TCRAP_Public/050909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, September 9, 2005, Vol. 8, No. 179

                            Headlines


A U S T R A L I A

ADVANTAGE BLUE: Administrator to Recommend Liquidation
AGP MANAGEMENT: Members Opt for Winding Up
ALYNN ENTERPRISES: Placed in Voluntary Liquidation
AUSTRAL COAL: Coking Coal Reserves Climb 70%
BELL RESOURCES: Ex-director Receives Jail Sentence

CASTLECITY PTY: To Declare Final Dividend Next Week
CASTLE MOUNTAIN: Winds Up Business
CHAMPION HOMES: Liquidator to Detail Wind Up Manner
DIAMOND BAY: Court Appoints Official Liquidator
DIRECT AIR: Creditors Decide to Close Operations

GORDONSTONE COAL: Members to Receive Wind Up Report
HELVORY PROPERTIES: Liquidator Set to Distribute Company Assets
HIH INSURANCE: Witness Admits He Told Lies
HUNGARIAN AUSTRALIAN: Schedules Final Meeting September 16
J&S SHOP: Members Pass Winding Up Resolution

J.V.S. ELECTRICS: Liquidator to Explain Wind Up to Creditors
KANDY KOLLECTIVE: Names Official Liquidators
LEVY COMPANY: Court Issues Winding Up Order
MULTIPLEX: Law Firms Prepare to Launch Class Action
NOVOX PTY: Enters Liquidation

OUGHTON HOLDINGS: Members Decide to Shut Down Business
PERTH MEAT: Collapses in Wake of Beef Crisis
PRAVETTE PTY: Wound Up by Members
PRIMELIFE CORPORATION: Closes in on Profits
QANTAS AIRWAYS: Skyrocketing Fuel Prices Hurt Profits

STAFFCAM PTY: Creditors Scheduled to Receive Dividend
TIMBERLINE BUILDING: Wind Up Process Initiated
WHISPER IT: To Declare Final Dividend September 14


C H I N A  &  H O N G  K O N G

GREAT EAGLE: Aims to Cut Debt
GREAT EAGLE: Morgan Stanley Downgrades Rating to "Equal-weight"
GUOTAI JUNAN: SFC Reprimands Firm for Breaches
HENRY INDUSTRIES: Enters Winding Up Proceedings
LAW'S CONTAINER: To Undergo Winding Up Process

LUEN WON: Issues Dividend Notice
MERIDIAN SUCCESS: Court Orders Winding Up
POLYCROWN ENGINEERING: Creditors Meeting Set September 14
SINJI LIMITED: Winding Up Hearing Slated for October 12
UDL HOLDINGS: Enters MOU Deal With Scheme Administrator


I N D O N E S I A

BANK MANDIRI: Adjusts Interest Rate on Central Bank Rate Hike
PERTAMINA: Seeks Revised Payment Scheme for Middle East Imports
PERUSAHAAN LISTRIK: Set to Tender 8 Power Projects This Year
* Government May Slash Fuel Subsidies by Half in November
* Indonesia's Outlook Raised on Better Investment Climate


J A P A N

DAIEI INCORPORATED: Shares Up 7.1% on Tuesday
JAPAN AIRLINES: R&I Places Rating on Monitor
JAPAN HIGHWAY: Former VP to Be Released on JPY15-Bln Bail
KYOTARU CO.: To Relist on the Jasdaq Market on September 21
MITSUBISHI MOTORS: Australian CEO Tom Philips Quits

NIKKATSU CORPORATION: Index Corp Buys Movie Studio From Namco
SOJITZ HOLDINGS: Issues Convertible Bonds
TOSHIBA CORPORATION: Enters Alliance With Universal Pictures


K O R E A

HYUNDAI MOTOR: To Scrap Overnight Work Schedule


M A L A Y S I A

ACP INDUSTRIES: Unit Inks MoU with SKS Global
ACP INDUSTRIES: Unit Receives Letter of Acceptance from Delhi
BELL & ORDER: Court OKs Composite Scheme of Arrangement
DATAPREP HOLDINGS: Raises Shareholding in Solsis
DATUK KERAMAT: Fails to Submit 2Q FS on Time

DATUK KERAMAT: To Pay MYR130,000-Fine for Breach of LR
DENKO INDUSTRIAL: AGM Slated for September 30
DUOPHARMA BIOTECH: Unveils Unit's Conditional Mandatory Offer
GEORGE TOWN: Applies for Extension of Restraining Order
GEORGE TOWN: Fined over Failure to Meet Requirements

MAXIS COMMUNICATIONS: Soon to Register Prepaid Users
TELEKOM MALAYSIA: Wind-Up Petition Hearing on Unit Set October


P H I L I P P I N E S

ABS-CBN BROADCASTING: Union Snubs Mediation, Threatens Strike
BELLE CORPORATION: Debt Reduction, Quasi-reorg Program Wins Nod
COLLEGE ASSURANCE: Court Junks Planholders' Petition
LEPANTO CONSOLIDATED: Denies Talks with Indian Firm
PHILIPPINE AIRLINES: Sets Conditions for Transfer to NAIA3

* ADB Cuts RP Growth Forecast, Raises Asia Projections


S I N G A P O R E

BOON CHANG: Creditor Seeks Winding Up
CITIRAYA INDUSTRIES: Three More Employees Charged With Bribery
MAYSON HOLDINGS: Creditors Asked to Submit Debt Claims
O.R. COMPUTER: Set to Distribute Dividend to Creditors
ORTHOPAEDIC, SPINE: Members to Convene in Oct. 3 Final Meeting


T H A I L A N D

PICNIC CORPORATION: SET Seeks Clarification of FS
PLOENCHIT REAL: To Begin Liquidation Process
SIAM AGRO-INDUSTRY: Receiver to Arrange Creditors Meeting
THAI AIRWAYS: Closes Book for Debt Interest Payments
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ADVANTAGE BLUE: Administrator to Recommend Liquidation
------------------------------------------------------
The administrator of ailing Advantage Blue Feeds will recommend
the Company be placed in liquidation, according to ABC News
Online.

Tom Javorsky has already sent copies of a report to creditors
this week on his investigations into the Bridgewater-based stock
feed mill.

The creditors meeting will be held in Melbourne next Wednesday.

Mr. Javorsky says it is likely to be two months before it is
known whether unsecured creditors, including grain farmers, will
get any of the more than $2 million they are owed.

"Rothchilds are able to call on the assets of Creasy grain and
also the assets of Advantage Blue to satisfy the money that's
owing to them," he said.

"So until they're paid out the unsecured creditors of this
company just won't know what funds will be available to them, if
any."


AGP MANAGEMENT: Members Opt for Winding Up
------------------------------------------
At an Extraordinary General Meeting of AGP Management Limited
held on Aug. 3, 2005, members resolved to wind up the Company
Voluntarily, and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as
Liquidators for the winding up.

Dated this 16th day of August 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4057


ALYNN ENTERPRISES: Placed in Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a meeting of creditors of Alynn
Enterprises Pty Limited held on Aug. 2, 2005, it was resolved
that the Company be wound up voluntarily and that for such
purpose, Deryk Andrew of Bentleys MRI Sydney, Business
Recovery & Insolvency Partnership, Level 8, 50 Carrington
Street, Sydney, NSW, be appointed Liquidator.

Dated this 2nd day of August 2005

Deryk Andrew
Liquidator
Bentleys MRI
Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW


AUSTRAL COAL: Coking Coal Reserves Climb 70%
--------------------------------------------
The Directors of Austral Coal Limited advised that following a
review of the Company's resource and reserve base, including a
reassessment of the long-term mine plan over the Tahmoor North
and Bargo lease areas, Total ROM Reserves (Proved and Probable)
have increased from 47.5 million tonnes to 80.3 million tonnes.

Centennial Coal Company Limited took operational control of
Austral in April 2005, immediately appointing a new General Mine
Manager who began a review of the operational aspects of the
mine and the implementation of Centennial's standard process
management systems.  Shortly thereafter, IMC Consultants Pty Ltd
(IMC) was commissioned to review the potential mining layouts
over the combined lease areas, and to prepare a JORC2004
Statement of Coal Reserves to reflect the estimated tonnage
within the revised layout.

The revision to the Company's aggregate ROM Reserves position
represents an upgrade of approximately 70% above previously
reported Reserves for Tahmoor Colliery, sufficient to support
mining operations at Tahmoor in excess of 20 years.

JORC2004 Compliance Statement

The information in this announcement that relates to Ore (Coal)
Reserves is based on information compiled by Mr David Thomas, a
Member of the Australasian Institute of Mining and Metallurgy.

Mr. Thomas has sufficient expertise which is relevant to the
style of mineralization and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
"Competent Person" as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves".

Mr. Thomas has consented to the inclusion in this Statement of
the matters based on his work in the form and context in which
it appears.

CONTACT:

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


BELL RESOURCES: Ex-director Receives Jail Sentence
--------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC) on Wednesday announced the
sentencing of Mr. Antony Oates to three years and four months in
prison in relation to his former role as an officer of Bell
Resources Ltd (Bell Resources).

Mr. Oates was sentenced in the West Australian Supreme Court on
three charges that he made improper use of his position as an
officer of Bell Resources to gain an advantage for Bond
Corporation Pty Ltd (Bond Corporation) after pleading guilty to
the charges on 18 July 2005.

Mr. Oates was remanded in custody to await assessment by the
Parole Board of Western Australia.

"ASIC fought long and hard to bring Mr. Oates to court and he
has now been brought to account for his crimes. Mr. Oates
sentencing demonstrates that company officers who fail to act in
the best interests of the company and its shareholders will
ultimately be brought to account," Mr. Lucy said.

Mr. Lucy noted that the prosecution submitted to the Court that
Mr. Oates' crimes required a significant term of immediate
imprisonment. Mr. Oates' sentence takes into account the fact
that he has already served significant time in custody. Mr.
Oates has served 692 days in Polish and Australian custody.

ASIC recognizes and accepts that sentencing is a matter entirely
for the Court.

"Today's sentencing brings to a close proceedings arising from
the Bond Corporation's takeover of the Bell group of companies.
All three former senior executives of Bond Corporation, who were
directors of Bell Resources or Freefold Pty Ltd, who were
charged in relation to the matter have now received custodial
sentences for their conduct," Mr. Lucy said.

The Commonwealth Director of Public Prosecutions conducted the
prosecution and the sentencing of Mr. Oates.

Background

In sentencing Mr. Oates, the Court indicated that a notional
sentence of five years (60 months) imprisonment was appropriate.
However, the Court had regard to the need for parity between the
sentence imposed on Mr. Oates and the one imposed on his co-
accused, Mr. Peter Mitchell in 1997. At the time Mr. Mitchell
was sentenced, Western Australian sentencing law gave offenders
an automatic remission of one third of the head sentence.
Accordingly, for parity reasons, Mr. Oates also received an
effective reduction of one third of the notional head sentence
of 60 months. In the case of Mr. Oates this reduces the head
sentence to three years and four months (40 months in total).

