TCRAP_Public/050916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, September 16, 2005, Vol. 8, No. 184

                            Headlines

A U S T R A L I A

A.C.N. 097 150 395: Members Resolve to Wind Up Firm
A.C.N. 102 957 273: Set to Declare Dividend Soon
AINSWORTH GAME: Aims to Raise AU$21.1 Mln Via Rights Issue
ALKARPI PTY: Shuts Down Business
AUDIO SALES: Inability to Pay Debts Leads to Winding Up

AUSTRAL COAL: Reveals Outcome of TP's Judicial Review
AUSTRALIAN GAS: Changes Registered Address
CIRCLECOM LIMITED: Still a Going Concern with AU$546K Loss
CLARITY OILS: Schedules Final Meeting September 23
COMNET INTERNATIONAL: Enters Liquidation

GLINAND PTY: Court Appoints Official Liquidator
GLOBAL SEAFOOD: Swimming Against Strong Tide
GLOBAL WINE: Rides Crimson Tide
HEYDON PARK: Court Bans Former Directors
HOTEL & LEISURE: Creditors Approve Liquidator's Appointment

JULES JORIS: Liquidator to Distribute Company Assets
KINGSTON MANUKA: To Distribute Dividend Next Week
LAM & KYM: Paul Burness, Morgan Lane Named Liquidators
LINEN HOST: Creditors Seek to Wind Up Company
MANAGED IMPRESSIONS: Winding Up Process Initiated

NATIONAL AUSTRALIA: Advances to Next Stage of Operating Model
NATIONAL AUSTRALIA: Sets New standard in Business Deposits
OAK PARK: Falls Into Liquidation after ASIC's Intervention
OATLANDS INVESTMENTS: Members to Receive Liquidator's Report
PAGOBE PTY: Court Orders Winding Up

PAN PHARMACEUTICALS: Ex-execs Cooked Up Blame for Selim
RIVERGUM PROPERTIES: Members Decide to Close Operations
SANTOS LIMITED: Gas Flows from Western Australian Field
STRATUS COMPUTER: Liquidator To Detail Wind Up Manner
TALOOMBI ENTERPRISES: Members Pass Winding Up Resolution

TELSTRA CORPORATION: Parliament Passes Sale Bill
TELSTRA CORPORATION: Says No Decision on Job Cuts
WEST-SMASH PTY: To Pay Final Dividend
WWCP PTY: Creditors Agree to Wind Up Business


C H I N A  &  H O N G  K O N G

AUSTCHIN INVESTMENTS: Winding Up Hearing Set October 12
DAIMLERCHRYSLER AG: Gets OK on Auto Financing
GUANGDONG KELON: Unveils Terms of Transfer Agreement
PACIFIC PLYWOOD: Incurs US$3.2-Mln Net Loss in 1H/FY05
PACIFIC SCREWS: Court Issues Winding Up Order

POWER VAN: To Undergo Winding Up Process


I N D I A

ANDHRA CEMENTS: JP Morgan Eyes 15% Stake
DUNCANS INDUSTRIES: Gets INR31 Crore for Debt Revamp


I N D O N E S I A

BANK MANDIRI: Former Execs to Be Charged for Graft This Week
PERTAMINA: Imports Crude Oil for November Delivery
PERTAMINA: Ordered to Safeguard Oil Distribution
PERUSAHAAN LISTRIK: Fuel Subsidy to Double Next Year


J A P A N

DELPHI CORPORATION: Sets New Standards for SUV
GENERAL MOTORS: Tom Waits Files Suit
JAPAN AIRLINES: U.S. Bankruptcies May Not Harm Operations
JAPAN AIRLINES: May Miss Fiscal Year Targets, Says Mizuho
JAPAN AIRLINES: Launches International E-ticketing Service

MITSUBISHI FUSO: Recalling 47,000 Trucks, Buses
MITSUBISHI MOTORS: Vineland Dealer Sues U.S. Unit
MITSUBISHI MOTORS: Expects to Beat European Sales Forecast
RESONA BANK: Moody's Assigns Baa1 Rating
SOFTBANK CORPORATION: Enters Alliance With French Firm


K O R E A

HANARO TELECOM: Aims to Complete Merger with Thrunet


M A L A Y S I A

ANCOM BERHAD: Buys Back 47,300 Shares
ASIAN PAC: Updates Corporate Restructuring Scheme
ATLAN HOLDINGS: Court Dismisses Motion for Appeal
DUOPHARMA BIOTECH: New Shares Up for Listing, Quotation
VREDESTEIN FKR: Shareholders Decide to Wind Up Business

HARVEST COURT: Releases Update to Proposed Corporate Exercise
I-BERHAD: Enters Alliance with Sumurwang
I-BERHAD: Purchases Ordinary Shares
KAI PENG: Narrows 4Q Net Loss to MYR7,968,000
LANKHORST BERHAD: Unit's Winding Up Petition Won't Affect Ops

LANKHORST BERHAD: Court OKs Extension of Restraining Order
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
PADIBERAS NASIONAL: New Shares Up for Listing, Quotation
PANTAI HOLDINGS: Bourse Suspends Trading of Securities
PANTAI HOLDINGS: Unveils Directors' Dealing in Securities

PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
TRANSOCEAN HOLDINGS: Unit Asked to Settle Debt by December
TELEKOM MALAYSIA: Bourse to List, Quote New Shares
UNITED CHEMICAL: Default Status Still Unchanged


P H I L I P P I N E S

COLLEGE ASSURANCE: Officials Slapped with Criminal Complaint
NATIONAL FOOD: Launches SMS Service for Prompt Delivery
NATIONAL POWER: Seeks to Php21-Bln Deferred Costs from Customers
PACIFIC PLANS: Wants to Sell Additional Php1.5-Bln Life Plans
PLATINUM PLANS: Debt Rehab Petition Fails to Get Creditors' Nod


S I N G A P O R E

EI-NETS LIMITED: Seeks to Capitalize Debt and Issue New Shares
JACKS INTERNATIONAL: Net Loss Widens in First Half of 2005
NATSTEEL LIMITED: To Distribute More Cash to Shareholders
REGION AIR: Intends to Declare Dividend
RSH LIMITED: Disposes of Dormant Units

UNITED FIBER: Issues New Ordinary Shares


T H A I L A N D

PHUKET AIRLINES: Safety Bureau to Investigate Status of Pilots
RS PROMOTION: To Introduce Dara Daily on Monday
THAI AIRWAYS: SET Halts Trading of Securities
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.C.N. 097 150 395: Members Resolve to Wind Up Firm
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
A.C.N. 097 150 395 Pty Limited held on Aug. 9, 2005, it was
resolved that the Company be wound up voluntarily, and that
Robyn Erskine & Peter Goodin of Brooke Bird & Co., Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, be
appointed Liquidators for the winding up.

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


A.C.N. 102 957 273: Set to Declare Dividend Soon
------------------------------------------------
A.C.N.102 957 273 Pty Limited will declare a first dividend on
Sept. 19, 2005.

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

Dated this 22nd day of August 2005

Mervyn J. Kitay
Liquidator
Grant Thornton
Level 6, 256 St. George's Terrace
Perth WA 6000


AINSWORTH GAME: Aims to Raise AU$21.1 Mln Via Rights Issue
----------------------------------------------------------
As foreshadowed in its Preliminary Final Report, gaming machine
manufacturer, Ainsworth Game Technology Limited, on Thursday
announced its intention to raise approximately AU$21.1 million
(before costs) through a fully underwritten one for four
renounceable rights issue at a price of 50 cents per share.

The offer will be renounceable and will be available to all
shareholders of ordinary shares and note holders of convertible
notes on the record date who have a registered address in
Australia or New Zealand.

The proceeds of the issue will be used to fund the Company's
working capital and provide funds for further business growth,
continued expansion in international markets and repayment of
debt.

Executive Chairman and the Company's 52% major shareholder, Mr.
Len Ainsworth, and members of his immediate family, have
indicated their intention to fully support the issue by taking
up their full entitlements. The balance of the issue will be
fully underwritten by Mr. Len Ainsworth and members of his
immediate family.

Key dates in relation to the rights issue are expected to be as
follows:

30 September 2005  Record date to determine entitlement to new
shares

6 October 2005     Dispatch of prospectus

14 October 2005    Last day of rights trading on ASX

17 October 2005    First day of trading new shares on deferred
settlement basis on ASX

21 October 2005    Last day for acceptance and payment in full

31 October 2005    Allotment and issue of new shares

1 November 2005    First day of trading new shares on ASX on
normal T+3 settlement basis

In accordance with Section 734(5)(a) of the Corporations Act
2001, the Company advised that the new shares to be offered by
the Company under the rights issue are in a class of shares
already quoted on the ASX. The Company expects to lodge a
prospectus in relation to the rights issue next week. Any person
wishing to exercise their rights to apply for shares will need
to complete the entitlement and acceptance form, which will
accompany the prospectus.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


ALKARPI PTY: Shuts Down Business
--------------------------------
At a general meeting of the members of Alkarpi Pty Limited duly
convened and held on Aug. 8, 2005, the following resolutions
were passed:

SPECIAL RESOLUTION
That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Desmond Robert Munro and Andre Janis Strazdins of
SimsPartners, Level 4, 12 Pirie Street, Adelaide SA 5000, be
nominated Joint and Several Liquidators for such purpose.

Dated this 8th day of August 2005

Desmond R. Munro
Andre Janis Strazdins
Joint Liqwuidators
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000


AUDIO SALES: Inability to Pay Debts Leads to Winding Up
-------------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Audio Sales & Marketing Pty Limited held on Aug.
10, 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 Robert Elliott be
appointed Liquidator for such winding up.

Dated this 11th day of August 2005

Robert Elliott
Liquidator
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


AUSTRAL COAL: Reveals Outcome of TP's Judicial Review
-----------------------------------------------------
The Federal Court on Wednesday remitted Glencore International
AG's and Fornax Investments Limited's (together Glencore)
application back to the Takeovers Panel (TP) to reconsider the
decision and orders made on 20 July 2005, to the effect that
unacceptable circumstances existed in relation to Glencore's use
of cash-settled equity swaps during Centennial's takeover bid
for Austral Coal Limited (Austral).

In upholding the Constitutional validity of the Takeovers Panel,
the Court determined that the Review Panel's decision of 20 July
2005 was affected by jurisdictional error, requiring it to
reconsider its decision.

Centennial was not an active party to the Federal Court
proceedings.

The Company notes that the judgment has no effect on its 85.75%
shareholding in Austral.

The Managing Director of Centennial, Mr. Bob Cameron, said:

"It remains business as usual at Centennial following last
week's highly successful capital raising and 70% reserve
increase at Tahmoor.

"We have been operating the Tahmoor mine for five months now and
have just completed the first longwall changeover with
production having recently recommenced," he said.

Centennial's takeover offer for the remaining Austral shares is
presently scheduled to close on 26 September 2005 (unless
extended).

CONTACT:

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


AUSTRALIAN GAS: Changes Registered Address
------------------------------------------
The Australian Gas Light Company (AGL) has moved its Registered
Office, Principal Place of Business and office at which the
Register of AGL's Securities is kept, effective from September
14, 2005.

These details are as follows:

72 Christie Street
St. Leonards
New South Wales 2065

Telephone and fax numbers remain unchanged as follows:

General Inquiries: 02 9921 2999
General Fax: 02 9921 2552

Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465

The postal address is:

Locked Bag 1837
St. Leonards
NSW 2065

CONTACT:

Jane McAloon
Company Secretary
Direct: 02 9921 2349
Mobile: 0419 447 384


CIRCLECOM LIMITED: Still a Going Concern with AU$546K Loss
----------------------------------------------------------
CircleCom Limited booked a net loss of AU$546,262 for the year
to June 30, 2005, compared with last year's AU$592,330-loss on
no revenue.

