TCRAP_Public/050906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, September 6, 2005, Vol. 8, No. 176

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: Tired of Overcharges; Wants Own Terminal
AKERS PATISSERIE: Members Opt for Voluntary Liquidation
AMC INVESTMENT: Liquidator Set to Distribute Company Assets
AMP LIMITED: Ends U.K. Chapter with Sale of Henderson Stake
ANGLICAN INSURANCE: Creditors Asked to Submit Proofs of Claims

BELLA PTY: Members Pass Winding Up Resolution
BOFONE PTY: Members, Liquidator to Discuss Wind-up Report
CHELMSGOLD PTY: To Declare Interim Dividend September 11
COOLABINDI CRECHE: Shuts Down Business
DBS CORPORATION: Members Decide to Cease Operations

DESIGN & DEVELOP: Winding Up Process Initiated
DORANS FINE: Financial Info Out of Liquidator's Reach
JE ENRIGHT: Liquidator to Explain Winding Up to Members
JUSTIFIED COMMUNICATIONS: Prepares to Pay Dividend to Creditors
KAISER ENGINEERS: Placed Under Voluntary Liquidation

LHM PTY: To Hold Final Meeting September 13
MICHAEL DURRANT: Appoints Official Liquidator
MILTONBROOK WEST: Members to Receive Liquidator's Report
MULTIPLEX GROUP: Insider Warned Board of Woes
MYER LIMITED: Myer Family Keen to Maintain Holding

MYER LIMITED: Sale Could Put Parent at Risk
NORTHERN MORTGAGE: Ross Magin Named Liquidator
PARKES DYNO: Court Orders Winding Up
PAVESE CITRUS: To Distribute Final Dividend Soon
QUADRANT 2 SOLUTIONS: Placed Under Voluntary Liquidation

SPACE PAINTING: Supreme Court Appoints Official Liquidator


C H I N A  &  H O N G  K O N G

AUTO-TECHNIC ENGINEERING: To Hold First Creditors Meeting
CDS INTRA-CITY: Creditors Meeting Slated for September 13
CHEUNG HING: Winding Up Proceedings Initiated
HI-Q INVESTMENT: Court to Hear Wind-up Petition October 5
HI-Q PROPERTIES: Faces Winding Up Proceedings

HOYEE LIMITED: Court Issues Winding-up Order
INTERCHINA HOLDINGS: Notes Unusual Volume Movement
JILIN CHEMICAL: To Hold EGM September 29
RBG GLOBAL: Hearing to Confirm Liquidators' Appointment Set
RENREN HOLDINGS: Updates Capital Reorganization Scheme

TOTAL TECHNOLOGY: Court Orders Winding Up
VICTORY GROUP: Net Loss Widens to HK1.5 Mln in H1
* 1,697 Financial Staffers Punished Over Bank Crimes


I N D I A

BANK OF AHMEDABAD: Merger Saves Bank from Liquidation
ESCORTS LIMITED: Revamps Board After Official Departures


I N D O N E S I A

ANTAM: Standard & Poor's Affirms 'B' Rating with Stable Outlook
MERPATI NUSANTARA: Transfers Operations to Different Terminal


J A P A N

DIA KENSETSU: IRCJ Completes Transfer of Debt
JAPAN POST: Keen to Close Unprofitable 'Kampo' Lodgings
MITSUBISHI MOTORS: Australia Joins Production Forces with TNTL
RESONA HOLDINGS: To Pay Back JPY200 Bln in Public Funds


K O R E A

DAEWOO GROUP: SPO Concludes Investigation
HANARO TELECOM: Taps Lucent to Provide VoIP Services
HANARO TELECOM: To Hold Shareholders' EGM Next Month


M A L A Y S I A

CONSOLIDATED FARMS: Fails to Pay Dues to Credit Facilities
GEORGE TOWN: Bourse Suspends Trading of Securities
HAP SENG: Repurchases 24,400 Shares
KEMAYAN CORPORATION: Seeks Extension of Restraining Order
K.P. KENINGAU: Seeks New Plan to Regularize Condition

LITYAN HOLDINGS: To Submit Restructuring Proposal Soon
MYCOM BERHAD: Scheme Implementation Remains Unchanged
MULPHA LAND: Still Finalizing Regularization Plan
NORTH BORNEO: Sees No Developments in Rehab Plan Status
OLYMPIA INDUSTRIES: Restructuring Scheme Still Unchanged

OMEGA HOLDINGS: Regularization of Condition Pending Approval
PADIBERAS NASIONAL: Issues New Shares for Listing, Quotation
PAN PACIFIC: Books MYR22,862,000 Net Loss in Q2
PAN PACIFIC: Unveils Proposals Approved at EGM
PARK MAY: Awaits SC Decision on Application for Time Extension

TANAH EMAS: 2Q Net Loss Balloons to MYR23,433,000
UNITED CHEMICAL: Releases 2Q Financial Results


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Doubts Ability to Turn Around
LEPANTO CONSOLIDATED: Strike Causes Miner to Bleed Profusely
NATIONAL POWER: Two Loans Get MB Nod
RFM CORPORATION: Expects Turnaround This Year
RFM CORPORATION: Seeks Lifting of Australia's Ban on Selecta

* Merrill Lynch Ups RP Debt to Overweight


S I N G A P O R E

AIROCEAN GROUP: Ends JV Deal to Operate Airline in China
CHARTERED SEMICONDUCTOR: Completes Tender Offer for Senior Notes
CITIRAYA INDUSTRIES: Court to Hear Judicial Management First
ETAC PTE: Creditor Files Winding Up Petition
HESHE HOLDINGS: Clarifies 2005 Financial Statement

HOWTECK ENGINEERING: Court Releases Winding Up Order
MAGNUS ENERGY: Explains Items in Financial Statement
NUNOTANI NAUTICAL: Proofs of Claims Due September 23


T H A I L A N D

PICNIC CORPORATION: Unveils Adjustment of Share Price, Ratio
POWER-P: SEC Wants Additional Information on Financial Statement
BOND PRICING: For the Week 5 September to 9 September 2005

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: Tired of Overcharges; Wants Own Terminal
---------------------------------------------------------
Frustrated with high monopoly airport charges, Air New Zealand
said it wants to build its own passenger terminal at Auckland
International Airport, according to The Sunday Star Times.

Air New Zealand Chief Executive Ralph Norris, who stepped down
Wednesday last week, said airport charges were a big issue for
the airline, adding that it may make sense to run its own
terminal to compete with Auckland Airport.

"The airport has ways and means of not allowing it to happen,
but it probably could be achieved with Commerce Commission
intervention," he said.

Mr. Norris said Air NZ could build a new terminal in partnership
with a big property developer.

One aim would be to create an easier transfer between
international and domestic services through a single Air NZ
terminal.

The idea had been discussed at board level and floated with
Auckland Airport, which Mr. Norris said was not well disposed to
the proposal.

Air NZ has been campaigning for several years against what it
sees as excessive airport charges at the Auckland facility.

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/


AKERS PATISSERIE: Members Opt for Voluntary Liquidation
-------------------------------------------------------
At a general meeting of members of Akers Patisserie Pty Limited
held on July 26, 2005, a special resolution to voluntarily wind
up the Company was passed, and an ordinary resolution was passed
that Paul Desmond Sweeney and Terry Grant van der Velde be
appointed joint and several liquidators for the wind up of the
Company's affairs and distribution of its assets.

Dated this 29th day of July 2005

Paul Sweeney
Terry Van der Velde
Joint Liquidators
c/o SV Partners Pty Ltd
Insolvency Accountants and Risk Managers
Web site: http://www.svp.com.au/


AMC INVESTMENT: Liquidator Set to Distribute Company Assets
-----------------------------------------------------------
Notice is hereby given that at a meeting of members of AMC
Investment Management Pty Limited held on July 25, 2005, the
following special and ordinary resolutions were 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; and

That Ian James Purchas be appointed Liquidator of the Company.

Dated this 28th day of July 2005

Ian J. Purchas
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2001
Phone: (02) 9223 2944


AMP LIMITED: Ends U.K. Chapter with Sale of Henderson Stake
-----------------------------------------------------------
AMP Limited on Monday announced the sale of its 130.56 million
shares (11.3 per cent stake) in Henderson Group Plc (HGI) for an
average price per share of AU$1.625 (67.7 pence). AMP has
received total consideration of AU$212 million (GBP88.4
million).

The shares were sold to two buyers - a London-based fund and
stockbroker UBS AG.

HGI is quoted on both the London Stock Exchange and the
Australian Stock Exchange and comprises the assets of AMP's
former UK operations, which were demerged in December 2003.

AMP Chief Executive Officer Andrew Mohl said that AMP had
received a 15 per cent stake in HGI at the time of demerger in
December 2003 to compensate for the capital provided to the UK
business when the companies separated. The 15 per cent stake was
subsequently lowered by HGI capital raisings in which AMP did
not participate to 11.3 per cent.

HGI's share price closed at AU$0.89 on the first day of listing
in December 2003, giving AMP's stake an initial value of AU$242
million. Following the sale today, AMP has realized a total of
AU$410 million for the value of its HGI investment (comprising
the sale price of AU$212 million plus the capital return of
AU$198 million received in April 2005).

"AMP's investment in HGI was never intended to be a long term
shareholding," Mr. Mohl said.

"HGI shares have traded higher since the demerger and we always
believed it would take some time for the market to reflect fair
value for the company.

"Following the sale of the life services business and the recent
release of HGI's 2005 half year results, there is more clarity
around the value and future of the company and we believe it is
an appropriate time for AMP to divest its shareholding."

The carrying value of AMP's investment in HGI at 30 June 2005
was AU$185 million, or AU$1.42 per share, with the value of the
investment marked to market every six months. This means AMP's
results for the half-year to 31 December 2005 will include an
investment income gain of around AU$27 million.

Mr. Mohl said that since the close of the half-year accounts on
30 June 2005, AMP had regained its 'A' credit rating from
Standard & Poor's. Two other transactions had also been
completed. Firstly, the AMP Sanmar Indian joint venture life
insurance business has been sold to Reliance Capital, subject to
regulatory approvals from Indian authorities. Secondly, AMP has
exercised around 15 million Suncorp warrants, received in 2001
as part of the consideration for the sale of GIO. The net impact
of these transactions on the half-year result to December 2005
is immaterial.

