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

                     A S I A   P A C I F I C

             Thursday, May 12, 2005, Vol. 8, No. 93

                            Headlines

A U S T R A L I A

AINTREE COURTYARD: Falls Into Voluntary Liquidation
AINSWORTH GAME: Founder Pumps in AU$40 Mln
ALLIANCE PRINTING: Final Meeting Set May 13
AUSTRALIAN GAS: Appoints New Director
BAYCITY CURTAINS: Members Pass Winding Up Resolution

EQUINE WORLD: Fixes Final Meeting on May 13
GLASS GROUP: Begins Winding Up Proceedings
INTELLIGENT BUSINESS: Sets Final Meeting May 17
JAMES HARDIE: ASIC to Secure Funds for Probe
KIMKAR PTY: Winds Up Voluntarily

K&J WHOLESALE: Picks Liquidator from Ferrier Hodgson
LIFESPAN MEDICAL: Names Stuart Ariff as Receiver and Manager
LYNLOCK PTY: Receivers and Managers Appointed
MAYNE GROUP: Boosts Boulder Operation
MILLENNIUM COMMUNITY: To Declare Dividend May 24

MULTIPLEX: Fitch Assigns Ratings to MPT CMBS Issuer 2005-2
NATIONAL AUSTRALIA: Union Flags Action Over Job Cuts
NATIONAL AUSTRALIA: Trims 4000 Jobs in Global Shake-up
NATIONAL AUSTRALIA: Business Looks Better Than Expected
NATIONAL MEDICAL: Placed Under Receivership

PICKFORD PINES: To Convene Final Meeting May 13
POWELL DUFFRYN: Undertakes Voluntary Winding Up Process
PRO ACCIDENT: Taps Liquidator from Chartered Accountants
REMY-MOFFATT: To Declare Dividend May 19
RESPONSIBLE NOMINEES: Voluntarily Winds Up

SANDS PRINT: Dividend Declaration Slated May 24
SPECIALTY LANDSCAPING: Court Orders Winding Up
VICTORIAN MINERALS: Lays Out Final Meeting Agenda


C H I N A  &  H O N G  K O N G

CHARK FUNG: Issues Debt Claim Notice
EAST SECTOR: Provisional Liquidators Appointed
INDUSTRIAL AND COMMERCIAL: Teams Up with CCB
KEE FUNG: Issues Debt Claim Notice
GUANGDONG KELON: Clarifies Watchdog Investigation Report

GUANGDONG KELON: Unveils April 28 Committee Meeting Resolutions
GUANGDONG KELON: Posts RMN44.65 Mln Net Loss in 2004
MOGU INTERNATIONAL: Creditors Meeting Set May 13
NEW SUCCESS: Proofs of Debt, Claims Due May 31


I N D O N E S I A

BANK MANDIRI: Central Bank OKs Bond Issue
BANK MANDIRI: AGO to Name Suspects in Scam
GARUDA INDONESIA: Unit Adds Flights to Maximize Aircraft Use
PERTAMINA: LNG-control Resolution Still Hanging
PERTAMINA: To Shut Down Refinery for Maintenance


J A P A N

BURUH SUKAI: Files for Bankruptcy
HUIS TEN: Seeks Retirement of 150 Employees
JAPAN AIRLINES: Sees Weaker Earnings This Year
JAPAN AIRLINES: Firms Up $5.3B Plane Order
MATSUMURAGUMI K.K.: Enters Bankruptcy

MITSUBISHI MOTORS: To Halt Car Production in Indonesia
MITSUBISHI MOTORS: Launches New Electric Vehicle Technology
OLYMPUS CORPORATION: Shares Tumble on Deutsche Rating Downgrade
RYUKYU RIZOHTO: Declares Insolvency
SOFTBANK CORPORATION: Widens Net Loss to JPY27.27 Bln

TETORA FAINANSU: Begins Bankruptcy Proceedings


K O R E A

KOREA EXCHANGE: Earnings Triple in First Quarter


M A L A Y S I A

AMSTEEL CORPORATION: Divests Two Units
GULA PERAK: Lists Extra Shares
I-BERHAD: Posts Shares Buy Back Notice
LION INDUSTRIES: SC Extends Restructuring Deadline to Sept. 9
MAXIS COMMUNICATIONS: To List Additional Shares

METROPLEX BERHAD: Opposes Appointment of Provisional Liquidator
NALURI BERHAD: Warrants to Expire Next Month
PAN MALAYSIA: SC Approves Extension to Remit Shares to Investors
PUNCAK NIAGA: Granted Listing of Additional Shares
Y.S.P. SOUTHEAST: Members Voluntarily Wind Up Unit


P H I L I P P I N E S

BENPRES HOLDINGS: Posts Details of Sale of Digitel Shares
MANILA ELECTRIC: Sees 2005 Net Loss at Php3.7 Bln
MANILA ELECTRIC: Ranks Fifth in Corporate Governance
MAYNILAD WATER: Manila Water Refuses Major Stake
NATIONAL POWER: ERC Defends Power Rate Hike

PACIFIC PLANS: Yunchengco School May Accept Tuition Scheme
* Fitch Rates Philippines Global Bonds 'BB'


S I N G A P O R E

CHINA AVIATION (S): Hikes Offer to Pay Debt
CYBER VILLAGE: Releases 1Q/FY2005 Financial Statement
DATACRAFT ASIA: Books US$109 Mln in Revenues
IONICS EMS: Unveils New Board Appointments
PROWELL BUILDING: Receiving Proofs of Claims Until May 24

SELCO VESSELS: First and Final Dividend Declared
SHINYEI SINGAPORE: Requires Creditors to Prove Claims by June 6
SP CORPORATION: Unit Placed in Voluntary Liquidation


T H A I L A N D

NATURAL PARK: Strikes Deal to Build Hotel
NFC FERTILIZER: Gives Nod to RBT Rehabilitation

     -  -  -  -  -  -  -  -

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


AINTREE COURTYARD: Falls Into Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Aintree Courtyard Pty Ltd (In Liquidation) A.C.N. 104 765 773
held on March 24, 2005, it was resolved that the company be
wound up voluntarily and that Robyn Erskine & Peter Goodin, of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, be appointed Liquidators.

Christopher M. Thompson
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


AINSWORTH GAME: Founder Pumps in AU$40 Mln
------------------------------------------
Ainsworth Game Technology's life support is reportedly tied on
legendary poker machine maker Len Ainsworth, according to the
Sydney Morning Herald.

Mr. Ainsworth has been helping the embattled firm meet huge
demand for cash by offering secured loans. So far, he has
extended a US$30-million loan to Ainsworth with a further AU$10
million facility in reserve.

Citigroup Smith Barney analyst forecasts the firm was unlikely
to fail as long as the founder continues to provide financial
support. But the broker amended the firm's price target to
reflect risk inherent in the Company's current small market
position, cash flow and indebtness to the founder.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


ALLIANCE PRINTING: Final Meeting Set May 13
-------------------------------------------
Notice is given that final meetings of members and creditors of
Alliance Printing Group Pty Ltd (In Liquidation) A.C.N. 084 062
573 will be held at the offices of CJL Partners Pty Ltd, Level
3, 180 Flinders Lane, Melbourne, 3000 at 11:00 a.m. and 11:30
a.m. respectively on Friday, May 13, 2005.

AGENDA

To lay before the meetings an account of the Liquidators' acts
and dealings and of the conduct of the winding up.

Dated this 30th day of March 2005

Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


AUSTRALIAN GAS: Appoints New Director
-------------------------------------
AGL Chairman, Mr. Marck Johnson, announced the appointment of
Mr. David Craig as a Non-Executive Director of The Australian
Gas Light Company, effective from May 11, 2005.

Mr. Craig is the Chief Financial Officer (CFO) of the Australand
Property Group, a position he has held since 2003, before which
he was Global Transition Finance Leader for IBM's Business
Consulting Services in Philadelphia, U.S.A. Mr. Craig has
previously held the position of Global CFO of PwC Consulting and
other senior positions in PricewaterhouseCoopers, including
Chief Operations Officer Australasia.

"Mr. Craig brings extensive and broad financial experience to
the Board with a substantial background in Company strategy and
operations, as well as finance. He will make a valuable and
important contribution to the Board," Mr. Johnson said.

The appointment of Mr. Craig brings the number of Directors on
the AGL Board to nine, of which eight are Non-Executive
Directors.

"The appointment of Mr. Craig is part of the Board renewal
process. This process was presented to Shareholders at the 2004
Annual General Meeting of the Company," Mr. Johnson concluded.

CONTACT:

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


BAYCITY CURTAINS: Members Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Baycity Curtains & Blinds Pty Ltd (In Liquidation)
A.C.N. 109 976 301 held on March 18, 2005, it was resolved that
the company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Adrian Lawrence Brown and John Ross
Lindholm of Ferrier Hodgson, Chartered Accountants, Level 29,
600 Bourke Street, Melbourne, Vic be appointed Liquidator.
Dated this 30th day of March 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


EQUINE WORLD: Fixes Final Meeting on May 13
-------------------------------------------
Notice is given pursuant to Sections 508 and 509 of the
Corporations Act 2001 that a joint meeting of the members and
creditors of Equine World Pty Limited (In Liquidation) A.C.N.
080 404 888 will be held at the offices of Ferrier Hodgson,
Level 17, 2 Market Street, Sydney, NSW on Friday, May 13, 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.

Dated this 12th day of April 2005

M. C. Donnelly
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


GLASS GROUP: Begins Winding Up Proceedings
------------------------------------------
Notice is hereby given that at a meeting of members of Glass
Group Pty Ltd (In Liquidation) A.C.N. 101 228 353 pursuant to
Section 491(1) of the Corporations Act 2001 duly convened and
held on March 29, 2005 it was resolved that the company be wound
up voluntarily.

For such purposes Steven Nicols of Nicols + Brien, Level 2, 350
Kent Street, was confirmed as Liquidator by creditors pursuant
to Section 497(1) at a meeting of creditors held later that same
day.

