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

                     A S I A   P A C I F I C

             Thursday, June 9, 2005, Vol. 8, No. 113

                            Headlines

A U S T R A L I A

A AB COMPUTER: To Hold Final Meeting June 17
AGENIX LIMITED: Commits to Thromboview Manufacturing
AMJAK PTY: To Declare Dividend June 27
AMP LIMITED: Reviews Indian JV Life Insurance Business
ATIWEAL PTY: Names A.H.J. Wily Official Liquidator

AUSTRALIAN FINANCIAL: ASIC Cooks Up Conviction for Director
AUSTRALIAN WINE: Faces Another Loss
BECKOM PARK: Winds Up Voluntarily
BONLAC FOODS: Fonterra Deal Paves Way to Debt Restructure
CLUCOR PTY: Receives, Managers Step Aside

FORTESCUE METALS: Iron Ore Upgrade Sends Stock Soaring
FORUM INVESTMENTS: Liquidators to Lay Account of Winding Up
GBDP PTY: To Undergo Voluntary Winding Up Process
G.J. CLUTTON: Names Mark Anthony West Official Liquidator
GOLDEN GROVE: Final Meeting Slated for June 10

HARDINGS JOINERY: Members Place Company in Voluntary Liquidation
HIH INSURANCE: Charge Against Charles Abbott Dismissed
MALOCHI PTY: Members Decide to Wind Up Firm
MJ TRENDS: Receivers, Managers Appointed
NAUGHTY NOODLES: Final Meeting Date Fixed June 10

NEWMONT MILDITE: Members to Hear Liquidator's Winding Up Report
NOOSA SALTWATER: To Convene Final Meeting June 10
NORTHERLY EQUITIES: Fixes Final Meeting June 10
OROTON: Sees Lower Earnings Over Higher Restructuring Costs
PREMIER APPLIANCE: Goes Under Voluntary Administration

SAGE TRANSPORT: Appoints Official Liquidator
SANTOS LIMITED: Adopts International Accounting Standards
SANTOS LIMITED: AWE's Henry-1 Well Brought Forward
UNIWAY PTY: Resolves to Wind Up Business
WESTRAIN PLANT: Members, Creditors to Meet June 16

WILLOWVALE EARTHMOVING: To Declare Dividend June 15
WMC RESOURCES: S&P Announces Removal from S&P/ASX Indices


C H I N A  &  H O N G  K O N G

AKAI HOLDINGS: Liquidator Mulls Resignation
ALL FULL: Court Issues Winding Up Notice
BANK OF CHINA: Uncovers 16 New Fraud Cases
CHINA MOTION: Seeks Debt Restructuring Scheme
CROWNPRIX LIMITED: Creditors' Proofs of Claim Due July 3

HILL RICH: Winding Up Hearing Set July 6
JILIN CHEMICAL: Notes Unusual Volume Movement
KOLDTECH DEVELOPMENT: Winding Up Hearing Set July 20
POLYCROWN ENGINEERING: Names Joint Liquidators
WEALTH LINK: Enters Winding Up Process

WINFUL INVESTMENT: Court Orders Winding Up


I N D O N E S I A

BANK MANDIRI: Delays IDR2.9-Trillion Bond Sale
PERTAMINA: Grants LNG Access to Gas Field
TELEKOMUNIKASI INDONESIA: Controls 52% of Global Call Market
* Government Eyes Securities Sale to Trim Budget Deficit


J A P A N

55 STATION: Livedoor Still Undecided on Support
JAPAN AIRLINES: To Expand E-ticketing Services
JAPAN AIRLINES: Launches Domestic Late Night Cargo Flights
MITSUBISHI MOTORS: Supplies Otti Minivehicle to Nissan
SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds

* Seven Major Banks Swing to FY/2004 Profit


K O R E A

HYNIX SEMICONDUCTOR: To Sell Overseas Bonds
LG CARD: Aims to Raise Enough Funds to Pay Debts


M A L A Y S I A

ANCOM BERHAD: Buys Back Additional Shares
CYGAL BERHAD: Schedules 24th AGM June 30
GULA PERAK: RAM Says Conditional Offer Won't Affect Ratings
I-BERHAD: Repurchases 70,000 Shares
PANGLOBAL BERHAD: To Hold AGM on June 30

PANTAI HOLDINGS: Posts Shares Buy Back Notice
POS MALAYSIA: Set to List More Shares Next Week
WEMBLEY INDUSTRIES: Bourse May Delist Securities


P H I L I P P I N E S

CAMP JOHN: Claims BCDA is Harassing Locators
METRO PACIFIC: Parent Eyes Tollway Firm Stake
NATIONAL RAILWAYS: Told to Overhaul Operations
PHILIPPINE LONG: Lists More Shares
PHILIPPINE NICKEL: Gov't Seeks Settlement to Draw in Investors

PRICESMART INCORPORATED: Shareholders Ask Court to Bar Execs
* PSE Unveils Firms Under Trade Suspension


S I N G A P O R E

ATS GARMENTS: Placed in Voluntary Liquidation
CHARTERED SEMICONDUCTOR: Strengthens Ties with IBM, Samsung
CHINA AVIATION (S): Former Chief May be Prosecuted
CHINA AVIATION (S): PwC Findings May be Used in Court
CHINA AVIATION (S): Reaches Agreement Over Satya Claims

CYBER VILLAGE: Details S&P Agreement
HARTFORD HOLDINGS: Strikes Off Dormant Unit
JACKSON PILING: To Pay Dividend June 8
PISCES LAND: To Pay Dividend June 10
STANFORD TRAINING: Court to Hear Petition July 1


T H A I L A N D

PAE THAILAND: Unveils Changes in Shareholdings
THAI PETROCHEMICAL: CITIC Due Diligence May Stall
THAI PETROCHEMICAL: Names New Member of Plan Administration Team

     -  -  -  -  -  -  -  -

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

A AB COMPUTER: To Hold Final Meeting June 17
--------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of A AB Computer Rentals Pty Ltd (In Liquidation), will
be held at the offices of O'Keeffe Walton Richwol, on June 17,
2005 at 4:30 p.m. for the purpose of laying before the meeting
an account of the liquidator's costs and dealings and the
conduct of the winding up.

Dated this 26th day of April 2005

O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


AGENIX LIMITED: Commits to Thromboview Manufacturing
----------------------------------------------------
Agenix is shortly to enter into a manufacturing and technology
transfer agreement with an FDA approved commercial scale
contract manufacturing Company.

The manufacturing of ThromboView will be transferred to this
Company in what will be a multi-million dollar commitment by the
Board to provide manufacturing scale up and supply of
ThromboView product for Phase III trials and ultimately
commercial sale.

ThromboView has continued to achieve critical milestones and the
positive results of the completed trials have led to the Board's
decision to continue to invest in the project to bring
ThromboView to market in the shortest possible time to maximize
shareholder value.

Agenix continues to believe that it will complete a sales,
marketing and distribution agreement by December 2005.

The success of the ThromboView program, has also resulted in the
decision of the Board to commit to development of a second
product using the antibody fragment developed for ThromboView
and a different imaging technique to image arterial clots. These
clots are associated with heart attack and stroke.

This new product will not replace ThromboView but serve a
completely unrelated and much larger market opportunity. Deaths
from PEs (pulmonary embolisms, or blood clots in the lung)
account for around 200,000 deaths each year in the United States
alone. Heart attack and stroke account for around 900,000 deaths
each year in the United States.

While development is at an early stage, given the experience
gained in the development of Thromboview, the use of the same
antibody fragment and the world-class nature of the Agenix staff
and facility, there is an expectation that the timeline and the
development cost of the new product will be shortened.

The Phase II DVT (deep vein thrombosis) trial in the United
States and Canada is underway. The first patient in that trial
was recruited in early March 2005.

Recruitment for the Phase 1b PE trial in Australia has
commenced.

CONTACT:

Agenix Limited
11 Durbell Street
Acacia Ridge QLD 4110
Phone: +61 7 3370 6396
Fax: +61 7 3370 6347
E-mail: mail@agenix.com
Web site: www.agenix.com


AMJAK PTY: To Declare Dividend June 27
--------------------------------------
A first and final dividend is to be declared on June 27, 2005
for Amjak Pty Ltd (In Liquidation) as trustee for The RC
Forsythe Family Trust formerly trading as Caltex Carousel.

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

Dated this 27th day of April 2005

Gary Anderson
Liquidator
PO Box 1661,
West Perth WA 6872
Telephone: (08) 9486 7822
Facsimile: (08) 9226 4250
E-mail: garya@iinet.net.au


AMP LIMITED: Reviews Indian JV Life Insurance Business
------------------------------------------------------
AMP Limited has announced that it is exploring options for
restructuring the ownership of its joint venture life insurance
business in India, AMP Sanmar.

AMP Life has a 26 percent stake in the Chennai-based joint
venture, which began operations in January 2002. Its joint
venture partner is Sanmar, a well-known Indian conglomerate in
January 2002. Its joint venture partner is Sanmar, a well-known
Indian conglomerate with diversified investments. AMP Sanmar has
approximately 800 staff and 8000 agents, and is the tenth
largest life insurance business in India.

AMP Chief Executive Officer Andrew Mohl said that AMP had
appointed a local financial advisor to review options for
ownership of the business, which include an outright sale or
bringing in anew partner. Sanmar is also reviewing its stake in
the joint venture. The review is expected to take several months
and has no fixed timeframe.

"We have decided that the time is now right to review our
presence in the Indian market. AMP Sanmar is in its fourth year
of operations and, while growing from a small base, is still
several years away from generating profits," Mr. Mohl said.

"AMP has made it clear in recent years that it is focused on
driving shareholder value in its core wealth management
businesses in Australia and New Zealand. Australia is the fourth
largest pension market in the world and growing strongly, with
significant opportunities for us across the market. We are also
intent on strengthening our positioning in New Zealand."

Mr. Mohl said that AMP's focus in Asia would be centered in
asset management through AMP Capital Investors. This approach
more readily leverages existing capabilities and requires
significantly less capital than life insurance.

"While we will be selective in the asset management areas and
countries that we target, we see particular opportunities in
property and infrastructure," he said.

"India remains an important market for AMP Capital Investors,
with a presence that already includes two infrastructure funds
and other investments.

"The global listed property fund launched last year in Japan
with Nikko is another good example of our strategy in Asia, with
over AU$1.5 billion in funds raised in 2004. More recently, this
product has been launched in Taiwan and Singapore with
encouraging results."

The carrying value of AMP Life's 26 percent investment in AMP
Sanmar was less than AU$10 million at 31 December 2004. At the
same date, AMP had shareholder capital resources of AU$5.7
billion.

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


ATIWEAL PTY: Names A.H.J. Wily Official Liquidator
--------------------------------------------------
Notice is hereby given that at a meeting of creditors of Atiweal
Pty Limited (In Liquidation) convened pursuant to Section 439A
of the Corporations Act 2001 held on April 26, 2005 it was
resolved that the company be wound up and pursuant to Section
446A(4) of the Corporations Act 2001, A.H.J. Wily of Armstrong
Wily, Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 was appointed Liquidator.

Dated this 27th day of April 2005

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


AUSTRALIAN FINANCIAL: ASIC Cooks Up Conviction for Director
-----------------------------------------------------------
Mr. Darren Patrick Byrne, of Mernda in Victoria, was sentenced
on Monday in the Heidelberg Magistrates Court after pleading
guilty to lodging a document with the Australian Securities and
Investments Commission (ASIC) that contained a false or
misleading statement.