The sale of the HGI stake and the cash from these transactions
have further increased the Group's liquidity and will support
the planned 2006 capital return to shareholders.

"AMP today is a more transparent and simpler company, with a
robust balance sheet and strong cash generating businesses. Our
focus remains on running the business better than it's ever been
run before, capturing scale benefits from volume and market
growth, reducing costs to drive efficiency, and driving ongoing
business transformation," Mr. Mohl said.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


ANGLICAN INSURANCE: Creditors Asked to Submit Proofs of Claims
--------------------------------------------------------------
Notice is given that the creditors of Anglican Insurance
Limited, whose debts or claims have not already been admitted,
are required on or before Sept. 9, 2005 to submit particulars of
their debts or claims and of any security held by them to the
Company Liquidator and, if subsequently required by notice in
writing from said liquidator, must formally prove their debts or
claims and establish any title they may have to priority by
statement in writing. If they do not comply with this notice,
they will be excluded from:

(a) The benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Dated this 3rd day of August 2005

H. J. Wily
Liquidator
H. J. Wily Chartered Accountant
c/o Level 5, 75 Castlereagh Street
Sydney NSW 2000


BELLA PTY: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Bella (Australia) Pty Limited duly convened and held on July 29,
2005, a Special Resolution was passed to voluntarily wind up the
Company, and M. F. Cooper was appointed Liquidator.

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

Dated this 3rd day of August 2005

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


BOFONE PTY: Members, Liquidator to Discuss Wind-up Report
---------------------------------------------------------
Notice is hereby given that the final meeting of Bofone Pty
Limited will be held on Sept. 14, 2005, 10:00 a.m. at 75 Old
Pittwater Road, Brookvale, for the following reasons:

BUSINESS

(1) To receive the Liquidator's accounts and final report on the
conduct of the liquidation and his acts and dealings relating to
the wind up.

(2) To determine the manner in which the books, accounts and
documents of the Company and of the Liquidator shall be disposed
of.

Dated this 27th day of July 2005

Geoffrey C, Harrison
Liquidator
6 Billabong Avenue
Turramurra NSW 2074


CHELMSGOLD PTY: To Declare Interim Dividend September 11
--------------------------------------------------------
Chelmsgold Pty Limited will declare a first interim dividend on
Sept. 11, 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

John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: (07) 3225 4900
Fax:   (07) 3225 4999


COOLABINDI CRECHE: Shuts Down Business
--------------------------------------
Notice is hereby given that at a General Meeting of Members of
Coolabindi Creche & Kinder Pty Limited held on July 27, 2005, it
was resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 be appointed Liquidator for such
winding up.

Dated this 28th day of July 2005

Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: (03) 9662 2666
Fax:   (03) 9662 9544


DBS CORPORATION: Members Decide to Cease Operations
---------------------------------------------------
Notice is hereby given that at a meeting of creditors of DBS
Corporation Pty Limited held on July 27, 2005, it was resolved
that the Company be wound up, and Henry Kazar of Sims Partners
Chartered Accountants, Suite 5, 32 Thesiger Court, Deakin ACT
2600 was appointed Liquidator of the Company.

Dated this 2nd day of August 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600
Phone: 02 6285 1310


DESIGN & DEVELOP: Winding Up Process Initiated
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Design & Develop Pty Limited held on July 21,
2005, it was resolved that the Company be wound up voluntarily,
and creditors appointed Andrew Hugh Jenner Wily and David
Anthony Hurst of Armstrong Wily Chartered Accountant, Level 5,
75 Castlereagh Street, Sydney NSW 2000 to be joint liquidators
of the Company at a creditors' meeting held that same day.

Dated this 2nd day of August 2005

David A. Hurst
Andrew H. J. Wily
Joint Liquidators
Armstrong Wily Chartered Accountant
Level 5, 75 Castlereagh Street
Sydney NSW 2000


DORANS FINE: Financial Info Out of Liquidator's Reach
-----------------------------------------------------
Dorans Fine Foods' future remains uncertain, as the firm's
liquidator has failed to get sufficient information to sell the
business, ABC News Online reveals.

Liquidator Bill Hamilton admitted he wasn't able to gather
Dorans Fine's financial information because the previous owner
only controlled the business for a few months.

Mr. Hamilton took over the Huon Valley-based jam maker after it
was placed into liquidation at a creditors meeting last month.

Earlier, he pointed out the possibility that the business can be
sold as a going concern. He said there are a number of
interested buyers, but more details are needed in order for the
business to be sold.

Mr. Hamilton said he wants to get his hands of Dorans Fine's
financial information to extract key information like the sales
volume, the production costs and the amount of overhead that's
been incurred in the past.

"It gives people coming into the business a bit of an
understanding as to what the cost of sales would be," he added.

CONTACT:

Doran's Fine Foods
Pages Road,
Grove,
Tasmania 7109
Phone: (03) 6266 4377
International +61 3 6266 4377
Fax: (03) 6266 4636
E-mail: dorans@doransjams.com
Web site: http://www.doransjams.com/


JE ENRIGHT: Liquidator to Explain Winding Up to Members
-------------------------------------------------------
Notice is hereby given that a final meeting of the members of JE
Enright Holdings Pty Limited will be held on Sept. 14, 2005,
9:30 a.m. at the offices of Lavis Melin Taylor, Level 5, T & G
Building, 141 Queen Street, Brisbane, Queensland 4000.

The meeting is convened to receive the Liquidator's account
showing how the winding up was conducted and the property of the
Company disposed of, and to hear any explanation required
thereof.

Dated this 20th day of July 2005

D. J. McCluskey
Liquidator
Lavis Melin Taylor
Level 5, T & G Building
141 Queen Street
Brisbane, Queensland 4000


JUSTIFIED COMMUNICATIONS: Prepares to Pay Dividend to Creditors
---------------------------------------------------------------
Justified Communications Group Pty Limited will declare a first
and 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 12th day of July 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


KAISER ENGINEERS: Placed Under Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Kaiser Engineers Pty Limited held on July 26, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Robert Jeffrey Brown of Hatch Associates Pty
Limited be appointed Liquidator of the Company.

Dated this 27th day of July 2005

Robert J. Brown
Liquidator
Hatch Associates Pty Limited
Level 4, 152 Wharf Street
Brisbane Qld 4000
Phone: (07) 3834 7760


LHM PTY: To Hold Final Meeting September 13
-------------------------------------------
Notice is hereby given that a final meeting of LHM Pty Limited
will be held on Sept. 13, 2005, 11:00 a.m. at the office of Hall
Chadwick Chartered Accountants, Level 29, 31 Market Street,
Sydney NSW.

Dated this 2nd day of August 2005

Geoffrey McDonald
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


MICHAEL DURRANT: Appoints Official Liquidator
---------------------------------------------
Notice is given that by a members' resolution passed on July 27,
2005, Michael Durrant & Associates Pty Limited was wound up and
for such purpose, Bryan Collis was appointed Liquidator.

Dated this 9th day of August 2005

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


MILTONBROOK WEST: Members to Receive Liquidator's Report
--------------------------------------------------------
Notice is hereby given that a final meeting of members of
Miltonbrook West End Pty Limited will be held on Sept. 13, 2005,
10:oo a.m. at Level 3, 63 Market Street, Wollongong.

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

Dated this 27th day of July 2005

P. J. Fitzgerald
Liquidator
KPMG
Level 3, 63 Market Street
Wollongong NSW 2500
Phone: 02 4229 2633


MULTIPLEX GROUP: Insider Warned Board of Woes
---------------------------------------------
The accuracy of information that Multiplex Group gave to
investors during its current expansion into the United Kingdom
has recently been in question, reports ABC News Online.

Multiplex's expansion includes purchasing a number of property
portfolios but its flagship program is its redevelopment of
London's Wembley Stadium.

In late May, Multiplex announced a loss on the Wembley project
of more than AU$100 million sending its share price into a
tailspin. Prior to that, Multiplex was insisting the project
would not lose money and was on time.

But despite assurances that it had accounted for all Wembley
cost overruns, the Company was to again disappoint with a second
write-down of the value of the Wembley project three months
later.

ABC TV's Four Corners program has revealed that Multiplex's
accounting group general manager, whose name was not disclosed,
raised concerns about the construction group's operations before
its major fundraising effort to support the increasing portfolio
in 2004.

Multiplex chief executive Andrew Roberts agreed those matters
were raised at the time. But he denied there was anything
untoward about the manager's departure in March, saying the
managerial position was redundant by mutual agreement.

The Australian Securities and Investments Commission (ASIC)
launched an investigation into the company's disclosure regime
following the revelations of dissension in Multiplex ranks.

Multiplex has firmly denied misleading investors over the
Wembley project.

CONTACT:

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


MYER LIMITED: Myer Family Keen to Maintain Holding
--------------------------------------------------
The Myer clan is intent on keeping its interest in the ailing
department store chain Myer Limited, The Australian has learned.
But sources privy to the matter confirmed the family has ruled
out any move to buy the business back.

The family's interest in keeping a strategic stake has raised
concerns whether the family's influence will eventually affect
any final deal. But sources said that ultimately it would be the
best offer that would clinch the deal, and not the Myer name.

Last week, the family, headed by Rupert Myer, appointed Sydney-
based Pacific Road Corporation Finance as adviser to help the
family assess its options in any sale of Myer. The family
reportedly wanted to ensure that any decision taken would be in
its best interest.

The Myer family, one of Australia's best known retail dynasties,
holds a 5 per cent stake in Coles Myer estimated to be worth
around AU$650 million.

Coles Myer announced last month that it was reviewing the Myer
business. While no decision has been made, it is thought that
Coles Myer would prefer to sell the business in one line,
preferably to the bidder with the best offer and who would not
pose a competitive threat.

Myer Limited is the struggling department store subsidiary of
Coles Myer Limited.

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


MYER LIMITED: Sale Could Put Parent at Risk
-------------------------------------------
Shareholders of Coles Myer Limited believe the retailer should
not divest its struggling department store unit, Myer Limited,
the Sydney Morning Herald relates.

Coles Myer investors said the firm might be better if it kept
Myer department stores rather than selling them despite the
strong interest of several potential buyers such as South
African retailing giant Edgars Consolidated Stores (Edcon) and
Australia's David Jones.

Earlier, Coles Myer announced it would review the strategies for
a demerger, sale or retention of the 61 stores of Myer Limited.

