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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, September 13, 2005, Vol. 8, No. 181

                            Headlines

A U S T R A L I A

ACCESS BROKERAGE: Bank of NZ Seeks to Recoup Funds from NZX
A.C.N. 098 463 337: Placed Under Voluntary Liquidation
ALTO PROPERTIES: Members Opt for Voluntary Liquidation
ART BANK: Schedules Final Meeting September 20
AUBURN-LIDCOMBE: Ian Lamb Named Liquidator

BRAHNDT PTY: To Distribute Final Dividend
BRAMOR TRADING: Decides to Close Operations
CARTER HOLT: Warns of Profit Fall
D-7 COSMETICS: Court Orders Winding Up
DW&LM BROWN: Creditors OK Liquidator's Appointment

EAST 39: Liquidator to Report Wind Up Manner
FORTESCUE METALS: Notes Upgrade of Christmas Creek Resource
H.H.S. PTY: ASIC Freezes Assets
INTERNATIONAL WINE: Incurs Annual Net Loss
JUSTIN WALSH: Members, Creditors to Receive Wind Up Report

KEN ROSEWALL: Winding Up Process Initiated
MARIANI HOLDINGS: Enters Liquidation
MAYNE GROUP: To Keep Pharma Unit's Growth Strategy
MILLER'S RETAIL: May Merge with Warehouse Ahead of Bigger Sale
OAT COMPANY: Appoints Official Liquidator

PAGEWOOD PTY: Intends to Pay Dividend to Creditors
PAVEWELL PTY: Winds Up Business
QANTAS AIRWAYS: CEO's Pay Rises 3%
SARDONIA PTY: Creditors Expected to Get Dividend Payments
STAR BUILDING: Court Issues Winding Up Order

STATE SERVICES: Liquidator to Explain Winding Up Process
ST. JOHNS: Members Resolve to Wind Up Operations
TELSTRA CORPORATION: Senator Seeks Time Out on Sale
WIELD PTY: Inability to Pay Debts Prompts Wind Up Action


C H I N A  &  H O N G  K O N G

BILLION HOPE: To Undergo Winding Up Process
CHINA CONSTRUCTION: Wins Nod to Cut Retail Shares in Offering
CHINA INSURANCE: Unveils 1H/2005 Financial Result
C.S. INDUSTRIES: Winding Up Order Notice Set October 26
EXPERT M.W.: Court Releases Winding Up Order

HONGKONG KING: Faces Winding Up Proceedings
JCR COURIER: Ordered to Shut Down Business
GUANGDONG KELON: Auditor Releases Independent Review Report
M CHANNEL: Seeks New Auditors, Delay Results Announcement
NAM FONG: Nanyang Withdraws Winding Up Petition

VESTHEME INTERNATIONAL: Creditors Meeting Set October 13
WIDE WISE: Undergoes Winding Up Proceedings
WISEWORLD HOLDINGS: Receives Winding Up Notice


I N D I A

IBP COMPANY: To Merge with IOC in Six Months


I N D O N E S I A

CITRA MARGA: S&P Withdraws 'SD','D' Credit Ratings
GARUDA INDONESIA: Posts Seven-month IDR421-Bln Net Loss
GARUDA INDONESIA: Proposes 5-Year Debt Rescheduling to Creditors
PERTAMINA: Admits Only Low-ranking Staff Smuggled Fuel
PERTAMINA: To Release New Evidence in Oil Smuggling Case

PERTAMINA: Spends IDR707.98 Bln to Import Crude Oil


J A P A N

DELPHI CORPORATION: Eliminates Quarterly Dividend
HITACHI LIMITED: In Negotiations to Form Chip Venture
MITSUBISHI MOTORS: To Build Factory in Thailand
SANYO SHINPAN: Debtors Seek Refund of Usurious Interest
SOJITZ CORPORATION: Moody's Withdraws All Ratings


K O R E A

ASIANA AIRLINES: Receives Compulsory Arbitration from Government
SK NETWORKS: Opens Holding Firm in China


M A L A Y S I A

BELL & ORDER: Expects to Conclude Scheme by End 2005
DATUK KERAMAT: Bourse Extends Trading Halt on Wind-up Petition
FABER GROUP: Issues New Shares for Listing, Quotation
HABIB CORPORATION: Bourse to List, Quote New Shares
HAP SENG: Issues Shares Buy Back Notice

HWA TAI: Books MYR2,239 Net Loss
I-BERHAD: Buys Back 10,000 Shares
PADIBERAS NASIONAL: Petitioner Appeals Court Decision
PAN PACIFIC: Default in Payment Status Unchanged
PAN MALAYSIA: Repurchases Ordinary Shares

QUALITY CONCRETE: Unveils Acquisition, Disposal of Shares
TANCO HOLDINGS: Unit Faces Winding Up Proceedings
UNITED CHEMICAL: Passes All EGM Resolutions
UNITED CHEMICAL: Court Extends RO for 9 Months
WCT ENGINEERING: Court Adjourns Hearing to October 11


P H I L I P P I N E S

ABS-CBN BROADCASTING: Says Union Won't Strike to Oppose Job Cuts
COLLEGE ASSURANCE: Officials Ask Clients to Seek SEC Leniency
LEPANTO CONSOLIDATED: Sees End to 3-month Labor Row
MONDRAGON INTERNATIONAL: Defers ASM Until 2006
NATIONAL POWER: Fires Up Assets Sale

PACIFIC PLANS: RCBC Denies Negative Effect of Rehab Plan
SWIFT FOODS: Expects to Bounce Back to Black This Year


S I N G A P O R E

ACCORD CUSTOMER: Appoints Independent Directors
MEDIASTREAM LIMITED: Disposes of Entire Stake in IFW
SGT ASIA: Set to Pay Final Dividend
SILVERTON INVESTMENTS: Court Orders Winding Up
STARTECH ELECTRONICS: Changes Office Address


T H A I L A N D

DATAMAT: Unveils Board Resolutions Passed at Meeting
EASTERN WIRE: Details Changes in Shareholding Structure
EASTERN WIRE: Board Approves Changes in Directors' Composition
BOND PRICING: For the Week 12 September to 16 September 2005

     -  -  -  -  -  -  -  -

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

ACCESS BROKERAGE: Bank of NZ Seeks to Recoup Funds from NZX
-----------------------------------------------------------
The Bank of New Zealand is taking legal proceedings against the
New Zealand stock exchange to recover losses after the collapse
of Access Brokerage last year owing clients NZ$5 million (US$3.5
million), Reuters reports.

The Bank of NZ, owned by National Australia Bank (NAB), says the
stock exchange should have found out about the problems of
Access Brokerage before it went into liquidation. The NZX denied
any liability, but is also insured.

NZX and the Bank of NZ, which held Access's client trust fund,
covered the shortfall in clients' funds after the broking house
was suspended a year ago.

Liquidators Ferrier Hodgson, who are also part of the claim
against NZX, said previously that Access had suffered accounting
discrepancies since at least June 1998 and appeared to have been
using client money to fund the business for some time.

Access manager Peter Marshall has been indicted on 15 charges
following investigation by the Serious Fraud office.

Established in 1986, Access was a low frills, low cost
brokerage, which offered trading services, but not the full
range of research and investment services.


A.C.N. 098 463 337: Placed Under Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of A.C.N.
098 463 337 Pty Limited held on Aug. 4, 2005, it was resolved
that the Company be wound up, and Andrew Hugh Jenner Wily of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 was appointed Liquidator for such
winding up.

Dated this 11th day of August 2005

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


ALTO PROPERTIES: Members Opt for Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Alto Properties (St. Leonards) Pty Limited held on Aug. 4, 2005,
it was resolved that the Company be wound up voluntarily, and
John Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as liquidator for such purpose.

Dated this 11th day of August 2005

John F. Taylor
Liquidator
c/o WHK Greenwoods


ART BANK: Schedules Final Meeting September 20
----------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of The Art Bank Pty Limited will be held on Sept.
20, 2005, 10:00 a.m. at the office of Robert Semmel, registered
liquidator of Unit 3, 48 North Road, Brighton, Victoria 3186 to
present the Liquidator's account showing how the winding up was
conducted and the property of the Company disposed of, and to
give any explanation thereof.

Dated this 5th day of August 2005

Robert Semmel
Liquidator
3/48 North Road, Brighton Vic 3186
Phone: 03 9596 6899
Fax:   03 9596 7834


AUBURN-LIDCOMBE: Ian Lamb Named Liquidator
------------------------------------------
The following resolutions were passed at a General
Meeting of the members of Auburn-Lidcombe Modern Homes Pty
Limited held on Aug. 7, 2005:

That the Company be wound up voluntarily, and that Ian John Lamb
be appointed Liquidator for such purpose.

Dated this 7th day of August 2005

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


BRAHNDT PTY: To Distribute Final Dividend
-----------------------------------------
Brahndt Pty Limited will declare a first and final dividend on
Sept. 14, 2005.

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

Dated this 1st day of August 2005

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


BRAMOR TRADING: Decides to Close Operations
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Bramor Trading International Co Pty Limited held on Aug. 3,
2005, the following resolutions were passed:

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

Dated this 16th day of August 2005

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


CARTER HOLT: Warns of Profit Fall
---------------------------------
The directors of Carter Holt Harvey Limited advised that
following a review of the Company's 2005 forecast, the price
recovery in some key products that had been expected in the
third quarter has not materialized.

Prices for Bleached Kraft Pulp are US$480 per tonne, Kraft
Linerboard prices are currently at US$425 per tonne, and average
Australian timber realizations are approximately AU$350 per
cubic meter. These prices are at low points for the year.

The impact of a continuation of prices and foreign exchange
rates at or around current levels for the rest of the year
implies that earnings may be down by approximately NZ$25-30
million versus the Company's previous forecast of NZ$283
million. In addition, following the closing of the announced
forest sale, approximately NZ$5 million of earnings will be lost
in the fourth quarter.

The Company is working urgently on additional plans to mitigate
the impact of these adverse price movements.

The current market dynamics have proven difficult to predict and
because of this uncertainty and the takeover process, the
directors have decided that it is important to keep the market
fully informed.

CONTACT:

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


D-7 COSMETICS: Court Orders Winding Up
--------------------------------------
On Aug. 8, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of D-7 Cosmetics Pty Limited,
and appointed R. J. Porter to be Liquidator of the Company.

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


DW&LM BROWN: Creditors OK Liquidator's Appointment
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
DW&LM Brown Pty Limited held on Aug. 5, 2005 it was resolved
that the Company be wound up voluntarily, and Sule Arnautovic of
Jirsch Sutherland Chartered Accountants was appointed
Liquidator.