Mr. Byrne was convicted and fined AU$1,500.00. Mr. Byrne was
also required to pay court costs of AU$1,077.50. As a result of
this conviction Mr. Byrne is prohibited from managing a
corporation until 6 June 2010.

An ASIC investigation found that Mr. Byrne, a director of
Australian Financial & Insurance Service Pty Limited (Australian
Financial & Insurance Service), authorized the lodgment of an
application for the voluntary deregistration of his company.

Applicants are required to make a number of declarations when
lodging this document with ASIC, including that the company has
no outstanding liabilities and is not party to legal
proceedings.

When the application was lodged in January 2003, Mr. Byrne was
aware that his company was involved in legal proceedings
relating to AU$17,343.00 the company allegedly owed to Connellan
Industries Pty Ltd (Connellan Industries). Connellan Industries
had commenced the shopfit of a restaurant to be called 'Pasta
World' which Mr. Byrne was endeavoring to establish.

"Individuals who attempt to deregister a company knowing that
there are outstanding liabilities or ongoing legal proceedings
relating to that company are engaging in conduct that is
dishonest and contravenes the law," ASIC's Director of
Complaints Compliance Actions, Mr. Adrian Borchok said.

"ASIC will not hesitate to prosecute individuals who lodge
statutory forms knowing that the forms contain false or
misleading statements," Mr. Borchok added.

The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.


AUSTRALIAN WINE: Faces Another Loss
-----------------------------------
Australian Wine Holdings (AWL) sees a trading loss this year as
a result of tougher-than-expected trading conditions, The
Advertiser relates.

The West Australian wine producer said it expects a trading loss
of between 2 and 4 percent of revenue, but declined to give the
details.

In fiscal 2004, AWL tallied a net loss of AU$103,600 for fiscal
2004 on the back of AU$4.49 million in revenues.

CONTACT:

Australian Wine Holdings Limited
Vintage House
45 Labouchere Road
South Perth, WA 6151
PO Box 255
South Perth, WA 6951
Phone: +61 8 9368 0099
Fax: +61 8 9368 0133
E-mail: info@awl.com.au
Web site: http://www.awl.com.au/


BECKOM PARK: Winds Up Voluntarily
---------------------------------
Notice is hereby given that at a general meeting of members of
Beckom Park Pty Ltd (In Members Voluntary Liquidation) held on
April 22, 2005 it was resolved that the company be wound up
voluntarily and that Bruce Milner and Morgan Lane, of Messrs
Worrells Solvency & Forensic Accountants, 8th Floor 102 Adelaide
Street Brisbane Qld 4000 be appointed Liquidators for the
purposes of such winding up.

Bruce Milner
Liquidator
Worrells
Solvency and Forensic Accountants
GPO Box 2228,
Brisbane Qld 4001
Facsimile: (07) 3225 4311
Web site: http://www.worrells.net.au


BONLAC FOODS: Fonterra Deal Paves Way to Debt Restructure
---------------------------------------------------------
Bonlac Foods Limited has on Tuesday entered into an agreement
with Fonterra (International) Limited and Bonlac Supply Company
Limited (BSC) which will lead to the restructuring of its debt
and capital structure. Under the agreement, BSC's shares will be
exchanged for Capital Notes in BFL and Fonterra will then assume
100% ownership of BFL.

The proposal has been accepted by the Board of BSC, which
believed that the offer was in the best interests of milk
suppliers. The Capital Notes, in conjunction with the milk
price, will give suppliers returns matching the leading milk
processor in Victoria.

The proposal is subject to a number of conditions precedent
including Foreign Investment Review Board and ACCC consent,
agreement of BFL's lenders and financiers and the approval of
BSC'c shareholders, as required.

The listed notes will be dealt with in accordance with the
provisions of the Trust Deed and noteholders will be provided
with further information in due course.

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/


CLUCOR PTY: Receives, Managers Step Aside
-----------------------------------------
Notice is hereby given pursuant to Section 427(4)(b) of the
Corporations Act 2001 (Cth) that Robert Hutson and John Park
have ceased to act as Joint and Several Receivers and Managers
of Clucor Pty Ltd on April 26, 2005.

Dated this 28th day of April 2005

R. W. Hutson
J. R. Park
KordaMentha (Qld)
22 Market Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


FORTESCUE METALS: Iron Ore Upgrade Sends Stock Soaring
------------------------------------------------------
Shares in Fortescue Metals have recovered following news of an
upgrade of its flagship Christmas Creek iron ore deposit in
Western Australia's Pilbara region, the Sydney Morning Herald
relates.

Fortescue, which has been questioned about the quality of its
iron ore resources and its ability to keep the AU$1.85-billion
mine running, is now confident the Christmas Creek resource
would yield a hefty 1.14 billion tonnes.

The firm is continuing to drill aggressively at Christmas Creek
to move more tonnage into the indicated and measured status, the
only two categories that can be considered for conversion to ore
reserve status through the definitive feasibility study process
due to be completed in the third quarter.

The grade of the Christmas Creek deposit has improved after
recent drilling, with a 38 percent increase in the resource
tonnage that sits within the "high grade" category to 377
million tonnes.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


FORUM INVESTMENTS: Liquidators to Lay Account of Winding Up
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Forum Investments Pty Ltd
(In Voluntary Liquidation) will be held at the office of BDO
Chartered Accountants and Advisers, 248 Flinders Street,
Adelaide on June 10, 2005 at 9:00 a.m. for the purpose of laying
before the meeting an account showing how the winding up has
been conducted, and how the assets have been disposed of.

Dated this 2nd day of May 2005

George Divitkos
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


GBDP PTY: To Undergo Voluntary Winding Up Process
-------------------------------------------------
Notice is hereby given that at a General Meeting of GBDP Pty.
Limited (In Liquidation) held on April 27, 2005 it was resolved
that the company be wound up voluntarily as a Members' Voluntary
Winding Up and that for such a purpose, John Peter Mazaroli be
appointed liquidator.

Dated this 27th day of April 2005

John Peter Mazaroli
Liquidator


G.J. CLUTTON: Names Mark Anthony West Official Liquidator
---------------------------------------------------------
Notice is hereby given that G.J. Clutton & Partners Pty Ltd (In
Liquidation) be wound up voluntarily and that Mark Anthony West
of McCullough Robertson be appointed liquidator of the Company.

Date of Resolution: 27 April 2005

Mark Anthony West
Liquidator
McCullough Robertson
66 Eagle Street,
Brisbane Queensland


GOLDEN GROVE: Final Meeting Slated for June 10
----------------------------------------------
Notice is given that a final meeting of members of Golden Grove
Group Investment Holdings Pty Ltd (in liquidation) will be held
at the offices of Newmont Australia Limited, 100 Hutt Street,
Adelaide, South Australia on June 10, 2005 at 10:00 a.m.

The purpose of the meeting is to lay an account 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 Liquidators.

Dated this 2nd day of May 2005

Timothy Paul Burfield
Liquidator
Golden Grove Group Investment Holdings Pty Ltd (in
liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


HARDINGS JOINERY: Members Place Company in Voluntary Liquidation
----------------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, at a meeting of members held on 26 April 2005 it was
unanimously resolved to voluntarily liquidate Hardings Joinery
Pty Limited (In Liquidation) and to appoint Bruce Coombes as the
liquidator.

Dated this 28th day of April 2005

Bruce Coombes
Liquidator
30/15 Terminus Street,
Castle Hill NSW 2154


HIH INSURANCE: Charge Against Charles Abbott Dismissed
------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), on Tuesday noted that the Local
Court of New South Wales has ordered that a criminal charge
against Mr. Charles Abbott, the former Deputy Chairman of HIH
Insurance Limited (HIH), be dismissed.

Mr. Abbott was facing one charge of dishonestly misusing his
position as a company director under section 184 (2)(a) of the
Corporations Act, brought by ASIC, into the affairs of HIH.

ASIC had alleged that on 14 March 2001, Mr Abbott dishonestly
used his position as a director of HIH to procure a payment to a
company associated with him, namely Ashkirk Pty Limited.

The Commonwealth Director of Public Prosecutions (CDPP)
prosecuted the matter.

ASIC understands that the CDPP will now consider whether to file
an ex-officio indictment against Mr. Abbott.


MALOCHI PTY: Members Decide to Wind Up Firm
-------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Malochi Pty Ltd (In Voluntary Liquidation) duly convened and
held at Cow Bay, Qld on April 29, 2005 a Special Resolution that
the company be wound up voluntarily was passed by members and
Gerry Mier was appointed liquidator.

Dated this 3rd day of May 2005

Gerry Mier
Liquidator
c/- KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street,
Cairns Qld 4870


MJ TRENDS: Receivers, Managers Appointed
----------------------------------------
Take notice that Oren Zohar and Brian Keith McMaster were, on
April 21, 2005 appointed Receivers & Managers by Ms. Laura
Parlapiano of the property of MJ Trends Pty Ltd (Receivers &
Managers Appointed) formerly trading as Parlapiano Ristorante
Italiano and Reflections By The Swan under the powers contained
in the Instruments dated June 1, 2001 and July 25, 2003 being
Deeds of Debenture registered at the Australian Securities &
Investments Commission as charge numbers 016 334 108 and 019 259
346.

Dated this 26th day of April 2005

Oren Zohar
Receiver & Manager
KordaMentha
Telephone: (08) 9221 6999


NAUGHTY NOODLES: Final Meeting Date Fixed June 10
-------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Naughty Noodles Franchisor Pty Ltd (In Liquidation)
will be held at McGrathNicol+Partners, Level 32, 345 Queen
Street, Brisbane on June 10, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidators'
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.

Dated this 29th day of April 2005

Tracy J. Dare
Liquidator
Level 32, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3333 9800


NEWMONT MILDITE: Members to Hear Liquidator's Winding Up Report
---------------------------------------------------------------
Notice is given that a final meeting of members of Newmont
Mildite Pty Ltd (In Liquidation) will be held at the offices of
Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at
10:40 a.m.

The purpose of the meeting is to lay an account 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 Liquidators.

Dated this 2nd day of May 2005

Timothy Paul Burfield
Liquidator
Newmont Mildite Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


NOOSA SALTWATER: To Convene Final Meeting June 10
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of Noosa Saltwater Pty
Ltd (In Liquidation) and its creditors will be held at the
offices of R. E. Murphy & Co, Chartered Accountants, Level 9, 46
Edward Street, Brisbane, Queensland, 4000 on June 10, 2005 at
10:00 a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 30th day of April 2005

Robert Eugene Murphy
Liquidator


NORTHERLY EQUITIES: Fixes Final Meeting June 10
-----------------------------------------------
Notice is given that a final meeting of members of Northerly
Equities Pty Ltd (In Liquidation) will be held at the offices of
Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 10:30 a.m.

The purpose of the meeting is to lay an account 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 Liquidators.

Dated this 2nd day of May 2005

Timothy Paul Burfield
Liquidator
Northerly Equities Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


OROTON: Sees Lower Earnings Over Higher Restructuring Costs
-----------------------------------------------------------
Based on trading to date and the ongoing restructuring
activities being undertaken within the business, Oroton Group is
in a position to update earnings guidance for the six months
ending July 31, 2005.