But Citigroup analyst Woolford said Coles Myer should not sell
Myer since a sell-off would put AU$1.2 billion of sales at risk
for Coles' other general merchandizing businesses, including
discount stores Kmart and Target.

Mr. Woolford said a major restructure at Myer could create AU442
million in value while a full sale of the business would destroy
AU$58 million in value.

He added only the only reason Coles Myer should sell Myer is if
there is an extreme bidding war, which he said is unlikely.

Mr. Woolford argued Myer should be restructured, with some 17
unprofitable stores in lower income areas sold, some stores
converted to Kmart or Target and the remaining stores reduced in
size.


NORTHERN MORTGAGE: Ross Magin Named Liquidator
----------------------------------------------
At an Extraordinary General Meeting of Northern Mortgage
Services Pty Limited duly convened and held on July 25, 2005,
the following Special Resolution was passed:

(1) That the Company be wound up voluntarily, and that Ross
Magin of 23 Ashbury Street, Adamstown Heights be appointed
Liquidator with power to distribute the Company's assets in
specie for the winding up of the Company; and

(2) That the Liquidator also be empowered to destroy all Company
books and papers five years after the Company's' date of
dissolution.

Dated this 25th day of July 2005

Ross Magin
Liquidator
23 Ashbury Street
Adamstown Heights NSW 2289


PARKES DYNO: Court Orders Winding Up
------------------------------------
On July 28, 2005, the Supreme Court of New South Wales ordered
the winding up of Parkes Dyno Tuning Pty Limited, and appointed
John Raymond Gibbons to be Liquidator of the Company for such
purpose.

Dated this 4th day of August 2005

John R. Gibbons
Ernst & Young
Chartered Accountants
Level 37, 680 George Street
Sydney NSW 2000
Phone: (02) 9248 4856


PAVESE CITRUS: To Distribute Final Dividend Soon
------------------------------------------------
Pavese Citrus Pty Limited will declare its 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 4th day of August 2005

Michael Jones
Liquidator
C/o Jones Condon
Chartered Accountants
Phone: 9247 5911


QUADRANT 2 SOLUTIONS: Placed Under Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Quadrant 2 Solutions Pty Limited held on July 27, 2005, it was
resolved that the Company be wound up, and Colin R. McDonald of
PO Box 56, Mooroolbark Vic 3138 was appointed Liquidator for the
winding up.

Dated this 1st day of August 2005

Colin R. McDonald
Liquidator
Chartered Accountant
PO Box 56, Mooroolbark Vic 3138
Phone: (03) 9726 4988
Fax:   (03) 9726 9338


SPACE PAINTING: Supreme Court Appoints Official Liquidator
----------------------------------------------------------
On August 2, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be appointed
Liquidator for the winding up of Space Painting Pty Limited.

Dated this 16th day of August 2005

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


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

AUTO-TECHNIC ENGINEERING: To Hold First Creditors Meeting
---------------------------------------------------------
Auto-technic Engineering Company Limited has fixed the first
meetings of creditors and contributories on September 13, 2005
at the following schedules:

Creditors -- At 2:30p.m.
Contributories -- At 3:30p.m.

The meetings will be held at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong.

Dated this 2nd day of September 2005

E T O'CONNELL
Official Receiver & Provisional
Liquidator


CDS INTRA-CITY: Creditors Meeting Slated for September 13
---------------------------------------------------------
Notice is hereby given that pursuant to Section 228A of the Hong
Kong Companies Ordinance, that a meeting of the creditors of CDS
Intra-City Logistics Company Limited (In Creditors' Voluntary
Liquidation) will be held at Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong on September 13,
2005 at 3:00 p.m. for the purposes provided for in Sections
228A, 241, 242, 243 and 244 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the Ferrier
Hodgson Limited, 14th Floor, Hong Kong Club Building, 3A Chater
Road, Central, Hong Kong, not later than 4:00 pm on 12 September
2005.

Dated this 2nd day of September 2005

LANSDOWNE NOMINEES LIMITED
Director


CHEUNG HING: Winding Up Proceedings Initiated
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cheung Hing Electrical Machine Company Limited by the High Court
of Hong Kong Special Administrative Region was on July 25, 2005
present to the said Court by Juki (Hong Kong) Limited whose
registered office is situated at Rooms 1901 & 1911-12, Level 19,
Metroplaza Tower 11, 223 Hing Fong Road Kwai Fong, New
Territories, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on September 21, 2005 and any creditor or contributory
of the said company desirous to support or oppose the making of
an order on the said petition may appear at the time of hearing
by himself or his counsel for that purpose.

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

FRED KAN & CO
Solicitors for the Petitioner
3104-7, 31st Floor, Central Plaza
18 Harbour Road
Hong Kong

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


HI-Q INVESTMENT: Court to Hear Wind-up Petition October 5
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Hi-
Q Investment Company Limited by the High Court of Hong Kong
Special Administrative Region was on August 3, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on October 5, 2005.

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

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

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


HI-Q PROPERTIES: Faces Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of Hi-
Q Properties Company Limited by the High Court of Hong Kong
Special Administrative Region was on August 3, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

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

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

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


HOYEE LIMITED: Court Issues Winding-up Order
--------------------------------------------
A winding-up order for Hoyee Limited of Unit K, 15th Floor, 19-
21 Shan Mei St. Fotan, Shatin, NT was issued by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 22, 2005.

The winding petition was presented before the court on May 30,
2005

E T O'CONNELL
Official Receiver


INTERCHINA HOLDINGS: Notes Unusual Volume Movement
--------------------------------------------------
The Stock Exchange has received a message from Interchina
Holdings Company Limited which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company has noted the recent increase in trading volume of
the shares of the Company.

Save for the matters and circumstances more particularly
disclosed in the announcements of the Company dated 11 July
2005, 13 July 2005 and 14 July 2005, the Company is not aware of
any reason for such increase in trading volume of the shares of
the Company and confirm that there are no other negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of Interchina Holdings Company Limited the
Board of directors of which individually and jointly accept
responsibility for the accuracy of this statement.

As at the date of this statement, the Executive Directors are
Mr. Zhang Yang, Mr. Chan Wing Yuen, Hubert and Mr. Lam Cheung
Shing, Richard, the non-executive Directors are Mr. Hui Ho Ming,
Herbert, J.P. and the independent non-executive Directors are
Mr. Lee Peng Fei, Allen, J.P., Mr. Wu Wai Chung, Michael, Mr.
Wong Hon Sum and Ms. Ha Ping.

Hong Kong, this 2nd  day of September, 2005"

CONTACT:

Interchina Holdings Company Limited
45/F, Far East Finance Center
16 Harcourt Road
Admiralty, Hong Kong
Phone: 25289910
Fax: 25289737
Web site: www.interchina.com.hk


JILIN CHEMICAL: To Hold EGM September 29
----------------------------------------
Notice is hereby that the extraordinary general meeting (the
EGM) of Jilin Chemical Industrial Company Limited (the Company)
will be held at 9:00 a.m. on September 29, 2005 at No. 9 Longtan
Street, Longtan District, Jilin City, Jilin Province, the
People's Republic of China (the PRC) to consider and, if thought
fit, approve the following resolutions as ordinary resolutions:

1. To consider and approve the Supplemental Composite Services
Agreement, and authorize any director of the Company to do such
further acts and things and execute further documents and take
all such steps which in his opinion may be necessary, desirable
or expedient to implement and/or give effect to the terms of
such agreement;

2. To consider and approve the Supplemental Master Products and
Services Agreement, and authorize any director of the Company to
do such further acts and things and execute further documents
and take all such steps which in his opinion may be necessary,
desirable or expedient to implement and/or give effect to the
terms of such agreement;

3. To consider and approve the Assets Management Agreement, and
authorize any director of the Company to do such further acts
and things and execute further documents and take all such steps
which in his opinion may be necessary, desirable or expedient to
implement and/or give effect to the terms of such agreement.

By Order of the Board
Zhang Liyan
Company Secretary
Jilin, PRC

CONTACT:

Jilin Chemical Industrial Company Limited
21/F, Entertainment Building
30 Queen's Road, Central
Hong Kong
Phone: 86-432-3903651
Fax: 86-432-3028126
Web site: http://www.jcic.com.cn


RBG GLOBAL: Hearing to Confirm Liquidators' Appointment Set
-----------------------------------------------------------
Notice is hereby given that pursuant to Rule 45(2) of the
Companies (Winding-up) Rules, a hearing under the High Court of
the Hong Kong Special Administrative Region Court Of First
Instance winding up proceedings will be held at High Court, High
Court Building, 38 Queensway, Hong Kong, before Master S. Kwang
on 12 September 2005 at 10:00 a.m. for the purpose of confirming
the appointment of the Joint and Several Provisional Liquidators
of RBG Global S.A. as liquidators of the company.

Dated this 2nd day of September 2005

MALCOLM SHIERSON
ALAN C. W. TANG
WONG KWOK MAN
Joint and Several Provisional Liquidators
c/o Grant Thornton
13/F., Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


RENREN HOLDINGS: Updates Capital Reorganization Scheme
------------------------------------------------------
The Stock Exchange has received a message from renren Holdings
Limited which is reproduced as follows:

"In order to facilitate the trading of odd lots of the Adjusted
Shares which would arise as a result of the Capital
Reorganization, the Company has appointed an agent, commencing
from the effective date of the Capital Reorganization, to match,
on a best efforts basis, the sale and purchase of odd lots of
the Adjusted Shares.

"However, Shareholders should note that the matching of the sale
and purchase of odd lots of Adjusted Shares is not guaranteed.  
Holders of odd lots of Adjusted Shares who wish to take
advantage of this facility should contact Mr. Gilbert Lam of Tai
Fook Securities Company Limited of 25th Floor, New World Tower,
16-18 Queen's Road Central, Hong Kong (telephone number: 2160
9963) during the period from Friday, 5 August 2005 to Friday, 9
September 2005 (both dates inclusive)."

CONTACT:

renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com


TOTAL TECHNOLOGY: Court Orders Winding Up
-----------------------------------------
A winding-up order for Total Technology Company Limited of 4404,
44/F, China Resources Bldg, 26 Harbour Rd, Wan Chai, Hong Kong
was issued by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 24,
2005.

The winding petition was presented before the court on May 27,
2005

E T O'CONNELL
Official Receiver


VICTORY GROUP: Net Loss Widens to HK1.5 Mln in H1
-------------------------------------------------
Victory Group Limited announced September 5, 2005 its financial
results for the first half of the year ending December 31, 2005.

