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

                     A S I A   P A C I F I C

             Thursday, July 14, 2005, Vol. 8, No. 138

                            Headlines

A U S T R A L I A

ATM CASH: Supreme Court Orders Wind Up
AUSTRALIAN BODYCARE: To Hold Final Meeting Next Week
BLACK & WHITE: Members to Hear Liquidator's Wind-up Report
COLLINS BOOKSELLERS: Franchisees Buy Out Business
COMDEK: In Talks to Sell Hardware Arm

COMPLETE BRICKWORK: Members Resolve to Wind Up
DECO CONSULTING: Placed Under Voluntary Liquidation
EVANS & TATE: Local Woes Cloud Offshore Dreams
GAYWOOD TIMBER: To Pay Dividend to Priority Creditors
HIH INSURANCE: Cooper Turns Up Without Counsel

HUBERRIT PTY: Liquidator to Report at General Meeting
HYDE MANAGEMENT: To Declare Dividend July 19
IABLEX PTY: Liquidator to Explain Wind Up Manner
ISL AUSTRALIA: To Declare First, Final Dividend
JNL ELECTRONICS: Ordered to Wind Up Ops

MARTI ENTERPRISES: Names R.A. Sutcliffe Official Liquidator
MOUNTAINVIEW GROUP: Begins Liquidation Process
NATIONAL AUSTRALIA: Says Business Conditions Ease in June
ONE.TEL LIMITED: NSW Judge Dissects PwC Report
OROTON: Discusses New Arrangement with Lauren

PACIFIQUE CORPORATION: Members to Convene in Final Meeting
QANTAS AIRWAYS: Permits Foreigners to Hold 49% Interest
QANTAS AIRWAYS: Low-cost Unit Leaves Travelers Stranded
QANTAS AIRWAYS: Jetstar Still Upbeat Despite Merger Failure
QUEEN'S CAFE: Members Pass Winding Up Resolution

RAMOSE PTY: Picks Official Liquidator
ROSS DREW: Creditors Approve Liquidator's Appointment
SOUTHSIDE EATERY: To Be Wound Up By Members
TENAMBIT INVESTMENTS: Liquidator to Detail Wind Up Manner
VILLAGE LIFE: Faces AU$925-Mln Legal Actions

VILLAGE LIFE: To Fight Ensuing Litigation Claims
WYNDEMAR PTY: Creditors to Meet July 29


C H I N A  &  H O N G  K O N G

ANSBACHER LIMITED: Issues Debt Claim Notice
CROWN RISING: Winds Up Operations
FORTUNE ALPHA: High Court Releases Wind-up Order
GLORY BRIGHT: Commences Liquidation Proceedings
GOLDEN NICE: Schedules Wind-up Hearing July 27

KAMBOAT GROUP: Capital Reorganization Hearing Set July 29
MANBLE SECURITIES: SFC Suspends Chan Yuen for Management Failure
MANWAH ENGINEERING: Wind-up Process Initiated
TOPGOAL STRATEGIC: Receives Winding Up Order
WALSON INDUSTRIAL: Winding Up Hearing Slated for August 3

YUE XIU: Court to Hear Winding Up Petition August 10


I N D O N E S I A

BANK MANDIRI: Aims to Increase Credits by 15%
PERTAMINA: Ensures Normal Fuel Supply By Month's End
PERTAMINA: Raises Oil Price for Mining Firms
PERTAMINA: To Buy Crude Oil from Production-Sharing Contractors



J A P A N

KOBE STEEL: To Issue Domestic Unsecured Bonds
MATSUSHITA ELECTRIC: To Dim Neon Signs to Save Cost
MITSUBISHI FUSO: Management Set to Prioritize Quality
MITSUBISHI MOTORS: Phoenix Sells 4% Stake to JP Morgan
MITSUBISHI MOTORS: To Slash Nearly 20% Jobs at Dutch Unit

MITSUBISHI MOTORS: Malaysia's EON to Sell Vehicles
SEIBU RAILWAY: Kokudo To Divest HQ Building
SOJITZ HOLDINGS: Updates Conversion Price of Preferred Stock
SUMITOMO MITSUI: METI OKs Restructuring Plan
TOSHIBA CORPORATION: Hails U.S. Judge's Decision on Lexar


K O R E A

ASIANA AIRLINES: Weekend Travelers to Enjoy New Flights Soon
INCHEON OIL: Few Companies Express Interest to Bid


M A L A Y S I A

BELL & ORDER: Court Extends Restraining Order for 6 Months
FABER GROUP: Bourse OKs Listing of New Ordinary Shares
HAP SENG: Details Unit's Disposal of Properties
HAP SENG: Subsidiary Disposes of Motor Vehicle
I-BERHAD: New Stockbroker Joins Firm

KILANG PAPAN: AGM Slated for July 29
MINHO (M) BERHAD: In Talks with Banks over Payment Terms
OLYMPIA INDUSTRIES: Updates Proposed Restructuring Scheme
PILECON ENGINEERING: Restraining Order to Expire Next Month
SINORA INDUSTRIES: Details Disposal of Shares

SURIA CAPITAL: Court to Decide on Application to Adduce Evidence
UMW HOLDINGS: Unit Concludes Wind Up Procedure


P H I L I P P I N E S

ABS-CBN BROADCASTING: Pares Listed PDRs
LEPANTO CONSOLIDATED: Potential Investors Review Mining Plans
LODESTAR INVESTMENT: Writes Off Assets, Liabilities
MAKATI MEDICAL: Union Decides Against Strike
MANILA ELECTRIC: ERC Order May Hurt Earnings

NATIONAL BANK: Says It Did Not Request for SEC Exemption
* Moody's Changes Philippines' Ratings Outlook to Negative


S I N G A P O R E

ADVENTURE TRAINING: Ordered to Wind Up Operations
BOUSTEAD SINGAPORE: To Hold AGM July 28
EXCEL MACHINE: Judicial Management Order Extended to 2006
NEOCORP INTERNATIONAL: Signs MOU with Chinese Firm
O.R. COMPUTER: Creditors Asked to Submit Proofs of Claim

POLIKEN INDUSTRIES: Set to Distribute Dividends
STIRLING BRIDGE: Under Voluntary Liquidation
THAKRAL CORPORATION: Pays Dividends, Closes Books


T H A I L A N D

DAIDOMON GROUP: Unveils Board Meeting Resolutions
PICNIC CORPORATION: Denies Report on Overdraft Limits
KUANG PEI: SET Transfers Securities to Rehabco Sector
RS PROMOTION: Eyes Licensing Business to Boost Net

     -  -  -  -  -  -  -  -

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

ATM CASH: Supreme Court Orders Wind Up
--------------------------------------
On June 7, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that ATM Cash Networks Pty Limited be
wound up, and appointed R. J. Porter as Official Liquidator for
the Company.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


AUSTRALIAN BODYCARE: To Hold Final Meeting Next Week
----------------------------------------------------
Notice is given that a final meeting of members of Australian
Bodycare Pty Limited will be held on July 21, 2005, 10:00 a.m.
at Level 9, 10 Shelley Street, Sydney NSW.

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

Dated this 6th day of June 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 02 9338 2600
Web site: www.mcgrathnicol.com.au


BLACK & WHITE: Members to Hear Liquidator's Wind-up Report
----------------------------------------------------------
Notice is hereby given that the affairs of Black & White Cutting
Pty Limited are now fully wound up, and pursuant to Section
509(1) of the Corporations Act, a meeting of the Company and its
members and creditors will be held on Monday, July 25, 2005,
9:30 a.m. at the offices of PPB, 15th Floor, 25 Bligh Street,
Sydney.

The purpose of the meeting is to:

(1) Table an account indicating how the winding up has been
conducted;

(2) Allow creditors to raise any queries regarding the conduct
of the liquidation to date; and

(3) Approve Liquidators' fees

Creditors who have already submitted their proof of debt need
not do so again, and those who wish to attend the meeting via
telephone may contact Stephen Wicks at the Liquidators' Office.

Dated this 3rd day of June 2005

S. J. Parbery
M. J. Robinson
Liquidators
PPB
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9233 4955
Fax:   (02) 9221 1310


COLLINS BOOKSELLERS: Franchisees Buy Out Business
-------------------------------------------------
Failed book retailer Collins Booksellers has gained itself a new
chief executive in the person of Duncan Johnson, according to
ABC News Online.

Mr. Johnson and his wife Dianne are the owners of a bookstore in
Bairnsdale, Victoria. Collins franchisees Trevor and Liz Watt
from Sale's Collins Bookstore have also bought the Hill of
Content bookshop in the Melbourne CBD.

Collins went into voluntary receivership earlier this year but
31 of the franchisees have banded together to buy out the
business this week.

The new owners of the 83-year old book chain are confident the
new structure will be able to succeed where the previous owners
failed.

"We've all had experience right on the shop floor and we've all
been running very successful businesses.

"The franchise side of Collins booksellers has been a very, very
successful story."

CONTACT:

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


COMDEK: In Talks to Sell Hardware Arm
-------------------------------------
Embattled technology group Comdek is keen on divesting its once-
core computer hardware division, as part of effort to focus on
broadband operations and recover from a financial crisis,
according to The West Australian.

Comdek Managing Director Haydn Collins confirmed the group was
in the final stages of negotiation with potential buyers of its
hardware operations. The group decided earlier this year to quit
the business in which it had been a major West Australian player
for two decades.

Comdek last week sold its VianetAIP corporate internet service
provider operation to sharemarket-listed rival Datafast in a
deal that gave it sufficient cash to pay out hostile creditors
and keep operating its hardware and remote area services.

Mr. Collins said the company had decided to sell the hardware
business well before it faced Supreme Court winding-up
proceedings, which were dismissed on Thursday.

The group is now at loggerheads with creditors, with 154 Collins
Street Pty Ltd being one of the parties pushing in the WA
Supreme Court for Comdek to be put into liquidation.

Comdek shares have been suspended from trading on the stock
exchange for five weeks after stock exchange officials began
questioning Comdek management about reports about its running
rows with creditors.

CONTACT:

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


COMPLETE BRICKWORK: Members Resolve to Wind Up
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Complete Brickwork Pty Limited held on June 6, 2005, it was
resolved that the company be wound up voluntarily, and that
Schon Condon of Jones Condon Chartered Accountants, Level 1 34
Charles Street, Parramatta NSW, be appointed Liquidator for such
purpose.

