said GM would be
liable for at least US$2.4 billion of cost should Delphi file
for bankruptcy, while the Detroit News said that HSBC Global
Research analyst John Kollar had summed the GM obligation at up
to $9 billion in a note last week.

GM, Delphi and the UAW International have provided little
information on the discussions. However, UAW local units have
told members in newsletters that Delphi seeks US$2.5 billion of
cuts in wages, pensions, health care and job rules changes.

According to one local unit, UAW Vice President Richard
Shoemaker said he did not know whether it would be possible to
prevent a Delphi bankruptcy given the short time frame Delphi
has allotted to reach an agreement with the unions and GM. Mr.
Shoemaker, a top UAW negotiator, also said Delphi told the UAW
that it would have to start in early September to prepare for a
potential Chapter 11 filing by mid October.

CONTACT:

Delphi Corporation

Asia Pacific Regional Headquarters
Shinjuku Nomura Bldg. 31F
Mail Box 3015
1-26-2 Nishi-Shinjuku
Shinjuku-ku, Tokyo 163-0569
Japan
Phone: [81] 42.549.7200
Fax: [81] 42.542.3018

World and North American Headquarters
5725 Delphi Drive
Troy, Michigan 48098-2815
USA
Phone: [1] 248.813.2000
Fax: [1] 248.813.2670


DELPHI CORPORATION: Clarifies Business Expansion Report
-------------------------------------------------------
In the news release, Delphi Grundig Expands Business Activities,
issued Monday, Aug. 29 by Delphi Corp. over PR Newswire, we are
advised by the company that there are changes to the release.
Complete, corrected release follows:

Delphi Grundig, created from the Delphi Corp. (NYSE: DPH - News)
acquisition of Grundig Car Intermedia System in 2003, is
expanding its business activities and enhancing its existing
portfolio to include safety systems, parking aids and hands-free
sets.

"We are pleased to be able to add new products to the Delphi
Grundig brand in order to strengthen and extend our automotive
portfolio on a long term basis. This will considerably enhance
our expertise as a strong partner for the automotive industry
and the trade sector," said Michael Boe, European Business Line
Director Consumer Electronics, as he described the future
outlook.

Delphi Grundig becomes wireless -- the new Bluetooth hands-free
set HFK200

Over the past few years Bluetooth has revolutionized wireless
communication. Thanks to this technology, linking up computers,
mobile phones, PDAs and smart phones has become mere child's
play. Bluetooth is playing an increasingly important role,
especially in the automotive sector. Delphi Grundig has utilized
these technologies to develop the Bluetooth hands- free set
HFK200.

A Bluetooth-compatible mobile phone can therefore safely stay in
the bag, in the glove compartment or in the boot of the car when
traveling. The HFK200 mainly comprises three components -- a
black box, an extremely small microphone and a separate control
button which can be positioned anywhere within the driver's
reach. The Installation is extremely easy.

The Delphi Grundig HFK200 is simply connected to an existing car
radio and uses the car's sound system to provide better
acoustics. The real benefits of the Delphi Grundig HFK200 become
apparent as soon as it is put into use. Telephone calls are
answered automatically and are transmitted with extreme clarity
via the sound system's loudspeakers. The car radio is muted when
a call is received and it is reset to the original volume after
the call has finished -- without the driver having to take
his/her hands off the steering wheel. The voice recognition
function can be used to dial numbers stored in the mobile phone
using your own voice.

The control button facilitates additional functions, which can
be positioned virtually anywhere. Using this button, the call
volume can be controlled, the mobile phone voice control
function can be activated and deactivated, and the mailbox can
be managed. In addition, key words for simplified number dialing
and the operating language of the new Delphi Grundig HFK200 can
also be configured.

The new Delphi Grundig Bluetooth hands-free set HFK200 helps
enable safe driving, while keeping you connected and is
available now at specialty stores in Europe.

Further information can be found on the Internet under
http://www.delphi.comor http://www.delphigrundig.com

This is a company press release.


MITSUBISHI FUSO: To Recall 28,000 Trucks For Defects
----------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation said it will recall
28,000 trucks that may have defective electrical wiring, Kyodo
News reports.

In a company disclosure to the transport ministry, the carmaker
said the wiring error might cause a short circuit in the Fuso
Canter and Fuso Canter Guts trucks made between March 2001 and
February 2003.

The problem is one of the 15 cases the truck maker admitted in
June that it had intentionally delayed making public. The
ministry had questioned the company's executives over the issue.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Konan, Minato-ku
Tokyo, 108-8285, Japan
Phone: +81--3-6719-4821
Fax: +81-6719-011
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Appoints New Canadian Operations Head
--------------------------------------------------------
Mitsubishi Motors Corporation announced that Paul Cummings has
been appointed President and CEO of Mitsubishi MotorSales of
Canada Inc. (MMSCAN).

"We're very pleased to have Mr. Cummings on board to lead our
successful operations in the rapidly expanding Canadian market,"
said Osamu Masuko, President of Mitsubishi Motors Corporation.
"Mitsubishi is committed to Canada, and Mr. Cummings' depth of
experience and leadership skills will be a key asset as we build
on our current momentum in this important market."

"I'd also like to acknowledge Tony Laframboise," continued Mr.
Masuko. "His capable interim stewardship of the company enabled
us to search thoroughly for the right candidate for this
position."

Mr. Cummings becomes the second person to lead MMSCAN in a
permanent capacity and arrives during a prosperous period for
MMSCAN. Sales are strong and will very likely exceed the 12,000
unit target set for this year. The company's dealer network is
expanding, from 18 dealerships just three years ago to more than
50 today. New vehicle models, such as the groundbreaking 2006
Eclipse, are among the most sought after in the industry.

Born and raised in Ontario, Mr. Cummings' career in the
international automotive industry began with a position at Ford
Motor Company in Oakville in 1988. He subsequently held
positions with Volvo, starting as a business manager in 1993 and
was appointed President and CEO, Volvo Cars of Canada Ltd. in
January 2001. Additionally, Mr. Cummings assumed responsibility
for Volvo Auto de Mexico in 2003.

Under Mr. Cummings' leadership, Volvo successfully established a
strong and popular brand; achieved record profitability and
sales figures in successive years, despite tough market
conditions; and reduced operating expenses.

"I'm delighted to accept this position at Mitsubishi Motor Sales
of Canada Inc.," said Mr. Cummings. "Mitsubishi is currently one
of the hottest automotive brands in the country, and I believe
that we can capitalize on this momentum and further grow the
brand in the months and years ahead. The very positive reception
among car buyers of recently launched vehicles like the

2006 Eclipse reinforces the company's commitment to Canada. I'm
looking forward to bringing other great new models into this
market, year after year."

Mitsubishi Motor Sales of Canada Inc. oversees a network of more
than 50 dealers that sell the company's Lancer, Galant, Eclipse,
Eclipse Spyder, Outlander, Endeavor and Montero. The Raider
pick-up truck will arrive on lots in 2006. The company's "Best
Backed Cars in the World" program is a key element of its value
proposition. The ten-year, 160,000 kilometre limited power train
warranty, the five-year, 100,000 kilometre limited new vehicle
warranty and the five-year unlimited kilometre roadside
assistance program all reinforce the statement that the company
stands behind its vehicles and gives consumers a strong reason
to put a Mitsubishi in their garage.