Year-end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                  (Unaudited )
                                (Unaudited )       Last
                                Current            Corresponding
                                Period             Period
                              from 01/01/2005    from 01/01/2004
                              to 30/06/2005      to 30/06/2004
                           Note  ($         )       ($         )
Turnover                       : 1,060,000          839,000           
Profit/(Loss) from Operations  : (885,000)          (1,169,000)       
Finance cost                   : (634,000)          (171,000)         
Share of Profit/(Loss) of
  Associates                   : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (1,519,000)        (1,340,000)       
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.0014)           (0.0014)          
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (1,519,000)        (1,340,000)       
Interim Dividend               : Nil                Nil
  per Share                                              
(Specify if with other         : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Interim Dividend             : N/A   
Payable Date                   : N/A
B/C Dates for (-)            
  General Meeting              : N/A   
Other Distribution for         : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                 : N/A   

Remarks:

1. Turnover (Note I)
These amounts include the trading of automotive products, rental
income and other immaterial income.

2. Profit/(Loss) from Operations (Note II)
These amounts reflect the loss from operation before finance
cost.

3. EPS / (LPS) - Basic
The calculation of basic loss per share for the 6 months ended
30 June 2005 was based on the net loss attributable to
shareholders of HK$1,519, 000 (30 June 2004: net loss
attributable to shareholders of HK$1,340,000) and on the
weighted average of 1,075,011,600 (30 June 2004: 945,158,000)
ordinary shares in issue over the 6 months ended 30 June 2005.

No diluted loss per share for the 6 months ended 30 June 2005
and 2004 had been presented as the exercise of the potential
ordinary shares would result in a reduction in loss per share.

CONTACT:

Victory Group Limited
Suite 1609, New East Ocean Centre
9 Science Museum Road
Tsimshatsui East,
Kowloon, Hong Kong
Phone: 27213823
Fax: 27216565
Web site: http://www.victorygroup.com.hk


* 1,697 Financial Staffers Punished Over Bank Crimes
----------------------------------------------------
The China Banking Regulatory Commission (CRBC) disclosed that
around 1,697 staffers with financial organizations were held for
bank crimes in the first half of the year, according Xinhuanet
reports.

The banking regulator said 570 were high profile staffers at
banks, including China's Big Four state banks.

Liu Jinbao, former chief executive of the Hong Kong operation of
Bank of China, China's second largest lender, was handed a
suspended death sentence for embezzlement last month. Mr. Liu
was found guilty of embezzling CNY14.3 million (US$1.8 million),
of which he personally pocketed CNY7.5 million. He also received
bribes amounting to CNY1.4 million and was unable to account for
CNY14.5 million in personal assets.

The CBRC said in July, the number of illegal cases at the
country's Big Four state banks dropped from a month ago.

The CBRC said that the move to crack down on illegal trades and
operations at banks had achieved preliminary results.


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

BANK OF AHMEDABAD: Merger Saves Bank from Liquidation
-----------------------------------------------------
The Reserve Bank of India (RBI) has given beleaguered Co-
operative Bank of Ahmedabad the go-signal for its merger with a
Pune-based bank, relates Ahmedabad Newsline.

Co-operative Bank of Ahmedabad will be the first multi-state co-
operative bank in the country to have averted liquidation, once
it merges with Cosmos Bank.

RBI's approval of the merger is in line with the current policy
of the Central Government to encourage mergers and acquisitions
among weak and strong urban co-operative banks to strengthen the
co-operative banking sector.

Cosmos Bank was one of the largest scheduled banks in the
country and the merger would enhance its network in Gujarat to a
great extent with the help of an excellent branch network
besides two major branches in Mumbai.

The two banks will start to map out the terms of the merger,
which they will forward to the RBI for formal approval.

Co-operative Bank of Ahmedabad had been placed under section 35A
restrictions in September 2002 on request from the then
management of the bank headed by Ramabhai Davalbhai Patel as it
feared inability to meet financial commitments.


ESCORTS LIMITED: Revamps Board After Official Departures
--------------------------------------------------------
Troubled tractor maker Escorts Limited has reconstituted its
board Thursday last week, a day after the mass resignation of
all its directors, except Rajan Nanda, The Times of India
reports.

Mr. Nanda's son Nichil Nanda, who also stepped down Wednesday
last week, has been appointed chief operating officer (COO) of
the Company.

Four new directors, former UTI chairman SA Dave, former union
ministers MGK Menon, PS Pritam and SC Bhargava have joined as
directors on board. Mr. Dave and Mr. Menon had resigned from
board on August 31 and August 29 respectively.

According to a source, the company has defaulted on repayment of
debentures worth INR50 crore to ICICI Bank. If the directors
continue to be on board for one year during the course of
default, they can not continue on board of other companies. To
avoid this, the source said they resigned from the board of
Escorts.

Last year, Escorts announced that it would raise INR800 crore
from abroad. The money was supposed to come by August this year.
But a company source said the infusion of the fresh capital has
been delayed, which resulted into the default.

Escorts is also facing problem of working capital as the banks
have stopped lending it fresh money. The source said the company
would require at least INR500 crore in the next six months.

Rajan Nanda said the company was in the final stage of
negotiations for financial restructuring, which will ensure
injection of funds and replacement of high cost debt.
Escorts posted a net loss of INR57.3 crore in the quarter ending
June.

About Escorts Limited

Escorts Limited, a US$ 500 million conglomerate is among India's
foremost professionally managed groups with business interests
in areas of agri-machinery, healthcare, construction & material
handling equipment, automotive & railway ancillaries,
information technology, healthcare, and financial services.

Having pioneered farm mechanization in the country, Escorts has
played a pivotal role in the agricultural growth of India for
over five decades. One of the leading tractor manufacturers of
the country, Escorts produces tractors in the 27-75 HP range and
has already sold over 6 lakh tractors. Its tractors are marketed
under three brand names, viz. Escort, Powertrac and Farmtrac.
Escort brand of tractors is symbolic of reliability and trust
and enjoys the confidence of the farming community for the last
40 years. Powertrac brand of tractors are the most fuel-
efficient tractors in their respective categories that offer
excellent value for money and have helped the farmers improve
their quality of life. Farmtrac brand is the most powerful
premium range of tractors that give maximum productivity to the
farmers. Spanning these three brands, the company has a full
range of tractors to cater to the domestic as well as overseas
markets.

The company has one of the most comprehensive distribution
networks comprising over 500 dealerships / outlets and 29 area
offices spread across the country. It has a manufacturing
capacity of 75,000 tractors per annum. Escorts Agri Machinery
Group is looking at forward and backward integration through
food processing, food chains and genetic engineering. It will be
expanding its product range by launching highly specialized
tractors and draft implements

CONTACT:

Shishir Kandir/ Komal Jain
e,Lexicon Public Relations & Corporate Consultants Limited
15, Community Centre, East of Kailash
New Delhi -110065
Phone: 9811455004 / 9871420539
Web site: http://www.e-lexiconpr.com


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

ANTAM: Standard & Poor's Affirms 'B' Rating with Stable Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services on Monday affirmed its 'B'
rating on Indonesia's PT Aneka Tambang Tbk. (Antam), a company
that focuses on the exploration, mining, and refining of nickel,
gold, silver, and bauxite. The outlook is stable.

"The rating affirmation reflects the favorable outlook for
nickel and gold prices, and Antam's vertically integrated
operations, although volatility in nickel and gold prices,
regulatory uncertainty, its large capital expenditure plans, and
rising cost profile offset these strengths," said Standard &
Poor's credit analyst Greg Pau.
     
Antam generated revenues of IDR2.9 trillion (USD278 million) in
2004. Its ferronickel production cost increased steadily to
USD3.35 per pound in 2004 due to the government's fuel subsidy
reduction and the shutdown of a major nickel smelting facility.
Although its cost is expected to rise to USD4/lb, Antam plans to
reduce its cost through the construction of a new nickel
smelting facility. Its gold production cash cost also increased
to USD183.5 per troy ounce (t.oz) in 2004, from USD175.5/t.oz in
2003, due to disruption in a mine following a fire.

The Company's rating is constrained by inherent industry risk,
as it operates in a highly commoditized business with
substantial price volatility. In addition, the Indonesian
government's delay in implementing a new mining law results in
continued uncertainty over the regulatory role of central and
regional governments.

Antam's rating is also weakened by its aggressive financial
policy, with its 45% gearing level in 2004 considered aggressive
for a company operating in a volatile industry. Nevertheless, it
has strong liquidity, with only IDR19.2 billion debt maturing in
the short term. As of Marhc 31, 2005, its cash balance was
IDR1.5 trillion, although IDR1.3 trillion was committed for
issuing letters of credit and bank acceptances. Refinancing risk
in the medium term is low, with a USD200 million bond maturing
only in 2010.

The rating on the Company benefits from the favorable outlook
for nickel and gold prices. High nickel prices should remain
supported over the next two years by a supply deficit and steady
growth of stainless steel capacity, although prices could weaken
when several new projects are completed in 2007.

Gold prices are supported by limited production increase,
anxiety over possible terrorist attacks, rising jewelry demand
in Asia, and the weakening U.S. dollar.

In addition, Antam's integrated activities provide operational
diversity and some stability in its operating costs and supply
procurement. The company's open pit nickel and other mining
activities also help reduce costs.

"The stable outlook on Antam reflects the expectation that
favorable product prices and expected improvement of scale with
its planned expansion could help improve the company's cost
position and reduce its debt burden," said Mr. Pau.

CONTACT:

PT. ANTAM Tbk
Gedung Aneka Tambang
Jl. Letjen TB Simatupang
1 Jakarta Selatan
Indonesia 12530
Phone: +62-21-780-5119/781-2635
Fax:   +62-21-781-2822
Email: corsec@antam.com
       webmaster@antam.com
Web site: http://www.antam.com/


MERPATI NUSANTARA: Transfers Operations to Different Terminal
-------------------------------------------------------------
State-owned carrier PT Merpati Nusantara Airlines moved its base
of operations from the Soekarno-Hatta International Airport
Terminal IA to Terminal IIF, to signify its joining state-owned
flag carrier PT Garuda Indonesia, reports the Jakarta Post.

According to the Company, the transfer was coordinated to
improve efficiency and service.

