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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 21, 2005, Vol. 8, No. 143

                            Headlines

A U S T R A L I A

BACF INVESTMENTS: Members Opt for Voluntary Liquidation
BONLAC FOODS: Fonterra Confident About Takeover
CHEMEQ LIMITED: Set to Allot, Issue Convertible Bonds
CITIZEN PRODUCTIONS: Members Pass Winding Up Resolution
DIXICO HOLDINGS: Schedules Final Meeting July 29

E.M. LEITCH: Under Voluntary Liquidation
HAGEN RENAKER: Inability to Pay Debt Prompts Wind-up Action
HIH INSURANCE: APRA Calls Off Ban on Former Exec
ICON AUTOMOTIVE: Dispute Leaves Thousands of Workers Idle
INDUSTRIAL MARKETING: Supreme Court Orders Wind-up

KINGSTON MANUKA: Distributes Dividend Next Month
LESLIE COURT: Names Paul Bunting Official Liquidator
MANITO PTY: ASIC Shuts Down Super Fund as Super Choice Starts
MERIVENT PTY: Members Decide to Wind Up Operations
MERRILL LYNCH INVESTMENT: Begins Liquidation Proceedings

MULTIPLEX: Needs AU$100 Mln to Save Stadium
PARKVIEW HOMES: Creditors Confirm Liquidator's Appointment
PHILLIP ISLAND: Appoints Official Liquidator
PREBON YAMANE: Members Decide to Wind Up Firm
QUINCE & COMPANY: Faces Liquidation

RICHARDSON REMOVALS: To Distribute Dividend to Creditors
R. ZAPPIA: Members, Creditors to Hear Liquidator's Report
SERVICEONE TECHNOLOGY: Struck Off by Singaporean Parent
TRACKSIDE ENTERPRISES: Wind-up Process Initiated
VALLEY TIMBERS: Official Liquidator Named

WAWEGO PTY: Receiver, Manager Steps Aside
YEDGAR & PARTNERS: Creditors Confirm Liquidator's Appointment
* Net Internet Fraud Losses Exceed AU$200 Mln


C H I N A  &  H O N G  K O N G

ANKOR SERVICE: Appoints Joint Liquidators
CHINA UNICOM: Unit Completes CNY10-Bln Debt Issue
CHINA UNICOM: Executive Director Resigns
CHINA UNICOM: Handset Subsidies Decline to CNY1.1 Bln
GUANGDONG KELON: Shares Slump After Court Freezes Some Assets

HONGKONG CONSTRUCTION: Clarifies Litigation Report
HUALING HOLDINGS: Notes Unusual Price Movements
INDUSTRIAL AND COMMERCIAL: Completes Financial Restructuring
YANION INTERNATIONAL: Posts Notice of Address Change


I N D O N E S I A

BANK DKI: Bond Rating Upgraded to BBB


J A P A N

JAPAN AIRLINES: To Review Routes; May Shift to Charter Services
KYUSHU INDUSTRIAL: IRCJ Picks H.I.S. to Aid Rehab
MATSUSHITA ELECTRIC: Says Plasma TV Sales Above Target
MITSUBISHI MOTORS: Performing Well in Europe
SANYO ELECTRIC: Ships Digital Television Sets in U.S. Market


K O R E A

ASIANA AIRLINES: Failure to Reach Agreement Intensifies Strike
CITIBANK KOREA: Faces Lawsuit for Alleged Loan Fraud
DAEWOO ELECTRONICS: Sale Could Fast Track Recovery


M A L A Y S I A

AKTIF LIFESTYLE: SC Extends Submission of Proposal for 30 Days
ANCOM BERHAD: Repurchases Ordinary Shares on Buy Back
CAMERLIN GROUP: Trading of Securities Resumes
FABER GROUP: New Shares Granted Listing, Quotation
HAP SENG: Buys Back 14,000 Shares

HONG LEONG: Pays MYR268,800.00 for New Shares
MBF HOLDINGS: Dissolves Dormant Unit
METROPLEX BERHAD: Court Grants Stay Order on Wind Up Petition
MULTI-USAGE HOLDINGS: Has Yet to Finalize Debt-Restructure Plan
NALURI BERHAD: Changes Company Name

PANTAI HOLDINGS: Buys Back Ordinary Shares
PARK MAY: Obtains Court Sanctions on Proposed Acquisitions
PICA (M) CORPORATION: Bourse Delists Securities
TELEKOM MALAYSIA: Unit Initiates Wind Up Process
TRANSOCEAN HOLDINGS: Reveals Unit's Payment Default Status

WAH SEONG: Updates Unit's Transaction with Phoenix Blower


P H I L I P P I N E S

F&J PRINCE: Earmarks Php150 Mln for IT Park
MANILA ELECTRIC: Consumers Oppose New Rate Hike Petition
NATIONAL BANK: Unaware of Any Submissions by BPI
NATIONAL BANK: Stake Sale Draws Eight Bidders
NATIONAL BANK: Sale Deal to Cover Losses from Frozen VAT

NATIONAL FOOD: Conducts First Electronic Bidding
NATIONAL POWER: DoE Bullish on Asset Sales
PHILIPPINE AIRLINES: Seeks Another Fuel Surcharge Hike
PHILIPPINE LONG: On Track to Meet Debt Reduction Targets
VICTORIAS MILLING: BPI Inks Debt Restructure Deal


S I N G A P O R E

DIGILAND PTE: Receives Winding Up Order
IBM TRANSPORT: Creditors to Submit Claims by Aug. 15
LIANG HUAT: Publishes Audited Report on 2004 Financial Records
LOGIC AUTOMATION: Court Orders Closure of Operations
NORTH 22 SOLUTIONS: Struck Off by Parent Firm

PERSATUAN TAMAN: Intends to Distribute Dividend
PILKON INVESTMENT: Members Wind Up Operations


T H A I L A N D

DAIDOMON GROUP: To File Business Rehab Petition
NEW PLUS: Unveils New Board of Director Lineup
PREMIER ENGINEERING: Acquires Unit's Assets

     -  -  -  -  -  -  -  -

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

BACF INVESTMENTS: Members Opt for Voluntary Liquidation
-------------------------------------------------------
Notice is hereby given that at a meeting of creditors of BACF
Investments Pty Limited held on June 8, 2005, it was resolved
that the Company be wound up and pursuant to Section 446A(4) of
the Corporations Act 2001, Andrew Hugh Jenner Wily of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 was appointed Liquidator for the winding
up.

Dated this 9th day of June 2005

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


BONLAC FOODS: Fonterra Confident About Takeover
-----------------------------------------------
New Zealand-based Fonterra Co-operative Group Limited is working
hard to win full ownership of Australian firm Bonlac Foods
Limited, Asia Pulse says.

Fonterra, which earlier lost in a takeover battle with
Philippines' San Miguel, is confident it will take over Bonlac
very soon.

Henry van der Heyden, Fonterra's current chairman, said that
Bonlac's supply farmers had responded positively when he met
them several weeks ago. This after Fonterra announced last month
that it was seeking to increase its stake in dairy Company
Bonlac from 50 percent to full ownership.     