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

Dated this 5th 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


EAST 39: Liquidator to Report Wind Up Manner
--------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of East 39 Pty Limited will be held on Sept. 20, 2005,
11:00 a.m. at the offices of Vouris & Bell Chartered
Accountants, Level 9, 4 O'Connell Street, Sydney NSW 2000 to lay
before them the Liquidator's account on the manner of the
winding up and disposal of the property of the Company, and to
hear any explanations that may be given by the Liquidator.

Proxies to be used at the meetings must be lodged with the
liquidator no later than 4:00 p.m. of Sept. 19, 2005.

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 02 9232 6800


FORTESCUE METALS: Notes Upgrade of Christmas Creek Resource
-----------------------------------------------------------
Fortescue Metals Group Limited advised of an increase in its
Christmas Creek resource estimate to a new total of 1.4 Bt.

Within this overall increase, it is pleased to report a 23%
increase in the amount of Indicated Tonnes to 809 Mt (as
classified under JORC). This represents a significant increase
in the confidence levels of resource estimate determination as
defined under JORC and reflects the focus that Fortescue has
been applying to its infill drilling program to facilitate the
further upgrading of its initial exploration campaign.

Fortescue is continuing its aggressive drilling program with the
objective of generating further resource detail to provide for
further tonnage increases up to Indicated status and potentially
further up the confidence curve to Measured status as defined
under the JORC code. It was recently announced by Intierra
Resource Information that for the second quarter running,
Fortescue has been rate as making the largest investment in
exploration of any listed exploration company in Australia.

This new resource statement follows that previously lodged with
the ASX in July 2005 and is based on geological and
mineralization interpretations completed by August 16, 2005 and
then forwarded to Fortescue's independent advisor Snowden Mining
Industry Consultants (Snowden) for further modeling.

Fortescue can report a 17% increase in the resource tonnage that
sits within the "high grade" category for Christmas Creek which
is now at 465 Mt. This categorization has been determined as the
amount of resource within a mineralization envelope that has an
average iron grade of 60.4% which and is considered by
Fortescue's Head of Resource Strategy Dr. John Clout, as being
potentially acceptable to the market without the need for
benefication. The balance of resource that will require some
benefication to achieve a targeted shipping grade of 60% has
been independently trialed by Roche Mining MT and is amenable to
upgrade under standard Pilbara processing methods.

The increase in the Christmas Creek resource estimate now means
that Fortescue has some 806 Mt of high grade resource within its
initial mine plan area of Christmas Creek, Cloud Break and Mt.
Lewin. This area has a total resource estimate of 2.3 Bt
represented as 809 Mt. Indicated and 1,532 Mt Inferred with an
average Fe grade of 58.1%.

Fortescue advised that there are currently drilling rigs at its
Cloud Break deposit with infill drilling and sample analysis
ongoing. Fortescue expects to report on this drilling campaign
in the near term at which time the Company anticipates to
provide an upgrade to the Cloud Break resource estimate.

CONTACT:

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


H.H.S. PTY: ASIC Freezes Assets
-------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders, ex parte, in the Supreme Court of New South
Wales to freeze a bank account operated by H.H.S. Pty Ltd (HHS).

ASIC commenced proceedings against HHS and its director, Mr Hugh
Charles Gordon following concerns that proceeds from the sale of
assets of Whet Investments Ltd (Whet) were deposited into an HHS
bank account. Mr. Gordon is also a director of Whet, which is in
voluntary administration.

On 23 May 2005, in the course of separate proceedings by ASIC
against Whet and Mr. Gordon, Whet gave undertakings to the NSW
Supreme Court that, among other things, it would not deal with
any assets under its control other than in the ordinary course
of business or for reasonable legal expenses of and incidental
to those proceedings (refer ASIC Media Release 05-139:
Investigating accountant appointed to Newcastle investment
company).

The matter is due to return to the NSW Supreme Court for further
hearing on 14 September 2005 when ASIC will also be seeking to
appoint a provisional liquidator to HHS.


INTERNATIONAL WINE: Incurs Annual Net Loss
------------------------------------------
The International Wine Investment Fund on Monday posted a net
loss of AU$5.5 million (US$4.25 million) for the current fiscal
year, Asia Pulse reports. The result is significantly lower from
an AU$9.64-million net loss in the previous year.

The wine fund said it has a sound base for growth now that it
has restructured its management and bought out dissident
shareholders.

The current financial year was filled with bickering among
shareholders over the future of the fund, which invests in wine
producers and distributors internationally. The issue was
resolved when the wine fund's responsible entity Berren Asset
Management proposed a large-scale redemption offer scale, giving
unhappy unitholders the chance to sell out. The offer reduced
the number of units on issue from more than 63 million to just
22.54 million.

The wine fund has also formed a new investment committee
including Geoff Wilson of Wilson Asset Management, a company
that has been appointed as an external investment adviser for an
initial five-year period.

Among other changes, both the fund's acting Chief Executive
Rupert Clifton-Bligh and Chief Financial Officer Jerry Lim
resigned in June. The fund was undergoing a wide-ranging review
of expenses and was also searching for a new director.

A string of numerous shareholder meetings and redemption offer
led to total costs of AU$2.81 million for the wine fund for the
year to June 30, 2005.

Net profit was also impacted by a writedown of AU$4.53 million
after an independent valuation of certain unlisted investments
in preparation for the transition to international accounting
standards on July 1, 2005.

The wine fund declared a final distribution of 6.5 cents per
unit, partly franked, taking total distributions for the year to
11 cents, up from 10 cents in the prior year.

CONTACT:

Geoff Wilson
Chairman
Wilson Asset Management (International) Pty Limited
Phone: 0412 242 712

MIke Terlet, AO
Chairman
Berren Asset Management Limited
(08) 8373 9900

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


JUSTIN WALSH: Members, Creditors to Receive Wind Up Report
----------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Justin Walsh Audcare Pty Limited will be held on
Sept. 20, 2005, 10:00 a.m. at Rodgers Reidy, Level 8, 333 George
Street, Sydney.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

(b) A resolution to destroy the books & records of the
Company.

(c) To consider any other business.

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


KEN ROSEWALL: Winding Up Process Initiated
------------------------------------------
Notice is hereby given that at a general meeting of members of
Ken Rosewall (Tanglewood) Pty Limited held on Aug. 11, 2005, it
was resolved that the Company be wound up voluntarily, and that
Robert Keith Hunter of Ure Lynam & Co Chartered Accountants,
17th Floor, 1 York Street, Sydney NSW 2000 be appointed
Liquidator for the winding up.

Dated this 12th day of August 2005

Robert K. Hunter
Ure Lynam & Co
17th Floor, 1 York Street
Sydney NSW 2000


MARIANI HOLDINGS: Enters Liquidation
------------------------------------
Notice is hereby given that at a general meeting of members of
Mariani Holdings Pty Limited held on Aug. 3, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Morgan Chubb of Clout & Associates, Level 1, 144-
148 West High Street, Coffs Harbour in the state of New South
Wales be appointed Liquidator.

Dated this 10th day of August 2005

Morgan J. Chubb
Liquidator
Clout & Associates
Level 1, 144-148 West High Street
Coffs Harbour NSW


MAYNE GROUP: To Keep Pharma Unit's Growth Strategy
--------------------------------------------------
The growth strategy for Mayne Group Ltd's pharmaceuticals
division was not expected to change after the business is
demerged from the company's domestic healthcare operations, the
Sydney Morning Herald reports.

The demerger of the global injectible pharmaceuticals business
Mayne Pharma from the domestic healthcare businesses is expected
to be completed later in 2005, Mayne chief executive Stuart
James said in the company's 2004/05 annual report.

While the planned demerger process will separate Mayne Pharma
from the rest of Mayne Group Ltd towards the end of 2005, there
will be no change to the business's high-growth strategy, which
will be achieved through continued, steady investment in
existing and new assets.

Last month, Mayne announced that former Aventis Pharma vice-
president Thierry Soursac would become CEO and managing director
for Mayne Pharma, pending Mayne's shareholders approving the
proposed demerger of Mayne Pharma from the domestic healthcare
operations (diagnostics, pharmacies and consumer products).

Mayne chairman Peter Willcox said the two separate companies
would have different investment profiles.

The domestic businesses had a history of stable earnings and
cashflows and would have a policy of paying a higher proportion
of profits as dividends than Mayne Pharma.

Mayne Pharma participated in the higher-growth and more volatile
generic pharmaceuticals industry, where success depended upon
getting approved products to market quickly and maintaining a
globally competitive supply chain.

"Mayne Pharma is therefore likely to reinvest most of its
profits back into its business to continue its growth
trajectory, and, consequently, is expected to have a lower
dividend payout ratio than Mayne's domestic businesses over the
long term," Mr Willcox said.

According to the annual report, Mr. James received a total
remuneration of AU$4.21 million for the 2004/05 year, including
AU$1.92 million in incentive payments. He received a total
remuneration of AU$4.07 million in 2003/04.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MILLER'S RETAIL: May Merge with Warehouse Ahead of Bigger Sale
--------------------------------------------------------------
The Warehouse Group's plans to sell its Australian operations to
ailing Miller's Retail is likely to materialize following the
former's AU$30-million write-down of its 122 Australian stores,
according to the Sydney Morning Herald.

In the past year, New Zealand-based Warehouse Group stemmed
losses from its Australian operations by improving merchandize
and cutting costs. This resulted in an AU$5.4-million loss in
Australia for the year to July 31, down from a loss of AU$32.2
million the previous year.

Miller's Retail and Warehouse was reportedly planning to merge
their operations in preparation for the sale of combined
discount stores to a private equity firm.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


OAT COMPANY: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given that at a general meeting of members of
The Oat Company Pty Limited held on Aug. 9, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Russell Graeme Peake, Chartered Accountant of
Jenkins Peake & Co, 1st Floor, Lexen Building, 200 Malop Street,
Geelong, 3220, be appointed Liquidator.

Dated this 10th day of August 2005

Russell G. Peake
Liquidator
Jenkins Peake & Co.
Chartered Accountants
PO Box 1570, Geelong 3220
Phone: 03 5223 1000
Fax:   03 5221 4938


PAGEWOOD PTY: Intends to Pay Dividend to Creditors
--------------------------------------------------
Pagewood Pty Limited will declare a first and final dividend on
Sept. 16, 2005.

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

Dated this 5th day of August 2005

Michael G. Jones
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9247 5911


PAVEWELL PTY: Winds Up Business
-------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Pavewell Pty Limited held on Aug. 12, 2005, it was
resolved that the Company be wound up voluntarily, and creditors
appointed Paul William Gidley of Lawler Partners, Chartered
Accountants, 763 Hunter Street, Newcastle West NSW 2302 as
Liquidator for the Company at a creditors' meeting held later
that day.

Dated this 23rd day of August 2005

Paul W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302


QANTAS AIRWAYS: CEO's Pay Rises 3%
----------------------------------
Qantas Airways Limited paid Chief Executive Geoff Dixon 3
percent more last year, taking his total compensation to AU$3.7
million, according to Bloomberg News.

