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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

             Friday, May 6, 2005, Vol. 8, No. 89

                            Headlines

A U S T R A L I A

A.C.N. 000 205 363: To Declare Dividend May 20
ARISTOCRAT LEISURE: Elite Squad Goes Hunting
AUSTRALIAN GAS: APC Awards Key Contract for Pipeline FEED
CHEMEQ LIMITED: New Company Secretary Steps In
CUSTOMISED SOFTWARE: To Hear Liquidator's Winding Up Report

DUNDAS VALLEY: To Pay Dividend to Unsecured Creditors
EVERGREEN NSW: Members Pass Winding Up Resolution
GENESIS MULTI: To Convene Final Meeting May 13
GLISMOR PTY: Hires Liquidators to Wind Up Firm
HOMEGOODS TWO: Winds Up Voluntarily

JACKMAN FURNITURE: Creditors Resolve to Wind Up Company
JC KOENIG: Final Meeting Set May 12
LEVEL 43: Members, Creditors Meeting Fixed May 18
MOMENTUM DEVELOPMENTS: To Receive Report on Manner of Winding Up
NATIONAL AUSTRALIA: Receives Additional Amended Tax Assessments

NATIONAL PROPERTY: Fixes Final Meeting Date on May 13
OUTBACK CUISINE: Names Receivers and Managers
OZ TRADERS: Final Meeting Set May 18
PERFECT AUSTRALIAN: Lays Out Final Meeting Agenda
PRIME APPOINTMENTS: Liquidator to Explain Winding Up Process

PROTEUS COPY: Hires Liquidators
QANTAS AIRWAYS: Lures Back Customers
QANTAS AIRWAYS: May Source Jobs from Abroad
REALIZE PTY: Taps Chartered Accountants Liquidator
SWELL DESIGN: To Convene Final Meeting May 13

TK COLE: Faces Winding Up Process


C H I N A  &  H O N G  K O N G

AB ISSUER: Issues Debt Claim Notice
APTUS HOLDINGS: Net Loss Narrows to HKD956,000
CHINA SCIENCES: AGM Set for May 30
CHINA SOUTHERN: CSRC Reveals Immediate Closure, Liquidation
C.P. POKPHAND: Unveils April 21 SGM Resolutions

HOP HING: To Hold AGM June 20
INFOSERVE TECHNOLOGY: Set to Delist Today
STAR CRUISES: Orders HK$3.94 Bln Ship from German Shipbuilder
TRICONEX SYSTEMS: Creditors to Prove Debt by May 20
XIN CORPORATION: Notes Unusual Price Movement

XIN CORPORATION: Special General Meeting Set May 23


I N D O N E S I A

BANK MANDIRI: Two Candidates Tipped to Replace President
* Government Given Five Years to Pay Debt


J A P A N

FUJITSU LIMITED: Gets US$85 Mln in Case Settlement
JAPAN TOBACCO: Expects 2005 Foreign Sales to Exceed Domestic
MATSUSHITA ELECTRIC: Launches Integrated Platform Chip Strategy
MITSUBISHI MOTORS: Australia Uses RFID to Track Production
MITSUBISHI MOTORS: Names Jeff Young New CEO

TCL CORPORATION: Posts 1Q05 CNY327.2 Net Loss
* New Regulatory Regime to Accelerate Japan's FCM Restructuring


K O R E A

LG CARD: First Quarter Net Profit Up 141%


M A L A Y S I A

AKTIF LIFESTYLE: FY04 Report Fail Accounting Standards
AMSTEEL CORPORATION: Passes Resolutions at EGM
AYER HITAM: Case Fixed for Hearing on May 9
FORESWOOD GROUP: Sees No Change in Restructuring Scheme
INNOVEST BERHAD: Bourse Junks Rehab Proposal

JASATERA BERHAD: Lenders Agree to Extend Restructuring Scheme
JIN LIN: SC Reviews Proposed Regularization Plan
KEMAYAN CORPORATION: Issues Update on Foreign Shareholdings
KILANG PAPAN: Proposed Regularization Plan Pending Approval
LION CORPORATION: Granted Listing of Additional Shares

MYCOM BERHAD: To Implement Proposed Restructuring Plan
NAIM INDAH: To Hold AGM May 27
PADIBERAS NASIONAL: Set to List Additional Shares
PAN MALAYSIA: Posts Shares Buy Back Notice
POS MALAYSIA: To List Extra Shares May 9

SATERAS RESOURCES: Still Regularizing Financial Condition
TRU-TECH HOLDINGS: Awaits SC, FIC OK on Proposed Scheme


P H I L I P P I N E S

MAYNILAD WATER: Forecasts Php2-Bln Profit This Year
NATIONAL POWER: Leyte Plant Gets Certified
NATIONAL POWER: Power Rate Hike Won't Hurt Basic Goods' Prices
NATIONAL POWER: Sells Bonds to Pay Debt
PACIFIC PLANS: Yunchengcos Raising Php250 Mln to Rescue Firm

PHILIPPINE LONG: Keeps 2005 Recurring Profit Goal
PHILIPPINE LONG: Fitch Upgrades Local Currency Rating to 'BB+'
PHILIPPINE TELEGRAPH: Offers High-end Service via CapWire
PILIPINO TELEPHONE: Back to Black with Php2.2-Bln Profit
SWIFT FOODS: Revises Agenda for Annual Stockholders' Meeting


S I N G A P O R E

AIROCEAN GROUP: Clarifies Article in Straits Times
CHINA AVIATION (S): To Delay Submission of Financial Results
MEASUREX ENGINEERING: Posts Notice of Dividend
MEGA EURO-ADVANCE: Served with Winding Up Order
MIZUTANI SINGAPORE: Creditors Should Prove Claims by May 28

NATSTEEL LIMITED: Finalizes Transfer of 30% Interest in Wuxi
SABANG MARINE: Court to Hear Petition May 13
WANT WANT: To Pay Tax-Exempt, One-Tier Dividend
WEE POH: Revises Data Stated in Previous Announcement
WING TAI: Unit Placed in Voluntary Winding Up


T H A I L A N D

DATAMAT: Financial Statement Approval Rescheduled
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


A.C.N. 000 205 363: To Declare Dividend May 20
----------------------------------------------
A first and final dividend is to be declared on May 20, 2005 for
A.C.N. 000 205 363 Pty Ltd (In Liquidation) previously J.B.
Waldegrave Pty. Limited.

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 March 2005

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


ARISTOCRAT LEISURE: Elite Squad Goes Hunting
--------------------------------------------
Aristocrat Leisure has created a business development team to
seek acquisition opportunities, as the poker machine maker
enjoys its record balance sheet in 10 years, The Australian
says.

The 11-man squad, which reports to senior executives weekly,
will look into potential acquisition targets and filter which
are viable and which are not.

Market-watchers say potential targets for Aristocrat would
likely come from North America, which is dominated by
International Game Technology.

Coming off a bumper year in the gaming business, which saw
Aristocrat reap an AU$281 million turnaround in profits and beef
up its North American market share, the firm expected a first-
half profit this year of between AU$90-AU$100 million.
Aristocrat recorded a AU$63 million figure for the corresponding
period in 2004.

Aristocrat shareholders were told the first-half profit figure
was dependent on strong growth in the North American and
Japanese markets. The timing of product approvals was also
critical.

CONTACT:

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


AUSTRALIAN GAS: APC Awards Key Contract for Pipeline FEED
---------------------------------------------------------
The AGL-Petronas Consortium (APC) comprising The Australian Gas
Light Company (AGL) and Petronas Australia Pty Ltd, announced
that it had awarded the key engineering contract in the Front
End Engineering and Design (FEED) phase of the Australian
component of the Papua New Guinea to Queensland natural gas
pipeline to international firm GHD Pty Ltd. (GHD).

Speaking on behalf of the APC consortium AGL Managing Director
Greg Martin said, "Securing the services of GHD is an important
step forward towards the construction of this significant
pipeline project".

GHD will focus on the design of the pipeline configuration from
Cape York to Gladstone and southeastern gas markets.

In addition to GHD's engineering role, the AUD AU$25 million
FEED phase will also see work undertaken on regulatory and
financial viability assessments, as well as environmental and
native title clearance processes.

"This work will facilitate the continued progress of the
pipeline project and enable the APC consortium, in conjunction
with the PNG Gas Project participants, to reach financial close
on the pipeline in 2006," Mr. Martin added.

"A final investment decision will be undertaken at the
completion of the FEED Program. This decision will be dependent
upon the PNG Gas Project participants securing sufficient gas
sales agreements enable the project to proceed and APC
concluding corresponding gas transportation arrangements with
the PNG Gas Project participants," Mr. Martin concluded.

The PNG pipeline project involves the development of a natural
gas pipeline linking gas from the PNG Highlands to markets in
Australia. The PNG Gas Project participants are targeting
initial gas deliveries to customers from 2009."

CONTACT:

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


CHEMEQ LIMITED: New Company Secretary Steps In
----------------------------------------------
Chemeq Limited announced that it Chief Financial Officer, Mr.
Brian Mangano, commenced with Chemeq on Thursday, May 5, 2005.

Mr. Mangano has also been appointed as Company Secretary of
Chemeq, immediately relieving Mr. Ben Ritchie from his interim
Company Secretarial responsibilities.

About Chemeq

Chemeq is an emerging veterinary drug producer, which has
developed a unique product, CHEMEQ polymeric antimicrobial for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.

The Company's manufacturing facility in Western facility in
Western Australia was completed in August 2004 and is currently
undergoing commissioning and optimization.

Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.

To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.

Chemeq's breakthrough AU$1.5 million sales order was signed with
a South African group in August 2004.

In March 2005, Chemeq shareholders approved a facility of up to
AU$60 million with investment group Mizuho that underpins the
future financial strength of the group.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


CUSTOMISED SOFTWARE: To Hear Liquidator's Winding Up Report
-----------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Customised Software Solutions Pty Ltd (In
Liquidation) A.C.N. 051 062 661 will be held at the offices of
Senatore Brennan Rashid, Level 7, 28 University Avenue,
Canberra, ACT 2601 on May 16, 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
Companies disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 12th day of April 2005

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


DUNDAS VALLEY: To Pay Dividend to Unsecured Creditors
-----------------------------------------------------
A First and Final dividend to unsecured creditors is to be
declared on May 18, 2005 for Dundas Valley Rugby Union Football
Club Limited (The Company) (Subject To Deed Of Company
Arrangement) A.C.N. 000 395 559.

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 March 2005

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


EVERGREEN NSW: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that on March 22, 2005 the following
special resolution was passed in respect of Evergreen (NSW) Pty
Ltd (In Liquidation) A.B.N. 28 099 017 553:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K.L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.

Dated this 22nd day of March 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


GENESIS MULTI: To Convene Final Meeting May 13
----------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Genesis Multi Media Pty Limited (In Liquidation)
A.C.N. 085 458 564 will be held at the offices of Jirsch
Sutherland Chartered Accountants, Level 2 84 Pitt Street, Sydney
on Friday, May 13, 2005 at 11:00 a.m. for the purpose of having
an account laid before the members and creditors showing them
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 Liquidator.

Dated this 12th day of April 2005

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


GLISMOR PTY: Hires Liquidators to Wind Up Firm
----------------------------------------------
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 Glismor Pty Ltd (In
Liquidation) A.C.N. 007 399 199 at a general meeting of the
Company's members on March 22, 2005.

Dated this 23rd day of March 2005

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


HOMEGOODS TWO: Winds Up Voluntarily
-----------------------------------
At a general meeting of the members of Homegoods Two Pty Limited
A.C.N. 097 031 091 duly convened and held at the offices of RSM
Bird Cameron Partners, Level 12 60 Castlereagh Street, Sydney
NSW 2000, on March 29, 2005, the Special Resolution set out
below was duly passed:

That the Company be wound up voluntarily.

Dated this 1st day of April 2005

Melinda Conrad
Director
c/- RSM Bird Cameron
Chartered Accountants
Level 12, 60 Castlereagh Street,
Sydney NSW 2000
Telephone: 02 9233 8933
Facsimile: 02 9233 8521


JACKMAN FURNITURE: Creditors Resolve to Wind Up Company
-------------------------------------------------------
Take notice that creditors of Jackman Furniture Transport
(National) Pty Limited (In Liquidation) A.C.N. 087 909 742
resolved on Wednesday, March 30, 2005 that the Company be wound
up under subsection 439C(c) of the Corporations Act 2001 and
accordingly, the Company is taken because of the application of
Section 446A of the Act to have passed a special resolution
under Section 491 of the Act that the Company be wound up
voluntarily.