In its statement of significant accounting policies the company
said the financial statements have been prepared on a going
concern basis, not withstanding that at June 30, 2005
liabilities exceeded assets by AU$583,272.

The company holds investments in the telecommunications industry
in South East Asia. The only operating investment is its 14
percent investment in PT Circlecom Nusantara, which operates
solely in Indonesia.

Directors have taken several steps to stem the losses including
ceasing operations in a number of businesses and countries since
June 30 2001, selling various assets, placing a controlled
entity Circle InfoCom (S) Pte Ltd in liquidation on August 20,
2001 with a deficiency of AU$7.7 million. Directors have made a
provision of AU$478,527, brought to account at June 30, 2004,
being the amount they consider the liquidator could recover.

The company is facing a lawsuit, seeking damages for alleged
amounts owing under a management and consultancy services
agreement. Legal advice indicated that the company has a strong
case and that the maximum estimated liability of AU$200,000 is
unlikely to be incurred. As at June 30, 2004, an amount of
AU$96,184 has been brought to account to reflect the amount the
directors consider could be payable under this claim.

Since the year end the term of 10 convertible notes at a face
value of AU$10,000 each, interest payable quarterly in arrears
at 11 percent per annum, has been extended to June 30, 2006.

Directors and management have prepared cash flow projections
that support the ability of the company to continue as a going
concern. These projections assume the ability to defer payment
of certain creditors, the raising of additional funds though the
issue of convertible notes and the satisfactory resolution of
negotiations with the liquidator.

CONTACT:

Circlecom Limited
318 Albert Street
Melbourne VIC 3004
Phone: 03 9416 3781
Fax: 03 9416 1768
Email: auschina@bigpond.net.au


CLARITY OILS: Schedules Final Meeting September 23
--------------------------------------------------
Notice is given that a meeting of the members of Clarity Oils
Pty Limited will be held on Sept. 23, 2005, 10:00 a.m. at Level
15, 201 Sussex Street, Sydney, NSW for the following purposes:

AGENDA

(i) To lay the Liquidator's account before the members, showing
how the winding up was conducted and the property of the Company
disposed of, and to give any explanations as required;

(ii) Any other business.

Dated this 15th day of August 2005

Timothy James Cuming
David Clement Pratt
Liquidators
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney NSW 1171


COMNET INTERNATIONAL: Enters Liquidation
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Comnet International Pty Limited held on Aug. 11, 2005, it was
resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 be appointed Liquidator for such
purpose.

Dated this 16th day of August 2005

Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax:   03 9662 9544


GLINAND PTY: Court Appoints Official Liquidator
-----------------------------------------------
On Aug. 11, 2005, the Supreme Court of New South Wales, Equity
Division appointed Ozem Kassem to be Liquidator for the winding
up of Glinand Pty Limited.

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


GLOBAL SEAFOOD: Swimming Against Strong Tide
--------------------------------------------
Global Seafood is again struggling to survive, just one year
after its shareholders rescued it from liquidation, The Courier
Mail reports.

The seafood distributor is reportedly losing money on every
product it sells, with the cost of sales outstripping revenue.

The Brisbane-based company spent AU$27.2 million on raw
materials and consumables to create AU$26.7 million in revenue.

Global Seafood ended the 2004/05 fiscal year with an AU$205,369
loss, after posting an AU$5-million loss a year before. The
recent loss was partly offset by AU$2 million in net revenue
from debt settlement relating to its restructure.

A failed merger forced the firm to call in administrators last
year. But it was given a chance when original shareholder voted
for a 1-for-15 consolidation of their holdings. It then made a
net gain of AU$1.9 million, which it attributed to debt
forgiveness by HSCB Bank, the receiver and Austfish's
acquisition of a 92-percent stake.

Despite the lifeline, its balance sheet shows just AU$1150 in
cash and more than AU$6.5 million worth of inventory, up against
more than AU$4 million in payables.

Global blamed its previous woes on its distribution arm's poor
performance. But now the Company said its woes are rooted from
supply problems and adverse trading conditions, specifically in
Asia.

CONTACT:

Global Seafoods Australia
30 Manton Street
Morningside
Brisbane Qld 4170
Australia
Phone: 61 7 3395 9000
Fax: 61 7 3217 9188
Web site: http://www.globalseafoodaustralia.com/


GLOBAL WINE: Rides Crimson Tide
-------------------------------
Global Wine Ventures, formerly Xanadu Wines, is among several
wineries that announced disappointing results this year,
according to The West Australian.

The beleaguered winemaker on Tuesday revealed declining profits
and inventory write-downs.

Global Wines emerged from its liquidation sale by booking an
AU$39.3-million loss, including AU$19 million lost on divestment
of its production portfolio over the past seven months. The
result included an AU$6.5-million inventory write-down.

The debt-laden Xanadu completed its sell-off by offloading its
South-West wine business to the Melbourne-based Rathbone family
for AU$26.2 million in June.

CONTACT:

Global Wine Ventures
First Floor
28 Dequetteville Terrace
Kent Town SA 5067
Phone: 61 8 8331 3000
Fax: 61 8 8331 3377.
Web site: http://www.xanaduwines.com.au


HEYDON PARK: Court Bans Former Directors
----------------------------------------
Messrs Allan Mason, Douglas Crago and Peter Kinnaird, former
directors of Heydon Park Limited, and Mr. Andre Backhaus, a
former employee of Heydon Park, have been banned from managing
corporations by the Federal Court in Sydney following an
application by the Australian Securities and Investments
Commission (ASIC).

Mr. Mason was banned from managing public and private companies
for five years. Mr. Crago was banned from managing public
companies for five years and private companies for three years.
Messrs Kinnaird and Backhaus were banned from managing companies
for two years.

The Federal Court also declared that Heydon Park's
representations in promotional documents for a managed
investment scheme for growing ginseng in Tasmania were
misleading and deceptive.

ASIC alleged and Messrs Mason, Crago, Kinnaird and Backhaus
agreed that Heydon Park misrepresented the true nature and
trading activities of a Singapore company, Panax Ginseng
Wholesalers, which Heydon Park promoted as having contracted to
buy the ginseng produced by the project at an agreed price.
Panax Ginseng Wholesalers is not an established commodity
trading company but is a company established and controlled by
people involved in the Heydon Park Ginseng project, which
according to financial returns filed with the Singapore Registry
of Companies and Businesses, has no record of ever having
traded.

Messrs Mason, Crago, Kinnaird and Backhaus also consented to the
declarations and banning orders when they agreed with ASIC in a
statement of facts that the promotional documents contained
misleading and deceptive statements. The former directors agreed
to pay ASIC's costs of $30,000.

"Directors must ensure that any document used to promote
investments to the public contains information that is correct
and not misleading or deceptive. ASIC will hold companies and
their directors responsible through the courts if investors are
mislead or deceived," said Mr. Mark Steward, ASIC's Deputy
Executive Director of Enforcement.

Background

Heydon Park was the holder of an Australian financial services
license and the responsible entity for a ginseng-growing managed
investment scheme in Tasmania.

ASIC commenced action in May 2004 to stop Heydon Park promoting
the ginseng scheme to investors because of concerns that three
product disclosure statements and other promotional material
contained misleading and deceptive statements. These Federal
Court orders bring to an end court action by ASIC.

Investors earlier this year voted to remove Heydon Park as
responsible entity for the scheme after the company collapsed
following its parent company being placed in receivership by a
secured creditor and later being ordered by the Supreme Court of
New South Wales to be wound up. A provisional liquidator was
appointed to Heydon Park in December 2004 and it is now in
liquidation.

In June 2005, the Federal Court appointed a new responsible
entity to take over the ginseng scheme in Tasmania and investors
will decide at a meeting next week whether to continue the
project under the new manager.


HOTEL & LEISURE: Creditors Approve Liquidator's Appointment
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Hotel &
Leisure Advisory Pty Limited held on Aug. 11, 2005, the
following resolutions were passed:

That the Company be wound up voluntarily.

And

That Dino Travaglini be appointed Liquidator for the winding up.

Creditors confirmed the Liquidator's appointment at a creditors'
meeting held later that day.

Dated this 11th day of August 2005

Dino Travaglini
Liquidator
C/o Moore Stephens
Level 3, 12 Saint Georges Terrace
Perth WA 6000
Phone: 08 9225 5355


JULES JORIS: Liquidator to Distribute Company Assets
----------------------------------------------------
Notice is hereby given that the final meeting of Jules Joris Pty
Limited will be held on Sept. 23, 2005, 9:00 a.m. at Level 3, 60
Castlereagh Street, Sydney, NSW 2000 to present the Liquidator's
account showing how the winding up was conducted, the assets of
the Company distributed and to explain such accounts.

Margaret I. Joris
Liquidator
C/o Level 3, 60 Castlereagh Street
Sydney NSW 2000


KINGSTON MANUKA: To Distribute Dividend Next Week
-------------------------------------------------
Kingston Manuka Holdings Pty Limited will declare a first and
final dividend on Sept. 20, 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

Frank Lo Pilato
Liquidator
c/o RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Phone: 02 6247 5988


LAM & KYM: Paul Burness, Morgan Lane Named Liquidators
------------------------------------------------------
Notice is given that at a general meeting of the members of Lam
& Kym Pty Limited held on Aug. 10, 2005, Paul Burness and Morgan
Lane, Registered Liquidators of Worrells, Level 5 15 Queen
Street, Melbourne Vic 3000, were appointed Liquidators for the
winding up of the Company.

Dated this 17th day of August 2005

Paul Burness
Morgan Lane
Liquidators
Worrells Solvency & Forensic Accountants
Web site: www.worrells.net.au


LINEN HOST: Creditors Seek to Wind Up Company
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Linen
Host Pty Limited held on Aug. 15, 2005, it was resolved that the
Company be wound up, and Martin John Green of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW 2000 was appointed
Liquidator for such purpose.

Dated this 15th day of August 2005

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


MANAGED IMPRESSIONS: Winding Up Process Initiated
-------------------------------------------------
Notice is given that at a general meeting of the members of
Managed Impressions Pty Limited held on Aug. 10, 2005, Paul
Burness and Morgan Lane, Registered Liquidators of Worrells,
Level 5 15 Queen Street, Melbourne Vic 3000, were appointed
Liquidators for the winding up of the Company.

Paul Burness
Morgan Lane
Liquidators
Worrells Solvency & Forensic Accountants
Web site: www.worrells.net.au


NATIONAL AUSTRALIA: Advances to Next Stage of Operating Model
-------------------------------------------------------------
National Australia Bank (NAB) Managing Director John Stewart
today announced the next stage of the development of a new
operating model and changes to the Group Executive Committee.

"During the last year we have moved to a regional operating
model, in which our businesses would have greater autonomy to
improve efficiency, break down bureaucracy and speed up decision
making.

"In recent months we have reviewed the role of Group Head Office
and how it will work with our businesses to be a more nimble,
innovative and customer-driven organization," he said.

Mr. Stewart said with the move to a regional operating model
there will be fewer roles in Group Head Office, which will be
responsible for:

(1) Representing the interests of the investor and working with
all businesses to set performance targets and policies;

(2) Identifying business development opportunities and driving
innovation sharing best practice across the organization,
managing the Group's senior talent and optimizing project
investment; and

(3) Fulfilling shareholder and prudential activities and
obligations, such as regulatory and reporting requirements.

As a result the Group Executive Committee has also been
restructured to align with the regional operating model and the
future role of Group Head Office.