As well, Western Australian sentencing laws allow offenders
sentenced for less than four years imprisonment to serve a
minimum period of 50 per cent of the head sentence. As he has
already served more than 20 months in custody and, as the court
ordered that he is eligible for parole, Mr. Oates is entitled to
apply for parole.

Mr. Oates was initially charged in January 1995 in relation to
his conduct as a director of Bell Resources from 26 August 1988
to 29 May 1989 and of Freefold. At the time Mr. Oates was
charged he was living in Poland.

In Australia, Mr. Oates faced one count of conspiracy to
defraud, seven counts of failure to act honestly as a company
director and, in the alternative, seven counts of improper use
of his position as a company director.

Mr. Oates pleaded guilty to three charges that he made improper
use of his position as an officer of Bell Resources in order to
gain an advantage for Bond Corporation by authorizing the
transfer of $50 million on or about 16 September 1988, $300
million on or about 7 October 1988 and $150 million on or about
3 November 1988 for the use of Bond Corporation.

Mr. Oates first appeared in Court on 23 June 2003 after his
extradition from Poland, where he had lived since 1991.

On 29 September 2004, Mr. Oates' trial was aborted after Justice
Roberts-Smith ruled that new evidence had been brought into the
trial during cross-examination, and ordered a re-trial.

The charges against Mr. Oates and his two co-accused Messrs Alan
Bond and Peter Mitchell arose from an extensive joint
investigation by the then Australian Securities Commission and
the Australian Federal Police into events in 1988 and 1989. The
charges followed Bond Corporation's takeover of the Bell group
of companies and relate to the use of more than $1 billion of
Bell Resources funds by Bond Corporation.

On 5 February 1997, Mr. Bond was sentenced to four years jail
(with eligibility for parole) after pleading guilty to two
counts of failing to act honestly as a company director (of
Freefold) with intent to defraud. After his guilty plea, the
prosecution did not proceed with five other charges. Mr. Bond
served a total of 43 months in prison.

On 2 May 1997, Mr. Mitchell was sentenced to four years jail
(and served 16 months) after pleading guilty to four counts of
making improper use of his position as a company officer of
Freefold. After his guilty plea, the prosecution did not proceed
with five other charges.


CASTLECITY PTY: To Declare Final Dividend Next Week
---------------------------------------------------
Castlecity Pty Limited will declare a final dividend on Sept.
15, 2005.

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

Dated this 15th day of July 2005

Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
Email: garya@iinet.net.au


CASTLE MOUNTAIN: Winds Up Business
----------------------------------
Notice is hereby given that at an extraordinary general meeting
of Castle Mountain Camps Pty Limited duly convened on Aug. 3,
2005 the following resolutions were passed:

That the company be wound up voluntarily; and that Ian Bruce
Edenborough be appointed Liquidator for such winding up.

Dated this 16th day of August 2005

Ian B. Edenborough
Liquidator
K. S. Black & Co.
Chartered Accountants
Level 1, 460 Church Street
North Parramatta NSW 2150


CHAMPION HOMES: Liquidator to Detail Wind Up Manner
---------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Champion Homes (NSW) Pty Limited will be held on
Sept. 16, 2005, 11:30 a.m. at the offices of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW 2001 to lay an account
before them showing the manner of the winding up and disposal of
Company property, and to hear any explanations that may be given
by the Liquidator.

Dated this 26th day of July 2005

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


DIAMOND BAY: Court Appoints Official Liquidator
-----------------------------------------------
On Aug. 4, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Deryk Andrew be the Official Liquidator
for the winding up of Diamond Bay Construction Pty Limited.

Deryk Andrew
Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230


DIRECT AIR: Creditors Decide to Close Operations
------------------------------------------------
Notice is hereby given that at a meeting of creditors of Direct
Air Services Pty Limited 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 of the Company.

Dated this 8th day of August 2005

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


GORDONSTONE COAL: Members to Receive Wind Up Report
---------------------------------------------------
Notice is given that a general meeting of the members of
Gordonstone Coal Management Pty Limited will be held on Sept.
16, 2005, 10:15 a.m. at the offices of Ferrier Hodgson, Level
29, 600 Bourke Street, Melbourne Victoria, to present the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to hear any
explanation that may be given by the Liquidator.

Dated this 9th day of August 2005

G. Georges
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


HELVORY PROPERTIES: Liquidator Set to Distribute Company Assets
---------------------------------------------------------------
At a General Meeting of Helvory Properties Pty Limited duly
convened and held on Aug. 10, 2005, the following Special
Resolution was passed:

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

Dated this 10th day of August 2005

Richard J. Wright
Liquidator
60 Brook Street, Muswellbrook NSW 2333


HIH INSURANCE: Witness Admits He Told Lies
------------------------------------------
A chief prosecution witness in the trial of former HIH Insurance
Group associate Brad Cooper was painstakingly taken through
previous statements that were inconsistent with evidence given
at the trial, Sydney Morning Herald said.

Bill Howard has agreed some of his testimony given on oath to
the HIH Royal Commission and to the corporate regulator in 2001
differed from his trial affidavits and evidence submitted to the
New South Wales (NSW) Supreme Court.

Mr. Cooper has pleaded not guilty to 13 charges of bribery and
making false statements in relation to cash payments the
prosecution alleges were made to Mr. Howard in return for his
help, in his capacity as HIH's chief investment officer, in
settling outstanding Copper company claims to which he was not
entitled.

On Wednesday, Mr. Howard told Mr. Cooper's counsel Tony Bellanto
in the NSW Supreme Court that his answers during the royal
commission hearing, and during a 2001 interview with Australian
Securities and Investment Commission (ASIC) investigators,
differed from his statements and evidence given in the current
trial.

Mr. Howard has given evidence during the trial that Mr. Cooper
approached him in early December 2000 in a Balmain hotel and
offered him cash in return for hastening payments for
outstanding claims and invoices.

Mr. Howard agreed that during the ASIC investigation, which
probed his financial affairs, income, spending, and lifestyle
and which pointed to his having income from another source, he
was told about cash withdrawals from Mr. Cooper's business
accounts which matched some amounts he said during the trial he
had received from Mr. Cooper. He was also quizzed about when,
where and how he had opened two safe deposit boxes at a Sydney
bank to house the cash he said he received from Mr. Cooper.

Mr. Bellanto on Wednesday clarified that of the AU$235,364 Mr.
Howard has received in legal expense reimbursement after he
agreed to roll over and given evidence against Mr. Cooper,
AU$170,000 related to financial assistance provided to all HIH
witnesses provided by the Attorney-General and was not required
to be repaid.

The trial continues.


HUNGARIAN AUSTRALIAN: Schedules Final Meeting September 16
----------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Hungarian Australian Club Limited will be held on Sept. 16,
2005, 10:00 a.m. at the Canberra Club, 45 West Row, Canberra ACT
2601, to present the Liquidator's account showing the manner of
the winding up and disposal of Company property, and to hear any
explanations that may be given by the Liquidator.

Dated this 16th day of August 2005

E. M. Senatore
Liquidator
c/o Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax:   02 6214 6799


J&S SHOP: Members Pass Winding Up Resolution
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of J&S Shop & Office Fitters Pty Limited held on Aug.
2, 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 Peter Paul Krejci of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW 2000 be appointed
Liquidator for the winding up.

Dated this 2nd day of August 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


J.V.S. ELECTRICS: Liquidator to Explain Wind Up to Creditors
------------------------------------------------------------
Notice is given that a final meeting of creditors of J.V.S.
Electrics Pty Limited will be convened on Sept. 16, 2005, 10:30
a.m. at the offices of Horwath Melbourne, Level 30, 525 Collins
Street, Melbourne for the following purposes:

AGENDA

(1) To receive an account of the Liquidators' acts dealings and
the conduct of the winding up.

(2) Any other business that may be lawfully brought forward.

Dated this 11th day of July 2005]

Stephen R. Dixon
Liquidator
C/o Horwath Melbourne
Level 30, 525 Collins Street
Melbourne


KANDY KOLLECTIVE: Names Official Liquidators
--------------------------------------------
Notice is given that at a general meeting of the members of
Kandy Kollective Pty Limited held on Aug. 4, 2005, Paul Burness
and Morgan Lane, Registered Liquidators of Worrells, Level 5, 15
Queen Street, Melbourne Vic 3000, were appointed Liquidators for
the winding up of the Company.

Dated this 4th day of August 2005

Paul Burness
Morgan Lane
Liquidators
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Web site: http://www.worrells.net.au/


LEVY COMPANY: Court Issues Winding Up Order
-------------------------------------------
On Aug. 8, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of The Levy Company Pty Limited,
and appointed R. J. Porter to be Liquidator for such purpose.

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


MULTIPLEX: Law Firms Prepare to Launch Class Action
---------------------------------------------------
Two large law firms are poised to launch a class action suit
against embattled construction giant Multiplex Group, according
to the Sydney Morning Herald.

Maurice Blackman Cashman and Slater & Gordon will slap Multiplex
with a lawsuit, with claims expected to top several hundred
million dollars.

Cashman's action would contend that Multiplex had not properly
disclosed to shareholders the reason behind huge costs and
delays in the AU$1.2-billion construction of the Wembley Stadium
while it was raising money from investors.

The law firm will act for shareholders who bought between
November 7, 2003, and May 30 this year. During that period
Multiplex raised "substantial capital" from the public without
properly disclosing the Wembley losses. If that is proved,
Multiplex could be charged for violating for violating
continuous disclosure provisions of the Corporations Act and the
Australian Stock Exchange's listing rule.

Slater & Gordon was conducting investigations into whether
Multiplex new about the Wembley losses before they were publicly
disclosed. Slater & Gordon partner Lisa Nichols said a class
action might be the appropriate vehicle, should there be a
viable claim for shareholders.

The Australian Securities and Investments Commission (ASIC) also
confirmed this week it was investigating Multiplex, assisted by
the ASX.

Multiplex's largest shareholders, Commonwealth Bank and ING, did
not comment on the class action reports. A spokesman for
Multiplex also declined to comment.

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


NOVOX PTY: Enters Liquidation
-----------------------------
At a General Meeting of Novox Pty Limited duly convened and held
on Aug. 8, 2005, the following Special Resolution was passed:

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

Dated this 10th day of August 2005

Wayne L. Smith
Liquidator
Wayne L. Smith & Associates
Suite 20, 401 Pacific Highway
Artarmon NSW 2064
Phone: 02 9460 8233


OUGHTON HOLDINGS: Members Decide to Shut Down Business
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Oughton Holdings 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, Peter Paul Krejci
of GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW
2000 was appointed Liquidator for such purpose.

Dated this 4th day of August 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


PERTH MEAT: Collapses in Wake of Beef Crisis
--------------------------------------------
Osborne Park meat business Perth Meat Export was finally hit by
the difficulties of West Australian meat processor EG Green and
Sons.

The West Australian reported that Perth Meat has been forced to
close, after creditor ANZ Bank appointed an administrator from
RSM Bird Cameron.

The collapse has put 60 jobs at risk and adding to the victims
of the troubles at the State's biggest meat processor, EG Green.
The meat business had used the EG Green operation to slaughter
about 140 cattle each day to service its U.S. customers.