Dated this 12th day of April 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


JC KOENIG: Final Meeting Set May 12
-----------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of JC Koenig Pty Limited (In Liquidation) A.C.N. 085 399 006
will be held at the offices of Jirsch Sutherland & Co -
Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW on May
12, 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 12th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


LEVEL 43: Members, Creditors Meeting Fixed May 18
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Level 43 Mlc Centre Chambers Co-Operative Limited (In
Liquidation) Formerly William Deane Chambers Co-Operative
Limited will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Wednesday, May 18, 2005 at 10:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Co-operative disposed of
and of hearing any explanations that may be given by the
Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, May 17, 2005.

Dated this 1st day of April 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


MOMENTUM DEVELOPMENTS: To Receive Report on Manner of Winding Up
----------------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Momentum Developments Pty Limited (In Liquidation)
A.C.N. 091 935 616 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW 2000 on May 17, 2005 at 11:00 a.m.
The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on May 17, 2005.

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

(3) Any other business.

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


NATIONAL AUSTRALIA: Receives Additional Amended Tax Assessments
---------------------------------------------------------------
In February 2004, the National Australia Bank announced that it
had received amended assessments from the Australian Taxation
Office (ATO), which sought to disallow interest deductions on
exchangeable capital units (ExCaps) for the tax years 1997 to
2000.

At that time, the National also informed the market that the ATO
was considering its position in respect of interest deductions
claimed by the National on its ExCaps for the years 2001 to
2003.

The National has now received amended assessments from the ATO
for those years. As previously advised, these assessments are
for AU$135 million of primary tax. At the time of the
announcement in February 2004, it was indicated that interest
and penalties may be imposed. It has now been determined that an
amount of AU$98 million (after tax) will apply in this regard
making a total of AU$233 million (after tax). No interest
deductions have been claimed for 2004 and subsequent years while
the matter remains in dispute.

The National has also received amended assessments from the ATO
for the years 1998 to 2001 disallowing certain costs associated
with the issue of the ExCaps. These assessments are for AU$6
million of primary tax and interest and penalties of AU$6
million (after tax), a total of AU$12 million (after tax).
Should the ATO also disallow issue costs claimed in 2002 and
2003, the further primary tax assessed would be approximately
AU$2 million. Interest and penalties may also be imposed.

The Group remains confident that its position in relation to the
application of the taxation law is correct and intends to
dispute the amended assessments and pursue all necessary avenues
of objection and appeal.

CONTACT:

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


NATIONAL PROPERTY: Fixes Final Meeting Date on May 13
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of National Property Services
Australia Pty Ltd (In Liquidation) A.C.N. 092 911 656 will be
held at the offices of Senatore Brennan Rashid, Level 7, 28
University Avenue, Canberra ACT 2601 on Friday, May 13, 2005, at
9:00 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 12th day of April 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


OUTBACK CUISINE: Names Receivers and Managers
---------------------------------------------
Notice is hereby given that Richard Albarran and Robert Elliott
were appointed Receivers and Managers of Outback Cuisine Pty Ltd
(Receivers And Managers Appointed) (In Liquidation) A.C.N. 084
239 252 on March 11, 2005 by Paynow For Business Pty Ltd
pursuant to the powers contained in a Fixed and Floating Charge,
Registered Charge No 802495.

Dated this 29th day of March 2005

Richard Albarran
Receiver
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


OZ TRADERS: Final Meeting Set May 18
------------------------------------
Notice is given that a final meeting of the members of OZ
Traders Pty Limited (In Voluntary Liquidation) A.C.N. 091 265
155 will be held at Nicols + Brien, Level 2, 350 Kent Street,
Sydney on May 18, 2005 at 11:00 a.m.

Dated this 30th day of March 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289
Web site: http://www.bankrupt.com.au


PERFECT AUSTRALIAN: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Perfect Australian Wardrobes Pty Limited (In Liquidation)
A.C.N. 002 082 779 will be held at Ngan & Co, Level 5, 49 Market
Street, Sydney NSW 2000 on Monday, May 16, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 4th day of April 2005

P. Ngan
Liquidator


PRIME APPOINTMENTS: Liquidator to Explain Winding Up Process
------------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Prime Appointments Pty Limited (In Liquidation) A.C.N. 001 515
831 will be held at SimsPartners, Level 24, Australia Square,
264 George Street, Sydney, NSW on May 12, 2005 at 9:00 a.m.

AGENDA

(1) To receive a report from the Liquidator, being an account of
their acts and dealings and of the conduct of the winding up
during the period of the Liquidation.

(2) Any other business.

Dated this 29th day of March 2005

S. D. Pascoe
Joint Liquidator
SimsPartners
Telephone: (02) 9241 3422
Facsimile: (02) 9241 3922

Note:

Proof of Debt and Proxy Forms can be obtained from the
Liquidator


PROTEUS COPY: Hires Liquidators
-------------------------------
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 Proteus Copy Repairs Pty
Limited (In Liquidation) A.C.N. 061 435 658 at a general meeting
of the members on March 24, 2005.

Dated this 29th day of March 2005

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


QANTAS AIRWAYS: Lures Back Customers
------------------------------------
Qantas Airways has regained the confidence of the customers it
lost after it withdrew from some routes to make way for its
budget unit, Jetstar, according to the Sydney Morning Herald.

The national flag carrier has won back business and frequent
flyers after it allowed travelers on Jetstar's more expensive
fares to collect points and status credits.

Since March, Qantas frequent flyers paying for a JetFlex fare,
which is fully flexible and up to 3 1/2 times the price of its
entry fare, have been able to collect points. Earlier, they were
allowed to redeem them only just for Jetstar flights.

On routes where Qantas and Jetstar operate side by side
perception of the Qantas brand had actually risen.

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


QANTAS AIRWAYS: May Source Jobs from Abroad
-------------------------------------------
Qantas Airways has warned that it could no longer guarantee jobs
would not be sent offshore, The Australian says.

Qantas Chief Executive Geoff Dixon revealed Qantas may resort to
another restructuring similar to those undertaken at the time of
its privatization in the mid-90s and over the past five years.

Facing soaring oil prices, Qantas is left with no choice but to
reinvent itself, despite protests from the workers' union. The
airline stressed it will continuously seek options for the
business because of quickly changing circumstances.

Although the outsourcing issue has not yet been discussed
formally, Qantas said it cannot guarantee there won't be jobs
going offshore. However, the board said that Qantas will strive
to keep as many jobs as possible.


REALIZE PTY: Taps Chartered Accountants Liquidator
--------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Realize Pty Limited (In Liquidation) A.C.N. 101 522 169 held on
March 31, 2005 it was resolved that the Company be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co Wollongong Chartered Accountants be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 12th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520


SWELL DESIGN: To Convene Final Meeting May 13
---------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Swell Design & Development Pty Limited (In
Liquidation) A.C.N. 105 468 013 will be held at the offices of
Jirsch Sutherland Chartered Accountants, Level 2 84 Pitt Street,
Sydney on Friday, May 13, 2005 at 10:00 a.m. for the purpose of
having an account laid before the members and creditors showing
them 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 Liquidator.

Dated this 12th day of April 2005

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


TK COLE: Faces Winding Up Process
---------------------------------
At a General Meeting of TK Cole Insurance Agencies Proprietary
Limited (In Liquidation) A.C.N. 001 498 004, duly convened and
held at Suite 1, Level 2, 420 Forest Road, Hurstville, NSW, 2220
on March 11, 2005 the following Special Resolution passed that
the Company be wound up as a Members' Voluntary Liquidation and
that the assets of the Company may be distributed in whole or
part to the members in specie should the liquidators so desire.

Dated this 11th day of March 2005

Colin Mcloughlin
Pinker Arnold & McLoughlin
Level 2/420 Forest Road,
Hurstville NSW 2220


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


AB ISSUER: Issues Debt Claim Notice
-----------------------------------
Notice is hereby given that the creditors of AB Issuer (No.1),
which are being wound up voluntarily, are requested on or before
June 6, 2005 to send their names, addresses and descriptions,
together with full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to Mr. Rainier
Hok Chung Lam, the Joint and Several Liquidators of the Company.

If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the 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 5th day of May 2005.

John James Toohey
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


APTUS HOLDINGS: Net Loss Narrows to HKD956,000
----------------------------------------------
Aptus Holdings Limited (8212) disclosed its financial results
for the year ended March 31, 2005.

Year end date: 30/09/2005
Currency: HKD
Auditors' report: N/A
2nd Quarterly Report Reviewed by: Audit Committee


                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/10/2004   from 01/10/2003
                                 to 31/03/2005     to 31/03/2004
                                     $'000           $'000             


Turnover                    :         52,717               477
Profit/(Loss) from Operations:          (858)           (3,696)
Finance cost                 :          (104)             (193)
Share of Profit/(Loss) of Associates:    N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites         :    N/A               N/A
Profit/(Loss) after Taxation & MI   :    (956)           (3,945)
% Change Over the Last Period       :    N/A
EPS / (LPS)
          Basic (in dollar)         :(HKD 0.00062)  (HKD 0.0064)
          Diluted (in dollar)         : (HKD 0.00057)      N/A
Extraordinary (ETD) Gain/(Loss)       :   N/A               N/A
Profit (Loss) after ETD Items         :   (956)           
(3,945)
2nd Quarter Dividends per Share       :   NIL               NIL
(specify if with other options)       :   N/A               N/A
B/C Dates for 2nd Quarter Dividends   :   N/A
Payable Date                          :   N/A
B/C Dates for (-) General Meeting     :  N/A
Other Distribution for Current Period :  NIL
B/C Dates for Other Distribution      :  N/A
                            (bdi: both days inclusive)

For and on behalf of
APTUS HOLDINGS LIMITED

Signature:
Name: Chan Ting
Title: Director

Loss per share

The calculation of basic loss per share is based on the
unaudited loss for the six months ended March 31, 2005 of
approximately HK$956,000 (six months ended 31 March 2004:
approximately HK$3.9million) and of the weighted average number
of approximately 1,546,831,428 (six months ended March 31, 2004:
approximately 618,260,000) ordinary shares in issue.

The calculation of diluted loss per share is based on the
unaudited loss for the six months ended 31 March 2005 of
approximately HK$956,000 and of the weighted average number of
approximately 1,679,282,215 ordinary shares in issue during the
period. There was no diluted loss per share presented for the
six months ended March 31, 2004 as there was no dilutive effect
in that period.

CONTACT:

Aptus Holdings Limited
30th Floor, Sunshine Plaza
No 353, Lockhart Road
Hong Kong  
Phone: 23013680  
Fax: 23013616  
Web site: http://www.webyiyao.com


CHINA SCIENCES: AGM Set for May 30
----------------------------------
China Sciences Conservational Power Limited hereby gives notice
that the Annual General Meeting (AGM) of the Company will be
held at Harbour Room I and II, Mezzanine Level, Kowloon Shangri-
la, 64 Mody Road, Tsimshatsui, Kowloon on Monday, May 30, 2005
at 2 p.m. is set out in the 2004 Annual Report.

At the AGM, ordinary resolutions to approve, inter alia, the
Repurchase Mandate and the re-election of Directors will be
proposed.

A form of proxy for the Annual General Meeting is enclosed with
the 2004 Annual Report. Whether or not anybody intend to attend
the Annual General Meeting, they are requested to complete the
form of proxy and return it to the registered office of the
Company at Unit 3618, 36th Floor, China Merchants Tower, Shun
Tak Centre, 168-200 Connaught Road Central, Hong Kong in
accordance with the instructions printed thereon not less than
48 hours before the time fixed for the meeting or any adjourned
meeting.

The completion of a form of proxy will not prelude you from
attending and voting at the Annnual General Meeting in person.

CONTACT:

China Sciences Conservational Power Limited
Unit 3617, 36/F
China Merchants Tower
Shun Tak Centre
200 Connaught Road Central
Hong Kong
Phone: 25593064
Fax: 28778839


CHINA SOUTHERN: CSRC Reveals Immediate Closure, Liquidation
-----------------------------------------------------------
The China Securities Regulatory Commission (CSRC) announced the
immediate closure and liquidation of China Southern Securities
on April 29, the Epoch Times reports.

An anticipated takeover by China Construction Bank, however, has
not been announced.

The weekly Chinese publication Economics reported that the "deep
hole" China Southern Securities has fallen into is due to
"mismanagement and lack of internal supervision," as announced
by the Regulatory Commission. In addition, underground
financing, bad real estate investments, speculating on Hong Kong
stocks and the issues dealing with foreign exchanges have all
contributed heavily.

China Southern Securities was initiated jointly by four state-
owned commercial banks along with the Bank of Communications and
the People's Insurance Co. of China in December of 1992.