Fonterra was reportedly keeping an eye out for further
acquisition opportunities in Australia, as well.

CONTACT:

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


CHEMEQ LIMITED: Set to Allot, Issue Convertible Bonds
-----------------------------------------------------
Chemeq Limited was due to allot and issue additional convertible
bonds to Mizuho International plc, Stark Trading and Shepherd
Investments International (the Subscribers) with a face value of
AU$20 million on July 15, 2005.

The issue of the additional convertible bonds was approved by
Chemeq shareholders at a General Meeting on March 23, 2005.

The Subscribers requested further information from Chemeq to
enable them to determine whether all conditions precedent to
they issue of the additional convertible bonds had been
satisfied. The information has been provided to the Subscribers,
and Chemeq and the Subscribers have agreed to extend the
Completion Date under the Convertible Bond Subscription
Agreement on Monday, July 25, 2005.

Accordingly, the allotment and issue of additional convertible
bonds having a face value of AU$20 million will now take place
on July 25, 2005 in accordance with the terms of the Convertible
Bond Subscription Agreement previously approved by Shareholders.

Chemeq issued the first tranche of convertible bonds to the
Subscribers and receivedAU$40 million on March 31, 2005.

CONTACT:

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


CITIZEN PRODUCTIONS: Members Pass Winding Up Resolution
-------------------------------------------------------
Notice is hereby given that at a meeting of members of Citizen
Productions Pty Limited duly convened and held on June 8, 2005,
it was resolved that the Company be wound up voluntarily. For
such purposes, Steven Nicols of Nicols & Brien, Level 2, 350
Kent Street was confirmed as Liquidator by creditors pursuant to
at a meeting of creditors held later that day.

Dated this 8th day of June 2005]

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street
Sydney NSW 2000
Phone: 9299 2289
Fax:   9299 2239
Web site: www.bankrupt.com.au


DIXICO HOLDINGS: Schedules Final Meeting July 29
------------------------------------------------
Notice is hereby given that a final meeting of members of Dixico
Holdings Pty Limited will be held on July 29, 2005 at the office
of Rangott & Slaven, Chartered Accountants, Unit 12, Level 3,
Engineering House, 11 National Circuit, Barton ACT.

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

Dated this 28th day of June 2005

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


E.M. LEITCH: Under Voluntary Liquidation
----------------------------------------
Notice is hereby given that at the General Meeting of Members of
E.M. Leitch Pty Limited duly convened and held on June 7, 2005,
the Company's members resolved that the Company be wound up
voluntarily, and that the Liquidators be at liberty to divide
amongst the members in kind, the whole or any part of the assets
of the Company.

Dated this 8th day of June 2005

Philip G. Jefferson
Gerald T. Collins
Horwath Jefferson Stevenson
Level 4, 370 Queen Street
Brisbane Qld 4000


HAGEN RENAKER: Inability to Pay Debt Prompts Wind-up Action
-----------------------------------------------------------
Notice is hereby given that at a Meeting of Members and
Creditors of Hagen Renaker (Australia) Pty Limited held on June
8, 2005, the following Special Resolution was passed:

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

Richard Albarran
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


HIH INSURANCE: APRA Calls Off Ban on Former Exec
------------------------------------------------
The regulator has revoked a former HIH Insurance executive's
disqualification from senior insurance jobs, according to The
Australian.

The Australian Prudential Regulatory Authority (APRA) has
overturned a ban on Ross Eade after a second review of his case.
The regulator, however, refused to give precise reasons.

Mr. Eade was banned in March from acting as a director or senior
manager of a general insurer over his role in the collapse of
HIH Insurance Group in 2001.

APRA initially found against Mr. Eade, saying he had kept vital
financial information from the board about the state of the
Company and had instructed HIH's external auditors to remove
adverse information from reports.

APRA's latest move to overturn such a ban is believed to be the
third in the case of HIH executives.


ICON AUTOMOTIVE: Dispute Leaves Thousands of Workers Idle
---------------------------------------------------------
Carmakers have stood down thousands of workers in Victoria due
to an unresolved dispute at key Melbourne autoparts manufacturer
Icon Automotive, The Advertiser reports.

Toyota and Ford has sent a huge number of workers home, as they
shut down production at their vehicle assembly plants.

The two car manufacturers warned of further stand-downs if
urgent hearings in the Australian Industrial Relations
Commission (AIRC) do not resolve the dispute as soon as
possible.

About 120 employees at Icon went on strike on Friday because of
concerns about their entitlements after the Company was placed
in voluntary administration last week.
Unions discovered last week that the Company had not made its
last quarterly contributions into workers' superannuation funds,
suggesting there would be no money left for entitlements to
payments for redundancy, long service leave or annual leave.

Unions believe the Company has a bleak future after they were
told by administrators PPB that it was losing AU$50,000 a month,
had unfunded liabilities for employee entitlements of AU$7.4
million, and owed another AU$3.8 million to creditors.

Administrators PPB are attempting a deed of Company arrangement,
but have also called for expressions of interest from potential
buyers.

Unions will also seek a guarantee from Ford and Toyota for at
least 12 months of contracts with Icon.


INDUSTRIAL MARKETING: Supreme Court Orders Wind-up
--------------------------------------------------
On June 10, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that Industrial Marketing & Publishing
Services Pty Limited be wound up, and appointed R. J. Porter as
Official Liquidator.

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


KINGSTON MANUKA: Distributes Dividend Next Month
------------------------------------------------
A first and final dividend is to be declared on Aug. 2, 2005 in
respect of Kingston Manuka Holdings Pty Limited.

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

Dated this 28th day of June 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Phone: (02) 6247 5988


LESLIE COURT: Names Paul Bunting Official Liquidator
----------------------------------------------------
Notice is hereby given that a general meeting of Leslie Court
Pty Limited held on June 9, 2005, it was resolved that the
Company be wound up voluntarily, and that Paul Brymore Bunting
of MSI Ragg Weir Chartered Accountants, Level 2, 50 Burwood
Road, Hawthorn 3122 be appointed liquidator.

Dated this 9th day of June 2005

Paul Brymore Bunting
Liquidator
MSI Ragg Weir
Level 2, 50 Burwood Road
Hawthorn 3122
Phone: (03) 9819 4011


MANITO PTY: ASIC Shuts Down Super Fund as Super Choice Starts
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders Wednesday in the Federal Court of Australia
restraining Mr. Steve Preston (formerly known as Gordon Charles
Fowler) and Manito Pty Ltd, trading as Superannuation Retrieval
Services (SRS), from carrying on a business relating to
superannuation interests.

ASIC alleged that Mr. Preston and SRS were conducting a
financial services business without having an Australian
financial services license (AFSL) and providing misleading
advice to consumers about rolling over their superannuation
entitlements into self-managed superannuation funds (SMSFs).

Mr. Preston consented to declarations that he had carried on a
financial services business without holding an AFSL and to an
order restraining him from carrying on a business related to
superannuation interests (without holding an AFSL). Mr Preston
and SRS have also undertaken to the court to not dispose of, (or
impinge on,) without prior approval, a residential property in
Wanneroo, Western Australia that is currently listed for sale.