Dated this 6th day of June 2005

Schon G. Condon RFD
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: (02) 9893 9499


DECO CONSULTING: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that on June 2, 2005, the following
special resolution was passed:

That Deco Consulting (Australia) Pty Limited be wound up
voluntarily in accordance with the Corporations Act 2001
relating to a Creditors' Voluntary Winding Up, and that Mr B.
J. Marchesi, Chartered Accountant, of Level 5, 332 St. Kilda
Road, Melbourne be appointed Liquidator for such purpose.

Dated this 2nd day of June 2005

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


EVANS & TATE: Local Woes Cloud Offshore Dreams
----------------------------------------------
Evans & Tate's (E&T) struggle to revive its domestic business
has hurt plans to build sales offshore, The Age relates.

Recently, British wine retailer Tesco has reportedly delisted
E&T's Barramundi brand from its online wine store.

Just last year, E&T hailed the newly acquired brand as the
engine for building sales in Britain. At the time, Tesco had
three Barramundi varieties on its shelves.

It is unclear whether the rejection will hit the company's
bottom line because Executive Chairman Franklin Tate didn't
return calls.

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


GAYWOOD TIMBER: To Pay Dividend to Priority Creditors
-----------------------------------------------------
A first priority creditor dividend is to be declared on Aug. 4,
2005 for Gaywood Timber & Building Supplies (Gosdford) Pty
Limited.

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

Dated this 14th day of June 2005

Sule Arnautovic
Joint Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


HIH INSURANCE: Cooper Turns Up Without Counsel
----------------------------------------------
Businessman Brad Cooper has been ordered to tell prosecutors why
he wants a permanent stay on criminal charges he faces relating
to the failed insurer HIH Insurance, the Sydney Morning Herald
reports.

Mr. Cooper applied for a permanent stay on proceedings last
month, seeking to have 13 criminal charges against him dropped
before his scheduled trial on August 1.

The charges stem from Cooper's conduct from December 2000 until
the AU$5.3 billion collapse of HIH on March 15, 2001.

In the NSW Supreme Court Tuesday, Crown prosecutors asked to be
told the reasoning behind Cooper's application so they could
prepare a response. But Mr. Cooper said he was unable to
understand court proceedings without his lawyer, who dropped his
case on Monday night.

Mr. Cooper asked the court for an adjournment on the
application, saying he had been refused legal aid funding and
needed time to find representation.

Mr. Cooper has pleaded not guilty to handing cash benefits to
HIH financial services general manager Bill Howard and
publishing false or misleading statements.

Justice Michael Grove told Cooper he would have to provide
details of the stay application by next Monday, July 18.


HUBERRIT PTY: Liquidator to Report at General Meeting
-----------------------------------------------------
Notice is hereby given, in pursuant to Subsection 509(3) and
(4) of the Corporations Act 2001, that a General Meeting of the
Members of Huberrit Pty Limited will be held on July 25, 2005,
2:00 p.m. at the office of F. H. Cousins & Co., 36 Coolawin
Road, Northbridge, to have an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and hearing any explanation
that may be given by the Liquidators.

Dated this 6th day of June 2005

Francis J. Cousins
Liquidator
F. H. Cousins & Co.
36 Coolawin Road, Northbridge


HYDE MANAGEMENT: To Declare Dividend July 19
--------------------------------------------
Hyde Management Services Pty Limited will declare a final
dividend to priority creditors on July 19, 2005.

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

Dated this 3rd day of June 2005

T. J. Dare
Liquidator
McGrathNicol+Partners
Level 32, Central Plaza One
345 Queen Street
Brisbane Qld 4000
Phone: 07 3333 9822
Web site: www.mcgrathnicol.com.au


IABLEX PTY: Liquidator to Explain Wind Up Manner
------------------------------------------------
Notice is hereby given that a general meeting of members of
Iablex Pty Limited will be held on July 24, 2005, 9:00 a.m. at
Unit 2041, 1 Lennie Avenue, Main Beach, Queensland for the
purpose of laying before it an account showing how the winding
up has been conducted and the property of the company disposed
of.

Dated this 3rd day of June 2005

Ian Salmon
Liquidator
Unit 2041, 1 Lennie Avenue
Main Beach Qld 4217


ISL AUSTRALIA: To Declare First, Final Dividend
-----------------------------------------------
A first and final dividend is to be declared on July 20, 2005 in
respect of ISL Australia Pty Limited.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims (together
with documentary evidence to substantiate such claims) on or
before July 15, 2005. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 31st day of May 2005

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road
Hawthorn East Vic 3123
Phone: 9882 6666


JNL ELECTRONICS: Ordered to Wind Up Ops
---------------------------------------
On June 2, 2005 the Supreme Court of New South Wales made an
order that JNL Electronics (Australasia) Pty Limited be wound up
by the Court, and appointed Thomas Javorsky to be Liquidator for
the winding up.

Thomas Javorsky
Official Liquidator
c/o Jones Condon
Chartered Accountants
Phone: (02) 9251 5222


MARTI ENTERPRISES: Names R.A. Sutcliffe Official Liquidator
-----------------------------------------------------------
Notice is now given that at meetings of members and creditors of
Marti Enterprises Pty Limited convened and held on June 1, 2005,
creditors resolved that the company be wound up, and R. A.
Sutcliffe was appointed liquidator for such purpose.

Dated this 1st day of June 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Phone: (03) 9482 6277


MOUNTAINVIEW GROUP: Begins Liquidation Process
----------------------------------------------
Notice is now given that at meetings of members and creditors of
Mountainview Group Pty Limited convened and held on June 1,
2005, creditors resolved that the company be wound up and
pursuant to Section 491(1) of the Corporations Act 2001, R. A.
Sutcliffe was appointed Liquidator of the Company.

Dated this 1st day of June 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Phone: (03) 9482 6277


NATIONAL AUSTRALIA: Says Business Conditions Ease in June
---------------------------------------------------------
A survey said that business conditions at National Australia
Bank (NAB) eased slightly in June as falls in profitability and
employment offset stronger trading results, The Australian says.

NAB's June business conditions index fell two points to 11 in
seasonally adjusted terms, following May's rise. Business
conditions remained relatively strong but well below the recent
peaks in late 2004.

However, they were significantly above the recent low of six
points in April, implying an unexpected re-acceleration in
domestic demand.

NAB group chief economist Alan Oster said while the survey
showed a general economic slowdown, it pointed to a solid
performance ahead.

CONTACT:

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


ONE.TEL LIMITED: NSW Judge Dissects PwC Report
----------------------------------------------
A NSW Supreme Court judge rejected most of an expert's report
central to the corporate regulator's civil action against
One.Tel Limited's former managing director Jodee Rich and
finance director Mark Silbermann, according to The Age.

The report, prepared by PricewaterhouseCoopers (PwC) partner
Paul Carter for the Australian Securities and Investments
Commission (ASIC), underwent careful scrutiny by Judge Robert
Austin. Judge Austin embarked on a paragraph-by-paragraph
analysis of the report, after months of legal battled over its
contents.

Counsel for Mr. Rich and Mr. Silbermann attacked the report from
the outset of the case last year, citing two main objections.

The first is that Mr. Carter, a forensic accountant, was an
integral part of ASIC's investigations team for almost a year
after One.Tel's collapse in May 2001 and therefore should not
have been asked to produce an expert's report for the case as
well.

A second challenge was based on the submission that many of the
conclusions in Mr. Carter's lengthy report were based on
assumptions, not just facts.

As a result of the legal challenges, Justice Austin rejected the
Carter report in its entirety earlier this year. ASIC appealed
and the Court of Appeal overturned Justice Austin's ruling.

The appeal decision was not that the report was relevant but
that Justice Austin should not have rejected it in totality,
instead considering each finding in detail.

As a result, Justice Austin dissected each paragraph of the
report, separating assumptions from findings of fact.

Mr. Carter has supplemented his report with some later
affidavits and reports, which have been taken into account in
making the rulings.

The report consists of 402 paragraphs which focus on the
financial condition of One.Tel before its spectacular collapse.

The hearing will move to Britain late next month.


OROTON: Discusses New Arrangement with Lauren
---------------------------------------------
Oroton Group is reportedly in talks with U.S. fashion house Polo
Ralph Lauren over its license agreement, which expires in 2010,
says The Australian.

The two have been holding discussions for some time. And it is
believed that all but one point has been agreed to.

The sticking point concerns the new "royalties" arrangement. A
change in the royalties deal could affect Oroton's profit
outlook this financial year or next.

The two parties are also understood to have reached a separate
agreement to build a flagship store in the Sydney CBD.

An Oroton spokeswoman described the relationship with Polo as
"robust" and "rock solid". She said the companies were
discussing "a particular point of methodology" but added that it
was "not germane to the ongoing relationship or any of the
contract" and declined further comment.

Oroton had a tough time over the past two years, hit with supply
chain issues and struggling brands.

Oroton told the market last month that higher overhead costs,
restructuring expenses and a difficult retail market would push
its earnings before interest, tax and amortization 41 percent
below last year's AU$14.5 million result.

CONTACT:

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


PACIFIQUE CORPORATION: Members to Convene in Final Meeting
----------------------------------------------------------
Notice is given that a Final Meeting of Members of Pacifique
Corporation Pty Limited will be held on July 21, 2005, 10:00
a.m. at the office of Ferrier Hodgson (Qld), 7th Floor, 145
Eagle Street, Brisbane for the following purpose:

AGENDA:
(1) To lay before the meeting the Liquidators' account that
shows how the winding up has been conducted and the property
of the company disposed of and giving any explanation thereof.

(2) That the remuneration of the Liquidators be approved in the
amount of AUD34,303.00, plus outlays, plus GST.

Proxies intended for use at the Meeting should be lodged at the
office of Ferrier Hodgson (Qld), 145 Eagle Street, Brisbane, not
later than 4.00 p.m. on July 20, 2005.

Dated this 30th day of May 2005

Will Colwell
Liquidator
c/o Ferrier Hodgson (Qld)
Level 7, 145 Eagle Street
Brisbane Qld 4000


QANTAS AIRWAYS: Permits Foreigners to Hold 49% Interest
-------------------------------------------------------
Under the Qantas Constitution, the maximum aggregate level of
relevant interest that foreign persons are permitted to hold in
Qantas Airways is 49 percent.

On October 12, 2004, Qantas advised the market that foreign
persons had a relevant interest in approximately 38.15 percent
of the Qantas issued share capital.

Listing Rule 3.19.3 requires that Qantas advise the market when
the level of foreign relevant interest rises above 44 percent.

Based on the most recent reconciliation, Qantas advises the
market that recent foreign purchases have resulted in foreign
persons having a relevant interest in approximately 45.96
percent of Qantas shares.