C.P. POKPHAND: Unveils April 21 SGM Resolutions
-----------------------------------------------
Reference is made to the circular of C.P. Pokphand Co. Limited
dated March 29, 2005 in relation to, among other things, the
Capital Reorganization, the Subscription Agreement, the
Whitewash Waiver, the amendments to the Byelaws, the Share Issue
Mandate and the Repurchase Mandate. Capitalized terms used in
this announcement shall have the same meanings as those defined
in the Circular unless defined otherwise.

The Board is pleased to announce that all the resolutions
approving the Capital Reorganization, the Subscription
Agreement, the Whitewash Waiver, the amendments to the Bye-laws,
the Share Issue Mandate and the Repurchase Mandate were duly
passed by way of poll by the Shareholders or the Independent
Shareholders (as the case may be) at the Special General
Meeting. The Company's branch share registrar and transfer
office in Hong Kong, Computershare Hong Kong Investor Services
Limited, was appointed as the scrutineer of the vote-taking at
the Special General Meeting.

Details of the poll results in respect of the resolutions
proposed at the Special General Meeting can be accessed at
http://bankrupt.com/misc/tcrap_Pokphand050505.pdf.

As at the date of the Special General Meeting, the number of
issued shares of the Company was 2,158,480,786 Shares. As
referred to in the Circular, CPI (including parties acting in
concert with it) and their respective associates and those who
are interested in or involved in the Subscription who were
interested in a total of 1,067,506,584 Shares, representing
approximately 49.46% of the issued share capital of the Company,
were required to abstain from voting on resolutions nos. 2, 3
and 4 at the Special General Meeting and abstained from voting
on such resolutions at the Special General Meeting.

As a result, only the Independent Shareholders holding a total
of 1,090,974,202 Shares were entitled to attend and vote for or
against the resolutions nos. 2, 3 and 4 at the Special General
Meeting. 8 Independent Shareholders holding in aggregate
120,394,772 Shares attended and voted at the Special General
Meeting in person or by proxy. All the Shareholders holding a
total of 2,158,480,786 Shares were entitled to attend and vote
for or against the resolutions nos. 1 and 5 at the Special
General Meeting.

There were no Shares entitling the holders to attend and vote
only against the resolutions at the Special General Meeting.
Following completion of the subscription, the shareholding
interest of Worth Access together with the parties acting in
concert with it (including CPI) in the Company will be
1,798,756,584 Shares, representing 62.25% of the issued share
capital of the Company immediately after completion of the
Subscription (assuming no issue or repurchase of shares in the
interim).

By Order of the Board
Dhanin Chearavanont
Chairman and Chief Executive Officer

CONTACT:

C.P. Pokphand
21/F Far East Finance Centre
16 Harcourt Road
Admiralty, Hong Kong
Phone: 25201602
Fax: 28612514
Web site: www.cpthailand.com


HOP HING: To Hold AGM June 20
-----------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Hop Hing Holdings Limited will be held at Units E & F, 2/F., Hop
Hing Building, 9 Ping Tong Street East, Tong Yan San Tsuen, Yuen
Long, New Territories on June 20, 2005 at 11:30 a.m. (or any
adjournment thereof) for the following purposes:

1. To receive and consider the audited financial statements of
the Company and the reports of the Directors and the Auditors
thereon for the year ended 31 December 2004;

2. To re-elect retiring Directors;

3. To fix the remuneration for Directors;

4. To re-appoint Auditors and to authorise the Directors to fix
their remuneration; and

As special business, to consider and, if thought fit, pass with
or without amendments, the following resolutions as Ordinary
Resolutions:

5. "THAT:

(i) Subject to paragraph (iii) below, a general unconditional
mandate be and is hereby approved and granted to the Directors
of the Company to be exercised during the Relevant Period (as
hereinafter defined) to allot, issue and deal with additional
securities of the Company (the "Securities") and to make or
grant offers, agreements and options (including bonds, warrants
and debentures convertible into shares of the Company (the
"Shares")) which would or might require the exercise of such
power;

(ii) The approval in paragraph (i) above shall authorize the
Directors during the Relevant Period (as hereinafter defined) to
make or grant offers, agreements and options (including bonds,
warrants and debentures convertible into Shares) which would or
might require the exercise of such power after the end of the
Relevant Period;

(iii) The aggregate nominal value of the Securities allotted,
issued and dealt with or agreed conditionally or unconditionally
to be allotted, issued and dealt with (whether pursuant to an
option or otherwise) by the Directors pursuant to the approval
in paragraph

(i) Above other than to

(a) A Rights Issue (as hereinafter defined);
(b) The exercise of any rights of subscription or conversion
under any warrants, bonds and debentures and any securities of
the Company which carry rights to subscribe for or are
convertible into Shares;
(c) An issue of Shares under any share option scheme or similar
arrangement for the time being adopted for the Company and/or
any of its subsidiaries and/or associated companies of shares or
rights to acquire Shares of the Company; or
(d) An issue of Shares as scrip dividends or similar arrangement
providing for the allotment of Shares in lieu of the whole or
part of dividends or similar arrangement providing for the
allotment of Shares in accordance with the bye-laws of the
Company from time to time, shall not exceed 20 per cent. of the
aggregate of nominal amount of the share capital of the Company
in issue as at the date of passing this Resolution, and the said
approval shall be limited accordingly; and
(iv) For the purpose of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earliest of:

(a) the conclusion of the next annual general meeting of the
Company;
(b) the date by which the next annual general meeting of the
Company is required by the Bye-laws of the Company or any
applicable law to be held; and
(c) the date on which the authority set out in this Resolution
is revoked or varied by an ordinary resolution of the
shareholders of the Company in general meeting.

"Rights Issue" means an offer of shares, or offer or issue of
warrants, options or other securities giving rights to subscribe
for Shares open for a period fixed by the Directors to holders
of Shares on the register on a fixed record date in proportion
to their shareholding (subject to such exclusion or other
arrangements as the Directors may deem necessary or expedient in
relation to fractional entitlements, or having regard to any
restrictions or obligations under the laws of, or the
requirements of, or the expense or delay which may be involved
in determining the existence or extent of any restrictions or
obligations under the laws of, or the requirements of, any
jurisdiction applicable to the Company, or any recognized
regulatory body or any stock exchange applicable to the
Company)."

6. "THAT:

(i) Subject to paragraph (ii) below, a general unconditional
mandate be and is hereby approved and granted to the Directors
to be exercised during the Relevant Period (as hereinafter
defined) to repurchase shares in the Company (Shares) on the
Stock Exchange, or any other stock exchange on which the Shares
may be listed and recognized by the Securities and Futures
Commission of Hong Kong and the Stock Exchange for this purpose,
subject to and in accordance with all applicable laws and the
Listing Rules of the Stock Exchange or any other stock exchange
as amended from time to time;

(ii) The aggregate nominal value of the Shares to be repurchased
by the Company pursuant to the approval in paragraph (i) above
during the Relevant Period shall not exceed 10 per cent. of the
aggregate nominal amount of the issued share capital of the
Company as at the date of this Resolution; and

(iii) For the purpose of this Resolution:

"Relevant Period" means the period from the passing of this
Resolution until whichever is the earliest of:

(a) The conclusion of the next annual general meeting of the
Company;
(b) The date by which the next annual general meeting of the
Company is required by the Bye-laws of the Company or any
applicable law to be held; and
(c) The date on which the authority set out in this Resolution
is revoked or varied by an ordinary resolution of the
shareholders of the Company in general meeting."

7. "THAT conditional upon the passing of Resolutions No. 5 and
6, the general unconditional mandate in Resolution No. 5 be and
is hereby extended by the addition thereto of an amount
representing the aggregate nominal amount of shares repurchased
by the Company under the authority granted pursuant to
Resolution No. 6 set out in this notice, provided that such
amount of shares so repurchased shall not exceed 10 percent of
the aggregate nominal amount of the issued share capital of the
Company as at the date of passing this Resolution."

By Order of the Board
Wong Kwok Ying
Company Secretary
Hong Kong, 30 April 2005
Head Office and Principal Place of Business: Registered Office:
Units E & F, 2nd Floor Canon's Court
Hop Hing Building 22 Victoria Street
9 Ping Tong Street East Hamilton HM 12
Tong Yan San Tsuen Bermuda
Yuen Long, New Territories

Notes:

1. A Member entitled to attend and vote at the Annual General
Meeting is entitled to appoint a proxy to attend and in the
event of a poll, vote on his behalf. A proxy need not be a
Member of the Company.

2. To be valid, a form of proxy and the power of attorney or
other authority (if any) under which it is signed or a
notarially certified copy of that power of attorney or authority
must be deposited at the Company's Registrars in Hong Kong,
Computershare Hong Kong Investor Services Limited, 46th Floor,
Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not
less than 48 hours before the time fixed for the holding of the
meeting.

3. In the case of joint holders, the vote of the senior who
tenders a vote, whether in person or by proxy, will be accepted
to the exclusion of the vote(s) of the other joint holder(s),
and for this purpose seniority will be determined by the order
in which the names stand in the Register of Members of the
Company in respect of the joint holding.

4. Concerning item 2 above, the details of the retiring
Directors which are proposed for re-election are set out in
Appendix II to this circular.

5. Concerning item 5 above, the Directors wish to state that
approval is being sought from Members for a general mandate to
be given to the Directors to allot additional securities of the
Company in order to ensure flexibility and discretion to the
Directors in the event that it becomes desirable to issue any
securities of the Company up to 20 percent of the existing
issued share capital.

6. Concerning items 6 and 7 above, approval is being sought from
Members for a general mandate to be given to the Directors to
repurchase shares and to reissue securities as a result of such
repurchase. In accordance with the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited, a
letter setting out the terms and conditions upon which such
power will be exercised accompanies this notice.


INFOSERVE TECHNOLOGY: Set to Delist Today
-----------------------------------------
The Stock Exchange of Hong Kong Limited announced that the
listing of the shares of Infoserve Technology Corporation will
be cancelled with effect from 9:30 a.m. on May 6, 2005 in
accordance with Rule 9.14 of the GEM Listing Rules.

Dealings in the shares of the Company have been suspended since
November 4, 2003. On September 17, 2004, the Company announced
that the Exchange proposed to exercise its right to cancel the
listing of the shares of the Company on the Exchange.

The Company was given a period of six months (expiring on 9
March 2005) for the submission of a valid resumption proposal
and to remedy those matters that gave rise to the Exchange's
proposal to cancel the listing of the Company, and the Company
was required to submit such resumption proposal at least 10
business days as defined in the GEM Listing Rules before the
expiry of the six-month period.

The Company has failed to submit a viable resumption proposal as
required. Therefore the Exchange will cancel the listing of the
Company's shares.

The Exchange has notified the Company of its obligation under
Rule 9.17 to publish an announcement providing details of the
Exchange's decision and the consequences to shareholders of the
Company.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.

CONTACT:

Infoserve Technology Corporation
17/F, Shiu Fung Commercial Building
51-53 Johnston Road
Wanchai, Hong Kong  
Phone: 31955000  
Fax: 28027778  
Web site: http://www.infoserve-group.com


STAR CRUISES: Orders HK$3.94 Bln Ship from German Shipbuilder
-------------------------------------------------------------
Further to the announcement of Star Cruises Limited dated April
27, 2005, the Board is pleased to announce that on May 3, 2005,
Newbuild Holding, Ltd. (an indirect wholly owned subsidiary of
the Company) as buyer and NCLC (a direct wholly-owned subsidiary
of the Company) as guarantor of the obligations of the Buyer
entered into the Shipbuilding Contract with the Builder in
relation to the construction and delivery of the Vessel at a
contract price of Euro 391,000,000 (approximately
HK$3,942,844,000) including an allowance for Buyer's Items.
Under the Listing Rules, the Transaction constitutes a major
transaction of the Company.

A circular containing, inter alia, further details of the
Shipbuilding Contract will be dispatched to the Shareholders as
soon as practicable. As far as the Directors are aware, no
Shareholder has any material interest in the Shipbuilding
Contract and as such, no Shareholder would be required under the
Listing Rules to abstain from voting on the Transaction if a
general meeting were to be convened to approve the same.

Golden Hope, Joondalup (a Company wholly owned by Golden Hope)
and Goldsfine, who hold approximately 42.1491%, 7.8216% and
0.5354% respectively in the issued share capital of the Company
as at the date of the Shipbuilding Contract, and who have an
aggregate interest of approximately 50.5061%, have given written
approval for the Transaction. Accordingly, the written approval
from Golden Hope, Joondalup and Goldsfine, who constitute a
closely allied group of shareholders, is accepted under Rule
14.44 of the Listing Rules in lieu of holding a general meeting
of the Company to approve the Transaction.