The Group Executive Committee will be reduced to eight members:

John Stewart - Managing Director
Michael Ullmer - Director, Finance and Risk
Ahmed Fahour - CEO, Australia
Lynne Peacock - CEO, United Kingdom
Peter Thodey - CEO, New Zealand
John Hooper - Executive General Manager, Institutional Markets &
Services
Cameron Clyne - Executive General Manager, Group Development
Mike Hamar - Group Chief Risk Officer

Cameron Clyne who was previously Executive General Manager,
Customer Solutions has been appointed to the new role of
Executive General Manager, Group Development and will focus on
business development opportunities, project governance and our
Six Sigma capability.  He will also take responsibility for the
activities of the Office of the CEO.

With the move to a smaller head office Ross Pinney, Executive
General Manager Office of the CEO, has decided to retire after
completing a 15 year career with the National during which time
he has played a significant role in leading our businesses in
Australia, New Zealand and the United Kingdom.

There are no other changes in the roles or reporting lines for
those people no longer sitting on the Group Executive Committee.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com


NATIONAL AUSTRALIA: Sets New standard in Business Deposits
----------------------------------------------------------
A high-interest business deposit account, National Business Cash
Maximiser, has been launched on September 5, 2005 by the
National Australia Bank (NAB) and sets a new standard in the
competitive business deposit market.

NAB's National Business Cash Maximiser allows business owners
and managers to make the most of their cash via a simple, free
of monthly service fees, on-call deposit account accessible by
phone, Internet and via National Online.

It addresses head-on the trend of some deposits flowing from
major financial institutions and banks to non-traditional
deposit takers and overcomes the issue of how many of these
deposit accounts do not serve the needs of business customers.

NAB research shows that some businesses shop around and go to
the trouble of moving cash from one institution to another to
get a slightly better rate. This is particularly evident in
businesses building cash reserves to meet their quarterly GST
payments.

"National Business Cash Maximiser is part of our strategy to
provide customers with even better value," said George Frazis,
Executive General Manager of Business and Private Banking at
NAB.

"We are committed to making banking easier and helping our
customers do business better," he said.

"National Business Cash Maximiser allows our clients to make the
most of their cash and make periodic payments without the
hassles of moving it from one institution to another, paying any
additional fees and waiting up to two working days for the funds
to clear.

"Designed to save business owners and managers time and money,
National Business Cash Maximiser is a new, simple business
deposit solution with competitive rates that gives customers
more control and flexibility in managing cash," Mr. Frazis said.

Bruce Munro, NAB's Executive General Manager of Business
Products and Services said: "National Business Cash Maximiser is
a very attractive product, even in the current market with
unprecedented price competition and promotion.

"The National Business Cash Maximiser is a great product for our
existing customers as well as an attractive offer for new
customers.  It rewards customers on tiered basis as deposits
grow providing 5.20% - AU$10-100,000, 5.30% - AU$100-500,000 and
5.40% - AU$500,000 and above," Mr. Munro said.

Customers can call 13 10 12 for further information.

Important Information
Any advice contained in this article has been prepared without
taking into account objectives, financial situation or needs.
Before acting on any advice in this article, National Australia
Bank Ltd recommends that you consider whether it is appropriate
for your circumstances.  The National recommends you consider
the Product Disclosure Statement available from the National,
before making any decisions regarding National Business Cash
Maximiser. This product is issued by National Australia Bank Ltd
ABN 12 004 044 937.  For further information call 13 10 12 for
Business Accounts.

About NAB Business and Private Banking
The National Australia Bank employs over 4,000 business banking
specialists and 450 financial planners and specialists at over
170 business banking centres Australia wide.  It is one of the
market leaders in providing business banking services to
Australian business. The National provides a number of 'Business
Information Guides' that are available on its website
www.national.com.au. For further information visit
http://www.nabgroup.com/0,,63056,00.html.

About NAB Business Products and Services
The National Australia Bank's Business Products and Services
brings together a unique combination of business product
capabilities. It distributes its products through the NAB's
Business and Private Bank as well as through specialist sales
forces.  It turns over in excess of AU$3 billion a year, employs
over 1500 people and includes the business streams of Custodian
Services, Asset Finance, Business Lending, Cash Management and
e-Business, Fleet Services, Working Capital Finance and Trade,
Merchant Services.

For further media information contact:

John Fergusson
B&PS Corporate Affairs
National Australia Bank
Phone: 03 8634 3845
Mobile: 0407 826 952

Guy McKanna
BAP Corporate Affairs
National Australia Bank
Phone: (02) 9966 3532
Mobile: 0402 893 843


OAK PARK: Falls Into Liquidation after ASIC's Intervention
----------------------------------------------------------
The Supreme Court of Victoria has ordered that a liquidator be
appointed to wind up Oak Park Constructions Pty Ltd (Oak Park),
following proceedings in which the Australian Securities and
Investments Commission (ASIC) intervened.

Mr. Jeffrey Handberg, of D'Aloia Handberg Chartered Accountants,
was appointed liquidator of Oak Park.

Oak Park, a company based in St Kilda, Victoria, was
predominately involved in bridge construction and was recently
involved in the construction of bridges at the Spencer Street
railway development. Mr. Ian Carmichael Bell is the sole
director of Oak Park.

ASIC intervened in the application to wind up Oak Park brought
by one of its creditors and placed further evidence before the
Supreme Court of Victoria in support of that application.

ASIC was of the view that Oak Park was insolvent and had
obtained an irrevocable consent from Mr Bell to the liquidation
of Oak Park.

CONTACT:

Jeffrey Handberg
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


OATLANDS INVESTMENTS: Members to Receive Liquidator's Report
------------------------------------------------------------
Notice is given that the final meeting of the members of
Oatlands Investments Pty Limited will be held on Sept. 23, 2005,
10:00 a.m. at Level 15, 201 Sussex Street, Sydney, NSW 1171 for
the following purposes:

AGENDA

(i) To lay the Liquidator's accounts before the members,
showing the manner of the winding up and disposal of Company
property, and to give any explanations as required;

(ii) Any other business.

Dated this 10th day of August 2005

Timothy J. Cuming
David C. Pratt
Liquidators
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney NSW 1171


PAGOBE PTY: Court Orders Winding Up
-----------------------------------
On Aug. 16, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be appointed
Liquidator for the winding up of Pagobe Pty Limited.

Dated this 30th day of August 2005

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


PAN PHARMACEUTICALS: Ex-execs Cooked Up Blame for Selim
-------------------------------------------------------
Former directors of Pan Pharmaceuticals were accused of
conspiring to put all the blame for the drug maker's collapse on
its founder, Jim Selim, the Sydney Morning Herald says.

Mr. Selim has been charged with withholding information from the
board about the disastrous recall of a motion sickness product,
Travalcam.

Pan's former chief financial officer Chris Grundy, a key
prosecution witness, told the committal proceedings in the
Downing Centre that he has circulated his personal statement on
events to two non-executive directors, seeking comments, before
handing it to investigators from the Australian Securities and
Investments Commission (ASIC).

Mr. Selim's counsel, Stephen Stanton, suggested to Mr. Grundy
that he emailed his account to the two men as part of an attempt
to ensure their versions coincided.

Mr. Stanton said an inquiry can be compromised if witnesses have
got together to cook up their evidence.

Mr. Grundy denied he was part of cooking up evidence against Mr.
Selim. However, he added: "I regret my action and I would not do
it again."

ASIC's case centers on allegations by colleagues that Mr. Selim
deliberately failed to inform them everything about the
Travalcam fiasco, which prompted Australia's largest ever
medical recall.

Mr. Selim is awaiting trial in a parallel case of instructing a
manager to destroy computer data on the Travacalm crisis.

Pan was put into voluntary administration in May 2003with debts
of AU$190 million after the TGA ordered a massive recall of the
company's nutritional supplements, medicines and other products.


RIVERGUM PROPERTIES: Members Decide to Close Operations
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Rivergum Properties Pty Limited held on Aug. 16, 2005,
members passed a Speical Resolution to wind up the Company
voluntarily, and appointed P. J. Fitzgerald to be Liquidator for
such winding up.

Dated this 16th day of August 2005

P. J. Fitzgerald
Liquidator
c/o KPMG
Level 3, 63 Market Street
Wollongong NSW 2500


SANTOS LIMITED: Gas Flows from Western Australian Field
-------------------------------------------------------
Santos Limited on Thursday reported that production has
commenced from the John Brookes offshore gas development in the
Carnarvon Basin, Western Australia at an initial flow rate of
approximately 60-80 terajoules per day (TJ/d).

The AU$300 million Apache-operated field development
incorporates a minimum facilities un-manned platform with three
production wells interconnected via a pipeline to processing
facilities on Varanus Island.

Following an upgrade of the existing Varanus Island facilities,
which is expected to be completed by the end of 2005, the
processing capacity wilol increase to approximately 240 TJ/d.

Gross Proven plus Probabale (2P) reserves at the John Brookes
field were estimated to be approximately 1200 petajoules (PJ) of
gas at the end of December 2004. Net to Santos, this represents
around 15% of the Company's total booked 2P reserves.

Sales gas will be exported from Varanus Island into the Dampier
to Bunbury pipeline on the mainland to meet existing East Spar
contracts and supply three new long-term contracts:

(1) NewGen Power has contracted to take 229 PJ of gas from John
Brookes over 15 years for a new power station to be built in
Kwinana.

(2) EDL LNG (WA) Pty Ltd has contracted to take 58 PJ of gas
over 20 years for its West Kimberly Power project in WA.

(3) Newcrest Mining Limited has contracted to take 120 PJ of gas
over 15 years for its Telfer gold mine in the Pilbara region of
WA.

"This is an important project for Santos as the successful
development of the John Brookes field continues to further
diversify our production base," said Santos' Managing Director,
Mr. John Ellice-Flint.

"It is proving to be one of our most significant assets, and has
been fast-tracked to meet growing demand for energy from new and
existing WA projects," Mr. Ellice-Flint said.

The John Brookes gas field was discovered in 1998. The platform
is located in 47 meters of water within license A-29-L, in the
Carnarvon Basin, 120 kilometers offshore Western Australia.

The start-up of John Brookers follows the March 2005 production
start-up of Santos' largest offshore oil project - the Mutineer-
Exeter development, also offshore Western Australia.

Interests in WA-29-L are:

Apache Northwest Pty Ltd (operator)    55%
Santos (BOL) Pty Ltd                   45%

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


STRATUS COMPUTER: Liquidator To Detail Wind Up Manner
-----------------------------------------------------
Notice is given that a final meeting of the members of Stratus
Computer Pty Limited will be held on Sept. 23, 2005, 10:00 a.m.
at Level 15, 201 Sussex Street, Sydney, NSW 1171 for the
following purposes:

AGENDA

(i) To present the Liquidator's account on the winding up and
disposal of the property of the Company, and to give any
explanations as required;

(ii) Any other business.

Dated this 11th day of August 2005

Timothy J. Cuming
David C. Pratt
Liquidators
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney NSW 1171


TALOOMBI ENTERPRISES: Members Pass Winding Up Resolution
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Taloombi Enterprises Pty Limited duly convened and held on
Aug. 9, 2005, the following Special Resolution was passed:

That the Company be wound up voluntarily, and that Robert
Elliott be appointed Liquidator for the winding up.

Robert Elliott
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


TELSTRA CORPORATION: Parliament Passes Sale Bill
------------------------------------------------
Both houses of the federal parliament have given their thumbs up
on the sale of the government's stake in Telstra Corporation,
The Australian reports.

The House of Representatives passed all five sale bills
(Transition to Full Private Ownership), which will pave the way
for the government to conduct the sale-down of its majority
stake whether through a single tranche or several tranches.

