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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

             Monday, May 23, 2005, Vol. 8, No. 100

                            Headlines

A U S T R A L I A

AMP LIMITED: To Send Off Boss on Upbeat Outlook
AMP LIMITED: Unveils May 19 AGM Resolutions
COLLINS BOOKSELLERS: Administrator to Sell 23 Stores
INTERNATIONAL PTY: Court Hires Liquidator to Wind Up Company
KIA-ORA PASTORAL: Members Pass Resolution to Wind Up Company

KOORI REVEGETATION: Court Picks A.R. Nicholls to be Liquidator
K.W. LEE: To Convene Final Meeting May 24
LANGDON HOLDINGS: Enters Winding Up Process
LMG HEAVY: To Hear Liquidator's Report at May 23 Meeting
MCCOLL DINGLE: To Pay Dividend June 3

MCLAUGHLIN ASSOCIATES: Picks Liquidator for Winding Up Purposes
M&E BRABHAM: Members Agree to Wind Up Company
MONOT HOLDINGS: EGM Passes Resolution to Wind Up Company
MSPEC PTY: Liquidator to Lay Account on Manner of Winding Up
MULTIPLEX: Shares Nosedive After White City Sale

MULTIPLEX: Brushes Off Speculation on U.K. Asset Sale
NATIONAL AUSTRALIA: To Move IT Jobs Offshore
NATIONAL AUSTRALIA: Gives Employees Super Choice
NQ RENTALS: ASIC Probes Failure to Refund Clients
PORT STEPHENS: Court Picks Steven Nicols to be Liquidator

PROVIDENT DEVELOPMENTS: Members Agree to Hire Liquidator
ROBERT G CLARKE: Final Meeting Slated for May 24
R&R ROOF: Hires Liquidator from Ferrier Hodgson
SANBALE PTY: Liquidator to Lay Account on Winding Up at Meeting
S.L. TANG: Fixes May 24 as Final Meeting Date

SOUTH PACIFIC: Creditors Confirm Appointment of Liquidator
STILES CONSTRUCTIONS: Sets May 23 as Final Meeting Date
SUPA-LINK ACT: Liquidator Appointed for Winding Up Purposes


C H I N A  &  H O N G  K O N G

ASIA PACIFIC: Begins Winding Up Process
BANK OF COMMUNICATIONS: Fitch Ups Individual Rating To 'D/E(s)'
FONTANA LIMITED: Creditors Meeting Set For June 10
G.E. BOWDEN: Creditors' Proofs of Claims Due June 30
INDUSTRIAL AND COMMERCIAL: To Push Up Prime Rate to 6%

INDUSTRIAL AND COMMERCIAL: Launches Investment Fund Promotion
JDC CORPORATION: To Appoint Liquidators
POLYWATER ASIA: Issues Debt Claim Notice
STAR ELITE: Creditors Meeting Set For June 3
TINY COMPUTERS: Contributories Meeting Set May 27

WAI KWONG: To Hold Creditors, Contributories Meeting


I N D O N E S I A

ASIA PULP: Wins Case Against Oaktree and Gramercy
PERTAMINA: Not Expected to Settle Agreement with Exxon Mobil
PERUSAHAAN LISTRIK: Back to Black with IDR225 Billion Profit


J A P A N

DAIEI INCORPORATED: Mulls Closing 21 Stores
DAIKYO INCORPORATED: Posts FY/2004 JPY101.62 Bln Net Loss
ITOCHU CORPORATION: Moody's Ups Ratings to Baa3/P-3
JAPAN AIRLINES: Unveils Time Discount Fares For June 2005
MARUBENI CORPORATION: Moody's Upgrades Rating to Baa3/P-3

MATSUSHITA ELECTRIC: Develops Low-Power Wireless Module
MITSUBISHI MOTORS: Eclipse Sport to Go on Sale Ahead of Schedule
TOSHIBA CORPORATION: Injunction Hearing Delayed


K O R E A

INCHON OIL: Bidding Reopens, Court to Appoint Lead Manager


M A L A Y S I A

CONSOLIDATED FARMS: MITI OKs Restructuring Scheme
FORESWOOD GROUP: Securities Delisted by Bursa Malaysia
I-BERHAD: Buys Back 19,000 Shares
MAXIS COMMUNICATIONS: Set To List New Shares
MECHMAR CORPORATION: Not to Pursue SPA with Ranhill Power

PAN MALAYSIA: Issues Shares Buy Back Notice
PANTAI HOLDINGS: Repurchases More Shares
POS MALAYSIA: Amends Error in 2004 Annual Report
PROMTO BERHAD: Restructuring Scheme Pending Approval


P H I L I P P I N E S

ABS-CBN BROADCASTING: Hopes to Recover by Year-end
ABS-CBN BROADCASTING: Clarifies Audit Committee Members
BELLE CORPORATION: Robust Sales Drive 8.6% Profit Hike
CAMP JOHN: Scores BCDA on Takeover Threat
NATIONAL POWER: EPIRA Amendments May Delay Privatization

PHILIPPINE LONG: Issues Additional Listing of Shares
PRYCE CORPORATION: Annual Stockholders' Meeting Set For June 22
UNITED COCONUT: Eyes Php17-Bln Idle Asset Sale
* New VAT Law to Cut State Budget Deficit


S I N G A P O R E

MYCOBIOTECH LTD: Winding Up Hearing Fixed July 1
PISCES LAND: Issues Intended Dividend Notice
REPAST SINGAPORE: Creditors' Proofs of Claim Until June 20
RMD KWIKFORM: Receiving Proofs of Claims Until June 20
SEVEN SEAS: Receives Winding Up Order

SMRT CORPORATION: To Dissolve Dormant Unit
VITEC ELECTRONICS: Require Creditors to Prove Claims by June 20
WEE POH: Unveils Group Performance Review


T H A I L A N D

HANTEX: SET Suspends Trading of Securities
NEW PLUS: Profits THB5.80 Million for 1Q/2005
PREMIER ENGINEERING: Issues Summary Report of FS
SIAM AGRO-INDUSTRY: 1Q/2005 Net Loss Shrinks to 32.39%
SRITHAI FOOD: To Vote on Reorganization Plan June 20

     -  -  -  -  -  -  -  -

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

AMP LIMITED: To Send Off Boss on Upbeat Outlook
-----------------------------------------------
AMP Limited Chairman Peter Willcox would be leaving his post by
the end of the year, AMP shareholders were told at the firm's
Annual General Meeting Thursday.

In his address to shareholders, Mr. Willcox said that AMP would
welcome a new chairman before the end of the calendar year.

The announcement was made along with the firm's guidance for
full-year earnings, which predicts underlying return to equity
to climb above 20 percent.

CEO Andrew Mohl said the reaffirmed expectations about 2005,
saying his outlook remains unchanged from the guidance given at
the time of the 2004 results in February.

In February the Company reported a 2004 net profit of $934
million compared with a $5.54 billion loss the year before.

However, the Company forecast its financial services unit would
produce "moderate" growth in operating margins and the funds
management unit should experience "solid" growth in operating
margins and a continued strong investment performance.

General insurance business Cobalt/Gordian will continue to
reduce its book and begin to release capital to AMP, initially
in the form of cancelled loans.

With shareholders voting on a proposed AU$1 billion capital
return at the AGM, Mr. Mohl confirmed that another capital
return is possible for 2006.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


AMP LIMITED: Unveils May 19 AGM Resolutions
-------------------------------------------
In accordance with Listing Rule 3.13.2, AMP Limited advises that
the resolutions contained in items 2(1), the requisite majority
of security holders passed 2(b) 3 and 4 of the Notice of Annual
General Meeting (dated March 17, 2005 and lodged with the ASX on
March 30, 2005). All Directors who stood for election or re-
election were re-elected (as applicable).

All resolutions were decided on a show of hands. No resolution
was withdrawn or amended.

The information required by section 251AA(2) of the Corporation
Act 2001 (Cth) in respect of each resolution passed at the
meeting can be accessed at
http://bankrupt.com/misc/tcrap_amp052005.pdf

Prue Milne
Company Secretary


COLLINS BOOKSELLERS: Administrator to Sell 23 Stores
----------------------------------------------------
The administrator of failed Collins Booksellers plans to sell
around 23group's 23 unprofitable outlets within seven
days, according to the Sydney Morning Herald.

Greg Keith of corporate recovery firm Grant Thornton confirmed
he was in talks with seven potential buyers of the stores. The
31 Collins franchisee outlets are not included in the planned
sale.

Creditors recently approved a deed of Company arrangement, which
gave way to the sale of the stores. The stores that will not be
sold will be shut down in the next seven days.

Collins Booksellers decided to wind up its operations after
eighty-three years due to cutthroat competition from Internet
book seller Amazon and discounts by major retailers.

CONTACT:

Collins Booksellers Pty Ltd
Level 9
388-390 Lonsdale Street
MELBOURNE
VIC 3000
Phone: 03 9949 1200
Fax: 03 9918 0319


INTERNATIONAL PTY: Court Hires Liquidator to Wind Up Company
------------------------------------------------------------
On April 4, 2005 the Supreme Court of New South Wales made an
Order that International Pty Limited (In Liquidation) A.C.N. 093
635 440 be wound up by the Court and appointed Maxwell William
Prentice to be Liquidator.

Dated this 5th day of April 2005

Maxwell William Prentice
c/- PPB
Chartered Accountants and Business
Reconstruction Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


KIA-ORA PASTORAL: Members Pass Resolution to Wind Up Company
------------------------------------------------------------
At a general meeting of the members of Kia-Ora Pastoral Company
Pty Limited (In Liquidation) A.C.N. 008 410 419 duly convened
and held at 143 Bourke Street Goulburn NSW, on April 11, 2005
the special resolution set out below was duly passed.

That the Company be wound up voluntarily.

Dated this 11th day of April 2005

Douglas John Greig Macculloch
Liquidator
c/- RSM Bird Cameron
143 Bourke Street,
Goulburn NSW 2580
Telephone: (02) 4821 1066


KOORI REVEGETATION: Court Picks A.R. Nicholls to be Liquidator
--------------------------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales made an
Order that Koori Revegetation Contractors Pty Limited (In
Liquidation) be wound up by the Court and appointed me to be
Liquidator.