About Mitsubishi

MMSCAN is a wholly owned subsidiary of Mitsubishi Motors North
America, Inc. the North American administrative organization
connected to the individual sales and manufacturing companies.

For further information: Nick Pecoskie, Anne Lachance,
Fleishman-Hillard, Toronto, (416) 214-0701

This is a company press release.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MITSUBISHI MOTOR: Canada Unveils August 2005 Sales
--------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reports August
sales of 1048 vehicles, a year-over-year sales increase of 25.5
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: Nick Pecoskie, Fleishman-Hillard
Canada, Inc., (416) 645-3653, pecoskin@fleishman.com

This is a company press release.


MITSUBISHI MOTORS: Dutch Unit Lays Off 368 Workers
--------------------------------------------------
Mitsubishi Motor Corp.'s Dutch subsidiary NedCar BV lay off 368
workers Wednesday, The Associated Press reports.

An additional 300 workers were assigned to a retraining program
whereby they will eventually move to other companies, said
spokeswoman Liz Tans, leaving the company with around 2,500
employees.

Japanese media reported that Mitsubishi is in talks with Daimler
to sell some or all of Nedcar.

NedCar was founded in 1991, but the plant itself exists since
1968. In March 2001 the factory became a 100 percent daughter
company of Mitsubishi Motors Corporation. The current portfolio
consists of the Mitsubishi Colt and Colt CZ3/Colt CZT, which are
built for Mitsubishi Motors Corporation. For DaimlerChrysler
NedCar builds the smart forfour.

CO0NTACT:

NedCar BV
Liz Tans, Manager Communications
Phone: +31 (0)46 4894557 or +31 6 5155 7740
E-mail: ltans@nedcar.nl
Web site: http://www.nedcar.nl


MITSUBISHI MOTORS: August U.S. Sales Increase Year Over Year
------------------------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported August
sales of 10,945 units -- a two percent increase from August
2004's sales volume and a five percent increase from July 2005.
This represents the best year-over-year performance in two
years.

"August sales are a clear indication that consumers are
responding extremely well to our exciting new Eclipse and our
full line of products," said David Schembri, executive vice
president of sales and marketing at Mitsubishi Motors North
America. "In addition, our new advertising campaign using the
tagline 'Driven to Thrill' is resonating strongly with
consumers. We're positioned well to launch the new Raider this
fall as we enter the mid-size truck segment."

Galant was the volume leader in August, with 3,528 units sold
and up 40 percent from last month, as well as 16 percent up from
last year. The Eclipse closed with 2,324 units sold in August --
up 163 percent from last year and 36 percent year to date.
August also was the best month ever for MMNA's award-winning
product, the Lancer Evolution, with 617 units sold.

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
media.mitsubishicars.com.

This is a company press release.

CONTACT:

Mitsubishi Motors North America, Inc
6400 Katella Ave.
Cypress, CA 90630-0064  
Phone: 714-372-6000
Fax: 714-373-1020


SEIBU RAILWAY: Ex-pres Admits He Was Nominal Kokudo Shareholder
---------------------------------------------------------------
Former Seibu Railway Co. President Hiroyuki Toda said he was not
the real owner of Kokudo Corp. shares, according to Japan Times.

In a document filed Thursday last week with the Tokyo District
Court, Mt. Toda admitted he was just a nominal shareholder in
Kokudo, a core member of the controversial Seibu Railway Group.

Mr. Toda told the court that he is not an actual shareholder of
Kokudo and that he had "no idea" to whom the stocks supposedly
in his possession actually belong.

The Seibu group went into crisis after discovery it falsified
financial statements on Kokudo's shareholdings in Seibu Railway,
which was subsequently delisted from the Tokyo Stock Exchange
December last year.

Kokudo's management insists that Kokudo itself did not have such
nominal shareholders. However, Mr. Toda and 13 other
shareholders have so far submitted statements to the court
claiming they do not consider themselves as real shareholders in
Kokudo.

Mr. Toda and the others submitted the statements in response to
an inquiry from the court dealing with a lawsuit filed against
Kokudo's management, including Mr. Toda, by Yuji Tsutsumi, a son
of Seibu group founder Yasujiro Tsutsumi, who insisted that most
of the outstanding Kokudo shares in fact belong to the Tsutsumi
family.

Meanwhile, the Seibu Railway group hopes to implement a
reconstruction plan under which it will raise JPY160 billion in
capital for a holding company that could be launched in February
to own Seibu Railway and a hotel and resort company.

The group intends to hold a shareholders' meeting within this
year to obtain approval for the reconstruction plan, but
analysts say Mr. Toda's and the 13 other Kokudo shareholders'
statements may adversely affect debate on the proposal.

CONTACT:

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


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

DAEWOO ENGINEERING: Woongjin Joins Race to Buy Stake
----------------------------------------------------
Woongjin Group plans to buy into Daewoo Engineering and
Construction Co. and other South Korean financially troubled
construction firms, The Korea Times revealed.

The Group, considered as one of Korea's top 30 conglomerates is
in talks with Daewoo Engineering, Ssangyong Engineering, Kun
Young and Kukdong Engineering and Construction.  The said firms
have been up for sale due to liquidity problems.

Many investors are attracted to Daewoo which is valued at around
KRW2 trillion. Participating in the raise for Daewoo Engineering
are, Daeju Construction, a Kwangju-based medium-sized builder,
and the Military Mutual Aid Association, a state-run savings
agency for military officers.

Chairman of Woongjin, Yun Seokkeum poured in personal assets of
KRW200 billion for the bidding.  In July Mr. Yun released some
KRW120 billion by selling his stake in Woongjin's subsidiaries.  
The company targets KRW1 trillion in funds to acquire Daewoo.

"We are reviewing all conditions to expand our construction
business. Depending othe circumstances, we can take over more
than two firms," a Woongjin official said.

In order to ease the financial burden of buying Daewoo
Engineering and other large firms, the company is mulling a
consortium with its business partners.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web: http://www.dwconst.co.kr


HYNIX SEMICONDUCTOR: Soon to Pick Lead Managers for Sale
--------------------------------------------------------
Lead managers for the sale of Hynix Semiconductor Inc. will soon
be chosen for its stake sale estimated to be worth US$2 billion,
Reuters reports.

Hynix creditors plan to dispose of 22.8 percent out of the 73.8
percent stake they own.  But timeframe for the disposal has yet
to be set.

According to a spokeswoman for Korea Exchange Bank, Lee Nahm-
yon, proposals poured in both from local and foreign brokerages
as well as investment banks.  However, Ms. Lee did not specify
the number of applicants.

"We will make efforts to select lead managers for the sale of a
Hynix stake in the near future. But a concrete timetable for the
mandate has not been decided yet," she said.

Hynix is the second largest memory chipmaker, behind Samsung
Electronics Co. Ltd.

CONTACT:

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


INCHON OIL: SK Corp. Inks US$3.1-Bln Prelim Deal
------------------------------------------------
A US$3.1-billion preliminary deal for the purchase of Inchon Oil
Refinery was signed Friday by SK Corp. reveals Reuters.

