TCRAP_Public/050908.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

             Thursday, September 8, 2005, Vol. 8, No. 178

                            Headlines

A U S T R A L I A

AMBRO PTY: Members Decide to Wind Up Business
ADSTEAM MARINE: Sails Out of U.S. Market
ARDEM INTERNATIONAL: Court Appoints Liquidator
BAULKHAM HILLS: Court Orders Winding Up
CABRIOLET ROYALE: Boat Builder Committed for Trial

COSY WOOL: Liquidator to Detail Wind Up Manner
DOYCON PTY: To Undergo Voluntary Liquidation
EKGEKO PTY: Inability to Pay Debts Prompts Winding Up
FORTESCUE METALS: Partnership Rumors Boost Shares
JAYUDO PTY: Members, Creditors to Receive Wind Up Report

KEECH PROPERTIES: Liquidator to Distribute Company Assets
KROMA PTY: Placed Under Voluntary Liquidation
MICHAEL ANTHONY: Set to Declare First, Final Dividend
MULTIPLEX: Faces Potential Lawsuit by Shareholders
MULTIPLEX: Key Exec at Wembley Project Quits

MYALLCOAST AUTOMOTIVE: Creditors Decide to Cease Operations
PACIFIC GROWTH: Members Pass Winding Up Resolution
PARAGON PRODUCE: Prepares to Distribute Final Dividend
PARRAMATTA PROPERTY: Court Issues Winding Up Order
R&B OFFICE: Creditors Opt for Liquidation

RDN PTY: Shuts Down Operations
SARONIC HOLDINGS: To Declare Dividend September 14
SELECT FRESH: Liquidator to Explain Wind Up to Members
SOVEREIGNAGE GROUP: Names Official Liquidators
TELSTRA CORPORATION: ASIC Commences Probe

TELSTRA CORPORATION: PM Firm on Sale Amid Rumpus
TELSTRA CORPORATION: GSJBW, CSFB Cut Profit Forecast
WEARPACT PTY: Enters Liquidation
WINEORB: Premium Wine to be Liquidated


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: To Raise Up to US$7 Bln in IPO
CRYSTAL JADE: Court Orders Winding Up
GUANGDONG BANK: DBS Eyes 19.9% Stake
HUEYLIN HOLDINGS: Winding Up Hearing Set October 12
MILLION FORTUNE: Enters Winding Up Proceedings

POLYWATER ASIA: Issues Debt Claim Notice
PORK POWER: To Undergo Winding Up Process


I N D I A

INDIAN OIL: To Avail of Bailout Package
* CRISIL Says Price Hike Needed for Oil Firms' Viability


I N D O N E S I A

NEWMONT MINING: Prosecutors Insist They Have Strong Case
PERTAMINA: Fuel Subsidy Expenses to Drop This Year
PERTAMINA: Welcomes Foreign Competitors
PERTAMINA: Wants to Join ExxonMobil in Operating Cepu Block


J A P A N

DAIEI INCORPORATED: Trims 1,000 Jobs Through Retirement Program
ISUZU MOTORS: JCR Assigns BBB- Rating to Bonds
MITSUBISHI MOTORS: Releases Lancer Evolution Wagon
MITSUBISHI MOTORS: S&P Issues Rating Summary
SOFTBANK CORPORATION: Applies for Mobile License

SOGO CO.: Opens Osaka Flagship Store
SOGO CO.: Posts First Sales Rise Since 2000 Court Rescue
SUMITOMO MITSUI: Eyes More Cuts in Execs' Wages


K O R E A

CITIBANK KOREA: FSS Finds Lending Practice Unfair
HANARO TELECOM: Working to Cut Number of Executives by 50%


M A L A Y S I A

CRIMSON LAND: No Need for Circular on Proposed Debt Settlement
DATUK KERAMAT: Awaits Court Decision on Winding Up Petition
DFZ CAPITAL: Bourse to List, Quote New Shares
JIN LIN: SC Evaluating Proposed Restructuring Scheme
KAMDAR GROUP: Books MYR1,617,000 in Net Loss

MBF HOLDINGS: Court to Decide on Application September 19
PACIFIC & ORIENT: Repurchases Ordinary Shares
PAN MALAYSIA: Buys Back 60,000 Shares
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
POLYMATE HOLDINGS: In Talks with Lenders to Restructure Debt

PROMTO BERHAD: MITI OKs Restructuring Proposal
WAH SEONG: To Establish New Company through Joint Venture
WCT ENGINEERING: Court Reschedules Hearing to October 20
WEMBLEY INDUSTRIES: Complies with Listing Requirement


P H I L I P P I N E S

COLLEGE ASSURANCE: Clients May Claim Checks Sans SEC Nod
LEPANTO CONSOLIDATED: In Investment Talks with Indian Firm
LEPANTO CONSOLIDATED: Welcomes House Probe
LEPANTO CONSOLIDATED: Shares Up on Rights Offer, Buy-in Rumors
MUSIC SEMICONDUCTORS: Welcomes New CTO

NATIONAL POWER: Seeks Refund for Deferred Forex, Gen Costs
NATIONAL TRANSMISSION: Int'l Roadshow Set to Push Privatization
PHILIPPINE AIRLINES: To Fly to Beijing from November
* RP's Proposed Global Bonds Maturing 2016 Rated 'BB-'


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Offers Advanced Solutions for Products
CHINA AVIATION: Shares Trading to Resume Soon
DOWNTOWN EAST: Creditors Asked to Submit Debt Claims
EAGLE BRAND: Second Quarter Net Loss Widens
HELMUT LANG: Receiving Proofs of Claim Until October 3

WESCOL PTE: Court Orders Winding Up


T H A I L A N D

HANTEX: Rehab Plan Obtains Court Approval
PRASIT PATANA: Changes Par Value of Stock
THAI PETROCHEMICAL: Planner Reconsiders Sale of TPIPL Shares
WYNCOAST INDUSTRIAL: To Hold 29th Warrant Exercise

     -  -  -  -  -  -  -  -

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

AMBRO PTY: Members Decide to Wind Up Business
---------------------------------------------
At a general meeting of the members of Ambro Pty Limited duly
convened and held on Aug. 2, 2005, the following Special
Resolution was passed:

That on the winding up of the Company subject to the payment of
its debts, liabilities and liquidation costs, its assets be
distributed among the members in specie (in whole or in part),
according to their rights and interest in the Company or in
accordance with a special resolution of its members; and

That the Company be wound up voluntarily; and

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants of Level 10, 26 Flinders Street, Adelaide be
appointed joint and several liquidators for such winding up.

Timothy J. Clifton
Mark C. Hall
Joint liquidators
Chartered Accountants
Level 10, 26 Flinders Street
Adelaide


ADSTEAM MARINE: Sails Out of U.S. Market
----------------------------------------
Adsteam Marine Limited announced Wednesday that Northland Fuel
LLC (55%-owned by Adsteam) has sold its fuel business.

Northland Fuel's fuel business is made up of Yukon Fuel Company
(a marine based fuel distribution business) based in Anchorage,
Alaska and Service Oil & Gas (a land based fuel distribution
business) based in Glennallen, Alaska.

The fuel business has been sold to Crowley Marine Services,
Inc., a subsidiary of Crowley Maritime Corporation.

Final proceeds from sale of the fuel business are dependant upon
the level of working capital in the business at closing but are
expected to approximate book value. Funds generated from the
sale will be used to retire debt.

John Moller, Managing Director & CEO of Adsteam Marine, said
"After the lengthy delay, I am delighted that we have been able
to finalise the sale of the fuel business to Crowley Marine.

"This completes our exit from the North American market and is
the final step in our plan to divest non-core businesses
announced in May 2003."

CONTACT:

Mr. John Moller
Managing Director & CEO
Phone: (02) 9369 9200

Mr. Dominic Smith
Company Secretary and General Counsel
Phone: (02) 9369 9200

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


ARDEM INTERNATIONAL: Court Appoints Liquidator
----------------------------------------------
Notice is given that the Supreme Court of New South Wales,
Equity Division ordered that Ozem Kassem be the Official
Liquidator for the winding up of Ardem International Pty
Limited.

Ozem Kassem
Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
Phone: 02 8221 8433
Fax:   02 8221 8422


BAULKHAM HILLS: Court Orders Winding Up
---------------------------------------
On Aug. 2, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Baulkham Hills Property Sales
Pty Limited, and appointed R. J. Porter to be Liquidator for
such purpose.

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


CABRIOLET ROYALE: Boat Builder Committed for Trial
--------------------------------------------------
Mr. Marcel Ivan Shears, a former builder of luxury boats on the
Gold Coast, has been committed in the Southport Magistrates
Court to stand trial on 67 charges, following an investigation
by the Australian Securities and Investments Commission (ASIC).

ASIC alleges that Mr. Shears dishonestly allowed his company,
Cabriolet Royale Pty Ltd (Cabriolet), to incur debts in relation
to the construction of luxury pleasure boats for the American
market at a time when Cabriolet was insolvent.

Cabriolet was wound up in August 2003 with substantial debts.

It is further alleged that between 18 November 1999 and 25
October 2003, Mr. Shears managed the companies Ozeshop.com.au
Pty Ltd and Cabriolet despite being previously disqualified from
acting in this capacity.

The criminal charges, under the Corporations Act 2001, follow
previous civil proceedings taken by ASIC in March 2004 in the
Queensland Supreme Court when liquidators were appointed to
Ozeshop.com.au. Mr. Shears was also disqualified from the
management of companies for five years.

The trial will be heard in the Southport District Court on a
date to be fixed. Mr. Shears was granted bail on his own
undertaking.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions


COSY WOOL: Liquidator to Detail Wind Up Manner
----------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Cosy Wool Country Australia Pty Limited will be
held on Sept. 15, 2005, 11:00 a.m. at the office of Nicholls &
Co., Chartered Accountants, Suite 6, 459 Peel Street Tamworth
NSW 2340, to receive the Liquidator's account showing how the
winding up and disposal of Company property was conducted, and
to hear any explanation that may be given by the Liquidator.

Dated this 28th day of July 2005

A. R. Nicholls
Liquidator
Nicholls & Co.
Suite 6, 459 Peel Street
Tamworth NSW 2340 7946
E-mail: grahame@hillsinsolvency.com.au


DOYCON PTY: To Undergo Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Doycon Pty Limited held on Aug. 2, 2005, it was resolved that
the Company be wound up voluntarily, and that Michael Edward
Slaven of Rangott Slaven Hundy, Level 3, Engineering House, 11
National Circuit, Barton, ACT be appointed Liquidator for the
winding up.

Dated this 16th day of August 2005

Michael E. Slaven
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit
Barton ACT


EKGEKO PTY: Inability to Pay Debts Prompts Winding Up
-----------------------------------------------------
Notice is hereby given that at a meeting of Ekgeko Pty Limited
held on Aug. 4, 2005, the following Special Resolution was
passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Geoffrey Reidy be
appointed Liquidator for such winding up.

Geoffrey Reidy
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


FORTESCUE METALS: Partnership Rumors Boost Shares
-------------------------------------------------
Rumors of a possible tie-up between Fortescue Metals and a
foreign firm sent the former's shares soaring recently, the
Sydney Morning Herald reveals.

Speculations were rife that Fortescue Chief Executive Andrew
"Twiggy" Forrest has finally snared Chinese group Sinosteel to
jointly develop the Australian firm's AU$2.3-billion iron ore
project in the Pilbara region of Western Australia.

Fortescue confirmed Sinosteel had expressed interest but said it
was also in discussions with other international steel
companies.

Sources said an Australian partner is also a possibility, but
Fortescue's relations with BHP Billiton were soured by a dispute
over railway access. BlueScope Steel was also not taking a
serious look at the project.