The company's major secured creditor ANZ Bank appointed receiver
Mark Conlan, of chartered accountants RSM Bird Cameron, late
last month to protect its interests. The company also moved to
freeze its debts by appointing an administrator, Kim Wallman of
K.S. Wallman and Co., last week, Mr. Wallman said Monday the
company owed about AU$4.9 million, including about AU$1.9
million to ANZ, but discussions were under way with potential
buyers.

Perth Meat director Tom Everett had told a meeting of creditors
on Monday he was confident they would be paid in full.

Meanwhile Agriculture Minister Kim Chance was due to unveil an
assistance package for Greens' workers Monday, but said the
package was yet to be completed. He said further developments
might be confirmed during discussions with the administrator
late this week.

A cattle industry working group set up in the wake of E.G. Green
and Sons' financial trouble also expected to get an update from
administrator Ferrier Hodgson today.

CONTACT:

PERTH MEAT EXPORT (WA)
Osborne Park
West Australia 6017
Phone: (08) 9244 7277


PRAVETTE PTY: Wound Up by Members
---------------------------------
At a General Meeting of members of Pravette Pty Limited duly
convened and held on Aug. 5, 2005, the following Special
Resolution was passed:

That the Company be wound up voluntarily.

Dated this 5th day of August 2005

Michael Beston
Director
C/o Moore Stephens
Level 6, 460 Church Street
Parramatta NSW 2150


PRIMELIFE CORPORATION: Closes in on Profits
-------------------------------------------
Primelife Corporation Limited has announced an after-tax loss of
AU$35.8 million for the twelve months ended June 30, 2005.

The aged care facilities provider claimed the result signaled
the end of the clean-up phase of its operations, representing a
major turnaround from the AU$77.4-million loss last year.

The after-tax result includes a tax expense of AU$24.6 million
resulting from an adjustment to the deferred tax asset.

EBITDA for the period was positive at $3.7 million.

Three new broad acre developments were commenced during the
period at Rowville, Berwick and Mt Martha.

Other new construction work has commenced at Geelong, Springvale
and Griffith.

Managing director Jim Hazel said the results signify the
completion of a comprehensive restructure of Primelife's
operations.

He explained that the group was mid-way through a two-year
turnaround program and the business has now been refocused on
the delivery of sustainable future earnings to shareholders.

'Operationally, we have commenced three new major developments,
achieved significant improvements in each of our operating
divisions, settled the outstanding dispute with ASIC and made
substantial progress in resolving the remaining legacy issues
and litigation," he said.

Looking ahead, the company is confident that the delivery of its
existing pipeline of projects valued at more than $500 million.

The company said it would also consider balance sheet
acquisitions, or through off-balance sheet financing vehicles
with its strategic partners.

No dividend has been declared.

The Company's financial report is available free of charge at:
http://bankrupt.com/misc/tcrap_primelifecorporation090805.pdf.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


QANTAS AIRWAYS: Skyrocketing Fuel Prices Hurt Profits
-----------------------------------------------------
Record high fuel prices will have a substantial ongoing impact
on the profitability of Qantas Airways, The Advertiser relates.

The national flag carrier acknowledged that the extraordinary
costs of fuel would slash its profits, but maintained it would
continue looking for growth on the back of new international
markets.

Further reforms in the business, coupled with the high fuel
price, meant Qantas did not expect to achieve the same levels of
profitability in the current financial year.

The comments reiterated statements made last month when
Australia's largest airline posted a record AU$763.6 million net
profit for 2004/05, but warned that soaring fuel prices would
impact profits this year.

The carrier said it was looking at new international markets to
support its growth and wanted to expand its low cost carrier,
Jetstar Asia.

Other key focus areas for the coming year including growing its
Jetstar Asia operation, which was believed to be poised to
secure a strong position in the Asia value-based airline market
following its merger with Singapore budget carrier Valuair.

Qantas has a 49 per cent stake in Jetstar Asia, with the
remainder held by Singaporean businessmen Tony Chew (22
percent), FF Wong (10 percent) and Singapore state investment
agency Temasek Holdings (19 percent).

Qantas also plans a major expansion and enhancement of its
QuickCheck kiosks throughout Australia.

CONTACT:

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


STAFFCAM PTY: Creditors Scheduled to Receive Dividend
-----------------------------------------------------
Staffcam Pty Limited will declare a preferential first and final
dividend on Sept. 14, 2005.

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

A Preferential First & Final Dividend is to be declared on 14
September 2005.

Dated this 29th day of July 2005
A. R. NICHOLLS
Liquidator
c/- Nicholls & Co
Chartered Accountants
PO Box 271, Tamworth NSW 2340


TIMBERLINE BUILDING: Wind Up Process Initiated
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Timberline Building Services Pty Limited held on
Aug. 10, 2005, it was resolved that the Company be wound up
voluntarily, and Peter Paul Krecji of GHK Green Krecji, Level 9,
179 Elizabeth Street, Sydney NSW 2000 was appointed liquidator
at a meeting of creditors held later that day.

Dated this 10th day of August 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


WHISPER IT: To Declare Final Dividend September 14
--------------------------------------------------
Whisper It 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


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

GREAT EAGLE: Aims to Cut Debt
-----------------------------
Highly geared Great Eagle Holdings Limited (0041) said it would
continue to reduce a debt burden made heavier by recent
interest-rate rises, The South China Morning Post reports.

The company said it had sold one floor of the Langham Place
Office Tower in Mongkok and planned to dispose of six more
floors as part of a move to cut its gearing ratio.

The principal activities are property development, property
investment, hotel and restaurant operation, trading of building
materials, share investment, provision of management and
maintenance services, property management and insurance agency.

In the year ended December 31, 2004, Great Eagle has current
assets of HK$1.78 billion, while its current liabilities stood
at HK$3.27 billion, according to Chong Hing Securities Limited.
  
CONTACT:

Great Eagle Holdings Limited
33/F Great Eagle Centre
23 Harbour Road
Wanchai, Hong Kong  
Phone: 28273668  
Fax: 28275799  
Web site: http://www.greateagle.com.hk


GREAT EAGLE: Morgan Stanley Downgrades Rating to "Equal-weight"
---------------------------------------------------------------
Morgan Stanley has downgraded Great Eagle (0041) from
"Overweight" to "Equal-weight" with the target price maintained
at $23, Infocast News reports.

The company's fundamental improvement appears adequately
reflected by the 50 percent share price increase in the last six
months, said Morgan Stanley. Share performance could face
headwinds from: 1) slower-than-expected NAV realization; 2)
rising rates and debt burden; and 3) the arrival of REITs.

The brokerage firm said that Great Eagle's first-half results
are disappointing with core earnings falling 32 percent as
finance expenses increased sharply and no increase of dividend.


GUOTAI JUNAN: SFC Reprimands Firm for Breaches
----------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Guotai Junan Securities (Hong Kong) Limited and fined it
$400,000 for failing to maintain the required liquid capital and
to deposit client money with authorized financial institutions.

Guotai Junan also had other internal control problems, which
were subsequently rectified (Note 1). The reprimand and fine are
the result of a settlement between Guotai Junan and the SFC. The
SFC considers the settlement to be in the public interest and in
the interests of investors.

In October 2003, Guotai Junan took out bank loans to finance
clients' applications for the IPO of PICC Property and Casualty
Company Limited. The amount lent to its clients had an effect on
the statutory liquid capital requirement and Guotai Junan
overlooked the effect. As a result, Guotai Junan's liquid
capital fell below the statutory requirement by $55 million on
30 October 2003. The deficit was rectified afterwards.

The SFC also found that, between December 2002 and November
2003, Guotai Junan inadvertently deposited client money with
three overseas banks that were not authorised financial
institutions under the Banking Ordinance, hence breaching the
Client Money Rules. Further, the deposits with two banks had to
be treated as ranking liabilities under the Financial Resources
Rules (FRR), which caused deficits in the required liquid
capital from March to October 2003. The funds held with such
overseas banks were ultimately maintained in bank accounts in
authorised financial institutions in Hong Kong. Those funds were
withdrawn by Guotai Junan as soon as practicable once the
breaches were identified. Guotai Junan also strengthened its
internal control procedures to prevent the recurrence of such
inadvertent errors.

The SFC further identified other minor internal control problems
at Guotai Junan. However, the SFC notes that Guotai Junan has
since rectified these problems and strengthened its internal
control procedures to prevent the recurrence of such problems.

The SFC concludes that Guotai Junan has been guilty of
misconduct and that its fitness and properness has been called
into question. In deciding on the penalty, the SFC has taken
into account the Disciplinary Fining Guidelines (Note 2) and all
the circumstances of the case, including the following:

(i) all of the breaches were unintentional;

(ii) Guotai Junan had taken remedial action and had strengthened
its internal control system to prevent recurrence of the
breaches;

(iii) no loss or damage was suffered by clients, market users or
the general public;

(iv) Guotai Junan made extra profits as a result of the overseas
deposits and the excessive margin lending;

(v) Guotai Junan promptly reported the FRR breaches to the SFC
in accordance with section 146 of the Securities and Futures
Ordinance;

(vi) Guotai Junan had at that time sufficient resources to
finance its business operation;

(vii) Guotai Junan has co-operated with the SFC throughout the
SFC's investigations.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Compliance with the FRR and the Client Money Rules affords
protection to the investing public. The breach of these rules
could seriously undermine the financial integrity of a broker.
Licensed corporations should have adequate internal controls to
protect the integrity of their business operations and their
clients' interests. This is vital to investors' confidence in
Hong Kong's securities and futures markets."


HENRY INDUSTRIES: Enters Winding Up Proceedings
-----------------------------------------------
Henry Industries Limited whose place of business is located at
DD 106, Lot 596 Kam Sheung Road, Ng Ka Tsuen Kam Tin, 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 27, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


LAW'S CONTAINER: To Undergo Winding Up Process
----------------------------------------------
Law's Container Service Company Limited whose place of business
is located at Rm 5, Flat B, 6/F, Goldway Industrial Centre, Lot
No 350 Wing Kin Road, Kwai Chung, 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 27, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


LUEN WON: Issues Dividend Notice
--------------------------------
Take notice that a first and final preferential dividend is
intended to be declared in Luen Won Catering Enterprises Limited
(In Creditor's Voluntary Liquidation).

If you do not establish your claim to the satisfaction of the
Liquidator on or before September 23, 2005, or such later day as
the Liquidator may fix, your claim will be expunged, and shall
proceed to make a dividend payment without regard to such claim.

Dated this 2nd day of September 2005

LO TAK KIN
Liquidator


MERIDIAN SUCCESS: Court Orders Winding Up
-----------------------------------------
Meridian Success International Limited whose place of business
is located at Ester Godown DD 104 Lots 462RP 1812E & 1812RP,
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 25, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


POLYCROWN ENGINEERING: Creditors Meeting Set September 14
---------------------------------------------------------
Notice is hereby given that the annual meetings of the creditors
and members of Polycrown Engineering Limited will be held
concurrently at the offices of Ferrier Hodgson Limited, 14/F.,
Hong Kong Club Building, 3A Chater Road, Central, Hong Kong on
14th day of September 2005 at 11:00 a.m. for the purposes of
having an account laid before the meeting detailing the Joint
and several Liquidators' acts and dealings and the conduct of
the winding-up during the preceding year, and of hearing any
explanations that may be given by the Liquidators.