Dated this 1st day of April 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: 9299 2289
Facsimile: 9299 2239,
Web site: http://www.bankrupt.com.au


INTELLIGENT BUSINESS: Sets Final Meeting May 17
-----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Intelligent Business Services Australia Limited (In
Liquidation) A.C.N. 090 674 653 will be held at the offices of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale
Road, Hawthorn East, 3123, on Tuesday, May 17, 2005 at 9:30
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Liquidators.

Dated this 23rd day of March 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


JAMES HARDIE: ASIC to Secure Funds for Probe
--------------------------------------------
The Australian Securities and Investments Commission (ASIC) will
obtain extra cash to fund its investigation of James Hardie
Industries Limited, Bloomberg reports.

The corporate regulator will use the funds to pursue its
investigation on the embattled building products manufacturer
after a government inquiry found James Hardie misled investors
about the cost of compensating asbestos victims.

James Hardie has offered to pay at least AU$1.5 billion to
compensate asbestos disease sufferers after a New South Wales
state government inquiry found the company initially underfunded
its compensation liabilities.

Peter Macdonald quit as chief executive after the inquiry.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103.


KIMKAR PTY: Winds Up Voluntarily
--------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Kimkar Pty Ltd (In Liquidation) A.C.N. 060 162
067 held on March 31, 2005 it was resolved that the company be
wound up voluntarily.

At a meeting of creditors held on the same day pursuant to
Section 497, it was resolved that for such purpose, Messrs
Philip Newman and Clyde Peter White of HLB Mann Judd, Chartered
Accountants, Level 1, 160 Queen Street, Melbourne be appointed
joint and several Liquidators.

Dated this 31st day of March 2005

P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne Vic 3000


K&J WHOLESALE: Picks Liquidator from Ferrier Hodgson
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of K&J Wholesale Blinds (Aust) Pty Ltd (In
Liquidation) A.C.N. 110 916 428 held on March 18, 2005 it was
resolved that the company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Adrian Lawrence Brown and John Ross Lindholm
of Ferrier Hodgson, Level 29, 600 Bourke Street, Melbourne, Vic
be appointed joint Liquidator.

Dated this 30th day of March 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


LIFESPAN MEDICAL: Names Stuart Ariff as Receiver and Manager
------------------------------------------------------------
Paulyn Investments Pty Limited of c/- Hewlett Walker Lawyers,
Level 9, 260 Queen Street, Brisbane Qld 4000 hereby gave notice
that on March 18, 2005, they appointed Stuart Karim Ariff, a
Chartered Accountant, of Stuart Ariff Insolvency Administrators,
Level 7, 50 Clarence Street, Sydney, New South Wales, as
Receiver and Manager of the property of Lifespan Medical Imaging
(Brisbane) Pty Limited A.C.N. 106 450 686 specified in the
Schedule under the powers contained in an instrument dated 28
January 2005, being a Deed of Fixed and Floating Charge created
by Lifespan Medical Imaging (Brisbane) Pty Limited A.C.N. 106
450 686 in favour of Paulyn Investments Pty Limited and
registered with number 1129149 in the Register of Charges under
the Corporations Act 2001.

Dated this 31st day of March 2005

Stuart Ariff
Receiver & Manager


LYNLOCK PTY: Receivers and Managers Appointed
---------------------------------------------
Notice is hereby given that Richard Albarran and Robert Elliott
were appointed Receivers and Managers of Lynlock Pty Ltd
(Receivers And Managers Appointed) (In Liquidation) A.C.N. 092
739 047 on March 11, 2005 by Paynow For Business Pty Ltd
pursuant to the powers contained in a Fixed and Floating Charge,
Registered Charge No. 770039.

Dated this 29th day of March 2005

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


MAYNE GROUP: Boosts Boulder Operation
-------------------------------------
Mayne Group Limited saw its Boulder operation grow 50 percent in
the 18 months since it acquired the site, The Daily Camera
reports.

To fuel further growth and make its mark in the market, Mayne
built two new local facilities. It unveiled a multipurpose
manufacturing suite at the Boulder site where the Company will
crank out semi-synthetic paclitaxel, an anti-cancer active
pharmaceutical ingredient.

The 1,900-square-foot manufacturing suite, which currently has a
handful of vessels dedicated to paclitaxel, has the capacity for
a total of 19 vessels and the ability to eventually manufacture
other active pharmaceutical ingredients.

Mayne also converted about 800 square feet of office space into
laboratories for the development of those ingredients.

While the facilities eventually can drive future products and
some employee growth, the current plans are to have the semi-
synthetic paclitaxel ready to sell later in the year when
McCudden said he expects approval from the U.S. Food and Drug
Administration.

Mayne bought the operation in 2003 from NaPro BioTherapeutics,
now known as Tapestry Pharmeceuticals Inc., for US$54.6 million
plus receivable.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MILLENNIUM COMMUNITY: To Declare Dividend May 24
------------------------------------------------
A first and final dividend to preferred unsecured creditors of
Millennium Community Services Incorporated (In Creditors'
Voluntary Liquidation) is to be declared on May 24, 2005.

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

Dated this 12th day of April 2005

G. G. Woodgate
Liquidator
Woodgate & Co
Telephone: (02) 9233 6088
Facsimile: (02) 9233 1616


MULTIPLEX: Fitch Assigns Ratings to MPT CMBS Issuer 2005-2
----------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned
Multiplex MPT CMBS Issuer Ltd's commercial mortgage backed
securities CMBS Series 2005-2 notes carrying a final maturity
date of November 2011 expected ratings as follows:

AUD298 million Class A: 'AAA'
AUD53m Class B: 'AA'
AUD39m Class C: 'A'
AUD52m Class D: 'BBB', and
AUD21m Class E: 'BBB-' (BBB minus)

Total issuance for this CMBS Series 2005-2 is AUD463m.
Consecutively with the rating of CMBS Series 2005-2 Fitch
Ratings has also assigned ratings to Multiplex MPT CMBS Issuer
Ltd's commercial mortgage backed securities CMBS Series 2005-1
(see separate press release) for a total amount of AUD537m.
Issuance for both series of notes totals AUD1 billion.

The sponsor of this transaction is the Multiplex Property Trust
("MPT") part of the Multiplex Group, listed on the Australian
stock exchange. MPT is accessing the capital markets for the
first time and will use the proceeds to refinance existing bank
debt facilities and for general working capital purposes.

The notes are supported by a collateral property pool comprising
nine high quality commercial and retail properties located in
Australian capital cities. The portfolio contains 196,450sqm of
net lettable area and benefits from a high level of
diversification of tenants and lease maturities.

The expected 'AAA' rating assigned to the Class A notes is based
on:
- the quality of the underlying property collateral;
- the geographic diversification within the collateral pool;
- the well diversified tenant mix;
- the interest rate hedging policy and interest rate hedges
provided by ANZ Banking Group Limited (ANZ)(rated 'AA-(AA
minus)/F1+') and The Royal Bank of Scotland (rated 'AA+/F1+');
- debt sizing at Fitch stresses interest rates;
- the overcollateralisation provided by a conservative LVR;
- the liquidity facility provided by ANZ;
- the quality of the transaction manager and the property
managers; and
- a sound legal structure.

The expected ratings assigned to other subordinate Classes of
notes are based on all the strengths supporting the Class A
notes; however, the advance rates and LVRs vary for each class
of notes.

CONTACT:

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


NATIONAL AUSTRALIA: Union Flags Action Over Job Cuts
----------------------------------------------------
Employees of National Australia Bank may take industrial action
to avert the slashing of more than 2,000 jobs Australian jobs,
Sydney Morning Herald says.

The Finance Sector Union said there was no justification for the
cuts, which were announced by chief executive officer John
Stewart. The union would be reporting to its members and warned
of the possibility of an industrial action.

Union national secretary Paul Schroder said about half of the
job losses would be in Victoria and warned also that more
positions could be shifted offshore in the future.

Mr. Schroder said that a strike could not be ruled out since the
staff would want to take some form of action to express their
concern.

The Australian jobs are part of 4,200 positions to be cut
globally over the next two years.

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 AUSTRALIA: Trims 4000 Jobs in Global Shake-up
------------------------------------------------------
National Australia Bank (NAB) announced a global restructure
including 4000 job cuts, closure of some British branches and
retreating from Asia, according to The Australian.

The restructure, which is expected to result in total provisions
in the AU$600-AU$800 million range, is aimed at boosting
profitability as part of its turnaround efforts.

On Tuesday, NAB informed its Asian staff that it would
consolidate all international markets and services (IMS)
businesses in Hong Kong resulting to the closure of IMS ventures
in Singapore, South Korea, Malaysia and Japan. The closures will
cut a further 400 employees off the bank's payroll.

British dailies, on the other hand, reported that NAB would
close 20 percent of its British branch network. The 20 percent
represents 60 of its 217 Clydesdale Bank branches and 40
Yorkshire Bank Offices.

The bank announced 1700 redundancies in the U.K. are among 4200
expected to go globally over the next two years.

But NAB assured that it will remain in Britain. It has offloaded
its Irish banks for an AU$1.1 billion profit, but confirmed in
late March it would retain its streamlined Yorkshire and
Clydesdale banks.

NAB expects to make an annualized saving of AU$375 million from
the job cuts made in the U.K. and Australia in the first half.


NATIONAL AUSTRALIA: Business Looks Better Than Expected
-------------------------------------------------------
National Australia Bank's (NAB) first-half profit fall was
smaller than expected after curbing costs and stemming a loss in
market share following last year's forex trading debacle,
Bloomberg reports.

NAB has successfully cut the cost of loans and offering higher
interest on deposits to win business after currency-trading
losses forced the resignation of the bank's former chief
executive and tarnished the bank's reputation, prompting
customers to patronize rivals.

