TCRAP_Public/050912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, September 12, 2005, Vol. 8, No. 180

                            Headlines


A U S T R A L I A

AIR NEW ZEALAND: Unlikely to Get Own Terminal
ASTRA MARKETING: Enters Liquidation
AVANTECH PTY: Members Decide to Close Operations
BELL RESOURCES: Though Convicted, Oates Now a Free Man
CAMBRIDGE TELEVISION: Winds Up Business

CLIFFORD CORPORATION: Ex-exec Jailed for Insider Trading
COLD XPRESS: Schedules Final Meeting September 19
DALLAWAY PTY: Court Appoints Official Liquidator
DURNAND PTY: Members to Receive Wind Up Report
F1 ELECTRICAL: Christopher Palmer Named Liquidator

FONE FIX: Creditors OK Liquidator's Appointment
HOWARDS HOLDINGS: Set to Declare Dividend
IANNELLO BROS: To Distribute Dividend to Creditors
JHB DEMOLITIONS: Members Agree to Wind Up Business
LARRY LEE: Placed Under Voluntary Liquidation

MULTIPLEX: Dutch Partner Denies Fall Out
NEBULUS PTY: Members Pass Winding Up Resolution
NYLEX LIMITED: Still in the Red But on the Mend
O'NEIL SEA: Winding Up Process Initiated
PENINSULA HOTEL: To Pay Dividend to Creditors

QANTAS AIRWAYS: Releases July Traffic Figures
R.H. SHEPHERD: Members Resolve to Wind Up Firm
STYLIN GROUP: Liquidator to Detail Wind Up Manner
TASCOL PTY: Members Opt for Voluntary Liquidation
TELSTRA CORPORATION: Gags Controversial Boss

TELSTRA CORPORATION: Senator Withdraws Support
TELSTRA CORPORATION: Urged to do More Repairs
TELSTRA CORPORATION: Woes Rekindle Doubts About NZ Plan
TELSTRA CORPORATION: Says Internal Split Costly
VOCON PACIFIC: Creditors Ratify Liquidator's Appointment

ZORRO'S RESTAURANTS: Court Orders Winding Up


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: Cisco Gets ISR Deal
ALLIED BENEFIT: Winding Up Hearing Slated for October 5
CHINA CONSTRUCTION: Moody's Puts Rating on Review for Upgrade
CHINA CONSTRUCTION: Bank of America Takes 9% Stake
CHINA TREASURE: HKEx Censures Firm for Breaching Rules

HIH MANAGEMENT: Creditors Meeting Fixed October 14
HIH UNDERWRITING: Annual Meeting of Creditors Set October 14
HONGKONG CONSTRUCTION: Creditors' Meeting Set September 23
HONG KONG UNITED: Releases Dividend Notice
KAWAJITSU LEASING: Issues Debt Claim Notice

LOJACK NETWORK: Fixes Creditors, Contributories Meeting
NORTH ASIA: Notes Unusual Price Movement
SHANGHAI LAND: Updates Settlement Proposal
SOUTHERN WISE: Issues Intended Dividend Notice


I N D I A

IBP COMPANY: To Hive Off LPG Division to IOC
* RBI Issues Guidelines for Debt Restructuring for SMEs


I N D O N E S I A

GARUDA INDONESIA: Projects Sales to Reach IDR10.8 Trillion
PERTAMINA: Government Urges Use of Local Fuel
PERTAMINA: President SBY Looks Into Smuggling Allegations
PERTAMINA: Shuts Down Unit Ahead of Schedule
PERUSAHAAN LISTRIK: Must Pay Market Price for Fuel Above Quota


J A P A N

DAIEI INCORPORATED: Seals Deal With Drug Store Chain CFS
DELPHI CORPORATION: Launches Next Generation Diesel Vehicles
JAPAN AIRLINES: JCR Downgrades Rating to BBB
MEIJI YASUDA: Officials to Quit Over Nonpayments
PIONEER CORPORATION: To Cut Interim Dividend

MITSUBISHI MOTORS: Suzuki Supplies New Vehicle in Indonesia
SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds


K O R E A

DAEWOO SHIPBUILDING: Looks Into other Type of Business
HANARO TELECOM: Introduces Combined Broadband Services


M A L A Y S I A

ANCOM BERHAD: Buys Back 26,000 Shares
CEPATWAWASAN GROUP: Discloses Status of Civil Suit
DATUK KERAMAT: Wind Up Order Granted Stay of Execution
DIRGA NIAGA: Faces Winding Up Proceedings
HAP SENG: Repurchases Ordinary Shares

KEMAYAN CORPORATION: Court Extends RO Until November
KIG GLASS: Explains Failure to Submit FS
MAGNUM CORPORATION: New Shares Up for Listing, Quotation
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
POS MALAYSIA: Bourse Grants Listing, Quotation of New Shares

POLYMATE HOLDINGS: Should Submit FS on Time to Avert Suspension
PUNCAK NIAGA: Court to Hear Summary Judgment September 30
PWE INDUSTRIES: Bank Guarantee Expiry Moved to November 30
SATERAS RESOURCES: Seeks Early Hearing of Notice of Motion
UNITED CHEMICAL: Court Grants 9-Month Extension of RO

WCT ENGINEERING: Court to Mention Appeal on September 21


P H I L I P P I N E S

BELLE CORPORATION: Clarifies Debt Reduction Report
NATIONAL POWER: Php200-Bln Debt Hurts NG's Fiscal Position
NATIONAL POWER: Inks Transition Supply Deal with 8 Co-ops
NATIONAL POWER: PSALM Reviews Additional Foreign Borrowings
NATIONAL TRANSMISSION: Auction to Take Place First Quarter 2006

* Fitch Assigns Philippines Bond 'BB' Rating


S I N G A P O R E

ABERDEEN GOH: Receiving Proofs of Claims Until October 3
INFORMATICS HOLDINGS: Disposes of Non-Active Units
NEOCORP INTERNATIONAL: Unit Records Claims Payment to Firm
REGION AIR: To Distribute Preferential Dividend
SUNRY INTERNATIONAL: Creditors Asked to Submit Debt Claims


T H A I L A N D

JASMINE INTERNATIONAL: Warrant Exercise Set Next Week
K.C. PROPERTY: Securities Placed Back to Original Sector

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: Unlikely to Get Own Terminal
---------------------------------------------
Air New Zealand is unlikely to get its own terminal at Auckland
International Airport, Stuff.co reports.

Ralph Norris, in parting comments before leaving as the
airline's managing director last week, said the Commerce
Commission could be asked for help to force the airport to let
Air New Zealand build its own terminal and compete directly with
it.

But airport chief executive Don Huse said it makes no economic
sense for every airline to have its own runway.

Mr. Huse said common-use facilities, including terminals and
runways, were accepted as best practice internationally.

"A common-use facility is clearly more efficient, lowers
barriers to entry and offers cost advantages to dedicated
facilities."

Airlines were still able to brand their check-in counters and
premium lounges in a common terminal.

Auckland International's more conservative financial position
also meant it had lower finance costs for development than Air
New Zealand.

Air New Zealand has wanted to build its own passenger terminal
at Auckland airport over its frustration with high monopoly
airport charges.

CONTACT:

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


ASTRA MARKETING: Enters Liquidation
-----------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Astra Marketing Australia Pty Limited held on Aug.
5, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
Andrew Hugh Jenner Wily and David Anthony Hurst of Armstrong
Wily, Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 were appointed Joint Liquidators for the winding
up.

Dated this 8th day of August 2005

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


AVANTECH PTY: Members Decide to Close Operations
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Avantech Pty Limited held on Aug. 2, 2005 it was resolved that
the Company be wound up voluntarily, and that for such purpose
Sule Arnautovic of Jirsch Sutherland Chartered Accountants be
appointed Liquidator. Creditors confirmed the liquidator's
appointment at a creditors' meeting held later that day.

Dated this 2nd day of August 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


BELL RESOURCES: Though Convicted, Oates Now a Free Man
------------------------------------------------------
Former Bond Corporation money man Tony Oates is once again a
free man, less than 48 hours after being jailed over the AU$1.2-
billion Bell Resources scandal, according to the Sydney Morning
Herald.

Mr. Oates was on Wednesday found guilty of authorizing the
plundering of AU$500 million from Bell Resources to lift Alan
Bond's crumbling empire in 1988. He was sentenced by West
Australian Supreme Court judge Lindy Jenkins to 40 months.

But by making him eligible for parole, and taking into account
the fact Mr. Oates had already served more than half his
sentence in Australian and Polish jails, the former finance
executive's incarceration was effectively just a formality.

The formalities were completed when the West Australian parole
board approved Mr. Oates conditional release on Thursday from
Hakea prison.

Mr. Oates intends to return to Poland to resume his career in
the brewing industry.


CAMBRIDGE TELEVISION: Winds Up Business
---------------------------------------
Notice is hereby given that at a general meeting of the members
of Cambridge Television Co. Pty Limited held on Aug. 3, 2005, it
was resolved that the Company be wound up voluntarily, and that
Trevor Mark Pogroske, Chartered Accountant of Grant Thornton,
Level 17, 383 Kent Street, Sydney NSW 2000 be appointed
Liquidator for the winding up.

Dated this 3rd day of August 2005

Trevor M. Pogroske
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


CLIFFORD CORPORATION: Ex-exec Jailed for Insider Trading
--------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), on Friday noted the jailing of
Mr. Ian Robert Hall in the New South Wales Supreme Court in
relation to a charge brought by ASIC.

Mr. Ian Hall was sentenced to two years and one month in prison,
after pleading guilty to one charge of insider trading in late
1998 while a director of Clifford Corporation Ltd (Clifford),
then Australia's largest manufacturer of heavy vehicles, such as
buses and coaches. Mr. Hall was ordered to serve a minimum of
one year in prison.

"Company directors are expected to exercise the highest
standards of responsibility and conduct. They are prohibited
from trading in the company's shares whilst in possession of
price sensitive information which is generally not available to
the public. The confidence of the investing public relies upon
the integrity of the market," Mr Lucy said.

"The decision also emphasizes the importance of the continuous
disclosure requirements of the law. Directors are obliged to
keep the market fully informed, in a timely manner, of price
sensitive information in order that the market can make an
informed decision whether to buy or sell shares," Mr. Lucy said.

Mr. Hall is a former director of the Clifford Corporation Ltd
Group of companies (the Group), which collapsed in late 1998,
leaving creditors and shareholders with a deficiency in excess
of $90 million.

Mr. Hall contravened the Corporations Act in that he procured a
private company (Leisuremark P/L, owned in part by interests
associated with him) to sell 850,000 Clifford shares between 28
October 1998 and 13 November 1998 while in possession of inside
information, namely, a letter dated 22 October 1998 from the
auditors of Clifford which stated, in summary, that:

(1) The Clifford draft consolidated 1997-98 financial accounts
had a potential overstatement of profits in excess of AU$15
million; and

(2) There was some doubt as to the ability of the Group to
continue as a going concern, unless new strategies and financing
arrangements were put in place.

The sale of the shares yielded over US$215,000. Shortly
afterwards, on 11 November 1998, the ASX suspended trading in
Clifford shares because of its failure to lodge its accounts.
The company was placed in voluntary administration on 9 December
1998, and it soon went into liquidation.

The result follows the conclusion of a civil penalty proceeding
with penalty judgment handed down against Mr. Hall on 30
September 2004. The civil penalty hearing was taken in 2003
against Mr. Hall and Mr. John Barrie Loiterton, Mr. Ian Sapier,
also former directors of Clifford, and Mr. Peter James
Loiterton, a former director of Clifford's subsidiary, Signature
Group Australia Ltd (Signature).

Background

ASIC's investigation, commenced in late 1998, disclosed that the
directors of the Clifford Group and its subsidiaries entered
into various fictional and non-commercial transactions, which
had the effect of increasing the Group's reported profit for the
1996-97 financial year.

In 2000, ASIC commenced proceedings in the NSW Supreme Court
seeking declarations that Mr Hall and his co-defendants had
contravened various provisions of the Corporations Act 2001.
ASIC's actions also sought penalties, banning orders and
compensation orders.

Penalties were handed down by the Court on 30 September 2004.
The penalties followed formal declarations by the Court on 17
May 2004 that each of the directors of Clifford, and Mr. Peter
Loiterton had contravened various provisions of the Act.

The Court found that Mr. Hall had committed 32 breaches,
including 12 acts of dishonesty, and on 30 September 2004
ordered that he be banned from managing a corporation for 14
years (from the date of his bankruptcy, 16 May 2002), pay a
pecuniary penalty of $285,000, and pay a maximum of 60 per cent
of ASIC's costs.

ASIC did not pursue the compensation orders given that Mr Hall
was an undischarged bankrupt.

Mr. Loiterton is expected to be sentenced on Tuesday 13
September 2005, after pleading guilty to one charge of making a
false or misleading announcement to the Australian Stock
Exchange.

