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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

             Thursday, September 15, 2005, Vol. 8, No. 183

                            Headlines



A U S T R A L I A

A&A&A PTY: Members Opt for Voluntary Liquidation
ABENER PTY: Court Orders Winding Up
ARISTOCRAT LEISURE: Denies Bid for U.S. Rival
AUSTRALIAN GAS: Forms Coal-seam Gas Joint Venture
AUSTRALIAN GAS: Helps Lighten up Environment

CADSOURCE DESIGN: Liquidation Process Initiated
CAMDEN SHEET: Pays Out Final Dividend
COLYN ENTERPRISES: Liquidator to Detail Wind Up Manner
D&T DELIVERIES: Set to Declare Dividend Today
DIAFELD PTY: Shuts Down Business

FOBIZI PTY: Creditors OK Liquidator's Appointment
G&H ENGINE: Members, Creditors to Receive Wind Up Report
HOLLAND HOMES: Members Agree to Close Operations
HUDSON NEW ZEALAND: Tower Developer Collapses
INTERCONTAINER PTY: Court Appoints Official Liquidator

J&M YATES: Members Decide to Cease Operations
J CARTER: Schedules Final Meeting September 22
LIHIR GOLD: Undergoes Financial Restructure
MARINE FARMS: Creditors Seek to Wind Up Company
MILLER'S RETAIL: Mulls Sale of Losing Discount Stores

PIRITA DALE: Liquidator to Explain Wind Up to Members, Creditors
Q&T STEEL: Intends to Distribute Dividend
RAPID SEAL: Members, Creditors to Convene September 22
SAM'S SEAFOOD: Management Bullish on Recovery
SHELMA HOLDINGS: Members Voluntarily Winds Up Firm

STRATHFIELD: Completes Rights Issue, Raises AU$14.4 Mln
STRATHFIELD: Unveils Changes to Board, Management Team
TELSTRA CORPORATION: Union Fears Massive Job Cuts
TELSTRA CORPORATION: Democrats Seek Amendment to Sale Bill
TELSTRA CORPORATION: Farmers Give Support, Joyce May Follow

UNITED DEVELOPMENTS: Names Official Liquidators
WATER WORKS: Decides to Close Business


C H I N A  &  H O N G  K O N G

ASCENT POWER: To Undergo Winding Up Process
FAN IN ARTS: Faces Winding Up Proceedings
FIRST DRAGONCOM: Must Pay Debts to Avert Liquidation
FIRST DRAGONCOM: Appoints New Director
GUANGDONG KELON: Hisense Pays CNY900 Mln for 26.4% Stake

HENYEP SECURITIES: SFC Censures Firm, Officials
IN-TECH D ENGINEERING: High Court Issues Winding Up Order
KONGZHONG CORPORATION: Seeks to Settle Class-action Lawsuit
KWAN LIK: Winding Up Hearing Set October 5
LINK GLORY: Court Releases Winding Up Order

STANDARD CHARTERED: Creditors Asked to Submit Proofs of Claims


I N D I A

AIR INDIA: Teams with Tourism Malaysia for Special Drive
BHARAT PETROLEUM: Eyes SPC Stake to Secure Oil Stockpile


I N D O N E S I A

INDOFOOD SUKSES: Downsizes Product Range to Cut Costs
MERPATI NUSANTARA: Set to Upgrade 11 Boeing 737-200 Planes
PERTAMINA: Government to Reshuffle Management Soon
PERTAMINA: To Sign Cepu Deal With ExxonMobil This Week
PERTAMINA: Cuts Subsidized Fuel to Eight Kiloliters Per Month


J A P A N

DELPHI CORPORATION: Launches European Debut at Frankfurt Show
DELPHI CORPORATION: Rescue Framework Needed by October 17
HAKODATE NDK: METI Approves Restructuring
JAPAN AIRLINES: Skyrocketing Oil Prices Deepen Industry Losses
NRS TECHNOLOGY: METI OKs Restructuring Scheme

RESONA BANK: Perpetual Subordinated Bonds Rated 'BBB-'
SOFTBANK CORPORATION: Unit Sells BroadBand Tower Shares
SOFTBANK CORPORATION: Unit Sells 4,100 Shares in Advanced Media
* August Bankruptcies Up 5% on Year to 1,152


K O R E A

* High Price Hinders Sale of Big Corporations


M A L A Y S I A

AFFIN HOLDINGS: Terminates MTN Issuance
DFZ CAPITAL: Shareholders Approve Proposals at EGM
HAP SENG: Details Unit's Shares Disposal
HAP SENG: Buys Back 3,600 Shares
MAGNUM CORPORATION: Committee OKs Assets Amalgamation

MBF CORPORATION: Swings to Black in 2Q/FY05
METROPLEX BERHAD: Unpaid Loans Hit MYR1,709,117,987.18
METROPLEX BERHAD: Court Moves Date of Winding Up Hearing
NEPLINE BERHAD: Court to Commence Hearing December 1
OILCORP BERHAD: Acquires MYR50-Mln Loan

PADIBERAS NASIONAL: Issues New Shares for Listing, Quotation
PILECON ENGINEERING: Extends Conclusion of Shares Acquisition
RHB CAPITAL: Unit Submits Application for Merger
RHB CAPITAL: Puts Up Executive Committee
RHB CAPITAL: Names New Chairman of RHB Delta Finance

RHB CAPITAL: Unveils Disposal of Unit's Assets
TAMADAM BONDED: Books MYR132,000 Net Loss


P H I L I P P I N E S

ABS-CBN BROADCASTING: Snags 3-year WPT Contract
DIGITAL TELECOMMUNICATIONS: To Pay Franchise Tax to Local Gov't
LEPANTO CONSOLIDATED: Strikers Get Back to Work
PHILIPPINE AIRLINES: Keen to Resume Flights to Bahrain
* Central Bank Wants Embattled Pre-need Industry Regulated


S I N G A P O R E

EUROPA SAILING: Posts Intended Dividend Notice
GOLD PLATECH: Creditors Must Sumbit Debt Claims By Next Month
GREATRONIC LIMITED: Six-Month Net Loss Widens
OHAIYO ENGINEERING: Pays Dividend to Creditors


T H A I L A N D

EASTERN WIRE: Changes Shareholding Structure
PICNIC CORPORATION: Supplier Explains Capability
SUNTECH GROUP: Explains Delay in Submission of FS

     -  -  -  -  -  -  -  -

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

A&A&A PTY: Members Opt for Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of A&A&A Pty Limited held on Aug. 9, 2005, it was resolved that
the Company be wound up voluntarily, and that Richard Herbert
Judson of Members Voluntarys Pty Ltd be appointed liquidator for
such purpose.

Dated this 10th day of August 2005

Richard Judson
Liquidator
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


ABENER PTY: Court Orders Winding Up
-----------------------------------
On Aug. 11, 2005, the Federal Court of Australia ordered the
winding up of Abener Pty Limited, and appointed G. A. Crisp to
be Official Liquidator of the Company.

Dated this 12th day of August 2005

G. A. Crisp
Liquidator
c/o RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne Vic 3000


ARISTOCRAT LEISURE: Denies Bid for U.S. Rival
---------------------------------------------
Poker machine maker Aristocrat Leisure has brushed off rumors it
is the likely buyer of American gaming company GTECH, the Sydney
Morning Herald reports.

GTECH has announced it has received a non-binding preliminary
expression of interest from an undisclosed party. It is believed
to have been trying to attract a bidder for several weeks.

While Aristocrat was the subject of speculation as the possible
buyer, sources close to the Company claimed Aristocrat isn't
involved.

GTECH has lottery services including video lottery terminals as
well as gaming devices and commercial services, which Macquarie
Equities says, would be very attractive to Aristocrat. But
Macquarie feared a deal would be possible only "via a
significant capital raising which might draw upon the
flexibility of Aristocrat's balance sheet".

Such an acquisition may be "way too large for Aristocrat to
digest", Macquarie said.

Aristocrat is capitalized at AU$5.95 billion, while GTECH has a
market cap of US$4 billion and with more than US$1.25 billion in
annual revenues.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


AUSTRALIAN GAS: Forms Coal-seam Gas Joint Venture
-------------------------------------------------
The Australian Gas Light Company (AGL) on Wednesday announced
its intention to enter a joint venture agreement with Sydney Gas
Limited (SGL) to participate in the development and production
of coal seam gas in SGL's current assets and permits.

Under the terms of the agreement, AGL will acquire a 50 percent
interest in SGL's production leases and exploration licenses,
including the Camden Gas Project, for a total up-front payment
of AU$42.25 million. If additional reserves are proven at
Camden, AGL will pay up to an additional AU$51 million by
December 2008 for its half-share based upon an agreed reserve
formula with reserves verified by an independent external
expert.

The joint venture will commence on financial close of the
acquisition of AGL's 50 percent interest in the project, which
is subject to standard conditions and consents.

In addition to the joint venture, AGL and SGL have also agreed
terms of a new 10-year 14.5 petajoule (PJ) per annum Gas Sale
Agreement (GSA) for the Camden Gas Project, with AGL having a
five-year extension option. This new agreement will replace the
former GSA1 and GSA2 agreements for Camden executed in 1999 and
2002 respectively.

AGL Managing Director Greg Martin said, "This transaction fits
well within our growing wholesale gas business. These production
leases and exploration licenses have considerable potential to
provide very competitively priced gas to the Sydney, Newcastle
and Wollongong markets. This joint venture agreement with Sydney
Gas will further support gas-fired power generation development
initiatives."

"This is a sensible transaction for AGL in view of our existing
relationship with SGL, the market position held by AGL in NSW
and the proximity of the gas resource to a major market," Mr.
Martin added.

AGL acknowledges concerns about SGL's exploration program near
Wyong on the Central Coast and is pleased with the decision
announced today by SGL to cease those activities. AGL currently
purchases 3.5 PJ per annum from the Camden Gas Project. This
growing source of supply contributes to AGL's overall wholesale
gas portfolio currently sourced from the Cooper and Gippsland
Basins, as well as Queensland coal seam gas fields.

AGL expects strong growth in demand for natural gas in Eastern
Australian markets over the next 20 years. Gas from existing
indigenous sources, including coal seam gas, as well as from
Papua New Guinea, will be required to meet this demand.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


AUSTRALIAN GAS: Helps Lighten up Environment
--------------------------------------------
The Australian Gas Light Company (AGL) will be purchasing enough
Renewable Energy Certificates (RECs) to light the equivalent of
43,000 homes from a AU$200 million wind farm, located at
Walkaway, near Geraldton in Western Australia.

The 89.1-megawatt project was recently opened by owner and
project developer, Renewable Power Ventures (RPV) and will save
the equivalent of approximately 400,000 tonnes of carbon dioxide
emissions annually.

Under a 15-year agreement AGL will take in excess of 75 percent
of the REC output in the early years, reducing to over 50 per
cent towards the end of the contract's life.

Over the life of the contract, this equates to an average of
approximately 240,000 RECs per annum (or the equivalent of
lighting 43,000 homes). This is also the equivalent of taking
58,000 cars off the road permanently.

The REC output will be added to AGL's overall REC portfolio
allowing AGL to meet its commitments under the Federal
Government's Mandatory Renewable Energy Target (MRET) scheme to
reduce greenhouse gas emissions.

The project is part of AGL's commitment to participating in new
renewable energy initiatives through business activities and by
providing customers with product choices, which source,
renewable energy through wind, biomass and landfill projects.
These include two landfill gas extraction sites at Gosnells and
Rockingham in WA.

"Through agreements such as these, AGL aims to reduce greenhouse
gas emissions and ensure that throughout our business we
minimize our impact on the environment", AGL Managing Director
Greg Martin said.

"AGL continues to examine a range of opportunities to further
grow our renewable energy portfolio".