Earnings before the sale of two Irish units fell to AU$1.62
billion (US$1.26 billion), or AU$1.03 a share, in the six months
ended March 31, from AU$1.85 billion, or AU$1.21, a year
earlier.

The net interest margin, which measures the profitability of
lending, fell 21 basis points from a year earlier to 2.19
percent as competition increased and National Australia sold
cheaper loans and paid higher interest. The banking cost-to-
income ratio, a gauge of efficiency, worsened to 57.4 percent
from 50.8 percent a year earlier.

NAB will book a AU$403 million pretax charge in the first half,
partly for cutting 2,700 jobs. It will book a further charge of
as much as A$U400 million pretax in the second half, mostly for
firing 1,500 workers, as it combines its retail and corporate
banking and wealth management units in Australia.

The Company will pay a first-half dividend of 83 cents a share,
unchanged from a year earlier. Stewart forecast an unchanged
dividend in the second half.

NAB's currency-trading losses last year led to the firing of
four traders, their boss, and the dismissal of three executives,
after a PricewaterhouseCoopers report said loopholes allowed
employees to hide losses and protect their bonuses. Chief
Executive Frank Cicutto and Chairman Charles Allen resigned in
February last year.

To view NAB's 2005 Interim Profit Announcement, click on:
http://bankrupt.com/misc/TCRAP_NATIONALAUSTRALIA051105.pdf


NATIONAL MEDICAL: Placed Under Receivership
-------------------------------------------
Paulyn Investments Pty Limited of c/- Hewlett Walker Lawyers,
Level 9, 260 Queen Street, Brisbane Qld 4000 hereby give notice
that on March 18, 2005 they appointed Stuart Karim Ariff, a
Chartered Accountant, of Stuart Ariff Insolvency Administrators,
Level 7, 50 Clarence Street, Sydney, New South Wales, as
Receiver and Manager of the property of National Medical
Developments Pty Limited A.C.N. 109 527 371 specified in the
Schedule under the powers contained in an instrument dated
January 28, 2005, being a Deed of Fixed and Floating Charge
created by National Medical Developments Pty Limited A.C.N. 109
527 371 in favor of Paulyn Investments Pty Limited and
registered with number 1129148 in the Register of Charges under
the Corporations Act 2001.

Dated this 31st day of March 2005

Stuart Ariff
Receiver & Manager


PICKFORD PINES: To Convene Final Meeting May 13
-----------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001 the final meeting of members of Pickford
Pines Pty. Ltd. (In Liquidation) A.C.N. 007 183 520 will be held
at the offices of Bentleys MRI, Level 7, 114 William Street,
Melbourne on May 13, 2005 at 10:00 a.m. for the purpose of
laying before the meeting the liquidator's final account and
report and giving any explanation thereof.

Dated this 4th day of April 2005

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


POWELL DUFFRYN: Undertakes Voluntary Winding Up Process
-------------------------------------------------------
At a general meeting of the members of the company held at Level
44, 2 Park Street, Sydney NSW 2000 on March 31, 2005 a special
resolution that Powell Duffryn Australia Pty Limited (In
Liquidation) A.C.N. 004 897 303 be wound up voluntarily was
passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


PRO ACCIDENT: Taps Liquidator from Chartered Accountants
--------------------------------------------------------
Notice is hereby given that on March 30, 2005 the following
special resolution was passed that Pro Accident Repair Centre
Pty Ltd (In Liquidation) A.B.N. 27 101 695 818 be wound up
voluntarily in accordance with the Corporations Act 2001
relating to a Creditors' Voluntary Winding Up and that Mr. B. J.
Marchesi, Chartered Accountant, of Level 5, 332 St Kilda Road,
Melbourne be appointed Liquidator.

Dated this 31st day of March 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


REMY-MOFFATT: To Declare Dividend May 19
----------------------------------------
A first and final dividend is to be declared on May 19, 2005 for
Remy-Moffatt Health Care Services Pty Ltd (In Liquidation)
A.C.N. 065 798 245.

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

C. P. White
Official Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne Vic 3000


RESPONSIBLE NOMINEES: Voluntarily Winds Up
------------------------------------------
Notice is hereby given that at a general meeting of members of
Responsible Nominees Pty. Ltd. (In Liquidation) A.C.N. 007 017
183 held on March 15, 2005 it was resolved that the company be
wound up as a members' voluntary winding up.

Dated this 29th day of March 2005

Simon A. Wallace-Smith
Liquidator


SANDS PRINT: Dividend Declaration Slated May 24
-----------------------------------------------
A first and final dividend is to be declared on May 24, 2005 for
Sands Print Group Ltd (In Liquidation) A.C.N. 075 883 671.

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

C. P. White
Liquidator
HLB Mann Judd
Level 1, 160 Queen Street,
Melbourne Vic 3000


SPECIALTY LANDSCAPING: Court Orders Winding Up
----------------------------------------------
On March 24, 2005 the Federal Court of Australia in Proceeding
No. 61 of 2005, ordered the winding up of Specialty Landscaping
& Paving Pty Ltd (In Liquidation).

Robyn Erskine was appointed liquidator of the company.

Dated this 30th day of March 2005

Robyn Erskine
Liquidator
Robyn Erskine/Peter Goodin
Chartered Accountant
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


VICTORIAN MINERALS: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given that final meeting of members of Victorian
Minerals & Energy Council (Incorporated) (In Liquidation) will
be held at the offices of Minerals Council of Australia, Level
8, 51 Queen Street, Melbourne, Victoria, 3000 at 12:30 p.m. on
Monday, May 23, 2005.

AGENDA

To lay before the meetings an account of the Liquidator's acts
and dealings and of the conduct of the winding up.

Dated this 29th day of March 2005

Richard J. Cauchi
Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


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


CHARK FUNG: Issues Debt Claim Notice
------------------------------------
Chark Fung Securities Company Limited (In Liquidation) hereby
gives notice that the creditors (which shall not include those
former clients of the Company that have been compensated in full
by the United Exchange Compensation Fund) of the Company, are
required on or before the close of business on May 20, 2005, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors at 27th
Floor, Alexandra House, 16-20 Charter Road, Central, Hong Kong.

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 6th day of May 2005.

Gabriel CK Tam
Joint and Several Liquidator


EAST SECTOR: Provisional Liquidators Appointed
----------------------------------------------
East Sector International Limited with registered office located
at Room 1202, Capitol Centre, 5-19 Jardine's Bazaar, Causeway
Bay, Hong Kong has on March 4, 2005 appointed Provisional
Liquidators Kelvin Edward Flynn and Cosimo Borrelli, both of RSM
Nelson Wheeler Corporate Advisory Services Limited.

The Provisional Liquidators' Address is at 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Hong Kong.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


INDUSTRIAL AND COMMERCIAL: Teams Up with CCB
--------------------------------------------
The Industrial and Commercial Bank of China (ICBC) entered an
agreement to step up business cooperation with China
Construction Bank (CCB) by offering syndicated loans to large
company clients, China Daily reports.

According to the report, the two banks can both provide loans or
other credit services to the same borrower. Other commercial
banks are also welcome to join them.

The cooperation was a strategic measure taken by the two banks
to improve their business and efficiency.

Last month the government approved a share-holding reform plan
of the Industrial and Commercial Bank of China and agreed to
inject US$15 billion to boost the bank's capital.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


KEE FUNG: Issues Debt Claim Notice
----------------------------------
Kee Fung Sing International Finance Company Limited (In
Liquidation) hereby gives notice that the creditors (which shall
not include those former clients of the Company that have been
compensated in full by the United Exchange Compensation Fund) of
the Company, are required on or before the close of business on
May 20, 2005, to send in their names, addresses and particulars
of their debts or claims, and the name and address of their
solicitors at 27th Floor, Alexandra House, 16-20 Chater Road,
Central, Hong Kong.

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 6th day of May 2005.

Gabriel CK Tam
Joint and Several Liquidator


GUANGDONG KELON: Clarifies Watchdog Investigation Report
--------------------------------------------------------
The board of directors of Guangdong Kelon Electrical Holdings
Company Limited noted various articles, which appeared in a
number of newspapers in Hong Kong on April 26 and April 27, 2005
quoting news from that the China Securities Regulatory
Commission (CSRC) has begun investigation into Greencool
Technology Holdings Limited in connection with possible
misappropriation of funds of the Company for the purpose of
taking over three companies listed in the People's Republic of
China (PRC).

In connection with the Articles, the Company clarifies and
confirms, amongst other things, the matters:

1. The Company is being formally investigated by the CSRC for
alleged breaches of securities laws and regulations in the PRC
(CSRC Investigation).

2. The Company is not the holding company of Greencool. As at
the date of this announcement, and according to publicly
available information, Greencool is indirectly interested in
approximately 0.39% of the Company's total issued shares. Mr. Gu
Chu Jun is an executive director and chairman of both the
Company and Greencool. According to publicly available
information, he is indirectly interested in approximately 62.59%
and 26.43% of the total issued share capital of Greencool and
the Company respectively for the purpose of the Securities and
Futures Ordinance.

Further announcement in relation to the CSRC Investigation will
be made as and when appropriate.

The following statement is made at the request of the Stock
Exchange pursuant to rule 13.10 of the Rules Governing the
Listing of Securities on the Stock Exchange of Hong Kong Limited
(the Listing Rules).

The Board has noted the recent decrease in the price and the
increase in the trading volume of the shares of the Company and
save as disclosed in the Profit Warning Announcement and in this
announcement, wish to state that it is not aware of any reasons
for such movement. The Board also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23 of the
Listing Rules, neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.

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

Investors shall exercise caution when dealing in the shares of
the Company.

