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

                     A S I A   P A C I F I C

             Friday, June 17, 2005, Vol. 8, No. 119

                            Headlines

A U S T R A L I A

ALICE GIPPS: Lays Out Purpose of Meeting
AETNA PROPERTIES: Final Meeting Slated for June 27
BLANKEVOORT HOLDINGS: Fixes Final Meeting Date June 20
BOB MURRAY: Members Pass Special Wind-Up Resolution
BONLAC FOODS: Unveils Face Value of Quoted Debt Securities

CASLANO PTY: Members to Meet June 20
CHEMEQ LIMITED: Says it Has AU$41 Mln Cash
COMDEK: Lawyer Says Firm is Insolvent
FIRST FOUNDATION: To Declare Dividend July 22
GAIRSAY PTY: Appoints Official Liquidator

GUMLEA PTY: To Convene Meeting June 23
HADLEY REALTY: Winds Up Voluntarily
INCITEC PIVOT: Restructures to Boost Efficiency
KARLAW MANAGEMENT: Members Decide to Wind Up Company
NATIONAL AUSTRALIA: Currency Options Trader Goes to Jail

NATIONAL AUSTRALIA: Snatches AFL Sponsorship
NJ STANSFIELD: Resolves to Wind Up Company
NORTON APARTMENTS: Lays Out Final Meeting Agenda
OPL ADMINISTRATIVE: To Undergo Winding Up Process
PILASTER PTY: To Hold Final Meeting June 20

RICO PTY: Lays Out Agenda of Final Meeting
SADIK ENTERPRISES: Court Issues Winding Up Order
SEAHOME PTY: Proofs of Debt, Claims Due Today
SECS IN THE CITY: Final Meeting Set June 28
STRATHFIELD: To Get AU$12.15 Mln from Proposed Recapitalization

WESFI LUMBER: Members Meeting Slated for June 20
YOUNG TIMBER: Members Pass Resolution to Wind Up Company


C H I N A  &  H O N G  K O N G

BANK OF COMMUNICATIONS: To Launch Fund Business
CDIB VENTURE: Creditors Required to Prove Debts by July 15
CHINA MEDICAL: Net Loss Widens to HKD57.3 Mln
COMPONENT SUPPLIES: Creditors Meeting Set Today
GUANGDONG KELON: Shares Trading Suspended

GUANGZHOU SHIPYARD: Notes Unusual Volume Movement
HUANENG POWER: EGM Set for July 28
INTERNATIONAL ENTERTAINMENT: Board Meeting Fixed June 28
LUCIDA LIMITED: Creditors, Contributories May Appear at Hearing
PCCW LIMITED: Boss Faces Trading Probe

SKY EARTH: Winding Up Hearing Slated for June 29
UDL HOLDINGS: Clarifies Recent Increases in Trading Volume
VAST VISION: Schedules Winding Up Hearing June 29


I N D O N E S I A

PERTAMINA: To Launch Ops of New Giant Tanker
* Minister Wants Losing State Funds Dissolved


J A P A N

DAIMLERCHRYSLER JAPAN: Recalls 2,485 Smart Coupes
HITACHI LIMITED: Telecom Unit Unlikely To Meet Profit Goal
JAPAN AIRLINES: Minister Koizumi Orders Safety Measures
MITSUBISHI FUSO: Recalling 42,000 Trucks, Buses
MITSUBISHI MOTORS: Halts Diamante, Sedan Production

MITSUBISHI MOTORS: Unveils May U.S. Sales
MITSUBISHI MOTORS: Launches Online Game to Promote Eclipse
RESONA HOLDINGS: R&I Assigns BBB Rating
ZECOO COMPANY: Enters Bankruptcy
* Japan May Corporate Bankruptcy Cases Up 1.5% On Month


K O R E A

INCHEON OIL: Sale Plan Revived
KOOKMIN BANK: Sells Treasury Stock in OTC Market
KOREA EXCHANGE: Embarks on Open Recruitment Drive
SEWON TELECOM: Hopes to Name Buyer by July 20


M A L A Y S I A

AMSTEEL CORPORATION: Updates Proposed Disposal of LIPSB
AVENUE SECURITIES: Gains Scheme Creditors' Approval
BOUSTEAD HOLDINGS: Bourse to List Additional Shares
CRIMSON LAND: Withdraws ICULS Issuance
DENKO INDUSTRIAL: Notes Impact of Summon

KUMPULAN GUTHRIE: Grabs US$380-Mln Loan Facility
LEBAR DAUN: Lists Additional Shares
MBF HOLDINGS: Confident on Action Taken Against the Company
MBF HOLDINGS: Concludes Proposed Amendments to Trust Deeds
PAN MALAYSIA: Buys Back 125,000 Ordinary Shares

PANTAI HOLDINGS: Repurchases 76,000 Ordinary Shares
PWE INDUSTRIES: High Court Sets Hearing July 1
TELEKOM MALAYSIA: Wraps Up Share Acquisition from Excelcomindo
UNITED BINTANG: Shareholders Pass All Resolutions at AGM


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: PLDT Eyes Purchase to Boost Biz
COLLEGE ASSURANCE: SEC Urged to Act on Pre-need Report
LIGHT RAIL: Ousted Workers Fight for Entitlements
MANILA ELECTRIC: Big Clients May Get Cash Refund
MAYNILAD WATER: DBP to Draft New Terms for Sale

PRICESMART INCORPORATED: Local Unit Plans Recruitment Campaign
* Fitch Says Debt Reduction May Improve RP's Credit Rating


S I N G A P O R E

ACCORD CUSTOMER: SGX-ST Grants Extension to Hold AGM
ATS HOLDINGS: Creditors Given Until July 8 to Prove Claims
BUILDWISE CONSTRUCTION: To Hold Final Meeting June 27
CHINA AVIATION (S): Court Permits Two Execs to Leave Country
CHINA AVIATION (S): Fears that BT Article May Mislead Readers

FINEPLAS HOLDINGS: Court to Hear Winding Up July 1
JAK ALHADAD: Winding Up Hearing Slated for July 1
STARTECH ELECTRONICS: Seeks Repayment of SG$1,600,000 Loan
VIEWINTERNET.COM PTE: Issues Notice of Preferential Dividend


T H A I L A N D

CHRISTIANI & NIELSEN: Secures New Construction Project
JASMINE INTERNATIONAL: Issues, Offers New Shares
* Large Companies With Insolvent Balance Sheets


     -  -  -  -  -  -  -  -

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

ALICE GIPPS: Lays Out Purpose of Meeting
----------------------------------------
Notice is given that a final meeting of the members and
creditors of Alice Gipps Pty Limited (In Liquidation) will be
held at Rodgers Reidy, Level 8, 333 George Street, Sydney on
Wednesday, June 22, 2005 at 10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.
(b) A resolution to destroy the books & records of the company.
(c) To consider any other business.

Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


AETNA PROPERTIES: Final Meeting Slated for June 27
--------------------------------------------------
Notice is given that a final meeting of the members of Aetna
Properties Limited (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street Sydney on June 27, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the 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 5th day of May 2005

A. R. M. Macintosh
Liquidator
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9650 2144


BLANKEVOORT HOLDINGS: Fixes Final Meeting Date June 20
------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members of Blankevoort Holdings
Pty Limited (In Voluntary Liquidation) will be held at the
offices of Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000
on Monday, June 20, 2005 at 10:00 a.m. for the purpose of laying
before the meeting the Liquidator's final account and giving any
explanation thereof.

Dated this 9th day of May 2005

P. Ngan
Liquidator


BOB MURRAY: Members Pass Special Wind-Up Resolution
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Bob Murray Insurance Services Pty Limited (In Voluntary
Liquidation) duly convened and held at 93a Young Street
Carrington NSW 2294 on May 5, 2005 at 10:00 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and Greg Lawrence was appointed Liquidator.

Dated this 6th day of May 2005

G. A. Lawrence
Liquidator
Lawrence Rundle
Accountants & Business Advisers
93a Young Street,
Carrington NSW 2294


BONLAC FOODS: Unveils Face Value of Quoted Debt Securities
----------------------------------------------------------
Pursuant to Listing Rule 4.11, Bonlac Foods Limited advised that
the aggregate face value of its listed debt securities (Code
BFLHA), as at May 31. 2005, was and remains AU$100,000,000.

About Bonlac Foods Limited

Bonlac Foods Limited is ultimately owned by Australian and New
Zealand dairy farmers, with Bonlac Supply Company (BSC) owning
50 percent shareholdings and Fonterra Co-operative Group holding
the other 50 per cent.

Bonlac Supply Company is 100% owned by more than 1500 dairy
farmers who operate dairy businesses in regional Victoria and
Tasmania.

Formed in October 2001, Fonterra is co-operatively owned by more
than 12,000 New Zealand dairy farmers. It is one the world's top
ten dairy companies and the leading exporter of dairy products
responsible for one third of international dairy trade.

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/


CASLANO PTY: Members to Meet June 20
------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members of Caslano Pty Limited
(In Voluntary Liquidation) will be held at the offices of Ngan &
Co, Level 5, 49 Market Street, Sydney NSW 2000 on Monday, June
20, 2005 at 10:15 a.m. for the purpose of laying before the
meeting the Liquidator's final account and giving any
explanation thereof.

Dated this 9th day of May 2005

P. Ngan
Liquidator


CHEMEQ LIMITED: Says it Has AU$41 Mln Cash
------------------------------------------
Chemeq Limited in its Appendix 4C report for May 2005 said
receipts from customers were AU$29,000.

Net operating cash flow was negative AU$1.518 million. Total
operating and investing cash flow was negative AU$1.634 million.
Cash in hand was AU$41.428 million. Creditors, accruals and
retentions totaled AU$3.2 million.

About Chemeq

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

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

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

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

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

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

To view Chemeq's Appendix 4C - Monthly Report - May 2005, click
on:
http://bankrupt.com/misc/tcrap_chemeq061605.pdf

CONTACT:

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


COMDEK: Lawyer Says Firm is Insolvent
-------------------------------------
A lawyer for Comdek's major creditor has claimed that Comdek is
insolvent, The West Australian reports.

Stephen Penrose, who represents Medquest Pty Ltd, told the
Supreme Court of Western Australia that Perth technology Comdek
is busted.

Mr. Penrose made the allegation while asking the court to
adjourn Medquest's application for Comdek to be liquidated over
an AU$8000 debt. He indicated the two companies are in
negotiations.

Medquest took control of the liquidation action in early June
2005 after Comdek negotiated an agreement with the trade
supplier who initiated the liquidation proceedings.

