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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

             Wednesday, February 23, 2005, Vol. 8, No. 38

                            Headlines

A U S T R A L I A

ACCOUNTABILITY PTY: Sets February 25 as Date of Final Meeting
A.C.N. 004 395 117: Members Pass Resolution to Wind Up Company
AMRE HOLDINGS: Members, Creditors to Meet February 28
A.O.M. INVESTMENTS: Final Meeting Slated for March 3
ARISTOCRAT LEISURE: Reaches Record Profit in 2004

ARTELL CABINETS: Schedules Final Meeting on February 28
AUSTRALIAN GAS: Unveils Organizational Realignment
BASINGHALL INVESTMENTS: EGM Resolves to Wind Up Company
BRUSH-FABRICS: To Pay Creditors Dividend on March 10
CHROMALASER PTY: To Declare Dividend February 28

COMPLETE POOL: Appoints Liquidator from B.K. Taylor & Co.
ELMS COFFEE: Lays Out Meeting Agenda
GLOBAL SELF: To Hear Liquidator's Report on March 4
JASIST HOLDINGS: Receivers and Managers Quit
L.D.N. PROPRIETARY: Enters Voluntary Liquidation

MAYNE GROUP: Clinches Biogeneric Partnership with Pliva
MAYNE GROUP: Two Directors Retire
MIJARL NOMINEES: Appoints Liquidator to Wind Up Company
NATIONAL AUSTRALIA: Turns its Back on CRM
PARKE ROTARY: Sets Out AGM Agenda

PYRAMID PLATING: Members Pass Resolution to Wind Up Company
QANTAS AIRWAYS: May Lose AU$44-Mln if SingAir Enters Route
REDENBLACK SECURITIES: Resolution to Wind Up Company Passed
VH STONE: Members Resolve to Wind Up Company
VICTORIAN CONTRACTING: Faces Voluntary Winding Up

WPC 108: Appoints Liquidators from Hall Chadwick


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Launches Probe to Trace Missing US$8M
CHINA STAR: Explains Unusual Volume Movement
ECYBERCHINA HOLDINGS: Unveils New Appointments
FORTUNA INTERNATIONAL: Clarifies Unusual Volume Movement
GOLD DELTA: Invites Creditors to Prove Claims by March 4

GOLDEN HARVEST: Bourse Grants Resumption of Trading
RICH TRUTH: Faces Winding Up Process
UNIVERSAL CROWN: Court to Hear Winding Up Petition March 30
WING SHING: Winding Up Hearing Set March 9


I N D O N E S I A

GARUDA INDONESIA: To Rent Four Boeing 737-NG Airplanes
GARUDA INDONESIA: To Renew Denpansar-Fukuoka Route
INDOFOOD SUKSES: Moody's Upgrades Foreign Currency Rating


J A P A N

FILWEL COMPANY: METI OKs Management Restructuring Plan
FUJITSU LIMITED: Wins Contract to Deploy FLASHWAVE S650
MITSUBISHI FUSO: Waited Two Years to Report Vehicle Defects
MITSUBISHI MOTORS: New Colt Cabriolet to Debut at Geneva Show
SOJITZ HOLDINGS: JCR Removes Credit Monitor, Affirms Ratings

TOSHIBA CORPORATION: To Introduce New Group Procurement Policy
TOSHIBA CORPORATION: Completes Construction of Wafer Fab Plant
UFJ HOLDINGS: Sets Targets for New Group's Three Core Businesses


K O R E A

CHOHUNG BANK: Union Leaders Damage Property in Job Cut Protest


M A L A Y S I A

FARLIM GROUP: Discloses FY04 Quarterly Results
GEORGE TOWN: Units Dispute Winding Up Petitions
GULA PERAK: Repurchases 30,200 Additional Shares
I-BERHAD: Buys Back 10,000 Additional Shares
JASATERA BERHAD: Faces Shares Trading Halt

LANKHORST BERHAD: Trading of Shares Suspended
LANKHORST BERHAD: Unit Receives Winding Up Petition
LION INDUSTRIES: Buys 50,000 Additional Shares
MERCES HOLDINGS: Posts FY04 Quarterly Results
PAN PACIFIC: Sees No Change in Default Status

PILECON ENGINEERING: Issues Default Status Update
PILECON ENGINEERING: Trading of Shares Suspended on Feb. 21
PUTERA CAPITAL: Unveils Executive Share Option Scheme
REKAPACIFIC BERHAD: Petitioner Withdraws Winding Up Petitions
SILVERSTONE CORPORATION: Releases FY04 Quarterly Results

TALAM CORPORATION: Posts Shares Buy Back Notice


P H I L I P P I N E S

BENPRES HOLDINGS: Moves to Sell Tollway Stake
COLLEGE ASSURANCE: SEC Fines Investor Php2M
COLLEGE ASSURANCE: NBI Steps Up Bouncing Checks Probe
DMCI HOLDINGS: Government Wants Info on Unit's Cap Restructuring
NATIONAL POWER: Boosts Power Supply in CNP Grid

NEGROS NAVIGATION: Tsuneishi to Appeal Payment Ruling


S I N G A P O R E

AZTECH SYSTEMS: Dissolves Dormant U.S. Unit
BINTAN LAGOON: Placed Under Judicial Management
CHARTERED SEMICONDUCTOR: To Host Technology Forum in China
CHINA AVIATION (S): Ex-chief Blames Parent for Continuous Losses
ENG YICK: Faces Winding Up Proceedings

FUMAY PTE: Receives Winding Up Order
LIFEXCHANGE ASIA: Faces Winding Up Proceedings
NEPTUNE ORIENT: Clarifies Item on Financial Results
SHC CAPITAL: Releases Full Year Financial Statement


T H A I L A N D

MILLENNIUM STEEL: Notifies SET on Preferred Shares Conversion
THAI PETROCHEMICAL: GPF Sets April to Compete Due Diligence

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ACCOUNTABILITY PTY: Sets February 25 as Date of Final Meeting
-------------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Accountability (Aust) Pty. Ltd. (In Liquidation)
A.C.N. 083 130 850 will be held at the offices of Bentleys MRI,
Level 7, 114 William Street, Melbourne on February 25, 2005 at
10:30 a.m. for the purpose of laying before the meeting an
account of the liquidators' acts and dealings and of the conduct
of the winding up.

Dated this 12th day of January 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street,
Melbourne Vic 3000


A.C.N. 004 395 117: Members Pass Resolution to Wind Up Company
--------------------------------------------------------------
At a General Meeting of A.C.N. 004 395 117 Pty Ltd (In
Liquidation) A.C.N. 004 395 117, duly convened and held at Level
11, 469 La Trobe Street, Melbourne on January 10, 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 10th day of January 2005

Craig Bramwell Merrett
45A Whitehorse Road, Balwyn Vic 3103


AMRE HOLDINGS: Members, Creditors to Meet February 28
-----------------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of Amre (Holdings) Pty. Ltd (In Liquidation)
A.C.N. 004 421 701 will be held at the offices of Dye & Rennie,
Suite 8, 260 Auburn Road, Hawthorn 3122 on Monday, February 28,
2005 at 9:00 a.m.

The purpose of the meeting is to lay the accounts showing how
the windings up have been conducted and the property of the
companies disposed of and giving any explanation thereof.

Dated this 24th day of January 2005

V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road, Hawthorn 3122


A.O.M. INVESTMENTS: Final Meeting Slated for March 3
----------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of A.O.M.
Investments Pty Ltd (In Liquidation) A.C.N. 000 659 263 will be
held at the offices of Tait Miller McIntyre & Co of 53 Junction
Street, Nowra, on March 3, 2005 at 2:30 p.m. for the purpose of
laying before the meeting the liquidators' final account and
report and giving any explanation thereof.

Dated this 18th day of January 2005

Brett Anthony Matthews
Liquidator
Tait Miller McIntyre & Co
53 Junction Street, Nowra NSW 2541


ARISTOCRAT LEISURE: Reaches Record Profit in 2004
-------------------------------------------------
Aristocrat Leisure Limited on Tuesday announced a record profit
and revenue for the year ended December 31, 2004, as well as a
21 cents per share ($100 million) capital return to
shareholders.

Key features of the result:

(1) Record revenue of $1.15 billion, an increase of 12.5 percent
on the prior year;

(2) A record net profit after tax of $174.7 million, a
significant improvement on the $54 million profit for 2003 and
ahead of the $150-$170 million profit guidance provided in
October 2004;

(3) Profit from international operations increased to 70.1
percent of group trading profits, up from 58.9 percent in 2003;
and

(4) Operating cash flow rose 22.3 percent to $250 million, with
cash on hand exceeding debt by $119.6 million at year end.

To view the entire media release, click on:
http://bankrupt.com/misc/TCRAP_ARISTOCRATLEISURE0202205.pdf

CONTACT:

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


ARTELL CABINETS: Schedules Final Meeting on February 28
-------------------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of Artell Cabinets Pty. Limited (In Liquidation)
A.C.N. 006 673 310 will be held at the offices of Dye & Rennie,
Suite 8, 260 Auburn Road, Hawthorn 3122 on Monday, February 28,
2005 at 9:30 a.m.

The purpose of the meeting is to go over the accounts showing
how the windings up have been conducted and the property of the
companies disposed of and giving any explanation thereof.

Dated this 24th day of January 2005

V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road, Hawthorn 3122


AUSTRALIAN GAS: Unveils Organizational Realignment
--------------------------------------------------
The Australian Gas Light Company (AGL) Managing Director Greg
Martin on Tuesday announced a number of organizational changes
designed to better align the Company's structure with its
integrated energy business strategy.

Under this realignment, AGL is forming two new business units
from the current Power Generation and Energy Sales & Marketing
Groups. These business units will be known as Merchant Energy &
Retail Energy, effective from 1 March 2005.

Michael Fraser has been appointed the Group General Manager
Merchant Energy; he currently leads the Energy Sales & Marketing
Group. This business unit will have responsibility for Power
Assets, Gas Development, Wholesale Energy and Wholesale
Customers.

Phil James has been appointed the Group General Manager Retail
Energy; he is the former Chief Executive of NGC Holdings in New
Zealand. Mr. James will assume his new role on 4 April 2005.
This business unit will have responsibility for Customer
Service, Retail Operations, Marketing & Residential Sales and
Retail Regulation.

"AGL is fortunate to have the people with the skills, experience
and leadership abilities to continue to deliver on AGL's
strategy of building Australia's leading integrated energy
Company," Mr. Martin concluded.