Shipbuilding Contract

Further to the announcement of the Company dated 27 April 2005,
the Board is pleased to announce that on 3 May 2005, the Buyer
(an indirect wholly-owned subsidiary of the Company), NCLC (a
direct wholly-owned subsidiary of the Company) as guarantor of
the obligations of the Buyer thereunder entered into the
Shipbuilding Contract with the Builder in relation to the
construction and delivery of the Vessel at a contract price of
Euro 391,000,000 (approximately HK$3,942,844,000) including an
allowance for Buyer's Items. The consideration was determined by
reference to the prevailing market values for the construction
of similar vessels, as ascertained from industry reports and
recent comparable transactions in the industry, and based on
arm's length negotiation with the
Builder.

Contract Terms

The terms and conditions of the Shipbuilding Contract including
the consideration payable, were determined on an arm's length
basis and on normal commercial terms, and the payment terms and
delivery date meet with the Buyer's and NCLC's requirements. The
Board considers that the terms and conditions to be fair and
reasonable and in the interests of the Company based on the
experience of the Group in the operation of an international
cruise business. The Shipbuilding Contract will become effective
by no later than 4 p.m. (Papenburg, Germany time) on 9 May 2005
(the Effective Date) upon satisfaction of certain conditions,
including: (i) confirmation by the Buyer to the Builder that it
has approved the final version of the specification and plans
for the Vessel and the list of approved subcontractors and the
form of the insurances to be arranged by the Builder in
accordance with the Shipbuilding Contract; (ii) confirmation by
the Buyer to the Builder that it has obtained binding written
commitments (in terms reasonably satisfactory to the Buyer) for
the loan financing for the construction of the Vessel; (iii)
approval by the shareholders of the Company for the shipbuilding
Contract in accordance with the requirements of the Listing
Rules and compliance with any other applicable regulatory
requirements; and (iv) appointment by each party of a process
agent in London.

Finance Terms

NCLC and the Buyer will arrange for loan financing to cover
approximately 80% of the contract price of the Vessel. The
remaining 20% of the contract price is expected to be funded by
the internal resources of NCLC and/or its subsidiaries. Payment
for the Vessel is according to a schedule of timed progress
payments up to the date of delivery.

The aggregate amounts payable under the Shipbuilding
Contract in years 2005, 2006 and 2007 are as follows: Year 2005:
Euro 36,600,000 (approximately HK$369,074,400)
Year 2006: Euro 36,600,000 (approximately HK$369,074,400)
Year 2007: Euro 317,800,000 (approximately HK$3,204,695,200)

Information on the Builder

The principal business of the Builder is shipbuilding. The
Builder has a track record in shipbuilding for the Group.

Guarantee

Pursuant to the Shipbuilding Contract, NCLC has guaranteed the
financial and performance obligations of the Buyer thereunder.
Reasons for entering into the Contract and Benefits to the Group

The principal activity of the Company is investment holding. The
Company's subsidiaries are principally engaged in the business
of cruise and cruise related operations. The Group currently
owns a combined fleet of 21 vessels in service and under
construction, with over 32,000 lower berths. Out of the four
vessels, which are under construction, two are scheduled for
delivery in 2005, one in 2006 and one in 2007 and all to be
operated under the NCL Brands. For the further development of
its cruise and cruise-related business, the Group reviews from
time to time its fleet portfolio and deployment options.

Construction of the Vessel is in line with the Group's long-term
strategy in expanding its fleet for continuing business
development. The Board believes that the Vessel, upon delivery
and operation, will improve the operating efficiency and revenue
potential of the Group. It is intended that the Vessel will be
operated within NCLC's North American business under the NCL
Brands.

CONTACT:

Star Cruises Limited
Suite 1501, Ocean Centre
5 Canton Road, Tsimshatsui
Kowloon, Hong Kong  
Phone: 23782000  
Fax: 23143809  
Web site: http://www.starcruises.com


TRICONEX SYSTEMS: Creditors to Prove Debt by May 20
---------------------------------------------------
Notice is hereby given that the Creditors Triconex Systems
Limited (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
May 20, 2005 to prove by affidavit their debts or claims by
sending in their names, addresses and descriptions and full
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the names and addresses
of their Solicitors (if any) to the undersigned Liquidators of
the said Company.

If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally or duly authorized
representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.  

In default of complying with this notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 5th day of May 2005.

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


XIN CORPORATION: Notes Unusual Price Movement
---------------------------------------------
The Stock Exchange has received a message from Xin Corporation
Limited, which is reproduced as follows:

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

The Company have noted the increase in the price of the share of
the Company today and wish to state that we are not aware of any
reasons for such increase.

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

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

By order of the Board
Xin Corporation Limited

Yu Wai Man
Director

4th May 2005

As at the date of this statement, the Board comprises Mr. Lo
Ming Chi, Charles (Chairman), Mr. Yu Wai Man, Mr. Wilson Ng, Mr.
Ng Wee Keat and Mr. Ng Eng Leng as executive directors and Mr.
Wong Kwok Tai, Mr. Lau Pok Lam and Mr. Ko Kwong Woon, Ivan as
independent non-executive directors."

CONTACT:

Xin Corporation Limited
Room 2107, 21st Floor
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong  
Phone: 26498682  
Fax: 26496830  


XIN CORPORATION: Special General Meeting Set May 23
---------------------------------------------------
Notice is hereby given that a Special General Meeting of Xin
Corporation Limited will be held at Plaza I-III, Lower Lobby,
Novotel Century Hong Kong, 238 Jaffe Road, Wanchai, Hong Kong on
Monday, May 23, 2005 at 9:30 a.m. for the purposes of
considering and, if thought fit, passing with or without
amendments, the following resolutions of the Company:

SPECIAL RESOLUTION

"THAT, conditional upon the Listing Committee of The Stock
Exchange of Hong Kong Limited approving the listing of, and
granting the permission to deal in, shares of HK$0.01 each in
the issued share capital of the Company upon the Capital
Reorganization (as defined below) becoming effective, with
effect from 4:00 p.m. on the date on which this resolution is
passed (the "Effective Date"):

(a) The issued share capital of the Company be reduced by
canceling paid up capital to the extent of HK$0.0095 on each of
the shares of HK$0.01 in the capital of the Company in issue on
the Effective Date (the Capital Reduction) so that each issued
share in the capital of the Company shall be treated as one
fully-paid up share of HK$0.0005 each in the capital of the
Company (the Reduced Share) and any liability of the holders of
Reduced Shares to make any further contribution to the capital
of the Company on each such Reduced Share shall be treated as
satisfied;

(b) The entire amount standing to the credit of the share
premium account of the Company as at March 31, 2005 be cancelled
(the Share Premium Cancellation);

(c) Subject to and forthwith upon the Capital Reduction and the
Share Premium Cancellation taking effect, the credit amounts
arising from the Capital Reduction and the Share Premium
Cancellation be credited to the contributed surplus account of
the Company where they may be utilized in accordance with the
bye-laws of the Company and all applicable laws, including to
set off the accumulated losses of the Company as at 30th
September, 2004 (the Application of Credit);

NOTICE OF SPECIAL GENERAL MEETING

(d) Subject to and forthwith upon the Capital Reduction and
Share Premium Cancellation, every twenty (20) Reduced Shares be
consolidated into one (1) share of HK$0.01 each (the
Consolidated Share) in the capital of the Company (the Share
Consolidation); and

(e) The directors of the Company be and are hereby authorized
generally to do all such acts, deeds and things as they shall,
in their absolute discretion, deem appropriate to effect and
implement the Capital Reduction, the Share Premium Cancellation,
the Application of Credit and the Share Consolidation
(collectively, the Capital Reorganization).

ORDINARY RESOLUTION NO. 1

"THAT, conditional upon the Capital Reorganization (as defined
in the Special Resolution) becoming unconditional and effective:
(a) subject to paragraph (c) below, the exercise by the
Directors during the Relevant Period (as defined below) of all
the powers of the Company to allot, issue and deal with
additional shares in the capital of the Company and to make or
grant offers, agreements and options which might require the
exercise of such power be and is hereby generally and
unconditionally approved in substitution for and to the
exclusion of any existing authority previously granted;

(b) The approval in paragraph (a) above shall authorize the
Directors during the Relevant Period to make or grant offers,
agreements and options which might require the exercise of such
power after the end of the Relevant Period;

(c) The aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the Directors pursuant to
the approval in paragraph (a) above, otherwise than pursuant to
the Rights Issue (as defined below) or the exercise of the
subscription rights under the share option scheme of the
Company, shall not exceed 20 per cent. of the aggregate nominal
amount of the share capital of the Company in issue as at the
date of this resolution and the said approval shall be limited
accordingly; and (d) for the purposes of this resolution:
"Relevant Period" means the period from the passing of this
resolution until whichever is the earliest of:

(i) The conclusion of the next annual general meeting of the
Company;

(ii) The expiration of the period within which the next annual
general meeting of the Company is required by the bye-laws of
the Company or any applicable law to be held; and

(iii) The revocation or variation of this resolution by an
ordinary resolution of the shareholders of the Company in
general meeting.

"Rights Issue" means an offer of shares open for a period fixed
by the Directors to holders of shares on the Register of Members
of the Company on fixed record date in proportion to their then
holdings of such shares (subject to such exclusion or other
arrangements as the Directors may deem necessary or expedient
in relation to fractional entitlements or having regard to and
restrictions or obligations under the laws of or the
requirements of any recognized regulatory body or any stock
exchange in any territory outside Hong Kong)."

ORDINARY RESOLUTION NO. 2

"THAT, conditional upon the Capital Reorganization (as defined
in the Special Resolution) becoming unconditional and effective:
(a) subject to paragraph (b) below, the exercise by the
Directors during the Relevant Period (as defined in paragraph
(d) of Ordinary Resolution No. 1 above) of all powers of the
Company to repurchase shares of the Company on The Stock
Exchange of Hong Kong Limited (the "Stock Exchange") or on any
other stock exchange recognized, for this purpose by the
Securities and Futures Commission and the Stock Exchange,
subject to and in accordance with all applicable laws and
requirements, be and is hereby generally and unconditionally
approved; and (b) the aggregate nominal amount of shares of the
Company repurchased by the Company pursuant to the approval in
paragraph (a) above shall not exceed 10 per cent. of the
aggregate nominal amount of the share capital of the Company in
issue as at the date of this resolution and the said approval be
limited accordingly."

ORDINARY RESOLUTION NO. 3

"THAT conditional upon (i) the passing of Ordinary Resolution
Nos. 1 and 2 set out in the notice convening this meeting being
duly passed; and (ii) the Capital Reorganization (as defined in
the Special Resolution) becoming unconditional and effective,
the general mandate granted to the Directors to exercise the
power of the Company to allot, issue and deal with additional
shares pursuant to Ordinary Resolution No. 1 above be and is
hereby extended by the addition to the aggregate nominal amount
of the share capital which may be allotted or agreed
conditionally or unconditionally to be allotted by the Directors
pursuant to such general mandate of an amount representing the
aggregate nominal amount of the share capital of the Company
repurchased by the Company under the authority granted pursuant
to Ordinary Resolution No. 2 above, provided that such an amount
shall not exceed 10 percent of the aggregate nominal amount of
the issued share capital of the Company as at the date of
passing this resolution."

ORDINARY RESOLUTION NO. 4

"THAT subject to and conditional upon (i) the Capital
Reorganization (as defined in the Special Resolution) becoming
unconditional and effective; (ii) the Listing Committee of The
Stock Exchange of Hong Kong Limited granting the listing of and
permission to deal in the ordinary shares of HK$0.01 each in the
capital of the Company (representing a maximum of 10 per cent.
of the ordinary shares of the Company in issue as at the date of
passing this resolution) which may be issued pursuant to the
exercise of options granted under the Company's share option
scheme adopted on 30th December, 2002 (the "Scheme"), the scheme
limit on grant of options under the Scheme and any other share
option scheme(s) of the Company be refreshed so that it be and
is hereby increased to that number of shares equal to 10 per
cent. of the ordinary shares of the Company in issue as
at the date of passing this resolution (Refreshed Mandate Limit)
and any director of the Company be and is hereby authorized to
do such act and execute such document to effect the Refreshed
Mandate Limit."

By order of the Board
Yu Wai Man
Company Secretary
Hong Kong, 29th April 2005

Registered Office:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Head Office and Principal Place
of Business in Hong Kong:
Room 2107, 21st Floor
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong

Notes:

1. Any member of the Company entitled to attend and vote at a
meeting of the Company is entitled to appoint another person as
his proxy to attend and vote instead of him. A member of the
Company who is the holder of two or more shares may appoint more
than one proxy to represent him and vote on his behalf at a
general meeting of the Company or at a class meeting. A proxy
need not be a member of the Company.