At the request of the Company, trading in shares of the Company
was suspended with effect from 9:30 a.m. on April 28, 2005
pending the release of this announcement. As the Company wishes
to allow additional time for investors to review this
announcement, the Company has applied for resumption of trading
in its shares with effect from 9:30 a.m. on May 10, 2005.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman

Foshan City, Guangdong, the PRC, 9th May, 2005

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr, 25 Harbour Rd, Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


GUANGDONG KELON: Unveils April 28 Committee Meeting Resolutions
---------------------------------------------------------------
A written notice convening the Supervisory Committee Meeting of
Guangdong Kelon Electrical Holdings Company Limited was
dispatched by fax on April 11, 2005. The meeting was held at the
Conference Room at the Company's head office in Shunde District,
Foshan City, Guangdong, on April 28, 2005 at 10:00 a.m. Three
supervisors should attend the meeting and all three were
present. Mr. Zeng Jun Hong, Mr. Bai Yun Feng and Ms. He Si all
attended the meeting in person.

The meeting was held in accordance with the Company Law of the
People's Republic of China and the Articles of Association of
the Company. The following resolutions were considered and
approved:

1. That the text and the summary of the Company's annual report
for the year 2004 had been considered and approved, with 3
affirmative votes, 0 objected votes and 0 abstained votes;

2. That the amendments of certain terms in the Rules of
Procedure for the Supervisory Committee's Meeting had been
considered and approved, with 3 affirmative votes, 0 objected
votes and 0 The amendments to the Rules of Procedure for the
Supervisory Committee's Meeting are published on the Hong Kong
Stock Exchange's website: http://www.hkex.com.hk

3. That the Company's Supervisory Committee Report for the year
2004 had been considered and approved, with 3 affirmative votes,
0 objected votes and 0 abstained votes;

4. That the Company's first quarterly report for the year 2005
had been considered and approved, with 3 affirmative votes, 0
objected votes and 0 abstained votes.

5. "Opinions by the Supervisory Committee on the explanation of
related matters of qualified opinions on 2004 auditor's report
by the Board of Directors" was considered and passed, with 3
affirmative votes, 0 objected votes and 0 abstained votes:

The Supervisory Committee agreed with the explanations of the
Board of Directors on related matters of auditor opinions.

The above resolutions 1 to 3 will be proposed at the Company's
Annual General Meeting for the year 2004 for consideration and
approval.

The Supervisory Committee
Guangdong Kelon Electrical Holdings Company Limited
By Order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman

Foshan City, Guangdong Province, the PRC, 28 April, 2005


GUANGDONG KELON: Posts RMN44.65 Mln Net Loss in 2004
----------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (0921)
disclosed its financial results for the year ended December 31,
2004.

Year-end date: 31/12/2004
Currency: RMB
Auditors' Report: Qualified


                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/01/2004   from 01/01/2003
                                 to 31/12/2004     to 31/12/2003
                                   Note (000)             (000)

Turnover                           : 8,436,404        6,168,110
Profit/(Loss) from Operations      : 194,558            374,806
Finance cost                       : (159,138)
(122,463)
Share of Profit/(Loss) of
  Associates                       : (82,226)           (41,394)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (44,658)           191,170
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.05)             0.19
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (44,658)           191,170
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 28/05/2005         to
28/06/2005 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A


MOGU INTERNATIONAL: Creditors Meeting Set May 13
------------------------------------------------
Notice is hereby given that a meeting of the creditors of Mogu
International Limited (In Creditors' Voluntary Liquidation) will
be held at Duke of Windsor Social Service Building, 15 Hennessy
Road, Wanchai, Hong Kong on May 13, 2005 at 3 p.m. for the
purposes provided for in Sections 228A, 241, 242, 243 244 of the
Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at Ferrier
Hodgson Limited, 14th Floor, Hong Kong Club Building, 3A Chater
Road, Central, Hong Kong not later than 4:00 p.m. on 12 May
2005.

Dated this 6th day of May 2005

Join Wealth Developments Limited
Director


NEW SUCCESS: Proofs of Debt, Claims Due May 31
----------------------------------------------
Notice is hereby given that the creditors of New Success
Technologies Limited, which is in Creditors' Voluntary
Liquidation, are required on or before May 31, 2005, to send in
their names, addresses and particulars of their debts or claims,
and the name and address of their solicitors, if any, to the
undersigned at Suites 2205-6, Island Place Tower, 510 King's
Road, North Point, Hong Kong.

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 6th day of May 2005.

Chang Lai Ying
Lau Kwok Hung
Joint and Several Liquidators


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


BANK MANDIRI: Central Bank OKs Bond Issue
-----------------------------------------
Bank Mandiri has permission from Indonesia's central bank to
sell dollar-denominated bonds worth IDR2.83 trillion, Reuters
News reports.

According to the bank's Chairman Binhadi, the bank has not
decided when to issue the bonds, since they were only just
allowed to do so by the state central bank. They would have to
discuss when to issue the bonds for sale.

The bank was initially planning to sell IDR3.78 trillion in
dollar-denominated bonds in June or July, so as to develop its
business.

It appointed Citigroup Inc., Deutsche Bank, HSBC Holdings Plc.,
JPMorgan Chase & Co. and UBS AG to manage the bonds issue.

CONTACT:

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


BANK MANDIRI: AGO to Name Suspects in Scam
------------------------------------------
The Attorney General's Office (AGO) is scheduled to officially
name certain directors of state-owned Bank Mandiri as suspects
in a lending investigation on the bank, reports the Jakarta
Post.

Attorney General Abdul Rachman Saleh is set to sign the relevant
orders before any names can be released within the week, as a
sign of the government's resolve to fight corruption.

The AGO conducted a probe into the bank's lending activities
after an audit by the Supreme Audit Agency (BPK) uncovered
accounting irregularities worth IDR12 trillion.

Several bank officials were brought in for questioning,
including president director E.C.W. Neloe, vice president
director I Wayan Pugeg, consumer banking director Omar S. Anwar,
but none have been detained as yet. The AGO has arrested some
officer from four private companies who obtained loans from the
bank as part of a suspected scam.

According to deputy attorney general for special crimes
Hendarman Supandji, the investigations showed that suspects
intentionally abused lending regulations to favor special
clients, which caused losses for the state.

State Minister for Enterprises Sugiharto said that the
government would replace bank executives and other state
enterprises executives named as suspects in corruption cases,
including Bank Mandiri officials. They are set to replace
directors and commissioners this month.

Bank Mandiri will hold its annual shareholders' meeting on
Monday, May 16, 2005 to discuss a reshuffling of bank management
in the wake of the lending scam.


GARUDA INDONESIA: Unit Adds Flights to Maximize Aircraft Use
------------------------------------------------------------
Garuda Indonesia's budget carrier Citilink is set to increase
its flight frequency to 32 flights daily in order to make good
use of its aircraft, the Jakarta Post reports.

Increasing flights also raises profit, as well as improving
operational efficiency.

Citilink said in a press statement that it would offer more
flights to 6 Indonesian cities where the airline flies on a
regular basis, including Ampenan, Balikpapan, Denpasar, Jakarta,
Surabaya and Yogyakarta.

The low-cost carrier of Garuda Indonesia currently operates four
Boeing 737-300 airplanes with a capacity of 148 seats per
airplane.

CONTACT:

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


PERTAMINA: LNG-control Resolution Still Hanging
-----------------------------------------------
The Indonesian government is in talks with state-owned oil and
gas firm PT Pertamina to decide whether liquefied natural gas
(LNG) would be part of the firm's fixed assets, the Jakarta Post
reports.

According to Minister of Energy & Mineral Resources Purnomo
Yusgiantoro, the Ministry of Energy and the Ministry of Finance
had agreed to revaluate Pertamina's fixed assets, but the LNG
issue was still unresolved.

Both ministries agreed to peg Pertamina's accumulated assets,
including the its subsidiaries' and its own fixed assets locally
and abroad and the LNG plants, at IDR124.6 trillion, and not
IDR126 trillion as reported earlier.

The government will allow the local oil refineries currently
operated by Pertamina to remain under the state enterprise's
control. It was not sure, however, whether Indonesia's two LNG
plants in East Kalimantan and Nanggroe Aceh Darussalam would be
owned by Pertamina or the state Oil and Gas Upstream Regulatory
Agency (BP Agency). Mr. Yusgiantoro was quoted as saying that
they had to determine first whether the LNG plants would benefit
the Company.

Company spokesman Abadi Poernomo said that the plants should go
to Pertamina, so as to fulfill its contracts with buyers, but
due to their high value, the LNG plants' inclusion into the
Company's assets may lower its return on assets (ROA) ratio.

As for the government, it will have to create a separate company
if BP Migas is to have control of the LNG plants, as the
regulating body cannot operate a business.

CONTACT:

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


PERTAMINA: To Shut Down Refinery for Maintenance
------------------------------------------------
State-owned oil and gas firm PT Pertamina is set to shut down
its Dumai oil refinery in Riau for maintenance reasons, Dow
Jones reports.

According to the Company's director for processing Suroso
Atmomartoyo, the oil refinery, which produces 120,000 barrels
per day, will be shut down for 21 days in July.

The Company is also scheduled to shut down its oil refinery in
Cilacap for 20 days in September. This particular refinery
produces 110,000 barrels daily. At present, Indonesia has nine
oil refineries that produce a total of 1 million barrels of oil
daily.


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


BURUH SUKAI: Files for Bankruptcy
---------------------------------
K.K. Buruh Sukai has entered bankruptcy, according to Teikoku
Databank America.

The hotel management firm, based in Sumoto-Shi Hyogo 656-0022,
has total liabilities of US$49.67 million.

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


HUIS TEN: Seeks Retirement of 150 Employees
-------------------------------------------
Huis Ten Bosch Co., under bankruptcy protection from creditors,
is inviting voluntary retirement offers from some 150 of its
1,000 employees, Kyodo News reports.

The move comes after revenue at the Sasebo, Nagasaki Prefecture,
company fell to JPY16.9 billion last year, missing its target of
JPY25.4 billion.

CONTACT:

Huis ten Bosch Co.
10 Huis Ten Bosch-cho, Sasebo


JAPAN AIRLINES: Sees Weaker Earnings This Year
----------------------------------------------
Japan Airlines posted a net profit of JPY30.10 billion in the
year to March, but maintained its forecast of weaker earnings
this year because of high fuel costs, The Taipei Times reports.