At this early stage, Oroton Group expects that earnings before
interest, tax and amortization (EBITA) for the twelve months
ending July 31, 2005 will be between AU$8.5-AU$9.5 million
(2004: AU$14.5 million). It should be noted that just under two
months of trading remain in the current financial year. These
two months typically generate the majority of Oroton Group's
earnings for the second half of the year and contribute
significantly to the group's annual result.

The lower earnings expectation for the group reflects both the
impact of relatively difficult trading conditions during the
period, increased overhead costs and expenses associated with
Oroton Group's restructuring activities. As part of the ongoing
tightening of operational and financial discipline across the
business, a review of the group's balance sheet is also being
conducted, which includes a focus on capitalized expenses and
inventory carrying values. The review is not expected to be
concluded prior to finalizing the Oroton Group's financial
result for the twelve months ending July 31, 2005 to be
announced in September 2005.

On Tuesday, Oroton Group advised that it has ended exclusive
discussions with Catalyst Investment Managers Pty Limited
concerning a potential privatization of the Oroton Group.

Oroton Group will incur costs of approximately AU$1.0 million
associated with the assessment of this potential transaction.
These costs are not reflected in the earnings guidance as
detailed above.

CONTACT:

Oroton Group Limited
Registered Office & Head Office
Level 5, 179 Elizabeth Street
Sydney NSW 2000
Sydney Australia
Telephone: (02) 8275 5500
Facsimile: (02) 8275 5555
Web site: http://www.oroton.com.au/


PREMIER APPLIANCE: Goes Under Voluntary Administration
------------------------------------------------------
A voluntary administrator has been appointed for Premier
Appliance Service ACT Pty Ltd., according to Canberra Times.

The failed firm, one of Canberra's three major white goods
repairers, was prompted to close its doors and appoint
administrator Bill Rangott of Rangott and Slaven due mainly to
delays by major suppliers to pay claims.

The Company's business director Lyn Freestone said Premier
Appliance had performed warranty work for numerous
manufacturers, and while some had been excellent, others had
delayed or disputed claims, or even refused to pay for work,
saying invoices had been received too late.

Mr. Rangott, who is expected to recommend liquidation, said
failed firm's predicament occurred because of timing problems.

"Major suppliers require their payments within 30 days but they
often don't pay for 120 days," he said.

The administrator is moving to realize some of Premier
Appliance's assets and is expected to call a first creditors
meeting very soon.

People with goods at the business should telephone the
administrator on 62851430. Mr. Rangott expected to open the
premises for a few days so people could collect their goods.


SAGE TRANSPORT: Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that a meeting of Sage Transport Pty Ltd
held on April 27, 2005 a special resolution was passed resolving
to wind up the company voluntarily, and to appoint Kenneth Bruce
Butler, Chartered Accountant of Suite 309, Level One,
Coolangatta Place, 87 Griffith Street, Coolangatta as the
liquidator for the purposes of such winding up.

Dated this 27th day of April 2005

Kenneth Bruce Butler
Liquidator


SANTOS LIMITED: Adopts International Accounting Standards
---------------------------------------------------------
Santos Limited has adopted the Australian equivalent of the
International Financial Reporting Standards (A-IFRS) as from 1
January 2005, as required by all Australian companies.

"The adoption of A-IFRS is a major step towards standardizing
accounting practices around the world, which will provide
enhanced transparency and increased comparability between
companies," said Mr. Peter Wasow, Santos' Chief Financial
Officer.

The changes to accounting policy will not impact in any way on
Santos' business strategy, operations, cash flow, credit ratings
or capacity to continue to pay fully franked dividends.

The adoption of A-IFRS will, however, have an impact on the
presentation of the Company's Balance Sheet which will be
reflected in adjustments to shareholders' equity, as is usually
the case when changes to accounting policies are required to be
adopted.

The accounting policy changes will also have flow-on
consequences for the Income Statement as it applies to the
accounting for impairment of assets, taxation, restoration and
exploration and evaluation expenditure.

The restated full year 2004 Net Profit After Tax is estimated to
be approximately $344 million as compared with $380 million
under the previous accounting standards. Although the restated
2004 result is lower, future profits will be positively affected
by the changes.

Santos estimates that the impact on the opening balance sheet as
at 1 January 2004 is a reduction in shareholders' equity of
approximately $1,014 million from $3,088 million to $2,074
million.

Although detailed accounts adopting A-IFRS are not required to
be released until the 2005 half year report is issued in August
2005, as foreshadowed in the Annual General Meeting, Santos has
elected to highlight the major accounting changes at this time
to assist in an understanding of the transitional changes.

As part of the changes, Santos has elected to account for its
exploration and evaluation expenditure using the "Successful
Efforts" methodology, which represents a significant change from
its past policy of capitalizing all of these costs.

This means that Santos will immediately expense exploration and
evaluation costs unless they result in the discovery of
potentially commercial hydrocarbons.

"The move to account for exploration and evaluation expenditure
using a Successful Efforts methodology will bring Santos into
line with the majority of its global and Australian peers," Mr.
Wasow said.

"Over the past four years, Santos' growth strategy has
transitioned from near-field exploration concentrated in central
Australia, to growing the business through high impact
exploration in offshore Australian and international basins.

"We believe that this changing nature of our business should be
reflected in the way we account for and report exploration
expenditure.

"Likewise, the move to adopt the US dollar as the functional
currency for operations in the Timor Gap, Indonesia and PNG will
align us closer to our peers, and will provide a more natural
hedge to our US dollar revenues," he said.

For a copy of the entire release, click on:
http://bankrupt.com/misc/tcrap_santoslimited060805.pdf

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SANTOS LIMITED: AWE's Henry-1 Well Brought Forward
--------------------------------------------------
Australian Worldwide Exploration Limited, on behalf of its
wholly owned subsidiary Peedamullah Petroleum Pty Ltd (AWE), has
been advised by the Santos Limited, Operator of VIC/P 44, that
the drilling of the upcoming Henry-1 well has been brought
forward in the current drilling programme.

As a result of this move, the Henry-1 well is now expected to be
drilled in early to mid July, immediately after the current
development drilling program for the Casino gas field.

The Henry prospect is located approximately 8 kilometers north
west of the Casino gas field, which is currently being developed
by the VIC/P 44 joint venture.

The well will target the gas potential of the Waarre Sandstone,
which is productive at the nearby Casino gas filed. The Henry
prospect could contain reserves in excess of 100 petajoules of
gas, which, if successful, will provide incremental production
into the existing gas contract.

Participants in VIC/P 44 are:

Peedamullah Petroleum Pty Ltd. (AWE)        25.0%
Santos Limited (Operator)                   50.0%
Mittwell Energy Resources Pty Ltd           25.0%


UNIWAY PTY: Resolves to Wind Up Business
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Uniway Pty Ltd (In Voluntary Liquidation) held on April 22,
2005, it was resolved that the company be wound up voluntarily
and that Oren Zohar and Brian McMaster, of KordaMentha, Level
11, 37 St Georges Terrace, Perth, Western Australia be appointed
to act as Joint and Several Liquidators for the purpose of the
winding up.

Dated this 27th day of April 2005

Brian Mcmaster
Liquidator for Uniway Pty Ltd
KordaMentha (WA)
Telephone: (08) 9221 6999


WESTRAIN PLANT: Members, Creditors to Meet June 16
--------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Westrain Plant Operator Training And Recruitment
Services Pty Ltd (In Liquidation) will be held at the offices of
MSI Marsdens, Certified Practising Accountants, 565 Hay Street,
Daglish WA 6008 on June 16, 2005 at 10:00 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the liquidator.

Dated this 10th day of May 2005

R. R. Nicholas
Liquidator


WILLOWVALE EARTHMOVING: To Declare Dividend June 15
---------------------------------------------------
A second interim dividend is to be declared on June 15, 2005 for
Willowvale Earthmoving Pty Ltd (In Liquidation).

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

Dated this 26th day of April 2005

Jonathan Mcleod
for T. J. Schmierer
Liquidator
Knights Insolvency Administration
Level 14, Brisbane Club Tower,
241 Adelaide Street, Brisbane Qld 4000


WMC RESOURCES: S&P Announces Removal from S&P/ASX Indices
---------------------------------------------------------
Standard & Poor's, the leading provider of equity indices in
Australia, announced the removal of WMC Resources Limited
(ASX:WMR) from the S&P/ASX indices effective close of trade June
14, 2005. Its removal is a result of acceptances of its
unconditional takeover by BHP Billiton Limited (ASX:BHP)
reaching 70%.

Due to the timing of the event, and to accommodate the June
Quarterly Review (effective close of trade Friday June 17,
2005), a cash security (WMRXX) will be temporarily added to the
index at a fixed price, and will serve as a proxy for WMR's
index weight until the implementation of the quarterly review
changes.

WMRXX will replace WMR in all S&P/ASX indices effective start of
day, Wednesday June 15, 2005 until the close of trade on Friday
June 17, 2005. After the close of trade on Friday June 17, 2005,
WMRXX will be replaced by the following stocks:
http://bankrupt.com/misc/TCRAP_WMCRESOURCES060805.pdf.

CONTACT:

WMC Resources Limited
Level 16, IBM Centre, 60 City Rd.
Southbank, Vic. 3006
Telephone: +61 (0)3 9685 6000
Facsimile: +61 (0)3 9686 3569
Web site: http://www.wmc.com/


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

AKAI HOLDINGS: Liquidator Mulls Resignation
-------------------------------------------
Notice is hereby given that Mr. Fan Wai Kuen (the Retiring
Liquidators) wishes to resign as a joint and several liquidator
of Akai Holdings Limited.

It is proposed that Mr. Cosimo Borrelli be appointed as the
replacement joint and several liquidator of the Company (the
Replacement Liquidators) in his place. The resignation of a
liquidator ordinarily requires the holding of separate meetings
of creditors and contributories to accept the resignation and to
appoint replacement liquidators.

The Retiring Liquidator is of the view that, under the
circumstances, the holding of separate meetings of creditors and
contributories would be inappropriate and incur additional
costs.

An application has been made by the Liquidators to the
High Court of Hong Kong to dispense with requirement for holding
the said meetings and the High Court of Hong Kong has made an
Order dated June 1, 2005 that Mr. Fan be removed from his office
as joint and several liquidator of the Company pursuant to
Section 196(1) of the Companies Ordinance and that Mr. Borrelli
be appointed in his place as joint and several liquidator of the
Companies, with such removal and appointment to take effect 21
days after publication of this advertisement in this newspaper
if no objection is raised by any creditor or contributory in
accordance with the procedure described below.

The Order dated June 1, 2005 may be varied or discharged upon
the application of any creditor or contributory by way of
summons setting out the grounds for the application and
supported by affidavit verifying the said grounds. Any such
application must be made to the Court and served on Johnson
Stokes & Master, solicitors for the Liquidators at the address
below, within 21 days from the date of this advertisement.

Dated the 1st day of June 2005.

Johnson Stokes & Master
Solicitors for the Liquidators of the Companies
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong


ALL FULL: Court Issues Winding Up Notice
----------------------------------------
All Full Investments Limited with registered office located at
Shop C, G/F, Lok Moon Mansion, Nos 29& 31 Queen's Road East,
Wanchai, Hong Kong was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on May 25, 2005.