In addition, a proxy or proxies representing either a member of
the Company who is an individual or a member of the Company
which is a corporation is entitled to exercise the same powers
on behalf of the member of the Company which he or they
represent as such member of the Company could exercise.

2. The instrument appointing a proxy shall be in writing under
the hand of the appointor or his attorney duly authorized in
writing or, if the appointor is a corporation, either under its
seal or under the hand of an officer, attorney or other person
authorized to sign the same.

3. The instrument appointing a proxy and the power of attorney
or other authority (if any) under which it is signed, or a
certified copy of such power or authority, shall be delivered to
the principal place of business of the Company in Hong Kong at
Room 2107, 21st Floor, Nan Fung Tower, 173 Des Voeux Road
Central, Hong Kong not less than forty-eight (48) hours before
the time appointed for holding the meeting at which the person
named in the instrument proposes to vote and in default the
instrument of proxy shall not be treated as valid.

4. Delivery of an instrument appointing a proxy shall not
preclude a member from attending and voting in person at the
meeting convened and in such event, the instrument appointing a
proxy shall be deemed to be revoked.

5. Where there are joint holders of any share, any one of such
joint holders may vote, either in person or by proxy, in respect
of such share as if he were solely entitled, but if more than
one of such joint holders be present at any meeting the vote of
the senior who tenders a vote, whether in person or by proxy,
shall be accepted to the exclusion of the votes of the other
joint holders, and for this purpose seniority shall be
determined by the order in which the names stand in the register
of members of the Company in respect of the joint holding.

As at the date of this notice, the Board comprises Mr. Lo Ming
Chi, Charles (Chairman), Mr. Yu Wai Man, Mr. Wilson Ng, Mr. Ng
Wee Keat and Mr. Ng Eng Leng as executive directors and Mr. Wong
Kwok Tai, Mr. Lau Pok Lam and Mr. Ko Kwong Woon, Ivan as
independent non-executive directors.


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


BANK MANDIRI: Two Candidates Tipped to Replace President
--------------------------------------------------------
State Minister of Enterprises Sugiharto has decided to replace
Bank Mandiri's president director E.C.W. Neloe and has suggested
two candidates to take over Mr. Neloe's place, reports the
Jakarta Post.

Mr. Sugiharto named Bank Negara Indonesia President Sigit
Pramono and Bank Rakyat Indonesia president Rudjito as potential
candidates for the position of Bank Mandiri's president
director. Decisions on the bank's current management may be made
in its upcoming annual shareholders' meeting on Monday, May 16,
2005.

Mr. Sugiharto had previously stated that there were indications
of corruption in an investigative audit conducted on the bank by
the State Audit Agency, but added that proof of such would
require legal process to be completed.

Bank Mandiri is involved in an ongoing investigation of fraud
allegations on the bank, after the discovery of 28 accounting
irregularities in the extension of credit facilities totaling
IDR1 trillion to private companies.

The Indonesian government holds a majority stake in the state-
owned bank.

CONTACT:

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


* Government Given Five Years to Pay Debt
-----------------------------------------
The Paris Club of official creditors has given the Indonesian
government five years to repay an outstanding debt of IDR22.83
trillion that is set to mature this year, Asia Pulse reports.

According to Treasury Director General Mulia P. Nasution, the
debt would be fully paid in five years with a one-year grace
period. Payments are scheduled every July and December, and the
first payment is to be made in December 2006.

Mr. Nasution said that the government has agreed in principle
with the arrangement, but creditors have not answered the
government's request to put a 0% interest rate on the debt,
given the moratorium. Only Japan has allowed to cut the interest
rate from 4% to 1.3%.


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


FUJITSU LIMITED: Gets US$85 Mln in Case Settlement
--------------------------------------------------
Fujitsu Limited will receive total payments worth US$85 million
from Cirrus Logic Inc. and Sumitomo Bakelite Co. as part of a
US$125 million settlement of a lawsuit over damages from a
faulty coating for computer chips, Bloomberg News reports.

Sumitomo will pay US$45 million, and Cirrus will pay US$40
million to settle Fujitsu's suit, according to the documents.
Fujitsu sued the companies and Amkor Technology Inc. in state
court in San Jose, California, over claims that an epoxy used to
coat the chips emitted an acid that caused Fujitsu's hard drives
to fail.

Fujitsu said in a statement that it will post a US$146.8 million
gain as a result of the settlement and Amkor had disclosed that
it would pay US$40 million. Cirrus said April 28 that it would
receive a US$25 million payment from Fujitsu.

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783


JAPAN TOBACCO: Expects 2005 Foreign Sales to Exceed Domestic
------------------------------------------------------------
Japan Tobacco Inc. announced that in fiscal 2005 its sales
abroad would overtake its sales at home for the first time since
1985, Dow Jones reports, citing the Nihon Keizai Shimbun.

Increased health-consciousness among Japanese and the expiration
of a domestic sales license for Marlboro is expected to lead to
a seventh consecutive year of falling sales at home, with the
figure seen dropping by more than 18.2 billion cigarettes to 195
billion.

Fiscal 2005 foreign sales are projected at 222 billion
cigarettes, up 9.6 billion on-year and marking a second straight
year of growth.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


MATSUSHITA ELECTRIC: Launches Integrated Platform Chip Strategy
---------------------------------------------------------------
Matsushita Electric Industrial Co. Limited will roll out in the
second half of 2005 a scalable silicon architecture, EE Times
reports.

The so-called "integrated platform" is scheduled for
comprehensive use in Matsushita's Panasonic-brand home audio-
visual appliances, mobile phones and portable audio-visual
devices.

According to Vice President Osamu Nishihima, the architecture
has been five years in the making.

Mr. Nishijima said the integrated platform can be "optimized,
with no compromise," in a variety of Panasonic products ranging
from digital televisions, DVD recorders to digital cameras, MP3
players and cellphones.

Until its major strategy shift, Matsushita tended to focus on
developing dedicated semiconductor platforms, optimized for
individual products, "thus creating barriers between different
product categories," Mr. Nishijima said.

Under Matsushita's strategy, system designers will choose
whether to add more hardware engines with a particular data
parallel processor to different products. More important for the
integrated platform is that "software deployed in each product
looks exactly the same to the system, regardless a variety of
choices made by system designers," Nishijima said.

Matsushita hopes to integrate into its new platform
reconfigurable logic technology developed by Elixent, a
Princeton, N.J., and start-up. "When service providers offer new
services, we will need the reconfigurability," said Nishijima.

Matsushita is not looking for the system-level reconfigurability
often pitched by processor companies. "We want to use a
reconfigurable core on a small part of our platform, such as
hardware acceleration." Mr. Nishijima said.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI MOTORS: Australia Uses RFID to Track Production
----------------------------------------------------------
Mitsubishi Motors Australia Limited (MMAL) disclosed details of
its multimillion dollar investment in a range of cutting edge
technology solutions, including Radio Frequency Identification
(RFID), to track vehicles through the plant, reports Supply
Chain Review.

Covering all its bases in revolutionising its approach to
quality control, MMAL's Tonsley Park plant has completed its
most extensive upgrade in its 40-year history, bringing
Mitsubishi's Australian operations to the forefront of global
automotive manufacturing technology.

To achieve this, MMAL partnered with world leading technology
providers including SAP and IBM.

Highlights of the IT overhaul include a A$20 million plus
implementation in a new enterprise management software system
from SAP that will help MMAL re engineer business processes to
provide a blue print for long term business success.

Mitsubishi has also invested A$630,000 investment in RFID in
conjunction with technology partners Codeway and Baumer Ident.
The system tracks vehicles through the paintshop, body shop and
general assembly areas.

The Baumer Ident OIS W RFID system was selected because of the
ability to withstand the rigors and temperatures of the
paintshop environment. The OIS W system will provide accurate
and real time location of every vehicle in the manufacturing
process, assisting in automatic "error proofing" and thereby
eliminating "rebuilds" completely. In addition, the OIS W system
eliminates a great deal of redundant paperwork and data entry
and improves delivery time.

MMAL Australia President and CEO Tom Phillips says these best in
class collaborations form the foundation of the Company's
extensive upgrading of the Tonsley Park plant, and apply the
latest manufacturing process technologies available to the new
PS41, set to launch in October this year.

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


MITSUBISHI MOTORS: Names Jeff Young New CEO
-------------------------------------------
Mitsubishi Motors Credit of America (MMCA) announced that Jeff
Young, senior vice president and chief financial officer of
MMCA, has been named its President and CEO. He replaces Mr. Bob
Costantino, who has chosen to pursue other interests in the
financial community.

"We're extremely pleased to have Jeff Young step into this new
role. His technical skills and leadership ability make him the
ideal choice as president and CEO of MMCA. He is absolutely the
right leader for the job," said Mr. Rich Gilligan, president and
CEO of Mitsubishi Motors North America (MMNA). "We also
appreciate Bob's contributions to the successful turnaround of
MMCA over the last few years."

"I'm very excited about this new leadership opportunity," said
Young. "MMCA is a great organization built on a solid
foundation, with an experienced team in place. My goal will be
to keep the momentum building."

Mr. Young joined MMCA in 2003 after serving as vice president of
Capital Markets for Centex Home Equity, a sub-prime mortgage
Company, where he was responsible for funding, risk management
and investor relations during his tenure. Additionally, Young
held several finance leadership positions at Ford Motor Credit
and served as a senior consultant for Deloitte Consulting and as
a captain in the United States Air Force.

Young earned his Bachelor of Science degree at Purdue
University, his Master of Science degree from the Air Force
Institute of Technology, and his Master of Business
Administration degree from The Wharton School at the University
of Pennsylvania.

Established in 1991, Mitsubishi Motors Credit of America Inc.
(MMCA) is Mitsubishi Motors' North American captive finance
subsidiary with a $4 billion portfolio of consumer loans and
leases and dealer loans.

For more information or to obtain a photo of Young, contact the
Mitsubishi Motors News Bureau at 888-560-6672 or visit
media.mitsubishicars.com.

Contact:

Mitsubishi Motors North America Inc.
Dotty Diemer, 714-372-5528
ddiemer@mmsa.com
or
Mitsubishi News Bureau
888-560-MMSA (6672)
newsbureau@mmsa.com


TCL CORPORATION: Posts 1Q05 CNY327.2 Net Loss
---------------------------------------------
Electronics firm TCL Corporation posted a net loss of CNY327.2
million in the first quarter and expects to stay in the red for
the first half of this year due to sluggish operations, Dow
Jones reports.

The Company incurred a net profit of CNY247.6 million a year
earlier, the Company said in its quarterly financial statement.

On a pretax basis, TCL recorded a loss of CNY669.2 million last
quarter, also reversing from a pretax profit of CNY476.7 million
a year earlier.


* New Regulatory Regime to Accelerate Japan's FCM Restructuring
---------------------- ----------------------------------------
Fitch Ratings, the international rating agency, says in a
Special Report issued on April 28 that recent changes in Japan's
regulatory framework will accelerate the restructuring of the
future commodity merchants (FCMs) industry. It will also
contribute to increased sophistication of the industry's risk
management and compliance and provide investors with better
infrastructure.

The full liberalization of the commission for commodity futures
brokerage in January 2005 and the amendment of the Commodity
Exchange Law effective from May 2005 will widen the gulf between
those FCMs that expand the scale and scope of their business
while maintaining their financial strength and those that do
not. The Japanese commodity futures industry is extremely
competitive, with nearly 100 FCMs competing over a relatively
small market of 110,000 individual investors. Even the largest
FCMs have less than 5% share of the market's trading volume. As
a result, the restructuring of the industry will be accelerated,
prompting the acquisition of weak FCMs by their peers or forcing
their retreat from the market.

Although the full liberalization will not lead to an immediate
and drastic decline in commission income, it will gradually
undermine FCMs' profitability. Given FCMs' high operating costs
and heavy dependence on commissions as a source of revenue, a
25% decline, for example, in commissions for commodity futures
brokerage would effectively wipe out all the operating profits
of listed FCMs. FCMs will thus have to diversify revenue sources
and lower operating costs.