CONTACT:

Comdek Limited
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au


FIRST FOUNDATION: To Declare Dividend July 22
---------------------------------------------
A third and final dividend is to be declared on July 22, 2005 in
respect of First Foundation Developments Ltd (In Liquidation).

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

Dated this 9th day of May 2005

W. J. Fletcher
Official Liquidator
c/- Bentleys MRI
Chartered Accountants
26th Floor, 10 Eagle Street,
Brisbane Qld 4000
Telephone: (07) 3222 9777


GAIRSAY PTY: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members of
Gairsay Pty Ltd (In Liquidation) will be held at the offices of
Toomey Maning & Co, Barristers & Solicitors, 30 Davey Street,
Hobart, Tasmania on Wednesday, June 29, 2005 at 12:00 noon 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 5th day of May 2005

John W. Woods
Liquidator
Wilson Woods & Partners
Chartered Accountant
30 Davey Street,
Hobart Tasmania 7000
Telephone: (03) 6223 4343


GUMLEA PTY: To Convene Meeting June 23
--------------------------------------
Notice is given that a general meeting of members of Gumlea Pty
Ltd (In Liquidation) will be held at the offices of Maris
Rudaks, Chartered Accountant, Level 2, 99 Frome Street,
Adelaide, South Australia, 5000 on June 23, 2005 at 10:00 a.m.

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

Dated this 6th day of May 2005

M. A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500


HADLEY REALTY: Winds Up Voluntarily
-----------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Hadley Realty Pty Ltd was held on the on April 29,
2005 at which it was resolved that the company be wound up
voluntarily and that Dean G. Scott of D. G. Scott & Co Chartered
Accountants of 2nd Floor Dowie House, 83-89 Currie Street
Adelaide, South Australia 5000 be appointed liquidator.

Dated this 4th day of May 2005

D. G. Scott
Liquidator
D. G. Scott & Co
2nd Floor, 83-89 Currie Street,
Adelaide South
Australia 5000


INCITEC PIVOT: Restructures to Boost Efficiency
-----------------------------------------------
Incitec Pivot Limited on Tuesday announced the first phase of a
major company restructure to ensure it retains its leading
position in the fertilizer market by being Australia's lowest-
cost supplier.

The efficiency drive includes consolidating some company
divisions, creating a more streamlined management structure and
reviewing staffing levels.

"Having secured the merger synergies, we are now reviewing the
cost base across the company," said Managing Director and CEO
Julian Segal.

"We are setting an example by starting at the top, where
consolidation of functions has allowed us to reduce the number
of General Manager positions from seven to five."

Mr. Segal, who previously led teams which turned around the
performance of Orica Mining Services businesses in
Australia/Asia and North America, said the company was focusing
on savings in the supply chain and corporate areas.

He said that senior management had been working on the new
restructure for some time. The need for greater efficiencies has
been highlighted by the drought currently affecting farmers and
the competitive market environment.

Mr. Segal said the internal reforms would not divert Incitec
Pivot from continually improving customer service though its
independent distribution network and direct to farmers.

"Our success or otherwise will ultimately be decided by the
farmers who use our products and we are single-minded about
meeting or exceeding their requirements," he said.

CONTACT:

Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419


KARLAW MANAGEMENT: Members Decide to Wind Up Company
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Karlaw Management Services Pty Limited (In Voluntary
Liquidation) duly convened and held at 93a Young Street
Carrington NSW 2294 on May 5, 2005 at 10:30 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and Greg Lawrence was appointed Liquidator.

Dated this 6th day of May 2005

G. A. Lawrence
Liquidator
Lawrence Rundle
Accountants & Business Advisers
93a Young Street Carrington NSW 2294


NATIONAL AUSTRALIA: Currency Options Trader Goes to Jail
--------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), on Wednesday announced that Mr.
Luke Duffy, former head of the National Australia Bank Limited
(NAB) foreign currency options desk (FX Options Desk), has been
sentenced to 29 months imprisonment to serve a minimum of 16
months before release on a recognizance to be of good behavior
for a further 13 months, in relation to three charges brought by
ASIC.

Mr. Duffy, 35, of Albert Park, Victoria, was convicted and
sentenced before Judge Chettle of the County Court of Victoria
after pleading guilty to three charges of dishonestly using his
position as an employee of NAB in order to gain advantages for
himself and others.

ASIC alleged:

    (1) between 1 October 2003 and 9 January 2004, Mr Duffy was
involved in dishonestly entering and surrendering a total of 12
fictitious foreign exchange spot trades totaling approximately
AUD$117 million;

    (2) in the course of these fictitious trades, the FX Options
Desk met its profit target of $37 million for the 2003-2004 when
the true position was, in fact, a loss of $5 million and, as a
result, Mr. Duffy dishonestly received a net performance bonus
of $129,338 (Mr. Duffy repaid this amount to the NAB today) and
helped secure bonuses for members of his team; and

    (3) between 15 December 2003 and 9 January 2004, Mr Duffy
was involved in dishonestly entering seven fictitious options
trades resulting in a false profit of US$111,457,876.

The total of the fictitious profit created by this trading was
AUD$178,561,516.

In sentencing Mr. Duffy, the Court reduced the sentence that
would have been imposed otherwise by taking into account the
fact he pleaded guilty at the earliest opportunity and that he
has agreed to assist the prosecution and to give evidence
against three co-accused.

"This case demonstrates that senior employees who hold positions
of trust and responsibility will be held accountable for any
dishonest conduct and, especially where both the employer and
shareholders are deceived, significant jail sentences will be
imposed by the court," Mr. Lucy said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Background

The three charges were laid against Mr. Duffy in December 2004.
At the same time, ASIC also laid charges against Mr. Gianni
Gray, Mr. Vincent Ficarra and Mr. David Bullen.

Mr. Gray and Mr. Ficarra will next appear in the Melbourne
Magistrates Court for a contested committal hearing on 1 August
2005. Neither Mr. Gray or Mr. Ficarra have been required to
enter their pleas.

Mr. Bullen is due to reappear in the County Court on 15 August
2005 for a trial. Mr. Bullen has pleaded not guilty to the
charges.

CONTACT:

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


NATIONAL AUSTRALIA: Snatches AFL Sponsorship
--------------------------------------------
National Australia Bank (NAB) has stolen the naming rights to
the pre-season AFL competition from Wizard Home Loans, spending
up to AU$15 million over five years for the privilege, relates
the Sydney Morning Herald.

The deal is part of NAB's efforts to strengthen its brand
following the foreign exchange trading scandal and boardroom
ruckus last year.

NAB's AFL deal brings an end to one of the most interesting
battles in the Australian financial services industry so far
this year.

Wizard has held the rights for the past four years, and chief
executive Mark Bouris made it clear he was not giving up without
a fight. At one stage, he even told NAB to go and find its own
sporting rights. But in the end Wizard was outbid by NAB, which
is rumoured to be paying between AU$2.5 million and AU$3 million
a year.

NAB is spending an estimated AU$20 million to become the major
sponsor of the 2006 Melbourne Commonwealth Games and has also
recently signed up to sponsor the Australian Ballet and National
Press Club. It is also sponsoring the AFL Auskick and the AFL
Rising Star programs, which support young athletes.


NJ STANSFIELD: Resolves to Wind Up Company
------------------------------------------
At a General Meeting of NJ Stansfield Pty Ltd, duly convened and
held at 86 Currajong Street, Parkes 2870 on April 28, 2005 the
following Special Resolution passed:

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

Dated this 5th day of May 2005

Peter Woods
Mark Job
Peter Woods & Associates Pty Ltd
86 Currajong Street,
Parkes NSW 2870


NORTON APARTMENTS: Lays Out Final Meeting Agenda
------------------------------------------------
Notice is given that the final meeting of the members of Norton
Apartments Pty Ltd (In Liquidation) will be held at the offices
of Jones Condon, Chartered Accountants, Level 13, 189 Kent
Street, Sydney 2000 on Thursday, June 23, 2005 at 10:30 a.m.

AGENDA

(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the company has been
disposed of;

(2) Any other business.

Dated this 9th day of May 2005

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


OPL ADMINISTRATIVE: To Undergo Winding Up Process
-------------------------------------------------
At a meeting of the creditors of OPL Administrative Pty Ltd (In
Liquidation) duly convened and held in the offices of PPB, Level
10, 26 Flinders Street, Adelaide on May 6, 2005 the special
resolution set out below was duly passed.

SPECIAL RESOLUTION

That the company in view of its inability to continue in
business by reason of its liabilities, be wound up voluntarily;
and

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants Level 10, 26 Flinders Street, Adelaide, SA be
appointed joint and several liquidators for the purpose of such
winding up.

P.E.P. Brown
Director


PILASTER PTY: To Hold Final Meeting June 20
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Law that a final meeting of members of Pilaster Pty
Ltd (In Voluntary Liquidation) will be held at Cameron Kirk Rose
House, 109 Jessie Street, Armidale NSW 2350 on Thursday, June
20, 2005 at 4:00 p.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 that Company disposed of and of
hearing any explanations that may be given by the liquidator.

Dated this 3rd day of May 2005

G. R. Thomas
Liquidator


RICO PTY: Lays Out Agenda of Final Meeting
------------------------------------------
Notice is given that the final meeting of the members and
creditors of Rico Pty Ltd (In Liquidation) will be held at the
offices of Jones Condon, Chartered Accountants, Level 13, 189
Kent Street, Sydney 2000 on Friday, June 24, 2005 at 10:30 a.m.

AGENDA

(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the company has been
disposed of;

(2) To consider, and if thought fit, pass the following
resolution:

That the Liquidator be at liberty to destroy all or any of the
books and papers of the Company and of the Liquidator at any
time after the dissolution of the Company pursuant to Section
542(3)(b) and upon receipt of the consent of the Australian
Securities and Investments Commission.

(3) Any other business.

Dated this 6th day of May 2005

Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


SADIK ENTERPRISES: Court Issues Winding Up Order
------------------------------------------------
On May 2, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Sadik Enterprises Pty Ltd (In
Liquidation) trading as Sadik Jewellery be wound up by the Court
and appointed Hugh Charles Thomas, BKR Walker Wayland, 8th
Floor, 55 Hunter Street, Sydney NSW 2000 to be Liquidator.

Dated this 5th day of May 2005


SEAHOME PTY: Proofs of Debt, Claims Due Today
---------------------------------------------
A First and Final dividend with respect to priority employee
entitlements is to be declared on June 20, 2005 for Seahome Pty
Limited (Subject To A Deed Company Arrangement).

