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

                     A S I A   P A C I F I C

             Thursday, March 3, 2005, Vol. 8, No. 44

                            Headlines

A U S T R A L I A

A1 EVENT: Enters Winding Up Proceedings
ANTIGO INVESTMENTS: Final Meeting Set March 11
AUSTRAL COAL: Centennial Coal Acquires Shares from Noble
AUSTRALIAN KITCHEN: Resolves to Wind Up Company
AUSTRALIAN PROPERTY: To Convene Final Meeting March 11

BERGSTEDT & CORTIS: To Declare First Dividend March 22
FT CONSOLIDATED: Creditors' Proofs of Claim Due March 3
GANNON ESP: General Meeting Slated for March 8
G&R PHILLIPS: To Hear Liquidator's Report March 11
HEBDEN MINING: Lays Out Purpose of Meeting

HOLMES FOR DOORS: To Declare Final Dividend March 9
ITS FINISHED: Liquidator to Explain Winding Up Manner
LONARO PTY: Lays Out Agenda of Joint Meeting
MACARTHUR LOCKSMITHS: Schedules Joint Meeting on March 15
MARYSAN PTY: Appoints Liquidators to Wind Up Company

MITSUBISHI AUSTRALIA: Auto Sales Surge in February
MULTIPLEX: Founding Family's Offer Aids Business Revival
POWER BUSINESS: Names Liquidator to Wind Up Company
PRIMELIFE CORPORATION: Offer for Aevum Closing on March 9
QANTAS AIRWAYS: Denies Jobs Could be in Danger

QUEANBEYAN YOUTH: Sets March 11 as Date of Final Meeting
SHOWPANEL AUSTRALIA: To Pay Dividend March 8
SKATEBIN FORMWORK: Members, Creditors to Meet March 11
SOFTWARE PROVISIONS: To Hear Liquidator's Report During Meeting
W&D BAR: Joint Meeting Fixed March 11


C H I N A  &  H O N G  K O N G

CHIEFUND INVESTMENT: Receiving Proofs of Claim Until March 14
FORTUNA INTERNATIONAL: Company Secretary Resigns
HIGH PROGRESS: Court Begins Winding Up Proceedings
INTEGRATED INFORMATION: Enters Voluntary Liquidation
STARTERS HOLDING: Court to Hear Petition March 30

SUCCESS INTERNATIONAL: Creditors Meeting Slated for March 22
TRIDENT CREATIVE: Court Commences Winding Up Proceedings
TRIMATE LIMITED: Receiving Proofs of Debt, Claim Until March 4
U-WOON COMPANY: Court Schedules Hearing April 6


I N D O N E S I A

INDOFOOD SUKSES: Buys Back US$85-Mln of 2007 Bonds
PERTAMINA: Seeking Solution for Cepu Row
* Indonesian Government Seeks Removal of Interest on Debt


J A P A N

DAIEI INCORPORATED: Marubeni Wins Sponsorship Race
DAIEI INCORPORATED: BMW Tokyo Chief Tossed for Top Spot
KOBE STEEL: To Supply Direct Reduced Iron Plant to Qatar Steel
MITSUBISHI MOTORS: New Chief Affirms Commitment to U.S. Ops
MITSUBISHI MOTORS: Unveils Lineup at 75th Geneva Motor Show

MITSIBISHI MOTORS: Launches Lancer Evolution IX Sports Sedan
MITSUI MINING: Mitsubishi Backs Out from IRCJ-led Tender
NIPPON PAPER: S&P Upgrades Rating to 'BB+'
SEIYU LIMITED: R&I Cancels BB- Rating


K O R E A

CHOHUNG BANK: Aims to Draw Customers by Hiking Deposit Rates
KOREA EXCHANGE: Shares Drop After Potential Buyer Quits
LG CARD: Short-term Debt Falls by KRW177 Billion
SSANGYONG MOTOR: Aims for 25% Increase in 2005 Sales


M A L A Y S I A

ACTACORP HOLDINGS: Court to Hear Appeal on March 28
CHG INDUSTRIES: Hearing for RO Extension Fixed March 22
CONSOLIDATED FARMS: Restraining Order Expires March 5
FABER GROUP: Expects to Maintain FY04 Fourth Quarter Results
RHB CAPITAL: Wants to Sell Stake to Foreign Partner


P H I L I P P I N E S

PHILIPPINE LONG: Declares Dividend for Common Capital Stock
PHILIPPINE LONG: Lists Additional Shares
PHILIPPINE LONG: Declares Cash Dividends
PHILIPPINE LONG: Annual Stockholders Meeting Set June 14
PILIPINO TELEPHONE: Returns to Profit

PRICESMART INCORPORATED: Rescues Philippine Arm


S I N G A P O R E

CITIRAYA INDUSTRIES: SGX-ST Grants Waiver from Compliance
GREATRONIC LIMITED: Seeks for Extension on Submission of Results
GREATRONIC LIMITED: Appoints Special Manager
LIANG HUAT: Still in Negotiation with Major Banks
MEDIASTREAM LIMITED: Releases Full-Year Financial Statement

QUANTUM M&E: Issues Dividend Notice
SAL CONSTRUCTION: Receiving Proofs of Claim Until March 11
SHINING CORPORATION: Unveils Financial Results
THAKRAL CORPORATION: Unit Inks 1-Year Contract with Panasonic


T H A I L A N D

BANGKOK RUBBER: Need Not Amend FS
BANGKOK STEEL: SET Awaits Receipt of FS
DATAMAT: Unveils Board Meeting Resolutions
DATAMAT: Releases Summary Report of FS
DATAMAT: Suspended Due to Recessive Shareholder's Equity

NAKORNTHAI STRIP: Audited Yearly F/S And Consolidated F/S
SRITHAI FOOD: SET Suspends Trading of Securities
THAI DURABLE: SEC Concludes no Need to Amend FS
THAI WAH: Issues Additional Information on Guarantees
TUNTEX THAILAND: SET Posts SP Sign on Securities

     -  -  -  -  -  -  -  -

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

A1 EVENT: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of A1 Event Security Pty Limited (In Liquidation)
A.C.N. 105 912 703 held on January 25, 2005, it was resolved
that the Company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Paul William Gidley of Lawler Partners,
Chartered Accountants, 763 Hunter Street, Newcastle West NSW
2302 be appointed Liquidator.

Dated this 25th day of January 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


ANTIGO INVESTMENTS: Final Meeting Set March 11
----------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Antigo Investments Pty Limited (In Liquidation)
A.C.N. 068 359 946 will be held at the office of Rangott &
Slaven, Chartered Accountants, Unit 12, Level 3, Engineering
House, 11 National Circuit, Barton ACT on March 11, 2005 at 3:00
p.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


AUSTRAL COAL: Centennial Coal Acquires Shares from Noble
--------------------------------------------------------
Centennial Coal Company Limited on Wednesday entered into an
agreement to acquire 25.15 million ordinary shares in Austral
Coal Limited from Everzoom Associates Limited, a subsidiary of
the Noble Group.

The consideration for this acquisition is 10 Centennial shares
for every 37 Austral shares acquired, consistent with the
takeover offer announced by Centennial for Austral in February
23, 2005.

This shareholding represents 9.6% of the issued capital of
Austral.

The Managing Director of Centennial, Bob Cameron noted: "Noble
was the largest shareholder in Austral. The exchange by Noble of
their shares in Austral for substantial shareholding in
Centennial on the same ratio as our takeover offer confirms the
attractiveness of Centennial's offer to Austral shareholders."

The Board of Austral has unanimously recommended that the
Centennial takeover offer be accepted, in the absence of a
superior offer. Formal offer documentation (Bidder's and
Target's Statements) is currently being prepared and is expected
to be dispatched to Australian shareholders shortly.

CONTACT:

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


AUSTRALIAN KITCHEN: Resolves to Wind Up Company
-----------------------------------------------
Notice is hereby given that at separate meetings of members and
creditors of The Australian Kitchen Company Pty Limited (In
Liquidation) (The Company) A.C.N. 093 967 116, both held on
January 21, 2005, it was resolved that the Company be wound up
voluntarily.

For such purpose Mr. Ozem Kassem of Bentleys MRI Sydney,
Business Recovery & Insolvency Partnership, Level 8, Barrack
House, 16-20 Barrack Street, Sydney, NSW, be appointed
Liquidator.

Dated this 21st day of January 2005

Ozem Kassem
Liquidator


AUSTRALIAN PROPERTY: To Convene Final Meeting March 11
------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Australian Property Services Pty Limited (In
Liquidation) A.C.N. 078 799 112 will be held at the office of
Rangott & Slaven, Chartered Accountants, Unit 12, Level 3,
Engineering House, 11 National Circuit, Barton ACT on March 11,
2005 at 8:30 a.m.

The meetings are convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

M. E. Slaven
Liquidator
Rangott & Slaven
Unit 12, Level 3,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


BERGSTEDT & CORTIS: To Declare First Dividend March 22
------------------------------------------------------
A first dividend is to be declared on Tuesday, March 22, 2005
for Bergstedt & Cortis Pty Ltd (In Liquidation) (The Company)
A.C.N. 088 199 026.

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

Dated this 27th day of January 2005

John Lord
Official Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


FT CONSOLIDATED: Creditors' Proofs of Claim Due March 3
-------------------------------------------------------
A first and final priority dividend is to be declared on March
4, 2005 for FT Consolidated Pty Limited (In Liquidation) A.C.N.
074 471 677.

Creditors whose debt or claims have not already been admitted
are required today, March 3, 2005 to formally prove their debt
or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 8th day of February 2005

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


GANNON ESP: General Meeting Slated for March 8
----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of Gannon Esp Pty Limited (In Liquidation) A.C.N. 074 571 387
will be held at the offices of Jirsch Sutherland, Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW on Tuesday,
March 8, 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 of and of
hearing any explanations that may be given by Liquidator.