CONTACT:

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


BASINGHALL INVESTMENTS: EGM Resolves to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the Members of Basinghall Investments & Pastoral Co Pty Ltd
A.C.N. 004 418 740 held at 575 Bourke Street, Melbourne on
December 29, 2004, the following resolution was passed as a
Special Resolution:

That the Company be wound up voluntarily as a Members' Voluntary
Winding up and that John Lachlan Charles McInnes, Registered
Company Liquidator of 1st Floor, 2 Wellington Parade, East
Melbourne, having given his consent to act, be appointed as
Liquidator for the purposes of the winding up.

Dated this 29th day of December 2004

J. L. C. Mcinnes
Liquidator
McInnes Graham & Gibbs
Chartered Accountants
2 Wellington Parade,
East Melbourne Vic 3002
Telephone: (03) 9419 5133


BRUSH-FABRICS: To Pay Creditors Dividend on March 10
----------------------------------------------------
A first and final dividend is to be declared on March 10, 2005
for Brush-Fabrics (Aust) Pty. Ltd. (In Liquidation) A.C.N. 004
937 697.

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

Dated this 14th day of January 2005

S. L. Horne
Liquidator
Bentleys MRI
114 William Street,
Melbourne Vic 3000


CHROMALASER PTY: To Declare Dividend February 28
------------------------------------------------
A first and final dividend is to be declared on February 28,
2005 in respect of Chromalaser Pty Ltd (In Liquidation) A.C.N.
098 740 357.

Creditors whose debts or claims have not already been admitted
are required on or before February 28, 2005 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend. Creditors are advised that
they are required to provide documentary evidence to
substantiate their debt or claim.

Dated this 11th day of January 2005

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: 9882 6666


COMPLETE POOL: Appoints Liquidator from B.K. Taylor & Co.
---------------------------------------------------------
Notice is hereby given that at a Meeting of Members of Complete
Pool Finishing Pty Ltd (In Liquidation) A.C.N. 091 279 640 held
on January 11, 2005 it was resolved that the Company be wound up
voluntarily.

At a Meeting of the Creditors held on the same day pursuant to
Section 497 it was resolved that for such purpose, Barry Keith
Taylor, of B.K. Taylor & Co., 8th Floor, 608 St Kilda Road,
Melbourne be appointed Liquidator.

Dated this 11th day of January 2005

Barry Keith Taylor
Liquidator


ELMS COFFEE: Lays Out Meeting Agenda
------------------------------------
Notice is given that a meeting of the members and creditors of
The Elms Coffee Shop Pty Ltd (In Liquidation) A.C.N. 082 729 835
will be held at the Conference Room, Worrells, Level 5, 15 Queen
Street, Melbourne Vic 3000 on February 25, 2005 at 2:00 p.m.

AGENDA

(1) To receive the final receipts and payments from the
Liquidator;
(2) To receive formal notice of the end of the administration;
(3) To resolve that the Company be dissolved;
(4) To resolve that the books and records of the Company be
destroyed.

Dated this 12th day of January 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: www.worrells.net.au


GLOBAL SELF: To Hear Liquidator's Report on March 4
---------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Global Self Storage Pty Limited (In Liquidation)
A.C.N. 073 818 998 will be held at the offices of Jirsch
Sutherland Chartered Accountants, Level 2, 84 Pitt Street,
Sydney NSW 2000 on March 4, 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, the property of the
Company disposed and the hearing of any explanations that may be
given by the Liquidator.

Dated this 11th day of January 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


JASIST HOLDINGS: Receivers and Managers Quit
--------------------------------------------
Notice is hereby given that Messrs Stirling L. Horne and Bruno
A. Secatore ceased to act as Receivers and Managers of Jasist
Holdings Pty. Ltd. A.C.N. 107 159 946 on January 11, 2005.

Dated this 12th day of January 2005

S. L. Horne
Bentleys MRI
114 William Street,
Melbourne Vic 3000


L.D.N. PROPRIETARY: Enters Voluntary Liquidation
------------------------------------------------
At a General Meeting of L.D.N. Proprietary Limited (In
Liquidation) A.C.N. 004 640 359, duly convened and held at 45A
Whitehorse Road, Balwyn on January 10, 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 10th day of January 2005

Craig Bramwell Merrett
45A Whitehorse Road, Balwyn Vic 3103


MAYNE GROUP: Clinches Biogeneric Partnership with Pliva
-------------------------------------------------------
Mayne Group Limited (ASX:MAY) announced Tuesday that its Mayne
Pharma business unit has entered into a strategic collaboration
with PLIVA d.d. (PLIVA), a leading international generic and
specialty pharmaceutical Company, to develop and manufacture two
major biogeneric products commonly used by cancer patients -
erythropoietin (EPO) and granulocyte colony stimulating factor
(G-CSF) - that Mayne will exclusively market and distribute in
Western Europe and other selected markets around the world.

Based on IMS data, EPO and G-CSF generated sales in the
countries covered by the agreement of more than $US 1.6 billion
(growing at 14% per annum) in the 12 months to 30 June 2004.

Mayne's Group Managing Director and Chief Executive Officer, Mr
Stuart James, said he was very pleased to be working with PLIVA,
a Company that was internationally respected for its world-class
research and development capabilities.  He also said that the
agreement complements Mayne Pharma's oncology emphasis and
provides a significant opportunity to establish a strong sales
position in the generic market for these drugs.

"This partnership with PLIVA is consistent with our stated long-
term strategy of being a significant player in the newly forming
biogenerics market," Mr James said.

"As the number of patent expiries for chemically-based medicines
declines over the next five to ten years, patent expiries for
biological drugs will increase.  So this partnership is a
significant first step that will position Mayne Pharma to
benefit from this very large and newly forming market
opportunity," he said.

"We have been investigating biogeneric entry options for over
two years and we are excited by the potential of the PLIVA
relationship.

"Biological products are technically complex, requiring
specialised expertise in development and manufacturing that
would be expensive and risky for Mayne to develop internally.
Our approach has been to focus on building a leading
international hospital generic sales force and a regulatory team
skilled in managing the approval of complex products.

"PLIVA's deep experience in developing and manufacturing
biological products and advanced progress in the development of
EPO and G-CSF ideally complement Mayne's strengths by providing
us with a high quality and secure source of supply that will be
necessary to maximise this significant commercial opportunity."

Speaking about the collaborative arrangement, Zeljko Covic,
President of PLIVA's Management Board and CEO said: "We are
especially pleased to have entered into this partnership with
Mayne. We are convinced that with Mayne's strong and established
hospital sales force promoting PLIVA's quality products, both
companies will successfully profit from this multi billion
dollar market, while at the same time providing a more
affordable solution to patients."

"This partnership represents an important recognition of PLIVA's
biologics program and its strong positioning on the global
market. Following extensive clinical trials in Croatia, PLIVA
has already developed and submitted a generic EPO for
registration in Croatia, which we plan to launch this year. To
the best of our knowledge, this launch will position us as one
of the first companies to successfully, develop, produce, and
sell a generic EPO on the commercial global market, and the
first on the European continent," Mr Covic said.

Drugs exploiting modern biotechnology, generally known as
biologics, are becoming increasingly used in hospitals.
Biologics currently generate approximately $US 40 billion in
annual sales, and represent seven of the top ten injectable
hospital medicines.  Nine percent of current global
pharmaceutical spend is on biologics, however approximately 40%
of all drugs in phase III clinical trials are biologicals,
meaning biologics will continue to drive pharmaceutical spend
growth at twice GDP growth.  Biogenerics are thus crucial to
long term affordable access to medicines.

EPO represents PLIVA's most advanced biologics program and is a
generic version of Amgen's EPOGEN (epoetin-alfa) primarily
indicated for the stimulation of red blood cell production in
patients undergoing dialysis therapy for chronic renal failure
and patients undergoing chemotherapy treatment. G-CSF is the
generic version of Amgen's NEUPOGEN (filgrastim) primarily
indicated for the regulation of white blood cell production in
the treatment of cancer patients with chemotherapy induced
neutropenia.   These products are highly complementary to
Mayne's existing portfolio of generic, injectable oncology
products.

Under the terms of the agreement, ?21 million will be paid to
PLIVA over three years to acquire the exclusive sales, marketing
and distribution rights for the two products in the above
markets. PLIVA will be the exclusive supplier of finished drug
product.

About Mayne

Mayne Group Limited is listed on the Australian Stock Exchange
and has business in international specialty pharmaceuticals (in
the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centres), pharmacy,
and health-related consumer products.  Additional information is
available at the Company's website at www.maynegroup.com.

About PLIVA

With over 80 years of experience in the pharmaceuticals arena,
PLIVA is now a global generics and specialty Company, with
operations in more than 30 countries in the US, CEE, and Western
Europe. Building upon a strong R&D history, the Company
specializes in the discovery, development, production and
distribution of generic and branded pharmaceutical products.
Since its listing on the London Stock Exchange in 1996, PLIVA
has established a fully internationalized business, with the
majority of its revenues now realized on Western markets.

More information about PLIVA can be found at www.pliva.com.

CONTACT:

Larry Hamson
General Manager Corporate Relations
Mayne Group Limited
Phone: +61 3 9868 0380
Mobile: +61 3 407 335 907
Web site: http://www.maynegroup.com/


MAYNE GROUP: Two Directors Retire
---------------------------------
As foreshadowed at Mayne Group Limited's 2004 Annual General
Meeting on November 9, 2004, Mayne advised that Messrs Peter
Barnett and Peter Mason will be retiring as Directors in
accordance with the Board's nine-year service guideline for non-
executive directors. Their retirement took effect Tuesday,
February 22, 2005, following the conclusion of the Company's
monthly board meeting.

Mayne's Chairman, Mr. Peter Willcox, said "The Board expresses
their appreciation for the critical contributions Mr. Mason and
Mr. Barnett made to developing Mayne into a successful
international healthcare Company focused on our chosen segments
of Pharmaceuticals, Diagnostic Services and Pharmacy."


MIJARL NOMINEES: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Mijarl Nominees Pty. Ltd. (In Liquidation) A.C.N. 004 979 702
held on January 13, 2005, it was resolved that the Company be
wound up voluntarily and that Gregory Stuart Andrews of G.S.
Andrews & Associates, 22 Drummond Street, Carlton 3053 be
appointed Liquidator of the Company for the purpose of such
winding up.