The transfer of operations is line with government efforts to
consolidate both Merpati Nusantara, Garuda Indonesia and PT
Pelita Airlines, another state-owned carrier, in order to
eliminate unnecessary competition as well as avoid bankruptcy.
Garuda Indonesia is currently seeking a government bailout to
turn the company around, while the government has decided to
restructure Merpati Nusantara.

With regard to the transfer, the Company has privded shutte
buses to transport passengers from Terminal IA to Terminal IIF,
and has distributed leaflets to inform the general public about
the recent change.

As an added treat, Merpati Nusantara will offer special services
for its clients today, Sept. 6, 2005, which is its 43d
anniversary.

Merpati Nusantara currently has a monthly cash flow deficit of
IDR40 billion and a negative equity position of IDR871.3
billion, due to the lack of working capital, along with a debt
of IDR1.6 trillion.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax:   +62 21 654 6789
Web site: http://www.merpati.co.id


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

DIA KENSETSU: IRCJ Completes Transfer of Debt
---------------------------------------------
The Industrial Revitalization Committee of the Industrial
Revitalization Corporation of Japan (IRCJ) on August 10, 2005
approved the transfer of debt and receipt of repayment in full
for debt the IRCJ had purchased from financial institutions as
part of a business revitalization plan for DIA KENSETSU Co.,
Ltd.

The payment received by the IRCJ means that it no longer holds
any debt or other obligations of Dia Kensetsu.

1. Names of companies concerned

DIA KENSETSU Co., Ltd.

2. Process to date

On August 28, 2003 the IRCJ approved an application for
assistance by Dia Kensetsu under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003. On September
30, 2003, under Article 25, Clause 1 of the same act, the IRCJ
reached agreement with financial institutions on the purchase of
the company's debts.

Following this, in accordance with the revitalization plan, a
capital alliance contract was signed with sponsor Leopalace 21
Corporation (Leoplace 21) and on January 14, 2004 Dia Kensetsu
carried out a third party allocation of shares and issued bonds
with attached warrants to Leopalace 21.

3. Amount of debt

The principal value of Dia Kensetsu's debt was JPY18,397
million, for which the IRCJ paid JPY9,476 million to financial
institutions. Following debt forgiveness of JPY8,507 million,
and in accordance with the business revitalization plan, a total
of JPY7,256 million was received through operating revenue and
the sale of collateral assets. The IRCJ has now transferred to
the target company the debt of subsidiaries of the target
company that it had assumed during the course of the
revitalization process, and has received payment in full for the
remaining JPY2,634 million.

Note: The change in amount from the time of the decision to
support is due to such factors as revenue gained from the sale
of collateral.

4. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such, the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the three government ministers in charge of the
IRCJ.

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo.

CONTACT:

Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437
Web site: http://www.ircj.co.jp


JAPAN POST: Keen to Close Unprofitable 'Kampo' Lodgings
-------------------------------------------------------
Japan Post is looking to sell or shut down 11 loss-making
"kampo" inn and leisure facilities by the end of this year, The
Japan Times reports.

The 11 are among the 65 leisure accommodation facilities
nationwide run by the public postal corporation. Their losses
are being covered by premiums meant to support "kampo," the
postal life insurance scheme.

Japan Post aims this year to close facilities whose revenues
fall below 90 percent of their fiscal 2004 expenditures.

Japan Post owns 95 welfare facilities as part of its postal life
insurance services.

The government has formulated a policy of closing or selling all
the remaining accommodation facilities owned by Japan Post
within five years of the April 2007 start to the 10-year
privatization process.

CONTACT:

Japan Post
1-3-2 Kasumigaseki, Chiyoda-ku
Tokyo 100-8798, Japan
Phone: +81-3-3504-4357
Fax: +81-3-3504-5399


MITSUBISHI MOTORS: Australia Joins Production Forces with TNTL
--------------------------------------------------------------
TNT Logistics (TNTL) and the Mitsubishi Motors Australia Limited
(MMAL) have designed, commissioned and opened a `Logistics
Control Centre' collocated with Tonsley Park Manufacturing
Plant.

The Logistics Control Centre allows TNTL to track component
orders of MMAL and manage the entire journey globally or locally
with sequenced delivery right up to the production line.

TNTL Managing Director Australia & Asia Howard Critchley says
commercial realism is critical to sustaining Australia's
competitive advantage in manufacturing, requiring logistically
integrated businesses to create value and increase productivity.

"The principles of a logistically integrated business were
realized when TNTL designed and commissioned a Logistics Control
Centre collocated within MMAL in an Australian first," Mr.
Critchley says.

"The collaboration of management and operational staff including
key unions contributed to the implementation of a global best
practice model with local skills sets."

Mr. Critchley says this allows TNTL staff to operate and
contribute towards strong productivity gains within the MMAL
manufacturing facility.

"Breaking these boundaries and delivering a specific logistical
solution on the client's site is a first in the Australian
automotive industry, and is set to revolutionize this sector
with increased productivity across the board," he says.

"The strength of this partnership and innovative solution is an
example of forward thinking and commercial acumen combined with
flexible workplace relations, all essential factors to
sustaining Australia's economic performance in an increasingly
globalized economy.

"Logistics management is a key element of manufacturing but
Australian businesses need to concentrate more on core
manufacturing competencies and assign logistics management to
third party experts," Mr. says Critchley.

MMAL President & CEO, Tom Phillips, agrees and believes the
company's decision to engage TNTL as a partner to manage their
material logistics is an important element of MMAL's overall
manufacturing strategy for Mitsubishi's new large car, the
`380'.

"The Logistics Control Centre will facilitate the delivery of
all supplier parts for the manufacture of the Mitsubishi 380,"
says Phillips.

"It is capable of servicing product demand when the Mitsubishi
380 hits volume production with commitment to zero shortages.

The Logistics Control Centre forms a three-stage project won by
TNTL in 2003. Stage one was a Transport Solution delivered in
January 2004 and stage two was the Part & Accessories Operations
project delivered in October 2004.

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 Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


RESONA HOLDINGS: To Pay Back JPY200 Bln in Public Funds
-------------------------------------------------------
Resona Holdings Inc. will repay JPY200 billion (US$1.82 billion)
in public funds by the end of this month, Reuters reports,
citing Yomiuri Shimbun.

The embattled bank, which owes nearly JPY3.13 billion, aims to
make up for the repayment by raising hefty capital from
institutional investors.

A Resona spokesman, however, said nothing had been decided yet.

Resona has is starting to recover from a financial slump after
receiving a JPY2-trillion bailout from the government in 2003.

In the year ending March, the bank reaped a group net profit of
JPY365.6 billion helped by falling bad-loan charges, aggressive
cost cutting and strong growth in housing loans and fee-based
services.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


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

DAEWOO GROUP: SPO Concludes Investigation
-----------------------------------------
The prosecution has wrapped up its probe into Daewoo Group
founder Kim Woo-choong on charges of fraud and foreign currency
law violations, Asia Pulse relates, citing Yonhap News.

Since Mr. Kim's first indictment on July 1, he already faced
trial twice on charges of directing his executives to inflate
the assets of four Daewoo Affiliates by KRW20 trillion between
1997 and 1998 and illegally borrowing KRW9.8 trillion through
the use of doctored accounting books and fake letters of credit.

Also included in his indictment was the smuggling of about $20
billion in foreign currency abroad without permission from the
authorities, said the prosecutors at the Supreme Prosecutors'
Office (SPO).

In an additional investigation conducted by the SPO, they found
out that Mr. Kim used at least several tens of billion of won in
company funds for private purposes while managing the British
Finance Center, an overseas financial organization of the failed
Daewoo Group.

Mr. Kim is also said to have improperly provided KRW20 billion
to its business partners and secret subsidiaries via the now-
defunct Daewoo Motor Co. between 1998 and 1999.  Mr. Kim
violated fair trade law when he failed to report the existence
of some 15 secret subsidiaries to the authorities, the SPO said.

Also, Mr. Kim was indicted for allegedly donating illegal
political funds and bribes to Rep. Song Young-kil of the ruling
Uri Party, Rep. Lee Jae-myung of the former Millennium
Democratic Party and the former Incheon Mayor Choi Ki-sun
through Daewoo Motor Sales.

In June, Mr. Kim was arrested by prosecutors on his arrival
after six years of hiding abroad, and is currently receiving
hospital treatment after undergoing heart surgery Tuesday.  His
detention was suspended for one month. Critics said that Mr.
Kim's condition resulted from the prosecutors closing the probe
in an incomplete manner.  

On the lighter side of the case, prosecution have dismissed the
allegations that some political heavyweights and influential
government officials helped Mr. Kim to fly out of the country in
1999. It was also not able to prove whether Mr. Kim lobbied a
number of political and government figures to save Daewoo Group
from bankruptcy last year.


HANARO TELECOM: Taps Lucent to Provide VoIP Services
----------------------------------------------------
Lucent Technologies disclosed in a press release that Hanaro
Telecom, Korea's second largest wireline and broadband service
provider, will deploy Lucent's Voice over the Internet Protocol
(VoIP) solution to offer advanced services to enterprise
customers.

Hanaro Telecom will be the first Korean carrier to offer
carrier-based VoIP Services to businesses.

The Lucent solution, part of Lucent Technologies Accelerate(TM)
Next Generation Communications Solutions portfolio, can enable
Hanaro to provide traditional business voice services, such as
call forwarding and conference calling, as well as innovative
IP-based features that can include interactive voice response,
one-number calling and Web-based integrated business features
that allow customers to manage their voice services via their
computers.

The solution, which includes the Lucent Feature Server 3000,
also can allow Hanaro's enterprise customers to consolidate
their voice, data and Internet services onto one network that
connects to the public network, simplifying the enterprise's
network operations. Lucent Worldwide Services will provide
professional services including engineering and installation for
the deployment.

"In order to grow revenues, Hanaro is focusing on the enterprise
market and expanding its services portfolio for business
customers," said SeungSeog Lee, Senior Vice President of Network
Technology Unit, Hanaro Telecom. "We believe that Lucent will
help us successfully deploy VoIP services to enterprise
customers."

"This is significant in that our customer will be the first
carrier in Korea to launch VoIP business services, making Lucent
the first vendor to have its VoIP solution deployed in this
way," said John Yang, President and CEO of Lucent Technologies
Korea. "We will continue to provide our full support to enable
Hanaro to move toward a converged network build-out."