A. R. Nicholls
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 6, 459 Peel Street,
PO Box 271, Tamworth


K.W. LEE: To Convene Final Meeting May 24
-----------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members of K.W. Lee & Co.
Pty. Limited A.C.N. 050 028 656 will be held in the Meeting
Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park Road,
Cheltenham on May 24, 2005 at 11:30 a.m.

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

Dated this 7th day of April 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


LANGDON HOLDINGS: Enters Winding Up Process
-------------------------------------------
At a General Meeting of Langdon Holdings Pty Limited (In
Liquidation) A.C.N. 100 621 752, duly convened and held at
'Bedooba' 53L Old Dubbo Road, Dubbo on April 8, 2005 the
following Special Resolution passed:

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

Dated this 8th day of April 2005

Steven Geoffrey Langdon
Liquidator
'Bedooba', 53L Old Dubbo Road,
Dubbo NSW 2830


LMG HEAVY: To Hear Liquidator's Report at May 23 Meeting
--------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of LMG Heavy Haulage Pty. Limited (In Liquidation)
A.C.N. 103 874 442 will be held at the offices of Bentleys MRI
Sydney Business Recovery & Insolvency Partnership, Level 8,
Barrack House, 16-20 Barrack Street, Sydney NSW on Monday, May
23, 2005 at 10:00 a.m. for the purpose of laying before the
meeting the Liquidators' final account and report and giving any
explanation thereof.

Dated this 11th day of April 2005

Ozem Kassem
Liquidator


MCCOLL DINGLE: To Pay Dividend June 3
-------------------------------------
A first and final dividend is to be declared on June 3, 2005 for
Mccoll Dingle Harris Pty Ltd (In Liquidation) trading as
Consortium Communication A.C.N. 084 692 473.

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

Dated this 5th day of April 2005

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road,
Sandringham Vic 3191


MCLAUGHLIN ASSOCIATES: Picks Liquidator for Winding Up Purposes
---------------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Mclaughlin Associates Consulting Pty Limited (In Liquidation)
A.C.N. 079 290 270 held on April 11, 2005 it was resolved that
the Company be wound up voluntarily and that for such purpose
Roderick Mackay Sutherland, of Jirsch Sutherland Chartered
Accountants be appointed Liquidator. A meeting of creditors held
later that day confirmed this appointment.

Dated this 11th day of April 2005

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


M&E BRABHAM: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a meeting of members of M&E
Brabham Pty Ltd (In Liquidation) A.C.N. 004 329 391, held on
April 4, 2005 it was resolved that the Company be wound up
voluntarily and that Timothy Mark Shuttleworth Holden, Chartered
Accountant, Level 6, 31 Queen Street, Melbourne, be appointed
Liquidator.

Dated this 4th day of April 2005

Timothy M. S. Holden
Liquidator
INPACT McDonald Carter
Level 6, 31 Queen Street,
Melbourne Vic 3000
Telephone: 8613 8888
Facsimile: 8613 8800


MONOT HOLDINGS: EGM Passes Resolution to Wind Up Company
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Monot Holdings Pty Ltd (In Liquidation) A.C.N. 005
162 514, held on April 1, 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, Andrew
McLellan of PPB, Chartered Accountants, Level 10, 90 Collins
Street, Melbourne, Victoria, be appointed as Liquidator.

Dated this 7th day of April 2005

Andrew Mclellan
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


MSPEC PTY: Liquidator to Lay Account on Manner of Winding Up
------------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members of MSPEC Pty Ltd
A.C.N. 010 007 735 will be held in the Meeting Room, Members
Voluntarys Pty Ltd 1st Floor, 10 Park Road, Cheltenham on the
May 24, 2005 at 10:30 a.m.

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

Dated this 7th day of April 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


MULTIPLEX: Shares Nosedive After White City Sale
------------------------------------------------
Multiplex shares went plunging after the Company disposed of its
12.5 percent stake in the prime White City retail development in
London for what appeared to be a loss, The Age relates.

The construction group's shares dived to an all-time low of
AU$2.93 Wednesday last week after Westfield acquired the U.K.
asset for GBP65 million (AU$157.8 million). The firm recovered
later in the day but only to a low AU$3.16.

The recent sale raised fears of another profit donwgrade. While
Multiplex claimed it would book GBP10 million profit on the
transaction, it revealed this would only "partially offset"
interest costs incurred since last November, when it bought the
White City investment from British-based Duelguide.

Multiplex's sale of what is considered as a trophy asset
triggered investor concerns over its funding capacity. As a
result, the firm's ability to fund other British projects have
been called into question.

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/


MULTIPLEX: Brushes Off Speculation on U.K. Asset Sale
-----------------------------------------------------
The Company refers to the announcement made Thursday last week
concerning the sale of Multiplex Group's (the Group's) minority
interest in the U.K. White City shopping centre project, and to
subsequent unfounded market speculation regarding the Group's
solvency and the possible involvement of the Group's financiers
in this and other recent asset sales.

As noted in our earlier announcement, the Group's decision to
sell its effective 12.5% minority interest in this asset to
Westfield is consistent with a preference not to hold small
minority equity interests in assets without some form of
acCompanying asset or property management role. In conjunction
with the decision of our co-owner (Aldersgate) to sell its
interest in the White City project, the Group determined that
the capital tied up in this investment (which is not scheduled
for completion until late 2007) could be better deployed into
other activities within the Group.

The Group continues to have substantial cash at hand, and today
has available to it undrawn debt lines in excess of $400
million. This position will be further improved upon the
implementation of the Group's long-term debt structure for the
Multiplex Property Trust (the Trust), which is anticipated to
complete on Friday. A component of this is the $1.0 billion CMBS
program which was launched, priced and announced yesterday and
is also due for settlement on Friday. This is the largest such
program ever undertaken in Australia, and the Group believes its
average margin over 3 month BBSW of 0.334% is an accurate
reflection of the high quality of its investment portfolio. The
majority of this debt was rated AAA (or equivalent) by Standard
& Poor's, Moody's and Fitch Ratings.

The restructuring of the Trust's facilities was first identified
as an opportunity for the Group over 9 months ago. This
initiative was developed and implemented by the Group to provide
long tenor, low cost debt commensurate with its peer group in
the LPT sector. This initiative has been well supported by the
Group's core bankers, who have been instrumental in assisting
the Group through this process and continue to provide
substantial credit facilities to the Group. We note the Group
maintains excellent relationships with all of its bankers.

Further, the Company refers to the announcement made on 7 April
2005 in which the market was advised that the Group's peak
gearing, following completion of the Southern Cross project and
further investment into development projects, was forecast to be
below 33%. This forecast position remains unchanged.

The Group remains committed to the expansion of the integrated
property model into the United Kingdom market. Considerable
information has been provided previously to the market regarding
the various opportunities available to the Group in the United
Kingdom. The Group will continue to apply the integrated model
to these opportunities.

Finally, the Group anticipates being in a position to provide
profit guidance for FY05 and forecast guidance for FY06 on or
around 31 May 2005 but will do so earlier if required.

For further information please contact:

Investors
Peter Murphy
Director - Listed Property Trust & Communications
Phone: +61 (2) 9256 5012

Media
Mathew Chandler
Group Manager - Communications
Fax: +61 (2) 9256 5115


NATIONAL AUSTRALIA: To Move IT Jobs Offshore
--------------------------------------------
Local National Australia Bank (NAB) employees were again
unnerved by a recent news the bank would outsource its IT
operations offshore, the Sydney Morning Herald reports.

NAB chief financial officer Michael Ullmer admitted the bank was
considering shifting its IT functions abroad, in a bid to
achieve efficiency levels comparable to its rivals.

Mr. Ullmer's statements came just days after NAB confirmed it
will launch a pilot project that would see its accounts
processing division shifted to India, a move that will affect
around 20 staff in Australia.

Like banks in Australia, NAB is seriously considering offshore
functions in order to stay competitive with its international
peers.

Last week, NAB announced 4200 job cuts along with its first-half
results.

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: Gives Employees Super Choice
------------------------------------------------
National Australia Bank announced on May 19 that it will offer
employees unlimited choice of superannuation fund manager as
provided for in the Federal Government's Choice of
Superannuation Fund legislation.

>From July, employees will be able to choose the Superannuation
Fund into which the NAB will pay its superannuation
contributions.

Executive General Manager, People & Culture, Elizabeth Hunter,
says, "The new legislation plays a vital role in encouraging
employees to take an active interest in their superannuation. By
offering unlimited choice of funds, we are providing our
employees with the maximum amount of flexibility and the ability
to take greater control of their financial future."

NAB is not putting any time limit on its people to make a choice
and urges them to consider and compare the features and benefits
of the National Australia Bank Group Superannuation Fund to
other complying funds before making a decision.


NQ RENTALS: ASIC Probes Failure to Refund Clients
-------------------------------------------------
Failed campervan firm NQ Australia Rentals is now under
investigation by the corporate watchdog over its failure to
refund bond money to its customers, The Courier Mail reports.

The probe was originally commissioned by the Office of Fair
Trading (OFT) but has now been passed to the Australian
Securities and Investments Commission (ASIC).

The investigation was triggered after some 51 NQ Rentals
customers complained to the OFT about the delays in the refund
of AU$5000 bonds that were taken as an up-front insurance
excess. The OFT then referred the complaints to ASIC and was
liaising with ASIC on the investigations it began before the
Company entered receivership.

NQ Rentals fell into receivership and liquidation last month,
leaving may local and foreign tourists out of pocket after their
credit cards were debited for AU$5000 despite having returned
their hire vehicles safely.

NQ Rentals receiver PPB Business Reconstruction Specialists has
fielded 60 to 80 calls from customers complaining they had not
received their AU$5000 refunds.

It is believed the money taken as bonds was being allocated and
spent as part of general revenue. Those customers who are owed
money now have to join the queue of unsecured creditors.

CONTACT:

NQ Australia Rentals Pty Ltd
440 Sheridan Street (PO Box 2075) Cairns,
4870, Queensland
Phone: +617 4053 1875
Fax: +617 4032 2068
Web site: http://www.nqrentals.com.au/


PORT STEPHENS: Court Picks Steven Nicols to be Liquidator
---------------------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Port Stephens Catering Service Pty
Ltd (In Liquidation) A.C.N. 072 794 122 be wound up by the Court
and appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


PROVIDENT DEVELOPMENTS: Members Agree to Hire Liquidator
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Provident Developments Pty Ltd (In Liquidation)
A.C.N. 096 719 354 held on April 1, 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, Andrew Hugh Jenner Wily of Armstrong Wily,
Chartered Accountants, Level 5, 75 Castlereagh Street, Sydney
NSW 2000 be appointed Liquidator.