The Federal Court has ordered the defendants to pay to the
clients, or their respective superannuation funds, all funds
received by Mr Preston or SRS, which were redeemed but have not
been paid to the clients or their SMSF. The Federal Court has
also authorized ASIC to send out a notice to the thirty-four
known clients. In this notice the clients will be asked to list
their superannuation interests and advise ASIC of any amounts
that still remain unpaid. If any other SRS clients do not
receive this notice from ASIC they should contact ASIC.*

"ASIC's allegations in this proceeding raise significant issues
for consumers who are thinking of rolling over their
superannuation savings into a self-managed superannuation fund.
Given the choice of superannuation fund that consumers are now
able to make, ASIC is concerned that consumers considering
establishing a self-managed superannuation fund should receive
proper advice from the holder of an Australian financial
services licence," Ms. Jan Redfern, ASIC's Executive Director,
Enforcement said.

"A licensed adviser will consider whether the amount of a
person's superannuation savings is sufficient to justify the
costs involved to establish and maintain a self-managed
superannuation fund," Ms. Redfern said.

This action arose out of ASIC's superannuation switching
campaign which was developed to ensure advisers fulfill their
obligations in relation to providing advice concerning a
client's existing super fund and any new fund that might be
recommended.

The obligations of financial advisers and trustees of SMSFs are
set out in Meeting Your Obligations, a booklet recently
published by the ASIC and the ATO. It also details the approach
ASIC and the ATO will take to ensure people comply with their
obligations.

Background

On 14 December 2004, ASIC obtained Federal Court orders by
consent in Perth in relation to Manito's advertising activities
including declarations against Manito, and injunctions
permanently restraining Manito and Mr. Preston.

ASIC issued further Federal Court proceedings against Mr.
Preston and SRS after 34 Melbourne clients were recently
approached by SRS to have their superannuation rolled into
SMSFs. ASIC is concerned that at least 10 of these clients have,
to date, not received all of their superannuation funds.

In some cases, ASIC alleged consumers with as little as AU$8,000
in superannuation entitlements have been advised by Mr. Preston
and SRS to establish self-managed superannuation funds and have
been charged up to AU$1,500 in fees. ASIC also alleges that a
significant amount of SRS clients' superannuation entitlements
remain unpaid.


MERIVENT PTY: Members Decide to Wind Up Operations
--------------------------------------------------
At the General Meeting of the members of Merivent Pty Limited
duly convened and held on June 10, 2005, the following special
resolutions were duly passed:

(1) That the Company be wound up voluntarily.

(2) That on the winding up of the Company subject to the payment
of the debts and liabilities of the Company and the costs of
liquidation, the assets of the Company be distributed amongst
the members in specie in whole or in part according to their
rights and interest in the Company.

(3) That Dennis Gordon Laundy, Chartered Accountant of 48
Greenhill Road, Wayville SA 5034, be appointed Liquidator for
the purpose of such winding up.

Dated this 10th day of June 2005

Dennis G. Laundy
Chartered Accountant
48 Greenhill Road
Wayville SA 5034


MERRILL LYNCH INVESTMENT: Begins Liquidation Proceedings
--------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Merrill Lynch Investment Managers Staff Super Fund Pty Limited
duly convened and held on June 14, 2005, the following Special
Resolution was passed:

That the Company be wound up voluntarily.

Dated this 14th day of June 2005

P. J. Bongiorno
Liquidator
MacMillan Cowan & Co
Chartered Accountants
Steampacket House, Level 2, 10 Moorabool Street
Geelong, Vic 3220
Phone: (03) 5222 2866


MULTIPLEX: Needs AU$100 Mln to Save Stadium
-------------------------------------------
Multiplex warned the State Government a stadium project in Perth
is likely to stall due to lack of funds, The West Australian.

The firm asked the State Government to double its financial
contribution if it wants the Company to complete a new 12,000-
plus-seat multi-purpose indoor stadium for the State.

The Government has offered a AU$50 million contribution over 20
years but Multiplex says it needs as much as AU$102 million over
two years to build two of the three proposals it has put
forward. Multiplex has asked for AU$86 million to build a
stadium at the State Tennis Centre at Burswood or AU$102 million
if it chooses the Northbridge Link site at the Mitchell Freeway
end of the Perth Entertainment Centre site. Both options would
seat 12,500 people.

The other option is to revamp the mothballed entertainment
center at a cost to Government of AU$51 million over two years
but this does not meet the Government's requirements because it
would seat 11,500 people.

Multiplex was the only bidder for the stadium project after
Mirvac Fini pulled out of the race last month, saying the $50
million contribution was not enough.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


PARKVIEW HOMES: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Parkview Homes Pty Limited held on June 8, 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, David Henry Scott of Jones Condon, Ground
Floor, 77 Station Street, Malvern Victoria be appointed
Liquidator.

Dated this 8th day of June 2005

David Henry Scott
Liquidator
Jones Condon
Chartered Accountants
77 Station Street
Malvern Vic 3144


PHILLIP ISLAND: Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that at general meetings of the members
of Phillip Island Promotions Pty Limited held on June 7, 2005,
it was resolved that the companies be wound up voluntarily and
that James Patrick Downey, Chartered Accountant of Cole Downey &
Co., Chartered Accountants, Level 1, 22 William Street,
Melbourne Vic 3000 be nominated to act as Liquidator for the
winding up.

Dated this 7th day of June 2005
J. P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


PREBON YAMANE: Members Decide to Wind Up Firm
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Prebon Yamane Securities (Australia) Pty Limited held on June
7, 2005, it was resolved that the Company be wound up
voluntarily and that Paul Andrew Billingham, Chartered
Accountant of Grant Thornton, Level 17, 383 Kent Street, Sydney
NSW 2000 be nominated to act as Liquidator for the purpose of
the winding up.

Dated this 7th day of June 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


QUINCE & COMPANY: Faces Liquidation
-----------------------------------
At an Extraordinary General Meeting of Quince & Co. Pty Limited
duly convened and held on June 7, 2005, a Special Resolution was
passed that the Company be wound up voluntarily and that William
John Fletcher and Katherine Elizabeth Barnet of Bentleys MRI be
appointed Joint & Several Liquidators for such winding up.

Dated this 8th day of June 2005

William John Fletcher
Katherine Elizabeth Barnet
Joint & Several Liquidators
Bentleys MRI
Chartered Accountants
Level 26, AMP Place, 10 Eagle Street
Brisbane Qld 4000


RICHARDSON REMOVALS: To Distribute Dividend to Creditors
--------------------------------------------------------
Richardson Removals Pty Limited will declare a second interim
dividend on Aug. 10, 2005.