Pressure is mounting for Fortescue to grab a partner if it plans
to maintain its ambitious schedule of beginning to ship ore by
late 2007 or early 2008.

Fortescue Director Graeme Rowley said the next six months were
"critical" to financing the project.

He added that Fortescue expected to increase the level of
confidence in its iron ore resources within the next week or two
and to shore up ore reserves by next month. Those moves could
help the company sign a partner.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


JAYUDO PTY: Members, Creditors to Receive Wind Up Report
--------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Jayudo Pty Limited will be held on Sept. 15, 2005,
9:30 a.m. at 187 Bobbin Head Road, North Turramurra.

BUSINESS:

(1) To receive the Liquidator's report on the conduct of the
winding up

(2) That subject to any provisions of the Corporations Act 2001
to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties

(3) Any other business

Bruce Aubin Inglis
Liquidator
187 Bobbin Head Road
North Turramurra 2074


KEECH PROPERTIES: Liquidator to Distribute Company Assets
---------------------------------------------------------
At a General Meeting of Keech Properties Pty Limited held on
Aug. 2, 2005, the following Special Resolution passed:

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

Dated this 2nd day of August 2005

Frank A. Mason
Liquidator
Suite 4, Level 5, 56 Station Street
Parramatta NSW 2150


KROMA PTY: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Kroma (Australia) Pty Limited held on Aug. 4,
2005, it was resolved that the Company be wound up voluntarily,
and at a meeting of creditors held on the same day, it was
resolved that A. L. Brown and J. R. Lindholm of Ferrier Hodgson,
Level 29, 600 Bourke Street, Melbourne, Vic be appointed
Liquidators for such purpose.

Dated this 5th day of August 2005

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


MICHAEL ANTHONY: Set to Declare First, Final Dividend
-----------------------------------------------------
Michael Anthony Pty Limited will declare a first and final
dividend on Sept. 14, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Sept. 14, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 1st day of August 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192


MULTIPLEX: Faces Potential Lawsuit by Shareholders
--------------------------------------------------
Disgruntled Multiplex Group shareholders may file a class action
suit against the construction group, according to the Sydney
Morning Herald.

The shareholders were angry at the surprising plunge in its
share price this year due to huge losses on its massive Wembley
Stadium project.

Law firm Slater & Gordon, which was conducting investigations
into whether Multiplex misled investors, said the company's
shares were dropping from AU$6.15 to a record low of AU$2.27
after the Wembley issues were discovered. The shares plunge
caused many shareholders to suffer serious losses.

Slater & Gordon partner Lisa Nichols said the question was what
Multiplex management knew, and when, about losses on the AU$1.2
billion reconstruction of the famous Wembley stadium in London.

Ms. Nichols said a class action might be the appropriate
vehicle, should there be a viable claim for shareholders.

A report on ABC television's Four Corners program on Monday
revealed that an internal Multiplex budget memo pointed to heavy
losses from the Wembley Stadium reconstruction four months
before the extent of the losses were made public.

And a senior manager raised concerns about the group's half-
yearly results with both the board and the corporate regulator
in the week before they were announced in February, the program
said.

The Australian Securities and Investments Commission (ASIC) is
also investigating the company.

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


MULTIPLEX: Key Exec at Wembley Project Quits
--------------------------------------------
Aside from facing a potential lawsuit by shareholders, Multiplex
has suffered more bad news with the loss of a key executive at
its controversial Wembley Stadium project, according to Asia
Pulse.

The U.K. head of construction at the steel firm contracted to
build the feature arch and steel roof at London's famous stadium
has quit.

Contract Journal reported that Bob Miller of Ditch steel firm
Hollandia resigned last month allegedly due to "strained"
relations with Multiplex and dismay over the Australian firm's
management style.

Other sources, however, suggested that he left because of
internal problems within Hollandia.

Industry sources also reportedly said three more Hollandia
project managers were on the about to leave, raising questions
about Multiplex's ability to finish Wembley without further
delays or losses.

Multiplex chief executive Andrew Roberts has previously cited
taking on Hollandia as one of the main reasons for the AU$109
million worth of pre-tax losses sustained by the Wembley
project, because the steel company is not on a fixed-price
contract.

However, a Multiplex spokesman said Mr. Miller's departure would
not affect progress on the stadium, which is due for completion
by the end of March next year.


MYALLCOAST AUTOMOTIVE: Creditors Decide to Cease Operations
-----------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Myallcoast Automotive Pty Limited held on Aug. 2, 2005, it was
resolved that the Company be wound up, and Alan Edward Lewis and
James Alexander Shaw of Ferrier Hodgson, Chartered Accountants,
Level 3, 2 Market Street, Newcastle NSW 2300 were appointed
Liquidators of the Company.

Dated this 16th day of August 2005

Alan E. Lewis
James A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


PACIFIC GROWTH: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Pacific Growth Investments Pty Limited held on
Aug. 5, 2005, it was resolved that the Company be wound up
voluntarily, and that John Park and Robert Hutson of KordaMentha
(Qld), Level 2, Corporate Centre One, (corner Bundall Road &
Slayter Avenue) 2 Corporate Court, Bundall, Queensland, be
appointed Liquidators for the winding up.

Dated this 9th day of August 2005

Robert Hutson
John Park
Liquidator
KordaMentha (Qld)
Level 2, Corporate Center One,
2 Corporate Court, Bundall Qld 4217
Phone: 07 5574 1322
Fax:   07 5574 1433


PARAGON PRODUCE: Prepares to Distribute Final Dividend
------------------------------------------------------
Paragon Produce Pty Limited will declare a first and final
dividend on Sept. 13, 2005.

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

Dated this 26th day of July 2005

Mark Conlan
Liquidator
RSM Bird Cameron Partners
Chartered Accountants
8 St. George's Terrace, Perth WA 6000
Phone: 08 9261 9100
Fax:   08 9261 9340


PARRAMATTA PROPERTY: Court Issues Winding Up Order
--------------------------------------------------
On Aug. 2, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Parramatta Property Sales Pty Limited be
wound up, and appointed R. J. Porter to be the Company's
Liquidator.

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


R&B OFFICE: Creditors Opt for Liquidation
-----------------------------------------
Notice is hereby given that at a meeting of creditors of R&B
Office Machines Pty Limited convened and held on Aug. 3, 2005,
it was resolved that the Company be wound up, and Alan Edward
Lewis and James Alexander Shaw of Ferrier Hodgson Chartered
Accountants, Level 3, 2 Market Street, Newcastle NSW 2300 were
appointed Liquidators for such purpose.

Dated this 16th day of August 2005

Alan E. Lewis
James A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


RDN PTY: Shuts Down Operations
------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Rdn (Vic) Pty Limited held on Aug. 4, 2005, it was
resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Colin R. McDonald of PO Box 56
Mooroolbark Vic 3138 be appointed Liquidator of the Company.

Dated this 5th day of August 2005

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


SARONIC HOLDINGS: To Declare Dividend September 14
--------------------------------------------------
Saronic Holdings Pty Limited will declare a first and final
dividend on Sept. 14, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Sept. 14, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 1st day of August 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192


SELECT FRESH: Liquidator to Explain Wind Up to Members
------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Select Fresh SA Pty Limited will be held on Sept.
15, 2005, 9:30 a.m. in the offices of PPB, Chartered
Accountants, 10th Floor, 26 Flinders Street, Adelaide for the
following purposes:

AGENDA

(1) To receive the Liquidator's account showing the manner of
the winding up and the disposal of Company property, and to hear
explanations thereof.

Dated this 5th day of August 2005

M. C. Hall
Joint & Several Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


SOVEREIGNAGE GROUP: Names Official Liquidators
----------------------------------------------
Notice is hereby given that at a general meeting of members of
The Sovereignage Group Pty Limited held on Aug. 5, 2005, it was
resolved that the Company be wound up voluntarily, and that for
such purpose, David John Cranstoun and John Feddema, Chartered
Accountants of Cranstoun & Hussein, Level 2, 102 Adelaide
Street, Brisbane in the State of Queensland be appointed as
joint and several liquidators.

Dated this 5th day of August 2005

David J. Cranstoun
John Feddema
Liquidators
Chartered Accountants
Cranstoun & Hussein
Level 2, 102 Adelaide Street
Brisbane, Queensland


TELSTRA CORPORATION: ASIC Commences Probe
-----------------------------------------
ASIC on Tuesday announced that it has commenced an investigation
into Telstra Corporation Limited.

ASIC is investigating Telstra's compliance with its continuous
disclosure obligations following its announcement to the market
yesterday signaling an earnings downgrade.

ASIC is working with the Australian Stock Exchange in relation
to this matter.

CONTACT:

TELSTRA CORPORATION
Level 41 - Telstra Centre , 242 Exhibition Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


TELSTRA CORPORATION: PM Firm on Sale Amid Rumpus
------------------------------------------------
The political furor surrounding Telstra Corporation has further
strengthened the government's resolve to dispose of its interest
in the Company, Reuters reports.

Australian Prime Minister John Howard can't wait to unload its
Telstra stake due to the negative publicity surrounding the
firm.

In the past few days, Telstra has suffered an earnings downgrade
and share price fall, criticism by PM Howard of Telstra's senior
management, and an investigation into whether the company may
have withheld market sensitive information.

The key bills to approve the sale of the government's AU$30
billion (US$23 billion) Telstra stake were due to go to the
upper house Senate yesterday, amid claims by the opposition
Labor party that the company selectively briefed the government
on market sensitive information last month.

The government plans to sell its 51.8 percent stake in Telstra
late next year, but needs parliamentary approval to offload its
interest. It now has a majority in both houses of Parliament
that will allow the bills to pass unamended.


TELSTRA CORPORATION: GSJBW, CSFB Cut Profit Forecast
----------------------------------------------------
Goldman Sachs JBWere (GSJBW) and Credit Suisse First Boston
(CSFB) lowered their profit forecasts for Telstra Corporation
after the firm announced its 2006 earnings could fall as much as
10 percent, Reuters has learned.

CSFB cut its share price target on Telstra to AU$4.30 from
AU$4.70, while GSJBW revised its valuation on the stock down to
AU$5.10 from AU$5.30 but maintained its short and long-term
ratings on the stock of "Marketperform" and "Hold" respectively.

CSFB said it expects further downside pressure on the stock
price, with continuing uncertainty surrounding the regulatory
regime and a declining earnings profile.

GSJBW said it was too early to buy Telstra for a number of
reasons, including a strategic review by the company's new
management team which may result in further negative news,
especially relating to capital expenditure. Details of the
review are due to be released in October. GSJBW revised its
forecast for Telstra's 2006 net profit to AU$3.971 billion
(US$3.057 billion) from AU$4.185 billion.

CSFB revised its net profit down 3.9 percent to AU$3.924
billion.

Telstra, 51.8 percent owned by the government, is expected to be
privatized late next year.


WEARPACT PTY: Enters Liquidation
--------------------------------
At a General Meeting of Wearpact Pty Limited on Aug. 2, 2005,
the following Special Resolution passed:

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

Dated this 2nd day of August 2005

Frank Anthony Mason
Suite 4, Level 5, 56 Station Street
Parramatta NSW 2150


WINEORB: Premium Wine to be Liquidated
--------------------------------------
The liquidator of failed winemaker Wineorb has begun court
proceedings for the potential sale of about 162,500 bottles of
premium wine reportedly worth more than AU$8 million, The
Australian reports.

Peter Ngan has applied to the Supreme Court of New South Wales
(NSW) seeking orders regarding ownership of the wine and the
subsequent sale of the wine, which has been held in storage in
Sydney and Melbourne since the wine fund collapsed in January.

Mr. Ngan has also placed newspaper advertisements calling for
all claims against the wine to be lodged with the liquidator by
October 4, the latest cut-off date set by the Supreme Court.
This would enable him to complete the reconciliation of the
wine.