Date of Presentation of Petition: March 21, 2005

Dated this 3rd day of June 2005

ET O'Connell
Official Receivers


BANK OF CHINA: Uncovers 16 New Fraud Cases
------------------------------------------
The Bank of China (BOC) has revealed 16 new cases of fraud
involving RMB29.98 million in the four months from February,
Infocast News reports.

The bank has recovered RMB23.82 million of the amounts,
representing 79.45 percent of the total.

The report did not disclose further details.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA MOTION: Seeks Debt Restructuring Scheme
---------------------------------------------
Reference is made to the announcement of China Motion Telecom
International Limited dated May 10, 2005.

The directors of the Company have met with the authorized
representatives of CMTH (the CMTH Representatives) on June 6,
2005 to discuss the repayment of the 2nd Installment. The CMTH
Representatives indicated that CMTH would have difficulty
repaying the outstanding balance of the 2nd Installment in the
sum of HK$47,810,000 by 14 July 2005 in accordance with the
Repayment Schedule.

The CMTH Representatives further requested the Company to
restructure the repayment terms of the outstanding balance of
the Debt.

The Board is actively seeking legal and financial advice on the
remedies and alternatives available to the Company in relation
thereto. The Company will make further announcement as and when
appropriate.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.

This announcement is made voluntarily pursuant to Rule 13.09 of
the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited to provide information to the
Company's shareholders and to the public.

By Order of the Board
China Motion Telecom International Limited
Hau Tung Ying
Chairman
Hong Kong, 7 June 2005

CONTACT:

China Motion Telecom International Limited
9 Sheung Yuet Road
Kowloon Bay, Hong Kong
Phone: +852 2209 2888
Fax: +852 2827 9883


CROWNPRIX LIMITED: Creditors' Proofs of Claim Due July 3
--------------------------------------------------------
The creditors of Crownprix Limited (In Creditors' Voluntary
Liquidation) whose debts or claims have not already been
admitted are required on or before July 3, 2005, formally to
prove their debts or claims.

In default, they will be excluded from the benefit of the
dividend.

Dated this 3rd day of June 2005

Roderich John Sutton
Desmond Chung Seng Chiong
Joint and Several Liquidators

Ferrier Hodgson Limited
14/F., Hong Kong Club Building
3A Chater Road, Central
Hong Kong


HILL RICH: Winding Up Hearing Set July 6
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hill Rich Development Limited by the High Court of Hong Kong
Special Administrative Region was on May 6, 2005 presented to
the said Court by FX Group International Limited (Provisional
Liquidators Appointed) whose registered office is situated at
7th Floor, Allied Kajima Building, 138 Gloucester Road, 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.

Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the above-named solicitors
not later than 6 o'clock in the afternoon of July 5, 2005.


JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jilin Chemical Industrial Company Limited, which is reproduced
as follows:

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

The Company has noted the recent increases in the trading volume
of the shares of the Company and wishes to state that we are not
aware of any reasons for such increase.

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

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

Zhang Liyan
Company Secretary

Jilin, the People's Republic of China
June 7, 2005

CONTACT:

Jilin Chemical Industrial Company Limited
No 9 Longtan Street Longtan District
Jilin City, Jilin Province 132021
CHINA
Phone: +86 432 390 3651
Fax: +86 432 302 8126


KOLDTECH DEVELOPMENT: Winding Up Hearing Set July 20
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Koldtech Development (International) Limited by the High Court
of Hong Kong Special Administrative Region was on May 23, 2005
presented to the said Court by Chu Siu Wo of 2nd Floor, Block 6,
Pearl Island Garden, New Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on July 20, 2005 and 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.

Andrew W. Y. Ng & Co.
Solicitors for the Petitioner
Suite 1902-3, 19th Floor, Queen's Place
74 Queen's Road Central
Central, Hong Kong
Tel: 2123 1068
Fax: 2123 1990

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 above-named solicitors
not later than 6 o'clock in the afternoon of July 19, 2005.


POLYCROWN ENGINEERING: Names Joint Liquidators
----------------------------------------------
Reference is made to the announcement of Onfem Holdings Limited
dated June 16, July 7, and August 11, 2004 in relation to, among
other things, the issue of a statutory demand in the sum of
approximately HK$2,151,000 by the Group against Polycrown
Engineering (Holdings) Limited (PEHL) on May 28, 2004, the
filing by the Group of a petition for the winding-up of PEHL to
the High Court on July 7, 2004 and the issue of an order by the
High Court on August 11, 2004 to wind up PEHL under the
provisions of the Companies Ordinance respectively.

On May 23, 2005, the High Court granted an order appointing Mr.
Desmond Chung Seng Chiong and Mr. Roderick John Sutton, both of
Ferrier Hodgson Limited, as the joint and several liquidators of
PEHL and ordered that a committee of inspection be appointed in
the winding-up of PEHL.

PEHL had incurred losses since the year ended 31 December 1998
and had been in a net liability position since the year ended 31
December 2002. The Group has made provision for the investment
in PEHL since the year ended 31 December 1999 and such
investment has already been fully provided for in the
consolidated accounts of the Group for the year ended 31
December 2002. On this basis, the Board does not expect any
material adverse impact on the Group arising from the winding-up
and the appointment of the joint and several liquidators of
PEHL.

INFORMATION ON PEHL AND ITS SUBSIDIARIES

As stated in the announcements of the Company dated June 16,
2004 and July 7, 2004, the Company holds a 51 percent indirect
beneficial interest in PEHL, and the remaining 49 percent equity
interest of PEHL is held by Polyrich Profits Limited, which as
far as the Company is aware, is wholly owned by Mr. Leung. Mr.
Leung is also a director of PEHL.

For further details of PEHL and its subsidiaries, please refer
to the Company's announcement dated June 16, 2004 and in
particular, the section entitled "INFORMATION ON THE POLYCROWN
GROUP".

Shareholders of the Company and potential investors are reminded
to exercise caution when dealing in the shares of the Company.


WEALTH LINK: Enters Winding Up Process
--------------------------------------
Wealth Link (Hong Kong) Limited with registered office located
at LG/F, Shop 7, ChinaChem Golden Plaza, 77 Mody Road, Tsim Sha
Tsui East, Kolon was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on May 25, 2005.

Date of Presentation of Petition: March 21, 2005

Dated this 3rd day of June 2005

ET O'Connell
Official Receivers


WINFUL INVESTMENT: Court Orders Winding Up
------------------------------------------
Winful Investment Limited with registered office located at G/F
and 1st Floor, 65-67 Tam Kung Road, Tokwawan Street, Kolon was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 25,
2005.

Date of Presentation of Petition: March 21, 2005

Dated this 3rd day of June 2005

ET O'Connell
Official Receivers


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

BANK MANDIRI: Delays IDR2.9-Trillion Bond Sale
----------------------------------------------
Bank Mandiri is putting off a planned bond sale worth IDR2.9
trillion due to rising borrowing costs, reports The Standard
News.

According to the bank's treasury director JB Kendarto, the bank
is postponing the bonds sale until market conditions improve and
borrowing costs go down, adding that it hopes to push through
with the deal in the third quarter if the market looks good.

Bank Mandiri had hired Deutsche Bank and JPMorgan Chase to
manage the bonds sale, in order to pay IDR2.4 trillion debt that
matures at the end of the month.

Another reason for the delay of the bonds sale is the recent
investigation on the bank in relation to a lending scandal that
involved the extension of loans to several ineligible companies.
This has caused the bank's first quarter profit for 2005 to
plunge by as much as 70% to IDR519 billion, which has also led
investors to be more cautious in buying its bonds.

Bisnis Indonesia reports that Bank Mandiri has instead decided
to pay its IDR2.4 trillion debt with its own funds.

CONTACT:

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


PERTAMINA: Grants LNG Access to Gas Field
-----------------------------------------
State-owned oil and gas firm PT Pertamina, that co-owns a gas
field in Senoro with PT Medco E&P Tomori Sulawesi, signed an
agreement to allow a gas firm access to the field for
development, Seven News reports.

In the agreement, Liquefied Natural Gas (LNG) Ltd. has exclusive
access to 800 billion cubic feet of the gas field. The gas would
be used to supply a LNG production plant to be built near the
Senoro field, with an annual production capacity of 700,000
tons.

LNG Ltd. said it plans to negotiate a 20-year agreement with
Pertamina and Medco E&P for a daily supply of 120 million cubic
feet of LNG.

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


TELEKOMUNIKASI INDONESIA: Controls 52% of Global Call Market
------------------------------------------------------------
PT Telekomunikasi Indonesia said that as of May 2005, the
Company controlled 52% of the international direct dialservices
market, reports Dow Jones, citing Bisnis Indonesia.

Telekomunikasi Indonesia started its international direct dial
services only last June 2004 as part of the government's efforts
to end a monopoly enjoyed by rival firm Indonesian Satellite
Corp., and Company business director Abdul Haris said that they
hope to control 60% of the market by the end of 2005.

The Company is expected to earn revenues of up to IDR1 trillion
in international call services this year alone. Last year, the
Company posted revenues amounting to IDR509 billion.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


* Government Eyes Securities Sale to Trim Budget Deficit
--------------------------------------------------------
The Indonesian government is planning to sell treasury bonds
worth IDR2.5 trillion in efforts to reduce its increasing budget
deficit, reports the Jakarta Post.

The bond sale, which is scheduled for June 14, 2005, would be a
two-tranche auction, where 11-year and 15-year treasury bonds
will be offered by bidding by the government, according to the
Ministry of Finance's treasury director Mulia Nasution.

The government had earlier sold two-year and 11-year bonds for a
total of IDR4.65 trillion, and may need to raise its target for
bonds sales from IDR43.1 trillion to IDR42.7 trillion to provide
for fuel subsidies and facilitate the reconstruction of tsunami-
hit Aceh province.

Global rating agency Moody's Investor Servicehas given a B2
rating to the country's long-term local currency debt, while
Standard & Poor's gave the same debt a BB rating.


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

55 STATION: Livedoor Still Undecided on Support
-----------------------------------------------
Livedoor Co. announced that it has not decided whether to
support photo-processing chain 55 Station Inc., Jiji Press
reports.

Internet service company Livedoor issued the statement after the
Nihon Keizai business daily reported on Saturday that it is
planning to help out 55 Station with an investment of JPY2.5
billion to JPY3 billion.

Livedoor also plans to install automated teller machines at 55
Station shops, according to the report.

55 Station, which has 817 outlets nationwide, filed for court
protection from creditors under the Civil Rehabilitation Law in
April. Daiei is the top shareholder in 55 Station, with an
equity stake of 28.9 percent.

CONTACT:

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


JAPAN AIRLINES: To Expand E-ticketing Services
----------------------------------------------
From June 13, Japan Airlines customers will be able to use JAL
international e-tickets for greater convenience on journeys
between Japan and Europe. Passengers traveling on JAL
international routes via Heathrow using either British Airways
(BA) operated JAL code share flights, or BA connection flight
services will be able to purchase one simple easy-to-use e-
ticket for the whole of their routing.