Mr. Dixon received AU$1.9 million in salary, with the rest made
up of bonuses and other benefits.

He has been on the airline's board since August 2000 and has led
the company since March 2001.

Last month, Mr. Dixon reported a 5% gain in second-half net
income of the airline, reflecting cost cuts and hedging against
fuel prices, which helped avoid losses incurred by rivals such
as Thai Airways International Pcl.

Cathay Pacific Airways Ltd, Asia's second most profitable
carrier, posted a drop in first-half net income on fuel costs
and Virgin Blue Holdings Ltd, Qantas' only domestic competitor,
cut its forecast, citing fuel costs and more rivalry.

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


SARDONIA PTY: Creditors Expected to Get Dividend Payments
---------------------------------------------------------
Sardonia Pty Limited will declare a first and final dividend on
Sept. 16, 2005.

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

Dated this 26th day of July 2005

D. Hurt
Liquidator
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


STAR BUILDING: Court Issues Winding Up Order
--------------------------------------------
On Aug. 12, 2005, the Supreme Court of New South Wales ordered
that Star Building Formwork Pty Limited be wound up, and
appointed Stephen James Parbery to be Liquidator for such
purpose.

Dated this 15th day of August 2005

Stephen J. Parbery
c/o PPB Chartered Accountants & Business
Reconstruction Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


STATE SERVICES: Liquidator to Explain Winding Up Process
--------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of State Services Pty Limited will be held on Sept.
20, 2005, 10:30 a.m. at the offices of Vouris & Bell, Chartered
Accountants, Level 9, 4 O'Connell Street, Sydney NSW 2000 to
have an account laid before them showing the manner of the
winding up and disposal of Company property, and to hear any
explanations that may be given by the Liquidator.

Proxies to be used at the meetings must be lodged with the
liquidator no later than 4:00 p.m. of Sept. 19, 2005.

Dated this 8th day of August 2005

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 02 9232 6800


ST. JOHNS: Members Resolve to Wind Up Operations
------------------------------------------------
Notice is hereby given that at a general meeting of members of
St. Johns Park Carpentry Pty Limited held on Aug. 11, 2005, it
was resolved that the Company be wound up voluntarily and that
for such purpose, Richard James Porter and David Ian Mansfield
of Moore Stephens Chartered Accountants, 460 Church Street,
Parramatta NSW 2150 be appointed joint liquidators.

Dated this 11th day of August 2005

Richard J. Porter
David I. Mansfield
Joint Liquidators
c/o Moore Stephens
460 Church Street
Parramatta NSW 2150


TELSTRA CORPORATION: Senator Seeks Time Out on Sale
---------------------------------------------------
Nationals Senator Barnaby Joyce has called for more time to
study the legislation relating to a fund for bush
telecommunications before he agrees to the full sale of Telstra
Corporation, The Australian reports.

The Government wanted to pass the enabling bill through the
Parliament as quickly as possible.

But Senator Joyce, whose vote is crucial to passing the
legislation in the Australian Senate, said he wants the bill
revised. He warned he would withdraw support for the Telstra
sale unless it was amended to guarantee a telecommunications
bush fund was worth at least AU$2 billion.

The senator was angry upon learning through a Senate inquiry on
Friday that the trust fund set up for the bush does not
necessarily contain the AU$2 billion promised.

Senator Joyce said that element of the bill will have to be
changed. He added that Friday's one-day Senate inquiry into the
sale bill was inadequate.

He was also worried about an investigation by the Australian
Securities and Investments Commission (ASIC) into a secret
Telstra document handed to the government last month detailing a
string of problems plaguing the telco.

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/


WIELD PTY: Inability to Pay Debts Prompts Wind Up Action
--------------------------------------------------------
Notice is hereby given that at a meeting of Wield Pty Limited
held on Aug. 15, 2005, the following Special Resolution was
passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily and that Daniel Civil and
Peter Rodgers be appointed Joint Liquidators for such winding
up.

Daniel Civil
Peter Rodgers
Joint Liquidators
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


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

BILLION HOPE: To Undergo Winding Up Process
-------------------------------------------
Billion Hope Holdings Limited whose place of business is located
at 11th Floor, Nanyang Plaza, 57 Hung To Road, Kwun Tong,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 31, 2005.

Date of Presentation of Petition: June 27, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Wins Nod to Cut Retail Shares in Offering
-------------------------------------------------------------
China Construction Bank (CCB), which is proceeding with its US$5
billion public offering later this year, was granted by the Hong
Kong Stock Exchange to cut the shares it must sell to retail
investors, Bloomberg News reports.

Given its size, CCB is allowed to offer just 5 percent of its
sale shares to local retail investors rather than the 10 percent
required by the listing rules.

CCB, the first IPO by one of China's "big four" state-owned
banks, will be the largest of the year to raise not less than
US$5 billion from its first overseas sale.

The lender has already secured two major investors, Bank of
America, with a US$500 million pledge, and the Singapore
government's investment arm, Temasek, which has committed US$1
billion to the IPO and another US$1.4 billion in direct
investment.

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 INSURANCE: Unveils 1H/2005 Financial Result
-------------------------------------------------
The Board of Directors of China Insurance International Holdings
Company Limited announces the unaudited interim financial
results of the Company and its subsidiaries for the six months
ended June 30, 2005.

                                                       
                                                 (Unaudited )
                                   (Unaudited )  Last
                                   Current       Corresponding
                                   Period         Period
                                from 01/01/2005 from 01/01/2004
                               to 30/06/2005      to 30/06/2004
                                Note  ('000)       ('000)
Turnover                         : 3,308,001          2,983,584         
Profit/(Loss) from Operations    : (140,469)          195,178           
Finance cost                     : (47,596)           (42,753)          
Share of Profit/(Loss) of
  Associates                     : (12,013)           (15,670)          
Share of Profit/(Loss) of
  Jointly Controlled Entities    : N/A                N/A               
Profit/(Loss) after Tax & MI     : (43,768)           104,055           
% Change over Last Period        : N/A       %
EPS/(LPS)-Basic (in dollars)     : (0.033)            0.078             
         -Diluted (in dollars)   : (0.033)            0.078             
Extraordinary (ETD) Gain/(Loss)  : N/A                N/A               
Profit/(Loss) after ETD Items    : (43,768)           104,055           
Interim Dividend                 : NIL                NIL
  per Share                                              
(Specify if with other           : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Interim Dividend               : N/A   
Payable Date                     : N/A
B/C Dates for (-)            
  General Meeting                : N/A   
Other Distribution for           : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                   : N/A   

Basic (loss)/earnings per share

The calculation of basic (loss)/earnings per share is based on
the loss attributable to equity holders of the Company of
$43,768,000 (2004: profit of $104,055,000) and the weighted
average of 1,331,776,925 ordinary shares (2004: 1,330,930,592
shares) in issue during the Period.

Diluted (loss)/earnings per share

The calculation of diluted (loss)/earnings per share is based on
the loss attributable to equity holders of the Company of
$43,768,000 (2004: profit of $104,055,000) and the weighted
average number of 1,339,769,387 ordinary shares (2004:
1,341,503,081 shares) after adjusting for the effects of all
dilutive potential ordinary shares under the Company's share
option scheme.

According to Chong Hing Securities Ltd, China Insurance
International Holdings Company Ltd's current assets were HK$5.10
million while current liabilities were HK$13.4 million.

CONTACT:

China Insurance International Holdings Company Limited
12/F, Ming An Plaza Phase 2, 8 Sunning Road
Causeway Bay, Hong Kong  
Phone: 28641999  
Fax: 28662262  
Web site: http://www.ciih.com


C.S. INDUSTRIES: Winding Up Order Notice Set October 26
-------------------------------------------------------
Notice is hereby given a Petition for the Winding up of C.S.
Industries Company Limited by the High Court of Hong Kong
Special Administrative Region was on August 25, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on October 26, 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.

GALLANT Y. T. HO & CO
Solicitors for the Petitioner
5th 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 25, 2005.


EXPERT M.W.: Court Releases Winding Up Order
--------------------------------------------
Expert M.W. Limited whose place of business is located at 15/F,
Gloucester Road, Wanchai, Hong Kong was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on August 31,
2005.

Date of Presentation of Petition: June 28, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


HONGKONG KING: Faces Winding Up Proceedings
-------------------------------------------
HongKong King To Medicine Company Limited whose place of
business is located at Flat 1405, 14/F, Paramount Building, 12
Ka Yip Street, Chai Wan, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on August 31, 2005.

Date of Presentation of Petition: June 28, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


JCR COURIER: Ordered to Shut Down Business
------------------------------------------
JCR Courier (Hong Kong) Limited whose place of business is
located at Room 733, Metro Centre 11, 21 Lam Hing Street,
Kowloon Bay, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on August 31, 2005.

Date of Presentation of Petition: June s28, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: Auditor Releases Independent Review Report
-----------------------------------------------------------
BDO McCabe Lo Limited, Certified Public Accountants of Guangdong
Kelon Electrical Holdings Company Limited, have been instructed
by Guangdong Kelon Electrical Holdings Company Limited to review
the interim financial report of the, comprising the Company and
its subsidiaries.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS

The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited require the preparation of an
interim financial report to be in compliance with International
Accounting Standard 34 "Interim Financial Reporting" and the
relevant provisions thereof. The interim financial report is the
responsibility of, and has been approved by, the directors.

It is our responsibility to form an independent conclusion,
based on our review, on the interim financial report, and to
report our conclusion solely to you, as a body, in accordance
with our agreed terms of engagement, and for no other purpose.

We do not assume responsibility towards or accept liability to
any other person for the contents of this report.

REVIEW WORK PERFORMED

We conducted our review in accordance with Statements of
Auditing Standards No. 700 "Engagements to Review Interim
Financial Reports" issued by the Hong Kong Institute of
Certified Public Accountants, except that the scope of our
review was limited as explained below.

A review consists principally of making enquiries of group
management and applying analytical procedures to the interim
financial report and based thereon, assessing whether the
accounting policies and presentation have been consistently
applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope
than an audit and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit pinion on
the interim financial report.

The scope of our review was limited as follows:

- Subsequent to our appointment as auditors of the Company and
during the course of our review of the interim financial report,
five of the Company's senior management, including the Company's
former chairman, an executive director and vice president, and
other senior management responsible for finance became formally
investigated by the police department of the People's Republic
of China (the PRC police department investigation) and subject
to procedures adopted by the PRC police department in connection
with criminal offences, for alleged economic crime and could not
be contacted. As a result, these key management were unavailable
for our enquiry. Alternatively, we were unable to obtain all the
necessary explanations and assurances concerning the interim
financial report from the remaining directors and management. We
were therefore unable to conduct all of the appropriate and
sufficient enquiries and obtain reasonable explanations and
representations for the purpose of our review.