The amendment of the Law will also promote substantial changes
in FCMs' strategy. New capital adequacy requirements will
motivate FCMs to reduce intangible and non-liquid assets from
their balance sheet. With the heavier market risk weighting
requirements, FCMs will also be discouraged from taking active
positions in proprietary trading. In addition, the amended Law
includes more stringent and detailed compliance rules on FCMs'
sales practices, which is expected to improve the quality of
FCMs' business and mitigate disputes between FCMs and their
customers. In addition, the establishment of the external
clearing system is expected to reduce settlement risk for FCMs,
while complete segregation of clients' assets will enhance the
industry's credibility and transparency. While Fitch views the
new regulations positively, there is still room for FCMs to set
stricter internal guidelines and higher standards of compliance.
Challenges also remain, including a more sophisticated approach
to capital adequacy calculation, monitoring the effectiveness of
compliance rules and maintaining soundness of the clearing
system.

A copy of the report, entitled "Japanese Future Commodity
Merchants: New Regulations Accelerates Industry Restructuring",
is available on the Fitch's subscription website
'www.fitchresearch.com'.

Contact: Kentaro Kogi, Reiko Toritani, Tokyo, Phone: +81 3 3288
2772.

Media Relations: Julian Dennison, London, Phone: +44 20 7862
4080.


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


LG CARD: First Quarter Net Profit Up 141%
-----------------------------------------
LG Card Co. posted a significant increase in its first quarter
net profit due to improved asset quality, Asia Pulse reports.

The Company's net profit rose by 141% to KRW292 billion from
January to March, while operating income was at KRW293 billion,
compared to an operating loss of KRW616 billion for the same
period.

Sales fell 34% to KRW702 billion, however, on a decline in
credit card spending due to an economic slowdown and stricter
requirements for cardholders.

With a continued write-off of bad assets and increasing efforts
to bring in new assets, the credit card firm's delinquency rate
was reduced from 13.26% in February to 11.15% in March.

LG Card suffered a KRW5.6 trillion net loss in 2003 and was
rescued from bankruptcy last year by creditors, who injected
funds totaling KRW5 trillion in a bailout package to help the
Company stay afloat.

The Company has been able to turn around, reaping KRW326
billion in net profit last year.

Creditor Korea Development Bank (KDB) forecasts that the Company
would earn KRW250 billion for 2005. Creditors are looking to
sell the Company for at least KRW4.5 trillion before March 2006.

CONTACT:

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


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


AKTIF LIFESTYLE: FY04 Report Fail Accounting Standards
------------------------------------------------------
The Securities Commission (SC) publicly reprimanded Aktif
Lifestyle Corporation Berhad for failing to guarantee that its
financial statements complied with accounting standards, reports
the Star News.

The Company was also ordered to re-issue its financial
statements for the year ended Feb. 29, 2004. According to the
SC, the Company went against financial reporting standards when
it used March 1, 2003 as a completion date for the disposal of
its subsidiaries and not June 18, 2004, as was recognized by the
buyer of the subsidiaries and Company auditors Messrs Ernst &
Young.

Company directors Chan and Faris knowingly signed a statement,
which said that the Company's 2004 financial reports complied
with approved accounting standards.

But the Company's 2004 financial reports were not "true and
fair" in relation to the said completion date, the SC had said,
and it would take action against any public Company that does
not abide by securities laws.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


AMSTEEL CORPORATION: Passes Resolutions at EGM
----------------------------------------------
Amsteel Corporation Berhad announced that it passed the
following ordinary resolutions in its Extraordinary General
Meeting held last May 4, 2005:

ORDINARY RESOLUTION 1 - PROPOSED DISPOSAL OF LION IPOH PARADE
SDN BHD (LIPSB)

THAT, subject to the approvals of the relevant authorities and
pursuant to the share sale and purchase agreement dated 8
November 2004 entered into among Ayer Keroh Resort Sdn Bhd
(AKR), a 70% owned subsidiary of Amsteel Corporation Berhad
(Amsteel), Sea World Attraction Sdn Bhd (Sea World), a wholly
owned subsidiary of AKR and TMW Lion GmbH (TMW), a subsidiary of
TMW Asia Property Fund I GmbH & Co KG, approval be and is hereby
given to AKR to dispose of its entire 100% equity interest
comprising 10,000,000 ordinary shares of RM1.00 each in LIPSB to
TMW for a cash consideration of RM1.00 and the settlement of
inter-Company balances owing by LIPSB to Sea World based on the
property asset value to be adjusted for the net trade
assets/liabilities to be taken over by TMW on completion
(Proposed Disposal of LIPSB) AND THAT the Directors of the
Company be and are hereby authorized to do all such acts and
things as may be necessary to give effect to and complete the
Proposed Disposal of LIPSB, with full power to assent to any
conditions, modifications, variations and/or amendments as may
be necessary or required by the relevant authorities.

ORDINARY RESOLUTION 2 - PROPOSED DISPOSAL OF LION SEREMBAN
PARADE SDN BHD (LSPSB)

THAT, subject to the approvals of the relevant authorities and
pursuant to the sale and purchase agreement dated 8 November
2004 entered into among Masbeef Sdn Bhd (Masbeef), a wholly-
owned subsidiary of Ayer Keroh Resort Sdn Bhd (AKR), and TMW
Lion GmbH (TMW), a subsidiary of TMW Asia Property Fund I GmbH &
Co KG, approval be and is hereby given to Masbeef to dispose of
its entire 70% equity interest comprising 7,000 ordinary shares
of RM1.00 each in LSPSB to TMW for a cash consideration of
RM0.70 and the settlement of inter-Company balances owing by
LSPSB to Masbeef based on the property asset value to be
adjusted for the net trade assets/liabilities to be taken over
by TMW on completion (Proposed Disposal of LSPSB) AND THAT the
Directors of the Company be and are hereby authorized to do all
such acts and things as may be necessary to give effect to and
complete the Proposed Disposal of LSPSB, with full power to
assent to any conditions, modifications, variations and/or
amendments as may be necessary or required by the relevant
authorities.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448


AYER HITAM: Case Fixed for Hearing on May 9
-------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that in the
Writ of Summons dated Nov. 29, 2004 and Statement of Claim dated
Nov. 26, 2004 from the Kuala Lumpur High Court, naming the
Company's wholly-owned subsidiary, Motif Harta Sdn Bhd (MHSB) as
the First Defendant and the Company as the Second Defendant for
an amount of MYR23,870,518.32 together with interest and cost
thereon, the Court has fixed the matter for decision on Monday,
May 9, 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


FORESWOOD GROUP: Sees No Change in Restructuring Scheme
-------------------------------------------------------
In line with Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Foreswood Group Berhad
announces that there are no significant developments in the
Company's plan to regularize its financial condition since its
last monthly announcement on the matter dated April 1, 2005.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone: 6082-428626
Fax:   6082-423626


INNOVEST BERHAD: Bourse Junks Rehab Proposal
--------------------------------------------
Innovest Berhad announced that the Securities Commission has
rejected the Company's proposed restructuring scheme and its
appeals to reconsider its decision.

After consulting with the Securities Commission and considering
all the facts, Bursa Malaysia Securities Berhad (Bursa
Securities) has decided to de-list the Companies Securities from
the Official List of securities, as the Company's financial
condition does not warrant continued listing on the Official
List.

The Company's securities will be removed from the Official List
of Bursa Securities on Thursday, May 19, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List.

Alternatively, Company shareholders who intend to hold their
securities in the form of physical certificate can withdraw
these securities from their Central Depository System accounts
with Bursa Depository, at anytime after the Company's securities
of the Company are de-listed from the Official List, by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2093 3373
Fax:   +60 3 2094 3733


JASATERA BERHAD: Lenders Agree to Extend Restructuring Scheme
-------------------------------------------------------------
Jasatera Berhad announced that Bursa Malaysia Securities Berhad
(Bursa Securities) has suspended the Company's securities from
Feb. 28, 2005 until further notice.

The Company had previously made a written representation and
held an oral meeting with Bursa Securities to discuss why its
securities should not be delisted from the Official List.

The Company's bank lenders have given their approval-in-
principle to extend the completion date of the implementation of
its proposed restructuring scheme to Aug. 31, 2005.

CONTACT:

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


JIN LIN: SC Reviews Proposed Regularization Plan
------------------------------------------------
Jin Lin Wood Industries Berhad announced that the Securities
Commission (SC) is presently evaluating the Company's proposed
restructuring scheme.

On April 6, 2005, the Kuala Lumpur High Court granted the
Company and its subsidiaries a 120-day extension of a
Restraining Order to stay the winding-up petition issued on
the Company by Alwayield Sdn Berhad. On April 28, 2005, the
Court also ordered the sanction of the Company's proposed scheme
of arrangement with its creditors, in accordance with Section
176 (3) of the Companies Act, 1965.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floor, Taman Sri Dagang
P O Box 3181, 97013 Bintulu
Sarawak, Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


KEMAYAN CORPORATION: Issues Update on Foreign Shareholdings
-----------------------------------------------------------
Kemayan Corporation Berhad announced that in relation to the
Company's level of foreign shareholding as of March 31, 2005,
the percentage shareholdings of entitled foreigners is 49%,
while those of non-entitled foreigners is 6.73%.

The Company has approved the awarding of all rights and
privileges (except the right to vote in a Company general
meeting) to its non-entitled foreigners.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


KILANG PAPAN: Proposed Regularization Plan Pending Approval
-----------------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Kilang Papan Seribu Daya
Berhad is awaiting the Securities Commission (SC) and Foreign
Investment Committee (FIC)'s approval on its proposed
restructuring scheme.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax:   +60 88 423 287


LION CORPORATION: Granted Listing of Additional Shares
------------------------------------------------------
Lion Corporation Berhad's additional 95,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Executive Share
Option Scheme will be granted listing and quotation effective
Monday, May 9, 2005, 9:00 a.m.

CONTACT:

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


MYCOM BERHAD: To Implement Proposed Restructuring Plan
------------------------------------------------------
Mycom Berhad announced that pursuant to Practice Note 4/2001 of
the Bursa Malaysia Securities Berhad Listing Requirements, there
are no major changes to the Company's plan to implement its
proposed restructuring scheme, since its last monthly
announcement on the matter dated April 1, 2005.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


NAIM INDAH: To Hold AGM May 27
------------------------------
Naim Indah Corporation Berhad announced that the Company will
hold its 30th Annual General Meeting (AGM) on Friday, May 27,
2005, 10:30 a.m., at Function Room 1, Level 4 of the Dynasty
Hotel Kuala Lumpur, 218 Jalan Ipoh, 51200 Kuala Lumpur to
transact the following:

AS ORDINARY BUSINESS

1. To receive and adopt the Statutory Financial Statements for
the year ended 31 December 2004 and the Directors and Auditors
Reports thereon. (Resolution 1)
  
2. To re-elect En. Zailan Bin Othman who retires pursuant to
Article 79 of the Company's Articles of Association, and being
eligible offered himself for re-election. (Resolution 2)
  
3. To re-appoint Messrs. Ernst & Young as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 3)
  
AS SPECIAL BUSINESS

4. To consider and if thought fit, to pass the following
resolution as a Special Resolution in accordance with Section
129(6) of the Companies Act, 1965:

"THAT pursuant to Section 129 of the Companies Act, 1965, Y.
Bhg. Dato' Shamsir bin Omar be and is hereby re-appointed as a
Director of the Company to hold office until the conclusion of
the next Annual General Meeting". (Resolution 4)
  
5. To consider, and if thought fit, to pass the following
resolution as an Ordinary Resolution:
  
Approval for Issuance of new ordinary shares pursuant to Section
132D of the Companies Act, 1965
  
"THAT, subject to the Companies Act 1965, the Articles of
Association of the Company and the approvals from Bursa Malaysia
Securities Berhad and other relevant governmental/regulatory
authorities, where such approval is necessary, the Directors be
and are hereby empowered pursuant to Section 132D of the
Companies Act, 1965 to issue shares in the Company at any time
until the conclusion of the next Annual General Meeting and upon
such terms and conditions and for such purposes as the Board of
Directors may, in their absolute discretion, deem fit provided
that the aggregate number of shares to be issued does not exceed
10% of the issued share capital of the Company for the time
being AND THAT the Board of Directors be and are hereby
empowered to obtain approval for the listing of and quotation
for additional shares so issued on the Bursa Malaysia Securities
Berhad". (Resolution 5)
  
6. To transact any other business for which due notice shall
have been given.

Notes:

1. The instrument appointing a proxy shall be in writing under
the hand of the appointer or of his attorney duly authorized in
writing or, if the appointer is a corporation, either under seal
or under the hand of an officer or attorney duly authorized. A
proxy may but need not be a member of the Company and a member
may appoint any person to be his proxy without limitation and
the provisions of Section 149(1)(a) and (b) of the Act shall not
apply to the Company.