Dated this 8th day of April 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


ROBERT G CLARKE: Final Meeting Slated for May 24
------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members of Robert G Clarke
Pty Ltd A.C.N. 001 238 875 will be held in the Meeting Room,
Members Voluntarys Pty Ltd 1st Floor, 10 Park Road, Cheltenham
on May 24, 2005 at 11:45 a.m.

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

Dated this 7th day of April 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


R&R ROOF: Hires Liquidator from Ferrier Hodgson
-----------------------------------------------
Notice is hereby given that at a meeting of members of R&R
Roof Tiling Pty Limited (In Liquidation) A.C.N. 081 584 116 held
on April 7, 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, Daniel I. Cvitanovic of
Ferrier Hodgson, Chartered Accountants, Level 1, 121-123 Crown
Street, Wollongong, NSW 2500 be appointed Liquidator.

Dated this 8th day of April 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


SANBALE PTY: Liquidator to Lay Account on Winding Up at Meeting
---------------------------------------------------------------
Notice is hereby given that a final meeting of members of
Sanbale Pty Limited (In Members Voluntary Liquidation) A.C.N.
059 104 773 will be held at Jamieson Louttit & Associates, Level
15, 88 Pitt Street, Sydney NSW on May 23, 2005 at 10:00 a.m.

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

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW
Telephone: (02) 9231 0505
Facsimile: (02) 9231 0303


S.L. TANG: Fixes May 24 as Final Meeting Date
---------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members of S.L. Tang
Holdings Pty. Limited A.C.N. 050 028 647 will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on May 24, 2005 at 1:00 p.m.

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

Dated this 7th day of April 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


SOUTH PACIFIC: Creditors Confirm Appointment of Liquidator
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
South Pacific Intertrade Pty Ltd (In Liquidation) A.C.N. 003 679
249 duly convened and held at 5 Nyrang Place, Kirrawee NSW 2232
on Friday, April 8, 2005 at 8:00 a.m. a Special Resolution that
the Company be wound up voluntarily was passed by members and
the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 11th day of April 2005

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


STILES CONSTRUCTIONS: Sets May 23 as Final Meeting Date
-------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Stiles Constructions Pty. Limited (In Liquidation)
A.C.N. 003 705 155 will be held at the offices of Bentleys MRI
Sydney Business Recovery & Insolvency Partnership, Level 8,
Barrack House, 16-20 Barrack Street, Sydney NSW on Monday, May
23, 2005 at 9:00 a.m. for the purpose of laying before the
meeting the Liquidators' final account and report and giving any
explanation thereof.

Dated this 11th day of April 2005

Ozem Kassem
Liquidator


SUPA-LINK ACT: Liquidator Appointed for Winding Up Purposes
-----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Supa-Link (Act) Pty Limited (In Liquidation) A.C.N. 074 376
499 held on April 5, 2005 it was resolved that the Company be
wound up voluntarily and that, John Frederick Lord of PKF,
Chartered Accountants, Level 10, 1 Margaret Street, Sydney NSW
2000 be appointed to act as Liquidator for the purpose of the
winding up.

Dated this 6th day of April 2005

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


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


ASIA PACIFIC: Begins Winding Up Process
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Asia Pacific International Investment Holdings Limited by the
High Court of Hong Kong Special Administrative Region was on May
9, 2005 presented to the said Court by Euro-Asia Agricultural
(Holdings) Company Limited (In Liquidation) whose registered
office is situated at 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on July 6, 2005.

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

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

Cheung, Tong & Rosa
Solicitors for the Petitioner
Rooms 1621-33, 16th Floor
Sun Hung Kai Centre
30 Harbour Road
Wanchai, Hong Kong
Tel: 2868 0393
Fax: 2810 0556

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 5, 2005.


BANK OF COMMUNICATIONS: Fitch Ups Individual Rating To 'D/E(s)'
---------------------------------------------------------------
Fitch Ratings, the international rating agency, has upgraded its
Individual rating on China's Bank of Communications (BCOM) to
'D/E(s)' from 'E(s)'. At the same time, BCOM's Support rating
was affirmed at '2'.

The rating upgrade reflects both the significant improvement in
the bank's financials after the government's capital injection
following a once-off bad debt disposal, as well as HSBC's
strategic investment in 2004. In 1H04, BCOM received a capital
injection totaling RMB19.1 billion from its existing
shareholders and Central Huijin (the vehicle through which
China's central government owns Bank of China and China
Construction Bank). Subsequently, BCOM sold a total of RMB41.4bn
in doubtful loans to Cinda Asset Management at 50% of the book
value on a non-recourse basis. As a result, its NPL ratio fell
to 3.4% at end-June 2004 from 12.7% at end 2003. This was
further reduced to 2.9 percent at end-2004.

After BCOM largely cleaned up its balance sheet, HSBC bought a
19.9 percent stake in the Chinese bank for USD1.75bn in August
2004. This has strengthened BCOM's capital position further and
together with the July 2004 issuance of RMB12bn in subordinated
debt, saw BCOM's CAR reach 9.72 percent at end-2004 under the
new capital adequacy rules. Fitch views the entry of HSBC as a
strategic investor as a long-term benefit for BCOM's risk
management and corporate governance through the input of foreign
management expertise.

HSBC has already taken two seats on BCOM's board with one
director in charge of risk controls. Going forward, planned
domestic and overseas IPOs should see an improvement in the
bank's corporate governance and transparency, in addition to an
increase in new capital. However, Fitch notes the bank faces
formidable challenges in maintaining its asset quality and
achieving profits despite these positives and this is reflected
in its still-low rating.

BCOM is the fifth-largest bank in China with 2,700 branches.
Established in 1908 to regulate funds flowing between the
Departments of Shipping, Railways, Telecommunications and the
Postal Service, BCOM has long enjoyed a special position in
China's banking sector. Subsequent to the capital injection by
existing shareholders and investment from HSBC, the government,
through the Ministry of Finance, National Council for Social
Security Fund and Central Huijin, owns 46.9% of BCOM. HSBC owns
19.9%.

Contact: David Marshall, Kate Lin; Hong Kong, Tel: +852 2263
9963; Lydia Lin, Beijing, +86 10 8809 3388.

Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301.


FONTANA LIMITED: Creditors Meeting Set for June 10
--------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Fontana (Hong Kong) Limited will be held at 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong
on June 10, 2005 at 11:30 a.m. for the purposes provided for in
Sections 241, 242, 243 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the
registered offices of the aforesaid companies at 32/F., Henley
Building, 5 Queen's Road Central, Hong Kong, no later than 12:00
noon on the day before the meeting or adjourned meeting at which
they are to be used.

Dated this 20th day of May 2005

By Order of the Board
World-Wide Paradise Limited
Director


G.E. BOWDEN: Creditors' Proofs of Claims Due June 30
----------------------------------------------------
Notice is hereby given that the creditors of G.E. Bowden (Hong
Kong) Limited, which is being voluntarily wound up, are required
on or before June 30, 2005, to send in their names, addresses
and particulars of their debts or claims, and the name and
address of their solicitors, if any, to the Liquidators of the
said Company at Room 1204, 48-62 Hennessy Road, Wanchai, 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 13th day of May 2005.

Cheung Ki Kai Edwin
Liquidator


INDUSTRIAL AND COMMERCIAL: To Push Up Prime Rate to 6%
------------------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited and
Belgian Bank will increase their HKD Prime Rate and Hong Kong
Dollar Savings Deposit Rate from 5.5% and 0.5% to 6% and 1%
respectively, with effect from May 23, 2005.

About ICBC (Asia)

ICBC (Asia) is a full licensed bank incorporated in Hong Kong
with its shares listed on The Stock Exchange of Hong Kong
Limited (Stock Code: 0349). ICBC (Asia) has 20 branches and one
wealth management centre in Hong Kong. It is principally engaged
in banking, financial and other financial related services with
focus on commercial, retail banking business as well as
corporate banking business. ICBC (Asia) is the flagship of ICBC
Group's banking business in Hong Kong. It became the sixth
largest bank (in terms of total assets) among listed banks
operating in Hong Kong, after its acquisition of Belgian Bank
(formerly Fortis Bank Asia HK).

On April 16, 2004, ICBC (Asia) was assigned A2/Prime-1 long-
term/short-term deposit ratings and D Bank Financial Strength
Rating (BFSR) by Moody's Investors Service.

About Belgian Bank

Belgian Bank (formerly known as Fortis Bank Asia HK) is a wholly
owned subsidiary of ICBC (Asia). It has a network of 22 retail
branches and five dedicated commercial business centers in Hong
Kong.

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

This is a Company press release.


INDUSTRIAL AND COMMERCIAL: Launches Investment Fund Promotion
-------------------------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited [ICBC
(Asia)] and Belgian Bank on May 19 co-launch a fixed deposit and
investment fund promotion, with attractive benefits that help
customers to grow their wealth.

From now until June 30 (the Promotion Period), customers placing
3-month or 6-month Hong Kong Dollar fixed deposits with either
bank will immediately enjoy preferential interest rates1 and
receive up to HK$10,100 worth of Park'N Shop cash coupons2.

During the Promotion Period, customers who subscribe for
investment funds through either bank will enjoy a discounted 3%
initial subscription fee. For each designated subscription
amount, customers will further receive a superb gift or free
credit card spending worth up to HK$100,0003.

With this latest joint offer, ICBC (Asia) and Belgian Bank
continue to present a host of financial products and services to
help customers achieve their financial goals.

For further information about the promotion, please call ICBC
(Asia) Customer Service Hotline at 2887 0349 or Belgian Bank
Phone Banking at 3122 1668 or its Web sites at www.icbcasia.com
or www.belgianbank.com.hk.

This is a Company press release.


JDC CORPORATION: To Appoint Liquidators
---------------------------------------
JDC Corporation (General Contractor) Limited hereby gives notice
that an application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations
(if any) of the first meetings of creditors held on February 7,
2005 and the first meeting of contributories and the adjourned
first meeting of contributories held on February 7, 2005 and
February 17, 2005 respectively, deciding the differences (if
any), and making such order of appointments as the court may
think fit.