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


COLD XPRESS: Schedules Final Meeting September 19
-------------------------------------------------
Notice is hereby given that a meeting of the members and
creditors of Cold Xpress Logistics Pty Limited will be held on
Sept. 19, 2005, 9:30 a.m. at Ground Floor, 192-198 High Street,
Northcote, Victoria to lay before them an account showing the
manner of the winding up and disposal of the property of the
Company, and to give any explanation of each account.

Dated this 16th day of August 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: 03 9482 6277


DALLAWAY PTY: Court Appoints Official Liquidator
------------------------------------------------
On Aug. 4, 2005, the Supreme Court of New South Wales ordered
the winding up of Dallaway Pty Limited, and appointed David J.
Kerr to be Liquidator of the Company for such purpose.

Dated this 15th day of August 2005

David J. Kerr
Official Liquidator
RSM Bird Cameron Partners
Chartered Accountants
Level 12, 60 Castlereagh Street
Sydney NSW 2000
Phone: 02 9233 8933
Fax:   02 9233 8521


DURNAND PTY: Members to Receive Wind Up Report
----------------------------------------------
Notice is hereby given that the final meeting of the members of
Durnand Pty Limited will be held on Sept. 19, 2005, 1:00 p.m. at
the Liquidator's office, Office 5, 9 Foamcrest Avenue, Newport
Beach NSW 2106, where an account of the liquidation will be
placed before the members.

Nevil M. Andreson
Liquidator
Office 5, 9 Foamcrest Avenue
Newport Beach NSW 2106


F1 ELECTRICAL: Christopher Palmer Named Liquidator
--------------------------------------------------
On Aug. 5, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be appointed
Official Liquidator for the winding up of F1 Electrical &
Building Services Pty Limited.

Dated this 16th day of August 2005

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


FONE FIX: Creditors OK Liquidator's Appointment
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Fone Fix Australia Pty Limited duly convened and held on Aug. 5,
2005, a Special Resolution was passed to voluntarily wind up the
Company, and P. Ngan was appointed Liquidator. Creditors
appointed the liquidator's appointment at a creditors' meeting
held that same day.

Dated this 9th day of August 2005

P. Ngan
Liquidator
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


HOWARDS HOLDINGS: Set to Declare Dividend
-----------------------------------------
Howards Holdings will declare a first and final dividend on
Sept. 12, 2005.

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

Dated this 10th day of August 2005

Jonathan Murrell
Liquidator
Level 1, 105 Macquarie Street, Hobart Tas 7000
Phone: 03 6223 2555
Fax:   03 6223 2556
E-mail: info@pjc.com.au


IANNELLO BROS: To Distribute Dividend to Creditors
--------------------------------------------------
Iannello Bros. Pty Limited is set to 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


JHB DEMOLITIONS: Members Agree to Wind Up Business
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of JHB Demolitions Pty Limited held on Aug. 8, 2005,
it was resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, Andrew Hugh
Jenner Wily and David Anthony Hurst of Armstrong Wily, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000
were appointed Joint Liquidators for the winding up.

Dated this 8th day of August 2005

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


LARRY LEE: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Larry Lee Pty Limited held on Aug. 3, 2005, the following
resolutions were passed:

Special Resolution
The company be wound up voluntarily.

Ordinary Resolution
That Stephen Rogers of Level 29, 264 George Street, Sydney NSW
2000, be and is hereby nominated liquidator of the Company for
such purpose.

Stephen Rogers
Level 29, 264 George Street
Sydney NSW 2000


MULTIPLEX: Dutch Partner Denies Fall Out
----------------------------------------
The steel firm brought in by Multiplex Group to work on its
Wembley Stadium project has denied any strained relations with
the Australian construction giant, reports the Sydney Morning
Herald.

Hollandia confirmed that it does not have problems with
Multiplex, saying the groups have an excellent relationship.

It was reported earlier that Hollandia's U.K. head of
construction Bob Miller resigned allegedly due to a falling out
with Multiplex. Media reports also said three construction
managers for Hollandia were considering quitting.

The departure reportedly raised questions about whether too much
pressure was being placed on the team to get the job finished.
But the Dutch steel firm clarified Mr. Miller's resignation was
not related to Wembley or Multiplex.

A Multiplex spokesman said Mr. Miller's departure would not
affect progress on the stadium reconstruction, which is expected
to be completed by the end of March.

The AU$1.2-billion project has already suffered costs blowouts
that have triggered an investigation by the Australian
Securities and Investments Commission (ASIC) and potential class
action suits by two Australian legal firms.

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


NEBULUS PTY: Members Pass Winding Up Resolution
-----------------------------------------------
The following resolutions were passed at a general meeting of
members of Nebulus Pty Limited held on Aug. 2, 2005:

That the Company be wound up voluntarily, and that Ralph Clark
be appointed liquidator for such purpose.

Dated this 2nd day of August 2005

Ralph G. Clark
Liquidator
499 The Kingsway, Miranda NSW 2228


NYLEX LIMITED: Still in the Red But on the Mend
-----------------------------------------------
Directors of Nylex Limited on Friday confirmed that the Group
had exceeded its forecast range of AU$17-19 million for
underlying net operating profit after tax (NOPAT), for the year
ending June 30, 2005.

Earnings Before Interest and Tax and the impact of divestments
and writedowns rose 55 per cent from AU$22.4 million to AU$34.7
million, following stronger performances by our major operating
divisions during the year.

Before the impact of divestments and writedowns, the group's Net
Profit After Tax showed a dramatic improvement to AU$20.1
million, from a loss of AU$4.8 million in the previous year.

Provisions for writedowns and divestments fell from AU$90.8
million to AU$69.9 million, while the group's term bank debt was
lowered to AU$115 million at June, 30, 2005.

Managing Director of Nylex, Mr Glen Casey said, "We exceeded our
underlying profit forecast, despite difficult trading conditions
in the second half, particularly in the consumer sector. Five
more divestments were completed in the year and we remain
confident that the rationalization of the group will be
completed in the current financial year."

The additional book losses of AU$22 million associated with the
potential Automotive divestments and its manufacturing
restructure, have been included in the result as foreshadowed,
providing a full year loss of AU$49.5 million.

Mr. Casey said, "The return to profitability of our automotive
businesses has allowed management to take more time for their
divestment".

AH Plant Hire
Nylex's plant hire operation, AH Plant Hire, showed the benefits
of its restructuring program, the upgrade of the rental fleet
and focus on the Federal Government's Austlink program.

AH Plant Hire's sales revenue rose 10 percent to AU$59.7
million, while the operation's operating profit rose 40 percent
from AU$8.7 million to AU$12.2 million during the year.
The significant improvement in performance resulted largely from
ongoing and systematic reductions in maintenance expenditure and
tighter cost management controls. Maintenance expenditure was
reduced by more than 20 percent following a AU$19 million
investment in high quality fleet equipment and improved
servicing processes.

Casual rental revenue improved, but was offset by the loss of
revenue attributable to the completion of a significant contract
with Transport South Australia. This was a result of the South
Australian Government moving from fleet rental to fleet
ownership. Further, following substantial fixed cost reductions
in the previous two years, the underlying business structure has
now stabilized.

Consumer Products
Consumer Products has completed the process of rationalizing its
operations and the Water Reseller business has also now been
incorporated into Consumer Products to extract further cost
synergies. Sales for the new Consumer Products Division in total
increased 12 percent to AU$135.7 million, reflecting the
addition of the new Water products, which contributed sales of
approximately AU$26 million.

A 17.7 percent fall in operating profit from AU$9.9 million to
AU$8.2 million is a reflection of the well-publicized downturn
in the housing market, escalating raw material costs, inventory
rationalization, and one off costs associated with the
relocation to the new warehouse in Somerton.

Industrial Products
Sales in Nylex's Industrial Products business, which now
includes Films & Fabrics (Decorative and Industrial) and Waste
and Materials Handling, fell from AU$122.5 million to AU$83
million as the division ceased manufacturing low margin
products.

Despite the decline in sales revenue, the division's operating
profit improved by AU$6 million to AU$11.9 million, affirming
management's strategy of reducing its exposure to local
manufacturing in certain segments and concentrating on the
profitable product offerings, especially in the Waste &
Materials Handling business.

During the year the Hose & Mesh businesses were rationalized or
sold, with products now being sourced at lower prices from third
parties.

Specific achievements during the 2005 financial year included:
- Investment in new and upgraded tooling for waste products to
improve productivity and service levels
- Sales & Marketing direction changed from a factory and product
based structure to a market based focus to service the core
markets of Decorative Products, Automotive, Waste and Materials
Handling
- A program to have all manufacturing and office sites on a
common IT platform was implemented in 2004, allowing the
consolidation of back room functions into a central location at
Mentone
- Divestment of the Industrial Hose manufacturing businesses
- Successful exit of manufacturing and subsequent re-sourcing of
garden hose and the mesh range of products

Automotive
The Automotive businesses finished the financial year strongly
and their performance continues to improve each month. The
relocation of the Fuel Tank manufacture to a new purpose built
site in Elizabeth (South Australia) has been completed in
preparation for Holden's new model in September 2006 and several
other new business opportunities are now being pursued.

The Automotive division achieved sales revenue of AU$258.5
million for the 2005 financial year, a significant reduction on
the prior year revenue of AU$412.7 million, due to the impact of
the continued divestment activity in this area.

In line with management's strategy of reducing Nylex's exposure
to the highly competitive automotive sector, the Automotive
division successfully completed the divestment of the Marsden &
McGain business, the Hendersons Automotive businesses in both
Geelong and Adelaide, and the Huntingdale automotive
manufacturing business in the 2005 financial year.

Operating Profit for the Automotive division rose by AU$10.5
million to AU$15.4 million. The profit improvements were
principally the result of reduced manning, arising from
increased production efficiencies and leaner cost structures.
These savings and efficiency gains, more than offset the
additional costs arising from automotive customer cost-downs,
labor price increases, and raw material price increases,
particularly for resin and for carbon black.

Outlook
"The coming year will present new challenges in each of our
operating divisions with management's major objective being to
act on the strategic opportunities for each business, streamline
the Group, reduce corporate costs and provide sustainable growth
opportunities.

"The major focus will be on water, where we expect a full year's
benefit to accrue from our broad range of water and conservation
products that are offered to market through a number of
different channels. This will be further assisted by our
alliance with Fieldforce Services.

"In the Plant Hire business, recent announcements in relation to
Austlink funding should result in the sector remaining buoyant
through the 2008 financial year. The Automotive businesses are
now profitable, our China joint venture is lowering product
sourcing costs and further reductions will be made to operating
costs.

"In the Industrial business, strategic opportunities are being
assessed for the Films and Fabrics business, as well as the
Waste and Materials Handling business."

The firm anticipates that the weaker trading conditions will
continue in our Consumer Products business.

In summary, Mr. Casey said "We have come a long way, however our
restructure of the group is still be finalized. This year's
underlying profit result reflects the restructuring initiatives
that have been undertaken by the Group and we are on track in
2005/6 to post our first net profit after abnormals since 2000".

CONTACT:

Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
E-mail: contactus@nylexlimited.com.au
Web site: http://www.nylexlimited.com.au  


O'NEIL SEA: Winding Up Process Initiated
----------------------------------------
The following resolutions were passed at a general meeting of
the members of O'Neil Sea Suits Pty Limited held on Aug. 7,
2005:

That the Company be wound up voluntarily, and that Ian John Lamb
be appointed liquidator for the winding up.

Dated this 7th day of August 2005

Ian J. Lamb
Liquidator
First Floor, 188 Merrylands Road
Merrylands NSW 2160


PENINSULA HOTEL: To Pay Dividend to Creditors
---------------------------------------------
Peninsula Hotel Security Pty Limited will declare a first and
final dividend on Sept. 15, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Sept. 13, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 4th day of August 2005

Warren White
Liquidator
c/o PPB
Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


QANTAS AIRWAYS: Releases July Traffic Figures
---------------------------------------------
Qantas Airways Limited on Friday releases its traffic and
capacity statistics for the month of July 2005, Egoli News
reports.

Total Domestic traffic including Qantas, QantasLink and Jetstar
measured in Revenue Passenger Kilometres (RPKs) increased by 5.7
percent in July 2005, while capacity measured in Available Seat
Kilometres (ASKs) increased by 8.3 percent.

The figures resulted in a revenue seat factor of 79.2 percent,
which was 1.9 percentage points lower than the previous
corresponding period.

Total Domestic yield excluding exchange increased by 1.3 pecrent
over the same period, the group noted.

Total International RPKs for Qantas and Australian Airlines
increased by 2.6% for the month, while ASKs increased by 1.9
percent over the previous corresponding period.

The resulting revenue seat factor of 78.9 percent was 0.5
percentage points higher than the previous year, the company
advised.

Total International yield excluding exchange for the month of
July increased by 3.9 percent, when compared with the same
period last year.

July Group passenger numbers comprising Qantas Domestic,
QantasLink, Jetstar, Qantas International and Australian
Airlines increased by 4.5 percent over the previous year.

RPKs increased by 3.6 percent, while ASKs were up 3.9 percent
resulting in a revenue seat factor of 79 percent, which was 0.2
percentage points lower than the previous year.

