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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

             Tuesday, June 28, 2005, Vol. 8, No. 126

                            Headlines

A U S T R A L I A

ANDERSON CINEMA: Ex-exec Gets AU$1.17-Mln Billing in Court
AUSTRALIAN PACIFIC: Liquidator to Detail Wind Up Manner
AYEANDEL FRESH: Members, Creditors Attend Final Meeting Today
BELCANE PTY: Names Mark Byrnes Official Liquidator
B.M. LEAHY: Court Orders Wind Up, Appoints Liquidator

BRIGHT EYES: Liquidator to Give Final Wind-up Report
CHRIS QUINN: Members Opt for Voluntary Wind Up
DEMICOMBE PTY: Set to Liquidate Operations
I.M.P. CONCEPTS: ASIC Obtains Court Orders to Wind Up Company
ION LIMITED: Issues Jobs Plea to U.S. Importer

KAYSON PTY: Unveils Agenda of Final Meeting
KNIGHTS INSOLVENCY: Welcomes New Director
LINISIL PTY: Can't Pay Debts; Members Vote to Wind Up
LUDGATES CORPORATE: ASIC Obtains Orders Against Promoters
MEDIA SALES: Manager Steps Aside

MILLER'S RETAIL: In Joint Sale Talks with Warehouse Group
PETER & SON: Supreme Court Orders Wind Up of Operations
PURLIN SUPPLIES: To Pay Dividend to Unsecured Creditors
PRECIOUS JEWELERS: Creditors Hold Final Meeting Today
QANTAS AIRWAYS: PM Keen Considers Merger with Rival SingAir

RIGHTWAY INSURANCE: To Be Wound Up Voluntarily by Members
RIMPAC LOGISTICS: To Receive Winding Up Report Today
SANTOS LIMITED: Awarded Egyptian Acreage
SERBIAN ORTHODOX: To Declare Dividend June 30
STOKES CONTRACTORS: Members to Hear Liquidator's Final Report

TONFEL PTY: Sets Final Meeting June 30
TRAVEL ALLIANCE: Court Appoints Official Liquidator
VOGUE COMMUNICATIONS: Members Pass Wind-up Resolution
WMC RESOURCES: ASX Removes Stock from Official List


C H I N A  &  H O N G  K O N G

BESTWAY INTERNATIONAL: Notes Unusual Trading Volume
HON PO: Reveals Appointment of New Officers
KWONG HING: Four Former Executives Face Jail Term
LEADKEEN INDUSTRIAL: Appoints Provisional Liquidators
LEE YUK: Completes Bankruptcy Proceedings

LUEN FAT: Receives Bankruptcy Order
MANSION HOUSE: SFC Reprimands Firm for FRR Breaches
M CHANNEL: Accountant Lai Siu Chung Resigns
MOULIN GLOBAL: Liquidators Take Over Management
PACIFICPOSTMAN LIMITED: Creditors Meeting Slated for August 3

REGENT BAG'S: Exits Bankruptcy
RENREN HOLDINGS: Proposes Capital Reorganization
RICH GLEAM: Receives Winding Up Notice
TEXCORP INTERNATIONAL: Schedules Winding Up Hearing August 10
TUNG HING: Court Releases Bankruptcy Order

ULTRA MILL: Receives Winding Up Order
V&T INVESTMENTS: Begins Bankruptcy Proceedings
WAN TAT: Court to Hear Wind-up Petition August 10
WEALTHMARK INTERNATIONAL: Clarifies Refinancing Reports
WOW FACTOR: Winding Up Hearing Set July 6

YEE HING: To Exit Bankruptcy on October 3
YING YEM: Enters Bankruptcy Proceedings


I N D O N E S I A

INDOFOOD SUKSES: Sets Aside IDR15 Bln for Dividend Distribution
KIANI KERTAS: To Be Sold Off to JP Morgan Consortium


J A P A N

HITACHI ZOSEN: Managers to Get Pay Cuts for Bid Rigging
KB SEIREN: METI OKs Restructuring Plan
MITSUBISHI FUSO: Ministry Reprimands Automaker
TOSHIBA CORPORATION: New Boss Pushes to Unify Formats
USJ CO.: Suffers JPY5.1-Trillion Net Loss


K O R E A

DAEWOO GROUP: Former Execs Want to Acquire Affiliates
DAEWO0 GROUP: KAMCO Bars Ex-boss from Retaking Group Firms
DAEWOO SHIPBUILDING: Sale to Local Buyer Likely
HYNIX SEMICONDUCTOR: Ready to Let Go of Creditors' Grip


M A L A Y S I A

ANCOM BERHAD: Buys Back 47,900 Ordinary Shares
I-BERHAD: Purchases 20,000 Shares on Buy Back
KIG GLASS: Pays Debt to Various Banks
KIG GLASS: Receives Writ of Summons to Pay Debt
K.P. KENINGAU: Seeks Extension to Submit Regularization Plan

MALAYAN UNITED: Passes All Resolutions at AGM, EGM
MAXIS COMMUNICATIONS: Bourse Lists Additional Shares
MBF HOLDINGS: Court Postpones Summary Judgment Date
OILCORP BERHAD: Breaches Bourse's Listing Requirements
PANTAI HOLDINGS: Repurchases 169,600 Ordinary Shares

PILECON ENGINEERING: Shareholders OK All AGM Resolutions
RHB CAPITAL: To Establish First Islamic Bank
SRIWANI HOLDINGS: Issues Additional Shares for Listing
TRADEWINDS CORPORATION: Unit Concludes Acquisition of TPC


P H I L I P P I N E S

BENPRES HOLDINGS: Releases Copy of Amended Financial Report
INTERPHIL LABORATORIES: Losses Surge on Weak Sales, Higher Costs
LIFETIME PLANS: SEC Snubs Motion for Reconsideration
MAYNILAD WATER: Due Diligence Set to Begin
NATIONAL BANK: Lucio Tan to Bid for Gov't Shares

NATIONAL TRANSMISSION: OKs Deferred Payment Scheme for Assets
PERMANENT SAVINGS: Liquidation Proceedings Halt Awaits Approval
PHILIPPINE TELEGRAPH: Moves ASM Schedule to Sept. 30
PRYCE CORPORATION: Earmarks Php80-Mln for 4 Memorial Parks


S I N G A P O R E

CHARTERED SEMICONDUCTOR: To Pay Off Debts Through Shares Sale
CHESUYAN INTERIOR: Winding Up Hearing Fixed July 8
DESIGNPAC ADVERTISING: Posts Notice of Intended Dividend
EVENSTAR INVESTMENTS: Shareholder Seeks Winding Up
GEA TECHNOLOGY: Court to Hear Winding Up Petition on July 1

GREATRONIC LIMITED: Shareholder Unloads Entire Stake
ITECH INFOCOMM: Creditors Must Lodge Proofs of Debt
JIANGSHAN INVESTMENT: Court Orders Winding Up of Operations
MYBIZ SINGAPORE: Sets Final Meeting on July 26
RSH LIMITED: Appoints Audit Committee Member


T H A I L A N D

NATURAL PARK: Prosecutors Let Suspects Off the Hook
NATURAL PARK: SET Halts Securities Trading
PACIFIC ASSETS: Unveils Board Meeting Resolutions
PACIFIC ASSETS: Securities Placed Under Trading Halt
THAI PETROCHEMICAL: Planned Share Sale Hits Snag

BOND PRICING: For the Week 27 June to 01 July 2005

     -  -  -  -  -  -  -  -

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

ANDERSON CINEMA: Ex-exec Gets AU$1.17-Mln Billing in Court
----------------------------------------------------------
Mr. Stephen Michael Anderson, of Ballarat in Victoria, has
appeared in the Melbourne Magistrates Court on three charges
brought by the Australian Securities and Investments Commission
(ASIC).

Mr. Anderson, a former director of the Anderson Cinema Group of
companies, is charged with two counts of obtaining a financial
advantage by deception involving AU$1.17 million and one count
of false accounting. The Anderson Cinema Group was placed into
receivership in March 2004.

The conduct relates to cinemas formerly operated by the Anderson
Group of companies at Sunbury and Melton in Victoria.

Mr. Anderson was not required to enter a plea. The matter was
adjourned for a committal mention hearing on 12 August 2005.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions

The Anderson Group was put into receivership in March last year
and several key assets have been sold to other operators.


AUSTRALIAN PACIFIC: Liquidator to Detail Wind Up Manner
-------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Australian Pacific Investment Register
Pty Limited will be held at the office of Rangott & Slaven,
Chartered Accountants, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT today, June 28, 2005, at 10:30 a.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


AYEANDEL FRESH: Members, Creditors Attend Final Meeting Today
-------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Ayeandel Fresh Pty Limited will be held at the
office of Rangott & Slaven, Chartered Accountants,
Unit 12, Level 3, Engineering House, 11 National Circuit,
Barton ACT on June 28, 2005, at 2:30 p.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005
M. E. Slaven
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


BELCANE PTY: Names Mark Byrnes Official Liquidator
--------------------------------------------------
Notice is hereby given that at a General Meeting of Belcane
Pty Limited held on May 18, 2005, it was resolved that the
Company be wound up voluntarily as a Members' Voluntary Winding
up and that for such purpose, Mark Stafford Byrnes be appointed
liquidator.

Dated this 18th day of May 2005

Mark Stafford Byrnes
Liquidator
Summerhill, Mitchell Highway
Orange NSW 2800


B.M. LEAHY: Court Orders Wind Up, Appoints Liquidator
-----------------------------------------------------
On May 17, 2005, the Supreme Court of New South Wales, Equity
Division made an Order that B.M. Leahy Pty Limited be wound up
by the Court, and appointed Steven Nicols to be Liquidator.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


BRIGHT EYES: Liquidator to Give Final Wind-up Report
----------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Bright Eyes Optical Pty Limited will be held at the
office of Rangott & Slaven, Chartered Accountants, Unit 12,
Level 3, Engineering House, 11 National Circuit, Barton ACT on
June 28, 2005, at 4:00 p.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005

M. E. Slaven
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


CHRIS QUINN: Members Opt for Voluntary Wind Up
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Chris Quinn Surfacing Pty Ltd held on May 17, 2005, it was
duly resolved that the Company be wound up voluntarily.

Bill Cotter and Dennis Offermans of Knights Insolvency
Administration, Level 3 United Overseas Bank Building, 32 Martin
Place, Sydney are appointed Joint & Several Liquidators for the
purposes of such winding up.

Dated this 17th day of May 2005

Chris Quinn
Director
Bill Cotter
Dennis Offermans
Liquidators
Knights Insolvency Administration
Level 3 United Overseas Bank Building
32 Martin Place, Sydney

CONTACT:

Chris Quinn Surfacing Pty Limited
2 Garfield St
McGraths Hill, NSW 2756
Phone: (02) 4577 5135


DEMICOMBE PTY: Set to Liquidate Operations
------------------------------------------
Notice is hereby given that at general meeting of members of
Demicombe Pty Limited held on May 18, 2005, it was resolved that
the Company be wound up as a members voluntary liquidation.

Notice is also given that those creditors having claims against
the Company should furnish particulars of their claim to the
Liquidators within twenty one days, otherwise the distribution
of the assets will take place without regard to such claims.

Dated this 18th day of May 2005

D. J. F. Lombe
Liquidator

CONTACT:

Demicombe Pty Limited
15 Lathe St
Virginia, QLD 4014
Phone: (07) 3865 3020


I.M.P. CONCEPTS: ASIC Obtains Court Orders to Wind Up Company
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Federal Court in Melbourne to wind up
I.M.P. Concepts Pty Ltd.

The Court appointed Mr. Bruno Secatore of Bentleys as the
liquidator.

I.M.P. Concepts was wound up in order to correct an earlier
reinstatement issue.


ION LIMITED: Jobs Plea to U.S. Importer
---------------------------------------
The possible rescue of jobs at the besieged manufacturer Ion
Limited are being held in the U.S., according to The Australian.

Premier Mike Rann is meeting executives of motorcycle maker
Harley-Davidson in Milwaukee to help shore up the future of
Ion's North Plympton facility, which has more than 670 workers.

Ion is Harley-Davidson's exclusive provider of light alloy
motorcycle wheels and also makes hubs and swing-arms for the
Company.

Mr. Rann said the Government was determined to help keep the
plant open, as Harley-Davidson is provides 75 percent of Ion's
major revenue.

In March, administrators for the parts maker hinted that some
400 employees would be laid off next month after failing to sell
the Company's Wingfield factory.

Workers were told the factory was losing AU$18 million a year,
although its North Plympton and Kilkenny factories would
continue to trade.

Mr Rann said he wanted to reassure Harley-Davidson of the
Government's strong support for Ion.

"Ion cannot afford to lose the Harley contract," he said.

