TCRAP_Public/050920.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

             Tuesday, September 20, 2005, Vol. 8, No. 186

                            Headlines

A U S T R A L I A

A.C.N. 074 468 018: Court Orders Winding Up
A.C.N. 090 983 047: Declares Final Dividend
AGENIX LIMITED: To Raise AU$9.85 Mln Through Rights Issue
AGETHETAS PTY: Schedules Final Meeting September 26
A-TEAM TILING: Court Appoints Official Liquidator

BECHCON PTY: Members Resolve to Wind Up Firm
BONLAC FOODS: Notes Suspended from Official Quotation
CORSA CORPORATION: Decides to Close Operations
DAVID BOXSHALL: To Distribute Dividend Tomorrow
FLOODWAY TRANSPORT: Liquidator to Detail Wind Up Manner

FRANK DILEO: Creditors OK Liquidator's Appointment
GARDINER & SAW: Shuts Down Business
HAMILTON PROJECTS: Winding Up Proceedings Initiated
HOPE ISLAND: ASIC Slaps AU$37,000 Fine
HUDSON TIMBER: Judge Hands Down Ruling

HUDSON TIMBER: Legal Costs, Poor Management Drive Losses
INTELLECT HOLDINGS: Rebuilds After Capital Restructure
INTERLACING IMAGES: Court Orders Winding Up
MANITO PTY: Fund Adviser Ordered to Repay Clients
MPG ARCHITECTS: Members, Creditors to Get Wind Up Report

MULTIPLEX: Waits for Watchdog's Probe Results
OKEY DOKE: Members Pass Winding Up Resolution
PINFLAG PTY: Placed Under Voluntary Liquidation
QUESTA POOL: Liquidator to Explain Wind Up at Final Meeting
STEALTH SECURITY: Creditors Agree to Wind Up Business

STOMAC PROJECTS: Members, Creditors to Receive Wind Up Report
TANIZAWA INTERNATIONAL: Kim Holbrook Named Liquidator
WESTERWAY CONSTRUCTIONS: Pays Dividend to Employees


C H I N A  &  H O N G  K O N G

ADESIGN COMMUNICATION: Court Orders Winding Up
DOUBLE DRAGON: To Undergo Winding Up Process
EFORCE HOLDINGS: 1H/2005 Net Loss Narrows to HK$9 Mln
FORETECH INDUSTRIAL: Creditors Meeting Fixed September 29
FUJIAN PROVINCE: Set to Distribute Final Dividend Today

HONGKONG CONSTRUCTION: Clarifies Project Development Report
HOP HING: First Half Loss Shrinks to HK$6 Mln
INTELLIGENCE EDUCATIONAL: To Undergo Winding Up Process
LUEN FAT: Creditors Meeting Set September 27
MAGNUM INTERNATIONAL: 1H05 Net Loss Balloons to HK$7.9 Mln

MARGAUX FINANCE: Court to Hear Liquidator's Application Oct. 3
SINOENERGY HOLDINGS: Court Issues Winding Up Order
STARBOW HOLDINGS: Notes Unusual Price Movement
TAT CHEONG: Prepares to Wind Up Operations
WILLIE INTERNATIONAL: Posts HK$71 Mln 1H/2005 Net Loss


I N D I A

AIR INDIA: Kuwait Renews Jet Lease Deal
BHARAT PETROLEUM: Earmarks US$91 Mln for Retail Expansion
BPL LIMITED: Battery Division in Eveready Folder
ORISSA STATE: Winding Up Process Looms
* India to Shut 'Chronically Sick' Public Firms, Rescue Others


I N D O N E S I A

BANK MANDIRI: Extends Loans to Overseas Workers
GARUDA INDONESIA: Signs IDR20.3-Trillion Contract to Buy Planes
PERTAMINA: Signs Cepu Block Contract with ExxonMobil
PERTAMINA: Installs Online System to Prevent Fuel Smuggling


J A P A N

MEIJI YASUDA: To Release Report on Illegal Nonpayment Next Month
NIPPON SHINPAN: To Boost Loan-Loss Reserves by JPY27 Bln
SOFTBANK CORPORATION: Networks to Tie Up on Net-based Programs
SUMITOMO MITSUI: Moody's Reviews Rating
TOSHIBA CORPORATION: Declares Interim Dividend

UFJ BANK: Moody's Upgrades Rating to D-


K O R E A

SK NETWORKS: To Build 12 Gas Stations in China


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing
AMSTEEL CORPORATION: SC Extends Deadline to Proposal Completion
ANTAH HOLDING: Disposes Of Unit's Shares
CHASE PERDANA: Still in Talks with Trustee for RCULS
CONSOLIDATED FARMS: SC Junks Proposed Restructuring Scheme

FOUNTAIN VIEW: Bourse to Grant Listing, Quotation of New Shares
GULA PERAK: New Shares Up for Listing, Quotation
KYM HOLDINGS: Posts MYR2,225,000 2Q Net Loss
LION CORPORATION: SC OKs Restructuring Exercise
MALAYAN UNITED: Shareholders Approve EGM Resolutions

MYCOM BERHAD: SC Extends Restructuring Implementation
MYCOM BERHAD: Seeks Shareholders Approval to Proposals
NAIM INDAH: Issues New Shares for Listing, Quotation
OLYMPIA INDUSTRIES: Proposals Win Bourse's Nod
PILECON ENGINEERING: Hires Adviser for Proposed Exemption

POLYMATE HOLDINGS: Unit to Restructure Banking Facilities
CHEMQUEST MANAGEMENT: To Undergo Winding Up Process
PUNCAK NIAGA: Inks MoU with WWE Holdings
TRU-TECH HOLDINGS: Fails to Pay Monthly Dues
UNITED MALAYAN: Buys Back New Shares


P H I L I P P I N E S

BENPRES HOLDINGS: Finance Officer Resigns
LEPANTO CONSOLIDATED: Dismissed Workers Lauded for 'Sacrifice'
NATIONAL POWER: Works to Reduce Use of Oil-fired Plants
NATIONAL POWER: May Hike Rates by Php0.19/kWh
NATIONAL TRANSMISSION: Government OK Three Projects


S I N G A P O R E

ALLGREEN PROPERTIES: Issues 5,000 New Shares
CHINA AVIATION: Divests Unit as Part of Restructuring
CITIRAYA INDUSTRIES: Placed Under Judicial Management
HESHE HOLDINGS: Annual Report Passes Accounting Standards
MEDIASTREAM LIMITED: Net Loss Increases in First Half of 2005

UNITED FIBER: Unit Gets SGD41 Million Contract from HDB


T H A I L A N D

THAI PETROCHEMICAL: Court Rejects Administrator's Request
BOND PRICING: For the Week 19 September to 23 September 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 074 468 018: Court Orders Winding Up
-------------------------------------------
On Aug. 10, 2005, the Supreme Court of New Zealand ordered the
winding up of A.C.N. 074 468 018 Pty Limited, and appointed
Geoffrey McDonald to be Liquidator of the Company.

Dated this 12th day of August 2005

Geoffrey McDonald
Liquidator
Hall Chadwick
HSBC Building, Level 20, 300 Queen Street
Brisbane Qld 4000


A.C.N. 090 983 047: Declares Final Dividend
-------------------------------------------
A.C.N. 090 983 047 is set to declare a second and final dividend
on Sept. 21, 2005.

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

Dated this 26th day of July 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle NSW 2302


AGENIX LIMITED: To Raise AU$9.85 Mln Through Rights Issue
---------------------------------------------------------
After close of tradi8ng on Friday, September 16, 2005, Agenix
Limited lodged a prospectus for an underwritten non-renounceable
rights issue (Rights Issue) to raise AU$9.85 million (before the
costs of the issue).

Rights Issue

The Rights Issue will offer 1 new share for every 4 shares held
at the record date (September 27, 2005) at an issue price of
AU$0.25.

The Rights Issue provides existing shareholders the opportunity
to subscribe for new shares at a discounted price. The closing
date for acceptances is October 17, 2005.

The Rights Issue is underwritten by Intersuisse Limited.

There is also an invitation to apply for additional shares up to
a maximum aggregate of AU$500,000.

Issue Proceeds

The proceeds will be used to fund the ongoing research,
development and trials of ThromboView until at least June 30,
2006, including:

(1) Manufacturing scale up and supply of Thromboview material
required for Phase III clinical trials.

(2) Ongoing ThromboView clinical trial and other costs.

CONTACT:

Agenix Limited
11 Durbell Street
Acacia Ridge QLD 4110
Phone: +61 7 3370 6396
Fax: +61 7 3370 6347
E-mail: mail@agenix.com
Web site: http://www.agenix.com


AGETHETAS PTY: Schedules Final Meeting September 26
---------------------------------------------------
Notice is hereby given that the final meeting of members of
Agethetas Pty Limited will be held on Sept. 26, 2005, 11:30 a.m.
at the Offices of Nexia Alexander & Spencer, Level 14, 440
Collins Street, Melbourne, to have an account laid before them
showing how the winding up was conducted and the property of the
Company disposed of, and to hear any explanations by the
Liquidator relating thereto.

Dated this 16th day of August 2005

L. E. Alexnader
Liquidator
C/o Nexia Alexander & Spencer
Level 14, 440 Collins Street
Melbourne


A-TEAM TILING: Court Appoints Official Liquidator
-------------------------------------------------
On Aug. 16, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney to be the Official Liquidator for the winding up of A-
Team Tiling Service Pty Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney


BECHCON PTY: Members Resolve to Wind Up Firm
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Bechcon Pty Limited held on Aug. 18, 2005, it was resolved that
the Company be wound up voluntarily, and that Antony de Vries
and Riad Tayeh of de Vries Tayeh, Level 3/95 Macquarie Street,
Parramatta NSW 2150 be appointed Joint and Several Liquidators
for such purpose.

Dated this 19th day of August 2005

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


BONLAC FOODS: Notes Suspended from Official Quotation
-----------------------------------------------------
The unsecured notes of Bonlac Foods Limited was suspended from
Qoutation at the close of trading Friday, September 16, 2005, as
the Company has announced that it intends to redeem the
unsecured notes on November 17, 2005.
CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911


CORSA CORPORATION: Decides to Close Operations
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Corsa Corporaton Pty Limited held on Aug. 17,
2005, it was resolved that the Company be wound up voluntarily,
and David H. Scott of Jones Condon, Chartered Accountants, 77
Station Street, Malvern Vic 3144 was appointed Liquidator of the
Company at a creditors' meeting held that day.

Dated this 17th day of August 2005

David H. Scott
Liquidator
Jones Condon
Chartered Accountants
77 Station Street, Malvern Vic 3144


DAVID BOXSHALL: To Distribute Dividend Tomorrow
-----------------------------------------------
David Boxshall Concreting Pty Limited will declare a first and
final dividend on Sept. 21, 2005.

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

Dated this 8th day of August 2005

N. Giasoumi
Joint and Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road
Hawthorn 3122


FLOODWAY TRANSPORT: Liquidator to Detail Wind Up Manner
-------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Floodway Transport Pty Limited will be held on
Sept. 26, 2005, 11:30 a.m. at the offices of Jones Condon,
Chartered Accountants, to present the Liquidator's account
showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanations that may
be given by the Liquidator.

Dated this 11th day of August 2005

David H. Scott
Liquidator
Jones Condon
Chartered Accountants
77 Station Street, Malvern Vic 3144


FRANK DILEO: Creditors OK Liquidator's Appointment
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Frank Dileo Smash Repairs Pty Limited duly convened and held on
Aug. 12, 2005, a Special Resolution that the Company be wound up
voluntarily was passed by members, and P. Ngan and G. Parker
were appointed Joint and Several Liquidators. Creditors
confirmed the Liquidators' appointment at a creditors' meeting
held that same day.