After several failed attempts to secure majority approval in the
Senate, the government finally won the Senate's favor fro the
sale of its remaining 51.8 percent share with AU$3.1 billion
worth of sweeteners for bush telecommunications services.

As part of the deal, AU$2 billion will be put into a fund to pay
for improvements to telecommunications services in the bush,
with another AU$1.1 billion to help roll out hi-tech services.

Key Nationals Senator Barnaby Joyce finally handed the
Government the crucial vote it needed to seal the deal. A few
days before, the senator was considering withdrawing his support
after learning negative revelations of about Telstra's
operations.

Senator Joyce said he remains uncertain about supporting the
sale legislation, but believes the Nationals extracted the best
deal they could from the Government. He added that the
Government will not move to soon to sell the telco stake due to
concerns over Telstra's plunging share price.

Meanwhile, Opposition Leader Kim Beazley continued to oppose the
sale of Telstra.

"We oppose this legislation in its entirety and we have done
consistently since the Government first brought this forward,"
he said.

"This is a shameless, shameful moment ... as the government
bulldozes through the sale of Telstra legislation. And it's a
sad moment for the Australian people who are overwhelmingly
opposed to the sale."

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: Says No Decision on Job Cuts
-------------------------------------------------
Telstra Corporation Limited attempts to allay fears of possible
huge job cuts, Reuters reports.

The phone company, which is due to be privatized late next year,
said it had not made a decision to slash its 40,000-strong
workforce as suggested by some politicians and the media.

Telstra, under pressure to cut costs after saying last week
earnings in fiscal 2006 could fall as much as 10 percent, said
it would announce cost-cutting steps once a strategic review by
new chief executive Sol Trujillo was completed late next month.

"Telstra has not taken any decision to cut 10,000 jobs as stated
by (opposition Labor) Senator (Stephen) Conroy or 14,000 jobs as
reported in the media," Telstra said in a statement.

Labor said on Tuesday a 104-page report by Telstra outlining the
job cuts was being withheld from the public until after the
government has passed laws to sell its 51.8 percent stake in the
company.

The Melbourne-based company has already signaled some job cuts.
At its annual results in August Telstra said AU$100 million
(US$77 million) had been set aside for redundancies, equating to
around 1,000 jobs.


WEST-SMASH PTY: To Pay Final Dividend
-------------------------------------
West-Smash Pty Limited will declare its first and final dividend
on Sept. 20, 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

Frank Lo Pilato
Liquidator
c/o RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Phone: 02 6247 5988


WWCP PTY: Creditors Agree to Wind Up Business
---------------------------------------------
Notice is hereby given that at a meeting of creditors of WWCP
Pty Limited held on Aug. 17, 2005, it was resolved that the
Company be wound up, and Alan Edward Lewis and James Alexander
Shaw of Ferrier Hodgson Chartered Accountants, Level 3, 2 Market
Street, Newcastle NSW 2300 were appointed Liquidators for such
purpose.

Dated this 30th day of August 2005

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


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

AUSTCHIN INVESTMENTS: Winding Up Hearing Set October 12
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of the
Austchin Investments Limited by the High Court of Hong Kong
Special Administrative Region was on the August 11, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

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

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

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

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
77 Mody Road, Kowloon
Hong Kong
Phone No.: 2366 0688
Fax No.: 2722 0736


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 11, 2005.


DAIMLERCHRYSLER AG: Gets OK on Auto Financing
---------------------------------------------
DaimlerChrysler AG announced that its Financial Services unit
received permission by the China Banking Regulatory Commission
to set up a financing firm in China, MarketWatch reports.

A new operation to be called DaimlerChrysler Auto Finance
(China) Ltd. will offer financing to dealers and customers,
insurance for passenger cars and financial services for
commercial vehicles.

It will be headquartered in Beijing and aims to sign 3,000
financing contracts in 2006, the company said.

CONTACT:

DaimlerChrysler AG
70546 Stuttgart
Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244


GUANGDONG KELON: Unveils Terms of Transfer Agreement
----------------------------------------------------
On 13 September, 2005, Guangdong Kelon Electrical Holdings
Company Limited received from (Qingdao Hisense Air-Conditioner
Company Limited) a copy of a transfer agreement (Transfer
Agreement) dated September 9, 2005 entered into between Hisense
and the Company's single largest shareholder Guangdong Greencool
Enterprise Development Company Limited (Guangdong Greencool) in
relation to a sale (the Transfer) by Guangdong Greencool to
Hisense of 262,212,194 domestic legal person shares in the
Company (Sale Shares) representing 26.43% of the Company's total
issued share capital as at the date hereof.

The principal terms of the copy of the Transfer Agreement, which
the Company has received, are extracted below.

Transferor: Guangdong Greencool

Appointee: (the National Association of Industry and Commerce)

Transferee: Hisense

Date: September 9, 2005

Sale Shares: 262,212,194 domestic legal person shares in the
company representing 26.43 percent of the Company's total issued
share capital as at the date thereof

Consideration and terms of payment

(1) The consideration of the Sale Shares was determined based on
the audited net asset value of the Sale Shares. Based on the
2005 interim report of the Company, the consideration was
determined as RMB900 million (equivalent to approximately
RMB3.432 per share) subject to adjustment. An initial deposit in
the amount of RMB500 million is to be paid within 7 business
days of the Transfer Agreement taking effect, of which RMB20
million is to be paid, within 7 business days of the date of the
Transfer Agreement, into a jointly held account opened under the
names of (the National Association of Industry and Commerce) and
Hisense. Such deposit cannot be drawn unless and until the
Transfer Agreement taking effect.

(2) The balance of the consideration will be adjusted in
accordance with 26.43% of the difference between the book value
of the Company's net asset value and the Company's net asset
value as at 31 August, 2005 as determined by an auditor jointly
appointed by Guangdong Greencool and Hisense. Hisense is
required to pay the balance of the adjusted consideration to
Guangdong Greencool within 7 days of the transfer of the Sale
Shares.

Conditions

The completion of the Transfer Agreement is conditional upon:

(a) approval by (State Investment Committee of Qingdao City) of
the Transfer;

(b) completion and disclosure of an acquisition report relating
to the Transfer;

(c) approval by (Ministry of Commerce) of the Transfer.

Hisense may waive all or any of the above conditions.

In addition to the conditions stated above, the Transfer
Agreement is also subject to requirements of the relevant
securities regulations and approval from the relevant
authorities.

Sale Shares

On 3 August 2005, the Company was informed by Securities
Registration Settlement Company Limited, Shenzhen Branch) that
262,212,194 domestic legal person shares in the Company
representing 26.43% of the Company's total issued share capital
held by Guangdong Greencool had been frozen by the intermediate
peoplefs court of Shenzhen City from July 28, 2005 to July 27,
2006.

Under the Transfer Agreement, Guangdong Greencool and Hisense
have agreed to jointly use their endeavors to remove such and
other restrictions on the Sale Shares within two months of the
date of the Transfer Agreement.

Information on Hisense

1. To the best knowledge of the directors of the Company, there
is no relationship between Hisense and Guangdong Greencool.

2. Hisense does not have any direct or indirect interest in the
Company's shares before the signing of the Transfer Agreement.

3. Hisense is the subsidiary of Hisense Group which through
(Qingdao Hisense Electric Manufacturing Holdings Group Company
Limited) indirectly holds 93% equity interest of Hisense.

4. (Hisense Electrical Appliance) is a listed company whose A
shares are listed on the Shanghai Stock Exchange and which is
held as to 58.72% by the Hisense Group.

5. Hisense and (Hisense Electrical Appliance) are connected
parties which are under the control of the same beneficial
controller, Hisense Group.

6. The principal activities of Hisense are research and
manufacturing of air-conditioner, injection moulds and provision
of after-sale repairing services for its products.

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on 16th June,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in shares
of the Company will remain suspended until further notice.
Trading in A Shares of the Company will also remain suspended
until further notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman


PACIFIC PLYWOOD: Incurs US$3.2-Mln Net Loss in 1H/FY05
------------------------------------------------------
Pacific Plywood Holdings Limited incurred a net loss of US$3.232
million for the six months ended June 30, compared to a net loss
of US$790,000 a year ago, Infocast News reports.

Loss per share was US$0.0006. No interim dividend was declared.

The Group's principal activities are manufacturing, distribution
and selling of plywood, veneer, jamb and mouldings, structural,
flooring and other wood related products. Other activities
include property holding, providing of management services and
investment holding. The Group operates in Hong Kong, the
People's Republic of China, Singapore and Malaysia.

CONTACT:

Pacific Plywood Holdings Limited
Room 1802, 88 Gloucester Road
Wanchai, Hong Kong
Phone: 25116851
Fax: 25113182


PACIFIC SCREWS: Court Issues Winding Up Order
---------------------------------------------
Pacific Screws Manufacturing Limited whose place of business is
located at Rm 1102, Kingsford Industrial Centre, 13 Wang Hoi
Road, Kowloon Bay, Kowloon was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 31, 2005.

Date of Presentation of Petition: August 31, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


POWER VAN: To Undergo Winding Up Process
----------------------------------------
Power Van Industrial Company Limited whose place of business is
located at Unit C, 13/F, Nathan Commercial Building, 430-436
Nathan Road, 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 7, 2005

Dated this 9th day of September 2005

ET O'Connell
Official Receiver


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

ANDHRA CEMENTS: JP Morgan Eyes 15% Stake
----------------------------------------
JP Morgan is reportedly keen on acquiring a stake in ailing
cement producer Andhra Cements Limited, according to Financial
Daily.

JP Morgan was in talks with Mr. G.P. Goenka for the possible
purchase of 14.95 percent interest in the cement maker.

The overseas agency has reportedly agreed to pay a premium for
the shares, which are likely to be privatized by the promoters.

Mr. Goenka confirmed that discussions had reached a critical
stage. However, he preferred not to disclose the premium JP
Morgan was willing to pay. He also added that his Company has
been holding discussions with a number of parties, other than JP
Morgan.

The GP Goenka group has already committed to infuse
approximately INR90 crore into Andhra Cements by reducing the
promoters' stake as part of the corporate debt restructuring
exercise of its flagship company, Duncans Industries Ltd.

Several factors have caused Andhra Cements to incur losses since
1990.

For the quarter ended June 2005, the company recorded a total
income of INR34.64 crore against INR36.02 crore in the previous
quarter. Loss after tax was INR4.19 crore.

In the quarter ended March 2005, the company managed to book a
net profit of INR16.23 crore despite registering a loss after
tax of INR3.35 crore because it recorded an extraordinary income
of INR19.5 crore.

CONTACT:

M/S. Andhra Cements Ltd.
111, Sarojini Devi Road
Hyderabad, Andra Pradesh
India
Telephone : 234 09781, 552 6
Fax : 234 02147


DUNCANS INDUSTRIES: Gets INR31 Crore for Debt Revamp
----------------------------------------------------
Banks and financial institutions (FIs) have doled out around
INR31 crore to help rehabilitate troubled Duncans Industries,
according to Business Line.

The amount granted was only half of what the parties have agreed
to contribute for Duncans' corporate debt restructuring (CDR).

Parent G.P. Goenka Group confirmed that a total of INR62 crore
has already been sanctioned by the consortium of banks and FIs,
but the total amount is yet to be released.

Goenka told Businessline, the consortium will release the
remaining amount immediately when the Company requires it.

The amount is a fresh debt issued by the banks and FIs to
Duncans. As part of the CDR proposal, the promoters have already
put in INR25 crore.

Meanwhile, Duncans has reopened its fertilizer plant in Uttar
Pradesh after its closure in March 25, 2002. The facility was
forced to shut down after Kanpur Electricity Supply Corporation
disconnected power supply to the unit.