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

Dated this 9th day of June 2005

John Park
Liquidator
KordaMentha
22 Market Street, Brisbane Qld 4000
Phone: (07) 3225 4900
Fax:   (07) 3225 4999


R. ZAPPIA: Members, Creditors to Hear Liquidator's Report
---------------------------------------------------------
Notice is given that a final meeting of members and creditors of
R. Zappia & Sons Pty Limited will be held on July 26, 2005,
10:00 a.m. in the boardroom of Anthony Matthews & Associates,
Ground Floor, 91 Hutt Street, Adelaide, South Australia for the
following purposes:

AGENDA

(1) To receive an account showing how the winding up has been
conducted and how the property of the Company was disposed of.

(2) Any other business.

Dated this 8th day of June 2005

A. C. Matthews
Liquidator
Anthony Matthews & Associates
Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: (08) 8232 8885
Fax:   (08) 8232 8886
Email: info@matthewsassociates.com.au

NOTE: Notice states that a person is not entitled to vote as a
creditor at a meeting unless he or she has lodged with the
Chairperson of the meeting particulars of the debt or claim,
which he or she claims to be due from the Company.


SERVICEONE TECHNOLOGY: Struck Off by Singaporean Parent
-------------------------------------------------------
Singaporean interactive media and entertainment firm Netelusion
Limited announced that the Company has de-registered its
Australian unit, ServiceOne Technology Pty Limited, pursuant to
an application made by the subsidiary.

The striking off or deregistration of the subsidiary is part of
a strategic restructuring of Netelusion Limited, and is not
expected to affect its net tangible assets or earnings per share
for the financial year ending March 31, 2006.

CONTACT:

ServiceOne Technology Pty Limited
C/o Netelusion Limited
1 Raffles Place
#18-01 OUB Centre
Singapore 048616
Phone: (65) 6532 5436
Fax:   (65) 6532 5993


TRACKSIDE ENTERPRISES: Wind-up Process Initiated
------------------------------------------------
Notice is hereby given that at general meetings of the members
of Trackside Enterprises Pty Limited held on June 7, 2005, it
was resolved that the Company be wound up voluntarily, and that
James Patrick Downey, Chartered Accountant of Cole Downey & Co,
Chartered Accountants, Level 1, 22 William Street, Melbourne Vic
3000 be nominated to act as Liquidator for the winding up.

Dated this 7th day of June 2005

James P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


VALLEY TIMBERS: Official Liquidator Named
-----------------------------------------
Notice is hereby given that at a creditors meeting of Valley
Timbers Frames and Trusses Pty Limited held on June 9, 2005, it
was resolved that the Company be wound up voluntarily, and for
such purpose Roderick Mackay Sutherland of Jirsch Sutherland
Chartered Accountants was appointed Liquidator.

Dated this 9th day of June 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
Phone: (02) 9233 2111
Fax:   (02) 9233 2144


WAWEGO PTY: Receiver, Manager Steps Aside
-----------------------------------------
Pursuant to Section 427(4) of the Corporations Act, Robert
Anthony Ferguson of Fergusons Chartered Accountants, Level 8,
115 Grenfell Street, Adelaide SA 5000, ceased to act as Receiver
and Manager of Wawego Pty Limited on June 10, 2005.

Dated this 10th day of June 2005

Robert A. Ferguson
Fergusons Chartered Accountants
Level 8, 115 Grenfell Street
Adelaide SA 5000


YEDGAR & PARTNERS: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Yedgar & Partners Pty Limited duly convened and held on June 9,
2005, a Special Resolution that the Company be wound up
voluntarily was passed by members, and M. F. Cooper was
appointed Liquidator for such purpose.

The appointment of Liquidator was confirmed by creditors at a
meeting of creditors held later that day.

Dated this 9th day of June 2005

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


* Net Internet Fraud Losses Exceed AU$200 Mln
---------------------------------------------
The Internet Industry Association (IIA) has revealed that
Australian banks lose more than AU$200 million annually due to
Internet fraud, The Advertiser reports.

Although the banks refused to disclose their actual losses, ABN
Amro analyst Jarrod Martin predicted the banks would soon be
forced to address the issue more publicly as losses grow and
attacks become more sophisticated.

"The banks have certainly tried to make customers aware of it
but as of yet we haven't seen a great deal of publicly announced
losses come through. But I imagine the losses will become more
significant and more public as the fraudsters get more refined
in their approach," Mr. Martin said.

Despite the estimated AU$1 million-a-month loss incurred by NAB,
Mr. Martin said the problem impacted more on public sentiment
than on the bank's bottom-line earnings.

"The best way to compare it is to look at loan defaults in an
annual period and in any given year NAB has between AU$500
million and AU$600 million in bad debt expenses. So AU$12
million per year from Internet fraud is minor," Mr. Martin said.

Even the estimated AU$70 million in annual losses across the Big
Four banks amounted to a "small blip" in the context of their
$2.5 billion to $3 billion in yearly bad debt costs, Mr. Martin
said.

A spokesman for Suncorp Metway and Bank of Queensland both said
their losses through Internet theft had been minimal. They also
stressed that beefed-up security and increased public awareness
had helped.

Westpac spokeswoman also declined to detail losses through
Internet fraud, although she said the bank's losses were "well
below the industry average".

Nevertheless, banks wanted to encourage greater Internet usage
and stories about unchecked fraud are quite damaging.


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

ANKOR SERVICE: Appoints Joint Liquidators
-----------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated July 6, 2005, Kelvin Edward Flynn
and Cosimo Borrelli of Alvarez & Marsal Asia Limited, 5th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
have been appointed as Joint and Several Liquidators of Ankor
Service Limited (In Compulsory Liquidation) without a committee
of inspection.

Dated this 20th day of July 2005.

Kelvin Edward Flynn
Joint and Several Liquidator
Ankor Service Limited


CHINA UNICOM: Unit Completes CNY10-Bln Debt Issue
-------------------------------------------------
The Board of Directors of China Unicom Corporation Limited
(CUCL), a wholly owned subsidiary of China Unicom Limited,
adopted a resolution on June 24, 2005, approving its offering of
commercial paper with the outstanding amount not to exceed CNY10
billion (CP).

On July 7, 2005, CUCL obtained an approval for filing from the
People's Bank of China (PBOC) with regard to its offering of the
CP. The CP, consisting of two tranches and underwritten by an
underwriting syndicate formed by China Everbright Bank as th
lead underwriter, was placed through book-building and offered
by way of discounting openly in the PRC interbank debenture
market. The unit nominal value of the CP is CNY100.00 and the
offer price was determined by taking into account the result of
book-building.

On July 19, 2005 CUCL completed the offering of the CP. The
first tranche of the CP, with maturity period of 365 days, were
issued for the aggregate amount of CNY9 billion at the issue
price of CNY97.16 and with interests accruing from July 19,
2005. The second tranche on the CP, with a maturity period of
180 days, were issued for the aggregate amount of CNY1 billion
at the issue price of CNY98.74 and with interests accruing from
July 19, 2005.