Form of proxy can be obtained from the offices of Ferrier
Hodgson Limited, 14/F., Hong Kong Club Building, 3A Chater Road,
Central, Hong Kong. Proxies to be used at the meetings must be
duly completed and lodged at the offices of Ferrier Hodgson
Limited not later than 4:00 p.m. on the day before the meeting.

Dated this 2nd day of September 2005

DESMOND CHIONG
Joint and Several Liquidator


SINJI LIMITED: Winding Up Hearing Slated for October 12
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sinji Limited by the High Court of Hong Kong Special
Administrative Region was on August 16, 2005 presented to the
said Court by Fubon Bank (Hong Kong) Limited (formerly known as
International Bank of Asia Limited), a bank incorporated in Hong
Kong and whose registered office is situated at Fubon Bank
Building, 38 Des Voeux Road Central, Hong Kong.  

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

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

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

DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
Central, Hong Kong

Note: Any person who intends to appear on 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.


UDL HOLDINGS: Enters MOU Deal With Scheme Administrator
-------------------------------------------------------
UDL Holdings Limited (0620) announced that the company, Harbour
Front Ltd, and the Scheme Administrator Matthew Finbarr
O'Driscoll, has executed a non-binding memorandum of
understanding, Infocast News relates.

The goals intended to be achieved by a proposed solution, the
Global Solution, in 2005 are the disposal of unencumbered assets
and accounts receivable to Harbour Front for $20 million in
cash; the settlement of shortfall undertaking for $30 million in
convertible notes issued by UDL and convertible/redeemable in
four tranches of $7.5 million over two years; and an undertaking
by Harbour Front to purchase from the Scheme
Administrator/Trustee all or such proportion as the Scheme
Administrator/Trustee may determine of such convertible notes at
a price equal to 18/30ths of their nominal value, payable in
cash, immediately.

The initial conversion price is at 9% discount to the average
share trading prices in the 20-day period immediately prior to
the expiry of the respective periods set for the different
tranches.

The estimated value of assets to be realized under the schemes
was stated to be $183.5 million in the original scheme document.
The Scheme Administrator has advised UDL that his estimate of
the realization proceeds of the remaining Scheme Assets (net of
realizations/recoveries already made) in a liquidation scenario
is about $20.8 million. The consideration for the disposal of
the unencumbered assets and accounts receivable of $20 million
was determined by negotiation between Harbour Front and the
Scheme Administrator. It should be noted that the amount already
realized together with the amount expected to be realized by the
disposal of such scheme assets falls far short of the indicative
amount of the scheme assets as stated in the original scheme
document.

A total of nearly 800 claims have been submitted under the
schemes, totaling approximately $5.15 billion. Admitted scheme
debts to which Harbour Front is entitled amount to approximately
$230 million, representing less than 13% of the aggregate amount
of all admitted scheme debts and held over claims under the
schemes.

For the purposes of providing UDL with adequate working capital
for financing needs before and after implementation of the
Global Solution up till the completion of the possible fund
raising exercise, UDL has just secured an interim financing
facility from Harbour Front. The financing facility will be in
the amount of $20 million and it is proposed that interest on
such loan will accrue at 2% over the best lending rate as quoted
by The Hongkong and Shanghai Banking Corporation Limited.

CONTACT:

UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon, HK  
Phone: 23312488  
Fax: 27548974  


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

BANK MANDIRI: Adjusts Interest Rate on Central Bank Rate Hike
-------------------------------------------------------------
In order to strengthen the local currency, state central Bank
Indonesia has increased its reference interest rate, but
industry watchers are afraid that the rise could lead to lower
consumption as commercial banks follow suit, reports the Jakarta
Post.

The central bank raised its BI rate by 9.5% last Aug. 30, 2005;
and on Sept. 6, it raised the rate by another 10% to further
strengthen the Indonesian rupiah.

With the recent rate hike, banks were encoruaged to increase
their interest rates in order to maintain profits. Bank Mandiri
international affairs and treasury director J.B. Kendarto said
that the the bank has already raised its interest rates bya 2%
average beginning Sept. 1, 2005.

Accordingly, the bank's interest rate for loans is now at 12% to
16%, while its interest rate for savings and deposits is now
between 8.5% to 10%. This has made commerical and consumer loans
more expensive, which threatens the economy in the long run.

CONTACT:

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


PERTAMINA: Seeks Revised Payment Scheme for Middle East Imports
---------------------------------------------------------------
State-owned oil and gas firm PT Pertamina wants a revised
payment schedule for its crude oil imports from Saudi Arabia Oil
Co. (Saudi Aramco), Dow Jones.

Indonesian President Susilo Bambanh Yudhoyono has scheduled a
visit to Saudi Arabia later this month to ask that Pertamina's
payment schedule be extended from a monthly basis to a quarterly
(three-month) basis.

The President's visit to the Middle East indicates government
efforts to ease financial pressure on the troubled oil firm.
Pertamina's cash flow has suffered as local and foreign banks
refused to honor the Company's letters of credit.

The Company has been experiencing problems in its import
payments., which has adversely affected its oil imports from
Saudi Aramco this year, according to Minister of Energy &
Mineral Resources Purnomo Yusgiantoro. Pertamina currently
imports up to 120,000 barrels of crude oil per day from Saudi
Aramco.

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


PERUSAHAAN LISTRIK: Set to Tender 8 Power Projects This Year
------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) will tender
eight power generation projects valued at IDR38.07 trillion this
year, in order to increase power by almost 15%, reports the
Jakarta Post.

According to Minister of Energy & Mineral Resources Purnomo
Yusgiantoro, the projects are scheduled for the next 5-8 years,
but they want to begin tendering the projects immediately, and
would announce the winners within six months of the opening of
the tenders.

Of the eight projects to be built, four large capacity plants
will be located in Java, while smaller plants will be situated
in Bali, East Kalimantan, North Sulawesi and North Sumatra.

PLN President Director Eddie Widiono said tha the tenders would
be opened in three stages this year, with a coal-fired plant in
Cirebon to be tendered first, then two projects in Java to be
opened in the next stage, while the projects outside Java would
be tendered during the last stage. He hopes that the new power
porducers would sell their output in the local currency (rupiah)
to make it easier for them, as their income is also in rupiah.

Minister Purnomo said that investors from India, Japan, Malaysia
and the U.S. have shown interest in investing in Indonesia's
power industry.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


* Government May Slash Fuel Subsidies by Half in November
---------------------------------------------------------
The government is considering scrapping as much as 50% to 60% of
its fuel subsidies due to the continuing rise in oil prices, the
Jakarta Post reports.

According to Finance Ministry Secretary General J.B. Kristiadi,
talks are still underway between government and parliament, but
a subsidy cut will be made for sure.

Indonesian President Susilo Bambang Yudhoyono said that the
government needs to reduce it s fuel subsidies so as to boost
the local currency, and prevent an economic crisis.

Indonesia has been greatly affected by increasing global oil
prices, since it subsidizes its fuel so as to make it affordable
for the country's poor. But with a nonstop hike in global oil
prices, government spending for fuel subsidies has also
increased, straining the state budget.

The state central bak has had to raise interest rates in order
to keep the local rupiah afloat; concerns on the local fiscal
situation led to a four-year low for the rupiah, which has since
recovered slightly, trading at IDR10,375 to the U.S. dollar
after reaching almost IDR10,900 to the U.S. dollar.


* Indonesia's Outlook Raised on Better Investment Climate
---------------------------------------------------------
A revival in investment is bolstering Indonesia's economy this
year, prompting the Asian Development Bank (ADB) to raise its
full-year growth outlook slightly to 5.7%, from an earlier
forecast of 5.5%.

According to ADB's Asian Development Outlook 205 Update, hich
was relased on Sept. 8, 2005, "the investment pickup, from a low
base, follows the relatively seamless transition to a new
government after elections in 2004, and expectations of greater
regulatory certainty and a recovery in infrastructure spending."
But the report also warns that a burgeoning oil subsidy bill
could yet jeopardize prospects.

Indonesia's gross domestic product rose 5.9% in the first half
of the year, fueled by a 13.6% expansion in fixed capital
investment. The higher investment was a major reason for a 35.4%
jump in imports, as businesses bought more capital equipment and
production materials overseas. Exports grew by 27.5%, partly as
a result of higher prices for shipments of oil and natural gas.
The trade surplus rose to USD12.2 billion in the first half.

The government's fuel subsidy policy has pressured the fiscal
position as global oil prices soar. Despite major resources of
oil, natural gas, and coal, Indonesia is still vulnerable to
rising oil prices due to underinvestment in oil production and
rapid demand growth.

"Budgetary prospects in 2006 depend on the Government's
willingness to address the current gap between the prices of
domestic subsidized oil products and world oil. Although
domestic prices have already been raised, they are still well
below world levels," the Update says.

"In the event of still higher oil prices, budget deficits may be
larger than expected, risking an end to several years of
determined fiscal consolidation." In late August, the government
stated that it plans to raise fuel prices again sometime after
October. Financial markets reacted negatively to the rising oil
prices and lack of clear policy measures.

Inflation averaged 7.7% in the first seven months of the year,
well above expectations, due to higher food prices, an increase
in fuel prices, and a weakening of the rupiah. Full-year
inflation is now estimated at 7.5%, up from the 5.9% forecast in
April by the Asian Development Outlook 2005. The inflation
projection for 2006 also is raised, to 7.5% from 5.4%.

While the upturn in investment could lead to increased economic
growth, more jobs, and higher wages, the government needs to
follow through on its agenda to reduce corruption, improve the
legal and regulatory environment for investment, and support
infrastructure development, says the Update. Concerted action on
oil subsidies is also needed.

"On the expectation that more resolute action will be taken on
these fronts, GDP growth is forecast to edge higher next year,"
the Update adds. The economy is expected to rise by 5.9% in
2006.


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

DAIEI INCORPORATED: Shares Up 7.1% on Tuesday
---------------------------------------------
Shares of Daiei Incorporated jumped 7.1 percent on Tuesday after
reports that it will trim about 1,500 jobs, or 18 percent of its
workforce, through a voluntary retirement program starting in
November, relates Nikkei News.

The retailer has been rehabilitating its business with help from
the Industrial Revitalization Corporation of Japan (IRCJ), the
nation's corporate turnaround agency, and in December decided to
shut down 53 loss-making stores.

CONTACT:

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


JAPAN AIRLINES: R&I Places Rating on Monitor
--------------------------------------------
Rating and Investment Information Inc. (R&I) has placed the BBB-
rating of Japan Airlines International Co. Ltd. on the rating
monitor with a view to downgrading.