Dated this 8th day of February 2005

R. M. Sutherland
Liquidator


G&R PHILLIPS: To Hear Liquidator's Report March 11
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of G&R
Phillips Pty Limited (In Liquidation) A.C.N. 002 415 045 will be
held at the offices of Lawler Partners, 763 Hunter Street,
Newcastle West on Friday, March 11, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanations that may be
given by Liquidator.

Dated this 31st day of January 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


HEBDEN MINING: Lays Out Purpose of Meeting
------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Hebden
Mining Pty Limited (In Liquidation) A.C.N. 001 490 786 will be
held at the offices of Davies Thompson & Wright, 60 Brook
Street, Muswellbrook, on March 22, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 27th day of January 2005

Richard John Wright
60 Brook Street,
Muswellbrook NSW 2333


HOLMES FOR DOORS: To Declare Final Dividend March 9
---------------------------------------------------
A first and final dividend is to be declared on March 9, 2005
for Holmes For Doors & Related Products Pty Limited (In
Liquidation A.C.N. 002 427 643.

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

Dated this 28th day of January 2005

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


ITS FINISHED: Liquidator to Explain Winding Up Manner
-----------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Its Finished Pty Limited (In Liquidation) A.C.N.
101 102 989 will be held at the offices of Jirsch Sutherland,
Level 2, 84 Pitt Street, Sydney NSW 2000 on March 10, 2005 at
11:00 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 31st day of January 2005

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


LONARO PTY: Lays Out Agenda of Joint Meeting
--------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Lonaro
Pty Limited (In Liquidation) (The Company) A.C.N. 002 792 592
will be held at the offices of Ferrier Hodgson, Level 17, 2
Market Street, Sydney, NSW 2000 on Tuesday, March 8, 2005, at
11:00 a.m.

AGENDA

(1) To detail an account showing the manner in which the winding
up has been conducted and the property of the Company disposed
of; and

(2) To hear any further explanations that may be given by the
Liquidator.

Dated this 31st day of January 2005

B. A. Taylor
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


MACARTHUR LOCKSMITHS: Schedules Joint Meeting on March 15
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Macarthur Locksmiths Pty Limited (In Liquidation) A.C.N. 003 719
480 will be held at the offices of Ferrier Hodgson, Level 17, 2
Market Street, Sydney NSW 2000 on Tuesday, March 15, 2005, at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 27th day of January 2005

Brian Silvia
Liquidator
Ferrier Hodgson
Chartered Accountants
GPO Box 4114, Sydney NSW 2001


MARYSAN PTY: Appoints Liquidators to Wind Up Company
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Marysan Pty Limited (In Liquidation) A.C.N. 059
155 789 held on January 18, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose, Max
Christopher Donnelly and Robyn Louise Duggan of Ferrier Hodgson,
Level 17, 2 Market Street, Sydney, NSW be appointed Liquidators.

Dated this 31st day of January 2005

Robyn Duggan
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


MITSUBISHI AUSTRALIA: Auto Sales Surge in February
--------------------------------------------------
Mitsubishi Motors Australia has tallied strong auto sales in
February, Asia Pulse reports.

The troubled carmaker posted its best monthly sales result for
three years, driven with an 18 percent improvement in demand in
February.

Sales of the locally built Magna and Veranda range also climbed
to a three-year high while demand for the Colt model skyrocketed
by 84 percent.

Mitsubishi Australia is pleased with the sales turnaround. It is
looking forward to a further improvement in March.

The automaker has been struggling to rebuild its business after
being hurt by defect cover-up and recall scandals at its
Japanese parent firm, Mitsubishi Motors Corporation.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


MULTIPLEX: Founding Family's Offer Aids Business Revival
--------------------------------------------------------
A move by the Roberts family to extend AU$50 million in
financial aid to stricken Multiplex has paid in spades,
according to the Sydney Morning Herald.

Multiplex, which recently suffered a 19-percent devaluation in
its securities, has surprisingly recovered sufficiently. In
fact, the firm was close to subsidizing the Roberts family's
offer to cover any losses at a troubled U.K. project, London's
Wembley Stadium.

Multiplex had conducted its own internal investigation into the
Wembley Stadium difficulties when it realized it was facing cost
pressures back in late January.

It alerted its auditor, KPMG, which then conducted its own
thorough review of the problems. This led to an unpredicted
write-down.

Last week, stunned investors sold down Multiplex shares after
the Company reversed its stance on two of its U.K. projects,
writing off AU$68.3 million from its profits.

The Roberts family, the founder and controlling shareholder of
Multiplex, opted to offer the AU$50 million indemnity in a bid
to appease dissatisfied shareholders with a show of good faith.

With more than 214 million shares in its possession, the value
of the family's stake has increased by about AU$49.4 million
since announcing early on Monday morning it would cover any
potential losses at its Wembley Stadium project.

CONTACT:

Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au


POWER BUSINESS: Names Liquidator to Wind Up Company
---------------------------------------------------
Notice is given that Anthony Warner and Ivor Worrell, Registered
Liquidators, of Worrells, Level 3, 333 George Street, Sydney NSW
2000, were appointed Liquidators of Power Business Systems (NSW)
Pty Limited at a general meeting of Power Business Systems (NEW)
Pty Limited (In Liquidation) A.C.N. 101 462 346 members on
January 31, 2005.

Dated this 1st day of February 2005

Anthony Warner
Liquidator
Worrells
Solvency & Forensic Accountants
Web Site: http://www.worrells.net.au


PRIMELIFE CORPORATION: Offer for Aevum Closing on March 9
---------------------------------------------------------
Primelife Corporation Limited announced that, subject only to
any automatic extension required by the Corporations Act, its
takeover offer for shares in Aevum Limited will close at 7:00
p.m. on March 9, 2005.

Jim Hazel, Managing Director, said "When we announced our offer
on November 17, 2004, we believed the price reflected a fair
value for Aevum.

While the Aevum board has indicated that it believes its current
share price is supported by its recent acquisition of
Castleridge and development opportunities within its village
portfolio, we have not been provided with access to any
information that would support an increased offer.

In these circumstances, the Primelife Board has decided not to
extend the bid beyond March 9, 2005.

Primelife will continue to target growth opportunities in the
New South Wales market, both through its joint venture with
Multiplex and Babcock and Brown, and by approximately priced
acquisitions."

Primelife Corporation Limited declared the offer free from all
conditions.

Primelife urged any remaining Aevum Limited shareholders wishing
to accept the bid to return their application forms by the
closing time of 7 p.m. on March 9, 2005.

Presently, Primelife Corporation Limited has voting power of
0.17% in Aevum Limited.

CONTACT:

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


QANTAS AIRWAYS: Denies Jobs Could be in Danger
----------------------------------------------
Qantas Airways has dismissed rumors of an impeding massive job
cuts in the next two years, says The Advertiser.

The national flag carrier admitted it is currently reviewing
costs and workforce across the entire Company but said it is too
early to speculate it could cut 10 percent of its workforce in
the future.

Qantas spokesman Michael Sharp confirmed every area of the firm
would be examined in line with an AU$500 million-a-year cost-
cutting scheme. But he said a report that 3000 Qantas staff
could be retrenched in a new efficiency drive was premature.

Unions reacted angrily to circulating news, saying constant
speculation about job cuts was having a devastating effect on
staff morale.

Qantas chief executive Geoff Dixon met employee representatives
last week but gave no indication of major job losses.

However, in January there were reports the Company wanted to
move about 7000 staff, or more than 20 percent of its workforce,
overseas. So far, it has announced 400 flight attendants will be
based overseas.

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


QUEANBEYAN YOUTH: Sets March 11 as Date of Final Meeting
--------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Queanbeyan Youth Resources Incorporated (In
Liquidation) will be held at the office of Rangott & Slaven,
Chartered Accountants, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT on March 11, 2005 at 3:30 p.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


SHOWPANEL AUSTRALIA: To Pay Dividend March 8
--------------------------------------------
A first and final priority employee and ordinary unsecured
dividend is to be declared on March 8, 2005 for Showpanel
Australia Pty Limited (Subject To Deed Of Company Arrangement)
(The Company) A.C.N. 054 358 655.

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

Dated this 31st day of January 2005

Michael G. Jones
Deed Administrator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


SKATEBIN FORMWORK: Members, Creditors to Meet March 11
------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Skatebin Formwork Pty Limited (In Liquidation)
A.C.N. 088 598 749 will be held at the office of Rangott &
Slaven, Chartered Accountants, Unit 12, Level 3, Engineering
House, 11 National Circuit, Barton ACT on March 11, 2005 at 4:00
p.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


SOFTWARE PROVISIONS: To Hear Liquidator's Report During Meeting
---------------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Software Provisions Pty Limited (In Liquidation)
A.C.N. 082 431 374 will be held at the office of Rangott &
Slaven, Chartered Accountants, Unit 12, Level 3, Engineering
House, 11 National Circuit, Barton ACT on March 11, 2005 at 3:15
p.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


W&D BAR: Joint Meeting Fixed March 11
-------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of W&D Bar Pty
Limited (In Liquidation) A.C.N. 002 415 009 will be held at the
offices of Lawler Partners, 763 Hunter Street, Newcastle West on
Friday, March 11, 2005 at 10:30 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and hearing any explanations that may be given by
Liquidator.