On August 19, SK Corp. was picked as the top bidder for Inchon.  
The acquisition of Inchon Oil was part of SK's expansion
strategy to take advantage of the limited refining capacity the
global market faces.  The buy would also boost SK Corp.'s
refining capacity by a third.

"Should the acquisition become finalized, SK would secure the
fourth-largest production capacity in the Asia Pacific and it
will be able to better service the entire region's energy
needs," SK said in a statement.

SK Corp. planned to export the majority of Inchon's refined
products to China, it said.

The deal would also enable SK to own 90 percent of Inchon, as it
includes KRW1.6 trillion worth of bond purchases and a paid-in-
capital increase of a further KRW1.6 trillion.

SK still has to gain the approval of the country's antitrust
regulator, so the final deal would take about four months to
materialize.  

CONTACT:

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


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

AKTIF LIFESTYLE: Awaits SC Approval on Restructuring Scheme
-----------------------------------------------------------
With reference to Aktif Lifestyle Corporation Bhd's announcement
made on August 17, 2005, wherein it was announced that the
proposed restructuring scheme had been submitted to the
Securities Commission for approval on August 16, 2005.

Save for the above, there have been no material developments to
date in respect of the proposed restructuring scheme.

This announcement is dated 1 September 2005.

CONTACT:

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


ANCOM BERHAD: Buys Back 51,900 Shares  
-------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad details
of its shares buy back on September 1, 2005.
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 51,900

Minimum price paid for each share purchased (MYR): 0.655

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 51,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,435,700

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

CONTACT:

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


AVANGARDE RESOURCES: Applies for Lifting of PN17 Status
-------------------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005, Avangarde
Resources Berhad advised the following development since the
last announcement on August 1, 2005 relating to the Company's
plan to regularize its condition.

In August 2005, the Company's wholly owned subsidiary, Align
Metro Sdn. Bhd. (AMSB) has been awarded a contract works for a
contract sum of MYR1.2 Million and has also been appointed as
sales agent for building materials.

Upon achieving a turnover of MYR2.2 million which represents
more than 5 percent of the issued and paid-up capital of the
Company of MYR43.75 million, the Company will apply to Bursa
Malaysia Securities Berhad for the uplifting of the Company from
PN 17/2005 status.

This announcement is dated 1 September 2005.


AYER HITAM: Financial Status Remains Unchanged
----------------------------------------------
On August 17, 2005, Avenue Securities Sdn Bhd had on behalf of
Ayer Hitam Tin Dredging Malaysia Berhad (Ahtin) announced
Ahtin's plan to regularize its financial condition. Save for the
aforesaid announcement, there has been no material development
in respect of the Company's plan to regularize its financial
position.

This announcement is dated 1 September 2005.

CONTACT:

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


BELL & ORDER: Awaits Decision on Court Application
--------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Avenue Securities Sdn Bhd, on behalf of the Board of
Directors of Bell & Order Berhad (B&O), announced the following
developments relating to the Company's plan to regularize its
financial condition.

On August 26, 2005, B&O has made an application to Court for
approval of the Proposed Composite Scheme of Arrangement (as
defined in the announcement dated August 24, 2005) and for other
necessary Court Orders to facilitate the reconstruction of the
Company pursuant to the Proposed Composite Scheme of
Arrangement.

The Court was scheduled to hear the Company's application
September 1, 2005.

This announcement is dated 1 September 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


BERJAYA GROUP: Issues Restructuring Exercise Update
---------------------------------------------------
Berjaya Group Berhad issued to Bursa Malaysia Securities Berhad
details of the company's restructuring exercise comprised of:

(I) Voluntary scheme of arrangement between the shareholders of
BGroup, the holders of the 5 percent Irredeemable Convertible
Unsecured Loan Stocks (ICULS) 1999/2009 OF MYR1.00 nominal
amount each in BGroup (BGroup ICULS) and holders of the warrants
1999/2009 issued by BGroup (BGroup Warrants) pursuant to section
176 of the Companies Act, 1965 with Berjaya Corporation Berhad
(BCorp) (a company identified to undertake the BGroup
Restructuring Exercise) for the exchange of the securities of
BGroup with new ordinary shares of MYR1.00 each in BCorp (BCorp
shares) and 0 percent 10-year Irredeemable Convertible Unsecured
Loan Stocks of MYR0.50 nominal amount each in BCorp (BCorp
ICULS) (BGroup Scheme);

(II) Renounceable rights issue of up to 567,229,214 BCorp ICULS
(Rights BCorp ICULS) with up to 153,151,888 additional BCorp
ICULS (Additional ICULS), on the basis of Four (4) Rights BCorp
ICULS for every five (5) BCorp shares or BCorp ICULS held after
the BGroup scheme and 0.27 additional ICULS for each rights
BCorp ICULS subscribed, on a date to be determined and announced
later by the Board of Directors of BCorp (BCorp Rights Issue);

(III) Repayment of BGroup's bank borrowings through the issuance
of up to 1,458,636,000 new BCorp ICULS (Repayment of Bank
Borrowings of BGroup);

(IV) Settlement of inter-company balances on behalf of BGroup by
BCorp to Berjaya Land Berhad (B-Land) THROUGH THE ISSUANCE OF UP
TO 4,108,666,000 NEW BCORP ICULS (B-Land Inter-Company
Settlement) and Berjaya Capital Berhad (BCap) through the
issuance of up to 3,654,954,000 new BCorp ICULS and cash
settlement of MYR130,201,000 (BCap Inter-Company Settlement)
(collectively known as BGroup Inter-Company Settlements);

(V) Acquisition of the entire issued and paid-up share capital
of Bukit Tinggi Resort Berhad (BTR) for a total purchase
consideration of MYR802,085,626 to be satisfied entirely through
the issuance of 802,085,626 new Bcorp shares at par (Acquisition
of BTR by BCorp); and

(VI) Transfer of listing status of BGroup on the main board of
Bursa Malaysia Securities Berhad to BCorp (BGroup Listing
Transfer)

(collectively referred to as the BGroup Restructuring Exercise)

On behalf of BGroup, Commerce International Merchant Bankers
Berhad disclosed that Bank Negara Malaysia (BNM) has, via its
letter dated August 29, 2005 which was received on August 30,
2005, approved the utilization of proceeds from the BCorp Rights
Issue for the repayment of offshore borrowings by Berjaya Forest
Products (Luxembourg) S.a.r.l. (formerly known as Berjaya Forest
Products (Cayman) Limited) (BFPL), a wholly-owned subsidiary of
BGroup subject to the following conditions that BGroup:

(a) Repatriates to Malaysia the repayment of the principal sum
of the credit facility from BFPL and inform the Foreign Exchange
Administration Department (FEAD) accordingly;

(b) Submits to the FEAD a Quarterly Report on External Assets
and Liabilities of Resident Companies in Malaysia from the third
quarter of 2005 based on BNM procedures; and

(c) Submits to the FEAD copies of the financial statements of
BGroup and BFPL for every financial year as soon as the said
statements are prepared.

This announcement is dated 30 August 2005.