The contract with Hanaro strengthens Lucent's leading position
in the VoIP market in Korea. In June, Lucent announced a
contract with Dacom to build IP networks for the Military Mutual
Aid Association, one of Dacom's enterprise customers.

Lucent's solution for Hanaro includes technology from Lucent
partners BroadSoft and Acme Packet. Lucent has provided Hanaro
with broadband access, optical networking, switching since 1998
and now a VoIP solution for its network.

About Hanaro Telecom

Hanaro Telecom is one of largest broadband service providers and
the second largest fixed-line carrier in South Korea.
Established in 1997, Hanaro runs a nationwide communications
network in South Korea for local, national, and international
voice call and data services. For more information on Hanaro,
visit its Web site at http://www.hanaro.com.

About Lucent Technologies

Lucent Technologies, headquartered in Murray Hill, N.J., USA,
designs and delivers networks for the world's largest
communications service providers. Backed by Bell Labs research
and development, Lucent relies on its strengths in mobility,
optical, data and voice networking technologies as well as
software and services to develop next-generation networks.

The company's systems, services and software are designed to
help customers quickly deploy and better manage their networks
and create new, revenue-generating services that help businesses
and consumers. For more information on Lucent Technologies,
visit its Web site at http://www.lucent.com.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


HANARO TELECOM: To Hold Shareholders' EGM Next Month
----------------------------------------------------
Hanaro Telecom Inc. resolved to convene Shareholders
Extraordinary General Meeting on October 21, 2005.

The following are additional information for the EGM:

(1) Date: October 21, 2005, 10:00 a.m.

(2) Venue:

Auditorium, Shindonga Fire & Marine Insurance (9th Floor)
43, Taepyeongno 2-ga, Jung-gu, Seoul, Korea

(3) Agenda and Details

- Agendum 1: Appointment of standing director
- Nominee: Mr. Soon Yub Kwon

(4) Date of Board of Directors' Resolution: August 19, 2005

- Outside director: three of five were present
- Audit Committee members who are not outside directors: None

Closing of Shareholder Register

(1) Closing Date: September 7, 2005

(2) Period of Closing the Shareholder Register

- Date of Commencement: September 8, 2005

- Date of Expiration: September 16, 2005

(3) Reasons for Closing

- To confirm the Company's shareholders who are eligible to
exercise their voting rights at the Company's Extraordinary
General Meeting of Shareholders.

(4) Date of Board of Directors' Resolution: August 19, 2005


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

CONSOLIDATED FARMS: Fails to Pay Dues to Credit Facilities
----------------------------------------------------------
The Board of Consolidated Farms Berhad (Confarm) issued to Bursa
Malaysia Securities Berhad the following announcements:

(1) Monthly Status Announcement: Practice Note No. 1/2001

The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at August
31, 2005 as set out in Table 1.

Table 1
Amount of Principal and/or Interest Due as at 31 August 2005

Lender            Borrower       Amount Due       Type of
                                 as at 31
                                 August 2005
                                (MYR)

Bank Pertanian
Malaysia (BPM)    Confarm        12,381.6        Term Loan          
                                                 (TL)

Bumiputra-
Commerce Bank
Berhad (BCBB)     Confarm        10,923.5       Bankers'         
                                                Acceptance  
                                                (BA)

Malayan
Banking
Berhad (MBB)      Confarm        12,689.5       TL and BA

BCBB
                  Consolidated
                  Breeder
                  Farms Sdn Bhd  5,094.1        TL & BA

BCBB              Consolidated   
                  Feedmill Sdn
                  Bhd (CFM)      11,816.9       TL and BA

BPM               Consolidated
                  Organic
                  Fertiliser
                  Sdn Bhd (COF)     587.3        TL

MBB               COF               296.0        BA

BCBB              Consolidated
                  Liquid Eggs
                  Sdn Bhd (CLESB)  3,058.3      TL and BA

BPM               CLESB              867.9          TL

AmMerchant
Bank Berhad
(AMBB)            Confarm            849.7      Revolving Credit
                                                (RC)

AMBB              CFM                318.6       RC

Total                             58,883.4  

(2) Monthly Status Announcement: Practice Note No. 4/2001

Further to the Announcement dated August 1, 2005, the Board of
Directors of Confarm, announced that 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:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199  
Fax: 03-23002299


GEORGE TOWN: Bourse Suspends Trading of Securities
--------------------------------------------------
George Town Holdings Berhad (GTOWN) advised Bursa Malaysia
Securities Berhad that it has yet 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.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


HAP SENG: Repurchases 24,400 Shares
-----------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a shares buy back notice with the following details:
   
Date of buy back: September 1, 2005

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

Total number of shares purchased (units): 24,400

Minimum price paid for each share purchased (MYR): 2.110

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

Total consideration paid (MYR): 53,267.43

Number of shares purchased retained in treasury (units): 24,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,146,700

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

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


KEMAYAN CORPORATION: Seeks Extension of Restraining Order
---------------------------------------------------------
Further to the announcement dated August 2, 2005, Public
Merchant Bank Berhad, on behalf of the Board of Directors of
Kemayan Corporation Berhad (KCB), disclosed to Bursa Malaysia
Securities Berhad that it had on August 30, 2005, submitted its
application to the High Court of Malaya for further extension of
the restraining order, which is expiring on September 3, 2005,
in order for the Company to hold the Court Convened Meetings for
the scheme creditors and the shareholders of KCB.

The Company is in the final stages of preparing the necessary
documents to obtain approvals of the scheme creditors and
shareholders of KCB, at the relevant meetings to be convened.

Further developments in relation to the Proposed Restructuring
Scheme will be made known to the Exchange in due course.

This announcement is dated 1 September 2005.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390  
Fax: 07-2365307


K.P. KENINGAU: Seeks New Plan to Regularize Condition
-----------------------------------------------------
With the withdrawal of then White Knight from the earlier
Proposed Restructuring Scheme previously announced, K.P.
Keningau Berhad advised Bursa Malaysia Securities Berhad that it
is currently active in pursuing its other possible options
working towards regularization of its distressed financial
condition pursuant to PN4 of the Listing Requirements.

Once a new restructuring plan is confirmed, an appropriate
announcement will be made accordingly.

This announcement is dated 1 September 2005.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


LITYAN HOLDINGS: To Submit Restructuring Proposal Soon
------------------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Lityan
Holdings Berhad (Company) disclosed that since the last
announcement on August 1, 2005, the Company is in the midst of
submitting its proposed restructuring scheme (PRS) to the
relevant authorities for approval.

The Company shall provide regular updates on the progress of the
PRS.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MYCOM BERHAD: Scheme Implementation Remains Unchanged
-----------------------------------------------------
The Board of Mycom Berhad (Mycom) unveiled to Bursa Malaysia
Securities Berhad that, save as disclosed in the last
announcement on August 30, 2005, there has been no new
development to the implementation of the Restructuring Scheme of
Mycom.

This announcement is dated 1 September 2005.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
Fax: +60 3 2072 3996


MULPHA LAND: Still Finalizing Regularization Plan
-------------------------------------------------
Pursuant to Paragraph 3.1(b) of PN17/2005, the Board of
Directors of Mulpha Land Berhad informed Bursa Malaysia
Securities Berhad that it is finalizing a regularization plan
for submission to the relevant authority.

Pursuant to Paragraph 4.1 of PN17/2005, the Company is required
to submit the regularization plan by November 15, 2005.


NORTH BORNEO: Sees No Developments in Rehab Plan Status
-------------------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
informed Bursa Malaysia Securities Berhad that there are no
changes to the status of its plan to regularize its financial
position since the following announcements were made:

The Securities Commission had via its letter dated January 24,
2005 approved the Revised Scheme. The details of the conditions
imposed by the Securities Commission can be obtained through the
announcement dated January 25, 2005.

The Securities Commission had via its letter dated March 10,
2005, informed that the application by the Company on the
Proposed Exemption will now be considered under Practice Note
2.9.1 of the Malaysian Code on Take-overs and Mergers, 1998
instead of under Practice Note 2.9.3. The details of the
conditions imposed for the approval of the Proposed Exemption
can be obtained through the announcement dated March 18, 2005.

The Securities Commission had also via its letter dated March
17, 2005, approved the application by the Company to expand the
Proposed Special Issue to include a proposed private placement
of 10,000,000 new LLT Shares. The details can be obtained
through the announcement dated March 31, 2005.

The Court had on March 30, 2005 granted an Order pursuant to
Section 176 of the Companies Act, 1965 to restrain all further
proceedings against the Company for a period of nine months from
the date of the Order and to convene the meetings of its members
and the meetings of its scheme creditors no later than nine
months from the date of the Order. The details can be obtained
through the announcement dated April 20, 2005.

The Equity Compliance Unit of the Securities Commission had vide
its letter dated April 28, 2005, informed that they have no
objection to the Revised Scheme pursuant to Foreign Investment
Committee's Guideline on Acquisition of Interests, Mergers and
Takeovers by Local and Foreign Interests. The details of the
conditions imposed can be obtained through the announcement
dated May 3, 2005.

This announcement is dated 1 September 2005

CONTACT:

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


OLYMPIA INDUSTRIES: Restructuring Scheme Still Unchanged
--------------------------------------------------------
The Board of Olympia Industries Berhad advised Bursa Malaysia
Securities Berhad that, save as disclosed in the last
announcement on August 30, 2005, there has been no further
development to the implementation of the Restructuring Scheme of
the Company.

This announcement is dated 1 September 2005.

CONTACT:

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


OMEGA HOLDINGS: Regularization of Condition Pending Approval
------------------------------------------------------------
Further to the announcement dated August 1, 2005, Avenue
Securities Sdn Bhd, on behalf of Omega Holdings Berhad (Omega),
advised Bursa Malaysia Securities Berhad that there has been no
material development in respect of the Company's plan to
regularize its financial position.

The applications to regularize the financial condition of Omega
which were submitted to the Securities Commission and Foreign
Investment Committee on February 28, 2005 and are currently
pending their approvals.

This announcement is dated 1 September 2005.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Telephone: +60 3 2713 2160
Fax: +60 3 2713 2170


PADIBERAS NASIONAL: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 266,000
new ordinary shares of MYR1.00 each issued pursuant to
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, September 5, 2005.