Dated this 31st day of January 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


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


CHIEFUND INVESTMENT: Receiving Proofs of Claim Until March 14
-------------------------------------------------------------
Notice is hereby given that the creditors of Chiefund Investment
Company Limited (In Creditors' Voluntary Liquidation), which is
in Creditors' Voluntary Liquidation, are required (if they have
not already done so), on or before the close of business on
March 14, 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 undersigned at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, 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 made before such
debts are proved.

Dated this 25th day of February 2005

Gabriel Ck Tam
Jacky CW Muk
Joint and Several Liquidators


FORTUNA INTERNATIONAL: Company Secretary Resigns
------------------------------------------------
The board of directors of Fortuna International Holdings Limited
announced at the Hong Kong Stock Exchange that Mr. Ho Kam Man
tendered his resignation as Company secretary, qualified
accountant and authorized representative of the Company due to
personal reason to pursue a new career opportunity.

The resignation of Mr. Ho has taken effect on 19 February 2005.
The Board also announces the appointment of Mr. Cheung Ka Lok,
an associate of Hong Kong Institute of Certified Public
Accountants and an associate of The Hong Kong Institute of
Company Secretaries, as Company secretary, qualified accountant
and authorized representative of the Company effective March 1,
2005.

CONTACT:

Fortuna International Holdings Limited
Suite 3301 Tower 1,
Lippo Centre 89 Queensway
Hong Kong
Telephone: 23335195
Fax: 27640614


HIGH PROGRESS: Court Begins Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
High Progress Investments Limited by the High Court of Hong Kong
Special Administrative Region was on January 5, 2005 presented
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 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
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 abovenamed, notice
in writing of his intention to do so.

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


INTEGRATED INFORMATION: Enters Voluntary Liquidation
----------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced in a
press release that its indirect wholly owned subsidiary,
Integrated Information (Hong Kong) Limited is in voluntary
liquidation and has appointed Ms. Chung Miu Yin, Diana and Mr.
Ying Hing Chiu as its liquidators.

The Company has been dormant since May 2000.

By Order of the Board
Ms. Chan Su Shan
Company Secretary
March 1, 2005


STARTERS HOLDING: Court to Hear Petition March 30
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Starters Holding Company Limited (formerly known as Visual
Culture Limited) by the High Court of Hong Kong Special
Administrative Region was on January 27, 2005 presented to the
said Court by Grand Monrovia Enterprises Limited whose
registered office is situated at Top Floor, Chinachem Golden
Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
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.

Ford, Kwan & Company
Solicitors for the Petitioner
Suite 1505-1508, 15th Floor,
Chinachem Golden Plaza
No. 77 Mody Road
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 abovenamed, notice
in writing of his intention to do so.

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


SUCCESS INTERNATIONAL: Creditors Meeting Slated for March 22
------------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the Members of Success
International Limited (In Creditors' Voluntary Liquidation) will
be held at 12th Floor, 3 Lockhart Road, Wanchai, Hong Kong on
March 22, 2005 at 10:30 a.m. to be followed at 10:45 a.m. by a
meeting of the Creditors for the purpose of:

(a) Appointing Liquidators of the Company for the purpose of
winding up the affairs and distributing the assets of the
Company, if any.

(b) Considering and receiving a statement of the position of the
Company's affairs prepared by the directors.

A member or creditor entitled to attend and vote at either of
the above meetings may appoint a proxy to attend and vote
instead of him.

A Proxy need not be a member or creditor of the Company. Proxies
used at the meeting must be lodged at 12th Floor, 3 Lockhart
Road, Wanchai, Hong Kong and received, not later than 48 hours
before the meetings.

Dated this 25th day of February 2005

Billy Li Sze Kuen
Liquidator


TRIDENT CREATIVE: Court Commences Winding Up Proceedings
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Trident Creative Limited by the High Court of Hong Kong Special
Administrative Region was on January 4, 2005 presented 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 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.

Ford, Kwan & Company
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor, Chinachem Golden Plaza
77 Mody Road, Kowloon
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 abovenamed, notice
in writing of his intention to do so.

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


TRIMATE LIMITED: Receiving Proofs of Debt, Claim Until March 4
--------------------------------------------------------------
Notice is hereby given that the Creditors of Trimate Limited (In
Members' Voluntary Liquidation), which is being voluntarily
wound up, are required on or before March 24, 2005 to send in
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company.

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

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

Dated this 25th day of February 2005

Suen Pui Yee
Thomas Andrew Corkhill
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


U-WOON COMPANY: Court Schedules Hearing April 6
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of U-
Woon Company Limited by the High Court of Hong Kong Special
Administrative Region was on February 3, 2005 presented 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
April 6, 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.

Kao, Lee & Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark
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 abovenamed, notice
in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of the
April 4, 2005.


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

INDOFOOD SUKSES: Buys Back US$85-Mln of 2007 Bonds
--------------------------------------------------
As part of a proposed early redemption plan, PT Indofood Sukses
Makmur bought back from bondholders IDR792 billion of the
principal amount of its bonds worth IDR2.6 trillion due in 2007,
Dow Jones reports.

Indofood filed a suit last February in British courts to confirm
its right to redeem the bonds at par, after failing to get
approval from bondholders to redeem the bonds at above par
value.

But according to Indofood Chief Executive Officer Anthoni Salim,
the Company is still willing to negotiate with noteholders
before the Courts make a decision.

The Company has acquired a six-month loan worth IDR2.6 trillion
to back the bond repayment, and plans to sell rupiah-denominated
bonds this year to repay the loan.

Indofood is looking to repay the bonds earlier than the due date
because of the cessation of a double taxation agreement between
Indonesia and Mauritius early this year. The end of the
agreement signals a 20% increase in withholding tax for bonds
sold via Mauritius, such as the Company's bonds due in 2007.

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


PERTAMINA: Seeking Solution for Cepu Row
----------------------------------------
Pertamina is willing to seek a solution with Exxon Mobil Corp.
in the dispute over oil-rich Cepu block, reports Reuters News.

President Susilo Bambang Yudhoyono has told government officials
and the Company to hurry in settling the dispute, so as to help
improve the investment climate and boost Indonesia's oil output.

Pertamina has been locked in talks with U.S. oil firm Exxon
Mobil over Cepu, which is under a technical assistance contract
between the two firms.

Pertamina said in 2004 it would not extend the contract for
Exxon Mobil to operate the Cepu field when a deal expires in
2010.

According to the director general for oil and gas Iin Arifin
Takhyan, the government wants Pertamina to benefit as much as it
can from any terms agreed upon by the two firms. Pertamina and
Exxon Mobil are scheduled to meet and discuss options on how to
operate Cepu.

Exxon Mobil has reportedly spent US$450 million on Cepu, though
no commercial output has been seen. One reason for the impasse
and delay of the contract extension is Exxon Mobil's spending
estimates for Cepu. The U.S. firm estimates that Cepu has over
250 million barrels in oil reserves, while Indonesia estimates
reserves to be around 500 million barrels. The impasse in
negotiations has delayed the development of the Cepu field, but
if it were to be developed, it would increase Indonesia's
current oil output by 10 %.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


* Indonesian Government Seeks Removal of Interest on Debt
---------------------------------------------------------
The government asked its creditors to remove the interest on a
total debt of IDR3.2 trillion, reports Asia Pulse.

The Paris Club has granted the government a three-month delay in
payment for the debt, which will mature from January to March
2005, in a show of sympathy for the tsunami tragedy of Dec. 26.

According to Finance Minister Jusuf Anwar, he sent a letter to
19 Paris Club members asking that Indonesia be freed from
interest on the debt. He said the government has stopped paying
debts and the interest payable for January and February.

Mr. Jusuf said that the Paris Club members will hold a meeting
later this month to discuss the matter.


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

DAIEI INCORPORATED: Marubeni Wins Sponsorship Race
--------------------------------------------------
A consortium led by trading house Marubeni Corporation won the
bid to sponsor the rehabilitation of ailing Daiei Incorporated,
according to The Japan Times.

The state-backed Industrial Revitalization Corporation of Japan
(IRCJ) chose the consortium primarily because of the trading
house's ties with the struggling retailer. Marubeni is one of
the major shareholders in Maruetsu Incorporated, a food
supermarket chain in the Daiei group.

The winning consortium, which includes Japanese fund Advantage
Partners Incorporated, is expected to promote its basic
rehabilitation plan for Daiei with emphasis on Daiei's
supermarket venture.

The IRCJ's basic choice of the Marubeni-led consortium will be
announced later this week when personnel-related matters are
settled.

Once formally picked, the sponsor will get one-third of the
voting-rights shares of Daiei through a third-party new share
allotment to be carried out as part of a rehabilitation plan.
IRCJ will hold another one-third, and the remaining one-third
will be held by ordinary shareholders.

The IRCJ decided on Dec. 28 to assist Daiei after the giant
retailer turned to it for help last October.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: http://www.daiei.co.jp


DAIEI INCORPORATED: BMW Tokyo Chief Tossed for Top Spot
-------------------------------------------------------
A consortium, unofficially picked as the sponsor for Daiei
Incorporated's rehabilitation, has hinted on plans to make BMW
Tokyo Corp. President Fumiko Hayashi the new Daiei president,
relates Kyodo News.

The group, led by trading house Marubeni Corporation, made the
proposal in a tender organized by the state-backed Industrial
Revitalization Corporation of Japan (IRCJ).

The consortium concluded that Ms. Hayashi, who was chosen by the
Wall Street Journal as one of the world's 50 noteworthy female
corporate managers in 2004, can spearhead efforts to turn Daiei
around. The group believes that her nomination will give
customers a good impression on the rehabilitating retailer.

The IRCJ also demanded that the consortium send excellent
managers into the Daiei board, in addition to bringing the
president from outside the Daiei group.