Notification Obligations

Qantas reminds the market that, under its Constitution, foreign
purchases are required to notify Qantas, within 10 days of
becoming registered, of their acquisition of a relevant interest
in Qantas shares. Foreign Ownership Notifications are available
from the Qantas Share Registry on (02) 8280 7390.

It is the order of receipt of complete Foreign Ownership
Notifications which determines the priority for entry, upon
reconciliation to a registered shareholding, enters the
purchases on the Qantas Foreign Sub-Register.

Qantas investigates foreign share purchases and, upon
reconciliation of the relevant Foreign Ownership Notifications
to a registered shareholding, enters the purchases on the Qantas
Foreign Sub-Register. Should the level of foreign ownership on
the Qantas Foreign Sub-Register exceed 49 percent, the Qantas
Constitution contains provisions to notify those foreign
shareholders. Should such a Notice be required to be sent, it
results in the registered holder of the offending shares not
being entitled to vote the shares at a meeting of shareholders
and it may lead to the disposal of those shares.

CONTACT:

Qantas Airways Limited
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


QANTAS AIRWAYS: Low-cost Unit Leaves Travelers Stranded
-------------------------------------------------------
The budget arm of Qantas Airways, Jetstar Asia, has become
notorious for leaving hundreds of Tasmanian travelers stranded,
The Advertiser relates.

The embattled discount carrier had been removing flights
departing from Hobart from its schedule with as little as 24
hours notice.

The cancellations left passengers with no other option but to
accept a refund from Jetstar and rebook with Virgin Blue.

Jetstar corporate relations manager Simon Westaway confirmed
flights had been removed from the airline's schedule. He said
the airline has revised some of its schedule over the next few
weeks.

"At the end of the day we schedule the service for commercial
reasons to achieve the maximum utilization of aircraft around
our network," Mr. Westaway added.

But Tasmanian travelers are not at all happy, saying they would
book Virgin the next time.


QANTAS AIRWAYS: Jetstar Still Upbeat Despite Merger Failure
-----------------------------------------------------------
Jetstar Asia, Qantas Airways' low-cost carrier, has brushed off
rumors it could be the first major casualty in South-east Asia's
budget airline war after merger talks with Singapore carrier
Valuair failed, The Age relates.

Just two months after leasing out four of its eight A320s and
reducing its growth plans, the seven-month-old Jetstar Asia said
it had recalled one jet and was in talks to source more planes
from Qantas.

And just weeks after protesting that its Asian growth plans had
been hamstrung by failure to gain rights into China and
Indonesia, the airline announced plans to fly to Cambodia and
India.

The airline said it had plans to unveil "a range of offerings
with additional depth and breadth to customers in the next few
months".

Jetstar Asia said the additional capital needed for its
expansion would be sourced from the original $S100 million its
shareholders set aside to set up the airline.

Qantas declined to specify what planes Jetstar Asia was looking
to source.


QUEEN'S CAFE: Members Pass Winding Up Resolution
------------------------------------------------
At a General Meeting of Queen's Caf‚, duly convened and held on
June 7, 2005 at Suite 19-21, 4 Station Street, Fairfield, the
following Special Resolutions were passed:

(a) That the company be wound up as a Members' Voluntary
Winding Up, and that Eng Sivieng of Suite 19-21, 4 Station
Street, Fairfield, NSW be appointed liquidator of the company
for the winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the company as he may deem
fit.

Dated this 7th day of June 2005

Eng Sivieng
Liquidator
Suite 19-21, 4 Station Street
Fairfield NSW


RAMOSE PTY: Picks Official Liquidator
-------------------------------------
Notice is hereby given that at a meeting of creditors of Ramose
Pty Limited (formerly trading as Everflow Pits & Grates)
convened pursuant to Section 439A of the Corporations Act 2001
and held on June 3, 2005, it was resolved that the company be
wound up and pursuant to Section 446A(4) of the Corporations Act
2001, Daniel I. Cvitanovic of Ferrier Hodgson, Level 1, 121-123
Crown Street, Wollongong was appointed Liquidator of the
Company.

Dated this 3rd day of June 2005

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


ROSS DREW: Creditors Approve Liquidator's Appointment
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ross Drew Transport Pty Limited held on June 6,
2005, it was resolved that the company be wound up voluntarily,
and at a meeting of creditors held on the same day it was
resolved that for such purpose, Peter Hillig of Smith Hancock,
Chartered Accountants, Level 4, 88 Phillip Street, Parramatta
NSW 2150 be appointed Liquidator.

Dated this 6th day of June 2005

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


SOUTHSIDE EATERY: To Be Wound Up By Members
-------------------------------------------
At a general meeting of the members of Southside Eatery, Bar &
Restaurant Pty Limited duly convened and held on June 2, 2005,
the following Special Resolution was duly passed:

(1) That the company be wound up voluntarily.

(2) That Glenn A Crisp be appointed Liquidator.

Dated this 2nd day of June 2005

Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
Chartered Accountants
Level 8, 525 Collins Street, Vic 3000
Phone: (03) 9286 1800
Fax:   (03) 9286 1899


TENAMBIT INVESTMENTS: Liquidator to Detail Wind Up Manner
---------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a general meeting of the members of
Tenambit Investments Pty Limited will be held on July 21, 2005,
10:00 a.m. at the offices of Ferrier Hodgson (Newcastle),
Chartered Accountants, Level 3, 2 Market Street, Newcastle, for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the Liquidators.

Dated this 6th day of June 2005

A. E. Lewis
J. A. Shaw
Joint Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300


VILLAGE LIFE: Faces AU$925-Mln Legal Actions
--------------------------------------------
A legal claim against retirement-home group Village Life could
reach AU$20 million as part of a suite of actions backed by
litigation funder IMF (Australia), The West Australian reports.

IMF's portfolio had expanded to about AU$925 million with new
claims, re-assessment of existing cases and more people joining
in.

The total also was boosted by a deal for a AU$50 million-plus
claim in Western Australia by Natalie and Timothy Wright over
entitlement to the will of their grandfather, resources figure
Peter Wright.

IMF offers funding for claims such as the one against Brisbane-
based Village Life, which has downgraded profit expectations
several times this year.

It is acting for shareholders who allege Village Life engaged in
misleading or deceptive conduct and breached disclosure
requirements to keep the market fully informed.

Village Life said any action would be defended.

IMF-backed actions have also met resistance from companies such
as gaming machine giant Aristocrat Leisure and Queensland waste
management group Transpacific.

IMF, which listed in 2001, typically seeks 20-40 per cent of the
proceeds of successful actions. However, it does not expect to
turn a profit for the past financial year, despite 2003's profit
of $8.7 million and 2004's $1.5 million.

CONTACT:

Village Life Limited
61 Park Road (PO Box 1162)
Milton Queensland 4064 Australia
Telephone: +61 7 3514 6400
Facsimilie: +61 7 3514 6497
Web site: http://www.villagelife.com.au/


VILLAGE LIFE: To Fight Ensuing Litigation Claims
------------------------------------------------
The Board of Village Life Limited (VLL) wishes to acknowledge
and respond to the recent announcement by IMF Australia Limited
dated Friday, July 8, 2005.

VLL recognizes that IMF Australia Limited is an Australian
publicly listed entity, which derives its principal profit from
financing litigation disputes and potential class actions.

VLL intends to vigorously defend any ensuing litigious claims
with respect to the actions of its Board of Directors and
executive management team. The Company strongly refutes any
allegations that loss and damage was sustained by shareholders
as a result of VLL and its directors engaging in misleading and
deceptive conduct.

The Board of Directors confidently affirms that it has always
acted diligently with respect to all applicable regulatory
restraints, laws and rules in order to safeguard the integrity
of VLL's financial reporting and to appropriately recognize and
manage risk.

Though VLL has been suspended from trade during the 2004/05
Fiscal Year, these occurrences have been self-imposed in
accordance with the Company's stringent corporate governance and
risk management policies.

The Company remains committed to the principles of continuous
disclosure as detailed in the ASX Listing Rules and the
Corporations Act.


WYNDEMAR PTY: Creditors to Meet July 29
---------------------------------------
Notice is given that a meeting of the creditors of Wyndemar
Pty Limited will be held on Friday, July 29, 2005, 10:oo a.m. at
the offices of Maris Rudaks, Chartered Accountant, Level 2, 99
Frome Street, Adelaide, South Australia, 5000.

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

Dated this 6th day of June 2005

M. A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street
Adelaide SA 5000
Phone: (08) 8236 1500
Fax:   (08) 8236 1555


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

ANSBACHER LIMITED: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the creditors of Ansbacher (Hong
Kong) Limited, which is being voluntarily wound up, are required
on or before August 11, 2005, to send in their names, addresses
and particulars of their debts or claims, and the name and
address of their solicitors, if any, to the Liquidators of the
said company.

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

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 8th day of July, 2005

YEO BOON ANN
ROBERT ARMOR MORRIS
Joint and Several Liquidators
18th Floor
Two International Finance Centre
8 Finance Street
Central, Hong Kong


CROWN RISING: Winds Up Operations
---------------------------------
Crown Rising Industries Limited, whose place of business is
located at Flat 13, 9th Floor, Block A, Tonic Industrial Centre,
26 Kai Cheung Road, Kowloon Bay, Kowloon was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on June 29, 2005.

Date of Presentation of Petition: April 28, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


FORTUNE ALPHA: High Court Releases Wind-up Order
------------------------------------------------
Fortune Alpha International Limited, whose place of business is
located at 2/F, Shatin Galleria, 18-24 Shan Mei Street, Fotan,
Shatin, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 29, 2005.

Date of Presentation of Petition: April 29, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


GLORY BRIGHT: Commences Liquidation Proceedings
-----------------------------------------------
Glory Bright Technology Development Limited, whose place of
business is located at 13th Floor, Bupa Centre, 141-143
Connaught Road West, 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 29, 2005.

Date of Presentation of Petition: April 27, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


GOLDEN NICE: Schedules Wind-up Hearing July 27
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Golden Nice Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on June 3, 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 July 27, 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 26, 2005.


KAMBOAT GROUP: Capital Reorganization Hearing Set July 29
---------------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, the Directors
of Kamboat Group Company Ltd. announced that a date for the
petition to hear the Capital Reorganization will be heard at the
Grand Court in the Cayman Islands on 29 July 2005.

An announcement will be made in due course on the outcome of the
hearing or if there should be any change in the hearing date.

Completion of the Subscription is still subject to (i) the
listing committee of the Stock Exchange granting permission for
the listing of and dealing in the Subscription Shares; (ii)
approval from the Grand Court in the Cayman Islands approving of
the Capital Reorganization at the hearing; and (iii) neither the
Stock Exchange nor the SFC indicating on or before the date on
which all the remaining conditions have been satisfied or waived
by the Subscribers that the listing of the Shares of the Company
on the Stock Exchange will be or may be withdrawn or objected
to.