CONTACT:

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


PAN PACIFIC: Books MYR22,862,000 Net Loss in Q2
-----------------------------------------------
Pan Pacific Asia Berhad furnished Bursa Malaysia Securities
Berhad a copy of its fourth 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     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    0             0               0               0

(2) Profit/(loss) before tax  

    -22,862       -27,316         -51,830         -86,576
  
(3) Profit/(loss) after tax and minority interest  

    -22,862       -27,097         -51,830         -86,625

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

    -22,862       -27,097         -51,830         -86,625

(5) Basic earnings/(loss) per shares (sen)  
    
    -17.78         -21.07          -40.31          -67.37

(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)  

         -4.7900                   -4.3800

To view a full copy of the financial report, click
http://bankrupt.com/misc/PanPacificincomestatementjune05.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/PanPacificQuarterlynotes0605.doc

Click to view a full copy of the Balance Sheet, click
http://bankrupt.com/misc/PanPacific090105.xls

To view a full copy Material Litigation, click
http://bankrupt.com/misc/PanPacificmateriallitigation0605.doc

To view a full copy of the Equity Statement, click
http://bankrupt.com/misc/PanPacificequitystatement062005.xls

Click to view a full copy of the Cash Flow Statement
http://bankrupt.com/misc/PanPacificcashflowstatement0605.xls

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax: +60 3 7727 1622  
Web site: http://www.dno.no


PAN PACIFIC: Unveils Proposals Approved at EGM
----------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
informed Bursa Malaysia Securities Berhad that the Creditors and
Shareholders of the Company had at the Court Convened Meetings
with Scheme Creditors and Shareholders and Extraordinary General
Meeting of the Company held on August 30, 2005 approved the
following:

(a) Proposed Scheme of Arrangement with Scheme Creditors;

(b) Proposed Scheme of Arrangement with Shareholders; and

(c) Proposed Restructuring Scheme of the Company.

For further details, please refer to the announcement dated
August 30, 2005 made by Avenue Securities Sdn Bhd for and on
behalf of the Company. (Reference No. OS-050830-44538)


PARK MAY: Awaits SC Decision on Application for Time Extension
--------------------------------------------------------------
In line with PN4 of the Bursa Securities' Listing Requirements
which requires an announcement on the status of an affected
listed issuer's plan to regularize its financial condition to be
made on the first market day of each month, AmMerchant Bank
Berhad (a member of AmInvestment Group), on behalf of Park May
Berhad (Park May), advised that there has been no significant
development in respect of the plan to regularize the Park May
group of companies' financial position (Proposed Restructuring
Scheme).

The Company is still awaiting the decision of the Securities
Commission (SC) in respect of the Company's application on the
extension of time of three (3) months from July 27, 2005 until
October 26, 2005 to implement the Proposed Restructuring Scheme
which was submitted to the SC on July 8, 2005.

The announcement is dated 1 September 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com


TANAH EMAS: 2Q Net Loss Balloons to MYR23,433,000
-------------------------------------------------
Tanah Emas Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad its fourth quarterly report for the financial
period ended June 30, 2005.  

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   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  

    27,834        26,013          113,959        96,415

(2) Profit/(loss) before tax  

    -23,329       -12,750         -27,216        -17,413

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

    -23,433       -10,653         -28,312        -15,894

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

    -23,433       -10,653         -28,312        -15,894

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

    -11.31          -2.82         -14.08          -3.32

(6) Dividend per share (sen)  

    0.00             0.00           0.00           0.00
  
        As at end of               As at Preceding
        Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

        0.5200                     0.5400

To view a full copy of the financial report, click
http://bankrupt.com/misc/TanahEmas090105.xls


UNITED CHEMICAL: Releases 2Q Financial Results
----------------------------------------------
United Chemical Industries 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   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    0             0               0              0

(2) Profit/(loss) before tax  

    -2,089        -1,614          -3,843         -2,672

(3) Profit/(loss) after tax and minority interest  
    
    -2,089        -1,614          -3,843         -2,672

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

    -2,089        -1,614          -3,843         -2,672

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

    -11.29         -8.73          -20.77         -14.45

(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)  

        -3.6400                    -3.2400

To view a full copy of the financial statement, click
http://bankrupt.com/misc/UnitedChemicalFS083105.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/UnitedChemicalNotestoFS083105.doc

CONTACT:

United Chemical Industries Berhad   
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488   
Fax: 03-40448711
Web site: http://www.uci.com.my


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

COLLEGE ASSURANCE: SEC Doubts Ability to Turn Around
----------------------------------------------------
The Securities and Exchange Commission (SEC) does not see any
reason to delay its management takeover of embattled pre-need
firm College Assurance Plan Phils. Inc. (CAP), according to The
Philippine Star.

The corporate regulator is challenging CAP to show proof why it
can still be rehabilitated when its liabilities clearly exceed
its assets.

Last week, CAP lodged a petition for rehabilitation and
suspension of payments before the Makati Regional Trial Court
due to tight liquidity problems.

In its petition, CAP said it deserves another chance at getting
rehabilitated as all it needs is a breathing spell to allow it
to come up with a viable recovery program.

But SEC chairman Fe Barin said CAP's filing for rehabilitation
with the court will not stop the commission from pursuing
administrative sanctions against the pre-need firm for alleged
violation of rules governing the sale of pre-need plans.

The regulator is currently reviewing the explanation given by
CAP with regard to violations of the rules governing pre-need
plans and will take action as warranted by the law.

Senator Manuel Roxas, chairman of the Senate committee on trade
and commerce, has also cast doubts whether CAP can still be
rehabilitated considering its huge trust deficiency, which has
now ballooned to P19 billion based on its financial statements
as of Dec. 31, 2004. He said CAP had been parading several names
of supposed investors, but not a single centavo was injected
into CAP.

"Obviously, CAP has been engaged in a litany of lies and had
been fooling the regulators and the people all along. SEC was
correct in suspending CAP's license to sell. If CAP was allowed
to continue selling plans, then more families could have been
fooled," Sen. Roxas said.

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: Strike Causes Miner to Bleed Profusely
------------------------------------------------------------
Lepanto Consolidated Mining Company admitted that it is now
financially hard-up due to the long-standing dispute that hit
the mining firm, SunStar Daily reports.

The miner said would still sustain losses even if more and more
workers were reportedly returning to work.

Earlier, Lepanto said it has been bleeding around Php5 million
to Php6 million daily since the strike began on June 2.

The company needs at least 7,000 ounces of gold production
monthly to be able to attain a breakeven status to recover its
monthly expenses, the management said in a statement. Lepanto's
average monthly production is about 6,500 to 7,000 ounces of
gold.

But the Lepanto management remains bullish that the issue will
finally be settled very soon, claiming that more underground
employees are now reporting for work.

Meanwhile, the Benguet Provincial Board advised picketing
workers to ignore the persuasions of the militant groups and
give in to the management's request if they want the problem to
be resolved. The picketers are also asked to refrain from
barricading the portals leading to Lepanto's facilities.

Union members continue to picket around the firm's premises.
They said they would remain on strike unless their officers are
rehired.

Nineteen dismissed union officials are seeking reinstatement but
Lepanto already decided not to rehire them.

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


NATIONAL POWER: Two Loans Get MB Nod
------------------------------------
The central bank's Monetary Board (MB) has granted its final
approval to two of National Power Corporation's (Napocor) loan
applications, The Philippine Star has learned.

The MB specifically approved Napocor's JPY1.044 billion proposed
suppliers credit facilities from Sojitz Corp. of Japan. Proceeds
from the Japanese loan will go to the refinancing of the
contract price of supply and delivery Daihatsu machineries for
the missionary electrifi8cation program of Napocor's small power
utilities group (SPUG).

The power firm's US$100-million six-year floating rate loan also
received final approval from the MB. The loan will partly
finance the servicing or payment of Napocor's foreign currency
obligations for this year.

The US$100 million flotation came after Napocor's successful
US$300-million offering of the same Notes early last month to
bring its total issuance to US$400 million. To mature in 2011,
the notes were priced at par and pay a quarterly coupon of
three-month dollar LIBOR (London Interbank Offered Rate) plus
425 basis points.

The transaction was arranged by Bear, Stearns & Co. Inc. and was
placed with over 30 different accounts across Asia, Europe and
North America, with more than 70 percent taken by institutional
investors in the United States and Europe.

CONTACT:

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


RFM CORPORATION: Expects Turnaround This Year
---------------------------------------------
RFM Corporation said it would continue efforts to ensure
earnings will turn around this year, BusinessWorld reports.

RFM, which suffered hefty losses in 2003, said it will maintain
focus on lowering cost structures and improving margin as it
began groundwork for the next stage of growth with the new mass-
market products.

In the first half, RFM reported Php19 million in net profit
against a loss of Php14 million due to improvements in major
units. Sales are expected to double this year from Php5.85
million.

RFM executive vice-president and chief operating officer
Felicisimo Nacino, Jr. said, "RFM's initiatives in benchmarking
our product contribution margin and forcing down our fixed cost.
We recognize however, to sustain the momentum, it would be
necessary to add the element of growth in 2005 even on a modest
scale as an integral part of building the future of the company.
We would pursue this direction of growth by developing high
volume products for the mass market. The rational here is
grounded on the reality of the Philippine market has mostly CDE
market whose needs for more affordable products cannot be
ignored by any consumer good business looking for growth."

He pointed out that it is important not only to lower the
selling price but to also lower the cost structure in order to
come up with affordable products.

RFM is also banking on its exports business as a source of
growth. It expects exports to corner 10 percent or more of total
branded food sales by tapping Europe and the Middle East by 2007
from its current roster of 45 countries.

CONTACT:

RFM Corporation
6/F, RFM Building
Cor. Pioneer & Sheridan Sts.
Mandaluyong City
Phone:  637-5400; 631-8101 loc. 7679
Fax:  632-0839
E-mail Address: empalomares@rfm.com.ph


RFM CORPORATION: Seeks Lifting of Australia's Ban on Selecta
------------------------------------------------------------
RFM Corporation will seek lifting of the ban imposed by
Australia on imports of Selecta ice cream products, saying that
all ingredients used for the products was sourced mainly from
Australia itself, The Philippine Star reports.

The Australian government had reportedly imposed an indefinite
ban on Philippine-made ice cream products due to the incidence
of the foot-and-mouth disease (FMD) affecting the country's
livestock.

RFM president and chief executive officer Jose A. Concepcion
stressed that all products of its ice-cream unit, Selecta, meet
the highest standards of quality at par with international
requirements.

