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

                     A S I A   P A C I F I C

             Thursday, February 17, 2005, Vol. 8, No. 34

                            Headlines

A U S T R A L I A

ACCESS BROKERAGE: Boss Ready to Talk About Collapse
A.C.N. 086 120 523: Members to Hold Meeting February 23
BLACK GEORGE: To Hear Liquidator's Account on Winding Up
CASAVEEN HOLDINGS: Members Agree to Wind Up Company
CLEARFIELD PTY: To Declare Final Dividend February 22

COASTAL FREIGHT: Creditors Should Prove Claims by February 21
CYBERNET GROUP: Creditors Resolve to Wind Up Company
DI MELLA: To Hear Liquidator's Report During Meeting
ENERGEX: Former Exec Faces Probe Over Missing AU$0.5M
HARRISON ADVERTISING: Members Pass Resolution During Meeting

HEARNE ARCHITECTS: Sets February 23 as Date of Final Meeting
HIH INSURANCE: Former Exec Pleads Guilty to Four Charges
HMSEA PTY: Members Pass Resolution to Wind Up Company
IMAGE GRAPHICS: Members, Creditors to Meet February 23
JAPAN MACHINES: To Hear Liquidator's Report During Meeting

L & A ELECTRICS: Court Issues Winding Up Order
M. & E. SILBERBACH: Liquidator to Set Out Liquidation Account
MODRA ELECTRIC: Appoints Liquidator from Ferrier Hodgson
PENICUIK PTY: To Convene Final Meeting February 18
P.J. INVESTIGATIONS: To Hold Final Meeting February 23

PRIMELIFE CORPORATION: Posts Notice of Withdrawal Rights
QANTAS AIRWAYS: Trevor Eastwood Retires from Board
SANTOS LIMITED: Reserves Replacement More than Doubles in 2004
SANTOS LIMITED: New Oil Field to Start Early Production
SARRAY PTY: Names Richard Saunders as Liquidator

SONS OF GWALIA: Administrators Sue Ernst & Young
SPECTRE NETWORKS: Gives Creditors Until Feb. 21 to Prove Claims
WAYKING PTY: Meeting Set February 23


C H I N A  &  H O N G  K O N G

401 HOLDINGS: Releases Results for Period Ended March 31, 2004
ASIANE2E.COM LIMITED: Creditors Should Prove Claims by March 4
POLY INVESTMENTS: Shares Trading Suspended
WAI YUEN: Issues Announcement at HKSE's Request
WELLSTECH INTERNATIONAL: To Hold Meeting February 18

WO FUNG: Court Fixes Date of Hearing


I N D O N E S I A

BANK MANDIRI: Asked to Infuse IDR200 Billion into Ailing Firm
BANK MANDIRI: Shortlists 5 Banks for Planned USD300 Million Bond
DIRGANTARA INDONESIA: To Make Aircraft with Malaysian Grouptech
GARUDA INDONESIA: Government Seeks New President


J A P A N

ASHINOMAKI GURANDOHOTERU: Begins Bankruptcy Proceedings
FURANKUSU K.K.: Enters Bankruptcy
MITSUBISHI MOTORS: DaimlerChrysler to Cut Stake to 13.4%
SEIYU LIMITED: Books Loss for Third Straight Year
* Corporate Bankruptcies Down 13.8% for 25th Month


K O R E A

* Asset Management Companies May Be Restructured


M A L A Y S I A

ACTACORP HOLDINGS: To Appeal Court Decision on Legal Suit
ACTACORP HOLDINGS: Disputes Claim of Am Merchant Bank
ACTACORP HOLDINGS: Court Sets Date for Case Hearing
HABIB CORPORATION: Share Prices Up 17% in Early Trade
KIG GLASS: Bumiputra-Commerce Bank Launches Legal Action

KUALA LUMPUR KEPONG: Unit Members File for Voluntary Liquidation
MAXIS COMMUNICATIONS: Offers New Mail Services
PAN MALAYSIA: Granted Extension on Restructuring Scheme
POS MALAYSIA: Business Mail Rates Expected to Boost Earnings


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Gets Compliance Certification for 2004
HERMOSA SAVINGS: PDIC Starts Claims Servicing of Depositors
NATIONAL BANK: 30% of Depositors in Davao are OFWs
NATIONAL BANK: Moody's Downgrades Credit Ratings
NATIONAL POWER: Unit Auction Complied with SC, COA Rules

PHILIPPINE LONG: Forecasts Php26.5-Bln Net Income for 2004
PHILIPPINE LONG: To Hold Investors' Briefing on March 1
RB DEL GALLEGO: PDIC Services Insured Deposit Claims
UNIWIDE HOLDINGS: Appoints Three New Officers


S I N G A P O R E

ASIA COMMERCIAL: Shareholders Agree to Wind Up Company
CHINA AVIATION (S): PwC Says No Report was Released
INTIQUA INTERNATIONAL: To Declare Dividend March 1
MIC TAN: Receives Bankruptcy Order from Court
SPORTS WORKS: Court Issues Bankruptcy Order

TRUMP DESIGN: Begins Bankruptcy Proceedings
WHK INVESTMENT: To Declare Dividend February 23


T H A I L A N D

BANGKOK STEEL: Calls for Shareholders Meeting on March 23
CENTRAL PAPER: Court Approves Debt Restructuring Plan
K.C. PROPERTY: Application for Capital Increase Granted
THAI PETROCHEMICAL: Projects a 10% Rise in Sales this Year

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ACCESS BROKERAGE: Boss Ready to Talk About Collapse
---------------------------------------------------
The former CEO of failed Access Brokerage is now ready to talk
to those investigating the broker's collapse, reports The
Independent Business Weekly.

More than five months after Access Brokerage collapsed with a
$4.8 million deficit in clients' funds, Peter Marshall is now
poised to face the public.

Until last month, Marshall was exempted on medical grounds from
discussing Access Brokerage after undergoing a major heart
surgery in June last year. He was on sick leave when Access was
placed in liquidation on September 8.

Mr. Marshall's apparent inability to talk to the liquidators has
slowed down the progress of unraveling Access' accounts, which
has annoyed the Bank of New Zealand (BNZ). BNZ may seek recovery
of its funds from the stock exchange and Access' auditors.

CONTACT:

Access Brokerage Ltd
Web site: www.access-brokerage.co.nz


A.C.N. 086 120 523: Members to Hold Meeting February 23
-------------------------------------------------------
Notice is given that a meeting of the members A.C.N. 086 120 523
Pty Ltd (In Liquidation) formerly trading as Seahorse Australia
Pty Ltd A.C.N. 086 120 523 will be held at the offices of
Deloitte Touche Tohmatsu, Level 9, ANZ Centre, 22 Elizabeth
Street, Hobart on Wednesday, February 23, 2005 at 10:30 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 6th day of January 2005

R. G. Shoobridge
Liquidator
Deloitte Touche Tohmatsu
Level 9, ANZ Centre,
22 Elizabeth Street,
Hobart Tas 7000
Telephone: (03) 6237 7075
Facsimile: (03) 6237 7001


BLACK GEORGE: To Hear Liquidator's Account on Winding Up
--------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members and
creditors of Black George Management Pty Ltd (In Liquidation)
A.C.N. 091 558 468 will be held at the offices of Dickson
Carrello Chartered Accountants, 1st Floor, London House, 216 St
George's Terrace Perth 6000 on February 23 at 12:00 noon for the
purpose of laying before the meeting an account showing how the
winding up has been conducted and the property of the Company
disposed and hearing any explanation thereof.

Dated this 10th day of January 2005

Melvyn M. Posner
Liquidator
c/- Dickson Carrello
Chartered Accountants
Telephone: (08) 6363 7700


CASAVEEN HOLDINGS: Members Agree to Wind Up Company
---------------------------------------------------
At a General Meeting of Casaveen Holdings Pty Ltd (In
Liquidation) A.C.N. 009 507 279, duly convened and held at 8
Heathcombe Crescent, Sandy Bay on January 5, 2005 the following
Special Resolution passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 11th day of January 2005

Robert J. Ruddick
Craig A. Leighton
Joint and Several Liquidators
R. J. Ruddick & Co
Chartered Accountants
102 Tamar Street, Launceston Tas 7250


CLEARFIELD PTY: To Declare Final Dividend February 22
-----------------------------------------------------
A final dividend is to be declared on February 22, 2005 in
respect of Clearfield Pty Limited (In Liquidation) A.C.N. 008
615 816.

Creditors whose debts or claims have not already been admitted
are required on or before February 21, 2005 to formally prove
their debts or claims. In default, they will be excluded from
the benefit of the dividend.

Dated this 25th day of January 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid DKF
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


COASTAL FREIGHT: Creditors Should Prove Claims by February 21
-------------------------------------------------------------
A dividend is to be declared on February 22, 2005 in respect of
Coastal Freight Links Pty Limited (In Liquidation) A.C.N. 105
142 470.

Creditors whose debts or claims have not already been admitted
are required on or before February 21, 2005 to formally prove
their debts or claims. In default, they will be excluded from
the benefit of the dividend.