Dated this 16th day of August 2005

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


GARDINER & SAW: Shuts Down Business
-----------------------------------
Notice is hereby given that at a general meeting of members of
Gardiner & Saw Productions Pty Limited held on Aug. 12, 2005, it
was resolved that the Company be wound up voluntarily, and that
Schon Condon and Bruce Gleeson, of Jones Condon Chartered
Accountants, Level 1 34 Charles Street Parramatta NSW, be
appointed Joint Liquidators for such winding up.

Dated this 12th day of August 2005

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


HAMILTON PROJECTS: Winding Up Proceedings Initiated
---------------------------------------------------
Notice is given that at a general meeting of the members of
Hamilton Projects Group Pty Limited held on Aug. 10, 2005, Susan
Carter and Jason Bettles, Registered Liquidators of Downie
Insolvency, Level 6, Fifty Cavill Avenue, Surfers Paradise,
Queensland were appointed Liquidators for the winding up of the
Company.

Dated this 16th day of August 2005

Jason Bettles
Susan Carter
Liquidators
Downie Insolvency
Level 6, Fifty Cavill Avenue
Surfers Paradise
Queensland


HOPE ISLAND: ASIC Slaps AU$37,000 Fine
--------------------------------------
Hope Island Resort Development Corporation Limited, an unlisted
public company that developed luxury resort communities on the
Gold Coast, has been fined AU$37,000 following action by the
Australian Securities and Investments Commission (ASIC).

Hope Island Resort Development Corporation was convicted in the
Southport Magistrates Court in Queensland of eight corporate
governance offences, including failing to lodge financial
reports for five years, failing to have the required number of
office holders and failing to update the personal details of a
director.

ASIC acted after shareholders were unable to obtain financial
statements from the company, despite repeated requests.

Background

Hope Island Resort Development Corporation should not be
confused with Hope Island Resort Holdings Pty Ltd, which now
owns the Hope Island Resort.


HUDSON TIMBER: Judge Hands Down Ruling
--------------------------------------
The Board of Directors of Hudson Investment Group Limited (the
Company) announced that at a hearing held Tuesday last week,
Justice Einstein made orders in relation to the Company's
litigation against Hudson Timber Products Limited, its
subsidiary companies, Australian Hardboards Limited and AH
Bremer Park Limited (the Corporate Defendants), its former
managing director, Bruce William McLeod and former director,
Peter Cecil Holland (the Directors Defendants).

The Court made orders including the following:

(1) That the Entitlement Deed be specifically performed;

(2) Declarations that Mr. McLeod and Mr. Holland contravened
their duties as directors of the Company;

(3) An order that the Corporate Defendants grant a mortgage to
the Plaintiff over the Bremer Park Land in the sum of AU$10
million;

(4) An order that Australian Hardboards Limited pay to the
Company (to the extent not already paid) the AU$3.5 million
deposit in accordance with the Entitlement Deed;

(5) All Defendants have been ordered to pay the Company's costs
in relation to the Entitlement Deed part of the litigation
(which occupied the great bulk of hearing time). The Company has
been ordered to pay the Corporate Defendants' costs in relation
to the Bremer Share Sale Agreement part of the litigation. No
order was made in respect of the Director Defendants' costs of
the Bremer Share Sale aspect of the litigation.

Justice Einstein has stayed these orders until midnight
September 27, 2005.

CONTACT:

Hudson Timber Products Ltd.
Ground Floor
82 Waterloo Road
North Ryde NSW, 2113 Australia

PO Box 1950
Macquarie Centre NSW 2113 Australia

Phone: 02 8870 4600
Fax: 02 9805 0641
Web site: http://www.hudsontimber.com.au


HUDSON TIMBER: Legal Costs, Poor Management Drive Losses
--------------------------------------------------------
The Board of Directors of Hudson Timber Products Limited
presented the Company's preliminary financial report for Hudson
Timber Products Limited (HTL) for the year ended June 30, 2005.

Results

The result for the year ended June 30, 2005 was a loss after tax
of AU$7.3 million. The primary causes of the poor performance
were the impact of one off charges (principally the costly
completion of extensive litigation with the former parent
entity, Hudson Investment Group Limited (HIG) and poor
management in a weak environment from Hudson Frame & Truss (HFI)
which recorded an operating loss. The major factors contributing
to the loss after tax included:

(1) An operating loss of AU$4.1 million from HTL's wholly owned
subsidiary, HFT;

(2) The payment of AU$1.6 million in legal and professional
costs associated principally with the HIG litigation but also
including various other legal matters; and

(3) The completion of the rights issue in December 2004 included
an AU$0.5 million redemption fee to existing noteholder, which
has been written off in the result for the year.

Manufacturing Operations

HFT recorded a loss after tax of AU$4.1 million for the year
ended June 30, 2005. As a result of poor management decisions
during this period certain of HFT's major customers were lost
and production inefficiencies arose as a direct consequence of
decreased factory throughput. The entire business was
restructures during the December 2004 quarter. The restructuring
process is largely complete.

Since the restructuring of management, HFT has shown an
improving trend in its financial performance, with sales
revenues increasing since April 2005. It is pleasing to report
that HFT is gaining market share in a soft housing market. HFT
operations returned a marginally profitable result in August
2005 on approximately AU$6.0 million in sales and the forward
order book suggests that this positive trend is likely to
continue for the balance of calendar 2005.

Australian Hardboards Limited traded profitably for the year
ended June 30, 2005, although its result was also down on prior
years due to a 4% decrease in sales revenues. The reduction in
sales revenues principally arose due to lower than anticipated
sales to AHL's major customer and as a result of a slow down in
residential building activity generally.

Australian I-beams continues to be marginally profitable on a
"one-shift" basis. The management of the Company are currently
assessing the financial viability of adding a further shift to
I-beams production to enhance manufacturing recoveries.

AH Bremer Park (AHBP)

As reported to ASX on August 15, 2005, Justice Einstein hand
down a judgment in the Supreme Court of NSW on August 12, 2005,
which confirmed that HTL remained the 100% owner of AHBP.
However, Justice Einstein found in favor of HIG in relation to a
Deed of Entitlement, which provides HIG an entitlement to a
maximum of AU$10 million from the sale of any Bremer land on or
before June 8, 2006.

Tax Position

As at June 30, 2005, the Company has approximately AU$30 million
in carried forward tax losses and has AU$6.0 million (on a tax
paid basis) in available franking credits for subsequent
financial periods based on a tax rate of AU$30%.

Outlook

The main focus areas for the Company for the next 12 months are
as follows:

(1) To maintain the improving profitable trend in Hudson Frame &
Truss, in what remains a soft housing market in New South Wales
and Victoria.

(2) To focus on extracting increased profitability from
Australian Hardboards Limited through value added products.

(3) To finalize construction and commissioning of the EPA
approved Water Treatment Plant by March 2006, which will enable
the development of Bremer Business Park.

(4) To keep group costs to an absolute minimum.

Chief Executive Matthew Knox would like to thank all
stakeholders for their support during the past year and said the
Company is focused on producing a turnaround result in 2005/06.

A copy of the full report is available for downloading free of
charge at: http://bankrupt.com/misc/tcrap_hudsontimber091905.pdf


INTELLECT HOLDINGS: Rebuilds After Capital Restructure
------------------------------------------------------
Intellect Holdings Limited announced a 2005 full-year loss of
AU$0.9 million, compared to a AU$40.9 million loss in the prior
year, on revenue of AU$50.8 million (up 51% from AU$33.7 million
in June 2004).

The result was achieved in a year that saw Intellect undergo a
restructuring of its balance sheet. Net assets improved from
negative AU$16 million in 2004 to a positive AU$7.8 million in
2005.

The impact of cost-cutting measures has been significant.
Operating expenses were AU$20 million compared to AU$33 million
in 2004. Employment costs reduced from AU$18.9 million in 2004
to AU$10.7 million in 2005 and other operating expenses reduced
from AU$14.5 million to AU$9.2 million which resulted in the net
loss from operations being reduced from AU$41 million in 2004 to
AU$19 million in 2005.

Profit realized on the sale of Intellect's interest in TAFMO and
debt restructuring provided AU$18 million positive contribution.
The TAFMO sale generated a profit contribution of $15.5 million
while the gain on debt restructure was AU$2.4 million.

The major savings achieved through the restructuring will have a
greater influence in 2006 as they only applied for part of the
2005 year.

Directors made write-downs against the carrying value of
inventories and bad debts totaling AU$3.5 million as part of the
overall review of the Company's assets.

Revenue from normal operations was similar to 2004 and totaled
AU$32 million of which AU$27.6 million was from the sale and
supply of payment terminals and AU$4.4 million from maintenance
and repairs. Cost of goods on those sales was lower by
approximately AU$1 million improving the Company's operating
margin.

Revenue in the second half was AU$19.3 million compared to
AU$13.6 million in the first half.

The Company returned operations to profitability in the last
quarter of 2005 and cash flow from operations was also positive
in the last quarter.

The Directors have agreed that no dividend should be paid while
the Company continues to rebuild and requires working capital to
fund its increasing order book.

Chairman, Mr. Warren McLeland, commenting on the result, was
pleased by what has been achieved during the year.

"The Company has undergone a major transformation in 2005. There
has been a restructuring of the Board and management and our
cost-cutting targets are being achieved. We continue to work
through our cost base to further lower our overheads.

"We have increased the investment in inventories so that we can
continue to meet short delivery cycles required by some of our
customers. We are also aggressively pursuing new business
opportunities in our stronghold markets and in South America and
Asia - markets that both show great promise for the future.

"Our focus is to return the Company to operating profitability
and positive cash flow and we are well on the way to achieving
those objectives."

About Intellect

Intellect, a leader in electronic payments since 1988, has
customers in 35 countries worldwide. It is listed on the ASX
with corporate headquarters in Brussels, Belgium and offices
around the globe. The Company offers a broad range of POS
devices for attended, unattended and mobile environments, which
are all built using the latest technology; based on a single
development platform allowing easy portability of applications;
screened for performance and security by respected
organizations; and certified to the latest international
requirements such as EMV 2000 level 1&2 and PCI PED.

A copy of the full media release is available for downloading
free of charge at:
http://bankrupt.com/misc/tcrap_intellectholdings091905.pdf.

CONTACT:

Intellect Holdings Limited
ACN 009 366 009
Level 1, 9 Bowman Street
South Perth WA 6151
Telephone: +61 8 9367 8133
Facsimile: +61 8 9367 8812
Web site: http://www.intellect.be


INTERLACING IMAGES: Court Orders Winding Up
-------------------------------------------
On Aug. 18, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Interlacing Images Pty Limited be wound
up, and appointed Steven Nicols to be Liquidator of the Company.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


MANITO PTY: Fund Adviser Ordered to Repay Clients
-------------------------------------------------
ASIC has obtained final orders in the Federal Court of Australia
compelling Mr. Steve Preston, formerly known as Gordon Charles
Fowler, and his company, Manito Pty Ltd, trading as
Superannuation Retrieval Services (SRS), to repay 10 Melbourne
clients a total of AU$76,594.06.

The Court also made declarations against Mr. Preston that he had
used money or permitted it to be transferred from Manito's bank
account in breach of his duty as a director. The court also
found that he had not taken reasonable steps to stop Manito,
trading as SRS, from engaging in unconscionable conduct by
representing to clients that there were no restrictions as to
the use of their superannuation funds.

Ms Jan Redfern, Executive Director of Enforcement said ASIC
would not tolerate directors who inappropriately handled
superannuation funds and put the financial futures of people at
risk.

"ASIC was particularly concerned that some SRS clients had very
small amounts of superannuation and they did not understand the
obligations involved in setting up and managing self-managed
superannuation funds," Ms Redfern said.

In some cases, consumers with as little as AU$8,000 in
superannuation entitlements had been advised by Mr. Preston and
SRS to establish self-managed superannuation funds and had been
charged up to AU$1,500 in fees.

It's important that people considering self-managed
superannuation seek the assistance of an adviser who holds an
Australian financial services license. The amount that a person
has in superannuation savings needs to be considered carefully
and must be sufficient to justify the costs involved of setting
up and maintaining a SMSF.