"I will be urging Harley-Davidson to continue to back the North
Plympton workforce to that date and beyond."

Since an administrator was appointed, the quality of wheels Ion
produced continued to improve and was unrivalled elsewhere in
the world.

CONTACT:

ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


KAYSON PTY: Unveils Agenda of Final Meeting
-------------------------------------------
Notice is given that a final meeting of the members and
creditors of Kayson Pty Limited will be held at Rodgers Reidy,
Level 8, 333 George Street, Sydney on Wednesday, June 29, 2005
at 12.00 p.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.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000

CONTACT:

Kayson Pty Limited
1/10 Whyalla St
Willetton, WA 6155
Phone: (08) 9354 1644


KNIGHTS INSOLVENCY: Welcomes New Director
-----------------------------------------
The Board of Knights Insolvency Administration Limited announced
Monday the appointment of Mr. Ian Powrie as a Director of the
Company.

Mr. Powrie, aged 65, is currently the Chief Executive Officer
and Director, Venture Capital Group, Panpacific Development
Funds Limited.

Prior to joining Panpacific Development Funds Limited, Mr.
Powrie undertook a number of consultancy roles with various
companies including Shell, Coles Myer, Recycled Plastics
Technology, Abraisitlex and Puvlin Composite Lighting. He has
also held senior executive positions with Australia Post, AWA
and Norton Company.

At the same time, Mr. Michael Hale has announced that he will
step down from the boars as a Non-executive Director.

Mr. Hale has made a very valuable contribution to the Company
through board and committee work and, although stepping down,
has indicated that he will continue to support the Company and
contribute as much as he can into the future, for which the
boards thanks him.

For further information call:

Mr. Peter Carney
Company Secretary
(02) 8226-8122

CONTACT:

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


LINISIL PTY: Can't Pay Debts; Members Vote to Wind Up
-----------------------------------------------------
Notice is hereby given that at Meetings of Members and
Creditors of Linisil (Australia) Pty Limited duly convened and
held on May 12, 2005, the following Special Resolution was
passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

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


LUDGATES CORPORATE: ASIC Obtains Orders Against Promoters
---------------------------------------------------------
The Australian Securities and Investments and Securities
Commission (ASIC) has settled its action against Ludgates
Chartered Accountants, and its principals, Mr. Benjamin Paul
Whitehouse and Ms. Jennifer Martine Sisson.

The action relates to breaches of certain terms of an
enforceable undertaking provided in February 2000 by Ludgates
Corporate and Investment Advisory Services Pty Ltd (in
liquidation) (Ludgates Corporate), a licensed dealer, and
Ludgates Chartered Accountants (Ludgates Accountants), relating
to the promotion of managed investment schemes in breach of the
Corporations Law.

Mr. Whitehouse and Ms Sisson were also directors and authorized
representatives of Ludgates Corporate, which operated in Milton,
in Brisbane.

ASIC commenced proceedings in the Federal Court of Australia on
17 June 2003, following complaints from investors. In
particular, ASIC was concerned that:

(1) Ludgates Corporate, Mr Whitehouse and Ms Sisson had breached
the Corporations Law by providing improper investment advice to
clients of Ludgates Corporate and Ludgates Accountants in
relation to the Thomastown Property, Thomastown Mortgage, Shell
and Seed Schemes;

(2) Ludgates Corporate and Ludgates Accountants had not complied
with the February 2000 enforceable undertaking resulting in
losses to investors; and

(3) The assets of the Thomastown Mortgage Scheme were being
dissipated.

During the course of the proceedings in July 2003, ASIC obtained
consent orders appointing Mr. Greg Moloney of Ferrier Hodgson as
receiver over a property in Thomastown, Victoria, which was
associated with the Thomastown Mortgage Scheme. As a result of
the subsequent sale of the property, investors in the Thomastown
Mortgage Scheme obtained the return of their principal and a
substantial proportion of the outstanding interest owed.

The current settlement comprises an enforceable undertaking,
compensation to certain investors and both declarations and
banning orders from the Federal Court of Australia.

Court orders and declarations

Under the settlement that was considered by Justice Graham on 17
June 2005, the Court:

(1) Made orders banning Mr Benjamin Paul Whitehouse, a bankrupt
accountant from, either directly or indirectly, providing
financial product advice, dealing in financial products or
operating a registered scheme for a period of ten years;

(2) Ordered that Ms Sisson repay, by her insurer, the
$392,081.66 in investor's funds collected by Ludgates Corporate
and Ludgates Accountants in breach of the February 2000
enforceable undertaking;

(3) Declared that Mr. Whitehouse had made securities
recommendations in breach of the Corporations Law to a number of
clients of Ludgates Corporate and Ludgates Accountants. In
particular, the Court found that in providing the financial
advice to particular investors in relation the Thomastown
Property, Thomastown Mortgage, Shell and Seed Schemes, Mr.
Whitehouse had failed to either /or:

    (i) Give any proper consideration of the personal
information relevant to particular investors;

    (ii) Undertake adequate product research (securities
information) relevant to the particular scheme/s recommended;
and

    (iii) Give any, or any proper consideration to the
securities information relevant to the particular scheme/s
recommended.

(4) Noted the terms of an enforceable undertaking entered on 17
June 2005 between Ms Sisson and ASIC, in which she agreed not to
provide either directly or indirectly, financial product advice,
deal in financial products or operate a registered scheme for a
period of five years. A copy of this enforceable undertaking is
available from the ASIC website at www.asic.gov.au.
"ASIC will act to ensure that anyone who breaches an enforceable
undertaking, and deliberately continues to act in defiance of
that undertaking, is brought before the Courts. Further, we will
act to ensure that people who repeatedly fail to comply with the
law and are unfit to provide financial advice, are removed from
the industry," ASIC Executive Director of Enforcement, Ms. Jan
Redfern, said.

Background

Ludgates Corporate and Investment Advisory Services Pty Ltd (in
liquidation) was the holder of a Dealers License, and carried on
business in Queensland, New South Wales and Victoria. Ludgates
Corporate was placed into liquidation on 29 August 2003.

Mr. Whitehouse and Ms Sisson carried on a chartered accountants
business, known as Ludgates Chartered Accountants, in the same
areas.

Ludgates Corporate and Ludgates Accountants entered into an
enforceable undertaking on 29 February 2000 with ASIC due to
concerns that they were promoting closely related investment
schemes, known as the Seed Program and the Shell Program, in
breach of the managed investment scheme provisions of the
Corporations Law and without having a registered prospectus.

As part of this undertaking, Ludgates Corporate and Ludgates
Accountants undertook to cease:

(1) The promotion or furtherance of the Seed and Shell Schemes
or any similar schemes; and

(2) Collection of funds for investment in the Seed and Shell
Schemes or any similar schemes


MEDIA SALES: Manager Steps Aside
--------------------------------
Gregory Winfield Hall, of PricewaterhouseCoopers, 201 Sussex
Street, Sydney NSW 1171 gave notice that on May 13, 2005, he
ceased to act as Receiver and Manager of Media Sales Network
Australia Pty, Ltd.

Dated this 13th day of May 2005

Gregory Winfield Hall
PricewaterhouseCoopers


MILLER'S RETAIL: In Joint Sale Talks with Warehouse Group
---------------------------------------------------------
Struggling retailers Miller's Retail Limited and Warehouse Group
Limited have confirmed they are holding talks about a possible
AU$300-million combined sale of their discount store operations
in Australia, The Australian reports.

New Zealand-based Warehouse reportedly approached Miller's with
a proposal to package their discount stores in Australia for a
single trade sale and has appointed investment bank Credit
Suisse First Boston to peruse the deal.

For Warehouse Group, this means the sale of about 130 outlets in
the eastern states, while for Miller's it represents the
transfer 300 Go-Lo and Crazy Clark's outlets. The combined
network of around 400 stores has been valued by some analysts at
up to AU$300 million.

According to The Australian, four private equity firms were
interested in the discount businesses of Warehouse and Miller's,
which are believed to be considering the possible packaging of
their discount variety operations in Australia for a single
trade sale.

Meanwhile, the two companies maintain that discussions are
preliminary in nature, stating that it is premature to speculate
on any outcome.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


PETER & SON: Supreme Court Orders Wind Up of Operations
-------------------------------------------------------
On May 16, 2005, the Supreme Court of New South Wales made an
Order that Peter & Son Group Pty Limited be wound up and
appointed M.J.M. Smith to be Official Liquidator.

M. J. M. Smith
Official Liquidator
c/- Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


PURLIN SUPPLIES: To Pay Dividend to Unsecured Creditors
-------------------------------------------------------
A third and final dividend with respect to ordinary unsecured
creditors is to be declared on June 30, 2005 for Purlin Supplies
Pty Limited.

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

Dated this 19th day of May 2005

Murray Godfrey
Deed Administrator
RMG Partners
Level 14, 88 Pitt Street, Sydney NSW 2000.
Phone: 9231 0889


PRECIOUS JEWELERS: Creditors Hold Final Meeting Today
-----------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Precious Jewelers (Canberra) Pty Limited will be
held at the office of Rangott & Slaven, Chartered Accountants,
Unit 12, Level 3, Engineering House, 11 National Circuit, Barton
ACT today, June 28, 2005, at 9:00 a.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


QANTAS AIRWAYS: PM Keen Considers Merger with Rival SingAir
-----------------------------------------------------------
The Australian Prime Minister Howard has raised the prospect of
a merger between Qantas Airways and Singapore Airlines, The
Australian reveals.

John Howard, who is struggling to resolve divisions over the
future of the Government's aviation policy, said he had
presented the merger idea to his Singapore counterpart, Lee
Hsien Loong, in a private conversation two weeks ago.

Singapore Airlines described the possible merger as an
"interesting" but complex idea.

The Government has shelved a decision on whether to allow
Singapore Airlines to fly on Qantas's most lucrative route
between Australia and the US while it considers policies for the
Australian carrier.

A merger or strategic alliance between Qantas and Singapore
Airlines would face significant hurdles from Australia's
competition regulator, which has concerns about whether the deal
would benefit consumers.

An alliance would allow Singapore Airlines access to the Pacific
route, but not under its own brand. Qantas could also get more
rights to fly out of Singapore, which it has wanted for some
time.

Singapore has courted Canberra for months to win access to the
Pacific and compete against Qantas and its existing competitor
on the route, United Airlines. Last week, Singapore Airlines
said a merger would face regulatory difficulties, and urged
Canberra to make a decision about competition on the Pacific
route.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


RIGHTWAY INSURANCE: To Be Wound Up Voluntarily by Members
---------------------------------------------------------
At a general meeting of the members of Rightway Insurance
Brokers Pty Limited duly convened and held at RSM Bird Cameron
Partners, Level 1, 103-105 Northbourne Avenue, Turner ACT 2612,
on May 16, 2005, the special resolution set out below was duly
passed:

That the Company be wound up voluntarily.

Dated this 16th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988


RIMPAC LOGISTICS: To Receive Winding Up Report Today
----------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Rimpac Logistics Support Services Pty Limited will
be held at the office of Rangott & Slaven, Chartered
Accountants, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT today, June 28, 2005 at 8:30 a.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005
W. B. Rangott
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


SANTOS LIMITED: Awarded Egyptian Acreage
----------------------------------------
Santos Limited on Monday announced that it has been awarded an
exploration block in the Arab Republic of Egypt as aprt of a
joint venture with affiliates of Devon Energy Corporation
(Devon) and Teikoku Oil Company (Teikoku).

The joint venture, in which Santos has a 25% interest, has been
awarded the onshore North Qarun Block located close to Cairo in
the Gindi Basin of the Western Desert.

In total, the joint venture is committed to spend a minimum of
US$5 million (AU$6.5 million) over the first three-and-a-half-
year phase, drilling two exploration wells and acquiring and
processing seismic data.

This follows Santos' initial entry into North Africa with the
2004 farm-in into an eight-well exploration program, covering
three exploration blocks in Egypt with Devon Energy.

"The North Qarun block adds to Santos' growing international
portfolio of exploration acreage, further diversifying and
expanding our exploration options," said Santos Managing
Director, Mr. John Ellice-Flint.

"Importantly, it is close to existing oil and gas infrastructure
with spare capacity," he said.

Mr. Ellice-Flint said it was pleasing to be able to team up with
successful companies like Devon and Teiloku, which both have
excellent exploration credentials.

Santos expects the seismic program to commence late in 2005 with
the first of the exploration wells tentatively planned for 2007.

The interest holders in the North Qarun Block are:

Devon Energy North Qarun Ltd (operator)    50%
Santos Egypt Pty Ltd                       25%
Teikoku Oil Co., Ltd                       25%

Santos Limited's participation is trhough its wholly-owned
subsidiary Santos Egypt Pty Lts, in joint venture with wholly-
owned subsidiaries of Devon Energy Corporation and Teikoku Oil
Company.