Dated this 25th day of January 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


CYBERNET GROUP: Creditors Resolve to Wind Up Company
----------------------------------------------------
The creditors of the Company resolved that Cybernet Group
(Australia) Pty Ltd (In Liquidation) (The Company) A.C.N. 099
080 592 be wound up under subsection 439C(c).

Date of resolution: January 10, 2005

And accordingly, the Company is taken because of the application
of Section 446A and regulation 5.3.A.07 to have passed a special
resolution under section 491 that the Company be wound up
voluntarily.

Date on which under paragraph 446A(2)(a), the Company is taken
to have passed the special resolution: January 10, 2005.

Dated this 11th day of January 2005

David Winterbottom
Liquidator


DI MELLA: To Hear Liquidator's Report During Meeting
----------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act, that a final meeting of Di Mella Constructions Pty Ltd (In
Liquidation) A.C.N. 007 741 602 will be held at the offices of
Messrs Ernst & Young, Chartered Accountants, Level 21 91 King
William Street, Adelaide SA 5000 on February 18, 2005 at 10:00
a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 7th day of January 2005

Anthony Stevens Smith
Liquidator
DiMella Constructions (In Liquidation)
Ernst & Young
Chartered Accountants
Level 21, 91 King William Street,
Adelaide SA 5000


ENERGEX: Former Exec Faces Probe Over Missing AU$0.5M
-----------------------------------------------------
A former senior manager of troubled Queensland government-owned
power firm Energex is under investigation over the alleged
misappropriation of AU$500,000, The Advertiser reports.

The high-profile executive left his job at Energex last year
after allegations of financial irregularities were brought to
the attention of the Company's board.

Energex said an internal inquiry has confirmed the former
employee has seriously breached corporate policy. The violations
had been referred to the Queensland Audit Office and the state
police, which were also investigating the supposed
misappropriation of at least AU$500,000.

Energex was the focus of widespread community anger after
extensive power cuts in southeast Queensland during the summer
storm season last year.

The Government came under fire last December for awarding
Energex's seven most senior executives performance bonuses of up
to 8 percent. It had previously cut bonuses for government-owned
corporation executives from 30 percent to 15 percent. Eighty
Energex executives also received an 11 percent pay raise last
year.

CONTACT:

Energex
207 - 211 Station Road
(PO Box 12948)
Penrose Auckland
New Zealand
Phone: +649 978 2999
Fax +649 978 2900
Web site: http://www.energex.co.nz/


HARRISON ADVERTISING: Members Pass Resolution During Meeting
------------------------------------------------------------
At an extraordinary meeting of the members of Harrison
Advertising Pty Limited (In Liquidation) A.C.N. 002 840 922 duly
convened and held at 166 William Street, Wolloomoloo NSW 2011 on
December 21, 2004, the resolutions set out below were duly
passed.

SPECIAL RESOLUTION

That the Company be wound up voluntarily and that the liquidator
be hereby authorized to make distributions in specie of the
Company's assets.

ORDINARY RESOLUTION

That Scott Darren Pascoe of SimsPartners, be and is hereby
appointed to act as liquidator of the Company for the purpose of
such winding up.

Dated this 10th day of January 2005


HEARNE ARCHITECTS: Sets February 23 as Date of Final Meeting
------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members and
creditors of Hearne Architects Pty Ltd (In Liquidation) A.C.N.
064 417 698 will be held at the offices of Dickson Carrello
Chartered Accountants, 1st Floor, London House, 216 St George's
Terrace Perth 6000 on February 23, at 11:30 a.m. for the purpose
of laying before the meeting an account showing how the winding
up has been conducted and the property of the Company disposed
and hearing any explanation thereof.

Dated this 10th day of January 2005

Melvyn M. Posner
Liquidator
c/- Dickson Carrello
Chartered Accountants
Telephone: (08) 6363 7700


HIH INSURANCE: Former Exec Pleads Guilty to Four Charges
--------------------------------------------------------
A former director of failed HIH Insurance has pleaded guilty to
four white-collar crime charges related to the insurance giant's
collapse in March 2001, reports the Associated Press.

Rodney Adler pleaded guilty to two charges of misleading
investors by giving out false information and to two charges of
failing in his duties as director of the Company.

The last two charges were linked to the arrangement of an AU$2
million (US$1.5 million) loan in 2000 from HIH to Business
Thinking Systems, a Company Mr. Adler was associated with.

Mr. Adler is scheduled to reappear before the New South Wales
state Supreme Court on March 29 to receive his sentence. The
maximum penalty he faces was not immediately clear.

Meanwhile, former HIH chief executive Ray Williams also pleaded
guilty in the New South Wales state Supreme Court in December to
three charges including failure to temporarily carry out his
duties as a Company director, publishing a misleading document
and overstating operating profits. Mr. Williams, who faces up to
five years' imprisonment, is to be sentenced next month.

HIH's collapse was Australia's biggest-ever corporate failure
with about AU$5.3 billion (US$4 billion) in liabilities. The
insurance firm left thousands of policyholders with unpaid
claims and initiated the collapse of a number of home-building
firms it had insured.


HMSEA PTY: Members Pass Resolution to Wind Up Company
-----------------------------------------------------
At a general meeting of the members of HMSEA Pty Ltd (In
Liquidation) A.C.N. 082 140 770 A.B.N. 35 082 140 770 held at
Level 2, 40 McDougall Street Milton Qld 4064 on December 21,
2004 a special resolution that the Company be wound up
voluntarily was passed.

Ian Richard Hall
Liquidator
Waterfront Place, 1 Eagle Street,
Brisbane Qld 4001


IMAGE GRAPHICS: Members, Creditors to Meet February 23
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members and
creditors of Image Graphics Australia Pty Ltd (In Liquidation)
A.C.N. 095 660 192 will be held at the offices of Dickson
Carrello Chartered Accountants, 1st Floor, London House, 216 St
George's Terrace Perth 6000 on February 23 at 12:30 p.m. for the
purpose of laying before the meeting an account showing how the
winding up has been conducted and the property of the Company
disposed and hearing any explanation thereof.

Dated this 10th day of January 2005

Melvyn M. Posner
Liquidator
c/- Dickson Carrello
Chartered Accountants
Telephone: (08) 6363 7700


JAPAN MACHINES: To Hear Liquidator's Report During Meeting
----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Japan
Machines (Australia) Pty Limited (In Members' Voluntary
Liquidation) A.C.N. 000 403 449 will be held at The Meeting
Room, Level 14, 25 Bligh Street, Sydney, New South
Wales on Wednesday, February 23, 2005 at 10.00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 25th day of January 2005

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: (02) 9233 6088


L & A ELECTRICS: Court Issues Winding Up Order
----------------------------------------------
On December 16, 2004 the Supreme Court of New South Wales in
Proceeding No 4904 of 2004, ordered the winding up of L & A
Electrics (ACT) Pty Limited (In Official Liquidation) A.C.N. 083
075 129 and Frank Lo Pilato was appointed as Official Liquidator
of the Company.

Dated this 17th day of January 2005

Frank Lo Pilato
Official Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


M. & E. SILBERBACH: Liquidator to Set Out Liquidation Account
-------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final meeting of members of M. & E.
Silberbach Pty Ltd (In Voluntary Liquidation) A.C.N. 001 038 786
will be held at the office of the Liquidator Mr E.T. Conrick,
Chartered Accountant at Suite 4, Level 2, The Waverley Building,
79-85 Oxford Street, Bondi Junction NSW on Friday, February 25,
2005 at 10:00 a.m. at which time he will give an account of the
liquidation.


MODRA ELECTRIC: Appoints Liquidator from Ferrier Hodgson
--------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Modra
Electric Power Pty Ltd (In Liquidation) A.C.N. 067 643 421
convened pursuant to Section 439A of the Corporations Act 2001
(the Act) held on Wednesday, December 29, 2004, it was resolved
that the Company be wound up.

Pursuant to Section 446A(4) of the Act, Martin Jones and Andrew
Saker of Ferrier Hodgson, Chartered Accountants, Level 26, 108
St George's Terrace, Perth, Western Australia were appointed
Joint and Several Liquidators.

Dated this 29th day of December 2004

Martin Jones
Joint and Several Liquidator of Modra Electric
Power Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St Georges' Terrace,
Perth WA 6000


PENICUIK PTY: To Convene Final Meeting February 18
--------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Penicuik Pty Ltd (In
Voluntary Liquidation) A.C.N. 007 594 256 will be held at 248
Flinders Street, Adelaide on February 18, 2005 at 9:00 a.m. for
the purpose of laying before the meeting an account showing how
the winding up has been conducted, and how the assets have been
disposed of.

Dated this 10th day of January 2005

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


P.J. INVESTIGATIONS: To Hold Final Meeting February 23
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of the abovementioned Company will be held at The Meeting Room,
Level 14, 25 Bligh Street, Sydney, New South Wales on Wednesday,
February 23, 2005 at 10:30 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and hearing any explanations that may be given by the
Liquidator.