As Completion of the Subscription is still subject to conditions
stated above, shareholders are advised to exercise caution when
dealing in the shares in the Company.

By order of the Board
Wong Chi Man
Chairman

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

CONTACT:

Kamboat Group Company Limited
Room 507, 113 Argyle Street
Mongkok, Hong Kong
Phone: 26613281
Fax: 23453482
Web site: http://www.kamboat.com.hk/


MANBLE SECURITIES: SFC Suspends Chan Yuen for Management Failure
----------------------------------------------------------------
The Securities and Futures Commission (SFC), in a press release,
has suspended the license of Mr. Chan Wing Yuen, a responsible
officer of Manble Securities Limited, for three months from July
13, 2005 to October 12, 2005 for supervisory failures.

The case stems from an investigation into the trading activities
of a client of Manble in the shares of Victory Group Limited.
The investigation revealed that, near the market close on
September 29, 2000, the client had placed 22 sell orders using
his friend's account at Manble and 24 buy orders through his own
account at another firm. The client had intentionally placed
these orders in order to push up the closing price of Victory.
He was convicted of market manipulation on July 22, 2003.

During the investigation, the SFC asked Manble to provide
details of trading in Victory shares on September 29, 2000.
Manble repeatedly informed the SFC in writing that the client's
friend had placed the orders in question. For several months,
Manble had failed to disclose to the SFC that the client had
actually placed the orders.

As the sole responsible officer of Manble at the relevant time,
Chan failed to properly supervise Manble's employees and
negligently signed correspondence to the SFC prepared by them,
which contained inaccurate and misleading information.

The SFC therefore concludes that Mr. Chan has been guilty of
misconduct and his fitness and properness has been called into
question. In deciding to suspend Chan for three months, the SFC
has taken into account Chan's assistance to the SFC in the
prosecution of the client.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"All licensees have a duty in protecting the integrity of the
market and must co-operate with the SFC's investigations to
combat market misconduct. The management of licensed
corporations may be held responsible for signing correspondence
to the SFC that is prepared by their subordinates if they fail
to take reasonable steps to ensure its accuracy."

CONTACT:

Manble Securities Ltd
Rm A & B, 6/F Ngan House
210 Des Voeux Road, Central
Hong Kong
Phone: (852) 2581-1181
Fax: (852) 2581-1143


MANWAH ENGINEERING: Wind-up Process Initiated
---------------------------------------------
Manwah (Chung Kee) Engineering Limited, whose place of business
is located at Shop L&M, G/F Universal Mansion, 52 Hillwood Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 29, 2005.

Date of Presentation of Petition: April 27, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


TOPGOAL STRATEGIC: Receives Winding Up Order
--------------------------------------------
Topgoal Strategic Limited, whose place of business is located at
13 Ma Yeung Path, May Yeung Path, Shatin, New Territories was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
June 29, 2005.

Date of Presentation of Petition: April 28, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


WALSON INDUSTRIAL: Winding Up Hearing Slated for August 3
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Walson Industrial (Zhongshan) Investments Limited by the High
Court of Hong Kong Special Administrative Region was on June 7,
2005 presented to the said Court by Bank of East Asia Limited
whose registered office is situated at 10 Des Voeux Road
Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 3, 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.

SIAO, WEN AND LEUNG
Solicitors for the Petitioner
15th Floor, Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 2, 2005.


YUE XIU: Court to Hear Winding Up Petition August 10
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Yue
Xiu Metals & Minerals Company Limited by the High Court of Hong
Kong Special Administrative Region was on June 13, 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.

ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
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.


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

BANK MANDIRI: Aims to Increase Credits by 15%
---------------------------------------------
State-owned PT Bank Mandiri plans to increase new credits by 15%
this year, depending on credit from small and medium businesses,
reports Asia Pulse.

The 15% target, which is half of the 30% projected increase in
new credits by the bank's former management, is well below the
state central bank's expected 22% increase in order to reach a
6% economic growth for 2005. Thus, Bank Mandiri would lessen its
credit extension for the year.

With mew management, Bank Mandiri hopes to be able to reach its
15% target increase in financing, as it had reported a 19.85%
increase in new credits (up to IDR99.6 trillion) in the first
quarter of the year.

Bank Mandiri had recently proposed an "internal consolidation"
program to reduce its high level of non-performing loans, after
a lending scam that involved the extension of up to IDR1
trillion in credit to ineligible companies earlier this year,
which led to the reorganization of the board of directors and
the arrest of three top officials.

CONTACT:

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


PERTAMINA: Ensures Normal Fuel Supply By Month's End
----------------------------------------------------
State oil firm PT Pertamina guarantees that fuel supplies will
return to normal before the end of July, Tempo News reports.

Pertamina Managing Director Widya Purnama said that the Company
locked up all of its oil imports, hence they are hopeful that by
the end of the month, nationwide fuel supplies would be back to
normal.

Pertamina currently imports 24 million of barrels daily,
comprised of 8 million barrels of crude oil and 16 million
barrels of fuel-ready products.

Mr. Purnomo added that Pertamina had already received fuel
subsidies amounting to IDR3.8 trillion for the month of July,
but has yet to receive subsidies for August. Hence maintaining
of fuel supplies should not be a problem anymore.

CONTACT:

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


PERTAMINA: Raises Oil Price for Mining Firms
--------------------------------------------
In order to meet market prices, state oil firm PT Pertamina
raised its diesel prices for mining and oil firms last July 1,
2005, reports the Jakarta Post.

The 15% price hike was confirmed by Company fuel division chief
Achmad Faisal, saying that the Ministry of Energy & Mineral
Resources supported this move. In the new decree, mining firms
and firms with a monthly diesel fuel consumption above 500
kiloliters would have to pay IDR4,700 per liter of diesel fuel.
The earlier price of diesel fuel was pegged at IDR2,200 per
liter.

With the new price hike, the government would be able to save a
minimum of IDR27.5 trillion in fuel subsidies, though there was
no reported change in the presidential regulation on local fuel
prices.

According to Minister of Energy Purnomo Yusgiantoro, Pertamina
may hike its diesel fuel prices if consumers would agree to pay
the higher price.

As Prseident Susilo Bambang Yudhoyono had issued a declaration
on energy conservation, it would be up to Pertamina and related
firms to implement the suggestions of government, while the
ministry would coordinate and report regularly to the President.


PERTAMINA: To Buy Crude Oil from Production-Sharing Contractors
---------------------------------------------------------------
The Indonesian government has freed state-owned oil and gas firm
PT Pertamina from restrictions set by the Indonesian Crude Price
(CPI), as it can now buy oil from production-sharing contractors
(PSCs) at market price, Asia Pulse reports.

According to Oil & Gas director general Iin Arifin T., the
government allowed Pertamina to buy oil from PSCs, in order to
cope with the serious oil shortage problem in the country, by
hastening the procurement of the precious fuel.

Pertamina spokesman Adiatma Sardjito said that the oil & gas
firm has long requested to buy crude oil from its PSCs, but they
refused to sell crude oil at the CPI, which is generally lower
than the market price.

If Pertamina buys crude oil from its PSCs, then it wouldn't need
to depend so much on oil imports from the Middle East and other
countries to maintain fuel reserves and meet national demand,
said Mr. Iin.


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

KOBE STEEL: To Issue Domestic Unsecured Bonds
---------------------------------------------
Kobe Steel Ltd. Gave notice that it has decided to issue
Domestic Unsecured Yen Bonds under the terms as set forth below:

Domestic Unsecured Yen Bonds due 27 July, 2015

1.   Name: Kobe Steel, Ltd.
           Series 42 Unsecured Bonds
           (Limited Inter-Bond Pari Passu Clause)

2.   Total Amount of Issue: JPY10 Billion

3.   Denomination of Bond: JPY100,000,000 Yen each

4.   Interest Rate: 1.57% per annum of the principal of the
Bonds

5.   Issue Price: 100% of the principal amount of the Bonds

6.   Redemption Price: 100% of the principal amount of the Bonds

7.   Maturity Date: To be redeemed in a lump sum on July 27,
2015

8.   Offering Period: July 13, 2005

9.   Closing Date: July 27, 2005

10.  Method of Issue: Public offering in the domestic market

11.  Date of Payment of Interest on the Bonds: Semiannually on
January 27, and July 27

12.  Status of the Bonds: Unsecured by assets or guarantees

13.  Fiscal Agent:  Sumitomo Mitsui Banking Corporation

14.  Underwriters: Nomura Securities Co., Ltd.

Use of Proceeds: To be applied toward repayment of loans and/or
redemption of bonds

CONTACT:

Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo, JAPAN
Phone:  +81-3-5739-6010
Web site: www.kobelco.co.jp

This is a Company press release.


MATSUSHITA ELECTRIC: To Dim Neon Signs to Save Cost
---------------------------------------------------
Matsushita Electric Industrial Co. will turn off its neon signs
overnight at its 220 offices from July 21 to September 30 to cut
power costs, The Japan Times reports.

The move aims to reduce about 80 tons of carbon dioxide
emissions and will save JPY2 million in electricity costs.

Matsushita's decision is an extension of its program of
switching off the signs on the summer solstice, which it has
been doing since 2003 as part of the Environment Ministry's
energy-saving campaign.

CONTACT:

Matsushita Electric Industrial Co. Ltd. (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI FUSO: Management Set to Prioritize Quality
-----------------------------------------------------
The new management of Mitsubishi Fuso Truck & Bus Corporation
has launched a business base that gives top priority to product
quality as a result of dealing with a series of vehicle defect
cover-ups, according to Kyodo News.

The Company is set to build various operations on a strong
business base, according to Mitsubishi Fuso President Harald
Boelstler.

CONTACT:

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


MITSUBISHI MOTORS: Phoenix Sells 4% Stake to JP Morgan
------------------------------------------------------
Phoenix Capital Co. has sold its 4 percent stake (165 million
shares) in Mitsubishi Motors Corporation to JP Morgan for 22.9
billion yen (US$206 million), the Financial Express reports.

Phoenix Capital is reducing its stake in the automaker amid
signs of improving sales, but will continue to provide support
to Mitsubishi, as it remains its major shareholder.

Mitsubishi Motors Corporation expects to return to profitability
in two years. The carmaker posted a record loss of JPY474.8
billion in the 12 months ended in March.

CONTACT:

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


MITSUBISHI MOTORS: To Slash Nearly 20% Jobs at Dutch Unit
---------------------------------------------------------
Mitsubishi Motors Corporation will cut nearly 20 percent of the
jobs at its Dutch unit, Netherlands Car BV, from early next year
to survive fierce competition, AFX News reports, citing the
Nihon Keizai Shimbun.