But Mark Doble of Raj Lawyers, which represents 113 Wineorb
investors, believe no further claims against the wine would be
recognized given the October 4 cut-off date.

At the company's first investor meeting in June, Mr. Ngan said
the failed company had attracted about 1000 investors who paid
AU$11 million for the best premium wines.

Wineorb stored the wine on behalf of investors with a view to
selling it for a profit in the future.

CONTACT:

WineOrb Pty Ltd
Los Vagas Hotel, Unit 1, 54 Darlinghurst Road,
Potts Point, NSW, 2011
Telephone: +61 (02) 9357 1288
Fax: +61 (02) 9357 1644
E-mail: enquiries@wineorb.com.au
Web site: http://www.wineorb.com.au


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

CHINA CONSTRUCTION: To Raise Up to US$7 Bln in IPO
--------------------------------------------------
China Construction Bank (CCB) expects to raise as much as US$7
billion in an initial public offering (IPO) as early as October,
The Standard reports.

The mainland bank is seeking approval from the Hong Kong stock
exchange for the sale.

Morgan Stanley and China International Capital are arranging the
share sale, the report added.

Credit Suisse Group plans to buy US$500 million of the IPO
shares, and its investment-banking arm is negotiating to help
underwrite Asia's biggest IPO this year.

CONTACT:

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


CRYSTAL JADE: Court Orders Winding Up
-------------------------------------
Crystal Jade Restaurant Limited whose place of business is
located at 3/F, Golden Crown Court, 68 Nathan Road, T.S.T.,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 24, 2005.

Date of Presentation of Petition: June 24, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


GUANGDONG BANK: DBS Eyes 19.9% Stake
------------------------------------
Singapore's DBS Group Holdings Limited plans to buy as much as
19.9 percent of the struggling Guangdong Development Bank by the
end of the year, China Daily reports.

Guangdong Development Bank plans to wrap up an internal audit
this month and then begin picking at least two investors - one
Chinese and one foreign - said an executive within the firm on
Monday.

Analysts were reluctant to estimate the value of such a stake
ahead of the bank audit.

The mid-sized lender embarked on a complex internal overhaul as
required by regulators in 2003, but has kept silent on its
financial progress since then.

CONTACT:

Guangdong Development Bank
11C, Tower 555
Xujiahui Road
Shanghai 200023,
China
Tel: 6295 9951
Fax: 6390 1428


HUEYLIN HOLDINGS: Winding Up Hearing Set October 12
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hueylin Holdings Limited trading as Silvan Garden Veneer Co. by
the High Court of Hong Kong Special Administrative Region was on
August 10, 2005 presented to the said Court by C & A Management
Limited whose registered office is situated at Rooms 1901-2,
Park-In Commercial Centre, No. 56 Dundas Street, Kowloon, Hong
Kong.

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

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

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

MESSRS. PATRICK WONG & CO.
Solicitors for the Petitioner
Room 1202, Harcourt House
No. 39 Gloucester 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 October 10, 2005.


MILLION FORTUNE: Enters Winding Up Proceedings
----------------------------------------------
Million Fortune Investment Limited whose place of business is
located at Shop 12, G/F, Fook Shun Building, 65 Ma Wang Road,
Yuen Long, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 24, 2005.

Date of Presentation of Petition: June 24, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


POLYWATER ASIA: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the creditors of Polywater Asia
Limited (In Liquidation), which is being voluntarily wound up,
are required on or before October 4, 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to the
Liquidators of the said company at 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong.

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

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

Dated this 29th day of August, 2005

Robert Armor Morris
Chan Wai Hing
Joint and Several Liquidators


PORK POWER: To Undergo Winding Up Process
-----------------------------------------
Pork Power Company Limited whose place of business is located at
Room C, Floor 1, Tak Wing Industrial's Building, 3 Tsun Wen
Road, Tuen Mun, New Territories was issued a winding up order
notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 24,
2005.

Date of Presentation of Petition: June 24, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


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

INDIAN OIL: To Avail of Bailout Package
---------------------------------------
Indian Oil Company (IOC), along with other struggling oil
companies in the country, will be the recipient of a bailout
package, The Telegraph reports.

The package is expected to help IOC make a profit and contain
the losses of Bharat Petroleum Company Limited (BPCL) and
Hindustan Petroleum Company Limited (HPCL).

The Oil and Natural Gas Corporation Limited (ONGC) and Oil India
Limited (OIL) will take a hit of US$20 per barrel after
contributing INR14,000 crore to a bailout package for the oil
firms.

Standalone refineries like MRPL, NRL Kochi Refineries, Chennai
Petroleum Corporation and Reliance will also offer a 5 percent
discount on their sales to provide a cushion to IOC, BPCL and
HPCL.

Petroleum secretary S.C. Tripathi said one-third of the losses
that the downstream oil marketing companies will suffer during
the current fiscal will be offset by ONGC, OIL and Gail.

As a result, ONGC would end up paying four times its subsidy
contribution last year. IOC, which had paid INR2,000 crore as
corporate tax, would be in a position to pay around INR1,000
crore this year.

Mr. Tripathi said the performance of the downstream oil
marketing companies would show a marked improvement from the
third quarter of the current fiscal as a result of the Rs
40,000-crore burden sharing formula put in place. He said the
burden was being spread across all the companies along the value
chain of the oil and gas sector so that the burden on the
consumer was minimum.

The government may issue IOC, Bharat Petroleum, Hindustan
Petroleum and IBP oil bonds worth INR10,000 crore to INR12,000
crore to compensate them for not raising LPG and kerosene
prices. The move will improve their balance sheets and the bonds
could be encashed to meet liquidity needs. The oil firms can
even raise cheaper loans with the bonds.

The government has not allowed oil companies to raise fuel
prices despite global crude oil price crossing 70 dollars a
barrel.

Mr. Tripathi said oil companies have not been able to pass on
the high prices leading to large under-recoveries and losses.

CONTACT:

Indian Oil Corporation Limited
G-9 Ali Yavar Jung Marg Bandra East
INDIAN OIL BHAVAN
Mumbai, MAHARASHTRA 400 051
INDIA
Phone: +91 22 26427363/26423272
Fax: +91 22 26443880
Web site: http://www.iocl.com


* CRISIL Says Price Hike Needed for Oil Firms' Viability
--------------------------------------------------------
Credit rating agency CRISIL on Monday said financial viability
of state-owned oil marketing companies will be under threat
unless prices of petroleum products are hiked.

An immediate hike in retail prices by 5 rupees a litre for
petrol and 4 rupees a litre for diesel is required for these
companies to break even in 2005-06, CRISIL said.

"The profitability of these public sector units in the petroleum
product retailing space is under severe pressure due to rising
international prices of crude oil and petroleum products,"
CRISIL said in a release.

Three oil marketing companies--Hindustan Petroleum Corp., Bharat
Petroleum Corp., and IBP Ltd.--are currently rated by the
agency.

The marketing losses of the oil marketing companies will have to
be addressed by the government on a priority basis. A
postponement of this measure will only add to the size of the
price increases required, CRISIL said.

It estimated that a delay of another three months (in increasing
prices) will necessitate a hike of about 7 rupees a litre in the
case of petrol and 5 rupees a litre in the case of diesel.

The Indian basket of crude oil has moved up from about $35 a
barrel in June 2004 to almost $60 a barrel in Aug. 2005, without
a corresponding increase in end product prices.

Currently, CRISIL ratings for all three companies (HPCL -
FAAA/P1+, BPCL - AAA/FAAA/P1+, IBP - P1+) are all in the high
safety category, based on their strong market positions in the
oligopolistic domestic market, financial flexibility, and
government ownership and support.

CRISIL said the timeliness and adequacy of government action,
whether through retail price increases or other routes, would be
the key considerations for these ratings.


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

NEWMONT MINING: Prosecutors Insist They Have Strong Case
--------------------------------------------------------
In an Aug. 19 court hearing on a pollution case against U.S.
firm Newmont Mining Corp., Company lawyers asked the court to
dismiss the case as the investigation was flawed, reports
Reuters News.

But prosecutors said that they have a strong case against the
Company, and would prove that it violated local environment
laws.

Newmont Mining's Indonesian unit, PT Newmont Minahasa Raya, was
charged with allegedly dumping toxic waste (arsenic, mercury)
into Buyat Bay, where a now-defunct mine is located, which
caused coastal villagers to be sick (the bay is a water source
for nearby villages).

Newmont said that the police investigation into the case did not
include testimony from environmental experts and evidence
supporting the Company in its indictment. But prosecutor
Muthmainnah Umadji said that the case against PT Newmont
Minahasa Raya is legal, based on environmental law, and they
would produce key witnesses to prove the case.

The trial has been adjourned to Sept. 20, 2005, when the court
would decide whether proceedings against Newmont are to continue
or not.

Newmont Minahasa President Director Richard Ness faces up to 10
years in prison and IDR704,110 in fines if convicted. The
Company would also have to pay IDR1.37 trillion in civil damages
over the alleged polution. But Newmont lawyers said that there
was no provision in Indonesian law that makes a company's chief
executive officer automotically liable for corporate acts.

The Company's gold mine, located near Buyat Bay, north Jakarta,
was closed in August 2004 due to depleted reserves. Newomnt's
Indonesian operations comprised 6% of the Company's global sales
last year.

CONTACT:

Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id


PERTAMINA: Fuel Subsidy Expenses to Drop This Year
--------------------------------------------------
The cost of fuel subsidies for 2005 may fall 13% from an
estimated IDR138.6 trillion to IDR119.39 trillion as state oil
firm PT Pertamina applies market prices to its fuel products,
the Jakarta Post reports.

According to Pertamina Marketing & Trading Director Ari
Soemarno,  this year's subsidized fuel sales nationwide are
expected to amount to only IDR99.38 trillion, offset by
IDR218.77 trillion in total supply costs (based on current fuel
prices).

The government's previous estimated cost of IDR138.6 trillion
for fuel subsidies this year would have led to a IDR48.3 budget
deficit, 1.8% of Indonesia's gross domestic product (GDP).

But since July, Pertamina has sold its fuel products to big
industries at market prices, which would lower the need for fuel
subsidies. This also meant that the government wouldn'ty need to
increase fuel prices again.

Pertamina has also proposed a price hike for its premium
gasoline and diesel prices, but this proposal was questioned by
the government.

House of Representatives Commission Chairman Agusman Effendi
said that it would be better to increase the price of premium
gasoline and diesel at once, as oppsed to the government's plan
to steadily raise fuel prices by 11% to 12% each month so as to
reach market prices within one year. According to Mr. Effendi,
the government's scheme is impractical, and he added that
kerosene price hikes should be done in phases to take longer to
meet market prices, but should not take longer than two years.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


PERTAMINA: Welcomes Foreign Competitors
---------------------------------------
State oil and gas firm PT Pertamina welcomes the presence of
foreign competition to operate in the country's oil industry,
Asia Pulse reports.

According to Pertamina president Widya Purnama, foreign oil
companies such as Shell and Chevron would not find it difficult
to meet domestic oil requirements,as the Company realizes it
cannot anymore supply the national demand for precious fuel.

Five years ago, Pertamina could stock fuel reserves for up to 40
days but recently it can only keep stock enough for 22 days.
Indonesia currently produces only 1.05 million barrels of crude
oil on a daily basis, whereas the domestic requirement is 1.15
million barrels.

Mr. Purnama added that if foreign oil firms were to operate in
Indonesia, Pertamina would not be the only one to blame if
another oil crisis were to occur due to lack of fuel.


PERTAMINA: Wants to Join ExxonMobil in Operating Cepu Block
-----------------------------------------------------------
In a reverse to its earlier stand to operate a gas block on its
own, state oil firm PT Pertamina now hopes to form a joint body
with U.S.-based ExxonMobil Corp. in operating an oil-rich block
in Cepu, reports Asia Pulse.