CONTACT:

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


SERBIAN ORTHODOX: To Declare Dividend June 30
---------------------------------------------
A dividend is to be declared on June 30, 2005 in respect of
Serbian Orthodox Church St. Knez Lazar
Incorporated.

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

Dated this 31st day of May 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue, Canberra ACT 2601
Phone: (02) 6214 6700
Fax:   (02) 6214 6799


STOKES CONTRACTORS: Members to Hear Liquidator's Final Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Stokes Contractors Pty Limited will be held at the
office of Rangott & Slaven, Chartered Accountants, Unit 12,
Level 3, Engineering House, 11 National Circuit, Barton ACT on
28 June 2005, at 3:30 p.m.

The meetings are convened for the purpose of receiving the
Liquidator's final report on the winding up.

Dated this 24th day of May 2005

M. E. Slaven
Liquidator
Rangott & Slaven
Chartered Accountants
Unit 12, Level 3, Engineering House,
11 National Circuit, Barton ACT


TONFEL PTY: Sets Final Meeting June 30
--------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Tonfel Pty
Limited will be held at the office of Synergy Associates, 108
Cathedral Street, Woolloomooloo, on June 30, 2005 at 9.00 a.m.,
for the purpose of receiving the liquidators' account showing
how the winding up has been conducted and the Company's property
disposed of, and to pass a resolution to determine the method of
disposing of books, accounts and documents of the Company.

Dated this 20th day of May 2005

Victor Manauzzi
Liquidator
Synergy Associates
Chartered Accountants
108 Cathedral Street, Woolloomooloo NSW 2011


TRAVEL ALLIANCE: Court Appoints Official Liquidator
---------------------------------------------------
On May 16, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that Christopher J. Palmer be appointed
Official Liquidator of Travel Alliance Group Holdings Limited.

Dated this 31st day of May 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


VOGUE COMMUNICATIONS: Members Pass Wind-up Resolution
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Vogue Communications Pty Ltd duly convened and held at Frasers
Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW
2000 on May 17, 2005 at 11.00 a.m.,a Special Resolution that the
Company be wound up voluntarily was passed by members and M. F.
Cooper was appointed Liquidator.

Dated this 20th day of May 2005

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


WMC RESOURCES: ASX Removes Stock from Official List
---------------------------------------------------
WMC Resources Limited will be removed from the official list of
Australian Stock Exchange Limited as from the close of trading
on Wednesday, June 29, 2005, under listing rule 17.14 following
compulsory acquisition by BHP Billiton.

CONTACT:

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

BHP Billiton Limited
BHP Billiton Centre
180 Lonsdale Street
Melbourne Victoria 3000
Phone: (61) 1300 55 47 57
Fax: (61 3) 9609 3015
Web site: http://www.bhpbilliton.com/


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

BESTWAY INTERNATIONAL: Notes Unusual Trading Volume
---------------------------------------------------
Bestway International Holdings Limited have noted an increase in
trading volume of the shares of the Company on June 27 and
announces that it is not aware of any reasons for such movement
except for the followings:

i) Acquisition of shares by an executive director, namely Tang
Kuan Chien of the Company on the Hong Kong Stock Exchange on
June 24, 2005:

Number of shares acquired: 14,416,000
Average Price of shares acquired: 0.187
Approximate shareholding immediately before the shares
transaction: 15.38%
Approximate shareholding immediately after the share
transaction: 15.66%

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realization
which are discloseable under Rule13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of price-sensitive
nature.

Made by the order of the Board of Bestway International Holdings
Limited the directors (save for Mr. Chang Bin Lin, who is the
executive director, is at present out of town and cannot be
contacted) of which individually and jointly accept
responsibility for the accuracy of this statement.

By order of the board,
Tan Kuan Chein
Chairman
Hong Kong June 24, 2005

CONTACT:

Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong
Phone: 28151199
Fax: 28541076


HON PO: Reveals Appointment of New Officers
-------------------------------------------
The board of directors of Hon Po Group (Lobster King) Limited
announces the appointment of Mr. Chan Shi Yung as an executive
Director and Chief Executive Officer of the Company with effect
from July 5, 2005.

Mr. Chan Shi Yung, aged 57, was educated in Scotland, United
Kingdom. He has over 30 years of commercial experiences in
Vietnam, Hong Kong and People's Republic of China and of which
10 years of extensive experience in management of casino,
entertainment centre and is an expertise in restaurant
operation. Mr. CHAN's substantial commercial experiences and his
personal networking can assist the Company in formulating future
strategy plan and soliciting the right investment opportunities.

During the past three years, Mr. CHAN has not held any positions
with the Company or other members of the Company's group and did
not hold any directorship in any other listed public companies.

As at the date of this announcement, Mr. CHAN is not connected
with any directors, senior management or substantial or
controlling shareholders of the Company, nor has he any interest
or deemed interest in the shares or underlying shares of the
Company within the meaning of Part XV of the Securities and
Future Ordinance (Chapter 571 of the Laws of Hong Kong).

As at the date of this announcement, Mr. CHAN has not entered
into any service contract with the Company nor has he been
appointed for a specified length of service period but will be
subject to retirement by rotation, and eligible for re-election
at the general meeting of the Company pursuant to the articles
of association of the Company. The remuneration of Mr. CHAN
comprises a director's fee to be proposed by the Board and
determined with reference to his duties and responsibilities in
the Company and the market benchmark.

The Board confirms that there are no other matters that need to
be brought to the attention of the Company's shareholders in
relation to the appointment of Mr. CHAN.

The Board would like to express its warm welcome to Mr. CHAN on
his appointment.

Sang, Mr. Chan Nun Chiu, Mrs. Cheung Lim Mai Tak, Grace, Mr. She
Hing Chiu, Mr.Tse Chick Sang as executive directors, Mr. Chang
Kin Man, Mr. Wu Tak Lung and Ms. Lee Pui Hang, Pieann as
independent non-executive directors.

By Order of the Board
LUK Chi Shing
Company Secretary
Hong Kong, 24th June, 2005

CONTACT:

Hon Po Group (Lobster King) Limited
Units E&F, G/F, Phase 2
Kingsway Industrial Building
173-175 Wo Yi Hop Road
Kwai Chung, Hong Kong
Phone: 26102929
Fax: 26102622
Web site: http://www.honpo.com.hk


KWONG HING: Four Former Executives Face Jail Term
-------------------------------------------------
Four persons, including a former executive director of public
listed Kwong Hing International Holdings (Bermuda) Limited
(Kwong Hing), were on June 25 jailed by a District Court judge
for their respective roles in a bribery scam in relation to the
purchase of Kwong Hing shares and the publication of a research
report of the listed Company, reports the Independent Commission
Against Corruption.

Mr. Li Man-tak, 37, former executive director of Kwong Hing, was
sentenced to three years' imprisonment.

Three other co-defendants namely Mr. Nicholas Tan Chye-seng, 31,
former executive director of UBS AG (UBS); Mr. Louis Lin Chak-
pui, 35, former director of SBI E2-Capital China Holdings
Limited (SBI E2); and Mr. Adrian Foo Tiang-hock, 34, former fund
manager of ING Investment Management Asia Pacific (HK) Limited
(ING), were each jailed for two years.

The court also ordered to forfeit bribe monies in the sums of
$591,000, $1.2 million and $800,000, respectively received by
Mr. Lin, Mr. Foo and Mr. Tan.

In sentencing, Judge Sweeney said this case, involving insider
dealings, was difficult to detect, and that the court had to
impose deterrent sentences in order to maintain a level playing
field in the financial market.

Mr. Li and Mr. Tan were earlier found guilty on one count of
conspiracy to offer advantages to an agent, while Mr. Li was
further convicted of a similar offence.

Mr. Lin and Mr. Foo had pleaded guilty to one joint charge of
conspiracy to offer advantages to an agent. Lin also pleaded
guilty to a similar offence, while Mr. Foo admitted one count of
accepting an advantage as an agent.

The court heard that in July 2003, Mr. Li came to know Mr. Foo,
at the time a fund manager of ING, through Lin and Vincent Yum,
who were then respectively a director and a senior vice
president of SBI E2.

They agreed that Foo would use ING's fund to take up 15 million
shares of Kwong Hing.

In return, Mr. Li would offer an advantage equivalent to the
difference between the market price and $0.92 per share for 3.8
million shares of Kwong Hing, which was to be shared by Mr. Lin,
Mr. Foo and Mr. Yum.

It was also agreed that Foo would use ING's fund to buy an
additional 3.8 million shares of Kwong Hing, which Li would
realize for paying the advantage.

Between August and December 2003, Li, on three separate
occasions, paid Yum a total of about $1.8 million, the court
heard.

On February 25, 2004, Mr. Li, in the presence of Lin, gave Yum
another $594,500, being the balance of the advantage, outside a
parking complex in Central.

After the trio was arrested by ICAC officers, the $594,500 bribe
payment was recovered from Yum. A piece of paper recording the
total bribe payments amounting to about $2.39 million was also
seized from Mr. Lin.

The court also heard that in September 2003, Mr. Li, having
acquainted with Mr. Tan through Yum, asked Tan to write a
favorable research report on the shares of Kwong Hing.

Mr. Li promised to pay an advantage, equivalent to the
difference between the market price and $1.38 per share for 10
million shares of Kwong Hing. The advantage was to be shared by
Mr. Lin, Mr. Foo, Mr. Tan and Mr. Yum.

Through Mr. Yum, Mr. Li subsequently paid Mr. Tan $1 million as
an advance payment.

On February 12, 2004, Mr. Tan caused UBS to publish a favorable
report in relation to Kwong Hing shares.

The prosecution was today represented by David Fitzpatrick,
counsel on fiat, and assisted by ICAC officer Aman Chee.

CONTACT:

Independent Commission Against Corruption
Community Relations Department
Division 2
ICAC Regional Office (Kowloon Central)
21E Nga Tsin Wai Road, Ground Floor
Kowloon City, Kowloon
Phone: 2926 6200
Fax: 2382 2112


LEADKEEN INDUSTRIAL: Appoints Provisional Liquidators
-----------------------------------------------------
Leadkeen Industrial Limited issued a notice of appointment of
provisional liquidators in the High Court of Hong Kong Special
Administrative Region Court of First Instance.

Date of Order: 23 June 2005

Date of Presentation of Petition: 21 June 2005

Provisional Liquidators' Names: Roderick John Sutton; Desmond
Chung Seng Chiong

Provisional Liquidators' Address: c/o Ferrier Hodgson Limited,
14th Floor, Hong Kong Club Building, 3A Chater Road, Central,
Hong Kong.

Dated this 24th day of June 2005

Roderich John Sutton
Desmond Chung Send Chiong
Joint and Several Provisional Liquidators

CONTACT:

Leadkeen Industrial Limited
4/F., Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon
Hong Kong


LEE YUK: Completes Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Lee Yuk Chan formerly
trading as Golden Ocean Company (the bankrupt), will be
discharged from bankruptcy on October 10, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro


LUEN FAT: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that a Bankruptcy Order against Tsang Sau
Yam trading as Luen Fat Hong Trading Co. was made on June 15,
2005.

All debts due to the estates should be paid to its official
receiver.

Dated this 24th day of June 2005.

ET O'CONNELL
Official Receiver


MANSION HOUSE: SFC Reprimands Firm for FRR Breaches
---------------------------------------------------
The Securities and Futures Commission (SFC), in a press release,
reprimanded and imposed a disciplinary fine of $450,000 on
Mansion House Securities (F.E.) Limited (MHS) under the
Securities and Futures Ordinance (SFO).

MHS breached section 6 of the Securities and Futures (Financial
Resources) Rules (FRR) by failing to maintain the required
liquid capital between October to December 2003.

MHS offered up to 90% financing to finance clients' initial
public offering (IPO) applications. However, MHS failed to take
these loans into account when calculating and compiling their
FRR returns. The failure to account for the impact of the loans,
gave rise to a liquid capital shortfall, leading to MHS's
failure to comply with the FRR. MHS were unaware of its failing
to maintain the required liquid capital until it was pointed out
by the Intermediaries Supervision department of the SFC.

The breaches were subsequently rectified when the application
money for unsuccessful applications was refunded.

MHS did not have an adequate internal system in place to ensure
compliance with FRR and an employee inexperienced with FRR was
responsible for compiling the FRR returns. The responsible
officers were also unaware of the requirement to include IPO
financing when computing liquid capital.