Netherlands Car, also known as NedCar, produces DaimlerChrysler
AG's Smart Forfour compact cars, which use the same chassis as
Mitsubishi's Colt subcompact.

But due to a larger-than-expected slowdown in Smart Forfour
sales, Mitsubishi does not expect a major pickup in sales next
year or after. This led the automaker to pursue negotiations
with labor for structural changes aimed at increasing production
efficiency, the Nikkei said.

Mitsubishi will incur restructuring expenses due to the
personnel cuts, but it is not expected to affect the automaker's
earnings for the financial year ending March 2006.


MITSUBISHI MOTORS: Malaysia's EON to Sell Vehicles
--------------------------------------------------
Malaysia's EON Auto Mart Sdn Bhd, a unit of Edaran Otomobil
Nasional Berhad (EON Berhad), will be selling Mitsubishi Motors
passenger cars and local spare parts in Malaysia, Dow Jones
reports.

EON Auto Mart will also provide after sales services for
Mitsubishi Motors vehicles.

The dealership business is expected to contribute positively on
EON's earnings as a whole.


SEIBU RAILWAY: Kokudo To Divest HQ Building
-------------------------------------------
Kokudo Corporation, which controls the Seibu Railway Co. group,
is selling its headquarters building for about JPY20 billion to
help reduce interest-bearing group liabilities, The Japan Times
relates.

The company will hold an auction July 29 for the prime real
estate, located in the Harajuku district in Shibuya Ward, Tokyo.

The Seibu Railway has total debts of JPY1.4 trillion at the end
of March 2004. The group aims to bring reduce total obligations
to below JPY1 trillion in four years under a restructuring
scheme mapped out by the group's reform committee of outside
experts.

CONTACT:

Seibu Railway Co. Ltd.
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237


SOJITZ HOLDINGS: Updates Conversion Price of Preferred Stock
------------------------------------------------------------
Sojitz Holdings Corporation has notified the revision of the
conversion price of First Series Class VI Preferred Stock as
follows.

1. Revision of conversion price
1st Series Class VI Preferred Stock

Current conversion price: JPY428.9
Revised conversion price: JPY421.9

2. Effective date

As from July 13, 2005

3. Reasons for revision

The revision is made in accordance with the provisions as
specified in the terms and conditions.

CONTACT:

Sojitz Holdings Corporation
President & CEO: Hidetoshi Nishimura
Securities Code: 2768 TSE/OSE 1st Section
Inquiries: Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404

This is a press release.


SUMITOMO MITSUI: METI OKs Restructuring Plan
--------------------------------------------
The business-restructuring plan submitted by Sumitomo Mitsui
Card Co., Ltd. was evaluated pursuant to Article 3, Paragraph 6
of the Law on Special Measures for Industrial Revitalization,
and found to fulfill the business structure modification
requirements of Article 2, Paragraph 2, Clause 1, and business
innovation requirements of Clause 2.

The Ministry of Economy, Trade and Industry (METI) consequently
approved the plan on July 11.


TOSHIBA CORPORATION: Hails U.S. Judge's Decision on Lexar
---------------------------------------------------------
Toshiba Corporation and its subsidiary, Toshiba America
Electronic Components, Inc. (TAEC), announced the following
response to the July 8, 2005 Statement of Decision issued by the
presiding judge in the trade secret lawsuit with Lexar over
claimed NAND Flash-related trade secret misappropriation.

'We are pleased with the Judge's statement that there is no
basis for injunctive relief as sought by Lexar in the trade
secret lawsuit. As this litigation moves to its conclusion, we
will continue to pursue all legal avenues available to us to
correct what we believe to be an erroneous jury verdict in this
case.'

Toshiba invented NAND Flash memory technology and has been a
pioneer throughout its development.  Flash memory remains a
strategic product for Toshiba Corporation and one in which
Toshiba owns original technologies.

CONTACT:

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

This is a press release.


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

ASIANA AIRLINES: Weekend Travelers to Enjoy New Flights Soon
------------------------------------------------------------
Weekend travelers of Asia would surely benefit from the soon to
be offered new flights of Asiana Airlines, reports Asia Pulse.

The new night flights to be offered to travelers for Asian
destinations will include a one night, three-day ticket to Hong
Kong, a two-night and four-day ticket to Saipan and a shopping
tour of Ho Chi Minh City.

The said flights will leave on Friday evenings or Saturday and
return early Monday morning. Various new golf products will be
also available soon.

Asiana is offering the said flights in line with the recent
implementation of a five-day workweek for government offices,
police, the military and companies with more than 300 employees
as of July 1.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


INCHEON OIL: Few Companies Express Interest to Bid
--------------------------------------------------
Companies from South Korea as well as abroad have shown interest
to bid for Incheon Oil Refinery Co., Asia Pulse reveals.

South Korean companies like SK Corp., GS-Caltex Corp. and S-Oil
Corp. presented bidding proposals to the court, while Chinese
state-run oil firm Cinochem and Citigroup's subsidiaries also
joined the auction.

The Incheon district court plans to select the preferred bidder
for financially troubled Incheon Oil after August 18.  The sale
is expected to be concluded as early as September.

In January the sale of Incheon Oil was suspended following the
refusal of its main creditor, Citigroup to accept the bidding
price of Cinochem for KRW685.1 billion. Instead, Citigroup said
it would participate in the bidding through its asset-backed
securitization subsidiary.

Incheon Oil, which is currently under court receivership, went
bankrupt in 2001.


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

BELL & ORDER: Court Extends Restraining Order for 6 Months
----------------------------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia an update on
the Restraining Order pursuant to Section 176(1) and Section
176(10) of the Companies Act, 1965.

Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of
Directors of B&O, informed the bourse that the Company has been
granted an Order by the High Court of Malaya (High Court) in
Kuala Lumpur pursuant to Section 176(1) and 176(10) of the
Companies Act, 1965 on June 30, 2005 (Order) as follows:

(1) Restraining Order granted by the High Court on March 25,
2005 is extended for a period of 6 months from June 23, 2005;

(2) The costs of the application of the extension of the
Restraining Order shall be borne by the Company; and

(3) The Order is to be advertised in Berita Harian and The Star
newspapers within thirty (30) days from the date of the Order.

This announcement is dated 7 July 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


FABER GROUP: Bourse OKs Listing of New Ordinary Shares
------------------------------------------------------
Faber Group Berhad advised that its additional 183,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR366,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 183,000 New Ordinary Shares
Conversion will be granted listing and quotation with effect
from 9:00 a.m., Tuesday, July 12, 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


HAP SENG: Details Unit's Disposal of Properties
-----------------------------------------------
Hap Seng Consolidated Berhad updated Bursa Malaysia Securities
Berhad on the disposal of two parcels of properties in the
ordinary course of business by Hap Seng Properties Development
Sdn Bhd, the wholly owned subsidiary of Hap Seng Consolidated
Berhad (HSCB) to Mr. Edward Lee Ming Foo, a director of HSCB

(1) Introduction

Pursuant to paragraph 10.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad, the Board of Directors of Hap
Seng Consolidated Berhad (HSCB) announced that two separate sale
and purchase agreements had been entered into on even date
between Mr. Edward Lee Ming Foo and the Company's wholly owned
subsidiary, Hap Seng Properties Development Sdn Bhd (11995-D)
(HSPD) pursuant to which HSPD agreed to sell and Mr. Edward Lee
Ming Foo had agreed to acquire from HSPD the following
properties:

(a) All that parcel of property known as Lot No. 270 together
with one unit of 2-storey shop office building (standard corner
lot) situated at Sri Indah Tawau, Phase 2, Mile 10, Jalan Apas,
Tawau, Sabah (Property-Lot 270) for a cash purchase price of
Ringgit Malaysia Four Hundred and Eight Thousand only
(MYR408,000.00); and

(b) All that parcel of property known as Lot No. 271 together
with one unit of 2-storey shop office building (standard
intermediate lot) situated at Sri Indah Tawau, Phase 2, Mile 10,
Jalan Apas, Tawau, Sabah (Property-Lot 271) for a cash purchase
price of Ringgit Malaysia Three Hundred Fifty Eight Thousand
only (MYR358,000.00).

(hereinafter collectively referred to as the said Disposals)

Mr. Edward Lee Ming Foo, is the Managing Director of the Company
as well as a Director of HSPD.

To view a full copy of the announcement, click
http://bankrupt.com/misc/HapSeng070705.doc

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


HAP SENG: Subsidiary Disposes of Motor Vehicle
----------------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Berhad
details of Related Party Transaction in respect of the disposal
of motor vehicle, Mitsubishi Pajero S/Wagon LO49GVMNSRDG bearing
the registration number ST4866E to MML Marketing Sdn Bhd by
Sasco Sdn Bhd.

Pursuant to paragraph 10.08 of the Listing Requirements of the
Bursa Malaysia, the Board of Directors of Hap Seng Consolidated
Berhad (HSCB) announced that its wholly owned subsidiary, Sasco
Sdn Bhd (9396-X) (Sasco) has on even date disposed of one unit
of used Mitsubishi Pajero S/Wagon L049GVMNSRDG bearing
registration No. ST4866E (the said Vehicle) to MML Marketing Sdn
Bhd (166918-D) (MML/ the Purchaser) at a cash consideration of
of MYR20,000.00 (Ringgit Malaysia: Twenty Thousand only) (the
Disposal Consideration).

Sasco is the wholly owned subsidiary of HSCB which in turn is a
52.89 percent held subsidiary of Malaysian Mosaics Berhad (5371-
V) (MMB) whereas MML is the wholly-owned subsidiary of the
holding company, MMB.

(1) Particulars of the assets to be disposed:

Registration No. ST 4866E
Engine No. 4D56-HD1445
Chassis No. LO49GT-03014
Model: Pajero S/wagon LO49GVMNSRDG
Color: Beige
Engine Capacity 2477 S.P
Year of manufacture 1996

(2) Consideration of the said vehicle, the basis thereof and the
payment terms:

The sale consideration of the said vehicle is MYR20,000.00 and
the same was arrived at on a "willing-buyer-willing-seller"
basis based on the open market value. The disposal consideration
is paid in cash by MML to Sasco on even date.

To view a full copy of the announcement, click
http://bankrupt.com/misc/HapSengB070705.doc


I-BERHAD: New Stockbroker Joins Firm
------------------------------------
The Board of Directors of I-Berhad informed Bursa Malaysia
Securities Berhad that Hwang-DBS Securities Berhad has been
appointed as an additional Stockbroker of the Company for the
purpose of purchasing the Company's own shares and/or resale of
treasury shares (if any).