RATIONALE:

There is growing anxiety over the financial base of Japan
Airlines group. The series of troubles related to the safety
operation in the Japan Airlines group since the beginning of
2005 may shake the group's trust in safety - the basis of the
airlines transportation business - and it is likely to weaken
its profitability and financial base.

R&I considers it is necessary to take into account of the
possible impact on the group's business base into the rating,
and therefore, it has placed the rating of Japan Airlines
International and the holding company, Japan Airlines' ratings
on the Rating Monitor with a view to downgrading. R&I will
immediately announce a new rating after conducting a review
including the subordination status of the rated bonds.

LONG-TERM ISSUE RATING: Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 4 Dec 06, 1996 Dec 06, 2006 Yen 30,000
Unsec. Str. Bonds No. 6 May 09, 1997 May 09, 2007 Yen 50,000
Unsec. Str. Bonds No. 7 May 26, 1997 May 26, 2009 Yen 10,000
Unsec. Str. Bonds No. 8 Aug 07, 1997 Aug 07, 2009 Yen 20,000
Unsec. Str. Bonds No. 9 Jan 22, 1998 Jan 22, 2018 Yen 10,000
Unsec. Str. Bonds No. 10 Feb 10, 1998 Feb 08, 2008 Yen 20,000
Unsec. Str. Bonds No. 11 Mar 05, 1998 Mar 05, 2010 Yen 17,000

ISSUE: Preliminary Rating for the Shelf Registration scheme
Issue Amount (mn): Yen 150,000 (Shelf Amount)
Issue Period: Two years from Nov 13, 2003

CONTACT:

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


JAPAN HIGHWAY: Former VP to Be Released on JPY15-Bln Bail
---------------------------------------------------------
Japan Highway Public Corporation Vice President Michio Uchida,
who was accused of involvement in bid-rigging on bridge
projects, will be released on JPY15 million bail, Kyodo News
reports, citing the Tokyo High Court.

Mr. Uchida was arrested on July 25 on suspicion of assisting in
bid rigging in violation of the Antimonopoly Law and causing
unnecessary payments for the company in a breach of trust.

Japan Highway dismissed him on August 22.

CONTACT:

Japan Highway Public Corporation
3-3-2 Kazumigaseki Chiyoda-ku,
Tokyo,100-8979, Japan
Phone: +81-3-3506-267
Fax: +81-3-3506-8870
Web site: http://www.jhnet.go.jp


KYOTARU CO.: To Relist on the Jasdaq Market on September 21
-----------------------------------------------------------
Sushi chain operator Kyotaru Co. will be relisted on the
Japanese stock market on September 21, more than eight years
after its bankruptcy and delisting in 1997, Jiji Press reports.

Kyotaru, to be listed on the Jasdaq Securities Exchange, plans
public offerings of 8,500 new shares and 4,000 outstanding
shares. Up to 1,500 shares may be released additionally,
depending on demand among market players.

The company has achieved a turnaround with support from "gyudon"
beef bowl restaurant chain Yoshinoya D&C Co. and frozen food
maker Katokichi Company.

Kyotaru, a consolidated subsidiary of Yoshinoya, managed to
achieve rehabilitation by closing unprofitable stores while
launching new types of sushi and Japanese food restaurants to
diversify its business portfolio.

At the end of June, Kyotaru had 419 stores. For the year ending
in December, the company expects a group recurring profit of
JPY713 million, up 29.9 percent from a year earlier.
                                       
CONTACT:

Kyotaru Co., Ltd.
36-9, NIHONBASHI-KAKIGARACHO 1-CHOME
CHUO-KU, TOKYO 103
JAPAN
Phone: +81 3 36656111
Fax: +81 3 36694926


MITSUBISHI MOTORS: Australian CEO Tom Philips Quits
---------------------------------------------------
Tom Phillips, President & CEO of Mitsubishi Motors Australia
Limited (MMAL) announced Thursday that he would be leaving the
company on October 31, 2005.

Tom Phillips joined Mitsubishi Motors Australia Ltd. in June
2000 from Toyota Australia where he was Director of Sales and
Marketing.

"My major goal when taking the CEO position at Mitsubishi
Motors, was to deliver a new model for local production. I will
have achieved this goal with the launch of the '380' in October,
and now I feel it's the right time to move on to a new
challenge."

Mr. Phillips has presided over a period of major revitalization
for the company. The A$600M investment in the new '380' model
included the largest upgrade to manufacturing facilities in the
Adelaide plant's 40 year history.

Mitsubishi Motors has also announced that Mr. Philips' successor
will be Mr. Robert McEniry, who joins the company with extensive
global experience in the automotive industry at both General
Motors and SAAB. With Mr. McEniry's background in automotive
sales and marketing, coupled with his experience as CEO of South
Pacific Tyres and a biotech sector company, along with a broad
ranging involvement in the business community, he brings a
wealth of experience to the role of CEO at Mitsubishi Motors
Australia Ltd.

"I am firmly committed to the further growth and success of the
Mitsubishi Motors operation in Australia, and to building on the
sound base established by Mr. Phillips with the new '380',"
commented Mr. McEniry.

MMC recognizes and highly appreciates the contribution made by
Mr. Phillips over what has been a very challenging time for the
company. In particular, the recent Corporate Confidence Campaign
initiated by Mr. Phillips has managed to rectify what was a
critical market condition for the company with the operations at
MMAL now having been stabilized.

Mr. Phillips will be pursuing other business opportunities while
being retained by MMAL in a role of special advisor. Mr. McEniry
assumes the role of CEO on the 1st November 2005 and will be
working with Mr. Phillips and the management team in the interim
to ensure a smooth transition

This is a company press release.

CONTACT:

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


NIKKATSU CORPORATION: Index Corp Buys Movie Studio From Namco
-------------------------------------------------------------
Internet content distributor Index Corporation has reached a
deal with Namco Ltd. to acquire a majority stake in the latter's
movie-making subsidiary Nikkatsu Corporation for JPY4-5 billion,
as early as this month, according to the Jiji Press.

Index aims to widen the scope of its content distribution
business by taking advantage of Nikkatsu's movie content and
expertise in film production.

Namco, which currently holds 74 percent of Nikkatsu, plans to
keep an equity stake of several percent after the deal.

Nikkatsu, which filed for court protection from creditors in
1993, came under the aegis of Namco in 1997.

Namco has decided to concentrate its resources on the mainstay
game business in the run-up to its planned business integration
with toy maker Bandai Co. late this month.

CONTACT:

Nikkatsu Corporation
28-12, HONGO 3-CHOME
BUNKYO-KU, TOKYO 113
JAPAN
Phone: +81 3 56891008
Fax: +81 3 56891045


SOJITZ HOLDINGS: Issues Convertible Bonds
-----------------------------------------
Sojitz Holdings Corporation announced that the second Series
Unsecured Convertible Bonds Guaranteed by Sojitz Corporation
(2nd Series Unsecured Convertible Bonds), which Sojitz Holdings
issued to Nomura Securities Co., Ltd. in June 2005, has been
fully converted into common stock as of September 7, 2005.

1. Issue

2nd Series Unsecured Convertible Bonds Guaranteed by Sojitz
Corporation

2. Cumulative Conversion Amount: JPY60 billion (100%)

3. Number of Issued Shares Converted: 137,624,017 shares

4. Type of Issued Shares Converted: Common Stock

Total shares outstanding and capital after conversion in full of
2nd Series Unsecured Convertible

Bonds as of August 12, 2005 are as follows:

Total shares outstanding: 401,399,900 shares

Capital: JPY130,049,826,805

CONTACT:

Sojitz Holdings Corporation
President & CEO Akio Dobashi
Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


TOSHIBA CORPORATION: Enters Alliance With Universal Pictures
------------------------------------------------------------
Toshiba Corporation announced a major strategic alliance with
Universal Pictures that allows the company to use the eagerly
anticipated release of "King Kong" to promote Toshiba brand
audio-visual products, including flat panel TVs, HDD (hard disk
drive) audio players, DVD players and digital video recorders
integrating an HDD and DVD. "King Kong" will be released
worldwide in theaters on December 14 2005, and Toshiba's
promotional campaign will target diverse media, including TV,
the print media and the web, primarily in Japan and the U.S. The
campaign starts in October and is expected to boost year-end
holiday season sales and to enhance brand identity.

First brought to the screen to international acclaim in 1933,
"King Kong" is one of the best known and most loved of
Hollywood's classic film properties. The new version of "King
Kong" is produced and directed by Academy AwardTM winner Peter
Jackson, and is his first film since the blockbuster commercial
and artistic success of the "Lord of the Rings" trilogy. Mr.
Jackson was inspired to enter the film industry when he first
saw "King Kong" on TV as a child and recreating the original has
been a long cherished dream. In doing so, Mr. Jackson has made
full use of cutting-edge computer graphics technology that
allows, for example, authentic reproduction of 1930s New York
City street scenes.

Toshiba chose "King Kong" for a marketing alliance because this
iconic story of beauty and the beast has been known and loved
worldwide over generations, and because the use of the latest
digital technologies to create the movie is a particularly good
fit with Toshiba's advanced digital consumer products. Toshiba's
advertising and promotions featuring "King Kong" will be used to
spotlight TVs, DVD players and recorders, including digital
video recorders with HDD and DVD, combo products integrating TV
and VCR and/or DVD, and HDD audio players.

In Japan the Company will run ads on TV, radio, in the print
media and on the web, with the main emphasis on spot ads on TV,
and campaign ads in promotions with movie theaters. Toshiba will
also introduce special versions of products that feature King
Kong, promote the campaign at retailers, and utilize Kong's
image at various exhibitions. In the U.S. the campaign will
include consumer promotions tied to key retailers to promote
strong holiday sales, a dedicated web site and print and online
media advertisements.

"Peter Jackson and the Kong team have been actively involved in
our partner's promotional campaigns, from concept and creative
development through to execution," said Stephanie Sperber,
Executive Vice President, Universal Studios Partnerships. "This
level and quality of involvement has allowed for a degree of
integration that ties Toshiba brand to King Kong in unique and
compelling ways."

"We are delighted to be associated with iconic property and to
be able to use it in our marketing activities," said Makoto
Shirai, General Manager of Toshiba's Corporate Branding Office.
"This is a superb combination of an exciting, attractive movie
and exciting attractive products. We look forward to leveraging
considerable business momentum through this alliance and our
various marketing activities."

This year Toshiba marks its 130th anniversary, and is
celebrating by enhancing its advertising and promotion
activities to raise awareness of the company and its many
achievements. The audio video products business is a key focus
area for Toshiba, and cooperation with content creators is one
of its key strategies for expanding the business. In Japan,
Toshiba's marketing activities this year are concentrated on
movies, music and sports. The company was the special sponsor of
"We Will Rock You," the Queen and Ben Elton rock opera that just
ended a hugely successful three-month run at the Shinjuku Koma
Theater. Toshiba also features Hideki Matsui, the Japanese
baseball player with the New York Yankees in its advertising in
Japan. Adding "King Kong" to Hideki Matsui in its Japanese
marketing mix from October will further enhance Toshiba's
presence in key advertising spaces.