- As previously announced by the Company, on April 5, 2005 the
China Securities and Regulatory Commission (CSRC) commenced
formal investigation into the Company for alleged breaches of
securities laws and regulations in the PRC (the CSRC
investigation) the result of which has not yet been announced as
at the date of this report. The Company noted that the CSRC
investigation raised certain matters that may impact on the
Group's 2005 interim results and which may require adjustment of
the interim financial report.

Since we are not provided with details of the progress and
substantial findings of the investigation, we are unable to
ascertain whether a modification to the interim financial report
is necessary.

- The CSRC investigation, the PRC police department's
investigation into the former chairman and other senior members
of management, the Group's recent litigations with banks and
other creditors and a significant disruption of the Group's
operations since May 2005 are matters of an unusual nature.
We are therefore unable to apply the necessary analytical
procedures or in the alternative, additional other procedures
and draw appropriate conclusions there from for the purpose of
our review.

In particular, the limitation in scope of our review resulted in
our inability to conclude if material modification would have
been necessary on, but not limited to, the following balances:

1. We were unable to obtain sufficient evidence and explanations
for us to determine whether opening balances at 1 January 2005
of property, plant and equipment have been properly brought
forward to the current period as we were unable to obtain
certain underlying records supporting the amounts of property,
plant and equipment as stated in the Company's consolidated
financial statements as at December 31, 2004.

2. In their report to the shareholders of the financial
statements for the year ended December 31, 2004, the Company's
predecessor auditors have expressed the view that they were
unable to satisfy themselves as to the validity of sales to two
customers in the PRC for the year ended December 31, 2004 and
their related accounts receivable as at that date as a result of
which the predecessor auditors were unable to satisfy themselves
as to whether sales for the year ended December 31, 2004 and
trade receivables as at that date were free from material
misstatement. The interim financial report for the six months
ended June 30, 2005 includes a restatement of the 2004 financial
statements to reflect the reversal of sales to and the related
receivable balances from these two customers based on the
subsequent return of goods from these two customers. The
restatement has the effect of reducing turnover for the year
ended December 31, 2004 by approximately RMB431 million and
trade receivables at December 31, 2004 by the same amount and
increasing loss for the year ended December 31, 2004 by
approximately RMB112 million. The appropriateness of these
restatements will have a material impact on the interim
financial report for the six months ended June 30, 2005. Due to
the limitation in our review as stated above, we were unable to
conclude whether the restatements and their respective amounts
are appropriate.

3. The Company considers that the CSRC investigation, the PRC
police department investigation and the Company's internal
investigation indicate that there could be omissions of
recording and disclosure of material related party transactions
during the six months ended June 30, 2005 and earlier periods
arising from a circumvention of the Group's established policies
and procedures by certain directors and senior management. This
may result in amounts due from related parties, other
receivables and other payables as at June 30, 2005 being
materially misstated in their gross and recoverable amounts and
classification. However, pending conclusion of the various
investigations, whether or not there are misstatements, and if
so their amounts, are not yet determinable.

4. The Group's incursion of losses for the year ended December
31, 2004 and the six months ended June 30, 2005, a significant
disruption of its production in 2005, the CRSC investigation,
the PRC police investigation into its former Chairman and other
senior management and the existence of significant litigations
involving its bankers and other creditors are indicators that
the Group's assets might have been impaired as at June 30, 2005.
While the Company acknowledges that there could have been
impairments in the carrying amounts of its assets namely
property, plant and equipment, interest in associates,
intangible assets and goodwill as stated in the balance sheet,
the unusual and uncertain circumstances of the Company at June
30, 2005 and up to the date of this report prevent a proper
evaluation of recoverable amounts at June 30, 2005. As a result,
the interim financial report may require modification arising
from a write-down of the carrying amounts of property, plant and
equipment, interest in associates, intangible assets and
goodwill stated on the balance sheet and the recognition of an
impairment loss in the income statement should it be
subsequently determined that impairment had occurred.

FUNDAMENTAL UNCERTAINTY RELATING TO THE GOING CONCERN BASIS

The Group incurred losses of approximately RMB457 million and
RMB167 million (restated) for the six months ended 30 June 2005
and year ended 31 December 2004, respectively. As at 30 June
2005, the Group's current liabilities exceeded its current
assets by approximately RMB929 million. In addition, the Group
has outstanding short-term loans in the aggregate of
approximately RMB2,437 million of which approximately RMB240
million were overdue as at June 30, 2005 and approximately
RMB1,420 million will fall due in December 2005. As stated in
the Company's announcement dated August 26, 2005, litigations
have been brought against the Group by certain banks and other
creditors claiming an aggregate amount of approximately RMB552
million. The Group is in the process of negotiating with certain
banks and other creditors to restructure the amounts due to
them.

Provided that the above restructuring with banks and other
creditors can be successfully implemented and the Group can
obtain sufficient operating funds, the directors are satisfied
that the Group will have sufficient working capital to finance
its normal operations and to meet its financial obligations as
they fall due for the foreseeable future. The interim financial
report is prepared on a going concern basis, the validity of
which depends upon future funding being available.

The interim financial report does not include any adjustments
that would result from the failure to obtain such funding.

INABILITY TO REACH A REVIEW CONCLUSION

Because of the significance of the possible effect of the
limitations in evidence available to us, we are unable to reach
a review conclusion as to whether material modifications should
be made to the interim financial report for the six months ended
June 30, 2005.

BDO McCabe Lo Limited
Certified Public Accountants
Chow Tak Sing, Peter
Practising Certificate Number P04659
Hong Kong, 30 August 2005

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd,
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


M CHANNEL: Seeks New Auditors, Delay Results Announcement
---------------------------------------------------------
Reference is made to the announcement of M Channel Corporation
Limited on June 24, 2005.

The Board of Directors of the Company announces that there will
be a further delay in publication of annual results. The Board
is in the process of appointing new auditors to fill the casual
vacancy as soon as possible. The Company will make further
announcement immediately as and when new auditors have been
appointed.

The Directors of the Company confirm that they have not dealt in
the securities of the Company during the one month period before
June 30, 2005 and will not dealt in the securities of the
Company until the audited annual results of the Company for the
financial year ended 31 March 2005 are announced.

Due to the reasons aforesaid, the Company will not be in a
position to publish its audited annual results and dispatch the
annual report for the financial year ended 31 March 2005.
Further announcement regarding the date of publication of annual
results will be made when appropriate. The Board expects that
the Company's first quarter results will be further delayed. The
delay will constitutes a breach of Rules 18.49, 18.48A,18.03 and
18.66 of the Rules Governing the Listing of Securities on the
Growth Enterprise Market of The Stock Exchange of Hong Kong
Limited (the GEM Listing Rules). In this regard, The
Stock Exchange of Hong Kong Limited reserves its right to take
actions against the Company and/or its directors.

Trading in the shares of the Company was suspended effective
from 11:04 a.m. on 28 April 2005 and remains suspended until
further notice.

By Order of the Board
M CHANNEL CORPORATION LIMITED
Xing Jing
Executive Director
Hong Kong, 8 September 2005

CONTACT:

M Channel Corporation Limited
26/F, Asia Orient Tower
33 Lockhart Road, Wanchai
Hong Kong  
Phone: 22369369  
Fax: 22369368  
Web site: http://www.m-channel.tv


NAM FONG: Nanyang Withdraws Winding Up Petition
-----------------------------------------------
Reference is made to the announcements dated May 17, 2005, May
30, 2005, June 6, 2005 and June 13, 2005 of Nam Fong
International Holdings Limited regarding a winding-up petition
(the Petition) by Nanyang Commercial Bank, Limited (NCB) against
the Company.

The Company wishes to announce that on June 20, 2005, NCB
withdrew the Petition. A dismissal order was granted by the High
Court at the same day. Source of settlement funds came from
realization of the secured property pursuant to the judicial
forceful execution, the consideration of which would be used to
repay NCB the amounts outstanding first.

The Background

The Company executed a deed of guarantee on July 29, 1997 to
guarantee a loan for not exceeding HK$80,000,000 for a term of 5
years (the Loan) from NCB to Guangzhou Sui Nan Property
Development Company Limited (GZ Sui Nan), a wholly-owned
subsidiary of the Company, and had certain shops premises in
zone 2C of Liwan Plaza, Guangzhou, The People's Republic of
China, with gross floor areas of 4,731.87 sq. m. as security
(the Secured Property). The Loan was for GZ Sui Nan's business
development. As GZ Sui Nan was unable to repay the amounts
overdue pursuant to the adjudication by the Intermediate
People's Court of Guangzhou City of Guangdong Province of The
People's Republic of China (the People's Court) on 1 November
1999, the People's Court granted NCB with judicial forceful
execution (Adjudication (2000) No. 709 of the People Court) (the
`Judicial Forceful Execution), under which NCB was authorized to
deal with the Secured Property with privilege right for
repayment.

In May 2005, the Company and GZ Sui Nan negotiated with NCB
regarding the full and final settlement of the Loan and the
dismissal of the Petition. NCB and GZ Sui Nan agreed to realize
the Secured Property (the Realization) pursuant to the Judicial
Forceful Execution to an independent third party, Glory Holdings
Limited (GHL), at a consideration of HK$33,000,000 (equivalent
to RMB35,000,000) (the "Consideration") that would be used to
repay NCB first with any remaining balance as the group's
general working capital. NCB, GZ Sui Nan and GHL reached a
verbal agreement regarding the Realization that among the
Consideration, RMB20,000,000 would be used to repay NCB (the
Full and Final Settlement) and the remaining balance as the
group's general working capital. GHL, based on the verbal
agreement among three parties, paid RMB19,000,000 and
RMB1,000,000 to NCB on behalf of GZ Sui Nan on 28 May 2005 and
20 June 2005 respectively.

On June 20, 2005, the Company, GZ Sui Nan and NCB entered into a
letter of settlement that NCB agreed to accept RMB20,000,000 as
the full and final settlement of the Loan (including principal,
interest repayment and penalty interest), confirmed there is no
outstanding obligation and liability due by the Company and GZ
Sui Nan to NCB and dismissed the Petition. A dismissal order was
granted by the High Court on the same day.

On June 24, 2004, NCB, GZ Sui Nan and GHL entered in an
agreement in connection with the Realization with terms and
conditions as follows:

The Agreement
Date of the Agreement: June 24, 2005

Parties
(i) GZ Sui Nan: a Property development company;
(ii) GHL: an investing holding company, to the best knowledge
and belief of the Directors, is an independent third party not
connected with any of the Directors, chief executive or
substantial shareholders of the Company or any of its
subsidiaries or their respective associated as defined in the
Rules (the Listing Rules) Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the Stock Exchange)
(the Independent Third Party); and (iii) NCB : an organization
providing premium services for individual and corporate
customers.