Date and Time of Hearing: 27th May 2005 (Friday) at 9:30 a.m.
(with 30 minutes reserved)

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

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

Dated this 19th day of May 2005.

Kwok Tai Wai
Joint and Several Provisional Liquidator


POLYWATER ASIA: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the creditors of Polywater Asia
Limited (formerly known as GNC Corporation Limited) which is
being voluntarily wound up, are required on or before June 6,
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 18/F., Two International Finance Centre, 8 Finance
Street, Central, Hong Kong.

Creditors who do not register their debts or claims against the
Company by submitting particulars thereof on or before June 6,
2005 will be considered to have waived all rights to whatever
claims they may have had against the Company.

Dated this 13th day of May 2005.

The Board of Directors
Polywater Asia Limited


STAR ELITE: Creditors Meeting Set For June 3
--------------------------------------------
Notice is hereby given, pursuant to Section 228A(3)(c) of the
Hong Kong Companies Ordinance, that a meeting of the creditors
of Star Elite Investments Limited will be held at Room A-B, 15th
Floor, Ritz Plaza, 122 Austin Road, Tsimshatsui, Kowloon, Hong
Kong on June 3, 2005 at 11 a.m. to appoint a Liquidator and to
consider further matters relevant to the creditors' voluntary
winding-up of the abovenamed Company pursuant to Sections 241,
242, 243 and 244 of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the
registered offices of the aforesaid companies at Room A-B,
15/F., Ritz Plaza, 122 Austin Road, Tsimshatsui, Kowloon, Hong
Kong, not later than 24 hours before the time appointed for the
holding of the meeting.

Dated this 20th day of May 2005.

Yuen Wai Ping
Chairman


TINY COMPUTERS: Contributories Meeting Set May 27
-------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), that (1) a meeting of the
creditors of Tiny Computers Pacific Limited (In Creditors'
Voluntary Liquidation) will be held at Lecture Room A, Ground
Floor, The Centre, 99 Queen's Road Central, Hong Kong on 27th
day of May 2005 at 2:00 p.m. for the purposes of, inter alia,
laying before the meeting by the Liquidators of an account of
their acts and dealings and conduct of the winding up during the
preceding year; and that (2) a meeting of the contributories of
the Company to be held at Rooms 807-809, 8th Floor, Nan Fung
Tower, 173 Des Voeux Road, Central Hong Kong on May 27, 2005 at
5 p.m. for the same purposes.

A contributory or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 807-9, 8th Floor,
Nan Fung Tower, No 173 Des Voeux Road Central, Hong Kong not
later than 12:00 noon on 26th May 2005.

Dated this 13th day of May 2005.

Liu Kwok Kai Alvan
Fan Sai Yan
The Joint and Several Liquidators
Tiny Computers Pacific Limited


WAI KWONG: To Hold Creditors, Contributories Meeting
----------------------------------------------------
Wai Kwong Products Factory Limited (In Compulsory Liquidation)
issued a notice of first meetings in the High Court of the Hong
Kong Special Administrative Region Court of First Instance at
the following date and time:

Registered Office: Room 802, 8th Floor, Chinachem Tower, 34-37
Connaught Road, Central, Hong Kong.

Date of Meetings: June 2, 2005

Creditors: At 2:30 p.m.

Contributories: At 4:00 p.m.

Place of meetings: Room 701, 7th Floor, Hong Kong House, 17-19
Wellington Street, Hong Kong.

Dated this 20th day of May 2005

Elizabeth Law
Kwok Hon Ping
Joint and Several Provisional Liquidators


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


ASIA PULP: Wins Case Against Oaktree and Gramercy
-------------------------------------------------
Indonesia's Asia Pulp & Paper Co. (APP) came out victorious when
a New York Supreme Court overturned a ruling that allowed U.S.
bondholders under 2 U.S. firms to seize the Company's assets,
reports AFX News.

According to APP Chief Executive Officer Teguh Ganda Wijaya,
this important ruling will have positive effect on the Company's
other lawsuits. The appeal ruling was issued last May 17, 2005.

In April 2004, the New York State Supreme Court issued a summary
judgment that allowed Oaktree Capital Management LLC and
Gramercy Advisors LLC to seize APP assets in order to repay the
Company's debt to both firms as secured bondholders.

The debt, amounted at USD394.88 million (IDR3.77 trillion) in
notes, was issued by the Company and its subsidiaries, PT Indah
Kiat Pulp & Paper and PT Lontar Papyrus Pulp & Paper Industry.

The supreme court had issued a summary judgment in favor of
Oaktree & Gramercy, but the plaintiffs couldn't prove that they
owned some of the notes that APP's units supposedly issued to
them.

As a result, a Seattle court overturned a ruling allowing the
U.S. firms to seize APP assets in Canada and Singapore.

Asia Pulp, which is based in Singapore, had just recently
carried out a IDR44.4 trillion debt restructuring program for
its three units. The program excludes the IDR6.6 trillion and
IDR945.3 billion bonds issued by units Indah Kiat and Lontar
Papyrus due to the lawsuit filed by the U.S. firms.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


PERTAMINA: Not Expected to Settle Agreement with Exxon Mobil
------------------------------------------------------------
State-owned PT Pertamina is not expected to resolve a dispute
with Exxon Mobil oil field over an oil field in Cepu, Dow Jones
reports.

Both companies met last May 20, 2005 to discuss the Cepu field;
but Minister of State Enterprises Sugiharto doesn't think that
they will reach an agreement in two days' time, despite the May
22 deadline given by President Susilo Bambang Yudhoyono.

Exxon Mobil bought rights to an oil field in Cepu in 1999;
afterward, the firm discovered a commercial quantity of crude
oil in the field. But as its contract was set to expire in 2010,
Exxon Mobil did not develop the field, until its contract was
extended. Talks to discuss the matter were ended prematurely by
Pertamina's management that said it would develop the oil field
on its own.

President Yudhoyono called for an early resolution to the
dispute, so that Indonesia could increase its crude oil output,
regaining its net oil exporter status.

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


PERUSAHAAN LISTRIK: Back to Black with IDR225 Billion Profit
------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) was able to swing to profit
in 2004, with an unaudited net profit of IDR225.95 billion,
against a IDR3.56 trillion net loss the year before, reports Dow
Jones.

According to Minister of State Enterprises Sugiharto, the
Company turned to using cheaper natural gas instead of petroleum
products to produce electricity, hence its costs were greatly
reduced.
Since more PLN plants are using natural gas, Mr. Sugiharto hopes
that the Company will continue reducing its use of petroleum
products, and improve its financial performance.

Last month, a Mines & Energy Ministry official said that the
government will not raise prices on electricity if PLN recorded
a net profit for 2004. The Company's net profit is expected to
reach IDR2.34 trillion this year.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax:   +62-21-722-1330
Web site: http://www.pln.co.id


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


DAIEI INCORPORATED: Mulls Closing 21 Stores
-------------------------------------------
Daiei Incorporated is considering closing 21 stores as part of
its rehabilitation scheme, Kyodo News reports.

The Industrial Revitalization Corporation of Japan calls for the
struggling retailer to close 53 stores nationwide, including the
21. Daiei plans to finalize the plan after May 26, when its new
President, Yasuyuki Higuchi, takes office.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


DAIKYO INCORPORATED: Posts FY/2004 JPY101.62 Bln Net Loss
---------------------------------------------------------
Daikyo Incorporated posted a net loss of JPY101.62 billion in a
consolidated earnings report for fiscal 2004, affected by its
withdrawal from non-core businesses under a state-backed
reconstruction plan, The Japan Times reports.

In fiscal 2003, the ailing condominium builder had a net profit
of 6.64 billion yen.

Daikyo incurred extraordinary losses stemming from sales of real
estate and other assets in connection with its withdrawal from
such non-core businesses as golf courses and hotels.

To help cover the losses, Daikyo received financial assistance
from its creditor banks with the help of the state-backed
Industrial Revitalization Corporation of Japan. Daikyo also
implemented a 99 percent cut in its capital.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21
Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475 3803
Web site: http://www.daikyo.co.jp/Company/index.html


ITOCHU CORPORATION: Moody's Ups Ratings to Baa3/P-3
---------------------------------------------------
Moody's Investors Service has upgraded the ratings of Itochu
Corporation (Itochu) to Baa3 from Ba1, and its short-term debt
rating to Prime-3 from Not Prime. The ratings for its supported
subsidiaries have also been upgraded to Baa3 from Ba2. This
rating action concludes a review for possible upgrade that was
initiated in February 2005. The outlook is positive, reflecting
Moody's expectation that the Company will further improve its
capitalization.

This rating action reflects the progress that Itochu has made
amid the difficult operating environment in improving leverage,
restoring its eroded capital and reducing potential and embedded
loss components in its balance sheet. Over the past few years,
the Company has increased its focus on leverage management,
resulting in gross debt/equity improving to 4-5x in March 2005
from 14-15x in March 2000. It has also almost halved total debts
since March 2000, while significantly growing capital through
common stock issuance in 2002 and internal earnings retention.

As a result of these efforts, Moody's considers Itochu's weak
capital sufficiency to have improved relative to its current
risk profile. The rating also incorporates the expectation that
the Company's reliance on ongoing support from main Japanese
banks for alternate liquidity management remains unchanged.

In Moody's view, Itochu's decisions in 2004 and 2005 to deal
with two major sources of concentration risk -- its large real
estate-related portfolio and its investment in Family Mart --
should contribute to further improvement of its balance sheet
quality. However, the balance sheet-intensive nature of the
Company's business model, characterized by high concentration
exposure, remains unchanged and vulnerable to long-term business
cycle trends. Continued reliance on debt financing will continue
to require solid domestic funding support and favorable terms
from financial institutions.

Moody's sees Itochu's recent active investment initiatives as
indicating that its risk appetite remains sizeable. However, the
Company's has emphasized risk management initiatives and
recognition of available financial resources to manage the risk
inherent in its business model, and it is less likely to
generate investment losses on the same scale as in the past
business cycle downturn. However, over the long term, its
earnings volatility could be higher -- and its ability to
weather the long-term cycle of its business model remains less
solid -- than other top-tier Japanese trading companies.