Mr. Concepcion noted that Selecta's ice cream plant in the
country was even given an A-rating and world-class recognition
by its multinational partner and the world's biggest ice cream
producer, Unilever, as it regularly evaluates the condition of
all its ice cream plants all over the world.

Selecta is a 50-50 joint venture between RFM and Unilever. RFM
handles the exportation of all products of the joint venture.

Mr. Concepcion explained that the issue on banning was mainly
due to the reclassification of the product from iced
confectionery to dairy product, which would now require the
importers of Selecta in Australia to secure an import dairy
permit.

"RFM will assist them in complying with all the necessary
requirements to secure an import dairy permit that will enable
consumers in Australia to continue to enjoy Selecta ice cream
products," he declared.


* Merrill Lynch Ups RP Debt to Overweight
-----------------------------------------
Merrill Lynch on Friday upgraded its recommendation on
Philippine debt to overweight from neutral, According to Dow
Jones Newswires.

The financial management and advisory agency said it saw better
prospects following a Supreme Court ruling that upheld the
legality of an expanded value-added tax.

"The fiscal outlook now appears much stronger, owing to better
revenue prospects," the investment house said in a report,
adding that the VAT is the "cornerstone of the government's
fiscal consolidation efforts."

On the political front, Merrill Lynch said President Gloria
Macapagal Arroyo is likely to survive a political crisis that
led to an impeachment process against her. The report noted that
the justice committee in the House of Representatives, which is
dominated by Arroyo's supporters, has dismissed the opposition's
impeachment complaint, and the opposition is unlikely to get
enough votes to continue the case.

Meanwhile, the economic fundamentals in the Philippines are
improving, with good prospects for economic growth and a strong
balance of payments, it said.
    

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

AIROCEAN GROUP: Ends JV Deal to Operate Airline in China
--------------------------------------------------------
Airocean Group Limited announces that together with A-Sonic
Aerospace Limited, it has ended a a joint venture (JV) agreement
to establish a firm to own and operate an airline in the
People's Republic of China.

The joint venture agreement was discontinued due to delays in
securing an air poerator's certificate.

The Company further announces that it will continue efforts to
open an airline in China, either together with or separate from
A-Sonic Aerospace Limited. The Company intends to improve its
business opportunities in China as it has a strong foundation
and netowrk in the country.

To view the Company's report on the joint venture cessation, go
to:

http://bankrupt.com/misc/tcrap_airocean090505.pdf

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Phone: 65 62255111
Fax:   65 62243594
Web site: http://www.airocean.com.sg


CHARTERED SEMICONDUCTOR: Completes Tender Offer for Senior Notes
----------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited announced on Sept.
2, 2005 that it has completed its previously announced cash
tender offer for any and all of its outstanding 2.5% Senior
Convertible Notes due 20061. The Tender Offer expired at 12:01
a.m., New York City time, on Thursday, September 1, 2005.

As of the Expiration Time, USD477.84 milliobn original principal
amount of the Notes, representing approximately 83.1% of the
Notes, was validly tendered for purchase and not withdrawn, and
the Company accepted these Notes for purchase. The purchase
price for the Accepted Notes was USD1,140 for each USD1,000 of
original principal amount of Notes, plus the pro rata portion of
the 2.5% per year semi-annual interest payment accrued and
unpaid up to, but excluding September 2, 2005 (the settlement
date of the Tender Offer). The aggregate purchase price for the
Accepted Notes was approximately USD549.7 million. The Company
paid the aggregate purchase price from a portion of the proceeds
raised from its USD625,000,000 senior notes offering which was
completed on July 29, 2005.

Following the completion of the Tender Offer, USD97,155,000
original principal amount of the Notes remains outstanding.
These Notes will mature on April 2, 2006.

The Company appointed Goldman, Sachs & Co. as Dealer Manager and
Lucid Issuer Services Limited as Information and Tender Agent in
connection with the Tender Offer.

To view the Company's press release, click on:

http://bankrupt.com/misc/tcrap_charteredsemi090505.pdf

CONTACT:

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


CITIRAYA INDUSTRIES: Court to Hear Judicial Management First
------------------------------------------------------------
Troubled waste recycling firm Citiraya Industries Limited filed
a last-minute petition for judicial management a day before it
was scheduled to appear in court to answer two winding up
petitions from its creditors, reports Channel News Asia.

Citiraya's largest single creditor, DBS Bank, earlier withdrew
its support for the Company's proposed scheme of arrangement,
forcing the Company to discontinue its application to hold a
creditors' meeting to discuss its debt restructure.

A court hearing on DBS Bank's winding up petition was scheduled
last Sept. 2, 2005, but due to the Company's application for
judicial management, the hearing has been postponed.

In filing for a judicial management petition, Citiraya
Industries said that it was in talks with three potential
investors who were willing to inject funds into the Company, and
that preserving the firm on a going concern instead of
liquidation would be better for its shareholders.  

The Companies Act states that the court must first hear a
judicial management petition before a winding up petition, hence
the winding up action sought by creditors has been postponed,
with no definite date given.

Industry observeres say that Citiraya Industries will find it
hard to attract new investors due to its liabilities from
possibile legal suits by former customers; it is also pressed
for time to come up with a rescue plan to avoid bankruptcy.

The judicial management order is the Company's last chance to
avert the inevitable fall into liquidation.

CONTACT:

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


ETAC PTE: Creditor Files Winding Up Petition
--------------------------------------------
Notice is hereby given that Sankaran Karthikeyan (formerly
practicing as Karthikeyan & Co.), a creditor of Etac (S) Pte
Limited, filed a winding up petition against the Company on Aug.
19, 2005.

The said Petition is directed to be heard before the Court
sitting at the Singapore High Court on Sept. 16, 2005, 10:00
a.m.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an Order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

The Petitioner's address is 27 Mayflower Road, Singapore 568616.

The Petitioner's solicitors are Messrs Toh Tan & Partners of 79
Robinson Road, #21-03 CPF Building, Singapore 068897.

Messrs. Toh Tan & Partners
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the solicitors Messrs. Toh Tan
& Partners notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, or, firm or his or their Solicitor (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of Sept. 15,
2005 (the day before the date appointed for hearing of the
Petition).


HESHE HOLDINGS: Clarifies 2005 Financial Statement
--------------------------------------------------
Heshe Holdings Limited announced that the Company issued a
clarification on certain items in its financial statement for
the year ended June 30, 2005, in response to a query by the
Singapore Stock Exchange.

In the clarification, the Company explains its bad debt
allowances for the financial year ended June 30, 2005, as well
as a long-term investment in a Chinese firm, of which it has a
75% stake.

The Company's announcement on the matter can be viewed at:

http://bankrupt.com/misc/tcrap_hesheholdings090505.pdf

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


HOWTECK ENGINEERING: Court Releases Winding Up Order
----------------------------------------------------
In the matter of Howteck Engineering Pte Limited, the Singapore
High Court issued a winding up order against the Company on Aug.
26, 2005, with the following details:

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

Shook Lin & Bok
Solicitors for the Petitioner

Note:

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

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


MAGNUS ENERGY: Explains Items in Financial Statement
----------------------------------------------------
Magnus Energy Group Limited announced that on Sept. 1, 2005, the
Singapore Stock Exchange asked the Company to clarify certain
items in its financial statement for the year ended June 30,
2005.

The Company was asked to explain the decrease in its goodwill on
consolidation (from SGD4.75 million to SGD1.86 million), as well
as a SGD1.77 million decrease in development properties and
details on its ongoing projects.

To view a full copy of the Company's announcement, click on:

http://bankrupt.com/misc/tcrap_magnusenergy090505.pdf

CONTACT:

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


NUNOTANI NAUTICAL: Proofs of Claims Due September 23
----------------------------------------------------
Notice is hereby given that the creditors of Nunotani Nautical
Instruments Singapore Co. Pte Limited, which is being wound up
voluntarily, are required on or before Sept. 23, 2005 to send
their names, addresses and full particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the Company Liquidator.

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

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

Dated this 2nd day of September 2005

Assan Masood
Liquidator
c/o MGI Menon & Associates
135 Cecil Street
#10-05 LKN Building
Singapore 069536
Phone: 65 6227 6123
Fax:   65 6227 2061


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

PICNIC CORPORATION: Unveils Adjustment of Share Price, Ratio
------------------------------------------------------------
The Extraordinary Meeting of Shareholders of Picnic Corporation
Public Company Limited (the Company) held on August 22, 2005 has
resolved to approve the issue and allocation of 1,477,673,297
shares to the existing shareholders by way of the rights issue
at the subscription ratio of 1 existing shares to 1 new ordinary
share at the offering price of THB1.50.

The Company disclosed to the Stock Exchange of Thailand (SET)
that it has considered for the adjustments of the Exercise Price
and the Exercise Ratio by pursuing the adjustment formulas as
specified in the offering prospectus of shares and warrants to
public.

Click to view details of the price adjustments
http://bankrupt.com/misc/PicnicCorporation090505.pdf

CONTACT:

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

POWER-P: SEC Wants Additional Information on Financial Statement
----------------------------------------------------------------
The Securities and Exchange Commission (SEC) instructed Power-P
Public Co. Ltd. to clarify the following information:

Previously, the SEC instructed Power-P Public Company
Limited (PP) to do a special audit because SEC found points of
doubt and ambiguous items on their financial statements.

PP has submitted the report of Special Audit to the SEC, and the
auditors cannot summarize it in recorded transactions.

The auditors have given many points of doubt for the investors
to carefully scrutinize such information given by the listed
company, the SEC then instructed PP to disclose the following
information by September 19, 2005:
      
(1) PP: The relationship between PP and project owners,
subcontractors, the number of connected transactions, policy in
running core business, and financial support to joint venture.

The details have been shown on the SEC's news on September 2,
2005.

In addition, the SEC approved PP's request for the extension of
the submission of second quarter financial statement ending June
30, 2005 by September 30, 2005.

CONTACT:

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



BOND PRICING: For the Week 5 September to 9 September 2005
----------------------------------------------------------

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


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


INDONESIA
---------

Indonesia Government Bond             9.500%     6/15/15    69
Indonesia Government Bond            10.000%     7/15/17    74

MALAYSIA
--------

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


SINGAPORE
---------

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



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

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

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

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                 *** End of Transmission ***