Dated this 13th day of January 2005

G. S. Andrews
Liquidator
G. S. Andrews & Assocs
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


NATIONAL AUSTRALIA: Turns its Back on CRM
-----------------------------------------
The National Australia Bank (NAB) has decided to set aside
several planned improvements to its customer management system
(CRM) as it moves to turn itself around after last year's $360-
million forex scam and subsequent executive spill, according to
Australian IT.

In a bid to recover ground, NAB has shifted its priorities from
enhancing its National Leads CRM system to projects that will
help integrate its operations to eventually restore its image
and bottom line.

Australian cross-marketing and CRM head Dr. Charles Lawoko said
he did not know when he would be able to turn his attention back
to CRM improvements.

CONTACT:

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


PARKE ROTARY: Sets Out AGM Agenda
---------------------------------
Notice is given that a joint Annual General Meeting of members
and creditors of Parke Rotary Shears Australia Limited (In
Liquidation) A.C.N. 007 054 444 and a final meeting of creditors
will be held in accordance with Section 508 and Section 509
respectively of the Corporations Act 2001, at the offices of
Knights Insolvency Administration, Level 4, Anzac House, 4
Collins Street, Melbourne on February 24, 2005 at 3:00 p.m.

AGENDA

(1) Receive a report by the Liquidator;

(2) To consider and, if thought fit, approve the further
remuneration of the Liquidator;

(3) To consider the destruction of Company books and records;
and

(4) Any other business, which may be lawfully brought
forward.

Dated this 12th day of January 2005

Tonia Silvestri
For Adrian Duncan
Liquidator
c/- Knights Insolvency Administration
Level 4, 4 Collins Street,
Melbourne Vic 3000


PYRAMID PLATING: Members Pass Resolution to Wind Up Company
-----------------------------------------------------------
At a General Meeting of Pyramid Plating Works Proprietary
Limited (In Liquidation) A.C.N. 004 359 764, duly convened and
held at Level 11, 469 La Trobe Street, Melbourne on January 10,
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 10th day of January 2005

Craig Bramwell Merrett
45A Whitehorse Road, Balwyn Vic 3103


QANTAS AIRWAYS: May Lose AU$44-Mln if SingAir Enters Route
----------------------------------------------------------
Qantas Airways expects its pretax earnings to plunge by as much
as AU$44 million if Singapore Airlines (SingAir) gains access to
its lucrative Australia-U.S. route, Bloomberg relates.

The Australian government is currently in the process of
deciding whether to allow SingAir to fly the route, which
accounts for about 10 percent of Qantas' annual profit.

While the projected decline in pre-tax profit is pegged at US$44
million (US$35 million), Qantas chief executive Geoff Dixon said
that he could not estimate the impact on earnings because he did
not know how SingAir would service the route.

In 2003, Australia and Singapore signed an agreement that
prevents SingAir from entering the Australia-U.S. route after
opposition from Qantas.

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


REDENBLACK SECURITIES: Resolution to Wind Up Company Passed
-----------------------------------------------------------
Notice is hereby given that the following special resolution was
passed by the members of Redenblack Securities Pty Ltd (In
Voluntary Liquidation) A.C.N. 006 675 047 on January 12, 2005.

That the Company be wound up voluntarily.

L. E. Alexander
Liquidator
Offices of Nexia Alexander & Spencer
Level 12A, 440 Collins Street,
Melbourne Vic 3000


VH STONE: Members Resolve to Wind Up Company
--------------------------------------------
Notice is given that pursuant to Section 509 of the
corporation's law at a meeting of members held on January 12,
2005, it was unanimously resolved to voluntarily liquidate VH
Stone & Co Pty Ltd A.C.N. 004 838 135 and to appoint a
liquidator.

Dated this 12th day of January 2005

Bernard Cooke
Director


VICTORIAN CONTRACTING: Faces Voluntary Winding Up
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Victorian Contracting Pty Ltd (In Liquidation)
A.C.N. 007 139 479 held on January 12, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day pursuant to Section 497, it was
resolved that for such purpose, Richard Herbert Judson of Judson
& Co., Chartered Accountants, Level 1, 10 Park Road, Cheltenham
be appointed liquidator.

Dated this 12th day of January 2005

Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155


WPC 108: Appoints Liquidators from Hall Chadwick
------------------------------------------------
Notice is hereby given that at a meeting of creditors of WPC 108
Pty Ltd (In Liquidation) A.C.N. 104 778 010 convened pursuant to
Section 439A of the Corporations Act held on January 4, 2005, it
was resolved that the Company be wound up and pursuant to
Section 446A(4) of the Corporations Act, Robert L. Yeo and Stan
Traianedes of Hall Chadwick Chartered Accountants & Business
Advisers of Level 9, 459 Collins Street, Melbourne Victoria were
appointed joint Liquidator.

Dated this 12th day of January 2005

Stan Traianedes
Joint Liquidator
Hall Chadwick
Chartered Accountants & Business Advisers
Level 9, 459 Collins Street, Melbourne Vic 3000


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

CHINA CONSTRUCTION: Launches Probe to Trace Missing US$8M
---------------------------------------------------------
China Construction Bank (CCB) is conducting an investigation
into the disappearance of some US$8 million from its branch in
the Jilin province, relates Agence France Presse.

It was earlier reported that one or two officials of the Jilin
branch are believed to be responsible for the missing funds, and
have since fled the country.

This incident is not the first to hit mainland banks.
Previously, the Bank of China investigated the disappearance of
hundreds of millions of yuan from one of its sub-branches in
Harbin, Heilongjiang province.  Two of the bank's officials were
also believed to have embezzled up to CNY1 billion (US$120
million) of funds deposited by a number of mainland companies.

The latest scandal involving the CCB intensifies the debate over
the rush to list state banks.  Bank of Communications will
likely become the first to list in Hong Kong and Shanghai since
it is planning to list in the middle of the year. Some mainland
officials, however, fear that the rush to list would take a toll
on the banks' production, which could damage their reputation
and investor confidence.


CHINA STAR: Explains Unusual Volume Movement
--------------------------------------------
The Hong Kong Stock Exchange received a message from China Star
Entertainment Limited, which is reproduced as follows:

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

The Company noted Monday's increase in the trading volume of its
shares and wish to state that it is not aware of any reasons for
such increase.

China Star also confirms 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, which is or may be of a price-sensitive
nature.

Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.

For and on behalf of
China Star Entertainment Limited
Heung Wah Keung
Chairman


ECYBERCHINA HOLDINGS: Unveils New Appointments
----------------------------------------------
The Board of Directors of eCyberChina Holdings Limited advised
the Hong Kong Stock Exchange (HKSE) that Mr. Ho Chi Wing was
appointed as director and Ms. Ng Yi Wa was appointed as a
Company secretary of the Company effective February 16, 2005.

Mr. Ho Chi Wind, aged 58 was a Group Finance Manager with
overall 20 years in finance and administration fields for the
Pacific Century CyberWorks Limited and its subsidiaries.  He
obtained a Degree of Master of Business Administration from
University of Newport Beach, California.

The Board will determine a director's fee of Mr. Ho from time to
time with reference to the Company's remuneration policy.  He
has not entered into service contract with the Company and he
has not been appointed for any specified term and its subject to
retirement by rotation and re-election according to the Articles
of Association of the Company.

Mr. Ho does not hold any other position with the Company and
other members of the Company's group.  He is not connected with
any directors, senior management or substantial or controlling
shareholders of the Company within the meaning of Part XV of the
Securities and Futures Ordinance.

Save as disclosed above, there is no other matter in relation to
the appointment of Mr. Ho that need to be brought to the
attention of the shareholders of the Company.

The Board takes this opportunity to express our sincerest
welcome to Mr. Ho and Ms. Ng for their joining to the Company.

By Order of the Board
eCyberChina Holdings Limited
Tsang Kar Tong
Director
Hong Kong, February 21, 2005


FORTUNA INTERNATIONAL: Clarifies Unusual Volume Movement
--------------------------------------------------------
The Hong Kong Stock Exchange received a message from Fortuna
International Holdings Limited, reproduced as follows:

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

The directors of Fortuna International Holdings Limited noted
Monday's increase in the trading volume of the shares of the
Company and wishes to state that it is not aware of any reasons
for such movement.

Save as disclosed in the announcement of the Company dated 15th
February 2005, Fortuna confirms 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, which is or may be of a price-sensitive
nature.

Made by the order of the Board of the Company, the directors
(comprising of:

(1) Executive Directors: Kwok Ying Chuen and Yu Won Kong Dennis;
(2) Non-Executive Director: Li Siu Lok Albert;
(3) Independent Non-Executive
Directors: Tso Hon Sai Bosco, Kwok Chi Sun Vincent and Cheng
Wing Keung Raymond) of which individually and jointly accept
responsibility for the accuracy of this statement.


Kwok Ying Chuen
Director

18th February 2005


GOLD DELTA: Invites Creditors to Prove Claims by March 4
--------------------------------------------------------
Notice is hereby given that the creditors of Gold Delta
Development Limited (In Compulsory Liquidation), which is in
being compulsorily wound up, are required (if they have not
already done so), on or before 4 March 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to the
Liquidators of the Company at 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.

If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution before such debts
are proved.

Dated this 18th day of February 2005

Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Liquidators


GOLDEN HARVEST: Bourse Grants Resumption of Trading
---------------------------------------------------
On 17 February, 2005, Golden Harvest Entertainment (Holdings)
Limited and the Subscriber entered into the Subscription
Agreement pursuant to which the Company has conditionally agreed
to issue and allot to the Subscriber, and the Subscriber has
conditionally agreed to subscribe for, 31,200,000 New Shares at
a price of HK$0.25 per Share.

The New Shares to be subscribed represent approximately 2.40% of
the existing issued share capital of the Company and
approximately 2.35% of the issued share capital of the Company
as enlarged by the issue of the New Shares.

The Subscription is conditional, among other things, on the
approval of the listing of, and permission to deal in, the New
Shares being granted by the Listing Committee of the Stock
Exchange.

The net proceeds from the Subscription are estimated to be
approximately HK$7.70 million, and the net subscription price
per New Share is estimated to be approximately HK$0.247.

The Directors intend to apply such net proceeds for general
working capital purposes.

At the request of the Company, the Shares were suspended from
trading on the Stock Exchange from 9:30 a.m. on 18 February,
2005 pending publication of this announcement.

An application has been made to the Stock Exchange for
resumption of trading of the Shares from 9:30 a.m. on 21
February, 2005.