KOBE STEEL: To Supply Direct Reduced Iron Plant to Qatar Steel
--------------------------------------------------------------
Kobe Steel, Ltd. announced that it has been awarded a contract
to supply a MIDREX(R) Direct Reduction Plant with an annual
capacity of 1.5 million metric tons to Qatar Steel Company
(Q.S.C.) (or QASCO). A signing ceremony was held Wednesday in
Doha, Qatar.

Plans call for the $267.4-million full turnkey project to be
completed within 30 months. Kobe Steel will be responsible for
the design, equipment supply and construction of the facility.
The new plant, to be constructed in Mesaieed, will boost
production capacity of direct reduced iron (DRI) from 780,000
metric tons to 2.3 million metric tons per year.

This order represents the 54th plant that will use the MIDREX(R)
Direct Reduction Process. In this process, iron ore pellets are
"reduced" to increase their iron ore content to over 80%. DRI is
often used as a supplement or substitute to high-quality scrap
in electric steelmaking. Developed by Midrex Technologies, Inc.,
a Kobe Steel Group Company, the MIDREX(R) Process is used to
produce over two-thirds of the world's DRI.

Formed in 1974, QASCO originally started out as a joint venture
between the Qatari government, Kobe Steel, and Tokyo Boeki, Ltd.
As well as holding equity in QASCO, Kobe Steel was awarded the
contract to build the steelworks. Utilizing export financing
through the former Export-Import Bank of Japan (currently the
Japan Bank for International Cooperation), QASCO became the
first integrated steelworks on the Arabian Peninsula when
production began in 1978. For over 20 years, Kobe Steel
supported QASCO in the management, operation and maintenance of
its steelworks. In 1997, Kobe Steel and Tokyo Boeki transferred
their equity shares in QASCO back to Qatar.

The facilities at QASCO consist of a MIDREX(R) Direct Reduction
Plant, which uses the plentiful supply of natural gas in Qatar
to make DRI; electric arc furnaces; continuous casters and bar
rolling mills. Current DRI production capacity, which has nearly
doubled from the original capacity of 400,000 metric tons a
year, is used to make 700,000 metric tons of steel bars and
300,000 metric tons of billets. Today, QASCO has grown into one
of the leading steelmakers in the Middle East.

The sharp rise in energy demand from Asia is increasing oil and
gas revenue in the Gulf countries, which are using the income to
build up their industries and invest in infrastructure. As a
result, steel is in short supply on the Arabian Peninsula.

To meet the high demand for steel in the region, QASCO plans to
boost production. As part of the expansion plan, Kobe Steel was
awarded the new contract to supply a second DRI plant based on
its long association with QASCO. Other suppliers will provide a
new electric arc furnace, billet caster and bar mill. The entire
expansion plan is estimated to total approximately $422 million.
Through these investments, QASCO will be able to increase the
production of steel bars and billets by an estimated 1.2 million
metric tons per year.

Worldwide, strong steel demand and a tight scrap market have
sparked interest from steelmakers for direct reduction (DR)
plants, which do not need to be used in conjunction with blast
furnaces. Blast furnaces require massive investment and large-
scale facilities and use expensive coking coal. In comparison,
DR plants are compact and can be put up at a lower cost. The
MIDREX(R) Process uses natural gas as the reductant, making it a
process highly advantageous in areas with abundant reserves of
natural gas.

In particular, demand has recently grown for larger MIDREX(R)
Direct Reduction Modules with capacities of 1.5 million metric
tons per year or more. In December 2004, HADEED (Saudi Iron &
Steel Company) in Saudi Arabia ordered a 1.76-million-metric-
ton-per-year DR Plant. In January 2005, Midrex clinched an order
with Lion Diversified Holdings Bhd in Malaysia to supply
equipment and technology for a 1.54-million-metric-ton-per-year
MIDREX(R) Plant. On February 18, Gazmetall's Lebedinsky GOK of
Russia signed a contract for a MIDREX(R) Plant with a capacity
of 1.4 million metric tons per year. Talks are underway with
other prospective users in Oman and South America.

Kobe Steel and Midrex offer a broad menu of direct reduction and
ironmaking technologies to meet the flexible needs of
steelmakers worldwide. In addition to the gas-based MIDREX(R)
Process, the FASTMET(R) and FASTMELT(R) processes use steam coal
as the reductant, instead of more expensive coking coal, to make
direct reduced iron. A revolutionary ironmaking techonology,
ITmk3(R), yields high-purity iron nuggets, a type of pig iron,
from low iron-content ore.

Profile of QASCO

Name: Qatar Steel Company (Q.S.C.)
Location: Mesaieed Industrial City, Qatar (45 km south of Doha)
Established: 1974
Start up: 1978
Equity share:  Industries of Qatar (Q.S.C.): 70%
                         Other shareholders: 30%
Chairman: H.E. Yousef Hussain Kamal (Finance Minister)
General Manager: Sheikh Nasser Bin Hamad Al-Thani
Employees:  About 1,200
Crude steel production: 1,000,000 metric tons per year
Products: Billets: About 300,000 metric tons per year
          Bars:   About 700,000 metric tons per year


Current            Current            Capacity
Equipment(units)   Capacity(tpy)      of New Equipment(tpy)
DR plant (1)         780,000             1,500,000 (DRI/HBI)
Steelmaking plant  1,000,000               500,000
Bar mills (2)        800,000               700,000

Recent DR Plant Orders by Kobe Steel and Midrex
Company      Capacity / tpy  Contract Signing  Country
HADEED       1,760,000       December 2004     Saudi Arabia
Lion Group   1,540,000       January 2005      Malaysia
LGOK         1,400,000       February 2005     Russia
QASCO        1,500,000       February 2005     Qatar
Total:       6,200,000


Midrex Technologies, Inc.

Midrex Technologies, Inc. is principally known for the MIDREX(R)
Direct Reduction Process that converts iron ore into high-purity
direct reduced iron (DRI) for use in steelmaking, ironmaking,
and foundry applications. MIDREX(R) plants produce over two-
thirds of the world's DRI. Midrex is a wholly owned subsidiary
of Kobe Steel, Ltd. For more information on Midrex, visit
www.midrex.com

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is a leading supplier
of direct reduction plants and other plant engineering services
for the steel, energy and chemical industries. Kobe Steel is one
of Japan's top steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
machinery, construction equipment, and real estate.

CONTACT:

Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm


MITSUBISHI MOTORS: New Chief Affirms Commitment to U.S. Ops
-----------------------------------------------------------
The new president of embattled Mitsubishi Motors Corporation
(MMC) affirmed its commitment to boost its U.S. market, the
Associated Press reports.

Osamu Masuko, appointed last month as president and chief
operating officer at MMC, stressed the carmaker has no plans to
sell its plant in the U.S. or further slash its work force.

Masuko denied the Company had ever considered selling its U.S.
operations or approached potential buyers. He also denied it was
thinking about seeking a new partner in the United States and
said it was determined to go at it alone, although it will
continue to work on projects with DaimlerChrysler AG of Germany
as it has in the past.

The new boss vowed to boost MMC's profitability in the U.S. by
reducing production capacity at its plant in Normal Illinois. He
also guaranteed not to take further job cuts.

A string of recall cover-up scandals that emerged five years ago
has taken its toll on Mitsubishi Motors, which is expecting a
loss of JPY472 billion (US$4.5 billion) for the fiscal year
ending March 31 as it struggles to revive dwindling sales.

CONTACT:

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


MITSUBISHI MOTORS: Unveils Lineup at 75th Geneva Motor Show
-----------------------------------------------------------
Mitsubishi Motors Corporation unveiled the new Colt coupe-
cabriolet concept, developed with the cooperation of Pininfarina
S.p.A of Italy as a cabriolet version of the Colt, at the 75th
Geneva International Motor Show that runs from March 1 through
March 13 at the Geneva Palexpo exhibition and conference
complex. Public days start on March 3.

The Colt coupe-cabriolet concept derives from the 3-door Colt
CZ3 assembled at Mitsubishi Motors' NedCar facility in the
Netherlands. The compact cabriolet model takes its concept and
design cues from the CZ2 Cabriolet displayed by the Company at
the 2003 Geneva International Motor Show. It is due to go into
production at Pininfarina early in 2006.

The Colt coupe-cabriolet concept is one of 15 models (16 on
public days) on the Mitsubishi Motors stands. Other exhibits
include: a diesel-powered Grandis; a replica of the Colt 600
Convertible first shown at the 9th Tokyo Motor Show in 1962; the
Pajero Evolution that chalked up an unprecedented fifth
successive and 10th aggregate victory in the Dakar Rally in
January; and the Lancer WRC05 that roared straight to a third
place podium finish in the 2005 WRC season-opening Rallye Monte
Carlo.

Mitsubishi Motors brought several new models to market in Europe
in 2004. Colt was joined by the Grandis MPV and the Lancer
Evolution high-performance 4WD sports sedan. The European Colt
has won several critical accolades including "Das Goldene
Lenkrad" (the Golden Steering Wheel) presented by the German
Sunday newspaper "Bild am Sonntag" published by Axel Springer
AG. Lancer Evolution, Grandis and the Outlander crossover models
have also received awards for their vehicle concept, high
performance and build and presentation quality. Mitsubishi
vehicle sales in Europe grew healthily in 2004 to 225,826
vehicles, an 8.6% increase over the previous year.

(1) Colt coupe-cabriolet concept

Joining 3- and 5-door models, the third body type in the
European Colt lineup adds a retractable hardtop to the 3-door
Colt CZ3 platform.