In deciding the level of fine, the SFC considered the
Disciplinary Fining Guidelines (Note 1) and all the
circumstances of the case including the fact that:

i) The breaches of the FRR were unintentional;

ii) The absence of an adequate internal system within MHS
regarding FRR and the ignorance of its responsible officers;

iii) No loss or damage was suffered by clients, the public, or
market users;

iv) MHS's previous disciplinary record (Note 2); and
MHS co-operated with the SFC's investigations.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Compliance with the Financial Resources Rules is essential in
order to protect investors. It is a fundamental requirement that
companies have in place internal systems to ensure compliance.
MHS did not have a system nor employees with sufficient
knowledge to ensure compliance. The SFC will not tolerate lack
of internal control which may lead to breach of rules".


M CHANNEL: Accountant Lai Siu Chung Resigns
-------------------------------------------
The Board of Directors of M Channel Corporation Limited
announces that Mr. Lai Siu Chung resigned as the qualified
accountant and Company secretary of the Company with effect from
June 27, 2005.

Trading in shares of the Company was suspended effective from
11:04 a.m. on April 28, 2005 and remains suspended until further
notice.

The board of directors of the M Channel Corporation Limited
announces that Mr. Lai Siu Chung has resigned as the qualified
accountant and Company secretary of the Company for his personal
development with effect from June 27, 2005. Mr. Lai confirmed
that there are no disagreements with the Board and that there
are no matters relating to his resignation that should to be
brought to the attention of The Stock Exchange of Hong Kong
Limited and the shareholders of the Company.

The Company is looking for a suitable person as replacement to
fill the vacancy of the position of qualified accountant and
Company secretary as soon as practicable in order to comply with
Rules 5.15 and 5.14 of the Rules Governing the Listing of
Securities on the Growth Enterprise Market of The Stock Exchange
of Hong Kong Limited (the GEM Listing Rules). The Company will
make further announcement upon the appointment of the qualified
accountant and Company secretary of the Company.

The Board would like to take this opportunity to thank Mr. Lai
for his valuable contribution to the Company during his tenure
of office.

Trading in shares of the Company was suspended effective from
11:04 a.m. on 28 April 2005 and remains suspended until further
notice.

By Order of the Board
M CHANNEL CORPORATION LIMITED
Wong Kun To
Chairman
Hong Kong, 24 June 2005

As at the date of this announcement, the Board comprised of five
directors, of which two are executive directors, namely Mr. Xing
Jing and Mr. Wong Kun To; and three are independent non-
executive directors, namely Mr. Pang Hong, Mr. Li Chi Sing Gary
and Miss Ng Yuen Shan Mona.

CONTACT:

M Channel Corporation Limited
26/F, Asia Orient Tower
33 Lockhart Road
Wanchai, Hong Kong
Phone: 22369369
Fax: 22369368
Web site: http://www.m-channel.tv


MOULIN GLOBAL: Liquidators Take Over Management
-----------------------------------------------
Reference is made to the announcement dated May 31, 2005 by
Moulin Global Eyecare Holdings Limited.

On June 21, 2005, a winding-up petition and application for the
appointment of provisional liquidators to the Company were filed
against Moulin by a representative of a member of the Bank
Creditors.

The matter was heard in the High Court in Hong Kong June 23,
2005 and Mr. Roderick Sutton and Mr. Desmond Chiong have been
appointed as joint and several provisional liquidators of the
Company.

As a consequence of their appointment the Provisional
Liquidators will take over the management of the Company and
will continue to manage the Company until such time as further
Order of the court is made. A further announcement in relation
to the status of the Company will be made in due course.

In a disclosure to the Hong Kong Stock Exchange, trading in the
Company's shares has been suspended at the request of the
Company with effect from 9:30 a.m. on April 18, 2005 and will
continue to be suspended until further announcement.

Shareholders and the public are advised to exercise caution when
dealing in the shares of the Company.

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

Executive Directors:

Mr. Ma Bo Kee
Mr. Ma Bo Fung
Mr. Ma Bo Lung
Mr. Ma Lit Kin, Cary
Mr. Tong Ka Wai, Dicky

Independent Non-executive Director
Mr. So Kwan Hon, Danny

For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators
Hong Kong June 24, 2005

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road, Kowloon Bay
Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk


PACIFICPOSTMAN LIMITED: Creditors Meeting Slated for August 3
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Pacificpostman Limited will be held at Room 1801A, 18/F.,
Sunbeam Commercial Building, 469-471 Nathan Road, Kowloon, Hong
Kong on 3rd day of August 2005 at the 10:15 a.m. to consider the
Statement of Affairs, to appoint Liquidator(s), and to consider
further matters relevant to Creditors' Voluntary Winding-up of
the abovenamed Company pursuant to 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 duly completed and
lodged at Unit B, 8/F., Eastern Flower Centre, 22-24 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong, not later than 4:00 p.m.
on 2nd August, 2005.

Dated this 15th day of June 2005

By order of the Board
Friedsam Thomas
Director


REGENT BAG'S: Exits Bankruptcy
------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Yau Wah Ming trading as
Regent Bag's Manufacturing Company (the bankrupt), will be
discharged from bankruptcy on October 31, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro


RENREN HOLDINGS: Proposes Capital Reorganization
------------------------------------------------
The Board of Directors of Renren Holdings Limited proposes the
capital reorganization, which involves the following:

(i) The consolidation of every 100 Shares of HK$0.01 each
(issued and unissued) into one Consolidated Share of HK$1.00;

(ii) The reduction of the issued share capital of the Company by
canceling paid-up capital to the extent of HK$0.99 on each of
the issued Consolidated Shares so that the nominal value of each
issued Consolidated Share will be reduced from HK$1.00 to
HK$0.01, and the transfer of the credit arising from such
reduction to the contributed surplus account of the Company;

(iii) The cancellation of the entire amount standing to the
credit of the share premium account of the Company and the
transfer of the credit arising there from to the contributed
surplus account of the Company; and

(iv) The sub-division of each authorized but un-issued
Consolidated Share into 100 Adjusted Shares.

As at the date of this announcement, the authorized share
capital of the Company is HK$300,000,000 divided into
30,000,000,000 Shares of HK$0.01 each, of which 8,202,373,585
Shares are in issue and fully paid or credited as fully paid,
and there is no outstanding convertible note issued by the
Company. On the assumption that no further Shares will be issued
after the date of this announcement and up to the effective date
of the Capital Reorganization, a credit of approximately
HK$81,203,498 will arise in the books of the Company as a result
of the cancellation of the paid-up capital of HK$0.99 on each
issued Consolidated Share.

Based on the audited financial statements of the Company for the
year ended December 31, 2004, a credit of approximately
HK$534,185,000 will arise as a result of the cancellation of the
entire amount standing to the credit of the share premium
account of the Company. A total credit of approximately
HK$615,388,498 will arise from the Capital Reduction and Share
Premium Cancellation and will be transferred to the contributed
surplus account of the Company. The Board proposes to apply part
of the amount transferred to the contributed surplus account of
the Company to set off and eliminate entirely the accumulated
losses of the Company, which amounted to approximately
HK$608,111,000 as at December 31, 2004.

Fractional Adjusted Shares will not be issued to individual
Shareholders but will be aggregated and, if a premium (net of
expenses) can be obtained, sold for the benefit of the Company.

For more information, go to
http://bankrupt.com/misc/tcrap_renren062705.pdf

CONTACT:

renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com


RICH GLEAM: Receives Winding Up Notice
--------------------------------------
Rich Gleam Engineering Limited, whose place of business is
located at Room 10, 8/F, Kingsford Industrial Building, 13 Wang
Hoi Road, Kowloon Bay, Kolon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on June 8, 2005.

Date of Presentation: April 13, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


TEXCORP INTERNATIONAL: Schedules Winding Up Hearing August 10
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Texcorp International Limited by the High Court of Hong Kong
Special Administrative Region was June 10, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 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.

Chu & Lau
Solicitors for the Petitioner
2nd Floor, The Chinese General
Chamber of Commerce Building
No. 24-25 Connaught Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of August 9, 2005.


TUNG HING: Court Releases Bankruptcy Order
------------------------------------------
Notice is hereby given that a Bankruptcy Order against Luk Ching
Kwong trading as Tung Hing Waterproofing Engineering Co. was
made on June 15, 2005.

All debts due to the estates should be paid to its official
receiver.

Dated this 24th day of June 2005.

ET O'CONNELL
Official Receiver


ULTRA MILL: Receives Winding Up Order
-------------------------------------
Ultra Mill Limited, whose place of business is located at Room
1103, 11th Floor, Bartlock Centre, 3 Yiu Wa Street, Causeway
Bay, Hong Kong was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on June 13, 2005.

Date of Presentation: March 29, 2005

Dated this 24th day of June 2005

ET O'Connell
Official Receiver


V&T INVESTMENTS: Begins Bankruptcy Proceedings
----------------------------------------------
V&T Investments Limited, whose place of business is located at
Ground Floor, 575 Nathan Road, Mongkok, Kolon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June
13, 2005.

Date of Presentation: June 10, 2005.

Dated this 24th day of June 2005

ET O'Connell
Official Receiver


WAN TAT: Court to Hear Wind-up Petition August 10
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Wan
Tat Hong Paper Products Company Limited by the High Court of
Hong Kong Special Administrative Region was on June 10, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 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.

Ford Kwan and Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder Street
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of August 9, 2005.


WEALTHMARK INTERNATIONAL: Clarifies Refinancing Reports
-------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Wealthmark International (Holdings) Limited which is reproduced
as follows:

"This announcement is made pursuant to Rule 13.09 of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.

Reference is made to certain newspaper articles in relation to
the Company appearing in the 25 June 2005 edition of Sing Tao,
Apple Daily, Hong Kong Daily News and Oriental Daily, in which
it was reported, among other things, that the Company is
planning capital raising activities including the issuance of
new shares, placing, or issuance of convertible notes.

In response to these reports, the Board of Directors of the
Company wishes to clarify as follows.

The press articles are based on certain interviews given by Mr.
Peter Lo, Chairman of the Board of Directors of the Company, on
24 June 2005 after the Annual General Meeting of the Company.
While the Company has general plans for capital raising to
address its negative asset status, no firm decision has been
reached and no agreement has been signed in connection with any
capital raising activities, including those referred to in the
press articles.

Certain press articles also mention that the Company will reach
a conclusive determination regarding its capital raising
activities in two weeks' time.  The Board wishes to clarify that
this is the timeframe in which the Board of Directors hopes to
have secured definitive capital raising plans, however, there
are no agreements or other arrangements in place that would
assure that the Company will have in place any capital raising
plan in place in such period, or in any other period.

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

The above is made by the order of the Board of Directors of the
Company, the directors of which individually and jointly accept
responsibility of the accuracy of this statement.

By order of the board of directors of
Wealthmark International (Holdings) Limited
Peter Lo
Chairman
Hong Kong, 27 June 2005

CONTACT:

Wealthmark International (Holdings) Limited
2116 Hutchison House
10 Harcourt Road,
Central, Hong Kong
Phone: 27990515
Fax: 27963712


WOW FACTOR: Winding Up Hearing Set July 6
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of Wow
Factor Design Limited by the High Court of Hong Kong Special
Administrative Region was on May 4, 2005 presented to the said
Court by Kwok Pui King of Flat A, 5th Floor, Wing Kin Industrial
Building, No. 4-6 Wing Kin Road, Kwai Chung, New Territories,
Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on July 6, 2005. Any creditor or contributory of the said
Company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.

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

Paul W. Tse
Solicitors for the Petitioner
Room 1011, Bank Centre
636 Nathan Road
Mongkok, Kowloon
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 July 5, 2005.


YEE HING: To Exit Bankruptcy on October 3
-----------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Law Wai Man trading as
Yee Hing Engineering Co. (the bankrupt), will be discharged from
bankruptcy on October 3, 2005, in the absence of any objections
from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


YING YEM: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that a Bankruptcy Order against Li Kung
Shui trading as Ying Yem Engineering Co. was made on June 15,
2005.

All debts due to the estates should be paid to its official
receiver.

Dated this 24th day of June 2005.

ET O'CONNELL
Official Receiver


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

INDOFOOD SUKSES: Sets Aside IDR15 Bln for Dividend Distribution
---------------------------------------------------------------
Indonesian noodle manufacturer PT Indofood Sukses Makmur plans
to distribute 39% of its 2004 net profit (IDR149.25 billion) in
dividends, reports Asia Pulse.

The Company's 2004 profit was 37% lower than the previous year.
It was posted at IDR378.1 billion. According to management, the
decrease was due to losses in the foreign exchange, which
amounted to a whopping IDR296.94 billion.

Company president Anthony Salim said the management would repay
its debt in foreign currency, in order to avoid more losses in
the foreign exchange this year. The Company is expected to have
a strong performance and increase this year's net profit
twofold.