Creditors whose debts or claims have not already been admitted
are required today, June 17, 2005 formally to prove their debts
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 5th day of May 2005

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


SECS IN THE CITY: Final Meeting Set June 28
-------------------------------------------
Take note that a final meeting of creditors and members of SECS
In The City Pty Ltd (In Liquidation) for the purposes of Section
509 of the Corporations Act is to be held on Tuesday, June 28,
2005 at the hour of 10:00 a.m. in the forenoon at the offices of
Hamiltons Chartered Accountants, Level 17, 25 Bligh Street,
Sydney, New South Wales.

The purpose of the meeting is to lay before the meeting an
account showing how the winding up has been conducted and the
property of the company has been disposed of and for giving any
explanation thereon.

Dated this 6th day of May 2005

Pino Fiorentino
Liquidator
c/- Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166,


STRATHFIELD: To Get AU$12.15 Mln from Proposed Recapitalization
---------------------------------------------------------------
The Board of Strathfield Group Limited (Strathfield) announced a
proposed recapitalization of the Company. The proposed
recapitalzation would, if the conditions set out below are
satisfied, result in Strathfield receiving an equity injection
of AU$12.15 million comprising:

(1) An immediate placement of 45 million Strathfield ordinary
shares thorugh Arthur Phillip Pty Ltd (Arthur Phillip) to
interests associated with George Cheihk at an issue price of 4
cents per share to raise AU$1.8 million; and

(2) A proposed rights issue to Strathfiled shareholders on the
basis of 3 new shares for every 4 shares held at an issue price
of 4 cents per share to raise AU$10.35 million. It is intended
that each new share will have one free attaching option
exercisable at 8 cents per share on or before August 30, 2009.
The proposed rights issue will be underwritten by Arthur
Phillip, subject to a number of conditions including the
following:

    - Financial due diligence being conducted to the
satisfaction of Arthur Phillip;

    - Three non-executive directors resigning from, and one
nominee of Arthur Phillip being appointed to, the Strathfiled
Board on the signing of the underwriting agreement; and

    - Documentation and any shareholder or regulatory approvals,
if required.

Strathfield has on Thursday appointed Warwick Mirzikinian and
George Cheink as directors. Their backgrounds are appended to
this announcement.

Strathfield currently expects it will be in a position to lodge
its rights issue prospectus by July 15, 2005 and will keep
shareholders fully informed of any developments or changes to
that anticipated timing.

About Strathfield

Strathfiled is a leading, values-based retailer combining
exceptional people, quality products, innovation and strong
business practices to deliver maximum stakeholder value.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com/


WESFI LUMBER: Members Meeting Slated for June 20
------------------------------------------------
Notice is given that a general meeting of members of Wesfi
Lumber Pty Limited (In Liquidation) will be held simultaneously
at the offices of Messrs Wise Lord & Ferguson, Chartered
Accountants, 160 Collins Street, Hobart 7000 on June 20, 2005,
at 10:00 a.m.

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

Dated this 9th day of May 2005

R. P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street,
Hobart Tas 7000
Telephone: 03 6223 6155


YOUNG TIMBER: Members Pass Resolution to Wind Up Company
--------------------------------------------------------
At a special meeting of Members of Young Timber Merchants Pty
Ltd (In Liquidation) held on May 5, 2005 the following
resolution was passed:

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

Mr. Wayne Simpson BBus CPA, of Tester Porter Services was
appointed as Liquidator.


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

BANK OF COMMUNICATIONS: To Launch Fund Business
-----------------------------------------------
The Bank of Communications (BoCom) will establish a joint
venture fund management firm with Schroder Investment Management
Limited and China International Marine Containers (Group) Ltd.,
China Daily reports.

The three companies will respectively hold 65 percent, 30
percent and 5 percent of the new joint venture, which will be
situated in Shanghai with a registered capital of CNY200 million
(US$24.15 million).

BoCom's announcement came amid a fevered response to its Hong
Kong IPO.

The bank, now offering its shares at HK$1.95-2.55 each, will
decide the listing price on Saturday. The debut is scheduled for
the following Thursday.

CONTACT:

Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk


CDIB VENTURE: Creditors Required to Prove Debts by July 15
----------------------------------------------------------
Notice is hereby given that the creditors of CDIB Venture
Investment (H.K.) Corporation Limited (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before the July 15, 2005 to prove
by affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies (Winding-
up) Rules, and the name and address of their solicitors, if any,
to the undersigned Liquidators of the said Company.

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

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

Dated this 10th day of June 2005

(Sd.) Natalia K. M. Seng
(Sd.) Susan Y H Lo
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai, Hong Kong


CHINA MEDICAL: Net Loss Widens to HKD57.3 Mln
---------------------------------------------
China Medical Science Limited disclosed its financial results
ended April 30, 2005.

Year end date: 31/07/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                 Current          Last
                                  Period          Corresponding
                                                  Period
                               from 01/08/2004   from 01/08/2003
                                to 30/04/2005     to 30/04/2004
                                 Note ('000)         ('000)

Turnover                           : 104,077            132,688
Profit/(Loss) from Operations      : (49,604)           (5,992)
Finance cost                       : (10,984)           (13,313)
Share of Profit/(Loss) of
  Associates                       : 1,914              963
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (57,309)           (16,877)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1146)           (0.0338)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (57,309)           (16,877)
3rd Quarter Dividend               : N/A                N/A
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  3rd Quarter Dividend             : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A


For and on behalf of
China Medical Science Limited

Name:  Wong Sai Wa
Title: Chairman

Remarks:

1. Basis of presentation

The principal accounting policies adopted in preparing the
unaudited consolidated results conform with the Financial
Reporting Standards, including the Statements of Standard
Accounting Practice (the SSAPs) and Interpretations issued by
the Hong Kong Institute of Certified Public Accountants
(HKICPA), the disclosure requirements of Hong Kong Companies
Ordinance and the Rules Governing the Listing of Securities on
the Growth Enterprise Market of The Stock Exchange of Hong Kong
Limited (GEM Listing Rules).

The principal accounting policies adopted in preparing the
unaudited consolidated results are consistent with those used in
the annual financial statements for the year ended 31 July 2004
of the Group.

2. Turnover

The Group's turnover represents the net invoiced value of goods
sold, after allowances for returns and trade discounts.

3. Discontinuing operations

The Group has decided to dispose of all its human drugs and
packaging materials businesses and thereafter focuses its
operations on veterinary drugs and animal vaccines. Further to
the disposal of Chengdu Mt. Green and Sichuan Future announced
on December 24, 2004, the Group is in the process of disposing
its entire 51.05% equity interest in Sichuan Shule to an
independent third party (the Proposed Disposal). The completion
of the Proposed Disposal is subject to the completion of certain
procedures. Details of the Proposed Disposal will be announced
as soon as practicable.

4. Tax expense

No provision for Hong Kong profits tax has been made, as the
Group had no assessable profits arising in Hong Kong for the
nine months ended 30 April 2005 (2004: Nil). Taxes on profits
assessable elsewhere have been calculated at the rates of tax
prevailing in the countries in which the Group operates, based
on existing legislation, interpretations and practices in
respect thereof.

The deferred tax credit of approximately HK$1,000 and
approximately HK$3,000 recognized for the three months and nine
months ended 30 April 2005 respectively (three months and nine
months ended 30 April 2004: approximately HK$4,000 and
approximately HK$12,000 respectively) represents the movement
for temporary difference arising from the acquisition of
subsidiaries.

5. Loss per share

The calculation of basic loss per share for the three months and
nine months ended April 30, 2005 was based on the unaudited net
loss attributable to shareholders of approximately HK$30,100,000
and approximately HK$57,309,000 respectively  (three months and
nine months ended April 30, 2004: approximately HK$10,646,000
and approximately HK$16,877,000 respectively) and the weighted
average number of 500,000,000 for the three months and nine
months ended April 30, 2005 (three months and nine months ended
April 30, 2004: 500,000,000) ordinary shares in issue during the
period.

No diluted loss per share are presented for the three months and
nine months ended April 30, 2005 and the three months and nine
months ended April 30, 2004 respectively as the potential
ordinary share issuable under the Company's share option scheme
had an anti-dilutive effect on the basic loss per share for the
relevant periods.

6. Dividend

The Directors do not recommend the payment of any interim
dividend for the nine months ended April 30, 2005. (2004: Nil)

CONTACT:

China Medical Science Limited
Room 1703B, 17/F, Kai Tak Commercial Building
No. 317 & 319 Des Voeux Road Central
Hong Kong
Phone: 3426-8865
Fax: 3426-8835


COMPONENT SUPPLIES: Creditors Meeting Set Today
-----------------------------------------------
Notice is hereby given that a meeting of the creditors of
Component Supplies Limited will be held at Room 1206, Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong
on June 17, 2005 at 12:00 noon for the purposes provided for in
Sections 241, 242, 243 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at Room 1206,
Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong, no later than 12:00 noon on the day before the
meeting or adjourned meeting at which they are to be used.

Dated this 9th day of June 2005

Wong Lung Shun, Vincent
Provisional Liquidator


GUANGDONG KELON: Shares Trading Suspended
-----------------------------------------
At the request of Guangdong Kelon Electrical Holdings Company
Limited, trading in its H shares has been suspended with effect
from 10 a.m. on June 16, 2005 pending the release of an
announcement in relation to price-sensitive information of the
Company.

For the year ended December 31, the Company has current assets
of HK$7.68 million while current liabilities were HK$8 million,
according to the Chong Hing Securities Limited.

CONTACT:

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


GUANGZHOU SHIPYARD: Notes Unusual Volume Movement
-------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Guangzhou Shipyard International 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 trading volume of
the shares of the Company and wish to state that we are not
aware of any reasons for such increases.

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realisations
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 prices-sensitive
nature.

Made by the order of Guangzhou Shipyard Intl' Co., Ltd. the
Board of the Directors of which individually and jointly accept
responsibility for the accuracy of this statement.

As of December 31, 2004, the Company's current assets were
HK$1.69 million and its current liabilities of HK$1.75 million,
according to Chong Hing Securities Limited.

CONTACT:

Guangzhou Shipyard International Company Limited
40 South Fangcun Main Road
Guangzhou, PRC
Phone: 28394321
Fax: 28891575
Web site: http://www.chinagsi.com


HUANENG POWER: EGM Set for July 28
----------------------------------
Notice convening the Extraordinary General Meeting (EGM) of
Huaneng Power International Inc. will be held at 9 a.m. on July
28, 2005 at Beijing International Convention Centre at No. 8
Beichen East Road, Chaoyang District, Beijing, the People's
Republic of China.