CONTACT:

Berjaya Group Berhad Co.
11th Fl., Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang
55100 Kuala Lumpur, Malaysia
Phone: +60-3-2935-8888
Fax: +60-3-2935-8043


BUKIT KATIL: Proposed Restructuring Not Finalized Yet
-----------------------------------------------------
Malaysian International Merchant Bankers Berhad, had announced
on behalf of the Board of Directors' of Bukit Katil Resources
Berhad (BKatil), that on August 18, 2005, the Company has
entered into a Memorandum of Understanding (MoU) with Wong Hak
Yan @ Ooi Kheok Jin (hereinafter referred as the White Knight),
wherein the White Knight has expressed his interest to
participate in the proposed restructuring scheme, which is being
contemplated by the Company in its efforts to regularize the
financial conditions.

Pursuant to Paragraph 4.1(b) of the Practice Note 4/2001, the
Company advised that other then as mentioned above and as
previously announced, there has been no further development on
the status of the Proposed Restructuring scheme which is still
to be finalized.

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


CHG INDUSTRIES: Awaits SC Nod on Restructuring Scheme
-----------------------------------------------------
In relation to the application on the Proposed Debt and
Corporate Restructuring Scheme submitted on December 24, 2004,
CHG Industries Berhad is awaiting for the approval of the
Securities Commission and Foreign Investment Committee.

This announcement is dated 1 September 2005.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215


CYGAL BERHAD: Restructuring Plan Status Unchanged
-------------------------------------------------
With reference to Cygal Berhad's announcement dated August 1,
2005 and the announcement by Commerce International Merchant
Bankers Bhd on behalf of the Company dated August 26, 2005. The
Company disclosed to Bursa Malaysia Securities Berhad that,
other than previously announced, there has been no further
development on the status of its restructuring plan.

CONTACT:

Cygal Berhad   
Lot 4.21, 4th Floor,
Plaza Prima, 4 1/2 Mile,
Jalan Klang Lama,
Kuala Lumpur
Wilayah Persekutuan 58200
Telephone: 03-79839099   
Fax: 03-79817629


DATUK KERAMAT: Securities Trading Suspended Until Further Notice
----------------------------------------------------------------
Datuk Keramat Holdings Berhad advised Bursa Malaysia Securities
Berhad that it has yet to to release its interim financial
report for the first financial quarter ended March 31, 2005
which was due on May 31, 2005.

In this respect, trading in the Company's shares would be
suspended with effect from 9:00 a.m., Thursday, September 1,
2005 pursuant to Paragraph 16.02(c) of the Listing Requirements.
However, in view that the trading in the Company's shares has
been suspended since August 1, 2005, hence the suspension will
continue until further notice.

Your attention is drawn to the Company's announcement dated
August 25, 2005.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DISCCOMP BERHAD: Books MYR359,000 Net Loss
------------------------------------------
Disccomp Berhad unveiled to Bursa Malaysia Securities Berhad its
second quarter report for the financial period ended June 30,
2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period         
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    6,860         7,148           14,226         14,590

(2) Profit/(loss) before tax

    -258           -522           -296            -997

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

    -359            149           -513           -196

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

    -359            149           -513           -196

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

    -0.74           0.31          -1.06          -0.40

(6) Dividend per share (sen)  

    0.00            0.00           0.00           0.00

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

(7) Net tangible assets per share (MYR)  

        0.4900                     0.5000

To view a full copy of the financial statement, click
http://bankrupt.com/misc/DisccompBerhad090105.xls

To view a full copy of notes to FS, click
http://bankrupt.com/misc/DisccompBerhad083105.doc
http://bankrupt.com/misc/DisccompNotetoFS090105.doc


FOREMOST HOLDINGS: Net Loss Shrinks to MYR542,000
-------------------------------------------------
Foremost Holdings Berhad issued to Bursa Malaysia Securities
Berhad a copy of its second quarter financial 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     30/06/2
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    34,224        46,208          56,748         88,178

(2) Profit/(loss) before tax  

    -291           -2,731          -4,716        -5,092

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

    -542           -2,695          -4,967        -4,173

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

    -542           -2,695          -4,967         -4,173

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

    1.03            -6.15           -9.44          -9.52

(6) Dividend per share (sen)  

    0.00             0.00            0.00           0.00

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

(7) Net tangible assets per share (MYR)  

        0.7000                     0.5600

Click to view a full copy of the financial statement,
http://bankrupt.com/misc/ForemostHoldings090105.xls\

Click to view a full copy of the notes to FS
http://bankrupt.com/misc/ForemostNotestoFSQ22005.doc


GEORGE TOWN: Contests Wind Up Petition Served on Unit
-----------------------------------------------------
A winding-up petition was served on August 4, 2005 against
George Town Chemist Sdn Bhd (George Town Chemist), a subsidiary
of George Town Holdings Berhad, under Section 218 of the
Companies Act, 1965 by Kinsmedic Sdn Bhd (the Petitioner).

The winding-up petition was presented on March 1, 2005 at the
High Court of Malaya at Shah Alam (the petition).

The Petitioner has claimed for the sum of MYR16,081.44 as at
December 30, 2004 together with interest on the sum of
MYR11,201.20 at the rate of 2 percent per month from December
31, 2004 until full realization being the amount allegedly due
and owed by George Town Chemist to the Petitioner pursuant to a
judgment obtained against George Town Chemist vide Shah Alam
Magistrates Court Summons No: 1-72-7202-2003 in a claim for
goods allegedly sold and delivered.

The Company states that the Petition is NULL AND VOID and the
Company has instructed its solicitors to contest the matter.

Circumstances leading or related to the filing of the Petition
are as follows:

- George Town Chemist had on December 30, 2004 received a
Section 218 Notice dated December 31, 2004 from the Petitioner's
solicitors claiming for the sum of MYR16,081.44 being the amount
allegedly due and owing by George Town Chemist to the Petitioner
pursuant to a judgment obtained against George Town Chemist.

- As the Company had on March 9, 2005, obtained a Restraining
Order pursuant to Section 176 (10) of the Companies Act 1965,
all further proceedings were stayed by the High Court.
Subsequently, upon the expiry of the Restraining Order, the
Petitioner had become aware of a winding up petition by
Kinsmedic when it was advertised on August 22, 2005 which was
the first time the Company came to know of the winding up
petition.

The Company and its subsidiary will take all necessary action to
protect our rights and have instructed our solicitors to apply
to the Court to strike out the Petition.

The costs of investment of the Company in George Town Chemist is
MYR2 million.

George Town Chemist is not a major subsidiary of the Company.

As the Company has applied to the Court of Appeal for an
extension of time to the Restraining Order following the
expiration of the said Restraining Order on 15/07/2005 and
pending the outcome from the Court of Appeal, the winding-up
proceedings has no financial or operational impact on the
Company or it's group of companies and there is no expected loss
arising therefrom.