Most of the SRS clients were actually seeking to locate their
numerous superannuation funds.

Anyone can locate their superannuation funds themselves by using
the online search tool `Superseeker' at the Australian Taxation
Office's website at www.ato.gov.au.

This action arose out of ASIC's superannuation switching
campaign which was developed to ensure advisers fulfil their
obligations in relation to providing advice concerning a
client's existing super fund and any new fund that might be
recommended.

"Meeting Your Obligations", a booklet recently published by the
ASIC and the ATO, sets out the obligations of financial advisers
and trustees of SMSFs. It also details the approach ASIC and the
ATO will take to ensure that people comply with their
obligations.

Background

On 14 December 2004, ASIC obtained Federal Court orders by
consent, in Perth, in relation to Manito's advertising
activities including declarations against Manito, and
injunctions permanently restraining Manito and Mr. Preston.

On 4 July 2005 and 19 July 2005, ASIC obtained Federal Court
interim orders in Melbourne restraining Mr. Preston from
carrying on a financial services business without holding an
AFSL after 34 Melbourne clients were approached by SRS to have
their superannuation rolled into SMSFs.


MPG ARCHITECTS: Members, Creditors to Get Wind Up Report
--------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of MGP Architects Pty Limited will be held on Sept.
26, 2005, 10:00 a.m. at the offices of Jones Condon, Ground
Floor, 77 Station Street, Malvern, to have an account laid
before them showing the manner of the winding up and disposal of
Company property, and to hear any explanations that may be given
by the Liquidator.

Dated this 9th day of August 2005

David H. Scott
Liquidator
Jones Condon
Chartered Accountants
77 Station Street, Malvern Vic 3144


MULTIPLEX: Waits for Watchdog's Probe Results
---------------------------------------------
Multiplex is awaiting the result of an investigation
commissioned by the Australian Securities and Investments
Commission, according to the Sydney Morning Herald.

The corporate watchdog launched an investigation into Multiplex
to determine if its directors knew of problems at the project
when they undertook an AU$120-million share placement at AU$5.45
a share last December.

ASIC never discloses when it will complete any investigation,
although it has been reviewing Multiplex since March 25.

ASIC officers sought information from Multiplex and its auditor,
KPMG, following a near 20 percent fall in Multiplex's share
price following the release of its half-yearly result late last
month.

But in Multiplex's 2004-05 annual report, released late on
Friday, KPMG's partner Andrew Dickinson approved the accounts.

But the share price fall and problems at its AU$1-billion
Wembley stadium project in London have also prompted the threat
of litigation by two law firms, Maurice Blackburn Cashman and
Slater & Gordon.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


OKEY DOKE: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Okey Doke Sunglasses Pty Limited held on Aug. 19, 2005, it was
resolved that the Company be wound up voluntarily, and that
Schon G. Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street Parramatta NSW, be
appointed Joint Liquidators for the winding up.

Dated this 19th day of August 2005]

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


PINFLAG PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a meeting of creditors of Pinflag
Pty Limited held on Aug. 15, 2005, it was resolved that the
Company be wound up voluntarily and that for such purpose, Deryk
Andrew of Bentleys MRI Sydney, Business Recovery & Insolvency
Partnership, Level 8, 50 Carrington Street, Sydney, NSW, be
appointed Liquidator.

Dated this 15th day of August 2005

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


QUESTA POOL: Liquidator to Explain Wind Up at Final Meeting
-----------------------------------------------------------
Notice is hereby given that a general meeting of the members and
creditors of Questa Pool will be held on Sept. 27, 2005, 10:00
a.m. at the offices of Senatore Brennan Rashid, Level 7, 28
University Avenue, Canberra, ACT to present the Liquidator's
account showing the manner in which the winding up was conducted
and the property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.

Dated this 23rd day of August 2005

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


STEALTH SECURITY: Creditors Agree to Wind Up Business
-----------------------------------------------------
Notice is hereby given that at a meeting of creditors of Stealth
Security Pty Limited convened and held on Aug. 15, 2005, it was
resolved that the Company be wound up, and Peter Paul Krejci of
GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000
was appointed Liquidator for the winding up.

Dated this 18th day of August 2005

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


STOMAC PROJECTS: Members, Creditors to Receive Wind Up Report
-------------------------------------------------------------
Notice is hereby given that a meeting of the members and
creditors of Stomac Projects Pty Limited will be held on Sept.
26, 2005, 11:00 a.m. at Hall Chadwick, Level 29, 31 Market
Street, Sydney NSW.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS:

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on Sept. 26, 2005.

(2) Further fees of the Liquidator to be approved and paid in
the fixed amount of $5,000, plus GST.

(3) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
Company books and records on completion of all duties.

(4) Any other business.

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


TANIZAWA INTERNATIONAL: Kim Holbrook Named Liquidator
-----------------------------------------------------
At a general meeting of Tanizawa International Pty Limited duly
convened and held on Aug. 17, 2005, the following was resolved:

That the Company be wound up voluntarily, and that Kim David
Holbrook of Holbrook & Associates, Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator for the winding up.

Dated this 17th day of August 2005

Kim D. Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


WESTERWAY CONSTRUCTIONS: Pays Dividend to Employees
---------------------------------------------------
Westerway Constructions Pty Limited will declare its first and
final priority employee dividend on Sept. 21, 2005.

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

Dated this 8th day of August 2005

R. J. Dean-Wikllcock
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000


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

ADESIGN COMMUNICATION: Court Orders Winding Up
----------------------------------------------
Adesign Communication Limited whose place of business is located
at M/L Chiap Leun Industrial Building, 30-32 Kung Yip Street,
Kwai Chung, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 7, 2005.

Date of Presentation of Petition: July 6, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


DOUBLE DRAGON: To Undergo Winding Up Process
--------------------------------------------
Double Dragon Limited whose place of business is located at The
Cinema Shops C3 and C4 2nd Floor, North Point Centre, 278-288
King's Road, Hong Kong was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 5, 2005.

Date of Presentation of Petition: May 4, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


EFORCE HOLDINGS: 1H/2005 Net Loss Narrows to HK$9 Mln
-----------------------------------------------------
eForce Holdings Limited incurred a net loss of HK$9.241 million
in the first half of this year, versus a net loss of HK$14.643
million a year earlier.

Loss per share (LPS) was HK$0.0048. No interim dividend was
declared.

The Group is engaged in the design, development, manufacture &
sale of a wide range of electric personal care products,
electric health care products & bathroom products, household
products and office equipments.

The Group, which is engaged in the manufacture & sale of a wide
range of electric personal care products, reported a net loss
HK$21.42 million in the year ended December 31, 2004, versus a
net loss of HK$89.20 million a year earlier, Chong Hing
Securities Ltd relates.

CONTACT:

Eforce Holdings Limited
Suite 3008, Man Yee Building
68 Des Voeux Road Central
Central, Hong Kong
Phone: 23546666
Fax: 23546682
Web site: http://www.eforce.com.hk/


FORETECH INDUSTRIAL: Creditors Meeting Fixed September 29
---------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Foretech Industrial Co. Limited will be held at Room 1706, Ginza
Plaza, 2A Sai Yeung Choi Street, Mongkok, Kowloon, Hong Kong on
September 29, 2005 at 12:30 p.m. for the purposes of considering
matters in relation to Sections 241, 242, 243 244 and 255A of
the Companies Ordinance.

Creditors may vote either in person or by proxy.

Dated this 8th day of September 2005

HUI WONG MU YI
Director


FUJIAN PROVINCE: Set to Distribute Final Dividend Today
-------------------------------------------------------
Fujian Province Zhong Fu (Group) Company (In compulsory
liquidation) issued a notice of first and final preferential
dividend and first ordinary dividend in the high court of the
Hong Kong Special Administrative Region Court of First Instance
with the following details:

Registered Office and Liquidator's Address: 8th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong.

First and Final Preferential Dividend: 100%

First Ordinary Dividend: 2.5%

When Payable: On or after 20 September 2005

Where Payable: 29/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong

Dated this 16th day of September 2005

KONG CHI HOW, JOHNSON
Joint and Several Liquidator
Presented by BDO McCabe Lo & Company


HONGKONG CONSTRUCTION: Clarifies Project Development Report
-----------------------------------------------------------
HongKong Construction (Holdings) Limited, together with its
subsidiaries, clarified a news article in the newspapers in
relation to the Group's proposed investment in a property
development project in Ningbo, the People's Republic of China
(the PRC).

The board of directors of the Company confirmed that the Company
is considering a possible investment in a property development
project in Nigbo, the PRC involving three joint venture parties.
Although it is preliminary estimated that the total investment
for the Investment will be about US$120 million, the joint
venture parties' respective shares in the Investment have not
been determined nor been the subject of formal discussion by the
Board.

An independent consultant was engaged to assist in conducting a
feasibility study of the Investment. Currently, the Investment
may or may not proceed, investors are advised to exercise
caution when dealing in the shares of the Company.

CONTACT:

Hong Kong Construction (Holdings) Ltd.
801-802 East Ocean Centre
98 Granville Road
Kowloon, Hong Kong
Phone: 23693949
Fax: 27212526
Web site: http://www.hkconstruction.com


HOP HING: First Half Loss Shrinks to HK$6 Mln
---------------------------------------------
Hop Hing Holdings Limited reported a net loss of HK$6.073
million in the first half of 2005, against a net loss of HK$7.54
million a year ago, Infocast News reports.

Loss per share (LPS) was HK$0.0148. No interim dividend was
declared.

Hop Hing Holdings Limited incurred a net loss of HK$11.95
million in the year ended December 31, 2004, versus a net loss
of HK$27.68 million in the same period a year earlier, according
to Chong Hing Securities Ltd.

CONTACT:

Hop Hing Holdings Limited
Units E-F 2/F Hop Hing Bldg
9 Ping Tong Street East
Tong Yan San Tsuen
Yuen Long, Hong Kong
Phone: 27852681
Fax: 27854237


INTELLIGENCE EDUCATIONAL: To Undergo Winding Up Process
-------------------------------------------------------
Intelligence Educational Company Limited whose place of business
is located at Unit 1102, 11/F, Austin Plaza, 83 Austin Road,
Tst, Kowloon was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 7, 2005.

Date of Presentation of Petition: July 6, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


LUEN FAT: Creditors Meeting Set September 27
--------------------------------------------
Notice is hereby given that the General Meeting of Creditors of
Tsang Sau Yam trading as Luen Fat Hong Trading Co. will be held
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on September 27,
2005 (Tuesday) at 10:00a.m Dated this September 16, 2005.

E T O'CONNELL
Official Receiver


MAGNUM INTERNATIONAL: 1H05 Net Loss Balloons to HK$7.9 Mln
----------------------------------------------------------
Magnum International Holdings Limited disclosed a net loss of
HK$7.914 million for the first half of this year, compared with
a net loss of HK$6.042 million a year earlier, Infocast News
relates.

Loss per share (LPS) was $0.0129. No interim dividend was
declared.

According to Chong Hing Securities Limited, Magnum International
Holdings Limited incurred a net loss of HK$6.26 million in the
year ended December 31, 2004, versus a net loss of HK$11.60
million a year earlier.

CONTACT:

Magnum International Holdings Limited
1301A 13/F Bank of America Tower
12 Harcourt Road Central Hong Kong
Phone: 27931898
Fax: 23047170


MARGAUX FINANCE: Court to Hear Liquidator's Application Oct. 3
--------------------------------------------------------------
Margaux Finance Limited advised that an application by the
Official Receiver and Provisional Liquidator of the company will
be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meeting of the creditors to be held on June 9, 2005
and the first meeting of contributories and the adjourned first
meeting of contributories held on June 9, 2005 and June 16, 2005
respectively, deciding the differences (if any) and making such
order of appointments as the court may think fit.