The 54-turbine wind farm is expected to be fully operational
from early November.


CADSOURCE DESIGN: Liquidation Process Initiated
-----------------------------------------------
Notice is hereby given that at a meeting of Cadsource Design Pty
Limited held on Aug. 12, 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


CAMDEN SHEET: Pays Out Final Dividend
-------------------------------------
Camden Sheet Metal Pty Limited will declare a first and final
interim 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 29th day of July 2005

Michael G. Jones
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9251 5222


COLYN ENTERPRISES: Liquidator to Detail Wind Up Manner
------------------------------------------------------
Notice is hereby given that the final meeting of members of
Colyn Enterprises Pty Limited will be held on Sept. 22, 2005,
1:00 p.m. at the offices of Messrs. Partlett Chave & Rowland of
Suites 6-9, 307-309 Kingsway, Caringbah, NSW to lay before the
meeting the liquidator's final account and report, and to give
any explanation thereof.

Dated this 9th day of August 2005

Richard W. Partlett
Liquidator
Partlett Chave & Rowland
Suites 6-9, 307-309 Kingsway
Caringbah NSW 2229


D&T DELIVERIES: Set to Declare Dividend Today
---------------------------------------------
D&T Deliveries Pty Limited will declare a first and final
dividend today, Sept. 15, 2005.

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

Dated this 16th day of August 2005

Martin J. Green
Official Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


DIAFELD PTY: Shuts Down Business
--------------------------------
At a general meeting of the members of Diafeld Pty Limited duly
convened and held on Aug. 12, 2005, the following Special
Resolution was passed:

That the Company be wound up voluntarily.

That Glenn A. Crisp be appointed Liquidator.

Dated this 12th day of August 2005

Glenn A. Crisp
Liquidator
c/o RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: 02 9286 1800
Fax:   03 9286 1899


FOBIZI PTY: Creditors OK Liquidator's Appointment
-------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Fobizi Pty Limited held on Aug. 10, 2005, members passed a
Special Resolution to voluntarily wind up the Company, and P.
Ngan and G. Parker were appointed Joint and Several Liquidators.
Creditors confirmed the liquidator's appointment at a creditors'
meeting held later that day.

Dated this 15th day of August 2005

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


G&H ENGINE: Members, Creditors to Receive Wind Up Report
--------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of G&H Engine Services Pty Limited will be
held on Sept. 22, 2005, 11:00 a.m. at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville for the following purposes:

AGENDA

(1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to receive any explanation required thereof.

(2) Any other business, which may be lawfully considered with
the foregoing.

Dated this 8th day of August 2005

D. J. Offermans
Liquidator
c/o Knights Insolvency Administration
Level 7, Suncorp Plaza, 61-73 Sturt Street
Townsville Qld 4810
Phone: 07 4724 0000


HOLLAND HOMES: Members Agree to Close Operations
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Holland Homes Pty Limited held on Aug. 12, 2005,
it was resolved that the Company be wound up voluntarily and at
a meeting of creditors held on the same day, William Bernard
Abeyratne and Loke Ching Wong of Harrisons Insolvency, Level 5,
150 Albert Road, South Melbourne were appointed joint and
several liquidators of the Company.

Dated this 15th day of August 2005

William B. Abeyratne
Loke Ching Wong
Joint Liquidator
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885


HUDSON NEW ZEALAND: Tower Developer Collapses
---------------------------------------------
Hudson New Zealand has been fallen into liquidation with an
estimated AU$17.87-million debt, The Independent reports.

The Australian-owned developer was the project manager for the
financial plagued Hyatt Regency Residences. It also handled the
adjoining 274-room Hyatt hotel upgrade in Auckland.

Liquidators Arron Heath and Karen Mason of Meltzer Mason Heath,
who were appointed August 31, revealed that NZ$8.425 million of
the deficiency is an inter-company advance.

The company's parent Hudson Investments already advised the
Australian Stock Exchange (ASX) about the liquidation of its New
Zealand business but did not disclose the amount of debt.

Hudson has been plagued by financial woes with the Hyatt
development for the past two years.
Delays caused by a shortage of sub-contractors led to cost
overruns, resulting in the New Zealand company breaching banking
covenants in 2003.


INTERCONTAINER PTY: Court Appoints Official Liquidator
------------------------------------------------------
On Aug. 9, 2005, the Supreme Court of New South Wales, Equity
Division appointed Ozem Kassem to be Liquidator for the winding
up of Intercontainer Pty Limited.

Ozem Kassem
Official Liquidator
Bentley MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230


J&M YATES: Members Decide to Cease Operations
---------------------------------------------
Notice is hereby given that at a General Meeting of Members of
J&M Yates Pty Limited held on Aug. 17, 2005, a Special
Resolution was passed that the Company be wound up voluntarily,
and Greg Lawrence was appointed Liquidator for the winding up.

Dated this 17th day of August 2005

Greg A. Lawrence
Liquidator
Lawrence Rundle
Accountants & Business Advisers
93a Young Street, Carrington NSW 2294


J CARTER: Schedules Final Meeting September 22
----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of J Carter Pty Limited will be held on Sept. 22, 2005
in the offices of PPB Chartered Accountants, 10th Floor, 26
Flinders Street, Adelaide.

AGENDA:

To receive the Liquidator's account showing the manner of the
winding up and disposal of the property of the Company, and to
receive an explanation thereof.

Dated this 12th day of August 2005

P. I. Macks
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


LIHIR GOLD: Undergoes Financial Restructure
-------------------------------------------
Lihir Gold Limited has stepped up efforts to restructure its
finances, the Australian Associated Press reports.

The Papua New Guinea gold miner borrowed the equivalent of
US$216 million and restructured its hedge commitments as part of
a major financial restructure.

Lihir chief financial officer Paul Fulton said the development
secures the Company's financial strength and underpins future
growth.

The restructure will result in an improvement in cash flows in
future years while maintaining an appropriate level of revenue
protection, commensurate with our rising production and
decreasing unit costs.

Lihir has borrowed 480,000 ounces of gold from a syndicate of 12
banks, led by ABN AMRO, including the four major Australian
banks as well as various other international banks. Lihir
intends to immediately monetize the gold, raising approximately
US$216 million based on a spot gold price of US$449 per ounce.        

The term of the loan is until June 2011, with repayments to be
in physical gold, commencing in 2007.

Lihir has also restructured its hedge book.

Following the completion of the restructure, the hedge book will
total 1.22 million ounces, with the gold loan adding an
additional 480,000 ounces in total forward gold commitments.

CONTACT:

Lihir Gold Limited
Papua New Guinea
Head Office
Level 7, Pacific Place
Cnr. Champion Parade & Musgrave Street
Port Moresby
Phone:  (+675) 321 7711
Fax:  (+675) 321 4705

Australia
Level 14, 12 Creek Street
Brisbane
Queensland 4000
Phone: (+617) 3229 5483
Fax: (+617) 3229 5950

Web site: http://www.lihir.com.pg


MARINE FARMS: Creditors Seek to Wind Up Company
-----------------------------------------------
At a meeting of creditors of Marine Farms Research & Development
Pty Limited duly convened and held on Aug. 15, 2005, it was
resolved that the Company be wound up.

Dated this 15th day of August 2005

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


MILLER'S RETAIL: Mulls Sale of Losing Discount Stores
-----------------------------------------------------
Ailing Miller's Retail is looking to dispose of almost 20
percent of its underperforming discount variety division in the
next 12 months, according to the Sydney Morning Herald.

Miller's chief executive Gary Perlstein confirmed the retailer
is in talks with six potential buyers, including New Zealand-
based The Warehouse Group, to sell 62 of its Crazy Clarks and
Go-Lo stores.

The embattled retailer earlier reported an annual net loss of
AU$103.4 million for 2004-05, as against an AU$8.65-million net
profit in the previous year.

Write-downs to its discount variety stores and restructuring
costs erased AU$129.4 million from the bottom line. But earnings
before interest, tax, depreciation, amortization and the write-
down and restructuring costs still fell by 24.6 percent to
AU$53.4 million - in line with its June guidance - as expenses
grew and its inventory increased.

The Warehouse said in June that it was considering joining its
own underperforming Australian stores with Millers' Crazy Clarks
and Go-Lo outlets and selling the merged operations.

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/


PIRITA DALE: Liquidator to Explain Wind Up to Members, Creditors
----------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Pirita Dale Pty Limited will be held on Sept. 22,
2005, 9:30 a.m. in the offices of PPB, Chartered Accountants,
10th Floor, 26 Flinders Street, Adelaide.

AGENDA:

To receive the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
explanations thereof.

Dated this 3rd day of August 2005

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


Q&T STEEL: Intends to Distribute Dividend
-----------------------------------------
Q&T Steel Pty Limited is set to declare a second and final
dividend on Sept. 19, 2005.

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

Dated this 19th day of July 2005

Gary Anderson
Liquidator
PO Box 166, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
Email: garya@iinet.net.au


RAPID SEAL: Members, Creditors to Convene September 22
------------------------------------------------------
Notice is hereby given that a final meeting of the Members and
Creditors of Rapid Seal Australia Pty Limited will be held on
Sept. 22, 2005, 11:00 a.m. at Hall Chadwick Level 29, St Martins
Tower, 31 Market Street.

BUSINESS:

(1) To receive a report of the Liquidator's acts and dealings
and of the conduct of the winding up during the period of the
liquidation to end on Sept. 22, 2005.

(2) That the Liquidator be empowered to destroy all books and
records of the Company on completion of all duties.

(3) Any other business.

Dated this 16th day of August 2005

Richard Albarran
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


SAM'S SEAFOOD: Management Bullish on Recovery
---------------------------------------------
The management of failed Sam's Seafood assured at a creditors
meeting the board that problems at its takeaway outlets could be
reversed, Courier Mail reports.

The meeting held Monday also heard that even fish and chips
supplies were in chronic shortfall six months before Sam's went
under in May.

The seafood supplier, which is now in the hands of voluntary
administrator PPB, started as a family business and expanded
into a stockmarket-listed venture.

In 2003, it moved into takeaway outlets and eventually had about
14 stores selling food ranging from grilled salmon to barramundi
spring rolls. The outlets were quickly closed when receivers
took over, blaming underperformance, with 100 jobs lost.

CONTACT:

Sam's Seafood Holdings Limited
43 Holt St Eagle Farm
Australia
Phone: (07) 3131 4100
Fax: (07) 3268 5231
Web site: http://www.sams.com.au/


SHELMA HOLDINGS: Members Voluntarily Winds Up Firm
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Shelma Holdings Pty Limited held on Aug. 10,
2005, it was resolved that the Company be wound up voluntarily.

Dated this 16th day of August 2005

Barry Cook
Liquidator
54 Beechwood Avenue
Greystanes NSW 2145
Phone/Fax: 02 9636 2845


STRATHFIELD: Completes Rights Issue, Raises AU$14.4 Mln
-------------------------------------------------------
Strathfield Group Limited announced it has successfully
completed the one (1) non-renounceable Rights Issue to raise
AU$13.9 million and due to strong demand for the shortfall has
agreed to place an additional 12 million shares at four (4)
cents plus attaching options for AU$0.5 million to investors.

Strathfield also announced it has reached an agreement with
Arthur Phillip to provide a facility of up to AU$5 million in
convertible notes. The facility is available at call up to
November 1, 2005 with funds due on or before December 20, 2005.
The principle terms of the notes are as follows:

(1) Each note shall have the right to convert into shares at a
value of 10 cents per share with an attaching 1 for 2 option
exercisable at 16 cents per share on or before the date 12
months following conversion.

(2) Interest: payable every 6 months in arrears, calculated at
10% per annum

(3) Term: 3 years (upon which the note shall be repaid in full
unless converted)

(4) Security - as per the existing notes i.e. the new notes
shall assume the same security as the existing series

(5) Use of Funds - Repayments of Existing notes (with funds to
held in trust to repay the existing notes and until security
position is transferred).