The Company reported a slight rise in sales for January to
March 2005 at IDR4.29 trillion, compared to IDR4.23 trillion for
the same period last year. However, the increase was offset by
higher sales costs at IDR3.21 trillion from lat year's IDR3.10
trillion. The Company's operating profit also fell 12% from
IDR548.83 billion to IDR482.94 billion.

Indofood Sukses plans to sell a stake in its flour unit,
Bogasari Flour Mills, in order to reduce debt and expand its
operations.

CONTACT:

P.T. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id


KIANI KERTAS: To Be Sold Off to JP Morgan Consortium
----------------------------------------------------
Troubled pulp and paper Company PT Kiani Kertas will be sold off
to JP Morgan Chase & Co. for IDR1.93 billion, AFX News reports.

According to an unnamed source of Bisnis Indonesia, the
Company's parent firm, PT Energi Nusantara signed a memorandum
of understanding with JP Morgan on June 23, 2005, and the deal
will be completed this month.

Under the deal, JP Morgan would take over the Company's IDR1.7
trillion debt to state-owned Bank Mandiri. Kiani Kertas also
owes IDR1.16 trillion to a consortium of creditors, led by JP
Morgan and Sumitomo Mitsui Banking Corporation.

In 2002, Bank Mandiri and PT Anugra Capital Investama gained
control of Kiani Kertas' IDR8 trillion debt assets from now-
defunct Indonesian Bank Restructuring Agency, and PT Energi
Nusantare acquired the Company's entire stake from Anugra
Capital.

Company secretary Agus Suprayogi hopes that the deal would
enable the paper firm to increase production from 300,000 tons
of paper last year to 500,000 tons. This way, it would be able
to repay its debts. He did not confirm, however, whether the
consortium led by JP Morgan would take over the firm, only that
they are in the last stages of finalizing the takeover deal.

CONTACT:

PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax:    +62(21)8379-3215
Web site: http://www.kiani.com


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

HITACHI ZOSEN: Managers to Get Pay Cuts for Bid Rigging
-------------------------------------------------------
Five executives at Hitachi Zosen Corporation will cut their
salaries by as much as 30 percent in July and August over its
involvement in a large-scale bid-rigging scandal, Kyodo News
reports.

The Fair Trade Commission slapped the disciplinary action on
Shigetoshi Ando, Chairman, Minoru Furukawa, President, and three
other executives following prosecutors' indictment earlier this
month of Hitachi Zosen and 25 other firms on charges of rigging
bids for the government's steel bridge construction projects.

CONTACT:

Hitachi Zosen Corporation
7-89 Nankoukita 1-Chome
Suminoe-Ku Osaka 559-8559, Osaka 559-0034
Japan
Phone: +81 6 6569 0022
Fax: +81 6 6569 0002


KB SEIREN: METI OKs Restructuring Plan
--------------------------------------
The management-restructuring plan submitted by KB Seiren Co.,
Ltd., under the Law on Special Measures for Industrial
Revitalization, was examined and found to fulfill requirements
for management resource reutilization and business innovation.

The management-restructuring plan was consequently approved on
The Ministry of Economy, Trade and Industry by the June 23,
2005.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


MITSUBISHI FUSO: Ministry Reprimands Automaker
----------------------------------------------
The Japanese Ministry of Land, Infrastructure and Transport has
issued a warning to Mitsubishi Fuso Truck & Bus Corporation for
delaying the submission of a recall report for a truck which it
belatedly recalled in March after trying in vain to fix it in
September's initial recall, Kyodo News reports.

The transport ministry told the carmaker it should have filed
the second recall report earlier than April because the truck in
question developed a spate of mechanical troubles, including a
fire, even after the initial recall.

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


TOSHIBA CORPORATION: New Boss Pushes to Unify Formats
-----------------------------------------------------
Toshiba Corporation President Atsutoshi Nishida has vowed to
unify the Company's HD-DVD and Blu-Ray formats, Recorder World
reports.

Seemingly dismissive of reports in the media last week that both
Toshiba and Sony were abandoning talks, Nishida said in an
interview with Kyodo News, "we will continue efforts...for the
sake of users."

The newly appointed President stated that the problem of having
two next-generation DVD formats should not be ignored because of
the near-sighted policies of both sides and offered an olive
branch to Sony by saying that the companies "should deepen
technological studies so as to realize a unification as the best
format".

CONTACT:

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


USJ CO.: Suffers JPY5.1-Trillion Net Loss
-----------------------------------------
USJ Co., the operator of the Universal Studios Japan, posted a
net loss of 5.172 trillion yen in the year ended in March,
bringing its cumulative loss to JPY31.691 million, Kyodo News
reports.

The Company blamed the result on increased interest payments and
special retirement benefits paid to some 120 workers under an
early retirement scheme, which contributed to an extraordinary
loss of JPY2.015 trillion.


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

DAEWOO GROUP: Former Execs Want to Acquire Affiliates
-----------------------------------------------------
In a bid to keep the Daewoo brand intact and prevent drain of
national wealth, former Daewoo Group executives are keen on
buying the defunct group's surviving affiliates, The Korea
Herald reports.

Daewoo units that were rescued after the group collapsed in 1999
will be auctioned this year and next. They include Daewoo
Capital Corp., Daewoo Precision Industries Co., Daewoo
Engineering & Construction Co., Daewoo International Corp.,
Daewoo Shipbuilding & Marine Engineering Co. and Daewoo
Electronics Corp.

Many ex-Daewoo officers reportedly appear to be considering
participating in the takeover of former Daewoo companies through
the formation of private equity funds.

The former executives, however, are taking cautious steps
especially after a recent move by creditors of Daewoo
International aimed at stopping it from taking over management
rights at Daewoo Precision.

They also remain watchful against those who would like to link
their moves with ex-Daewoo chairman Kim Woo-choong's wish for
comeback. Mr. Kim returned home and was arrested two weeks ago
after spending five years in self-imposed exile.

The defamed chairman is now facing a possible jail sentence for
misappropriating funds that led to the collapse of the Daewoo
empire.


DAEWO0 GROUP: KAMCO Bars Ex-boss from Retaking Group Firms
----------------------------------------------------------
The state-run Korea Asset Management Corp. (KAMCO) said it will
not allow the former chairman of Daewoo Group to re-acquire the
remaining Daewoo companies, Yonhap News reports.

Former fugitive and Daewoo group chairman Kim Woo-choong, who
was arrested on charges of accounting fraud, an any parties
representing him will be barred from taking part in the upcoming
bids for Daewoo affiliates now under state management.

KAMCO is scheduled to sell off a number of former Daewoo Group
firms, including Daewoo Engineering & Construction Co., Daewoo
Shipbuilding and Marine Engineering Co., and Daewoo
International, to private investors through open bidding,
starting late this year.


DAEWOO SHIPBUILDING: Sale to Local Buyer Likely
-----------------------------------------------
Daewoo Shipbuilding and Marine Engineering is expected to be
sold to a local buyer very soon, says The Financial Express.

The South Korean government reportedly keen on unloading its
controlling stake in the shipbuilder, which has made a comeback
from the failed Daewoo Group.

The sale is expected to generate billions of dollars and offer a
chance for domestic private equity groups to secure a big
purchase.

The sell-off would mark another step in the restructuring of the
former Daewoo affiliates, following the recent sale of Daewoo
Heavy Industries and Machinery, the defense and engineering
group, to a local power equipment maker.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr


HYNIX SEMICONDUCTOR: Ready to Let Go of Creditors' Grip
-------------------------------------------------------
Hynix Semiconductor recently reaped around US$500 million
through its bond offering in New York, according to The Korea
Times.

Although the proceeds of the overseas bond issuance was US$250-
million shy of the original target, it was enough for the
chipmaker to be released from its creditor-led debt workout
program possibly next month.

Hynix, which has been under lenders' control since 2001, had
planned to raise US$750 million overseas to help repay its debts
earlier than scheduled and regain management control from its
creditor banks.

Now the memory chipmaker will be able to use a total of US$1.25
billion, which consists of the US$500 million raised abroad and
US$750 million raised domestically, to repay a majority of
US$1.5 billion of debt ahead of maturity which falls in December
next year.

On June 17, the firm obtained US$1.3 billion in syndicated loans
from five financial institutions, namely the Korea Exchange Bank
(KEB), Chohung Bank, Woori Bank, Korea Development Bank and
Citibank Korea. As the syndicated loans will mature in five
years, the Company will have enough time to fully recover
financial health.

Hynix creditors are reportedly thinking of terminating to the
chipmaker's debt workout due to its good performance in the last
two years.

CONTACT:

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


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

ANCOM BERHAD: Buys Back 47,900 Ordinary Shares
----------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a share
buy-back notice dated June 24, 2005.

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

Total number of shares purchased (units): 47,900

Minimum price paid for each share purchased (RM): 0.660

Maximum price paid for each share purchased (RM): 0.670

Total consideration paid (RM): -

Number of shares purchased retained in treasury (units): 47,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 10,342,300

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

CONTACT:

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


I-BERHAD: Purchases 20,000 Shares on Buy Back
---------------------------------------------
I-BERHAD issued a notice of Shares buy-back to Bursa Malaysia
Securities Berhad with the following details:

Date of buy back: 24/06/2005

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

Total number of shares purchased (units): 20,000

Minimum price paid for each share purchased (RM): 0.795

Maximum price paid for each share purchased (RM): 0.795

Total consideration paid (RM): 16,017.76

Number of shares purchased retained in treasury (units): 20,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,840,900

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

This announcement is dated 24 June 2005

CONTACT:

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


KIG GLASS: Pays Debt to Various Banks
-------------------------------------
The Board of Directors of KIG Glass Industrial Berhad (KIG)
informed Bursa Malaysia Securities Berhad that a statutory
notice pursuant to section 218 of the Companies Act, 1965 (Act)
has been served on KIG on June 6, 2005.

Pursuant to the statutory notices KIG is required to pay the
following banks:

(1) UOBM

(a) RM58,418.87 (comprising of the outstanding principal sum of
RM54,607.21 and outstanding interest of RM3,811.66 as at
30.4.2005); and

(b) Costs in the sum of RM225.00.

(2) BCB

(a) RM70,488.88 (comprising of the outstanding principal sum of
RM66,230.37 and outstanding interest of RM4,258.51 as at
30.4.2005); and

(b) Costs in the sum of RM225.00.

(3) RHB

(a) RM44,807.13 (comprising of the outstanding principal sum of
RM42,053.73 and outstanding interest of RM2,753.40 as at
30.4.2005); and

(b) Costs in the sum of RM225.00.

The aforesaid are amount due and owed by KIG to the various
banks pursuant to a Judgment in Default obtained by OUBM,
Bumiputra-Commerce Bank Berhad, Bank Utama (Malaysia) Berhad and
The HongKong and Shanghai Banking Corporation Limited (Offshore
Banking, Labuan Unit) against KIG Ceramics Industrial Sdn Bhd
(KIG Ceramics) and KIG.

Pursuant to the Judgment in Default, KIG was ordered by the High
Court of Malaya to inter alia pay the various banks the
following sums of monies:

(1) OUBM

(a) the sum of RM433,685.75 (comprising the outstanding
principal sum of RM431,584.00 as at 17 October 2001 and accrued
interests of RM2,101.75 as at 17 October 2001; and

(b) interests on the sum of RM431, 584.00 at the rate of 2.125%
per annum above the UOBM's costs of funds (which as at 18
October 2001 is 3.80% per annum) from 18 October 2001 to the
date as full and final settlement.

(2) BCB

(a) the sum of RM326,711.53 (comprising the outstanding
principal sum of RM325,208.00 as at 17 October 2001 and accrued
interests of RM1,503.23 as at 17 October 2001; and

(b) interests on the sum of RM325,208.00 at the rate of 2.125%
per annum above the BCB's costs of funds (which as at 18 October
2001 is 3.50% per annum) from 18 October 2001 to the date as
full and final settlement.

(3) RHB

(a) the sum of RM326,738.26 (comprising the outstanding
principal sum of RM325,208.00 as at 17 October 2001 and accrued
interests of RM1,503.26 as at 17 October 2001; and

(b) interests on the sum of RM325,208.00 at the rate of 2.125%
per annum above the RHB's costs of funds (which as at 18 October
2001 is 3.60% per annum) from 18 October 2001 to the date as
full and final settlement.

KIG has after receiving the Statutory Notices made subsequent
payments to the banks as per notices.

CONTACT:

KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax:   07-3318617


KIG GLASS: Receives Writ of Summons to Pay Debt
-----------------------------------------------
The Board of Directors of KIG Glass Industrial Berhad (KIG)
advised Bursa Malaysia Securities Berhad that two (2) writ of
summons were served to KIG:

(1) Writ of Summon No. 72-3446 Tahun 2005(D) at Magistrate Court
of Johor Bahru on May 20,2005 from Empower Corporation (Selatan)
Sdn Bhd (Empower), for claim owed to Empower for outstanding
amount of RM11,190.00 for price of goods sold and delivered to
KIG. The mention is set on June 29, 2005.