Date and Time of Hearing: October 3, 2005 (Monday) at 9:30 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 16th day of September 2005
E.T. O'CONNELL
Official Receiver & Provisional
Liquidator


SINOENERGY HOLDINGS: Court Issues Winding Up Order
--------------------------------------------------
Sinoenergy Holdings Limited whose place of business is located
at Rm 1803, 18th Floor, St. George's Building, 2 Ice House
Street Central, Hong Kong was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 7, 2005.

Date of Presentation of Petition: June 23, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


STARBOW HOLDINGS: Notes Unusual Price Movement
----------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Starbow Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The company has noted the recent decrease in the price of the
shares of the Company and wish to state that it is not aware of
any reasons for such decrease in price.

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09 of the Listing Agreement, which is or may
be of a price-sensitive nature.

Made by the order of the Board of Starbow Holdings Limited the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.

At the date of this announcement, the Board comprises two
Executive Directors, namely Mr. Chi Chi Hung, Kenneth and Mr.
Wong Hin Shek, Hans and three Independent Non-executive
Directors namely Mr. Chan Chi Yuen, Mr. Chun Jay and Mr. Lau Man
Tak.

By order of the Board
Starbow Holdings Limited
Chi Chi Hung, Kenneth
Director

Hong Kong, this September 16, 2005"

CONTACT:

Starbow Holdings Limited
Unit 905, 9/F
Asia Orient Tower
Tower Place
33 Lockhart Road
WanChai, Hong Kong
Phone: 28021822
Fax: 28051989
Web site: http://www.ecopro.net


TAT CHEONG: Prepares to Wind Up Operations
------------------------------------------
Tat Cheong Hong Builders and Engineers Limited whose place of
business is located at 10/F, Golden Crown Building, 18 Des Voeux
Road West, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 7, 2005.

Date of Presentation of Petition: July 6, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


WILLIE INTERNATIONAL: Posts HK$71 Mln 1H/2005 Net Loss
------------------------------------------------------
Willie International Holdings Limited posted a net loss of
HK$71.343 million for the first half of this year, versus a net
loss of HK$105.99 million a year earlier, Infocast News reports.

Loss per share (LPS) was HK$0.038. No interim dividend was
declared.

The Group is engaged in the in property investment and
development, investment holdings, provision of Internet and
Internet related services, investment in trading securities and
the provision of brokerage and financial services.

CONTACT:

Willie International Holdings Limite
32/F China United Centre
28 Marble Road
North Point, Hong Kong
Phone: 25206336
Fax: 25206123


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

AIR INDIA: Kuwait Renews Jet Lease Deal
---------------------------------------
Kuwait's Aviation Lease and Finance Co. (ALAFCO) has renewed a
lease agreement with loss-making carrier, Air India, Reuters
reports.

The Indian carrier signed a deal with ALAFCO, extending by three
more years an existing lease on two Airbus A310-300 planes. The
present agreement will expire in December this year.

Air India, one of India's four state airlines, currently leases
a total of four ALAFCO aircraft.

ALAFCO has eight aircraft on lease to airlines in China, India
and Malaysia, out of its 11-aircraft fleet.


BHARAT PETROLEUM: Earmarks US$91 Mln for Retail Expansion
---------------------------------------------------------
Embattled oil firm Bharat Petroleum Corporation (BPCL) said it
will invest around INR4 billion (US$91 million) by March 2006 to
add about 1,000 retail outlets mainly in the rural areas, Asia
Pulse reports.

BPCL Executive Director S Krishnamurti confirmed the oil firm
will allocate INR4 billion for a major push in the rural areas
and further penetration in urban regions and highways.

BPCL, which is currently struggling in the oil market, plans to
add about 200-250 retail outlets each in urban areas and
highways by this fiscal-end, apart from adding 1,000 for the
rural areas.

In a bid to secure enough oil supply, BPCL is considering taking
a stake in Singapore Petroleum Co. Ltd. (SPC). Media reports
revealed that the two parties are still in talks about a
possible deal.

CONTACT:

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


BPL LIMITED: Battery Division in Eveready Folder
------------------------------------------------
The BM Khaitan group will acquire BPL Limited's battery business
through Eveready Industries India (EIIL) for INR100-150 crore,
The Telegraph reports.

The sale deal is set to be announced today.

BPL was reportedly forced to dispose of its battery division due
to its financial woes.
Recently, banks and financial institutions led by ICICI Bank
cleared a corporate debt restructuring package of INR1,400 crore
for the company. BPL suffered a net loss of INR268.3 crore
during the 18-month period ended March 31, 2005. However, it has
reported a net profit of INR21.1 crore in the first quarter of
this fiscal. This was less than the bottomline of INR41.4 crore
in January-March 2005.

BPL enjoys a 10 percent share in the Indian dry cell battery
market and a 39 percent share in alkaline batteries.

Industry sources say the acquisition of BPL's battery business
will ease the competition for Eveready in the market. The
Khaitans are the market leader in the battery business in India.
In 2004-05, the company sold 1.1 billion batteries. It aims to
sell 2 billion batteries in the current fiscal year.

CONTACT:

BPL Limited
238, 3rd Phase Bommasandra Industrial Area
Bangalore, BG-562158
India
Phone: + 80 27832328
Fax: + 80 27833375


ORISSA STATE: Winding Up Process Looms
--------------------------------------
The government has decided to wind up state IT and
communications developer, Orissa State Electronic Development
Corporation (OSEDC), according to Newindpress.

The decision was made at a high-level meeting chaired by Public
Enterprises MInister K.V. Singhdeo. The meeting reviewed the
performance of PSUs under the Information Technology Department
and the progress achieved in the closure or restructuring of
sick public sector units.

Although OSEDC has equity participation of INR7.83 crore in 13
joint venture and assisted companies, four of them are under
liquidation while three have been rendered defunct and two
companies are sick. Only four companies OMTECK Electronics,
Ortel Communication, NBC Iswar India and IDCOL Software Limited
are running, though, in losses.

The OSEDC has also invested INR8.33 crore in five of its
subsidiaries including Elmark Limited, the only company in
operation. The Public Enterprises Department has recommended the
Government to privatize Elmark.

The accumulated loss of the corporation is INR17.5 crore taking
into account its investment in subsidiary and joint venture
companies. Interestingly, the strength of class-IV employees is
35.

The meeting decided to offer voluntary retirement packages to
the corporation employees before its closure. The corporation
has been running in losses since its inception.

CONTACT:

ORISSA STATE FINANCIAL CORPORATION (OSFC)
Corporate and Head Office
O.M.P. Square, Cuttack - 753003
Managing Director
Telephone : 91-671-2443659
E-mail : mdosfc@osfcindia.com, ctk_mdosfc@sancharnet.in
Web site : http://www.osfcindia.com


* India to Shut 'Chronically Sick' Public Firms, Rescue Others
--------------------------------------------------------------
The National Government will order the closure of chronically
sick public sector units (PSUs) and will step up efforts to
revive others, Reuters reports.

Heavy industries Minister Santosh Mohan Dev confirmed the
government is working to modernize and restructure sick public
sector companies.

Meanwhile, the government is planning to allow loss-making
public sector units to sell their surplus land and use the money
to finance their revival plans like in the case of the National
Textile Corporation (NTC).

Minister Dev said the funds raised through the sale of excess
land with a public sector undertaking would be ploughed back
into the same Company. He added the sale would be done in a
transparent manner.

Several loss-making PSUs own land in prime cities such as
Calcutta, Bangalore and Pune. With soaring prices of real
estate, the land owned by these companies command a huge
premium.

The government would revive all the sick PSUs that were
potentially viable but would have to close down those which are
not.

Of the 27 loss-making PSUs that had received state assistance to
pay salaries and other dues, 12 have already started making
enough money to pay their employees from their own pockets.


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

BANK MANDIRI: Extends Loans to Overseas Workers
-----------------------------------------------
State-owned lender Bank Mandiri will allocate up to IDR100
billion in loans to aid in the recruitment and travel expenses
of migrant workers planning to go abroad, reports the Jakarta
Post.

According to Bank Mandiri's director for small business Sasmita,
the funds, which would be released in the last quarter of this
fiscal year, wil be channeled through labor exporters with a 17%
annual interest, to be used to cover the recruitment and
departure fees of workers who will work in Hong Kong and Taiwan.

Migrant workers in countries in the Middle East, Malaysia and
Singapore would also find it easier to work with Bank Mandiri's
overseas branches and partner banks. Overseas workers send a
total of up to IDR1.5 trillion to relatives through Bank
Mandiri.

Bank Mandiri's participation in the labor sector has encouraged
exporters to recruit more skilled and semi-skilled workers to go
abroad. Sending workers abroad would not only increase
remittance from the labor sector, but would also raise the
country's foreign exchange from labor exports.

The loans would prevent workers and their relatives from selling
property or potential assets to finance their travel fees, or
going to loan sharks with irrational interest rates. It would
also increase the bank's micro-loans, which now stand at IDR1.5
trillion.

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


GARUDA INDONESIA: Signs IDR20.3-Trillion Contract to Buy Planes
---------------------------------------------------------------
National flag carrier PT Garuda Indonesia signed a IDR20.3
trillion contract to purchase 28 new aircraft from U.S. jet-
maker Boeing Co., Xinhua News reports.

The contract, which was signed by Garuda President Emirsyah
Satar and Boeing senior vice-president Dinesh Keskar last week,
entails that the Company would buy 10 Boeing 787-Dreamliners and
18 Boeing 737-New Generation airplanes to replace previously
ordered aircraft, which were older and outdated, according to
Garuda airline director Alex Maneklaran.

Garuda Indonesia is slated to replace five 737-400 planes with
the 18 new Boeing 737-800s next year, while the 10 Boeing 787-
Dreamliners would be operational by 2013. Operating the
Dreamliners would make the Company more competitive and cost-
efficient.

The airline has yet to decide how to finance the purchase.

Garuda Indonesia currently operates 51 Boeing aircraft and six
Airbus aircraft.

CONTACT:

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


PERTAMINA: Signs Cepu Block Contract with ExxonMobil
----------------------------------------------------
In a long-awaited end to a dispute that dragged for four years,
state oil and gas firm PT Pertamina finally signed a joint
venture contract with U.S. oil firm ExxonMobil Corp. to operate
an oil-rich block in Cepu, reports Asia Pulse.

Pertamina spokesman Abadi Poernomo said that the contract was
signed by sister company Pertamina EP (Exploration & Production)
Cepu and ExxonMobil unit Mobil Cepu Limited, together with oil &
gas regulatory agency BP Migas last Sept. 17, 2005. All the
points agreeed on would be specified in a joint operation
agreement between the two firms, which has yet to decide the
costs of production.

According to ExxonMobil, costs reached up to IDR4.57 trillion,
but Pertamina only approved IDR1.52 trillion.

The oil-rich block with almost 500 million barrels of oil
reserves is slated to increase Indonesia's daily oil output from
150,000 barrels per day to 200,000 barrels per day.

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: Installs Online System to Prevent Fuel Smuggling
-----------------------------------------------------------
State-owned oil firm PT Pertamina plans to install a real-time
online system of automated tank gauges (ATGs) in the hopes of
putting a stop to oil smuggling operations, the Jakarta Post
reports.

According to Pertamina Processing Unit V General Manager Syahrul
Arifin, the hope that the ATGS would be calibrated by the
Ministry of Industry and set up in the next two months. The
system's pilot project will be located in Balikpapan, where 23
ATGs would be installed, while 7 ATGS will also be installed in
Lawe Lawe (the site of a recent fuel smuggling ring).

But even if the ATGs are not calibrated, they could be used to
compare with manual metering records, which is being used to
determine the amounts of crude oil coming in and going out.

Pertamina officials currently check the gauges already installed
in Lawe Lawe every morning, and report the amounts to Balikpapan
by phone. The new system will allow officials to check the
amounts anytime.

Pertamina Chief of Public Relations Djauhari Kunsetianto said
that if the system works, then it would be expanded to the
Company's other refineries.