By Order of the Board
China Unicom Limited
Yee Foo Hei
Company Secretary
Hong Kong, July 19, 2005

CONTACT:

China Unicom Limited
75/F, The Center
99 Queen's Road Central
Hong Kong
Phone: 21262018
Fax: 21262016
Web site: http://www.chinaunicom.com.hk


CHINA UNICOM: Executive Director Resigns
----------------------------------------
The Board of Directors of China Unicom Limited announced that
Mr. Zhao Le has resigned as Executive Director and Vice
President of the Company with effect from July 19, 2005. Mr.
Zhao has confirmed that he has no disagreement with the Board
and is not aware of any matters in respect of his resignation
that need to be brought to the attention of the shareholders of
the Company.

With effect from the same day, Mr. Li Qiuhong has been appointed
Executive Director and Vice President of the Company. Mr. Li,
aged 51, a senior accountant, graduated in 1982 from
Agricultural Economics Faculty of Finance & Economics
Institution of Hubei, with degree in Economics and obtained a
Master of Business Administration degree in 2003 from New York
State University. Prior to joining Unicom Group, Mr. Li once
served as Deputy Division Head of Agricultural Tax Bureau of the
Ministry of Finance, Deputy Head of Yongji County in Jilin
Province and Division Head of Agriculture Department of the
Ministry of Finance, as well as Division Head of Agricultural
Tax Bureau of the State Administration of Taxation. Mr. Li
joined Unicom Group in February 1996, he served as Deputy Head
of Finance Department, General Manager of Finance and Planning
Department and General Manager of Planning Department.

He also acts as the Chairman of Beijing Unicom Shi Hua
Information Network Corporation Limited since September 2003.
Mr. Li has extensive work experience and management expertise in
the areas of government finance and tax management, and
corporate planning finance management.

Save as disclosed above, Mr. Li does not have any other
relationship with any directors, senior management or
substantial or controlling shareholders of the Company. As at
the date of this announcement, Mr. Li except from holding of a
total number of 816,400 share options issued pursuant to the
Company's share option schemes, does not have any other interest
in the shares of the Company within the meaning of Part VX of
the Securities and Futures Ordinance.

The terms of services agreed between Mr. Li and the Company do
not include a specified length of service and do not expressly
require the Company to give more than one year's notice period
or to make payments equivalent to more than one year's
emoluments to terminate the service. Mr. Li is subject to
retirement by rotation in annual general meetings in accordance
with the articles of association of the Company. Mr. Li will
receive a remuneration package including a basic salary of
HK$57,700 per month plus a housing allowance, as well as
discretionary bonus and discretionary grant of share options as
may be recommended by the Remuneration Committee, and determined
by the Board with reference to his performance.

The remuneration of Mr. Li has been determined with reference to
his duties and responsibilities in the Company, his experience
and the prevailing market conditions. Mr. Li has confirmed that
there is no other matter that needs to be brought to the
attention of the Company's shareholders.

The Board expresses its sincerest gratitude to Mr. Zhao for his
contribution to the Company made during his period of service,
and sends its warmest welcome to Mr. Li for his appointment as
Director of the Company.

By Order of the Board
China Unicom Limited
Yee Foo Hei
Company Secretary
Hong Kong, 19 July 2005


CHINA UNICOM: Handset Subsidies Decline to CNY1.1 Bln
-----------------------------------------------------
China Unicom Limited said that the Company's subsidies for Code
Division Multiple Access (CDMA) subscribers for the first
quarter this year decreased to CNY1.1 billion from CNY2.7
billion in the previous quarter, China Knowledge Press reports.

The mobile operator aims to make up losses incurred form its
CDMA business this year. The business made an operating loss of
CNY280 million in the first quarter.

However, its GSM business is profitable, making 2.13 B yuan in
the same period.          


GUANGDONG KELON: Shares Slump After Court Freezes Some Assets
-------------------------------------------------------------
Guangdong Kelon Electrical Holdings Co. shares dropped by 10
percent on Tuesday after the court had frozen its stake in Huayi
Compressor Co. and CNY17.1 million (US$2 million) deposits,
according to the International Herald Tribune.

The Jiaxing Intermediate People's Court has ordered the freeze
after Huayi took Kelon to court due to a loan-guarantee dispute,
according to Kelon, without further details.

Due to huge loss of over CNY60 million (US$7.23 million) in the
fourth quarter last year, the China Securities Regulatory
Commission (CSRC) launched an investigation into Kelon in April.

Kelon incurred profits of CNY200 million (US$24 million) in the
first three quarters of last year, thus the sudden loss in the
last quarter drew much attention. A number of investors believed
that Company President Gu Chujun embezzled Kelon's capital to
acquire Meiling Electronics and Yaxing Truck.

CONTACT:

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


HONGKONG CONSTRUCTION: Clarifies Litigation Report
--------------------------------------------------
This announcement is made in response to the recent reports
appearing in Hong Kong and the PRC in relation to a legal
proceeding commenced by the Sub-Contractor in Beijing claiming
from HongKong Construction (Holdings) Limited, together with
others, a sum of approximately CNY36 million (about HK$34
million), being the alleged outstanding balance of interim
payment due to it under a sub-contract made in connection with
the construction of the National Grand Theatre in Beijing, the
PRC.

The Company is one of the main contractors for the construction
of the National Grand Theatre. The Company confirmed that it had
received a statement of claim issued by the Sub-Contractor
containing brief particulars of such claim.

The Board, however, believes that the Company had duly made all
payments due to the Sub-Contractor in accordance with the
relevant sub-contract. The Board takes the view that the Company
has good defense against the allegation by the Sub-Contractor.

The Company has already consulted several PRC legal advisers
intending to vigorously defend itself and, where appropriate, to
counterclaim against the Sub-Contactor in the proceeding in the
PRC.

As such, no provision is thought appropriate for the claim at
the moment. In the opinion of the Directors, it is quite normal
and inevitable for companies engaged in the construction
industries to have claims and/or disputes with the other
contracting parties. The Directors do not consider that the
present claim will have any material adverse effect on the
Company.

By order of the Board
HONG KONG CONSTRUCTION (HOLDINGS) LIMITED
OEI Kang Eric
Managing Director and Chief Executive Officer
Hong Kong, July 19, 2005

CONTACT:

Hong Kong Construction (Holdings) Ltd.
801-802 East Ocean Centre
98 Granville Road
Kowloon, Hong Kong  
Phone: 23693949  
Fax: 27212526  
Web site: http://www.hkconstruction.com


HUALING HOLDINGS: Notes Unusual Price Movements
-----------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Hualing Holdings Limited, which is reproduced as follows:

"The following statement is made at the request of The Stock
Exchange of Hong Kong Limited (Stock Exchange).

The directors of the Company have noted the decrease in share
price and increase in trading volume of the shares of the
Company on July 19, 2005 and wish to state that apart from the
Rights Issue of the Company as set out in its prospectus dated
June 29, 2005 and its announcement dated July 18, 2005, they are
not aware of any reasons for such decrease in share price and
increase in trading volume.

The Directors also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules (Listing
Rules) Governing the Listing of Securities on the Stock
Exchange, neither are the Directors aware of any matter
discloseable under the general obligation imposed by rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.

Made by the order of the board of Hualing Holdings Limited, the
Directors of which individually and jointly accept
responsibility for the accuracy of the above statement.