Efficient packaging wraps 2+2 seating and trunk space for the
hardtop within a compact size which, at 3,885 mm overall, is
just 75 mm longer than the Colt CZ3 from which it derives.
Powered by the same 150PS 1.5-liter MIVEC engine with
turbocharger as the Colt CZT. The body has been strategically
strengthened to allow occupants to enjoy the full exhilaration
of open motoring with the hardtop stowed in the trunk.

The exterior design, crafted around Colt's hallmark One Motion
Form, effectively melds straight lines and soft shapes with
styling that gives eloquent notice of the car's potent
performance. Distinguishing elements include a deeply raked
front windshield, unique V-shape rear combination lamps and a
linear-design high mount auxiliary stop lamp in the trunk lid.
The interior adopts an orange suede keynote in using sporty and
fine quality colors and materials ideally suited to a cabriolet
model.

Colt coupe-cabriolet concept specifications

L x W x H (mm)          3,885 1,705 1,450
Wheelbase (mm)          2,500
Engine (output/torque)  1.5L MIVEC 4-cyl DOHC with turbocharger
                        (150ps/6,000rpm, 210Nm/3,500rpm)
Transmission            5-speed manual
Tires                   225/35R18
Suspension Front:       MacPherson strut
           Rear:        Torsion beam

(2) Other exhibits

a. Grandis (direct-injection diesel model)

Coming to market in Europe in April 2004, the Grandis MPV has
already won critical acclaim for its sporty styling, unruffled
road performance and outstanding interior utility. To meet
European market needs, a diesel model powered by a Volkswagen
2.0-liter direct-injection turbocharged unit will join the
gasoline model in the summer 2005.

b. Colt 600 Convertible (show model)

A concept for a cabriolet version of the Colt 600 launched in
1962 and powered by a 594cc engine, the Colt 600 Convertible was
exhibited at the 9th Tokyo Motor Show. The model on display at
Geneva is a replica built using Minica components in 1991.

The Mitsubishi Motors lineup at 75th Geneva Motor Show shall be
made available at:
http://bankrupt.com/misc/tcrap_2mitsubishimotors020305.pdf


MITSIBISHI MOTORS: Launches Lancer Evolution IX Sports Sedan
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that the Lancer
Evolution IX high-performance 4WD sports sedan would go on sale
at affiliated dealerships throughout Japan on March 3, 2005.
With a 2.0-liter intercooler-turbocharged engine powering all
four wheels through an electronically controlled 4WD system,
Evolution IX raises all dynamic performance parameters to a new
level. Tax inclusive prices range from JPY2,940,000 to
JPY3,570,000.

Evolution IX marks the 12th model in the series, which has also
included an automatic transmission model, since the Lancer
Evolution debuted in October 1992. Major features distinguishing
the latest model include the adoption of Mitsubishi's
proprietary MIVEC*1 variable valve timing technology in the
intake system and improvements to the turbocharger that result
in higher torque and produce better response for improved engine
performance across its full rev range. New front and rear
bumpers bring both high aerodynamics and cooling performance.

Evolution IX is offered in three trim levels. The flagship GSR
grade features Mitsubishi Motors' cutting-edge ACD*2 + Super
AYC*3 + Sports ABS*4 electronically controlled all-wheel control
component system and a 6-speed manual gearbox. The motorsport-
specification RS uses a special lightweight body, a new
titanium-magnesium turbocharger, 5-speed gearbox and ACD +
mechanical rear LSD all-wheel control.

New for Evolution IX is the GT grade that brings together RS's
turbocharger and drivetrain specification and GSR's comfort-bias
body with its enhanced sound deadening. Allowing owners to
customize their Evolution IX's to individual needs and
preferences, a comprehensive range of factory- and dealer-fitted
options as well as Ralliart tuning and dress up parts are
available.

To view the Product Features and Sales Information, click on:
http://bankrupt.com/misc/tcrap_mitsubishimotors020305.pdf


MITSUI MINING: Mitsubishi Backs Out from IRCJ-led Tender
--------------------------------------------------------
Trading house Mitsubishi Corporation will shelve a plan to
acquire Mitsui Mining, which has been rehabilitating under the
auspices of the state-backed corporate turnaround body, Kyodo
news reports.

Mitsubishi reportedly opted to withdraw its participation in the
bidding process after deciding that benefits from the ailing
mining firm may not be substantial for the trading house.

Mitsubishi's withdrawal has boosted chances of two contenders
for the tender for Mitsui Mining, handled by the Industrial
Revitalization Corporation of Japan (IRCJ). The IRCJ is expected
to hold the tender during this week at the earliest.

International Steel Group Inc. (ISG), the second-largest U.S.
steel maker, is expected to compete with a three-way Japanese
alliance among Sumitomo Corp., Nippon Steel Corp. and Daiwa
Securities Group Inc.

But earlier reports said that the ISG has abandoned talks to
purchase a controlling stake in Mitsui Mining. ISG and Mitsui
Mining did not comment on the issue.

The IRCJ in October 2003 decided to bail out Mitsui Mining after
it sank into the mire with massive debt incurred in fiscal 2002
ended March 31, 2003.

CONTACT:

Mitsui Mining Co.
3-3-3, Toyosu, Koto-ku
Tokyo 135-6007, Japan
Phone: +81-3-5560-1311
Fax: +81-3-5560-1994


NIPPON PAPER: S&P Upgrades Rating to 'BB+'
-----------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating a major Japanese paper Company reflecting improved
price stability stemming from industry integration.

Nippon Paper Group Inc. was upgraded to 'BB+' from 'BB', while
its major subsidiary Nippon Paper Industries Co. Ltd., was also
upgraded to 'BB+' from 'BB'. The rating on the Company's senior
unsecured debt were raised to 'BBB-' from 'BB+'. The outlook on
the long-term rating is stable.

The ratings actions follow stabilizing paper product prices due
to improvements in manufacturing efficiency stemming from
integration of major paper and paperboard makers. Although the
competitive sanitary paper market suffers from price volatility,
that business accounts for only a small portion of cash flow for
Nippon Paper Group, and so the impact on its credit qualities is
limited.

Nippon Paper Group has focused on improving profitability and
its financial position. By aggressively covering debt with
surplus funds, the Company improved its debt ratio to 63.8% in
September 2004 from 67.7% in September 2001. The Company has
benefited from a number of restructuring measures, including
improved production efficiency and employee redundancies
following the 2001 merger with Daishowa Paper Manufacturing Co.
Ltd.

Nippon Paper Group's profitability and cash flow generation are
expected to improve as restructuring continues, which should
subsequently lead to improvement in the debt-to-capital ratio.
In China, Nippon Paper Group maintains a prudential investment
policy via joint ventures with Chinese companies. It is also
saving capex by transplanting production facilities from Japan
to China.

The ratings on the long-term senior debt issued by Nippon Paper
Group and Nippon Paper Industries are one notch higher than
their long-term issuer ratings, reflecting the assumption that
bondholders would incur no losses from any default, as their
creditor banks would forgive the companies' debt.

Because the long-term senior debt issued by Nippon Paper Group
is guaranteed by Nippon Paper Industries, the debts issued by
both entities carry the same rating with no structured
subordination.

CONTACT:

Nippon Paper Industries Company
Shin Yurakucho Building,
1-12-1 Yurakucho,Chiyoda-ku,
Tokyo 100-0006
Telephone: +81-3-3218-8000
Fax: +81-3-3216-4753


SEIYU LIMITED: R&I Cancels BB- Rating
-------------------------------------
Rating and Investment Information, Inc.(R&I), has canceled the
following rating on The Seiyu Limited at the issuer's request:

Senior Long-term Credit Rating
CANCELED RATING: BB-

ISSUER: Seiyu International Finance B.V.
ISSUE: Euro Medium-term Note Programme
ISSUE LIMIT: US$ 800 million
CANCELED RATING: B+

Seiyu Limited's principal activity is to operate the chain of
supermarkets. The Group's operations are carried out through the
following divisions: Retail sale, Finance/Real Estate services
and Others. The retail sales include sale of foodstuffs,
clothing and household goods in supermarkets and convenience
stores; Finance/Real Estate include credit, loans, sale and
leasing of real estate and Others include publishing, market
research, entertainment and travel. Retail sales accounted for
94% of fiscal 2002 revenues; Finance/Real Estate services, 1%
and Others, 5%.

CONTACT:

SEIYU LTD (THE)
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
JAPAN
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


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


CHOHUNG BANK: Aims to Draw Customers by Hiking Deposit Rates
------------------------------------------------------------
In a bid to attract customers, Chohung Bank said it will follow
South Korean commercial lenders who are raising their deposit
rates, Yonhap News reports.

The affiliate of Shinhan Financial Group Co. will raise interest
rates on its time deposits by 0.1 to 0.2 %, and its one-year
time deposit rates by 3.6 %, from 3.4 %.

Other banks, such as Kookmin Bank, Hana Bank, Korea Exchange
Bank, Korea First Bank and Woori Bank also increased their rates
last month.

Bond yields have currently risen due to speculation that the
government may increase the issuance of treasuries this year in
order to improve the country's economy.

CONTACT:

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


KOREA EXCHANGE: Shares Drop After Potential Buyer Quits
-------------------------------------------------------
Korea Exchange Bank's (KEB) shares recently fell almost 5
percent after potential buyer HSBC Holdings seemingly ruled
itself out of a takeover, reports Reuters News.

According to HSBC Holdings Finance Director Douglas Flint, HSBC
Holdings may not make large acquisitions either in the U.S. or
in South Korea, since potential buys were too expensive, adding
that the bank can expand its own businesses.

U.S. fund Lone Star can sell its 51 percent stake in KEB from
November, set to be one of the biggest takeovers in the country
for 2005.

KEB shares, which have been trading at double its book value
after talks of a potential buyout by Standard Chartered Bank,
dropped 3.11 percent at KRW8,730, compared to a 0.1 percent rise
in the stock market.