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


R.H. SHEPHERD: Members Resolve to Wind Up Firm
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of R.H. Shepherd Pty Limited held on Aug. 12, 2005, a Special
Resolution that the Company be wound up voluntarily was passed
by members, and Donald C. Knight was appointed Liquidator of the
Company.

Dated this 12th day of August 2005

Donald C. Knight
Liquidator
c/o KPMG
Level 11, Corporate Centre One
2 Corporate Court, Bundall Qld 4217


STYLIN GROUP: Liquidator to Detail Wind Up Manner
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Stylin Group Pty Limited will be held on Sept. 19,
2005, 9:15 a.m. at the offices of Brooke Bird & Co. Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, to
present the Liquidator's account them showing the manner in
which the winding up was conducted and the property of the
Company disposed of and to hear any explanations that may
be given by the Liquidators.

Dated this 29th day of July 2005

Robyn Erskine
Peter Goodin
Joint Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666


TASCOL PTY: Members Opt for Voluntary Liquidation
-------------------------------------------------
At a General Meeting of the Members of Tascol Pty Limited held
on Aug. 2, 2005, the following special resolution was passed:

That the Company be wound up voluntarily, and that Gregory
Kenneth Staker of Greg Staker & Co., 105 South Road, Thebarton
South Australia 5031 be hereby appointed liquidator for sucvh
wind up.

Dated this 9th day of August 2005

Greg K. Staker
Liquidator
Greg Staker & Co.
105 South Road, Thebarton
South Australia 5031


TELSTRA CORPORATION: Gags Controversial Boss
--------------------------------------------
Beleaguered Telstra Corporation has kept out of an important
public meeting its controversial Corporate and Media Relations
Director, Phil Burgess, The Advertiser reports.

Dr. Burgess, the executive who started Telstra's surprise price
slide, was reportedly absent in Friday's Senate Committee
inquiry into telecommunications regulations.

It's the sort of meeting he would be expected to front as part
of his AU$675,000-a-year job, but Dr Burgess has been gagged by
Telstra since has become too controversial.

One of the Americans who arrived with new CEO Sol Trujillo to
run Australia's biggest company, he last week told reporters he
wouldn't recommend his mother buy Telstra stock.

The comment helped start a battle with Telstra's biggest
shareholder, the Federal Government, and led to Prime Minister
John Howard calling Telstra management "disgraceful" for talking
down share value.

CONTACT:

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


TELSTRA CORPORATION: Senator Withdraws Support
----------------------------------------------
A key Nationals senator has backed off from supporting the
multibillion-dollar sale of Telstra Corporation, according to
The Advertiser.

Senator Bannaby Joyce said he was pulling off after the
emergence of discouraging news about the telecommunications
firm.

The Senator said he will not be endorsing the sale after
becoming aware of the true state of Telstra's network and its
decision to dip into its reserves to pay dividends to
shareholders.

The explosive secret report, which was handed to the Federal
Government on August 11 but was not released to the public until
Wednesday last week, revealed that Telstra's phone lines are
faulty and that the telco has underinvested in its network in
recent years.

On Monday last week, Telstra surprised shareholders with a
profit warning, which triggered an investigation by the
Australian Securities and Investments Commission (ASIC).

On Thursday, Senator Joyce said senior members of the Queensland
Nationals were concerned about him endorsing the sale in light
of the revelations. He said some of the Queensland Nationals who
had told him to support the sale had changed their minds.

Senator Joyce was set to meet senior party members in Queensland
last weekend to discuss whether he should vote in favor of the
sale legislation, introduced into Parliament.


TELSTRA CORPORATION: Urged to do More Repairs
---------------------------------------------
Telstra will be compelled to increase the amount of repair work
its carried out on its telecommunications network under Federal
Government rules, The Advertiser says.

Telstra is expected to announce details of how the firm will
have to fix at least 480 of its most problematic
telecommunications cables each year.

The government called for the extra repair work after a secret
Telstra document released last week revealed that 14 percent of
the telco's phone lines were defective.

The repair work will be carried out as part of the Government's
strengthening of the Network Reliability Framework (NRF), which
Telstra is required to adhere to as part of its operating
license conditions.

The rules come after a recent review of the NRF by the
Australian Communications and Media Authority.

The automatic remediation is expected to help boost Telstra's
reliability and reduce the number of faults.

The telecommunications firm will be required to report quarterly
and annually on the outcomes of its remediation.

The Government will review the NRF in two years' time and assess
whether the new rules are helping reduce the number of faults on
Telstra's network.


TELSTRA CORPORATION: Woes Rekindle Doubts About NZ Plan
-------------------------------------------------------
Speculations abound that Telstra Corporation will not pursue
plans to build its own mobile phone network in New Zealand after
the phone giant announced its harsh profit outlook, Dow Jones
reports.

For a long time, Telstra has indicated its interest to provide a
full-scale mobile service in New Zealand, where it currently
runs limited fixed-line phone, data and Internet services
through its fully owned TelstraClear unit.

But with the issues Telstra is currently facing, the plan is
likely to be put on the shelf.

Telstra is under heavy scrutiny by investors ahead of the
planned AU$30 billion-plus sale of the Australian government's
51.8% stake late next year.

Citigroup said in a report that comments by Telstra Chief
Executive Sol Trujillo on delaying some capital expenditure
programs have diminished the chances of a mobile entry in New
Zealand.

Mr. Trujillo's decision "suggests he is now less likely to
entertain a proposal to roll out a mobile network in New
Zealand," the brokerage said.

Even before the profit warning, some analysts were skeptical
about Telstra's appetite to invest in a third mobile network in
New Zealand, saying the economics of such a move aren't
attractive enough.

Citigroup said that despite having plowed NZ$1.4 billion into
the New Zealand operation since launching in 1996, TelstraClear
hasn't been a "standout investment" for its parent.


TELSTRA CORPORATION: Says Internal Split Costly
-----------------------------------------------
Beleaguered Telstra Corporation Limited said government
legislation forcing the Company to internally split its
wholesale, retail and network arms is costly and uncertain,
Reuters relates.

The internal split is part of legislation introduced to the
Australian parliament on Thursday to approve the full
privatization of the country's biggest telecommunications
company.

"This legislation forces us to become super bureaucracy. The
operational separation provisions in particular are complex,
costly and uncertain and anything that increases systemic costs
decreases shareholder value," Telstra Regulatory Managing
Director Kate McKenzie told a parliamentary inquiry on Friday.

When asked how much operational separation would cost Telstra,
McKenzie said: "There would be significant sums of money
involved."

The government plans to sell its AU$28 billion (US$22 billion)
Telstra stake late next year, but needs parliamentary approval
to offload its 51.8 percent interest. It now has a majority in
both houses of parliament that will allow the bills to pass
unamended.


VOCON PACIFIC: Creditors Ratify Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Vocon Pacific Pty Limited held on Aug. 9, 2005, it
was resolved that the Company be wound up voluntarily and that
for such purpose, Christopher Michael Williamson and Kimberley
Andrew Strickland of SimsPartners, Level 12, 40 St. George's
Terrace, Perth WA 6000 be appointed Joint and Several Voluntary
Liquidators. Creditors ratified the liquidators' appointment at
a creditors' meeting held on the same day.

Kimberley A. Strickland
Christopher M. Williamson
Liquidators
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


ZORRO'S RESTAURANTS: Court Orders Winding Up
--------------------------------------------
On Aug. 10, 2005, the Supreme Court ordered the winding up of
Zorro's Restaurants Pty Limited, and appointed Alden John Halse
to be Liquidator of the Company.

Dated this 10th day of August 2005

Alden J. Halse
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St. George's Terrace
Perth WA 6000


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

AGRICULTURAL BANK: Cisco Gets ISR Deal
--------------------------------------
Cisco Systems(R) announced on September 8 that the Agricultural
Bank of China HeBei Branch (ABC Hebei) has selected Cisco(R)
2800 series integrated services routers (ISR) to upgrade its
third-tier provincial network, connecting its 250 sub-branches
and outlets in the province.

The 250 Cisco 2800 series ISR will be deployed to integrate the
previously independent business, office administration and
multiple service networks into a unified province-wide network,
maintaining the data security capabilities of each, while at the
same time lowering costs and simplifying system management.

The project marks the largest planned implementation of Cisco
2800 series integrated services routers to date in China since
Cisco introduced this new line of branch-office routers in 2004.

Since 1998, ABC Hebei Branch has used Cisco Systems equipment to
develop its core business and city-level networks. The industry-
leading availability, scalability, and stability of Cisco
solutions and the ongoing services Cisco has provided to ABC
Hebei has again made Cisco the first choice for the latest
county-level network expansion. Additionally, the unique
management features and performance offered by the Cisco 2800
series ISR also attracted the bank.

The Cisco ISR is the industry's first routers to deliver highly
secure, concurrent data, voice, and video services at wire-speed
performance to enterprise branch offices. With a Cisco IOS(R)
Software-based virtual private network (VPN), firewall,
intrusion prevention system (IPS) services, and content-engine
network modules, Cisco offers the industry's highest performing
branch-office routers.

Through Cisco's leading Multiprotocol Label Switching (MPLS) VPN
technology, a network can be logically divided according to
type, creating sub-networks suitable for core business, office
administration and customer service. Such flexibility is
especially necessary in the financial industry, where different
networks require different levels of security.

"The ongoing implementation of the latest networking technology
in its information network demonstrates the far-reaching vision
of ABC Hebei," commented William Shen, vice president of Cisco
Systems China, "Cisco is very proud to continue as the ABC's
primary solution provider as part of our commitment to share our
tradition of innovation with our customers."

In addition to the Cisco 2800 ISR, Cisco 7609 Internet Routers
and Cisco 7206 routers also will be deployed at the ABC Hebei
Branch headquarters and city-level sub-branches.
  
CONTACTS:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com
Web Site: http://www.abchina.com

Cisco Systems, Inc.
Terry Alberstein, (61) 3 9659-4263 (Press)
talberst@cisco.com
Shang Rong, (8610) 6526-7777 ext. 5017 (Press)
rshang@cisco.com
Cherry Pu, (852) 2934 4628 (Investor Relations)
cherryp@cisco.com


ALLIED BENEFIT: Winding Up Hearing Slated for October 5
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Allied Benefit International Limited by the High Court of Hong
Kong Special Administrative Region was on August 3, 2005
presented to the said Court by Lee Wing Ho of Room 114-118,
Ground Floor, Tip Sum House, Butterfly Estate, Tuen Mun, New
Territories, Hong Kong.  

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

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

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

LO, WONG & TSUI
Solicitors for the Petitioner
Suites 3416-3419, 34th Floor
Jardine House
No. 1 Connaught Place
Central, Hong Kong

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


CHINA CONSTRUCTION: Moody's Puts Rating on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service has put on review for possible upgrade
the E+ Bank Financial Strength Rating (BFSR) for China
Construction Bank (CCB). The A2 long-term deposit rating and P-1
short-term deposit rating are unaffected with a stable outlook.

The positive review reflects the considerable progress CCB has
achieved in its restructuring process and the resultant
significant improvements in its balance sheet and capital
position.

In the past two years, since receiving a US$22.5 billion foreign
reserve capital injection from the government at end-2003, the
bank has substantially reduced its non-performing loans (NPL)
through divestitures and write-offs. The ratio fell to 3.9% at
end-2004 from 15.2% in 2002. For the same period, its reserve
coverage for NPLs improved significantly to 61.6% from 10.1%,
while its reported total capital adequacy ratio strengthened to
11.3% from 6.9%.

Such financial improvements have been largely driven by
government initiatives. Specifically, capital injections and
subsidies in NPL sales were, to a large extent, responsible for
strengthening CCB's asset quality and capital position.

However, a clear track record of performance improvements - as a
result of the bank's own efforts - have yet to emerge. In this
regard, one particular concern is the recent high level (16.7%
at end-2004) of special-mentioned loans, an area, which -- as
related to the direction of their potential migration - warrants
close monitoring. In addition, while CCB has a leading franchise
in the booming mortgage business in China, its exposure to
China's hot property sector is higher than many of its peers. A
significant and prolong downturn in the property sector could
adversely affect CCB's asset quality.

CCB is actively preparing for its initial public offering (IPO)
on the Hong Kong Stock Exchange. As part of the preparations,
the bank has engaged one of the Big 4 accountancy firms to audit
its financial results in accordance with international
standards. The outcome should improve international
comparability. At the same, CCB has accelerated its efforts to
improve operating efficiency and risk management. Furthermore,
the introduction of Bank of America as a strategic investor has
the potential to improve CCB's operations and its corporate
governance over the long run.

The review will focus on CCB's asset quality, capital position
and core earnings trend. Specifically, Moody's will seek
evidence suggestive of asset quality stabilization leading to
improved financials, and strengthened capital position from its
IPO.

Further positive rating actions would require continued
improvements in asset quality and other stand-alone financial
performances and -- at the same time -- evidence of strengthened
corporate governance and risk management.