Up till now the departure date, flight number and other data
have been printed out on paper tickets provided to the passenger
in advance of travel. This is now gradually being replaced by
the paperless e-ticket. By inputting the same data in JAL's
computer system, customers need only to provide their e-ticket
details, sent by e-mail (PDF) or FAX, at the airport check-in
counter to receive their boarding pass. As the customer's copy
of an e-ticket can be reissued easily and free of charge,
reservations and the purchase of an e-ticket can be made via
JAL's Website by 14:00 the day before the flight. This is
helpful for customers who have to make urgent trips and avoids
the inconvenience of lost tickets. E-tickets can also be
purchased at a travel agent (IATA agent).

JAL operates a twice-daily service between Tokyo (Narita) and
London (Heathrow) and a daily service between Osaka (Kansai) and
London (Heathrow). Passengers can connect via Heathrow to and
from Hamburg and Stuttgart in Germany using daily JAL code share
services operated by BA. Other European destinations are served
by using one of BA's numerous connection services.

JAL was the first Japanese carrier to introduce e-tickets in May
2000, and the range of use has since expanded. In March this
year, JAL created an e-ticket alliance with American Airlines
(AA) enabling passenger to purchase JAL international e-tickets
for travel between Japan and some 71 North American
destinations. JAL plans to actively expand its alliance of e-
tickets with other airlines and contribute in fulfilling the
International Air Transport Association (IATA) aim of making
worldwide passenger air travel paperless through the use of e-
tickets.

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487

This is a Company press release.


JAPAN AIRLINES: Launches Domestic Late Night Cargo Flights
----------------------------------------------------------
Japan Airlines will launch scheduled late night domestic air
cargo flights between Tokyo and Kumamoto in central Kyushu, from
July 7.

Kumamoto is located at the center of Kyushu, southernmost of the
four main islands of Japan. Kyushu is a major center of high
technology industries and is also a major source of fresh farm
and marine produce for the Tokyo market.

JAL will be operating the night cargo flights under strict
environmental considerations to minimize noise. The new flights
will initially operate three times a week, increasing to daily
service from November.

SERVICE DETAILS & FLIGHT SCHEDULING

JAL will operate the new domestic cargo flights using the belly
space of passenger aircraft. The aircraft to be used are Airbus
300-600R types that the airline uses for passenger flights
during the day. These aircraft have belly space for 10 tons of
cargo. JAL has chosen to use these aircraft because of their low
noise rating, in consideration of communities near the airport.

To further minimize noise disturbance to local communities, the
flights are being timed to arrive at Kumamoto as early as
possible and to depart for Tokyo as late as possible. Cockpit
crew will make maximum use of noise abatement procedures, such
as refraining from using reverse thrust on landing as much as
possible. They will also use reduced power landing approaches
and selected take-off patterns to reduce the flight noise
imprint on the ground. In preparation for the new cargo flights,
in February JAL made test-flights to assess night noise effects
in the Kumamoto Airport area.

CARGO MARKET DEMAND

JAL expects that demand on the route will include small
packages, business documents and perishable produce, with total
two-way demand running close to 20 tons per day with the A300-
600B. In future JAL plans to use the Boeing 777, which has a
belly cargo capacity of 15 tons (30 tons round-trip) and is also
a low-noise aircraft.

JAL has chosen Kumamoto to launch domestic late-night cargo
service partly because the airport is at the center of an
agricultural region producing seasonal crops of fruit and
vegetables in great demand in the Tokyo metropolitan area.

The airline expects that Kumamoto Airport will become a major
new logistics center. It lies at the heart of Kyushu, is easily
accessible by highway from all over the island and is only 10
minutes' drive from the nearest highway interchange.

FLIGHT OPERATION PLAN

Flight number: JAL 6821 departing Haneda 00.05 arriving Kumamoto
& schedule     01:45
               JAL 6822 departing Kumamoto 04:15 Arriving Haneda
               05:50

Days of operation: July 7 - October: Wednesday, Thursday, Friday
                   From November: Daily

Equipment: Airbus A300-600R

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.


MITSUBISHI MOTORS: Supplies Otti Minivehicle to Nissan
------------------------------------------------------
Nissan Motor Co., Ltd., on June 7 released the Otti, its third
mini-vehicle model for the Japanese market.

In keeping with its tagline of "SHIFT_convenience," the Otti has
been designed and engineered for ease of use in everyday
driving, thanks to its compact packaging and abundance of
ingenious storage places.

The Otti's overall height is low enough for parking in
multilevel parking facilities. A large glass area and square
body form also make the Otti exceptionally easy to drive.
Moreover, the model offers a choice of two engines - the 3G83
engine and the 3G83 intercooled turbo engine - that balance
driving ease with high performance. The Otti also features an
outstanding suspension system that offers a remarkably
comfortable driving experience.

The Otti is supplied to Nissan by Mitsubishi Motors Corp., under
an OEM supply arrangement. Nissan's two other mini-vehicles
models are the Moco and the Clipper.

The unique features distinguishing the Otti include:
1) Compact packaging
2) Ingenious storage places
3) Exceptional everyday driving ease

Otti Overview

1. Smart-looking body form expressing functionality and openness
The stable-looking square body together with the square pattern
of the grill project an image of unity.

Styled around a square motif, the grille of the RS/RX Series
models gives the vehicle a sporty impression.

The Otti comes in ten distinctive body colors, including Rheims
Blue, an exclusive Nissan color.

2. Smart-looking interior blending functionality, openness and
newness

The centrally positioned speedometer accentuates the unique
instrument panel design.

Designed for optimum convenience, the instrument panel has the
controls and instruments concentrated in the center, with
storage spaces distributed on both sides.

For an enhanced impression of sportiness, the RS/RX Series
models adopt a three-spoke steering wheel wrapped in synthetic
leather.

3. Practicality

A comfortable, roomy interior is combined with a compact body
size for nimble and easy driving.

The large glass area allows excellent outward visibility for
ease of driving in everyday use.

With an overall height of 1,550 mm, the Otti can also be parked
in multilevel parking facilities.

The interior abounds in a variety of handy storage places
designed to match the uses of each seating position, including a
multi-purpose drink holder on the driver's side door.

4. Mechanisms

The 3G83 engine combines optimum city driving ease with
outstanding economy. The 3G83 intercooled turbo engine delivers
ample power for enjoyable driving in town, on expressways and
even on mountain roads. The Otti is available with three
different types of transmissions, including a five-speed manual
transmission.

The suspension system used on models powered by the 3G83
intercooled turbo engine incorporates a reinforced front
stabilizer and performance rod as well as an additional rear
stabilizer to provide superb handling and stability.

5. Safety and environmental performance

Standard safety features on all models include ABS, Electronic
Brake-force Distribution (EBD), Brake Assist and a high-mounted
stop lamp.

The 2WD models fitted with the 3G83 engine are certified as
super ultra-low emission vehicles (SU-LEVs)*1 because they emit
75% fewer emissions than the levels required by Japan's 2005
exhaust emission regulations. The 4WD models fitted with the
3G83 engine or the 3G83 intercooled turbo engine are certified
as U-LEVs*1 because they emit 50% fewer emissions than the 2005
regulations. Moreover, the 2WD and 4WD models equipped with the
3G83 engine and 5-speed manual transmission as well as the 2WD
models equipped with the 3G83 engine and either the 3-speed or
4-speed automatic transmission also achieve Japan's 2010 fuel
economy standards plus an additional 5%, thereby qualifying for
tax reductions*2 under the Green Tax program in Japan.

*1. The low-emission vehicle certification system of the
Ministry of Land, Infrastructure and Transport was inaugurated
in April 2000 to encourage the penetration of low-emission
vehicles through their selection by ordinary consumers.
Following the adoption of the 2005 new long-term exhaust
emission regulations in September 2003, the system was revised
in October of that year to establish two certification
categories. U-LEV certification requires an additional 50%
reduction of nitrogen oxide (NOx) and non-methane hydrocarbon
(NMHC) emissions from the levels mandated by the 2005 exhaust
emission regulations and SU-LEV certification requires an
additional 75% reduction of these exhaust gas constituents.

*2. For vehicles complying with the requirements of the Green
Tax program, the automobile acquisition tax is reduced by 10,000
yen on personal-use vehicles that are newly registered by March
31, 2006, and for U-LEVs the automobile tax is reduced by 25%
for one year beginning from the next fiscal year after a vehicle
is registered. However, these tax reduction measures do not
apply to Autech models because they require on-site registration
at a vehicle inspection and registration office.

Origins of the Otti model name

The model name was coined from the Italian word "ottimo,"
meaning optimum. It expresses the Otti's unique product
character that optimally balances all essential elements in a
compact vehicle package.

Sales target: 3,000 units/month

Dealers selling the Otti: All Nissan dealers

Sales launch events: Saturday and Sunday, June 18-19 and July
25-26, 2005

CONTACT:

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

Nissan Motor Co., Ltd.
17-1, Ginza 6-chome, Chuo-ku
Tokyo, 104-8023, Japan
Phone: +81-3-3543-5523
Fax: +81-3-5565-2228
Web site: http://www.nissan-global.com


SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds
------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds of Sojitz Holdings Corporation.

RATIONALE

Sojitz Holdings has been making efforts to improve the earnings
and financial structures drastically in accordance with the new
business plan. It incurred a net loss for fiscal 2004 ended
March 31, 2005, recording a large extraordinary loss. It offset
the drop in equity with issues of preferred shares.

On the other hand, its net D/E ratio has improved through
cutback on interest-bearing debt using proceeds from sales of
assets. The quality of assets improved. However, there remain
some money-losing operations. Additional loss might incur
depending on the trend of these businesses.

There also remains issue on quality of the capital, which
consists of preferred shares. Sojitz Holdings will repurchase
and extinguish the preferred shares issued in and after next
fiscal year to countervail dilution of common stocks, using the
periodic earnings to be generated. In such a case, however, it
is required to assure earnings as much as that recorded for
fiscal 2004 stably into the future.

Sojitz Holdings obtained larger pretax profit before
extraordinary items than the estimated amount for fiscal 2004.
It aims to further strengthen the earnings power by allocating
the resources to the core business areas. However, it is
difficult to expand the earnings while enhancing risk
management. JCR deems it necessary to watch carefully the future
earnings trend.

CONTACT:

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


* Seven Major Banks Swing to FY/2004 Profit
-------------------------------------------
Standard & Poor's Ratings Services announced that the financial
results for Japanese major banks and banking groups in fiscal
2004 show clear progress in the disposal of non-performing loans
(NPLs), which will allow the institutions to allocate management
resources in a more flexible manner to pursue their own business
strategies. The merits of these various plans should gradually
bear out over the medium term.

Except UFJ Holdings and Sumitomo Mitsui Financial Group (SMFG),
Japan's seven major banks and banking groups recorded net
profits for fiscal 2004 (ended March 31, 2005), a recovery from
net losses the previous year. Aggregate net profit stood at
JPY733.3 billion, compared with net losses of JPY638 billion in
fiscal 2003 and JPY4.6 trillion in fiscal 2002.

Currently, all outlooks on the long-term ratings on major banks
are positive, except for the stable outlook on Resona Bank Ltd.
Profitability and risk management will be key focal points for
potential upgrades going forward. The consolidated core
operating profit of the seven banks and bank groups stood at
JPY4.3 trillion in fiscal 2004, almost the same level as in the
previous year. The banks continued to face pressures on
profitability, including stagnant borrowing demand, thin lending
spreads, and decreased bond trading gains. Banks' gross lending
volume has been decreasing faster than risk-managed loan totals,
but the size of the decrease has been shrinking year by year.
One of the factors for this is a steady recovery of real estate
loans, non-recourse loans in particular.