Dated this 25th day of January 2005

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: (02) 9233 6088


PRIMELIFE CORPORATION: Posts Notice of Withdrawal Rights
--------------------------------------------------------
On 11 February 2005, the Supreme Court of New South Wales
ordered that the extension of the off-market offer for shares in
Aevum Limited dated 7 January 2005 (Offer) by Primelife
Corporation Limited (Primelife) from 7:00 p.m. (Eastern Daylight
Savings Time) on 7 February 2005 to 7:00 p.m. on 9 March 2005 is
not invalid.

Accordingly:

(a) the offer period for the Offer expires on 9 March 2005
unless further extended by Primelife; and

(b) the date for giving notice of the status of the conditions
of the Offer is extended to 2 March 2005.

Right to withdraw acceptance

As a result of the extension and the Court order, Aevum
shareholders who have accepted the Offer prior to receiving this
notice have the right to withdraw their acceptances.

An Aevum shareholder may withdraw acceptance of the Offer by
giving notice to Primelife within 1 month from the day after the
day on which the Aevum shareholder receives a copy of this
notice.

To withdraw your acceptance, please either:

(a) complete and sign the attached Withdrawal Form in accordance
with the instructions on the form, and return the form in the
enclosed reply paid envelope or to the address on the form or
deliver it by hand to:

ASX Perpetual Registrars Limited
Level 4, 333 Collins Street
Melbourne Victoria 3000; or

(b) if your Aevum Shares are in a CHESS Holding, instruct the
Controlling Participant for that CHESS Holding to initiate
withdrawal in accordance with the ASTC Settlement Rules.

If an Aevum shareholder withdraws an acceptance in this manner,
Primelife must, before the end of 14 days after receipt of the
withdrawal instructions:

(a) return to the Aevum shareholder any documents that the Aevum
shareholder sent to Primelife with the acceptance of the Offer;
and

(b) if the Aevum shareholder's shares are in a CHESS Holding,
Transmit to ASTC a Valid Message that authorizes the release of
those shares from the Offer Accepted Subposition in which the
CHESS Holding has been reserved.

Words defined in the ASTC Settlement Rules (being the operating
rules of the settlement facility provided by ASX Settlement and
Transfer Corporation Pty Limited) have the same meaning when
used in this notice, unless the context requires otherwise.

Current pricing of Offer

On 10 February 2005, the closing price of Aevum ordinary shares
traded on ASX was AU$1.59 and the closing price of Primelife
ordinary shares was $1.21. Based on these prices, the effective
market price of the Primelife ordinary shares offered for an
Aevum ordinary share under the Offer is $1.03.

Status of conditions

Primelife Corporation Limited gives notice that the Offer
remains subject to the conditions set out in its Offer.

Authorization

This notice is dated 16 February 2005, the date it was lodged
with ASIC. Neither ASIC nor any of its officers takes any
responsibility for the contents of this Notice. This Notice has
been approved by a resolution passed by the directors of the
Bidder.

Dated: 16 February 2005

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


QANTAS AIRWAYS: Trevor Eastwood Retires from Board
--------------------------------------------------
Qantas Airways announced that Trevor Eastwood, AM will retire as
a Director of Qantas Airways Limited after nearly 10 years on
the Board.

The Chairman of Qantas, Margaret Jackson, said Mr Eastwood had
been appointed to the Qantas Board in October 1995 and his
retirement would take effect on 31 March, 2005.

"Trevor joined Qantas soon after it became a publicly listed
Company and he has made a wonderful contribution over the past
nine and a half years," she said.

"He has been a member of the Chairman's Committee since it was
established and a member of the Audit Committee for the past
four years.

"On behalf of the Board, I would like to thank Trevor for his
efforts over nearly a decade and to wish him well for the
future."

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


SANTOS LIMITED: Reserves Replacement More than Doubles in 2004
--------------------------------------------------------------
Santos Limited announced that, during 2004, replacement of
proven reserves exceeded total group production for the third
year in a row.

The oil and gas group's replacement rate for proven reserves
over the last three years has averaged 1.3 times production, a
significant improvement on previous performance.

Increases in proven reserves (1P), prior to production, in 2004
totaled 57 million barrels of oil equivalent (mmboe) or 1.21
times production, while increases in proven plus probable
reserves (2P), prior to production, was 54 mmboe or 1.14 times
production.

Proven reserves increased to 348 mmboe, compared with 338 mmboe
at the end of 2003. Proven plus probable reserves rose to 643
mmboe compared with 636 mmboe a year earlier.

These latest results do not include any potential reserve
bookings for the recent discoveries in Santos' expanding
Indonesian core area- the Jeruk oil discovery in the Sampang PSC
in East Java or the Hiu Aman oil and gas discovery in the
Donggala PSC in the Kutei Basin, offshore East Kalimantan.

The average 1P reserve replacement cost for the past calendar
year was US$12.37 per boe, or US$7.19 per boe on a three-year
average.

Replacement costs in any one-year are affected by the timing of
spending and reserve bookings; a three-year average is the more
reliable indicator of costs. Santos' three-year average
replacement cost of US$7.19 per boe is world-competitive.

A major focus of the 2004 capital program was the conversion of
undeveloped reserves to the developed category. During the year,
102 mmboe of proven reserves and 134 mmboe of proven plus
probable reserves were developed, significantly increasing the
value of reserves.

Santos manages a diverse portfolio of hydrocarbon reserves.
Underlying the picture of overall growth, were the following
features:

Reservoir characterization: Ongoing appraisal drilling,
interpretation and integration of well data typically results in
revisions to existing booked reserves.
In 2004, major variances include a positive revision in John
Brookes' 2P reserves of 32 mmboe. The Casino field also
benefited from a positive 2P revision of 5 mmboe.

Development drilling: As reflected by the focus on reserve
development, 2004 was a year in which significant development
drilling was undertaken. The results of the drilling programs
were integrated into field reservoir models throughout the year.
Major variances from pre-drill estimates include:

(1) Additional 2P reserves of 14 mmboe at Bayu Undan, where the
reservoir sections were thicker and of better quality, and the
top of the reservoir was intersected higher than expected, and

(2) A downward revision in Mutineer-Exeter 2P reserves of 13
mmboe, which was foreshadowed in August 2004. The Mutineer-
Exeter fields have proved to be more complex than originally
interpreted and with thinner reservoirs than modeled.
Notwithstanding, four horizontal production wells have been
successfully drilled and completed and are expected to provide
initial oil production of 70,000-90,000 barrels of oil per day.

(3) Production from this new oil field in now expected to
commence next month (March), several months ahead of schedule
and below budget.

Production results: Reserve revisions also result from the
integration of well performance data obtained during the
production phase. During the year, production results from East
Spar and the Cooper Basin resulted in 2P reductions of 8 mmboe
and 16 mmboe respectively. In the Cooper Basin downgrades were
due to poorer than expected performance in some tight gas fields
and the integration of results from some previously unsuccessful
fracture stimulations.

Commercialization: Significant volumes of new gas contracts were
agreed in 2004. The Maleo gas field - one of Santos' first
discoveries in the Group's expanding Indonesian core area - saw
sufficient progress with commercialization to book 27 mmboe of
2P reserves.

Acquisitions and divestments: Santos actively bought and sold
assets in 2004, resulting in a net increase of 22 mmboe (2P)
from the acquisition of certain assets of Novus Petroleum and an
increase in Patricia Baleen equity, with negligible movement due
to divestments.

Contingent Resources  

Santos' contingent resources (discovered but currently sub-
commercial or technically immature hydrocarbon resources) were
1,443 mmboe at the end of the year, a decrease of 7 mmboe
relative to the previous year. This includes 450 mmboe in Evans
Shoal in the Timor Sea, the location of further exploration in
2005; 390 mmboe in PNG (primarily the Hides gas and liquids
field); and 250 mmboe in the Petrel-Tern gas field in the
Bonaparte Basin.

The resource distribution for the Jeruk discovery is currently
under review and has not been included in the year end 2004
contingent resource estimates

CONTACT:

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


SANTOS LIMITED: New Oil Field to Start Early Production
-------------------------------------------------------
Santos Limited is pleased to announce that oil production from
the Mutineer-Exeter oil fields, 160 km off the coast of north-
western Australia, will commence next month, several months
ahead of schedule and ten per cent below budget.

First Mutineer-Exeter oil production - previously planned to
start in June 2005 - will now begin in March.  Initial
production is expected to be 70,000 to 90,000 barrels of oil per
day.

This accelerated start-up date has been possible because of the
excellent development schedule achieved by Santos for the
delivery of the Floating Production Storage and Offtake (FPSO)
production facility and the sub-sea system.

The Mutineer-Exeter development, which is Santos' first operated
offshore oil project, is expected to have a pay-back period of
less than two years - and could be significantly less if current
high oil prices continue.

In its reserves announcement, also issued today, Santos
confirmed a downward revision in Mutineer-Exeter oil reserves,
which was foreshadowed in August 2004.

Further drilling during 2004 and early 2005 has indicated that
the reservoir distribution was more complex than originally
interpreted, resulting in total (gross) proved plus probable
reserves now being estimated to be 61 million barrels (mmbbls)
(previously 101 mmbbls).