At present, both firms have a 45% stake in the operation of the
gas block, while the remaining 10% stake belongs to the district
administration of Bojonegoro. But Pertamina president Widya
Purnama said that they are negotiating with ExxonMobil to decide
who would operate the block. The Company is hoping to have a 55%
majority voting right in the gas block operations.

This would be achieved if the Bojonegoro administration 10%
stake is given to Pertamina, thus enabling the Company to
control 55% of the gas block. Mr. Purnama will present the
proposal to the administration and the governor of East Java.

The problem of operating the Cepu gas block has been going on
for four years, when contractor ExxonMobil discovered additional
oil reserves in the block and asked to extend its contract from
2010 to 2035. The government is currently working out a
negotiation with ExxonMobil on the operation of the gas block.


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

DAIEI INCORPORATED: Trims 1,000 Jobs Through Retirement Program
----------------------------------------------------------------
Daiei Incorporated plans to cut 1,000 jobs through a voluntary
retirement program in November, Bloomberg News reports.

The retailer, which has been rehabilitating itself under the
state-backed Industrial Revitalization Corp of Japan, has
already informed its employees of the decision.

Daiei plans to return to profit this year and reduce debts by
closing money-losing stores and trim its payroll.

The program, involving offering voluntary redundancy packages,
is in line with a revival plan, in which Daiei set a goal of
closing money-losing stores and trim its payroll.

CONTACT:

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


ISUZU MOTORS: JCR Assigns BBB- Rating to Bonds
----------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds to be issued under the shelf registration of Isuzu
Motors Limited.

Issue      Amount(bn)  Issue Date      Due Date        Coupon
JPY bonds no.26 JPY20  Sept. 20, 2005  Sept. 17, 2010  1.24%

Isuzu Motors Ltd's earnings hit all-time high for the recent two
years in a row. Restructuring of production and sales both in
Japan and abroad and increase in sales offshore centering on
ASEAN countries as well as replacement demand in Japan due to
regulations on gas emissions from diesel cars contributed to
boosting the earnings.

Domestic demand for commercial vehicles will decline over the
intermediate term. However, Isuzu Motors will be able to assure
good cash flow in the future, supported by expansion in offshore
business and the reduced break-even points thanks to the
restructuring.

The interest-bearing debt was reduced to about 40 percent of the
amount at the peak time. The Company's financial burden is now
declining. It repurchased the class II preferred shares issued
for debt-for-equity swaps from lenders. It has been making
efforts to improve the group financial structure.

The Company will use the proceeds from the sales of the bonds
for this purpose. It plans to reduce the procurement costs and
stabilize financial ground by the parent's borrowing funds
intensively for domestic distributor subsidiaries.

CONTACT:

Isuzu Motors Limited
26-1, Minami-oi 6-chome, Shinagawa-ku
Tokyo 140-8722, Japan
Phone: +81-3-5471-1141
Fax: +81-3-5471-1043


MITSUBISHI MOTORS: Releases Lancer Evolution Wagon
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that the Lancer
Evolution Wagon would go on sale at affiliated dealerships
throughout Japan today. Lancer Evolution Wagon marries the
awesome dynamic performance of the Lancer Evolution IX high-
performance 4WD sedan, which employs Mitsubishi's advanced and
proprietary All Wheel Control (AWC) traction and stability
enhancing technology, with the utility-enhancing luggage
compartment of the Lancer Wagon. Tax inclusive price starts from
3,412,500 yen.

Lancer Evolution Wagon is the first station wagon model in the
Lancer Evolution series. Derived from the Lancer Evolution IX
sedan launched in March 2005, Lancer Evolution Wagon uses the
body side panels and roof panel from the Lancer Wagon with
reinforcements mainly focused on the rear end to create a
lightweight and very stiff station wagon body. The powertrain
mates a 2.0-liter intercooler-turbocharged engine to an
electronically controlled 4WD driveline to realize unparalleled
vehicle dynamics for a station wagon.

Lancer Evolution Wagon is offered in two grades. The GT uses a
6-speed manual transmission to deliver the ultimate in sporty
driving pleasure. The 5-speed automatic transmission GT-A brings
full-spectrum driving pleasure, combining the sporty performance
of the GT with the convenience of an automatic. Lancer Evolution
Wagon is to be produced in a limited run of 2,500 (GT and GT-A
combined total), with production due to cease at the end of
December this year.

Lancer Evolution Wagon walkaround

1. Exterior
The design melds together Lancer Evolution IX's aggressive front
end styling and Lancer Wagon's squarish rear end.

Rear blister fenders and a rear bumper that take their design
cues from Evolution IX are used to give Evolution Wagon a low-&-
wide look.

On the GT-A, the front license plate has been moved to a central
position to promote automatic transmission oil cooler
performance. On the GT, the license plate is located in the same
position as on Evolution IX to promote cooling of the
intercooler.

Brilliant chrome headlamp extensions enhance the overall quality
look.
A chrome "LANCER Evolution" logo at the bottom left of the rear
gate together with air outlet-look quarter lower garnish on the
rear blister fenders identify Evolution Wagon's tail.

2. Interior

Lancer Evolution Wagon's interior is distinguished from
Evolution IX by the use of a chrome finish for the air vent
controls and door handles to lend a slightly classier touch to
the interior.

Both grades use the same Momo steering wheel as Evolution IX. GT
also shares the alloy accelerator, brake and clutch pedals used
on its sedan cousin. GT-A uses the same accelerator pedal but
has a slightly larger alloy brake pedal.

Evolution Wagon uses double-sealing weatherstrips introduced on
Evolution IX, to beef up sound insulation performance in the
dash panel, and strategically places soundproofing, noise-
absorbing and vibration damping materials in the newly acquired
luggage compartment.

Lancer Evolution Wagon models are fitted with Recaro full bucket
front seats upholstered with a combination of non-slip coated
fabric, comfortable Alcantara suede and genuine leather. The
thigh bolsters are lower than on Evolution IX to facilitate easy
entry and exit while still providing optimum location and hold.
The rear seat uses the same 60/40 split back configuration as
the Lancer Wagon but features Alcantara suede back and squab
facings with protein leather on the side bolsters. The rear seat
back has 5 reclining settings for greater occupant comfort.

Measuring VDA 530-liters (5 occupants, luggage tonneau cover not
deployed), the luggage compartment is slightly smaller than in
Lancer Wagon. The 60/40 split rear seatback, roll-up tonneau
cover, 3-section luggage compartment underbox, four securing
hooks and accessory power socket together yield a high-utility
and easy-to-use luggage compartment.

3. Body

Lancer Evolution Wagon uses the same platform (engine
compartment, front floor and rear floor) as Evolution IX. The
body takes Lancer Wagon's side panels and roof panel and adds
reinforcements at the A, B, C and D pillar joins.
The addition of a large floor cross member reinforces the joins
between the rear floor, rear wheelhouse and body side structure
and brings a substantial increase in torsional stiffness. Major
reinforcements have been added to the joins between the rear
floor, rear end panel and the bottom of the D-pillar.

The addition of a reinforcement at the top of the rear shock
absorber mounting and an extra 50 spot welds in the tailgate
opening help realize a lightweight and very stiff body at a
minimum weight.

Lancer Evolution Wagon uses the lightweight alloy engine hood
and alloy front blister fenders from Lancer Evolution IX and the
Lancer Wagon tailgate with oversize tailgate spoiler used on the
Lancer Wagon Ralliart model. The Evolution Wagon-exclusive rear
bumper borrows the Lancer Evolution IX design motif.
Flowing from the trailing edge of the rear door, the edgy rear
blister fender slips down and disappears under the rear quarter
panel in a design that takes its cue from the front blister
fender.

Available as a dealer option, a rear high-performance sway bar
enhances the already superior levels of rear end stability which
realizes steering response and handling characteristics
unparalleled in the station wagon category.

4. Powertrain

The GT grade uses the latest 4G63-type MIVEC intercooler-
turbocharged engine mated to a 6-speed manual transmission to
generate flat and wide torque with excellent response at all
engine speeds. Producing maximum output of 280 PS (206 kW) /
6500 rpm and 40.0 kg-m (39.2 N-m) / 3000 rpm of torque, the
engine gives Evolution Wagon performance that is unmatched in
the station wagon category.
The GT-A powertrain mates the 4G63-type intercooler-turbocharged
engine, with its smaller turbocharger giving outstanding low-end
and mid-range torque and response, to a 5-speed automatic
transmission. The power unit generates maximum output of 272 PS
(200 kW) / 6500 rpm and 35.0 kg-m (343 N-m) / 3000 rpm of torque
to deliver top ranking performance for an automatic model.

5. 4WD system

Lancer Evolution Wagon's full-time four-wheel drive system uses
Mitsubishi Motors Active Center Differential (ACD*1), which
raises traction and handling to new levels of excellence, and a
mechanical limited-slip rear differential that controls torque
feed for superior traction and straight-line stability over all
surfaces.

The 6-speed manual transmission GT grade uses a helical limited-
slip front differential that takes the sport driving experience
another step higher.

6. Suspension

Lancer Evolution Wagon uses the same inverted MacPherson strut
front and multi-link rear suspension as Evolution IX. The
monotube shock absorbers deliver superior damping response and
handling performance and were developed jointly with Bilstein.

7. Brakes

Lancer Evolution Wagon uses the same powerful Brembo high-
performance brakes as Evolution IX, with 4-piston 17-inch
ventilated discs at the front and 2-piston 16-inch ventilated
discs at the rear.

With Mitsubishi's Sport ABS*2 giving enhanced steering control
under hard braking and Electronic Brake force Distribution
(EBD*3) automatically regulating the front-to-rear braking force
ratio to match vehicle load, the braking system delivers
responsive, smooth and predictable stopping power under all
conditions.

8. Wheels & tires

Lancer Evolution Wagon rides on the same 17 x 8JJ Enkei alloy
road wheels as Evolution IX but finished in bright silver rather
than dark gray. As with Evolution IX, Evolution Wagon is also
available with 17 x 8JJ BSS super-lightweight forged alloy
wheels as a factory-fitted option.
The wheels are shod with the same 235/45R17 93W ADVAN A046D
tires fitted to Evolution IX GT and designed to offer
outstanding abrasion resistance and superior wet adhesion.

*1: ACD (Active Center Differential)

The ACD incorporates an electronically controlled hydraulic
multi-plate clutch. An ECU optimizes clutch cover clamp load for
different driving conditions, regulating the differential
limiting action between free and locked states. The result is
improved steering response together with better traction. ACD
provides three modes - Tarmac / Gravel / Snow - to enable
quicker control response for changes in road surface.

*2: Sport ABS

In Sport ABS, the system ECU uses information from a steering
angle sensor that detects steering inputs as well as from
lateral G and vehicle speed sensors to apportion pressure to
each of the four wheels independently. The result is improved
steering response under braking.

*3: EBD

The Electronic Brake Force Distribution system optimizes
allocation of braking force between the front and rear wheels.
Increasing the pressure applied to the rear wheels when braking
close to the limit, EBD reduces the load on the front wheels to
realize better anti-fade performance. The system also
compensates for changes in surface and vehicle load conditions
to ensure predictable and consistent stopping performance at all
times.

Sales information : Sales target: 2,500 (limited edition)

Available at: MMC affiliated dealerships throughout Japan


MITSUBISHI MOTORS: S&P Issues Rating Summary
--------------------------------------------
Standard & Poor's Ratings Services announced that Mitsubishi
Motors Corporation (MMC) has managed to sustain its liquidity in
the near term through a JPY284.2 billion capital enhancement,
including a debt-for-equity swap.

As of March 31, 2005, the company had cash and marketable
securities of slightly over JPY311.7 billion, while short-term
borrowings amounted to JPY278.0 billion. Also, the company had
no long-term debt due within fiscal 2005.