(2) Writ of Summon No. 72-4084-05(D) at Magistrate Court of
Johor Bahru on 10 June 2005 from Perkasa Machinery (Johor) Sdn
Bhd (Perkasa), for claim owing to Perkasa for outstanding amount
of RM12,083.00 for price of goods sold and delivered to KIG. The
mention is set on 29 July 2005.

The Company's legal representative is currently addressing the
matter.


K.P. KENINGAU: Seeks Extension to Submit Regularization Plan
------------------------------------------------------------
On behalf of the Board of Directors of K.P. Keningau Berhad
(KPK), Southern Investment Bank Berhad (SIBB) advised Bursa
Malaysia Securities Berhad that on June 23, 2005 SIBB had, on
behalf of the Company, applied to Bursa Malaysia Securities
Berhad (Bursa Securities) for a further extension of time for
the Company to make a Requisite Announcement on the Company's
regularisation plan pursuant to PN4 of the Listing Requirements.

The decision from Bursa Securities is still pending.

This announcement is dated 24 June 2005.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax:   03-7784 1988


MALAYAN UNITED: Passes All Resolutions at AGM, EGM
--------------------------------------------------
Malayan United Industries Berhad wishes to announce that at the
34th Annual General Meeting (AGM) held on Friday, June 24, 2005
all the ordinary and special business as specified in the Notice
of AGM dated June 1, 2005 were approved by the shareholders.

The Company also announced that at the Extraordinary General
Meeting that was held immediately after the conclusion of the
34th AGM, the resolution as specified in the Notice of EGM dated
June 1, 2005 was approved by the shareholders.

CONTACT:

Malayan United Industries Berhad
14th Floor, MUI Plaza
Jalan P. Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: 3 214 8256
Fax:   3 214 4520
Web site: http://mui-global.com.my


MAXIS COMMUNICATIONS: Bourse Lists Additional Shares
----------------------------------------------------
Maxis Communications Berhad advised Bursa Malaysia Securities
Berhad that an additional 595,000 new ordinary shares of RM0.10
each issued pursuant to the aforesaid Scheme will be granted
listing and quotation with effect from 9:00 a.m., Wednesday,
June 29, 2005.

CONTACT:

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


MBF HOLDINGS: Court Postpones Summary Judgment Date
---------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on June 9, 2005, MBf Holdings Berhad (MBfH) announced
that on June 23, 2005 the Defendant's application for summary
judgment against MBf Printing Industry Sdn Bhd and MBfH via
Kuala Lumpur High Court Suit No.D6-22-1599-2004 has been
postponed for mention on August 17, 2005.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad

Ding Lien Bing
Company Secretary
24 June 2005

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


OILCORP BERHAD: Breaches Bourse's Listing Requirements
------------------------------------------------------
On June 25, 2005 Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded Oilcorp Berhad (OILCORP) for
breach of Paragraph 9.16, in particular Paragraph 9.16(1)(a) of
the Listing Requirements of Bursa Securities (Bursa Securities
LR).

Paragraph 9.16(1)(a) of the Bursa Securities LR stipulates that
the content of an announcement must be factual, clear,
unambiguous, accurate, succinct and contains sufficient
information to enable investors to make informed investment
decisions.

OILCORP was found to be in breach of Paragraph 9.16(1)(a) of the
Bursa Securities LR for failure to ensure that the annual
audited accounts for the financial year ended 31 December 2003
was factual, clear, unambiguous, accurate and succinct to enable
investors to make informed investment decisions.

The public reprimand is imposed pursuant to Paragraph 16.17 of
the Bursa Securities LR after taking into consideration all the
circumstances and the relevant factors of the matter.

Bursa Securities views the above contravention seriously and
cautions OILCORP and its Board of Directors of their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


PANTAI HOLDINGS: Repurchases 169,600 Ordinary Shares
----------------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy-back with the following details:

Date of buy back: 24/06/2005

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

Total number of shares purchased (units): 169,600

Minimum price paid for each share purchased (RM): 0.985

Maximum price paid for each share purchased (RM): 1.000

Total consideration paid (RM): 168,710.95

Number of shares purchased retained in treasury (units): 169,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 34,535,800

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

CONTACT:

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


PILECON ENGINEERING: Shareholders OK All AGM Resolutions
--------------------------------------------------------
The Board of Directors of Pilecon Engineering Berhad informed
Bursa Malaysia Securities Berhad that at the Twenty-Eighth
Annual General Meeting of the Company held Friday, all the
resolutions contained in the Notice of Meeting dated June 2,
2005 were duly approved by the shareholders.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-1888


RHB CAPITAL: To Establish First Islamic Bank
--------------------------------------------
RHB Capital Berhad (RHB Capital) informed Bursa Malaysia
Securities Berhad on the launch of a new Islamic index known as
"Dow Jones-RHB Islamic Malaysia Index" on June 23, 2005.

This new Islamic index will replace the existing RHB Islamic
Index, which is the first Malaysian Islamic index, established
since May 1996.

The launch of Dow Jones-RHB Islamic Malaysia Index marked yet
another milestone for RHB Capital Group following the
establishment of RHB Islamic Bank Berhad, the first full fledged
Islamic bank of a commercial banking group in Malaysia.

This announcement is dated 24 June 2005.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax:   +60 3 9280 6507


SRIWANI HOLDINGS: Issues Additional Shares for Listing
------------------------------------------------------
SRIWANI HOLDINGS BERHAD advised Bursa Malaysia Securities Berhad
that its additional 2,797,830 new ordinary shares of RM1.00 each
arising from the conversion of 30,776,139 Irredeemable
Convertible Preference Shares - A (2005/2010) of RM0.10 each
into 2,797,830 New Ordinary Shares will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, June 29, 2005.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Malaysia
Phone: 04-2628535
Fax:   04-2614076
Web site: http://www.sriwani.com.my


TRADEWINDS CORPORATION: Unit Concludes Acquisition of TPC
---------------------------------------------------------
Tradewinds Corporation Berhad refers to its announcement made to
Bursa Malaysia Securities Berhad dated March 28, 2005 in
relation to the Proposed Acquisition By Tradewinds Resources Sdn
Bhd (Trsb) (Formerly Known As Pernas Securities Sdn Bhd) A
Wholly Owned Subsidiary Of The Company (TCB) (Formerly Known As
Pernas International Holdings Berhad) Of An Additional 40.0%
Equity Interest In Tpc Development Limited (Tpcd) For A
Consideration Of USD 1,450,000.

TCB announce that the Proposed Acquisition has been completed.

This announcement is dated 24 June 2005.

CONTACT:

Tradewinds Corporation Berhad
21st Floor Wisma Zelan
No. 1 Jalan Tasik Permaisuri
2 Bandar Tun Razak
Cheras, 56000 Kuala Lumpur
Malaysia


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

BENPRES HOLDINGS: Releases Copy of Amended Financial Report
-----------------------------------------------------------
Benpres Holdings Corporation (BPC) furnished the Exchange a copy
of its Amended Quarterly Report, using SEC Form 17-Q, for the
quarter ended March 31, 2005.

A copy of BPC's Amended Quarterly Report shall be made available
for reference at the PSE Centre and PSE Plaza libraries. The
same shall likewise be made available for downloading at the PSE
website: http://www.pse.com.ph(under Listed Companies).

For your information.

(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

About BPC

Benpres Holdings Corporation (BPC) is a Lopez-led conglomerate
incorporated in 1993 to provide basic services in the country
with its complete line-up of utilities and infrastructure
companies. It serves as the holding Company for investments in
broadcasting and cable, telecommunications, power generation and
distribution, property development, information technology, and
health care delivery. Its shares were listed at the Manila and
Makati Stock Exchanges on 25 November 1993 in a P3.0 billion
Initial Public Offering.

The Company has 11 subsidiaries and direct affiliates, which
include ABS-CBN Broadcasting Corporation, Bayan
Telecommunications Holding Corporation, First Philippine
Holdings Corporation, Rockwell Land Corporation and Sky Vision
Corporation, among others.

CONTACT:

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


INTERPHIL LABORATORIES: Losses Surge on Weak Sales, Higher Costs
----------------------------------------------------------------
Toll drug manufacturer Interphil Laboratories Inc. plunged
deeper into red due to dwindling production volumes brought
about by sluggish demand and higher costs, BusinessWorld
reports.

The Company saw its losses balloon 350.3% to Php65.02 million
this quarter from Php14.44 million.

First-quarter income from sales and services fell 5.72 percent
to Php390.8 million from Php414.5 million. Total material sales
dropped 16 percent, while services dropped 10 percent.

Meanwhile, loss from operating activities doubled to Php13.25
million from Php7.1 million and operating expenses jumped 15.25
percent to Php41.49 million driven by higher overtime costs,
incremental cost of power, fuel costs, supplies and repairs and
maintenance.

The Company intends to generate additional revenue through the
new pricing scheme that started in December 2004 and from the
additional services rendered for clients including stability,
pilot batches and product registration.

It also expects to reduce operating costs through cost reduction
measures such as freeze on hiring of personnel and reduction in
training costs.

Interphil's principal activities are manufacturing, processing
and packaging of drugs, chemicals, pharmaceuticals, and
veterinary products. At 31-Dec-2002, the Company operates in 3
plants, with 2 manufacturing facilities located in Canlubang and
a minor operation in Sucat,Muntinlupa. Its manufactured products
are exported through its clients to Taiwan, China, Hong Kong,
Malaysia, Australia and New Zealand.

CONTACT:

Interphil Laboratories, Inc.
Canlubang Industrial Estate Bo Pittland
4025 Cabuyao, Laguna 4025
PHILIPPINES
Phone: +63 49 549 2345
Fax: +63 49 817 2435
Web site: http://www.telesenskscl.com


LIFETIME PLANS: SEC Snubs Motion for Reconsideration
----------------------------------------------------
The Securities and Exchange Commission (SEC) has denied Lifetime
Plans Incorporated's petition for reconsideration regarding the
its cancellation of the pre-need provider's Certificate of
Incorporation, reports The Manila Bulletin.

The Company, a spin-off of Yuchengco-owned Pacific Plans Inc.,
said it was very disappointment over the corporate regulator's
decision. Lifetime claimed it has strong legal grounds against
the order of revocation.

In a statement, the Company said it will file an appeal on SEC's
latest decision.

Late last week, the SEC denied Lifetime's petition to have its
Order of Revocation lifted because of lack of merit. The
corporate regulator said it sees no valid reason to reverse its
previous ruling revoking the certificate of registration of
Lifetime.

The SEC cancelled Lifetime's certificate of registration due to
the failure of the Company to submit on time sufficient
documents pertinent to the approval of its registration. These
included the submission of proofs of collection of receivables
and the transfer of ownership of transportation equipment from
its mother company, Pacific Plans, Inc.


MAYNILAD WATER: Due Diligence Set to Begin
------------------------------------------
Interested investors will begin their due diligence on debt-
saddled unit Maynilad Water Services Inc in two weeks,
BusinessWorld reports.

Maynilad receiver Rosario Bernaldo, reported Monday that DMCI
Holdings Inc. and Manila Water Co. will start their respective
due diligence exercises on Maynilad in two weeks.

The Quezon City Regional Trial Court approved early this month
Maynilad's rehabilitation plan which would involve Benpres
Holdings' divestment of all its shares in the water
concessionaire in favor of the government.

The latest development is good news to Benpres, which expects to
return to profitability and cut its debt this year after it
writes off its investment in Maynilad.

Benpres would be writing off Php3.06 billion in equity and 621
million in advances made to Maynilad.

Benpres expects to book a net profit of "at least" Php1 billion
this year by reversing provisions for probable losses made in
previous years for its investment in Maynilad. These provisions
total Php1.4 billion.

CONTACT:

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


NATIONAL BANK: Lucio Tan to Bid for Gov't Shares
------------------------------------------------
Tycoon Lucio Tan has reportedly advised the Department of
Finance of his intention to exercise his rights of first offer
with respect to the government's shares in the Philippine
National Bank (PNB), The Philippine Daily Inquirer reports.

According to the Finance Department, the Lucio Tan Group has the
right to match the highest bid received from third parties in
the public auction to be conducted in August by exercising its
right to first offer.

The government has set a floor price of Php43 per share for its
joint sale, together with Tan, of at least 67 percent of the
PNB, the country's fifth largest bank by assets. The floor price
was based on the PNB valuation undertaken by ING Bank NV, the
government's financial adviser for the planned share sale.

The government and Tan each own 45 percent of PNB.