This announcement is dated 7 July 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


KILANG PAPAN: AGM Slated for July 29
------------------------------------
Notice is hereby given that the Sixteenth Annual General Meeting
of the Company will be held at the Reception Lounge, Kilang
Papan Seribu Daya Berhad (Special Administrators Appointed), Lot
1, Harmoni Industrial Estate, Kolombong, 88450 Inanam, Kota
Kinabalu, Sabah on Friday, July 29, 2005 at 10:45 a.m. to
transact the following business:

Resolution 1

To receive and adopt the audited Financial statements, the
Directors' Report and the Auditors' Report for the year ended 31
January 2005.

Resolution 2

To re-elect Datuk Hwong You Chuaang and Mr. Tokuo Wasa as
directors who are retiring in accordance with Article 105 of the
Company's Articles of Association.

Resolution 3

To reappoint Messrs Moores Rowland who has given their consent
to act as Auditors of the Company and to authorize the Directors
and Special Administrators to fix their remuneration.

To view a full copy of the notice, click
http://bankrupt.com/misc/KilangPapan070705.doc

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


MINHO (M) BERHAD: In Talks with Banks over Payment Terms
--------------------------------------------------------
The Board of Directors of Minho (M) Berhad informed Bursa
Malaysia Securities Berhad that on July 5, 2005, the Company has
received a letter from Alliance Bank Malaysia Berhad approving
the Company's application to reschedule the repayment for Long
Term Loan II, III and IV.

The reschedule repayment commenced from June 1, 2005. The
Company has made full payment on the rescheduled principal
repayment for June 1, 2005. The Company is currently discussing
with the Bank on the terms and conditions stipulated in their
letter.

This announcement dated 7th July 2005.


OLYMPIA INDUSTRIES: Updates Proposed Restructuring Scheme
---------------------------------------------------------
Olympia Industries Berhad (OIB) issued to Bursa Malaysia
Securities Berhad an update on Proposed Restructuring Scheme.

On behalf of the Board of Directors of OIB, Alliance Merchant
Bank Berhad advised that OIB had on July 7, 2005 entered into
the following agreements:

(a) An agreement to extend the last date for the fulfillment of
the conditions precedent of the conditional restructuring and
acquisition agreement dated March 19, 2003, together with
letters for an extension of time dated September 23, 2003, April
28, 2004 and December 23, 2004, between OIB, Ashak bin Hassan
and Hadijah bt Ali Budin (MAR SPA) for a further period of six
(6) months from June 19, 2005 to December 19, 2005, or such
later date as the parties may mutually agree.

The MAR SPA was in respect of the proposed acquisition by OIB of
119,100,000 existing ordinary shares of MYR1.00 each in MA
Realty Sdn Bhd (MAR) representing approximately 66.2 percent
equity interest in MAR for a purchase consideration of
MYR79,440,000 to be satisfied by the issuance of 75,657,143 new
ordinary shares of MYR1.00 each in OIB (OIB Shares) at an issue
price of MYR1.05 per OIB Share;

(b) An agreement to extend the last date for the fulfillment of
the conditions precedent of the conditional restructuring and
acquisition agreement dated March 19, 2003, together with
letters for an extension of time dated September 23, 2003, April
28, 2004 and December 23, 2004 between OIB, Lim Kee Seng and
Chong Mee Onn (NSB SPA) for a further period of six (6) months
from June 19, 2005 to December 19, 2005, or such later date as
the parties may mutually agree.

The NSB SPA was in respect of the proposed acquisition by OIB of
79,553,000 existing ordinary shares of MYR1.00 each in Naturelle
Sdn Bhd (NSB) representing approximately 37.9 percent equity
interest in NSB for a purchase consideration of MYR41,690,000 to
be satisfied by the issuance of 41,690,000 new OIB Shares at an
issue price of MYR1.00 per OIB Share; and

(c) An agreement to extend the last date for the fulfillment of
the conditions precedent of the conditional restructuring and
acquisition agreement dated March 19, 2003, together with
letters for an extension of time dated September 23, 2003, April
28, 2004 and December 23, 2004 between OIB and Bukit Seremban
Jaya Sdn Bhd (HSSB SPA) for a further period of six (6) months
from June 19, 2005 to December 19, 2005, or such later date as
the parties may mutually agree.

The HSSB SPA was in respect of the proposed acquisition by OIB
of 100,000 existing ordinary shares of MYR1.00 each in Harta
Sekata Sdn Bhd (HSSB) representing approximately 78.0% equity
interest in HSSB for a purchase consideration of MYR48,360,000
to be satisfied by the issuance of 48,360,000 new OIB Shares at
an issue price of MYR1.00 per OIB Share.

(2) Documents Available for Inspection

The extension agreements all dated July 7, 2005 are available
for inspection at OIB's registered office, Level 23, Menara
Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of three (3) months from the date of this
announcement.

This announcement is dated 7 July 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PILECON ENGINEERING: Restraining Order to Expire Next Month
-----------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering Berhad, advised Bursa Malaysia
Securities Berhad that the High Court of Malaya at Kuala Lumpur
has on July 7, 2005 extended the order dated April 11, 2005.

The order was pursuant to Section 176(1) of the Companies Act
1965 (Act) requiring Pilecon to convene a meeting to be held in
respect of a particular class of its creditors comprising
certain lenders and corporate guarantee creditors of Pilecon,
excluding its trade creditors and secured creditors (hereinafter
referred to as the Unsecured Creditors) (hereinafter the meeting
to be referred to as the Pilecon Meeting) for a further forty-
one (41) days from the date of its expiry on July 11, 2005, for
the purpose of considering and if thought fit approving with or
without modification, the proposals approved by the Securities
Commission as set out in the announcement dated May 17, 2005.

The Pilecon Meeting is to be held no later than August 22, 2005.

Restraining order pursuant to section 176(10) of the Companies
Act 1965

In conjunction with the order to convene the Pilecon Meeting,
the High Court of Malaya at Kuala Lumpur has also, pursuant to
section 176(10) of the Act, extended the order dated April 11,
2005 to restrain all further proceedings in any action or
proceeding against Pilecon including winding up, execution and
arbitration proceedings as well as any intended or future
proceedings for a further twenty-nine (29) days from the date of
its expiry on July 23, 2005 (Restraining Order). The Restraining
Order is due to expire on August 22, 2005.

This announcement is dated 7 July 2005.

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


SINORA INDUSTRIES: Details Disposal of Shares
---------------------------------------------
Sinora Industries Berhad issued to Bursa Malaysia Securities
Berhad an announcement pursuant to Practice Note No. 17/2005 of
the Listing Requirements of Bursa Malaysia Securities Berhad.

(1) Introduction

The company refers to the announcement made on behalf of Sinora
by Commerce International Merchant Bankers Berhad (CIMB) to
Bursa Malaysia Securities Berhad (Bursa Securities) on June 30,
2005 in relation to the completion of the following:

(i) Disposal by Sinora of 2,000,000 ordinary shares of MYR1.00
each in Innora Sdn Bhd (ISB), representing the entire equity
interest in ISB, to Priceworth Wood Products Berhad (Priceworth)
for a cash consideration of MYR9,519,000; and

(ii) Disposal by Sinora of 10,000,000 ordinary shares of MYR1.00
each in Sinora Sdn Bhd (SSB), representing the entire equity
interest in SSB, to Priceworth for a cash consideration of
MYR1,000,000.

(collectively referred to as the Disposals)

Subsequent to the completion of the Disposals, Sinora has
effectively ceased all its business and operations.

Practice Note No. 17/2005 of the Listing Requirements of Bursa
Securities (Bursa Securities LR) (PN17) provides that, amongst
others, where a listed issuer has ceased all of its business or
major business, the listed issuer will have to comply with the
provisions of PN17 and shall be categorized as an "Affected
Listed Issuer".

On behalf of Sinora, CIMB announced that, pursuant to PN17,
Sinora has been categorized as an Affected Listed Issuer upon
the completion of the Disposals.

(2) Obligations of Sinora as an Affected Listed Issuer

In accordance with PN17, Sinora is required to comply with the
following conditions:

(a) Submit a Regularization Plan as defined in paragraph
8.14C(3) of the Bursa Securities LR to the relevant authorities
for approval, or where the relevant authorities' approval are
not required, to obtain all other approvals necessary for the
implementation of the Regularization Plan within 8 months from
the date of this announcement (Submission Timeframe);

(b) Implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe stipulated by Bursa Securities (Implementation
Timeframe);

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;
and

(d) Announce its compliance or non-compliance with a particular
obligation pursuant to PN17 on an immediate basis.

(3) Consequence of Non-Compliance

If the Company fails to comply with the obligation to regularize
its condition, all of its listed securities shall be suspended
from trading on the 5th market day after expiry of the
Submission Timeframe or Implementation Timeframe, as the case
may be, and de-listing procedures shall be taken against the
Company.

(4) Status of Plan to Regularize Condition

The Company must now submit the Regularization Plan as defined
in paragraph 8.14C(3) of the Bursa Securities LR to the relevant
authorities for approval or, where the relevant authorities'
approvals are not required, obtain all other approvals necessary
for the implementation of the Regularization Plan within 8
months from the date of the this announcement. The Board of
Directors of Sinora is currently deliberating on the possible
plans to regularize Sinora's condition and shall announce the
plan to Bursa Securities upon finalization.

This announcement is dated 7 July 2005.


SURIA CAPITAL: Court to Decide on Application to Adduce Evidence
----------------------------------------------------------------
Suria Capital Holdings Berhad issued to Bursa Malaysia
Securities Berhad an update on Kuala Lumpur High Court Suit No.
S`-22-38-04, Times Educational Co. Sdn. Bhd. Vs. Suria Capital
Holdings Berhad (SURIA).

Further to the announcement made on June 10, 2005, Suria further
announced that the Court had on July 7, 2005 fixed August 9,
2005 for decision of SURIA's application to adduce fresh
evidence relating to the abovementioned case.

Announcement Authorized By:

Hj. Abu Bakar @ Wahab Hj. Abas
Group Managing Director

CONTACT:

Suria Capital Holdings Berhad
Kompleks Karamunsing Km 2.4 Jalan Tuaran
Kota Kinabalu, Sabah, Sabah 88300
Malaysia
Phone: +60 88 256 736
Fax: +60 88 256 410


UMW HOLDINGS: Unit Concludes Wind Up Procedure
----------------------------------------------
Further to the announcement dated November 18, 2002 on the
liquidation of Beijing Aiqing Sweeper Manufacturing Co. Ltd, UMW
Holdings Berhad advised Bursa Malaysia Securities Berhad that it
has received a certificate from the Beijing Foreign Economic and
Trade Committee confirming that our 52 percent-owned subsidiary
company, Beijing Aiqing Sweeper Manufacturing Co. Ltd. (Beijing
Aiqing), has been fully wound up.