China Construction Bank Corporation, headquartered in Beijing,
is the third largest commercial bank in China. As of end-2004,
it had total assets of US$472 billion.

Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


CHINA CONSTRUCTION: Bank of America Takes 9% Stake
--------------------------------------------------
The Bank of America Corporation has completed its acquisition of
a 9 percent stake in China Construction Bank (CCB) for US$2.5
billion, AFX News reports.

Meanwhile, Singapore state investment arm Temasek Holdings Ltd
has also completed its acquisition of a 5.1 percent stake in the
lender via its wholly owned subsidiary, Asia Financial Holdings
Pte Ltd.

The deals were signed in late June and early July respectively.

The acquisition deal indicates that the two may commence their
assistance to, and cooperation with, CCB in areas such as
corporate governance, risk management, consumer banking, credit
cards, global treasury services, information technology and
human resources management.

CONTACT:

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


CHINA TREASURE: HKEx Censures Firm for Breaching Rules
------------------------------------------------------
The Listing Committee of The Stock Exchange of Hong Kong Limited
(the Listing Committee) censures the following parties for
breaching the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the Exchange Listing
Rules):

China Treasure (Greater China) Investments Limited (the
Company); Mr. Ma Kam Fook, Robert, an executive Director of the
Company (Mr. Ma); and Mr. Joel Lazare Hohman, a former non-
executive Director of the Company resigned effective December
15, 2004 (Mr. Hohman). Further, the Listing Committee criticizes
the following parties for breaching the Exchange Listing Rules:

Mr. Chan Yan Ming, Michael, a former executive Director of the
Company resigned effective September 26, 2003 (Mr. Chan); and
Mr. Andrew Nan Sherrill, a former executive Director of the
Company resigned effective April 4, 2003 (Mr. Sherrill).

On March 22, 2005, the Listing Committee conducted a hearing
into the conduct of the Company, Mr. Ma, Mr. Hohman, Mr. Chan
and Mr. Sherrill (collectively, the Relevant Directors) in
relation to the obligations under the then Rule 14.26(1) and
Rule 21.04(3)(b) of the Exchange Listing Rules and the
Declaration and Undertaking with regard to Directors given by
each of the Relevant Directors to the Exchange in the form set
out in Appendix 5B to the Exchange Listing Rules (the Director's
Undertaking).

Facts:

The then Rule 14.26(1) - Connected Transaction

Under the Exchange Listing Rules, any investment manager,
investment adviser or custodian (or any connected person
thereof) would be regarded as a connected person of an issuer.  

On February 18, 2002, the Company entered into an investment
management agreement with China Core Capital Management Limited
(CCCM).  CCCM was not at that stage registered with the
Securities and Futures Commission so the agreement with them was
made conditional on a license being obtained.

On April 16, 2002, the Company purchased a 13 percent interest
in Korning Investments Limited (KIL) from a Mr. Chen (the
Acquisition).  Mr. Chen was at that time also the controlling
shareholder of CCCM.

It was alleged that, as Mr. Chen was a connected person within
the meaning of the then Rule 14.23 by reason of his interest in
CCCM, the Acquisition therefore constituted a connected
transaction of the Company.  Given the size of the transaction,
prior shareholders' approval should have been obtained before
the transaction proceeded, failing which the Company was in
breach of Rule 14.26(1).

Rule 21.04(3)(b) - Reasonable Spread of Investments

The Company was an investment company under Chapter 21 of the
Listing Rules.  Pursuant to Rule 21.04(3)(b), an investment
company should maintain a reasonable spread of investments.  
Generally, this would mean that the value of its holding of
investments issued by any one company or body should not exceed
20 percent of the investment company's net asset value at the
time when such investment was made.

It was alleged that the Company breached Rule 21.04(3)(b) which
arose on or about March 2002 and was continuing as at the date
of the disciplinary hearing.

The relevant board minutes of the Company revealed the
following:

At a board meeting held on March 4, 2002, the board approved the
purchase of 4.91 percent stake in Yanion International Holdings
Limited (Yanion) for the sum of approximately HK$14 million;

At a board meeting held on March 26, 2002, the board approved
the purchase of 190 shares in Modern Vocal Limited (MVL) for the
sum of HK$18 million; and

At a board meeting held on April 16, 2002, the board approved
the purchase of 13 per cent interest in KIL for the sum of
US$2.2 million.

MVL was a 60 percent subsidiary of Yanion while KIL was an 87
percent subsidiary of Yanion.

Based on the cost of each investment disclosed in the Company's
annual report for the year ended December 31, 2002 and the pro-
forma net tangible asset value of the Company disclosed in the
extract from the Company's prospectus, the value of those
investments was as follows: Yanion 19.7 percent, MVL 18.8
percent and KIL 19.3 percent of the Company's net tangible asset
value.

The Listing Division was of the view that the relationship
between Yanion, MVL and KIL required that, for the purpose of
Rule 21.04(3)(b), the interests should be aggregated.  Thus,
taken together, the combined interests amounted to some 57.8
percent, and were well in excess of the 20 percent threshold
referred to in the Rule.

The Decision:

The Listing Committee concluded that:  

The Company breached the then Rule 14.26(1) in respect of the
Acquisition and Rule 21.04(3)(b) in failing to maintain a
reasonable spread of investments as required by the Rule;

Each of Mr. Ma and Mr. Hohman breached the Director's
Undertaking in that they had caused or failed to prevent a
breach of the then Rule 14.26(1) by the Company and had caused
and/or failed to prevent and, in addition, had failed to remedy
within a reasonable time the breach of Rule 21.04(3)(b); and

Each of Mr. Sherrill and Mr. Chan breached the Director's
Undertaking in that they had caused or failed to prevent a
breach of the then Rule 14.26(1) by the Company and had caused
and/or failed to prevent the breach of Rule 21.04(3)(b).

The Listing Committee decided to impose the following sanctions
on the parties:

A public censure on the Company, Mr. Ma and Mr. Hohman for their
respective breaches mentioned in (i) to (ii) above;

A public statement which involves criticism on Mr. Sherrill and
Mr. Chan for their respective breaches mentioned in (iii) above;
and

A direction that the breach of Rule 21.04(3)(b) be remedied by
the Company to the satisfaction of the Listing Division within a
period of one month from the final determination of this matter.
In arriving at its decision on the sanctions against the
Relevant Directors for breaching the Director's Undertaking, the
Listing Committee took into account the fact that Mr. Ma and Mr.
Hohman failed to remedy within a reasonable time the breach of
Rule 21.04(3)(b) which was first brought to the Listing
Division's attention in or about April 2003.

Richard Williams, Head of Listing, commented: "This case
highlights two matters of regulatory concern:

First, that the Exchange views the failure to disclose and
obtain prior independent shareholder approval in respect of
transactions with connected parties where required by the rules
very seriously. A transaction of the character referred to in
this case executed in breach of the rules prejudices the
interests of independent shareholders in that they have not been
given information on a timely basis or invited to approve the
transaction before it is implemented.

Second, the case also demonstrates that it is important for the
management of investment companies to maintain an adequate
spread of investments. Failure to comply with this obligation
exposes shareholders and investors to unnecessary risk."

CONTACT:

China Treasure (Greater China) Investments Limited
Room 1603, 16 th Floor Sino Plaza 255-257
Gloucester Road Causeway Bay Hong Kong  
Phone: 28992669  
Fax: 21475513  


HIH MANAGEMENT: Creditors Meeting Fixed October 14
--------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meetings of the
members and creditors of HIH Management (Asia) Limited (In
Creditors' Voluntary Liquidation) will be held at 20th Floor,
Prince's Building, 10 Charter Road Central, Hong Kong on October
14, 2005 at 10:00 a.m. and 10:30 a.m. respectively for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the preceding year.

Forms of general and special proxies may be obtained on written
request to the Joint and Several Liquidators at 20th Floor,
Prince's Building, Central, Hong Kong not later than 12:00 noon
on 13 October 2005.

Dated this 9th day of September 2005

JAN G W BLAAUW
Joint and Several Liquidator


HIH UNDERWRITING: Annual Meeting of Creditors Set October 14
------------------------------------------------------------
Notice is hereby given that pursuant to Section 236 and Section
247 of the Companies Ordinance (Chapter 32), the annual meetings
of the members and creditors of HIH Underwriting Services (Asia)
Limited (In Creditors' Voluntary Liquidation) will be held at
20th Floor, Prince's Building, 10 Chater Road Central, Hong Kong
on October 14, 2005 at 9:00 a.m. and 9:30 a.m. respectively for
the purpose of change of joint and several liquidator, having
laid before the meetings by the liquidators an account of their
act and dealings and of the conduct of the winding up of the
company during the preceding year.

Forms of general and special proxies may be obtained on written
request to the Joint and Several Liquidators at 20th Floor,
Prince's Building, Central, Hong Kong not later than 12:00 noon
on October 13, 2005.

Dated this 9th day of September 2005

JAN G W BLAAUW
Joint and Several Liquidator


HONGKONG CONSTRUCTION: Creditors' Meeting Set September 23
----------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance, Annual Meetings of Members and
Creditors of HongKong Construction (Works) Limited (In
Creditors' Voluntary Liquidation) will be held at 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on
September 23, 2005 at the following times for the purpose of
having laid before the meeting by the Liquidator an account of
his acts and dealings and of the conduct of the winding-up
during the year ending 22 September 2005.

Annual Meeting of Members: 2 p.m.
Annual Meeting of Creditors: 2:30 p.m.

Proxies must be lodged at 5/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which it is
to be held.

Dated this 9th day of September 2005.

Stephen Briscoe
Joint and Several Liquidator


HONG KONG UNITED: Releases Dividend Notice
------------------------------------------
Hong Kong United Group Limited issued a notice of intended
dividend in the High Court of the Hong Kong Special
Administrative Region Court of First Instance with the following
details:

Registered Office of the above Companies and Liquidator's
Address: 10th Floor, Queensway Government Offices, 66 Queensway,
Hong Kong.

Last Date for Receiving Proofs: September 24, 2005
  
Dated this 9th day of September 2005

E T O'CONNELL
Official Receiver & Liquidator


KAWAJITSU LEASING: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the Creditors of Kawajitsu Leasing
(HK) Limited (In Member's Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
September 23, 2005 to prove by affidavit their debts or claims
by sending in their names, addresses and descriptions and full
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the names and addresses
of their Solicitors (if any) to the undersigned Liquidators of
the said Company.

If so required by notice in writing from the said Liquidators,
they are to personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

DATED this 9th day of September, 2005

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


LOJACK NETWORK: Fixes Creditors, Contributories Meeting
-------------------------------------------------------
Notice is hereby given that pursuant to Section 248 of the Hong
Kong Companies Ordinance, the Final Meetings of the
Contributories and Creditors of Lojack Network (HK) Limited (In
Creditors' Voluntary Liquidation) will be held at 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, on 22
September 2005 as follows:

Contributories' meeting: 10:00 a.m.
Creditors' meeting: 10:30 a.m.

Agenda

1. To consider the Liquidators' account, showing the manner in
which the winding-up has been conducted and the property of the
Company disposed of.

Creditors may vote either in person or by proxy

Proxies must be lodged at 5/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which it is
to be used.

Dated this 9th day of September 2005.

Nicholas Timothy Cornforth Hill
Joint and Several Liquidator


NORTH ASIA: Notes Unusual Price Movement
----------------------------------------
The directors of North Asia Strategic Holdings Limited (formerly
known as iSteelAsia Holdings Limited) recently noted a decrease
in price of the shares of the Company and wish to state that we
are not aware of any reasons for such decrease.

Save for the very substantial acquisition of the Company
announced on September 1, 2005 and the possible fund raising
exercise previously disclosed in the Company's announcements
dated September 2, 2005, September 5, 2005, September 6, 2005
and September 7, 2005, the company confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations, which are discloseable under Chapters 19 and 20 of
the GEM Listing Rules, neither is the board of Directors aware
of any matter discloseable under the general obligation imposed
by rule 17.10 of the GEM Listing Rules, which is or may be of a
price-sensitive nature.

The company posted a net loss of HK$10.44 million in the year
ended March 31, 2005, versus a net loss of HK$25.71 million a
year earlier, according to Chong Hing Securities Ltd.

CONTACT:

North Asia Strategic Holdings Limited
78th Floor, The Center
99 Queen's Road Central
Central, Hong Kong  
Phone: 28657106  
Fax: 28650578  
Web site: http://www.isteelasia.com


SHANGHAI LAND: Updates Settlement Proposal
------------------------------------------
On July 27, 2005, Shanghai Land Holdings Limited (Receivers
Appointed) announced it has entered into a Settlement Proposal
with New Nongkai Global Investments Limited (NNGI), Bank of
China (Hong Kong) Limited (BOCHK), Bank of China (Hong Kong)
Nominees Limited, the Receivers Messrs Stephen Liu Yiu Keung and
Yeo Boon Ann, the NNGI Receivers Mr. Kennic Lai Hang Lui and Ms.
Ruby Mun Yee Leung, Shanghai Land Chairman Mr. Chau Ching Ngai
and Shanghai Land's former general manager Ms. Mo Yuk Ping which
involve, among other things, the winding up of the Company by
way of a members' voluntary winding-up, a settlement of
liabilities and claims and the distribution of the Company's
assets to its Shareholders.