The facility is available subject to:

(1) The performance of the sub-underwriters for the placement of
the notes being Warwick Mirzikinian and associates

(2) Normal underwriting conditions

(3) A condition that the asset position of SRA has no
significant deterioration

(4) Satisfactory and binding documentation being entered for a
transaction of this nature between Arthur Phillip and
Strathfield;

(5) Regulatory approval, if required;

(6) SRA shareholder approval, if required.

CONTACT:

Mr. John Winstanley
Managing Director
Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com/


STRATHFIELD: Unveils Changes to Board, Management Team
------------------------------------------------------
Strathfield Group Limited on Wednesday announced that having
assisted in the completion of the capital raising and
repositioning of the business, Mr. John Winstanley has stepped
aside as Managing Director and resigned from the Board.

For the past three years, Mr. Winstanley has worked hard to
address a range of issues at Strathfield including balance sheet
and retail positioning. The Board would like to thank Mr.
Winstanley for his considerable efforts and wish him well in his
future endeavors.

Strathfield also announced that following the successful
completion of the recent AU$14.4 million capital raising, Mr.
Richard Poole, founder of the boutique Investment Bank Arthur
Phillip, has joined the Board to assist in the rebuilding of the
Strathfield business.

About Strathfield

Strathfield Group Limited is one of the largest independent
retailers in Australia, with 87 outlets nationwide. Strathfield
offers a large range of products including Car, Home and Mobile
entertainment and communication tools. Strathfield is the leader
of in-car entertainment, and provides quality "on the spot"
installation services through its outlets. Strathfield is listed
on the Australian Stock Exchange and trades as Strathfield and
Strathfield Connect.


TELSTRA CORPORATION: Union Fears Massive Job Cuts
-------------------------------------------------
The Community and Public Sector Union (CPSU) is urging Telstra
Corporation and the Federal Government to release a report,
which allegedly outlines plans by the telco to trim up to 20
percent of its workforce, The Australian reveals.

The union claimed the internal Telstra document details plans to
cut around 14,000 jobs mainly in rural and regional Australia.

Opposition communications spokesman Stephen Conroy said he had
written to the Australian Stock Exchange and the Australian
Securities and Investments Commission (ASIC) to investigate the
Telstra report, saying the telco could have breached its
disclosure rules.

Telstra spokesman Rod Bruem refused to comment on whether the
document existed. He said Telstra was still conducting a major
internal review of its operations

News on the document comes as the Federal Government tries to
push its Telstra sale legislation through parliament this week.

CONTACT:

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


TELSTRA CORPORATION: Democrats Seek Amendment to Sale Bill
----------------------------------------------------------
The Australian Democrats wants to revise the Telstra sale
legislation to make the telco divest its pay TV and cable
network, The Australian reveals.

The group was set to propose a raft of amendments to the five
Telstra Bills being debated in the Senate.

Democrats deputy leader Andrew Bartlett said one of the
amendments would ensure Telstra divested itself of its half
share in Foxtel and the Hybrid Fibre Coax (HFC) cable network
once Telstra was sold. The amendment would address issues raised
in the Senate's inquiry into the legislation.

Other amendments would require Telstra to seek approval from the
Australian Competition and Consumer Commission (ACCC) for
wholesale pricing to ensure the AU$2-billon fund for new
services did not fall below that value.

The changes would also ensure broadband Internet was included in
Telstra's universal service obligation and customer service
guarantee.

Responsibility for overseeing operational separation would be
removed from the Communications Minister and given to the ACCC.

And the final operational separation plan would become an
enforceable license condition.


TELSTRA CORPORATION: Farmers Give Support, Joyce May Follow
-----------------------------------------------------------
Key Nationals senator Barnaby Joyce is expected to back the
Telstra sale after the nation's farming body surprisingly
signified its support to the deal Tuesday, The Australian says.

The National Farmer's Federation (NFF) opted to support the
multi-billion dollar sale amid claims the telco giant was
planning to axe about 14,000 jobs.

Senator Joyce said he was "strongly encouraged" by the move
undertaken by the NFF, which has long opposed Telstra's sale.

Senator Joyce said he was yet to make up his mind on giving the
Government the vote it needs for its Telstra sale plan to pass
the Senate this week. He continued to work all day with
Communications Minister Helen Coonan's staff on details of the
Telstra sale legislation as the deadline approached for a Senate
vote on the deal.

NFF President Peter Corish said the farming body's policy
council unanimously supported Telstra's sale because it had won
government assurances on several issues, including service
repair times and prices for bush telecommunications services.


UNITED DEVELOPMENTS: Names Official Liquidators
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
United Developments Pty Limited held on Aug. 18, 2005, it was
duly resolved that the Company be wound up voluntarily and that
Antony de Vries and Riad Tayeh of de Vries Tayeh, Level 3/95
Macquarie Street, Parramatta NSW 2150 be appointed Joint and
Several Liquidators.

Dated this 18th day of August 2005

Antony de Vries
Riad Tayeh
Joint Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150


WATER WORKS: Decides to Close Business
--------------------------------------
Notice is hereby given that at a general meeting of members of
Water Works Irrigation Pty Limited held on Aug. 17, 2005, it was
resolved that the Company be wound up voluntarily and that Schon
G. Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1 34 Charles Street Parramatta NSW, be
appointed Joint Liquidators for the winding up.

Dated this 19th day of August 2005

Schon G. Condon
Bruce Gleeson
Liquidators
c/o Jones Condon
Chartered Accountants
Phone: 02 9893 9499


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

ASCENT POWER: To Undergo Winding Up Process
-------------------------------------------
Ascent Power Industrial Limited whose place of business is
located at Rm 1623, 16th Floor, Hin Hing House, Hin Keng Est,
Shatin, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 31, 2005.

Date of Presentation of Petition: July 4, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


FAN IN ARTS: Faces Winding Up Proceedings
-----------------------------------------
Fan In Arts And Crafts Company whose place of business is
located at Rm 1302B, Yan Hing Centre, 9-13 Wong Chuk Yeung
Street, Fotan, New Territories was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on August 31, 2005.

Date of Presentation of Petition: July 4, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


FIRST DRAGONCOM: Must Pay Debts to Avert Liquidation
----------------------------------------------------
The directors of First Dragoncom Agro-Strategy Holdings Ltd.
announced that two statutory demands under Section 178(1)(a) of
the Companies Ordinance (Chapter 32 of the Laws of Hong Kong),
in respect of a total sum of HK$17,190,000, have been served on
the Company.

It is stated in the first statutory demand, dated September 8,
2005, that the debt was incurred in respect of a total
outstanding sum of HK$12,330,000 which, under a borrowing
agreement dated July 19, 2005, the Company has agreed to pay to
the creditor making the first statutory demand.

It is stated in the second statutory demand, dated September 9,
2005, that the debt was incurred in respect of an outstanding
sum of HK$4,860,000 which, under an agreement for consultancy
service dated June 27, 2005, the Company has agreed to pay to
the creditor making the second statutory demand.

Under the Companies Ordinance, the Company must deal with the
two statutory demands within 21 days after their respective
service on the Company, or a winding-up order could be made in
respect of the Company.

The Company has no current intention to dispute the liability or
the quantum of either of the two statutory demands. As at the
date of this announcement, the Company does not have the
financial resources to pay in full the debt stated in either of
the two statutory demands. Accordingly, there is a significant
risk that proceedings may be taken to wind up the Company.
Further announcements will be made to keep shareholders informed
of the developments.

Further delay in the publication of annual results and annual
report for the year ended December 31, 2004 and holding the
board meeting Further to the announcements of First Dragoncom
Agro-Strategy Holdings Ltd. of July 4, June 23 and August 1,
2005, the board of directors of the Company announces that the
release and publication of the Company's final results for the
year ended December 31, 2004 and the dispatch of the annual
report will be further delayed.

Pursuant to Rules 13.46(2)(a) and 13.49(1) of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited, an issuer is required to publish on the
newspaper its annual results and dispatch its annual report to
its shareholders not later than four months after the date upon
which the financial period ended.

Since the publication of the Company's announcement dated August
1, 2005, the Board has closely liaised with the auditors of the
Company relating to the scope limitation as set out in the draft
auditor's report, the major ones of which have been disclosed in
the announcement of the Company dated August 5, 2005. The Board
considers that more time is needed for the Company to finalize
its audited financial reports and therefore the Company is
unable to release and publish its audited final results for the
year ended 31 December 2004 on or before August 31, 2005.

The Board proposes that the board meeting originally scheduled
to be held on August 31, 2005 is now rescheduled to a date until
further notice. It is expected that the release and publication
of the final results and the annual report will be further
delayed to a date until further notice.

The directors of the Company acknowledge that the delay
constitutes a breach of Rules 13.46(2)(a) and 13.49(1) of the
Listing Rules and that the Stock Exchange reserves its rights to
take appropriate actions against the Company and/or its
directors in respect of the breach.

The Directors have not dealt in any of the securities of the
Company during the one-month period immediately preceding April
30, 2005, the deadline for the Company to publish an
announcement for the results for the year ended December 31,
2004, and up to the date of this announcement. The Directors
have also given their undertaking to the Stock Exchange that
they will not deal in the securities of the Company until the
Company's audited final results for the year ended December 31,
2004 are released and published.

For more details, go to
http://bankrupt.com/misc/tcrap_firstdragoncom.pdf


FIRST DRAGONCOM: Appoints New Director
--------------------------------------
First Dragoncom Agro-Strategy Holdings Ltd. Announced that Mr.
Chu Cheong Kit has been appointed as an independent non-
executive director of the Company with effect from September 9,
2005.

Mr. Chu, aged 45, has been a Qualified Solicitor of the High
Court of Hong Kong since 1987 and has over 17 years of
experience and commercial law. In the course of the last three
years, Mr. Chu had been a non-executive director of E-Hoo Net, a
Gem board company in Hong Kong. For personal reasons, he
resigned from E-Hoo Net in 2004. Save for this, Mr. Chu did not
hold any directorship in other listed public companies in the
last three years. He has no relationships with any other
directors, senior management, substantial shareholders (as
defined in the Listing
Rules) or controlling shareholders (as defined in the Listing
Rules) of the Company.

As at the date of this announcement, Mr. Chu is not interested
or deemed to be interested in any shares or underlying shares of
the Company pursuant to Part XV of the Securities and Futures
Ordinance. There is no service contract entered into between Mr.
Chu and the Company.

Mr. Chu's appointment is subject to retirement by rotation and
re-election pursuant to the articles of association of the
Company. Mr. Chu is remunerated at an annual director's fee of
HK$120,000. His remuneration is determined based on their
anticipated time and effort to be spent on the Company's matter.
Save as disclosed herein, there are no other benefit provided to
them save for his directorship in the Company.

Saved as disclosed above, there are no other matters concerning
the appointment of Mr. Chu that need to be brought to the
attention of the shareholders of the Company. The Board welcomes
the joining of Mr. Chu and deeply believes that his experience
will be beneficial to the Company's corporate governance.

At the request of the Company, trading in the securities of the
Company has been suspended from 9:30 a.m. on 29th April, 2005
and will remain suspended until further notice.

CONTACT:

First Dragoncom Agro-Strategy Hold Ltd
Unit 2302, 23rd Floor
Far East Finance Centre
16 Harcourt Road, Admiralty
Hong Kong  
Phone: 25265338  
Fax: 25369223  
Web site: http://www.dragoncom.com


GUANGDONG KELON: Hisense Pays CNY900 Mln for 26.4% Stake
--------------------------------------------------------
China's Hisense Group has agreed to acquire a 26.4 percent stake
in Guangdong Kelon Electrical Holdings Co. for CNY900 million,
China Knowledge Press relates.