For and on behalf of
Hualing Holdings Limited
Arthur Hang
Company Secretary
19 July 2005"

CONTACT:

Hualing Holdings Limited
Room 4108-10, 41st Floor
Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong  
Phone: 28022155  
Fax: 25988995  
Phone: http://www.hualing.com.hk


INDUSTRIAL AND COMMERCIAL: Completes Financial Restructuring
------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) has completed
its financial reshuffle work by the end of June, following a
capital injection of US$15 billion by Central Huijin, Asia Pulse
reports.

After the financial reshuffle, the Company has reached the
criteria for a healthy bank in terms of main financial and asset
quality indicators.

By the end of June, ICBC had a capital adequacy of 9.12 percent
on a total capital of CNY280.6 billion, including an adequacy of
8.07 percent for core capital amounting to CNY252.5 billion.

The bank posted an operating profit of CNY41.6 billion in the
first half of this year, up 2.8 billion year on year.

The bank will be recapitalized into a shareholding Company -
Industrial and Commercial Bank of China Corporation Limited in
September or October.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


YANION INTERNATIONAL: Posts Notice of Address Change
----------------------------------------------------
The Board of Directors of Yanion International Holdings Limited
announces that the principal place of business of the Company
will be changed from 3506, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong to Unit 2703, 27th Floor,
Tower 1, Admiralty Center, No. 18 Harcourt Road, Hong Kong with
effect from August 1, 2005.

As at the date of this announcement, the Board comprises eight
executive Directors, namely Mr. Fung Chi Kin, Mr. Guo Duen How,
Tom, Mr. Ho Yuk Ming, Hugo, Mr. Kao Ying Lun, Mr. Li Mingke, Mr.
Wu Fred Fong, Mr. Zhang Zhiyuan, Nathan and Mr. Zhao Songyi and
four independent non-executive Directors, namely Mr. Choy Tak
Ho, Mr. Loke Yu alias Loke Hoi Lam, Mr. Loo Chung Keung, Steve
and Mr. Tsui Chun Chung, Arthur.

Yanion International incurred a net loss of HK$74.33 million in
the fiscal year ended December 31, 2004, versus a net loss of
HK$52.61 million a year earlier, relates Chong Hing Securities
Ltd.

By order of the Board
Yanion International Holdings Limited
Fung Chi Kin
Director
Hong Kong, July 19,2005

CONTACT:

Yanion International Holdings Limited
3506 Gloucester Tower The Landmark
11 Pedder Street,
Central, Hong Kong  
Phone: 24112269  
Fax: 24110369  
Web site: www.chinamed82.com.hk


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

BANK DKI: Bond Rating Upgraded to BBB
-------------------------------------
PEFINDO upgraded the ratings for PT Bank DKI (BDKI) and its Bond
IV/2004 due 2009 to "idBBB" from "idBBB-". The rating action
reflects the Bank's improving financial performance following
its credit expansion, yet the Bank's limited funding product
development due to limited banking technology still mitigates
the ratings.

BDKI's business position remains relatively stagnant, as the
Bank operates in greater Jakarta areas, where the competition is
very tight compared to its BPD peers in other provinces in
Indonesia.

The Bank's market shares in loans and deposits relatively
remained at the same levels of 0.8% of banking industry for both
(vs. 1% and 0.8% in 2003), although in absolute amount its total
loans grew significantly by nearly 30% y-y to IDR2.2 tn in 2004,
while total deposits grew by 10% y-y to IDR4.2 tn. Accordingly,
the Bank's total assets have grown significantly by 23% y-y to
IDR6.9 tn in 2004.

The Bank has also continued to improve its network coverage by
opening new branches in some new prospective areas and enhance
its IT banking system to support its product developments. As to
date, the Bank that is still 100% owned by Jakarta Provincial
Government, operates 89 branches and 47 units of fully owned
ATMs, which are also linked to more than 5,000 units of ATM
Bersama network.


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

JAPAN AIRLINES: To Review Routes; May Shift to Charter Services
---------------------------------------------------------------
Japan Airlines Corporation (JAL) will decide on whether to end
flights with low profitability or shift to charter services,
according to Japan Times, citing JAL President Toshiyuki
Shinmachi.

"We will accelerate a review of routes with low profitability
and leave no stone unturned," Mr. Shinmachi said in an interview
late last week.

The airline has a high ratio of international flights and thus
it is more vulnerable to international conditions, such as a
rise in crude oil prices and terrorist acts.

On the safety blunders recently embroiling the carrier, Mr.
Shinmachi said, "There was distance between staff and management
in the process of management integration, and communication
between the divisions was insufficient."

For further information contact:
Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate


KYUSHU INDUSTRIAL: IRCJ Picks H.I.S. to Aid Rehab
-------------------------------------------------
The Industrial Revitalization Corporation is likely to choose
travel agency H.I.S. Co. as a sponsor for reviving troubled bus
operator Kyushu Industrial Transportation Co., Kyodo News
reports.

The state-backed corporate bailout agency is scheduled to make a
final decision at a meeting of the Industrial Revitalization
Commission later this month after consulting with ministries
concerned.


MATSUSHITA ELECTRIC: Says Plasma TV Sales Above Target
------------------------------------------------------
Matsushita Electric Industrial Co. expects that global demand
for plasma televisions would reach 6.0 million units in the year
to March, a positive sign for its quarterly earnings report due
next week, according to Reuters.

Masaaki Fujita, head of Matsushita's plasma TV business,
expressed confidence that the Company would be able to secure 35
percent of the global market. Based on the new forecast,
Matsushita would sell 2.1 million plasma TVs in 2005/06, above
its previous forecast of 1.75 million units.

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 MOTORS: Performing Well in Europe
--------------------------------------------
Mitsubishi Motors Corporation, which seemed to be on the verge
of closing down in the recent past, has shown impressive results
in Europe this year, ITV Motoring reports.

The Colt hatchback is now Mitsubishi's top seller by far at
37,615 units across the continent. Lancer sales are up by 62
percent to 28,395, and the L200 pickup has improved slightly to
19,186.

As previously reported, Russia has become Mitsubishi's number
one European market, sales having doubled in the past year.

There has been a big recovery in Germany, where consumer
confidence nearly collapsed when DaimlerChrysler announced that
it was no longer going to give Mitsubishi financial support.
Sales there have improved by 43 percent.

The United Kingdom has fallen to number three, despite a healthy
18 percent upturn.

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


SANYO ELECTRIC: Ships Digital Television Sets in U.S. Market
------------------------------------------------------------
Zentek Technology Japan announced today that Sanyo Electric
affiliate Sanyo Manufacturing Corporation (Sanyo) is shipping
production digital television (DTV) sets with Zentek MediaStack
software in the U.S. market. The full-scale rollout started in
April this year, and these units are now available at thousands
of locations from one of the nation's largest merchandisers.

Zentek MediaStack is available on three Sanyo DTV units,
including both high-definition television (HDTV) and enhanced
digital television (EDTV) systems.