While results in the initial appraisal stage were generally as,
or better than predicted, the top of the main reservoir of the
field has proven to be deeper than expected in some parts of the
Mutineer field and the oil pay has been thinner in a number of
key wells.

However four horizontal wells have been successfully drilled and
completed with state of the art dual Electric Submersible Pumps
(ESPs) that are expected to provide high initial production
rates.

"This early FPSO development, at a time of high oil prices, has
significantly increased the value of the fields", said Santos'
Managing Director, Mr. John Ellice-Flint.

"It is also significant that first production will occur only
three years from the Norfolk 1 oil discovery and only 17 months
from development approval," said Mr. Ellice-Flint.

"This achievement is world-class and is ahead of the top
quartile project development benchmarks set when development
approval was given.

"Reserve risk has been managed by having a development plan
designed to provide a substantial degree of both upside and
downside flexibility to cope with a wide range of reserve
outcomes".

"Fast-track developments have risks but also rewards.  We plan
to bring the fields into production at least a year earlier than
would have been possible if additional appraisal drilling had
been carried out prior to project sanction.

While overall production over the life of the fields is expected
to be lower than originally predicted, mean 2005 production is
now expected to be around 15 mmbbls - higher than expected at
the time of development approval.

In 2006 mean production of around 19 mmbbls is expected.


SARRAY PTY: Names Richard Saunders as Liquidator
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sarray Pty Limited (In Liquidation) A.C.N. 000 714 223 held on
January 11, 2005, it was resolved that the Company be wound up
voluntarily and that for such purpose Mr Richard Saunders,
Chartered Accountant, of Irish & Saunders, Chartered
Accountants, 19 Richmond Avenue, Cremorne NSW 2090, to be
appointed liquidator.

Dated this 11th day of January 2005

Richard Saunders
Liquidator


SONS OF GWALIA: Administrators Sue Ernst & Young
------------------------------------------------
Administrators for collapsed gold and tantalum miner Sons of
Gwalia have launched a legal action against the firm's former
auditors, Ernst & Young, says The West Australian.

Administrators Andrew Love and Garry Trevor alleged that Ernst &
Young failed to detect problems with the group's gold and
foreign currency hedging operations.

In a legal action filed with the West Australian Supreme Court
last week, the administrators claim the auditors failed to warn
Gwalia about the conduct of its treasury operations, including
its gold hedging and foreign exchange dealings, during the
audits from 1998 to 2000.

The administrators are also suing Ernst & Young over Gwalia's
accounts for 1999-2000 and 2000-01, claiming the Company in fact
made a loss when its audited results showed a profit.

They are claiming damages for breach of contract, negligence,
breach of legal duty, and breaches of the Trade Practices Act.

Ernst & Young western region managing partner Michael Minosora
said the firm had been warned of the litigation, but no writ had
been served. Mr. Minosora said the auditing firm was confident
of the work it had done for the Gwalia group.

"We will be vigorously defending any cause of action the
administrators have embarked upon," he said.

CONTACT:

Sons Of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SPECTRE NETWORKS: Gives Creditors Until Feb. 21 to Prove Claims
---------------------------------------------------------------
A final dividend is to be declared on February 22, 2005 in
respect of Spectre Networks Pty Limited (In Liquidation) A.C.N.
078 127 894.

Creditors whose debts or claims have not already been admitted
are required on or before February 21, 2005 to formally prove
their debts or claims. In default, they will be excluded from
the benefit of the dividend.

Dated this 25th day of January 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


WAYKING PTY: Meeting Set February 23
------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members and
creditors of Wayking Pty Ltd (In Liquidation) A.C.N. 065 348 281
will be held at the offices of Dickson Carrello Chartered
Accountants, 1st Floor, London House, 26 St George's Terrace
Perth 6000 on February 23 at 11:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and the property of the Company disposed and
hearing any explanation thereof.

Dated this 10th day of January 2005

Melvyn M. Posner
Liquidator
c/- Dickson Carrello
Chartered Accountants
Telephone: (08) 6363 7700


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

401 HOLDINGS: Releases Results for Period Ended March 31, 2004
--------------------------------------------------------------
401 Holdings Limited disclosed to the Hong Kong Stock Exchange
(SGX) its results announcement for the period ended March 31,
2004.

Currency: HKD
Auditors' Report: Qualified

                                                        
(Audited)
                                     (Audited)          Last
                                     Current            
Corresponding
                                     Period             Period
                                     from 01/04/2003    from
01/04/2002
                                     to 31/03/2004      to
31/03/2003
                               Note  ('000)             ('000)

Turnover                           : 23,136             6,933             

Profit/(Loss) from Operations      : (23,898)           (43,264)          

Finance cost                       : (9,088)            (14,214)          
Share of Profit/(Loss) of
Associates                       : (279)              63                

Share of Profit/(Loss) of
Jointly Controlled Entities      : N/A                N/A               

Profit/(Loss) after Tax & MI       : (33,265)           (57,448)          

% Change over Last Period          : N/A       %

EPS/(LPS)-Basic (in dollars)       : (0.0802)           (0.1677)          

         -Diluted (in dollars)     : N/A                N/A               

Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               

Profit/(Loss) after ETD Items      : (33,265)           (57,448)          

Final Dividend                     : NIL                NIL
per Share                                              

(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
Final Dividend                   : N/A   

Payable Date                       : N/A

B/C Dates for (-)            
General Meeting                  : N/A   

Other Distribution for             : N/A
Current Period                     
                                     
B/C Dates for Other
Distribution                     : N/A   
  
To view a full copy of the financial results, click
http://bankrupt.com/misc/401HOLDINGS021605.htm


ASIANE2E.COM LIMITED: Creditors Should Prove Claims by March 4
--------------------------------------------------------------
Notice is hereby given that the creditors of AsianE2E.com
Limited which is being wound up voluntarily are required on or
before 5:30 p.m. on March 4, 2005 to send particulars of their
debts or claims and the names and addresses of their solicitors,
if any, to the undersigned.

If so required by notice in writing from the liquidators, are to
come in and prove their said debts or claims by themselves or
their solicitors at such time and place as shall be specified in
the Notice or in default thereof they will be deemed to have
waived all or any of such debts or claims and the liquidators
shall be entitled seven days after the above date to distribute
the funds available or any part thereof to the members.

Dated this 4th day of February 2005.

Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong


POLY INVESTMENTS: Shares Trading Suspended
------------------------------------------
The trading in the shares of Poly Investments Holdings Limited
(0263) has been suspended effective 9:30 a.m. of February 16,
2005 pending the court hearing in respect of the winding-up
petition issued against the Company by Asia Power Development
Limited on 13 December 2004.

The stock closed yesterday at $0.196.

This Infocast announcement is dated February 16.


WAI YUEN: Issues Announcement at HKSE's Request
-----------------------------------------------
The Hong Kong Stock Exchange has received a message from Wai
Yuen Tong Medicine Holdings Limited (00897), 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 increase in the trading volume
of the Company's shares and wishes to state that it are not
aware of any reasons for such increase.

The Company also confirm that save for the announcement dated 1
February 2005 made by the Company in relation to the acquisition
of a subsidiary of Wang On Group Limited, there are no
negotiations or agreements relating to intended acquisitions or
realisations 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, which is or may be of a price-
sensitive nature.

Made by the order of the Board of directors of Wai Yuen Tong
Medicine Holdings Limited, the directors (comprising of (1) the
Executive Directors namely Mr. Tang Ching Ho and Mr. Chan Chun
Hong, Thomas; (2) the Non-executive Director namely Mr. Leung
Wai Ho and (3) the Independent Non-executive Directors namely
Mr. Siu Man Ho, Simon, Mr. Yuen Chi Choi and Mr. Cho Wing Mou)
of which individually and jointly accept responsibility for the
accuracy of this statement.

For and on behalf of
Wai Yuen Tong Medicine Holdings Limited
Chan Chung Hong, Thomas
Managing Director
Hong Kong, 15 February 2005


WELLSTECH INTERNATIONAL: To Hold Meeting February 18
----------------------------------------------------
Notice is hereby given that pursuant to Section 228A of the
Companies Ordinance, that a meeting of the Members of Wellstech
International Limited (In Creditors' Voluntary Winding Up) will
be held at 19th Floor, No. 3 Lockhart Road, Wanchai, Hong Kong
on February 18, 2005 at 10:00 a.m. to be followed at 11:00 a.m.
by a meeting of the Creditors of the abovenamed Company for the
purpose of considering and receiving the latest Statement of
Affairs.

Any nomination of new liquidator(s) other than the provisional
liquidator as appointed by the Company on January 27, 2005 and
to consider further matters relevant to the creditors' voluntary
winding-up of the abovenamed Company pursuant to Sections 241,
242, 243 and 244 of the Companies Ordinance.  

Members or Creditors may vote either in person or by proxy.
Proxies used at the meeting must be lodged at 19th Floor, No. 3
Lockhart Road, Wanchai, Hong Kong not later than 12:00 noon
February 17, 2005.