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

MEIJI YASUDA: To Release Report on Illegal Nonpayment Next Month
----------------------------------------------------------------
Meiji Yasuda Life Insurance Co. will publish a report on its
ongoing probe into illegal non-payments of insurance claims
around October 10, Kyodo News reports.

The scandal-hit insurance company originally planned to issue
the report by a special investigation committee comprising
experts from outside the company on September 20.

The Company explained that the suspension is due to the increase
in the number of investigations into nonpayment cases. It added
that disciplinary action against those involved in the
nonpayment scandal will be postponed until mid-October as well.

Meiji Yasuda, created through a merger of Meiji Life Insurance
Co. and Yasuda Mutual Life Insurance Co. in January 2004,
punished 69 executives and rank-and-file employees in March.

CONTACT:

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


NIPPON SHINPAN: To Boost Loan-Loss Reserves by JPY27 Bln
--------------------------------------------------------
Nippon Shinpan Co. plans to boost loan-loss reserves by JPY27
billion as it becomes a core company under a new banking group
to be created through the merger between Mitsubishi Tokyo
Financial Group Inc. and UFJ Holdings Inc. on October 1,
according to Reuters.

Loan Loss Reserves are funds set aside in the form of cash
reserves or through accounting-based accrual reserves that serve
as a cushion to protect an organization against potential future
losses.

The credit card company is also set to merge with UFJ Card Co.
on Oct. 1 to become UFJ Nicos Co., a core credit card unit of
Mitsubishi UFJ Financial Group Inc. UFJ Nicos will then become a
subsidiary of a new bank, to be created in January 2006 through
the merger between Bank of Tokyo-Mitsubishi and UFJ Bank.

Nippon Shinpan will introduce the stricter debtor categories
based on the Financial Services Agency's inspection manuals, it
said.

As a result of the increase in the loan-loss reserves and the
liquidation of real estate and insurance agency businesses,
Nippon Shinpan decided to report 38 billion yen in extraordinary
losses and revised down its consolidated net profit estimate to
JPY18 billion from JPY36 billion for the year to March 2006.

CONTACT:

Nippon Shinpan Co. Ltd.
Address:  33-5, 3-chome, Hongo, Bunkyo-ku
Tokyo 113-8411, Japan
Phone: +81-3-3811-3111
Fax: +81-3-3817-8775


SOFTBANK CORPORATION: Networks to Tie Up on Net-based Programs
--------------------------------------------------------------
Softbank Corporation is in the final stage of negotiations for
distributing through its Internet service the programs of six
major television broadcasters, Kyodo News relates.

The company wants to launch a full-scale service as early as
next spring, the sources said.

Softbank owns Japan's largest Internet portal site operator
Yahoo Japan Corporation.

CONTACT:

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


SUMITOMO MITSUI: Moody's Reviews Rating
---------------------------------------
Moody's Investors Service has placed its E+ bank financial
strength rating (BFSR) of Sumitomo Mitsui Banking Corporation
(SMBC) on review for upgrade.

All long-term ratings of the bank, including the senior
unsecured debt, deposit, and other long-term ratings --
including those for keep-well letter supported subsidiaries --
are affirmed. Short-term ratings for these institutions are
unaffected by the review.

The upward review of SMBC's BFSR reflects Moody's expectation
that the bank's reduced risk profile, coupled with its unchanged
fundamental operating profitability, will now better position it
to improve its currently weak capitalization. In Moody's view,
SMBC's concentration and credit risk profile has been improving,
with lesser likelihood of high volatilities demonstrated in the
past.

However, SMBC's capitalization structure is still very much
constrained, as evident in its relatively low Tier I ratio and
high proportion of deferred tax assets. While the bank's planned
reduction of government-held preferred shares will ultimately
help improve its strategic autonomy, adequate consideration of
its current capital constraints against its evolving risk
appetite in designing its future capitalization strategy is very
important to maintaining market perception.

The review will focus on SMBC's ability to improve its
capitalization flexibility in order to compete effectively with
other megabanks. Particular focus will be given to the rapidity
at which SMBC could narrow its lag in capitalization with other
megabanks, and, thus, to its ability to manage down government-
held preferred shares without undermining its overall capital
level against evolving risk appetite.

The following ratings were placed on review for possible
upgrade:

Sumitomo Mitsui Banking Corporation: E+ bank financial strength
rating


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


TOSHIBA CORPORATION: Declares Interim Dividend
----------------------------------------------
Toshiba Corporation announced that its Board of Directors,
meeting on September 16, provisionally decided to pay an interim
dividend of JYP3 per share for the first half of the fiscal year
ending March 31, 2006.

The year-end dividend for the fiscal year ending March 31, 2006
is not decided.

Note: For reference, the dividend for the previous fiscal year,
to March 31, 2005, was as below.

                       Interim Dividend    Year-End Dividend
Total Dividend
Dividend for fiscal        2 yen            3 yen    5 yen
year to March 31, 2005
(per share)

CONTACT:

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


UFJ BANK: Moody's Upgrades Rating to D-
---------------------------------------
Moody's Investors Service has upgraded the bank financial
strength ratings (BFSR) of UFJ Bank Limited (UFJBK) and UFJ
Trust Bank, Limited (UFJTB) to D- from E+ and placed them on
review for possible further upgrade.

Moody's has also placed on review for possible upgrade the D-
BFSRs of Bank of Tokyo-Mitsubishi Ltd. (BTM) and Mitsubishi
Trust and Banking Corporation (MTBC). All long-term ratings of
these banks, including the senior unsecured debt, deposit and
other long-term ratings -- including those for keep-well letter
supported subsidiaries -- are affirmed. Short-term ratings for
these institutions are unaffected by the review.

Moody's equalization of BFSRs among these banks is prompted by
the forthcoming merger of their holding companies, Mitsubishi
Tokyo Financial Group Inc. (MTFG) and UFJ Holdings Inc. into
Mitsubishi UFJ Financial Group, Inc. (MUFG) on October 1, 2005.
It also incorporates the merger on the same day of UFJTB and
MTBC into Mitsubishi UFJ Trust and Banking Corporation (MUTB) --
at which time all ratings of UFJTB will be withdrawn -- and
Moody's expectation that the integration of the group's two
commercial banks, BTM and UFJBK, will take place as scheduled on
January 1, 2006.

The upward reviews of the four banks' BFSRs are prompted by
Moody's view that combined MUFG's credit expenses will be more
stable than those currently existing as a result of a
significant downsizing of UFJBK's balance sheet risk. While the
costs associated with these risk reduction measures have eroded
these banks' standalone capitalization, Moody's thinks these
measures will strongly add to reducing credit expense
volatility. BTM and MTBC's solid performances for FYE3/2005 are
also incorporated in the decision to review.

While the re-capitalization of UFJBK by MTFG weakened the
latter's capitalization, MTFG's solid net profit for FYE3/2005
and additional re-capitalization measures have mitigated
downward pressure on its capital. With a strong franchise and
reduced balance sheet risk at MUFG, Moody's will expect upward
pressure on BFSRs for BTM, MTBC and UFJBK.

The reviews will focus on the appropriate level of BFSR for a
banking group of such large size and strong market presence.
Credit implications of MUFG's plan to repurchase more than JPY1
trillion of preferred shares purchased by the government will be
also examined. Moody's will also determine the BFSR by assessing
the long-term operating environment for banks in Japan and
comparing capitalization and operating profitability with
similarly rated banks outside Japan.

The following ratings were upgraded:

UFJ Bank, Limited: bank financial strength rating to D- from E+

UFJ Trust Bank, Limited: bank financial strength rating to D-
from E+

The following ratings were placed on review for possible
upgrade:

UFJ Bank, Limited: D- bank financial strength rating

UFJ Trust Bank, Limited: D- bank financial strength rating

The Bank of Tokyo-Mitsubishi Ltd.: D- bank financial strength
rating

The Mitsubishi Trust and Banking Corporation: D- bank financial
strength rating

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


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

SK NETWORKS: To Build 12 Gas Stations in China
----------------------------------------------
SK Networks Co. scored a construction deal in China to build 12
gas stations in the Chinese province of Liaoning, says Asia
Pulse.

The municipality of Dandong has allowed the company to build the
stations in a deal signed with SK Networks holding company in
China.  With the deal, the company also hopes to do promising
joint projects in the future.

The parties also agreed to co-establish a US$12 million-invested
joint limited corporation in an effort to smoothly carry out the
gas station project in the city.

Dandong is a strategic stronghold in trading, as it acts as a
trade channel between China and North Korea. The border city is
expected to serve as a bridgehead for future North Korea-related
business operations, company officials said.

"Dandong City officials reviewed more than 200 foreign bidders
for the project," company officials said.

They added that the municipal authorities viewed highly SK
Network's understanding of the local market.

SK Networks recently inked a deal to build 12 gas stations in
Shenyang in June.

In July the company signed a letter of intent to build a heavy
oil processing plant in Taizhou, Zhejiang Province.

CONTACT:

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


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

AFFIN HOLDINGS: Issues New Shares for Listing
---------------------------------------------
Affin Holdings Berhad advised that its additional 70,000 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., Tuesday, September 20,
2005.

CONTACT:

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


AMSTEEL CORPORATION: SC Extends Deadline to Proposal Completion
---------------------------------------------------------------
The Boards of Directors of Amsteel Corporation Berhad (ACB) and
Lion Corporation Berhad (LCB) jointly announce that following an
application made by ACB and LCB, the Securities Commission has
granted a final approval to ACB and LCB to extend the deadline
to complete the following proposals contemplated under the GWRS
(details of which are particularised in the respective company's
Circular to Shareholders dated January 9, 2003) to January 9,
2006:

(a) For ACB, the issue of approximately 251.92 million new four
and a half year warrants (Warrants) to shareholders of ACB at
the issue price of MYR0.10 per Warrant; and

(b) For LCB, the renounceable restricted offer for sale of up to
approximately 67.61 million ordinary shares of MYR1.00 each in
ACB (Offer Shares) by LCB to the eligible shareholders of ACB at
the offer price of MYR1.00 per Offer Share.

This announcement is dated 16 September 2005.

CONTACT:

Amsteel Corporation Berhad
Level 46, Menara City Bank, 165,
Jalan Ampang, Kuala Lumpur
Wilayah Persekutuan 50450 Malaysia
Telephone:  03-21622155
Fax: 03-21623448


ANTAH HOLDING: Disposes Of Unit's Shares
----------------------------------------
Antah Holding Berhad (Antah Holdings) issued to Bursa Malaysia
Securities Berhad details of the Proposed Disposal of 11,000,000
Ordinary Shares Of MYR1.00 each in Antah Sri Radin Sdn Bhd (ASR)
representing the Entire Issued and Paid-Up Share Capital Of ASR
by Antah Holding to Allied Corporate Resources Sdn Bhd (Allied)
for a Cash consideration of 3,900,000 (Proposed Disposal).

Further to the Company's announcement on June 28, 2005, the
Company advised that Antah has received notification from Allied
that the disposal has been completed and ASR has ceased to be a
subsidiary of the Company thereafter.

This announcement is dated 16 September 2005.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


CHASE PERDANA: Still in Talks with Trustee for RCULS
----------------------------------------------------
Further to the announcement made on August 18, 2005 pursuant to
PN1 of the Listing Requirements of Bursa Malaysia Securities
Berhad, the Board of Directors of Chase Perdana Berhad (CPB)
advised that CPB is still in discussions with all the Redeemable
Convertible Secured Loan Stock (RCSLS) and the trustee for the
Redeemable Convertible Unsecured Loan Stock (RCULS) holders,
with regard to the rescheduling of the second anniversary
redemption to RCSLS holders and 3.5 percent coupon payments to
both RCSLS and RCULS holders due July 18, 2005.