The elimination of one-notch differential between the ratings of
the parent's senior unsecured debt obligations and the
subsidiaries' senior unsecured debt obligations supported by
keep-well agreements reflects the recovery of Itochu's
fundamentals, as well as Moody's reassessment of "non-guarantee"
credit enhancement provided by companies rated Baa3 and above.

Moody's considers that any positive future rating action for
Itochu would require continued and substantial improvement in
leverage and reduction in concentration risk profile. A
continued effort to improve profitability and expand its
franchise without increasing leverage, inflating risk appetite
or further pressuring the relationship between capital and risk
assets would also be important to any consideration of higher
ratings.

By contrast, a material weakening of the Company's profitability
and capitalization, any signs of ineffectiveness in its risk-
management structure -- particularly with regard to
concentration exposures -- or Japanese debt providers taking a
less favorable investment stance toward current leverage levels
could lead to negative rating pressure.

The following debts are upgraded:

Itochu Corporation and supported subsidiaries

Itochu Corporation -- the unsecured senior debt and issuer
ratings to Baa3 from Ba1, and commercial paper rating to Prime-3
from Not Prime

Itochu Finance (Europe) plc -- the unsecured senior debt rating
to Baa3 from Ba2

Itochu International, Inc. -- the unsecured senior debt rating
to Baa3 from Ba2

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100

Tokyo
Yasunobu Doi
Vice President - Senior Analyst
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100


JAPAN AIRLINES: Unveils Time Discount Fares For June 2005
---------------------------------------------------------
Travelers can take advantage of JAL Group's economy class `Time
Discount Fares', which offer low cost domestic travel within
Japan on all weekends in June.

The `Time Discount Fares' are applicable on a total of 10 routes
serving 8 cities namely Tokyo (Haneda), Fukuoka, Izumo, Kochi,
Matsuyama, Nagasaki, Sapporo, Takamatsu, Tokushima, Osaka
(Itami/ Kansai), Fukuoka, Osaka (Kansai) and Sapporo.

Prices for one-way tickets range from JPY7,000 to JPY12,000 per
person, varying in cost according to route and time of
departure. Further reductions can be obtained by using JAL's
online e-Ticketless service.

Passengers must purchase their tickets in advance of travel
during the reservation periods outlined below. Reservations can
be made either by telephone on 0120 25 5971 or via the Internet
at www.jal.co.jp/dom/waribiki/

Travel Dates        Advance Reservation Period

June 4-5, 2005      May 25 and May 27, 2005

June 11-12, 2005    June 1, June 3, 2005

June 18-19, 2005    June 8, June 10, 2005

June 25-26, 2005    June 15, June 17, 2005

Main Fare Rules & Conditions

A minimum of 2 people are required per booking and must travel
on the same route and flights.

Tickets must be purchased on the same day as booking is made.

A limited number of seats are sold at this fare level and are
therefore subject to availability.

No amendments are possible.

Charges apply to cancellations before departure equivalent to
75% of the appropriate fare.

Refunds are only possible on unused return round trip tickets.

Fares are suitable for residents of Japan.

For full details including terms and conditions, please visit
www.jal.co.jp/dom/waribiki/.

Japan domestic discounts for overseas visitors.

Travelers resident in countries outside Japan who would like
information on suitable domestic discount economy fares, please
visit: www.jal.co.jp/yokosojapan/.

JAL makes regular advance announcements of special discount
fares **

(Note: JAL Group notified the MLIT on May 18, 2005 of the new
`Time Discount' fares for June 2005)

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

This is a Company press release.


MARUBENI CORPORATION: Moody's Upgrades Rating to Baa3/P-3
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Marubeni
Corporation (Marubeni) to Baa3 from Ba2, and its short-term debt
rating to Prime-3 from Not Prime. The ratings for its supported
subsidiaries have also been upgraded to Baa3 from Ba3. This
rating action concludes a review for possible upgrade that was
initiated in February 2005. The ratings outlook is stable.

The rating action is prompted by the progress that Marubeni has
made in improving leverage, as well as restoring its eroded
capital -- caused by large loss recognition in 2002. Marubeni's
consolidated capital recovered to JPY443 billion in March 2005
from JPY264 billion in March 2002, when it posted net losses due
to balance sheet restructuring costs. This recovery was achieved
through relatively stable earnings retention thereafter and a
preferred stock issuance of JPY75.5 billion in December 2003. In
addition, Marubeni has reduced debts in line with its efforts to
trim its balance sheet.

As a result, the Company strengthened its leverage -- the gross
debt/equity ratio improved to 5-6x in 2005 from 12-13x in 2002 -
- thereby improving its weak capital sufficiency relative to its
risk profile.

Partly due to the improved local and global operating
environment, Marubeni has recently recorded an earnings upturn.
However, profitability as measured by return on assets and net
profit is still inferior to other major Japanese trading
companies'. In addition, a gap is evident with peers in terms of
capitalization cushion and quality, and higher leverage remains,
although the gap is shrinking.

Nonetheless, the rating action is further underpinned by Moody's
expectation that the remaining capitalization gap will decline
over the medium term due to reduced earnings volatility and
better prospects of continued retention of internal earnings
from its existing franchise, as well as the Company's increasing
emphasis on risk management initiatives. The rating also
incorporates the expectation that the Company's reliance on
ongoing support from main Japanese banks for alternate liquidity
management remains unchanged.

As reflected in the stable outlook, Moody's expects that
Marubeni will be able to maintain its current credit profile
through various initiatives, including risk management and
efforts to create a more diversified franchise.

The elimination of one-notch differential between the ratings of
the parent's senior unsecured debt obligations and the
subsidiaries' senior unsecured debt obligations supported by
keep-well agreements reflects recovery of Marubeni's
fundamentals and re-assessment of "non-guarantee" credit
enhancement provided by companies rated Baa3 and above.

Moody's considers that any positive future rating action would
require continued and substantial improvement in leverage and
reduction in concentration risk profile to minimize the systemic
downward pressure in the downturn of Marubeni's long-term
business cycle. A continued effort to improve profitability and
expand franchise without increasing leverage, inflating risk
appetite or further pressuring the relationship between capital
and risk assets would be important to any consideration of
higher ratings.

By contrast, a material weakening of the Company's profitability
and capitalization, or Japanese debt providers taking a less
favorable investment stance toward current leverage levels could
lead to negative rating pressure.

The following debts are upgraded:

Marubeni Corporation and a supported subsidiary

Marubeni Corporation -- the unsecured senior debt and issuer
ratings to Baa3 from Ba2, and commercial paper rating to Prime-3
from Not Prime

Marubeni International Finance Plc -- the unsecured senior debt
rating to Baa3 from Ba3

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100

Tokyo
Yasunobu Doi
Vice President - Senior Analyst
Rating Group
Moody's Japan K.K.
Journalists: (03) 5408-4110
Subscribers: (03) 5408-4100


MATSUSHITA ELECTRIC: Develops Low-Power Wireless Module
-------------------------------------------------------
Panasonic, the leading brand by which Matsushita Electric
Industrial Co., Ltd. is known, unveiled its ultra-small low-
power wireless module by incorporating a radio circuit and a
microcomputer onto a single CMOS LSI chip, the world's first in
400-MHz band low-power wireless technology. The tiny high-speed
wireless module is suitable for a wide range of home and
industrial applications.

Mr. Yoshio Ishii, Vice President of Matsushita Home Appliances
Company, said, "We believe this coin-size module will help
expedite the realization of a 'ubiquitous society.' The module
meets the home networking specifications of the Energy
Conservation and Homecare Network (ECHONET) standard. It is
ideal for connecting a whole gamut of products to networks, from
various home appliances, home entertainment products and home
security devices to car navigations, car entertainment
equipment, and electronic shelf tags, to name a few. We plan to
put the new module into practical use by the fall this year."

The development of low-power radio communication devices
operating on the 400MHz band has been limited by size and power
consumption. Panasonic has addressed these problems by
capitalizing on its expertise in semiconductor and home
appliances.

The new one chip module measures 12 x 16 x 1.3 mm and 0.25 cc in
volume, excluding the newly-developed high efficiency antenna,
and is only one sixtieth of the volume of its previous GB-E01
module, which uses two separate chips for a radio circuit and a
microcomputer. Panasonic also cut down the number of components
for the module by 75 percent compared to the GB-E01,
contributing to reductions in the size and manufacturing cost.

A combination of high-speed Phase-Locked Loop (PLL) technology
and high-speed processing reduces radio signal checking time to
3 ms, one quarter of the time required by its conventional
model. The module checks the receiving radio wave every 3
seconds. When no incoming signal is detected, it stops checking
immediately. Thus, it lowers the average current consumption
during standby and prolongs the battery life about three times.
The module consumes 25 mA for transmitting (10 mW output) and 12
mA for receiving. On average, the module uses only 14 æA
including active and standby modes. Depending on the
application, the battery lasts one year to 10 years.

By adopting the four-level Frequency Shift Keying (FSK)
modulation, the new module can transmit the data at 14.4kbps,
twice the speed of the previous two-level FSK type.

Panasonic has applied for 78 patents on the new module in Japan,
of which 11 have so far been granted, and two patents overseas.

About Panasonic

Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated net sales of US$81.44 billion
for the year ended March 31, 2005. The Company's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information on
the Company and the Panasonic brand, visit the Company's website
at http://panasonic.co.jp/global/index.html.

Contacts:

Akira Kadota
International PR
Tel: +81-3-3578-1237
Fax: +81-3-5472-7608
Panasonic News Bureau
Tel: +81-3-3542-6205
Fax: +81-3-3542-9018


MITSUBISHI MOTORS: Eclipse Sport to Go on Sale Ahead of Schedule
----------------------------------------------------------------
Mitsubishi Motors North America (MMNA) announced its all-new
2006 Eclipse sport coupe officially will go on sale today,
several weeks before initially planned. With a starting price of
less than $20,000 for the entry level GS trim line, Eclipse is
priced $300 less -- and has more standard equipment -- than the
model it replaces. All-new Eclipses will begin arriving in
dealer showrooms this week.

"Feedback and reactions from dealers and consumers about the new
Eclipse has been overwhelmingly positive," said Dave Schembri,
executive vice president of sales and marketing for MMNA. "Since
our production ramp-up has been virtually flawless, we saw no
reason to hold back on deliveries of this fabulous new car to
showrooms. And the dealers are ecstatic."