On Behalf of the Board
Chow Ting Hsing, Raymond
Chairman

To view a full copy of the document, click
http://bankrupt.com/misc/GOLDENHARVEST022105.pdf


RICH TRUTH: Faces Winding Up Process
------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up order to Rich Truth
Investment Limited Of 10th Floor, 579 Nathan Rd, Mongkok, KLN
On February 2, 2005.

The winding up petition was presented December 8, 2004.

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


UNIVERSAL CROWN: Court to Hear Winding Up Petition March 30
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Universal Crown International Limited by the High Court of Hong
Kong Special Administrative Region was on January 26, 2005
present to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

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

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

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
29th day of March 2005.


WING SHING: Winding Up Hearing Set March 9
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Shing Engineering Limited by the High Court of Hong Kong
was on January 5, 2005 present to the said Court by Sum Hang Yiu
of Room 2104, Tin Wan House, Shun Tin Estate, Kwun Tong,
Kowloon, Hong Kong.

The said petition is to be heard before the Court at 9:30 am. on
March 9, 2005.

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

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

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
8th day of March, 2005.


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


GARUDA INDONESIA: To Rent Four Boeing 737-NG Airplanes
------------------------------------------------------
National flag carrier Garuda Indonesia plans to lease four units
of the new Boeing 737-NG aircraft this year, reports Asia Pulse.

Company President Indra Setiawan said the four airplanes, which
are to be chartered from an international leasing Company, will
improve the Company's competitiveness in international and
domestic routes.

With the addition of the four aircraft, the Company is
anticipating income of up to IDR12 trillion, up from last year's
IDR10 trillion. The target income will allow Garuda to pay its
yearly USD110 million installment, said Mr. Setiawan.

The Company, which aims to launch an initial public offering by
next year, still has a USD827 million debt to be repaid by 2010.

CONTACT:

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


GARUDA INDONESIA: To Renew Denpansar-Fukuoka Route
--------------------------------------------------
Garuda Indonesia will continue its Denpasar-Fukuoka route as the
market has recovered from the recent bombings in Bali and cases
of the SARS disease, reports Antara News, citing Company
spokesman Pujobroto.

Mr. Pujobroto said that the airline will begin the route on
March 3, 2005, thereby increasing the number of flights to Japan
to 18 a week. The Company also plans to increase flights from
Denpasar to Osaka.

Garuda has increased its number of passengers to 2.5 million
last year from 1.7 million in 2003, and expects to serve 3.5
million passengers this year.


INDOFOOD SUKSES: Moody's Upgrades Foreign Currency Rating
---------------------------------------------------------
Moody's Investors Service changed the outlook of PT Indofood
Sukses Makmur Tbk's B2 foreign currency issuer rating and
foreign currency debt rating of Indofood International Finance
Limited and guaranteed by Indofood to positive from stable.

This rating action follows the rating agency's decision to
change the outlook of Indonesia's B2 foreign currency country
ceiling for bonds to positive from stable. At the same time,
Moody's affirmed the Company's local currency rating of B1 with
a stable outlook.

PT Indofood Sukses Makmur Tbk, headquartered in Jakarta,
Indonesia, and listed on the Jakarta and Surabaya stock
exchanges, is the largest processed foods manufacturer in the
country.

CONTACT:

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


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


FILWEL COMPANY: METI OKs Management Restructuring Plan
------------------------------------------------------
The management restructuring plan submitted to the Ministry of
Economy, Trade and Industry (METI) by FILWEL Co., Ltd. pursuant
to Article 6, Paragraph 1 of the Law on Special Measures for
Industrial Revitalization, was examined pursuant to Article 6,
Paragraph 5 of the said law, and found to fulfill requirements
stipulated in Article 2, Paragraph 4, concerning management
resource reutilization, and Paragraph 2.2, concerning business
innovation.

The management restructuring plan was consequently approved on
February 18, 2005

CONTACT:

FILWEL Co., Ltd.
4-1, Kaneboucho, Hofu-shi,
Yamaguchi Pref.,
747-0823 JAPAN


FUJITSU LIMITED: Wins Contract to Deploy FLASHWAVE S650
-------------------------------------------------------
Fujitsu Limited announced that it has been awarded a multi-
million dollar contract by the 'Sea-Me-We 3'(*) consortium to
deploy Fujitsu's next-generation FLASHWAVE S650 submarine
transmission equipment. The project, which is scheduled for
completion in ten months, will upgrade the current Sea-Me-We 3
Cable System infrastructure and significantly expand submarine
network capacity without changing the undersea plant.

The Sea-Me-We 3 submarine cable system is the world's longest
intercontinental submarine cable network. It spans 38,000km,
equivalent to approximately the circumference of the world, and
consists of 10 segments that connect 39 landing points across
Northern Europe, Asia and Australia. Fujitsu will upgrade 14 of
the 20 landing points, where it is not the original system
supplier, located in each of the following 10 countries:
Portugal, Italy, Greece, Turkey, Cyprus, Egypt, Sri Lanka,
Thailand, Malaysia and Singapore; and, will also upgrade two
landing points in both India and China.

This upgrade will allow each of these countries to benefit from
a robust, high capacity bandwidth network that delivers faster
Internet and multimedia traffic, increased broadband services,
advanced digital services, and more reliable voice services. In
addition, the upgraded system will serve as a two-way backup
solution in conjunction with the Sea-Me-We 4 network currently
under construction by Fujitsu and Alcatel of France.

Initially designed to support 2.5Gbit/s WDM transmission, the
upgraded network will now support up to 10Gbit/s capacity. The
Fujitsu next-generation FLASHWAVE S650 submarine terminal
transmission solution features a compact footprint (24
wavelengths [24 x 10Gbit/s] per single-depth ETSI rack of 600mm
width and 300mm depth, reduced power consumption and enhanced
ability to multiplex traffic over the same fibre.

In 1999, Fujitsu constructed two segments of the network (South
Korea to Hong Kong and Singapore to Australia) for a total span
of 9,200km and initial capacity of 40Gbit/s (2.5Gbit/s x 8
wavelengths x 2 fibre pairs).

*The Sea-Me-We 3 consortium consists of 32 telecommunications
service providers: Arab Republic of Egypt National
Telecommunications Organisation, BELGACOM International Carrier
Services S.A., British Telecommunications plc, PT Comunicacoes,
S.A., Cyprus Telecommunications Authority, T-Systems
International GmbH, Emirates Telecommunications Corporation,
France Telecom, Oman Telecommunication Company, Hellenic
Telecommunications Organization S.A., Saudi Telecom Company,
Myanmar Posts and Telecommunications, Djibouti Telecom S.A.,
Itissalat Al Maghrib, Pakistan Telecommunication Company
Limited, PT INDOSAT Tbk, Singapore Telecommunications Limited,
Sri Lanka Telecom Ltd., Telecom Italia Sparkle S.P.A., Telekom
Malaysia Berhad, Reach Global Networks Limited, CAT Telecom
Public Company Limited, Turk Telekomunikasyon A.S., Videsh
Sanchar Nigam Limited, China Telecom, Chungwa Telecom
International Corp., Companhia De Telecommunicacoes de Macau
S.A.R.L., Kokusai Denshin Denwa Co., Ltd., Korea Telecom,
Philippine Long Distance Telephone Company, The Government of
His Majesty the Sultan and Yang Dipertuan of Negara Brunei
Darussalam represented by Jabatan Telekom of Brunei Darussalam,
Vietnam Posts and Telecommunications Corporation.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$45 billion) for the fiscal year ended March 31, 2004.

CONTACT:

Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/


MITSUBISHI FUSO: Waited Two Years to Report Vehicle Defects
-----------------------------------------------------------
The transport ministry discovered that Mitsubishi Fuso Truck &
Bus Corporation took around two years before reporting vehicle
defect cases to the government in fiscal 2003, The Japan Times
reports.

The authorities, who analyzed defect reports filed with the
Land, Infrastructure and Transport Ministry by local automakers
in fiscal 2003, found the average time between detection of the
first case of defects and reporting it to the government was
10.3 months for all manufacturers, but 24.8 months for
Mitsubishi Fuso.

Among defects reported to the ministry in fiscal 2003,
Mitsubishi Fuso took a maximum of five years before submitting a
report. The case involved a small truck the automaker had
secretly fixed without reporting the case to the government.

Ministry officials believe Mitsubishi Fuso's delay in reporting
defects to the ministry in fiscal 2003 was due to a reshuffling
of the truck maker's management after it was spun off from
embattled Mitsubishi Motors Corporation in January 2003.

CONTACT:

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


MITSUBISHI MOTORS: New Colt Cabriolet to Debut at Geneva Show
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has released images of its
new Colt Cabriolet ahead of its official debut at the Geneva
Motor Show next month, Western Morning News reveals.

In an effort to prove its good track record when it comes to
compact convertibles, MMC will display the new Colt alongside
its ancestor, a 1962 Colt 600 Convertible.

Full production of the new model doesn't begin until 2006 and it
will be a so-called "2+2" (with two full-sized front seats and
two very small rear ones) rather than a genuine four-seater.

Mitsubishi is naming the Peugeot 206 CC as its main rival, but
realistically the Colt will also have to deal with models such
as the Mini Convertible, Ford Streetka and even the forthcoming
Nissan Micra drop top and new Mazda MX-5.

There are no details as yet regarding engine line-up but the
Company's 147bhp 1.5 turbo unit is expected to be part of the
range.

MMC has not yet confirmed the price for its new model.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


SOJITZ HOLDINGS: JCR Removes Credit Monitor, Affirms Ratings
------------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
following ratings on Sojitz Holdings Corporation and Sojitz
Corporation.

Issuer: Sojitz Holdings Corporation
senior debts

Issues          Amount(bln)  Issue Date     Due Date      Coupon
- bonds no.1
(guaranteed by
Sojitz Corp.)   JPY25        Mar. 25, 2004  Mar. 24, 2006  3.00%

Issuer: Sojitz Corporation
senior debts

Issues          Amount(bln) Issue Date   Due Date      Coupon
- (former
Nichimen)
bonds no.13     JPY11       Sept.22,2000 Sept. 22, 2005 2.70%
- (former Nissho
Iwai Corporation)
FRN no.11      JPYY3       Nov. 20,1997 Nov. 20, 2007  floating
- bonds no.19   JPY4        Aug. 27,1998 Aug. 26, 2005  3.00%

           Maximum           Backup Line
CP         JPY300 billion       0%
(decreased from JPY500 billion)

JCR has removed the ratings for Sojitz Holdings and Sojitz
Corporation from Credit Monitor and affirmed them as BB+, BBB-
for Sojitzu Holdings and as BBB- and J-2 for Sojitz Corporation,
respectively. It has also assigned a BB+ rating to the senior
debts of Sojitz Corporation.