Kelon, which is being investigated for alleged fraud and
embezzlement, faces with its subsidiaries net claims of CNY564
million (HK$541 million) contained in 108 lawsuits.

The refrigerator maker suspended trading of its yuan-denominated
A shares on Tuesday after media reports that the Mr. Gu Chujun,
the Chairman Greencool Enterprise Development Co., had sold his
controlling stake.

Guangdong Greencool Enterprise Development Co. is Kelon's
largest shareholder with a 26.43% stake. Gu Chujun, Kelon
former's chairman, owns 60% of Greencool Enterprise Development

CONTACTS:

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

Hisense Group Limited
17 Donghaixi Road, Qingdao  
China  
Tel No.: 86 (532) 3878888
         3895188 / 3896188 /3897188
Fax no.: 86 (532) 3866770


HENYEP SECURITIES: SFC Censures Firm, Officials
-----------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Henyep Securities Limited, Mr. Chiu Sin Wan Simon and Mr. Ng Yiu
Man under the Securities and Futures Ordinance.  

In addition, Chiu made a voluntary payment of $57,000.  The
reprimand and payment are the result of a settlement between the
parties and the SFC.  The SFC considers the settlement to be in
the public interest and in the interests of investors.

The reprimand and payment stemmed from an inquiry into a case
reported to the SFC by Henyep in May 2003 in which a former
employee of Henyep was accused of stealing a client's stocks
valued at around $1.47 million since 1997 (Note 2).

Independent auditors appointed at the SFC's request to
investigate Henyep found that Henyep had internal control
problems.  Address proofs and written authorisations to effect
changes in client information were lacking.  Henyep did not
directly contact the client for a long overdue balance in the
client's accounts to verify and assess the existence and
recoverability of the debts.  

Trading and settlement activities of overdue accounts and
accounts with enormous turnover were not closely monitored. The
payee of certain cheques for the sale proceeds in the client's
account was changed from the client to Henyep's finance company
while some other cheques payable to the client were cancelled
with the money credited to the client's account for settlement
purposes, all seemingly without the client's authorization.  
Henyep also lacked documented complaint handling procedures.  
Chiu was the managing director and Ng was the chief accountant
at Henyep at the material time.

The SFC found that each of Henyep, Chiu and Ng had failed to
carry out their functions to the standards expected of them.  As
a result, the SFC concludes that their fitness and properness
has been called into question and decides to reprimand them.
Chiu has also made a voluntary payment.  The SFC noted that they
were co-operative and reported the matter to the SFC at an early
stage.  The SFC will pay the sum to the government revenue.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"A dealer has a duty to ensure that it has internal control
measures to prevent misconduct by staff and that such measures
are properly implemented and monitored. Henyep, Chiu and Ng
failed to monitor the trading and settlement activities of the
client's accounts, which had sizable transactions and
outstanding balances.  As a result, both Henyep and the client
suffered losses.  Lax internal controls facilitate employees'
misconduct and prejudice the interests of both clients and
firms."

CONTACT:

Henyep Securities Ltd.
10/F, Nine Queen's Road Central
Hong Kong
Phone: 2525-4422
Fax: 2845-2145                                     


IN-TECH D ENGINEERING: High Court Issues Winding Up Order
---------------------------------------------------------
In-tech D Engineering Limited whose place of business is located
at Flat B-3B, G/F, Kingley Industrial Building, 33-35 Yip Kan
Street, Wong Chuk Hang, 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: July 4, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


KONGZHONG CORPORATION: Seeks to Settle Class-action Lawsuit
-----------------------------------------------------------
KongZhong Corporation, a leading provider of advanced second-
generation (2.5G) wireless value-added services in China, has
reached an agreement in principle to settle a securities class
action pending against it, certain of its officers and other co-
defendants in the United Stated District Court for the Southern
District of New York and arising out of the Company's 2004
initial public offering.  

The tentative settlement, which is subject to completion of
final documentation and preliminary and final court approval, is
reflected in a Memorandum of Understanding, dated as of
September 13, 2005, between the lead plaintiff, the Company and
the other defendants.  

Under the proposed settlement, the Company will pay $3.5 million
into a settlement fund for persons who purchased or sold the
Company's ADSs between July 9, 2004 and August 17, 2004.  At
this time, there can be no assurance that the parties will be
able to agree on final documentation or that the settlement will
receive preliminary or final court approval.  

The Company believes it has been in compliance with securities
laws and made appropriate and necessary disclosures in its
prospectus dated July 9, 2004 at the time of the initial public
offering.  The Company has agreed to this settlement solely to
avoid the expense, distraction and uncertainty associated with
continued litigation without admitting any fault, liability or
wrongdoing.

About KongZhong

KongZhong Corporation is a leading provider of advanced second-
generation (2.5G) wireless interactive entertainment, media, and
community services to consumers in China.  The Company delivers
a broad range of services, through multiple technology
platforms, which users can access directly from their mobile
phones by choosing an icon embedded in select models of handsets
or from a mobile operator's portal or web site.

CONTACT:

KongZhong Corporation
8/F, Tower A, Yuetan Building
Beijing, China  
Phone Number: 8610-6808-1818
Web Address: www.kongzhong.com


KWAN LIK: Winding Up Hearing Set October 5
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kwan Lik Engineering (Asia) Limited by the High Court of Hong
Kong Special Administrative Region was on August 4, 2005
presented to the said Court by Ma Chun Pong trading as
Centresource Engineering Company.  

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

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

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

SANNY KWONG & HENRY LO
Solicitors for the Petitioner
Units C & D, 12th Floor
Prosperous Commercial Building
54 Jardine's Bazaar
Causeway Bay, Hong Kong
Phone: 2504 0883  
Fax: 3118 6686

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


LINK GLORY: Court Releases Winding Up Order
-------------------------------------------
Link Glory (HK) Limited whose place of business is located at
Shop A, G/F, 19-21 Nga Tsin Long Road, Kowloon City, 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: July 4, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


STANDARD CHARTERED: Creditors Asked to Submit Proofs of Claims
--------------------------------------------------------------
Notice is hereby given that the Creditors of Standard Chartered
International, which are being voluntarily wound up, are
required on or before the October 7, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the said Companies.

If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.

In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.

Dated this 9th day of September 2005

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


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

AIR INDIA: Teams with Tourism Malaysia for Special Drive
--------------------------------------------------------
Tourism Malaysia has joined hands with flag carrier Air India to
increase tourist inflows to Kuala Lumpur, which is slowly
weaning away Indians from other Asian destinations.

"We are seeing over 40 percent diversion in traffic to Kuala
Lumpur from Singapore, which is getting too crowded. Malaysia is
slowing emerging as the preferred shopping destination, besides
holding several other charms," said Tourism Malaysia marketing
manager Bhupesh Kumar.

Announcing a series of joint initiatives with Air India,
including a special three-nights package of Rs.14,999 per person
inclusive of hotel accommodation and return airfare, Kumar said:
"The package should help us to augment arrivals from India,
which till June end have clocked 116,000."

"By December, we hope to receive over 200,000 visitors from
India, which is a big jump from 1999, when Malaysia received
only 42,000 Indian tourists," the official told IANS.

India is considered among the top 10 markets, and tourists from
here last year generated revenues of $85 million for Malaysia -
of its total tourism revenue of $36 billion.

Under the joint initiative with Air India, a marketing promotion
is planned to lure corporations to organize their meetings in
Malaysia.

The two organizations are also in the process of identifying a
mega Indian event to be held in Malaysia involving corporate and
Bollywood celebrities.

Air India, which commenced operations to Kuala Lumpur in July
and flies direct from Delhi and Mumbai, is also looking forward
to a greater tourism flow from Malaysia.

Currently around 75,000-plus Malaysians come to India annually.

"While a large number of them come for business, many combine it
with pilgrimage. Malaysian tourists are generally attracted by
the Golden Triangle circuit (Delhi, Agra and Jaipur) and the
Buddhist pilgrim centres," said Rohita Jaidka, Air India
commercial manager for northern India.


BHARAT PETROLEUM: Eyes SPC Stake to Secure Oil Stockpile
--------------------------------------------------------
In a bid to secure oil supply, struggling oil firm Bharat
Petroleum Corp. Ltd. (BPCL) is considering taking a stake in
Singapore Petroleum Co. Ltd. (SPC), Reuters reports.

A BPCL official confirmed the oil firm's plan but refused to
disclose the size of stake being sought, saying talks with SPC
were at a very early stage.

The Financial Express newspaper earlier revealed that BPCL
Chairman Ashok Sinha had met SPC Chairman Choo Chiau Beng
recently and discussed the acquisition of a partial stake in the
Singaporean oil company.

"BPCL has also agreed to select SPC as its counterparty for
hedging and risk management. A proposal to trade crude and
petroleum products with each other has also been made," the
newspaper said.

The newspaper said Singapore's strategic location at the
entrance of the Strait of Malacca was of great interest to India
as it was an important oil transit route for Asia-bound oil and
also for refined products from the Gulf.

CONTACT:

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/


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

INDOFOOD SUKSES: Downsizes Product Range to Cut Costs
-----------------------------------------------------
Noodle maker PT Indofood Sukses Makmur has already laid off
2,000 of its workers, roughly 4.4% of its workforce of 45,000
employees, and may continue to downsize along with reducing its
product range in order to save on costs, reports Bloomberg News.

Indofood Vice President Director Franciscus Welirang said that
the Company may lay off 1,000 workers next year, and would stop
producing up to 40 "flavors of noodles that don't sell well"
from its current range of 200 product flavors.

The cutbacks are Company's way of coping with the recent
weakening of the local rupiah agaisnt the U.S. dollar, raising
the price of imported wheat and increasing costs to pay a
IDR1.72 trillion foreign currency debt. As the Company is losing
out to its competition, it also wanted to terminate its products
which were originally created to reduce losses to lower-priced
noodle firms.

In order to protect itself against increasing wheat prices and
the falling rupiah, Indofood plans to raise flour pirces this
weak by at least IDR70 per kilogram, as well as increase noodle
prices and divest its lesser-profit units. With a decreasing
market share (at 78% compared to 88% in 2003), the Company is
expecting to see a slight drop in sales, from an estimated 10
billion packets of noodles to only 9.4 billion this year.

Indofood may also postpone a planned stock market sale of its
fluor unit, Bogasari Flour Mills, until market conditions
improve next year; this also means that the Company would have
to postpone the repayment of its debt, as the Company is
suffering from the falling rupiah.

According to Company VP Welirang, 2005 may be a year of
consolidation for Indofood, where in the face of heavy
competition the Company must focus on improving its distribution
efforts.

CONTACT:

P.T. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id


MERPATI NUSANTARA: Set to Upgrade 11 Boeing 737-200 Planes
----------------------------------------------------------
In the face of the recent Mandala Air Boeing-737 crash in Medan
last week, which killed 150 people, state-owned airline PT
Merpati Nusantara plans to upgrade some of its aircraft to
improve safety and further tragedy, the Jakarta Post reports.

According to Merpati corporate secretary Jaka Pujiyono, the
Company is slated to upgrade 11 Boeing 737-200 aircraft; the
Company has a fleet of 36 airplanes.

Although a recent safety regulation had been revised by the
Ministry of Transportation, wherein airlines must limit their
aircraft operations to a maximum of 50,000 flight hours and 30
years (from a maximum of 70,000 flight hours and 35 years), Mr.
Pujiyono said that the scheduled upgrade was part of the
Company's business plan; the Company has been thinking to
upgrade its planes even before the accident had occured.

By law, the planes can be operated up to 2010, but replacing
them with newer planes would be more fuel-efficient, in the
light of increasing aviation fuel prices.