Zentek MediaStack ATSC provides software libraries and
middleware for Advanced Television Systems Committee (ATSC)
digital television products. MediaStack ATSC contains libraries
for PSIP, EIA-608B and EIA-708B closed captioning. It also
contains middleware modules for controlling tuning, audio/video
decoding, parental guide, on-screen display, and other functions
that make it easier for application programmers to customize the
look and feel of an ATSC-compliant digital television product.

Zentek offers a comprehensive line of MediaStack products, which
are designed to reduce a customer's time to market by providing
pre-tested, robust software components that are easily ported
and integrated. Other MediaStack products include MediaStack
OpenCable, which provides a CableCARD Host Interface library and
an OCAP implementation; MediaStack MHP, which provides a fully
compliant implementation of DVB MHP; and MediaStack ARIB, which
provides both ARIB and ARIB-J implementations for the Japanese
market.

Sanyo is a leading supplier of television sets to the U.S.
market, especially mass-merchandisers. MediaStack is offered on
three new Sanyo models, including a 42-inch EDTV plasma display
with integrated analog/digital tuner (DP42545), a 28-inch HDTV
with dual integrated analog/digital tuners (HT28745), and a 27-
inch HDTV with dual integrated analog/digital tuners (HT27745).
More information can be found at:
http://www.sanyo.com/entertainment/televisions/digital/

Zentek licensed MediaStack to Sanyo, and worked in close
collaboration during development of the systems now in
production. A one-stop solution provider, Zentek possesses a
wide range of critical software for DTV and set-top box (STB)
manufacturers in U. S., European, and Asian markets. Zentek
licenses MediaStack software to major television manufacturers
and major chip vendors. More information can be found at:
http://www.zentek.com/products_dtv_sw.html

About Zentek Technology Group

Zentek develops software and provides engineering services for
the digital consumer electronics market with a focus on two
areas: digital television and mobile digital devices. Zentek
Technology Group's U.S. headquarters is in San Mateo, Calif. The
Company was founded in 1997 and is a subsidiary of Zentek
Technology Japan, Inc. with shares traded on the Hercules
exchange, code 4296. The Company also has offices in Tokyo and
Osaka in Japan, and in Singapore. Further information can be
found at http://www.zentek.com/index_e.html.

CONTACT:

Zentek Technology Group
Dr. James Morris
VP Engineering
jim@zentek.com
+1-650-578-2600
Web site: http://www.zentek.com/


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

ASIANA AIRLINES: Failure to Reach Agreement Intensifies Strike
--------------------------------------------------------------
The strike by Asiana Airlines unionized pilots has reached its
fourth day as its effect on the airlines' operation escalates,
Digital Chosunilbo reveals.

All domestic flights were grounded, except Jeju Island route on
Monday.  On Tuesday, an 8:00 p.m. flight for Sydney was
cancelled, the first international flight to be cancelled.  A
cargo plane also sits idle on the same day, in contrast to
Korean Air's busy cargo terminals.

Cargo flights have been grounded since Sunday.  Asiana's cargo
business team said alternative transport for reserved cargo has
been sought.  The carrier plans to store transshipment cargo for
a week and load it onto passenger jets and other flights. Losses
from the strike between Sunday and Tuesday are seen to have
reached KRW4 billion.

The protesters suspended talks with Asiana Tuesday because they
believe the management was not sincere enough.  The pilots were
willing to drop as many as 50 demands and end the strike as soon
as possible if management agrees to their demands concerning
employment security and flight safety.

CONTACT:

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


CITIBANK KOREA: Faces Lawsuit for Alleged Loan Fraud
----------------------------------------------------
The labor union of Citibank Korea Inc. filed with the Seoul
Districts Prosecutors office a lawsuit for allegedly deceiving
customers, reveals The Korea Herald.

Some KRW600 billion in loans were offered at the end of 2002
with payments linked to floating market rates.  Despite the fall
in Korea's market rates Citigroup's former Korean banking unit
did not lower loan rates. The union said Citibank deceived
customers when it did not lower loan rates payments.   

The unit then posted more than KRW7.4 billion of extra gains
between the end of 2002 and March this year, without defining
the market rates it was citing.

Last November, the banking unit merge with Koram bank, seven
months after New York-based Citigroup, acquired Koram for $2.6
billion, which is considered the biggest foreign investment in
Korea's financial industry.

Citibank Korea acknowledged not adjusting the interest rate for
the products sold prior to the merger but denied any wrongdoing.

"We believe our pricing to be both responsible and in line with
market conditions at the time," the Seoul-based bank said.
"After the integration (with the former Citibank Seoul branch),
we lowered the rate by 100 basis points in March, and we offer
one of the best products in the market."

One of Citigroup's top priorities is to iron out a not so good
relation with the labor union.  Citibank Seoul branch has a
separate labor union representing 200 employees, aside from the
union employees from Koram Bank.

"We hope the bank will honor its promises to customers in
Korea," Lee Yong-ha, a vice leader at the former Koram union,
told Bloomberg news service. "We want to fix problems before
losing our precious customers."

Citibank Korea aims to expand its market share to 10 percent
from 7 percent in November 2004 in the Asia's third-largest
retail banking market.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


DAEWOO ELECTRONICS: Sale Could Fast Track Recovery
--------------------------------------------------
The Korea Asset Management Corp. (KAMCO) is set to sell troubled
Daewoo Electronics Corp. in the second half, Asia Pulse reports
citing Yonhap News.

KAMCO, a major shareholder of Daewoo Electronics said it has
agreed with main creditor Woori Bank and the management of
Daewoo on the sale.

Woori Bank, South Korea's second-largest lender, will soon begin
sale procedures, including the selection of a lead manager.

KAMCO President Kim Woo-suk said the sale would help Daewoo
Electronics get back on track as soon as possible.  

"A lack of spending on research and development is eroding the
Company's corporate value and its growth potential," Mr. Kim
said.

Several foreign companies are known to be interested in buying
the electronics Company.

Daewoo Electronics was placed under the debt workout program
when its parent Daewoo Group collapsed with nearly US$80 billion
in debts in 1999.

CONTACT:

Daewoo Electronics Company Ltd
541 Namdaemunno 5-Ga
Chung-Gu Seoul, 100-714
Korea (South)
Telephone: +82 2 360 7114


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

AKTIF LIFESTYLE: SC Extends Submission of Proposal for 30 Days
--------------------------------------------------------------
Aktif Lifestyle Corporation Bhd refers to the announcement made
to Bursa Malaysia Securities Berhad dated July 1, 2005 on the
extension of time to submit comprehensive proposal.

On behalf of the Board of Directors of Aktif, Avenue Securities
Sdn Bhd (Avenue) advised that the Securities Commission, via its
letter dated July 12, 2005 (which was received on July 13, 2005)
approved the extension of time of one (1) month from July 16,
2005 to August 16, 2005 for Avenue/Aktif to submit a
comprehensive proposal to regularize the Company's financial
condition.