This announcement is made on 16 September 2005.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2718 3700
Fax: +60 3 2094 0503


CONSOLIDATED FARMS: SC Junks Proposed Restructuring Scheme
----------------------------------------------------------
Consolidated Farms Berhad (Consfarm) issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

- Proposed Acquisition of Bun Seng Group;

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Debt Settlement;

- Proposed Special Issue;

- Proposed Distribution by the Major Shareholders;

- Proposed Restricted Issue;

- Proposed Offer for Sale;

- Proposed Transfer of Listing Status; and

- Proposed Disposal of Consfarm

(collectively, the Proposed Restructuring Scheme)

The company refers to the announcement dated March 31, 2005 in
relation to the Proposed Restructuring Scheme.

On behalf of the Board of Directors of ConsFarm, Avenue
Securities Sdn Bhd disclosed that the Securities Commission (SC)
had, vide its letter dated September 13, 2005 (which was
received on September 15, 2005), informed that the Proposed
Restructuring Scheme was not approved as the SC is of the view
that the Proposed Restructuring Scheme is not a comprehensive
proposal capable of resolving all the financial issues faced by
ConsFarm.

The Board of Directors of ConsFarm will deliberate on the next
course of action to be taken and an announcement will be made in
due course. Pursuant to Paragraph 17.04 of the SC's Policies and
Guidelines on Issue/Offer of Securities, ConsFarm may make an
application for a review of the abovementioned SC's decision
within 30 days from September 13, 2005.

This announcement is dated 16 September 2005.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


FOUNTAIN VIEW: Bourse to Grant Listing, Quotation of New Shares
---------------------------------------------------------------
Fountain View Development Berhad advised that its additional
1,730,000 new ordinary shares of MYR1.00 each issued pursuant to
the conversion of 1,730,000 Irredeemable Convertible Unsecured
Loan Stocks 2003/2006 into 1,730,000 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, September 20, 2005.


GULA PERAK: New Shares Up for Listing, Quotation
------------------------------------------------
Gula Perak Berhad advised that its additional 187,738,861 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of 187,738,861 Irredeemable Convertible Secured Loan
Stocks 2000/2005 into 187,738,861 new ordinary shares will be
granted listing and quotation with effect from 9:00 a.m.,
Tuesday, September 20, 2005.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


KYM HOLDINGS: Posts MYR2,225,000 2Q Net Loss
--------------------------------------------
KYM Holdings Berhad furnished Bursa Malaysia Securities Berhad
its unaudited second quarter financial report of the financial
period ended July 31, 2005.

Summary of Key Financial Information
July 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/07/2005    31/07/2004      31/07/2005     31/07/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    17,482        19,940          34,155         38,932

(2) Profit/(loss) before tax

    -2,288        -1,978          -5,059         -3,655

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

    -2,225        -2,150          -4,891         -4,195

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

    -2,225        -2,150          -4,891         -4,195

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

    -2.74          -2.65          -6.03          -5.17

(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)

    0.0800                    0.1400

To view a full copy of the financial report, click
http://bankrupt.com/misc/KYMHoldings091605.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/KYMNotestoFS091605.doc

CONTACT:

KYM Holdings Bhd
12, Lorong Medan Tuanku Satu,
Kuala Lumpur Wilayah Persekutuan 50300
Malaysia
Telephone: 03-26922923
Fax: 03-26928352


LION CORPORATION: SC OKs Restructuring Exercise
-----------------------------------------------
The Board of Directors of Lion Corporation Berhad (LCB) and
Amsteel Corporation Berhad (ACB) jointly announce that following
an application made by LCB and ACB, the Securities Commission
has granted a final approval to LCB and ACB to extend the
deadline to complete the following proposals contemplated under
the Corporate and Debt Restructuring Exercises (GWRS) (details
of which are particularized in the respective company's Circular
to Shareholders dated January 9, 2003) to January 9, 2006:

(a) For LCB, the renounceable restricted offer for sale of up to
approximately 67.61 million ordinary shares of MYR1.00 each in
ACB (Offer Shares) by LCB to the eligible shareholders of ACB at
the offer price of MYR1.00 per Offer Share; and

(b) For ACB, the issue of approximately 251.92 million new 4
years warrants (Warrants) to shareholders of ACB at the issue
price of MYR0.10 per Warrant.

This announcement is dated 16 September 2005.

CONTACT:

Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155
Fax: +60 3 2162 3448


MALAYAN UNITED: Shareholders Approve EGM Resolutions
----------------------------------------------------
Malayan United Industries Berhad (MUIB) issued to Bursa Malaysia
Securities Berhad details on the proposed disposal by four (4)
wholly owned subsidiaries of Corus Hotels Plc, a 99.9 percent-
owned subsidiary of MUIB, of eight (8) hotels to Swallow Hotels
Limited for a total cash consideration of GBP32.8 million
(equivalent to approximately MYR227.3 million) (Proposed
Disposal).

PM Securities Sdn. Bhd. (PM Securities), on behalf of the
Company, advised the exchange that the Company's shareholders
have approved the resolution, as set out in the Notice of
Extraordinary General Meeting (EGM) dated September 1, 2005, in
relation to the Proposed Disposal at the EGM of MUIB.

It was announced on July 27, 2005 that the sales of the
remaining two (2) hotels, namely, The Telford Golf & Country
Club and the Plough & Harrow Hotel, were expected to be
completed within one (1) month from the date of the said
announcement.

In this regard, as the consents of third parties have yet to be
fully executed, the sales of The Telford Golf & Country Club and
the Plough & Harrow Hotel are now expected to be completed
within two (2) months from the date of this announcement.

This announcement is dated 16 September 2005.

CONTACT:

Malayan United Industries Bhd
14th Floor, MUI Plaza, Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Telephone: 03-21482566
Fax: 03-31689117,03-31670211


MYCOM BERHAD: SC Extends Restructuring Implementation
-----------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Mycom Berhad (Mycom), advised Bursa Malaysia
Securities Berhad that the Securities Commission (SC) had vide
its letter dated September 15, 2005, which was received on
September 16, 2005, approved the application for an extension of
time of three (3) months from September 30, 2005 to December 31,
2005 to complete the implementation of the Restructuring Scheme
without any conditions attached.

The SC has also reminded Alliance/Mycom that Mycom must take
firm actions to complete the implementation of the Restructuring
Scheme within the approved time frame.

This announcement is dated 16 September 2005.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
Fax: +60 3 2072 3996


MYCOM BERHAD: Seeks Shareholders Approval to Proposals
------------------------------------------------------
Mycom Berhad issued to Bursa Malaysia Securities Berhad an
update to the following proposals:

(1) Proposed renewal of shareholders' mandate for recurrent
related party transactions of a revenue or trading nature

(2) Proposed new shareholders' mandate for recurrent related
party transactions of a revenue or trading nature

(3) Proposed renewal of general mandate for financial assistance

The Board of Mycom Berhad (Mycom) disclosed that, pursuant to
Paragraph 10.09 of the Listing Requirements of Bursa Securities
Malaysia Berhad, the Company would be seeking its shareholders'
approval for a proposed renewal and a new shareholders' mandate
for recurrent related party transactions of a revenue or trading
nature as well as a proposed renewal of a general mandate for
financial assistance vide an ordinary resolution to be tabled at
the forthcoming 38th Annual General Meeting of Mycom to be
convened.

A circular to shareholders containing the details of the
proposals will be issued in due course.


NAIM INDAH: Issues New Shares for Listing, Quotation
----------------------------------------------------
Naim Indah Corporation Berhad advised that its additional
200,000 new ordinary shares of MYR0.20 each arising from the
conversion of 200,000 Nominal Value of MYR0.20 Irredeemable
Convertible Unsecured Loan Stocks 2003/2006 into 200,000 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Tuesday, September 20, 2005.


OLYMPIA INDUSTRIES: Proposals Win Bourse's Nod
----------------------------------------------
Further to the announcement dated July 19, 2005, Alliance
Merchant Bank Berhad (Alliance) on behalf of the Board of
Directors of Olympia Industries Berhad (OIB) advised Bursa
Malaysia Securities Berhad that the Securities Commission (SC)
has, vide its letter dated September 15, 2005 (which was
received on 16 September 2005), approved the proposals as
follows:

(i) Extension of time of three (3) months from 30 September 2005
to December 31, 2005 to complete the implementation of the
Restructuring Scheme;

(ii) Extension of time of three (3) months from 31 December 2005
to March 31, 2006 for Jupiter Securities Sdn Bhd to merge with
at least one other stockbroking company; and
(iii) The variation to the term of approval pertaining to the
Proposed HSSB Acquisition as below.

As originally approved by the SC Proposed Revision The HSSB
Acquisition can only be implemented if the land held by HSSB
(i.e Lot 243 as defined below) is free of any demand, charge,
lien, caveat, encumbrances and equity conditions.

The shares to be issued by OIB as consideration for the Proposed
HSSB Acquisition is to be deposited into a stakeholder's account
on behalf of Bukit Seremban Jaya Sdn Bhd, the vendor of HSSB.

The SC's approval is subject to the following conditions:

(i) Alliance and the stakeholder are required to furnish the SC
a confirmation that the stakeholder is independent of the
parties involved in the Proposed HSSB Acquisition prior to the
implementation of the same;

(ii) The stakeholder is required to furnish an undertaking to
the SC that the shares to be issued by OIB as consideration for
the Proposed HSSB Acquisition shall not be sold, transferred,
assigned or administered in whatever manner until the land known
as PT No.243. Mukim Petaling Jaya, Selangor (Lot 243) is free of
any demand, charge, lien, caveat, encumbrances and equity
conditions;

(iii) Alliance and OIB are required to furnish an undertaking to
the SC that in the event Lot 243 is not free of any demand,
charge, lien, caveat, encumbrances and equity conditions prior
to one (1) year from the maturity of the Irredeemable
Convertible Bonds (ICB) or the outcome of the legal proceedings
in relation to Lot 243 is not in favour of the vendors of
HSSB/OIB, whichever is earlier, the OIB shares so issued as
consideration for the Proposed HSSB Acquisition shall be
cancelled by OIB;

(iv) Alliance and OIB are required to ensure that in the event
approvals from all the relevant parties, i.e, the lenders,
shareholders of OIB, etc. are required to be sought again for
the implementation of the Proposed HSSB Acquisition,
nothwithstanding Lot 243 is not free of any demand, charge,
lien, caveat, encumbrances and equity conditions, such approvals
are required to be obtained prior to the implementation of the
Proposed HSSB Acquisition;

(v) Alliance and OIB are required to ensure that the issuance of
OIB shares as consideration for the Proposed HSSB Acquisition,
nothwithstanding Lot 243 is not free of any demand, charge,
lien, caveat, encumbrances and equity conditions, is not in
contravention of any laws, regulations, orders and other
relevant requirements that govern the said transaction;

(vi) Alliance and OIB are required to ensure that the completion
of the Proposed HSSB Acquisition, nothwithstanding Lot 243 is
not free of any demand, charge, lien, caveat, encumbrances and
equity conditions, is not in contravention of any laws,
regulations, orders and other relevant requirements that govern
the said transaction; and

(vii) The vendor of HSSB is required to bear all relevant cost
involved in ensuring that Lot 243 is free from any demand,
charge, lien, caveat, encumbrances and equity conditions.

The SC has also reminded Alliance/OIB that OIB must take firm
actions to complete the implementation of the Restructuring
Scheme within the approved time frame.

This announcement is dated 16 September 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PILECON ENGINEERING: Hires Adviser for Proposed Exemption
---------------------------------------------------------
Bursa Malaysia Securities Berhad refers to the announcement
dated September 13, 2005 by Alliance Merchant Bank Berhad, on
behalf of Pilecon Engineering Berhad (Pilecon), in respect of
the application to the Securities Commission (SC) by Tradefast
and the person acting in concert with it, namely Mr. Tan Hock
Keng, for a proposed exemption from a mandatory offer obligation
under Practice Note 2.9.1 of the Code (Proposed Exemption).