MAA HOLDINGS: Suffers MYR6,419,000 Net Loss in 2Q
-------------------------------------------------
MAA Holdings Berhad unveiled to Bursa Malaysia Securities Berhad
its 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   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

    555,055      496,731          1,208,100      979,458

(2) Profit/(loss) before tax  

    -8,728       -19,192          -26,630        -15,368

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

    -6,419       -13,387          -21,869        -12,245

(4) Net profit/(loss) for the period
  
    -6,419       -13,387          -21,869        -12,245

(5) Basic earnings/(loss) per shares (sen)  
   
    -4.22         -8.80            -14.37         -8.05

(6) Dividend per share (sen)  

    0.00          0.00              0.00           0.00

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

(7) Net tangible assets per share (MYR)  

         2.1700                    2.3100

To view a full copy of the financial statement, click
http://bankrupt.com/misc/MAAHoldings090105.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/MAAHoldings090105.xls

CONTACT:

MAA Holdings Bhd   
23rd Floor, Menara MAA, 12,
Jalan Dewan Bahasa,
Kuala Lumpur Wilayah
Persekutuan 50460 Malaysia
Telephone: 03-21468000   
Fax: 03-21425863


PACIFIC & ORIENT: 2Q Net Loss Rises
-----------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad a copy of its third 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    30/06/2005      30/06/2005     30/06/2005
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    69,135        57,565          190,976        168,886

(2) Profit/(loss) before tax  

    -3,585       -13,067           -8,804        -6,908

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

    -3,270        -9,386            -9,093       -5,489

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

    -3,270        -9,386            -9,093        -5,489

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

    -3.16          -8.68             -8.69         -5.17

(6) Dividend per share (sen)  

    3.75            3.75              5.75          3.75

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

(7) Net tangible assets per share (MYR)  

        2.0300                     2.2300

To view a full copy of the financial statement, click
http://bankrupt.com/misc/Pacific&OrientFinancialstatementJun05.x
ls

Click to view a full copy of the notes to FS
http://bankrupt.com/misc/Pacific&OrientNotesToQtrlyStmtJune05.do
c

CONTACT:

Pacific & Orient Bhd   
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033   
Fax: 03-26944209


PAN MALAYSIA: Net Loss Dips Further
-----------------------------------
Pan Malaysia Capital Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
financial period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    7,864         9,521           21,657         22,824

(2) Profit/(loss) before tax  

    -29,292       -3,037          -21,239        -1,862

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

    -29,329       -3,064          -21,311        -1,917

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

    -29,329       -3,064          -21,311        -1,917

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

    -3.60          -1.21           -2.61         -0.76

(6) Dividend per share (sen)  

    0.00            0.00           0.00           0.00

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

(7) Net tangible assets per share (MYR)  

       -0.0100                     0.0100

To view a full copy of the financial statement, click
http://bankrupt.com/misc/PanMalaysiaBCapital083105.xls

CONTACT:

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


SELOGA HOLDINGS: Q2 Loss Balloons to MYR1,696,000
-------------------------------------------------
Seloga Holdings Berhad unveiled to Bursa Malaysia Securities
Berhad its unaudited second quarter report for the financial
period ended June 30, 2005.


Summary of Key Financial Information
June 30, 2005

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

(1) Revenue  

    25,359        25,636          51,408         40,440

(2) Profit/(loss) before tax  

    -1,696        -404            -3,313         -2,845

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

    -1,696        -404            -3,347         -2,845

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

    -1,696        -404            -3,347         -2,845

(5) Basic earnings/(loss) per shares (sen)  
    
    -1.51        -0.40             -3.01         -2.94

(6) Dividend per share (sen)  

    0.00          0.00             0.00           0.00

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

(7) Net tangible assets per share (MYR)  

        0.2300                      0.2500

To view a full copy of the financial statement, click
http://bankrupt.com/misc/SelogaHoldings083105.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/SelogaHoldingsNotestoFS083105.doc

CONTACT:

Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya  Selangor Darul Ehsan
Malaysia
Phone: +60 3 2274 7788


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

COLLEGE ASSURANCE: Lodges Rehab Petition with Local Court
---------------------------------------------------------
College Assurance Plan Philippines Inc. (CAP) has filed petition
with the Makati Regional Trial Court, The Philippine Star has
learned.

The embattled pre-need firm claimed it was forced to resort to
this move to protect the Company and its plan holders from the
continued takeover threats from the corporate regulator, the
Securities and Exchange Commission (SEC).

In a statement issued yesterday, CAP said: "Under the guise of
exercising its regulatory functions, the SEC took it upon itself
to threaten CAP with not only administrative sanctions but also
the creation of a management committee and other forms of
management control should it fail to explain its supposed
violations of the Pre-Need Rules."

CAP claimed that the regulator's proposed creation of a
management committee for CAP is not aimed at rehabilitating the
pre-need provider but rather at its eventual liquidation at the
expense of CAP and its planholders.

CAP earlier blamed its financial difficulties on the SEC's
imposition of the Pre-need Uniform Chart of Accounts (PNUCA) in
2002. It claimed that the PNUCA resulted in CAP's "bloated yet
theoretical" trust fund deficiency.

Last year, the SEC had suspended CAP's dealer's license due to
the alleged deficiency in CAP's trust funds resulting from the
application of the PNUCA.

CAP said it sought a court-administered corporate rehabilitation
precisely to protect the company from the SEC's mischievous
design for them.

Under its rehabilitation plan, CAP affirmed its commitment to
continue paying tuition benefits to all its planholders even
while it undertakes efforts to build up the trust fund during
the proposed eight-year rehabilitation period.

The rehabilitation plan also contains financial commitments for
the infusion of additional capital as well as the liquidation of
real estate assets of the trust fund to build up CAP's equity
and liquidity. It likewise promises a highly streamlined company
operations and contribution of all foreign equity infusions to
the trust fund to ensure payment of benefits to all planholders.
Based on its eight-year business plan, CAP said there will be no
suspension of tuition payments.

From a trust fund balance of Php6.7 billion as of end-July 2005,
CAP said it would seek to build this up to Php14.36 billion,
mainly from the sale of real estate properties, existing
investments and future sale of new plans (assumed to begin in
2006).

After its rehabilitation, CAP said its trust fund will have an
ending positive balance of Php21.05 billion by 2025, with liquid
assets of Php11.8 billion. Capital impairment, in turn, will be
fully eliminated by 2021.

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: Clarifies Sanction, Inquiry Issues
--------------------------------------------------------
Lepanto Consolidated Mining Company issued this clarification in
reference to the following news articles:

(1) "Lepanto faces government sanction on Victoria-Teresa gold
project" published in the September 1, 2005 issue of the Manila
Bulletin.

The article reported in part that:

"The government may impose a sanction on Lepanto Consolidated
Mining Co. (LCMC) for failing to comply with its regulatory
requirements, having begun production in the Victoria-Teresa
gold project without a feasibility study (FS). The sanction,
which should involve a cancellation of mining permit, also
involves Far Southeast Gold Resources Inc. (FSGR), a co-
contractor for the Victoria-Teresa project.

"LCMC and FSGR originally obtained a mineral production sharing
agreement (MPSA) No. 001-90 for the Far Southeast copper-gold
project in Benguet for which the two contractors completed an FS
in 1997 and had previously received an environmental compliance
certificate (ECC). However, while the Far Southeast project
should have started in 1997, LCMC-FSGR encountered financing
problems owing to its substantial development cost being a deep
ore body. While suspending production in Far Southeast project,
the contractors pursued exploration and discovered Victoria and
Teresa gold projects which were also within the MPSA. However,
after exploring Victoria within a span of six years the
companies immediately began commercial production in Victoria
and subsequently in Teresa or Victoria II even without an FS and
an ECC."

(2) "Lepanto Mining ready to face House inquiry" published in
the September 1, 2005 issue of the Manila Standard Today.