MMC's access to capital markets, including bond issues and the
general ABS markets in the U.S., has weakened due to the
deterioration in its credit quality. The Mitsubishi Group,
including its major three companies, has provided financial
support to MMC twice, demonstrating the group's strong
willingness to support the company. However, Standard & Poor's
has doubts over whether the three companies, including
Mitsubishi Heavy Industries Ltd. (BBB/Negative/--), would be
willing to bail out MMC for a third time if the turnaround plan
fails.

Issue rating

The rating on MMC's senior unsecured debt is now equal to the
long-term issuer rating. The debt rating was formerly higher
than the issuer rating, reflecting the likelihood of loan
waivers by creditor banks. The ratings equalization reflects
concerns that the ranking of the rated unsecured bonds has
weakened since the company's secured debt increased, and the
willingness of the Mitsubishi group's three major companies to
provide financial support may also weaken in the future. If MMC
were to need support for a third time, Standard & Poor's Ratings
Services believes that senior unsecured bondholders could see
their protection from loss deteriorate.

Outlook

The negative outlook reflects Standard & Poor's concern over
MMC's survival, given its deteriorated brand image and a serious
slump in sales. According to the company's new business
revitalization plan announced in January, MMC is setting lower
sales targets than in its previous plan. However, it is expected
to be difficult for MMC to restore consumer confidence in light
of the prolonged slump in sales in Japan and North America,
although there have been some signs of recovery in Japan in
recent months.

Given intensifying competition in key global vehicle markets and
limited contribution from MMC's original equipment manufacturer
(OEM) business, it remains unclear whether the company's
revitalization plan will be sufficient to ensure its viability.


SOFTBANK CORPORATION: Applies for Mobile License
------------------------------------------------
Softbank Corporation has applied for a commercial 3G mobile
license in Japan, TeleGeography reports.

In June, the high-speed Internet access provider was granted
permission to operate an experimental 3G mobile phone base
station in the 1.7GHz band using W-CDMA technology, after the
government revealed plans to allow two new mobile operators into
the market.

The government said it would release a 1.7GHz frequency band,
including a 15MHz bandwidth for nationwide mobile services, of
which 5MHz will be allocated to each of two new market entrants;
the remaining 5MHz will be distributed to mobile phone service
providers in accordance with growth in their number of
customers.

If successful in its quest, Softbank said it hopes to launch 3G
services by the end of 2007 and plans to invest less than JPY100
billion (USD916 million) into the rollout of the network,
curbing spending by leasing base stations and other equipment.

The country hopes the move will stir fiercer competition in the
sector, which is currently dominated by NTT DoCoMo, KDDI's au
Corporation and Vodafone KK.

CONTACT:

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


SOGO CO.: Opens Osaka Flagship Store
------------------------------------
Department store operator Sogo Co. opened its flagship store
Wednesday in Osaka's Shinsaibashi district, five years after an
ambitious nationwide expansion program led to its collapse,
according to Kyodo News.

Sogo hopes to turn its business around with aggressive
management. Shunichiro Uchimura, Sogo's President, and Shigeaki
Wada, the President of Sogo's parent company, Millennium
Retailing Inc., participated in a ceremony in which they
unlocked the new store's door with a key from the former Sogo
store built in 1935.

Sogo Co., Ltd. was established in 1830 and incorporated in 1919.
The company operates three department stores, one each in Osaka,
Kobe and Tokyo. The company has one consolidated subsidiary,
which is based in Japan and engaged in restaurant operations.

CONTACT:

Sogo Co., Ltd.
8-3, Shinsaibashi-Suji 1-Chome
Chuo-ku, Osaka 542-8555
Japan +81 6 62813111
Web site: http://www.axa-colonia.de/


SOGO CO.: Posts First Sales Rise Since 2000 Court Rescue
--------------------------------------------------------
Sogo Co. incurred its first year-on-year sales rise in the first
half of this year since 2000, when it sought court protection
under a mountain of debt, Kyodo News reports.

Sogo's sales in the March-August period slightly topped the
216.2 billion yen a year earlier, the sources said. Sogo also
appears to have secured an operating profit in the first half.

The department store chain was able to boost its sales with a
downsized workforce at a time when Japan's entire department
store industry is languishing due to sluggish sales
performances, it said.

The rehabilitated Sogo's operations became profitable for the
first time in the 2002 business year to February 2003. Sogo,
which currently operates 11 outlets, has since remained in the
black, showing greater profitability than the department store
industry's average profitability level.

In June 2003, Sogo and Seibu Department Stores Ltd. integrated
their operations under a holding company called Millennium
Retailing Inc.


SUMITOMO MITSUI: Eyes More Cuts in Execs' Wages
-----------------------------------------------
The Financial Services Agency (FSA) released a new management
rehabilitation plan submitted by Sumitomo Mitsui Financial Group
Inc. under which the holding company plans to further slash
executives' salaries by up to 10 percent during the half-year
starting next month, reports Kyodo News.

The plan was presented after the FSA issued a business
improvement order to the SMFG and two regional financial holding
firms on July 22 following their failure to meet their
respective earnings targets for fiscal 2004 that ended in March.

CONTACT:

Sumitomo Mitsui Financial Group Inc.
1-2, Yurakucho 1-Chome, Chiyoda-ku
Tokyo 100-0006, Japan
Phone: +81-3-5512-3411
Fax: +81-3-5512-4429


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

CITIBANK KOREA: FSS Finds Lending Practice Unfair
-------------------------------------------------
Citibank Korea Inc. will be facing an investigation into its
alleged unfair lending practices, reveals The Korea Times.

Citibank Korea is found to be discounting interest rates for
borrowers who apply for unsecured loans to pay their other
financial debts.

The Financial Supervisory Service (FSS) found the lending
practice unfair.

The financial watchdog has been cracking down on reckless
secured loans, including mortgage loans.

But according to Citibank spokesman Lee Sang-eon, the bank finds
no problem in discounting rates amid free competition. The said
lending practice is just one of their business strategies. Mr.
Lee admitted that FSS inspectors have been inquiring regarding
the said offer.

Since early September, Citibank has been offering financially
healthy salaried workers with discounted lending rates of about
7.5 percent if the loans are aimed at payment of other debts,
while the product offers rates between 7.9 and 14 percent.

"As the bank saw the growth of its housing collateralized loans
fall, it is targeting individuals who need urgent loans," an FSS
official said.

The FSS argued that the bank is painlessly snatching lending
accounts from competitors. The probe is launched in order to
hand down guidelines for fair competition.

Sung Byung-soo, an analyst at Kyobo Securities predicts that
Citibank Korea will be made to stop the tactic, as it seems the
practice is unfair.  The tactic is undesirable in forming
reasonable market prices.

Analysts warn that borrowers could suffer higher lending rates
according to market interest rate fluctuations, as the ratio of
products offering floating rates is higher than those offering
fixed rates.

Citibank Korea said the loan is applicable to floating rates
regardless of borrowers' financial status.

Regulators have been closely monitoring Citibank Korea for
alleged unauthorized businesses.

The bank and a vice president faced a complaint from the labor
union saying the management has reaped about KRW12 billion in
illegal gains involving its mortgage loan businesses over the
past few years.

The allegations are still under investigation including the
dispatch of inspectors to the bank's headquarters in Seoul, an
FSS official said.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


HANARO TELECOM: Working to Cut Number of Executives by 50%
----------------------------------------------------------
Hanaro Telecom Inc. continues to enact its cost cutting measures
on plans of decreasing the number of its executives by half,
Reuters said.

The company's 55 executives including its units, except for
acting Chief Executive Officer Kwon Soon-yub have tendered their
resignation to speed up the process.

"Acting CEO Kwon will selectively accept the resignations to
reform our management," said a spokesman. "We are looking at
cutting the number of executives by half."

The company reported a loss for the last quarter, thus the cost-
cutting measures.

But Hanaro employees have nothing to fear as of now because the
company has no job-cut plans for them as of now.

With the entrance of Powercomm, a local cable network operator
into near-saturated broadband market, Hanaro and top-ranked KT
Corp. have been facing margin-crushing competition.

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


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

CRIMSON LAND: No Need for Circular on Proposed Debt Settlement
--------------------------------------------------------------
Crimson Land Berhad (Crimson) furnished Bursa Malaysia
Securities Berhad an update on the following proposals:

- Proposed Rights ICULS Issue with Warrants;

- Proposed Acquisition;

- Proposed Debt Restructuring; and

- Proposed Increase in Authorized Share Capital.

(collectively referred to as the Proposals)

In connection thereto, Alliance Merchant Bank Berhad, on behalf
of the Board of Directors of Crimson, disclosed that an
Information Circular in relation to the Proposed Pica (M)
Corporation Bhd (PICA) Debt Settlement will not be issued, as
the issuance of the Information Circular is not required under
Paragraph 10.02 of the Listing Requirements of Bursa Malaysia
Securities Berhad.

This announcement is dated 2 September 2005.

CONTACT:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045


DATUK KERAMAT: Awaits Court Decision on Winding Up Petition
-----------------------------------------------------------
Datuk Kramat Holdings Berhad furnished Bursa Malaysia Securities
Berhad a status on the winding-up served by Ambank Berhad
(Winding-Up Petition).

The company furnished the following information for public
release:

(1) The winding-up order has been granted by the Court against
the Company on August 23, 2005.

(2) Currently, there is no financial and operational impact of
the winding-up order on the group and there is no expected
losses arising therefrom as the Winding-up Petition is currently
pending appeal and the Court of Appeal has fixed September 5,
2005 for hearing of an application by the Company to stay the
winding-up.

Bursa Malaysia Query Letter content:

The Exchange refers to the company's announcement dated August
25, 2005.

In this connection, kindly furnish the Exchange immediately with
the following information for public release:

(1) To clarify whether a winding-up order has been granted by
the Court against Datuk Keramat Holdings Berhad.

(2) If a winding-up order has been granted,

(a) The financial and operational impact of the winding-up order
on the group.

(b) The expected losses, if any, arising from the winding-up
order.

(c) Whether a stay in relation to the winding-up order has been
granted by the Court in view of the appeal.

Yours faithfully

Lisa Lam
Sector Head
Issues & Listing
Group Regulations

CONTACT:

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


DFZ CAPITAL: Bourse to List, Quote New Shares
---------------------------------------------
DFZ Capital Berhad advised that its 7,237 new ordinary shares of
MYR1.00 each arising from the conversion of 79,607 Irredeemable
Convertible Preference Shares - A (2005/2010) of MYR0.10 Each
into 7,237 New Ordinary Shares will be granted listing and
quotation Bursa Malaysia Securities Berhad with effect from 9:00
a.m., Wednesday, September 7, 2005.

CONTACT:

DFZ Capital Berhad
418 Chulia Street,
10200 Penang, Malaysia.
Tel: 604 - 262 8535
Fax: 604 - 261 4076
Toll Free: 1-800-888-002
Email: enquiry@dfzcapital.com.my


JIN LIN: SC Evaluating Proposed Restructuring Scheme
---------------------------------------------------
In compliance with PN4 paragraph 4.1 (b) of the Bursa Securities
Listing Requirements which requires an affected listed issuer to
announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from Bursa
Securities, Jin Lin Wood Industries Berhad (JLWIB) informed the
Exchange that the Proposed Restructuring Scheme of JLWIB
submitted to the Securities Commission (SC) is still in the
process of being evaluated by SC.

This announcement is dated 2 September 2005.

CONTACT:

Jin Lin Wood Industries Bhd.
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


KAMDAR GROUP: Books MYR1,617,000 in Net Loss
--------------------------------------------
Kamdar Group (M) Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
financial period ended June 30, 2005.