Duncans is also fighting a legal battle with the Union
Government at the Supreme Court over the retention price
mechanism for the fertilizer division, which was famous for its
Chand Chhap brandname.

If it fails to win the case at the apex court then it would be
liable to pay INR224.67 crore of which INR222.64 crore has
already been recovered. Moreover, the Retention Price Scheme
(RPS) accruals of INR140.30 crore made in the earlier years
would also be adjusted.

According to the unaudited results prepared the company
(excluding the Panki plant), the turnover of Duncans Industries
for the 12-month period ending March 31, 2005, was INR118.35
crore against INR106.89 crore in the previous financial year,
2003-04. Over these two years, the net loss dropped to INR64.63
crore from INR82.96 crore during this year.

CONTACT:

Duncans Industries Limited
97, Park Street,
KOLKATA 700016
India
Phone: 91 33 220 2185
Fax: 91 33 248 6021


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

BANK MANDIRI: Former Execs to Be Charged for Graft This Week
------------------------------------------------------------
Indonesia is set to firmally file charges against the top
officials of state-owned lender PT Bank Mandiri in connection
with a high-profile graft case earlier this year, Reuters News
reports.

Former bank president Edward C. Neloe and directors I Wayan
Pugeg and M. Sholeh Tasripan were arrested last May in an
investigation of the bank's non-performing loans, which showed
that it had been extending credit to ineligible private firms.

Spokesman for the Attorney General's Office (AGO) Suhandoyo
didn't disclose the charges for the three former executives, but
said that their files would be submitted to the South Jakarta
court this week. Prosecutors are only saying that they were
involved in the disbursement of questionable loans from Bank
Mandiri to clients who were not eligible for credit.

The graft investigation has attracted foreign investor interest,
to determine whether President Suslio Bambang Yudhoyono would
make good on his vow to crack down on graft and corruption.

Trial dates will be set after the court receives the formal
charges.

CONTACT:

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


PERTAMINA: Imports Crude Oil for November Delivery
--------------------------------------------------
State-owned oil and gas firm PT Pertamina bought 2.4 million
barrels of sweet crude oil (5 Asia-Pacific cargoes) for delivery
in November, reports Dow Jones.

The purchase is considerably lesser than its spot import volume
of 5.2 milliion barrels of oil last month.

The Company bought 450,000 barrels of crude oil from each of the
following: Itochu Corp., Pacific Petroluem & Trading, Fortrec &
Mercuria Energy Trading. It bought 600,000 barrels of crude oil
from Gold Manor.

The reduced oil imports are in line with the Company's planned
reduction of up to 110,000 barrels per day in its crude oil
imports beginning November 2005.

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: Ordered to Safeguard Oil Distribution
------------------------------------------------
Indonesian president Susilo Bambang Yudhoyono ordered state oil
firm PT Pertamina to guarantee the distrubtion of oil to areas
where shortages have been reported in view of fuel hoarding, the
Jakarta Post reports.

Prseident Yudhoyono asked Minister of Energy & Mineral Resources
Purnomo Yusgiantoro to boost fuel supplies together with the
Company, despite the fact that such a move would put more
pressure on the state budget; this is to remedy the fuel
shortages in several local areas due to distributors' wont to
hoard fuel in anticipation of a planned fuel price increase next
month.

Minister Yusgiantoro said that in addition to recent oil
smuggling, there are indications of fuel hoarding by several
distributors, and the government plans to sell fuel directly to
retailers and not through fuel distributors in order to prevent
further fuel shortages.

Indonesia's fuel reserves are enough to last 22.8 days, and the
government is slated to spend more than IDR100.45 trillion to
keep fuel prices below international market levels.


PERUSAHAAN LISTRIK: Fuel Subsidy to Double Next Year
----------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) says that
its expected IDR10.06 trillion fuel subsidy for this year may
increase twofold next year due to increasing oil prices, reports
Dow Jones.

According to PLN president Eddie Widiono, the fuel subsidy from
the government may be doubled, depnding on the oil price;
however, an increase in oil prices may reduce the Company's
dependence on oil and increase the use of alternative fuels.

PLN will be required to pay global market prices for oil
supplies from Pertamina and other suppliers, but as the
government believes that power generation subsidies are more
controllable compared to fuel subsidies, the Company would still
be compensated for its oil expenses.

The government must determine how much profit PLN expects to
make, and will ultimately decide whether to raise power rates or
not.

To reduce dependency on fuel, PLN will restructure its fuel mix
to lessen the use of fuel from a current 30% level to 8% by
2008, while it will increase its use of natural gas from 26% to
36%.

The Company is planning to use local gas, but may also import
liquefied natural gas if necessary, as an expected 400 million
cubic feet of piped gas from South Sumatra may not be enough to
cover its needs. PLN would also need additional gas to operate
its existing power plants.

CONTACT:

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


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

DELPHI CORPORATION: Sets New Standards for SUV
----------------------------------------------
Three new technologies from Delphi Corp. are helping the new
Range Rover Sport achieve levels of dynamic performance and
comfort that are widely regarded as setting new standards for a
high-performance SUV.

In a press release, the combination of advanced air suspension
and a new compact version of Delphi's Active Stabilizer Bar
System (ASBS) have been credited with helping to provide
exceptional handling combined with best-in-class ride.

The new vehicle is also available with a new generation of
Delphi's Forewarn Smart Cruise Control that will help the driver
maintain a driver- selected time gap behind the vehicle ahead at
highway speeds.

"Land Rover wanted to define a new niche for an SUV that would
combine comfort and sophistication with very high-performance.
That's an ambitious goal in a sector where the quality of
competition is already very high," explains Rene Haep, Delphi's
customer director responsible for Land Rover. "There could be no
compromise in the brand's legendary off-road capability and
there were other challenges, such as the need to fit 20 inch
wheels without sacrificing ride quality. It was a tough
challenge that required a fresh approach to several established
areas of technology."

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


GENERAL MOTORS: Tom Waits Files Suit
------------------------------------
Tom Waits, the gravel-voiced, Grammy Award-winning singer and
songwriter, has filed suit against General Motors' Opel and the
ad agency McCann Erickson in Frankfurt, Germany for producing
and broadcasting a series of car commercials that used a perfect
impersonation of Mr. Waits' singing voice.

Waits had been approached several times and refused to
participate in the advertisements. After the defendants were
told that Mr. Waits has a long-standing policy against doing
commercials, their agents hired a sound alike-singer to imitate
him, according to the lawsuit.

The commercials were produced in Germany, and aired throughout
Sweden, Finland, Denmark and Norway in late winter and early
spring of this year.

Among other claims, the suit charges the defendants with
violating Mr. Waits' personality rights under German law. Mr.
Waits seeks recovery from defendants' ill-gotten gains,
including their profits. This action is supported by a recent
German case involving misuse of the iconic Marlene Dietrich's
personality rights.

In April of this year, Mr. Waits issued a press release to
assure confused fans who had mistaken the sound-alike for him
that he had not done the ad or changed his policy to keep his
music, voice and image out of commercials. General Motors (the
parent company of Opel) countered by claiming in the press that
it did not seek out Mr. Waits or intend to use his voice, but
the facts disclosed in Mr. Waits' new suit depict an ad agency
and its client determined to bring Tom Waits' unique voice to
their campaign.

"Apparently," Mr. Waits said, "the highest compliment our
culture grants artists nowadays is to be in an ad -- ideally
naked and purring on the hood of a new car. I have adamantly and
repeatedly refused this dubious honor. Currently accepting in my
absence is my German doppelganger. While the court can't make me
active in radio, I am asking it to make me radioactive to
advertisers."

CONTACTS:

General Motors
GM Japan Headquarters
General Motors Japan Ltd.
P.O. Box 5001, Yebisu Garden Place Post Office
Tokyo 150 Japan

General Motors
100 Renaissance Center
Detroit, MI 48243
www.gm.com
1-800-462-8782


JAPAN AIRLINES: U.S. Bankruptcies May Not Harm Operations
---------------------------------------------------------
The impact of Northwest and Delta Airlines bankruptcy filing on
Japan carriers stocks "won't likely be seen" as relationship
between management and labor led pilots is better than in the
United States, Dow Jones reports, citing Cosmo Securities
strategist Kenichi Azuma.

Meanwhile, Japan Airlines recently 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.

CONTACT:

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


JAPAN AIRLINES: May Miss Fiscal Year Targets, Says Mizuho
---------------------------------------------------------
Mizuho Investors analyst disclosed that Japan Airlines will not
meet targets this fiscal year due to surging fuel costs, Dow
Jones reports.

Recent series of well-publicized mishaps has put airline at
disadvantage with main rival All Nippon Airway (9202.TO) in
competing for passengers, trader says.


JAPAN AIRLINES: Launches International E-ticketing Service
----------------------------------------------------------
Japan Airlines International informed that the E-ticketing
function for the issuance of Japan Airlines International
tickets is now available for Galileo and Amadeus users from
September 13, 2005. The same function will commence for all
Abacus users from the September 26, 2005.

In order to assist the efficiency of JAL group ticketing it has
also modified the Eticket system so that ID entry becomes
optional and no longer mandatory. This applies to all Sabre,
Galileo, Amadeus, Abacus and Worldspan systems. Please be
advised that it is recommended to enter ID wherever possible
because it facilitates retrieval of the E-ticket file and re-
issuance of the E-ticket itinerary/receipt when it is lost or
missing. Our accepted forms of ID are FFP number or credit card
number.

The E-ticket itinerary/receipt is required for check-in and
should be carried until the end of travel.



MITSUBISHI FUSO: Recalling 47,000 Trucks, Buses
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation, a Japanese truckmaker
plagued by a defect cover-up scandal, recalled 47,000 trucks and
buses in six different defect cases, Kyodo News reports.

The vehicles in question, made between December 1982 and June
2005, include about 5,000 Canter light trucks that are subject
to the second recall for a brake device defect, according to a
report filed by Mitsubishi Fuso with the Ministry of Land,
Infrastructure and Transport.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Vineland Dealer Sues U.S. Unit
-------------------------------------------------
Vineland Mitsubishi has sued Mitsubishi Motors North America,
blaming the carmaker for deceiving it about the company's
problems, The Associated Press.

The New Jersey car dealership firm filed the lawsuit in the U.S.
District Court in Camden on Wednesday, claiming that the
Mitsubishi forced the dealer to spend $2 million on a new
building and sell cars to customers who could not make payments.

In the lawsuit, the Vineland dealership claims Mitsubishi's
problems cost it more than $2 million.

Dan Irvin, a spokesman for Mitsubishi Motors North America, said
the company does not comment on pending litigation.

Contact:

Mitsubishi Motors North America
Dan Irvin, 309-888-8205
Web site: http://media.mitsubishicars.com


MITSUBISHI MOTORS: Expects to Beat European Sales Forecast
----------------------------------------------------------
Mitsubishi Motors Corporation expects to sell 255,000 vehicles
in Europe for the year ended March 2006, up from 240,00 in the
previous year, partly to the success of the small Colt model and
Lancer sedan, according to Reuters.

He said the company remained profitable in the highly
competitive European market. Mitsubishi made 5.3 million euros
in the region in the year to March 2005.

The troubled carmaker has targeted sales of 1.37 million
vehicles worldwide in the year to March 2006, with 647,000 units
of that in the first half.

Mitsubishi's wholly owned Dutch car assembly plant Nedcar, which
builds the Colt subcompact series and DaimlerChrysler AG's Smart
ForFour model, was pushing hard to produce 130,000 cars this
year, which would allow it to break even.