Consideration and Payment Term

The Consideration, base on the valuation of the nominated valuer
of the People's Court, was agreed among all parties by reference
to the market value of comparable properties in proximity.

The Consideration has been and shall be payable in cash as
follows:

(i) GHL paid NCB RMB19,000,000 on 28 May 2005;
(ii) GHL paid NCB RMB1,000,000 on 20 June 2005; and
(iii) The balance of RMB15,000,000 will be paid to GZ Sui Nan
upon completion.

As at December 31, 2004, the market value of Guangzhou Liwan
Plaza was approximately HKD735,000,000 with total floor areas
71,278 sq. m. The Secured Property represents approximately
6.64% of the total floor areas. All the obligations and
liabilities due to NCB under the Loan (book value as at 31
December 2004 is HKD31,277,000) is released by the payment of
the Full and Final Settlement. Before consideration of all the
necessary expenses and charges, the cash inflow is approximately
RMB15,000,000 (equivalent to HKD14,143,000). The Realization was
completed on June 30, 2005.

Particulars of the Parties

The principal activity of the Company is investment holding and
the activities of its principal subsidiaries consists of
property development, property management and investment
holdings. GZ Sui Nan, a property developer, was incorporated
under the laws of Guangzhou City of The People's Republic of
China with limited liability.

GHL, a property investment company, the Independent Third Party.
NCB, an organization-providing premium services for individual
and corporate customers. Investors should exercise extreme
caution when dealing in the shares of the Company. Trading in
the shares of the Company on the Stock Exchange was suspended
from 10:45 a.m. on February 7, 2005 at the request of the
Company to the Stock Exchange pending for the release of the
announcement in relation to the winding-up petition against the
Company by NCB.

Trading in the shares of the Company on the Stock Exchange will
remain suspended pending the demonstration by the Company to the
satisfaction of the Stock Exchange that, among others, the
continuing listing of the shares of the Company is warranted.
Further announcement will be made as and when appropriate.

By Order of the Board
Tong Shi Jun
Chairman
Hong Kong, 9 September 2005

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013


VESTHEME INTERNATIONAL: Creditors Meeting Set October 13
--------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Vestheme International Company Limited will be held at 27/F.,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on 13th
day of October 2005 at 11:00 a.m. for the purposes provided for
in Sections 241, 242, 243, and 244 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at Flat D, 5/F., Max Share Centre, 367-373 King's Road,
North Point, Hong Kong and marked for the attention of Mr Chen
Yaowei, quoting Ref: JCWM/131907-037, not later than 4:00 p.m.
on the day before the meeting or adjourned meeting at which they
are to be used.

Dated this 9th day of September 2005


BY ORDER OF THE BOARD OF DIRECTORS
CHEN YAOWEI
Director


WIDE WISE: Undergoes Winding Up Proceedings
-------------------------------------------
Wide Wise Hong Kong Limited whose place of business is located
at 2nd Floor, Yanville, No. 8 Tai Yuen Street, Wanchai, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on August 31, 2005.

Date of Presentation of Petition: November 3, 2004

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


WISEWORLD HOLDINGS: Receives Winding Up Notice
----------------------------------------------
Wiseworld Holdings Limited whose place of business is located at
1/F, Wanchai Central Building, 89 Lockhart Road, Wanchai, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on August 31, 2005.

Date of Presentation of Petition: June 29, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


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

IBP COMPANY: To Merge with IOC in Six Months
--------------------------------------------
The planned merger of IBP Company Limited and parent Indian Oil
Corporation (IOC) is expected to materialize within six months,
according to Deccan Herald.

IOC Chairman Sarthak Behuria said that the company would receive
the Cabinet approval on the merger within a month and then it
will start working on the merger procedures.

The reason for the delay, according to Mr. Behuria, was owing to
the questions raised by the finance and disinvestments
ministries on the issue of the exchange ratio of stocks between
Indian Oil and IBP.

Mr. Behuria confirmed the proposal was already approved by the
IOC, but hit a snag with some ministers raising objection to the
proposed swap ratio. However, the swap ratio of 125 IOC shares
for 100 IBP has finally been agreed and the issue of under-
recovery from the sale of petroleum products has not affected
the approval.

Besides, IOC will be taking over IBP's LPG business to reduce
the subsidy burden on the company though the IBP brand will be
retained.

IBP posted a turnover of around INR14,000 crore during 2004-05
as against INR11,000 crore in the previous financial year. The
gross profit of the company was INR83 crore as against INR332
crore in 2003-04.

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/


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

CITRA MARGA: S&P Withdraws 'SD','D' Credit Ratings
--------------------------------------------------
On Sept. 9, 2005, Standard & Poor's Ratings Services withdrew
its corporate credit rating of 'SD' on Indonesia's PT Citra
Marga Nusaphala Persada and its senior unsecured rating of 'D'
for the USD125 million (IDR1.26 trillion) notes due Feb. 20,
2002, following the company's request. The notes were issued by
Citra Marga Finance BV.

The Company said it has redeemed all of its defaulted U.S.
dollar debts.

Citra Marga's mission statement is as follows: "We are in the
business of providing infrastructure solutions that enable or
enhance the sustainable of economic development through the
mobility of people, goods, and information."

The product scope of the Company's Corporate Mission is wider as
it is no longer confined itself to the toll road business, but
also other infrastructure such as telecommunication,
transportation, property, road, pipe lines, electricity, water,
oil, gas and others.

On September 2002, the Company initiated a corporate
restructuring as a part of its transformation process towards a
more streamlined structure supporting the new goal of
`infrastructure solution enterprise' by upholding the aspect of
efficiency, effectiveness and preserve the sustainability of the
Company in the 21st century. The in-depth examination course of
action resulted in the Management developing a long-term
business objective for the next 25 years, in line with the new
company mission of becoming one of the reputable infrastructure
companies with a wider product scope to include
telecommunications, transportation, properties, roads,
pipelines, electricity, dam, oil and gas etc.

As a forward step the company has formed two subsidiaries PT.
Global Infrastruktur Investindo specifically for toll road
investments and PT. Global Network Investindo for infrastructure
investments outside the toll road construction.

CONTACT:

PT Citra Marga Nusaphala Persada Tbk
Citra Marga Building
Jl. Angkasa No. 20, Kemayoran
Jakarta 10610
Phone: 62 21 4288 5282
Fax:   62 21 4288 5281
Email: cmnp@citra.co.id
Web site: http://www.cmnp.co.id/


GARUDA INDONESIA: Posts Seven-month IDR421-Bln Net Loss
-------------------------------------------------------
For the first seven months of 2005, state owned airline PT
Garuda Indonesia incurred a whopping net loss of IDR421 billion
despite posting its first profit in July, reports Antara News.

Its net loss for the first half of 2005 is over 50% of its
IDR269 net loss last year, but the Company has started to show a
positive trend, and posted a IDR87 billion net profit in July.
Total revenue is expected to reach IDR1.05 billion.

According to Garuda communications officer Pudjobroto, the
Company amis to break even this year. Company president Emirsyah
Satar hopes that the weakening of the local currency and
increasing oil prices will not affect its performance that much.

Despite the fact that 25% of the Company's domestic flights are
losing, Garuda has managed to incur profits from 7% of its
routes. Seat load factor has also risen from 65% to 74%.
Management has increased flights to several cities in China, and
the Company evaluates its flight routes on a weekly basis.

In order to to support operations, Garuda Indonesia is planning
to buy three new Boeing 737-800 aircraft next year. The Company
currently operates 48 Boeing 737 airplanes. Company finance
director Alex Maneklarana is also confident that Garuda will be
able to meet its break-even goal, as the second half of the year
is usuallu peak season for the airline.

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


GARUDA INDONESIA: Proposes 5-Year Debt Rescheduling to Creditors
----------------------------------------------------------------
Troubled state airline PT Garuda Indonesia will propose a five-
year debt rescheduling plan to its European Credit Agency Agency
(ECA) creditors later this month, AFX News reports.

Garuda president Emirsyah Satar said that they would present the
business plan to creditors to reschedule its IDR5.23 trillion
debt.

The Compant signed a IDR15.12 trillion debt restructuring deal
with the ECA and other creditors in 2001, to extend its debt
reapyment period from 12 years to 16 years. The Company pays
IDR1.11 trillion in annual principal and interest payments.

Although the Company has incurred an operating loss of IDR421
billion for the first half of 2005, it is optimistic that things
will pick up in the second half of the year, which is peak
season.

According to Company president Satar, the debt rescheduling plan
is a win-win solution for both the Company and its creditors.


PERTAMINA: Admits Only Low-ranking Staff Smuggled Fuel
------------------------------------------------------
The board of directors of state-owned oil and gas firm PT
Pertamina announced that oil theft and smuggling in the Company
was committed by low-ranking officials, 12 of whom were already
discharged, reports the Jakarta Post.

According to the Company, some of those involved in fuel
smuggling were a cook, security officer, and a driver, while
five were contract employees.

Port supervision chief Sumardiyono was the highest-rakned
official discharged so far, in the Company's disclosure of names
in order to protect its credibility.

Pertamina president Widya Purnama made the announcement after
being called by Indonesian President Susilo Bambang Yudhoyono to
explain the matter, after local police found evidence of
Pertamina officials' involvement in smuggling operations in
several parts of the country, as well as the involvement of
foreign nationals from China and Singapore.

The fuel smuggling caused IDR8.8 trillion in annual state
losses.

Despite the fact that only lower-rank officials were charged
with smuggling, the Company is still questioning several middle-
and high-ranking officials on the case, with Mr. Purnama
prmising that the investigation would be transparent, and that
he was willing to resign if asked to do so.

So far, there have been no indications of the involovement of
Pertamina's high-ranking officials in the smuggling case. The
President has asked the Company not to cover up the involvement
of its provincial directors in the smuggling case, but its not
certain whether he requested full accountability from its board
of directors.

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: To Release New Evidence in Oil Smuggling Case
--------------------------------------------------------
State oil firm PT Pertamina is set to release new evidence
relating to a recent investigation of fuel smuggling soon, in
attempts to uncover and arrest the mastermind of the case,
reports Asia Pulse.

According to Pertamina spokesman M. Harun, the perpetrators of
the smuggling case pumped 6,000 tons of crude oil fro the Lawe-
Lawe terminal in East Kalimantan Province through the Company's
marine oil pipeline, and then transported the oil into tankers.

Based on police investigations, the crime was made possible by
the involvement of 11 Pertamina employees, who have been already
charged by the Company, and may be declared suspects once the
investigation is concluded.

The smuggled oil was found aboard Korean ship MV Tioman, which
was apprehended by navy patrol last Aug. 31, 2005.

Some 18 other Pertamina employees had previously been arrested
for their involvement in the smuggling operation, bringing the
total of those arrested in the case to 29.