The level of business of Beijing Aiqing was insufficient in
recent years and the liquidation proceedings were initiated as a
cost-saving measure.


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

ABS-CBN BROADCASTING: Pares Listed PDRs
---------------------------------------
ABS-CBN Broadcasting Corp. on Wednesday reduced its number of
listed Philippine Depository Receipts by 310,000, according to
Dow Jones Newswires.

The reduction was made after shareholders owning an equal number
of PDRs exercised their right to convert them into common shares
of the Philippines' largest media broadcasting network.

The reduction will bring ABS-CBN's total listed PDRs to 268.1
million.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


LEPANTO CONSOLIDATED: Potential Investors Review Mining Plans
-------------------------------------------------------------
Two foreign firms who have earlier shown interest in Lepanto
Consolidated Mining Co. are now having second thoughts about
investing in the mining firm due to political uncertainties, The
Philippine Daily Inquirer reports.

China's Zijin Mining Group Co. Ltd. and Canada's Invanhoe Mines
Ltd were reportedly waiting for the country's political
situation to stabilize before they resume talks with Lepanto.

The two firms were also monitoring the developments in the labor
crisis at Lepanto's mine site in Benguet.

A source at Lepanto said the firm can still do something about
the labor dispute, but not the political uncertainty.

Lepanto's Mankayan mine in Benguet was crippled in June by a
labor strike involving 1,635 members of the Lepanto Employees
Union (LEU).

The mine resumed operations last week.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


LODESTAR INVESTMENT: Writes Off Assets, Liabilities
---------------------------------------------------
The Board of Directors of Lodestar Investment Holdings
Corporation held a meeting Wednesday and approved the following
resolutions:

(1) Writing-off of the Company's mining assets and properties or
claims in the financial statements of the Company and/or sale or
assignment thereof to Atty. Delfin C. Gonzales;

(2) Writing-off of the Company's liability for advances and/or
loans with Indo Pacific Securities Limited in the amount
Php19,675,685.00;

(3) Reconciliation of the books of accounts of the Company;

(4) Holding of a Delinquency Sale not later than 30 days nor
more than 60 days from the date of meeting at the principal
office of the Company at 10:00 a.m.;

(5) Authority of Mr. Manny Ocampo or his representative(s) to
deal with any and all buyers of delinquent stocks during the
sale.

About the Company

Lodestar Investment Holdings Corporation (LIHC) was originally
incorporated as a mining and natural resources exploration
company. Due to the unsuccessful ventures in this field, the
Company decided to discontinue operations in October 1991. On 03
October 2003, the Securities and Exchange Commission approved
the amendment of the LIHC's Articles of Incorporation and By-
laws, changing the Company's corporate name from Lodestar Mining
Corporation to what is known today as well as its primary
purpose to that of an investment holding company.

LIHC plans to reengineer the Company to enhance shareholders'
value and improve operations. It will undertake a number of
capital-raising activities, which include but not limited to the
following: (a) a call of subscriptions receivable up to Php8
million; (b) second public offering of Php50 million to Php88
million; (c) debt-equity conversion of up to Php30 million; and
(d) share-for-share or share-for-asset swaps from Php112 million
to Php150 million.

The Company is likewise interested in acquiring at least a
"significant minority" interest in other businesses and pursuing
prospective investments, particularly in the Internet Service
Provider and Business to Business Portal services.

CONTACT:

Lodestar Investment Holdings Corporation
3/f Certeza Building, 795 EDSA
Bo. South Triangle, Diliman, Quezon City 1104
Phone:  925-1536
Fax:  924-2495


MAKATI MEDICAL: Union Decides Against Strike
--------------------------------------------
The union members at Makati Medical Center has decided not to
pursue a planned protest after striking a deal with the
hospital's management, BusinessWorld reports.

The Makati Medical Center Employees Association will not proceed
with a collective work stoppage after its received assurance
from Makati Med that there will be no more retrenchments after
about 300 workers were laid off in May.

Union president Willy M. Pulia said the workers reed not to go
on strike in exchange for the good faith management has shown
during the two previous conciliation meetings at the National
Conciliation and Mediation Board (NCMB).

The meeting held Monday has produced breakthroughs and further
commitments from both sides.

Another meeting was scheduled Wednesday to finalize discussions.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


MANILA ELECTRIC: ERC Order May Hurt Earnings
--------------------------------------------
The power regulator's order for Manila Electric Company
(Meralco) to service in advance the refund that is due the
government is likely to impact the Company's finances, according
to BusinessWorld.

The Energy Regulatory Commission (ERC) recently ordered Meralco
to service the refund of government accounts over an 18-month
period starting July. This was contrary to Meralco's proposal to
service the refund of big government accounts over 63 months,
starting October.

ERC had said the revision in the refund schedule was necessary
because "the refund will be used for public purposes".

Meralco's Task Force Refund is set to meet this week to study
the ERC order so the power utility firm could map out a course
of action.

The refund team said it will evaluate the order and see how it
can be implemented to meet the refund schedule that the ERC
approved.

CONTACT:

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


NATIONAL BANK: Says It Did Not Request for SEC Exemption
--------------------------------------------------------
The Philippine National Bank (PNB) issued this news article
entitled "PNB seeks SEC exemption from tender offer rule"
published in the July 12, 2005 issue of The Philippine Star
(Internet Edition).

The article reported in part that:

"Philippine National Bank (PNB) is asking the Securities and
Exchange Commission (SEC) to exempt the public bidding for the
67-percent stake of the bank from the agency's tender offer
rule.

"The 67-percent stake comprises the government's entire
shareholdings and almost half of tobacco and beer magnate Lucio
Tan's stake in PNB. The government and Tan each own 45 percent
of PNB while the remaining 10 percent is publicly listed. In its
request, PNB said the transaction should be exempted from the
rule since the shares to be offered involve government shares.

"Tan is likely to end up regaining majority control of PNB
should the bidding for two-thirds of the country's fifth largest
bank by assets pushes through in September as he has the right
to offer or match third-party bids under the bank's
privatization."

Philippine National Bank (PNB), in a letter dated July 12, 2005,
advised the Exchange that:

"The Philippine National Bank was not the one who requested the
Securities and Exchange Commission to exempt the public bidding
of the 67% equity of the bank from the tender offer rule. It may
be one of the agencies of the government which is overseeing the
joint sale process.

"As for the status of the joint sale agreement, the due
diligence by the pre-qualified investors is now on-going and is
being handled by our financial advisor, ING Bank N.V. and the
Philippine Deposit Insurance Corporation (PDIC)."

For you information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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/


* Moody's Changes Philippines' Ratings Outlook to Negative
----------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the Philippines' B1 long-term foreign- and local-
currency government bond ratings, the foreign-currency country
ceiling for bonds and the foreign-currency bank deposit ceiling
owing to concerns that the political turmoil which has beset the
Arroyo administration might have negative consequences on the
budget and external payments position. The local currency
country guideline remains unchanged at Ba1.

Moody's had noted in its most recent rating action in February
2005 that the Philippines' large build-up in public-sector debt
and total external debt introduces heightened vulnerability to
shocks. The uncertainty following the forced-resignation of the
economic team in the administration, including not only the
finance secretary but also the budget secretary, the Bureau of
Internal Revenue (BIR) commissioner and the Customs
commissioner, casts doubt on the ability of the administration
to preserve recent improvement in the government's fiscal
performance, upon which Moody's stable rating outlook was
premised.

Moreover, should there be a prolonged weakening of government
effectiveness, or a change in government, future fiscal and
external debt policies could be very different from that taken
by the Arroyo government so far. Moody's notes that minority
legislators and the political opposition expressed sentiments in
favor of debt repudiation during the recent presidential
election period. The probability of this worst-case ratings
outcome could rise if political turmoil intensifies or is
prolonged.

The rating agency believes that the budgetary gains made in
recent months are largely the product of strong leadership by
the administration's former economic team, especially at the
BIR. However, future improvement in fiscal performance cannot
depend on tightened tax compliance only, but must include
instituting structural changes in the tax base. For this reason,
Moody's is concerned that the Supreme Court's Temporary
Restraining Order on the implementation of the Expanded VAT and
the Congress' deferral to action by the president for an
increase in the VAT rate in 2006 could mean that political
cross-currents and undercurrents may very well derail prospects
for fiscal consolidation.

The rating agency notes that the Philippines's external payments
position is currently bolstered by the rise in gross
international reserves to a record level in excess of $17
billion. Moody's recognizes that the independence and prudent
management of the country's international reserves and exchange
rate by the Bangko ng Sentral (the central bank) have provided
stability to the Philippines's external performance so far this
year.

Nevertheless, Moody's believes that there is a significant
degree of uncertainty about the stability of the country's
fiscal and external payments positions under the unsettled
political environment in the Philippines. Should signs of
heightened exchange rate volatility, or deterioration in fiscal
performance, or weakness in the balance of payments appear in
the weeks or months ahead, additional downward pressure would be
placed on the Philippines' sovereign ratings.

Press releases on other affected issuers will follow separately.

New York
Vincent J. Truglia
Managing Director
Sovereign Risk Unit
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Thomas J. Byrne
VP - Senior Credit Officer
Sovereign Risk Unit
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653


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

ADVENTURE TRAINING: Ordered to Wind Up Operations
-------------------------------------------------
In the matter of Adventure Training Systems (Asia-Pacific) Pte
Limited of 600 Ponggol Seventeenth Avenue, Singapore 829734, a
winding up order was made on July 1, 2005, with the following
details:

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

Note:

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

(2) All debts due to the company should be forwarded to the
Liquidator.


BOUSTEAD SINGAPORE: To Hold AGM July 28
---------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Boustead Singapore Limited will be held on Thursday, July 28,
2005, 3:00 p.m. at 63 Ubi Avenue 1, #06-01 Boustead House,
Singapore 408937.

To view the Company's AGM Notice, go to:

http://bankrupt.com/misc/BousteadSingapore.pdf

CONTACT:

Boustead Singapore Limited
63 Ubi Avenue 1 #06-01
Boustead House
Singapore 408937
Phone: 65 67470016
Fax:   65 67418689
Web site: http://www.bousteadco.com


EXCEL MACHINE: Judicial Management Order Extended to 2006
---------------------------------------------------------
Excel Machine Tools limited announced that according to the
Company's judicial managers, a Judicial Management court order
that was made on June 28, 2005 would be extended until March 30,
2006.