CONTACT:

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



RESONA BANK: Moody's Assigns Baa1 Rating
----------------------------------------
Moody's Investors Service has assigned Baa1 ratings to EUR 800
million and USD 1.3 billion Perpetual Subordinated Bonds to be
issued by Resona Bank, Limited. The rating outlooks for the
subject bonds are stable.

Resona Bank, Limited is one of major Japanese banks, and is a
major operating bank of Resona Holdings, Inc.

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

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


SOFTBANK CORPORATION: Enters Alliance With French Firm
-------------------------------------------------------
Softbank Corporation and French firm Advanquest Software will
establish a software distribution joint venture in October, the
Nihon Keizai Shimbun relates.

Capitalized at JPY100 million, Advanquest BB will be 51 percent
owned by Advanquest and 49 percent owned by Softbank BB
Corporation, Softbank's wholly owned broadband Internet unit.

It is expected to begin operations in January. Advanquest BB
will localize and market in Japan overseas software products to
which Advanquest has a sales right.

It will also localize Japanese software distributed in Japan by
Softbank for export to the United States and Europe.


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

HANARO TELECOM: Aims to Complete Merger with Thrunet
----------------------------------------------------
Hanaro Telecom Inc. wants to buy out a remaining four percent
stake in Thrunet Co. to complete its merger with the Internet
service provider, Reuters relates, citing Yonhap News.

Hanaro took over Thrunet for KRW471.4 billion in February as a
move to challenge dominant rival KT Corp.  American
International Group controls Hanaro and private equity firm
Newbridge Capital.

According to a Hanaro spokeswoman, Hanaro will buy a 3.78 stake
in Thrunet in exchange into one in the company. No cash would be
involved in the deal for the remaining 3.9 million shares in
Thrunet. Hanaro already owns 96.22 percent.

One Thrunet share should be converted into 0.3570308 of a Hanaro
Telecom share, meaning that 1.39 million new Hanaro Telecom
shares would be issued, the company said.

Upon completion of the absorption, Hanaro would hold a 33
percent share in South Korea's high-speed Internet market, still
lower than KT's 50 percent.

CONTACT:

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


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

ANCOM BERHAD: Buys Back 47,300 Shares
-------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on September 13, 2005 with the following
details:

Date of buy back: September 13, 2005

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

Total number of shares purchased (units): 47,300

Minimum price paid for each share purchased (MYR): 0.645

Maximum price paid for each share purchased (MYR): 0.650

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 47,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,670,200

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

CONTACT:

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


ASIAN PAC: Updates Corporate Restructuring Scheme
-------------------------------------------------
Asian Pac Holdings Berhad (Asianpac) updates Bursa Malaysia
Securities Berhad on the Proposed Corporate Restructuring
Scheme.

On March 19, 2004 and March 21, 2005, Hwang-DBS, on behalf of
the Board of Directors of Asianpac, had announced that Asianpac
proposes to undertake the Proposed Corporate Restructuring
Scheme, details of which are contained therein.

As part of the Proposed Corporate Restructuring Scheme, Asianpac
proposes, among others, to implement the conversion of all
outstanding 5-year 4 percent irredeemable convertible unsecured
loan stocks 2000/2005 (ICULS) in Asianpac at the conversion
price of MYR1.00 nominal value of ICULS for one ordinary share
of MYR1.00 each in Asianpac (Asianpac Share) instead of MYR1.25
nominal value of ICULS for one Asianpac Share (Proposed ICULS
Conversion).

In view of the ICULS maturity date of December 22, 2005 as
stipulated in the ICULS trust deed and the possibility that the
Proposed ICULS Conversion cannot be implemented before such
maturity date (due to its inter-conditionality with, among
others, the Proposed Share Capital Reduction, Proposed Share
Premium Cancellation and Proposed Set-Off, which in turn are
conditional upon the approval of the High Court of Malaya which
can only be expected to be obtained after the ICULS maturity
date), Asianpac advised that, as an integral part of the
Proposed ICULS Conversion, it will include the proposal, being
the deferment of the implementation of the conversion of the
ICULS into new Asianpac Shares from December 22, 2005 until the
High Court's approval, into the shareholders' and ICULS holders'
resolutions to consider the Proposed ICULS Conversion.

This announcement is dated 13 September 2005.

CONTACT:

Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195


ATLAN HOLDINGS: Court Dismisses Motion for Appeal
-------------------------------------------------
Atlan Holdings Bhd. (AHB) issued to Bursa Malaysia Securities
Berhad a Status of Litigation.

The company refers to the previous announcements made by
Commerce International Merchant Bankers Berhad on behalf of AHB,
in particular the announcements on April 12, 2004, April 26,
2004, December 1, 2004, January 5, 2005, January 20, 2005, July
11, 2005 and announcement made by the Company on September 2,
2005 in relation to Petition No. D7-24-94-04 filed by Shahidan
Bin Shafie against AHB and Atlan Properties Sdn. Bhd. and the
appeal by Shahidan Bin Shafie to the Court of Appeal vide civil
appeal nos. W-02-448-2004, W-02-449-2004 and W-02-450-2004
(Appeal)

The Company advised that the Federal Court had dismissed the
Notice of Motion seeking leave of the Federal Court to appeal
against the decision of the Court of Appeal dated July 11, 2005.

CONTACT:

Atlan Holdings Berhad
Level 4, Wisma Atlan,
8 Persiaran Kampung Jawa,
Bayan Lepas Penang 11900
Malaysia
Telephone: 04-6461328
Fax: 04-6461358


DUOPHARMA BIOTECH: New Shares Up for Listing, Quotation
-------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 2,175,000 new
ordinary shares of MYR0.50 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., Thursday, September 15, 2005.


VREDESTEIN FKR: Shareholders Decide to Wind Up Business
-------------------------------------------------------
General Corporation Berhad informed Bursa Malaysia Securities
Berhad that its indirect subsidiary, Vredestein FKR (M'sia) Sdn.
Bhd. (VFKR) had, on June 8, 2005, held an extraordinary general
meeting, where the shareholders resolved that VFKR be wound up
voluntarily.

Mr. Mak Kum Choon and Mr. Ng Meng Kwai both of Messrs Deloitte
Corporate Solutions Sdn. Bhd. (formerly known as Deloitte
KassimChan Business Services Sdn. Bhd.) were appointed the
liquidators of VFKR.

The voluntary liquidation will not have any material effect on
the earnings or net tangible assets of the General Corporation
Berhad Group for the financial year ending 31st January 2006.

By Order of the Board

Dated this 13th day of September 2005.

CONTACT:

Vredestein Fkr (Id) Sdn Bhd
Batu 1, Jalan Kapar PO Box 56
Klang Selangor 41700 Malaysia
Telephone: 03-3426211
Fax: 03-3418008


HARVEST COURT: Releases Update to Proposed Corporate Exercise
-------------------------------------------------------------
Harvest Court Industries Berhad (HCIB) provided Bursa Malaysia
Securities Berhad an update to its Proposed Corporate Exercise.

Further to the announcements dated December 19, 2003, July 23,
2004, January 12, 2005, April 26, 2005 and August 8, 2005,
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of HCIB, disclosed that the Ministry of International
Trade and Industry, Malaysia (MITI) had, vide its letter dated
September 9, 2005, which was received by PMBB on September 12,
2005, approved the Proposed Corporate Exercise of HCIB, subject
to the following conditions:

(1) HCIB is required to obtain the approval of the Securities
Commission (SC) on the Proposed Corporate Exercise and to comply
with the relevant guidelines pertaining to acquisition of
interests, mergers and takeovers by local and foreign interests;
and

(2) The recognition of Bumiputera interests in respect of
allocating 5,000,000 HCIB Shares, pursuant to the Proposed
Special Issue, will be decided by MITI at a later stage, after
HCIB has obtained the SC's approval.

In addition, Harvest Lumber Sdn. Bhd. is required to fulfill the
Bumiputera equity condition that is imposed under its
Manufacturing License, within 3 years from the date of this
approval letter, i.e. September 8, 2008.

The Company is required to notify MITI when all matters are
implemented.

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151


I-BERHAD: Enters Alliance with Sumurwang
----------------------------------------
I-Berhad furnished Bursa Malaysia Securities Berhad details of
its Proposed Strategic Alliance with Sumurwang Group
(Sumurwang).

The Board of Directors of I-Berhad advised that the Board has
approved in-principle for the Company to enter into a strategic
alliance with Sumurwang, a 48.57 percent shareholder of I-
Berhad, that involves the development of Sumurwang's 72-acre
freehold site along Federal Highway Route II - fronting Sungai
Rasau toll plaza in Shah Alam city, Selangor into an ICT-based
urban center comprising corporate, commercial and retail
elements, hotel and serviced apartments, a convention complex,
intelligent school and technology hub.

Under the alliance, I-Berhad will be appointed as manager and
developer for the project and the ICT solutions provider for the
entire development and will have the option to develop some of
the components. In short, the landowner is tapping on I-Berhad
Group's strength in digital technology, innovation and network
of ICT global partners and resources.

From the said alliance, I-Berhad would be benefiting from two
new income streams i.e. income from property development and
sale of ICT-based township and property management services.
This will help the Company to broaden its earnings base and
provide more stable income.

As this is a related party transaction, a committee of
independent directors has been appointed to pursue negotiations
with the landowner.

Further details of the alliance will be released once terms and
conditions have been negotiated.

The Company also advised that, I-Portal Sdn Bhd, which is wholly
owned by I-Silicon Sdn Bhd, a subsidiary of the Company has
changed its name to I-City Properties Sdn Bhd.

This announcement is dated 13 September 2005.

CONTACT:

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


I-BERHAD: Purchases Ordinary Shares
-----------------------------------
I-Berhad provided Bursa Malaysia Securities Berhad details of
its shares buy back.

Date of buy back: September 13, 2005

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

Total number of shares purchased (units): 7,500

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

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

Total consideration paid (MYR): 6,649.24

Number of shares purchased retained in treasury (units): 7,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,353,700

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

This announcement is dated 13 September 2005.


KAI PENG: Narrows 4Q Net Loss to MYR7,968,000
---------------------------------------------
Kai Peng Berhad furnished Bursa Malaysia Securities Berhad a
copy of its unaudited fourth quarter financial report for the
financial period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue

    48,075        22,544          162,250        119,299

(2) Profit/(loss) before tax

    -7,501        -21,640         -11,417        -28,490

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

    -7,968        -22,933         -12,238        -28,740

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

    -7,968        -22,933         -12,238        -28,740

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

    -7.89          -25.54          -13.09        -32.09

(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)

       0.2500                      0.2900

To view a full copy of the financial statement, click
http://bankrupt.com/misc/KaiPengBerhad091505.xls

To view a full copy on the notes to FS, click
http://bankrupt.com/misc/KaiPengBerhad091505NotestoFS.doc

CONTACT:

Kai Peng Berhad
Lot 2, Persiaran Kemajuan
Section 16 Shah Alam
Selangor 40000 Malaysia
Telephone: 03-55107949
Fax: 03-55103588


LANKHORST BERHAD: Unit's Winding Up Petition Won't Affect Ops
-------------------------------------------------------------
Lankhorst Berhad provided Bursa Malaysia Securities Berhad an
advertisement of winding-up petition on Lankhorst Pancabumi
Contractors Sdn. Bhd. (LPCSB).

The company refers to its letter of August 12, 2005 on the
advertisement of winding-up petition in the Malay Mail on the
same date.

On the information required, the company disclosed as follows:

(1) The name of the Petitioner is Integral Concrete Technology
(M) Sdn. Bhd. and the Petition was served on LPCSB on August 4,
2005.

Since LPCSB has a Restraining Order (RO) under Section 176 of
the Companies Act, a copy of the RO was extended to the
Petitioner on August 5, 2005.