Dated this 27th day of January 2005

By Order Of The Board
Ng Chun Chuen, Daid
Director


WO FUNG: Court Fixes Date of Hearing
------------------------------------
Notice is hereby given that Hon. Madam Justice Kwan has fixed a
date, time and place for considering the determination in making
an order for appointment of liquidators for Wo Fung Construction
Limited (In Compulsory Liquidation).

Date and Time of Hearing: March 8, 2005 (Tuesday) at 10:00 a.m.

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

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

Dated this 15th day of February 2005

Anthony Nedderman
Joint and Several Liquidator


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

BANK MANDIRI: Asked to Infuse IDR200 Billion into Ailing Firm
-------------------------------------------------------------
The Office of the State Minister of State Enterprises asked Bank
Mandiri to consider the recapitalization of struggling state-
owned paper firm PT Kertas Kraft Aceh (KKA), the Jakarta Post
reports.

The request was made despite the fact that the bank also has bad
debts worth IDR165 billion with KKA, whose total debt equals
IDR300 billion.  

According to Minister Sugiharto, a capital injection from Bank
Mandiri is one of three options proposed by the government to
rescue KKA from bankruptcy. Other options include inviting new
investors into the Company.

KKA will need IDR200 billion in fresh funds to restart
operations after it was temporarily shut down in April 2003. The
Company stopped operations when U.S. energy firm ExxonMobil,
upon KKA's failure to pay a gas bill of IDR65 billion, refused
to continue supplying gas to the Company. KKA stopped paying its
workers last year.

Minister Sugiharto's request for Bank Mandiri to inject funds
into KKA contradicts earlier reports over concerns on the high
number of the bank's non-performing loans (NPLs). Such a request
puts the bank at risk, since KKA is likely to go into default.

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


BANK MANDIRI: Shortlists 5 Banks for Planned USD300 Million Bond
----------------------------------------------------------------
Bank Mandiri has chosen five banks as potential lead managers
for a planned $300 million five- to 10-year senior bond
issuance, reports Dow Jones.

The shortlisted banks are Citigroup Inc., Deutsche Bank, HSBC,
JPMorgan Chase & Co. and UBS AG.

The Indonesian government is expected to come up with a USD1
billion to USD1.5 billion bond offering in early March, before
Bank Mandiri can enter the market.

Bank Mandiri is one of many Indonesian banks that aim to issue
international bonds this year, together with Bank Internasional
Indonesia, Bank Negara Indonesia and Bank Niaga.


DIRGANTARA INDONESIA: To Make Aircraft with Malaysian Grouptech
---------------------------------------------------------------
A Malaysian aircraft maintenance Company, Grouptech Sdn Bhd, and
Indonesian state-owned aircraft maker PT Dirgantara Indonesia
have agreed to jointly produce the CN-235 aircraft, Asia Pulse
says.

The target market of the twin-engine turboprop aircraft will be
ASEAN member countries, the Islamic Conference Organization
member countries and other developing nations.

The two companies on Monday signed a memorandum of understanding
in front of Malaysian Prime Minister Datuk Seri Abdullah Ahmad
Badawi and visiting President Susilo Bambang Yudhoyono to build
the aircraft in the facility of Dirgantara Indonesia in Bandung.

Under the MOU, Grouptech will provide technical and financial
support and Dirgantara will be responsible for designing and
production.

CN-235 planes are already produced by Dirgantara and have been
used widely by the military and for cargo transport.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com


GARUDA INDONESIA: Government Seeks New President
------------------------------------------------
The Indonesian government is seeking a president director for
the national flag-carrier, Garuda Indonesia, who can bring a new
standard in the aviation business, Antara News reports.

State Enterprises Minister Sugiharto said that the airline's
problem was not just replacements of key positions, but that it
needs "a new paradigm to face future tighter global
competition." He added that the Company needs such paradigm to
improve its competitiveness in the industry.

As an example, Minister Sugiharto pointed out that the Company's
domestic airfares were set at a rate of USD4.5 per seat per km,  
double the rate of other airlines in neighboring countries,
which were set at USD2.5 per seat per km.

In relation to the appointment of a new president director for
the Company, the minister stated that there are many prospects,
but the government is in the last stage of the selection
process.

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


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


ASHINOMAKI GURANDOHOTERU: Begins Bankruptcy Proceedings
-------------------------------------------------------
Hotel operator Ashinomaki Gurandohoteru Y.K. has entered
bankruptcy with total liabilities of US$28.85 million, according
to Teikoku Databank America.

The firm is based in Aizuwakamatsu-shi, Fukushima 969-5147.

For more informtaion visit http://www.teikoku.com/or contact  
office@teikoku.com or +1-212-421-9805.


FURANKUSU K.K.: Enters Bankruptcy
---------------------------------
Furankusu K.K. of Chiba-shi, Chiba 260-0031 has entered
bankruptcy, says Teikoku Databank America.

The hotel operator has total liabilities of US$210.29 million.

For more informtaion visit http://www.teikoku.com/or contact  
office@teikoku.com or +1-212-421-9805.


MITSUBISHI MOTORS: DaimlerChrysler to Cut Stake to 13.4%
--------------------------------------------------------
A German-American automaker is set to reduce its participation
in ailing Mitsubishi Motors Corporation, according to the
Financial Times.

DaimlerChrysler AG will cut its stake in the troubled Japanese
carmaker to 13.4 percent in the course of a JPY274-billion
capital increase by MMC. As of September 2004, DaimlerChrysler
held a 20.7 percent stake in the Japanese market.

The reduction in the stake is expected to have little effect on
DaimlerChrysler financially. The only MMC-related factor
affecting figures of the German-American group is share price
fluctuation, as the participation is now only a financial
investment.

CONTACT:

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


SEIYU LIMITED: Books Loss for Third Straight Year
-------------------------------------------------
Besieged supermarket chain operator Seiyu Limited tallied a huge
loss for 2004, marking the Company's third straight year in the
red, Dow Jones Newswires reports.

The Japanese arm of U.S. retailer Wal-Mart Stores Incorporated
booked a group net loss of JPY12.32 billion (US$117.1 million),
on sales of JPY1.032 trillion.

In the previous 12-month period, Seiyu suffered a JPY53.78
billion loss, after a write-down on an investment in Seibu
Department Stores Ltd. Sales in the 12-month period stood at
JPY1.071 trillion.

The Company has changed to a calendar year from a fiscal year
that ended in February. For the 10-month period from March
through December 2003, Seiyu posted a group net loss of JPY7.09
billion on sales of JPY908.29 billion.

Seiyu Limited attributed the massive losses to warm winter
weather and typhoons that caused sales to slump, as well as
store disruptions related to the installation of Wal-Mart's
information systems.

Despite the downturn, the supermarket operator is not giving up.
In fact, it is mapping out various measures to keep its net
worth positive.

In preparation for a future capital boost, Seiyu plans to
propose lifting the total number of authorized shares to 1.65
billion, a move that would allow the Company to issue an
additional 245 million shares. The proposal will be submitted at
the annual shareholders meeting scheduled on March 30.


* Corporate Bankruptcies Down 13.8% for 25th Month
--------------------------------------------------
The number of corporate bankruptcies in Japan for the month of
January slid 13.8 percent from a year before to 1,039, marking
the 25th straight decline, Kyodo News reports, citing Teikoku
Databank Limited.

According to the private research agency, debts left by the
failed firms skyrocketed 31 percent to JPY598,469 million, the
second consecutive rise. But the liability figure came below
JPY1 trillion for 10 months in a row.

Teikoku attributed the continued downswing in Japanese
bankruptcies to the expanded public assistance for small and
medium-sized enterprises, such as the safety-net guarantee
program and the guarantee system for refinancing.

The number of failures in which companies were forced to close
down their business under court-supervised proceedings reached
430, which accounts for 41.4 percent of the total.

January was the second consecutive month in which there were no
bankruptcies of listed companies.


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


* Asset Management Companies May Be Restructured
------------------------------------------------
South Korea's Financial Supervisory Commission (FTC) Chairman
Yoon Jeung-hyun said that asset management firms could undergo
sector-wide restructuring if U.S.-based Fidelity Investments
enters the market, Asia Pulse reports.

Mr. Yoon added that the entry of the U.S. asset management firm
could increase competition and bring out mergers and
acquisitions not attractive to large companies.

With the addition of Fidelity Investments, South Korea has a
total of around 45 foreign and domestic asset management firms,
10 of which are 50% owned by foreigners.

As of November 2004, foreign companies accounted for 17.8 per
cent of South Korea's 183 trillion won (US$178.6 billion) asset
management market.

Recently, the government has encouraged foreign companies to
enter the country's high-end financial services market, in order
to become an East Asian financial hub.