Analysts said that KEB, shares may have been a little overheated
by talks of potential buyouts, which contributed to the high
share price, but that will surely change after HSBC's ruling
out.

CONTACT:

Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


LG CARD: Short-term Debt Falls by KRW177 Billion
------------------------------------------------
LG Card said its short-term debt, repayable in less than 12
months, recently dropped by KRW177 billion, and its outstanding
debt amounted to KRW2.69 trillion by end-January, reports the
Korea Times.

Of the Company's total short-term debt, KRW2.5 trillion was from
commercial papers, direct borrowings from financial institutions
amounted to KRW164 billion, and the rest came from overdraft
loans.

LG Card has been saved from bankruptcy yet again by an infusion
of fresh funds from parent Company LG Group and creditors, to
keep it afloat.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


SSANGYONG MOTOR: Aims for 25% Increase in 2005 Sales
----------------------------------------------------
Ssangyong Motor Co. said it would strive for the sale of 170,000
vehicles worth KRW4.2 trillion for 2005, reports Reuters News.

According to a statement, Ssangyong expects a 53% increase in
exports, partly due to aggressive sales in China. The firm also
plans to acquire 9.6 % stake in the domestic automobile market
by selling 110,000 vehicles locally in 2005.

Around 48.9 % of Ssangyong Motor Co. stake was acquired by
China's Shanghai Automotive Industry Corporation (SAIC) for
KRW503.7 trillion in last year. The buyout should help Ssangyong
penetrate the Chinese automobile market, but it has raised
doubts that the firm could remain competitive, if SAIC would
introduce cheaper models.

SAIC plans to invest further in Ssangyong for its continued
growth.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
South Korea
Phone: +82 31 610 1114
Fax:   +82 31 610 3739


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


ACTACORP HOLDINGS: Court to Hear Appeal on March 28
---------------------------------------------------
The hearing for the appeal of Actacorp Holdings Berhad on the
decision of the Kuala Lumpur High Court in the suit filed
against the Company by Nagase (Malaysia) Sdn Berhad for a claim
of RM150,341.50 is set on Monday, March 28, 2005.

CONTACT:

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


CHG INDUSTRIES: Hearing for RO Extension Fixed March 22
-------------------------------------------------------
In relation to Summons No. D7-24-181-2004, CHG Industries
Berhad announced that the hearing for application for an
extension of the Restraining Order is scheduled on Tuesday,
March 22, 2005, at the Kuala Lumpur High Court.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax:   +60 3 907 66215


CONSOLIDATED FARMS: Restraining Order Expires March 5
-----------------------------------------------------
Consolidated Farms Berhad was named as defendant in a Writ of
Summons filed by Sang Hup Hardware & Sons Sdn. Berhad in the
Kualu Lumpur Sessions Court. The Writ of Summons was filed by
Sang Hup on Dec. 20, 2005, and was served on Consolidated Farms
Berhad on Feb. 18, 2005.

The hearing for the suit wherein Sang Hup is claiming for the
amount of Rm107,655 from the Company, together with 8 % interest
per year from the date of the filing of the Writ until full
resolution, is set for Monday, March 7, 2005.

The Restraining Order granted on Consolidated Farms Berhad by
the Kuala Lumpur High Court expires on Saturday, March 5, 2005.

CONTACT:

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


FABER GROUP: Expects to Maintain FY04 Fourth Quarter Results
------------------------------------------------------------
Faber Group Berhad aims to maintain and even improve its strong
fourth-quarter results, reports the Star News.

The Company reported a net profit of RM433 million, with an
operating profit of RM32.7 million in 2004. The firm garnered a
net profit of RM14.8 million for the fourth quarter of 2004, its
first since completion of it restructuring scheme on Sept. 30.

According to managing director Nooriza Abd Hamid, the firm's
core business is healthy; it was the interest costs that ate up
profits. Faber Group had an interest cost of RM12 million before
its restructuring scheme, but that has since dropped to RM2
million in the quarters following the restructuring.

Faber Group's remaining debt is worth RM250 million, but will
soon be cleared when the firm sells its Sheraton hotel in Hanoi,
stating that the hotel market in Hanoi is better than in Kuala
Lumpur. After the hotel is sold, the firm can issue a steady
dividend.

CONTACT:

Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax:   03-76282828


RHB CAPITAL: Wants to Sell Stake to Foreign Partner
---------------------------------------------------
RHB Capital Berhad is planning to sell a stake in its new
Islamic banking unit to a foreign partner, paving the way for
franchising abroad, Reuters News reports.

According to RHB Capital Executive Chairman Sulaiman Abdul
Rahman Taib, the bank is allowed to have a foreign partner up to
49 %, though he did not give out details. He said that RHB needs
approval from the central bank before discussing with potential
foreign partners.

Islamic banking is rapidly growing in Malaysia, and includes
profit sharig rather than paying interest, which is prohibited
under Sharia law.

While most commercial banks offer Islamic banking as a line of
business, RHB Capital Berhad is the first bank to set up an
independent Islamic banking unit licensed by the central bank,
with its own capital base, balance sheet, and board.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax:   +60 3 9280 6507


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

PHILIPPINE LONG: Declares Dividend for Common Capital Stock
-----------------------------------------------------------
Philippine Long Distance Telephone Company (TEL) submitted to
the Philippine Stock Exchange the attached disclosure pertaining
to the cash dividend declared by the Board of Directors during
its meeting held on March 1, 2005.

In reference to Circular for brokers No. 148-2003 dated January
21, 2003, please be reminded that the Securities and Exchange
Commission (SEC), in its letter to the Company dated December
16, 2002, has allowed the Company to set the payment date 'in
accordance with its by-laws and Board's Resolution". In
addition, the SEC stated that the implementation of the same
should be "with proper coordination with the PCD."

Please take note of the following details of the cash decalred
for the Company's common capital stock:

CASH DIVIDEND

Cash              - Php14.00 per share
Ex-Date           - March 28, 2005
Record Date       - March 31, 2005
Payment Date      - May 12, 2005

For your information.

(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
The Philippine Stock Exchange on June 14, 2000, the application
submitted by Philippine Long Distance Telephone Company (the
Company) to list additional 1,289,745 common shares, with a par
value of Php5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 1,700
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,700 common shares is set
for Wednesday, March 2, 2005. This brings the number of common
shares listed under the ESOP to a total of 387,978 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, Philippine Long Distance Telephone Company
advised that during the meeting of the Board of Directors of our
Company on March 1, 2005, the following cash dividends were
declared:

(1) US$1.029412 per outstanding share of the Company's Series
III Convertible Preferred Stock for the quarter ending April 15,
2005 payable on April 15, 2005 to the holders on March 17, 2005.

(2) Php4.675 per outstanding share of the Company's Series V
Convertible Preferred Stock for the quarter ending April 15,
2005, payable on April 15, 2005 to the holders of record on
March 17, 2005.

(3) US$0.09925 per outstanding share of the Company's Series VI
Convertible Preferred Stock for the quarter ending April 15,
2005, payable on April 15, 2005 to the holders of record on
March 17, 2005.

(4) JPY10.179725 per outstanding share of the Company's Series
VII Convertible Preferred Stock for the quarter ending April 15,
2005, payable on April 15, 2005 to the holders of record on
March 17, 2005.


PHILIPPINE LONG: Annual Stockholders Meeting Set June 14
--------------------------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, the Philippine Long Distance Telephone Company
advised that the Annual Meeting of Stockholders of the Company
will be held on June 14, 2005 (the second Tuesday of June as
provided in the Company's By-laws) at 4:00 o'clock P.M. in
Makati City, Philippines.

Below is a copy of the resolution fixing April 15, 2005 as the
record date for the determination of stockholders entitled to
notice of and to vote at said Annual Meeting.

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

                   SECRETARY'S CERTIFICATE

I, MA. LOURDES C. RAUSA-CHAN, Corporate Secretary of Philippine
Long Distance Telephone Company (the Company) hereby certify
that:

(1) At a meeting of the Board of Directors of the Company held
on March 1, 2005, the following resolution was passed and
adopted:

"RESOLVED, that April 15, 2005 be, and said date is hereby,
fixed as the record date for the determination and stockholders
entitled to notice of and to vote at the Annual Meeting of
Stockholders of the Company which will be held in accordance
with the Company's By-laws in Makati City, on Tuesday, June 14,
2005 at 4:00 o'clock P.M.

(2) The aforequoted resolution is still in full force and
effect.

IN WITNESS WHEREOF, have set my hand and affixed the seal of the
Company this 1st day of March, 2005 at Makati City, Philippines.

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY


PILIPINO TELEPHONE: Returns to Profit
-------------------------------------
Pilipino Telephone Corporation (Piltel) announced its audited
financial results for 2004, as it recorded a net income of
Php9.8 billion (Inclusive of the impact of recent changes in
management agreements) compared with a loss of Php3.4 billion
last year.

Both numbers reflect as well the adoption by Piltel of various
International Accounting Standards (IAS). Piltel's normalized
net income for 2004 was Php4.9 billion.

This marks the first time Piltel has reported a profit since
1996.

Subscriber Growth

Piltel's GSM brand, Talk 'N Text, recorded net additions of
approximately 1.7 million subscribers in 2004, exceeding the 1.1
million net increase in subscribers recorded in 2003. This
raised the total Talk 'N Text subscriber base to 4.6 million at
the end of 2004 compared to 2.9 million subscribers at the end
of 2003, an increase of 61%. The average monthly subscriber
churn rate in 2004 fell to 3.5% from 4.2% in 2003. Talk 'N Text
was launched in April 2000 under a reseller arrangement with
Smart and is the country's third largest GSM service.