(2) The claim is for the amount of MYR225,376.16 and interests
of MYR10,295.87 for Waterproofing & Piling Works at the
Universiti Technologi Petronas, Tronoh.

(3) The default in the payment was due to the early termination
of the contract by Petronas (the Client) against LPCSB and the
non-payment by the Client for works done under the said
contract.

(4) The total cost of investment in LPCSB is MYR25,000,000.

(5) The winding-up petition is not expected to have any
financial or operational impact on the Company.

(6) There are no expected losses arising therefrom.

(7) Prior to LPCSB being granted the RO, LPCSB had proposed
payment of MYR3,000 per month but this was not accepted by the
Petitioner.

(8) The date of the hearing of the Petition is October 14, 2005.

(9) The contents of this announcement have been endorsed by the
Board of Directors of the Company at a Board of Directors'
Meeting held on September 6, 2005.

Bursa Malaysia Query Letter content:

The exchange refers to the advertisement of winding-up petition
appearing in The Malay Mail, page 26 on Friday, August 12, 2005,
a copy of which is enclosed for your reference.

In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:

The name of the petitioner and date the winding-up petition was
served on LPCSB;

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;

The details of the default or circumstances leading to the
filing of the winding up petition;

The total cost of investment in LPCSB;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any arising from the winding up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding up proceedings; and

The date of hearing.

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully

Inderjit Singh
Sector Head
Issues & Listing
Group Regulations
CKM

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


LANKHORST BERHAD: Court OKs Extension of Restraining Order
----------------------------------------------------------
Lankhorst Berhad issued to Bursa Malaysia Securities Berhad an
update on the Proposed Corporate Restructuring, Extension of
Restraining Order (RO) granted pursuant to Section 176(1) and
176(10) of the Companies Act.

Further to the Company's announcement released on May 30, 2005
on the granting of the RO, on behalf of the Board and management
of Lankhorst Berhad (LB) the exchange informed that the High
Court of Kuala Lumpur has granted an extension of the RO to LB
and the following subsidiaries:

(1) Lankhorst Pancabumi Contractors Sdn. Bhd.

(2) Cardon (M) Sdn. Bhd.

(3) Lankhorst Hartanah Sdn. Bhd.

(4) Lankhorst M&E Sdn. Bhd.

(5) Port Dickson Sepang Quarry Sdn. Bhd.

(6) Lankhorst Track Construction Sdn. Bhd.

(7) Rampai Budi-Jaya Sdn. Bhd.

(8) Tradepro Sdn. Bhd.

The extension of the RO is valid for a period of one hundred
twenty (120) days from September 8, 2005. The expiry date of the
RO would be on January 7, 2006.

The extension of the RO is to facilitate a corporate
restructuring exercise, the full details of which shall be
announced in due course.


MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad advised that its additional 769,000
new ordinary shares of MYR0.10 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., Thursday, September 15, 2005.

CONTACT:

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


PADIBERAS NASIONAL: New Shares Up for Listing, Quotation
--------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 555,500
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., Thursday, September 15, 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


PANTAI HOLDINGS: Bourse Suspends Trading of Securities
------------------------------------------------------
Bursa Malaysia Securities Berhad advised that trading in Pantai
Holdings Berhad's securities has been suspended with effect from
9:00 a.m., Tuesday, September 13, 2005.

Trading in its securities will resume with effect from 9:00
a.m., Wednesday, September 14, 2005.

Your attention is drawn to the Company's announcement dated
September 13, 2005.

CONTACT:

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


PANTAI HOLDINGS: Unveils Directors' Dealing in Securities
---------------------------------------------------------
Pantai Holdings Berhad unveiled to Bursa Malaysia Securities
Berhad the proposed disposal by Dato' Lim Tong Yong and Lim Tong
Yaim to Swiss Zone Sdn Bhd of securites in the company.

The company informed that it had on September 12, 2005 received
a written notice from Dato' Lim Tong Yong @ Lim Tong Yaim (Dato'
Lim) whereby the Company was informed that Dato' Lim has entered
into a conditional share sale agreement on September 12, 2005
with Swiss Zone Sdn Bhd (Swiss Zone) for the disposal by Dato'
Lim to Swiss Zone of 89,700,000 ordinary shares of MYR1.00 each
in the Company and 24,300,000 Warrants 2002/2007 issued by the
Company which upon completion, will result in a change of
dominant shareholder.

Further announcement(s) on the same shall be made upon receipt
of further notice(s) from Dato' Lim and Swiss Zone.


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad advised that its additional 12,411,421
new ordinary shares of MYR1.00 each arising from the conversion
of MYR13,884,100 Nominal Value of Irredeemable Convertible
Unsecured Loan Stocks 2002/2007 into 12,411,421 New Ordinary
Shares will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Thursday,
September 15, 2005.


TRANSOCEAN HOLDINGS: Unit Asked to Settle Debt by December
----------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on August 12, 2005, Transocean Holdings Bhd updates on
the banking facilities in default by the Company's 75 percent
owned subsidiary, Transocean Biotec (M) Sdn Bhd (TBM) to Malayan
Banking Berhad (MBB) as at August 31, 2005 as below:

Type of Facilities           Principal and Interest (RM)

Overdraft Facility           1,920,212.75

Term Loan                      181,129.32

Total Outstanding            2,101,342.07

In compliance with Paragraph 3.2 of Practice Note 1/2001, the
Company advised that MBB has on September 10, 2005 requested TBM
to service the monthly interest and to make a full settlement in
December 2005.

This announcement is dated 13 September 2005.

CONTACT:

TransOcean Holdings Berhad
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518
Fax: 04-2614843


TELEKOM MALAYSIA: Bourse to List, Quote New Shares
--------------------------------------------------
Telekom Malaysia Berhad advised that its additional 165,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Thursday, September 15,
2005.

CONTACT:

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


UNITED CHEMICAL: Default Status Still Unchanged
-----------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on August 10, 2005, there are no new
significant developments in relation to the various default in
payment.

The Board of Directors of UCI provided an update on the details
of all facilities currently in default in compliance with
Section 3.1 of Practice Note No.1/2001.

Click to view Table A
http://bankrupt.com/misc/UnitedChemical091505.xls

This announcement is made on 13 September 2005.

CONTACT:

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


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

COLLEGE ASSURANCE: Officials Slapped with Criminal Complaint
------------------------------------------------------------
The corporate regulator has on Wednesday lodged a criminal
complaint against officers and directors of struggling College
Assurance Plan Philippines Inc. (CAP) for breaches of the
Securities Regulation Code (SRC), The Philippine Star has
learned.

In its complaint-affidavit submitted to the Department of
Justice, the Securities and Exchange Commission (SEC)
recommended the filing of criminal charges against CAP chairman
Alejandro Roces, president and chief executive officer Enrique
Sobrepe¤a Jr., treasurer James Marsh Tomson and directors
Coronado Munasque, Sen. Juan Flavier, Ernesto Espaldon, Robert
John Sobrepe¤a Jr., William Russell Sobrepe¤a, Romulo Espaldon,
Gillian Akiko Thomson, Eusebio Tanco, Rafael Evangelista and Ma.
Romela Bengzon.

The officials are charged with 6,434 counts of unauthorized sale
of pre-need educational plans and one count of failure to
provide for uniform accounting system, reports and record-
keeping pursuant to Sec. 16 in relation to Sec. 73 of the SRC
and the Pre-Need Rules and Regulations. The SEC claimed CAP sold
pre-need educational plans despite the fact that the company
knew it had no more registered plans to sell in violation of
Sec. 16 of the SRC.

The SEC said the members of the board along with the responsible
officers are liable under Sec. 73 of the SRC which states: "If
the offender is a corporation, the penalty may in the discretion
of the court be imposed upon such juridical entity and upon the
officer or officers of the corporation".

The SEC also asked the justice department to issue a hold-
departure order against the respondents to prevent them from
fleeing the country and evading criminal liabilities.

The embattled pre-need firm, meanwhile, said it is ready to
answer all allegations thrown against it by the SEC as soon as
it receives a copy of the petition filed by the watchdog.

CONTACT:

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


NATIONAL FOOD: Launches SMS Service for Prompt Delivery
-------------------------------------------------------
The National Food Authority has implemented SMS technology,
through its Customer Assistance Units (CAUs), located in each of
the NFA offices nationwide, are manned by NFA personnel.

With the Text NFA program, customers inform NFA of their
complaints, suggestions or inquiries by sending SMS through
mobile number 0917-6210927.

Replies are sent within 24 hours by the NFA.

In Negros Occidental, the usual complaints received are the re-
bagging of NFA rice, overpricing of NFA rice, and request for an
additional Bigasan ni Gloria sa Palengke outlets.

Gil Ibarra, NFA manager in Bacolod City can also be contacted
thru telephone number 433-27-54.

NFA Administrator Gregorio Y. Tan, Jr. said this easy
communication access by the public to NFA will prevent
unscrupulous traders from committing illegal activities such as
diversion of stocks, overpricing of NFA rice, among others.

Regular-milled rice (RMR) and well-milled rice (WMR) are sold at
16.00 and 18.00 pesos per kilogram.

The NFA is encouraging the public to report to the nearest NFA
office or call its hotline number regarding any irregularities
in rice trading so the agency can act immediately.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL POWER: Seeks to Php21-Bln Deferred Costs from Customers
----------------------------------------------------------------
State-run National Power Corporation (Napocor) is working to
recover around Php21 billion in unbilled costs from power
consumers, Malay News relates.

Napocor has filed petitions to recoup the amount, which
represents unbilled adjustments charges for six months from
October 2004 to March this year. The entire amount will be
spaced out in 1.5 years to lessen the impact on consumers.

In separate applications filed before the Energy Regulatory
Commission (ERC), the NPC through the Power Sector Assets and
Liabilities Management Corp. (PSALM) said it is billing an
average of 78 centavos under the deferred accounting adjustment
(DAA) allowed under the generation rate adjustment mechanism
(GRAM).

Luzon buyers will pay 45.49 centavos per kwh, 64.46 centavos per
kwh for Visayas and 51.27 centavos for Mindanao.

The DAA costs for Luzon, Visayas and Mindanao costs Php19.44
billion, or Php12.12 billion in Luzon, Php1.43 billion for
Visayas and Php5.88 billion for Mindanao.

Napocor said the proposed recovery of its DAA is "fair and
reasonable as it allows the recovery of just deferred costs
incurred consistent with the principles of a free and
competitive electricity market as provided for under the
Electric Power Industry Reform Act".

In another petition, the power firm seeks to recover 25.20
centavos per kwh in the Luzon grid, representing its deferred
payment of capacity and infrastructure fees totaling Php1.8
billion. Likewise, the state firm asked for an upward adjustment
to the Mindanao grid of Php0.0138 per kwh. Both adjustments,
incurred from October 2004 to March 2005, will be recovered for
36 months.

Meanwhile, Napocor also seeking ERC's approval on the planned
refund of one centavo for debt service and operating expenses
covering a three-month period.

CONTACT:

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


PACIFIC PLANS: Wants to Sell Additional Php1.5-Bln Life Plans
-------------------------------------------------------------
Besieged pre-need firm Pacific Plans Inc. has requested the
Securities and Exchange Commission (SEC) to allow it to sell an
additional Php1.5-billion worth of life plans, BusinessWorld
reveals.

The firm also asked the SEC's approval to sell the unsold plans
of a unit, Lifetime Plans, whose incorporation papers had been
cancelled. The move would save it from seeking permit to
register new plans.

In May, the SEC has cancelled the certificate of incorporation
of Pacific's spin-off unit Lifetime Plans after the later failed
to submit proof of its corporate existence.