This announcement is to supersede the earlier announcement dated
August 30, 2005 due to error in computation/explanation in the
following areas:

(1) In the Unaudited Condensed Consolidated Balance Sheet - "Net
Tangible Assets per share" as at December 12, 2004.

(2) In Note 14B - Performance Review.

(3) In Note 18 - Taxation.

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

    36,064        0               66,438         0

(2) Profit/(loss) before tax

    -958          0               -4,019         0

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

    -1,617        0               -5,288         0

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

    -1,617        0               -5,288         0

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

    -1.28         0.00            -4.22       0.00

(6) Dividend per share (sen)

    0.00          0.00             0.00       0.00

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

(7) Net tangible assets per share (MYR)

        1.0100                     1.0300

To view a full copy of the financial statement, click
http://bankrupt.com/misc/KamdarGroup090205.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/KamdarGroup090205.doc


MBF HOLDINGS: Court to Decide on Application September 19
---------------------------------------------------------
MBf Holdings Berhad issued to Bursa Malaysia Securities Berhad
the following updates.

(1) MBf Cards (M'sia) Sdn Bhd (MBf Cards) Vs GrandTech Systems
Sdn Bhd (GrandTech) - Kuala Lumpur High Court Suit No: D5-2--
1279-2004 (MBf Cards Action).

(2) GrandTech Vs MBF Cards - Kuala Lumpur High Court Suit No:
D1-22-1525-2004 (GrandTech Action)

Further to the announcement on August 8, 2005, MBf Holdings
Berhad advised that GrandTech's application for Summary Relief
and Interim Payment which was heard on August 30, 2005, had been
fixed for decision on September 19, 2005.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
2 September 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


PACIFIC & ORIENT: Repurchases Ordinary Shares
---------------------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad details of shares buy back on September 2, 2005.

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

Total number of shares purchased (units): 39,000

Minimum price paid for each share purchased (MYR): 1.780

Maximum price paid for each share purchased (MYR): 1.820

Total consideration paid (MYR): 70,963.63

Number of shares purchased retained in treasury (units): 39,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 6,224,189

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

CONTACT:

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


PAN MALAYSIA: Buys Back 60,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: September 5, 2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 60,000

Minimum price paid for each share purchased (MYR): 0.485

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

Total consideration paid (MYR): 29,356.70

Number of shares purchased retained in treasury (units): 60,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 50,333,000

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

CONTACT:

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


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Further to Listing's Circular No. 32970 of 2005, Pantai Holdings
Berhad advised that its additional 569,500 new ordinary shares
(instead of 184,500 new ordinary shares as stated earlier) of
MYR1.00 each arising from the conversion of MYR621,700 Nominal
Value of Irredeemable Convertible Unsecured Loan Stocks
2002/2007 into 569,500 New Ordinary Shares (Conversion) will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, September 6, 2005.

Any inconvenience caused is regretted.

CONTACT:

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


POLYMATE HOLDINGS: In Talks with Lenders to Restructure Debt
----------------------------------------------------------
Further to the announcement made on August 2, 2005, Polymate
Holdings Berhad (Polymate) unveiled to Bursa Malaysia Securities
Berhad the status of the various credit facilities in default by
its three subsidiaries to the financial institutions as at
August 31, 2005, as detailed in Table A attached.

Click to view a full copy of Table A
http://bankrupt.com/misc/PolymateHoldings090205.xls

The Company is in the process of negotiation with the lending
banks to restructure the Group's credit facilities and is
actively working on various schemes to regulate its financial
position.


PROMTO BERHAD: MITI OKs Restructuring Proposal
----------------------------------------------
Reference is made to the announcements dated August 8, 2004,
November 22, 2004, May 12, 2005 and May 19, 20005 in relation to
the Proposed Restructuring Scheme of Promto Berhad (PB).

Public Merchant Bank Berhad, on behalf of PB, announced that the
Ministry of International Trade and Industry (MITI), had via its
letter dated August 20, 2005, which was received on August 30,
2005, noted and have no objection to the Proposed Restructuring
Scheme, subject to the approval being obtained from the
Securities Commission on the Proposed Restructuring Scheme.

In addition, the MITI had also requested for the following:

(i) Chee Keong (M) Sdn Bhd has to contact the Malaysian
Industrial Development Authority (MIDA) of its disposal to third
party; and

(ii) Ipoh Pipe Industries Sdn Bhd is required to return its
manufacturing license to MIDA.


WAH SEONG: To Establish New Company through Joint Venture
---------------------------------------------------------
Wah Seong Corporation Berhad unveiled to Bursa Malaysia
Securities Berhad details of related party transaction in
respect of Sino Foreign Joint Venture Agreement to inter alia
jointly establish, invest and operate a company known As Ashburn
(Huanghua) Hardware Products Co. Ltd by Wah Seong China Limited
and Ashburn International Trade (Tianjin) Co. Ltd (sub-
subsidiaries of Wah Seong Corporation Berhad (WSC))

(1) Introduction

The Board of Directors advised that its sub-subsidiaries, Wah
Seong China Limited (WSCL) and Ashburn International Trade
(Tianjin) Co. Ltd (Ashburn Tianjin) had on August 30, 2005,
established a joint venture company known as Ashburn (Huanghua)
Hardware Products Co. Ltd (Ashburn Huanghua) with Huanghua
Jinhai Hardware Products Co. Ltd (HJHP) to inter alia jointly
invest and operate the said joint venture company on a 50%
(HJHP): 25 percent (WSCL): 25 percent (Ashburn Tianjin) basis
for a total consideration of USD500,000.00 (equivalent to
MYR1,901,000.00 based on the exchange rate of USD1.00 to
MYR3.802) only.

(2) Information on Ashburn Huanghua, WSCL, Ashburn Tianjin and
HJHP

Ashburn Huanghua has been incorporated in accordance with the
relevant laws and regulations of People's Republic of China with
an intended registered paid-up capital of USD1,000,000.00. Its
registered address shall be at Baizhuang Industrial Park,
Jiucheng, Huanghua City, Hebei, China. The principal activities
of Ashburn Huanghua are production and sale of galvanized welded
wire mesh, architectural nettings, fencing and other top grade
hardware.

WSCL was established as a private company limited by shares in
Hong Kong on January 2003 and its registered office is at 11th
Floor, Dah Sing Life Building, 99 Des Voeux Road, Central, Hong
Kong. It is inter alia, involved in investment holding,
marketing and provision of all types of services related to the
oil and gas industry.

As at to-date, WSCL's authorized capital is HK$7,800,000.00
divided into 7,800,000 ordinary shares of HK$1.00 each and its
issued and paid-up capital is HK$4,875,000.00 only. WSCL is an
80 percent owned subsidiary of Wah Seong International Pte
Limited (WSIPL) which is ultimately owned by WSC.

Ashburn Tianjin was incorporated on January 18, 1994 as a
private limited company in People's Republic of China and having
its registered office at Free Trade Zone, Tianjin, China. It is
principally involved in international trade, processing and
assembling, storage of bonded goods and development of high
technological products and consultancy services.

Presently, Ashburn Tianjin's registered paid-up capital is
USD400,000.00 only. Ashburn Tianjin is a 65 percent owned
subsidiary of WSCL.

HJHP was established as a private company limited by shares in
People's Republic of China on October 29, 1998. Its registered
office is at Baizhuang Industrial Park, Jiucheng, Huanghua City,
Hebei, China. It is inter alia, involved in manufacturing and
sale of metal mesh, iron wires, nails, machine metal tools and
hardware products. As at to-date, its registered paid-up capital
is Renminbi/RMB22.0 million only.

(3) Salient Details of the Joint Venture

Some of the salient details of the Joint Venture are as follows:

(a) Pursuant to the JVA, WSCL, Ashburn Tianjin and HJHP will
jointly invest and maintain the equity shareholding of Ashburn
Huanghua in the following manner/ratio at all times:

(i) 25% - by WSCL

(ii) 25% - by Ashburn Tianjin

(iii) 50% - by HJHP

(b) The parties shall bear the risk and losses and share the
profits in accordance to the respective shareholding ratio.

(c) The intended registered paid-up capital of Ashburn Huanghua
shall be USD1,000,000.00.

(4) Basis of Consideration

The above investments by WSCL and Ashburn Tianjin for a 25
percent equity stake respectively in Ashburn Huanghua shall be
settled in cash via internally generated funds, shareholders'
advances and/or bank borrowings.

(5) Rationale for the Joint Venture

WSCL intends to diversify and expand its investments in China by
participating in the production and sale of galvanized welded
wire mesh, architectural nettings, fencing and other top grade
hardware which is mainly used for the building materials,
infrastructure and the oil and gas industries. The investment is
expected to contribute positively to the profit of WSCL.

(6) Financial Effects of the Joint Venture

(6.1) Share Capital

The Joint Venture will not have any effect on the share capital
of WSC although the effective interest of WSC through WSCL and
Ashburn Tianjin in Ashburn Huanghua will be increased from 0
percent to 33 percent.

(6.2) Earnings

The Joint Venture is expected to contribute positively to WSC's
future earnings.

(6.3) Substantial Shareholding

The Joint Venture will cause WSCL's effective equity
shareholding in Ashburn Huanghua to increase from 0 percent to
41.25 percent.

(6.4) Net Tangible Assets (NTA)

The Joint Venture will not have any material effect on the
consolidated NTA value of WSC and its group of companies for the
year ending December 31, 2005.

(7) Directors' and Substantial Shareholders' Interest

Save and except as disclosed below, none of the directors, major
shareholders, persons connected to Directors or persons
connected to the major shareholders of the Company or any of its
subsidiaries has any interest, direct or indirect, in the Joint
Venture:

(i) Mr. DongShi Qian who is a director and substantial
shareholder of WSCL and also director of Ashburn Tianjin and
having declared his interest herein has duly abstained from
deliberation and voting on the resolution of WSCL and Ashburn
Tianjin to effect the same.

(ii) Mr. Li Bao Gun and Guo Jun who are directors and
substantial shareholders of Ashburn Tianjin having declared
their interests herein have duly abstained from deliberation and
voting on the resolution of Ashburn Tianjin to effect the same

(8) Directors' Statement

Having considered all aspects of the Joint Venture, the Board of
Directors is of the opinion that the Joint Venture is in the
best interest of the Company.

(9) Condition of Joint Venture

Approvals from the China's Foreign Economic Cooperation Bureau
and State Administration for Industry & Trade have already been
obtained on August 30, 2005 and this Joint Venture is not
subject to the approvals of any other governmental authority
and/or the shareholders of WSC.

(10) Documents for Inspection

Details of the JVA are available for inspection at the principal
office of WSC at No. 59-2, The Boulevard, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur for three (3) months
from date of this Announcement during normal business hours from
Mondays to Fridays.

Yours faithfully

Wah Seong Corporation Berhad
Giancarlo Maccagno
Director

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


WCT ENGINEERING: Court Reschedules Hearing to October 20
--------------------------------------------------------
Further to WCT Engineering Berhad's announcement on August 24,
2005, the Board of Directors unveiled the following to Bursa
Malaysia Securities Berhad:

Maju Holdings Sdn. Bhd. (Maju) application to transfer and
consolidate the Kuala Lumpur High Court Suit No. S5-22-333-05
(Writ of Summons- Maju vs. WCTC) with the Kuala Lumpur High
Court Suit No. S1-22-324-05 (Writ of Summons - WCTC vs. Maju)
which was originally fixed for hearing on September 30, 2005 has
been postponed by the Court to October 20, 2005.

This announcement is dated 5 September 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


WEMBLEY INDUSTRIES: Complies with Listing Requirement
-----------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) updates on the status
of Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements.

PN4

(1.1) On February 23, 2001, the Company announced to Bursa
Malaysia Securities Berhad that it is an affected listed issuer
pursuant to Practice Note No. 4/2001 (PN4) as the Auditors of
the Company had expressed a disclaimer opinion of the going
concern of the Company and its subsidiaries. As an affected
listed issuer, the Company has its obligations under PN4.