Rationale:

JCR placed the ratings for Sojitz Corp. and Sojitz Holdings
under Credit Monitor upon announcement of its basic plan for the
new business plan on July 23, 2004. Given the large write-offs
and recapitalization from UFJ Bank and other banking groups, JCR
downgraded the long-term rating for Sojitz Holdings by one notch
to #BB+. It will record loss amounting to JPY410 billion,
writing down and disposing of the money-losing businesses and
real estate held by it.

JCR believes that probability of incurring additional large loss
will be lowered as a result of the write-downs. However, Sojitz
will continue some less profitable businesses to examine their
feasibility. Thus, there is no denying that additional loss may
incur depending on the future trend of those businesses. The
impaired capital due to the loss will be covered by preferred
shares of primary lenders centering on UFJ Bank as a result of
debt-equity swap by them. The amount of capital will be
increased to JPY290 billion as of the end of March 2005.

However, it will be difficult for Sojitz to increase the capital
in the future due to the repurchase and extinguishment of the
preferred shares. JCR will watch carefully the future capital
policy. Sojitz plans to improve the earning structure
continually in the future. Given the difficulty in realizing
growth strategy while strengthening risk management, JCR will
watch carefully the earnings trend in and after next fiscal
year. JCR removed CM and affirmed the ratings for both Sojitz
Corp. and Sojitz Holdings, taking into account the above as a
whole.

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com


TOSHIBA CORPORATION: To Introduce New Group Procurement Policy
--------------------------------------------------------------
Toshiba Corporation (TSE: 6502) has announced that it will
introduce in February a new group-wide procurement policy that
extends into human rights, labor and the environment covered by
Toshiba, its group companies, and its suppliers worldwide.

To be initially implemented in Japan and the U.S., the policy
calls for all suppliers to promote legal compliances and
operations that respect human rights and the environment.

To be extended to suppliers in Europe and Asia in the next
phase, the policy will also give priority to companies that meet
the high standards.

CONTACT:

Toshiba Corporation
1-1 Kanda-Nishikicho
Chiyoda-Ku 101-8442, Tokyo 101-8442
Japan
Phone:  +81 3 3292 1011
Fax: +81 3 3292 6440
Web site: http://www.toshiba.com


TOSHIBA CORPORATION: Completes Construction of Wafer Fab Plant
--------------------------------------------------------------
Toshiba Corporation and SanDisk(R) Corporation (Nasdaq:SNDK) on
Monday marked the completion of an advanced wafer fabrication
facility at Toshiba's Yokkaichi Operations with a traditional
ceremony and reception. The new fab is expected to come on line
in the second half of CY2005, ahead of the original schedule,
and produce NAND flash memories on 300mm-wafers.

Responding to rising demand for NAND, a versatile non-volatile
memory used in a wide range of digital electronic devices,
Toshiba and SanDisk, strategic collaborators in NAND flash
memory development and production, initiated construction of the
fab in April 2004. The total investment in the new fab, called
Fab 3, is expected to approach JPY270-billion (approximately
US$2.6 billion) by the end of March 2007. Flash Partners, Ltd.,
a Toshiba-SanDisk venture established in September 2004, 50.1%
owned by Toshiba and 49.9% by SanDisk, will fund the advanced
manufacturing equipment to be installed in Fab 3.

Commenting on the new facility, Mr. Masashi Muromachi, Corporate
Vice President of Toshiba Corporation and President & CEO of
Toshiba's Semiconductor Company, said, "We are very happy to
complete the construction of this new state-of-the-art NAND
flash fab in collaboration with SanDisk. We believe the NAND
market will see annual growth rates over 30% from 2004 to 2008,
from JPY700-billion to JPY2,100-billion, and we expect to see
approximately 200% annual growth in bit storage capacity. We
expect the new fab will assure our responsiveness to growing
demand for higher-density NAND flash in an increasingly strong
market."

Dr. Eli Harari, president and chief executive officer of SanDisk
Corporation, said, "I am greatly honored to represent SanDisk in
this milestone event. Fab 3 is a testimony to the success of the
relationship between Toshiba and SanDisk, two highly innovative
companies that have pioneered the flash technology that is
enabling so many new applications in consumer electronics and
mobile markets. With this large-scale investment, SanDisk is
expressing our commitment to expanding NAND production at
Toshiba and in Japan. We look forward to working together to
make Fab 3 achieve its full potential as a highly competitive,
leading-edge manufacturing fab in the second half of this
decade."

The 300mm-wafer fab is expected to start production in the
second half of CY2005 and is planned to quickly ramp up output
to 10,000 wafers a month by late 2005. Capacity will then be
expanded as dictated by market demand to up to 40,000 wafers a
month by the first half of CY2007. Output during each phase of
expansion is expected to be shared equally between Toshiba and
SanDisk. The fab still has space to expand capacity, and further
investment could take output to as high as 62,500 wafers a
month.

At the time of production start-up, the new facility will employ
90-nanometer (nm) process technology jointly developed by
Toshiba and SanDisk. The 300mm-wafer fab will migrate to the
70nm process in the first half of CY2006, ahead of the original
schedule, following the first mass-production of NAND flash
memory with 70nm process technology in existing Yokkaichi 200mm-
wafer fab in 2005. The 300mm fab is also slated to mass-produce
NAND flash memory based on 55 nm process technology in late
CY2006.

Environmentally conscious design will reduce emissions of carbon
dioxide and perfluorocarbons from the new clean room, while the
energy consumed in wafer processing will be 30% lower than that
in Toshiba's current 200mm-wafer clean rooms.

Note: 1 nanometer = one billionth of a meter

Outline of New 300mm-wafer facility at Yokkaichi Operations

Building Structure: Five-story building
Site Area: 24,300m2
Floor Area: 113,000m2
Area of Clean Room: 34,500m2
Start of Production: Second half of 2005 (projected)

Outline of Yokkaichi Operations

Location: 800 Yamanoisshiki-cho, Yokkaichi-shi, Mie Prefecture,
Japan
Established: 1992
General Manager: Jiro Ooshima
Employees: Approximately 1,950
Total Area: Approximately 312,000m2
Total Building Area: Approximately 180,000m2
                     (excluding new 300mm facility)

About Toshiba Corporation

Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, consumer products and power systems.
The Company's ability to integrate wide-ranging capabilities,
from hardware to software and innovative services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to build on its world-class
position in NAND flash memories, analog devices and discrete
devices and to promote its leadership in the fast growing
system-on-chip market. Toshiba has approximately 161,000
employees worldwide and annual sales of over US$55 billion.

About SanDisk Corporation

SanDisk is the original inventor of flash storage cards and is
the world's largest supplier of flash data storage card
products, using its patented, high-density flash memory and
controller technology. SanDisk is headquartered in Sunnyvale, CA
and has operations worldwide, with more than half its sales
outside the U.S.


UFJ HOLDINGS: Sets Targets for New Group's Three Core Businesses
----------------------------------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
previously announced the "Basic Policy Regarding Management
Integration: Aiming at Becoming One of the 'Global Top 5'" and
the "Business management Framework for the New Group" and
established the new group's financial targets, integration
effects and strategies for its three key businesses; retail,
corporate and trust assets businesses.

The new group will devote its management efforts to achieve the
goal of becoming a comprehensive financial group that provides
customer-oriented philosophy, it will aim to achieve its "Global
Top 5" aspiration by building on its "Five Competitive
Advantages" over other Japanese financial groups.

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS022205.pdf

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


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

CHOHUNG BANK: Union Leaders Damage Property in Job Cut Protest
--------------------------------------------------------------
Chohung Bank said it filed a complaint with police against its
union leaders for purported interruption of the business and
violence, reports Yonhap News.

Together with three other leaders, accused union head Yoon Tae-
su allegedly destroyed tables and other furniture while visiting
Company President Choi Dong-soo in his office. This was done to
protest the Company's planned job cut, and to prevent its 108th
anniversary celebration on Feb. 18. The ceremony was instead
conducted the next day, Feb. 19.

Last week, Chohung said it planned to downsize its workforce by
400 through an early retirement program, to cut costs and
improve efficiency. Today, Feb. 22, is the deadline for
application.

Unionists of the bank strongly opposed the retirement program,
saying that major stakeholder Shinhan Financial Group Co. did
not keep its promise of guaranteeing job security and that
Chohung would be able to run independently for the next three
years. The union has voiced its plans to force Mr. Ra Eung-chan
to step down as Shinhan Group chairman for failing to keep his
promise.

Chohung recorded a net profit of KRW260 billion in 2004, and is
targeting a net profit of around KRW600 billion this year.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr


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


FARLIM GROUP: Discloses FY04 Quarterly Results
----------------------------------------------
Farlim Group (Malaysia) Berhad released its unaudited quarterly
report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
             56,584       52,580        200,924       193,527

2  Profit/(loss) before tax
             -8,455       11,110        -19,812       -17,511

3  Profit/(loss) after tax and minority interest
             -6,673       -7,877        -12,906       -11,847

4  Net profit/(loss) for the period
             -6,673       -7,877        -12,906       -11,847

5  Basic earnings/(loss) per shares (sen)
              -5.56         6.56         -10.75         -9.87

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 (RM)
                                0.7400              0.8300

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_farlim1022205.doc

http://bankrupt.com/misc/tcrap_farlim2022205.xls

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Phone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my


GEORGE TOWN: Units Dispute Winding Up Petitions
-----------------------------------------------
George Town Holdings Berhad had on Feb. 18, 2005, noted the
advertisements of petition for the winding-up of its
subsidiaries, Super Departmental Stores Sdn Bhd and Super Kinta
Departmental Stores Sdn Bhd, respectively, under Section 218 of
the Companies Act, 1965 by Tollyjoy Corporation (M) Sdn Bhd in
The New Straits Times and The Malay Mail.

The winding-up petitions were subsequently served on Super
Departmental Stores and Super Kinta on the same day.

The winding-up petitions were presented on Dec. 27, 2004 at the
High Court of Malaya at Kuala Lumpur.

The Petitioner has claimed for:

      (i) the sum of RM115,725.68 being amount allegedly due and
owing by Super Departmental Stores to the Petitioner as at June
30, 2004, for goods allegedly sold and delivered; and

      (ii) the sum of RM90,772.00 being amount allegedly due and
owing by Super Kinta to the Petitioner as at Sept. 15, 2004, for
goods allegedly sold and delivered.