As of June 30, the unsold registered fixed-value education plans
issued to Lifetime Plans, which was reverted to Pacific Plans
through a court order in June, amounted to P481.85 million.

Pacific thus asked the SEC to transfer to it unsold registered
fixed-value education plans issued to Lifetime Plans. It also
applied for the transfer of unsold registered pension plans
issued to Lifetime Plans, amounting to Php2 billion.

In April, Pacific lodged with a Makati Court a petition for
corporate rehabilitation. It also sought an order to freeze
payments to planholders until 2010 upon maturation of National
Power Corporation bonds in its trust fund.

CONTACT:

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


PLATINUM PLANS: Debt Rehab Petition Fails to Get Creditors' Nod
---------------------------------------------------------------
Creditor-banks of ailing Platinum Plans Inc. are not in favor of
the pre-need provider's bid for suspension of debt payments and
debt rehabilitation, reports The Philippine Star.

Creditors led by East West Banking Corp., China Banking Corp.
and Bank of Commerce told the Makati Regional Trial Court they
object to Platinum Plans' application for debt relief.

Earlier, the Securities and Exchange Commission (SEC) requested
the local court to dismiss Platinum Plans' petitions since the
pre-need firm's liabilities have already exceed its assets.
Based on the computations by the SEC's Non-Traditional
Securities Department, Platinum's liabilities amount to Php3.2
billion as against assets of Php2.9 billion.

Based on SEC records, Platinum has an actuarial reserve
liability (ARL) of Php470.1 million as against trust fund assets
of Php192.76 million, resulting in a trust fund deficiency of
Php277.34 million. The company has also been found to have
failed to remit monthly deposits to its trust fund, which is
made up mostly of real estate.

Meanwhile, the corporate watchdog is considering filing criminal
charges against erring Platinum officials for alleged
misappropriation of funds, leading to the firm's collapse.
Administrative sanctions are also being prepared against the
company for violation of the rules on the sale of pre-need
plans.

Platinum has sought reprieve on the payment of its debts to
allow it to map out a viable recovery plan. It is confident it
could settle all maturing obligations if it is given enough
time.

In its petition, Platinum said it could settle only up to P75
million of its maturing obligations to plan holders. It intends
to sell assets to raise funds to cover obligations to
planholders.

The Company said it is in talks with a Canadian investor, who
has offered to buy out the business. However, Platinum admitted
it is still unclear if the deal would be closed.

Still, Platinum is seeking for foreign investors willing to
infuse fresh funds into the firm. The Company said existing
long-term commitments of Platinum towards planholders will be
better protected with new resources and management.

CONTACT:

Platinum Plans Philippines Inc.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com


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

EI-NETS LIMITED: Seeks to Capitalize Debt and Issue New Shares
--------------------------------------------------------------
Ei-Nets Limited announced that pursuant to an agreement that the
Company made with Mr. Ngo Gim Kang on Sept. 14, 2005, the
Company proposes to capitalize debts amounting to SGD200,000
that it owes to Mr Ngo, as well as to allot 20 million new
ordinary shares (at SGD0.01 each) of its capital.

Mr. Ngo Gim Kang was appointed as the Company's Executive
Chairman last Aug. 17, 2005, and advanced an amount of
SGD200,000 to help meet the Company's working capital
requirements. The SGD0.01 issue price for the shares to be
alloted to Mr. Ngo was the weighted average market price of the
shares on the agreement date.

The Proposed Capitalization, which is subject to shareholder
approval, will be approximately 2.6% of the enlarged issued, and
paid-up share capital of the Company and which is within the
general share issue mandate given by the Company's shareholders
of the Company at its last Annual General Meeting on Oct. 30,
2004.

The Proposed Capitalization will reduce the Company's
liabilities and improve its debt-equity position, and will not
have any material impact on the its net tangible assets or loss
per Share for the financial year ending Dec. 31, 2005.

Save for the interest of Mr Ngo as disclosed above, none of the
Directors or substantial Shareholders of the Company has any
interest, direct or indirect, in the Proposed Capitalisation.

CONTACT:

Ei-Nets Limited (Singapore)
152 Ubi Avenue 4 #03-00
ArmorCoat Technologies Building
Singapore 408826
Phone: 65 6846 8826
Fax:   65 6846 8827
Email: enquiry@ei-nets.com
Web site: http://www.ei-nets.com/


JACKS INTERNATIONAL: Net Loss Widens in First Half of 2005
----------------------------------------------------------
Jacks International Limited posted a substantial increase in its
net loss for the first six months of 2005.

In its financial statement, the Company posted a net loss of
SGD937,000, compared to a SGD157,000 net loss for the same
period last year.

Singapore-listed Jacks International Limited is engaged in the
distribution of motor vehicles, retailing of health foods and
supplements, fabrication and installation of piping and ducting
and the machining and grinding of equipment.

To view the Company's financial statement, click on:

http://bankrupt.com/misc/tcrap_jacksinternational091505.pdf

CONTACT:

Jacks International Limited
7500-E Beach Road #03-201
The Plaza
Singapore 199595
Phone: 65 6416 0870
Fax:  65 6296 5981


NATSTEEL LIMITED: To Distribute More Cash to Shareholders
---------------------------------------------------------
Natsteel Limited refers to its announcement dated Aug. 12, 2005
relating to a review by the Strategic Review Committee on the
Company's future strategic direction.

During the course of that review and following its completion,
the Company has been exploring growth opportunities through the
acquisition of new core businesses, as well as the expansion of
existing businesses; however, the acquisition proposals examined
by its board of directors have not been considered sufficiently
attractive and/or appropriate for the Company to embark upon.
The Board has accordingly decided not to proceed with those
proposals, and has directed management to consider other areas
for growth opportunities and value enhancements.

This year, Natsteel Limited distributed approximately 49% of the
consideration it received from the sale of its steel business to
shareholders, amounting to SGD224 million. The remaining cash in
the Company's hands amounts to SGD444 million.

The Company is still considering other growth opprtunities, the
investment environment has become more uncertain due to recent
macroeconomic factors. If the Company has not found sufficiently
attractive acquisition proposals, then it might distribute
additional cash to shareholders. The Company is also looking
into rationing its non-core businesses in order to distribute
both capital and reserves, while maximizing the return of cash
to its shareholders. However, the Company will continue to
support the capital expenditure needs of its core businesses,
which are aimed at expanding and strengthening their competitive
positions.

The Board will provide a further update of its deliberations to
shareholders in the fourth quarter this year.

By Order of the Board

Lim Su-Ling
Company Secretary
Sept. 14, 2005

CONTACT:

NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Phone: 65 62651233
Fax:   65 62658317
Web site http://www.natsteel.com.sg


REGION AIR: Intends to Declare Dividend
---------------------------------------
Notice is hereby givne that Region Air Pte Limited, which is
being wound up, will pay its first dividend on Sept. 29, 2005 to
creditors, with the following details:

Name of Company: Region Air Pte Limited
Address of Registered Office: c/o 47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365.
Amount per Centum : 3.2 Per Centum

Dated this 8th day of September 2005

Wong Kian Kok
Liquidator
47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365


RSH LIMITED: Disposes of Dormant Units
--------------------------------------
RSH Limited announced that the Company's members have begun
voluntary liquidation proceedings on its two dormant
subsidiaries, namely Gagan (U.S.A.) Inc. and S.S.S. Holdings Pte
Limited.

The liquidation of the Company's units is not expected to affect
the financial results or net tangible assets of the Company for
the financial year ending March 31, 2006.

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax:   65 68404327


UNITED FIBER: Issues New Ordinary Shares
----------------------------------------
United Fiber System Limited announced that the Company issued
28,269,375 new ordinary shares of SGD0.10 each (or 1.45% of the
Company's 1,947,019,845 share capital) to Tektronix Industries
Limited, pursuant to a Securities Lending Agreement between both
firms.

The new shares were listed and quoted on the Singapore Stock
Exchange as of Sept. 15, 2005.

By Order of the Board
Kishore Dass
Chief Executive Officer
Sept. 14, 2005

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg


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

PHUKET AIRLINES: Safety Bureau to Investigate Status of Pilots
--------------------------------------------------------------
Phuket Airlines' only available airplane was damaged as it
skidded off the runway at Mae Sot airport last Sunday forcing
the carrier to suspend its services in Northern Bangkok, reveals
Bangkok Post.

However, none of the 28 passengers and crew aboard the plane was
hurt in the accident, which some witnesses said occurred when
the plane touched down too far down the runway.

The airline did not announce when the resumption of the flight
to Mae Sot and to Buri Ram will be.  Phuket Air is the only
carrier flying to the said route.  The carrier flew five flights
a week from Bangkok to Mae Sot and to Buri Ram.

The damaged YS-11 twin turbo-prop aircraft was still listing off
the end of the Mae Sot airport runway. The plane's flight
recorder was recovered and sent to Japan for decoding to help
with investigating the cause of the accident. The inquiry is
likely to take about a month, Phuket Airlines executives said.

After the accident, the Flight Safety Standard Bureau pulled the
licenses of the pilot and co-pilot and would conduct an
investigation into their status, including whether they had been
drinking before the flight.

According the airlines, they have no plans to replacing the
aircraft yet.  Phuket is now left with one Boeing 737-200 jet
flying on two routes, five frequencies a week between Bangkok
and Ranong, and twice between Bangkok and Rangoon. Flights to
Phuket and to Krabi had already stopped.

The airline was able to recover last week the Boeing 747-300
impounded at Seoul's Incheon airport in South Korea for a month
after separate civil disputes between Phuket Airlines and both
its general sales agent, TV Club Travel, and the airport
authorities.

CONTACT:

Phuket Airlines Co. Ltd.
1168/7 25th Floor
Lumpini Tower Rama 4 Road
Thungmahamek Sathorn Bangkok 10120
Telephone: 662-6798238 662-6798239
Fax: 662-2856408


RS PROMOTION: To Introduce Dara Daily on Monday
-----------------------------------------------
RS Promotion Plc will launch Dara Daily next Monday in a bid to
integrate its media distribution channel, Bangkok Post said.

RS will set up a new venture called News Generation together
with Kriengsak Sakulchai, better known as Toy Aigner, the
founder of TV Pool magazine.

The total investment for the business venture is THB300 million,
with RS Promotion Plc holding about 60 percent and Mr. Kriengsak
will hold the rest.

"RS decided to jump into entertainment publishing because we are
familiar with the entertainment business. So, it will be a
secure venture," said one RS executive.

RS believes its competitive edge over rival publications would
make its new publication the market leader.  The company needs
THB100 billion to develop the said publication.

Dara Daily will have 20 pages with four sections, with features
on actors and actresses, celebrities, media, marketing and soap
operas.  The publication will cost THB10 and targets the upper
mass market.

"There are huge opportunities for entertainment newspapers,''
said another executive. "Most readers pick up the entertainment
section (of newspapers) first, to entertain themselves before
reading serious news. Our new entertainment daily offers both."

RS will initially produce 50,000 copies of the Dara Daily.  The
company plans to break even within its first year of operation.

CONTACT:

R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com


THAI AIRWAYS: SET Halts Trading of Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Thai Airways International Plc. because significant
information is circulating concerning the Company's net profit
of 2005 that might affect trading of its securities, but the SET
has not yet been officially informed.

Therefore, the SET has temporarily halted trading of the
Company's securities, effective from the morning trading session
of September 15, 2005 until the Company has clarified or
disclosed this material information to the SET.

CONTACT:

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




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

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


CHINA & HONG KONG
-----------------
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Sichuan Topsoft Investment     000583     (-45.54)    228.05
Xinjiang Tunhe Investment      600737      47.57 476.47
Co. Ltd.

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

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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




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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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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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