(1.2) The Requisite Announcement as required under PN4 was made
to the Exchange on July 31, 2002.

(1.3) The applications for its regularization plan were
submitted to the Securities Commission (SC) and Foreign
Investment Committee (FIC) on October 29, 2002.

For more information, click
http://bankrupt.com/misc/WembleyIndustriesHoldings090605.doc

This announcement is dated 2nd September 2005.

CONTACT:

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


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

COLLEGE ASSURANCE: Clients May Claim Checks Sans SEC Nod
--------------------------------------------------------
Planholders of ailing College Assurance Plan Phils. Inc. (CAP)
may no longer need to secure endorsement from the Securities and
Exchange Commission (SEC) to claim their check payments from the
pre-need provider, The Philippine Star has learned.

The corporate regulator made the statement to clarify reports
that some CAP planholders had been advised by the pre-need
firm's personnel to seek the endorsement first from SEC to be
able to receive their check payments.

SEC commission secretary Gerard Lukban pointed out that CAP's
disbursement activities is now out of the SEC's hands after the
company filed a petition for rehabilitation with the Makati
Regional Trial Court last Sept. 1 due to severe cashflow
problems.

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

CAP said it continues to pay its maturing obligations to
planholders despite its present condition.

In the eight-year business plan filed with the court, CAP said
its continued ability to meet its obligations is premised on the
following assumptions: its dealership license is renewed, it
secures additional equity infusion from foreign and local
sources, and it streamlines operations by cutting costs.

CAP is also seeking a 10-year restructuring of its loan
obligations to its creditors including Fil-Estate Management,
Inc., Philippine Veterans Bank, CAP Pension and Pentacapital
Investment Corp.

CAP is hopeful that its current financial condition will change
with the institution of some changes in its organization,
policies, strategies, operations and finances, as set forth in
its business plan.

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: In Investment Talks with Indian Firm
----------------------------------------------------------
Lepanto Consolidated Mining Company is reportedly in talks with
an Indian diversified metals company, who wants to buy a stake
in the embattled miner, Dow Jones reports.

Lepanto officials are believed to have visited Mumbai recently
for talks with Hindalco Industries.

Lepanto is understood to be working on a new copper mine and is
scouting for a partner to invest in the project. Lepanto now
operates the Mankayan mines in the Philippines.

Hindalco is also believed to have explored opportunities with
Peruvian mining company Pan American Silver Corporation.
Although Pan American is essentially a silver mining company,
the company also owns the Quiruvica copper mines in Peru.

CONTACT:

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


LEPANTO CONSOLIDATED: Welcomes House Probe
------------------------------------------
Lepanto Consolidated Mining Corporation said it is prepared to
face a House inquiry to clear all allegations against it, The
Manila Standard reports.

The beleaguered miner said it welcomed the proposed
congressional investigation regarding the alleged unfair labor
practices and human rights violation committed by the Company
against the striking workers.

Reps. Satur Ocampo, Teodoro Casi¤o and Joel Virador of Bayan
Muna; Crispin Beltran, Rafael Mariano of Anakpawis; and Liza
Maza of Gabriela, in signing the House resolution, alleged that
Lepanto violated numerous provisions of the Labor Code.

They accused the company of harassment, physical violence,
arbitrary arrests and detention of some workers, which they
claimed run contrast to the provision of the Labor Code.

But Atty. Weldy Manlong, Lepanto's administrative manager, told
reporters mine officials are confident the truth will come out
but he stressed those who will conduct the inquiry must be fair
and square.

Atty. Manlong clarified that the officers and members of the
Lepanto Employees Union (LEU) are the ones who violated the law
and still refused to return to work despite orders from the
Department of Labor and Employment.

Lepanto reportedly incurs Php6 million in daily losses since the
protest strike by around 6,000 mine workers began on June 2.


LEPANTO CONSOLIDATED: Shares Up on Rights Offer, Buy-in Rumors
--------------------------------------------------------------
Lepanto Consolidated Mining Company's B shares extended gains in
early trade on Tuesday ahead of the company's one-for-five stock
rights offer, according to The Philippine Daily Inquirer.

Dealers said reports that India-based Hindalco Industries Ltd.,
the flagship of the Aditya Birla Group, is in talks for a
possible acquisition of a strategic stake in Lepanto also
boosted interest on the shares.

Lepanto B, available to Filipino and foreign investors, was up
0.01 peso or 2.70 percent at 0.38 on volume of 5.64 million
shares.

Lepanto A, limited to Filipinos, was unchanged at 0.35 peso on
850,000 shares.

Qualified shareholders who own five shares of Lepanto can
subscribe to one share at an offer price of 0.20 peso apiece.
The offer will run October 10-20 and will cover shareholders on
record as of September 21.


MUSIC SEMICONDUCTORS: Welcomes New CTO
--------------------------------------
Music Semiconductors Corporation advised that on September 1,
2005, Mr. David T. Cutler has been appointed the Company's Chief
Technology Officer (CTO) effective upon issuance of his visa and
work permits.

Prior to this appointment, Mr. Cutler had worked with the
Company as VP Operations from 1996 until 2001. Mr. Cutler had
been with the semiconductor industry for 32 years in the field
of Design and Development, Engineering, Marketing and
Manufacturing.

He had previously been employed in the Philippines and abroad
with Texas Instruments,
Alcatel, Cicada and Fastech.

MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
       63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
     63-49 5491024 (Int'l)


NATIONAL POWER: Seeks Refund for Deferred Forex, Gen Costs
----------------------------------------------------------
National Power Corporation (Napocor) wants the Energy Regulatory
Commission (ERC) to recover its deferred foreign exchange and
generation costs amounting to Php1.0414 per kilowatthour (kWh)
for its missionary areas, according to The Philippine Star.

The state power firm is asking the energy regulator to allow it
to implement its generation rate adjustment mechanism (GRAM) for
the Small Power Utilities Group (SPUG) that will enable it to
recoup Php945.123 million. GRAM provides for the mechanism to
recover Napocor's deferred fuel costs and purchased power costs
from June 26, 2004 to Dec. 25, 2004.

Napocor wants to recover its GRAM through an average of 68.83
centavos per kWh starting next month. Broken down, the
adjustment will be 69.68 centavos per kWh for Luzon for a period
of two years, 69.75 centavos per kWh for Visayas for three years
and 67.06 per kWh for Mindanao.

Napocor is asking ERC to approve its application to enable it to
"increase its revenues commensurate with its costs and
ultimately reduce the burden of universal charge for missionary
electrification on all electricity users".

Meanwhile, Napocor also proposed a five-year recovery period for
its ICERA starting October this year. Through SPUG, Napocor
incurs additional operating costs or savings as a result of
fluctuations in foreign exchange rates.

This, in turn, affects its cost of servicing foreign currency
debts and foreign exchange-related operating expenses such as
insurance and imported power plant and transmission lines.

Allowing Napocor-SPUG to recover its costs will help in
attracting investors to explore long-term concession agreements
and go into power generation in remote areas in the countryside.
Presently, the revenues from electricity sales in the remote
areas and from the universal charge are funding Napocor-SPUG
operations.

Napocor hopes to draw new players in order to address the
increasing power requirements in growing island provinces and at
the same time, curb its losses.

CONTACT:

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


NATIONAL TRANSMISSION: Int'l Roadshow Set to Push Privatization
---------------------------------------------------------------
Another round of roadshow is necessary to get market sentiment
on National Transmission Corporation's (TransCo) 25-year
concession contract, The Manila Bulletin says, citing TransCo
chief executive Alan Ortiz.

Mr. Ortiz is urging the Power Sector Assets and Liabilities
Management Corporation (PSALM) to consider undertaking another
round of international roadshow by fourth quarter so it can draw
strong investors interest in TransCo.

PSALM is a government agency tasked to handle TransCo's
privatization.

Several Asian and European parties are reportedly keen on
TransCo, while a number of local companies are also seen
positioning as potential partner for the winning concessionaire.

With the revaluation process just got concluded, Transco's next
regulatory reset on its wheeling charges is already due for
filing with the Energy Regulatory Commission. The new valuation
for the Transco assets was pegged at US $2.3 billion but there
is no word yet from PSALM if the price offer to investors would
also be jacked up.

TransCo is set to undergo a two-stage privatization process,
starting with the engagement of a private sector partner to
assume operation and maintenance (O&M) obligations in its course
of business.

PSALM clarified that TransCo itself is not the object of
privatization, but its business that will be privatized in the
form of a concession arrangement with the private investor.

As set out in the privatization package, investors will be given
the option to pay the balance in installments over an agreed
period as shall be stipulated in the sale agreement.

To this date, energy officials acknowledged that interested
investors are hesitant to infuse capital into the transmission
firm due to the extremely high political risk that they would
have to face.

The concession being offered to prospective investors would be
for a 25-year period renewable for another 25 years subject to
performance conditions.

CONTACT:

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


PHILIPPINE AIRLINES: To Fly to Beijing from November
----------------------------------------------------
National flag carrier Philippine Airlines (PAL) will begin its
direct flights to Beijing, China on November 11, Asia Pulse
reports.

PAL's new route is part of plans to boost revenues and take
advantage of the growing tourism in China.

The airline, which already flies to Xiamen and Shanghai, will
start flying three times a week to the Chinese capital.

As one of the largest and fastest-growing outbound tourism
market globally, China is expected to produce an estimated 100
million travelers per year by 2010.

Tourism Secretary Joseph Ace Durano said the DOT designed and
implemented major campaign namely, building an effective China
organization, reinforcing the Philippines brand driving trade
participation, customizing products to meet Chinese tourists
needs, pushing for priority policy support and driving DOT and
private sector collaboration through the establishment of the
China Tourism Action Group.

As an active participant in the group, PAL is now aggressively
supporting the campaigns and will have its direct route from
Manila to Beijing and vice-versa starting November of this year.

These campaigns have generated impressive results. The first
half of 2005 saw 45,789 Chinese arrivals in the Philippines,
already exceeding the 2004 total. May and June experienced
unprecedented increases of 211.2 percent and 205.8 percent,
respectively, as compared to corresponding periods last year.

Thus, by the end of this year, China could become the fourth
largest source country of tourism to the Philippines, joining
the United States, Korea and Japan.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


* RP's Proposed Global Bonds Maturing 2016 Rated 'BB-'
------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday it assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Negative/B, local currency
BB+/Negative/B) proposed US$750 million to US$1 billion global
bond issue maturing in 2016.

The sovereign credit ratings on the Philippines reflect its high
debt and low fiscal flexibility. Net general government debt,
excluding guaranteed contingent liabilities of nonfinancial
public enterprises, is projected at about 72% of GDP for 2005,
compared with the 'BB' median of 45.1%.

Philippines' debts translate into an interest burden of close to
40% of general government revenues, which could grow further
without a solid and sustained increase in revenues, given rising
domestic and global interest rates.

Although recent administrative and legislative advances reversed
falling tax collections, much of the gains in fiscal
consolidation over the past two years came from cutting needed
expenditure, in turn, impairing the country's future growth
prospects. A fundamental improvement in the government's long-
term revenue-mobilizing capacity remains contingent upon
expanding the tax base, curbing tax evasion, and eliminating
administrative weaknesses, all of which require sustained strong
political commitment and effective governance.

"The ongoing political uncertainty coupled with continued legal
challenges to the full and immediate implementation of the
expanded value added tax are casting a shadow on the
administration's ability to maintain and enhance fiscal
consolidation in the medium term," said Standard & Poor's credit
analyst Agost Benard.