CONTACT:

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


PERTAMINA: Government to Reshuffle Management Soon
--------------------------------------------------
The government is preparing to replace the top management of
state-owned oil and gas firm PT Pertamina as soon as possible,
in light of the Company's failure to prevent oil smuggling in
its ports, reports the Jakarta Post.

Minister of State Enterprises Sugiharto said he would get to the
bottom of why the Company's internal monitoring system failed to
detect a smuggling operation in its port/terminal in Lawe-Lawe.

Several Company employees and foreign nationals had been
dismissed and arrested for their alleged participation in an oil
smuggling ring that sent the precious fuel to neighboring
countries such as China and Singapore. The fuel theft is
reported to have caused IDR8.8 trillion in state losses.

Minister Sugiharto said that despite the Company management's
full cooperation with police on the smuggling case, they are
ultimately responsible for failing to prevent such a crime from
happening. He will pass a proposal to replace Pertamina's
management to a final assessment tema headed by President Susilo
Bambang Yudhoyono, although he has not yet shortlisted any
potential candidates.

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 Sign Cepu Deal With ExxonMobil This Week
------------------------------------------------------
After four years of negotiation, state oil firm PT Pertamina is
set to sign an agreement this week with U.S. oil company
ExxonMobil Corp. on the development of Pertamina's oil-rich Cepu
block, Reuters News reports.

The 30-year IDR20 trillion contract, which the government had
wanted signed by Sept. 25, 2005, entails that Pertamina and
ExxonMobil each get a 45% stake in the block, while the
remaining 10% goes to the regional government, although it will
initially be handed to President Susilo Bambang Yudhoyono as
there are still some issues that need to be cleared.

The oil-rich Cepu block, which contains up to 500,000 barrels of
oil reserves, could contribute up to 180,000 barrels of oil per
day to the country's declining output.

The government had reached a tentative agreement with ExxonMobil
on the operation of the block, but the deal was stalled as owner
Pertamina sought better terms for itself, including a majority
stake in the block.

The government also plans to reshuffle the Company's board of
directors, though its reason for doing so was to improve its
performance and did not have anything to do with the agreement
signing.


PERTAMINA: Cuts Subsidized Fuel to Eight Kiloliters Per Month
-------------------------------------------------------------
In order to decrease the ballooning state fuel subsidy, state
oil & gas firm PT Pertamina plans to reduce the quota of
subsidized fuel to just 8 kilolitersper month, about one-third
of the current 24 kiloliter quota, reports the Jakarta Post.

According to Pertamina spokesman Mochamad Harun, the reduction
will begin today, Sept. 15, 2005. Industries that would consume
fuel above the subsidized quota would have to pay market prices
for any additional fuel used.

Mr. Harun said it had to be done this way as the House of
Representatives' working committee had decided to reduce the
fuel subsidy to IDR113.7 trillion from a projected IDR138.6
trillion, as well as maintaining a 59.6 million kiloliter quota
of subsidized fuel.

The Company had already started applying market prices for its
fuel products sold to its oil and mining industries, as well as
companies who consumed more than 500 kiloliters of fuel per
month. The new policy would mean that more industries would have
to pay market prices for additional fuel consumed above quota,
while small industries would still make use of subsidized fuel.

But the Business Competition Supervisory Commission (KPPU) has
questioned the Company's move to raise its fuel prices to that
of market prices, as the law states that only the government can
determine fuel prices.

This month, industries have to pay Rp 5,480 for a liter of high-
speed diesel and Rp 5,490 a liter for kerosene, as compared to
the subsidized price of Rp 2,200 per liter for both types of
fuels. The KPPU has asked Pertamina to stop the price
differences, and will give time to do so, after which (if the
Company doesn't respond) it would begin legal proceedings, if
necessary.

Separately, the Business Competition Supervisory Commission
(KPPU) said the different prices applied to industries were in
violation of Law No. 5/1999 on monopolies and unhealthy
competition.


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

DELPHI CORPORATION: Launches European Debut at Frankfurt Show
-------------------------------------------------------------
Delphi Corporation's (NYSE: DPH) role as a technical leader in
the design and manufacture of advanced electrical/electronic
distribution systems has been strengthened with an innovative
automotive cable coming to market through a cooperative effort
with General Electric.

Delphi is formally introducing its new halogen-free, recyclable
cable to the European continent, a new wire family with
insulation made with GE's Flexible Noryl* Resin that can help
automakers meet pressing environmental and performance
challenges.

Having already made its global debut at GE's Washington D.C.
"ecomagination" introduction, Delphi's new cable, with its
insulation composed of GE's PPO* resin, is now being presented
to customers in Europe, where it's positioned well to respond to
a growing trend among the region's automotive manufacturers.  It
is being showcased at the 61st International Motor Show (IAA) in
Frankfurt.

"We are seeing a strong tendency with customers in the region to
grow their volume of Class C cable in applications under the
hood of the vehicle," said Dieter Barowski, director of
engineering in Europe for Delphi's Packard Electric division,
referring to cable tested and rated to 125 degrees C.

Delphi is in the final stages of successfully completing the
development of its halogen-free cable tested and validated at
Class C levels.

"Our new cable will reach the market as a very cost-competitive
alternative to what's currently available, and it will also
bring with it several other performance benefits," said Gerhard
Mertes, European business line manager of Electrical/Electronic
Distribution Systems.  He also noted that Delphi expects the
presence of Class C-rated cable to more than double in the next
few years, as automakers move toward wiring harness solutions
that are better equipped to withstand the harsh conditions and
meet the unique challenges within the engine compartment with
greater longevity and reliability.

Delphi's PPO-based halogen-free cable will also offer automakers
improvements in durability, with twice the pinch resistance and
four times the abrasion resistance than conventional halogen-
free alternatives.  It also has a lower specific gravity,
Barowski, pointed out, and offers the added feature of being a
more environmentally friendly cable insulation.

"We are excited about the many benefits our cable will give
customers, depending on their specific needs and unique
challenges," Barowski said.  "In meeting their requirements, we
can bring them added improvements, physical properties based on
toughness, tremendous flammability resistance, environmentally
minded attributes, or size and weight reductions."

All European expectations can be met by the division's new
advanced halogen-free cable, Barowski said, as customers and
countries often have their own unique "add-ons" and validation
requirements; chemical compatibility tests that are automaker
specific, for example.  "We are well into validating this cable
for all the various performance and durability requirements, and
have great confidence that customers will find it ready to meet
their specific needs."

In May, Delphi and GE formally introduced the technology in the
USA, one viewed by both companies as the first major automotive
wire insulation breakthrough in more than 30 years.
Due to begin production in 2006 as a 2007 North American model
year application, Delphi is responding to a specific customer
request for a halogen-free, recyclable cable.  While meeting
those requirements, the cable brings weight and size reductions,
owed in large part to its suitability to ultra-thinwall
insulation coatings.

With insulation thickness cut in half without compromising
durability, Delphi is able to provide weight savings averaging
25 percent on a finished cable product.  Delphi Packard will
have a validated application for the customer as small as 26
gage (0.13 mm2), which leads to a reduction in overall wire
diameter average of 28 percent.

"This means much smaller bundle size reductions, and the ability
to place more wire per pack.  This could allow for more space
for customer features, a critical advantage as today's vehicle
designs continue to reflect consumers' preferences for more
sophisticated, feature-heavy offerings," said Ed Monroe,
Delphi's global program manager for halogen-free cable.  "Space
constraints are forcing automakers to find unique ways to
package vehicle content; bundle-size reductions allow OEMs to
meet those challenges and offer opportunities to grow
electrical/electronic features through this space-saving
potential."

*Noryl, PPO and ecomagination are trademarks of General Electric
Company.

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


DELPHI CORPORATION: Rescue Framework Needed by October 17
---------------------------------------------------------
Delphi Corporation said it needed to negotiate a rescue deal
with unions and General Motors Corporation in the next month or
else file for bankruptcy, according to Reuters, citing Delphi
Chief Executive Steve Miller.

Mr. Miller said the auto parts supplier must find a clear
solution with GM and unions to stem high wage and benefit costs
ahead of a change in U.S. bankruptcy laws on October 17.

Delphi, spun off by GM in 1999, is in talks with GM and the
United Auto Workers union about cutting costs and restructuring
its North American operations. Without a deal, those operations
face a bankruptcy filing, it says.

Mr. Miller stressed that Delphi's other global operations,
including Europe and Asia, would not be affected.


HAKODATE NDK: METI Approves Restructuring
-----------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Hakodate NDK Co. Ltd. under the
Law on Special Measures for Industrial Revitalization on
September 12, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


JAPAN AIRLINES: Skyrocketing Oil Prices Deepen Industry Losses
--------------------------------------------------------------
Japan Airlines on Tuesday had its bond rating cut to junk for
the first time by a Japanese rating company, which cited
concerns that record oil prices would erode earnings and that
safety lapses would deter customers.

The news of the downgrade came just a day after the
International Air Transport Association forecast that rising oil
prices would cause the world's airlines this year to lose $7.4
billion, with most of the losses in the United States.  

The International Air Transport Association (IATA), in a press
release, announced a revised industry loss forecast of US$7.4
billion for 2005 in light of skyrocketing oil prices.

The revised forecast is based on an average oil price (over the
12 months of 2005) of US$57 per barrel (Brent). In May IATA
issued a loss forecast of US$6.0 billion based on an average
price of oil at US$47 per barrel.

"Oil is once again robbing the industry of a return to
profitability. Each dollar added to the price of a barrel of oil
adds US$1 billion in costs to the industry. Cost reduction and
efficiency gains have never been more critical," said Giovanni
Bisignani, IATA's Director General and CEO.

"Buried in the industry's red ink, there is a incredible story
to be told. Despite adding US$10 billion to our cost estimates,
the incremental impact on the bottom line has been limited to
US$1.4 billion. The airline battle to reduce costs, increase
yields and improve efficiencies is effective well beyond
expectations," said Bisignani.

The regional profitability picture is mixed. While European
airlines are expected to break even and Asia Pacific carriers
will make in the range of US$1 billion, losses by North American
carriers could exceed US$8 billion. Cumulatively, airline
industry losses for 2001-2004 were US$36 billion, US$32 billion
of which was lost in North America.

The industry fuel bill rose from US$44 billion in 2003 (at an
average price of US$29/barrel Brent) to US$63 billion
(US$38/barrel Brent) in 2004. At US$57 per barrel, the industry
fuel bill for 2005 will top US$97 billion. "With a total
industry turnover in the range of US$400 billion per year, a
fuel bill of US$97 billion makes up 25% of our total costs. In
less than two years the total bill has more than doubled,"
Bisignani.

In addition to increased oil prices, refinery margins for jet
fuel have increased from US$6 per barrel in 2003 to US$17. "We
fully understand the principles of supply and demand. But it is
difficult to see this as anything other than a US$14 billion
cash grab by the oil industry that is pouring salt into the
wounds of a global crisis. Moreover, the impact of Hurricane
Katrina on fuel supplies and refinery capacity will only ensure
that relief will not come soon. To cope, urgent structural
change across the industry's value chain is essential," said
Bisignani.

CONTACT:

Anthony Concil
Director, Corporate Communications
Phone:  +41 22 770 29 67
Fax: +41 22 770 26 41
E-Mail: corpcomms@iata.org

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


NRS TECHNOLOGY: METI OKs Restructuring Scheme
---------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of NRS Technology Co. Ltd. under the
Law on Special Measures for Industrial Revitalization on
September 12, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


RESONA BANK: Perpetual Subordinated Bonds Rated 'BBB-'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating to
Resona Bank Ltd.'s (BBB+/Stable/A-2) floating-rate perpetual
subordinated bonds.

The two-notch difference between the counterparty rating on
Resona and the rating on the bonds reflects the deferability of
interest payments on the bonds, the terms and conditions of the
issuance, and the overall financial status of the bank. As of
March 31, 2005, Resona had adequate distributable profits and an
improved financial profile, indicating that profits will not
likely deteriorate significantly.