A circular in respect of the Settlement Proposal was dispatched
to the Shareholders on August 27, 2005.

Conditions precedent to the Settlement Deed

The following are conditions precedent to the operation of the
Settlement Proposal as contained in the Settlement Deed:

(1) Approval by a majority of the Directors voting at a meeting
of the Board convened for the purposes of approving the company
entering into the Settlement Deed;

(2) The passing by the Independent Shareholders of a resolution
at the EGM to approve the Settlement Deed and the transactions
contemplated there under for the purposes of the Listing Rules,
voting by way of poll;

(3) The passing by the Shareholders of a special resolution at
the EGM to approve, among other things, the winding-up of the
Company upon the passing of the resolution as mentioned in (2)
above (to the extent to which BOC (HK) Nominees may vote in
respect of such resolution, BOCHK agreed to procure BOC (HK)
Nominees to and BOC (HK) Nominees undertakes to vote in favour
of such resolution); and

(4) Sanction from the Court in respect of the Receivers and the
NNGI Receivers entering into the Settlement Deed in their
capacity as receivers and on behalf of the Company and New
Nongkai respectively and their implementation of the Settlement
Deed including, without limitation, the making of the
distributions.

A resolution will be put to the Independent Shareholders for
their consideration for the withdrawal of listing of the Shares
of the Company from the Stock Exchange following the
implementation of the Settlement Proposal. In accordance with
Rule 6.12 of the Listing Rules, the approval of withdrawal of
listing must be obtained from at least 75% of the Independent
Shareholders voting by way of poll either in person or by proxy
at the meeting.

The Company is pleased to announce that conditions (1) and (4)
have been satisfied.

On August 25, 2005, the Company dispatched a circular to the
Shareholders whose name and address appeared on the Register of
Members as at that date.

The circular is aimed at, among other things, (i) to give
further details on, among other matters, the Settlement
Proposal; (ii) to set out the recommendation of the Board in
respect of the Settlement Proposal and proposed delisting of the
Shares of the Company from the Stock Exchange; (iii) to set out
the recommendation of the Independent Board Committee in respect
of the Settlement Proposal and proposed delisting; (iv) to set
out the letter of advice from the independent financial adviser
to the Independent Board Committee and the Independent
Shareholders in respect of the Settlement Proposal; (v) to set
out the valuation reports performed by independent valuers in
relation to the PRC properties; and (vi) to give Shareholders
notice of EGM to consider and, if thought f it, to approve the
Settlement Proposal and the withdrawal of listing of the Shares
of the Company from the Stock Exchange. The circular also
includes an Expected Timetable for the events to take place.

Application for the withdrawal of listing of the Shares from the
Stock Exchange The Settlement Proposal involves, among other
things, the winding-up of the Company and the return of the
Company's assets to the Shareholders. On the winding-up of the
Company, the Company is no longer eligible and does not comply
with the requirement of the Listing Rules.

A resolution will be put to the Independent Shareholders in the
EGM for the withdrawal of listing of the Shares of the Company
from the Stock Exchange. In accordance with Rule 6.12 of the
Listing Rules, the approval must be obtained from at least 75%
of the Independent Shareholders voting by way of poll either in
person or by proxy at the meeting. Upon passing of the
resolution by Independent Shareholders and the completion of the
implementation of the Settlement Proposal, an application will
be made to the Stock Exchange for the delisting of the Shares of
the Company on the Stock Exchange. The tentative date for the
Shares to be delisted from the Stock Exchange is by close of
business on October 10, 2005.

For a copy of the expected timetable of sequence of events, go
to
http://bankrupt.com/misc/shanghai_090905.pdf


SOUTHERN WISE: Issues Intended Dividend Notice
----------------------------------------------
Southern Wise Limited issued a notice of intended dividend in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance with the following details:

Name of Liquidator of the above Companies: The Official Receiver

Registered Office of the above Companies and Liquidator's
Address: 10th Floor, Queensway Government Offices, 66 Queensway,
Hong Kong.

Last Date for Receiving Proofs: 24th September 2005
  
Dated this 9th day of September 2005

E T O'CONNELL
Official Receiver & Liquidator


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

IBP COMPANY: To Hive Off LPG Division to IOC
--------------------------------------------
Struggling IBP Company Limited is set to hive off its liquefied
petroleum gas (LPG) to its parent, Indian Oil Corporation
Limited (IOC), Sify News reveals.

Sarthak Behuria, Chairman of both the companies, said the
separation would be complete even before IBP is formally merged
with IOC.

He said the proposed merger of IBP and IOC is an "irreversible
decision" which was the "best thing" that could happen to IBP in
the present scenario.

He said the swap ratio would not change irrespective of the
declining fortunes of IBP.

Mr. Behuria said the decision to hive off the LPG division of
IBP was reached to ensure that IBP does not have to bear any
longer losses suffered on account of under recoveries on retail
sales of LPG.

Last fiscal, IBP had to absorb under recoveries to the tune of
INR352 crore in respect of retail sales of kerosene and LPG
alone.

According to him, in the first quarter of the current fiscal,
IBP's total under recoveries stood at INR391 crore, which was
about 70 per cent of the company's aggregate under recoveries of
INR563 crore in 2004-05.

As part of its growth plan in the years ahead, IBP Co Ltd would
focus on maintaining synergy with IOC to ensure cost benefits.

CONTACT:

IBP COMPANY LIMITED
IBP House
34-A, Nirmal Chandra Street
Kolkatta, India, 700 013
Phone: +91 33 22362374
Fax: +91 33 22219828
Web site: http://www.ibpoil.com/


* RBI Issues Guidelines for Debt Restructuring for SMEs
-------------------------------------------------------
In a bid to boost credit flow to small and medium sector
enterprises, Reserve Bank of India on Thursday issued guidelines
to ensure restructuring of debt of all eligible SMEs at terms as
favorable as the corporate debt restructuring mechanism in the
banking sector, according to PTI News.

Under the new RBI guidelines, rescheduling of the installments
of principal alone, would not cause a standard asset to be
classified in the sub-standard category, provided the borrower's
outstanding is fully covered by tangible security.

However, the condition of tangible security may not be made
applicable in cases where the outstanding is up to INR5 lakh,
since the collateral requirement for loans up to INR5 lakh has
been dispensed with for SSI/tiny sector.

A rescheduling of interest element would not cause an asset to
be downgraded to sub-standard category subject to the condition
that the amount of sacrifice in the element of interest,
measured in present value terms, is either written off or
provision is made to the extent of the sacrifice involved, it
said.

During the specified one-year period, the asset classification
status of rescheduled accounts would not deteriorate if
satisfactory performance of the account is demonstrated during
the period.

In case, however, the satisfactory performance during the one
year period is not evidenced, the asset classification of the
restructured account would be governed as per the applicable
prudential norms with reference to pre-restructuring payment
schedule, it said.

A complete copy of the RBI Guidelines is available free of
charge at:
http://bankrupt.com/misc/Tcrap_reservebank090905.pdf.


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

GARUDA INDONESIA: Projects Sales to Reach IDR10.8 Trillion
----------------------------------------------------------
National flag carrier PT Garuda Indonesia has estimated sales to
reach IDR10.8 trillion this year, Bloomberg News reports.

In the first seven months of 2005, the Company reported sales to
be at IDR6.7 trillion, according to Garuda president Emirsyah
Satar, while last year's sales were pegged at IDR10.06 trillion.
The company is also slated to lease three new Boeing Co. 737-800
planes next year for its additional flights to cities in China.

Garuda Indonesia, which has an outstanding debt of IDR7.92
trillion, sought a government bailout; increasing global prices
and fierce competiton have added to the Company's woes. The
government had earlier replaced Garuda's board of directors in
order to improve performance.

The government is currently considering merging Garuda Indonesia
with two other ailing state airlines, PT Merpati Nusantara and
PT Pelita Airlines, in order to turn the airlines around and
eliminate unnecessary competition.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Government Urges Use of Local Fuel
---------------------------------------------
The Indonesian government ordered state oil and gas firm PT
Pertamina to reduce its crude oil imports and use locally-made
fuel as an alternative, reports the Jakarta Post.

According to the Ministry of Energy & Mineral Resources' oil and
gas director Iin Arifin Takhyan, if Pertamina buys local crude
oil, it would reduce transportation and production costs as a
result. The Company's production costs are the basis of the
government to calculate fuel subsidies.

In effect, if Pertamina were to start buying local crude oil,
then the government's fuel subsidy would also be reduced.

In a meeting together with Vice President Jusuf Kalla and
Minister of Energy Purnomo Yusgiantoro, Pertamina marketing and
trading director Ari Soemarno, BP Migas oil regulator's Zanial
Amad and Djoko Harsono, it was agreed that the government would
allow Pertamina to buy crude oil from local producers based on
global market prices. The Company would then ship the crude oil
to its refineries in the different islands for processing.

If the plan pushes through, the government expects to save as
much as IDR5.67 billion daily, as buying the local crude oil
would save between IDR30,000 and IDR51,500 per barrel in
transportation costs; Pertamina plans to buy up to 110,000
barrels of local crude per day on a short-term basis.

Vice President Kalla has asked the Ministry of Finance to
approve the scheme to buy oil from local producers. The ministry
has to give the go signal before Pertamina can start buying
local crude oil. If the scheme is granted, the Company would
then negotiate with each producer to determine the price per
barrel of the local fuel.

CONTACT:

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


PERTAMINA: President SBY Looks Into Smuggling Allegations
---------------------------------------------------------
President Susilo Bambang Yudhoyono called officials of state oil
firm PT Pertamina to his office to discuss the matter of 18
Company officials that were arrested for allegedly smuggling
fuel to other countries, the Associated Press reports.

Along with the 18 officials, five foreign nationals were
arrested on smuggling charges, bringing the total of people
arrsted for smuggling to 58; 17 ships were also seized for
inspection. If convicted, the suspects each face a six-year
prison term.

According to National Police Chief, Sutanto, up to 105 metric
tons of crude oil and fuel products are smuggled from the
country to neighboring nations such as China and Thailand,
resulting to IDR8.8 trillion in annual losses.

This follows President Yudhoyono's promise to go after those who
are smuggling oil out of the country.

Pertamina spokesman M. Harun said that the Company has
cooperated fully with the investigation, although only three
Company employees have been arrested of late.


PERTAMINA: Shuts Down Unit Ahead of Schedule
--------------------------------------------
On Sept. 8, 2005, state oil and gas firm PT Pertamina shut down
its oil refinery unit in Cilacap for maintenance, reports Dow
Jones.

Pertamina's upstream director Harri Kustoro said that the
Cilacap oil refinery, which will be shut down for 20 days, was
closed a few days ahead of its Sept. 12, 2005 schedule. He said
that the Company saw that it was the right time to start the
shutdown.

It is very likely that the Company shut down its refinery unit
as its oil reserves are at the safe 22-day level.

The Company's Cilacap unit produces 230, barrels of oil on a
daily basis.
   

PERUSAHAAN LISTRIK: Must Pay Market Price for Fuel Above Quota
--------------------------------------------------------------
The House of Representatives' budget commission committee has
decided that state power firm PT Perusahaan Listrik Negara (PLN)
will continue to have a subsidized fuel quota, which means that
it will pay market prices for any fuel that it consumes above
such quota, the Jakarta Post reports.

According to working committee member A. Ramson Siagian, PLN
must pay the market price (July) for an additional 3.1 million
liters of fuel, which is twice the price of subsidized fuel.
The committee's decision, which will be forwarded to the budget
commission, will reduce the government's fuel subsidy expenses
from an earlier estimated IDR119.4 trillion to IDR113. 7
trillion, saving as much as IDR5.7 trillion. The bidget deficit
would also be lessened to Idr23.4 trillion, ).88% of the gross
domestic product (GDP).

In order to generate enough power supply this year, PLN needs
11.44 million kiloliters of oil, which is higher than its
allocated 8.35 million kiloliter quota. PLN president Eddie
Widiono said that the Company would need IDR15 trillion from the
government to cover costs this year.

Despite a IDR2.56 trillion net income, PLN posted IDR2.02
trillion in losses last year.

The Company uses more expensive oil power to operate its plats
when power demand increases during opeak hours (5:00 p.m. to
10:00 p.m.). Even though oil-fired plants stand for 30% of the
country's total power capacity, they account for 70% of its
total generating costs.


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

DAIEI INCORPORATED: Seals Deal With Drug Store Chain CFS
--------------------------------------------------------
Daiei Incorporated will tie up with drug store chain operator
CFS Corporation, in a move to promote its management
rehabilitation, Japan Today reports.

The five-year partnership with the operator of the "HAC Drug"
chain marks Daiei's first partnership with another company after
it began business rehabilitation under the auspices of the
Industrial Revitalization Corporation of Japan.