For the fiscal year ended December 31, 2004, Huaneng Power has
current assets of HK$9 million while its current liabilities
stood at HK$15.6 million, Chong Hing Securities reported on its
Web site.

For more information, go to
http://bankrupt.com/misc/tcrap_huaneng_061605.pdf

CONTACT:

Huaneng Power International Inc.
40 Xueyuan Nanlu
Haidian District,
Beijing, PRC
Phone: 25288900
Fax: 25245599
Web site: http://www.hpi.com.cn


INTERNATIONAL ENTERTAINMENT: Board Meeting Fixed June 28
--------------------------------------------------------
The board of directors of International Entertainment
Corporation (8118) hereby announces that a meeting of the Board
will be held at Rooms 1502-05, New World Tower 1, 16-18 Queen's
Road Central, Hong Kong, on Tuesday, June 28, 2005 at 4:00 p.m.
for the following purposes:

1. To consider and approve the audited final results of the
Company and its subsidiaries for the year ended 31st March, 2005
and approve the draft announcement in respect of the final
results to be published on the GEM website and the website of
the Company;

2. To consider the payment of a final dividend, if any;

3. To consider the closure of the Register of Members, if
necessary;

4. To consider the time and venue of the forthcoming annual
general meeting of the members of the Company; and

5. To transact any other business.

As of March 31, 2004, International Entertainment has total
assets of HK$15.24 million while total liabilities stood at
HK$87.56 million, Chong Hing Securities reports.

By order of the Board
International Entertainment Corporation
Kwok Chi Kin
Company Secretary

As at the date of this announcement, the Board comprises the
following members:

Executive Directors:

Cheng Kar Shun (Chairman)
Lo Lin Shing, Simon
Choi Wing Kin
So Kam Wing

Non-executive Director:
Wu Wing Kin
Independent non-executive Directors:
Cheung Hon Kit
Kwee Chong Kok, Michael
Wong Chi Keung
Hong Kong, 16th June, 2005

CONTACT:

International Entertainment Corporation
Rooms 1502-05
New World Tower 1
16-18 Queen's Road Central
Hong Kong
Phone: 27902233
Fax: 27989900
Web site: http://www.cyberonair.com


LUCIDA LIMITED: Creditors, Contributories May Appear at Hearing
---------------------------------------------------------------
Notice is hereby given that separate first meetings of
contributories and creditors of Lucida (Hong Kong) Limited (In
compulsory liquidation) will be held at 21/F., Chinachem Tower,
34-37 Connaught Road Ctl, Central, Hong Kong on the 22nd day of
June 2005 at the following times:

Meeting of Creditors 3:30 p.m.

Meeting of Contributories 2:30 p.m.

Proxies and proof of debt to be used at the first meetings must
be lodged at the office of the Joint and Several Provisional
Liquidators c/o Tai Kong Corporate Advisory Limited at 21/F.,
Chinachem Tower, 34-37 Connaught Road Central, Hong Kong or sent
by facsimile to 2834 8777 no later than 4:00 pm on the 21st day
of June 2005.

Dated this 10th day of June, 2005

Kong Tak Wing, Robert
Joint and Several Provisional Liquidator


PCCW LIMITED: Boss Faces Trading Probe
--------------------------------------
The Securities and Futures Commission (SFC) is investigating
PCCW Ltd.'s Chairman Richard Li after buying shares in his
company, ahead of a $330 million deal this week to buy Sunday
Communications, the Associated Press reports.

The securities watchdog is also probing possible insider trading
in shares of Sunday before the takeover was made public on
Monday. The SFC declined to comment.

According to a disclosure by the Hong Kong Stock Exchange, Mr.
Li raised his stake to 26.56 percent from 26.11 percent in the
Company in 11 transactions since April 6, involving a total of
HK$138 million (US$18 million)

CONTACT:

PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877
Web site: http://www.pccw.com


SKY EARTH: Winding Up Hearing Slated for June 29
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Sky
Earth Structure (HK) Company Limited by the High Court of Hong
Kong was on May 4,2 005 presented to the said Court by Lit Man
Lung of Room 618, Foo Wai House, Sun Tin Wai Estate, Shatin, New
Territories, Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on June 29, 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.

(Betty Chan)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 28, 2005.


UDL HOLDINGS: Clarifies Recent Increases in Trading Volume
----------------------------------------------------------
The directors of UDL Holdings Limited (620) have noted the
recent increases in the trading volume and price of the shares
of the Company (the Shares) and the Directors wish to state that
the Directors are not aware of any reasons for such increases
save as Mrs. Leung Yu Oi Ling, an executive Director, has bought
300,000 shares in the open market today, which in aggregate
represent approximately 0.03% of the issued share capital of the
Company and 15.56% of today's trading volume of the Shares, with
prices ranged between HK$0.036 and HK$0.04.

The Directors also confirm that save as the above-mentioned
transactions and the possible proposals disclosed in the section
headed "Business Review" in the Company's Interim Report 2005,
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 a price-sensitive nature.

Made by the order of the Board of UDL Holdings Limited the
directors of which individually and jointly accept
responsibility for the accuracy of this announcement.

According to Chong Hing Securities, UDL Holdings posted a net
loss of HK$16.53 million in the year ended July 31, 2004, versus
a net loss of HK$18.26 million net loss in the same period a
year earlier.

By Order of the Board
Luk Ka Kit David
Company Secretary
Hong Kong, 15 June 2005

CONTACT:

UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong
Phone: 23312488
Fax: 27548974


VAST VISION: Schedules Winding Up Hearing June 29
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Vast Vision Enterprises International Limited by the High Court
of Hong Kong was on the 4th day of May, 2005 present to the said
Court by Mui Chun Kit Michael of 2/F., Block D, 80 Po Tong Ha
Tsuen, Tuen Mun, New Territories, Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on June 29, 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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 28, 2005.


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

PERTAMINA: To Launch Ops of New Giant Tanker
--------------------------------------------
PT Pertamina will finally operate the biggest tanker ever to be
built locally with a capacity of 30,000 Long Tons Dead Weight
(LTDW), The Jakarta Post reveals.

The state oil and gas firm has on Wednesday taken delivery of
the tanker from manufacturer PT PAL Indonesia.

Pertamina expects the new tanker, which would carry fuel from
refineries to Jakarta, Surabaya, Semarang and other major
cities, to strengthen its domestic fuel distribution fleet. The
tanker will also be used to transport fuel imported from
Singapore and Malaysia.

At present, Pertamina operates a variety of differently sized
tankers, from lighter ones to Very Large Crude Carriers (VLCCs).
The state oil firm owns 33 vessels, a third of which have been
operating for between 11 and 25 years. Other vessels are
chartered.

Three more tankers are currently under construction, namely MT
Plaju with a capacity of 6,500 LTDW by PT Dok & Perkapalan
Surabaya, as well as MT Balongan (6,500 LTDW) and MT Mundu
(3,500 LTDW) by Batam-based PT Nanindah Mutiara Shipyard.

Pertamina is looking to increase the capacity of its own fleet
from 20 percent of total required capacity to 40 percent, though
it has not specified a time frame.

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


* Minister Wants Losing State Funds Dissolved
---------------------------------------------
Indonesian President Susilo Bambang Yushoyono is planning to
order the liquidation of state-owned firms who failed to turn in
profits for three consecutive years, Asia Pulse reports.

The President said that in order for the stricken Indonesian
economy to recover, state firms failing to contribute to the
state income in dividend and taxes in the next three consecutive
years may have to be liquidated.

State companies with total assets of IDR1,313 trillion (US$148.8
billion) were expected to contribute to the country's economic
revival.

State Minister for State Enterprises Sugiharto said that in
2004, there were 31 state companies reporting losses totaling
IDR4.5 trillion.

So far no liquidation had been carried out, but they would be
restructured, Mr. Sugiharto said.


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

DAIMLERCHRYSLER JAPAN: Recalls 2,485 Smart Coupes
-------------------------------------------------
DaimlerChrysler Japan Co. will recall 2,485 units of Smart
coupes for repairs to shock absorber parts, Kyodo News.

In a report filed with the Ministry of Land, Infrastructure and
Transport, the recall will affect those imported between October
2000 and March 2001 from Smart AG of France.

CONTACTS:

DaimlerChrysler AG
70546 Stuttgart
Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244

DaimlerChrysler Japan Company Ltd.
Phone: 81 3 5572 7200
Fax: 81 3 5572 8260
Web site: http://www.daimlerchrysler.co.jp


HITACHI LIMITED: Telecom Unit Unlikely To Meet Profit Goal
----------------------------------------------------------
Hitachi Limited's information and telecom systems division is
unlikely to meet its earnings goals due to falling hard-disc
drive operations, Dow Jones reports.

The telecom systems division suffered weaker sales and operating
profits of JPY2.268 trillion and JPY67.76 billion for the fiscal
year ended March 31.

The slump was caused by the company's weakened hard-disc drive
business. The division suffered an operating loss of JPY5.6
billion in 2004 due to a drop in product prices, and expects a
wider operating loss of JPY30 billion for this fiscal year.

CONTACT:

Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149


JAPAN AIRLINES: Minister Koizumi Orders Safety Measures
-------------------------------------------------------
Prime Minister Junichiro Koizumi has urged Japan Airlines (JAL)
to double-check maintenance and other safety measures, Kyodo
News reports.

The order was made after two nose-wheel tires broke off a Japan
Airlines passenger jet upon landing Wednesday.

No one was injured but a few passengers complained of nausea.

JAL officials apologized for the incident on Wednesday. Airline
officials say it is rare for both tires to come off at once even
though there are several cases a year in which planes become
stranded after their tires burst.

CONTACT:

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


MITSUBISHI FUSO: Recalling 42,000 Trucks, Buses
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall 42,000
trucks and buses in five separate defect cases, Kyodo News
reports.

In one of the five cases, the automaker will recall some 37,000
vehicles manufactured from 1998 to 2004 due to a defect in the
clutch system. Its attachment device lacks strength and may
crack, making gear changes impossible.

This is among 15 defect cases the company reported to the
Ministry of Land, Infrastructure and Transport on Tuesday,
although they were found more than a year ago.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Halts Diamante, Sedan Production
---------------------------------------------------
Mitsubishi Motors Corporation plans to cease production of its
luxury Diamante and midclass Galant sedans at its Okazaki plant
by the end of this year, as part of its efforts to reduce the
number of its models, Dow Jones Newswires reports.