      The Company states that the Petitions are ERRONEOUS as the
claims are genuinely disputed by the Said Subsidiaries.

Circumstances leading or related to the filing of the Petitions
are as follows:

Super Departmental Stores and Super Kinta had on Sept. 23, 2004
respectively received Section 218 Notice dated Sept. 15, 2004
from the Petitioner's Solicitors in respect of the above claims.

The Company solicitors had on Oct. 8, 2004 disputed each of the
Petitioner's claims as the Petitioner had not taken into account
the debit notes forwarded by the Said Subsidiaries. The Said
Subsidiaries further claimed that the Petitioner breached the
arrangement agreed between the parties that the Said
Subsidiaries will be entitled to a discount and that the
Petitioner will only be paid once the goods have been sold. The
Petitioner had therefore been requested to withdraw the Section
218 Notice.

However, instead of withdrawing the Section 218 Notice, the
Petitioner advertised the petitions before they were served on
the said subsidiaries.

The Company contends that the Petitions were filed and
advertised with mala fide intent to exert pressure on the Said
Subsidiaries to pay the disputed sums claimed by the Petitioner.

The Company and the Said Subsidiaries will take all necessary
action to protect their rights and have instructed our
Solicitors to apply to the Court to strike out the Petitions.

The cost of investment of the Company in Super Departmental
Stores and Super Kinta are RM20,866,473.00 and RM193,430,500.00
respectively.

As at the date hereof, the winding-up proceeding has no
financial or operational impact on the Company or its group of
companies and there is no expected loss arising from such.

There is no contingent liability or other liability that has
become enforceable or is likely to become enforceable within a
period of 12 months from the date hereof which will or may
affect the ability of the Company or its group of companies to
meet their obligations as and when they fall due.

CONTACT:

George Town Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur 50300
Malaysia
Phone: +60 2775 1801
Fax:   +60 2775 1802


GULA PERAK: Repurchases 30,200 Additional Shares
------------------------------------------------
Gula Perak Berhad's additional 30,200 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of 30,200
irredeemable convertible secured loan stocks 2000/2005 into
30,200 new ordinary shares were granted listing and quotation on
Tuesday, Feb. 22, 2005, 9:00 a.m.

CONTACT:

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


I-BERHAD: Buys Back 10,000 Additional Shares
--------------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on Feb. 21, 2005.

Date of buy back: 21/02/2005

Description of shares purchased: Ordinary shares of RM1.00 each

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

Minimum price paid for each share purchased (RM):  0.840

Maximum price paid for each share purchased (RM):  0.840

Total consideration paid (RM): 8,462.76

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 656,700

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

CONTACT:

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

This announcement is dated Feb. 21, 2005.


JASATERA BERHAD: Faces Shares Trading Halt
------------------------------------------
Jasatera Berhad failed to regularize its financial condition
within the prescribed time frame pursuant to paragraph 8.14 of
the Listing Requirements of Bursa Malaysia Securities Berhad and
Practice Note No. 4/2001, and the time frame granted by
Securities Commission for the implementation of its
regularization plans.

Thus, trading in the Company's securities will be suspended
effective Monday, Feb. 28, 2005, 9:00 a.m., until further
notice.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax:   603-7332607


LANKHORST BERHAD: Trading of Shares Suspended
---------------------------------------------
Trading in Lankhorst Berhad's securities was suspended on
Monday, Feb. 21, 2005, 9:00 a.m., until further notice.

Please refer to the advertisement of the notice of Winding Up
Petition on Company subsidiary Lankhorst Pancabumi Contractors
Sdn Bhd, which appeared in the New Straits Times on Monday, Feb.
21, 2005.

CONTACT:

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


LANKHORST BERHAD: Unit Receives Winding Up Petition
---------------------------------------------------
Lankhorst Berhad refers to Bursa Malaysia Securities Berhad's
letter dated Feb. 21, 2005 in relation to the advertisement of a
winding-up petition on Lankhorst Pancabumi Contractors Sdn.
Berhad (LPCSB) that appeared in the New Straits Times on the
same date.

In reply to the said letter, the following information is
furnished for public release:

1. The name of the Petitioner is Dolomite Readymixed Concrete
Sdn. Bhd and the petition was served on LPCSB on Feb. 15, 2005.

2. The petition is in respect of two claims for the supply of
ready mixed concrete to LPCSB, details as follows:

For VVIP Project, KLIA - RM329,292.10
For Klang/Bangi Project - RM111,616.00
Total claim as at May 25, 2004 - RM440,908.10

Out of the sum claimed, the principal amount due to the
Petitioner was only:

For VVIP Project, KLIA - RM155,942.50
For Klang/Bangi Project - RM 50,576.00
Total principal amount due - RM206,518.50

3. On the circumstances leading to the winding-up proceedings,
Judgement was entered against LPCSB on March 29 and April 1,
2002, respectively, and despite LPCSB's various discussions and
requests for an amicable settlement, which was still ongoing,
the Petitioner served the Winding-Up Petition on LPCSB.

The differential sum of RM234,389.60 is for accrued interests
charged at 1.5% p.m. after 30 days from the date of invoice,
which will accrue further till the date of full realization.

LPCSB thinks that the claim is overly inflated due to its
cumulative interests and LPCSB sought legal advice from its
lawyers, and at the same time LPCSB's management is in
discussion with the Petitioner to resolve the matter.

4. The total cost of investment in LPCSB is RM25,000,000.00

5. The claim and proceedings will not have any significant
financial and operational impact on the Company or the Group.

6. There are no expected losses arising out of the winding-up
proceedings.

7. At the same time LPCSB has a counter-claim of RM397,014.34
(exclusive of interests) against the Petitioner in respect of
another action by the petitioner for another project, which is
fixed for mention at the Shah Alam High Court on March 9, 2005,
whereby LPCSB had suggested that the matter be amicably settled
in totality.

Meanwhile LPCSB also made various proposals to request for a
full / partial waiver of the interests and to pay the
outstanding sum claimed by the Petitioner partly by installment
payments and partly by way of contra of properties or land.

8. The date of the hearing of the Petition is on July 13, 2005.

9. Lankhorst Berhad and its group of companies (Group) is
solvent, i.e. that no contingent or other liability has become
or is likely to become enforceable within the period of twelve
(12) months from the date hereof which will or may affect the
ability of the Group or the Company to meet their obligations as
and when they fall due.

10. The Company will provide Bursa Securities with a solvency
declaration executed by its directors within seven (7) days from
the date hereof.

This announcement, dated Feb. 21, 2005, has been endorsed by the
Board.


Query Letter content:

We refer to the advertisement on winding-up petition appearing
in the New Straits Times, page 10 on Monday, Feb. 21, 2005, a
copy of which is enclosed for your reference.

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

The name of the petitioner and date the winding-up petition was
served on LPCSB; the particulars of the claim under the
petition, including the amount claimed for under the petition
and the interest rate; the details of the default or
circumstances leading to the filing of the winding-up petition;
the total cost of investment in LPCSB; the financial and
operational impact of the winding-up proceedings; the expected
losses, if any arising from the winding-up proceedings; the
steps taken and proposed to be taken by the Company in respect
of the winding-up proceedings; the date of hearing;

9. A statement whether Lankhorst Berhad (Company) and its group
of companies (Group) is solvent i.e. that no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due; and

10. An undertaking to provide Bursa Securities a solvency
declaration executed by the directors of the Company within
seven (7) days (where such declaration can be made).

Please note that the board of directors of the Company must
endorse the contents of the announcement.

Yours faithfully

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations


LION INDUSTRIES: Buys 50,000 Additional Shares
----------------------------------------------
Lion Industries Corporation Berhad's additional 50,000 new
ordinary shares of RM1.00 each issued pursuant the Executive
Share option Scheme will be granted listing and quotation
effective Wednesday, Feb. 23, 2005, 9:00 a.m.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax:   03-21623448
Web site: http://www.lion.com.my


MERCES HOLDINGS: Posts FY04 Quarterly Results
---------------------------------------------
Merces Holdings Berhad released its unaudited quarterly report
for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
              6,218        8,197         15,885        23,617

2  Profit/(loss) before tax
             -3,750       -2,030         -4,996        -7,103

3  Profit/(loss) after tax and minority interest
             -3,763       -1,804         -4,694        -6,502

4  Net profit/(loss) for the period
             -3,763       -1,804         -4,694        -6,502

5  Basic earnings/(loss) per shares (sen)
              -7.37        -3.53          -9.20        -12.74

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 (RM)
                                0.5700              0.6700

To view the entire report, go to:

http://bankrupt.com/misc/tcrap_merces1022205.doc
http://bankrupt.com/misc/tcrap_merces2022205.doc

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax:   03-2928773/2919901


PAN PACIFIC: Sees No Change in Default Status
---------------------------------------------
Pan Pacific Asia Berhad (PPAB) announced that in accordance with
Practice Note 1/2001, there are no material changes in the
Company's default status as of its last announcement on Jan. 31,
2005.

Please click on the link to view the entire report:

http://bankrupt.com/misc/tcrap_panpacific022205.xls

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax:   03-77271622


PILECON ENGINEERING: Issues Default Status Update
-------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on Jan. 4, 2005 with regard to the status of default in payment
pursuant to Practice Note 1/2001 by its subsidiary, Transbay
Ventures Sdn Bhd (TVSB), the Company announces that there have
not been any changes to the status of default since then.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-1888


PILECON ENGINEERING: Trading of Shares Suspended on Feb. 21
-----------------------------------------------------------
Trading in Pilecon Engineering Berhad's securities was suspended
on Monday, Feb. 21, 2005, 9:00 a.m., until further notice.

Please refer to the Company's announcement dated Feb. 18, 2005.


PUTERA CAPITAL: Unveils Executive Share Option Scheme
-----------------------------------------------------
Putera Capital Berhad's additional 1,000 new ordinary shares of
RM1.00 each issued pursuant to the Executive Share Option Scheme
were granted listing and quotation on Tuesday, Feb. 22, 2005,
9:00 a.m.

CONTACT:

Putera Capital Berhad
Kawasan Perindustrian Kamunting,
Lot 3545, Peti Surat No. 18,
34600 Kamunting, Taiping, Perak
Malaysia
Phone: 05-8914155
Fax:   05-8914145
Web site: http://www.putera.biz/


REKAPACIFIC BERHAD: Petitioner Withdraws Winding Up Petitions
-------------------------------------------------------------
Rekapacific Berhad announced that at the hearing of the winding-
up petitions against the Company and Rekapacific Builders Sdn
Berhad by Ambank Berhad on Jan. 27, 2005, both petitions were
withdrawn by the Petitioner with liberty to file afresh and with
no orders as to costs.