CONTACTS:

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

CFS Corporation
3-19 Shinyokohama 2-Chome
Kohoku-Ku Yokohama 222-0033
Kanagawa 222-0033
Japan
Web site: http://www.hac-kimisawa.co.jp/


DELPHI CORPORATION: Launches Next Generation Diesel Vehicles
------------------------------------------------------------
A common rail injection system for the next generation of medium
duty diesel vehicles has been developed by Delphi Corporation.

Based on the company's successful Multec technology, MDCR1800
(Medium Duty Common Rail) addresses the growing need worldwide
for engines from four to nine litres that offer low emissions
and car-type refinement combined with the durability and economy
demanded by commercial vehicle users.

Three areas of application are anticipated: off-highway,
commercial vehicles and large passenger vehicles such as North
American SUVs. "We see growing demand for state-of-the-art
diesel engines in all of these sectors," stated Peter Lakin,
business line executive for Diesel Systems. "Delphi's new MDCR
technology will help engine and vehicle manufacturers meet this
demand with a technology that offers world-class performance
yet, thanks to our established volumes and proven technologies,
is also dependable and affordable."

Starting in 2006, off-highway vehicles sold in the USA must
comply with rigorous Tier III emissions regulations. In Europe,
the broadly equivalent Stage IIIA regulations will be introduced
in 2006 - 2008. For the higher rated engines, compliance will
require a substantial step beyond the traditional injection
technologies used by the majority of today's medium duty
applications.

Delphi's new injection system is based on selected components
from its proven Multec DCR (Diesel Common Rail) light duty
system. More than four million and a half DCR systems have been
produced since its introduction in 2001, giving Delphi
substantial field experience with advanced diesel common rail.
The success of Multec DCR, (Delphi expects to produce around
three million systems a year by 2010) also allows the new medium
duty system to benefit from efficient manufacturing processes
and substantial economies of scale.

At the heart of the new medium duty system is an advanced
solenoid injector that Delphi says allows the smallest injection
quantities and highest precision fuel delivery of any common
rail system available today, including those using first
generation piezo injectors. The system has a maximum rail
pressure of up to 1,800 bar and can deliver up to five injection
events, giving engine designers immense flexibility to select
the most appropriate combination of durability, driveability,
noise and emissions. Control over each event is so precise,
claims Delphi, that the system can enable compliance with Tier
III regulations for off-highway vehicles at 1,400 bar with just
two injection events and no after-treatment.

MDCR 1800 allows significant system simplification. All Delphi
common rail injectors, for example, operate at battery voltage
with the lowest energy requirements of any common rail system,
allowing simpler, more cost-effective electronics. The new
Delphi Medium Duty electronic control unit can be engine-
mounted, allowing engine manufacturers to supply complete
engines 'ready to run' with a high level of customization (for
different markets and engine applications) possible just through
software changes.

Customers for the new Medium Duty Common Rail system will be
supported from Delphi's recently strengthened global network of
diesel applications engineering centres which now covers Europe,
the USA and Asia. Vehicle manufacturers specifying the Delphi
system will also benefit from access to Delphi's global network
of 3,000 authorised diesel service specialists. Trained and
quality audited by Delphi, these operations provide invaluable
support for vehicle manufacturers' own service networks.

"MDCR 1800 allows a big leap in performance, refinement and
emissions without substantial re-engineering of existing engines
or the cost of bespoke, low-volume direct injection systems,"
concludes Peter Lakin. "It presents exciting opportunities for
both Delphi and our customers."

Delphi is a major supplier of diesel technologies and the only
one that can develop and manufacture integrated systems that
include fuel handling, filtration and exhaust after-treatment.
Of approximately 100 million road- vehicle diesel engines
currently operating worldwide, around 17 million rely on Delphi
injection systems.

Additional Information If you found this release interesting,
you may also like to read:

Delphi unveils next-generation solenoid injection system &
introduces radical Piezotec piezo valve injector system: Click
here to open this document or cut and past the link into your
browser: http://www.delphi.com/news/pressReleases/pr24743-
09092003

For additional information, visit Delphi's Virtual Press Room is
at http://www.delphi.com/media.

CONTACTS:

Delphi Corporation

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

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

This is a company press release.


JAPAN AIRLINES: JCR Downgrades Rating to BBB
--------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the long-term
ratings for both Japan Airlines Corporation and Japan Airlines
International Co. from BBB+ to BBB.

Rationale:

JCR still evaluates highly Japanese airlines' high safety and
convenience relative to airlines overseas, preference of
Japanese people to Japanese airlines over foreign counterparts
and tangible and intangible support from the government on the
back of the business's public nature.

However, JCR downgraded the long-term ratings for both Japan
Airlines and Japan Airlines International to BBB from BBB+,
taking into account the following: Firstly, business environment
surrounding the Company will continue to be severe. Secondly, it
is still on the road to recovery of consumers' confidence in its
safety. Thirdly, the company failed to improve the earnings and
financial structure as much as assumed in the previous rating.
Finally, it is unlikely that the financial ratios will improve
significantly in the future.

Outlook for the rating is negative.

CONTACT:

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


MEIJI YASUDA: Officials to Quit Over Nonpayments
------------------------------------------------
The President and three other top executives of Meiji Yasuda
Life Insurance Co. might resign in October to take the
responsibility for the firm's illegal nonpayment of insurance
claims, Kyodo News reports.

President Ryotaro Kaneko may quit together with Chairman
Mikihiko Miyamoto and two Vice Presidents. The four have rights
to represent the company.

Other Meiji Yasuda officials who are directly responsible for
the illegal practices may be punished, they said.

CONTACT:

Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo 169-8701, Japan  
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123


PIONEER CORPORATION: To Cut Interim Dividend
--------------------------------------------
Pioneer Corporation has announced an interim cash dividend of
JPY7.5 per share of common stock for fiscal 2006, ending March
31, 2006, a decrease of JPY5.0 from that for the previous fiscal
year. Subject to resolution at a meeting of the Company's board
of directors to be held in late October 2005, the dividend will
be paid to shareholders registered as of September 30, 2005,
Japan time. The payment date in Japan has been set for December
2, 2005.

Based on its policy aimed at dividend continuance and stability,
the Company determines the appropriate dividend amount, taking
into consideration its financial condition, consolidated
business results and other factors. The decision was, however,
attributed to continued severe business conditions.

[Dividend Amount per Share of Common Stock]

                  Fiscal 2006          Fiscal 2005

Interim dividend     JPY7.5               JPY12.5
Year-end dividend     *                   JPY12.5
Total annual dividend *                   JPY25.0

* The amount of the year-end dividend for fiscal 2006 is yet to
be determined.

Pioneer Corporation is one of the leading manufacturers of
consumer- and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange (ticker symbol PIO),
Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities
Exchange.

For further information, please contact:
Hideki Okayasu
Senior Executive Officer and General Manager, Finance and
Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
IR Website: http://www.pioneer.co.jp/ir-e/

This is a company press release.


MITSUBISHI MOTORS: Suzuki Supplies New Vehicle in Indonesia
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that on September
15 in Indonesia it would launch sales of Maven, a new multi-
purpose vehicle. Maven will be supplied by Suzuki on an OEM
basis and sold via MMC's Indonesian distributor P.T. Krama Yudha
Tiga Berlian Motors (*1).

Maven employs the body of APV, which is produced by Suzuki's
local subsidiary, with a partially altered exterior design.
Maven is fitted with a 1.5-liter gasoline engine produced by
MMC's local engine production partner P.T. Mitsubishi Krama
Yudha Motors and Manufacturing (*2). OEM-supply volume will be a
maximum of 12,000 units per year.

Mitsubishi Motors and Suzuki first co-developed a small
commercial vehicle (*3) in Indonesia that was launched in 1991.
The new OEM supply agreement is MMC's second cooperative project
with Suzuki in Indonesia. By adding Maven to its lineup, MMC
anticipates new customer expansion in the market.

1: Krama Yudha Tiga Berlian Motors

President: Fumio Kuwayama / Head Office: Jakarta / Established:
July 1970 / Employees: 630 / Capital: 20.9 billion Rupiah
(approximately209 million Yen) / Models: Grandis, Lancer,
Galant, Kuda, Strada/L200 (pickup), Colt T120SS, Colt L300 /
Fiscal year 2004 unit sales: 47,554

2: Mitsubishi Krama Yudha Motors and Manufacturing

Head Office: Jakarta / Established: Aug 1973 / Capital: 11.4
billion Rupiah (approximately114 million Yen) / Ownership by
MMC: 32.3% / President: Tetsuo Yoshida / Employees: 920 /
Operations: engine, transmission, sheet metal parts production /
Monthly capacity: approximately9,500 units (engines) / Fiscal
year 2004 production: 86,887 units (engines)

3: Mitsubishi model: Colt T120SS, Suzuki model: Futura, each
model is currently being separately produced and sold. Fiscal
year 2004 unit sales totals: Mitsubishi: approximately 21,500 /
Suzuki: approximately 38,200

This is a company press release.

CONTACT:

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


SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds
------------------------------------------
Japan Credit Rating Agency has assigned a BBB- rating to the
bonds of Sojitz Holdings Corporation.

Issue           Amount(bn)  Issue Date     Due Date       Coupon
JPY bonds no.4  Y15       Sept. 22, 2005   Sept. 22, 2008  1.86%

Covenants: Negative Pledge
Commissioned Company: No

RATIONALE:

Sojitz Holdings improve the financial structures and quality of
assets in the fiscal year ended March 31, 2005 in accordance
with the new business plan. It disposed of large non-performing
assets, issued preferred shares, sold assets and reduced the
interest-bearing debt in the fiscal year. However, there remain
some money-losing operations. Such operations will continue
their operations to be examined on its feasibility. They may
incur additional loss, though the amount will not be large.

There also remains issues regarding the quality of the capital,
which consists of preferred shares issued to lenders for debt-
for-equity swaps. It announced its agreements with the owners of
the 1st series class I preferred shares on the repurchase.
Sojitz Holdings plans to keep the current level of capital. It
will repurchase the preferred shares using the periodical
earnings to prevent dilution of the common stocks due to
conversion of these preferred shares into common stocks in and
after next fiscal year. In such a case, however, it is required
to assure earnings as much as that recorded for the fiscal year
ended March 31, 2005 stably into the future.

The market for the resources-related business has been brisk.
Accordingly, the Company's performance has been good. It plans
to further strengthen the earnings power by allocating the
resources to the core businesses. JCR deems it necessary to
watch carefully the future earnings trend to examine whether or
not the Company can keep on increasing the earnings while
enhancing risk management.

CONTACT:

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


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

DAEWOO SHIPBUILDING: Looks Into other Type of Business
------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering is set to diversify its
business portfolio to compete with Hyundai Heavy Industries Co.
and Samsung Heavy Industries Co., Asia Pulse reveals.

Daewoo Shipbuilding chosen as the preferred bidder for JR
Construction Co., is currently conducting due diligence on the
company.   Daewoo aims to acquire JR in order to help construct
its overseas ship repairing facilities in Oman.

The final takeover deal is priced at about KRW30 billion.  
Daewoo plans to ink a final deal as early as this month.

According to a Daewoo Shipbuilding official, oil exploration and
construction will have a synergy effect with shipbuilding, while
securing new growth engines in preparation for a slump in
shipbuilding industry.

Aside from JR Construction, Daewoo is also taking part in a
consortium led by State-owned Korea National Oil Corp., which
has won the right to explore oil at two Nigerian offshore oil
fields that could contain two billion barrels of crude oil.

This is the first time that a domestic shipbuilder has advanced
into overseas oil exploration. Daewoo Shipbuilding is
considering securing a stake of 5 per cent to 10 per cent in the
venture, the sources said.  

Daewoo has also entered the cafeteria, hotel and leisure
business which was set up early this year.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
140, Da-dong, Jung-Gu, Seoul
100-180 Korea
Telephone: 82 2 2129
Fax: 82 2 756 4390


HANARO TELECOM: Introduces Combined Broadband Services
------------------------------------------------------
An SK Telecom Co. consortium and Hanaro Telecom Inc. scheduled
Friday the launch of a trial operation of its combined fixed-
line and wireless broadband Internet services, Asia Pulse
reports.

Subscribers will be allowed to use a wide range of combined
services between voice and data upon the entry of the broadband
operation.

The trial is part of the government's ambitious efforts to link
10 million homes with ultrafast broadband networks by 2007.

The SK Telecom consortium includes 25 local partners including
Samsung Electronics Co., the world's No. 3 mobile phone maker,
and Skylife Co., the nation's sole satellite-based digital TV
broadcaster.