Subject to the approval of the SC, the Board of Directors of
Pilecon has on September 15, 2005 appointed K&N Kenanga Bhd as
the Independent Adviser to advise the non-interested directors
and non-interested shareholders of Pilecon in relation to the
Proposed Exemption. The independent advice letter to be issued
by the Independent Adviser would also be subject to the approval
of the SC.

This announcement is dated 16 September 2005.

CONTACT:

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


POLYMATE HOLDINGS: Unit to Restructure Banking Facilities
---------------------------------------------------------
Polymate Holdings Berhad advised Bursa Malaysia Securities
Behrad that along with its wholly owned subsidiary, Polymate
Industries (M) Sdn Bhd (PISB) were served with writs of summons
on September 16, 2005 relating to a claim by Alliance Bank
Malaysia Berhad (AllianceBank) for principal and interest of
banking facilities (namely Term Loan I and Term Loan II) for a
total outstanding amount of MYR4,223,984.96 as at July 1, 2005
owed by PISB.

The Company had approached AllianceBank to negotiate on the
restructuring of the banking facilities of its subsidiary
companies and since then has provided AllianceBank with a
proposal on the restructuring of the said banking facilities.

The Company's solicitors are looking into the matter.


CHEMQUEST MANAGEMENT: To Undergo Winding Up Process
---------------------------------------------------
PPB Group Berhad issued to Bursa Malaysia Securities Berhad
details on the winding-up of its indirect subsidiary, Chemquest
Management Services Sdn Bhd (CQM).

(1) Introduction

Pursuant to Paragraph 9.19(20), Part J of Chapter 9 of the
Listing Requirements of Bursa Malaysia Securities Berhad, PPB
Group Berhad (PPB) informed the appointment of Mr. Tang Kin
Kheong and Ms Gan Morn Ghuat of Messrs Moores Rowland as
liquidators of CQM (the Winding-up) on September 16, 2005.

(2) Information on CQM

CQM was incorporated in Malaysia on April 3, 1997. The
authorized share capital of CQM is MYR100,000/- comprising
100,000 ordinary shares of MYR1.00 each, of which 100,000
ordinary shares have been issued and fully paid-up.

CQM is a wholly owned subsidiary of Chemquest Sdn Bhd (CQSB), a
55 percent subsidiary of PPB.

(3) Rationale for the Winding-Up

The principal activities of CQM were provision of management
support and consultancy services and investment holding and it
is presently inactive.

(4) Financial Effects of the Winding-Up

(a) Share Capital

The Winding-up will not have any effect on the share capital and
shareholding structure of PPB.

(b) NTA (Net Tangible Assets)

The Winding up will not have a material effect on the NTA of the
PPB Group based on its latest audited consolidated balance sheet
as at December 31, 2004.

(c) Earnings

The Winding-up is not expected to have a material effect on the
earnings of the PPB Group for the financial year ending December
31, 2005.


PUNCAK NIAGA: Inks MoU with WWE Holdings
----------------------------------------
Puncak Niaga Holdings Berhad (416087-U) (Puncak) advised Bursa
Malaysia Securities Berhad on the Memorandum of Understanding
between Puncak and WWE Holdings Bhd (WWE).

(1) Introduction

The Board of Directors of Puncak advised that it had on
September 16, 2005 entered into a Memorandum of Understanding
(MOU) with WWE to facilitate both companies' joint participation
in water, wastewater and other related environmental projects in
the Kingdom of Saudi Arabia.

(2) Background Information on Puncak and WWE

Puncak was incorporated on January 7, 1997 under the Malaysian
Companies Act, 1965. Puncak is an investment holding company
with interest in infrastructure activities specializing in water
treatment engineering and water related activities. It is listed
on the Main Board of Bursa Malaysia under the Infrastructure
Project Companies sector.

WWE was incorporated under the Malaysian Companies Act, 1965 on
May 27, 1989. WWE specializes in water, wastewater,
environmental engineering as well as management of waste, solid
waste and waste to energy. It is listed on the Second Board of
Bursa Malaysia under the Trading/Services sector.

WWE had established a 100 percent wholly owned foreign branch
also named WWE Holdings Bhd (WWE Foreign Branch), in the Kingdom
of Saudi Arabia on April 19, 2005.

(3) Information On The MOU

The MOU records both companies' understanding on the joint
participation in the tender exercises and undertaking projects
relating to water, wastewater and other related environmental
projects in the Kingdom of Saudi Arabia ('the Projects') through
WWE's Foreign Branch.

Upon execution, the MOU shall remain valid for a period of
twelve (12) months, except as otherwise mutually agreed in
writing by Puncak and WWE.

All other terms of the MOU are as privately agreed between
Puncak and WWE.

(4) Rationale

The execution of the MOU is synergistic to the existing
businesses of Puncak and WWE since it enables both Puncak and
WWE to jointly participate in potential water, wastewater and
other related environmental projects in the Kingdom of Saudi
Arabia.

The execution of the MOU marks Puncak Group's entry into the
water industry in the Kingdom of Saudi Arabia following the
Company's earlier venture into India via the Chennai Project in
line with its Vision "To Be The Leading And Dynamic Integrated
Water Services Company".

(5) Financial Effects

The execution of the MOU will not have any effect on the issued
and paid up share capital of Puncak as well as the shareholdings
of the substantial shareholders of Puncak.

The execution of the MOU is also not expected to have a material
effect on the earnings and net tangible assets of Puncak and its
Group of Companies for the financial year ending December 31,
2005.

(6) Directors' And Major Shareholders' Interests

YBhg Tan Sri Dato' (Dr) Rozali Bin Ismail, the Executive
Chairman and major shareholder of Puncak holding 41.28 percent
equity interest in Puncak is also the Executive Chairman and
major shareholder of WWE holding 31.44 percent equity interest
in WWE.

As such, since YBhg Tan Sri Dato' (Dr) Rozali Bin Ismail is
deemed interested in the MOU, he shall abstain and will continue
to abstain from all deliberations and vote in respect of the MOU
in both Puncak and WWE respectively.

YBhg Dato' Mat Hairi Bin Ismail, the younger brother of YBhg Tan
Sri Dato' (Dr) Rozali Bin Ismail is the Managing Director and
major shareholder of WWE holding 31.44 percent equity interest
in WWE. He is also a former Director of Puncak who resigned on
3rd January 2005 and has 0.005 percent equity interest in
Puncak. As such, since YBhg Dato' Mat Hairi Bin Ismail is deemed
interested in the MOU, he shall abstain and will continue to
abstain from all deliberations and votings in respect of the MOU
in WWE.

Save as disclosed above, none of the other Directors, major
shareholders and/or persons connected with a Director or a major
shareholder of Puncak have any interest, direct or indirect, in
the MOU.

(7) Statement By The Board of Directors

The Board of Directors of Puncak, with the exception of YBhg Tan
Sri Dato' (Dr) Rozali Bin Ismail, is of the opinion that the
execution of the MOU between Puncak and WWE, is in the best
interest of Puncak and its shareholders and has not departed
from the Policies and Guidelines of the Securities Commission.

This announcement is dated 16 September 2005.

CONTACT:

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


TRU-TECH HOLDINGS: Fails to Pay Monthly Dues
--------------------------------------------
On behalf of Tru-Tech Holdings Berhad (Tru-Tech), Avenue
Securities Sdn Bhd informed Bursa Malaysia Securities Berhad
that the Company will not be able to make the monthly deposit of
MYR1,500,000 due on September 17, 2005 into the sinking fund
account maintained for the purposes of redemption of the RULS,
due to Tru-Tech's current tight cash flow position (Deposit
Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 17, 2003.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at August 31, 2005 is set
out in Table 1 of the Appendix to this announcement.

Click to view a copy of Table 1
http://bankrupt.com/misc/Tru-techHoldings091605.xls

This announcement is dated 16 September 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


UNITED MALAYAN: Buys Back New Shares
------------------------------------
United Malayan Land Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: September 16, 2005

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

Total number of shares purchased (units): 100

Minimum price paid for each share purchased (MYR): 0.935

Maximum price paid for each share purchased (MYR): 0.935

Total consideration paid (MYR): 106.54

Number of shares purchased retained in treasury (units): 100

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

Cumulative net outstanding treasury shares as at to-date
(units): 357,200

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


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

BENPRES HOLDINGS: Finance Officer Resigns
-----------------------------------------
Benpres Holdings Corporation advised that the resignation of Mr.
Jorge A. Lichauco as Chief Finance Officer of the Corporation
took effect as of September 15, 2005.

Mr. Salvador G. Tirona replaces Mr. Jorge A. Lichauco as Chief
Finance Officer. Mr. Tirona is a director of Bayan
Telecommunications Holdings Corporation and Bayan
Telecommunications Inc. He was also the Chief Finance Officer of
Bayan. These two companies and headed the key support groups of
finance, controllership, logistics and legal. Prior to joining
Bayantel, he played a critical and strategic role as CFO of
Maynilad Water Services Inc., particularly in implementing its
rehabilitation plan. Before that, he was a veteran executive in
the automotive industry, the last post of which was SVP and
General manager for Asian Carmakers Corp. & Columbian Autocar
Corp. He also has stints with First Malayan Leasing Corp. and
Makati Leasing & Finance Corp. He was formerly an executive
officer of the Asset Privatization Trust, and had concurrent
board of director positions in several key companies, a partial
list of which includes Prime White Cement Corp., Island Cement
Corp., National Housing Corp., Pantranco North Express, Inc.
among others. Mr. Tirona is a product of the Ateneo De Manila
University with A.B. Economics and MBA degrees from said
institution.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


LEPANTO CONSOLIDATED: Dismissed Workers Lauded for 'Sacrifice'
--------------------------------------------------------------
Benguet Governor Borromeo Melchor praised the officers of the
Lepanto Employees Union (LEU) for making the "supreme sacrifice"
of voluntarily severing their employment to end the three-month
labor dispute with Lepanto Consolidated and Mining Company
(LCMC), SunStar Daily reports.

The governor thanked the 19 union officials for making the
critical decision that ended the strike that that bugged not
only LCMC but the Provincial Government as well.

The governor however emphasized that management should grant
dismissed mine workers the benefits due them.

To give them the chance to seek employment in other companies,
Gov. Melchor also advised Lepanto not to blacklist the
employment records of the union leaders. He also asked both
parties to involve local governments concerned in the signing of
agreements, particularly the collective bargaining agreement
(CBA), to give the latter background on whatever deal the
employer and employees have entered into.

Members of the Provincial Board also approved on first reading a
resolution commending the LEU and Lepanto for amicably solving
the labor dispute.

A memorandum of agreement signed last week has ended the three-
month labor row between the management of Lepanto and its union.

The MOA also provides that disputing parties drop charges and
countercharges they filed against each other and that all LEU
members who have been fired by reason, or in relation to the
strike, shall be reinstated back to work.

It was also agreed that the LEU shall refrain from executing
acts that would violate the industrial peace and that Lepanto
shall not take any retaliatory actions against members who are
rehired.

CONTACT:

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


NATIONAL POWER: Works to Reduce Use of Oil-fired Plants
-------------------------------------------------------
National Power Corporation (Napocor) is stepping up efforts to
lessen its utilization of oil-fired power plants, according to
The Philippine Star.

The state-run power firm is working hard to meet its target of
slashing the share of its oil-fired facilities in the energy
generation mix to a single-digit level of only 6.81 percent this
year amid surging crude oil prices in the global market.

In the first semester, Napocor managed to cut the share of
diesel-fired plants in its generation mix to only 10.19 percent.
This is significantly lower than the 15.84 percent generation
mix share reported during the same period in 2004.

The generation mix refers to the proportion of the different
fuel types (such as coal, steam, natural gas, etc.) that Napocor
uses in producing electricity.

For the remainder of the year (or from August to December 2005),
Napocor plans to further cut the share of oil-based power plants
to a single-digit level, specifically to only 6.81 percent. This
is almost half the 2004 figure of 13.7 percent.