CONTACT:

RekaPacific Berhad
77-1 Jl Setiabakti Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2094 2260
Fax:   +60 3 2094 2335


SILVERSTONE CORPORATION: Releases FY04 Quarterly Results
--------------------------------------------------------
Silverstone Corporation Berhad disclosed its unaudited quarterly
report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
            110,372      132,602         209,847       279,142

2  Profit/(loss) before tax
               -636      -30,644         -12,427       -55,694

3  Profit/(loss) after tax and minority interest
             -1,076      -31,595         -12,846       -56,938

4  Net profit/(loss) for the period
             -1,076      -31,595         -12,846       -56,938

5  Basic earnings/(loss) per shares (sen)
              -0.32        -9.33           -3.79        -16.82


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 (RM)
                                0.4000              0.4400

To view the report, go to:

http://bankrupt.com/misc/tcrap_silverstone1022205.doc

http://bankrupt.com/misc/tcrap_silverstone2022205.xls

CONTACT:

Silverstone Corporation Berhad
165 Jalan Ampang
Kuala Lumpur
Selangor Darul Ehsan 50450
Malaysia
Phone: +60 3 2162 2155
Fax:   +60 3 2162 3448


TALAM CORPORATION: Posts Shares Buy Back Notice
-----------------------------------------------
Talam Corporation disclosed details of its shares buy back on
Feb. 4, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back from: 04/02/2005

Date of buy back to: 04/02/2005

Total number of shares purchased (units):              1,000

Minimum price paid for each share purchased (RM):      1.140

Maximum price paid for each share purchased (RM):      1.140

Total amount paid for shares purchased (RM):        1,140.00

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury
(units): 1,000

Total number of shares retained in treasury
(units): 1,000

Number of shares purchased which were cancelled
(units):  0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 18/02/2005

Lodged by: L.C.B. Management Sdn Bhd

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax:   603-2731439


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

BENPRES HOLDINGS: Moves to Sell Tollway Stake
---------------------------------------------
Investment holding firm Benpres Holdings Corporation is holding
preliminary talks with various parties for the sale of its stake
in Manila North Tollways Corp. (MNTC), reports the Manila
Bulletin.

However, Benpres President and Chief Executive Angel Ong
declined to comment on speculation that Metro Pacific Corp., a
unit of Hong Kong-listed First Pacific Company, is keen on
acquiring Benpres' interest in the tollway firm.

Through its holdings in First Philippine Infrastructure
Development Corp., Benpres owns a third of MNTC's equity.

MNTC holds a 30-year concession to operate the North Luzon
Expressway that connects the capital, Manila, to provinces north
of the country.

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
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


COLLEGE ASSURANCE: SEC Fines Investor Php2M
-------------------------------------------
A College Assurance Plans (CAP) investor was slapped with a Php2
million fine for failing to meet its requirements, according to
Business World.

The Securities and Exchange Commission (SEC) imposed a Php2-
million fine on Green Square Properties Corporation and
suspended the firm's permit to sell shares to the public.

Green Square is one of Romeo Roxas' two properties that own the
2,900-hectare Quezon land set to be transferred to CAP in line
with the pre-need firm's increase in capitalization from Php300
million to Php8 billion.

The other firm, Green Circle Properties and Resources Inc., is
under investigation by the Department of Environment and Natural
Resources for alleged illegal logging.

SEC Chairman Fe B. Barin said Green Square's suspension and fine
was decided in a commission meeting on Thursday, February 17.
But she added that as of last Friday, the official order for
suspension was still being drafted.

CONTACT:

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


COLLEGE ASSURANCE: NBI Steps Up Bouncing Checks Probe
-----------------------------------------------------
The National Bureau of Investigation went to the Securities and
Exchange Commission (SEC) on Friday in relation to its
investigation over College Assurance Plans' (CAP) issuance of
bouncing checks, reports Business World.

The NBI reportedly visited SEC's nontraditional securities and
instrumentation department to meet with former and current
members of CAP's oversight panel to clarify the committee's
report on CAP and to gather information in relation to the
bureau's bouncing checks investigation.

At the meeting with the NBI were first CAP oversight board
comptroller Mar Aguas, SEC General Accountant Roberto G.
Manabat, and SEC Director Emilio Aquino.

NBI representatives also reportedly met with SEC Assistant
Director Nonilonia Ambat, comptroller of the second CAP
oversight committee, and SEC Assistant Director Merle Joy
Pascual, who heads the current oversight panel.

Earlier, NBI Director Reynaldo Wycoco deployed a Special Action
Unit to investigate CAP in the interest of the pre-need firm's
planholders. Mr. Wycoco said the order for the investigation
came from Justice Secretary Raul Gonzalez.

CAP has been struggling to meet its financial obligations on
time due to cash flow problems. On top of CAP's financial woes,
SEC refused to renew CAP's expired license until the Company
settles its liquidity problems, capital deficiency, and issues
involving the computation of its trust fund deficiencies.


DMCI HOLDINGS: Government Wants Info on Unit's Cap Restructuring
----------------------------------------------------------------
The government has requested DMCI Holdings Incorporated to
provide documents related to the capital restructuring of its
unit, Semirara Mining Corporation, The Philippine Daily Inquirer
says.

The move follows a media report last week that the government's
investment arm, National Development Company (NDC), has asked
the Office of the Government Corporate Counsel to study the
possibility of filing a case against DMCI over its capital
restructuring exercise.

The report said the NDC and state-run Development Bank of the
Philippines did not take part in a capital call by Semirara last
year, allowing DMCI to beef up its stake to over 94 percent.
This resulted in the dilution of the government's stake to about
3 percent from 10 percent.

In January, DMCI and Semirara sold some of their Semirara shares
at Php36 each in a secondary offering that was oversubscribed.

Semirara supplies coal to state utility National Power Corp and
several cement firms. DMCI is also into real estate development.

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address:  dmcihi@dmcinet.com
Web site: http://www.dmchi.com


NATIONAL POWER: Boosts Power Supply in CNP Grid
-----------------------------------------------
The National Power Corporation (Napocor) announced the transfer
of the 110 megawatt (MW) Pinamucan Diesel Power Plant from
Batangas to Dingle, Iloilo is nearing completion, and that the
first two generation units are expected to be operational by the
end of the month, according to the Napocor Power Hotline.

"We are targeting to put the first two units on-line by the edn
of February, and another two units by the end of March. We hope
to have the entire 110-MW output of the power plant in place and
operational by the end of May this year, said Rogelio M. Murga,
President and CEO of Napocor.

Dubbed the Dingle Diesel Power II Project, the transfer of the
Pinamucan power plant was one of the measures identified by the
Department of Energy to address the growing demand for
electricity in the Cebu-Negros-Panay (CNP) Grid. The project,
which is being implemented at a cost of almost Php630 million,
involves the dismantling, hauling, transfer and installation of
eight diesel generator sets, auxiliary equipment and powerhouse
from Pinamucan town to Dingle, Iloilo.

For his part, Energy Secretary Vincent S. Perez expressed
optimism that the completion of the Dingle Project will boost
the power supply in the CNP Grid, and put an end to the rotating
brownouts in Panay.

"This will greatly improve the power situation in the CNP grid,
and we assure the people of Panay that they can now expect a
more reliable supply of electricity," he said.

The operation of the first two units of the Dingle project is
expected to beef up the power supply in the CNP Grid by at least
26 MW. Another 23 MW will be added when the next two units
become operational by end-March.

This is part of the government's ongoing program to improve the
power supply situation not only in Iloilo, but in the entire CNP
Grid," Secretary Perez said.

It will be remembered that the Panay Grid suffered a power
shortage last year due to a surge in electricity demand
resulting from increased economic activity.

CONTACT:

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


NEGROS NAVIGATION: Tsuneishi to Appeal Payment Ruling
-----------------------------------------------------
Tsuneishi Heavy Industries (Cebu) Inc. is seeking to appeal
before the Supreme Court a decision by the Court of Appeals to
bar it from collecting Php121 million in service fees from
troubled Negros Navigation Company (Nenaco), Business World
says.

The appellate court in October 2004 upheld an assailed stay
order issued by the Manila Court because the order merely
suspends all claims or actions against Nenaco pending
rehabilitation proceedings.

On Feb. 9 last year, Tsuneishi filed a case against Nenaco for
the collection of the multimillion-peso debt before the Cebu
Regional Trial Court (RTC). A month later, the Cebu court issued
an order which resulted in the attachment of one of the vessels
of Nenaco, the M/V St. Peter the Apostle.

On March 29, 2004 Nenaco sought judicial relief from the Manila
Regional trial court, sitting as a corporate rehabilitation
court. Nenaco filed a petition for corporate rehabilitation with
prayer for suspension of payments.

The Manila Court then issued on April 1, 2004 the assailed stay
order which in effect prevented Tsuneishi from collecting money
from Nenaco.

CONTACT:

Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph


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

AZTECH SYSTEMS: Dissolves Dormant U.S. Unit
-------------------------------------------
The Board of Directors of Aztech Systems Ltd advised the
Singapore Stock Exchange (SGX) the dissolution of its wholly
owned dormant subsidiary incorporated in Delaware, Thatweb.com,
Inc, effective February 2, 2005.

The dissolution of Thatweb Inc has no significant impact on the
business or affairs of Aztech or the Group.