Piltel also had 45,992 landline subscribers as of the end of
2004.

Operating Results

Piltel's gross service revenues in 2004 grew 40% to Php13.7
billion, compared to Php9.8 billion in 2003, as a result of the
continued growth in the Talk 'N text subscriber base. Net
service revenues in 2004 more than doubled to Php9.4 billion
however, compared to Php4.3 billion in 2003, as Smart's share of
revenues decreased from 50% to 20%.

In December 2004, the Boards of Directors of Smart and Piltel,
after extensive study and in consultation with an international
telecommunications advisor, agreed to enter into a new omnibus
agreement that would supersede and replace previous management
agreements. The omnibus agreement covers the provision of all
the services under the previous agreements, in consideration of
a simpler revenue sharing arrangement of 80-20 in favor of
Plitel. Net GSM service revenues, after deducting the Php2.3
billion paid to Smart under the omnibus agreement,
interconnection expenses and pre-loaded airtime, increased by
143%, to Php8.6 billion in 2004 from Php3.5 billion in 2003,
when Smart's share was Php4.3 billion. GSM revenues now make up
95% of Piltel's net revenues.

To view the entire media release, click on:
http://bankrupt.com/misc/tcrap_pilipinotelephone020305.pdf

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PRICESMART INCORPORATED: Rescues Philippine Arm
-----------------------------------------------
Embattled shopping chain PriceSmart Incorporated has bailed out
its Philippine subsidiary PSMT Philippines, Business World
reports.

The U.S.-based Company has moved to rescue its Philippine arm by
buying the latter's US$10.4-million outstanding loan from the
World bank's private sector financing division under a Company-
wide financial restructuring program.

Late last year, PriceSmart U.S.A. used a bridge loan from the
Price Group to acquire the debt from the International Finance
Corporation (IFC), which will now be treated as an interCompany
loan. IFC originally lent PSMT Philippines AU$12.5 million, due
on June 2012 and payable semiannually at an average fixed rate
of 7.44 percent.

PriceSmart has repeatedly said that it would not close its
Philippine operations despite a legal dispute with a minority
shareholder, businessman William S. Go, who has petitioned a
Pasig court to appoint a receiver for the Company due to alleged
financial irregularities.

Meanwhile, PSMT Philippines president Benjamin Woods said
PriceSmart's latest bailout move would "improve profitability by
reducing interest and dividend expense."

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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


CITIRAYA INDUSTRIES: SGX-ST Grants Waiver from Compliance
---------------------------------------------------------
The Board of Directors of Citiraya Industries Ltd announced to
the Singapore Stock Exchange (SGX) that it had sought a waiver
from the Singapore Exchange Securities Trading Limited (the SGX-
ST) from complying with Rule 705(2)(b) of the Listing Manual to
allow the Company to announce its financial statements for the
full year ended December 31, 2004 after the investigations being
carried out by the Commercial Affairs Department (CAD) and the
Corrupt Practices Investigation Bureau (CPIB) and the
investigation being carried out by the independent investigators
appointed by the Company have been concluded.

In view of the circumstances, the SGX-ST has granted the Company
a waiver from compliance with Rule 705(2)(b) subject to the full
year results being announced before the suspension on the
trading of the Company's shares is lifted.

By Order of the Board
Tan San-Ju
Company Secretary
March 1, 2005

CONTACT:

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


GREATRONIC LIMITED: Seeks for Extension on Submission of Results
----------------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that it is unable to release the results of its full year for
the financial year ended December 31, 2004 on Monday, March 1,
2005, being the reporting deadline.

The delay is due to the need to reconcile the draft accounts of
the Company's PRC and Indian subsidiaries to comply with the
Singapore FRS accounting standards.

In this regard, the Company has written to the Singapore
Exchange Limited on February 23, 2005 to request for an
extension up to March 31, 2005 to release the announcement.

CONTACT:

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


GREATRONIC LIMITED: Appoints Special Manager
--------------------------------------------
Description The Board of Directors of Greatronic Limited advised
the Singapore Stock Exchange (SGX) on the appointment of Mr.
Chee Yoh Chuang, partner of Messrs Chio Lim & Associates as the
Company's Special Manager effective March 1, 2005 on terms and
conditions as enumerated in the Letter of Appointment dated
March 1, 2005.

Mr. Chee's main role is to manage the group's day-to-day
operations and to ensure business continuity.


LIANG HUAT: Still in Negotiation with Major Banks
-------------------------------------------------
Liang Huat Aluminium Limited issued to the Singapore Stock
Exchange (SGX) a monthly update on the group's financial
position, progress of the debt restructuring plan and
negotiations with its creditors.

The Company is continuing to discuss with its major banks on the
proposed terms of the Scheme of Arrangement. The banks are
currently reviewing the terms proposed by the Company and have
not expressed any objections to being included in the proposed
Scheme.

The Company will make prompt and timely announcements of further
developments concerning its restructuring progress.

Tan Yong Kee
Group Managing Director
March 1, 2005

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/


MEDIASTREAM LIMITED: Releases Full-Year Financial Statement
-----------------------------------------------------------
Mediastream Limited furnished the Singapore Stock Exchange (SGX)
a copy of its Full-Year Financial Statement and Dividend
Announcement for the year ended December 31, 2004.

To view a full copy of the results, click
http://bankrupt.com/misc/MediastreamFY2004.pdf

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines St 92
MediaStream Building
Singapore 528883
Telephone: 65 67887888
Fax: 65 67871238
Web site: http://www.mediastreamsg.com


QUANTUM M&E: Issues Dividend Notice
-----------------------------------
Quantum M&E Engineering Services Pte Ltd (In Liquidation) posted
in the Government Gazette, Electronic Edition a notice of
dividend to unsecured creditors.

Address of Registered Office: c/o The Liquidator's Office

Number of Matter: Companies Winding Up No. 258 of 2000

Amount per Centum: 7.66% (Unsecured Creditors)

First & Final or otherwise: Third & Final Dividend

When payable: 4th March 2005

Where payable:

Office of the Liquidator
c/o Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Telephone: 5320320 (8 lines)
Fax: 5320331

Name of Liquidator: Mr. Don M Ho, FCPA

Dated this 28th February 2005


SAL CONSTRUCTION: Receiving Proofs of Claim Until March 11
----------------------------------------------------------
SAL Construction Pte Ltd. of c/o 6 Shenton Way #32-00 DBS
Building Tower Two Singapore 068809 posted a notice of intended
dividend to the Government Gazette, Electronic Edition.

Court: High Court, Singapore

Number of Matter: Companies Winding Up No. 600102 of 2002

Last day for receiving proof: 11th March 2005

Name of Liquidators:

Mr. Wee Aik Guan
Mr. Chaly Mah Chee Kheong

Address:

c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Dated this 25th day of February 2005.

Wee Aik Guan and
Chaly Mah Chee Kheong
Joint & Several Liquidators


SHINING CORPORATION: Unveils Financial Results
----------------------------------------------
Shining Corporation Limited furnished the Singapore Stock
Exchange a copy of its financial statement for the year ended
December 31, 2004.

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

                        2004    2003    Variance    Variance
                         S$'000 S$'000 S$'000 %

Turnover                 29,644    41,781   (12,137)   29%

Cost of Projects        (15,554)  (23,526)   7,972     34%

Cost of Goods Sold      (8,703)   (11,700)   2,997     26%

Personnel Expenses      (3,064)   (3,850)    786       20%

Depreciation of
property, plant
& equipment             (605)      (664)     59        9%

Other operating
expenses                (2,557)    (2,406)   (151)      6%

Loss from
operations              (839)      (365)     (474)     130%

Financial expenses,
net                     (935)       (987)    52       5%

Loss before tax        (1,774)      (1,352)  (422)     31%

Taxation                7            716     (709)     99%

Loss after tax         (1,767)      (636)    (1,131)  178%

Minority interests      40                    40       NA

Net profit attributable
to members of
the Company             (1,727)      (636)   (1,091)   172%

Loss before tax after charging/ (crediting) the following:

Provision for doubtful debts     -    16

Provision for slow moving stock   -    152

Provision for diminution
in quoted investment             13    -

Depreciation of property,
plant & equipment               605     664

Gain on disposal
of property, plant
& equipment                   (735)      (30)

Foreign exchange loss, net     20         136

Write back of provision
for liquidated damage         (172)        (13)

Interest expense               936          908

To view a full copy of the results, click
http://bankrupt.com/misc/ShiningCorporationannouncement31Dec2004
.pdf

CONTACT:

Shining Corporation Ltd
11 Changi South Street 3 #04-01
Builders Centre
Singapore 486122
Telephone: 65 65455225
Fax: 65 65455665


THAKRAL CORPORATION: Unit Inks 1-Year Contract with Panasonic
-------------------------------------------------------------
Thakral Corp Ltd, announced in a press release that its
subsidiary, Shanghai Detian Electronics Trading Co., Ltd and
Panasonic Corporation of China have signed a one-year contract
from March 1, 2005 to March 31, 2006 to distribute digital still
camera and digital video camera products and other associated
equipment in China (excluding Hong Kong, Macao and Taiwan).

"We are delighted to sign this contract with Panasonic as it
further strengthens our long-established relationship and it is
also testimony of Panasonic's trust and confidence in us. This
contract will allow us to ride on the digital revolution in
China and the robust demand for digital electronics products
among Chinese consumers. Digital cameras are among the hottest
items in China currently. With our strong distribution network,
supply chain capability and merchandising- support
infrastructure we are able to add value for Panasonic," said
Thakral Corp's Director Mr. Jasvinder Singh Thakral."