The ratings on Resona reflect its rapid progress in financial
restructuring under new management, most of which was appointed
when the government injected public funds into the bank in June
2003. Resona has reorganized its affiliates, restructured
lending to close corporate borrowers, and pared down its equity
portfolio. As a result, the bank's financial risk has decreased
substantially. The bank posted net profit of JPY304 billion in
fiscal 2004 (ended March 31, 2005).

Resona Holdings Inc. is the holding company for the Resona
Group, which includes four major banks. The four banks' combined
ratio of net NPLs to total loans declined to 1.5% as of March
2005 from 7.5% in March 2003. At the same time, Resona Holdings'
consolidated ratio of equity holdings to Tier 1 capital improved
to 53% from 241%, while its consolidated ratio of equity to
deferred tax assets fell to 4% from 100%.

Generating sufficient profit to repay injected public funds,
totaling more than JPY3 trillion, is a key challenge for Resona.
Currently, the bank is facing stagnant lending demand from small
and midsize enterprises. Attracting prime borrowers is an
important step for the bank to further strengthen its customer
base. The ratings on Resona also incorporate the likelihood that
the government would provide support to the bank if necessary,
given its importance to the Japanese financial system.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


SOFTBANK CORPORATION: Unit Sells BroadBand Tower Shares
-------------------------------------------------------
Softbank Corporation announced that Softbank BB Corporation (its
wholly-owned subsidiary, head office: Minato-ku, Tokyo,
representative: Masayoshi Son) sold its shares held in BroadBand
Tower, Inc.

1. Outline of sale

(1) Shares for sale: 960 shares held in BroadBand Tower, Inc.

(2) Sale price: Approximately 4.0 billion yen

2. Effect on consolidated financial results

Gain on sale of investment securities would be recognized
approximately 3.9 billion yen on a consolidated basis in the 2nd
quarter for the fiscal year ending March 31, 2006.

This is a company press release.

CONTACT:

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


SOFTBANK CORPORATION: Unit Sells 4,100 Shares in Advanced Media
---------------------------------------------------------------
Softbank Corporation announced that Softbank Broadmedia
Corporation (its wholly-owned subsidiary, head office: Minato-
ku, Tokyo, representative: Taro Hashimoto) sold its all shares
held in Advanced Media, Inc.

1. Outline of sale (1) Shares for sale: 4,100 shares held in
Advanced Media, Inc.

(2) Sale price:  Approximately 3.2 billion yen

2. Effect on consolidated financial results

Gain on sale of investment securities would be recognized
approximately 3.1 billion yen on a consolidated basis in the 2nd
quarter for the fiscal year ending March 31, 2006.

This is a company press release.


* August Bankruptcies Up 5% on Year to 1,152
--------------------------------------------
Japan corporate bankruptcies rose 5 percent from the previous
year to 1,152 in August, eclipsing year-before levels for the
first time in two months, according to Kyodo News, citing credit
research agency Tokyo Shoko Research.

Debts left by the failed companies dropped 34.4 percent to
325.11 billion yen, the smallest number this year.

The agency said the government's enhanced financial support
system for small and midsize firms as well as greater
performances mainly at major firms helped limit the number of
bankruptcies.

Small-scale bankruptcies, with debts of less than JPY100
million, accounted for 64.0 percent of all insolvencies, a
record for this year.

CONTACT:

Tokyo Shoko Research Ltd.
Shin-Ichi Building
1-9-6, Shimbashi
Minato-ku Tokyo 105-0004
Japan


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

* High Price Hinders Sale of Big Corporations
---------------------------------------------
Big corporations that underwent painstaking reorganizations have
now become healthier and up for sale.  The problem is to find a
qualified candidate to take over operations, as prices of these
big companies have skyrocketed, Donga.com reveals.  

One of the factors considered to become a qualified candidate is
the origin of the interested investor.  A buyer in the local
capital would be preferred compared to a foreign one.

Some of the companies up for sale with approximately 20 huge
offerings include former Daewoo, Ssangyong, Hyundai affiliates
and bank and credit card companies.  The sale is expected to
commence late this year.  An estimated KRW50 trillion in merger
and acquisition market is expected to sprout.

Most of the former Daewoo affiliates, including Daewoo Precision
Industries and Daewoo Engineering and Construction, are already
under the process for sale within this year.

Companies such as former Ssangyong affiliates, namely Ssangyong
Engineering and Construction and Ssangyong Corporation, and
Hyundai affiliates, such as Hyundai Engineering and
Construction, Hyundai Autonet, and Hynix Semiconductor will also
be up for sale. But then, soaring prices of these companies made
potential buyers hesitant.

"We were pretty sure of being nominated as the prior candidate
for negotiation when we suggested KRW1.5 trillion. But later we
were so surprised to learn that SK suggested three trillion
won," said an official of Mirae Asset which had formed a
consortium to bid for the Inchon Oil Refinery. The person added
that the firm has decided to rather look for other corporations
overseas.

Another problem pointed out by critics is the 'public trial' the
government, economic circles, and politicians create before the
bid since they make noises about which buyer is acceptable or
not.

In particular, foreign capital that the government had strongly
promoted to attract for itself a few years ago have been so
excluded that complaints of reverse discrimination have become
quite common.

The creditors said that the sale is to retrieve the public fund
invested in insolvent companies. "Right after the financial
crisis, the nature of sales was usually focused on selling
itself regardless of the price in order to enhance the
international credit rating.

But, nowadays, the scale and nature of the sale are totally
different so we plan to sell them at a proper price," Donga.com
quotes an official from the creditors as saying.


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

AFFIN HOLDINGS: Terminates MTN Issuance
---------------------------------------
The Board of Directors of Affin Holdings Berhad (Affin) advised
Bursa Malaysia Securities Berhad that it will not proceed with
the second Medium Term Notes (MTN) issuance of MYR240 million
under the Programme arranged by Aseambankers Malaysia Berhad
(Aseambankers) given that the Company has sufficient funds to
fully settle the existing Guaranteed Redeemable Bonds of MYR240
million.

The Lead Arranger for the Programme, Aseambankers has notified
the respective parties involved in the Programme, namely the MTN
holders, the guarantor and also the Securities Commission on the
non-issuance of second issuance scheduled on September 19, 2005.

This announcement is dated 12 September 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
Fax: +60 2143 1057


DFZ CAPITAL: Shareholders Approve Proposals at EGM
--------------------------------------------------
DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad)
(DFZ) issued to Bursa Malaysia Securities Berhad an update on
the following proposals:

(I) Proposed share buy-back scheme of DFZ to purchase its own
ordinary shares of up to 10 percent of the issued and paid-up
ordinary share capital of the company; and

(II) Proposed amendments to the articles of association of DFZ

(Collectively referred to as the proposals)

On behalf of DFZ, Commerce International Merchant Bankers Berhad
advised Bursa Malaysia Securities Berhad that at the
shareholders' Extraordinary General Meeting of the Company held
on September 12, 2005, the shareholders had approved the
Proposals.

This announcement is dated 12 September 2005.


HAP SENG: Details Unit's Shares Disposal
----------------------------------------
Reference is made to Hap Seng Consolidated Berhad's (HSCB/the
Company) wholly owned subsidiary in Indonesia, PT. Sasco
Indonesia (PT. Sasco), with an issued and paid-up share capital
of USD100,000.00 comprising 100,000 ordinary shares of USD1.00
each, of which 90 percent shareholding is held by Sasco Sdn Bhd
(9396-X) (Sasco) and the balance 10 percent shareholding being
held by Hap Seng (Oil & Transport) Sdn Bhd (59352-D) (HSOT).
Both Sasco and HSOT are the Company's wholly owned subsidiaries.

PT. Sasco is principally involved in the distribution and
marketing of the Group's agricultural products such as
fertilizers and agro-chemical in Indonesia and as part of the
Group's streamlining exercise, the Company disclosed to the
Exchange the following pursuant to paragraph 9.19(5) of the
Bursa Securities Listing Requirement:

(a) That Sasco has on even date entered into a conditional Sale
& Purchase Agreement to dispose of its entire shareholding in
PT. Sasco comprising 90,000 ordinary shares of USD1.00 each to
Sasco's wholly owned-subsidiary, Macro Arch (M) Sdn. Bhd.
(700890-A), at the disposal consideration of USD90,000.00; and

(b) That HSOT has on even date entered into a conditional Sale &
Purchase Agreement to dispose of its entire shareholding in PT.
Sasco comprising 10,000 ordinary shares of USD1.00 each to
HSOT's wholly owned-subsidiary, Palms Edge (M) Sdn Bhd (702558-
P), at the disposal consideration of USD10,000.00.

To the best of the knowledge of the directors, none of the
directors or major shareholders or persons connected to the
directors or major shareholders of the Company has any interest,
direct or indirect, in the aforesaid disposals.

CONTACT:

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


HAP SENG: Buys Back 3,600 Shares
--------------------------------
Hap Seng Consolidated Berhad posted 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): 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): 33,210,400

Adjusted issued capital after cancellation (no. of shares)
(units): 0
   
The cumulative net outstanding treasury shares on September 9,
2005 was 33,210,400 and not 32,210,400 as erroneously announced
on the said date.

This announcement is dated September 12, 2005


MAGNUM CORPORATION: Committee OKs Assets Amalgamation
-----------------------------------------------------
Magnum Corporation Berhad (Magnum) furnished Bursa Malaysia
Securities Berhad details of the amalgamation of certain real
property undertakings of Magnum and some of its subsidiaries
under Quantumco Enterprise Sdn Bhd, a 97.70 percent owned
subsidiary of Magnum (Quantumco) (Magnum Assets Amalgamation).

The company refers to the announcement made by Commerce
International Merchant Bankers Berhad (CIMB) on behalf of Magnum
on April 12, 2004 and April 11, 2005 in relation to, inter-alia,
the Magnum Assets Amalgamation.

On behalf of Magnum, CIMB announces that the Foreign Investment
Committee had through its letter dated September 6, 2005 (which
was received on September 12, 2005) stated that it has no
objections to the Magnum Assets Amalgamation.

This announcement is dated 12 September 2005.

CONTACT:

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


MBF CORPORATION: Swings to Black in 2Q/FY05
-------------------------------------------
MBf Corporation Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter financial report
for the financial period ended June 30, 2005.

This announcement supersedes the earlier announcement dated
August 12, 2005. Amendments were made to:

B13 - Earnings Per Share

(a) Basic

Weighted average number of ordinary shares in issue ('000) under
current quarter ended June 30, 2005 should read as MYR281,712,
Corresponding quarter ended June 30, 2005 should read as
MYR281,118 and Current Year-to-date ended June 30, 2005 should
read as MYR281,618.

(b) Diluted

Weighted average number of ordinary shares in issue ('000) under
current quarter ended June 30, 2005 should read as MYR281,569
and current year-to-date ended June 30, 2005 should read as
MYR281,546. The Adjusted weighted number of shares under current
quarter ended June 30, 2005 should read as MYR304,694 and the
current year-to-date ended June 30, 2005 should read as
MYR304,600.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

    9,228         11,975          21,091         27,211

(2) Profit/(loss) before tax  

    2,106         -8,785          -5,527         -11,800

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

    2,006         -7,617          -5,287         -9,653

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

    2,006         -7,617          -5,287         -9,653

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

    0.71           -2.71           -1.88         -3.43

(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)  

    0.2829                  0.3288

To view a full copy of the financial statement, click
http://bankrupt.com/misc/MBfCorp0605.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/MBfCorp0605notestoFS.doc


METROPLEX BERHAD: Unpaid Loans Hit MYR1,709,117,987.18
------------------------------------------------------
Further to our announcement dated August 12, 2005 on PN1,
Metroplex Berhad (MB) provided Bursa Malaysia Securities Berhad
an update on the status in default in payment of Group's various
loan facilities as at August 31, 2005 as set out in Table A
attached.