The article reported in part that:

"Lepanto Consolidated Mining Corp. said Tuesday they welcomed
the proposed congressional inquiry regarding the alleged unfair
labor practices and human rights violation committed by the
Company against the striking workers.

"Reps. Satur Ocampo, Teodoro Casino and JOel Virador of Bayan
Muna; Crispin Beltran, Rafael Mariano of Anakpawis; and Liza
Maza of Gabriela, in signing the House resolution, alleged that
Lepanto violated numerous provisions of the Labor Code. They
accused the Company of harassment, physical violence, arbitrary
arrests and detention of some workers, which they claimed run
contrast to the provision of the Labor Code. But Manlog
clarified that the officers and members of the Lepanto Employees
Union (LEU) are the ones who violated the law and still refused
to return to work despite orders from the Department of Labor
and Employment."

In reply to the Exchange's request for clarification of the
abovequoted news articles, Lepanto Consolidated Mining Companu
(LC), in its letter dated September 1, 2005, disclosed that:

A. Lepanto Faces Government Sanction on Victoria-Teresa gold
project:

"We are not aware of any communication from the Mines and
Geosciences Bureau (MGB) warning us of sanctions in relation to
the Far Southeast and Victoria-Teresa projects. These projects
are all covered by MPSA No. 001-90 and have complied with the
mandatory permitting and regulatory processes. The Far Southeast
is not yet operational but has an ECC for mining. We have an
existing 2500 tons per day ECC for our current operations.
Likewise, feasibility studies have been submitted to the MGB in
regard to the Victoria and Teresa projects.

B. Lepanto Mining ready to face inquiry:

"We have not violated any human rights or labor laws and are
prepared to participate in any inquiry in this regard."

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


LEPANTO CONSOLIDATED: Works to Nullify Hedging Contracts
--------------------------------------------------------
Lepanto Consolidated Mining Co. advised that all good faith
efforts on the part of Lepanto to reach a reasonable settlement
with NM Rothschild & Sons (Australia) Limited over its
outstanding hedging contracts having failed, Lepanto has
initiated an action for the declaration of nullity of the
hedging contracts/transactions which involve monetary
settlements of the equivalent of 97,746 ounces of gold.

The Company has just been advised by its external counsel that
the case for nullity of the hedging transactions has now been
filed with the Regional Trial Court of Makati City.

Meanwhile, the Company has received notice from Rothschild
demanding that the miner comply with its obligations under
hedging contracts covering a total of 4,873 ounces of gold with
a threat to declare an event of default in case of its failure
to comply.

However, this is already the subject of the case that has been
filed.


LEPANTO CONSOLIDATED: Sets Record Date for 1:5 Rights Offering
--------------------------------------------------------------
Further to Circular for Brokers No. 3818-2005 August 16, 2005,
please be informed that the record date of the 1:5 pre-emptive
rights offering of Lepanto Consolidated Mining Company has been
set on September 21, 2005.

The details are as follows:

Offer Ratio:   One (1( Rights share for every five (5) shares
held as of the Record Date

Offer Shares:  2,558,803,769    Class "A" shares
               1,705,868,182    Class "B" shares
               4,264,671,951    common shares

Par Value:     Php0.10 per share

Offer Price:   Php0.20 per share

Record Date:   September 21, 2005

Ex-date:       September 16, 2005

Offer Period:  October 10-20, 2005

Payment Terms: 50% due within the Offer Period; balance due on
November 18, 2005

Additional Subscription: Any eligible shareholder may apply for
an additional subscription which may be granted out of the
unsubscribed shares in proportion to his original shareholdings
as of the Record Date, provided that the application therefore
is made within the offer period, with the corresponding 50%
payment.

Issuance and Delivery of Stock Certificates: Stock certificates
corresponding to subscriptions accepted and fully paid for will
be issued and made available at the offices of the transfer
agent, the Bank of the Philippine Islands, 4th Floor, BPI Main
Building, corner Ayala Avenue and Paseo de Roxas, Makati City.

Target Listing Date: The shares offered will be listed about two
weeks from the end of the offer period or around November 4,
2005.

The shares will be tradable upon full payment by the shareholder
concerned of the subscribed shares.

Stock Transfer Agent: Bank of the Philippine Islands


Independent Auditor: Joaquin Cunanan & Company

The Company expects to raise gross proceeds amounting to
Php852,934,390.20 from the Rights Offer. After deducting the
rights offer-related expenses of Php3,844,336.00, the net
proceeds amount to Php849,100,054.20.

The Company expects to use such proceeds to principally finance
its payment for suppliers, local creditors and shareholders and
related parties' advances. All the accounts will be paid within
the period October - November 2005.


NATIONAL TRANSMISSION: High Demand Buoys Jan-June Income
--------------------------------------------------------
The National Transmission Corporation's (TransCo) net income for
the first semester is up 4.27 percent to Php7.989 billion from
Php7.663 billion during the same period last year, The
Philippine Star reveals.

The firm's positive performance was attributed to higher demand
from the Visayas and Mindanao regions.

Transco's power delivery to the country's major electricity
grids last year, especially in these two regions went up as a
result of the completion of Transco's crucial projects in those
areas.

In Mindanao, delivery to the distribution utilities registered
improvements while industrial customers such as Philippine
Associated Smelting and Refining Corp. and Waterfront Hotel and
Casino as well as new customers Specialty Pulp Manufacturing
Inc. and San Miguel Corp.'s Distilleria Bago Inc. also
contributed to higher power wheeling.

In the Visayas, Transco was able to complete the rehabilitation
of the 138 kilovolt (kv) Bacolod Line 1, 138 kV Mabinay Line 1,
Dingle-Passi 69 kv, Maricalum 69 kv, and the Binalbagan 69 kv.
It also expanded the capacity of its crucial substations in
Kabankalan, Negros; Ubay in Bohol and Ormoc, Leyte.

The Luzon grid, which accounts for bulk of the demand for power
delivery service, posted modest growth.

At the same time, the country's transmission assets are now
worth US$2.6 billion or about P133 billion, up from the previous
year's assessed value of US$2.3 billion.

The valuation or assessment of Transco assets were done by
Sinclair Knight Merz (SKM) which said that the high-voltage
transmission company could be worth up to US$2.68 billion if it
is auctioned to private sectors. The results of the valuation
will be the basis for determining Transco's annual revenue
requirement, maximum allowable revenue and the effective
transmission service charges. It will also be used for
accounting, divestment, and privatization purposes.

CONTACT:

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


PACIFIC PLANS: RCBC Answers Charges
-----------------------------------
Rizal Commercial Banking Corporation (RCBC) rebuffed the charges
raised against it by planholders of its sister firm in the
Yuchengco group, Pacific Plans Inc., BusinessWorld says.

RCBC described the allegations as "malicious", reflecting the
planholders' ignorance of the financial markets.

To disprove claims that the bank failed in its duties, RCBC
Vice-Chairman Cesar Virata cited the 2004 survey by Watson Wyatt
Philippines which ranked RCRC's trust unit as No. 1 for the
average five-year returns under the full discretion category
among fund managers handling at least five funds.

In a statement, he said it is not true that the investment
losses of RCBC trust clients were transferred to Pacific Plans.

Earlier, a group of planholders of Pacific Plans called Parents
Enabling Parents Coalition asked regulators to bar RCBC and its
trust committee members for allegedly mismanaging
Pacific Plans' trust fund.