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


ACTACORP HOLDINGS: To Appeal Court Decision on Legal Suit
---------------------------------------------------------
Actacorp Holdings announced that it is appealing the decision of
the Kuala Lumpur High Court on the suit filed against the
Company by Nagase (Malaysia) Sdn Bhd for a claim of
RM150,341.50. The appeal is fixed for hearing on March 28, 2005.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Phone: +60 3 9282 1388
Fax:   +60 3 9284 713


ACTACORP HOLDINGS: Disputes Claim of Am Merchant Bank
-----------------------------------------------------
Actacorp Holdings Berhad disclosed that it is disputing the
claim of RM47,392,619.98 by Am Merchant Bank Berhad by filing
Defence.

The case is up for hearing in the Kuala Lumpur High Court on
Thursday, Feb. 24, 2005.


ACTACORP HOLDINGS: Court Sets Date for Case Hearing
---------------------------------------------------
Actacorp Holdings Berhad announced that Affin Bank Berhad had
filed a suit against the Company for a claim of RM6,311,338.40.

The case is fixed for further hearing on March 25, 2005.


HABIB CORPORATION: Share Prices Up 17% in Early Trade
-----------------------------------------------------
Share prices of Habib Corporation Berhad rose more than 17% in
early trade on Feb. 16, when the Company's shares resumed
trading after being suspended since Feb. 7, reports the Edge
Daily.

The Company opened at RM2.56, or 10 cents above the last traded
price of RM2.46 on Feb. 7. Within the first 30 minutes of trade,
there were 3.18 million shares done at prices ranging from
RM2.35 to RM2.90. At 9:30 a.m., Company shares were trading at
RM2.88, up 42 cents.

Habib entered into an agreement with Singapore firm Chuan Hup
Holdings Limited, to acquire its core marine assets and
businesses for RM1.31 billion.

CONTACT:

Habib Corporation Berhad
Lot 106
Lorong Memanda 2,
Ampang Point,
68000 Ampang,
Selangor, Malaysia
Phone: 03-42527777
Fax:   03-42527484


KIG GLASS: Bumiputra-Commerce Bank Launches Legal Action
--------------------------------------------------------
KIG Glass Industrial Berhad (KIG) announced that Bumiputra-
Commerce Bank (Labuan) Limited has begun legal proceedings
against one of the Company's subsidiaries, KIG Ceramics
Industrial Sdn Bhd (KIGC), and a hearing is scheduled on Friday,
Feb. 18, 2005.

The Company is seeking legal advice in respect of the suit, and
has appointed a financial advisor to advise on the case.

CONTACT:

KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax:   07-3318617
    

KUALA LUMPUR KEPONG: Unit Members File for Voluntary Liquidation
----------------------------------------------------------------
Kuala Lumpur Kepong Berhad advised that the members of wholly
owned Company subsidiary Standard Soap Company, Limited have
filed for the voluntary liquidation of its three inactive
subsidiaries Beauty Basics, KLK Cosmetics and Zenithpeak.

Mr. Peter M. Levy has been appointed as liquidator for the above
companies.

Other than the liquidation expenses, the liquidation of the
three companies has no financial effect on the Company's net
tangible assets.

CONTACT:

Kuala Lumpur Kepong Berhad
Wisma Taiko 1, Jalan S. P.
Seenivasagam
30000 Ipoh, Perak, Malaysia
Phone: +60-5-241-7844
Fax:   +60-5-253-5018
Web site: httP://www.klk.com.my


MAXIS COMMUNICATIONS: Offers New Mail Services
----------------------------------------------
MAXIS Communications Berhad and Logica CMG will deliver next-
generation video mail and portal services on Maxis' new network,
the two companies said in a joint statement on Feb. 14, reports
The Star News.  

Maxis will be the first mobile operator in Asia to launch 3G
video services, which will be available to subscribers on June
through the uOne platform set up by LogicaCMG.  

uOne is a cost effective Voice over Internet value-added service
platform, which the Company hopes will attract more subscribers.

According to Maxis chief operating officer Edward Ying, the
Company is expecting a positive customer response on its new 3G
video mail service.

CONTACT:

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


PAN MALAYSIA: Granted Extension on Restructuring Scheme
-------------------------------------------------------
Pan Malaysia Holdings Berhad announced that there has been no
change in its proposed plans since the Company's last
announcement on Jan. 3, 2005, and the Bursa Malaysia Securities
Berhad has approved an extension of time from Jan. 1, 2005 to
March 31, 2005 to enable the Company to be uplifted from its PN4
status.

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax:   (60) 3244-7789


POS MALAYSIA: Business Mail Rates Expected to Boost Earnings
------------------------------------------------------------
Pos Malaysia & Services Holdings Berhad expects an increase in
its revenue through the reclassification of various categories
of the Company's mail products, the Star News reports.  

The Company said on Feb. 15 that the government approved the
reclassification of its mail products. While the cost of posting
an ordinary letter would remain the same at 30 sen, postal rates
for business mail (e.g. bank statements, phone bills) weighing
more than 50gm are higher, between 5 and 25 sen.  

An unnamed analyst commented that the increase in Pos Malaysia's
revenue would come from its business mail.

CONTACT:

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


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

BACNOTAN CONSOLIDATED: Gets Compliance Certification for 2004
-------------------------------------------------------------
In connection with the implementation of Bacnotan Consolidated
Industries, Inc.'s Manual on Good Corporate Governance, a
Corporate Governance Compliance Certification for the Calendar
Year 2004 has been issued.

It has been certified that Bacnotan Consolidated Industries,
Inc. has complied with the principles and best practices
contained in the Manual on Good Corporate Governance except for
those Compliance Risks enumerated in the attached Corporate
Governance Evaluation Form with explanations for deviations
thereof.

Carlos I. Arguelles
VP-Complaine Officer

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456
Web site: http://www.bonecare.com/


HERMOSA SAVINGS: PDIC Starts Claims Servicing of Depositors
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) started
servicing claims for insured deposits in the closed Hermosa
Savings and Loan Bank, Inc. on February 11. The simultaneous
servicing of claims for insured deposits will be conducted in
the head office and all 13 branches of the bank located in
Bataan, Pampanga and Makati City.     

In a statement issued by the state insurer, depositors are
advised to proceed directly to the premises of the closed bank's
head office and branches except for depositors of Pilar branch
who are advised to file their claims at the Balanga branch, and
depositors of Samal branch who will have to file their claims at
Orani branch where PDIC representatives are stationed to service
claims for insured deposits. Depositors of the Dinalupihan
branch are advised to file their claims at the head office
located in Hermosa, Bataan while Makati City branch depositors
are to file their claims at PDIC's extension office at the 6/F
SSS Bldg., Ayala Avenue corner V.A. Rufino Street, Makati City.

Hermosa SLB has estimated insured deposit liabilities of P120.75
million comprising of 9,987 accounts.  

Depositors are required to submit the original evidence of
deposits such as savings passbook, certificate of time deposit,
or bank statement including unused checks and two (2) latest
identification documents in the processing of deposit claims.          


Effective August 12, 2004, upon passage of Republic Act 9302,
the maximum deposit insurance coverage is now up to Php250,000.

Pursuant to the provision of R.A. 3591, as amended, otherwise
known as the PDIC Charter, the prescriptive date for filing
claims for insured deposits in the closed Hermosa SLB is on
February 2, 2007. After said date, PDIC will no longer process
claims for insured deposits maintained with Hermosa SLB.  

Hermosa SLB was ordered closed by the Monetary Board last
February 3. PDIC took over the bank on the same day.  

CONTACT:

Hermosa Savings & Loan Bank Incorporated
A. Nuguid St., Hermosa, Bataan
Phone: (047) 491-1547 to 49


NATIONAL BANK: 30% of Depositors in Davao are OFWs
--------------------------------------------------
Around 30 to 40 percent of the 23,000 depositors of the
Philippine National Bank (PNB)- Davao branch in 2004 were
overseas Filipino workers (OFWs), SunStar relates. Of the total
figure, only 20 percent were composed of businessmen.

PNB-Davao business manager Urbano Olaer said that by having 92
branches worldwide, OFWs find it easy to deposit their
remittances in PNB banks available in their respective areas.

Olaer said the method of personalized service, which they are
rendering to their clients, has also brought about the soaring
number of OFW depositors in their bank.

Olaer said that because of the bank's high volume of deposits,
they were able to finance the Php14 million worth renovation of
their office on CM Recto Street.

The renovation is to be completed within this year.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL BANK: Moody's Downgrades Credit Ratings
------------------------------------------------
Moody's Investors Service on Wednesday lowered the foreign
currency debt and deposit ratings to B1 of 10 Philippine banks,
including the Philippine National Bank, following the downgrade
of the Philippines' country ceilings for foreign currency bonds
and bank deposits, as well as the local currency government bond
rating. The outlooks for the banks' credit ratings are stable,
and in line with that of the sovereign.

The banks are Allied Banking Corp., Banco de Oro Universal Bank,
Bank of the Philippine Islands, Development Bank of the
Philippines, Equitable-PCI Bank, Land Bank of the Philippines,
Metropolitan Bank & Trust Co., Philippine National Bank, Rizal
Commercial Banking Corp., and UnionBank of the Philippines. The
B1 credit rating of United Coconut Planters Bank was affirmed
with a stable outlook. The actions, which do not reflect bank-
specific issues, conclude the review initiated on November 9,
2004.