For full year 2005, Napocor is projecting to reduce the share of
oil-based plants in the total generation mix to only 8.44
percent. This is a significant improvement over the 2004 figure
of 13.17 percent.

CONTACT:

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


NATIONAL POWER: May Hike Rates by Php0.19/kWh
---------------------------------------------
National Power Corporation is likely to raise its selling rates
by an average of Php0.19 per kilowatt-hour (kWh) nationwide once
the Energy Regulatory Commission (ERC) approves its fuel cost
and foreign exchange cost recovery applications, The Philippine
Daily Inquirer has learned.

In the latest joint filings of Napocor and the Power Sector
Assets and Liabilities Management Corp. (PSALM), the state power
firm is seeking adjustments of 20.49 centavos per kWh in Luzon,
25.28 centavos per kWh in the Visayas and 11.19 centavos per
kWh.

The rate adjustments will cover the recovery of costs under
Napocor's generation rate adjustment mechanism (Gram) and
incremental currency exchange rate adjustment  (Icera).

Both filings, the fifth for the Gram and the fourth for the
Icera, cover incremental costs incurred from October last year
to March this year.

The fifth Gram filing likewise includes the amounts to be
recovered from the Luzon and Mindanao grids, as well as the
amount to be refunded to the Visayas grid.

The recoveries and refund stemmed from the ERC's final decision
on the Napocor-Psalm joint application for time of use (TOU)
rates.


NATIONAL TRANSMISSION: Government OK Three Projects
---------------------------------------------------
The National Transmission Corporation has been authorized by the
National Economic and Development Authority (NEDA) to pursue its
three projects worth Php3 billion, BusinessWorld reveals.

Transco had finally won the approval of the Investment
Coordination Committee to start the upgrade of the Wright-
Calbayog, Sangali-Pitogo and General Santos-Tacurong
transmission lines.

TransCo president and chief executive officer Alan Ortiz said
the recent approval is a significant move forward for the
Company. He said the infrastructure improvements will
significantly boost TransCo's mandate to provide affordable,
reliable and quality power to the country.

TransCo, a spin-off of National Power Corporation's, is
currently looking at prospective companies to upgrade the
P865.5-million Wright-Calbayog and the P1.09-billion General
Santos-Tacurong projects. It will likewise award some of the
components of the third project. Funds will come from the
Miyazawa Fund.

CONTACT:

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


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

ALLGREEN PROPERTIES: Issues 5,000 New Shares
--------------------------------------------
Allgreen Properties Limited announced the issue and allotment of
an aggregate of 5,000 ordinary shares of SGD0.50 each in the
capital of the Company, at the subscription price of SGD0.95
each, pursuant to the exercise of options granted under the
Allgreen Share Option Scheme 2002.

The new shares were listed and quoted on the Singapore Exchange
on Sept. 12, 2005.

The new shares issued will rank pari passu in all respects with
the Company's existing shares.

Upon the issue of the above shares, the number of issued and
paid-up shares in the capital of the Company has increased to
1,052,276,000 ordinary shares of SGD0.50 each.

By Order of the Board

Ms. Isoo Tan
Company Secretary
Sept. 16, 2005

CONTACT:

Allgreen Properties Limited
Kim Seng Promenade #05-02
Great World City
Singapore 237994
Phone: 65 6733 2822
Fax:   65 6738 3800
Web site: http://www.allgreen.com.sg


CHINA AVIATION: Divests Unit as Part of Restructuring
-----------------------------------------------------
China Aviation Oil (S) Corporation Limited Limited announced
that its wholly woned subsidiary, Greater China Travel Industry
(Singapore) Pte Ltd (GCTI), a wholly-owned subsidiary of the
Company, was placed under members' voluntary liquidation.

The Company has appointed Mr. Andrew Grimmett and Mr. Tam Chee
Chong, care of 6 Shenton Way, #32-00, DBS Building Tower Two,
Singapore 068809, as Liquidators for the the winding up of GCTI.

As part of the winding down of its non-core businesses, the
Company resolved to place GCTI in voluntary liquidation. The
Company thinks that GCTI does not form a critical component in
its restructuring efforts going forward, and the liquidation of
GCTI will not affect such restructuring efforts.

Based on the books and information available to the Company, it
appears that GCTI is solvent and hence may be liquidated
voluntarily. The liquidators appointed shall, as far as it is
practicable, endeavour to realize GCTI's assets, and to review
and settle the liabilities owing to creditors of GCTI in an
orderly manner.

By the Order of the Board

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


CITIRAYA INDUSTRIES: Placed Under Judicial Management
-----------------------------------------------------
Notice is hereby given that Citiraya Industries presented a
petition to put the Company under the judicial management of
judicial managers by the Singapore High Court on Sept. 1, 2005.

The Petition is to be heard before the Court on Sept. 23, 2005,
10:00 a.m.; Mr. Nicky Tan Ng Kuang and Mr. Dan Yock Hian of NTan
Corporate Advisory Pte Ltd have been nominated as the Judicial
Managers.

Any person who intends to oppose the making of an order under
section 227 (B) (5) (b) or the nomination of Judicial Managers
under section 227 (B) (3) (c) may appear at the time of the
hearing by himself or his Counsel for that purpose.

A copy of the said Petition will be furnished to any creditor or
member of the Company requiring it by the undersigned on payment
of the regulated charge.

The Petitioner's address is 65 Tech Park Crescent, Singapore
637787. The Petitioner's Solicitors are Drew & Napier LLC of 20
Raffles Place, #17-00 Ocean Towers, Singapore 048620.

Dated this 15th day of September 2005

Drew & Napier LLC
Solicitors for the Petitioner
ROC No. 200102509E

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Drew &
Napier LLC, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the abovenamed not later than 12:00 p.m. of Sept. 22,
2005 (the day before the day appointed for the hearing of the
Petition).

CONTACT:

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


HESHE HOLDINGS: Annual Report Passes Accounting Standards
---------------------------------------------------------
Heshe Holdings Limited announced that Pricewaterhouse Coopers
has completed its audit on the Company's balance sheet and
consolidated financial statements for the financial year ended
June 30, 2005.

Except for certian items in the Company's income statement, the
auditors are of the opinion that the Company's financial
statements were properly drawn up in accordance with the
provision of the Companies Act, Cap. 50 and Singapore Financial
Reporting Standards.

To view the audit report on the Company's financial statements,
click on:

http://bankrupt.com/misc/tcrap_hesheholdings091905.pdf

CONTACT:

Heshe Holdings Limited
78 Shenton Way
#20-01 MCL Land Building
Singapore 079120
Phone: 65 6372 4300
Fax:   65 6220 4327
Email: contacts@heshe.com.sg
Web site: http://www.heshe.com.sg


MEDIASTREAM LIMITED: Net Loss Increases in First Half of 2005
-------------------------------------------------------------
Mediastream Limited announced that the Company reported an
increase in its net loss for the first quarter ended June 30,
2005.

The Company posted a net loss of SGD1.2 million after taxes,
compared to its reported SGD775,000 net loss for the same period
last year.

Singapore-listed Mediastream Limited is engaged in computer
animation, post-production of television commercials, cartoon
production and advertising activities.

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

http://bankrupt.com/misc/tcrap_mediastreamlimited091705.pdf

CONTACT:

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


UNITED FIBER: Unit Gets SGD41 Million Contract from HDB
-------------------------------------------------------
United Fiber System Limited's (UFS) wholly owned subsidiary, Poh
Lian Construction Pte Ltd (PLC) was awarded a SGD41.5 million
upgrading contract by the Housing and Development Board (HDB).

The contract involves the upgrading of eleven HDB blocks in
Bedok South Avenue 1. Expected to commence in late October this
year, this project will take approximately 31 months to complete
and is expected to contribute to UFS' financial results mainly
in financial years 2006 to 2008.

PLC Executive Director Tan Soon Kian commented, "As PLC
celebrates its 30th anniversary this year, we are excited to
have won three major contracts in half a year worth a total of
about SGD126 million. This latest contract with the HDB further
strengthens our construction pipeline, which has a current order
book of approximately SGD202 million."

PLC secured this HDB upgrading project only less than a month
after it was awarded a SGD22.2 million building contract for the
proposed Tresor Condominium, which was announced onAug. 25,
2005. In March, the SGD62.4 million The Cosmopolitan building
contract was also procured through a joint venture with Shimizu
Corporation.

Besides the new projects, PLC has three ongoing building
projects currently under construction - the Hill View Regency
condominium in Bukit Batok, a HDB building contract in Punggol
East and the Urbana Condominium at River Valley Road.

"We are proud of the achievements of our Construction Division
which has completed more than SGD1 billion worth of projects
since 1997," commented Mr Kishore Dass, UFS Chief Executive
Office. "While the Group is actively pursuing our new pulp mill
and wood chip mill projects in Indonesia, we are fully committed
to our Construction Division, which will remain as one of our
core businesses."

United Fiber System Limited is a Mainboard-listed company with
market capitalisation of approximately SGD550 million. The
Company has three main business divisions namely, Forestry and
Pulp, Construction and Property Development. To date, it has
268,585 hectares of forest concession and is constructing two
greenfield projects in South Kalimantan, Indonesia - a Bleached
Hardwood Kraft Pulp Mill (PT Marga Buana Bumi Mulia) and a Wood
Chip Mill (PT Mangium Anugerah Lestari). The Pulp Mill is
expected to be completed at the end of 2007 and the Wood Chip
Mill is expected to be completed in the first quarter of 2006.

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
===============

THAI PETROCHEMICAL: Court Rejects Administrator's Request
---------------------------------------------------------
The Central Bankruptcy Court ruled against the petition filed by
Thai Petrochemical Industry Public Co. Ltd. (TPI) administrators
to appoint new directors for the company, Bangkok Post relates.

If the court had approved the petition, TPI administrators would
have the freedom to appoint someone from PTT Plc, who is mulling
to buy a 61.5 percent stake into the company.

According to Central Bankruptcy Court Judge Kamol
Teeravetpulkul, the board rules will only take effect after new
shareholders have paid for their stock and the company has
exited court-debt rehabilitation.

"After PTT has paid for TPI's shares and TPI has exited the
rehabilitation plan, they can appoint the board," the judge
said.

Presently, TPI is still managed by the court-appointed
administrator.  The company's board of directors has no active
role, therefore there is no need for the appointment of new
board at this time, the court said.  The planned revision of the
rule exceeded the authority of the managers.

However, the court agreed to an amendment of the company's
bylaws allowing the board to comprise no fewer than five
members, without upper limit. Currently, the board is limited to
a maximum 20 members.

Aside from the ruling, the court also allowed any two members to
call a board meeting, instead of giving sole authority to the
company's chairman.

TPI founder, Prachai Leophairatana has been trying since June to
override a government-led agreement to sell a controlling stake
in TPI at a discount to state-controlled groups including PTT
and the Thai Government Pension Fund.  The takeover date of PTT
was supposed to be completed as early as mid-September,

PTT president Prasert Bunsumpun said the company would discuss
the ruling's consequences and a possible response with the TPI
plan administrators.

The bankruptcy court gives until November 4 for the
rehabilitation and sale of TPI.

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th



BOND PRICING: For the Week 19 September to 23 September 2005
------------------------------------------------------------

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


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     7
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     7
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sapphire Securities Ltd               9.150%     9/20/35     9
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


INDONESIA
---------

Indonesia Government Bond             9.500%     6/15/15    74
Indonesia Government Bond            10.000%     7/15/17    74

MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Crest Builder Holdings Bhd            7.000%      2/24/06    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Equine Capital Bhd                    3.000%      8/26/08    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Gadang Holdings Bhd                   2.000%     12/24/08    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    4
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    1
Pantai Holdings Bhd                   5.000%      7/31/07    1
Patimas Computers Bhd                 6.000%      2/19/06    1
Pelikan International Corp Bhd        3.000%      4/08/10    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

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



                            *********


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***