CONTACT:

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


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

ANCOM BERHAD: Buys Back 26,000 Shares
-------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on September 6, 2005 with the following
details:
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 26,000

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

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 26,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,492,200

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

CONTACT:

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


CEPATWAWASAN GROUP: Discloses Status of Civil Suit
--------------------------------------------------
Cepatwawasan Group Berhad furnished Bursa Malaysia Securities
Berhad an update regarding the Civil Suit No D3-22-1168-2004 by
the company and its subsidiary, Prolific Yield Sdn. Bhd. against
the following persons:

(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant;

(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant;

(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant;

(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant;

(5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant;

(6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant;

(7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant;

(8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133)
- 8th Defendant;

(9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant;

(10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant;

(11) Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant;

(12) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant;

(13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant;

(14) Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th
Defendant;

(15) Dato Chua Tiong Moon (NRIC: 590831-06-5179) - 15th
Defendant;

(16) Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant;

(17) Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and

(18) Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant,
for recovery of :-

- MYR13 million which was wrongfully and fraudulently paid out
by the former directors of Prolific Yield Sdn. Bhd. to Opti
Temasek Sdn. Bhd. as advance; and

- MYR3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment,

The Board of Directors of the Company advised that:

(a) The Company's application against the 9th and 10th
Defendants for contempt of court is now fixed for hearing on
October 7, 2005;

(b) The Company's application for Mareva Injunction to freeze
the assets of the 8th Defendant is now fixed for hearing on
October 26, 2005.

Dated this 6th day of September 2005

CONTACT:

Cepatwawasan Group Bhd.
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
E-mail: cptgrp@tm.net.my


DATUK KERAMAT: Wind Up Order Granted Stay of Execution
------------------------------------------------------
Further to Datuk Keramat Holdings Berhad's announcement made to
Bursa Malaysia Securities Berhad on August 25, 2005 in respect
of the winding-up order granted by the High Court against the
Company on August 23, 2005, the Company advised that the Court
of Appeal had on September 8, 2005 granted a stay of execution
of the said winding-up order.

In this respect, the said winding-up order is of no effect
whatsoever.

CONTACT:

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


DIRGA NIAGA: Faces Winding Up Proceedings
-----------------------------------------
Kumpulan Europlus Berhad (Keuro) informed Bursa Malaysia
Securities Berhad that a Winding-Up Petition pursuant to Section
218 of the Companies Act, 1965 was served on Dirga Niaga
(Selangor) Sdn Bhd (Dirga Niaga), a wholly owned subsidiary
company of KEURO on 24 August 2005 by the Petitioners, Mr Yap
Yew Cheong and Yap Yeow Chin by leaving a copy of it at Suite
2.05, Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan
Indah, 55100 Kuala Lumpur.

The Petitioners are alleging that Dirga Niaga is indebted to the
Petitioners in the sum of MYR524,309.81 together with interest
of 8 percent per annum and cost of MYR350.00 pursuant to
Judgement dated October 19, 2004 vide Kuala Lumpur High Court
Summon No. S6-22-533-2004.

The Company furnished the following information as required by
the Bursa Malaysia for public release:

(i) The Winding Up Petition which was presented vide Kuala
Lumpur High Court Companies Winding-Up Petition No. D5-28-536-
2005 on July 25, 2005 and served by leaving a copy at Suite
2.05, Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan
Indah, 55100 Kuala Lumpur on August 24, 2005.

(ii) The total amount claimed under the petition is
MYR524,659.81 being the judgement sum, interest included and
cost.

(iii) The Company do not foresee the amount claimed to have a
material financial nor operational impact on the Group.

(iv) Apart from the amount claimed, the Company do not foresee
any further losses except for legal costs for both parties.

(v) The Petition will be heard on October 25, 2005.

(vi) The Company is taking steps to strike out and oppose the
Petition.


CONTACT:

Dirga Niaga (Selangor) Sdn Bhd   
1, Pandan Safari Shopping Complex
JLN Pandan Perdana 6/10A
Taman Pandan Perdana 55300
Kuala Lumpur
Kuala Lumpur Wilayah Persekutuan 55300
Malaysia
Telephone: 03 9644399


HAP SENG: Repurchases Ordinary Shares
-------------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  

Date of buy back: September 6, 2005

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

Total number of shares purchased (units): 11,000

Minimum price paid for each share purchased (MYR): 2.100

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

Total consideration paid (MYR): 24,249.25

Number of shares purchased retained in treasury (units): 11,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,175,700

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

CONTACT:

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

KEMAYAN CORPORATION: Court Extends RO Until November
----------------------------------------------------
Further to the announcements dated November 19, 2003, January 6,
2004, March 17, 2004, September 1, 2004, March 4, 2005 and
September 2, 2005, the Board of Directors of Kemayan Corporation
Berhad (KCB) informed Bursa Malaysia Securities Berhad that the
High Court of Malaya, Kuala Lumpur has granted an extension up
to November 30, 2005 for KCB and the Scheme Companies in respect
of the Restraining Order as well as the Order for convening the
Creditors' meetings and the KCB's shareholders' meeting to
approve the Proposed Restructuring Scheme.

CONTACT:

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


KIG GLASS: Explains Failure to Submit FS
----------------------------------------
KIG Glass Industrial Berhad (KIG) advised Bursa Malaysia
Securities Berhad that it had on August 29, 2005 applied to
Bursa Malaysia Securities Berhad (Bursa Securities) for an
extension of time to furnish the 2nd quarter results ended June
30, 2005. On September 5, 2005, the Company had received a
notice from Bursa Securities as regard to the subject matter.

The reason as to why the 2nd quarter results ended June 30, 2005
was not issued by the due date (i.e. 30 August, 2005) was due to
the departure of several key accounting staff.

Therefore, KIG's announcement of its quarterly financial results
have been undoubtedly affected and consequently delayed.

The expected submission date for the 2nd quarter results ended
June 30, 2005 is September 9, 2005.

CONTACT:

KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282
Fax: +60 7 251 5278


MAGNUM CORPORATION: New Shares Up for Listing, Quotation
--------------------------------------------------------
Magnum Corporation Berhad advised that its additional 64,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Friday, September 9, 2005.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad advised that its additional 4,046,450 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR4,410,587 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 4,046,450 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Friday, September 9, 2005.

CONTACT:

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


POS MALAYSIA: Bourse Grants Listing, Quotation of New Shares
------------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 137,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Friday,
September 9, 2005.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323
Fax: +60 3 2166 2266


POLYMATE HOLDINGS: Should Submit FS on Time to Avert Suspension
---------------------------------------------------------------
Further to the announcement made on September 2, 2005, Polymate
Holdings Berhad (Polymate) issued a clarification that Bursa
Malaysia Securities Berhad shall impose a suspension on the
trading of the shares of Polymate in the event the interim
financial report for the third financial quarter ended June 30,
2005 of the Company is not submitted to the Exchange within
three (3) months from August 31, 2005.

CONTACT:

Polymate Holdings Berhad
6th Floor
3 Cangkat Raja Chulan
50200 Kuala Lumpur, WP


PUNCAK NIAGA: Court to Hear Summary Judgment September 30
---------------------------------------------------------
Reference is made to Puncak Niaga Holdings Berhad's (Puncak)
earlier announcement on August 23, 2005 in relation to the Kuala
Lumpur High Court Civil Suit No.: s3-22-878-2005 Premier Ayer
Sdn Bhd & another versus Perbadanan Urus Air Selangor Berhad &
two others.

The company informed Bursa Malaysia Securities Berhad that at
the hearing on September 5, 2005, the plaintiff's application
for Summary Judgment has been fixed for hearing on September 30,
2005 whilst the hearing of the inter-parte injunction
application and the inter-parte setting aside application has
been postponed to September 27, 2005.

This announcement is dated 6 September 2005.

CONTACT:

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


PWE INDUSTRIES: Bank Guarantee Expiry Moved to November 30
----------------------------------------------------------
PWE Industries Berhad (PWE) refers to the announcement dated May
12, 2005 and June 20, 2005 in relation to the Proposed Cash
Settlement (as defined therein) and the bank guarantee procured
by Mr. Yap Hock Sing and Mr. Yap Hock Tian from a local
financial institution to guarantee in favor of PWE the payment
of up to MYR6,978,359 in relation to the Proposed Cash
Settlement.

On behalf of the Board of Directors of PWE, Malaysian
International Merchant Bankers Berhad advised that the expiry
date of the above-said bank guarantee has been extended to
November 30, 2005.

This announcement is dated 6 September 2005.

CONTACT:

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


SATERAS RESOURCES: Seeks Early Hearing of Notice of Motion
----------------------------------------------------------
Sateras Resources (Malaysia) Berhad's notice of Motion No. W08-
89-2005 dated June 24, 2005 for leave to appeal to the Federal
Court in respect of the decision of the Court of Appeal dated
June 15, 2005 was fixed for hearing on September 5, 2005.

The said Notice of Motion has been adjourned to a date to be
fixed on the application of the First Respondent, Sothilingam
a/l K. Subramaniam on the basis that the brother of the First
Respondent's counsel passed away on September 2, 2005.

The Company has filed a Certificate of Urgency to have the
Notice of Motion fixed for hearing on an urgent basis and
indicated to the Federal Court on September 5, 2005 that in view
of the urgency of the matter, the Notice of Motion ought to be
fixed for hearing either at the end of September or in early
October, if possible.

CONTACT:

Sateras Resources (malaysia) Berhad
19 Jalan Pinang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 5288 /+60 3 2161


UNITED CHEMICAL: Court Grants 9-Month Extension of RO
-----------------------------------------------------
Further to the announcement dated 8 December 2004, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
United Chemical Industries Berhad (UCI), informed Bursa Malaysia
Securities Berhad that, pursuant to Section 176(10) of the
Companies Act, 1965, the High Court of Malaya in Ipoh has, on
September 7, 2005, granted UCI a nine (9)-month extension to the
existing Restraining Order which shall be expiring on September
9, 2005, to June 9, 2006.

This announcement is dated 7 September 2005.

CONTACT:

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


WCT ENGINEERING: Court to Mention Appeal on September 21
--------------------------------------------------------
WCT Engineering Berhad issued to Bursa Malaysia Securities
Berhad an update on WCT Construction Sdn. Bhd. (WCTC) vs. Maju
Holdings Sdn Bhd (Maju) Writ of Summons (Kuala Lumpur High Court
Suit No. S1-22-324-05).

The following appeals which were originally fixed for hearing on
September 5, 2005, came up for Mention on even date and the
Court has further fixed the aforesaid appeals for Mention on
September 21, 2005 for both parties to obtain further direction
from a new Judge:

(a) WCTC's appeal against the Court's decision in dismissing its
Order 14 application for summary judgement against Maju;

(b) Maju's appeal against the Court's decision in allowing
WCTC's Order 18 application to strike out Maju's counterclaim.

This announcement is dated 6 September 2005.

CONTACT:

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


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

BELLE CORPORATION: Clarifies Debt Reduction Report
--------------------------------------------------
Belle Corporation issued this announcement in reference to the
news article entitled "Belle shareholders okay debt reduction,
quasi-reorg program" published in the September 8, 2005 issue of
the Philippine Star.

The article reported that:

"Shareholders of property firm Belle Corporation have approved a
proposed debt reduction program involving a quasi-reorganization
and the sale of company property in the Manila Bay reclamation
area.

"The debt reduction plan involves a capital restructuring in
which the Company's Php3.27-million additional paid-in capital
would be applied against it's (sic) retained deficit of Php5.4
billion. This will reduce the company's retained deficit to only
Php2.13 billon.

"The sale of the Manila Bay property would allow it to 'focus on
residential and leisure property development, tourism,
retirement and wellness center development.' Likewise, the asset
sale would further reduce the Company's debt which would result
in enhanced shareholder value."

Further to Circular for Brokers No. 1396-2005 dated march 23,
2005, Belle Corporation, in its letter to the Philippine Stock
Exchange dated September 8, 2005, clarified that:

"We note that the Company's 'debt reduction plan' cited in the
aforesaid news report involving (i) a capital restructuring
whereby the Company's Additional Paid-in Capital of about
Php3.27 billion will be applied against the Retained Deficit of
about Php5.40 billion, and (ii) the possible sale of the
Company's share in the Manila Bay Reclamation Area property of
its affiliate, belle Bay City Corporation; is not entirely
accurate.

"The capital restructuring is not directly related to any debt
reduction, and it merely rationalizes the Company's
shareholders' equity account. Neither is the capital
restructuring directly related to the possible sale of land in
the Reclamation Area. These discrete transactions were already
discussed and explained in a disclosure-letter dated March 22,
2005. This March 22, 2005 disclosure-letter, however, made
reference to the approval of the aforesaid matters by the
Company's Board of Directors only, and not the Company's
shareholders, for the simple reason that the said corporate acts
do not require prior shareholders' action to become effective."

CONTACT:

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


NATIONAL POWER: Php200-Bln Debt Hurts NG's Fiscal Position
----------------------------------------------------------
The National Government is now experiencing the effects of its
absorption of National Power Corporation's (Napocor) Php200-
billion debts, The Philippine Star reports.

In its mid-year economic report, the government revealed that
the bulk of its expenditures in the first seven months of the
year went to interest payments with the assumption of Napocor
debts.