Pertamina president Emirsyah Satar has said that he is willing
to take full responsibility for the Company in the smuggling
case and would resign if asked to do so.


PERTAMINA: Spends IDR707.98 Bln to Import Crude Oil
---------------------------------------------------
State oil firm PT Pertamina needs up to IDR707.98 billion daily
to spend on oil imports in order to meet domestic demand, Asia
Pulse reports.

According to Pertamina president Widya Purnama, Indonesia
consumes 1.1 million barrels of fuel oil and 1.05 million
barrels of crude oil on a daily basis. In order to meet such
needs, the Company needs to import up to 600,000 barrels of
crude oil per day, while it also import 400,000 barrels of fuel
oil as domestic crude oil outputs produce only 700,000 barrels
of fuel oil.

The Company currently spends IDR566.5 billion to import oil
since global fuel prices have now reached USD70 per barrel, but
it buys dollars through the Finance Ministry and not from the
market, so it did not cause the weakening of the local currency.

In order to reduce oil imports, the Company is slated to
increase local production through its oil refineries that are
set to repoen after a temporary shutdown, and the opening of
three new refineries later in the year.

Pertamina is also using new technology to reopen 41 old fuel
wells which would produce 1,000 barrels of crude oil daily. The
Company supports efforts to make use of renewable energy in
order to reduce fossil fuel consumption.


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

DELPHI CORPORATION: Eliminates Quarterly Dividend
-------------------------------------------------
The Board of Directors of The Delphi Corporation (NYSE: DPH)
announced the elimination of its quarterly dividend of $0.015
per share on Delphi $0.01 par value common stock for the
remainder of the year.

In a press release, the Board determined that the elimination of
the dividend is the prudent course of action at this time to
conserve liquidity during the company's current restructuring
discussions surrounding its U.S. legacy liabilities and the
challenging U.S. production volumes from Delphi's largest
customer.

The Board will re-evaluate the company's dividend policy in the
first quarter of 2006.  

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

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


HITACHI LIMITED: In Negotiations to Form Chip Venture
-----------------------------------------------------
Hitachi Limited is in talks with Toshiba Corporation and other
companies to set up a venture to produce made-to-order chips,
Bloomberg News reports, citing Hitachi President Etsuhiko
Shoyama.

The Nihon Keizai newspaper reported earlier that the venture
would spend as much as JPY300 billion ($2.7 billion) to build a
factory, which will open in 2007, without saying where it got
the information. Matsushita Electric Industrial Co., NEC
Electronics Corporation and Renesas Technology Corp., owned by
Hitachi and Mitsubishi Electric Corp., may join the project, the
report said.

Japanese chipmakers have been losing market share to Asian
rivals because they have been unable to compete on costs. Taiwan
Semiconductor is the world's largest supplier of made-to-order
chips, while United Microelectronics Corp. is the second
biggest.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com


MITSUBISHI MOTORS: To Build Factory in Thailand
-----------------------------------------------
Mitsubishi Motors Corporation plans to build a new pickup truck
in Thailand in 2010, to meet growing exports, especially to
Europe, Kyodo News reports, citing Mitsubishi President Osamu
Masuko.

The automaker plans to boost its production capacity in Thailand
to 200,000 units from the current 180,000 as exports from there
to Europe, Masuko said at a news conference.

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


SANYO SHINPAN: Debtors Seek Refund of Usurious Interest
-------------------------------------------------------
Borrowers of Sanyo Shinpan Finance Co. filed a lawsuit against
the company to seek JPY380 million in refund of excessive
interest and disclosure of transaction records, Kyodo News
reports.

The 440 plaintiffs in 13 prefectures said Sanyo Shinpan violated
the interest rate restriction law by charging more than the
regulated 15 to 20 percent interest on loans extended to them.

The company said it considers the loan contracts with the
plaintiffs are legal.


SOJITZ CORPORATION: Moody's Withdraws All Ratings
-------------------------------------------------
Moody's Investors Service has withdrawn all ratings for Sojitz
Corporation and its keepwell supported subsidiaries for business
reasons.

This action does not reflect a change in the company's
creditworthiness. For further details, please refer to Moody's
Withdrawal Policy on moodys.com.

The following ratings were withdrawn.

Sojitz Corporation: unsecured senior debt rating of Ba2

Sojitz UK plc: unsecured senior debt rating of Ba3

Sojitz International Finance Cayman Ltd.: unsecured senior debt
rating of Ba3

Sojitz Corporation is one of the Japanese trading companies.

Tokyo
Katsumi Ishibashi
Associate Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


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

ASIANA AIRLINES: Receives Compulsory Arbitration from Government
----------------------------------------------------------------
The 10-member committee of the National Labor Relations
Committee presented a compulsory arbitration to Asiana Airlines'
union and management to end their months-long dispute, Asia
Pulse relates citing Yonhap News.

The government tried to let both parties solve the conflict on
their own, but since Asiana management and labor union failed to
reach a compromise over their working conditions, the committee
had to step in.  

The compulsory arbitration supports the union's demand for the
gradual reduction of flight hours, but denies its claim for a
say in managerial decisions, particularly on the recruiting of
pilots and discipline.

Also the arbitration disallows the extension of pilots' current
retirement age of 55 and limits the transfer of various fines on
the carrier to pilots and double penalties that can be brought
on by their violation of the aviation law.

The compulsory arbitration has taken effect last Saturday.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114
Fax: +82 2 669 3170


SK NETWORKS: Opens Holding Firm in China
----------------------------------------
SK Networks Co. established a holding company in China to manage
its operations that include complex gas stations and terminals
as well as its fashion business, Asia Pulse reveals, citing
Yonhap News.

The holding company has a capital of $30 million and will be
granted another $20 million next year, increasing the total
investment to $50 million.

The holding company is seen as part of the company's push to
further its business operations in China.

SK Networks clinched a project to build 12 gas stations in
Shenyang in June and is still in the process of completing the
project by the end of this year.

The company also signed a letter of intent in July to build a
heavy oil processing plant with a $22 million investment in the
city of Taizhou in Zhejiang Province, with an anticipated annual
capacity of 1 million tons.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Phone: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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

BELL & ORDER: Expects to Conclude Scheme by End 2005
----------------------------------------------------
The Board of Directors of Bell & Order Berhad informed Bursa
Malaysia Securities Berhad that there is no change in the status
of the default payments of the interest and repayment of
principal to financial institutions in respect of various credit
facilities granted to B&O.

On September 1, 2005, the Kuala Lumpur High Court approved the
Composite Scheme of Arrangement (as defined in the B&O's
announcement dated May 24, 2005) and made the necessary orders
to facilitate the reconstruction of B&O.

For further details on the orders made by the Court, please
refer to the announcement made by B&O on September 5, 2005. B&O
expects to implement and complete the Composite Scheme of
Arrangement and other related corporate exercises by end
December 2005.

This announcement is dated 9 September 2005.

CONTACT:

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


DATUK KERAMAT: Bourse Extends Trading Halt on Wind-up Petition
--------------------------------------------------------------
Bursa Malaysia Securities Berhad advised that as a winding-up
order has been granted by the court against Datuk Keramat
Holdings Berhad on August 23, 2005, trading in the shares of the
Company would be suspended pursuant to Paragraph 16.02(h) of the
Listing Requirements.

However, in view that the trading in the Company's shares has
been suspended since August 1, 2005, hence the suspension will
continue until further notice.

Your attention is drawn to the Company's announcements dated
August 25, 2005 and September 5, 2005.

CONTACT:

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


FABER GROUP: Issues New Shares for Listing, Quotation
-----------------------------------------------------
Faber Group Berhad be advised that its additional 90,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR180,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 90,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Monday, September 12, 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


HABIB CORPORATION: Bourse to List, Quote New Shares
---------------------------------------------------
Habib Corporation Berhad informed that its additional 96,000,000
new ordinary shares of MYR1.00 each arising from the placement
of 96,000,000 new ordinary shares of MYR1.00 each will be
granted listing and quotation with effect from 9:00 a.m.,
Friday, September 9, 2005.

CONTACT:

Habib Corporation Berhad
1st Floor, Bangunan Habib Corporation,
Lot 106, Lorong Mamanda 2, Ampang Point,
68000 Ampang, Selangor
Malaysia
Telephone: (60) 3 452 7777
Fax: (60) 3 452 2143


HAP SENG: Issues Shares Buy Back Notice
---------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:   
   
Date of buy back: September 9, 2005

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

Total number of shares purchased (units): 3,600

Minimum price paid for each share purchased (MYR): 2.120

Maximum price paid for each share purchased (MYR): 2.200

Total consideration paid (MYR): 7,972.64

Number of shares purchased retained in treasury (units): 3,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,210,400

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


HWA TAI: Books MYR2,239 Net Loss
--------------------------------
Hwa Tai Industries Berhad issued to Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter financial report
for the financial period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue  

     18,811       23,605          39,122         45,729

(2) Profit/(loss) before tax  

    -2,239        -2,125          -2,951         -3,147

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

    -2,239        -2,126          -2,951         -3,121

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

    -2,239        -2,126          -2,951         -3,121

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

    -5.59          -6.09           -7.37          -9.22

(6) Dividend per share (sen)  

    0.00            0.00            0.00           0.00

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

(7) Net tangible assets per share (MYR)  

    0.7493                     0.8230

For more information, click
http://bankrupt.com/misc/HwaTai091205.pdf
http://bankrupt.com/misc/HwaTaiBerhad091205.pdf
http://bankrupt.com/misc/HwaTaiBerhad091205B.pdf
http://bankrupt.com/misc/HwaTaiBerhad091205C.pdf
http://bankrupt.com/misc/HwaTaiNotes0506.pdf

CONTACT:

Hwa Tai Industries Berhad   
12, Jalan Jorak,
Tongkang Pecah Industrial Estate,
Batu Pahat Johor 83010
Telephone: 07-4151688   
Fax: 07-4151135


I-BERHAD: Buys Back 10,000 Shares
---------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:
   
Date of buy back: September 9, 2005

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

Total number of shares purchased (units): 10,000

Minimum price paid for each share purchased (MYR): 0.880

Maximum price paid for each share purchased (MYR): 0.880

Total consideration paid (MYR): 8,865.32

Number of shares purchased retained in treasury (units): 10,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,276,800
Adjusted issued capital after cancellation (no. of shares)
(units):  
   
This announcement is dated 8 September 2005.

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


PADIBERAS NASIONAL: Petitioner Appeals Court Decision
-----------------------------------------------------
Padiberas Nasional Berhad furnished Bursa Malaysia Securities
Berhad details of the petition under Section 181 (the Petition)
by Konsortium Pemborong Beras Melayu (Kelantan) Sdn Bhd (The
Petitioner) against Padiberas Nasional Berhad (the Company).