2. Where a member of the Company is an authorized nominee as
defined under the Securities Industries (Central Depositories)
Act 1991, it may appoint at least one (1) proxy in respect of
each Securities account it holds with ordinary shares of the
Company standing to the credit of the said Securities account.

3. Proxy Form duly completed must be deposited with the
Company's Share Registrar, Tenaga Koperat Sdn Bhd, 20th Floor,
Plaza Permata, Jalan Kampar, Off Jalan Tun Razak, 50400 Kuala
Lumpur, not less than fourty-eight (48) hours before the time
fixed for holding the meeting or any adjournment thereof.

4. Explanatory Notes on Special Business

Section 132D of the Companies Act, 1965

The Ordinary Resolution proposed under agenda no. 5, if passed
will give the Directors of the Company from the date of the
above meeting, authority to allot and issue ordinary shares from
the unissued capital of the Company for such purpose as the
Directors consider would be in the interest of the Company. The
authority will unless revoked or varied by the Company in a
General Meeting, expire at the next Annual General Meeting.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


PADIBERAS NASIONAL: Set to List Additional Shares
-------------------------------------------------
Padiberas Nasional Berhad's additional 69,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Monday, May 9, 2005, 9:00 a.m.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PAN MALAYSIA: Posts Shares Buy Back Notice
------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 4, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back: 04/05/2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units):          2,040,000

Minimum price paid for each share purchased (MYR):      0.450

Maximum price paid for each share purchased (MYR):      0.475

Total consideration paid (MYR):                  953,367.88

Number of shares purchased retained in treasury
(units):  2,040,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 27,015,500

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

CONTACT:

Pan Malaysia Corporation Berhad
Jalan P Ramlee, Kuala Lumpur
50250 Malaysia
Phone: +60 3 2031 6722
Fax:   +60 3 2031 1299


POS MALAYSIA: To List Extra Shares May 9
----------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 85,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Monday, May 9, 2005, 9:00 a.m.

CONTACT:

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


SATERAS RESOURCES: Still Regularizing Financial Condition
---------------------------------------------------------
Sateras Resources (Malaysia) Berhad announced that in accordance
with Practice Note 4/2001 of the Bursa Malaysia Securities
Berhad Listing Requirements, there are no changes to the
Company's plan to regularize its financial condition since its
last monthly announcement dated April 1, 2005.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone:      +60 2161 8529


TRU-TECH HOLDINGS: Awaits SC, FIC OK on Proposed Scheme
-------------------------------------------------------
Tru-Tech Holdings announced that Company subsidiary Tru-Tech
Electronics (M) Sdn Berhad disposed of three properties on April
12, 2005, which are charged to its scheme creditor Affin Bank
Berkad, for MYR11,546,420.

The Company submitted an application to the Bursa Malaysia
Securities Berhad (Bursa Securities) on April 13, 2005 to seek a
three-month extension up to July 13, 2005; this was to enable
the Company to comply with Practice Note 4/2001 of Bursa
Securities' Listing Requirements, which requires that the
Company obtain the necessary approvals to implement its proposed
restructuring scheme.

In its letter dated April 15, 2005, Bursa Securities said it
will await the outcome of the Company's application to relevant
authorities on its regularization scheme before making a
decision. The Securities Commission (SC) & Foreign Investment
Committee (FIC) are still reviewing the Company's application to
regularize its financial condition.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972


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


MAYNILAD WATER: Forecasts Php2-Bln Profit This Year
---------------------------------------------------
Maynilad Water Services Inc. has told creditors it expects a
turnaround this year after incurring hefty losses in the past
seven years, The Philippine Daily Inquirer.

Maynilad president Fiorello Estuar said the water concessionaire
would reverse its losses and earn around Php2 billion due to
tariff increase and service improvement.

Mr. Estuar also advised creditors that Maynilad's cash flows
would remain healthy, estimating it to be no less than Php5
billion this year.

This would be the fist time Maynilad posted a positive income
since the west concession was privatized in 1997.

Maynilad, whose debt stood at Php18 billion, is under
rehabilitation and restructuring. A rehabilitation plan
submitted by a court-appointed receiver is now awaiting
approval.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL POWER: Leyte Plant Gets Certified
------------------------------------------
The National Power Corporation's (Napocor) geothermal power
plant in Leyte on Wednesday was granted an International
Organization for Standardization (ISO) certification for
Integrated Management System, Business World says.

The Leyte Geothermal Plant (LGPP) received the certification
consisting of the ISO 9001:2000 for quality management, the ISO
14001:1996 for the environmental management and the Occupational
Health and Safety Assessment Series 18001:1999.

Napocor said the ISO certification reaffirms the plant's status
as a world-class power facility. The plant has a rated capacity
of 112.5 megawatts, consisting of three units with a capacity of
37.5 megawatts each.

CONTACT:

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


NATIONAL POWER: Power Rate Hike Won't Hurt Basic Goods' Prices
--------------------------------------------------------------
The Department of Trade and Industry (DTI) has assured the
public that the new power rate increase of National Power
Corporation (Napocor) will not affect the prices of basic goods
and prime commodities, relates The Philippine Daily Inquirer.

DTI made the statement following Napocor's announcement that it
will increase its rate by an average of Php0.36.25 per kilowatt-
hour. The new rates will be reflected in the May billing of its
clients.

DTI Secretary Juan Santos said that according to the latest
analysis by the Bureau of Trade Regulation and Consumer
Protection, power cost made up only up to 2.8 percent of the
total production cost of most manufactured products. Thus, any
impact on retail prices will be hardly felt.

Sec. Santos said any impact would only take effect later when
the increased rates appear on the monthly bill.


NATIONAL POWER: Sells Bonds to Pay Debt
---------------------------------------
The government has again borrowed money for ailing National
Power Corporation (Napocor) despite the recent increase in power
rate the state-run firm charges its customers, Dow Jones
Newswires reports.

The Bureau of Treasury on Thursday auctioned up to Php7-billion
Napocor bonds, the first time for the cash-strapped utility firm
since it transferred its hefty debts to the state.

In order to service a portion of its debt and fund its
operations, Napocor sold Php5.061 worth of five- and seven-year
fixed-coupon bonds. It also sold PHP2.061 billion in five-year
bonds at a coupon of 9.125% and PHP3.000 billion in seven-year
bonds at a coupon of 10.375% in an auction. The total amount
sold slightly exceeded the original PHP5 billion offering.

Deutsche Bank AG, First Metro Investment Corp. and Land Bank of
the Philippines were the issue managers.


PACIFIC PLANS: Yunchengcos Raising Php250 Mln to Rescue Firm
------------------------------------------------------------
The Yunchengco family pledged to infuse Php250 million into
Pacific Plans Inc., in a bid to pacify disgruntled
policyholders, The Philippine Star reports.

Ambassador Alfonso T. Yuchengco affirmed he was trying to raise
Php250 million from his personal resources to assist planholders
of cash-strapped Pacific Plans. The amount will be used to
provide additional tuition support, details of which are being
finalized and will be announced soon.

Mr. Yunchengco said Pacific Plans will meet and hold a dialog
with its concerned planholders to discuss the Company's plans.

The Securities and Exchange Commission (SEC) has welcomed this
new development and said it will continue to look into the
complaints of Pacific Plans planholders with the objective of
protecting their interests.

Pacific Plans is also in discussions with several financial
institutions to help raise funds for the pre-need firm.


PHILIPPINE LONG: Keeps 2005 Recurring Profit Goal
-------------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) said it
will stick to its 2005 recurring net profit guidance of Php27
billion (US$500 million), Reuters reports.

Despite the difficulty in forecasting due to foreign exchange
movements, PLDT is still keeping its Php27-billion profit goal.
The figure represents an 8 percent increase from its recurring
net income of Php25 billion last tear.

PLDT earlier said its net income grew 65 percent to Php9.4
billion in January to March, beating analysts' estimates of
around 10 percent profit growth.

CONTACT:

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


PHILIPPINE LONG: Fitch Upgrades Local Currency Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings, the international rating agency, has upgraded
Philippine Long Distance Telephone Company's ("PLDT") Long-term
local currency rating to 'BB+' from 'BB' and removed it from
Rating Watch Positive. The Outlook on the Long-term local
currency rating is Stable.

At the same time, Fitch has affirmed PLDT's Long-term foreign
currency rating, its global bonds and senior notes at 'BB', and
its convertible preferred stock at 'B+'. The Outlook on the
affirmed ratings remains Negative, reflecting the Outlook of the
Republic of the Philippines' Long-term foreign currency rating.

The action comes after Fitch placed the rating on Watch Positive
on 1 April 2005 and reflects PLDT's stable operating performance
and consistent improvement in financial profile over a sustained
period.

"Much of the improvement has been driven by robust growth at its
highly cash-generative 100%-owned cellular subsidiary Smart
Communications Inc (Smart) as well as strong and profitable
growth by Pilipino Telephone Corporation (Piltel), which is now
92%-owned by the PLDT group. PLDT's fixed-line business also
generates robust positive free cash flows," noted Jonathan
Cornish, Director, Corporates group, Asia.

At FYE04, the group had market share leadership in all key
segments of the telecoms industry with Smart and Piltel combined
accounting for some 59% of subscribers in the high-growth
cellular sector and PLDT also accounting for some 67% of fixed-
line access subscribers. "The group's aggregate of cellular
subscribers had risen to 19.2 million at the end of 2004 from
12.9m a year earlier and it is this growth in particular that
underpinned the solid improvement in PLDT's consolidated
financial metrics," added Mr. Cornish.

To illustrate this point, Mr. Cornish said net leverage (net
debt to EBITDA) was 2.0x at FYE04 compared to 3.1x at FYE03 and
over the same period EBITDA to net interest cover strengthened
to 5.4x from 3.9x. Post internal financing cash flow (net cash
from operations less payments for net interest, tax and net
dividends) to total debt was 36% in FY04 and with capex under
control it contributed to strong free cash flow, which as a
percentage of total debt was 22% in FY04.

"This level of cash generation underscores PLDT's ability to
reduce total borrowings, which it intends to do in 2005," added
Mr. Cornish.

To that effect, the group's targeted maximum gross leverage is
1.5x. Mr. Cornish also pointed out that in the meantime,
liquidity is sound: "PLDT's cash reserves - at PHP27.3 billion
at FYE04 - and strong net free cash flows - PHP36.5bn in FY04 -
are sufficient to meet the PHP28.8bn of debt due in 2005, which
is comforting in light of the fact that PLDT has cancelled all
un-drawn long-term committed credit lines," he said.

PLDT's stable operating position and improved financial profile
has been achieved in spite of the prevailing aggressive
competitive landscape in the Philippines. While Fitch expects
competition in future to remain intense and that (as has been
evident in the past) competition could hurt industry
profitability and cash flow generation, the agency anticipates
PLDT further strengthening its financial profile over the near-
to-medium term even though it has signaled its intention to lift
shareholder returns.

Fitch also is cognizant of heightened competition coinciding
with slower growth since industry penetration stood at 40% at
FYE04 (or, by the agency's estimations, 65% of the addressable
market). In this regard, Fitch intends to monitor how PLDT plans
to sustain its strong growth and how any such strategy could
impact its risk profile going forward. In the meantime, Fitch is
not aware of any plans for PLDT to expand other than through
organic growth, hence the Stable Outlook.

PLDT's local currency rating is not constrained by the
Philippine sovereign's local currency rating (currently 'BB+',
Outlook Negative). The local currency rating, which ignores
currency convertibility risk, is reflective of an issuer's
stand-alone credit profile; today's action is recognition by
Fitch that the group's individual credit profile has improved
and continues to be strengthened through de-leveraging.

PLDT is the incumbent and leading fully diversified and
integrated telecom operator in the Philippines.


PHILIPPINE TELEGRAPH: Offers High-end Service via CapWire
---------------------------------------------------------
The Philippine Telegraph and Telephone Co. (PT&T) through its
affiliate Capitol Wireless, Inc. (CapWire) will offer a service
that will allow voice calls over the internet by the end of this
month, allowing the Company to complement its undersubscribed
installed landlines, Business World says.

CapWire will team up with Hong Kong-based VoIP technology
provider Vodini, Inc. to resell services to end-users and
corporate clients.

CapWire and its parent, PT&T, are offering the service in order
to refocus their traditional service offerings from landline-
based long-distance calls to VoIP.

In 2004, PT&T rolled out 129,000 landlines, but only 33,022 of
these are subscribed. The Company wants to use VoIP to spur
subscription of its landlines.

VoIP is an internet-based communication technology that has been
touted to drive down monthly telecommunication charges in the
Philippines.