As the external environment becomes less supportive, slow reform
may increase the country's external vulnerability due to the
sovereign's large foreign debt. Owing to its weak fiscal profile
and shallow domestic capital markets, the government continues
to rely on external funding, with close to 50% of its total debt
denominated in foreign currency. Net external debt as a
percentage of current account receipts for 2004 was at 43.6%,
compared with the median of 23.0% for 'BB'-rated sovereigns.

The ratings on the Philippines, however, are supported by
adequate external liquidity. Prudent exchange-rate management
and large and steady remittance inflows generally ensure a safe
level of external reserves.

Short-term liquidity risk for the Philippines is moderate,
compared with its similarly rated peers. For 2005, the ratio of
gross financing requirement to usable reserves (current account
plus short-term debt plus amortization) is projected at 78.5%,
compared with the median 88.7% for sovereigns in the 'BB' rating
category.

Also supporting the ratings on Philippines is its record of
economic resilience in the face of external shocks and ongoing
domestic political uncertainty, reflected in average real GDP
growth of 4.4% over the past six years without significant
fluctuation. This has served to moderate the country's debt
dynamics, and would provide a solid basis for further debt
reduction, if the appropriate fiscal policies are put in place.


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

CHARTERED SEMICONDUCTOR: Offers Advanced Solutions for Products
---------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited announced on Sept.
6, 2005 the availability of high-performance value-added
solutions for advanced consumer and wireless products. Currently
in prototyping, the additional solutions include:

- 0.18-micron ultra-low leakage (ULL) high-voltage process for
FPD drivers for mobile products

- 0.18-micron and 0.35-micron silicon germanium (SiGe) BiCMOS
processes for single-chip ultrawide band (UWB) communications
and noise-sensitive TV tuners

- 0.18-micron and 0.25-micron one-time programmable (OTP)
solutions for RFID chips and microcontroller units (MCUs)

The solutions are developed as plug-in modules on top of
Chartered's baseline CMOS processes and leverages existing
design infrastructure, therefore enabling designers to optimize
performance and cost
efficiencies, while realizing high yields in volume production.

"Our latest, advanced value-added solutions anticipate and
address the technical opportunities for emerging technologies
and products in the digital consumer and wireless communication
space," said Kevin Meyer, vice president of worldwide marketing
and platform alliances at Chartered Semiconductor. "We are
committed to innovating and extending our value-added solutions
platform to be well-positioned to collaborate with our customers
at the product development stage and support their product
differentiation and volume ramp."

Advanced Value-added Solutions

The Company's 0.18-micron ULL high-voltage process features a
very competitive low-leakage transistor in the unit pico Ampere
(pA) range optimized for emerging mobile applications, such as
low-temperature poly-silicon (LTPS) thin-film transistor (TFT),
OLED mobile display drivers and mobile power management. It is
also integrated with a single-poly, non-volatile memory fuse for
analog and LCD module contrast trimming. Additionally, the
process is supported by dual-gate and triple-gate oxide plugin
options; compact, low-power SRAM cell at below 4 micron2 for
single-chip solutions; and complete third-party design
enablement solutions to enable competitive time to market.

Chartered's 0.35-micron high-performance SiGe BiCMOS process can
achieve a peak fT greater than 50 GHz and a peak fmax greater
than 60 GHz, therefore offering superior performance while
optimizing cost efficiency for wireless communication devices.
Besides TV tuners, the process also provides a costeffective
solution for manufacturing the RF transceiver and power
amplifier chips for cellular phones.

The Company's 0.18-micron SiGe BiCMOS process targets
performance-driven and highly integrated wireless products. Both
processes feature very high-density MIM capacitors of 4
fF/micron2 and deep trench isolation to enable noise isolation
in noise-sensitive products, such as TV tuners.

Additionally, Chartered Semiconductor also offers 0.25-micron
and 0.18-micron OTP solutions suited for multiple functions,
such as code storage, firmware updates, data storage and fuse
trimming in embedded systems. Bit cell sizes are very
competitive ranging from 5.2 micron2 to 1.8 micron2 with memory
sizes ranging from 8 bits to a few Megabits. Using the OTP
solutions, designers are able to simplify data coding; reduce
design cycle time by using byte programming; and achieve fast
access time of less than 40 nanoseconds. Further, the OTP
implementation minimizes overall cost of ownership through pass-
through yield benefits derived from using proven baseline
processes and enable die area efficiency as a minimal number of
probe pads are required.

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


CHINA AVIATION: Shares Trading to Resume Soon
---------------------------------------------
Shares in trading in troubled China Aviation Oil (Singapore)
Corp. Limited (CAO), which had been suspended since November
2004, may resume in three to six months, reports the Straits
Times.

According to Securities Invesdtors Association of Singapore
(SAIS) President David Gerald, the trading of shares in the
Company could begin anew due to progress in its restructuring
plan, and details of a proposed share distribution by its parent
firm, China Aviation Oil Holding Co. (CAOHC) shold be available
to CAO shareholders this month.

Mr. Gerald added that talks between the SAIS and CAO's
restructuring team, China's Assets Supervision and
Administration Commission and Singapore investment firm Temasek
Holdings Limited are going smoothly, giving hope that the
Company may be restructured very soon.

CAO almost went into bankruptcy in November last year, after
derivatives trading results showed that the Company had incurred
up to SGD922 million in losses; in June 2005, creditors opted
for a debt repayment scheme for the Company, which is looking to
restructure its equity.

CONTACT:

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


DOWNTOWN EAST: Creditors Asked to Submit Debt Claims
----------------------------------------------------
Notice is hereby given that the creditors of Dowtown East Pte
Limited, which is being wound up voluntarily, are required on or
before Oct.3, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
liquidator.

If so required by notice in writing by the said liquidator, they
are, by their solicitors or personally, to come in and prove
their debts or claims at such time and place as shall be
specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 2nd day of September 2005

Loh See Ping
Liquidator
1 Pasir Ris Close
Singapore 519599


EAGLE BRAND: Second Quarter Net Loss Widens
-------------------------------------------
Eagle Brand Holdings Limited announced that the Company reported
a increase in its net loss for the second quarter ended July 31,
2005.

The Company posted a net loss of MRB17.791 million after taxes,
compared to its reported MRB7.09 million net loss for the same
period last year.

Singapore-Listed Eagle Brand Holdings Limited is engaged in the
manufacturing and sale of ceramic tiles and ceramic sanitary-
wares and the machinery and equipment for the production of
ceramic products in China.

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

http://bankrupt.com/misc/tcrap_eaglebrand090705.pdf

CONTACT:

Eagle Brand Holdings Limited
C/o Eagle Brand Singapore Pte Ltd
16 Raffles Quay #41-04, Hong Leong Building
Singapore 048581
Phone: 65 6227 7300
Fax:   65 6227 7320
E-mail: ebrand@pacific.net.sg


HELMUT LANG: Receiving Proofs of Claim Until October 3
------------------------------------------------------
Notice is hereby given that the creditors of Helmut Lang
Singapore Pte Limited, whose debts or claims have not already
been admitted, are required on or before Oct. 3, 2005 to submit
particulars of their debts or claims and any security held by
them to the Company Liquidator.

This should be done by delivering or sending through the post to
the liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established, and from
objecting to the distribution.

Dated this 2nd day of September 2005

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

CONTACT:

Helmut Lang Singapore Pte Ltd
9 Scotts Road, #02-01 Pacific Plaza
Singapore 228210
Phone: 65 6736 2954


WESCOL PTE: Court Orders Winding Up
-----------------------------------
In the matter of Wescol (Asia-Pacific) 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
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Messrs. CH Partners
Solicitors for the Petitioner

CONTACT:

Wescol (Asia-Pacific) Pte Limited
1 Fifth Avenue
#04-04/05 Guthrie House
Singapore 268802
Phone: 65 6259 5159
Fax:  65 6259 7105


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

HANTEX: Rehab Plan Obtains Court Approval
-----------------------------------------
Hantex Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Bankruptcy Court has approved the
company's Rehabilitation Plan on September 6, 2005.

The Court has directed the company to get the judicial decision
on Monday September 12, 2005 for which the company would further
report on the progress.

Please acknowledge.

Sincerely yours,
Mr. Monchai Pongstabadee
Director

CONTACT:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


PRASIT PATANA: Changes Par Value of Stock
-----------------------------------------
Prasit Patana Public Company Limited (PYT) has informed the
Stock Exchange of Thailand (SET) that it has completed the legal
process required for splitting the par value of its stocks from
THB4 to THB1.

As a result of all actions taken, effective September 9, 2005
onwards, the par value of the PYT securities in the trading
system will be adjusted as stated above.

Remark:

As PYT stocks are still suspended from trading, the stocks can
be traded under the new par value of THB1 when the stocks are
allowed to resume trading.

CONTACT:

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


THAI PETROCHEMICAL: Planner Reconsiders Sale of TPIPL Shares
------------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that the company's Plan Administrator
reconsidered the sale procedure of 249,007,294 ordinary shares
of TPI Polene Public Company Limited (TPI Polene Shares).

In order to achieve the objective of TPI's Business
Reorganization Plan in respect of the sale of TPI Polene
Shares, the Plan Administrator has arranged a new round of sale
through sealed bid.

The company will invite twenty-nine (29) investors who have
indicated their interest to participate in the previous bidding
for sale of TPI Polene Shares by electronic auction and each of
the scheme creditors under the financial debt-restructuring plan
to participate in this bidding. Other investors or
representatives of investors may also participate in this
bidding.

As such, the sealed bid is scheduled to be submitted and opened
on 22 September 2005.

The sale of TPI Polene Shares at this time is subject to the
approval of the Scheme Creditors of TPI and the provision of
Right of First Refusal of the Scheme Creditors.

Currently, an approval from the Scheme Creditors is being
requested by TPI.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,

Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

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


WYNCOAST INDUSTRIAL: To Hold 29th Warrant Exercise
--------------------------------------------------
Wyncoast Industrial Park Plc. has issued 63,220,000 units of
Warrants on July 30, 1998, the company informed the Stock
Exchange of Thailand (SET) that it will hold its 29th warrant
exercise on September 30, 2005.

The Company unveiled the following details of the exercise
of the warrants:

(1) Exercise date:

The exercise dates of the Warrants are on the normal working
hours of the Company's share registrar during 8:30 a.m. to 3:30
p.m. every 30th of March, June, September and December of each
year.

The first exercise date was on September 30, 1998 and the last
exercise date shall be on June 30, 2008. If any exercise date
falls on the holiday of the Company's share registrar, such
exercise date shall be the succeeding working day.  The 29th
exercise date is scheduled September 30, 2005.

(2) Date to notify the intention to exercise:

At any time during 8:30 a.m. to 3:30 p.m. of September 16, 2005
to September 29, 2005.

(3) Exercise ratio: 1 warrant has a right to subscribe 1.074
ordinary shares.

(4) Exercise price: THB1 per share.

(5) Documents to be submitted:

(i) Exercise notice which has been accurately and completely
filled in.

(ii) Warrant certificates or temporary warrant certificates in
the form prescribed by the Stock Exchange of Thailand with the
amount specified in the exercise notice.

(iii) Cheque, draft, bill of exchange or payment order from
banks which can be cashed in Bangkok Metropolitan when called
within 2 days and shall be made payable to "Wyncoast Industrial
Park Public Company Limited". The date on such payment shall not
exceed the date of each exercise date.

(iv) Certified copy of identification card for individual
holders or copy of corporate certification from Department of
Commerce for corporate holders.

(6) Contact place:

Wyncoast Industrial Park Plc. 105 Moo 3, Bangna-Trad Road, KM.
52 Thakham, Bangpakong, Chachoengsao 24130, Telephone No. (038)
573-161 ext. 1124 Fax No. (038) 573-218.

The Company shall not close the register book to stop the
transfer of the Warrants except for the last exercise that the
register book shall be closed 21 days prior to the last exercise
date.

Sincerely yours,
Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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