The bank, which is under rehabilitation for five years until
2007, has projected a net profit of about Php600 million this
year from Php353.3 million in 2004 on the back of its strong
overseas remittance business and the sale of non-performing
assets.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


NATIONAL TRANSMISSION: OKs Deferred Payment Scheme for Assets
-------------------------------------------------------------
The National Transmission Corporation (Transco) and the
Philippine Economic Zone Authority (PEZA) has agreed on a
deferred payments scheme for the latter's acquisition of
Transco's sub-transmission assets (STAs) in Cavite, The
Philippine Star reports.

Transco also granted the same scheme to the Manila Electric
Company (Meralco), PEZA's chief contender for the Cavite
facility.

"PEZA and Meralco have yet to iron out their differences as to
who will operate the STAs. PEZA does not appear to be inclined
to give up that vital line. They're thinking of owning and
maintaining it themselves. They have the right of first refusal
because it is within their franchise area," said Transco
president Alan Ortiz.

PEZA hosts industrial estates in Dasmarinas and Rosario, Cavite.
Currently, its electricity requirements are provided by power
distributor Meralco. While Meralco wants to continue controlling
the Dasmarinas-Rosario transmission lines in Cavite despite
incurring huge losses. PEZA is covered by the Meralco franchise
area.

Meralco had also earlier informed Transco of its intention to
purchase the STAs through a deferred payment mode stretched into
several years.

Under Republic Act 9136 or Electric Power Industry Reform Act of
2001, Transco is mandated to sell its STAs or those assets with
capacity of 69 kilovolt (kV) and below, the distribution
utilities and electric cooperatives.

Transco has offered the said assets to electric cooperatives via
the lease purchase-financing program.

Under this scheme, electric cooperatives will be allowed to give
a down payment equivalent to just 20 percent of the selling
price of these sub-transmission assets, with the balance to be
spread out via installment in a period not exceeding 75 percent
of the remaining life of the assets.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


PERMANENT SAVINGS: Liquidation Proceedings Halt Awaits Approval
---------------------------------------------------------------
Please take notice that on July 1, 2005 at 9:00 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Permanent
Savings Bank will be submitted to the Liquidation Court (RTC
Branch 46, of Manila, Sp. Proc. No. 85-33371) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator

CONTACT:

Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.pdic.gov.ph/


PHILIPPINE TELEGRAPH: Moves ASM Schedule to Sept. 30
----------------------------------------------------
Per Resolution of the Board during its Special Meeting held on
June 23, 2005, the Annual Stockholders' Meeting of Philippine
Telegraph and Telephone Corporation (PT&T) scheduled on July 29,
2005 has been reset to September 30, 2005.

The Resolution of the Board is hereby quoted as follows:

"Resolved, that the Annual Stockholders' meeting of the Company,
scheduled on July 29, 2005 be as it is hereby, postponed to
September 30, 2005, in view of the need for additional time
within which to complete the Company's audited Financial
Statements for Fiscal year ending 2004."

About PT&T

Philippine Telegraph & Telephone Corp. (PTT) has grown through
the years to become the country's dominant record carrier and
leading provider of leased voice and data channels. It offers
the most comprehensive package of telecom services ranging from
telephony to high-speed voice, data and sophisticated video
technologies.

The Company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony. Although
telegraphy, like telex services which the Company dominated in
the 70s and 80s, is perceived as a "sunset" product, variations
are continuously being developed and introduced, such as gift-
accompanied social telegrams; money transfers; and very
recently, e-business derivatives like "e-Sulat" and "e-Store" in
the new Click & Call stations.

Today, however, the revenue contribution of the aforesaid
traditional services (i.e., telex and telegraph) have been
surpassed by LEC operations despite the reduced number of
subscribers. The Company has 30,000 post-paid and pre-paid LEC
subscribers in Region IV_A which account for over 50% of
revenues. These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

CONTACT:

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


PRYCE CORPORATION: Earmarks Php80-Mln for 4 Memorial Parks
----------------------------------------------------------
Liquefied petroleum gas (LPG) distributor Pryce Corp. has
allotted around Php80 million this year to construct four new
memorial parks in Mindanao, according to The Philippine Star.

The Company decided to go back to its original property
development business and focus on the development of memorial
parks following the divestment of its real estate properties.

Construction of these memorial parks is expected for completion
within the year.

Newly appointed Pryce President Nilo Ezequiel said the new parks
will be relatively smaller than those already operated by the
Company. The Company currently has six big memorial parks. It is
also looking at building another four memorial parks next year
to meet the growing demand.

The construction of the projects will be funded by the proceeds
of the sale of the remaining real estate properties of the
Company, mostly located in Cagayan, Davao and Iligan.

CONTACT:

Pryce Corporation
17/F, Pryce Center
1179 Chino Roces Ave.
Cor. Bagtikan St., Makati City
Phone:  899-4401
Fax:  899-6865
E-mail:  pryce@info.com.ph
Web site:  http://www.Philgardens.com


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

CHARTERED SEMICONDUCTOR: To Pay Off Debts Through Shares Sale
-------------------------------------------------------------
Chartered Semiconductor Manufacturing plans to sell new shares
or issue bonds to pay off its debts, reports Business Day.

The firm, a contract supplier of made-to-order microchips,
expects to raise as much as SGD904 million by the end of 2005.

The Company issued convertible bonds in 2001 that were worth
SGD962.5 million, which are due in April 2006. It also made a
rights offering worth SGD1.05 billion that was heavily
undersubscribed in 2002. It also secured loans from several
banks such as Sumitomo Mitsui Bank and the Bank of America to
finance its latest and most advanced factory.

According to Chief Executive Officer Chia Song Hwee, the Company
may need to refinance its convertible bonds, even though it is
liquid enough to continue operating until next year. Securities
analyst Rohan Suppiah said that the Company would most likely
sell new shares in order to reduce its debt-to-equity ratio,
which is expected to reach 110% in December, as compared to 50-
60% last March.

CONTACT:

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


CHESUYAN INTERIOR: Winding Up Hearing Fixed July 8
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Chesuyan Interior Design & Decoration Pte Ltd by the High Court
was on June 20, 2005, presented by Contrac-Image Trading Pte
Ltd, a Company incorporated in the Republic of Singapore and
having its registered office at 9 Penang Road, #02-01 Park Mall,
Singapore 238459, a Creditor.

The said Petition is to be heard before the Court sitting at the
High Court of Singapore on July 8, 2005, 10:00 a.m.

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

The Petitioner's address is 9 Penang Road, #02-01 Park Mall,
Singapore 238459.

The Petitioner's solicitors are Messrs Tan Jee Ming & Partners
of 58 Tras Street #02-01, Singapore 078997.

Tan Jee Ming & Partners
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 Petitioner's
solicitors Tan Jee Ming & Partners, notice in writing of his
intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the solicitors no later than 12:00 p.m. of July 7,
2005(the day before the day appointed for the hearing of the
Petition).

CONTACT:

Chesuyan Interior Design & Decoration Pte Ltd
20 Sungei Kadut Way
Singapore 728784
Phone: 3681191
Fax:   3681161


DESIGNPAC ADVERTISING: Posts Notice of Intended Dividend
--------------------------------------------------------
Designpac Advertising (S) Pte Ltd. formerly of 5001 Beach Road
#03-97L Golden Mile Complex Singapore 199588 posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Court: Supreme Court, Singapore
Number of Matter : Companies Winding Up No. 150 of 2002
Last Day for Receiving Proofs: July 8, 2005
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated : 24th June 2005

Moey Weng Foo
Assistant Official Receiver


EVENSTAR INVESTMENTS: Shareholder Seeks Winding Up
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Evenstar Investments Pte Limited by the High Court was on May
24, 2005, presented by Sim Yong Kim of 129 Jalan Lim Tai See,
Singapore 268455, a shareholder.

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

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 129 Jalan Lim Tai See, Singapore
268455.

The Petitioner's solicitors are Straits Law Practice LLC of 133
New Bridge Road, #16-01/03-05/10 Chinatown Point, Singapore
059413.

Straits Law Practice 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 solicitor Straits
Law Practice 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 solicitor no later than 12:00 p.m. of June 30, 2005
(the day before the day appointed for the hearing of the
Petition).


GEA TECHNOLOGY: Court to Hear Winding Up Petition on July 1
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of GEA
Tecnology Pte Ltd by the High Court was, on June 2, 2005,
presented by Intelmail Explorenet Pty. Ltd., a Company
incorporated in Australia and having its principal course of
business at Unit 3, 16 Mars Road, Lane Cove, NSW 2066,
Australia, a Creditor.

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

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 Company, requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's registered address is at Unit 3, 16 Mars Road,
Lane Cove, NSW 2066, Australia.

The Petitioner's solicitors are Messrs Lee & Lee of No. 5
Shenton Way, Level 19 UIC Building, Singapore 068808.


LEE & LEE
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 Messrs Lee & Lee,
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 solicitors (if any) and must be served, or,
if posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. on June 30, 2005 (the day
before the day appointed for the hearing of the Petition).

CONTACT:

GEA Technology Pte Ltd
Number 4 Ayer Rajah Crescent
Singapore 139960
Phone:  68725005
Fax:  68721771
Email:  geatech@singnet.com.sg


GREATRONIC LIMITED: Shareholder Unloads Entire Stake
----------------------------------------------------
Greatronic Limited announced that it has been informed Monday
that one of its substantial shareholders, Greatlink Electronis
Co., Ltd. has sold its entire shareholdings comprising
64,944,490 Greatronic shares to Mr. James Hong Gee Ho.

Mr. James Hong has made a Mandatory Conditional Cash Offer to
buy the remaining shares of the Company not already owned by
him. Attached are the details of Mr. Hong's announcement.

In view of this development, the Company will seek leave of the
High Court to withdraw its Petition for a Judicial Management
Order on June 27, 2005.

To view the entire release, click on:
http://bankrupt.com/misc/tcrap_greatroniclimited062505.pdf

CONTACT:

Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Phone: 65 68417828
Fax:   65 68417282
Web site: http://www.greatronic.com/


ITECH INFOCOMM: Creditors Must Lodge Proofs of Debt
---------------------------------------------------
Notice is hereby given that the creditors of Itech Infocomm Pte
Ltd, which is being wound up voluntarily, are required on or
before July 25, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidator of the said Company.

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

Dated this 24th day of June 2005

Tan Seck Kang
Liquidator
c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

CONTACT:

iTech Infocomm Pte Ltd
91, Bencoolen Street
#07-04 Sunshine Plaza
Singapore 189652
Phone: +65 68228718
Fax:   +65 68228716
Email: tayms@pcs-security.com
Web site: www.pcs-security.com


JIANGSHAN INVESTMENT: Court Orders Winding Up of Operations
-----------------------------------------------------------
Notice is hereby given that the creditors of Jiangshan
Investment Consortium Ltd, which is being wound up by the Court,
are required on or before July 25, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company.

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

Dated this 24th day of June 2005

Chia Soo Hien
Liquidator
5 Shenton Way
#07-01 UIC Building
Singapore 068808


MYBIZ SINGAPORE: Sets Final Meeting on July 26
----------------------------------------------
Pursuant to section 308 (2) of the Companies Act, Cap. 50,
notice is hereby given that the final meeting of the member and
creditors of Mybiz Singapore Pte Ltd will be held on July 26,
2005, 4:00 p.m., at 3 Phillip Street, #18-00 Commerce Point,
Singapore 048693 for the purposes of having an account laid
before the member and creditors showing how the manner in which
the winding up has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator and also of determining by resolution
the manner in which the books, accounts and documents of the
Company and of the Liquidator shall be disposed of.

Dated this 24th day of June 2005.

Shanker Iyer
Liquidator
3 Phillip Street
#18-00 Commerce Point
Singapore 048693
Phone: (65) 6532 5746
Fax:   (65) 6532 7680
Email: office@iyerpractice.com
Web site: http://www.iyerpractice.com

Note:

Any member or creditor entitled to attend and vote at this
meeting is entitled to appoint another person (whether a member
or creditor or not) as his proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time of
holding the meeting and any adjournment thereof.


RSH LIMITED: Appoints Audit Committee Member
--------------------------------------------
RSH Limited announced that Mr. Mohamed Ali Rashed Alabbar, a
non-executive director of the Company, had been appointed a
member of the Audit Committee.

The Audit Committee of the Company now comprised of the
following:

Mr. Ng Boon Yew - Independent Director and Chairman of the Audit
Committee
Mr. Lew Syn Pau - Independent Director and Member of the Audit
Committee
Mr. Mohamed Ali Rashed Alabbar - Non-executive Director and
Member of the Audit Committee.

RSH Limited is a marketer, distributor and retailer of sports,
golf, active lifestyle and fashion products. It was incorporated
in 1979 in Singapore, and now has full operations in 11
countries in Asia. Formerly named Royal Clicks Limited, it
changed its name to RSH Limited in 2003.