About Universal Pictures

Universal Pictures is a division of Universal Studios
(www.universalstudios.com). Universal Studios is part of NBC
Universal, one of the world's leading media and entertainment
companies in the development, production, and marketing of
entertainment, news, and information to a global audience.
Formed in May 2004 through the combining of NBC and Vivendi
Universal Entertainment, NBC Universal owns and operates a
valuable portfolio of news and entertainment networks, a premier
motion picture company, significant television production
operations, a leading television stations group, and world-
renowned theme parks. NBC Universal is 80%-owned by General
Electric, with 20% controlled by Vivendi Universal.

In a company statement, Toshiba's income (loss) before income
taxes and minority interest was minus JPY3.6 billion (minus
US$32 million), down by JPY3.9 billion from the year-earlier
period. The net loss widened by JPY1.1 billion from the same
period a year ago to minus JPY8.9 billion (minus US$80 million).

This is a company press release.

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


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

HYUNDAI MOTOR: To Scrap Overnight Work Schedule
-----------------------------------------------
Hyundai Motor Co. said it will no longer let its employees work
on an overnight shift, according to Asia Pulse.

The automaker's management has on Thursday reached an agreement
with the labor union to abolish the night shift. At present, the
day shift in the plant is from 8 a.m. to 6 p.m., while the night
shift works from 9 p.m. to 6 a.m. the following morning.

The labor union has been staging a partial strike since Aug. 25,
demanding better working conditions and a pay hike.

Both parties have yet to discuss the timing of the abolishment.
The management wants to stop the overnight shift by the end of
2010, while the labor union wants to put an end to it by April
2008.

By agreeing to end the overnight shift, the last major stumbling
block for the resolution of the strike is the demand for
improvement of working conditions for non-regular, or temporary
workers. The management refused to negotiate the issue with the
labor union.

CONTACT:

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


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

ACP INDUSTRIES: Unit Inks MoU with SKS Global
---------------------------------------------
ACP Industries Berhad (ACPI) unveiled to Bursa Malaysia
Securities Berhad the execution of a Memorandum of Understanding
with SKS Global Co. Ltd.

(1) Introduction

ACP Industries Berhad (ACPI) advised that its Thailand sub-
subsidiary, ASCE Construction Ltd. (ACL) has entered into a
memorandum of understanding (MOU) with SKS Global Co. Ltd., a
company incorporated in Thailand (SKS) on September 2, 2005, to
collaborate business and technical know-how to carry out the
development and construction of low cost houses in two pieces of
land identified (Proposed Housing Development Project) for the
National Housing Authority of Thailand. (NHA)

(2) Salient points of the MoU

The collaboration between ACL and SKS is based on the scope of
responsibilities whereby ACL's scope of works comprises all
design and construction works and SKS on land development works.
The complete terms and conditions shall be elaborated in a
definitive joint venture or consortium agreement to be prepared
and executed by ACL and SKS for submission to NHA.

The MOU shall remain valid for a period of three (3) months from
the date of signing and it could be extended by the mutual
consent of the parties involved.

(3) Financial effects of the MoU

The MOU will not have any material effect on the earnings of
ACPI Group nor will it have any material impact on the net
tangible assets of ACPI Group for the financial ending March 31,
2006. However, it is expected to contribute positively to the
future earnings of ACPI Group if the proposal is accepted by
NHA.

(4) Directors' and major shareholders' interest

None of the Directors or Major Shareholders of ACPI Group or
persons connected to them has any direct or indirect interest in
the MOU.

(5) Statement by Directors

The Directors of the Company are of the opinion that the MOU is
in the best interest of the Company.

CONTACT:

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


ACP INDUSTRIES: Unit Receives Letter of Acceptance from Delhi
-------------------------------------------------------------
ACP Industries Berhad (ACPI) informed Bursa Malaysia Securities
Berhad that its wholly owned subsidiary, Persys Sdn Bhd (Persys)
and its joint venture partner, Arvind Techno Engineers Pvt. Ltd
in India (Arvind Techno) have received a letter of acceptance
dated September 1, 2005 (LOA) from Delhi Metro Rail Corporation
Ltd. of India in relation to their bid for the Project.

The joint venture in the name of Persys-Arvind Techno Joint
Venture" is on 75:25 basis and the Project value is Rupees
Thirty Nine Crores Eighteen Lakhs Seventy Eight Thousand One
Hundred Fifty Only (IDR39,18,78,150/-) which is equivalent to
Ringgit Malaysia Thirty Two Million Two Hundred Fifty One
Thousand and Five Hundred Seventy Two Only (MYR32,251,572)
excluding Value Added Tax (VAT).

The Project is expected to be completed within 24-months from
the date of the LOA.


BELL & ORDER: Court OKs Composite Scheme of Arrangement
-------------------------------------------------------
Bell & Order Berhad (B&O) furnished Bursa Malaysia Securities
Berhad details of the composite scheme of arrangement pursuant
to Section 176 of the Companies Act, 1965 between B&O and its
Scheme Creditors (Composite Scheme of Arrangement).

Further to the announcements dated May 24, 2005, June 17, 2005
and September 1, 2005, Avenue Securities Sdn Bhd, on behalf of
B&O, disclosed that on September 1, 2005, the High Court of
Malaya, Kuala Lumpur (Court) had approved the Composite Scheme
of Arrangement and made the necessary orders to facilitate the
reconstruction of B&O.

The Court had given the following orders to B&O and Atlas Jade
Sdn Bhd (Atlas), the special purpose vehicle incorporated in
relation to the Composite Scheme of Arrangement (Applicants):

(i) The Composite Scheme of Arrangement between B&O and the
Scheme Creditors as stated in the Explanatory Statement dated
May 24, 2005 (Scheme) is hereby approved by the Honourable Court
pursuant to Section 176 (3) of the Companies Act, 1965 (Act);

(ii) Pursuant to Section 178 of the Act:

(a) All of B&O's undertakings, properties and assets on the date
of the Order are to be transferred to and vested in Atlas from
the date of the Order subject to any existing encumbrances on
the properties and assets;

(b) All of B&O's liabilities and obligations (save and except
for liabilities and obligations which are to be settled under
the Scheme mentioned in (i) and liabilities and obligations
accruing after December 31, 2004) are to be transferred to and
assumed by Atlas as its liabilities and obligations from the
date of the Order;

(c) All legal proceedings pending by or against B&O (save and
except for legal proceedings in respect of liabilities and
obligations which are to be settled under the Scheme mentioned
in (i)) are to be continued by or against Atlas respectively in
place of B&O from the date of the Order;
(iii) The cost of this application is to be borne by the
Applicants;

(iv) The Order is to be advertised in Berita Harian, The Star
and Sin Chew Daily within 30 days from the date of the Order and
that all Creditors of B&O are deemed to have been duly served on
the date of the advertisement; and

(v) The Applicants are given liberty to apply.

This announcement is dated 5 September 2005.

CONTACT:

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


DATAPREP HOLDINGS: Raises Shareholding in Solsis
------------------------------------------------
Dataprep Holdings Bhd (DHB) advised Bursa Malaysia Securities
Berhad that it has on September 5, 2005, entered into a Share
Sale Agreement to dispose off 1,692,000 ordinary shares of
MYR1.00 each held in its subsidiary, Solsis, to Encik Ahmad
Rizan bin Ibrahim for a total sale consideration of MYR272,900
only.

The sale consideration of MYR272,900 is arrived at on a willing
buyer willing seller basis.

The sale consideration shall be received from the Purchaser in
the following manner:

(1) Upon signing of the Share Sale Agreement, a deposit of
MYR27,290 (Deposit) shall be paid to DHB.

(2) The balance of MYR245,610 of the sale consideration shall be
paid within ninety (90) days from the date of the Agreement.

Following the above disposal, DHB's shareholdings in Solsis will
reduced from 70 percent to 60 percent.

None of the Directors or substantial shareholders of DHB or
persons connected to the Directors or substantial shareholders
of DHB are interested in the above disposal of shares in Solsis.

The above disposal of shares is not expected to have any
material impact on the Earnings per Share and Net Tangible
Assets per Share of DHB for the financial year ended March 31,
2006.

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax: 603-2539620


DATUK KERAMAT: Fails to Submit 2Q FS on Time
--------------------------------------------
Datuk Keramat Holdings Berhad issued to Bursa Malaysia
Securities Berhad an explanation for the delayed submission of
its Interim Financial Report for the Second Financial Quarter
Ended June 30, 2005 (2ND QR 2005).

(1) The Exchange had notified the Company of its intention to
impose a suspension on the trading of the shares of the Company
in the event the 2005 2nd Quarter financial report is not
submitted to the Exchange with three (3) months from August 31,
2005 without prejudice to any other action that may be taken by
the Exchange.

Reasons for the Delay in Submitting 2005 2nd Quarter report

(2) As the company is still in the process of working on the
proposed restructuring scheme (the Scheme) and due to the
downsizing of operations and staff, the delay in submitting the
2005 2nd quarter report is inevitable.

Expected Date to Submit 2005 2nd Quarter report

(3) As the Company has applied to the Court of Appeal for an
extension of time to the Restraining Order dated March 9, 2005
following the expiration of the said Restraining Order on July
15, 2005, the expected date to submit the 2005 2nd Quarter
report will depend on the outcome from the Court and the date to
finalize the Scheme.

CONTACT:

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


DATUK KERAMAT: To Pay MYR130,000-Fine for Breach of LR
------------------------------------------------------
On September 2, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
MYR130,000 on Datuk Keramat Holdings Berhad for breach of
paragraph 9.22(1) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).

Paragraph 9.22(1) of the Bursa Securities LR stipulates that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis
(hereinafter referred to as quarterly report) as soon as the
figures have been approved by the Board of Directors of the
listed issuer and in any event not later than 2 months after the
end of each quarter of a financial year.

DKMAT has breached paragraph 9.22(1) of the Bursa Securities LR
for failure to submit its first (1st) quarterly report for the
financial year ending December 31, 2005, namely the quarter
ended 31 March 2005 (QR March 31, 2005) on or before May 31,
2005. As of to date, DKMAT has yet to furnish the QR March 31,
2005 to Bursa Securities.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter
including the fact that DKMAT had previously breached the Bursa
Securities LR. Bursa Securities also directed DKMAT to furnish
the QR March 31, 2005 to Bursa Securities for public release
within one (1) month from the date hereof.

To view a full copy of past public reprimands, click
http://bankrupt.com/misc/DatukKeramat090705.pdf

CONTACT:

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


DENKO INDUSTRIAL: AGM Slated for September 30
---------------------------------------------
On behalf of the Board of Directors of Denko Industrial
Corporation Berhad, the company disclosed that its Sixteenth
Annual General Meeting will be held at Sebana Golf and Marina
Resort Berhad, Lot PTD 2940 & 2931, Mukim of Pengerang, Daerah
Kota Tinggi, Johor on Friday, September 30, 2005 at 9:00 a.m.