In fact, gross lending volume increased at Mitsubishi Tokyo
Financial Group (MTFG) and Sumitomo Trust & Banking Co. Ltd.,
driven by the robust expansion of real estate loans. Other major
banks are also focusing more on this segment. The real estate
loan business is contributing to the growth of outstanding loans
and a recovery of spreads. However, risk management will become
an increasingly important factor, given the concentration risks
of these loans and the continued low land prices nationwide,
except for central Tokyo and a few other regions.

Altogether, major banks still suffer low loan-to-deposit ratios,
due to the disposal of high-interest NPLs and intensified
competition for prime customers. The ratio dropped at all banks
except for Sumitomo Mitsui Financial Group (SMFG) and Resona.
SMFG successfully increased lending to small and midsize
enterprises (SMEs), while deposits dropped at Resona.

Banks showed strong performance in fee income in fiscal 2004.
Each of the four-mega bank groups recorded an average of �500
billion in fee income in fiscal 2004. Particularly strong was
SMFG, which increased its fee income by 22 percent through
various sources, including sales of trust funds and annuity
insurance policies and arrangements of syndicated loans. Fee
income grew by more than 10 percent at all other banks and bank
groups, except for Resona. Operating expense results were mixed.
Resona reduced operating expenses by more than 25 percent, and
Chuo Mitsui Trust & Banking Co. Ltd. also achieved substantial
reductions. Meanwhile, the pace of cost cutting slowed at other
banks and bank groups. In fiscal 2005, operating expenses are
likely to increase at the new Mitsubishi UFJ Financial Group
(MUFG) to cover up-front consolidation costs. Expenses are
likely to increase at other banks as well, as they pursue
strategies to increase their lending to SMEs.

Banks made serious efforts to reduce NPLs in fiscal 2004 in line
with an October 2002 directive from the Financial Services
Agency (FSA) to cut NPLs by half. The progress in problem loans
disposal was aided in part by the domestic economic recovery.
The net NPL ratio has improved steadily to an average of 1.2
percent for major banks in March 2005, from 2.9 percent as of
March 2004 and 4.9 percent as of March 2003. Credit costs
increased at some banks, including SMFG, but decreased
substantially at the other banks and bank groups. In aggregate,
credit costs decreased by 43 percent to below 1 percent of total
outstanding loans. Mizuho group, in particular, achieved an
outstanding recovery in both its net NPL ratio and its credit
cost ratio, having posted extremely high credit costs in fiscal
2001 and 2002.

The industry's aggregate balance of Japan government bonds (JGB)
increased JPY8.3 trillion to JPY68 trillion. The increase was
due to the increase of total deposits, while loan demand
remained stagnant. Although the duration of these holdings is
relatively short and they are hedged to some extent, risk
management of these extremely large portfolios is of key
importance, especially if interest rates start to rise.

Tier 1 capital ratios improved at all banks and bank groups
except at SMFG. Also, the ratio of deferred tax assets to
capital also improved to an average of 27 percent in fiscal 2004
from 35 percent in fiscal 2003. Since banks are expecting to
recover a sizable amount of their outstanding loans, any new
regulation relating to deferred tax assets would not have a
large impact. On the other hand, capital quality remains weak at
most banks and bank groups in comparison with their
international peers, as illustrated by the high proportion of
preferred stock in capital. Capital increases may slow in fiscal
2005, since banks plan to apply surplus funds to repay public
funds they received from the government. Such a slowdown has
already been factored into the ratings, and will not have a
further impact unless banks experience a material decline in
their capital ratios.

Major banks and bank groups have generally conservative
projections for fiscal 2005. All banks anticipate operating
revenues to slightly decrease or level off, except for Sumitomo
Trust & Banking, which is expecting new profit contributions
from a leasing company acquired in April. SMFG, which posted a
net loss in fiscal 2004, is expecting an improvement, as are the
soon to merge companies MTFG and UFJ Holdings, which would have
posted a net loss in fiscal 2004 on a combined basis.

On the revenue side, the growth in loans to SMEs and individuals
is expected to offset to some extent sluggish loan growth to
large corporations. Fee income is also expected to increase,
though it will come under pressure from market forces.
Meanwhile, there can be no optimistic projection for an
improvement in profitability, given intensifying competition for
SME and individual customers, and the postponed deregulation of
the insurance business. Nevertheless, the NPL burden on banks
has eased, which should allow them to allocate more managerial
resources to strategic business areas. The merits of the banks'
strategies will become more evident and important towards
determining credit quality in the future.


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

HYNIX SEMICONDUCTOR: To Sell Overseas Bonds
-------------------------------------------
South Korean chipmaker Hynix Semiconductor Inc. said that it
plans to sell bonds overseas in order to repay its maturing
debts, Yonhap News reports.

According to the Company, it will conduct a fund-raising
campaign for the bonds sale in order to attract more foreign
investors to buy the bonds. The Company will host an investor
road show in Hong Kong, London, Singapore and the United States.
The bonds are also to be listed on the Singapore Stock Exchange.

Hynix Semiconductor was granted a KRW1.5 trillion debt-
refinancing package by creditors last April 21 in order to
graduate from a creditor-led debt workout program 20 months
ahead of schedule.

Creditors who own 81% stake in Hynix are planning to sell 30%
stake in the Company, with the remaining 51% to be sold at the
end of 2007.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


LG CARD: Aims to Raise Enough Funds to Pay Debts
------------------------------------------------
LG Card Co. is hoping to earn KRW1.1 trillion in a planned bonds
sale to fund the Company's working capital and pay off debts,
Yonhap News reports.

The Company aims to generate KRW1.1 trillion from the sale. Some
KRW900 billion would go towards financing its working capital,
while the remainder (KRW200 billion) would be used to pay off
its maturing debts.

LG Card posted a huge net loss of KRW5.6 trillion in 2003, but
avoided bankruptcy due to a KRW5 trillion bailout package by
creditors last year. The troubled credit card firm was able to
reduce its losses to KRW81.6 billion in 2004, and garnered net
profit of KRW326 billion in the last quarter. For the first
quarter of 2005, the Company recorded a net profit of KRW292
billion.

LG Card's creditors are seeking to sell the Company for at least
KRW4.5 trillion before March 2006.

CONTACT:

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


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

ANCOM BERHAD: Buys Back Additional Shares
-----------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on June 7, 2005.

Date of buy back: 07/06/2005

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

Total number of shares purchased (units): 154,500

Minimum price paid for each share purchased (MYR):      0.595

Maximum price paid for each share purchased (MYR):      0.620

Total consideration paid (MYR):

Number of shares purchased retained in treasury
(units):   154,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,811,700

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor, Malaysia
Phone: 03-77252888
Fax:   03-77257791
Web site: http://www.ancom.com.my


CYGAL BERHAD: Schedules 24th AGM June 30
----------------------------------------
Cygal Berhad announced that the Company will hold its 24th
Annual General Meeting (AGM) on June 30, 2005, 9:00 a.m. at the
7th Floor, Flamingo II of the Pearl International Hotel,5th Mile
Old Klang Road, 58000 Kuala Lumpur.

Attached is a copy of the upcoming meeting's agenda:
http://bankrupt.com/misc/tcrap_cygalberhad060805.doc

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax:   03-7981 7629


GULA PERAK: RAM Says Conditional Offer Won't Affect Ratings
-----------------------------------------------------------
Rating Agency Malaysia (RAM) said that Gula Perak Berhad
recently announced that Balqis Investment Limited had made a
conditional offer to buy a 32%-stake in the Group from Tan Sri
Lim Cheng Pow at MYR0.80 apiece. Tan Sri Lim is a substantial
shareholder and Managing Director of Gula Perak. This offer is
conditional upon a satisfactory due diligence report on Gula
Perak being carried out. The materialization of this transaction
may result in the emergence of a new controlling shareholder for
Gula Perak, and possibly the exit of the Lim family from the
Group.

The Group's MYR288.82 million Redeemable Convertible Secured
Notes (2003/2008) (RCSN) currently carries a rating of C2(s)
from RAM, with a negative outlook. The rating is premised on the
Group's weak business and financial profiles.

Of immediate concern are the Group's interest payments
(approximately MYR8 million) due in the next 12 months and the
redemption of its MYR90.12 million Redeemable Secured Bonds
2000/2005, which will mature on Dec. 18, 2005. Under the Trust
Deed for the RCSN, failure to pay interest and principal on its
other loans will trigger a cross-default.

Nonetheless, the possible change in the major shareholder of
Gula Perak, if the transaction materializes, has no immediate
impact on the current credit profile of the Group, which remains
fragile at this juncture.

RAM will continue to monitor and evaluate further developments
and their possible impact on the rating of Gula Perak.

CONTACT:

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


I-BERHAD: Repurchases 70,000 Shares
-----------------------------------
I-Berhad released the details of its shares buy back on June 7,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 07/06/2005

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

Total number of shares purchased (units):             70,000

Minimum price paid for each share purchased (MYR):      0.794

Maximum price paid for each share purchased (MYR):      0.794

Total consideration paid (MYR):                   55,977.63

Number of shares purchased retained in treasury
(units): 70,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,473,700

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

CONTACT:

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


PANGLOBAL BERHAD: To Hold AGM on June 30
----------------------------------------
Panglobal Berhad announces that the Company will hold its 40th
Annual General Meeting (AGM) on June 30, 2005, 11:00 a.m. at the
Meranti Room, Level 22 of Menara Panglobal, 8 Lorong P. Ramlee,
50250 Kuala Lumpur.

To view a full copy of the AGM notice, go to:
http://bankrupt.com/misc/tcrap_panglobal060805.doc

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PANTAI HOLDINGS: Posts Shares Buy Back Notice
---------------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on June 7, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 07/06/2005

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

Total number of shares purchased (units):            232,000

Minimum price paid for each share purchased (MYR):      0.940

Maximum price paid for each share purchased (MYR):      0.960

Total consideration paid (MYR):                  221,023.47

Number of shares purchased retained in treasury
(units): 232,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,785,300

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: Set to List More Shares Next Week
-----------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 49,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Monday, June 13, 2005, 9:00 a.m.

CONTACT:

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


WEMBLEY INDUSTRIES: Bourse May Delist Securities
------------------------------------------------
Wembley Industries Holdings Berhad announced that on June 6,
2005, Bursa Malaysia Securities Berhad informed it that the
Company failed to meet one of the conditions set by the
Securities Commission (SC) in relation to its proposed
restructuring scheme by the May 31, 2005 deadline. As a
consequence, the Company's shares would be delisted unless the
SC grants a further extension for the Company to comply with the
requirement.

The Company has to comply by signing a supplemental joint
venture agreement between Company subsidiary Plaza Rakyat Sdn
Berhad and Dewan Bandaraya Kuala Lumpur (DBKL) by May 31, 2005.
The said agreement was not signed on May 31, 2005, as DBKL had
informed the SC that it needed to resolve certain matters in
relation to the agreement until June 30, 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


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

CAMP JOHN: Claims BCDA is Harassing Locators
--------------------------------------------
Camp John Hay Development Corp. (CJHDevCo) alleged that the
Bases Conversion Development Authority has been harassing
locators in Camp John Hay, BusinessWorld reveals.