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327


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

NATURAL PARK: Prosecutors Let Suspects Off the Hook
---------------------------------------------------
A former managing director of Natural Park Plc (N-Park) and a
businesswoman have averted criminal proceedings after public
prosecutors decided to withdraw charges against the two, The
Nation reports.

In August this last year, the Securities and Exchange Commission
(SEC) lodged before the Special Investigation Department (SID) a
criminal complaint, accusing ex-director Thosapong Jaruthavee of
misappropriating assets and rightful benefits of the embattled
N-Park to give to Sawang Mankongcharoen. Ms. Sawang was accused
of aiding and abetting.

The prosecutors' move came after the SID concluded that case
against Mr.  Thosapong should be pursued, but that against
Ms.Sawang should be dropped since she was only an investor in
the Company. The circumstances of the case were such that
dropping the charges against a key suspect made it inappropriate
to proceed against others.

In 1999, N-Park and its subsidiaries restructured debts of
THB11.1 billion in a deal with the state-owned Asset Management
Corporation. The restructuring agreement gave N-Park the right
to repurchase assets from the AMC at a later date.

The SEC claimed Mr. Thosapong later transferred the right to
repurchase the assets to DCH Co, a Company founded by Ms.
Sawang, without notifying Natural Park's directors or
shareholders.

CONTACT:

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


NATURAL PARK: SET Halts Securities Trading
------------------------------------------
Reference is made to the notification the SET received from
Pacific Assets Public Company Limited (PA) that PA's Board of
Director passed the resolution on June 24,2005 and approved the
offer to purchase assets from Natural Park Public Company
Limited (N-PARK).

Details of the captioned assets are the following:

1. 75% of common shares issued of Natural Hotel Siam Company
Limited.

2. 100% of common shares issued of Natural Hotel Panwa Company
Limited

3. Land, construction, fixture, furniture and assets related to
the Chedi Chiengmai Hotel and 100% of common shares issued of
Natural Delux Origin Company Limited.

The above information is considered to be material which might
affect investors' trading decision on N-PARK. At present, the
SET has not been informed any related information from N-PARK.

The SET then posts H sign (Trading Halt) on securities of N-PARK
effective from the first trading session of June 27, 2005 until
the clarification from N-PARK is received and disseminated.


PACIFIC ASSETS: Unveils Board Meeting Resolutions
-------------------------------------------------
Pacific Assets Public Company Limited would like to notify the
resolution of the Board of Directors Meeting No. 10/2005 held on
June 25, 2005 at 3:00 p.m. as follows:

Agenda 1
Resolved to approve the minute of the Board of Directors Meeting
No. 9/2005.

Agenda 2
Resolved to approve the offer to purchase the assets from
Natural Park Public Company Limited (Natural Park) at Book Value
on the date of transaction incurred.  The details are as
follows:

        1. Common share of Natural Hotel Siam Company Limited,
the owner of Siam Hotel and Service Apartment (Siam) project,
750,000 shares or 75% of shares issued.

        2. Common share of Natural Hotel Panwa Company Limited,
the owner of Panwa Beach Resort Phuket (Panwa), 2,999,994 shares
or 100% of shares issued.

        3. Land, construction, fixture, furniture and assets
related to the Chedi Chiengmai Hotel (Chedi) from Natural Real
Estate Company Limited, the owner of Chedi Chiengmai Service
Apartment with 994 shares or 100% of shares issued.

The Board of Directors hereby authorize the executive committee
or any persons authorized by the executive committee to
negotiate, sign in related documents and agreements or any other
actions necessary to negotiate and give consent on the purchase
of assets from Natural Park.

However, the purchase of assets has to be under the following
conditions:

        a) The Company will purchase assets at Book Value at the
transaction incurred.

        b) Due diligence will be conducted as appropriate for
the purchase of assets and the purchase of assets have to be
approve by the shareholders meeting of the Company and approve
by the Board of Directors and shareholders meeting of Natural
Park in accordance with related law and regulations of the Stock
Exchange.

The offer to purchase assets from Natural Park may or may not
happen.  The success of the transaction depends upon the above
conditions.

The purchase of mentioned assets is initiated by the Chairman of
the Company (Dr. Srisook Chandrangsu), which mentioned that the
Company should mainly focus on hotel business and to become a
leader in the hotel industry in Thailand.  This would prepare
the Company to face economic fluctuation that may incur in the
future, including intense business competition.  Thus, the
Company will strategically invest in major tourist attractions
of Thailand and will expand customer base to include various
prices by not depending on only one location or customer.

Therefore, the Company should have additional hotel project
whereby the Company has considered the hotel project of Natural
Park, a major shareholder of the Company, because of its high
quality projects that are located in main tourist attractions
such as Bangkok, Chiengmai and Phuket and obtain customers
ranging from 4 - 5 star.

Therefore, the Company has offered to purchase such assets from
Natural Park at Book Value, which should mutually benefit both
companies.  The Board of Directors agree with the offer of the
Chairman of the Company that the Company will recognize
operating revenue in the short-run from Panwa and Chedi project.
Panwa and Chedi has completed the construction and will operate
soon, whereas, Siam will recognize revenue within approximately
2 years.

The offer to purchase assets from Natural Park is connected
transaction.  For the fairness to minor shareholders of the
Company, Natural Park will not vote in this agenda in the
shareholders meeting of the Company.

Agenda 3
Resolved to approve the sale of assets of the Company to
interested investor.  The assets are as follows:

        1. Pantip Court Building
        2. One and Two Pacific Place
        3. Le Royal Meridien Baan Taling Ngam, and
        4. Le Royal Meridien Phuket Yacht Club (Selling Assets)
at the price of THB3,220 million.

The Board of Directors hereby authorize the executive committee
or any persons authorize by the executive committee to
negotiate, sign in related documents and agreements to
Arrangers, Coordinator and interested investor, or any other
actions necessary to negotiate and give consent on the sale of
assets to such interested investor.  However, the sale of
assets has to be under the following conditions:

        a) Interested investor will purchase the all of the
assets and can not purchase either one of the assets at the
aggregate price of THB3,220 million.

        b) Interested investor will conduct due diligence as
appropriate and the purchase of assets will have to be approved
by the shareholders meeting of the Company in accordance to
related laws and regulations of the Stock Exchange.

Nonetheless, the sale of assets may or may not happen.  The
success of the transaction depends upon the above conditions.

The sale of assets come from the concept proposed by the
Chairman of the Company, which mentioned that the Company should
mainly focus on hotel business and to become a leader in the
hotel industry in Thailand.

The Company will strategically invest in major tourist
attractions of Thailand and will expand customer base to include
various prices by not depending on only one location or
customer. Thus, the Company has considered selling assets that
are not related to hotel business.

Therefore, if there are interested investors that would like to
purchase such businesses at a reasonable price, the Company
should consider selling it.

Currently, the interested investor would like to purchase Pantip
Court Building and One and Two Pacific Place under the condition
at they will also purchase Le Royal Meridien Baan Taling Ngam
and Le Royal Phuket Yacht Club.

The Board of Directors perceive that the sale of Pantip Court
Building and One and Two Pacific Place is a strategic move for
the Company in terms of revenue and risk reduction.  However,
the sale of two other hotels, if the price is reasonable, it
should not affect the Company in the long-run.

Agenda 4
Resolved to approve the appointment of Siam City Securities
Company Limited as Independent Financial Advisor to give opinion
on the acquisition and disposal of assets, reasonableness and
benefit of the transaction, the fairness of price and
participated in the shareholders meeting, and other
responsibility as required by law.

The remuneration can be considered by the executive committee.

Agenda 5
Resolved to approve the determination of the date of the
Extraordinary General Meeting of Shareholders No.1/2005 on July
29, 2005 at 1.00 p.m. The place of the meeting will be notified
in the Invitation Letter. The meeting will consider the
following agenda:

        1. To consider and certify the Minutes of the Annual
General Meeting of Shareholders No. 20
        2. To consider approving the offer to purchase assets
from Natural Park Public Company Limited
        3. To consider approving the sale of assets of the
Company to the interested investor
        4. Other matters (if any)

Agenda 6
To approve the closing of the Share Register Book to suspend the
transfer of shares of the Company for exercising the right to
attend the Extraordinary General Meeting of Shareholders from
July 11, 2005, at noon, until the Extraordinary Meeting of
Shareholders is duly adjourned.

Please be informed accordingly.


Sincerely Yours,
Pacific Assets Public Company Limited

-Signed-
Mr. Alex Te- Heng Ho
Vice Chairman

CONTACT:

Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287


PACIFIC ASSETS: Securities Placed Under Trading Halt
----------------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Pacific Assets Public Company Limited  (PA) effective
from morning trading session of June 27,2005.

PA has announced the Board of Director resolution approving the
selling of the core assets which generate main revenue to the
Company and the offer to purchase the assets from Natural Park
Public Company Limited (N-PARK), major shareholder, however, PA
failed to disclosed the related information concerning the
purchase transaction.

The above material information might affect PA's future
operation, so the SET has ordered the trading halt in order to
provide PA's shareholder and general investor to analyze the
disclosed information.

Therefore, the SET has temporarily halted trading of the Company
securities, until the Company has clarified or disclosed this
material information to the SET


THAI PETROCHEMICAL: Planned Share Sale Hits Snag
------------------------------------------------
Thai Petrochemical Industry PCL's (TPI) proposed sale of TPI
Polene Plc (TPIPL) shares is likely encounter problems in the
next few weeks since only a small number of investors have
signified their interest in the divestment, The Bangkok Post
reveals.

The debt-restructuring team, set up by the Finance Ministry to
manage TPI's US$2.7-billion debts, insisted that the sale be
completed by the end of July. Investors and even investment
bankers, however, feel the deadline could be very difficult to
meet.

But Mr. Pala Sookawesh, a one of TPI's debt planners, stressed
the team is set to sell the shares by the end of next month
regardless of who will buy them.

"It is not the business of TPI, to be in the cement business and
we intend to lower the debts (of TPIPL) through the sale," Mr.
Pala said.

Under the debt-restructuring scheme, TPI would auction its 249
million shares in TPIPL to generate enough money to trim its
debts. The planners have hired Kim Eng Securities Plc as their
adviser in the transaction.

TPI Polene is currently controlled and managed by Prachai
Leophairatana, the founder of both TPI and TPI Polene.

Although, TPIPL is among the best cement plants globally
according to most major cement players, not many firms are
looking to enter the bidding war for the 31-percent stake being
put up for sale.

Mr. Prachai has said that his family, which now controls about
250 million shares of TPIPL, had no intention to bid for TPI's
holding.

CONTACT:

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

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com



BOND PRICING: For the Week 27 June to 01 July 2005
--------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    9
Arrow Energy NL                      10.000%     3/31/08    1
Austral Coal                          9.500%    10/01/06    1
BIL Finance Ltd                       8.000%    10/15/07    8
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Chrome Corporation Ltd               10.000%     2/28/08    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.550%     3/15/11    8
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
GPS Online Ltd                       10.000%     6/30/06    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hudson Timber Products Ltd            7.000%    12/31/10    1
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15    8
Kagara Zinc Ltd                       9.750%     5/06/07    1
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd              10.250%    10/15/09   11
Primelife Corporation                 9.500%    12/08/06    1
Primelife Corporation                10.000%     1/31/08    1
Prime Infrastructure                  8.500%     2/28/49    9
Prime Infrastructure                  8.500%    12/31/49    9
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.160%     9/20/35    9
Sapphire Securities Ltd               9.250%    12/20/06    9
Sherlock Bay Nickel                  12.000%     9/01/07    1
Silver Chef Ltd                      10.000%     8/31/08    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sunshine Gas Company Ltd             12.000%     9/30/06    1
Sydney Gas Company                   12.000%     4/01/06    1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.300%    12/15/08    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2

MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             7.000%      2/24/06    1
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Denko Industrial Corporation Bhd       5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
EG Industries Bhd                      5.000%      6/16/10    1
Fountain View Development Sdn Bhd      3.500%     11/03/06    1
Furqan Business Organization           2.000%     12/19/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Huat Lai Resources Bhd                 5.000%      3/28/10    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kamdar Group Bhd                       3.000      11/09/09    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    4
Lion Diversified Holdings Bhd          2.000%      6/01/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corporation Bhd             0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Pantai Holdings Bhd                    5.000%      7/31/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings Bhd                  3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     2.652%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                          8.000%     11/20/12    1
Structural System Singapore           11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%     12/07/06    1
Tincel Properties (Private) Ltd        5.000%      6/13/11    1
Tincel Properties (Private) Ltd        7.400%      6/13/11    1




                            *********


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
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                 *** End of Transmission ***