For the current year the group expects recurring profit to more
than half to JPY29 billion but sees sales rising further to
JPY2.21 trillion.

"Due to rising fuel costs, profits are expected to dwindle
despite expected growth in revenue," Haruka Nishimatsu,
executive officer in charge of investor relations, told a news
conference.

The airline announced that its Chairman had resigned, effective
May 31, to take the blame for failing to prevent a recurrence of
operational problems after a series of mishaps.

Chairman Isao Kaneko had already stepped down as Chief Executive
Officer on April 1.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


JAPAN AIRLINES: Firms Up $5.3B Plane Order
------------------------------------------
Boeing and Japan Airlines (JAL) has completed contracts for 30
Boeing 787 Dreamliners and 30 Next-Generation 737-800 passenger
airplanes, agreements worth $5.3 billion at list prices. JAL
also has options for 20 more 787s and 10 more 737s.

Japan Airlines sees the 787 Dreamliner as its next generation
mid-sized twin aisle airplane, replacing Boeing 767s and Airbus
A300-600s. The 737s will replace and expand JAL's single-aisle
fleet. JAL announced it had selected the 787 last December and
the 737 in February.

"This is a very special day for Boeing and Japan Airlines, two
great companies that are working together to build the future
and who share a solid understanding of the aviation market,"
said Boeing Commercial Airplanes Vice President for Sales Larry
Dickenson. "The 787 will provide JAL the best in efficiency,
economics, and reliability for medium-to-long-range operations,
and the 737 provides the lowest operating costs with the best
reliability in its class."

JAL is one of 20 airlines that have announced orders and
commitments for 255 Dreamliners. Completing the JAL agreement
brings to 112 the number of 787s under firm contract. The 787
will be the key airplane on several of JAL's domestic and
international routes. The 787 will "provide outstanding
flexibility in route planning and a wonderful flying experience
for passengers," according to Japan Airlines.

The airline selected the 737 because of its confidence in the
airplane's technology, flexibility, reliability, and economic
and environmental performance.

The 787 family includes three airplanes seating 200 to 300
passengers that fly between 3,500 and 8,500 nautical miles
(6,500 to 16,000 kilometers). The 787 will use 20 percent less
fuel than today's comparable airplanes and will offer passengers
a new interior environment with higher humidity levels, wider
seats and aisles, larger windows, and other conveniences.

Boeing launched the 787 in April 2004. Production will begin in
2006. First flight is expected in 2007 with certification,
delivery and entry into service in 2008.

The Next-Generation 737 features the newest technology in its
class and is the category leader in reliability and operating
costs. The 737-800 generates more revenue than the A320 by
carrying up to 12 more passengers and approximately one-half ton
more cargo. Its industry-leading reliability rate, fuel-
efficient performance, and quick turn-around time make it ideal
for airlines around the world.

Contacts:

Bob Saling, Seattle, (206) 766-2914 (office), (206) 852-3327
(mobile), e-mail: bob.saling@boeing.com

Yvonne Leach, 787 Program (Everett), (425) 342-8537 (office),
(206) 854-5027 (mobile), e-mail: yvonne.l.leach@boeing.com

Sandy Angers, 737 Program (Renton), 425-965-9380 (office),
206-851-7974 (mobile), e-mail: sandra.l.angers@boeing.com

Naoko Masuda, Tokyo , +81 (03) 5223-1234 (office),
+ 81 (90) 2415-4000 (mobile), e-mail: naoko.masuda@boeing.com

This is a Company press release.


MATSUMURAGUMI K.K.: Enters Bankruptcy
-------------------------------------
Matsumuragumi K.K. has begun bankruptcy proceedings with total
liabilities of US$793.33 million, says Teikoku Databank America.

The civil engineering and construction firm is based in Osaka-
Shi, Osaka 530-0044.

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


MITSUBISHI MOTORS: To Halt Car Production in Indonesia
------------------------------------------------------
Mitsubishi Motors Corporation will stop building passenger cars
in Indonesia next month due to lack of money for developing new
models, AFX News reports.

The automaker will end production of the ageing Kuda
recreational vehicle and Galant sedan at its passenger car plant
in Jakarta and lay off 300 workers.

MMC will continue to make trucks and minibuses at the plant, and
begin importing cars made at its plants in Thailand and
elsewhere for sale in Indonesia.

CONTACT:

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


MITSUBISHI MOTORS: Launches New Electric Vehicle Technology
-----------------------------------------------------------
Mitsubishi Motors has chosen to center its development of next-
generation electric vehicle technology on in-wheel motors and on
lithium-ion batteries that the company has been working on for
several years. Currently working on a test vehicle that utilizes
these technologies, which it has dubbed the Mitsubishi In-wheel
motor Electric Vehicle (MIEV) concept, the company also
envisages their application to hybrid electric vehicles and fuel
cell vehicles.

The in-wheel motor makes it possible to regulate drive torque
and braking force independently at each wheel without the need
for any transmission, drive shaft or other complex mechanical
components. For this reason, MIEV offers highly promising
potential in the ongoing evolution of Mitsubishi's all-wheel
control technology that is employed so successfully in the
Lancer Evolution, Pajero and other 4WD models.

The fact that the drive system is housed inside the wheel itself
offers significantly greater design freedom and also makes it
easier to locate such space-consuming components as the battery
system, fuel cell stacks and hydrogen tanks used in hybrid and
fuel cell vehicles.

Lithium-ion battery technology offers superior specific energy,
specific power, and life over other types of rechargeable
batteries and as such is expected to contribute to higher top
speeds, extended cruising ranges and to greater weight
reductions in hybrid and fuel cell vehicles.

Mitsubishi Motors has already started development and testing of
the MIEV concept using a production compact vehicle, Colt, to
serve as the rolling test bed. The Colt EV uses rear in-wheel
motors powered by a lithium-ion battery system. The company is
also currently developing a more powerful in-wheel motor for use
in a 4WD test car. The Colt EV will be on display at the "2005
Automotive Engineering Exposition" to be held at the Pacifico
Yokohama Exhibition Hall, Yokohama from May 18 through May 20.


OLYMPUS CORPORATION: Shares Tumble on Deutsche Rating Downgrade
---------------------------------------------------------------
Shares of Olympus Corporation fell over 3 percent by Wednesday
afternoon after Deutsche Securities cut its rating, saying the
company's plan for restructuring its loss-making digital camera
business would not be enough to ensure a sustainable recovery,
according to Reuters.

The Company said it would cut 4,000 jobs in its camera division,
mostly relatively low-paying ones in China, and said it would
consolidate some of its factories as part of a major overhaul of
its digital camera operations.

But Deutsche Securities analyst Yoshikazu Higurashi said the
moves were not aggressive enough to ensure profitability over
the long term. He cut his rating on the stock to "hold" from
"buy" and lowered his target price to 2,250 yen from 2,570 yen.

On Monday, Olympus reported a net loss of JPY11.83 billion
($112.1 million) for the year ended March 31 as sliding prices
of digital cameras pushed its imaging division deep into the
red.

CONTACT:

Olympus Corporation
Monolith, 3-1 Nishi-Shinjuku,
2-chome, Shinjuku-ku
Tokyo 163-0914, Japan
Phone: +81-3-3340-2111
Fax: +81-3-3340-2062


RYUKYU RIZOHTO: Declares Insolvency
-----------------------------------
K.K. Ryukyu Rizohto has begun bankruptcy proceedings with total
liabilities of US$164.76 million, says Teikoku Databank America.

The golf course operator is based in Shimajiri-Gun, Okinawa
901-0513.

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


SOFTBANK CORPORATION: Widens Net Loss to JPY27.27 Bln
-----------------------------------------------------
Softbank Corporation incurred a group net loss of JPY27.27
billion for the three-month period ending in March 31, versus a
year-earlier loss of JPY13.41 billion, reports Dow Jones
Newswires.

For the year ended March 31, Softbank's group net loss narrowed
to JPY59.87 billion from JPY107.09 billion a year earlier. Its
group operating loss shrank to JPY25.36 billion from JPY54.89
billion, while its group revenue jumped 62% to JPY837.02
billion.

During the past fiscal year, profitability of most of its
operations including e-commerce and financial services improved,
while the broadband-network business posted a smaller operating
loss. But its new fixed-line telephone business incurred an
operating loss of JPY36.07 billion.

Softbank didn't disclose earnings forecasts. Its earnings are
based on Japanese accounting standards.

CONTACT:

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


TETORA FAINANSU: Begins Bankruptcy Proceedings
----------------------------------------------
Tetora Fainansu K.K. has entered bankruptcy, according to
Teikoku Databank sAmerica.

The business credit firm, based in Minato-ku, Tokyo, has total
liabilities of US$55.90 million.

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


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


KOREA EXCHANGE: Earnings Triple in First Quarter
------------------------------------------------
Korea Exchange Bank (KEB) reported over 200% increase in its
first quarter net profit for the year due to reduced bad debt
expenses, reports Asia Pulse.

For its January-April period, the Company reported net profit of
KRW325.8 billion, a 262.75% increase from its 2004 net profit
for the same period last year. KRW254 billion came from its
banking business, while KRW71.8 billion came from the bank's
credit card unit.

KEB's operating profit also increased by 17.33% to KRW231.5
billion, while net income surged 259.19% to KRW327.3 billion.
The bank attributes its high increase in profits to improved
asset quality, reduced bad debts, and fewer provisions to cover
existing bad debts. KEB's ratio of substandard loans also
dropped 2.31 percentage points to 1.7%.

With these results, the bank hopes to meet its target profit og
KRW700 billion for 2005. Korea Exchange Bank is under the
control of U.S. investment fund Lone Star, which bought a 51%
stake in the bank in October 2003.