The new contract is not expected to have any material impact on
the earnings per share or the net tangible asset per share of
the Company and its subsidiaries for the current financial year.

About Thakral Corp Ltd

The Group's main businesses are the trading and distribution of
high-end consumer electronics, distribution of home
entertainment software and contract manufacturing.

Major brands Thakral Corp distributes are Panasonic, Apple,
Orion, Sharp, Creative, IBM, Yes and Sanyo. Major products
include digital video cameras, audio products, plasma TVs and
notebook computers.

Since 1998, the home entertainment division has released over
1600 titles on home videos. Its 60 per cent owned CAV Thakral, a
JV with the China Audio Video Publishing House (an arm of the
PRC Ministry of Culture) is a licensee for major studios
including Buena Vista Home Entertainment/Disney MGM, BBC and
Paramount Home Entertainment International.

The contract manufacturing division assembles and does sub-
contract manufacturing of electronic products such as DVD main
boards, PCBA for Industrial Power detector, High Voltage Control
Boards, Communication Boards and Electrical meters.

The People's Republic of China and Hong Kong continue to be its
two principal markets with new focus on India.

To view a full copy of the press release, click
http://bankrupt.com/misc/THAKRALPressRelease_1Mar2005.pdf

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Telephone: 65 63368966
Fax: 65 63367225
Web site: http://www.thakral.com


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


BANGKOK RUBBER: Need Not Amend FS
---------------------------------
Previously, the Stock Exchange of Thailand (SET) posted an NP
(Notice Pending) sign on the securities of Bangkok Rubber Public
Company Limited (BRC) since March 2, 2005 because the Company
submitted to the SET its financial statements ending 31 December
2004 with a Disclaimer of auditor's opinion on the financial
statement.

The SET was waiting for the conclusion whether the Company has
to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend its financial
statements on the issue that the auditors stated. Therefore, the
SET has posted the NR (Notice Received) sign on BRC 'securities
on March 2, 2005 to announce that the SET has received the
conclusion from the SEC.

Nevertheless, the SET has still suspended trading of their
securities until the causes of delisting are eliminated.

CONTACT:

Bangkok Rubber Public Company Limited
611/40 Soi Raj-Utit 2, Bangkhlo, Yan Nawa Bangkok
Telephone: 0-2689-9500
Fax: 0-2291-1353
Website: http://www.pan-group.com


BANGKOK STEEL: SET Awaits Receipt of FS
---------------------------------------
The SET has posted an NP (Notice Pending) sign on the securities
of Bangkok Steel Industry Public Company Limited effective from
the first trading session of March 2, 2005 due to its failure to
submit the financial statements for the period ending December
31, 2004 by the deadline specified by the SET.

The aforementioned NP sign indicates to the general public that
the SET is currently waiting for the receipt of the required
financial statements.

CONTACT:

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


DATAMAT: Unveils Board Meeting Resolutions
------------------------------------------
Datamat Public Company Limited advised the Stock Exchange of
Thailand (SET) on the resolutions passed during the Company's
Board of Directors' Meeting No. 1/2005 held on February 28,
2005, at 3:00 P.M.

(1) The meeting resolves to approve the Company's Financial
Statements and the Company's Consolidated Financial Statements
ended December 31, 2004.

(2) The Meeting resolves to approve the Company suretyship for
Open Computing Technologies Limited for the Factoring credit to
Ayudhya International Factors Limited, credit line of
THB25,000,000.

At present, the Company holds 98.3% of shares in Open Computing
Technologies Limited, and the suretyship is proportional.

Please be informed accordingly.

Yours faithfully,
Kusol Sangkananta
Director and Secretary to the Board

CONTACT:

Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Website: http://www.datamat.co.th


DATAMAT: Releases Summary Report of FS
--------------------------------------
Datamat Public Company limited issued to the Stock Exchange of
Thailand a summary report of its financial statements:

Datamat Public Company Limited and Subsidiaries
Audited
Ending: December 31 (In thousands)

                     For year      Year
                     2004          2003

Net profit (loss)    (58,454)      77,312

EPS (Baht)           (0.05)         0.10

Type of report: Unqualified Opinion with no emphasis of matters

Comment: Please see details in financial statements, auditor's
report and remarks from SET Information Management System.

"The Company hereby certifies that the Information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statement in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission.

Signature
Kusol Sangkananta
Director and Secretary to the Board
Authorized to sign on behalf of the Company


DATAMAT: Suspended Due to Recessive Shareholder's Equity
--------------------------------------------------------
According to the Stock Exchange of Thailand's (SET) regulation,
it will post an SP (Suspension) on the securities of listed
companies whose securities are being traded in the REHABCO
sector whenever their shareholders' equity after being adjusted
becomes more recessive.

"Recessive shareholders' equity" refers to positive equity
becoming negative or negative equity becoming more negative.

As a result of the submission of the audited yearly consolidated
financial statements ending 2004 by Datamat Public Company
Limited (DTM), the SET considered that its shareholders' equity
of the audited yearly consolidated financial statements ending
2004 compared with that of ending 2003 shows recessive
shareholders' equity after being adjusted from THB15.69 Million
to (THB67.59) million.

The SET, therefore, posts an SP sign on Datamat's securities
effective March 2, 2005 onwards.


NAKORNTHAI STRIP: Audited Yearly F/S And Consolidated F/S
---------------------------------------------------------
Nakornthai Strip Mill Public Company Limited furnished the Stock
Exchange of Thailand a summary of its audited, consolidated
yearly financial statement.

Audited (In thousands)
Ending December 31, 2004

                     For year                Year
                     2004                    2003

Net profit (loss)    583,375                 23,227,875

EPS (baht)           0.06                    11.31

Auditors Opinion: Unqualified Opinion with an emphasis of
matters

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mr. Sawasdi Horrungruang
Director
Authorized to sign on behalf of the Company

For more information on the financial statement, click
http://bankrupt.com/misc/nakornthaistrip1.doc
http://bankrupt.com/misc/nakornthaistrip2.xls
http://bankrupt.com/misc/nakornthaistrip3.doc

CONTACT:

Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828


SRITHAI FOOD: SET Suspends Trading of Securities
------------------------------------------------
Srithai Food & Beverage Public Company Limited failed to submit
its financial statements as of 31 December 2004 and there have
been at least three consecutive delays in filing their financial
statements.

The SET Rules prescribe that conditions and procedures for the
temporary prohibition of trading of listed securities will take
effect on the next day, and remain in effect until the Company
has sent the financial statements to the SET.

The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign to temporary suspend the trading of the
Company's securities due to the Company's failure to submit
their financial statements for at least three consecutive
delays.

Therefore, the SET will post the SP sign effective on the first
trading session of March 2, 2005 onwards. Until the Company
submits the required financial statement, this suspension will
remain in effect.

CONTACT:

Srithai Food & Beverage Public Company Limited
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Website: http://www.srithaifood.thai.com


THAI DURABLE: SEC Concludes no Need to Amend FS
-----------------------------------------------
Previously, the Stock Exchange of Thailand (SET) has posted the
NP (Notice Pending) sign on the securities of Thai Durable Group
Public Company Limited (TDT) since March 2, 2005 because the
Company submitted to the SET its financial statements ending 31
December 2004 with a Disclaimer of auditor's opinion on the
financial statement.

The SET was waiting for the conclusion whether the Company has
to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend its financial
statements on the issue that the auditors stated. Therefore, the
SET has posted the NR (Notice Received) sign on TDT 'securities
on 2 March 2005 to announce that the SET has received the
conclusion from the SEC.

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821


THAI WAH: Issues Additional Information on Guarantees
-----------------------------------------------------
Thai Wah Group Public Company Limited (the Company) refers to
the No. 4 Guarantees indicated on the letter to the Stock
Exchange of Thailand dated February 28, 2005 submitted by Class
B Director of the Company as the Plan Administrator of Thai Wah.

Thai Wah Group Planner Company Limited, as the plan
administrator, would like to provide the following additional
information on the closing of the transaction, guarantees of the
Company to Thai Wah Plaza Ltd:

(1) US$ currency: reduced to US$ 13.9 million

(2) Baht currency: remains the same for THB682 million as per
note to the financial statement as of 31 December 2004 No. 31.1

The above guarantees represents guarantees of the loan to Thai
Wah Plaza Ltd from commercial banks in Thailand (Bank).  The
Company is in the process of applying for the cancellation of
the guarantees with the Bank and will immediately make the
cancellation upon obtaining their approval.

Please be informed accordingly.
Yours faithfully,
Mr. Kuan Chiet
Class A Director of Thai Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Website: http://www.thaiwah.com


TUNTEX THAILAND: SET Posts SP Sign on Securities
------------------------------------------------
Tuntex Thailand Public Company Limited has submitted to the SET
its audited financial statements for the period ending 31
December 2004. As the Company's auditors issued a disclaimer of
opinion on the financial statements, it can be considered that
the numbers, which represent the Company's financial status and
operating outcome as presented in their financial statements,
failed to adequately and/or properly reflect the actual position
of the Companies.

Due to these discrepancies, the Securities and Exchange
Commission (SEC) required the Company to amend their financial
statements on the issues raised by their auditors.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of Tuntex effective from the morning
session of March 2, 2005 to enable shareholders and general
investors to have sufficient time to scrutinize the auditors on
their financial statements.

However, the SET will post an NP (Notice Pending) sign effective
from the morning session of March 3, 2005 until the Company has
the opportunity to submit its amended financial statements or
the SEC concludes that it will not be necessary to amend their
financial statements.

The SET has still suspended trading on the securities of Tuntex
until the causes of delisting are eliminated.

CONTACT:

Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Web site: http://www.tuntexthailand.com



                            *********


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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