Click to view a full copy of Table A
http://bankrupt.com/misc/MetroplexBerhad091405.xls

The estimated amount of default (principal and interest) as at
August 31, 2005 is MYR1,709,117,987.18.

Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme)
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

This announcement is dated 12 September 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


METROPLEX BERHAD: Court Moves Date of Winding Up Hearing
--------------------------------------------------------
Metroplex Berhad (MB) furnished Bursa Malaysia Securities Berhad
an update on the Legend International Resorts Limited (LIR), a
59.99 percent owned subsidiary of MB.  

The Company informed the Exchange that the High Court of Hong
Kong (the Court) has adjourned the hearing of Morgan Stanley
Emerging Markets, Inc. (MSEMI or the Petitioner)'s winding-up
petition against LIR to a later date to be given by the Court,
following the Court's dismissal of MSEMI's application to
appoint a Provisional Liquidator for LIR and LIR's application
to strike out MSEMI's winding-up petition.

This announcement is dated 12 September 2005.


NEPLINE BERHAD: Court to Commence Hearing December 1
----------------------------------------------------
The Board of Directors of Nepline Berhad (Nepline) informed
Bursa Malaysia Securities Berhad that there is an Industrial
Court case pending at the Industrial Relation Court, Kuala
Lumpur vide case number 6/4-401/04 against the Company by one
Encik Muhamad Razally Bin Abu Hassan.

The case has been fixed for hearing on December 1, 2005 and  
December 2, 2005. The Company is vehemently challenging and
disputing the purported claim as the same is baseless and
unfounded.

CONTACT:

Nepline Berhad   
Level 11, Wisma Maritim,
No. 4, Persiaran Sukan,
Seksyen 13, Shah Alam Selangor
40100 Malaysia
Telephone: 03-50315000   
Fax: 03-50318186


OILCORP BERHAD: Acquires MYR50-Mln Loan
---------------------------------------
Oilcorp Berhad furnished Bursa Malaysia Securities Berhad
details of the unsecured fixed term loan facility under primary
collateralized loan obligation programme.

(1.0) Introduction

The Board of Directors of Oilcorp Berhad (Oilcorp) advised the
exchange that it has on September 9, 2005 signed a Facility
Agreement with Eon Bank Berhad (the Lender) and CapOne Berhad
(the issuer) for an unsecured fixed term loan facility under
Primary Collateralized Loan Obligation Programme up to the
maximum principal amount of MYR50.0 Million (the Facility).

(2.0) Tenor of the Facility

The tenor of the facility is for 5 years.

(3.0) Utilization of Proceeds

The purpose of the facility is for the working capital and
general corporate purposes of the Company and/or its
subsidiaries.

(4.0) Financial Effects

4.1 Share Capital

The facility will not have any effect on the share capital of
Oilcorp.

(4.2) Earnings

Save for the upfront fee and prescribed rate incidental to the
facility, the facility is not expected to have any material
effect on the earnings of Oilcorp for the financial ending
December 31, 2005.

(4.3) Net Tangible Assets (NTA)

The Facility is not expected to have any material effect on the
NTA of Oilcorp for the financial year ending 31 December 2005.

(5.0) Directors and Substantial Shareholders Interest

None of the Directors and/or substantial shareholders of the
Company have any interest, direct or indirect, in the Facility.

This announcement is dated 12 September 2005.

CONTACT:

Oilcorp Berhad (553069-T)  
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my


PADIBERAS NASIONAL: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 911,500
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, September 14, 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


PILECON ENGINEERING: Extends Conclusion of Shares Acquisition
-------------------------------------------------------------
Pilecon Engineering Berhad (Pilecon) issued to Bursa Malaysia
Securities Berhad details on the proposed Acquisition of 510,002
ordinary shares of MYR1.00 each in Pasdec Realty Sdn Bhd by
Pilecon Realty Sdn Bhd, a wholly owned subsidiary of the company
for a total consideration of MYR5.49 million (Proposed
Acquisition).

The company refers to its announcement dated February 25, 2005
in relation to the Proposed Acquisition. The completion of the
Proposed Acquisition were conditional upon the fulfillment of
conditions precedent within a period of six (6) months from the
date of the Sale of Shares Agreement (the Agreement) which
expired on August 24, 2005 (or such longer period as the parties
to the Agreement may mutually agree upon in writing)
(Conditional Period).

The Company disclosed that the parties to the Agreement had on
August 24, 2005 mutually agreed in writing to extend the
Conditional Period by another six (6) months from August 25,
2005 to February 24, 2006.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax: +60 3 7804 3888


RHB CAPITAL: Unit Submits Application for Merger
------------------------------------------------
RHB Capital Berhad (RHB Capital) updates Bursa Malaysia
Securities Berhad on the proposed merger of RHB Bank Berhad (RHB
Bank) and RHB Delta Finance Berhad's (RHB Delta Finance)
operations (Proposed Merger).

RHB Capital disclosed to the exchange that its subsidiary, RHB
Bank has on September 9, 2005 submitted a comprehensive and
detailed joint application with RHB Delta Finance to Bank Negara
Malaysia for the proposed merger of the operations of RHB Delta
Finance with that of RHB Bank.

The Proposed Merger is conditional upon the approval of the
relevant regulatory authorities and the court order being
obtained for the transfer and vesting of the assets and
liabilities of RHB Delta Finance to RHB Bank.

RHB Delta Finance is a wholly owned subsidiary of RHB Bank which
in turn is a 70 percent owned subsidiary of RHB Capital.

This announcement is dated 12 September 2005.

CONTACT:

RHB Capital Bhd   
Level 8, Tower Three RHB Centre,
Jalan Tun Razak,
Kuala Lumpur Wilayah
Persekutuan 50400 Malaysia
Telephone: 03-92806777   
Fax: 03-92806507


RHB CAPITAL: Puts Up Executive Committee
----------------------------------------
RHB Capital Berhad (RHB Capital) provided Bursa Malaysia
Securities Berhad an update on the establishment of an Executive
Committee (EXCO) of the company.

Further to the announcement made on August 3, 2005 (Ref No. RC-
050803-41589), RHB Capital advised that the Board of Directors
of the Company had, on August 26, 2005, approved the
establishment of an EXCO of the Company, subject to Bank Negara
Malaysia's (BNM) approval. BNM had via its letter dated
September 9, 2005 granted its approval thereto, which was
received by RHB Capital on September 12, 2005.

The EXCO shall comprise of Encik Vaseehar Hassan Abdul Razack
and Encik Johari Abdul Muid, both of whom are Non-Independent
Non-Executive Directors of the Company.

The EXCO shall assume the role of the Chief Executive Officer
(CEO) of the Company in the interim, overseeing the Company's
day to day operations/management aspects, pending the
appointment of the CEO.

This announcement is dated 12 September 2005.


RHB CAPITAL: Names New Chairman of RHB Delta Finance
----------------------------------------------------
RHB Capital Berhad (RHB Capital) unveiled to Bursa Malaysia
Securities Berhad the appointment of YBHG Dato Abdullah Mat Noh
as the Chairman of RHB Delta Finance Berhad (RHB Delta Finance).

RHB Capital Berhad (RHB Capital) disclosed that Bank Negara
Malaysia had via its letter dated September 9, 2005, which was
received on September 12, 2005, approved the appointment of YBhg
Dato Abdullah Mat Noh as the Chairman of RHB Delta Finance, a
wholly owned subsidiary of RHB Bank Berhad which in turn is a 70
percent owned subsidiary of RHB Capital.

YBhg Dato Abdullah Mat Noh's appointment as the Chairman of RHB
Delta Finance is to take effect on September 9, 2005.

This announcement is dated 12 September 2005.


RHB CAPITAL: Unveils Disposal of Unit's Assets
----------------------------------------------
RHB Capital Berhad advised Bursa Malaysia Securities Berhad the
disposal of RHB Bank Berhad's (RHB Bank) Car and Mobile Phone to
the Former Director / Chairman of RHB Bank.

(1) Introduction

Pursuant to paragraph 10.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa), the Board of Directors of
RHB Capital Berhad (RHB Capital) disclosed that RHB Bank, a 70
percent owned subsidiary of RHB Capital, had on September 12,
2005 disposed of a company car, a Mercedes Benz E240 V6 Auto and
mobile phone, Nokia 6820 to YBhg Dato' Ali Hassan, the former
Director / Chairman of RHB Bank, for a cash consideration of
MYR109,500.00 and MYR263.00 respectively (Disposal).

(2) Details of the Parties to the Transaction

RHB Bank was incorporated in Malaysia on October 4, 1965 under
the Companies Ordinances, 1940 to 1946. RHB Bank is a commercial
bank licensed under the Banking and Financial Institutions Act,
1989. RHB Capital holds a 70 percent equity interest in RHB
Bank.

YBhg Dato' Ali Hassan was appointed as Director / Chairman of
RHB Bank on July 15, 1999 and he resigned from the same on June
3, 2005.

(3) Purchase Consideration and Basis of Arriving at the Purchase
Consideration

Car - Mercedes Benz E240 V6 Auto

The company car was purchased by RHB Bank on July 15, 1999 at
the cost of MYR350,000.00 and the value of the car has been
fully depreciated.

The Disposal price of MYR109,500.00 was arrived at after taking
into account a discount of 25 percent from the average market
value of the car, which is consistent with RHB Group's policy on
disposal of company cars to leaving or retiring directors.

Mobile Phone - Nokia 6820

The company mobile phone was purchased by RHB Bank on August 2,
2004 at the cost of MYR1,470.00 and the average market value of
the mobile phone as at July 2005 is MYR350.00.

The Disposal price of MYR263.00 was arrived at after taking into
account a discount of 25 percent from the average market value
of the mobile phone, which is consistent with the discount
normally given for disposal of fixed assets to a leaving or
retiring director.

(4) Interests of Directors, Major Shareholders and Persons
Connected with Them

Other than YBhg Dato' Ali Hassan, none of the directors, major
shareholders of RHB Capital Group or parties connected with them
have any interest, direct or indirect, in the transaction which
may be regarded as a related party interest.

(5) Rationale for the Transaction

YBhg Dato' Ali Hassan had requested to purchase the company car
and mobile phone for his personal use following his resignation
as Director / Chairman of RHB Bank. The mobile phone had been
used by YBhg Dato' Ali Hassan during his tenure as Director /
Chairman of RHB Bank. The Disposal was approved in recognition
of his past contributions and services to RHB Bank.

(6) Financial Effects

(6.1) Earnings

The Disposal will not have any material effect on the earnings
of RHB Capital.

(6.2) Net Tangible Asset (NTA)

The Disposal will not have any effect on the NTA of RHB Capital.

(6.3) Share Capital

The Disposal will not have any effect on the share capital of
RHB Capital.

(6.4) Substantial Shareholders' Shareholding

The Disposal will not have any effect on the substantial
shareholders' shareholding in RHB Capital.

(7) Approvals Required

Based on the Disposal consideration, the Disposal does not
require the approval of the shareholders of RHB Capital or RHB
Bank, nor any government authorities.

(8) Statement by the Board of Directors of RHB Capital

In view of the rationale as stated in paragraph 5 above, the
Board of Directors of RHB Capital is of the opinion that the
Disposal is not to the detriment of RHB Capital Group.

This announcement is dated 12 September 2005.


TAMADAM BONDED: Books MYR132,000 Net Loss
-----------------------------------------
Tamadam Bonded Warehouse Berhad issued to Bursa Malaysia
Securities Berhad its unaudited second quarter financial report
for the financial period ended June 30, 2005.  