The Not-Prime short-term deposit ratings and the bank financial
strength ratings (BFSR) of all 11 banks are unaffected.

Furthermore, the local currency deposit ratings of Development
Bank of the Philippines and Philippine National Bank were
downgraded to Ba2 from Ba1. Consequently, the local currency
subordinated debt of Philippine National Bank was lowered to Ba3
from Ba2, a notch below its new senior local currency rating.
Similarly, the foreign currency subordinated debt ratings of
Metropolitan Bank & Trust Co. and Equitable-PCI Bank were
lowered to B1 from Ba2.

Moody's believes the government's willingness to assist the
system's major and state-controlled banks remains strong.
However, the government's fiscal constraints, as well as the
potential for regulatory hurdles, could impede the
administration of support to these important banks.

The following ratings were downgraded:

Allied Banking Corp. -- Foreign currency long-term deposit
rating lowered to B1 from Ba3. The outlook is stable.

Banco de Oro Universal Bank -- Foreign currency senior debt
rating lowered to B1 from Ba2; foreign currency long-term
deposit rating lowered to B1 from Ba3. The outlooks are stable.

Bank of the Philippine Islands -- Foreign currency long-term
deposit rating lowered to B1 from Ba3. The outlook is stable.

Development Bank of the Philippines -- Foreign currency long-
term deposit rating lowered to B1 from Ba3; local currency
deposit rating lowered to Ba2 from Ba1. The outlooks are stable.

Equitable-PCI Bank -- Foreign currency senior debt rating and
foreign currency subordinated debt rating both lowered to B1
from Ba2; foreign currency long-term deposit rating lowered to
B1 from Ba3. The outlooks are stable.

Land Bank of the Philippines -- Foreign currency long-term
deposit rating lowered to B1 from Ba3. The outlook is stable.

Metropolitan Bank & Trust Co. -- Foreign currency subordinated
debt rating lowered to B1 from Ba2; foreign currency long-term
deposit rating lowered to B1 from Ba3. The outlooks are stable.

Philippine National Bank -- Foreign currency senior debt rating
lowered to B1 from Ba2; foreign currency long-term deposit
rating lowered to B1 from Ba3; local currency deposit rating
lowered to Ba2 from Ba1, local currency subordinated debt rating
lowered to Ba3 from Ba2. The outlooks are stable.

Rizal Commercial Banking Corp. -- Foreign currency senior debt
rating lowered to (P)B1 from (P)Ba3; foreign currency long-term
deposit rating lowered to B1 from Ba3. The outlooks are stable.

UnionBank of the Philippines -- Foreign currency senior debt
lowered to B1 from Ba2; foreign currency long-term deposit
ratings lowered to B1 from Ba3. The outlooks are stable.

The following rating was affirmed:

United Coconut Planters Bank -- B1 foreign currency long-term
deposit rating affirmed. The outlook is stable.

The following ratings were not affected:

Allied Banking Corp. -- Not-Prime foreign currency short-term
deposit rating and E+ BFSR. The outlooks are stable.

Banco de Oro Universal Bank -- Not-Prime foreign currency short-
term deposit rating and D BFSR. The outlooks are stable.

Bank of the Philippine Islands -- Not-Prime foreign currency
short-term deposit rating and C- BFSR. The outlooks are stable.

Development Bank of the Philippines -- Not-Prime foreign
currency short-term deposit rating and D BFSR. The outlooks are
stable.

Equitable-PCI Bank -- Not-Prime foreign currency short-term
deposit rating and D- BFSR. The outlooks are stable.

Land Bank of the Philippines -- Not-Prime foreign currency
short-term deposit rating and E+ BFSR. The outlooks are stable.

Metropolitan Bank & Trust Co. -- Not-Prime foreign currency
short-term deposit rating and D BFSR. The outlooks are stable.

Philippine National Bank -- Not-Prime foreign currency short-
term deposit rating and E BFSR. The outlooks are stable.

Rizal Commercial Banking Corp. -- Not-Prime foreign currency
short-term deposit rating and E+ BFSR. The outlooks are stable.

UnionBank of the Philippines -- Not-Prime foreign currency
short-term deposit rating and D BFSR. The outlooks are stable.

United Coconut Planters Bank -- Not-Prime foreign currency
short-term deposit rating and E BFSR. The outlooks are stable.


NATIONAL POWER: Unit Auction Complied with SC, COA Rules
--------------------------------------------------------
According to Vice President of the Power Sector Assets and
Liabilities Management Corporation (PSALM) Maria Luz Caminero,
the bidding for the National Power Corporation's Masinloc power
plant complied with the Supreme Court jurisprudence and the
Commission on Audit (COA) rules, the Philippine Star reports.

This was PSALM'S response to reported misgivings on the sale of
the power facility, where some sectors questioned the legality
of the Masinloc bidding since only one bidder met the reserve
price set for the power plant.

Ms. Caminero said the Supreme Court earlier ruled that to
constitute a failed bidding under COA's guidelines on the
disposal of government property, "all offerors or bidders in a
bidding must be disqualified." She added that a failure of
bidding occurs when: 1) there is only one offeror; or 2) when
all the offers are non-complying or unacceptable.

In the case of the Masinloc plant, Ms. Caminero said that there
was no failed bidding since two bidders qualified for the sale,
and one of the bidders exceeded the price set by PSALM for the
plant.

According to PSALM President Raphael Lotilla, attempts to
withdraw from this privatization effort may damage investor
confidence in the country, adding that a sale price of USD561
million for the power plant was already "a good price."

The Masinloc plant, located in Zambales, north of Manila, was
sold free of debt but to attract more investors, only 40% of the
sale price was required at the time of the deal, with the
remaining 60% to be deferred over a seven-year period.  

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468


PHILIPPINE LONG: Forecasts Php26.5-Bln Net Income for 2004
----------------------------------------------------------
Philippine Long Distance Telephone Company's (PLDT) consolidated
net profit for 2004 will likely reach at least Php26.5 billion,
or more than double its 2003 earnings of Php11.2 billion,
reports The Philippine Star.

A PLDT official was quoted as saying that PLDT "they forecast
the group's consolidated net income to be as low as 26.5 billion
pesos to as high as 27.5 billion or a median of 26.5 billion".

The huge jump in the group's profitability is once again being
attributed to the sustained growth of its wireless business led
by Smart Communications Inc., the turnaround of once-moribund
Pilipino Telephone Inc. (Piltel), the recovery of its fixed-line
operations, and one-time gain from the consolidation of its
wireless business.

The telecommunications Company is set to announce its financial
results for the past year on March 1.


PHILIPPINE LONG: To Hold Investors' Briefing on March 1
-------------------------------------------------------
The Philippine Long Distance Telephone Company advised that the
Company will hold an Investors' Briefing to discuss the
Company's full year 2004 financial and operating results on
Tuesday, march 1, 2005, at 2:30 p.m. at the Manila A & B
Function Rooms, Makati Shangri-La, Makati City.

A copy of the invitation for the aforestated event is attached.

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


RB DEL GALLEGO: PDIC Services Insured Deposit Claims
----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will start
its operations for the servicing of claims for insured deposits
in the closed Municipal Rural Bank of Del Gallego Inc. (MRBGI)
on Wednesday, February 16, 2005.  

Depositors are requested to proceed directly to the premises of
MRBGI where they can file their claims with the PDIC
representatives from February 16 to March 2, 2005, during office
hours, Monday to Friday.

After the said date, all depositors can file their claims
personally at the PDIC Claims Counter, 6th Floor, SSS BLDG,
Ayala Avenue corner V.A. Rufino St., Makati City from Monday to
Friday, 8:00 A.M. to 5:00 P.M. or by mail to:

The Manager
Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City

Depositors are advised to present the following requirements to
the PDIC representatives when filing their claims:

a. Original evidence of deposit such as Savings Passbook,
Certificate of Time Deposit, or Bank Statement including Unused
Checks.

b. Two (2) latest identification cards/documents (IDs) with
depositor's signature.

Other documents maybe required by the PDIC representatives in
the course of their processing of claims filed.

Pursuant to the provisions of R.A. 3591, as amended by R.A.
9302, the last day for filing claims for insured deposits in the
closed Municipal Rural Bank of Del Gallego (Camarines Sur), Inc.
is on January 27, 2007.  After January 27, 2007, PDIC as
insurer, shall no longer accept any claim for insured deposits
maintained with the said closed bank.

CONTACT:

Municipal RB of Del Gallego, Inc.
Del Gallego, Camarines Sur


UNIWIDE HOLDINGS: Appoints Three New Officers
---------------------------------------------
Please be informed that Uniwide Holdings Incorporated has
appointed three (3) new officers effective February 15, 2005:

Corporate Secretary - Atty. Romarico I. Gatchalian of Alampay
Gatchalian mawis & Alampay Law Offices replacing Atty. J Daniel
R. Santiago. Atty. Gatchalian has been serving the legal needs
of Uniwide Sales Group of Companies (USG) on a retainer basis
since August 2002.