The group filed a 16-page complaint with the Monetary Board and
asked the central bank to conduct an "immediate and thorough
investigation of the acts and omissions of RCBC's trust panel
with its handling of Pacific Plans' trust fund. The group
stressed RCBC and the officials violated Sections 55, 56 and 80
of Republic Act 8971, the law providing for regulation of the
banks.

CONTACT:

Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


PACIFIC PLANS: Clients Seek Government Intervention
---------------------------------------------------
Disgruntled policyholders of struggling Pacific Plans Inc. want
the Department of Finance (DoF) to intervene in their battle
with the Yunchengco-led pre-need provider, according to
BusinessWorld.

In a letter dated Aug. 31, the Parents Enabling Parents (PEP)
Coalition told Mr. Teves' that his predecessor, Cesar A.V.
Purisima, had ordered the Securities and Exchange Commission
(SEC) to look into Pacific Plans' "fraudulent" activities.

The group pointed out that Mr. Purisima even said criminal
charges should be filed versus officials of Pacific Plans if
they had failed to live up to their fiduciary obligations.

Coalition head Philip Piccio asked for a meeting with Finance
Secretary Margarito B. Teves even as the group has already
appealed to President Arroyo to intervene.


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

CITIRAYA INDUSTRIES: Seeks Appointment of Judicial Manager
----------------------------------------------------------
Citiraya Industries Limited announces that on Sept. 2, 2005, the
Company filed a Petition in the Singapore High Court seeking the
appointment of Judicial Managers.

The Company's Board of Directors thinks that, given its
circumstances, the interests of its stakeholders including
employees, creditors and shareholders will be best served by
placing the Company under Judicial Management. The Company
presently faces two petitions to wind it up. The Board thinks
that a winding up would not serve the interests of its
shareholders.

Citiraya's Judicial Management is intended to achieve one or
more of the following purposes:

(i) the preservation of the Company's business as a going
concern; and/or

(ii) a more advantageous realization of the Company's assets
than in a winding up.

The Company had a viable business and had established itself as
the only firmin the region capable of providing fully integrated
recycling and processing services for electronic waste. In
January 2005, the Corrupt Practices Investigation Bureau (CPIB)
and the Commercial Affairs Department (CAD) began investigating
the Compabny's affairs. As a result of the matters under
investigation, the business and operations of the Company have
been severely undermined.

The Board of Directors is of the opinion that the Company's
business can only be reestablished if it secures a credible
investor. Therefore, since Januray 2005, Citiraya Indstries made
intensive efforts to secure an appropriate investor. These
efforts resulted in the execution of an investment agreement
with Venture One Finance Ltd ("Venture One") in February 2005.
That agreement was not completed as Venture One pulled out in
May 2005.

In the three months following Venture One's decision not to
proceed with an investment in the Company, the Company has
actively pursued other investors and has met with some 25
potential investors. Despite the Company's difficulties, the
fact that so many investors are interested in Citiraya
Industries is a clear sign of the Company's potential.


The Company has now narrowed the field of potential investors to
three:

1. Potential Stakeholder From One Of Europe's Leading Financing
And Investment Banking Businesses.

Representing one of Europe's leading financing and investment
banking businesses, this Potential Stakeholder is looking at
opportunities to invest in distress debt situations in this
region, including investing/converting debt into equity and
providing cash injection to distressed companies.

The Company's management and financial advisors has met several
times with this potential stakeholder, who has expressed a keen
interest in investing in the Company and Citiraya Group. The
Company entered into a confidentiality agreement to facilitate
the flow of information between the Company and the Potential
Stakeholder for the purposes of entering into a potential
investment in the Company. This Potential Stakeholder is
currently carrying out a due diligence exercise for its
potential investment and has engaged reputable accounting and
law firms as its advisors. This Potential Stakeholder has also
carried out discussions with certain major suppliers of the
Company and the tone of these discussions has been encouraging.

2. U.K. Based Investment Company

The other potential stakeholder that is carrying out a due
diligence exercise is a UK-based investment company that seeks
to form a consortium with a Hong Kong-based financial
institution with a view to investing in the Company.

This Potential Stakeholder is currently carrying out a due
diligence exercise for its potential investment, and discussions
are on-going between Citiraya management and this Potential
Stakeholder to facilitate a greater understanding of the
Company's business model.

iii. IRM Industries Sdn Bhd (IRM)

IRM Industries Sdn Berhad is a Malaysian recycling firm that has
operated since 1980. It has two plants in Malaysia,
semiconductor and electronic industrial area and is keen to
explore working with the Company.

IRM has been in talks with one of the other aforesaid potential
investors with a view to investing in the Company jointly with
them.

In the event that one of these parties completes an investment
agreement with the Company, they will inevitably have to reach
agreement with its creditors to resolve their various claims in
a satisfactory manner. The return to creditors in such a case
would be higher than what they would obtain in the event the
Company is liquidated. For this reason, the Board is of the view
that the Company needs to be allowed a reasonable opportunity to
pursue these potential investors as far as possible.

The fact that discussions with these investors are already
ongoing and that, in the case of two of them, due diligence
already being carried out, places the Company in a different
position from other companies being placed in Judicial
Management, where efforts to secure an investor often only start
after a Judicial Manager is appointed.

If, despite the efforts of the Company and of the potential new
investors, a successful investment in the Company does not
arise, the Company would still be better served by Judicial
Management than by liquidation. This is because the Company
stands to obtain a better return from the sale of its assets in
the context of a Judicial Management than in liquidation.

In Judicial Management, the Company will be able to dispose of
its assets in an orderly fashion, possibly on a going concern
basis. In the past months, the Company has already identified
various parties that are interested in purchasing its assets. In
the context of a Judicial Management, this sale can be pursued
efficiently and expeditiously, at prices higher than the fire
sale prices that are likely to be obtained in the context of a
liquidation.

Further, in a Judicial Management efforts can be made to obtain
some returns from the listed shell of the Company. In a
liquidation, no value can be obtained from the listed shell.

The Company has reviewed the operational cost of the Citiraya
Group and costs have been cut wherever possible. In this
respect, Citiraya UK Ltd has been placed under voluntary
administration in the United Kingdom by its management.

On Aug. 31, 2005, the Company was served with a Writ of Summons
by Advanced Micro Devices Inc. (AMD) and Advanced Micro Devices
(Singapore) Pte Limited, in relation to alleged irregularities
in the handling of materials they had sent to the Company. The
claim against the Company is for damages to be assessed.
However, AMD asserts that their claim will not be less than
USD250 million. The Company is reviewing this claim and makes no
admission in relation to it.

CONTACT:

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


COCO BAY: Liquidators Set Deadline for Submission of Debt Claims
----------------------------------------------------------------
Notice is hereby given that the creditors of Coco Bay Holdings
Pte Limited, which is being wound up voluntarily, are required
on or before Sept. 29, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidators.

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

Failure to do so will exclude creditors from the benefit of any
distribution made before such debts are proved.