After halting production of the Galant and Diamante, Mitsubishi
will continue to produce its Colt and Colt Plus compact models,
Grandis minivan and Pajero iO SUV model at the Okazaki plant.

The carmaker incurred a group net loss of JPY474.79 billion
($4.34 billion) for the year ended March 31, deeper than the net
loss of 215.42 billion yen in the previous year, as the company
was hit by slumping sales in Japan and North America and heavy
costs to revamp its operations.

For the year ending March 31, 2006, the Company expects a
narrower group net loss of JPY64 billion.

CONTACT:

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


MITSUBISHI MOTORS: Unveils May U.S. Sales
-----------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported May 2005
U.S. sales of 11,380 units - a 23.3 percent increase from
April's sales volume.

"This was our best retail sales month of the year, and second
best since August 2004," said David Schembri, executive vice
president of sales and marketing at Mitsubishi Motors North
America. "All current models outperformed last month's sales
figures, and the very successful launch of the all-new 2006
Eclipse has kicked off an exciting new era for Mitsubishi
Motors."

MMNA also experienced an increase in sales of other vehicles,
including a 20.9 percent increase in Endeavor sales from last
month at 1,554 units and a 20.1 percent increase in Galant sales
(the volume leader) from last month at 2,819 units.

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

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com

This is a company press release.


MITSUBISHI MOTORS: Launches Online Game to Promote Eclipse
----------------------------------------------------------
Mitsubishi Motors North America will launch an online game to
promote the introduction of its redesigned 2006 Eclipse,
AutoWeek reports.

Called the "Thrill Ride Challenge," the game is a virtual timed
driving race on one of six roads from around the world. It will
be promoted through Wednesday, August 15, on Yahoo and a variety
of sites including ESPN.com, Yahoo Autos, Edmunds.com,
KellyBlueBook.com, AOL Autos, MSN, MP3.com, Gamespot.com and
iFilm.com.

The special Yahoo promotion will include a take over of the home
page on June 15, during which visitors will be greeted by a
Eclipse driving across the screen to promote access to the game.

The participant with the best time each week will win a
Mitsubishi flat screen TV or an Apple iPod.

Mitsubishi expects the one-day Yahoo takeover to generate 20,000
leads from prospective Eclipse buyers from the 100 million
impressions, the spokeswoman said.

The Company desperately needs the car to be a hit. The
automaker's U.S. vehicle sales have been in a virtual freefall.
It sold 55,132 units through May, a 38 percent drop from the
89,501 it sold a year ago.

The carmaker has also witnessed an exodus of executives,
including four marketing officials, since late last year.

The 2006 Eclipse is the first of three new models Mitsubishi
will introduce in the next 12 months.


RESONA HOLDINGS: R&I Assigns BBB Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned a
"BBB" long-term issue rating of Resona Holdings Inc. issued
under the shelf registration scheme.

The holding company of the Resona Group, Resona Holdings, Inc.
has Resona Bank Ltd., Saitama Resona Bank Ltd., The Kinki Osaka
Bank Ltd., The Nara Bank Ltd., and Resona Trust & Banking Co.,
Ltd. under its umbrella. The Resona Bank and The Nara Bank are
planning to merge on January 1, 2006. The Issuer Rating reflects
the group's overall creditworthiness and the financial structure
of the holding company. The double leverage ratio of affiliated
company shares to shareholders' equity is high at 150.7% and an
Issuer Rating of BBB, one notch lower than the Issuer Rating of
Resona Bank, has been assigned to the holding company.

The Resona Group has a wide operational base centering on Tokyo
metropolitan area (especially Saitama Prefecture) and the Kansai
area. Trailing close behind Japan's megabanks, it has about 39
trillion yen in total assets.

Aiming for rehabilitation since June 2003 under the framework of
the government's special support program for financial
institutions, the group has been making efforts to improve asset
health and cost structure by restructuring the group's
governance system and through sweeping reductions in non-
performing loans and shareholding.

At present the group is more or less on track in achieving its
goals. The bank's dependency on public funds remains large,
however, and this has been a restraining factor in terms of its
capital adequacy. In order to make further progress in credit
quality, it will be important for Resona to create a high-profit
management base by establishing a business model as a retail
bank and by making full use of its business base which it had
not been sufficiently exploited so far.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi Chuo-ku
Tokyo 103-0027, Japan
Credit Rating Division
Phone: 03-3276-3419
Fax: 03-3276-3420
Web site: http://www.r-i.co.jp


ZECOO COMPANY: Enters Bankruptcy
--------------------------------
Zecoo Company Limited has begun bankruptcy proceedings, says
Teikoku Databank America.

The Company operates a franchise of Japanese style pubs named
"Toriaezu Gohei."

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


* Japan May Corporate Bankruptcy Cases Up 1.5% On Month
-------------------------------------------------------
Japanese corporate bankruptcies jumped 1.5 percent on month to
614 cases in May, exceeding 600 cases for the second straight
month, Dow Jones reports, citing Teikoku Databank Ltd.

Debts left behind by insolvent companies surged 72.9 percent
from the previous month to JPY584.43 billion, the agency said,
suggesting that concerns over corporate health linger as Japan's
economy remains in a soft patch.

Teikoku Databank said on-year comparisons weren't available
because of a change it made in the components of bankruptcy
cases in the survey, effective from May.

"We can't be optimistic about developments ahead" as concerns
over a slowdown in the U.S. and Chinese economies, as well as
rising crude oil and raw material prices, could hurt corporate
earnings, it said.

The sharp rise in obligations was caused by increased
bankruptcies of midsize and large firms, particularly in the
construction industry, as the government continues to scale back
public works projects, their main source of revenue, Teikoku
Databank said.

Of the bankruptcies recorded in May, 75.2 percent were recession
related, Teikoku Databank added.

CONTACT:

Teikoku Databank America, Inc.
747 Third Avenue
25th Floor, New York,
NY 10017 USA
Web site: http://www.teikoku.com


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

INCHEON OIL: Sale Plan Revived
------------------------------
Failed Incheon Oil Refinery Co. Ltd. is reportedly reviving
plans to sell the oil refiner, just five months after the
collapse of a takeover by China's Sinochem.

An Incheon Oil official has told Reuters that the firm wants to
complete the sale before the year ends.

The official said that the interested buyer is required to
submit a letter of intent between June 20 and July 12. Potential
buyers will then be asked to conduct a due diligence of the firm
from July 25 to Aug. 12 and are expected tp hand in their tender
offers on Aug. 18.

The earlier US$669-million agreement to sell Incheon Oil, which
is under court receivership, fell through on Jan. 31 after
creditors of the debt-ridden refiner rejected a KRW680 billion
(US$668.6 million) offer from Chinese state oil trader Sinochem
Corp., hoping for a higher price.

At the moment, it was still unclear whether Sinochem would come
back with a fresh bid.

Sinochem, China's oldest oil and petrochemicals trader, wants to
become an integrated oil firm and is being pressed to grow
overseas as the country's massive domestic oil sector is
dominated by other state giants.

Inchon Oil owns a single refinery with capacity to process
275,000 barrels of crude oil per day. Located in Inchon, west of
Seoul, the refinery is geographically closer to China than its
bigger domestic rivals.


KOOKMIN BANK: Sells Treasury Stock in OTC Market
------------------------------------------------
Kookmin Bank has sold all of its treasury stock in the over-the-
counter market, Reuters reports.

The stocks, which represented an 8-percent stake in the bank,
were sold to both foreign and domestic investors.

Kookmin, South Korea's biggest bank, had put up for sale 27.4
million shares in the bank, which it bought from the government
in late 2003, to boost its capital.

The stake was valued at KRO1.3 trillion ($1.28 billion) by
Wednesday's closing price.

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
South Korea
Phone: +82 2 317 2114
Fax:   +82 2 776 5637


KOREA EXCHANGE: Embarks on Open Recruitment Drive
-------------------------------------------------
Korea Exchange Bank (KEB) unveiled Wednesday a scheme to recruit
new staff regardless of age and academic background, Digital
Chosunilbo reports.

From June 20 to 27, KEB will run an open recruitment drive
welcoming applications from anyone over 20. Candidates will go
through prior qualification screening based on their resume
followed by three interviews and personality and aptitude tests.

KEB plans to hire 50 staff in general positions, 15 in loan
services and another 15 in marketing. The newly recruited
workers will get on-the-job training and an opportunity to visit
overseas branches.

CONTACT:

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


SEWON TELECOM: Hopes to Name Buyer by July 20
---------------------------------------------
South Korean handset maker Sewon Telecom Co. has on Monday
opened bidding for the Company's sale, Maeil News.

The ailing firm will receive documents from prospective suitors
from July 6 and intends to sign a memorandum of understanding
with a preferred bidder on July 20.

Sewon went under court receivership in May last year due to
severe cash flow woes.

The Incheon Court allowed the Company to pick a sales manger to
carry out its sell-off program.

Officials of Sewon said that a possible acquirer will have to be
telecom related manufacturer rather than speculative funds at
home and abroad.

The Company's principal activity is the manufacture of
communication apparatus without any line connection as well as
radio and television broadcasting apparatus. GMS data modem
accounted for 37% of 2001 revenue; FAX modem, 24%;PCS terminal,
17%; TRS terminal, 4% and PDA module and MP3 player, 1% and
Others, 17%.

CONTACT:

Sewon Telecom
1077-2 Unyang-dong Gimpo-si
Gyeonggi 415 050
KOREA (SOUTH)
Phone: +82 31 986 0033
Fax: +82 31 986 5838
Web site: http://www.sewon-tele.com/


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

AMSTEEL CORPORATION: Updates Proposed Disposal of LIPSB
-------------------------------------------------------
On May 31, 2005, it was announced that a further extension of
time from May 31, 2005 to June 30, 2005 has been given to Ayer
Keroh Resort Sdn Bhd, a 70 percent-owned subsidiary of Amsteel
Corporation and the vendor for the Proposed Disposal of Lion
Ipoh Parade Sdn Bhd (LIPSB), for the fulfillment of all
undertakings to be performed and conditions to be fulfilled
prior to the completion of the Proposed Disposal of LIPSB.

One of the undertakings and conditions is to resolve the
existing suit taken by Total Resources Sdn Bhd (TRSB) against
LIPSB in year 2000 vide Ipoh High Court Civil Suit no. 22-107-
2000 wherein TRSB claimed for special damages of RM21,805,560.00
over the alleged trespass by LIPSB on two (2) strips of land
(said lands) through the land held under title no. PN50789 Lot
No. 8691U, Daerah Kinta, Bandar Ipoh, Negeri Perak belonging to
LIPSB and which said lands are held by TRSB as registered lessee
(Said Suit).