The all-new, two-door 2006 Mitsubishi Eclipse sport coupe is the
first of three new products MMNA will introduce in the next 12
months. Designed to combine exotic styling and performance with
the comfort and utility of a daily driver, this fourth
generation Eclipse exhibits an impressive power range,
outstanding handling, room for four, available options like the
650-watt Rockford Fosgate stereo system, and luxury amenities
without sacrificing the incredible value that the Eclipse name
has come to represent.

RETAIL PRICING ANNOUNCED

The well-equipped 2006 Eclipse GS edition starts at $19,399,
manufacturer's suggested retail price (MSRP), and is $300 less -
- with more standard equipment -- than the model it replaces.
The Eclipse GS features a 2.4-liter four-cylinder engine with
Mitsubishi Innovative Valve timing and lift Electronic Control
(MIVEC) technology and a five-speed manual transmission. The
Eclipse GT, with a 263-horsepower 3.8-liter V6 MIVEC engine and
a six-speed manual transmission, begins at $23,699. An optional
Sportronic(TM) automatic transmission, four-speed for the GS and
five-speed for the GT, is available for an additional $900.

The Eclipse GS offers significantly more value than the 2005
model it replaces, as it includes standard four-wheel disc
brakes with ABS, front seat- mounted side-impact airbags, front
side curtain airbags and larger alloy wheels, all for a lower
price.

The Eclipse sports a dynamic new design, inside and out. The
excitement of the design is heightened by a full list of
standard features including air conditioning, power windows and
power door locks, cruise control, remote entry integrated with
the key fob, engine immobilizer, an AM/FM/CD audio system with
MP3 playback and six speakers, split folding rear seats, floor
mats, 17-inch alloy wheels, 225/50R17 tires, four-wheel disc
brakes, rear window defroster and rear spoiler. Anti-lock brakes
with Electronic Brake Force Distribution (EBD), advanced front
airbags, front seat-mounted side-impact and front side curtain
airbags are standard for all trim lines. Eclipse GT standard
upgrades include the powerful V6 MIVEC engine, six-speed manual
transmission, traction control, ventilated rear disc brakes, a
front strut tower bar and fog lamps. Compass and outside
temperature readings are featured in the GT's center display.

An optional Sun and Sound Package for the GS, at a $1,500 MSRP,
includes a power sunroof, 650-watt Rockford Fosgate audio system
with nine speakers including a 10-inch subwoofer, six-disc in-
dash CD changer, steering wheel audio controls, an auto-dimming
rearview mirror, and compass and temperature readings in the
center display.

The GT Premium Sport Package, at a $3,270 MSRP, adds everything
in the GS Sun and Sound package, plus automatic climate control,
leather front seating surfaces, six-way power driver's seat,
heated front seats, alloy pedals, 18-inch alloy wheels with
235/45R18 tires, and heated side view mirrors.

An accessory option package is available for each trim line,
which includes an alloy fuel door, wheel locks, cargo net, cargo
floor mat and sport floor mats, for $270 MSRP.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

Contact:

Mitsubishi News Bureau
Mitsubishi Motors North America, Inc.
Tel: 888-560-MMSA (6672)
Email: newsbureau@mmsa.com

This is a Company press release.


TOSHIBA CORPORATION: Injunction Hearing Delayed
-----------------------------------------------
Lexar Media Inc.'s Chief Executive Officer Eric Stang said that
a hearing has been delayed on its request for an injunction to
bar Toshiba Corporation from selling memory products in the
United States, according to Reuters.

Lexar was awarded $465 million in damages in March by a
California jury that found Toshiba had stolen Lexar trade
secrets.

Initially the hearing date was May 16. Mr. Stand said a new date
was not yet scheduled, but he believed the rescheduled hearing
would not be too far off.

"It's our view that Toshiba has used our trade secrets and
infringed our technology," Stang said. "We're seeking legal
recourse against that and feel that we have a very strong case."

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


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


INCHON OIL: Bidding Reopens, Court to Appoint Lead Manager
----------------------------------------------------------
After a failed takeover in January, a South Korean court is set
to choose a lead manager to handle the sale of refiner Inchon
Oil Refinery Co. Ltd., Reuters News reports.

The Company, which is under court receivership, was set to be
sold for KRW680 billion to China's Sinochem Corporation, but it
rejected the firm's offer, wanting a higher prace for the
takeover. Citigroup Inc. was one of the creditor firms who
opposed the deal.

According to a source close to the matter, the Inchon District
Court is set to choose one of four Korean firms to lead the
acquisition next week, namely: HanYoung, local partner of
auditors Ernst & Young, Korea Ratings, Samil Accounting Corp.,
and a consortium led by a local accounting firm.
Inchon Oil spokesman S.L. Hong confirmed a lead manager was
being sought, but declined to comment on the likely timing or
give further details.

Creditor Citigroup Inc. had previously offered to buy the
Company for KRW780 billion if the Sinochem dela fell through,
but the source said that the offer is invalid as the sale will
start from the beginning.

Inchon Oil has been under court receivership since 2001, with an
outstanding debt of KRW910 billion. The Company has a refining
capacity of 275,000 barrels a day but is operating at 45 % of
that. It posted a net profit of KRW82.3 billion in the first
nine months of 2004.

CONTACT:

Inchon oil Refinery Co. Ltd.
Yensei Building 84-11
Namdaemunro-5Ga, Jung-Gu
Seoul, South Korea
Phone: +82 2 2004 3354
Fax:   +82 2 2004 3360
E-mail: kbkim@oilbank.co.kr


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


CONSOLIDATED FARMS: MITI OKs Restructuring Scheme
-------------------------------------------------
Consolidated Farms Berhad announces that the Ministry of
International Trade & Industry (MITI) does not object to the
Company's proposed restructuring scheme, in a letter to the
Company dated May 18, 2005, subject to the fulfillment of the
following conditions:

i. To obtain the Securities Commission (SC)'s approval and to
ensure compliance with the Guidelines On The Acquisition Of
Interests, Mergers And Take-overs By Local And Foreign
Interests; and

ii. The allocation of the entire 15,000,000 ordinary shares of
MYR1.00 in AimReach Holdings Sdn Berhad in relation to the
Proposed Special Issue representing approximately 10.14% of its
enlarged issued and paid-up share capital is subject to MITI
approval after the SC's approval has been obtained.

Meanwhile, Consolidated Liquid Eggs Sdn Berhad, a 70% owned
Company subsidiary, must comply with the equity conditions
stated in its manufacturing license within three years from May
18, 2005.

CONTACT:

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


FORESWOOD GROUP: Securities Delisted by Bursa Malaysia
------------------------------------------------------
Foreswood Group Berhad announces that the Securities Commission
(SC) had, in a letter dated April 27, 2005, rejected the
Company's appeal to reconsider its decision on the Company's
proposed restructuring scheme, since it did not fully satisfy
the issues brought up by the SC.

Therefore, Bursa Malaysia Securities Berhad (Bursa Securities)
decided to delist the Company's securities from its Official
List, after consulting with the Securities Commission and
considering all the facts, as the Company's financial condition
does not warrant continued listing on the Official List.

The Company's securities were removed from the Official List of
Bursa Securities on Friday, May 20, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List. Alternatively, Company shareholders who
intend to hold their securities in the form of physical
certificate can withdraw these securities from their Central
Depository System accounts with Bursa Depository, at anytime
after the Company's securities of the Company are de-listed from
the Official List, by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

CONTACT:

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


I-BERHAD: Buys Back 19,000 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of the shares it had bought back on May 19, 2005.

Date of buy back: 19/05/2005

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

Total number of shares purchased (units):             19,000

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

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

Total consideration paid (MYR):                   15,313.28

Number of shares purchased retained in treasury
(units): 19,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,834,200

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


MAXIS COMMUNICATIONS: Set To List New Shares
--------------------------------------------
Maxis Communications Berhad's additional 251,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Wednesday, May 25, 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


MECHMAR CORPORATION: Not to Pursue SPA with Ranhill Power
---------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announces that the Company
had on March 10, 2005 entered into a conditional sale and
purchase agreement (SPA) with Ranhill Power Berhad in relation
to the proposed disposal of its entire equity interest in
Independent Power Tanzania Limited (IPTL) representing 70% of
the issued and paid-up capital of IPTL, for MYR57 million.

The Company further announces that on May 18, 2005, it received
a notice from Ranhill Power Berhad to end the conditional sale
and purchase agreement in relation to the proposed shares
disposal. The Company is seeking legal opinion on the notice and
will announce any developments in due course.

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax: +60 5569 1316


PAN MALAYSIA: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 19,
2005.

Date of buy back: 19/05/2005

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

Total number of shares purchased (units):          3,030,000

Minimum price paid for each share purchased (MYR):      0.460

Maximum price paid for each share purchased (MYR):      0.470

Total consideration paid (MYR):                1,412,947.58

Number of shares purchased retained in treasury
(units):  3,030,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 48,734,500

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

CONTACT:

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


PANTAI HOLDINGS: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on May 19, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 19/05/2005

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

Total number of shares purchased (units):             83,000

Minimum price paid for each share purchased (MYR):      0.995

Maximum price paid for each share purchased (MYR):      1.020

Total consideration paid (MYR):                   84,224.99

Number of shares purchased retained in treasury
(units):   83,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,482,300

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala LumpurMalaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


POS MALAYSIA: Amends Error in 2004 Annual Report
------------------------------------------------
Pos Malaysia & Services Holdings Berhad announces that the
Company made an error in its 2004 annual report. The Company
sent a notice of the error to shareholders on May 20, 2005.

To view the notice of the errata on the Company's 2004 annual
report, go to:

http://bankrupt.com/misc/tcrap_posmalaysia062005.doc

CONTACT:

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


PROMTO BERHAD: Restructuring Scheme Pending Approval
----------------------------------------------------
Promto Berhad announces that on May 19, 2005, the Company
submitted its application on its proposed restructuring scheme
to the relevant authorities for approval, namely: The Foreign
Invetment Committee, the Ministry of International & Trade
Industry, and the Securities Commission.

The Company will announce further developments on the matter in
due course.