Dated this 29th day of August 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


HESHE HOLDINGS: Clarifies Business Times News Article
-----------------------------------------------------
Heshe Holdings Limited refers to an article published in the
Singapore Business Times, Aug. 31, 2005, entitled, "Heshe Leap
of faith may be too much to ask:"

The Company wishes to clarify the following:

a. On Dec. 15, 2003, the Company and its auditors, KPMG,
released a report to shareholders (in relation to the Company's
financial statement for the year ended 30 June 2003), noting
several inconsistencies in its financial records. On the same
day, the Company reported an additional net loss of SGD6 million
for the year ended 30 June 2003, bringing the total net loss for
the year ended 30 June 2003 to SGD21.3 million.

b. The Company entered into an investment agreement with Mr.
Chng Weng Wah ("Mr Chng") on Dec. 29, 2003 which was announced
on the same date. Completion of the Investment Agreement was
subject to the satisfaction of other conditions precedent,
including the approval of Company shareholders.

Pursuant to the terms of the Investment Agreement, Mr Chng
placed a deposit of SGD2 million as a demonstration of his
commitment to his investment and good faith. The deposit was
then used by the Company to help ensure that it could meet its
operational expenses pending completion of the Investment
Agreement.

c. Mr Chng did not have any management influence or control in
the Company in 2003 and 2004, and was only appointed a Director
and the Chief Executive Officer of the Company in February 2005,
following the completion of the Investment Agreement.

3. As the proposed acquisitions by Heshe Holdings Limited
announced on Aug. 29, 2005 are subject to the approval of its
shareholders, the Company will provide more details of these
acquisitions to its shareholders by way of a circular to
shareholders in due course.

4. The management of the Company looks forward to working with
stakeholders of the Company towards a better future for the
Company.

By Order of the Board
Chng Weng Wah
Director
Sept. 2, 2005

CONTACT:

Heshe Holdings Limited
78 Shenton Way
#20-01 MCL Land Building
Singapore 079120
Phone: 65 6372 4300
Fax:   65 6220 4327
Email: contacts@heshe.com.sg
Web site: http://www.heshe.com.sg


LANIER SINGAPORE: Intends to Pay Dividend to Creditors
------------------------------------------------------
Lanier Singapore Pte Limited posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Lanier Singapore Pte Limited
Address of Registered Office: 11 Collyer Quay, #10-04 The
Arcade, Singapore 049317
Last day for Receiving Proofs: Sept. 9, 2005
Name & address of Liquidators: Shirley Lim Guat Hua and Tan Leh
Kuan
11 Collyer Quay
#10-04 The Arcade
Singapore 049317


LIANG HUAT: Still in Process of Meeting Scheme Conditions
---------------------------------------------------------
Liang Huat Aluminum Limited refers to its previous announcement
dated Sept. 24, 2004 relating to its proposed schemes of
arrangement.

The Company's creditors met on April 5, 2005 to approve the
proposed schemes of arrangement, which were all approved by
majority of creditors who voted at the meeting.

The requisite whitewash waiver has been obtained from the
Securities Industry Council.

The Company is in the process of fulfilling the remaining
conditions precedent for the Scheme to take effect:

- obtaining the necessary and appropriate approvals from
Company shareholders and the Singapore Exchange Securities
Trading Limited (SGX-ST) for the listing and quotation of the
consideration shares to be issued with accordance to the terms
of the Schemes.

Pursuant to the terms of the Company's scheme of arrangement,
the Extraordinary General Meeting to approve the listing and
quotation of the consideration shares is to be convened within
six months from the lodgment of the Order of Court of the
Company's Scheme.

The Company will announce any furhter developments regarding the
matter in due course.

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


MAGENTA COLORPRINTERS: Set to Distribute Dividend
-------------------------------------------------
Magenta Colorprinters Pte Limited, formerly of 1 Pasir Panjang
Road, #05-18/19 PSA Alexandra Distripark, Singapore 118479,
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Magenta Colorprinters Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. of 253 of 1994
Last Day for Receiving Proofs: Sept. 9, 2005
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Aug. 26, 2005

Karen Loh
Assistant Official Receiver


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

DATAMAT: Co-CEO Tenders Resignation
-----------------------------------
Datamat Public Co. Ltd. informed the Stock Exchange of Thailand
(SET) that it has received a resignation letter from Mr.
Rathapol Bhakdibhumi, Co-Chief Executive Officer of the company,
effective September 1, 2005 onwards.

For yours information

Yours sincerely,
Bhana Swasdibutara
Chief Executive Officer & Managing Director  

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 ite: http://www.datamat.co.th
  

PRASIT PATANA: Changes Par Value of Share
-----------------------------------------
Prasit Patana Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) on the resolutions approved pertaining to the
change in par value from 4 (four) Baht per share to 1 (one) Baht
per share in Extraordinary Shareholder Meeting # 1/2548 (2005)
on Monday, June 20, 2005.

In addition, the Meeting also approved the amendment of
Memorandum of Association # 4 to reflect the change in par value
as follows:

# 4 Registered Capital: THB1,732,047,520 (One Billion Seven
Hundred and Thirty Two Million Forty Seven Thousand Five Hundred
and Twenty Baht).

Divided into 1,732,047,520 Shares (One Billion Seven Hundred and
Thirty Two Million Forty Seven Thousand Five Hundred and Twenty
Shares).

Par Value: THB1 (One Baht)

Categorized into:

Common Shares: 1,732,047,520 Shares (One Billion Seven Hundred
and Thirty Two Million Forty Seven Thousand Five Hundred and
Twenty Shares).

Preferred Shares: -Nil-

The company informed the SET that it has successfully
accomplished its change of par value from THB4 per share to THB1
per share as well as the amendment to its Memorandum of
Association # 4 to the Department of Business Development,
Ministry of Commerce on Thursday, September 1, 2005.

For your kind acknowledgement,
Faithfully yours,

Mrs. Sakara Punyashthiti
Vice President Finance & Accounting

CONTACT:

Prasit Patana Public Company Limited   
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok    
Telephone: 0-2617-2444
Fax: 0-2617-2463   
Web ite: http://www.pyathai.com


THAI PETROCHEMICAL: Founder Wants Suspension of Dismissal
---------------------------------------------------------
The founder of Thai Petrochemical Public Co. Ltd., Prachai
Leophairatana demands for a review of a directive that
disqualified him from sitting on the board of three listed
companies, Bangkok Post said.

Mr. Prachai also sought for the suspension of the ruling until
the consideration of the petition has been completed.

The accusations directed to Mr. Prachai such as violation of
securities laws prompted the Securities and Exchange Commission
to issue the ruling.  Mr. Prachai was forced to step down as
director of Thai Petrochemical Industry (TPI), TPI Polene and
Bangkok Union Insurance or the three companies might face
delisting.

Mr. Prachai contested the ruling and stated Stern Stewart Co.'s
admission to the SEC of reporting misleading information to the
public on TPI Polene's share value ahead of an aborted offering
without his knowledge.  As a result, he should not have to take
any responsibility in the incident.

Mr. Prachai also stated in the petition that he had had no
management mandate in the three companies because they had been
under the rehabilitation plans ordered by the Central Bankruptcy
Court. They had not even been allowed to make major changes
including those in the boards of directors without a court
order.

According to Mr. Prachai, regulators are prohibited to enforce
rules retroactively to punish him.

The accusation against Mr. Prachai was filed in August of 2004
but only came in full force in March this year.

CONTACT:

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


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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