The Board of Directors of Amsteel announced that pursuant to an
out-of-court settlement, TRSB has on June 13, 2005 withdrawn the
Said Suit, with no liberty to file afresh and with no order as
to costs. LIPSB has also withdrawn its counterclaim for
cancellation of the leases over the said lands on the same date
and on the same terms. In addition to the above, TRSB will be
surrendering the registered leases.

There are no material effects on the earnings and net tangible
assets of the Amsteel Group in this matter.

CONTACT:

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


AVENUE SECURITIES: Gains Scheme Creditors' Approval
---------------------------------------------------
On March 18, 2005, Avenue Securities Sdn Bhd, on behalf of Tru-
Tech announced to Bursa Malaysia Securities Berhad that Tru-Tech
had obtained the approvals of their scheme creditors (Scheme
Creditors) for the Proposed Scheme of Arrangement with Creditors
pursuant to Section 176 of the Companies Act, 1965 at the Court
Convened Meetings of Scheme Creditors.

On behalf of the Company, Avenue announced that the Johor Bahru
High Court had on June 15, 2005 granted an order to sanction the
Proposed Scheme of Arrangement with Creditors pursuant to
Section 176(3) of the Companies Act, 1965.

This announcement is dated 15 June 2005.


BOUSTEAD HOLDINGS: Bourse to List Additional Shares
---------------------------------------------------
Boustead Holdings Berhad advised Bursa Malaysia Securities
Berhad that the Company's additional 461,000 new ordinary shares
of RM0.50 each issued pursuant to the Employees Share Option
Scheme will be granted listing and quotation with effect from
9:00 a.m., Friday, June 17, 2005.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my


CRIMSON LAND: Withdraws ICULS Issuance
--------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Crimson Land Berhad informed Bursa Malaysia
Securities Berhad that, after taking into consideration the
trading price of Crimson's shares on Bursa Malaysia, Crimson has
resolved to abort the Proposed Rights Irredeemable Convertible
Unsecured Loan Stocks (ICULS) Issue with Warrants.

The Proposed Acquisition was completed on March 31, 2004 and the
Proposed Debt Restructuring is expected to be completed by June
30, 2005.

This announcement is dated 15 June 2005.

CONTACT:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;
Fax: 03-2162 8711/2161 5045


DENKO INDUSTRIAL: Notes Impact of Summon
----------------------------------------
Further to our announcement made on June 10, 2005 and letter
query from Bursa Malaysia Securities Berhad dated June 13, 2005
on behalf of the Board of Denko Industrial Corporation Berhad,
the company issued the following information:

(1) The financial and operational impact of the said summon on
the Group.

The financial impact on the Group will be the interest amount
charged and legal cost as Skiva Marketing Sdn. Bhd. (SMSB) has
already taken up the amount of RM40,247.44 in the Accounts
Payable.

The operational impact on the Group is minimum due to the
discontinued operation of SMSB in January 2005.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


KUMPULAN GUTHRIE: Grabs US$380-Mln Loan Facility
------------------------------------------------
Kumpulan Guthrie Berhad (Guthrie), through its wholly owned
subsidiary, Guthrie International Investment (L) Ltd., informed
Bursa Malaysia Securities Berhad that it has mandated DBS Bank
Berhad (DBS Bank) (the Mandated Lead Arranger) to arrange a
USD380 million Fully Underwritten Syndicated Transferable Term
Loan Facility (the Facility).

The Hongkong and Shanghai Banking Corporation Limited, Offshore
Banking Unit Labuan (HSBC) will join DBS Bank as Mandated Lead
Arranger and Underwriter for this Facility.

Guthrie has opted for the refinancing to take advantage of the
strong liquidity in the offshore debt market. Despite the
unsecured structure and the 7 years maturity profile, the
competitive interest margin of 0.55% above LIBOR (London
Interbank Offered Rate) is significantly lesser that the pricing
on its current loan.

Thus, Guthrie will benefit from the interest cost saving based
on the differential between its existing US Dollar Facilities
and this new loan. The refinancing has no impact on Guthrie's
gearing position.

Kumpulan Guthrie Group of Companies (Guthrie Group) is one of
the leading producers of crude palm oil in the world. The
Guthrie Group has plantation land bank measuring 322,354
hectares spanning Malaysia, and Sumatra, Kalimantan and Sulawesi
in Indonesia. The Group's other core business include property
development.


LEBAR DAUN: Lists Additional Shares
-----------------------------------
Lebar Daun Berhad advised Bursa Malaysia Securities Berhad that
its additional 1,000 new ordinary shares of RM0.50 each issued
pursuant to the conversion of RM1,000 Irredeemable Convertible
Unsecured Loan Stocks 2004/2007 Into 1,000 new ordinary shares
will be granted listing and quotation with effect from 9:00
a.m., Friday, June 17, 2005.


MBF HOLDINGS: Confident on Action Taken Against the Company
-----------------------------------------------------------
MBf Holdings Berhad issued the following announcements to Bursa
Malaysia Securities Berhad:

(a) Transfer of proceedings

The GrandTech Action has been transferred and is to be heard
together with the MBF Cards Action and the hearing of
GrandTech's application for Summary Relief and Interim Payment
is now fixed on July 14, 2005.

(b) Financial Implication

As had been announced previously, the Company is confident that
MBF Cards has a good defense against the GrandTech Action and
has also a sound claim for the rescission of the agreement with
GrandTech under the MBF Cards Action.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad

CONTACT:

MBF Holdings Berhad Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com


MBF HOLDINGS: Concludes Proposed Amendments to Trust Deeds
----------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Holdings Berhad, informed Bursa Malaysia
Securities Berhad that the Supplemental Trust Deeds constituting
the USD RCSLS A and B (as defined in the announcement dated
August 26, 2004) have been executed on June 15, 2005.

The transfer restrictions as stipulated in the Circular to
Shareholders dated September 24, 2004 will not apply to any new
ordinary share of RM1.00 each in MBf-H issued pursuant to the
conversion of USD RCSLS A and B after June 15, 2005.

In this regard, MBf-H announced that the Proposed Amendments to
Trust Deeds have been completed.


This announcement is dated 15 June 2005.


PAN MALAYSIA: Buys Back 125,000 Ordinary Shares
-----------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: 15/06/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 125,000

Minimum price paid for each share purchased (RM): 0.435

Maximum price paid for each share purchased (RM): 0.445

Total consideration paid (RM): 55,256.04

Number of shares purchased retained in treasury (units):
125,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 66,328,000

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

CONTACT:

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


PANTAI HOLDINGS: Repurchases 76,000 Ordinary Shares
---------------------------------------------------
Pantai Holdings Berhad posted a notice of shares buy back at
Bursa Malaysia Securities Berhad with the following details:

Date of buy back: 15/06/2005

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 76,000

Minimum price paid for each share purchased (RM): 0.970

Maximum price paid for each share purchased (RM): 0.990

Total consideration paid (RM): 74,802.22

Number of shares purchased retained in treasury (units): 76,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,616,800

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

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Phone: +60 3 2713 2282
Fax: +60 3 2094 4528


PWE INDUSTRIES: High Court Sets Hearing July 1
----------------------------------------------
On behalf of the Board of Directors of PWE Industries Berhad
(PWE), Malaysian International Merchant Bankers Berhad (MIMB)
announced to Bursa Malaysia Securities Berhad that PWE had, on
June 14, 2005, received a notice of hearing from the High Court
of Sabah and Sarawak (High Court) dated June 9, 2005, granting
PWE a hearing of petition in relation to the Proposed Share
Exchange.

The said hearing would be held at the High Court on Friday, on
July 1, 2005 at 9:00 a.m.

This announcement is dated 15 June 2005.

CONTACT:

PWE Industries Berhad
Level 16, Wisma Ting Pek Khiing
No. 1 Jalan Padungan
93100 Kuching, Sarawak
Malaysia
Phone: 082-236908
Fax: 082-236922


TELEKOM MALAYSIA: Wraps Up Share Acquisition from Excelcomindo
--------------------------------------------------------------
Telekom Malaysia Berhad (TM) announced to Bursa Malaysia
Securities Berhad that Indocel Holding Sdn Bhd (formerly known
as Indocel Holding Sdn) (Indocel), the wholly owned subsidiary
of TM through TM International (L) Limited, has completed the
acquisition of 95,130 ordinary shares of Indonesian Rupiah (Rp)
250,000 each in Excelcomindo, representing 4.2 percent of the
issued and paid-up share capital of Excelcomindo, for a cash
consideration of USD48,300,002.92 million from Rogan Partners,
Inc.

With the completion of this acquisition, Indocel currently holds
a total of 618,345 ordinary shares of IDR250,000 each in
Excelcomindo, representing 27.3 percent of the issued and paid-
up share capital of Excelcomindo.

This announcement is dated 15 June 2005

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom
Off Jalan Pantai Baharu
50672 Kuala Lumpur
Malaysia
Phone: +60-3-2240-9494
Fax:   +60-3-2283-2415
Web site: http://www.telekom.com.my


UNITED BINTANG: Shareholders Pass All Resolutions at AGM
--------------------------------------------------------
The Board of Directors of United Bintang Berhad informed Bursa
Malaysia Securities Berhad that all the resolutions tabled as
ordinary business at the 26th AGM of the Company held on June
15, 2005 had been approved by the shareholders.

CONTACT:

United Bintang Berhad
2-1, Jalan Segambut,
51200 Kuala Lumpur
Malaysia
Phone: (603) 4043-9288
Fax: (603) 4043-9753
E-mail: ubb@po.jaring.my


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

BAYAN TELECOMMUNICATIONS: PLDT Eyes Purchase to Boost Biz
---------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) has drawn the interest
of Philippine Long Distance Telephone Co. (PLDT), BusinessWorld
says.

PLDT has signified its intention to acquire BayanTel, in a bid
to boost its fixed-line segment. The plan is in line with its
program to buy into local exchange carriers with provincial
assets to expand its operations.

But PLDT Chairman Manuel V. Pangilinan said his Company has not
held any talks with Bayantel.

Meanwhile, First Grade Holdings analyst Astro Del Castillo is
doubtful the proposed acquisition could benefit PLDT since aside
from not being listed, BayanTel is saddled with debts and
problems.

Last week, Benpres Holdings Corporation reportedly said it will
unload its stake in BayanTel and two other subsidiaries, Manila
North Tollways Corp and Medical City, to generate at least Php3
billion.