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


ABS-CBN BROADCASTING: Hopes to Recover by Year-end
--------------------------------------------------
Loss-making ABS-CBN Broadcasting Corporation is bullish it could
turnaround by the end of the year, according to Today News.

The network's chairman and CEO Eugenio "Gabby" Lopez III said he
is "looking forward to ending the year in black despite the net
loss it recorder in the first quarter".

"We hope to recover. We are now focusing on (reducing) our
costs," Lopez III told reporters following the annual
stockholders meeting of the country's largest broadcasting
network.

ABS-CB tallied a net loss of Php114.3 million for the first
quarter, compared to the Php124.1 million net profit it booked a
year ago.

The network primarily blamed its lackluster performance on its
failure to stop the decline in its viewership ratings, as its
rival GMA Network Inc. continue to capture a big portion of the
audience share.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888


ABS-CBN BROADCASTING: Clarifies Audit Committee Members
-------------------------------------------------------
To correct the disclosure of ABS-CBN Broadcasting Corporation
made on May 19, 2005, the audit committee Chairman is Mr. Cesar
B. Bautista and not Fr. Carmelo A. Caluag, S.J. as earlier
stated.

The members of the audit committee are:

Audit Committee:

Mr. Cesar B. Bautista, Chairman
Fr. Carmelo A. Caluag, S.J., Member
Mr. Augusto Almeda Lopez, Member
Mr. Peter D. Garrucho, Member

ABS-CBN Broadcasting Corporation
Registrant

Enrique I. Quiason
Assistant Corporate Secretary


BELLE CORPORATION: Robust Sales Drive 8.6% Profit Hike
------------------------------------------------------
Belle Corporation saw its first quarter net profit climb 8.6
percent to 26.5 million due primarily to higher revenues and
contributions from affiliates, reports The Philippine Daily
Inquirer.

Belle's net revenues from sales of real estate and club shares
surged 58 percent to Php95.2 million.

Operating expenses increased to 33.2 million pesos from 25.7
million mainly due to legal fees as well as marketing costs.

Belle said associate companies including Highlands Prime Inc.,
where it has a 36 percent stake, contributed a total of 20.5
million pesos to earnings for the quarter, up from 12.0 million
a year earlier.

CONTACT:

Belle Corporation
Exchange Road Ortigas Centre
28/F East Tower PSE Centre Ortigas Cent
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24


CAMP JOHN: Scores BCDA on Takeover Threat
-----------------------------------------
Camp John Hay Development Corp. (CJH DevCo) claimed the threat
made by the Bases Conversion Development Authority (BCDA) to
take over Camp John Hay is illegal, Business World relates.

CJH DevCo said a takeover is unlikely, as the BCDA has not
followed the terms of their lease contract. It added BCDA cannot
take over Camp John Hay unless it pays CJH DevCo Php10.9
billion.

The consortium said in an arbitration case lodged last week
before the Philippine Dispute Resolution Center Inc. that its
contract with BCDA provides the convening of a joint committee
as a dispute settlement mechanism and tax and duty exemptions of
CJH DevCo. The group filed for the arbitration proceedings in a
bid to settle a dispute with BCDA.

However, CJH DevCo said it is apparent that the agency will
ignore the arbitration.

BCDA on Tuesday said it was seriously considering the takeover
of Camp John Hay for the alleged failure of CJH DevCo to pay the
Php1.2 billion it owes the agency by April 30. The amount is
part of the Php2.2 billion in rent CJH DevCo has not remitted to
BCDA.

CONTACT:

Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax:  (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/


NATIONAL POWER: EPIRA Amendments May Delay Privatization
--------------------------------------------------------
Recent calls to amend the Electric Power Industry Reform Act
(EPIRA) will likely delay the privatization of the National
Power Corporation (Napocor), The Philippine Star reports.

The House Committee on Energy warned the proposed amendments may
be misinterpreted by potential investors who may view these
moves as "changing the rules in the middle of the game".

The committee said it will review the proposals and their impact
on the privatization of Napocor's assets.

The Power Sector Assets and Liabilities (PSALM) Corporation is
currently managing the sale of Napocor's generations assets and
is preparing to auction off by October this year the concession
contract for the transmission assets.

Energy officials have welcomed Congressional initiatives to
amend some of the provisions of the EPIRA as long as the move
will benefit the industry and its stakeholders.

Energy Secretary Raphael P.M. Lotilla said he welcomes the
proposed changes in the EPIRA which aim to introduce more
competition, underline strong regulatory authority, and ensure a
viable power industry.

He said the amendments being pushed by lawmakers are intended to
ensure that the major directions of the EPIRA are met.

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/


PHILIPPINE LONG: Issues Additional Listing of Shares
----------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.

In this connection, please be advised that a total of 3,000
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 3,000 common shares is set
for Friday, May 20, 2005. This brings the number of common
shares listed under the ESOP to a total of 453,504 common
shares.

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

For your information and guidance.
Claudine E. Cruz
OIC, Listings Department

Noted by:
Jurisita M. Quintos
Senior Vice President

CONTACT:

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


PRYCE CORPORATION: Annual Stockholders' Meeting Set For June 22
---------------------------------------------------------------
Further to Circular for Brokers No. 1852-2005 dated April 21,
2005, Pryce Corporation (PPC) furnished the Philippine Stock
Exchange a copy of its SEC Form 17-IS (Preliminary Information
Statement) in connection with its Annual Stockholders' Meeting,
which will be held on June 22, 2005, at 4:00 p.m. at the Valle
Verde Country Club.

As stated in the attached Notice of Annual Stockholders'
Meeting, "Stockholders of record as of June 2, 2005 shall be
entitled to vote at this meeting."

For more information, go to
http://bankrupt.com/misc/tcrap_pryce052005.pdf

Ma. Pamela D. Quizon
Head, Disclosure Department
Noted by:
Jurisita M. Quintos
Senior Vice President


UNITED COCONUT: Eyes Php17-Bln Idle Asset Sale
----------------------------------------------
The beleaguered United Coconut Planters Bank (UCPB) is
considering selling its idle assets worth a total of Php17
billion, Business World reports.

The plan to divest the assets this quarter came after the bank
disposed of Php11.9 billion worth of nonperforming loans.

According to sources, UCPB will divest through individual sale
its real and other properties owned and acquired (ROPOA),
comprising mainly of real estate properties.

UCPB can't wait to sell its ROPOA immediately and will not
necessarily wait for the extension of the special purpose
vehicle (SPV) law, which is now pending in Congress. The SPV Act
of 2002 gave banks incentives to dispose of their soured loans
and idle assets by giving buyers tax discounts. An amendatory
bill extending the law for another two years is pending in
Congress.

Last month, UCPB was able to sell Php256 million in idle assets
consisting of houses and lots, condominium units, townhouse and
subdivision lots located in various parts of Luzon. The bank is
also in talks with real estate developers to transform large
tracts of raw lands in the bank's ROPOA inventory into
residential subdivisions.

The sale of banks' nonperforming assets will allow them to free
up reserves that can be used to boost lending activity.

CONTACT:

United Coconut Planters Bank
7907 Makati Ave., Makati City
Telephone: (632) 811-9000
E-mail Address: crc@ucpb.com
Web site: http://www.ucpb.com/


* New VAT Law to Cut State Budget Deficit
-----------------------------------------
The Philippine financial deficit this year is expected to fall
to Php151 billion from an initial target of Php180 billion,
according to Manila Times.

Finance Undersecretary Gil Beltran said the state budget gap
this year may likely stay below the original target due to
additional revenues to be generated from the recently passed
value-added tax (VAT) bill.

Higher proceeds from the VAT bill are also seen to cut the
government's budget shortfall next year to Php90 billion from an
earlier target of Php160 billion.

The government expects to generate an additional Php28 billion
this year after Congress removed a number of exemptions from the
VAT while retaining the rate at 10 percent.

The bill, however, grants President Gloria Macapagal-Arroyo the
authority to raise the VAT to 12 percent, thus allowing the
government to rake in some Php105 billion next year.

With a deeper cut in the deficit, the government expects to
balance its budget earlier than 2010. Last year, the fiscal gap
stood at Php187.1 billion, or lowers than the Php199 billion
deficit the year before.


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


MYCOBIOTECH LTD: Winding Up Hearing Fixed July 1
------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Mycobiotech Ltd by the High Court of Singapore was on May 11,
2005 presented by Yeo Yek Leong, of 22 Parkstone Road, Singapore
437669, creditor, and that the Petition is directed to be heard
before the Court sitting at 10 o'clock in the forenoon, on July
1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his Counsel for that purpose.

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

The Petitioner's address is 22 Parkstone Road, Singapore 437669.

The Petitioner's solicitors are Messrs Piah Tan & Partners of
101 Upper Cross Street, #06-12 People's Park Centre, Singapore
058357.

Piah Tan & Partners
Solicitors for the Petitioner.

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to Messrs Piah Tan & Partners
notice in writing of his intention to do so. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitor (if any) and must be served,
or if posted, must be sent by post in sufficient time to reach
the abovenamed not later than twelve o'clock noon of June 30,
2005.


PISCES LAND: Issues Intended Dividend Notice
--------------------------------------------
Pisces Land Pte Ltd (In Compulsory Liquidation) located at c/o
Sim Guan Seng & Co., 15 Beach Road, #03-10 Beach Centre,
Singapore 189677, posted a notice of intention to declare
dividend at the Government Gazette, Electronic Edition with the
following details:

Court: High Court of Singapore.

Number of Matter: Winding Up No. 291 of 1999.

Last day for Receiving Proofs: May 27, 2005.

Name of Liquidator: Sim Guan Seng.

Address of Liquidator: c/o Sim Guan Seng & Co.
15 Beach Road
#03-10 Beach Centre
Singapore 189677.

Dated this 20th day of May 2005.

Sim Guan Seng
Liquidator.


REPAST SINGAPORE: Creditors' Proofs of Claim Until June 20
----------------------------------------------------------
Notice is hereby given that the creditors of Repast Singapore
Pte Ltd (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
June 20, 2005 to submit particulars of their debts or claims and
any security held by them to the Liquidator.

This should be done by delivering or sending through the post to
the liquidator at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 20th day of May 2005.