Chief Compliance Officer - Mr. Julius P. Maling replacing Ms.
Corazon S. Rey. Mr. Maling has been with USG since February 1996
handling various significant positions. He is also the current
President and Chief Executive Officer of Asia Amalgamated
Holdings Corporation, an affiliate of USG.

Chief Financial Officer - Ms. Myracris G. Galang replacing Ms.
Ma. Clara P. Fragada. Ms. Galang has been with USG handling
various accounting positions. She is also the concurrent
Comptroller of USG's retailing Company, the Uniwide Sales
Warehouse Clubs, Inc. (USWCI).

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


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

ASIA COMMERCIAL: Shareholders Agree to Wind Up Company
------------------------------------------------------
At an Extraordinary General Meeting of Asia Commercial
Investment (Private) Limited held on February 15, 2005 the
shareholders of the Company passed a special resolution for the
members' voluntary winding-up of the Company. The Company is a
subsidiary of Oversea-Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency of the Company executed by
the Board of Directors, in compliance with the Companies Act,
Cap. 50, was lodged with the Registrar of Companies and
Businesses on 3 February 2005.

The shareholders of the Company have decided to proceed with the
winding-up of the Company as it has ceased operations and is
currently a dormant Company.

The issued and paid-up capital of the Company is S$3,000,000/-.
  

CHINA AVIATION (S): PwC Says No Report was Released
---------------------------------------------------
Consulting firm PricewaterhouseCoopers (PwC) denied reports that
a draft investigation report into China Aviation Oil's (CAO)
trading scandal has been released, Energy Risk relates.

PwC spokeswoman Jean Low declared that no report has been issued
to the Singapore Stock Exchange and even to CAO itself. Ms. Low
said the investigation is ongoing and that a final report will
be "much larger than expected".

Ms. Low said the report would be ready "quite soon" but would
not specify the time scale. She added that the first people to
see the report will be PwC's clients, the bourse and CAO.

PwC is investigating the losses at CAO on behalf of the stock
exchange, which runs Singapore's securities and derivatives
market. The central bank and the police are also investigating
the Company.

CAO reported a loss of US$550 million from oil trade
derivatives.

CONTACT:

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


INTIQUA INTERNATIONAL: To Declare Dividend March 1
--------------------------------------------------
Intiqua International Pte Ltd posted to the Government Gazette
Electronic Edition a notice of preferential dividend.

Address of former office: 60 Robinson Road #09-00
Overseas Union Bank Building
Singapore 068892

Court: High Court, Singapore

Number of Matter: Companies Winding Up No. 162 of 2003L

Amount per centum: 100 percentum of all admitted preferential
claims pursuant to section 328 (1) (b), (c), (e) and (f) of the
Companies Act, Cap. 50.

First and final or otherwise: First and final.

When payable: 1st March 2005.

Where payable:

Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 048423

Dated this 15th day of February 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


MIC TAN: Receives Bankruptcy Order from Court
---------------------------------------------
Tan Hock San (NRIC No. S1433720B) trading as Mic Tan Enterprise
(formerly known as ENMT Enterprise) of Blk 830, Hougang Central
#03-532, Singapore 530830 received a bankruptcy order from the
Singapore High Court.

Bankruptcy Number: 4983 of 2004

Date of Order: January 28, 2005

Date of Petition: December 18, 2004

Grounds of Petition: In Default of Statutory Demand

TOH HAN LI
Senior Assistant Registrar,
Supreme Court,
Singapore

Registry, Supreme Court Singapore
15th February 2005.


SPORTS WORKS: Court Issues Bankruptcy Order
-------------------------------------------
The High Court of Singapore issued a bankruptcy order to
Debtor's Name-Ng Yit Beng (NRIC No. S6920570D) trading as Sports
Works of Address-Blk 91, Bedok North Street 4 #05-1531,
Singapore 460091

Bankruptcy Number: 4529 of 2004

Date of Order: January 28, 2005

Date of Petition: November 9, 2004

Grounds of Petition: In Default of Statutory Demand

TOH HAN LI
Senior Assistant Registrar,
Supreme Court,
Singapore
Registry, Supreme Court Singapore
15th February 2005


TRUMP DESIGN: Begins Bankruptcy Proceedings
-------------------------------------------
Teo Kwee Heoh (NRIC No. S1380771Z) trading as Trump Design of
Blk 8, Jalan Rumah Tinggi #14-465, Singapore 150008 issued to
the Government Gazette Electronic Edition that it has received a
bankruptcy order from the High Court, Singapore.

Bankruptcy Number: 4610 of 2004

Date of Order: January 28, 2005

Date of Petition-19th November 2004

Grounds of Petition: In Default of Statutory Demand

TOH HAN LI
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court Singapore
15th February 2005


WHK INVESTMENT: To Declare Dividend February 23
-----------------------------------------------
WHK Investment Pte Ltd (In Liquidation) posted in the Government
Gazette Electronic Edition a notice of dividend.

Company Registration Number: 200005851K

Address of Registered Office:

111 North Bridge Road
#24-02 Peninsula Plaza
Singapore 179098

Name of Liquidator: The Official Receiver

Number of Matter: Companies Winding Up No. 55 of 2004/N
Amount Per Centum: 100% (Unsecured Creditors).
First & Final or Otherwise: First & Final Dividend
When Payable: 23rd February 2005
Where Payable:

Office of the Special Manager
c/o DON HO & ASSOCIATES
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street, #12-02 & 03
Equity Plaza
Singapore 049705.
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331

Name of Special Manager: Mr DON M HO, FCPA

Dated this 16th February 2005


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


BANGKOK STEEL: Calls for Shareholders Meeting on March 23
---------------------------------------------------------
As the Central Bankruptcy Court ordered the consent of the
business rehabilitation plan of Bangkok Steel Industry Plc. on
February 7, 2005 and appointed as plan administrators the
Economic Intellect and C.J. Morgan Co. Ltd., the plan
administrators would like to call for a shareholders' meeting of
BSI on March 23, 2005 in order to inform the mentioned order of
the Central Bankruptcy Court and clarify the summary of the
rehabilitation plan to the shareholders.  The closing of the
registration book will be on March 2, 2005 at 12:00 noon.

Please be informed accordingly.

Yours sincerely,
Economic Intellect Co., Ltd.           
C.J. Morgan Co., Ltd.
Plan Administrators

CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Web site: http://www.bangkoksteel.co.th


CENTRAL PAPER: Court Approves Debt Restructuring Plan
-----------------------------------------------------
Regarding the resolution in favor of the creditor's meeting for
votes on the rehabilitative plan of Central Paper Industry
Public Co. Ltd. (CPICO) on December 3, 2004, the Company advised
the Stock Exchange of Thailand (SET) that the Central Bankruptcy
Court approved its Debt Restructuring plan on February 1, 2005.

Yours Sincerely
Mr.Parkpoom Sitthiprasert
Rehabilitative planner of
Central Paper Industry Public Company Limited.

CONTACT:

Central Paper Industry Public Company Limited   
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn    
Telephone: 0-2383-0257-70   
Fax: 0-2383-0208-9     


K.C. PROPERTY: Application for Capital Increase Granted
-------------------------------------------------------
K.C. Property Public Company Limited issued a report to the
Stock Exchange of Thailand (SET) that on February 15, 2005 the
office of Public Company Registration, Ministry of Commerce, had
accepted its application for capital increase from the present
THB875,000,000 to THB1,100,000,000 and change of par value from
THB10 to THB5.

Please be informed accordingly.

Yours sincerely,
Mr. Apisit Ngamachariyakul
President

CONTACT:

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


THAI PETROCHEMICAL: Projects a 10% Rise in Sales this Year
----------------------------------------------------------
Thai Petrochemical Industry Plc (TPI) eyes a 10 percent increase
in sales this year, relates Bangkok Post.  The forecast was
backed by a steady increase in oil prices.  

According to TPI rehabilitation planner Pala Sukhavech, sales
and profit of the Company were forecast to grow by five to ten
percent this year from last year as a result of the Company's
cost-reduction programme.

TPI projected an 86 percent increase in total sales to THB152
billion for 2004, compared to that of the previous year.  
Earnings before interest, tax, depreciation and amortization
(EBITDA) were estimated to have risen by 155 percent to THB22.58
billion from THB8.87 billion in 2003.

EBITDA and sales last year were better than expected, propelled
by the continuing increase in prices of petrochemical products,
naphta in particular, as well as higher margins.

The price of naphtha is around US$400-500 per tonne while the
ethylene price is between US$900 and US$1,100 a tonne, resulting
in a spread as high as US$600-US$700 per tonne.

TPI projected the up cycle of the petrochemical industry would
last until next year before starting to decline in the following
years.

Meanwhile, the scheduled mediation process between TPI's plan
administrator and its founder Prachai Leophairatana was
postponed.  The meeting was supposed to tackle the dispute over
the share swap between TPI and TPI Polene.

TPI's outstanding debts stand at US$1.8 billion on the
completion of the planned debt-restructuring process drafted by
planners appointed by the Finance Ministry.

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


                            *********


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

This material is copyrighted and any commercial use, resale or
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