Benpres president Angel Ong had said a local telecommunications
provider is interested in buying BayanTel. He said that BayanTel
had been in talks with PLDT but discussions took place a number
of years back.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


COLLEGE ASSURANCE: SEC Urged to Act on Pre-need Report
------------------------------------------------------
The Securities and Exchange Commission (SEC) has been pressured
by the Senate Committee on Trade to act on the recommendations
contained in a terminal report pertaining to the embattled
College Assurance Plans Philippines Inc. (CAP), Today News says.

Sen. Mar Roxas has asked SEC to explain why it was unable to
implement the recommendations of its oversight body for the
regulator to take over the CAP management.

SEC Chairman Fe Barin said the commission will meet as soon as
possible to discuss the terminal reports. She explained the SEC
was giving members time to study the recommendations.

The commission is still awaiting CAP's comments on the oversight
body's report.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


LIGHT RAIL: Ousted Workers Fight for Entitlements
-------------------------------------------------
A group of former employees of the ailing Light Rail Transit
Authority (LRTA) has pleaded the Supreme Court to reject a
petition seeking the reversal of a Court of Appeals ruling,
BusinessWorld reports.

The group lodged a petition before the Supreme Court to uphold
the lower court's decision that ordered the railway firm's
subsidiary Metro Transit Organization Inc. to reinstate and pay
them more than Php2.7 million in back wages.

The workers, led by Perfecto H. Venus Jr., claimed that they
were illegally dismissed after the LRTA decided not to renew its
contract with Metro Transit in July 2000.

In 1984, Metro Transit agreed to co-mage LRTA's Baclaran-
Monumento rail system. After five years, the LRTA acquired full
ownership of Metro.

But in 2000 the state railway firm terminated its management
contract with Metro after members of the rank-and-file union of
LRTA staged an illegal strike, seeking changes to the collective
bargaining agreements.

The striking workers were fired with the termination of the
agreement.

The group insisted the two firms should take back the workers
after the strike through a return-to-work order issued by the
labor department.

Metro and LRTA, meanwhile, claimed the dismissal was proper as
the striking employees refused to go back to work and went on
with the strike five days after Labor issued the return-to-work
order.

CONTACT:

Light Rail Transit Authority
Administration Building,
LRTA Compound, Aurora Boulevard,
Pasay City, Metro Manila,Philippines
Phone:+63 (2) 853-0041 to 60
E-mail: lrtamain@lrta.gov.ph
Web site: http://www.lrta.gov.ph


MANILA ELECTRIC: Big Clients May Get Cash Refund
------------------------------------------------
Manila Electric Co. (Meralco) provided an option for its big
corporate customers to get their court-mandated refund in cash
over an 18 to 63-month period, according to BusinessWorld.

Meralco was planning to offer the cash option to big customers,
instead of credits to future bills or post-dated checks, to give
the flexibility to customers that need cash in a given time.

Small industrial and commercial customers opting for credit
would be refunded over 18 months, while large clients over 63
months.

Should these customers opt for cash, they must inform Meralco of
their intention also every month, as well as meet all the
requirements for cash refund.

Meralco's commercial and industrial customers are the last to
get their refund for overbilling from 1994 to 2003, which was
ordered by the Supreme Court after it barred the electricity
retailer from computing income tax payments as part of operating
cost charged to customers.

The refund is estimated to total Php30 billion. Industrial and
commercial customers account for Php18 billion to Php20 billion.

CONTACT:

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


MAYNILAD WATER: DBP to Draft New Terms for Sale
-----------------------------------------------
The Development Bank of the Philippines (DBP) has been hired to
draft the terms of reprivatization of Maynilad Water Services
Inc., reports BusinessWorld.

The Metropolitan Waterworks and Sewerage System (MWSS) has
tapped DBP to map out the terms of reference for the
privatization for the west zone concession.

Maynilad is owned by Benpres and its French partner, Ondeo.
MWSS will just be an interim owner of Maynilad, and the
intention is to give the concession to private players.

Meanwhile, MWSS Deputy Administrator Macra Cruz declined to
comment about whether DBP will determine if east zone
concessionaire Manila Water Co. Inc. would still be allowed to
bid for Maynilad.

Under the old pre-bid terms for privatization, no Company was
allowed to get both the east and west zone concessions.

CONTACT:

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


PRICESMART INCORPORATED: Local Unit Plans Recruitment Campaign
--------------------------------------------------------------
The local subsidiary of PriceSmart Inc. is looking at ways to
increase memberships, according to BusinessWorld.

Four-year old PSMT Philippines said it will open PriceSmart to
non-members for trial shopping during open house, introduce a
loyalty program for pioneering and existing members, and sponsor
special events to promote its personalized care for members and
shoppers.

PSMT, the pioneer warehouse club in the Philippines, adopted the
revolutionary retail-shopping concept from its founder, Sol
Price. It has four outlets in the country.

PSMT President Ben Woods said PriceSmart, which offers American-
style shopping experience, is "essentially a meeting of
practicality and sophistication -- qualities that are reflected
in the kind of products we sell and the pricing that our members
enjoy".

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


* Fitch Says Debt Reduction May Improve RP's Credit Rating
----------------------------------------------------------
An international rating agency said that the reduction of the
Philippine's public debt over the medium term will help raise
the country's sovereign ratings.

Fitch Ratings Inc. emphasized in a recent report the need for
fiscal adjustment to put public ratios on a firm downward path
over the medium term back to 'BB' norms.

On May 26 Fitch revised its outlook on the Philippines' long-
term foreign and local currency sovereign credit ratings to
"stable" from "negative," reflecting enhanced prospects for
fiscal adjustment following the passage of the value-added tax
(VAT) law.

Further, Fitch affirmed the long-term foreign and domestic
currency rating of the country at "BB" and "BB+," respectively,
with the short-term foreign currency rating at "B".

Fitch also cited projections in the drop of the ratio of
national government debt to economic output due to the passage
of some tax measures. It said the ratio is seen to drop to 70
percent in 2005 and 67.5 percent in 2006 from 71.4 percent in
2004.

It also expects the approved tax measures to generate revenues
of Php50 billion in 2005 and Php110 billion in 2006.

The rating agency, however, expects lower revenues from the
implementation of the new VAT law.

For a copy of Fitch's entire Sovereign Report, click on:
http://bankrupt.com/misc/tcrap_philippines061605.pdf


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

ACCORD CUSTOMER: SGX-ST Grants Extension to Hold AGM
----------------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
informed the Singapore Stock Exchange (SGX) that further to the
Company's announcements dated April 5, 2005 and May 13, 2005,
the Singapore Exchange Securities Trading Limited (SGX-ST) has
granted a further extension to August 31, 2005 (the Extension)
to:

(a) Hold its Annual General Meeting in respect of the financial
year ended 2004 (AGM); and

(b) Announce (the Announcement) its financial statements for the
first quarter ended March 31, 2005 (1QFY05 Results).

The Extension was sought as the restatement of the Company's
consolidated audited financial statements for the financial year
ended December 31, 2004 (the FY2004 Accounts) and the 1QFY05
Results will not be finalized within the timeframe required for
the Company to release the Announcement by June 15, 2005 and
hold its AGM by June 30, 2005. In particular, the Company will
require time to:

(a) First restate the Company's consolidated audited financial
statements for the financial year ended December 31, 2003 (the
FY2003 Accounts) before it can proceed with restating the FY2004
Accounts and the finalization of the 1QFY05 Results.

This methodology is important as historical quarter-on-quarter
numbers are required as comparative information in finalizing
the accounts;

(b) Allow the external auditors time to review and finalize the
restatements of the FY2003 Accounts and the FY2004 Accounts; and

(c) Liaise with the auditors of the Company's foreign
subsidiaries so as to collate all relevant information required
for the restatement of the FY2003 Accounts and the FY2004
Accounts, and the finalization of the 1QFY05 Results.

The Company confirms that it is not aware of any information not
previously announced which, if known, will have a material
bearing on any decision made by an investor.

The Extension is conditional upon the Company obtaining approval
from the Accounting and Corporate Regulatory Authority for the
extension of time to hold its AGM by August 31, 2005.

By Order of the Board

Woo Kah Wai
Company Secretary
15 June 2005
Singapore

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


ATS HOLDINGS: Creditors Given Until July 8 to Prove Claims
----------------------------------------------------------
Notice is hereby given that the Creditors of ATS Holdings (2000)
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before July 8, 2005, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to the undersigned, the Liquidators of the Company.

If so required by notice in writing from the said Liquidators,
are by their solicitors, or personally, to come in and prove
their said debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 8th day of June 2005.

Yeo Ek Khuan
Ng Geok Mui
Liquidators
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


BUILDWISE CONSTRUCTION: To Hold Final Meeting June 27
-----------------------------------------------------
Notice is hereby given that a final meeting of creditors
and members of Buildwise Construction Pte Ltd (In Liquidation)
will be convened at Queen 1, Level 5, AEC Centre, 141 Market
Street, Singapore 048944 on June 27, 2005, at 3:00 p.m. for the
purpose of considering the Liquidator's status report and if
thought fit, for the creditors to approve:

(1) That a first and final dividend of approximately 22 percent
be paid to unsecured creditors whose proof of debt sums have
been admitted by the Liquidator;

(2) That the Liquidator be released and that the Company be
dissolved pursuant to section 308 (5) of the Act on the expiry
of 3 months after the return pursuant to section 308 (3) of the
Act is lodged; and

(3) That the Liquidator shall proceed to destroy the books and
papers of the Company in his possession on the expiry of 3
months after the return pursuant to section 308 (3) of the Act
is lodged and after the Company is dissolved pursuant to section
308 (5) of the Act.

Creditors and Members may attend and vote in person at the
Meeting or they may appoint another person, whether or not a
Creditor or Member of the Company, as their proxy to attend and
vote in their stead.

To entitle you to attend and vote thereat, the Form of Proxy
must be lodged with the Liquidator no later than 12:00 p.m. on
June 24, 2005.

A copy of the Liquidator's Status Report and the Form of Proxy
have been dispatched to all members and known creditors of the
Company.

Dated this 10th day of June 2005.

Yin Kum Choy
Liquidator
Buildwise Construction Pte Ltd (In Liquidation)
c/o K C Yin & Co
Certified Public Accountants
100 Tras Street
#16-01 Amara Corporate Tower
Singapore 079027
Telephone: 6323 1613
Fax: 6323 1763


CHINA AVIATION (S): Court Permits Two Execs to Leave Country
------------------------------------------------------------
The Subordinate Court allowed two non-executive directors
implicated in China Aviation Oil (S) Corp. Ltd. case to leave
Singapore for an important meeting in Beijing, reports
Associated Press.