CJHDevCo labeled as harassment a move by BCDA, through its local
subsidiary John Hay Management Corp. (JHMC), asking Camp John
Hay sublocators to redirect their rental payments to the
government instead of paying CJHDevCo, the operator and
developer of John Hay.

"This is harassment, pure and simple. BCDA must have realized
that CJH DevCo is not giving in to their threats of an illegal
takeover, so now they have taken on innocent investors," CJH
DevCo spokeswoman Georgina A. Alvarez said.

The latest demand by BCDA has caused sublocators to fear that
the dispute between the two parties could have a negative impact
on their business. Many are confused as to how to answer BCDA,
and have brought their concern to CJHDevCo.

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/


METRO PACIFIC: Parent Eyes Tollway Firm Stake
---------------------------------------------
First Pacific Co., through its local unit Metro Pacific Corp.,
wants to acquire a controlling stake in a Company that runs an
expressway in Luzon, The Philippine Star reports.

Hong Kong-based First Pacific has offered to pay around US$40
million for First Pacific Holdings Corporation's 51-percent
stake in First Philippine Infrastructure Development Corp.
(PIDC).

PIDC is the majority shareholder of Manila North Tollway Corp.,
which in turn holds the 25-year franchise to operate the North
Luzon Expressway.

First Holdings, however, turned down the offer because it was
too low. The firm claimed the 51-percent stake is worth at least
US$200 million.

It is still unclear if both parties will continue to negotiate.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL RAILWAYS: Told to Overhaul Operations
----------------------------------------------
The ailing Philippine National Railways (PNR) has been ordered
to revamp its operations and finances to make it financially
independent from the national government, according to The
Manila Bulletin.

Finance Secretary Cesar Purisima urged PNR to restructure their
operations and reformulate their rates so it will be able to pay
up their borrowings with their own income stream. Just recently,
the national government extended Php220 million to PNR to
service its maturing debts.

These obligations include loans from the Japan Bank
International Corp. worth Php138 million and another Php45
million from the Export Finance Insurance Corp.

PNR, a state-owned railway firm under the Department of
Transportation and Communication, is one of the four state-run
corporations considered as the biggest revenue-draining burden
of the government. The other three are National Power Corp.,
National Food Authority, and Light Rail Transit Authority.

PNR reportedly has assets, such as real estate holdings, that
the government wants to sell. PNR-owned lands have an estimated
worth of Php709 million while its road and equipment assets are
valued at Php12 billion.

CONTACT:

Philippine National Railways
PNR Management Center, Torres Bugallon Street,
Sangandaan, Caloocan City 1408 Philippines
Telephone: (632) 287-3062, 365-4716
Facsimile: (632) 362-0824
Web site: http://www.pnr.gov.ph/


PHILIPPINE LONG: Lists More Shares
----------------------------------
Philippine Long Distance Telephone Company (PLDT) has on
Wednesday listed additional shares in on the Philippine Stock
Exchange, according to Dow Jones Newswires.

The listing of 301,609 common shares covered the conversion of
an equal number of PLDT preferred shares.

PLDT's move raised the total number of common shares listed on
the bourse after the conversion of preferred shares to 1.36
million.

CONTACT:

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


PHILIPPINE NICKEL: Gov't Seeks Settlement to Draw in Investors
--------------------------------------------------------------
The government is looking at an out-of-court settlement with
Philippine Nickel Co. (Philnico) relating to some US$300-million
worth of receivables from the sale of Nonoc mines, The
Philippine Star reports.

The deal, which would include a restructured settlement schedule
and debt-for-equity swap, is expected to pave the way for the
entry of the group of Chinese investors.

The Chinese consortium led by Non-Ferrous Metals Corp. and
Shanghai Bao Steel Corp. has earlier hinted on its intention to
invest around US$1 billion in Philnico's Nonoc mines.

Jinchuan has been reportedly interested in Nonoc mines for
years. The Jinchuan Group inked a memorandum of understanding
during the recent state visit of Chinese Prime Minister Hu
Jintao in April.

Philnico bought Nonoc mines from the government but finance
officials said it has not been able to pay for this acquisition
since it bought the mine and the nickel processing plant in
Nonoc Island, Surigao City.


PRICESMART INCORPORATED: Shareholders Ask Court to Bar Execs
------------------------------------------------------------
The minority stock holders of PriceSmart Incorporated's local
unit, PSMT Philippines, has urged a court to issue an injunction
against the firm's top officials over allegations of illegal
disbursements, according to The Manila Times.

The group, led by PSMT Chairman William S. Go lodged a fresh
appeal before the Pasig Regional Trial Court to halt illegal
release of company funds by PriceSmart-appointed executives
including PSMT President Benjamin Woods, PSMT Vice President
Robert Gans, chief financial officer John Heffner and former
treasurer James Cahill.

Mr. Go and E-Class Corp., who jointly own 38 percent of PSMT,
alleged that the four executives participated in a scheme of
siphoning PSMT Philippines' funds by making illegal and
unexplained disbursements to Pricesmart, in the amount of at
least Php500 million.

The minority shareholders warned that if the court fails to
issue the injunction on time, there may not be enough funds left
in PSMT Philippines, resulting in the loss of at least 400 jobs.

Based on unaudited figures, PSMT booked a net income of Php9.87
million during its first year of operation. Profits, however,
dropped to Php1.3 million in 2002 before turning into Php349.9
million in losses in 2003.

CONTACT:

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

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


* PSE Unveils Firms Under Trade Suspension
------------------------------------------
In a bid to enhance transparency in the stock market, the
Philippine Stock Exchange (PSE) has started publishing the names
of firms that are either under trading suspension due to
violation of disclosure rules or are undergoing corporate
rehabilitation or suspension of payments.

PSE's latest move aims to further protect investor interest,
while encouraging listed companies to strictly comply with the
rules of both the PSE and the Securities and Exchange Commission
(SEC).

The names of the companies will be included in the PSE's daily
quotation report and will be classified either under trading
suspension or under corporate rehabilitation and/or suspension
of payments.

The PSE places companies in violation of its disclosure
requirements under trading suspension. Companies under corporate
rehabilitation are those whose assets may or may not be
sufficient to cover their liabilities but have petitioned the
courts to be rehabilitated.

Those firms who suspend debt payments, meanwhile, possess
sufficient property to cover their debts but anticipate the
impossibility of meeting them when they fall due.

The PSE cited the following companies are under suspension: AGP
Industrial Corp., Banco Filipino Savings and Mortgage Bank,
Benguet Corp., City Resources (Phils.) Corp., Fil-Estate Corp.,
Filsyn Corp., Lodestar Investment Holdings Corp., Metro Alliance
Holdings & Equities Corp., Mondragon International Philippines,
Inc., Philippine Telegraph & Telephone Corp., Primetown Property
Group, Inc., Sanitary Wares Manufacturing Corp., UEM Development
Phils., Inc. (formerly Mankayan Minerals Devt Co., Inc.), Unioil
Resources & Holdings Co., Inc., Universal Rightfield Property
Holdings, Inc., Victorias Milling Co., Inc., Wellex Industries,
Inc., and Wise Holdings, Inc.

Companies under rehabilitation and/or suspension of payments
are: Philippine Realty & Holdings Corp., Primetown Property
Group, Inc., Pryce Corp., Universal Rightfield Property
Holdings, Inc., Uniwide Holdings, Inc., and Victorias Milling
Co., Inc.

Currently, names of companies under trading suspension are
posted on the PSE website (http://www.pse.org.ph).


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

ATS GARMENTS: Placed in Voluntary Liquidation
---------------------------------------------
Ocean Sky International Ltd informed the Singapore Stock
Exchange (SGX) that its wholly owned dormant subsidiary, ATS
Garments (S) Pte Ltd, incorporated in Singapore, has been put
into members' voluntary liquidation.

The above transaction is not expected to have a significant
effect on the net tangible assets and earnings per share of the
Group for the current financial year.


CHARTERED SEMICONDUCTOR: Strengthens Ties with IBM, Samsung
-----------------------------------------------------------
IBM, Chartered Semiconductor Manufacturing and Samsung
Electronics Co. Ltd. advised the Singapore Stock Exchange (SGX)
that they are jointly developing design kits for the 65-
nanometer (nm) base and low-power processes.

The agreement further reinforces the commitment to the common
platform to enable design support for the jointly developed 65nm
process technologies and enhance sourcing flexibility for 65nm
customers.

Specifically, IBM, Chartered and Samsung will offer 65nm
designers common design kits that consist of physical
verification (design rule checking (DRC) and layout versus
schematic (LVS) matching) and parasitic extraction (RCX)
technology files.

Additionally, the companies will also make available common SRAM
kits for single- and dual-port memories, eFUSE kit and
electrostatic discharge (ESD) kit. These initial design kits
have been validated using a test chip, which further
demonstrates their capabilities for realizing fast and silicon
accurate 65nm designs.

"Extending our collaboration from technology development to
design enablement development, IBM, Chartered and Samsung are
accelerating efforts to enable a comprehensive ecosystem of
design support around the 65nm technology platform," said Steve
Longoria, vice president, Semiconductor Technology Platform for
IBM.

"This model of true collaboration and open design differentiates
the common platform and provides customers cutting-edge
technology, enhanced design portability, and multi-sourcing
flexibility."

"At 65nm, IBM, Chartered and Samsung have taken steps to define
and develop process optimized solutions in tandem with the
design community," said Kevin Meyer, vice president of worldwide
marketing at Chartered. "The customer benefits are the early
availability of manufacturing-aware design solutions tuned for
enabling the manufacturability of 65nm designs."

"Combining our efforts with IBM and Chartered at 65nm will
result in a very compelling solution that is the base for a
unique compatibility in the industry," said KP Suh, Executive
Vice President of Technology Development at Samsung. "This
strategy also significantly expands the expertise required by
our internal users and external customers to address the complex
design requirements for a range of cutting-edge system-on-chip
products."

To view a full copy of the press release, click
http://bankrupt.com/misc/IBMCharteredSamsungReleaseFINAL060705.p
df

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com


CHINA AVIATION (S): Former Chief May be Prosecuted
--------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd informed the
Singapore Stock Exchange (SGX) that its suspended Chief
Executive Officer, Mr. Chen Jiulin, has been notified that he
may be prosecuted for a total of 15 offences under certain
provisions of the Companies Act, the Securities and Futures Act
and the Penal Code.

The Company understands that its Head of Finance Division, Mr.
Peter Lim Tiong Sun, has been notified that he may also be
prosecuted for certain offences. At the time of this
announcement, the Company does not have further details of the
exact nature of these offences.

In addition, three of its non-executive directors, namely, Mr.
Jia Changbin, Mr. Li Yongji and Mdm Gu Yanfei have been notified
that they may be charged for the following offences:

(a) Breach of fiduciary duties under section 157 of the
Companies Act for failing to disclose to the Board of Directors
the marked-to-market losses with respect to the options trading;
and

(b) Failure to notify the SGX of losses arising from the options
trades under section 331 of the Securities & Futures Act.

Mr. Jia has also been notified that he may be charged under
Section 331 of the Securities & Futures Act for insider trading
with respect to the placement of 15% of the shares of China
Aviation Holding Company in the Company on October 20, 2004.