Click to view a full copy of the AGM notice
http://bankrupt.com/misc/DenkoIndustrialAGMNotice090705.doc

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


DUOPHARMA BIOTECH: Unveils Unit's Conditional Mandatory Offer
-------------------------------------------------------------
Duopharma Biotech Berhad (Duopharma) furnished Bursa Malaysia
Securities Berhad details of the conditional mandatory offer by
Tekan Maju Sdn Bhd (TMSB), a wholly-owned subsidiary of Chemical
Company of Malaysia Berhad, to acquire up to 92,490,610
Duopharma Shares (Offer Shares) not already owned by TMSB and
persons acting in concert for a cash offer price of MYR2.80 per
offer share.

Pursuant to Section 36 of the Code, Duopharma advised that the
dealings by TMSB in the Duopharma Shares.

The details of the dealings are set out in the table below:

Date of       Name of  Description    No. of   Transaction
transaction   Party    of             shares   price per
                       Transaction             acquired/ share
                                              (disposed)


September 9,  TMSB     Acquisition    100,000   MYR2.75
2005


GEORGE TOWN: Applies for Extension of Restraining Order
-------------------------------------------------------
George Town Holdings Berhad issued to Bursa Malaysia Securities
Berhad an explanation on the delay of Interim Financial Report
for the Second Financial Quarter Ended June 30, 2005.  

Notice of Suspension

(1) The Exchange had notified the Company of its intention to
impose a suspension on the trading of the shares of the Company
in the event the 2005 2nd quarter report is not submitted to the
Exchange with three (3) months from August 31, 2005 without
prejudice to any other action that may be taken by the Exchange.

Reasons for the delay in submitting the 2005 2nd Quarter
Financial Report

(2) As the company is still in the process of working on the
proposed restructuring scheme (the Scheme) and due to the
downsizing of operations and staff, the delay in submitting the
2nd Quarter Financial Report is inevitable.

Expected date to submit 2005 2nd Quarter Financial Report

(3) As the Company has applied to the Court of Appeal for an
extension of time to the Restraining Order dated March 9, 2005
following the expiration of the said Restraining Order on July
15, 2005, the expected date to submit the 2005 2nd Quarter
report will depend on the outcome from the Court and the date to
finalize the Scheme.

CONTACT:

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


GEORGE TOWN: Fined over Failure to Meet Requirements
----------------------------------------------------
On September 2, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of
MYR130,000 on George Town Holdings Berhad (GTOWN) for breach of
paragraph 9.22(1) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).

Paragraph 9.22(1) of the Bursa Securities LR states that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
2 months after the end of each quarter of a financial year.

GTOWN has breached paragraph 9.22(1) of the Bursa Securities LR
for failing to submit the Company's quarterly report for the
quarter ended March 31, 2005 (QR March 31, 2005) to Bursa
Securities for public release on or before May 31, 2005.  As at
todate, GTOWN has yet to furnish the QR March 31, 2005 to Bursa
Securities for public release.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors including the fact that GTOWN had
previously breached the Bursa Securities LR.

Bursa Securities further directed GTOWN to furnish the QR March
31, 2005 to Bursa Securities for public release within one (1)
month from the date hereof.

To view a full copy of past public reprimands, click
http://bankrupt.com/misc/GeorgeTownHoldings090705.doc


MAXIS COMMUNICATIONS: Soon to Register Prepaid Users
----------------------------------------------------
Maxis Communications is set to register its prepaid mobile phome
users in Penang and Malacca soon, The Star Online reports.

Maxis chief executive officer Datuk Jamaludin Ibrahim explained
the plan will be implemented to meet the Government's
requirement for registration.

The Company said it was trying to balance between the
Government's requirement and customer needs. Maxis, however,
stressed that it does not want to loss customers by forcing them
to sign up even if they don't want to.

Prepaid users needed to provide personal identification
documents and mailing addresses before they could buy the
subscriber identification module (SIM).

Meanwhile, the Company is not worried the registration will
involve additional costs because "it would (just) be a matter of
getting subscribers to sign in the forum".

CONTACT:

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


TELEKOM MALAYSIA: Wind-Up Petition Hearing on Unit Set October
--------------------------------------------------------------
Telekom Malaysia Berhad furnished Bursa Malaysia Securities
Berhad an update on the winding-up petition under Section 218 of
the Companies Act 1965 by Inmiss Communication Sdn Bhd (Inmiss)
against Mobikom Sdn Bhd (Mobikom).  

The company refers to Telekom Malaysia Berhad's (TM)
announcement to Bursa Malaysia Securities Berhad dated August
12, 2005 and August 18, 2005 on the filing by Inmiss of the
Winding-up Petition under Section 218 of the Companies Act 1965
against Mobikom at the High Court.

TM informed the Exchange that Mobikom has on, September 5, 2005,
been served with the said Winding-up Petition. The aforesaid
Petition has been fixed for hearing on October 21, 2005.

In the said Petition, Inmiss claims that Mobikom is indebted to
Inmiss in the sum of MYR27,422,142.51 as at April 14, 2005 being
the amount allegedly awarded in an Arbitration Award dated  
March 31, 2005, together with interest at the rate of eight
percent (8 percent) per annum thereon. The said Petition was
filed by Inmiss due to the alleged failure by Mobikom to pay
this sum following the service of a statutory notice dated April
14, 2005, pursuant to Section 218 of the Companies Act, 1965, on
Mobikom.

As stated in TM's announcement on August 11, 2005, Mobikom has
filed an appeal with the Court of Appeal against the High
Court's decision on August 10, 2005 dismissing Mobikom's
application with costs for an inter partes injunction to inter
alia restrain Inmiss from presenting the said Winding-up
Petition pending the disposal of Mobikom's application to set
aside the Arbitration Award dated March 31, 2005 in the High
Court. A date for hearing of the said appeal has yet to be
fixed.

In the meantime, Mobikom has on August 15, 2005 applied for
another application to the Court of Appeal inter alia for a stay
of the Winding-up Petition pending the hearing of the appeal as
abovementioned under Section 44 of the Court of Judicature Act
1964.

The said application was heard by the Court of Appeal on
September 5, 2005. The Court of Appeal has fixed September 7,
2005 to deliver its decision in respect of the said application.

The total cost of investment of TM's investment in Mobikom was
MYR381 million, which has been fully provided for as at December
31, 2004.

TM wishes to reiterate that the service of the Winding-up
Petition by Inmiss against Mobikom and the appeal lodged by
Mobikom at the Court of Appeal as abovementioned will not have
any material financial and operational impact on TM. The
expected losses, if any, arising from the winding-up proceedings
is about MYR30 million, which mainly comprises cost of claim,
court and other expenses.

TM will make further announcement of any material development on
the above matter from time to time.

CONTACT:

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


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

ABS-CBN BROADCASTING: Union Snubs Mediation, Threatens Strike
-------------------------------------------------------------
The union of ABS-CBN Broadcasting Corporation's rank-and-file
workers will press on with a notice of strike it filed earlier,
BusinessWorld reports.

The ABS-CBN Employees Union decided to withdraw its preventive
mediation plea with the National Conciliation and Mediation
Board and instead focus on the strike notice after management
supposedly failed to commit to stop retrenchments.

A source told BusinessWorld said it might be the union's
strategy to focus on the strike notice, but union leaders were
actually concerned they have not stopped the job cuts.

Mediation consists of mild intervention by a conciliator-
mediator who gives advise and offer solutions or alternatives
towards mutually acceptable settlement.

A notice of strike meanwhile is usually filed on claims of
unfair labor practice, gross violation of a bargaining agreement
or a deadlock in collective bargaining.

ABS-CBN, which reported losses due to plunging viewer's share,
in July sacked 35 regular employees and is expected to further
cut its work force later this year.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


BELLE CORPORATION: Debt Reduction, Quasi-reorg Program Wins Nod
---------------------------------------------------------------
Belle Corporation's proposed debt reduction program involving a
quasi-reorganization and the sale of company property in the
Manila Bay reclamation area recently won approval from
shareholders, The Philippine Star says.

The debt-reduction plan, which involves a capital restructuring
in which the firm's Php3.27-million additional paid-in capital
would be applied against its retained deficit of Php5.4 billion,
will reduce its retained deficit to only Php2.13 billion.

Meanwhile, the sale of its Manila Bay property would allow the
property developer to focus on residential and leisure property
development, tourism, retirement and wellness center
development. The divestment would likewise reduce the company's
debt, resulting in enhanced shareholder value.

In a bid to reduce debt by cutting costs, Belle earlier merged
subsidiary Belle Bay Plaza Corp. (BBPC) with Belle Bay Plaza
Hotel Inc. (BBPHI) and Belle Casino Hotel (Holdings) Inc.
(BCHHI). The merger will achieve mutually advantageous and
beneficial business purposes for the constituent corporations.

As a result of the merger, BBPC, the surviving corporation, will
absorb all the assets and liabilities of BBPHI and BCHHI.

CONTACT:

Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24


COLLEGE ASSURANCE: Court Junks Planholders' Petition
----------------------------------------------------
The Makati Regional Trial Court denied a petition filed by plan
holders of College Assurance Plan Philippines Inc. (CAP), The
Philippine Star has learned.

The court disapproved the request for the creation of a
management committee (mancom) that will take over the embattled
pre-need firm on the ground that the Securities and Exchange
Commission (SEC) failed to send a representative during the
hearing held Wednesday.

Disgruntled Cap planholders sought the appointment of a mancom
to prevent further dissipation of its assets. In the petition,
CAP claimed its management funneled funds to other sister
companies.

On the other hand, CAP's request for the staggered payment of
filing fees relating to its petition for rehabilitation won
court approval. From the original Php36- million assessed filing
fee, it is now down to Php6 million which will be paid in
installments.

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

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

In its eight-year business plan filed with the court, CAP said
its continued ability to meet its obligations depends on the
renewal of its dealership license, fresh fund infusion from
foreign and local investors, and its cost cutting efforts.

CAP projects a total trust fund build-up of about Php13.56
billion by 2012 with the trust fund achieving a positive balance
by 2010.

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: Denies Talks with Indian Firm
---------------------------------------------------
Lepanto Consolidated Mining Co. clarified a news article
appearing in the Manila Times entitled "Indian Firm Eyes Stake
in Lepanto".

Lepanto has been receiving queries recently regarding a supposed
visit of Lepanto executives to Mumbai to negotiate with a
company in the Aditya Birla Group of India. The company has also
read in the Manila Times an article on that supposed visit and
the Indian Company's interest in Lepanto.

To clarify the matter, Leapnto advised that none of the Lepanto
executives has visited Mumbai recently. The firm had no meetings
withy any representative from the Aditya Birla Group, or
Hindalco Industries, a member of that group.

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


PHILIPPINE AIRLINES: Sets Conditions for Transfer to NAIA3
----------------------------------------------------------
Philippine Airlines (PAL) said it would move to the new Ninoy
Aquino International Airport (NAIA) Terminal 3 only if it could
integrate its domestic and international operations there and if
the fees would be reasonable, reports The Philippine Daily
Inquirer.

PAL, which has exclusive use of Terminal 2 of NAIA for both its
domestic and international operations, insisted it would rather
stay where it is now than move to Terminal 3 where it would have
to pay more fees.