The Assets Supervision and Administration Commission of the
State Council guarantee for the two officials' return.  Jia
Changbin and Li Yongji would return for their next court hearing
on June 23. The two officials quadrupled their bail to SG$1
million (US$597,0000) and SG$500,000 (US$299,000) respectively.

Mr. Jia and Mr. Li were two of the five CAO officials who are
facing insider trading, making false statements and other crime
charges linked to a loss of US$550 million for trading oil
derivatives.

CONTACT:

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


CHINA AVIATION (S): Fears that BT Article May Mislead Readers
-------------------------------------------------------------
China Aviation Oil (Singapore) Corporation issued to the
Singapore Stock Exchange (SGX) a clarification to the Singapore
Business Times Article and place in its proper context the
articles dated June 15, 2005 regarding the jet fuel monopoly for
the importation of aviation fuel to China.

The Company stated that the article has created a wrong
impression with the headline "CAO to lose jet-fuel market
monopoly: Gu" and with the "BT exclusive" tag line.

First, Mdm Gu Yanfei did not at anytime say those words
attributed to her in the headline.

Second, the article quoted certain remarks without setting out
the proper and full context.

In particular, Mdm Gu had prefaced her remarks with the
reference to the previous press and media coverage on the issue.
She then added that since 2000, it is public knowledge that
there has been a review in China of the deregulation of the jet
fuel market in light of China's accession to the WTO. It was in
the context of this that Mdm Gu added that from this
perspective, therefore, there is certainty of the jet market
monopoly being broken up.

Third, the headline is misleading as it may wrongly suggest that
the Company's parent may lose its entire or substantial part of
its jet fuel business. This is untrue.

Fourth, the deregulation and opening up of the jet fuel market
in China is not a new or recent development. This is clear from
the Company's Annual Report 2003, which states clearly that the
deregulation of the aviation fuel market would follow from
China's accession to the WTO in the year 2000.

The Annual Report also states that the opening up of the jet
fuel market will continue and that this will lead to more market
competition.

The Company would also like to state that in its Prospectus
issued at the time of the Company's Initial Public Offer, the
future deregulation of the jet fuel market and competition
arising therefrom because of China's admission into the WTO was
disclosed to investors.

There has also been previous press coverage on this issue. The
Singapore Business Times also ran an article in its 29 December
2004 edition on this issue.

The Company would like to state that the jet fuel business will
remain the core business of the Company. In addition, the
Company is confident that its parent company, China Aviation
Holding Company will remain the major supplier of jet fuel in
China throughout this reforming process. In addition, the
Company is of the view that such reform process will not happen
overnight and will take some time.

The Company therefore views developments on the deregulation of
the jet fuel market in China with optimism and as a challenge,
which will present more growth opportunities rather than become
a threat.


FINEPLAS HOLDINGS: Court to Hear Winding Up July 1
--------------------------------------------------
Notice is hereby given that a Petition for winding up of
Fineplas Holdings Pte Ltd by the High Court was on May 19, 2005,
presented by Nankai Transport International (S) Pte Ltd, a
company incorporated in the Republic of Singapore and having its
registered office at C Airport Cargo Road, #04-16 Cargo Agents
Building C, Changi Airfreight Centre, Singapore 918101, the
Judgment Creditors.

The said Petition is to be heard before the Court sitting at
10:00 p.m. on 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 Petitioners' address is C Airport Cargo Road, #04-16 Cargo
Agents Building C, Changi Airfreight Centre, Singapore 918101.

The Petitioners' Solicitors are Messrs Eng Leong & Partners of
10 Anson Road, #13-03 International Plaza, Singapore 079903.

Messrs Eng Leong & Partners
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Eng Leong & Partners of 10 Anson Road, #13-03 International
Plaza, Singapore 079903, notice in writing of his intention to
do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock noon of
June 30, 2005 (the day before the day appointed for the hearing
of the Petition).


JAK ALHADAD: Winding Up Hearing Slated for July 1
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of JAK
Alhadad & Co. Pte Ltd by the High Court was on June 3, 2005,
presented by David Reginald Ellis Broadley of 28 Duxton Hill,
Singapore 086904, a Creditor.

The said Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. on July 1, 2005.

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

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

The Petitioner's address is 28 Duxton Hill, Singapore 086904.

The Petitioner's solicitors are Wong Tan & Molly Lim LLC of 80
Robinson Road #17-02, Singapore 068898.

Wong Tan & Molly Lim LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Wong
Tan & Molly Lim LLC, notice in writing of his intention to do
so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his solicitor (if any) and must be
served, or if posted, must be sent by post in sufficient time to
reach the abovenamed no later than twelve o'clock noon of June
30, 2005 (the day before the day appointed for the hearing of
the Petition).


STARTECH ELECTRONICS: Seeks Repayment of SG$1,600,000 Loan
----------------------------------------------------------
Startech Electronics Ltd. announced to the Singapore Stock
Exchange (SGX) that pursuant to a loan agreement between the
company and Mr. Xu Sheng dated July 10, 2004 and a variation
agreement supplemental to the Loan Agreement dated November 25,
2004 (collectively, the Loan Agreements), it has on June 9 2005,
given notice to Mr. Xu Sheng that the company seeks repayment of
the loan of SG$1,600,000 extended to Mr. Xu Sheng (Loan).  In
accordance with the terms of the Loan Agreements, Mr. Xu Sheng
will have 60 days to repay the Loan.

The loan was extended to Mr. Xu Sheng in connection with a joint
venture agreement between the company with inter alia, Mr. Xu
Sheng, the principal shareholder of Hivae Technology Limited to
manufacture acryclic/glass windows for mobile phones and
consumer electronics equipment for the China market.

The details of the joint venture and the Loans were made under
the Company's announcements on July 10, 2004 and November 29,
2004.  The Loan Agreements and Joint Venture Agreement are
distinct and separate agreements.  The termination of the Loan
has no legal impact on the fulfillment of the terms and
conditions in the Joint Venture Agreement and its completion.

The Company will explore other means to work with the joint
venture parties on the execution of the proposed transactions
under the joint venture agreement.

The repayment of the Loan has no impact on the consolidated net
tangible assets and earnings per share of the Group for the
current financial year.

None of the Directors or Controlling Shareholders of the Company
has any interest direct, or indirect in the above transaction.

Submitted by
Lim Tai Toon
Managing Director
15 June 2005

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


VIEWINTERNET.COM PTE: Issues Notice of Preferential Dividend
------------------------------------------------------------
Viewinternet.Com Pte Ltd (In Creditors' Voluntary Liquidation)
of of 491B River Valley Road #19-03/04 Valley Point Singapore
248873, issued to the Government Gazette, Electronic Edition a
notice of preferential dividend with the following details:

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng

Amount per centum: 33.82 percentum of all admitted preferential
claims pursuant to section 328 (1) (b) of the Companies Act,
Cap. 50.

First and final or otherwise: First and final

When payable: 10th June 2005

Where payable:

Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 8th day of June 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


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

CHRISTIANI & NIELSEN: Secures New Construction Project
------------------------------------------------------
Christiani & Nielsen (Thai) Public Company Limited notified the
Stock Exchange of Thailand (SET) that it has been awarded the
following construction project:

Name of Project:     Construction of Buildings at Kasemsup Farm

Owner:               Charoen Pokphand Foods PCL

Contract Value:      THB36,500,000 (including VAT)

Commencement Date:   16 June 2005

Construction Period:  4 months

Description of Work:  Construction of Chicken Breeder Houses and
related buildings and facilities

Please be informed accordingly.

Yours sincerely,

Danuch Yontararak
Managing Director

CONTACT:

Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th


JASMINE INTERNATIONAL: Issues, Offers New Shares
------------------------------------------------
As Jasmine International Public Company Limited (the Company)
has issued and offered warrants to purchase new shares to the
existing shareholders and the directors and/or employees of the
Company and its subsidiaries, the Company issued to the Stock
Exchange of Thailand (SET) a report on the results of warrant
conversion to common shares.

(1) Warrants offered to the existing shareholders (JAS-W)

The Company has set the date for converting the Company's
warrants at the ratio of 1 right warrant into 1 common share at
THB0.334 per share.  Date to notify the intention to exercise is
June 1 to 14, 2005.  The exercise date is on June 15, 2005.  The
results of the conversion are as follows:

- No warrant holder exercises his right -

After this conversion, there are 1,156,203,100 remaining
warrants.

(2) Warrants offered to directors and/or employees of the
Company and its subsidiaries (ESOP)

The exercise date is on June 15, 2005 date to notify the
intention to exercise is June 1 to 14, 2005.  The ratio to
exercise for every warrant class is 1 warrant unit per 1 common
share at the following exercise prices.

Warrant Class   Issue No.     Exercise Price per share (Baht)

1                1-3                     0.668
2                  1                     1.002
                   2                     1.336
                   3                     1.102
                   4                     1.469
                   5                     1.212
                   6                     1.616
                   7                     1.334
                   8                     1.778
                   9                     1.467
                  10                     1.956
3                1-2                     1.002

The Company would like to report the results of the conversion
as follows:

- No warrant holder exercises his right -

After this conversion, there will be remaining warrants as
follows:

Warrant Class    Issue No.   Remaining warrants after exercise
date (Units)*

         1            1                       11,888,469
                      2                       12,985,008
                      3                       18,965,130
         2            1                        4,994,620
                      2                        6,809,930
                      3                        4,994,620
                      4                        6,926,660
                      5                        9,159,720
                      6                        6,926,660
                      7                        9,159,720
                      8                        6,926,660
                      9                        9,315,370
                     10                        6,926,690
         3            1                        4,489,950
                      2                        4,489,950

Remark *

Calculated from total number of warrants of the project subtract
with exercised warrants.

Therefore, the Company will have a paid-up capital
THB8,319,677,163.

Please be informed accordingly.

Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi
Telephone: 0-2502-3000-7
Fax: 0-2502-3150-2
Web site: http://www.jasmine.co.th





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

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


CHINA & HONG KONG
-----------------
Guangdong Sunrise-A            000030     (-182.94)    35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187 (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-A
Co., Ltd.                      000017     (-206.09)    50.08
Sichuan Topsoft Investment     000583     (-45.54)    228.05


INDONESIA
---------
PT Smart Tbk                    SMAR      (-37.55)     427.98
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       850.58

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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








                            *********


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

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