The National Government decided to absorb the Php200-billion
bond issuances of the cash-strapped power firm last year, in a
move consistent with Executive Order 370 which authorizes the
direct assumption by the NG of a portion of financial
obligations of Napocor in accordance with Section 32 of Republic
Act 9136 or the Electric Power Industry Reform Act (EPIRA) of
2001.

The absorption was also approved by the Department of Energy
(DOE), Department of Budget and Management (DBM) and the
Department of Finance (DOF).

This would likewise pave the way for the formal transfer of
Napocor's assets and liabilities to Power Sector Assets and
Liabilities Management Corp. (PSALM), an entity created under
the EPIRA to handle the finances and privatization of Napocor.

The signing of EO 370 is also one of the major conditions being
asked by Napocor creditors before they approve the transfer of
the debts of the state-owned power firm to PSALM.

As proposed by PSALM to the economic managers, the absorption by
the NG will be limited to debts contracted by Napocor and will
be repaid in accordance with the original schedule for
repayment.

The absorption of the debts was mandated by Congress in 2001 in
recognition of the need for government to assume part of the
obligations of Napocor. Otherwise, Napocor's entire debt
obligations would have been passed on to consumers in the form
of higher rates and would have adversely affected the
competitiveness of the Philippine economy as a whole and of the
industrial sector in particular.

The government was unable to absorb any of the debts of Napocor
since 2001 as it was seeking additional revenues to support the
absorption.

CONTACT:

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


NATIONAL POWER: Inks Transition Supply Deal with 8 Co-ops
---------------------------------------------------------
In a bid to help stabilize power rates in Northeastern Luzon,
eight electric cooperatives in the region signed transition
supply contract (TSCs) with National Power Corporation (Napocor)
Friday, The Philippine Star has learned.

Napocor president Cyril del Callar signed the TSCs with the
general managers and board presidents of eight cooperatives from
Region II, namely: Nueva Vizcaya Electric Cooperative Inc.;
Ifugao Electric Cooperative Inc.; Quirino Electric Cooperative
Inc.; Kalinga Electric Cooperative Inc.; Isabela I Electric
Cooperative, Inc.; Isabela II Electric Cooperative Inc.; Cagayan
I Electric Cooperative Inc.; and Cagayan II Electric Cooperative
Inc.

These cooperatives are the first group to sign TSCs with Napocor
following the Energy Regulatory Commission's (ERC) approval last
July of a TSC template for the state-owned power firm and the
different distribution utilities (DUs) it supplies.

The template or standard format for the TSCs is expected to
facilitate the approval of the contracts when these are filed
with the ERC eventually.

Mr. Del Callar said the signing of the TSCs is expected to
benefit ordinary electricity consumers through more stable power
rates, while the power generation sector is shifting from a
highly regulated to a fully deregulated regime.


NATIONAL POWER: PSALM Reviews Additional Foreign Borrowings
-----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) is reevaluating plans to borrow additional funds to
service maturing debts of state-run power firm National Power
Corporation (Napocor), The Manila Bulletin reports.

PSALM, which is tasked to handle the privatization of Napocor's
assets, wanted to make sure if there is really a need to tap
into additional borrowings to sustain Napocor.

PSALM president Nieves L. Osorio has earlier clarified media
inquiries on the additional $100-million bond flotation and
already given approval in principle by the Monetary Board, the
policy-making arm of the Bangko Sentral ng Pilipinas.

The US$100-million six-year floating rate notes that was
recently offered in the international market, Ms. Nieves said,
was already part of the aggregate US$400 million secured by the
state-owned power firm from foreign creditors.

The notes, due in 2011, carry an unconditional and irrevocable
guarantee from the Philippine government to pay a quarterly
coupon of three-month US dollar LIBOR (London Interbank Offered
Rate) plus 425 basis points.

The US$400 million will be used to finance maturing debt
obligations, capital expenditures, and general funding
requirements of NPC this year.

Napocor's successful reentry in the international capital
markets is reportedly proof of increasing confidence by foreign
investors in the structural reforms being pushed for the power
industry.


NATIONAL TRANSMISSION: Auction to Take Place First Quarter 2006
---------------------------------------------------------------
The government is poised to auction National Transmission
Corporation (TransCo) in the first quarter of next year,
according to The Philippine Daily Inquirer.

The early schedule will help tone down the impact of the delay
in implementation of the expanded value-added tax (VAT) law.

The sale of TransCo's 25-year concession contract is excepted to
help compensate for the forgone revenues arising from the delay
in the VAT law's implementation.

After a revaluation by a third-party appraiser, the value of the
Transco assets has been set at US$2.68 billion, from US$1.8
billion when the company had its first asset valuation.

The new valuation would serve as basis for a 25-percent down
payment that the prospective concessionaire would be required to
make.

CONTACT:

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


* Fitch Assigns Philippines Bond 'BB' Rating
--------------------------------------------
Fitch, the international rating agency, has assigned the
Republic of the Philippines' USD1 billion bond issued on 7
September a Long-term foreign currency 'BB' rating. The bond
matures on 15 January 2016.

Fitch revised the Outlook on the Philippines' Sovereign ratings
(Long-term foreign currency 'BB'/Long-term local currency 'BB+')
to Negative from Stable on 10 July 2005 following the issuance
of a temporary restraint by the Supreme Court on the expanded
value added tax (eVAT), which was to have been introduced on 1
July. At the time, the agency also noted that the political
turmoil surrounding President Arroyo's possible impeachment was
likely to prove detrimental to economic performance and the
economic policy environment.

"While the eVAT and the impeachment issue have both been
resolved favorably in recent days, we are maintaining our
Negative Outlook on the Philippines' ratings," says James
McCormack, Head of Asia Sovereigns at Fitch.

"The delayed eVAT detracted from the overall credibility of the
fiscal reform programme, and we will wait until the eVAT is
implemented fully, including the rate increase from 10% to 12%
scheduled for January 2006, before considering its positive
effects on government revenues," adds Mr. McCormack.

Fitch also noted that the vote earlier this week in the House of
Representatives to dismiss the various impeachment charges
against President Arroyo does not mark an end to uncertainties
surrounding her political future.

"There is clearly a loss of momentum for those trying to force
her removal from office, but the fundamental issues under
dispute have not been resolved," says Mr. McCormack.

He adds that attention could now shift to constitutional change,
which President Arroyo has supported as a means to expedite the
legislative process and streamline the workings of government.

In Fitch's view, debate on issues surrounding the structure of
government and its legislative institutions is likely to be
protracted, drawing focus from other policy priorities,
including fiscal reform.

CONTACT:

James McCormack, Hong Kong,
Phone: +852 2263 9925;

Ai Ling Ngiam
Phone: 852 2263 9913.

Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327.

Web site: http://www.fitchratings.com


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

ABERDEEN GOH: Receiving Proofs of Claims Until October 3
--------------------------------------------------------
Notice is hereby given that the creditors of Aberdeen Goh
Private Equity Fund I Pte Limited, which is being wound up
voluntarily, are required on or before Oct. 3, 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the Company liquidator.

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

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

Dated this 2nd day of September 2005

Hamish A. Christie
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


INFORMATICS HOLDINGS: Disposes of Non-Active Units
--------------------------------------------------
Informatics Holdings Limited announced that the Company is
striking off the following dormant subsidiaries from the
Register of Companies:

(1) Informatics Young Learners Group Pte Limited
(2) Informatics Center for Marketing & Management Pte Limited
(3) Informatics YLG Pte Limited
(4) LMN Education Pte Limited
(5) NCC Services (S.E. Asia) Pte Limited
(6) Thames Resources Pte Limited

The divestment of the subsidiaries is not expected to affect the
Company's net tangible assets or earnings per share for the
financial year ending March 31, 2006.

BY ORDER OF THE BOARD
Raymond Quek Hiong How
Company Secretary
Sept. 8, 2005

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 65625625
Fax:   65 65651371
Web site: http://www.informaticsgroup.com


NEOCORP INTERNATIONAL: Unit Records Claims Payment to Firm
----------------------------------------------------------
Neocorp International Limited announced that on Sept. 5, 2005,
Hanson Building Materials (S Pte Limited received a consent
judgement for SGD837,872.68 together with 1% monthly interest
thereon from Oct. 23, 2004 till the Judgement date (Sept. 5,
2005), along with SGD5,000 in costs against the Company's wholly
owned subsidiary, Neocorp Innovations Pte Limited (NIPL).

Since the amount was already taken up in NIPL's books, a
provision will be made in the accounts for the interest up to
Sept. 5, 2005.

By Order of the Board

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax:   65 65457880
Web site: http://www.neocorp.com.sg


REGION AIR: To Distribute Preferential Dividend
-----------------------------------------------
Region Air Pte Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Region Air Pte Limited
Address of Registered Office: c/o 47 Hill street, #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365
Amount per centum: 100%
When payable: Sept. 29, 2005
Name  & address of Liquidators: Wong Kian Kok
Foo Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce & Industry Building
Singapore 179365


SUNRY INTERNATIONAL: Creditors Asked to Submit Debt Claims
----------------------------------------------------------
Notice is hereby given that the creditors of Sunry (S)
International 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
liquidator of the Company.

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

Dated this 2nd day of September 2005

Wang Jian Yin
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


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

JASMINE INTERNATIONAL: Warrant Exercise Set Next Week
-----------------------------------------------------
Jasmine International Public Company Limited informed the Stock
Exchange of Thailand (SET) regarding the Exercise of
5,035,417,950 units of the Company's Rights Warrants.

(1) The Notification Period is during 8:30 a.m. to 3:30 p.m. on
the Company's business day on September 16 to 29, 2005.

(2) The Exercise Date is on September 30, 2005.

(3) Contact Place to exercise the Rights Warrants and to get the
Exercise Notice Forms is:

Jasmine International Public Company Limited
200, Jasmine International Tower,
29th Floor, Moo 4, Chaengwattana Road,
Pakkred Sub-district,
Pakkred, Nonthaburi 11120,
Thailand
Telephone Number: (66 2) 502-3119-20,
Fax Number: (66 2) 502-3151 or download exercise notice form
from http://www.jasmine.com

- Or at any office of the brokerage companies during the
Notification Period.

(4) The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

1 Rights Warrant has a right to subscribe 1 Common Share of the
Company at the price of THB0.50 per share.

(5) Payment Method
   
The Warrant holders can pay by cash, cheques, drafts, bill of
exchanges or payment orders from banks which can be cashed in
Bangkok when called within 2 days and shall be made payable to
Jasmine International Public Company Limited.8

Please be informed accordingly.
             
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd.
the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


K.C. PROPERTY: Securities Placed Back to Original Sector
--------------------------------------------------------
Executive Vice President of the Stock Exchange of Thailand (SET)
Mr. Suthichai Chitvanich advised that the SET would transfer
K.C. Property Pcl's (KC) securities from the REHABCO sector to
the Property Development Sector (Property and Construction
Industry Group) on September 20, 2005, and allow trading to
resume from that date onward.

KC is the second firm, whose securities were returned to its
regular sector this year, following those of Nakornthai Strip
Mill Pcl. (NSM).

Mr. Suthichai reported, "As noted in KC's letter requesting
approval to transfer to the Property Development Sector, the
company has been disclosing its net operating profit from its
core business for three consecutive quarters (starting with
Q4/2004, ending December 31, through Q2/2005, ending June 30).
KC's financial statements, as of June 30, 2005, showed a
positive shareholder's equity of THB1.25 billion (approximately
USD30.0 million).

The company has also successfully completed its debt
restructuring and the Central Bankruptcy Court has terminated
the business rehabilitation of the company on December 8, 2004.

Furthermore, KC has been able to demonstrate both its strong
financial position and performance on a continuous basis."

"What's more, the company is now obliged to make its financial
statements reliable and the firm's auditor has been able to
express his opinion on the company's audited financial
statements as of December 31, 2004.

KC's strategic shareholders, who hold collectively 741,571,890
shares, (par value is 1.00 (one) Baht per share) or 84.75% of
the total outstanding shares, have informed the SET that they
will not sell their securities for at least one year from the
day that KC resumes trading. (The SET prohibits them from
selling more than 25% of their shares during the first six
months after trading resumes, while over the next six months,
they may sell up to an additional 25 percent)" the SET EVP said.

Mr. Suthichai emphasized to the other companies preparing to
leave the REHABCO sector that they had to:

(1) Show a positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector;

(2) Have a net operating profit from the company's core business
for three consecutive quarters or one year before submitting the
application for reinstatement;

(3) Have successfully restructured over 75 percent of the
company's total debt and be able to settle debts on time; and:

(4) Be able to demonstrate the company's strong financial
position and performance on a continuous basis as supported by
the company's cash flows.

To allow the market mechanism to work freely, the SET will
temporary lift the ceiling and floor limits on KC's securities
on September 20, 2005.   
      
Note: Please see KC's Information Message currently being
disseminated on the SET Market Analysis and Reporting Tool
(SETSMART) and other information on the company from its
website: http://www.kcproperty.co.th.

CONTACT:

K.C. Property Public Company Limited   
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok    
Telephone: 0-2373-7788   
Fax: 0-2373-4965





                            *********


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

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

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