Submitted by:

Ms. Pavani Nagarajah
Company Secretary
February 21, 2005


BINTAN LAGOON: Placed Under Judicial Management
-----------------------------------------------
Notice is hereby given that an Originating Petition for placing
Bintan Lagoon Resort Limited under the judicial management of a
judicial manager by the High Court was, on 8th February 2005
presented by:

(1) AVIVA Ltd of 4 Shenton Way, #01-01 SGX Centre 2, Singapore
068807

(2) Tets Enterprises Pte Ltd of 6 Battery Road #18-03, Singapore
049909

(3) Oversea-Chinese Bank Nominees Private Limited of 65 Chulia
Street, #28-01 OCBC Centre, Singapore 049513

(4) Mitsui Sumitomo Insurance (S) Pte Ltd of 16 Raffles Quay,
#24-01 Hong Leong Building, Singapore 048581

(5) AXA Life Insurance Singapore Pte Ltd of 1 Marina Boulevard,
#28-00 One Marina Boulevard, Singapore 018989

(6) AXA Insurance Singapore Pte Ltd of 143 Cecil Street, #01-01
GB Building, Singapore 069542

(7) DBS Nominees (Private) Limited of 6 Shenton Way, DBS
Building, Singapore 068809

(8) DBS Bank Limited (formerly known as The Development Bank of
Singapore Limited) (RC No. 196800306E) successors in title to
Post Offices Savings Bank of Singapore, of 6 Shenton Way, DBS
Building, Singapore 068809

(9) Inland Revenue Authority of Singapore of 55 Newton Road,
Singapore 307987

(10) Oversea-Chinese Banking Corporation Limited of 65 Chulia
Street, #29-02/04 OCBC Centre, Singapore 049513

(11) Fortis Insurance International N.V of Archimedeslaan 6,
3584BA Utrecht

(12) UOB Asset Management Ltd of 80 Raffles Place, UOB Plaza,
Singapore 048624

(13) Sing-Bi Funds Pte Ltd of 25 Airline Road, Airline House,
Singapore 819829

(14) Mr Hygin Fernendez of Block 1005 Lower Delta Road #07-01,
Singapore 099309

Creditors of the abovenamed Company, and that the said Petition
is directed to be heard before the Court at 10.00 a.m. on 4th
March 2005 and Wee Aik Guan and Tam Chee Chong of Messrs
Deloitte & Touche, or alternatively Chee Yoh Chuang and Lim Lee
Meng of Messrs Chio Lim & Associates have been nominated
as the judicial managers.

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

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

The Petitioners' addresses are as stated above.

The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.

Messrs Wong Partnership
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the above named Messrs
Wong Partnership of No. 80 Raffles Place, #58-01 UOB Plaza 1,
Singapore 048624, 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 above named not
later than 12 noon of 3rd March 2005 (the day before the day
appointed for the hearing of the Petition).


CHARTERED SEMICONDUCTOR: To Host Technology Forum in China
----------------------------------------------------------
Chartered Semiconductor Manufacturing (Nasdaq:CHRT and SGX-ST:
Chartered), one of the world's top dedicated semiconductor
foundries, announced to the Singapore Stock Exchange (SGX)
Tuesday that its Technology Forums in China will emphasize
proven solutions targeting first-pass success in silicon
implementation.

This year's event will be held in two locations:

Shanghai - Thursday, March 17 at Intercontinental Pudong
Shanghai

Beijing - Friday, March 18 at Swissotel Beijing

Led by Dr. Shi-Chung SC Sun, senior vice president of technology
development, Chartered's technical experts will focus on how
Chartered is enabling customers across all technology nodes,
leading to faster product time to market while optimizing
performance and costs.

The presentations will detail the process innovations and
roadmap tuned to the markets for displays, radio-frequency
identification (RFID) cards and wireless communication devices;
address the challenges of transitioning to 0.13 micron; and
discuss the crossover to 300-millimeter (mm) manufacturing for
90 nanometer and beyond.

"Many startup, fabless and system companies in China are
beginning to make a global impact, particularly in the consumer
and communication markets for fast-moving products with short
market windows. Chartered's flexible business model and proven
solutions can provide these companies with the product
performance and competitive production cycle times they need,"
said Bo Cheng, vice president and general manager of the Asia-
Pacific region at Chartered.

"We are excited that this year's technology forums will showcase
the latest technical and process innovations across the leading-
edge and mainstream technology nodes as well as world-class
300mm fab automation methodologies - offering customers more
choices for their needs today and in the future."

With the expansion of Chartered's global network of design
solution partners, the China Partner Pavilion will feature a
record number of companies participating.

Exhibiting partners will include: ARM, Cadence Design Systems,
ChipIdea Microelectronics, EE Solutions, eMemory Technology,
Inc., Magma Design Automation, Mentor Graphics Corporation,
MoSys International Inc., Photronics Imaging Technologies, STATS
ChipPac, Synopsys Inc., Taiwan Mask Corporation, Ulead
Technology Inc. and Virage Logic.

The events are free and currently open for registration through
Chartered's Web site at http://www.charteredsemi.com/

About Chartered

Chartered Semiconductor Manufacturing (Nasdaq: CHRT, SGX-ST:
CHARTERED), one of the world's top dedicated semiconductor
foundries, offers leading-edge technologies down to 90
nanometer (nm), enabling today's system-on-chip designs.

The Company further serves the needs of customers through its
collaborative, joint development approach on a technology
roadmap that extends to 45nm. Chartered's strategy is based on
open and comprehensive design enablement solutions,
manufacturing enhancement methodologies, and a commitment to
flexible sourcing.

In Singapore, the Company operates a 300mm fabrication facility
and four 200mm facilities. Information about Chartered can be
found at http://www.charteredsemi.com.


CHINA AVIATION (S): Ex-chief Blames Parent for Continuous Losses
----------------------------------------------------------------
The former chief executive of struggling China Aviation Oil
Singapore (CAO) blamed the oil trader's parent firm for CAO's
failure to reduce a half-billion dollar trading loss, reports
Agence France Presse.

Ousted chief Chen Jiulin claimed CAO's parent, the Beijing-based
China Aviation Oil Holding Company (CAOH), knew about the
seriousness of the oil derivative trading problem as early as
October 3 last year.

"If the parent had agreed to clear all positions at that time,
the actual loss would have been less than US$100 million but
senior officials of the parent Company were all on vacation,"
Mr. Chen exclaimed.

He said that CAO sent an urgent note to CAOH on October 9, but
it was not until October 16 that the parent Company held a
meeting to discuss the issue.

When the problem was made public, "many foreign and domestic
companies contacted CAO and they were willing to help solve the
derivatives trading problem," Mr. Chen added.

However, Mr. Chen said that CAOH officials did not return his
calls and the Company missed another chance to reduce its
losses.

CAO, now involved in Singapore's biggest financial scandal,
sought the protection of the Singapore High Court in late
November after reporting massive losses due to speculative oil
trades.

Earlier this month, Mr. Chen told the press he was unaware of
the Company's involvement in derivatives trading until nine
months after it began.

CONTACT:

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


ENG YICK: Faces Winding Up Proceedings
--------------------------------------
A winding up order was made for Eng Yick Holdings Pte Ltd. on
the 11th day of February 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Dated this 11th day of February 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.


FUMAY PTE: Receives Winding Up Order
------------------------------------
In the Matter of Fumay Pte Ltd. a winding up order was made on
11th February 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Dated this 11th day of February 2005

Rajah & Tann
Solicitors for the Petitioner

Note:

(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.


LIFEXCHANGE ASIA: Faces Winding Up Proceedings
----------------------------------------------
In the Matter of Lifexchange Asia Pacific Pte Ltd. a winding up
order was made the 4th day of February 2005.

Name and address of Liquidator:

Mr Chia Soo Hien and Ms Ng Geok Mui of
Messrs BDO Raffles, Certified Public Accountants
5 Shenton Way, #07-01 UIC
Building, Singapore 068808

Messrs Rajah & Tann

Solicitors for the Petitioner
(Ref. AWP/265338/0001)
FRIDAY, FEBRUARY 18, 2005


NEPTUNE ORIENT: Clarifies Item on Financial Results
---------------------------------------------------
Further to Neptune Orient Lines Limited's announcement on
Monday, 14 February 2005, of its Unaudited Financial Results for
the Year Ended 31 December 2004, the Company informed the Stock
Exchange of Thailand (SET) that the headings of the columns in
items (6) and (7), at page 8 of the announcement, is to be
amended by deleting US$'000 and replacing with 2004 and 2003.

Ms Marjorie Wee and Ms Wong Kim Wah
Company Secretaries
21-Feb-2005


SHC CAPITAL: Releases Full Year Financial Statement
---------------------------------------------------
SHC Capital Limited furnished the Singapore Stock Exchange a
copy of its Full Year Financial Statement And Dividend
Announcement for the Period Ended 31 December 2004.

Part I - Information Required For Announcements Of Quarterly
(Q1, Q2 & Q3),

Half-Year and Full Year Results

1(a) An income statement (for the group) together with a
comparative statement for the corresponding period of the
immediately preceding financial year.

To view a full copy of the document, click
http://bankrupt.com/misc/SHCCAPITALFullYearResults2004.pdf


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

MILLENNIUM STEEL: Notifies SET on Preferred Shares Conversion
-------------------------------------------------------------
Millennium Steel Public Company Limited advised the Stock
Exchange of Thailand (SET) that the issued preferred shares can
be converted into ordinary shares.

The conversion period is 11 years and will end on November 28,
2013. The preferred shareholders can apply for the conversion of
the preferred shares into ordinary shares every business day of
the Company.

The Company informed the SET that Kasikornbank Public Co. Ltd.,
which held the Company preferred shares, has exercised the right
to convert preferred shares into ordinary shares totaling
12,299,967 shares.

The conversion ratio is 1 preferred share into 1 ordinary share.
The Company has completed the conversion on February 15, 2005,
and has the currently issued shares of 4,603,377,122 ordinary
shares and 1,571,776,696 preferred shares.

Please be informed accordingly.

Sincerely yours,
Millennium Steel Public Company Limited
Mr. Santi Charnkolrawee
President

CONTACT:

Millennium Steel Public Company Limited
Shinawatra Tower 3, Floor 22,
1010 Viphavadi Rangsit Road, Ladyao,
Chatuchak Bangkok
Telephone: 0-2949-2949
Fax: 0-2949-2889
Web site: www.Millenniumsteel.com


THAI PETROCHEMICAL: GPF Sets April to Compete Due Diligence
-----------------------------------------------------------
The Government Pension Fund (GPF) is targeting the end of April
as the completion date for the due diligence of Thai
Petrochemical Industry Public Company Limited, Business Day
relates.  The GPF is also hopeful that the share purchase would
end sometime in June or July.

The Ministry of Finance mulls the sale of TPI's 30 percent
capital-raising shares to PTT Plc and 20 percent to the
Government Pension Fund and Vayupak Fund 1. The Government
Savings Bank will be offered 10 percent. TPI's existing
shareholders, meanwhile, will get 15 percent, while another 15
percent will be allocated to creditors.

GPF is hoping to achieve a 15 to 20 percent return on its
investment in TPI shares, a figure relatively close to its
expected yield from investing in other shares in the Stock
Exchange of Thailand.

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
Resnick, Faith Marie Bacatan, Reiza Dejito, Erica Fernando,
Editors.

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***