CONTACT:

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


CHINA AVIATION (S): PwC Findings May be Used in Court
-----------------------------------------------------
Authorities in legal proceedings could use the findings of the
probe over China Aviation Oil (S) Corp. (CAO) that
PricewaterhouseCoopers recently released, Channel News Asia
reports.

Industry players said that probes such as the one done on CAO,
is usually conducted in such a way that the evidence could be
presented in a court of law.  The report released last Friday
placed most of the blame to CAO's former chief executive Chen
Jiu-Lin.

The Association of Certified Fraud Examiners (ACFE) president
Ethan Ong said: "Our job is to gather all the relevant
information in a form that is easily understandable by the
police, and the evidence is properly preserved such that it can
be used in the court of law should the need be required.

"Once it's established that we have sufficient evidence that a
fraud has occurred, we would pass the evidence we have gathered,
the work we have done, to the police."

According to PwC, the investigation entailed a lot of
conditions.  PwC has limited powers and could not force
individuals to do interviews against their wishes.

The investigators were also restricted to access documents in
the possession of third parties. And PwC added that it did not
have the power to take evidence under oath.

However, the release of the report prompted calls to take action
against parties that are found to have contributed to CAO's
collapse.


CHINA AVIATION (S): Reaches Agreement Over Satya Claims
-------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange (SGX) that it has entered into a
settlement agreement with Satya Capital Ltd (Satya Capital).

Satya Capital earlier lodged a claim of USD51,733,333 against
the Company for alleged damages suffered as a result of the
termination of a share purchase agreement dated August 18, 2004
as amended by supplemental agreements dated August 26, 2004,
September 13, 2004 and September 29, 2004 between the Company
and Satya Capital, in respect of the acquisition of 88,000,000
shares in Singapore Petroleum Company Limited.

Under the terms of the settlement, Satya will settle its claims
against the Company and China Aviation Oil Holding Company and
accept a full and final claim of USD28,000,000, which will
participate in the Company's proposed Scheme of Arrangement
dated May 24, 2005 on the same terms as all other creditors.

The settlement is conditional on the Company's Scheme of
Arrangement being approved at the creditors' meeting on June 8,
2005 and becoming effective under the terms of the Scheme of
Arrangement.


CYBER VILLAGE: Details S&P Agreement
------------------------------------
The Board of Directors of Cyber Village Holdings Limited (CVHL)
announced to the Singapore Stock Exchange (SGX) that the Company
(as the Purchaser) and Ng Kek Wee, Atomic International Ltd,
Accord Perfect Investment Corporation and Sim City Technology
Ltd (as the Vendors) have entered into a Deed of Sale and
Purchase (the S&P Agreement) on June 8, 2005 for the sale and
purchase of the entire issued shares in the capital of Singalab
International Pte Ltd (the Target Company).

The consideration for the share purchase will be satisfied by
the allotment and issue of up to 32,900,000 new ordinary shares
of SG$0.05 each in the capital of the Company to the Vendors or
their nominee at a deemed issue price of $0.09 per share, in
accordance with the terms and conditions of the S&P Agreement.

Singalab International Pte Ltd is, and/or will be on Completion
of the S&P Agreement, the investment holding company for 2
principal subsidiaries - Singalab Pte Ltd based in Singapore and
Beans Factory Hong Kong Company Ltd based in Hong Kong. The
principal business activities of the subsidiaries involve the
provision of e-business solutions specializing mainly in Java-
based software applications.

To view a full copy of the press release, click
http://bankrupt.com/misc/CyberVillage080605.pdf

CONTACT:

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


HARTFORD HOLDINGS: Strikes Off Dormant Unit
-------------------------------------------
The Board of Directors of Hartford Holdings Limited advised the
Singapore Stock Exchange (SGX) that Hartford Management Centre
(Beijing) Pte. Ltd., a dormant subsidiary of the Company, has
submitted an application for striking-off to the Accounting and
Corporate Regulatory Authority on June 7, 2005.

The above striking-off is not expected to have any material
effect on the earnings per share and the net tangible assets per
shares of the Company for the financial year ending 30 June
2005.

CONTACT:

Hartford Holdings Limited
410 North Bridge Road
#01-00 Cosmic Insurance Building
Singapore 188726
Telephone: 65 62359223
Fax: 65 67345319
Web site: http://www.hartford.com.sg/


JACKSON PILING: To Pay Dividend June 8
--------------------------------------
Jackson Piling & Civil Engineering Construction Pte Ltd (In
Liquidation) posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details.

Address of registered office: Office of the Liquidator

Amount Per Centum: 3.5%

Full & Final or Otherwise: Second interim dividend

When Payable: 8th June 2005

Where Payable:

Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705

Telephone: 6532 0320 (8 lines)
Fax: 6532 0331

Name of Liquidator: Mr. Don M. Ho, FCPA

Dated this 4th June 2005


PISCES LAND: To Pay Dividend June 10
------------------------------------
Pisces Land Pte Ltd (In Compulsory Liquidation) c/o Sim Guan
Seng & Co. 15 Beach Road #03-10 Beach Centre Singapore 188677
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details.

Amount per centum:

100% (Preferential Creditors)
0.415% (Unsecured Creditors)

First and final or otherwise: First and Final

When Payable: 10th June 2005

Where Payable:

c/o Sim Guan Seng & Co.
15 Beach Road
#03-10 Beach Centre
Singapore 188677

Dated this 3rd day of June 2005

Sim Guan Seng
Liquidator


STANFORD TRAINING: Court to Hear Petition July 1
------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Stanford Training Systems Pte Ltd by the High Court was, on May
17, 2005 presented by De Montfort University of The Gateway,
Leicester, LE1 9BH, United Kingdom, Creditor.

The said Petition is to be heard before the Court sitting at the
High Court at 10:00 o'clock in the forenoon, on Friday, July 1,
2005.

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

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

The Petitioner's address is at The Gateway, Leicester, LE1 9BH,
United Kingdom.

The Petitioner's Solicitors are Messrs KhattarWong of No. 80
Raffles Place, #25-01 UOB Plaza 1, Singapore 048624.

Dated this 24th day of May 2005.

Khattarwong
Petitioner's Solicitors

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed
Khattarwong, the Petitioner's Solicitors, notice in writing of
his intention so to do.

The notice must state the name and address of the persons, 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 (the day before the day appointed
for the hearing of the Petition).


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

PAE THAILAND: Unveils Changes in Shareholdings
----------------------------------------------
PAE (Thailand) Public Company Limited informed the Stock
Exchange of Thailand (SET) on the recent changes in the number
of shareholder of the major stakeholder:

The following are the respective changes:

(1) The old shareholders structure as of 2005 annual shareholder
meeting dated April 25 based on the 5 top holders:

Name of Shareholder                        No. of Shar       %

(1) Free Internet Co.                      37,000,000      96.60

(2) Qualitech Engineering &
    Construction Co.                          500,000       1.31

(3) Thailand Security Depository Co. For local
    Depositor                                   419,000    1.10

(4) C.T. Venture Co.                             72,000    0.19

5. Thailand Security Depository Co. For foreigner
   Depositor                                     65,300    0.17

6. Others                                       243,600    0.63

TOTAL                                        38,300,000  100.00

The current shareholders structure as of June 1, 2005 for the
top 5 would be:

Name of Shareholder                        No. of Shar
%

(1) Free Internet Co.                       11,000,000
28.72

(2) Khun Jintana Kaleewongse                 9,000,000
23.50

(3) M.R. Consultancy Co.                     8,500,000
22.19

(4) Khun Jeeranan Fukphanphai                8,500,000
22.19

(5) Qualitech Engineering & Construction Co.   500,000
1.31

(6) Thailand Security Depository Co.
    local deposit                              419,000
1.10

(7) C.T. Venture Co.                            72,000
0.19

(8) Thailand Security
    Depository Co. foreigner deposit            65,332
0.17

(9) Others                                     243,668
0.63

TOTAL                                       38,300,000
100.00

(2) The Relationship between Free Internet Co. and new
shareholders Khun Jintana Kaleewongse, M.R. Consultancy Co. and
Khun Jeeranan Fukphanphai.

Free Internet Co. sold shares in PAE to 3 new investors totaling
26 million shares at the price of THB6.00 per share.

Free Internet will use the money received in this sales to repay
the loan from financial institutions and to use in their working
capital in the business. There is no relationship between Free
Internet Co. and 3 new shareholders. Besides, they are investors
in the stock market.

(3) The business policy of PAE after the change in shareholders
structure.

PAE (Thailand) Plc has no change in core business that they are
doing at the present. The core businesses are in construction,
industrial service, telecom, manpower supply to industry and
including trading representative business.

Please be informed accordingly.

Sincerely Yours,
Kobsak Chinawongsewatana
President

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Website: http://www.pae.co.th


THAI PETROCHEMICAL: CITIC Due Diligence May Stall
-------------------------------------------------
The Plan Administrators of Thai Petrochemical Industry PCL (TPI)
gained the agreement of the Central Bankruptcy Court to consider
a petition to block a due diligence on the company by China
International Trust and Investment Corp. (CITIC), relates
Bangkok Post.

The Central Bankruptcy Court will rule on the petition on June
27.

The petition states that TPI founder Prachai Leophairatana
submitted a letter to the plan administrator asking for
permission to allow CITIC and law firm Siam Premier to audit
TPI's financial records.

The plan administrators believe that the due diligence
proceeding would disrupt TPI's operations, and challenged Mr.
Prachai's authority to direct TPI executives to co-operate with
outside parties.

Prime Minister Thaksin Shinawatra is also not supportive of Mr.
Prachai's plan because it would only bring about changes in
TPI's debt-restructuring process, which the Prime Minister does
not want.

The Prime Minister will also try to persuade CITIC on his visit
to China from June 28 until July 1 not to forego with Mr.
Prachai's plans.  The Prime Minister is set for China to
celebrate 30 years of the Thai-Chinese relationship.

Earlier, CITIC announced in a filing to the Hong Kong Stock
Exchange, that it has entered into a Memorandum of Understanding
with Mr. Prachai and other Leophairatana family members to form
a new joint venture to purchase the 75 percent stake of TPI held
by creditors.  CITIC cited that it is willing to arrange
financing of $900 million to purchase the shares and another
$1.8 billion to refinance existing debt.

The Finance Ministry opposed of Mr. Prachai's plan to overthrow
the current debt-restructuring plan.  It said that it remains
committed to the existing plan that calls for PTT Plc, the
Government Savings Bank, the Government Pension Fund and the
Vayupak Fund to purchase a 61.5 percent stake in TPI as part of
the float of 17.55 billion new and existing shares.

On June 1, the Finance Ministry has signed a preliminary
agreement for the share purchase. Payment and final transfer is
expected to materialize within the next several months.

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th


THAI PETROCHEMICAL: Names New Member of Plan Administration Team
----------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI)
informed the Stock Exchange of Thailand (SET) that the Ministry
of Finance appointed Mr. Virabongsa Ramangkura as a Plan
Administrator for the company effective June 1, 2005.

In addition, Mr. Aree Wongsaraya, who was a Government-appointed
administrator has now resumed his duty as a TPI plan
administrator, after taking a political assignment, effective
June 1, 2005 as well.

The company highly appreciate SET's acknowledgement of the above
matter.

Sincerely Yours,
Mr. Suwit Nivartvong
for Plan Administrator
Thai Petrochemical Industry Plc






                            *********


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

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

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

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

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

                 *** End of Transmission ***