Goh Thien Phong
Judicial Manager

CONTACT:

Excel Machine Tools Limited
521 Bukit Batok Street 23
Excel Building
Singapore 659544
Phone: 65 66650488
Fax:   65 66653433
Web site: http://www.excelmachines.com


NEOCORP INTERNATIONAL: Signs MOU with Chinese Firm
--------------------------------------------------
Neocorp International Limited announced that on July 11, 2005,
the Company signed a non-binding Memorandum of Understanding
with China CMIIC Engineering Corporation (CMIIC).

CMIIC is interested in a joint venture with NCIL and hopes to
acquire a shareholding from 30% to 60% in the Company, once a
proposed merger between NCIL and Yoma Strategic Investments Pte
Limited pushes through.

CMIIC is a state-owned enterprise in China that engages in
engineering and construction works, with medium to large-scale
projects in China and abroad.

The MOU between NCIL and CMIIC is subject to negotiation and
approval from proper authorities.

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax:   65 65457880
Web site: http://www.neocorp.com.sg


O.R. COMPUTER: Creditors Asked to Submit Proofs of Claim
--------------------------------------------------------
Notice is hereby given that the creditors of O.R. Computer
System Pte Limited, which is being wound up voluntarily, are
required on or before July 22, 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
liquidators of the Company.

If so required by notice in writing by the liquidators are, by
their solicitors or personally, to come in and prove their debts
or claims at the designated time and place as specified in the
notice.

Failure to do so would exclude the creditor(s) from benefiting
in the distribution of dividends.

Michael Ng Wei Teck
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


POLIKEN INDUSTRIES: Set to Distribute Dividends
-----------------------------------------------
Poliken Industries Pte Limited, formerly of 36 Sungei Kadut
Street 1, Unit B5/B6 Singapore 729341, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Court: Supreme Court, Singapore

Last Day for Receiving Proofs: July 26, 2005

Name & Address of Liquidators: Chee Yoh Chuang and Lim Lee Meng
C/o Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Center
Singapore 048423


STIRLING BRIDGE: Under Voluntary Liquidation
--------------------------------------------
Notice is hereby given that the creditors of Stirling Bridge
Holdings Pte Limited, which is being wound up voluntarily, are
required on or before Aug. 5, 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
Liquidators of the Company.

If so required by notice in writing by the Liquidators are, by
their solicitors or personally, to come in and prove their debts
or claims at the time & place specified in the notice.

In default thereof, such creditors will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 5th day of July 2005.

Chee Yoh Chuan
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


THAKRAL CORPORATION: Pays Dividends, Closes Books
-------------------------------------------------
Thakral Corporation Limited announced that the Company's final
(one-tier) tax-exempt dividend of SGD0.6 cent per share for the
year ended March 31, 2005 will be paid on Aug. 18, 2005, if
approved at the Company's upcoming Annual General Meeting on
July 28, 2005.

Notice is hereby given that the transfer books and register of
members of the Company will be closed on Aug. 8, 2005, for the
preparation of dividend warrants. Registrable transfers received
by the Company's Registrar, Lim Associates Pte Limited of 10
Collyer Quay #19-08, Ocean Building, Singapore 049315 by Aug. 5,
2005, 5:00 p.m. will be registered before entitlements to the
dividend are determined.

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Phone: 65 63368966
Fax:   65 63367225
Web site: http://www.thakral.com


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

DAIDOMON GROUP: Unveils Board Meeting Resolutions
-------------------------------------------------
Daidomon Group Public Company Limited advised the Stock Exchange
of Thailand (SET) that the board meeting held on July 12, 2005
from 3:00 p.m. to 4:00 p.m. acknowledged and resolved the
following:

(1) Acknowledged the resignation of the directors and elected
new directors to replace the existing Directors who resigned as
follows:

(1.1) There are 5 members resigning from the company's Board of
Directors as follows:

Mr. Natthapira Siseu
Mr. Anek Soaravisuitra
Mr. Verayut Kessarinhomhaul
Mr. Chishiro Fukuda
Miss Warangtad Pasurapak

There are 5 Directors who have been elected as follows:

Mr. Piphat Inphongphant
Mr. Pudhimate Lerdwiriyasate
Mr. Donchai Sudthanom
Mr. Boonchai Voravutvitayaruk
Mr. Sathar Chantrasettalead

(2) Amended authorized directors acting on behalf of the Company
to be as follows:

"Any 2 of 4 following directors with the Company seal: Mr.
Chanin Yensudchai, Miss Wi-orn Thongtang, Mr. Piphat
Inphongphant and Mr. Pudhimate Lerdwiriyasate

In case of lodging complaint(s) with the inquiry official,
taking legal action in all types of cases, such as civil
case(s), criminal case(s), bankruptcy case(s), and labor case(s)
including proceeding with any proceedings in accordance with the
laws in any court(s) and any public sector(s), one director who
is Mr. Pipat Intarapongpan signs with the Company seal."

(3) Resolution of Appointment

Mr. Boonchai Voravutvitayaruk to be the audit committee.

Please be informed accordingly.

With kind regards,
Mr. Chanin Yensudchai
Chie Executive Officer

CONTACT:

Daidomon Group Public Company Limited
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok
Telephone: 0-2381-5529-31,0-2381-6876-9
Fax: 0-2381-1931
Web site: http://www.daidomon.co.th


PICNIC CORPORATION: Denies Report on Overdraft Limits
-----------------------------------------------------
Picnic Corporation Public Company Limited issued to the Stock
Exchange of Thailand (SET) a clarification to the news report,
which stated that the company's creditors, Krung Thai Bank Plc.
and Bank of Ayudhaya ceased the overdraft limits it provided to
the company.

The Company clarified that the news are absolutely not true. In
fact, the Company does not have any overdraft limits with both
banks. Especially, the Company has never had any credit
facilities with Bank of Ayudhaya Plc. All of the bank creditors
still support the Company as usual.

Please be informed accordingly.

Sincerely yours,
Dr. Suphot Phattanasri
Managing Director

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com


KUANG PEI: SET Transfers Securities to Rehabco Sector
-----------------------------------------------------
The Stock Exchange of Thailand (SET) transferred the securities
of Kuang Pei San Food Products Public Company Limited (Pompui)
to the Rehabco Sector.

The SET has established procedures and guidelines for listed
company to be transferred to the category named Companies Under
Rehabilitation (REHABCO) by considering the Listed company's
financial statements showing negative shareholders' equity on
its balance sheet.

However, it should be noted that any unrealized losses that
occurred as a result of the 1997 change in the exchange rate
system could be used to adjust its shareholders' equity.

In addition, in case the auditor has issued a qualified opinion,
or a disclaimer, or an adverse opinion on the financial
statements, the SET may consider the financial condition of the
listed company by including the adjusted condition from the
auditor's report.

If company shareholders' equity is less than zero, the SET will
transfer the listed company to the REHABCO category.

The SET has considered the audited annual financial statements
ending December 31, 2004 filed by Kuang Pei San Food Products
Public Company Limited (POMPUI).

As a result, POMPUI is subjected to rehabilitation plan
preparation because of reported negative shareholders' equity.

POMPUI's shareholders' equity is now negative, based upon its
audited annual financial statements ending 31 December 2004.

Therefore as required by the Rule Governing Delisting of
Securities (1999):

(1) As noted above, the SET announces that POMPUI must bring its
condition up to standard in order to be reinstated, and hereby
suspends its securities effective from July 13, 2005.

(2) The SET will transfer its securities to REHABCO sector
today, July 14, 2005 and temporarily post an SP (suspension)
sign for 30 days from the date of announcement to August 12,
2005 to suspend further trading. This is to give POMPUI'
management time to make prudent decisions that would benefit all
parties concerned.

(3) POMPUI must inform the SET by August 12, 2005 whether it
will:

(a) Proceed with its rehabilitation plans under the Bankruptcy
Act,

(b) Ask for voluntary delisting, or

(c) Try other options, which will benefit all stakeholders
involved. POMPUI must also provide the SET with a schedule for
implementing its decisions.

(4) After it disseminates the company' decision, the SET will
allow trading of POMPUI' securities under the REHABCO category
from August 15, 2005 to September 13, 2005. This is to allow all
shareholders to trade the securities before further suspension
while the firm implements its rehabilitation plans.

(5) The SET will post SP (suspension) signs to prohibit the
trading of  POMPUI from September 14, 2005 until the problems
have been solved.

The SET requests that all shareholders and general investors
study the firm's complete set of financial statements and follow
up the progress of its rehabilitation through the SET
information system.

CONTACT:

Kuang Pei San Food Products PCL
Tanasarn Tower, 43 Chiangmai Road,
Khlong San, Bangkok
Telephone: 0-2863-3288
Fax: 0-2437-8123


RS PROMOTION: Eyes Licensing Business to Boost Net
--------------------------------------------------
RS Promotion Plc will market stars' logos on various items to
generate additional revenue from its recording artists, The
Nation says.

RS' Pop duo Dan & Beam's logo will appear on mugs, stationery,
bed linens, clothing and many more items. RS recently inked an
agreement with four manufacturers to make Dan & Beam
paraphernalia.  It is also seeking for other manufacturers to
produce other gear boasting their image.

To make mugs and other porcelain goods bearing the artist's
logos, RS has commissioned Crown Ceramic to manufacture them.
Stationery products will be done by Thai Wattana Panich, while
Lotus agreed to do bedding accessories. GMS Intertrade will be
responsible for clothing and accessories. On Tuesday, Dan & Beam
clothing and accessories collection was launched.

"Dan & Beam currently have between 30,000 and 40,000 fans in
Thailand, who are potential buyers of merchandise from their
collection," Prasong Rungsmaithong, deputy managing director of
RS Promotion said.

RS also wants non-fan buyers to purchase the the products. The
company wants to convince them to buy the products by creating
attractive designs and character.

The licensing business consists of two units - one that will
deal with companies to use singing artists as promoters, and a
merchandising licence unit which licenses local manufacturers to
make merchandise using the artists' identity and logos.

RS hopes to increase its artist management revenues by more than
620 percent to THB130 million through the licensing agreements.
Last year, RS' revenue stood at THB50 million.

This year RS plans to start selling merchandise boasting the
logos of six of its artists this year - I-Nam, Noom Sornram,
Film Rattabhum, James Ruengsak and Pan Thanaporn.

"The merchandising license will become the cash-cow licensing
unit, which generates the most revenue to the company in the
near future," Mr. Prasong said.

CONTACT:

R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com







                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***