Further to our announcement made on July 22, 2005, the company
informed Bursa Malaysia Securities Berhad that the Petitioner
had on August 17, 2005, filed an appeal against the decision of
the High Court in allowing the Company's application to strike
out the Petition.

This announcement is dated 8 September 2005.

CONTACT:

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


PAN PACIFIC: Default in Payment Status Unchanged
------------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad,
Bursa Malaysia Securities Berhad unveiled details on the Default
in Payment as at August 31, 2005 of PPAB and its subsidiaries in
accordance with the Practice Note 1/2001.

The exchange also informed that there are no material changes in
PPAB's status of default from the date of the last announcement
until August 31, 2005.

To view a full copy of details on payments defaulted, click
http://bankrupt.com/misc/PanPacificDefaultPayment090905.xls

CONTACT:

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


PAN MALAYSIA: Repurchases Ordinary Shares
-----------------------------------------
Pan Malaysia Corporation Berhad furnished Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back: September 8, 2005

Description of shares purchased:  Ordinary shares of MYR0.50
each

Total number of shares purchased (units): 50,000

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

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

Total consideration paid (MYR): 24,545.94

Number of shares purchased retained in treasury (units): 50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 50,548,000

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

CONTACT:

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


QUALITY CONCRETE: Unveils Acquisition, Disposal of Shares
---------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
advised Bursa Malaysia Securities Berhad that it has entered
into the following disposals and acquisitions of quoted
securities on various dates as per Appendix I.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

Click to view a full copy of Appendix I
http://bankrupt.com/misc/QualityConcrete091205.pdf

(2) Aggregate value of consideration for transactions on 8th
September, 2005: MYR48,355

This value represents the aggregate of actual purchases.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005 MYR2.2850
NTA per share after the transactions MYR2.2796

The Company has on September 8, 2005:

(1) Acquired 20,000 ordinary shares of MYR1.00 each in RHB CAP.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.

CONTACT:

Quality Concrete Holdings Bhd   
Level 5, Wisma Mata Kuching,
Jalan Tunku Abdul Rahman,
Kuching Sarawak 93100
Malaysia
Telephone: 082-488267   
Fax: 082-484959


TANCO HOLDINGS: Unit Faces Winding Up Proceedings
-------------------------------------------------
Tanco Holdings Berhad (Tanco) informed Bursa Malaysia Securities
Berhad that SuperExchange Limited (SuperExchange), a whollyowned
subsidiary of Tanco, has been placed under Member's Voluntary
Winding-Up pursuant to Section 131(1) of the Offshore Companies
Act, 1990 and Section 254(1)(b) of the Companies Act, 1965 and
that Ms. Chieng You Lang of Block A, Lot 7, First Floor, Lazenda
Phase 3 Shophouse, Off Jalan OKK Abdullah, Labuan, Malaysia has
been appointed as Liquidator of SuperExchange.

SuperExchange has been dormant and there is no future plan to
activate the Company. In recognition of that, the Company has
decided to appoint a Liquidator to wind up SuperExchange.

The Company's net cost of investment after provision for
diminution in SuperExchange is MYR1.00. The cost of the
voluntary winding-up of SuperExchange is estimated to be
MYR20,000.

The voluntary winding-up of SuperExchange therefore is not
expected to have any material impact on the net tangible assets
and earnings per share of the Tanco Group for the financial year
ending December 31, 2005.

This announcement is dated 8 September 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333
Fax: +60 3 6091 3188


UNITED CHEMICAL: Passes All EGM Resolutions
-------------------------------------------
United Chemical Industries Berhad (UCI) furnished Bursa Malaysia
Securities Berhad details on the Proposed Restructuring.

Alliance Merchant Bank Berhad, for and on behalf of the Board of
UCI, disclosed to the Exchange that UCI has successfully
convened the UCI Meeting between UCI with its Members
(comprising of the Secured Creditors, Unsecured Creditors and
shareholders), for the purpose of considering and, if thought
fit, approving, with or without modifications, the Scheme. The
Scheme has been approved without modifications by a majority in
number, representing more than three-fourths (75 percent) in
value of the Members present and voting.

In addition, at the Extraordinary General Meeting (EGM) of UCI,
the shareholders of UCI have also approved and passed all
resolutions as set out in the Notice of EGM dated August 16,
2005.

This announcement is dated 8 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


UNITED CHEMICAL: Court Extends RO for 9 Months
----------------------------------------------
On behalf of United Chemical Industries Berhad (UCI), Alliance
Merchant Bank Berhad advised Bursa Malaysia Securities Berhad
that on September 7, 2005 inter-alia the High Court of Malaya in
Ipoh had on September 7, 2005 granted UCI a nine (9) months
extension to the existing Restraining Order which shall be
expiring on September 9, 2005, to June 9, 2006.


WCT ENGINEERING: Court Adjourns Hearing to October 11
-----------------------------------------------------
Further to WCT Engineering Berhad's announcement on July 25,
2005, the Board of Directors advised on:

Maju Holdings Sdn. Bhd. (Maju) vs. WCT Construction Sdn Bhd
(WCTC) Originating Summons (Kuala Lumpur High Court Suit No. S4-
24-559-2005)

The hearing date for WCTC's application to strike out Maju's
Originating Summons (OS) which was originally fixed on September
15, 2005 has been postponed by the Court to October 11, 2005.

This announcement is dated 8 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
=====================

ABS-CBN BROADCASTING: Says Union Won't Strike to Oppose Job Cuts
----------------------------------------------------------------
ABS-CBN Broadcasting Corporation's rank-and-file union is
withdrawing a planned industrial action in protest to impending
job cuts, BusinessWorld relates.

Contrary to earlier media reports, the management of ABS-CBN
confirmed that the ABS-CBN Employees Union submitted a letter to
the Labor department Friday last week to withdraw the notice of
strike the union filed earlier.

The rank-and-file union of ABS-CBN filed a notice of preventive
mediation with the National Conciliation and Mediation Board of
the Labor department late last month in relation to the
company's special separation program.

The firm reportedly plans to lay off 20 percent of its 1,800-
strong work force by next month.

Last week, the union withdrew its preventive mediation notice
and instead opted to pursue a notice of strike it had filed at
the Labor department.

A Labor official said the union decided to pursue the notice of
strike after management would not give in to the union's demand
to stop the job cuts.

CONTACT:

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


COLLEGE ASSURANCE: Officials Ask Clients to Seek SEC Leniency
-------------------------------------------------------------
College Assurance Plan's (CAP) officials asked planholders in
Northern Luzon to pressure the corporate regulator into giving
the pre-need firm leniency to enable it to sell its frozen
assets and pay its obligations for this year, The Philippine
Daily Inquirer reports.

On Saturday a group of planholders picketed a conference of
regional CAP managers in Baguio until they were allowed to speak
to CAP officials.

Jose Montoya, CAP senior vice president, told planholders that
selling CAP assets is the pre-need firm's immediate solution to
its trust fund's current shortfall. Reports place this shortfall
at Php17 billion, which is computed from an estimated Php25.6-
billion liability.

Mr. Montoya asked the plan holders for a five-day reprieve to
allow CAP time to await the decision of a Makati Regional Trial
Court regarding their petition to pursue an eight-year
rehabilitation plan instead of a SEC-supervised management
overhaul.

The SEC has suspended CAP's dealer license over allegations that
it mishandled its trust fund.

Mr. Montoya also asked each of the planholders to pressure the
Securities and Exchange Commission (SEC) into granting CAP its
dealer's license so it can negotiate terms with new investors.

Around 70 percent of CAP's plan holders have reportedly stopped
paying their insurance dues, and the remaining 30 percent of
planholders pay intermittently because of the credibility issues
SEC raised against all pre-need firms.

But plan holders are studying their options. The picketing group
acknowledged that petitioning SEC on behalf of CAP might
compromise the investigation and prosecution of the firm.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


LEPANTO CONSOLIDATED: Sees End to 3-month Labor Row
---------------------------------------------------
The three-month strike at Lepanto Consolidated Mining Company
finally came to an end after union leaders and the management
signed a memorandum of agreement (MOA) over the weekend,
according to SunStar Daily.

The MOA materialized after the last bout of negotiations between
the two parties on September 3 and 4.

The MOA stated that the 19 dismissed officers of the Lepanto
Employees Union (LEU) should accept their termination from
service for leading the strike. Part of the agreement would be
for both parties to drop charges and counter-charges against
each other.

The MOA stated that LEU and the management recognized the need
to establish and foster industrial peace and unhampered
operations to promote productivity.

Likewise, the present officers will continue to discharge their
functions until their successors will have taken their oath; and
that both parties will agree to conclude the 23rd bargaining
agreement, which started in November 2004 and ended in a
deadlock in May 2005.

On April 5, the LEU filed a notice of strike before the Office
of the National Mediation and Conciliation Board in Cordillera
on the basis of a deadlock in their collective bargaining
agreement (CBA) after a series of negotiations that went futile
following the company's refusal to approve some provisions of
the CBA.

On April 20, the union staged a strike vote referendum where 95
percent of the membership agreed to strike. A series of
conciliation meetings were conducted in an attempt to resolve
the dispute but both parties failed to reach any agreement. The
long-standing industrial action began June 2.

The company and the union filed criminal charges and counter-
charges against each other due to alleged coercion, direct
assault on the part of the company and alleged human rights
violations against the company and the police on the part of the
union.

CONTACT:

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


MONDRAGON INTERNATIONAL: Defers ASM Until 2006
----------------------------------------------
The Annual Stockholders Meeting of Mondragon International
Philippines Inc. is rescheduled from September 12, 2005 to:

March 13, 2005
9:00 a.m.
Mondragon House Ballroom
324 Sen. Gil Puyat Avenue,
Makati City

The postponement is necessary to give more time to the company
to negotiate with prospective investors, creditors and
government instrumentalities for a final and long-lasting
solution to the problems besetting the Mimosa Leisure Estate.

Further, the extended period is necessary as the present
political uncertainties and perceived country risk referred to
by foreign investors have delayed and continues to delay the
company's negotiations with its prospective investors.

CONTACT:

Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Phone:  818-2060/7084
Fax:  810-7584


NATIONAL POWER: Fires Up Assets Sale
------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
is speeding up the disposal of at least half of the generating
assets of the state-run National Power Corporation (Napocor) by
year-end and complete its privatization program by late 2006,
The Philippine Star has learned.

PSALM, the agency tasked to handle Napocor's privatization, aims
to sell to the private sector this year around 50 percent of the
power firm's generating assets. The assets comprise more than
1,300 megawatts (MW) of generating capacity of five major power
facilities, including several decommissioned plants.

PSALM has re-arranged the scheduled sale of the power plants. It
has decided to put on the auction block this year the power
facilities that are saleable to investors. If the sale is
successful, the agency will meet 50 percent of their target.