This is an amendment to the Second Financial Quarter Results
announced on August 23, 2005. There was a typographical error in
respect of the "Condensed Consolidated Cash Flow Statement". The
"Repayment of hire-purchase payables" should read "MYR387,000"
and not "MYR287,000".

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  

    4,050         4,644          8,205           9,066

(2) Profit/(loss) before tax  
    
    -132          -155           -123            -193

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

    -132          -155           -123            -193

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

    -132          -155           -123            -193

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

    -0.27         -0.31         -0.25            -0.39

(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)  

    0.4600                     0.4600

For more information, click
http://bankrupt.com/misc/TamadamBonded091405.doc

CONTACT:

Tamadam Bonded Warehouse Berhad   
Lot 11614, North Klang Straits Industrial Area,
Port Klang Selangor 42000 Malaysia
Telephone: 03-31680318   
Fax:  03-31686112


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

ABS-CBN BROADCASTING: Snags 3-year WPT Contract
-----------------------------------------------
The World Poker Tour (WPT), already a global enterprise shown in
more than 100 countries, is going regional.

WPT announced a partnership with Philippine television network
ABS-CBN Broadcasting Corp. and Aiden Tracey, a Canadian
marketing and promotion expert to broadcast multi-tabled
tournaments in card rooms in the respected countries starting in
2006.

ABS-CBN will work with state-run Philippine Amusement and Gaming
Corporation, who controls the country's casinos, to localize the
success WPT achieved globally.

WPT gave ABS-CBN the right to produce the episodes as WPT
products for the next three years. Four episodes will air the
first year, five in the second and six in the third.

The winner of the championship will win a seat in the WPT
Championship held at the Bellagio each year.

WPT is broadcast as a major sport in the Philippines, often
book-ending other major sports in prime-time like the NBA and
professional golf. ABS-CBN, which owns and operates more than 50
television stations in the Philippines, approached WPT.

In Canada, Mr. Tracey will work closely with the WPT to plan
events and establish a WPT Canada sub-brand. A broadcast station
has yet to be announced.

Mr. Tracey's television production experience includes the World
Beer Games, which pitted teams from several counties against
each in age-old beer drinking contests events such as the pint
chug, quarters and tossing empty beer cans into trash bins
sitting in a reclining chair.

If the regional programs go well, WPT will look into expanding
and localizing the show and events in other countries.

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/


DIGITAL TELECOMMUNICATIONS: To Pay Franchise Tax to Local Gov't
---------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) has yet to
comply with its tax obligation to the Dagupan City Government,
SunStar News relates.

City Legal Officer Geraldine Baniqued demaned tax payments from
telecommunication companies doing business in Dagupan. She sent
demand letters to the companies to settle their back franchise
taxes.

Digitel, which failed to show its gross receipts as basis for
tax payment, has yet to act on the demand letter.

While she was then the provincial legal officer of Pangasinan,
Ms. Baniqued, it will be recalled, filed complaints against
Digital Telecommunications for failure to pay its taxes to the
provincial government.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


LEPANTO CONSOLIDATED: Strikers Get Back to Work
-----------------------------------------------
Striking workers of Lepanto Consolidated Mining Company has
returned to work Tuesday after the miner inked a memorandum of
agreement with representatives of the Lepanto Employees Union
(LEU), The Manila Bulletin reports.

The MOA has formally ended the labor dispute, which lasted for
three months.

Under the MOA, all LEU members in good standing were to return
to work yesterday while LEU officers who initiated the strike
acknowledge and accept the severance of their employment.

Following the return of its workers, the mining firm expects
operations and production levels to go back to normal as soon as
possible.

Earlier, Labor Secretary Patricia Sto. Tomas issued a decision
on the dispute between the firm and the Lepanto Employees Union.
Under the decision, Ms. Sto. Tomas granted the LEU wage
increases of Php25, Php27, and Php29 per day for years 1, 2, and
3, respectively. The principal issue in the dispute is the rate
of daily wage increases from November 2004 to November 2007.

CONTACT:

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


PHILIPPINE AIRLINES: Keen to Resume Flights to Bahrain
------------------------------------------------------
Philippine Airlines (PAL) is reportedly looking to revive
operations to Bahrain, which were terminated in the early 1980s,
reports Gulf Daily News.

PAL's Riyadh-based country manager Celso Dapo affirmed the
carrier's plan to resume operations to Bahrain when it increases
the number of aircraft in its fleet.

Currently, the national flag carrier is working closely with its
general sales agent, World Travel Service (WTS).

PAL, which currently operates three flights a week between
Manila and Riyadh with Airbus 340s, has a code-sharing agreement
with Emirate and Qatar Airways.

The Philippine carrier is slowly from the financial crisis,
which gripped the airline for several years. It made a net
profit of US$25 million last year.

CONTACT:

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


* Central Bank Wants Embattled Pre-need Industry Regulated
----------------------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) or the central bank thinks
there is a need to regulate and supervise the ailing pre-need
industry, Asia Pulse reports.

BSP, however, cannot assume the role of the regulator and
supervisor of the pre-need industry because, under its Charter,
its supervisory and regulatory authority is limited to banking
institutions and quasi-banks, including their subsidiaries and
affiliates engaged in allied activities.

The central bank supports the proposed "Pre-Need Code of 2005".
The proposal includes placing pre-need companies under the
supervision and regulation of the Insurance Commission. BSP
believes the insurance commission can do the job, since the
operations of pre-need companies are more similar to the
operations of insurance firms.

The BSP agrees that the reorganization of the Commission,
streamlining of its structure and operations and upgrading of
its human resource component will enable it to perform its
regulatory and supervisory functions over pre-need companies as
envisioned in the proposed "Pre-Need Code."

The BSP likewise supports the other provisions of the proposed
"Pre-Need Code" that seeks to rationalize the operations and
regulatory environment of pre-need companies, particularly the
provisions on fit and proper rule; independent directors; trust
funds; actuary; and actuarial reserve liabilities.


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

EUROPA SAILING: Posts Intended Dividend Notice
----------------------------------------------
Europa Sailing Club Pte Limited, formerly of 41 Tampines Street
92, #03-00 ABR Building, Singapore 528881, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Europa Sailing Club Pte Limited
Last day for receiving proofs: Sept. 30, 2005
Name  & address of Liquidators: John Teo Cheng Lok and Foong Daw
Ching
c/o TeoFoongWongLCLoong
15 Beach Road
#03-10 Beach Centre
Singapore 189677

CONTACT:

Europa Sailing Club Pte Limited
1212 East Coast Parkway
Singapore
Phone: 65 6449 5118


GOLD PLATECH: Creditors Must Sumbit Debt Claims By Next Month
-------------------------------------------------------------
Notice is hereby given that the creditors of Gold Platech
Singapore Pte Limited, which is being voluntarily wound up, are
required on or before Oct. 3, 2005 to send in their names and
addresses, with particulars of their debts and claims, and the
names and addresses of their solicitors (if any) to the Company
liquidator; and, if so required by notice in writing by the said
liquidator, are personally or by their solicitors, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice. In default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proved.

Dated this 3rd September 2005

Chua Keng Khng
Liquidator
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216


GREATRONIC LIMITED: Six-Month Net Loss Widens
---------------------------------------------
Greatronic Limited announces that the Company reported an
increase in its net loss for the first quarter ended June 30,
2005.

The Company posted a net loss of SGD960,000 after taxes,
compared to its reported SGD505,000 net loss for the same period
last year.

Singapore-listed Greatronic Limited is engaged in the
manufacture of material handling equipment as well as the
design, fabrication and installation of conveyor-based
intergrated automation systems.

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

http://bankrupt.com/misc/tcrap_greatronic091505.pdf

CONTACT:

Greatronic Limited (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: 65 68417828
Fax:   65 68417282
Web site: http://www.greatronic.com/


OHAIYO ENGINEERING: Pays Dividend to Creditors
----------------------------------------------
Ohaiyo Engineering Construction Pte Limited, formerly of 279
Bukit Batok, East Avenue 3 #02-337, Singapore 650279, posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Ohaiyo Engineering Construction Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 129 of 1999
Last day for receiving proofs: Sept. 23, 2005
Name  & address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Sunari Bin Kateni
Assistant Official Receiver

CONTACT:

Ohaiyo Engineering Construction Pte Limited
28 Krariji Way
Singapore 739438
Phone: 65 366-1236
Fax:   65 367-2368


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

EASTERN WIRE: Changes Shareholding Structure
--------------------------------------------
Eastern Wire Public Company Limited informed the Stock Exchange
of Thailand (SET) on the change in shareholding structure as a
result of the acquisition of new securities as 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 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

The shareholder structure of the Company as of September 12,
2005

Name                  Amount (shares)      Shareholding (%)

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

(2) DBS Vickers
    Securities
    Singapore               6,000,000            6.00
    Ple. Ltd.
    For Account
    Advance Wealth
    Solutions Inc.

(3) Mr. Pirom Priyawat      5,691,960            5.69

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

(5) 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 noicharoen
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


PICNIC CORPORATION: Supplier Explains Capability
------------------------------------------------
With reference to the Stock Exchange of Thailand's (SET) request
for Picnic Corp. Public Co. Ltd. to disclose more information in
relation to the capability of Saengthongthai Bucket
Manufacturing Co. Ltd. to manufacture and deliver it with gas
cylinders, Saengthongthai then gave Picnic the following
information for disclosure to the SET:

(1) Saengthongthai Bucket Manufacturing Co., Ltd. is both a gas
cylinder manufacturer and trader, thus, some portion of
cylinders that the Company bought were manufactured by
Saengthongthai while some were bought from others.

Moreover, Saengthongthai has two plants with its own and leased
tools and equipment to manufacture gas cylinders. In addition
Saengthongthai manufactures cylinders three shifts per day so
that it has the ability to deliver gas cylinders upon the agreed
contracts.

(2) Numbers and amount of gas cylinders which the Company had
received from Saengthongthai by periods of time are:
                                                                
                                     Million Baht
Description    Number of Cylinders     Amount       

January          2,500                 1.37
            
February       202,990               121.49

March          199,880               130.83

April          153,265               140.17

May            288,800               140.18

June           371,830               140.18

July           319,380               140.22

August         135,000                96.54

September      223,945                94.13

October        389,330               140.19

November       106,200                97.65

December       131,800                78.39

Total 2004   2,524,920             1,321.33



                                        Million Baht
Description        Number of Cylinders      Amount

January            451,270                 143.49

February           226,830                 166.99

March              187,400                 145.79

April              192,100                  96.56

May                188,670                 124.71

June               446,490                 160.42

Total
January-June
2005             1,692,760                 837.95

Please be informed accordingly.

Yours faithfully,
Mr. Nattachai Aramrasmewanich
Managing Director

CONTACT:

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

SUNTECH GROUP: Explains Delay in Submission of FS
-------------------------------------------------
Suntech Group Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that it was not able to submit its financial
statement on time due to a change in company auditor a few
months ago.  

The company also needs more time to prepare the report following
the Central Bankruptcy Court's approval of its rehabilitation
plan.  The approval created additional tasks such as reviewing
and planning repayment of debts to various creditor groups.

The company with limited manpower advised the SET that it cannot
submit the financial statement in the given deadline, which was
June 30, 2005.

The Company informed the SET that it will send the financial
statements via ELCID system, not later than September 15, 2005.

Should the company finish the report at an earlier time, it will
then submit it before the given due date.

The company is looking forward to receiving the Securities and
Exchange Commission's approval for the postponement.

Please be informed accordingly,

Sincerely your's

Chaiyaphon Horrungruang
Director

Srisongkram Planner Co. Ltd.
On behalf of Suntec's Plan Administrator

CONTACT:

Sun Tech Group Public Company Limited   
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok    
Telephone: 0-2719-9743   
Fax: 0-2719-9744





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

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

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

This material is copyrighted and any commercial use, resale or
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information, contact Christopher Beard at 240/629-3300.

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