PAL president Jaime Baustista said the airline's operations were
separate from those of Asia's Emerging Dragon Corp. (AEDC),
which had been formed in the mid-1990s to build Terminal 3,
although tobacco tycoon Lucio Tan controls both companies.

Mr. Bautista stressed, Regardless of whoever operates NAIA 3, we
would transfer only if they allow us to operate our domestic and
international operations in one house. And if the fees would not
go up unreasonably."

Operating under one roof would be more efficient in terms of
costs and operations, Mr. Bautista noted.

The NAIA 3 was meant to be purely an international airport
terminal. But it will not be viable without the volume of
business brought by PAL, the country's biggest airline.

The government wants to open NAIA 3 before yearend. It is
worried that the new terminal may not be viable without PAL.

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


* ADB Cuts RP Growth Forecast, Raises Asia Projections
------------------------------------------------------
The Asian Development Bank (ADB) raised its 2005 regional grwoth
forecast but cut its projection for several Southeast Asian
nations, including the Philippines, The Manila Times reveals.

ADB raised its growth forecast for Asia to 6.6 percent from 6.5
percent, partly in response to China's rapid expansion and high
oil prices. Japan was not included in the increased growth
projection.

The Philippines' gross domestic product (GDP) growth rate was
slashed to 4.7 percent from five percent.

The Philippine government has kept its 2005 economic growth
target unchanged at 5.3% despite surging oil prices and rising
U.S. interest rates, which officials said would trigger
inflation and curb global and domestic demand.

Economic officials said gross domestic product (GDP) growth
slowed to 4.7% in the first half such that the economy will have
to grow by 6% for the rest of the year.

Economic Planning Secretary Augusto Santos said at a briefing
that surging oil prices and increase in U.S. interest rates may
curb growth in exports and consumer spending.

The ADB said oil prices and weaker world trade should help push
down growth in Southeast Asia to five percent this year from a
previous forecast of 5.4 percent -- led by slower growth in
Malaysia, the Philippines, Singapore and Thailand.

The bank said growth prospects next year and beyond were likely
to depend on how countries responded to increasing oil prices,
which topped a record US$70 a barrel last week.

The ADB retained a 6.6 percent growth forecast for 2006.


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

BOON CHANG: Creditor Seeks Winding Up
-------------------------------------
Notice is hereby given that Super Galvanising Pte Limited, a
creditor of Boon Chang Engineering & Construction Pte Limited,
filed a winding up petition against the Company on Aug. 30,
2005.

The Petition is directed to be heard before the Court sitting on
Sept. 23, 2005, 10:00 a.m.

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

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

The Petitioners' address is 1A Pioneer Sector Walk, Singapore
628895.

The Petitioners' solicitors are Messrs Lee Bon Leong & Co. of 79
Anson Road #11-01/02, Singapore 079906.

Messrs Lee Bon Leong & Co.
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs. Lee
Bon Leong & Co. of 79 Anson Road #11-01/02, Singapore 079906,
notice in writing of his intention so to do. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitor (if any) and must be served,
or if posted must be sent by post in sufficient time to reach
the solicitors not later than 12:00 p.m. of Sept. 22, 2005 (a
day before the day appointed for the hearing of the Petition).


CITIRAYA INDUSTRIES: Three More Employees Charged With Bribery
--------------------------------------------------------------
In an ongoing bribery case against recycling firm Citiraya
Industries Limited, three more employees of the Company were
charged with accepting bribes, Channel NewsAsia reports.

The three Company employees were alleged to have helped former
Citiraya CEO Ng Teck Lee in misappropriating microprocessor
chips that were meant for recycling, and diverted the chips so
that they would be sold in the black market.

In return for such acts, the three employees were alleged to
have accepted a total of SGD115,000in bribes from former
assistant general manager Ng Teck Boon.

Transport supervisor Ong Cheng Ho supposedly took the Highest
bribe of SGD86,000, while Charles Sebastin Anthony Charles, a
mechanical crushing plant supervisor, allegedly got SGD11,000.
Materials supervisor Seetoh Kwok Weng supposedly took SGD18,000
in bribes.

All three employees face a total of five charges each; so far,
nine people have been charged with bribery in the case against
Citiraya Industries.

Lawyer for two of the accused, Attorney Kertar Singh, said that
it was still to early to say how his clients would plead. The
three are due to return to court on Sept. 22, 2005 for a pre-
trial conference.

If convicted of bribery, they each face a five-year prison
sentence and up to SGD100,000 in fines.

CONTACT:

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


MAYSON HOLDINGS: Creditors Asked to Submit Debt Claims
------------------------------------------------------
Notice is hereby given that the creditors of Mayson Holdings 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
Liquidators.

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

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


O.R. COMPUTER: Set to Distribute Dividend to Creditors
------------------------------------------------------
O.R. Computer System Pte Limited, formerly of 514 Chai Chee
Lane, #07-11/12, Singapore 469023, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: O.R. Computer System Pte Limited
Second & Final Dividend: 2.5% of all admitted proofs of
creditors
When payable: Sept. 13, 2005
Name & address of Liquidator: Neo Ban Chuan
C/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Dated this 7th day of September 2005


ORTHOPAEDIC, SPINE: Members to Convene in Oct. 3 Final Meeting
--------------------------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Orthopaedic, Spine & Hand Surgery Pte Limited will be held on
Oct. 3, 2005, 10:30 a.m. at 1 Scotts Road, #21-07/08/09 Shaw
Centre, Singapore 228208 for the purposes as stated in section
308 of the Companies Act, Cap. 50.

Dated this 2nd day of September 2005

Madam Chia Lay Beng
Liquidator
C/o 1 Scotts Road
#21-07/08/09 Shaw Centre
Singapore 228208

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company. The Form of
Proxy must be deposited at the Liquidator's Office not less than
48 hours before the time appointed for holding the Meeting or
adjourned Meeting.

CONTACT:

Orthopaedic Spine & Hand Surgery Pte Limited
3 Mount Elizabeth Road
#03-01/02 Mount Elizabeth Hospital
Singapore 228510
Phone: 65 67373820   
Fax:   65 67377920


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

PICNIC CORPORATION: SET Seeks Clarification of FS
-------------------------------------------------
The SET required Picnic Corporation Public Company Limited
(PICNI) to clarify additional information in its financial
statements.

The Stock Exchange of Thailand (SET) verified Picnic Corporation
Public Company Limited's (PICNI) financial statements for the
year ending 31 December2004 and for the quarter ending 30 June
2005.

The SET also ordered PICNI to disclose more information
concerning the transaction with related companies and a
significant "transactions". PICNI later reported that the
"transactions" with J.J Land Development Company Limited, Sun
City Golf and Country Club Company Limited and Saengthongthai
Bucket Manufacturing Company Limited were not influenced by
PICNI' s executive, major shareholders and controlling persons.

However, PICNI disclosed that Saengthongthai Bucket
Manufacturing Co., Ltd. (Saengthongthai) has machinery and
equipment shown in its annually financial statements ending 31
December 2004 only THB82,270. But information from
http://www.bol.co.thshowed that Saengthongtha registered on 1  
December 2003 and from PICNI's annually financial statements
ending 31 December 2004 and quarterly financial statements
ending 30 June 2005 disclosed that PICNI received 1,321 gas
cylinders from Saengthongtha worth a total of THB838 million.

From the above information the SET required additional
information as follows:

1. Why Saengthongthai has ability to deliver all gas cylinders
to PICNI when its machinery and equipment are only worth
TH82,270.

2. How many gas cylinders and the value of gas cylinders that
PICNI received in each period.

The SET requires PICNI to provide clarification on the matter by
September 13, 2005.

Moreover, the SET would like to inform PICNI's shareholders and
general investors to follow up on the additional information,
which will be disseminated via the SET's disclosure system.

CONTACT:

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


PLOENCHIT REAL: To Begin Liquidation Process
--------------------------------------------
The Erawan Group Public Company Limited (ERAWAN) announced that
Ploenchit Real Estate Co,.Ltd. (PR), a subsidiary company,
already registered its dissolution at the Department of Business
Development, Ministry of Commerce on 5  September 2005 and will
begin the liquidation process.

PR disposed of its entire business to Erawan Ploenchit Company
Limited, another subsidiary company, on 1 August 2005 to create
a more clerical and a more efficient group structure for ERAWAN
as reported to The Stock Exchange of Thailand on 12 July 2005.


SIAM AGRO-INDUSTRY: Receiver to Arrange Creditors Meeting
---------------------------------------------------------
Siam Agro-Industry Pineapple and Others Public Co. Ltd. and its
major creditor, Kasikornbank PCL has filed a petition for
rehabilitation to the Central Bankruptcy Court.

The Court ordered for the business reorganization of the Company
and appointed Mr. Praful Shah, Mr. Wacharin Piyarat and Mr. Mark
Christopher Chewter to be the plan administrators of the Company
on February 21, 2005. This order was announced in the Government
Gazette on April 5, 2005.

Recently, the plan administrators have sent a rehabilitation
plan to the official receiver. The receiver shall arrange the
meeting involving creditors with voting rights to consider this
plan.

For the resolution of the creditors' meeting, the Company shall
issue information accordingly.

Yours sincerely,

Mr. Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl   
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok    
Telephone: 0-2661-7878   
Fax: 0-2661-7865   
Web site: http://www.saico.co.th


THAI AIRWAYS: Closes Book for Debt Interest Payments
----------------------------------------------------
Thai Airways International Public Company Limited (the Company)
advised that the Company will close the registered book for
interest payment of debentures of the Company (THAI08OA and
THAI10OA).

Notification of Close of Register Date for Interest Payment

Reference is made to "Debentures of Thai Airways International
Public Company Limited No.1/2546 Series 1 Due B.E.2551
(THAI08OA), par value of THB1,000 total units of 5,500,000 and
total value of THB5,500,000,000" and "Debentures of Thai Airways
International Public Company Limited No.1/2546 Series 2 Due
B.E.2553 (THAI10OA), par value of THB1,000 total units of
4,500,000 and total value of THB4,500,000,000", with semi-annual
interest payments due on April 8 and October 8 of each year.

KASIKORNBANK Public Company Limited, as the Registrar and Paying
Agent of the above-mentioned Debentures, hereby advised that the
fourth interest payment would be due on October 10, 2005
(October 8,2005 is weekend) with details as follows:

1. Series 1 (THAI08OA) interest rate of 3.00 per cent per annum,
with interest payment period of 183 days from April 8, 2005 to
October 7, 2005
    
2. Series 2 (THAI10OA) interest rate of 3.70 per cent per annum,
with interest payment period of 183 days from April 8, 2005 to
October 7, 2005

Kindly be informed that the register of debenture will be closed
on September 26, 2005, at 12.00 pm., for the purpose of
determining the Debenture holders, who have the rights to
receive the interest payment.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173



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

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


CHINA & HONG KONG
-----------------
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Sichuan Topsoft Investment     000583     (-45.54)    228.05


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

JAPAN
------
Fujitsu Comp Ltd                6719        20.63      283.16

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




                            *********


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***