Lim Say Wan
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


RMD KWIKFORM: Receiving Proofs of Claims Until June 20
------------------------------------------------------
Notice is hereby given that the creditors of RMD Kwikform
(Singapore) Pte Ltd, whose debts or claims have not already been
admitted, are required on or before June 20, 2005 to submit
particulars of their debts or claims and any security held by
them to the Liquidator.

This should be done by delivering or sending through the post to
the liquidator at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 20th day of May 2005.

Lim Say Wan
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


SEVEN SEAS: Receives Winding Up Order
-------------------------------------
Seven Seas Supply Co. Pte. Ltd was issued a winding up notice by
the High Court of the Republic of Singapore on May 16, 2005.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs Rajah & Tann
Solicitors for the Petitioner.

Note:

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

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


SMRT CORPORATION: To Dissolve Dormant Unit
------------------------------------------
Further to SMRT Corporation Ltd's announcement (MASNET No. 4) on
July 30, 2003, the Company wishes to announce that its
subsidiary EZCard Pte Ltd (EZCard) held its First General
Meeting on May 10, 2005 and a return will be lodged shortly with
the Accounting and Corporate Regulatory Authority of Singapore
(ACRA) and the Official Receiver.

Pursuant to Section 308(5) of the Companies Act, Cap. 50, EZCard
will be dissolved on the expiration of three months following
the lodgment of the return with ACRA and the Official Receiver.

EZCard is a 55 percent owned subsidiary held through SMRT Trains
Ltd and SMRT Buses Ltd, both of which are wholly-owned
subsidiaries of the Company. EZCard is a dormant Company.

Submitted by S. Prema, Company Secretary, on May 10, 2005 to the
Singapore Stock Exchange (SGX).

CONTACT:

Smrt Corporation Limited
251 North Bridge Road
179102
Singapore
+65 6 331 1000
+65 6 334 0247


VITEC ELECTRONICS: Require Creditors to Prove Claims by June 20
---------------------------------------------------------------
Notice is hereby given that the creditors of Vitec Electronics
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before June 20, 2005 to submit particulars of their debts or
claims and any security held by them to the Liquidator.

This should be done by delivering or sending through the post to
the liquidator at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 20th day of May 2005.

Lim Say Wan
Liquidator.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


WEE POH: Unveils Group Performance Review
-----------------------------------------
Wee Poh Holdings Limited announced that the construction
industry continued to be competitive, with loss-making bids
prevailing in the industry. Credits from sub-contractors remain
tight, with most asking for advance payments, as most industry
players grappled with substantial losses and subsequent loss of
confidence in each other. Rising steel prices and other material
costs exacerbated the situation.

In a disclosure to the Singapore Stock Exchange, group turnover
declined S$34.041 million from S$53.870 million to S$19.829
million over the previous corresponding financial year.
Construction projects undertaken, except one, were near
completion as at 30 June 2004. Foreseeable losses of S$2.777
million for all projects have been provided for this year.

The Group continued to be discouraged from tendering new
projects due to the competitive market, prevalence of loss-
making bids and its RTO programme.

The Group carried on its cost saving exercise resulting in a
reduction of S$3.385 million in administrative expenses from
S$7.431 million to S$4.046 million. Provisions for impairment
loss and doubtful debts increase from S$1.213 million to S$1.348
million following lower carrying costs of plant and machinery
and trade receivables. Nevertheless, investment properties held
continued to decline in value, in line with the weak property
market.

Investment in a subsidiary whose operations were conducted in
East Timor was written off wherein S$1.638 million loss was
recognized, compared to a gain of S$11.262 million last year
when 2 subsidiaries were liquidated pursuant to creditors'
winding up petitions.

Income tax assessment for the year of assessment 1997 of Wee Poh
Construction Co. (Pte.) Ltd. (WPC"), a subsidiary of the Company
was reduced resulting in a write-back of income tax provision of
S$1.183 million this year. Last year's charge was S$1.791
million.

During the year, the Group underwent the following share capital
issues in its effort to strengthen its balance sheet, to ease
the Group's cashflow requirements, and to facilitate future fund
raising exercises.

Strategic Issue"

On 28 August 2003, a sum of S$7.5 million was injected into the
Company via the issue of 1,500,000,000 shares.

Best Effort Debt Conversion"

A total of 46 creditors of a subsidiary of the Company were
issued 80,000,000 shares (S$4 million) pursuant to the Best
Effort Debt Conversion exercise on 28 August 003.

Renounceable Rights Issue"

A Renounceable Rights Issue of 339,829,908 Rights Shares at a
subscription price of S$0.005 for each Rights Share on the basis
of 2 Rights Shares for every 1 existing Share (without taking
into account the 1,500,000,000 "Strategic Issue" shares
completed on 28 August 2003) for an aggregate cash consideration
of S$1.999 million was completed on 15 January 2004.

CONTACT:

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


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


HANTEX: SET Suspends Trading of Securities
------------------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(Suspension) sign on the securities of Hantex Public Company
Limited effective from the first trading session of May 17, 2005
due to its failure to submit the financial statement for the
period ending March 31, 2005 by the deadline specified by the
SET.

CONTACT:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


NEW PLUS: Profits THB5.80 Million for 1Q/2005
---------------------------------------------
New Plus Knitting Public Company Limited issued to the Stock
Exchange of Thailand (SET) a clarification for its operating
result for the first quarter of 2005.

In the first quarter the sales income of THB65.42 million
decreased by THB7.47 million or 10.25%. The cost of sales of
THB62.96 million decreased by THB11.06 million or 14.94 percent
compared to the same quarter last year.

In the first quarter, the Company recorded a THB9.58 million
decrease in doubtful accounts of related parties. The operating
result shows a profit of THB5.80 million in the first quarter of
2005.

Please kindly inform our shareholders.

Yours Sincerely,

Mrs. Orasa Krutkakool
Director

Mrs. Warcharee Pantho
Director

CONTACT:

New Plus Knitting Public Company Limited
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao
Telephone: 0-3859-3126
Fax: 0-3859-3125


PREMIER ENGINEERING: Issues Summary Report of FS
------------------------------------------------
Premier Engineering and Technology Public Company Limited
(Previously named as Thai Electronic Industry Public Company
Limited) and its subsidiaries issued to the Stock Exchange of
Thailand (SET) a summary report of its financial status and
operation for the first quarter of 2005.

(1) The operating income of Premier Engineering and Technology
Public Company Limited and its subsidiaries for the 1st quarter
of the year 2005 is THB229.3 million decreasing by THB135.4
million or 37.1% in comparison with the figure of the same
period of 2004,which was THB364.7 million.

Such amount of decrease was resulted from the decrease of the
income from sale of the computer unit and software and the sale
of the electrical home appliance in the amount of THB73.4
million and THB62.0 million respectively.

Moreover, the Company has also quit the production and sale of
the small electronic equipment, which generated the income in
the amount of THB53.2 Million in 2004.

(2) The operating loss of the Company and its subsidiaries for
the first quarter of the year 2005 is THB23.97 million, an
increase by THB10.21 million in comparison with the figure of
the same period of 2004, which was THB13.76 million.

Such operating loss was mainly resulted from the reduction in
the gross profit due to the reduction in the sale and the other
income in the amount of THB9.98 million and THB2.03 million
respectively, and due to the increase in the sale and
administration expense in the amount of THB5.58 million, and due
to the reduction in the interest expense and the corporate
income tax in the amount of THB1.13 million and THB2.32 million
respectively.

(3) The total assets of the Company and its subsidiaries was
decreased by THB112.6 million resulting from

(i) Decrease of the Temporary investment by THB2.2 million

(ii) Decrease of the related debtors by THB0.2 million

(iii) Decrease of the Inventories by THB3.7 million

(iv) Decrease of the Other current assets by THB10.2 million

(v) Increase of the Cash and equivalents by THB0.5 million

(vi) Increase of the Deposit in the fixed account in
consideration to the guarantee burden by THB0.8 million

(vii) Increase of the Fixed Assets by THB5.9 million, and

(viii) Increase of the Other assets by THB0.8 million

(4) The total liabilities of the Company and its subsidiaries
was decreased by THB85.4 million resulting from

(1) Decrease of the Trade creditor item by THB84.4 million

(2) Decrease of the Related creditors by THB2.1 million

(3) Decrease of the Factoring creditor by THB9.2 million

(4) Decrease of the Short-term loan form directors by THB4.0
million

(5) Decrease of the Long-term liabilities by THB2.5 million

(6) Decrease of the liabilities item under the rehabilitation
plan by THB14.5 million

(7) Decrease of the Payable expense by THB2.6 million

(8) Decrease of the Other current liabilities item by THB1.6
million

(9) Increase of the Other creditor by THB0.1 million

10) Increase of the Short term loan to the related debtor by
THB3.7 million and

(11) Increase of the Advance received from the customer by
THB31.7 million.

(5) The capital deficit in The Shareholder's equity of the
Company was increased by THB23.97 million in the 1st quarter of
2005.

Vichien Phongsathorn,Duangthip Eamrungroj
Director
Premier Engineering & Technology Public Company Limited


SIAM AGRO-INDUSTRY: 1Q/2005 Net Loss Shrinks to 32.39%
------------------------------------------------------
Siam Agro-Industry issued to the Stock Exchange of Thailand
(SET) a comparative report on the Company's sales and net
profit.

(Thousand Baht)

             Q1-2005          Q1-2004      Diff.      Diff. (%)

Sales net    186,700         187,676      (976)       (0.52)

Net profit   (8,633)         (12,769)     4,136        32.39

Sales decreased by 0.52% but net loss decreased by 32.39% during
the year 2005 compared to the year 2004 due mainly to:

Lower fruit costs offset by increased packaging and energy
costs coupled with significantly higher interest expense arising
from default on restructured loans.

For your information

Yours sincerely,
Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Website: http://www.saico.co.th


SRITHAI FOOD: To Vote on Reorganization Plan June 20
----------------------------------------------------
Pursuant to the court order for the reorganization of the
Company and the appointment of Srithai Food & Beverage Public
Company Limited as the planner on September 3, 2004, Srithai
Food & Beverage Public Company Limited informed the Stock
Exchange of Thailand (SET) that the planner has now submitted
its plan to the trustee on March 26, 2005.

The Company is now in the process of preparing a conference to
vote for the plan on June 20, 2005.

For your acknowledgement

Yours sincerely,
Mr. Anan Jantranukul
Executive Director

CONTACT:

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




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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