CONTACT:

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


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


AMSTEEL CORPORATION: Divests Two Units
--------------------------------------
Amsteel Corporation Berhad announced that in relation to the
Company's proposed disposal of subsidiaries Lion Ipoh Parade Sdn
Berhad (LIPSB) and Lion Seremban Parade Sdn Berhad (LSPSB) to
TMW Lion GmbH, the proposed disposal of LSPSB was completed on
Tuesday, May 10, 2005.

The Company is currently awaiting the completion of the disposal
of LIPSB.

CONTACT:

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


GULA PERAK: Lists Extra Shares
------------------------------
Gula Perak Berhad's additional 150,000 new ordinary shares of
MYR1.00 each issued pursuant to the Company's Conversion of
180,000 redeemable convertible secured notes 2003/2008 into
150,000 new ordinary shares will be granted listing and
quotation effective Thursday, May 12, 2005, 9:00 a.m.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 668


I-BERHAD: Posts Shares Buy Back Notice
--------------------------------------
I-Berhad disclosed the details of its shares buy back on May 10,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 10/05/2005

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

Total number of shares purchased (units):              4,000

Minimum price paid for each share purchased (MYR):      0.800

Maximum price paid for each share purchased (MYR):      0.800

Total consideration paid (MYR):                    3,224.48

Number of shares purchased retained in treasury
(units):  4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,601,900

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

CONTACT:

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


LION INDUSTRIES: SC Extends Restructuring Deadline to Sept. 9
-------------------------------------------------------------
Lion Industries Corporation Berhad (LICB), together with Lion
Corporation Berhad (LCB) and Amsteel Corporation Berhad (ACB),
announced that the Securities Commission (SC has approved an
extension of the deadline to Sept. 9, 2005, for the Companies to
complete the following proposals under the corporate and debt
restructuring exercises

a) For LCB, the renounceable restricted offer for sale of up to
approximately 67.61 million ordinary shares of MYR1.00 each in
ACB by LCB to the eligible shareholders of ACB;

b) For LICB, the corporate proposal by Amsteel Mills Sdn Bhd
(AMSB) to offer the AMSB's scheme creditors the opportunity to
tender their debts for cancellation by the AMSB's scheme
companies in consideration for shares in ACB and Lion
Diversified Holdings Berhad; and

c) For ACB, the issue of approximately 251.92 million new 4«
years warrants to shareholders of ACB.

CONTACT:

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


MAXIS COMMUNICATIONS: To List Additional Shares
-----------------------------------------------
Maxis Communications Berhad's additional 113,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Friday, May 13, 2005, 9:00 a.m.

CONTACT:

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


METROPLEX BERHAD: Opposes Appointment of Provisional Liquidator
---------------------------------------------------------------
Metroplex Berhad announced that in relation to the winding-up
petition served on the Company by Morgan Stanley Emerging
Markets, Inc., the Kuala Lumpur High Court had on May 10, 2005
adjourned a hearing to appoint a Provisional Liquidator for the
Company from May 10 to July 20, 2005.

The Company has filed an application to strike out the
application, and has instructed its solicitors to oppose the
application to appoint a Provisional Liquidator.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911


NALURI BERHAD: Warrants to Expire Next Month
--------------------------------------------
Naluri Berhad announced that trading in the Company's warrants
1995/2005 will be suspended effective Thursday, May 26, 2005,
9:00 a.m., after which they will removed from the Official List
of the Bursa Malaysia Securities Berhad on Monday, June 13,
2005, 9:00 a.m.

1. Trading of the Warrants 1995/2005 will be suspended with
effect from 9.00 a.m., Thursday, 26 May 2005.

2. The Warrants will be removed from the Official List of the
Exchange with effect from 9.00 a.m., Monday, 13 June 2005.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax:   +60 3 2162 0676


PAN MALAYSIA: SC Approves Extension to Remit Shares to Investors
----------------------------------------------------------------
Pan Malaysia Corporation Berhad (PMC) refers to the private
placement of up to 73,950,000 new ordinary shares at MYR0.50
each, representing 10% of the previously issued and paid-up
share capital of the Company.

PMC announced that the Securities Commission (SC) had on Jan.
19, 2005 required the Company to allocate 10,121,429 PMC shares
to Bumiputera investors, in accordance with the Bumiputera
condition to increase the Company's Bumiputera shareholdings by
3.21% of its enlarged issued and paid-up share capital before
April 15, 2005.

The Company further announces that the SC granted a further
extension up to April 15, 2006 for the Company to allocate the
remaining PMC shares to Bumiputera investors as stated above.
All other conditions imposed by the SC will continue to be
enforced.

CONTACT:

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


PUNCAK NIAGA: Granted Listing of Additional Shares
--------------------------------------------------
Puncak Niaga Holdings Berhad's additional 17,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Friday, May 13, 2005, 9:00 a.m.

CONTACT:

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


Y.S.P. SOUTHEAST: Members Voluntarily Wind Up Unit
--------------------------------------------------
Y.S.P. Southeast Asia Holdings Berhad announced that the Company
plans to voluntarily wind up its wholly owned subsidiary, Yung
Shin Southeast Easia Holdings Berhad (YSSEA), which has ceased
operations. The Company will hold an extraordinary general
meeting (EGM) of YSSEA today, May 11, 2005, to approve the
members' voluntary wind-up of the unit.

The cost of investment in YSSEA is MYR49,424,604; the wind-up
will not affect the Company's share capital, earnings per share,
assets and liabilities in any way.

The Company is set to gain MYR12,538,543 from the wind-up
proceedings in the following manner:

Amount due from YSPSAH to YSSEA: MYR61,963,146.72 (Note 1)
(being waived by YSSEA)

Less : Investment Cost in YSSEA: MYR49,424,604.00

Total Gain:                      MYR12,538,542.72

Note 1
YSPSAH bought over YSSEA and the subsidiaries at
MYR61,963,146.72 after deducting certain inter-company balances.

CONTACT:

Y.S.P. Southeast Asia Holdings Berhad
16th Floor, Plaza IBM
Kuala Lumpur 60000
Malaysia
Phone: (3) 772-76390
Fax:   (3) 772-76701


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


BENPRES HOLDINGS: Posts Details of Sale of Digitel Shares
---------------------------------------------------------
This is in reference to Circular for Brokers No. 2186-2005 dated
May 9, 2005, pertaining to Benpres Holdings Corporation's sale
of its shareholdings in Digital Telecommunications Inc. (DGTL)
in April 2005.

In relation thereto, the Company, in its letter dated May 11,
2005, provided the Exchange the following additional
information:

(1) Benpres sold 10,507,000 DGTL shares to book trading profits.

(2) Shares were sold at the PSE. We are not aware of the
identity of the buyer.

(3) Disposed shares is equivalent to 0.17% of the total issued
and outstanding shares of DGTL based on the total outstanding
shares of 6,356,976,310 as of December 31, 2004. However, this
no. of shares does not reflect the dilution which results from
the parent Company zero coupon convertible bonds and DCPL zero
coupon convertible bonds as disclosed in the DGTL 2004 financial
statements.

(4) The total consideration of shares disposed of amounted to
Php13.0 million.

(5) Funds will be used for working capital requirements of
Benpres.

CONTACT:

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


MANILA ELECTRIC: Sees 2005 Net Loss at Php3.7 Bln
-------------------------------------------------
Manila Electric Company (Meralco) expects to incur a net loss of
Php3.7 billion this year due to provisions for possible losses
after a lower court barred the Company from raising its tariffs,
The Philippine Daily Inquirer reports.

Meralco is likely to book total provisions of Php6.5 billion
this year from Php9.8 billion last year. Provisions already
stood at Php1.04 billion in the fist quarter of this year.

Earlier, the Company said it would book more provisions to cover
possible adverse decision on a case related to the unbundling of
tariffs currently awaiting Supreme Court decision.

Initially, Meralco was expected to rake in a net profit of
Php3.2 billion this year after suffering a net loss of Php2.6
billion last year.

Meralco's total under-recoveries as of end-March stood at Php3.4
billion, of which Php1.2 billion had been booked during the
first quarter.

But the power utility firm still hopes to start its recovery
process by next year with a net profit of Php2.2 billion for
2006 and Php6.5 billion in 2007, if the Energy Regulatory
Commission approves a rate adjustment mechanism preventing the
company from incurring more under-recoveries starting next year.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Ranks Fifth in Corporate Governance
----------------------------------------------------
Asiamoney, one of Asia's top magazines, named the Manila
Electric Company (Meralco) as one of the best managed companies
in Asia for investor relations, financial transparency and
corporate governance efforts, Business World reports.

The cash-strapped utility firm was also ranked fifth in
corporate governance.

Elpi Cuna, vice-president for corporate communication, said
"Meralco's continued effort to disseminate operational and
financial information, as well as much-needed regulatory
developments and updates, has facilitated more meaningful
business and investor relationships."


MAYNILAD WATER: Manila Water Refuses Major Stake
------------------------------------------------
Manila Water Corp. is only interested to own a minor stake in
the consortium that will bid for ailing west water
concessionaire Maynilad Water Services Inc., according to The
Philippine Star.

While Manila Water has joined the group evaluating the viability
of taking over the rehabilitation of Maynilad, its main
concentration is still fixed on its own east water concession.
It said an investment in Maynilad will only be pursued if it
would add value to shareholders.

Manila Water president Antonino T. Aquino said the firm does not
see any legal legal impediments to its planned acquisition of
the Lopez-owned Maynilad. But he ruled out the possibility of
consolidating operations of both firms should the proposed deal
push through.

Manila Water and Maynilad are the two consortia that won the
Metropolitan Waterworks and Sewerage System's 25-year contract
in 1997 to supply water and provide sewerage service in
metropolitan Manila.

While Manila Water managed to make a profit from its operation
of the east zone, Maynilad faltered and offered to return the
concession in 2002.

Maynilad's proposed rehabilitation plan is now up for approval
by the court. Completion of the rehabilitation plan would pave
the way for the entry of new investors, such as the Manila Water
consortium, which includes the ING Group.