CONTACT:

Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511


PILIPINO TELEPHONE: Back to Black with Php2.2-Bln Profit
--------------------------------------------------------
Pilipino Telephone Corporation (Piltel) on Thursday announced
its financial results for the first quarter of 2005, as it
recorded a net income of Php2.2 billion compared with a loss of
Php21 million last year. Net income before any foreign exchange
gains would have been Php1.5 billion.

Operating Results

Piltel's gross service revenues in the first quarter of 2005
grew 19% to Php3.8 billion, compared to Php3.2 billion in the
first quarter of 2004, as a result of the continued growth in
the Talk 'N Text subscriber base. Talk 'N Text, the Company's
prepaid GSM service, recorded net additions of approximately
130,000 in the first three months of 2005, raising the total
Talk 'N Text subscriber base to 4.7 million at the end of the
period compared to 3.1 million subscribers at the end of the
same period last year, an increase of 50%. The average monthly
subscriber churn rate in 2005 rose to 4.6% from 3.5% for 2004,
reflecting changes in the competitive situation. Piltel is the
country's third largest GSM service provider. Piltel also had
45,477 landline subscribers as of March 31, 2005.

As a result of the improved operating results and the impact of
recent changes in management agreements and foreign exchange
gains, the Company posted a net income of Php2.2 billion.

For a copy of the entire press release, click on:
http://bankrupt.com/misc/tcrap_pilipinotelephone050505.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


SWIFT FOODS: Revises Agenda for Annual Stockholders' Meeting
------------------------------------------------------------
In connection with the Annual Stockholders' Meeting of Swift
Foods Inc. which shall be held on June 29, 2005 at 2:30 p.m.,
the Company revised the Notice of Annual Stockholders Meeting
and the Agenda.

            NOTICE OF ANNUAL STOCKHOLDERS' MEETING

Notice is hereby given that the Annual Meeting of the
Stockholders of SWIFT FOODS INC. will be at the Auditorium, RFM
Corporate Center, Pioneer corner Sheridan Sts., Mandaluyong City
on June 29, 2005 at 2:30 p.m.

Stockholder of record as of May 15, 2005 shall be entitled to
vote at this meeting.

The stock and transfer books of the Corporation will not be
closed.

This Notice is hereby given pursuant to the By-Laws of the
Corporatioin.

AGENDA:

(1) INVOCATION
(2) NOTICE OF MEETING
(3) CERTFICATION OF THE PRESENCE OF A QUORUM
(4) APPROVAL OF THE PREVIOUS MINUTES OF THE ANNUAL MEETING
(5) PREDIDENT'S ANNUAL REPORT AND FINANCIAL STATEMENT
(6) RATIFICATION OF THE ACTS OF MANAGEMENT AND THE DIRECTORS OF
THE CORPORATION
(7) ELECTION OF DIRECTORS
(8) APPOINTMENT OF AUDITOR
(9) OTHER MATTERS
(10)ADJOURNMENT

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/



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


AIROCEAN GROUP: Clarifies Article in Straits Times
--------------------------------------------------
Airocean Group Ltd. refers to its announcement made to the
Singapore Stock Exchange (SGX) released on May 3, 2005 regarding
the Variation to the Subscription Agreement between Airocean
Group Limited and A-Sonic, and the article in the Straits Times
entitled "A-sonic cuts back investment in Airocean".

The SGX has enquired and sought clarification of the statement
in the Article that "Some of our customers who were supposed to
transfer their business to us have now decided to hold back with
the aim of coming back with a closer form of cooperation, which
we will announce at a later date."

The Company was considering the option of expanding its
distribution network in the People's Republic of China by
establishing agencies or other joint forms of cooperation with
its customers. This could have accelerated its expansion of its
distribution network in China.

The discussions were however, at a very preliminary stage, hence
the discussions with its customers in connection with the closer
forms of cooperation with them. Had the cooperation materialized
to any point of certainty, the Company would have undertaken the
obligation to announce the same at a later date.

By Order of the Board

Winston Seow Han Chiang
Joint Company Secretary
4 May 2005

CONTACT:

Air Ocean Group Ltd
Changi Airfreight Centre 9 Airline Road
#05-23 Cargo agents Building DG
Changi Airfreight Centre 819827
SINGAPORE  
Phone: +65 6542 9822
Fax: +65 6542 8760  
Web site: http://www.airocean.com.sg


CHINA AVIATION (S): To Delay Submission of Financial Results
------------------------------------------------------------
Further to China Aviation Oil (Singapore) Corporation Ltd's
announcements on January 20, 2005 and April 29, 2005 the Company
will also be seeking approval from the Accounting and Corporate
Regulatory Authority for an extension of time to announce its
financial results for the financial year ended December 31, 2004
and to hold its annual general meeting (AGM) in respect of the
full year ended December 31, 2004 under Sections 175 and 201 of
the Companies Act (Cap. 50).

CONTACT:

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


MEASUREX ENGINEERING: Posts Notice of Dividend
----------------------------------------------
Measurex Engineering Pte Ltd. (In Liquidation) of 994 Bendemeer
Road #05-04 Kallang Basin Industrial Estate Singapore 339943
posted a notice of dividend at the Government Gazette,
Electronic Edition with the following details.

Court: High Court of Singapore

Number of Matter: No. 600074 of 2002

Amount per centum: 0.0071 cents to a dollar

First and final or otherwise: Third and Final

When payable: 4th May 2005

Where payable:

Ernst & Young
10 Collyer Quay
#23-05 Ocean Building
Singapore 049315.
Friday, April 29, 2005 1


MEGA EURO-ADVANCE: Served with Winding Up Order
-----------------------------------------------
In the matter of Mega Euro-Advance (S) Pte Ltd a winding up
order was made on April 22, 2005.

Name and address of Liquidators:

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

Dated this 22nd day of April 2005

Wong & Leow LLC
Solicitors for the Petitioner


MIZUTANI SINGAPORE: Creditors Should Prove Claims by May 28
-----------------------------------------------------------
Notice is hereby given that the creditors of Mizutani Singapore
Pte Ltd (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required, on or before May 28, 2005 to
send in their names and addresses, with particulars of their
debts and claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company.

If so required by notice in writing by the said liquidator, they
are personally or by their solicitors, to come in 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 26th April 2005.

Chua Keng Khng
Liquidator
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216


NATSTEEL LIMITED: Finalizes Transfer of 30% Interest in Wuxi
------------------------------------------------------------
The Board of Directors of Natsteel Limited announced to the
Singapore Stock Exchange (SGX) the completion of the transfer of
Changzhou Wujin NatSteel Company Limited's 30 per cent interest
in Wuxi Jinyang Metal Products Company Limited and 5.91 percent
interest in Southern NatSteel (Xiamen) Limited to NatSteel Asia
Pte Ltd.

By Order of the Board

Lim Su-Ling (Ms)
Company Secretary
Singapore
4 May 2005


SABANG MARINE: Court to Hear Petition May 13
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Sabang Marine Services Pte Ltd by the High Court on April 15,
2005 presented by CV Banyu Adhi Putra of Complex Bimatama Dharma
Perkasa, Jln. Duyung No. 1, Batu Ampar, Batam Indonesia, a
Creditor.

The said Petition is directed to be heard before the Court
sitting at Singapore at 10:00 a.m. on May 13, 2005.

Any Creditor or Contributory of the said Company desiring 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.

The Petitioners' address is Complex Bimatama Dharma Perkasa,
Jln. Duyung No. 1, Batu Ampar, Batam, Indonesia.

The Petitioners' Solicitors are Messrs James Joseph & Associates
of 101 Upper Cross Street, #04-23 People's Park Centre,
Singapore 058357.

Dated the 20th day of April 2005.

Messrs James Joseph & Associates
Solicitors for the Petitioners

Note:

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed
Solicitors, Messrs James Joseph & Associates, a Notice in
writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, or his or their
Solicitors (if any) and must be served or if posted, must be
sent by post in sufficient time to reach the abovenamed not
later that twelve o'clock on May 12, 2005.


WANT WANT: To Pay Tax-Exempt, One-Tier Dividend
-----------------------------------------------
Further to the announcements made to the Singapore Stock
Exchange on unaudited FY2004 results released on February 25,
2005 and Notice of Books Closure Date released on April 18,
2005, Want Want Holdings Ltd. announced that the first and final
tax exempt dividend to be paid on May 13, 2005 is a tax exempt
one-tier dividend.    

Adams Lin Feng I   
Group Vice President And Director   
05-May-2005

CONTACT:

Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com


WEE POH: Revises Data Stated in Previous Announcement
-----------------------------------------------------
Further to the announcement made to the Singapore Stock Exchange
(SGX) on February 7, 2005, the Directors of Wee Poh Holdings
Limited clarified the financial effects of the Disposal as set
out in paragraph 7 of the Announcement.

A calculation error had been made when preparing the
Announcement. The net adjusted loss arising from the Disposal
would have been SG$17,134,000 (instead of SG$22,622,000 as
stated in the Announcement) in note (1) of paragraph 7(B).

Consequently, the pro forma net loss after tax of the Group and
the loss per share of the Group for FY2004 (as adjusted for the
completion of Disposal) would have been approximately
SG$2,000,000 (instead of the pro forma net profit after tax of
SG$3,488,000 as stated in the Announcement) and approximately
0.08 cents (instead of the earnings per share of 0.14 cents as
stated in the Announcement) respectively.

By Order of the Board

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


WING TAI: Unit Placed in Voluntary Winding Up
---------------------------------------------
The Board of Directors of Wing Tai Holdings Limited announced to
the Singapore Stock Exchange (SGX) that the members of Winforth
Investment Pte Ltd (Winforth) have resolved that Winforth be
wound up voluntarily pursuant to Section 290(1)(b) of the
Companies Act, Cap 50. Ms Lai Yoke Kwai has been appointed
Liquidator of Winforth.

Winforth is a subsidiary of Wing Tai Land Pte. Ltd., which in
turn is a subsidiary of the Company.

By Order Of The Board

Gabrielle Tan
Company Secretary
4 May 2005
Singapore

CONTACT:

Wing Tai Holdings Limited
107 Tampines Road
Singapore 535129
Telephone: 65 62809111
Fax: 65 63838940
Web site: http://www.wingtaiasia.com.sg


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


DATAMAT: Financial Statement Approval Rescheduled
-------------------------------------------------
Datamat Public Company Limited informed the Stock Exchange of
Thailand (SET) that the Annual General Shareholders' Meeting No.
37 held on April 29, 2005 at 2:00 p.m. made the following
resolutions:

(1) The Meeting resolves to approve the Minutes of the
Extraordinary Shareholders' Meeting No. 1/2004 held on November
23, 2004.

(2) The Meeting resolves to acknowledge the Company's Annual
Report and the Directors' Report. The Meeting also acknowledged
the matter regarding the order to revise the Company's Financial
Statements and Consolidated Financial Statements from the Office
of Securities Exchange and Commission (SEC), that the Board of
Directors will report this matter to the Shareholders further
after the Company has reached a conclusion.

(3) The Meeting resolves to postpone the consideration to
approve the Company's Financial Statement and Consolidated
Financial Statements to the next Shareholders' Meeting, since
the Company is currently consulting the SEC regarding the
revision of the Company's Financial Statement and Consolidated
Financial Statements.  The Board of Director will report this
matter to the Shareholders further after the Company has reached
a conclusion.

(4) The Meeting resolves to postpone the consideration to
approve the allocation of the Company's net profit as a legal
reserve and the dividend payment, since this agenda is concerned
with the Company's Financial Statements and Consolidated
Financial Statements ended December 31, 2004.

(5) The Meeting resolves to appoint Mr. Philip Newson, the
periodically retired director, for another term, and resolves to
appoint Mr. Chayangkul KaewBandit and Mr. Watchara
Atchadakornluk as the Company's director in place of Mr. Pisit
Jirapinyo and Mr. Miguel Angel Aerni, the periodically retired
directors that informed their intention to discontinue their
directorship. The Meeting also acknowledged the appointment of
the following directors in place of the retired directors:

(1) Asst. Prof. Weerakorn Ongsakul
(2) Mr. Porames Kraireuk and
(3) Miss Saangjitara Prempreede

To view a full copy of the disclosure, click
http://bankrupt.com/misc/tcrap_datamat050505.pdf

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   
Web site: http://www.datamat.co.th
  


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

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


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan Dadong-A                000613     (-5.15)      18.72
Hainan Dadong-B                200613     (-5.15)      18.72
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72
PT Smart Tbk                    SMAR      (-30.07)     430.99


MALAYSIA
--------

Innovest Berhad                 INV        (-0.3)       10.64
Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46

THAILAND
--------

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






                            *********


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

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

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

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

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

                 *** End of Transmission ***