To date, only 14 percent of Napocor's power generation assets
were privatized.

This year, the 600-MW Calaca coal-fired thermal power plant in
Batangas, 112-MW Pantabangan-Masiway hydro complex in Nueva
Ecija and the 585-MW Tiwi-Makban geothermal complex in Albay and
Laguna.

Among the decommissioned plants, PSALM will sell the Manila and
Bataan thermal plants, Cebu and General Santos diesel-fired
power plants.

With a revised privatization schedule, PSALM is confident it can
sell 100 percent of Napocor's generating assets by end-September
next year.

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/


PACIFIC PLANS: RCBC Denies Negative Effect of Rehab Plan
--------------------------------------------------------
Rizal Commercial Banking Corporation (RCBC) issued an
announcement in reference to a news article entitled "RCBC
deposits fall 5.6% on Pacific Plans backlash", which appeared in
the Daily Tribune on September 9, 2005, specifically on the
following paragraph:

"The ill will generated by the financial rehabilitation of
Pacific Plans, Inc. has proven costly in terms of depositors
confidence to Rizal Commercial Banking Corp. (RCBC) which
reported a 5.6 percent drop in deposits over a three-month
period this year equal to Php8 billion. Financial data released
by RCBC and obtained by reporters show its deposits shrinking to
just Php135.425 billion at end-June versus Php143.439 billion at
end-March."

RCBC insisted there was no ill will generated by the
rehabilitation plan of Pacific Plans Incorporated (PPI). There
were deep apprehensions, which are currently bring addressed by
PPI's management. The bank acknowledged there was a drop in the
Bank's deposit base as stated in the article and indeed, it was
an aftermath of the PPI issue. As stated, the drop was single
digit and it is attributable to PPI's quick and immediate
response to the matter tempering any possible adverse impact
that may have ensued on RCBC.

CONTACT:

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


SWIFT FOODS: Expects to Bounce Back to Black This Year
------------------------------------------------------
Struggling Swift Foods Inc. expects to post a turnaround this
year due to positive performance of its poultry export
operation, BusinessWorld reports.

The Company is confident its Cagayan de Oro plant, which is the
largest and most modern of its kind in the whole Asia, can
produce enough broiler meat products for the export market.

Swift Foods Chairman Jose S. Conception said the fully automated
dressing facility can slaughter 8,000 birds per hour. He added
the plant received an ISO (International Organization fro
Standardization) certification for outstanding management and
compliance with the Hazard Analysis Critical Control Point
standard.

In 2004, Swift suffered a ballooning net loss of Php567.41
million from Php392.17 in the previous year mainly due to the
bird flu outbreak. Raw material prices also hit an all-time high
in 2004, putting pressure on costs and gross margin.

The bird flu and soaring raw material prices resulted in a
surplus in the market, which led to unprecedented levels of
frozen inventory of the industry during the year.

According to Swift, the supply situation was further aggravated
when the government temporarily lifted the safeguard measure
during the second and third quarter of the year and allowed
entry of more imported chicken, particularly low-priced leg
quarters, into the country.

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


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

ACCORD CUSTOMER: Appoints Independent Directors
-----------------------------------------------
On Sept. 9, 2005, Accord Customer Care Solutions (ACCS)
appointed two new independent non-executive directors, Mah Kah
On and David Ding, to join its Board.

Both gentlemen have spent more than 20 years each in the
financial services industry.

The directors' appointments  are part of the Company's efforts
to reconstitute its Board to meet the requirements of the
Singapore Exchange Securities Trading Limited and the Code of
Corporate Governance. Prior to this date, Mr. Philip Eng was the
only independent director on the Board.

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

http://bankrupt.com/misc/tcrap_accordcustomer091205.pdf

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


MEDIASTREAM LIMITED: Disposes of Entire Stake in IFW
----------------------------------------------------
The judicial manager of MediasStream Limited (MSL), Timothy
James Reid of Ferrier Hodgson, together with the Company's Board
of Directors announced that on Sept. 8, 2005, the Company
entered into and completed a sale and purchase agreement to sell
its entire 51.03% stake in Infinite Frameworks Pte Limited (IFW)
to IFW minority shareholder Kris Wiluan.

To view the Company's announcement on the matter, go to:

http://bankrupt.com/misc/tcrap_mediastream091205.pdf

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines Street 92
MediaStream Building
Singapore 528883
Phone: 65 6788 7888
Fax:   65 6787 1238
Email: info@mediastreamsg.com
Web site: http://www.mediastreamsg.com


SGT ASIA: Set to Pay Final Dividend
-----------------------------------
SGT Asia Pacific Pte Limited, of 27 Cantonment Road, Singapore
089745, posted a notice of intended dividend at the Government
Gazette, Electronic Edition with the following details:

Name of Company: SGT Asia Pacific Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 419 of 1998
When Payable: Sept. 16, 2005
Where Payable: 27 Cantonment Road, Singapore 089745


SILVERTON INVESTMENTS: Court Orders Winding Up
----------------------------------------------
In the matter if Silverton Investments Pte Limited, the
Singapore High Court issued a winding up order against the
Company on Aug. 26, 2005 with the following details:

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


STARTECH ELECTRONICS: Changes Office Address
--------------------------------------------
Startech Electronics Limited announced that effective Sept. 9,
2005, the Company's registered office is now No. 41 Senoko
Drive, Singapore 758249.

CONTACT:

Startech Electronics Limited
11 Collyer Quay
The Arcade #13.01
Singapore 049317
Phone: (65) 6220 0762
Fax:   (65) 6220 2839
Email: info@startechgrp.com
Web site: http://www.startechgrp.com


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

DATAMAT: Unveils Board Resolutions Passed at Meeting
----------------------------------------------------
Datamat Public Co. Ltd. unveiled to the Stock Exchange of
Thailand (SET) the resolutions passed during the Board of
Directors meeting on September 8, 2005.

(1) To approve the revision of the determination of names and
    numbers of authorized directors of the Company under the
    Existing Certificate of Incorporation.

(A) Mr. Weerakorn Ongsakul signs with Mr. Philip Newson or Mr.   
    Oliver G Hughes or Mr. Bhana Swasdibutara or Mr. Watchara
    Achakornlak or Mr. Chayangkura Kaewbandit, a total of two    
    directors with the Company's seal.

(B) Mr. Weerakorn Ongsakul, Mr. Watchara Acharkornlak
    Mr. Chayangkura Kaewbandit two of these directors can        
    sign to bind the company together with the Company's seal.
    To be "The signatures two of directors together with the    
    Company's seal"  

(2) Acknowledge the resignation of Mr. Oliver Gordon Hughes
    Director and Ms. Sa-angjit Prempridi Director and Chairman
    of Audit Committees effective from September 8, 2005.

Please be informed accordingly

Sincerely yours,

Bhana Swasdibutara
Chief Executive Officer & Managing Director

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th
  

EASTERN WIRE: Details Changes in Shareholding Structure
-------------------------------------------------------  
Eastern Wire Public Company Limited informed the Stock Exchange
of Thailand (SET) on the changes in shareholding structure of
the company.

Reference is made to the change in shareholding structure and
the from for changes in securities holdings as a result of
acquisition of disposition reported to the Securities and
Exchange Commission (SEC) (Form 246-2) and securities holding
report (Form 59-2)

The shareholder structure of the Company as of August 31, 2005

Name                     Amount (shares)       Shareholding (%)

(1) Mr. Pirom Priyawat       21,691,960              21.69

(2) Asset Billion
    Company Limited           6,063,312               6.06

(3) Others                   72,244,728              72.25

The shareholder structure of the Company as of September 1, 2005

Name                     Amount (shares)     Shareholding (%)

(1) Mr. Pirom Priyawat       11,691,960              11.69

(2) Mr. Komol
    Chaungrungraengkit       10,000,000              10.00

(3) Asset Billion
    Company Limited       2,506,312               2.51

(4) Others               75,801,728              75.80

Please also note that the change in the shareholding structure
will not affect the existing management team as well as the
operations of the company.

Please be informed accordingly

Best regards,
Mr. Sontaya noijaroen
Chief Operation Officer

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067


EASTERN WIRE: Board Approves Changes in Directors' Composition
--------------------------------------------------------------  
The Board of Directors Meeting of Eastern Wire Public Company
Limited held on September 6, 2005 passed the resolution with
regards to the change in the composition of Director and
Executive officers:

(1) Resignation of Director and Executive Officer

(1.1) Pol. Maj. Gen. Somyot Phumphantmuang resigned from
Director and Member of the Audit Committee, effective on August
10, 2005.

(1.2) Prof. Asst. Dr. Manvipa Indradat resigned from Director
and Member of the Audit Committee, effective on September 6,
2005.

(1.3) Mr. Rapee Sukhyanga resigned from Director, effective on
September 6, 2005.

(2) Appointment the new directors according to the board of
director agreement No. 9/2005 September 6, 2005.

(2.1) Mr. Vichai Tantikulanant as a Director and an Audit
Committee effective on September 6, 2005

(2.2) Mrs. Chomchaba Sathapornpong as a Director and an Audit
Committee, effective on September 6, 2005
     
(2.3) Dr. Nob Satyasaii as a Director, effective on September 6,
2005.

Hence, after the resignation and appointment, the list of member
of the Board of Directors have been identified as follow:
     
(1) Board of Directors is composition of
    
(1.1) Pol. Lt. Gen. Chatt Kuldiloke           Chairman

(1.2) Mr. Nop Satyasai                        Director
(1.3) Mr. Sompoch Intranukul               Independent Director

(1.4) Mr. Vichai Tantikulanant           Independent Director

(1.5) Mr. Pirom Priyawat                 Managing Director

(1.6) Ms. Petcharee Siriwattago          Director

(1.7) Mrs. Chomchaba Sathapornpong       Independent Director
     
(1.8) Pol. Maj. Phusit Nutchakaroon      Director

(1.9) Mr. Sontaya Noicharoen             Director, Chief  
                                         Operation Officer and    
                                         Secretary of the
                                         Company

(2) Member of Audit Committee is composition of
    
(2.1) Mr. Sompoch Intranukul             Chairman
       
(2.2) Mr. Vichai Tantikulanant           Member of Committee
       
(2.3) Mrs. Chomchaba Sathapornpong       Member of Committee

Please be informed accordingly

Best regards,
Mr. Sontaya noicharoen
Chief Operation Officer
Eastern Wire Public Company Limited





BOND PRICING: For the Week 12 September to 16 September 2005
------------------------------------------------------------

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


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     8
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     8
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


INDONESIA
---------

Indonesia Government Bond             9.500%     6/15/15    70
Indonesia Government Bond            10.000%     7/15/17    75

MALAYSIA
--------

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


SINGAPORE
---------

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


                            *********


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

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

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

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                 *** End of Transmission ***