CONTACT:

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


NATIONAL POWER: ERC Defends Power Rate Hike
-------------------------------------------
The Energy Regulatory Commission (ERC) has defined its decision
to grant National Power Corporation's (Napocor) Php1.03 per
kilowatt-hour (kwh) rate increase, relates The Philippine Star.

The regulator stressed its decision has factual and legal basis.
It said the decision to approve the power rate hike application
was a 10-month long scrutiny of the evidence by Napocor and no
less than 42 oppositors and intervenors, and after conducting 21
hearings in Luzon, Visayas, and Mindanao.

While it is difficult to make a decision, the ERC, nevertheless,
granted an increase in the rates for Napocor to recover its
costs in generating electricity. The additional rates were
granted to viability and continued operation of the prime source
of generated electricity in the country.

ERC earlier granted a PhpP1.0354 per kwh rate hike instead of
the Php1.87 per kwh increase Napocor applied for.

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/


PACIFIC PLANS: Yunchengco School May Accept Tuition Scheme
----------------------------------------------------------
Mapua Institute of Technology, a unit of the Yuchengco Group of
Companies (YGC), is likely to accept as payment for enrollment
fixed-value plans held by beneficiaries of sister firm Pacific
Plans Inc., relates The Philippine Daily Inquirer.

The fixed-value plans will be issued only after a Makati City
court approves Pacific Plans' petition for rehabilitation.

Pacific Plans earlier said it was in talks with financial
institutions to put up a liquidity window that would buy the
plans from plan holders who need immediate cash.

Pacific Plans filed for rehabilitation last month, saying it
will not be able to meet future claims. The pre-need firm,
however, stressed that its assets still exceed its liabilities.

Its assets are in the form of government-guaranteed bonds with a
face value of US$52 million that would mature in July 2010. If
sold now, they would fetch Php550 million less than if redeemed
at maturity.

To avoid this loss, Pacific Plans' fixed-value plans would also
be redeemable shortly after the government bonds do in 2010.


* Fitch Rates Philippines Global Bonds 'BB'
------------------------------------------
Fitch Ratings, the international rating agency assigned a rating
of 'BB' to the Republic of the Philippines' USD750 million bond
issue. The issue re-opens the 8.875% USD Global Bonds maturing
in 2015 and the 9.5% USD Global Bonds maturing in 2030.

Fitch says the Philippines' Long-term foreign currency rating of
'BB' with a Negative Outlook reflects concerns about fiscal
flexibility in the presence of high levels of public debt but
also recognises the country's relatively comfortable external
finances and recently robust macroeconomic performance.

Government debt (on a consolidated basis) was estimated at 73.4%
of GDP at end-2004 compared to a 'BB' median of 51.8%, with a
heavy interest servicing burden equivalent to 30% of total
government expenditure. These concerns are compounded by
financial pressures in the state enterprise sector. However 2004
saw a seventh successive year of current account surplus at 2.4%
of GDP, supported by USD9.5 billion of overseas Filipino
workers' remittances which continue to grow rapidly. The 2005
external liquidity ratio is estimated at 151%, close to the 'BB'
median of 158%, while net external debt as a share of current
external receipts declined to 62% in 2004, a ratio which is
substantially below that of 'BB-' (BB minus) rated Turkey
(119.7%), Brazil (124.6%) and Indonesia (103.7%).

Fitch notes that, while it has been a long time coming,
legislative progress on the crucial VAT package looks as though
it may be imminent, with reports of a bicameral agreement to
raise the VAT rate from 10% to 12% from January 2006,
substantially reduce VAT exemptions and raise the corporate tax
rate from 32% to 35% for three years.

While final details are still emerging, Brian Coulton, head of
Fitch's Sovereigns group in Asia said, "Such a package, if
implemented, would help to push the primary fiscal surplus
towards 3% of GDP from an estimated 1.5% in 2004. In the
presence of healthy nominal GDP growth this would put the
government debt to GDP ratio on a firm downward trajectory over
the medium-term."

However, he adds it will also be crucial to maintain expenditure
restraint and continue with intense efforts to raise tax
collection efficiency.


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


CHINA AVIATION (S): Hikes Offer to Pay Debt
-------------------------------------------
China Aviation Oil (Singapore) Corp. (CAO) will pay its
creditors at least half the $530 million of its debt, Bloomberg
reports, citing people familiar with the plan.

CAO previously offered its creditors 41.5 cents on the dollar
for its debt.  The company has now raised its offer to 50 cents
on the dollar, and offered a shorter payment term from the
original eight years.

The company would seek for the creditors approval to accept the
revised plan during its June 10 meeting.  Should the plan be
rejected, CAO would be at risk of being liquidated.

According to David Gerald, president of the Securities Investors
Association Singapore, creditors should be reasonable and accept
the revised plan, for they would not get anything if they walk
away, as the company would go into liquidation.

Mr. Gerald said CAO's creditors such as Standard Bank London
Ltd., SK Corp. and Sumitomo Mitsui Banking Corp. have said the
oil trader's state-owned Chinese parent should provide more
assistance to the company.

"There's a limit to how much the parent company can do,"
Bloomberg quoted Mr. Gerald as saying. "There is no point
walking away from a revised offer because you get nothing in the
end."

About more than half of the approval of the creditors,
accounting for 75 percent of its outstanding debt, is needed in
order to pass the debt plan.

CAO is indebted to 100 creditors for about $530 million in
January.  The company offered to pay $100 million up front and
another $120 million over eight years.  China Aviation Oil
Holding Co. (CAOHC) CAO's parent firm offered to convert part of
a loan to its unit into equity and invest a further $100 million
with a partner.

Meanwhile, CAOHC is currently in talks with Singapore's Temasek
Holdings Pte on a possible joint investment in CAO.

CAO was forced to seek bankruptcy protection after it incurred a
$550 million loss as a result of engaging in speculative trading
on oil prices.

CONTACT:

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


CYBER VILLAGE: Releases 1Q/FY2005 Financial Statement
-----------------------------------------------------
Cyber Village Holdings Ltd. furnished the Singapore Stock
Exchange (SGX) a copy of its First Quarter Financial Statement
and Dividend Announcement for the period ended March 31, 2005.

Turnover

The Group recorded a turnover of $578,000 in the first quarter
of the current financial year, FY2005 (1Q05). This represents a
decrease of 25.2 percent from the first quarter of FY2004
(1Q04).

The drop in revenue is largely due to lower billings for secured
contracts carried forward from FY2004 as well as a weaker
quarter in terms of new business.

Costs of sales

The costs of sales also decreased by a corresponding 22.8% in
1Q05 compared to 1Q04, from $263,000 to $203,000.

Gross Profit

As a result, gross profit is reduced by $135,000 to $375,000
between 1Q04 and 1Q05.

Loss after Tax

For the 1Q05, the Group recorded a loss of $190,000 as compared
to a loss of $555,000 in 1Q04. This represents an improvement of
$365,000 over the corresponding period. The reduction in losses
was achieved due in part to the fact that we had made a
provision for doubtful debt in 1Q04 amounting to $345,000.

Without taking into consideration of the provision for doubtful
debts of $345,000 in 1Q04, stop amortizing on goodwill and the
share option expense in 1Q05, the results is relatively
unchanged. The lower gross profit for 1Q05 is compensated by
lower cost of operations.

To view a full copy of the financial results, click
http://bankrupt.com/misc/CyberVillage051205.pdf

CONTACT:

Cyber Village Holdings Limited
50 Raffles Place #29-00
Singapore Land Tower
Singapore 048623
Telephone: 65 62212231
Fax: 65 62210919
Web site: http://www.cyber-village.net


DATACRAFT ASIA: Books US$109 Mln in Revenues
--------------------------------------------
Datacraft Asia Ltd. the region's leading independent IT services
company, reported a good set of results with double-digit
revenue growth and triple-digit operating profit after tax
increase for the second quarter ended March 31, 2005. Results
for the first half to March 2005 also registered robust year-
over-year improvements.

Financial Highlights

Second Quarter       2005        2004        y-o-y %
Ended March 31    US$million   US$million   improvement

Revenue               109.0       89.0         23

Pre-tax Profit*         4.5        2.0        120

Profit Attributable
to Shareholders*        2.6        1.1        139

First Half             2005        2004       y-o-y %
Ended March 31      US$million   US$million   improvement

Revenue                212.5       176.9       20

Pre-tax Profit*          8.8         4.0      122

Profit Attributable
to shareholders*         5.2         2.1      149

*the FYO4 comparatives exclude goodwill amortization

To view a full copy of the financial results, click
http://bankrupt.com/misc/DatacraftAsiaQ205resultsannt.pdf
http://bankrupt.com/misc/DatacraftAsiaQ205resultsPR.pdf

CONTACT:

Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com


IONICS EMS: Unveils New Board Appointments
------------------------------------------
Ionics EMS Inc. advised the Singapore Stock Exchange (SGX) that
at the organizational meeting of the Board of Directors held
Tuesday, 10 May 2005:

(a) The following officers of the Corporation were appointed to
the positions set forth after their names:

Lawrence C. Qua - Chairman/Chief Executive Officer

Jan D. Doets - President/Chief Operating Officer/

VP-Finance (ad interim)

Remedios C. de Jesus - Executive Vice President

Raymond C. Qua - Treasurer

Manuel R. Roxas - Corporate Secretary

Anna Melissa R. Lichaytoo - Assistant Corporate Secretary

(b) The following Committees were also organized as follows:
Nominations Committee Edgardo M. del Fonso - Chairman

Loo Choon Chiaw - Member

Meliton C. Qua - Member

Audit Committee

Loo Choon Chiaw - Chairman

Meliton C. Qua - Member

Jovenal R. Santiago - Member

Remuneration Committee

Jovenal R. Santiago - Chairman

Edgardo M. del Fonso - Member

Lawrence C. Qua - Member

Submitted by
Melissa Lichaytoo
Assistant Corporate Secretary
10 May 2005

CONTACT:

Ionics EMS Inc
Fusion Street, PEZA
Light Industry & Science Park,
Barrio Diezmo
Cabuyao, Laguna
Philippines
Telephone: 632 889 8578
Fax: 632 889 8584 or 6349 543 0145
Web site: http://www.ionics-ems.com
          http://www.ionicsgroup.com


PROWELL BUILDING: Receiving Proofs of Claims Until May 24
---------------------------------------------------------
Prowell Building and Civil Construction Co. (Pte) Ltd (In
Liquidation) posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details.

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

Court: High Court of Singapore

No. of Matter: No. 12 of 1994

Last Day for Receiving Proofs: 24th May 2005

Name and Address of Liquidator:

Wee Phui Gam
c/o 143 Cecil Street
#07-03/04 GB Building
Singapore 069542
6th May 2005


SELCO VESSELS: First and Final Dividend Declared
------------------------------------------------
Selco Vessels Pte Ltd Co. (In Compulsory Liquidation) of 8 Cross
Street #11-00 PWC Building Singapore 048424 posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details.

Court: High Court of the Republic of Singapore

Number of Matter: Companies Winding Up No. 124 of 1986

Amount per centum: 3.8299 cents to a dollar

First and final or otherwise: First and final dividend

When payable: 9th May 2005

Where payable:

c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.
Dated this 6th day of May 2005


SHINYEI SINGAPORE: Requires Creditors to Prove Claims by June 6
---------------------------------------------------------------
Notice is hereby given that the creditors of Shinyei Singapore
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before June 6, 2005 to
send in their names and addresses and particulars of their debt
or 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, by their solicitors or personally, to come in and prove
their 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 6th day of May 2005.

Shigeru Okumoto
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


SP CORPORATION: Unit Placed in Voluntary Liquidation
----------------------------------------------------
The Board of Directors of SP Corporation Limited advised the
Singapore Stock Exchange (SGX) that its wholly-owned subsidiary
incorporated in Hong Kong, BPL (HK) Private Limited, which has
been dormant since 2003, has been placed under voluntary
liquidation.

The above liquidation is not expected to have any material
impact on the net tangible assets and earnings per share of the
Group for the financial year ending December 31, 2005.

SP Corporation Limited (Company Registration No. 195200115K) is
a subsidiary of Tuan Sing Holdings Limited. The Company is a
diversified marketing, engineering and industrial services group
with subsidiaries involved in Tyre and Auto Products Globaltraco
International Pte Ltd and Singapore Bandag Pte Ltd), Commodities
& Specialty Products Trading (SP Resources International Pte Ltd
and SP Global International Pte Ltd), and Energy and Engineering
Services (SP Mining & Engineering Pte Ltd and Soil & Foundation
Pte Ltd).

Submitted by
Chia Hue Siew
Company Secretary

By Order of the Board
10 May 2005

CONTACT:

SP Corporation Limited (formerly: SPP Limited)
9 Oxley Rise
#03-02 The Oxley
Singapore 238697
Telephone: 65 62237211
Fax: 65 62241085


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


NATURAL PARK: Strikes Deal to Build Hotel
-----------------------------------------
Natural Park Public Company Limited, informed the Stock Exchange
of Thailand (SET) that the Board of Directors Meeting of the
Company No. 7/2005, held on May 9, 2005 resolved for the Company
to enter into the agreements, which are related to the
Ratchaphatsadu land at Rong Pasee Roi Chak Sam Development
Project with the Treasury Department, Ministry of Finance, on
behalf of the Joint Venture of Natural Park Public Company
Limited, Amanresorts Services Limited and Silver Link Holdings
Limited (the Joint Venture), in order to develop the land for
hotel construction, with the following details:

(1) Date, Month, Year of Transaction: 10 May 2005

(2) Parties Concerned

Owner of the land: The Treasury Department, Ministry of Finance

Developer: The Joint Venture of Natural Park Public Company
Limited, Amanresorts Services Limited and Silver Link Holdings
Limited

Relationship with the Listed: The Treasury Department, Ministry
of Finance, Company is not the connected person with the
Company, and Amanresorts Services Limited and Silverlink
Holdings Limited are not the connected persons with the Company
under the Notification of the Board of Directors of The Stock
Exchange of Thailand.

(3) General Characteristics of the Transaction:

(3.1) Background of the Project

Due to the Thai Treasury Department has a policy to develop
Ratchaphatsadu land at Rong Pasee Roi Chak Sam Plot, which
situated on the Chaopraya River, Soi Charoenkrung 36, Khet
Bangrak, Bangkok.  The land has an area of 5-0-60 rai and 3
heritage buildings with historical, cultural and architectural
values that were built in the reign of King Rama V.

The development project will include management of
Ratchaphatsadu land to become valuable and gain the most
benefit.  In addition, it will preserve and renovate antique
buildings that have historical, cultural and architectural
values and encourage the tourism industry.

Therefore, the announcement was made to invite private sectors
to participate in the bidding of the project where 3 parties
submitted the bid.

As a result, the Joint Venture proposed an offer in accordance
with the condition of the bid and with the highest return, thus,
proposed to the Ministry of Finance to propose to the cabinet
for approval in conformity with the Permitting Private Sector to
Participate in or Operate State Business Act, B.E. 2535.

The cabinet resolved on December 28, 2004 to approve as
proposed.

(3.2) Feature of Project

The Joint Venture will invest to develop the Ratchaphatsadu
Land to construct the hotel and constructions and transfer the
ownership right to the Ministry of Finance.  In addition, the
Joint Venture will preserve and renovate 3 heritage buildings on
the Ratchaphatsadu Land in accordance with law in order to
operate hotel business.

After completing the construction, there will be 33 rooms that
will be developed under the concept of Heritage Development and
retained architectural and historical values.  The interior will
focus on culture and art to be in-line with the environment,
also, manage the landscape on the riverbank to be in accordance
with Thai lifestyle.  The hotel is a Boutique Hotel.

The Joint Venture will be entitled to the right to manage the
constructed hotel for 30 years commencing from the date of the
execution of the agreements. The Joint Venture will pay the
management fee to the Treasury Department, Ministry of Finance
in the amount of THB125,000,000.

Besides the said fee, the Joint Venture will pay the
consideration as the rental of the land together with the hotel
building and other constructions under the Project to the
Treasury Department, Ministry of Finance, as follows: for the
lease term of the 1st year to the 11th year at the rate of
THB3,300,000 per year; the 12th year to the 16th year at the
rate of THB30,000,000 per year; the 17th year to the 20th year
at the rate of THB40,000,000 per year; and the 21st year to the
30th year at the rate of THB100,000,000 per year, totaling
THB1,346,300,000 with the Present Value of THB447,958,389 at
5.125% Discount Rate.

The volume of said transaction as calculated solely from the
management fee of THB125,000,000 equals 0.73% according to the
criteria of the value of consideration under the consolidated
financial statements of the Company.

(4) Details of Assets: Lease right of the land together with the
hotel building and other constructions, with the lease term of
30 years from May 10, 2005 to May 9, 2035.

(5) Total value of the consideration and conditions of payment

Total Value of Consideration:

(1) Fee in the amount of THB125,000,000.

(2) Rental for 30 years, totaling THB1,346,300,000.

Conditions of Payment:

(1) The Joint Venture will pay the fee in the amount of
THB125,000,000 on the date of entering into the agreements
(10 May 2005)

(2) The Joint Venture will pay the rental for the first year
advance in the amount of THB3,300,000 on the date of entering
into the agreements (May 10, 2005) and the rental for subsequent
years will be paid in advance within 2 months after 9 May of
each year.

(6) Criteria for fixing the Consideration: Result from winning
the bid

(7) Source of fund used in the Transaction: The working capital
of the Company and loan of the Joint Venture

(8) Benefits expected to be derived: Profits from the operations
of the Joint Venture by the Company

Please be informed accordingly.

Sincerely yours,

Mr. Sermsin Samalapa
President & Chief Executive Officer

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


NFC FERTILIZER: Gives Nod to RBT Rehabilitation
-----------------------------------------------
According to the increase investment fund plan of NFC Fertilizer
Plc in Rayong Bulk Terminal (RBT) (subsidiary company of NFC),
which have submitted to the Board of Creditors on May 10, 2005,
the board has considered two injected fund plans.

The first plan is by RBT itself as the planner of the project
and the second plan is the rehabilitation plan by NFC as the
creditor of RBT.

Both of the plans are very similar but are different in the
administrator of the plan. Certainty of the investor is the
criteria that the Board of Creditors used to make their
decision. In this case, the investor of both plans is NFC
Fertilizer Public Company Limited. Thus, the Board of Creditors
voted to accept the rehabilitation of RBT plan by NFC with the
following information.

(1) Investor: NFC Fertilizer Public Company Limited

(2) Business Type: Bulk Terminal - Dedicated Port
                   Liquid Terminal - Public Port

(3) Payment Method

(3.1) Industrial Estate Authority of Thailand:

THB20 Million within July 21, 2005
THB45 Million within September 30, 2005
THB193 Million within January 21, 2006
Total THB258 Million

(3.2) Creditors:

THB80 Million within July 21, 2005
THB106.8 Million within September 30, 2005
THB100 Million convert debt to equity within December 21, 2005
THB313.2 Million with 5 Million per quarter until January 22,
2006
Total THB600 Million

(4) Plan Administrator: National Advisory (Mr. Yungyong
Thantiviramanon, Mr. Warwick Kneale and Mr. John Ginnane)

(5) Administrative Duration Time: 9 months

The company will present this plan to the Central Bankruptcy
Court for further order on June 22, 2005

The company therefore informed the SET of the above matters for
acknowledgment and dissemination to the public and other
investors.

Sincerely yours,

NFC Fertilizer Public Company Limited
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer

CONTACT:

NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th




                            *********


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