This announcement is dated 14 July 2005.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


ANCOM BERHAD: Repurchases Ordinary Shares on Buy Back
-----------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad details
of its shares buy back notice on July 14, 2005.
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 18,500

Minimum price paid for each share purchased (MYR): 0.765

Maximum price paid for each share purchased (MYR): 0.780

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 18,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 11,256,500

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

CONTACT:

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


CAMERLIN GROUP: Trading of Securities Resumes
---------------------------------------------
Further to Listing Circular No. L/Q 32098 of 2005, Camerlin
Group Berhad advised that trading in the above Company's
securities will resume with effect from 9:00 a.m., Friday, July
15, 2005.

Your attention is drawn to the Company's announcement dated July
14, 2005.

CONTACT:

Camerlin Group Berhad
18 Jalan Perak
50450 Kuala Lumpur,
Malaysia
Telephone: +60 3 2164 2631 / +60 3 2164 2514


FABER GROUP: New Shares Granted Listing, Quotation
--------------------------------------------------
Faber Group Berhad informed that its additional 30,600 new
ordinary shares of MYR1.00 each arising from conversion of
MYR61,200 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 30,600 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, July 18, 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: Buys Back 14,000 Shares
---------------------------------
Hap Seng Consolidated Berhad issued a shares buy back notice to
Bursa Malaysia Securities Berhad with the following details:   

Date of buy back from: 05/07/2005

Date of buy back to: 11/07/2005

Total number of shares purchased (units): 14,000

Minimum price paid for each share purchased (MYR): 2.060

Maximum price paid for each share purchased (MYR): 2.190

Total amount paid for shares purchased (MYR): 29,437.02

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 14,000

Total number of shares retained in treasury (units): 32,761,900

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 14/07/2005

Lodged by: Cheah Yee Leng

CONTACT:

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


HONG LEONG: Pays MYR268,800.00 for New Shares
---------------------------------------------
Hong Leong Industries Berhad posted at Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back from: July 4, 2005

Date of buy back to: July 6, 2005

Total number of shares purchased (units): 80,000

Minimum price paid for each share purchased (MYR): 3.360

Maximum price paid for each share purchased (MYR): 3.360

Total amount paid for shares purchased (MYR): 268,800.00

The name of the stock exchange through which the shares were
purchased: The Main Board of Bursa Securities

Number of shares purchased retained in treasury (units): 80,000

Total number of shares retained in treasury (units): 7,424,000

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: Not applicable

Date lodged with registrar of companies: July 14, 2005

Lodged by: HLI-HUME Management Co Sdn Bhd

This announcement is dated 14 July 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com

   
MBF HOLDINGS: Dissolves Dormant Unit
------------------------------------
MBf Holdings Berhad informed Bursa Malaysia Securities Berhad
that its subsidiary Paradise Hotel & Resort International
Limited has been struck off from the register by the Companies
Registry in Hong Kong and is accordingly dissolved.

The aforesaid Company has been inactive since the date of
incorporation i.e. 10 February 1987.

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
14 July 2005

CONTACT:

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


METROPLEX BERHAD: Court Grants Stay Order on Wind Up Petition
-------------------------------------------------------------
Metroplex Berhad (MB) informed Bursa Malaysia Securities Berhad
that upon the application by MB, the Kuala Lumpur High Court has
granted a stay on Philippine Asset Investment (SPV-AMC), Inc's
(PAII) winding-up petition against MB until further order of the
Court and the costs of MB's application shall be paid by PAII.

This announcement is dated 14 July 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur.
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


MULTI-USAGE HOLDINGS: Has Yet to Finalize Debt-Restructure Plan
---------------------------------------------------------------
Further to the announcement made on June 15, 2005, the Board of
Directors of Multi-Usage Holdings Berhad informed Bursa Malaysia
Securities Berhad that there is no significant change to the
status of default in payments of interest and principal sums to
the Lenders.

The debt-restructuring scheme proposed by consultant is still in
the process of being worked out with the lenders.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad its plan to regularize its
financial position once the restructuring schemes/proposals are
finalized.

Yours sincerely,

Ang Kim Cheng @ Ang Teng Kok
Managing Director


NALURI BERHAD: Changes Company Name
-----------------------------------
The Board of Directors of Naluri Berhad informed Bursa Malaysia
Securities Berhad that the name of the Company has been changed
to Naluri Corporation Berhad.

The change took effect from July 12, 2005, the date of issuance
of the Certificate of Incorporation on Change of Name of Company
(Form 13).

CONTACT:

Naluri Berhad
161B Jalan Ampang
50450 Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878 / +60 3 2162 0676


PANTAI HOLDINGS: Buys Back Ordinary Shares
------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad the details of its shares buy back, dated July 14, 2005.   

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

Total number of shares purchased (units): 107,000

Minimum price paid for each share purchased (MYR): 0.990

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

Total consideration paid (MYR): 107,070.32

Number of shares purchased retained in treasury (units): 107,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 36,346,800

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

CONTACT:

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


PARK MAY: Obtains Court Sanctions on Proposed Acquisitions
----------------------------------------------------------
Park May Berhad issued to Bursa Malaysia Securities Berhad an
update on Proposed Restructuring Scheme:

(a) Proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB), namely Kenderaaan Langkasuka
Sdn Bhd, Kenderaan Klang Banting Berhad, Kenderaan Labu Sendayan
Sdn Bhd, Starise Sdn Bhd, Syarikat Rembau Tampin Sdn Bhd and
Transnasional Express Sdn Bhd, by Konsortium Transnasional
Berhad (KTB), the Company which will assume the listing status
of Park May pursuant to the Proposed Restructuring Scheme, for a
total purchase consideration of MYR85,055,614.50 to be satisfied
by the issuance of 170,111,229 new Shares in KTB at an issue
price of MYR0.50 per Share (Proposed Acquisitions Of Six (6) Bus
Companies);

(b) Voluntary offer by KTB to acquire all the issued and paid-up
share capital of Syarikat Kenderaan Melayu Kelantan Berhad
(SKMK), a subsidiary of KKMB, comprising 7,250,620 ordinary
shares of MYR1.00 each to be satisfied by the issuance of
72,506,200 new Shares in KTB at an issue price of MYR0.50 per
Share on the basis of ten (10) new Shares in KTB for every one
(1) existing ordinary share of MYR1.00 each held in SKMK;

(c) Voluntary offer by KTB to acquire all the issued and paid-up
share capital of Tanjong Keramat Temerloh Utara Omnibus Berhad
(Keramat), a subsidiary of KKMB, comprising 1,054,653 ordinary
shares of MYR1.00 each to be satisfied by the issuance of
7,382,571 new Shares in KTB at an issue price of MYR0.50 per
Share on the basis of seven (7) new Shares in KTB for every one
(1) existing ordinary share of MYR1.00 each held in Keramat;

(Items (a), (b) and (c) to be collectively referred to as
Proposed Acquisitions Of Bus Companies)

(d) Proposed exchange of all the existing ordinary shares of
MYR1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares of MYR1.00 each held in Park May prior to the Proposed
Shares Cancellation (Proposed Share Exchange);

(e) Proposed cancellation of the entire issued and paid-up share
capital of Park May involving 74,996,022 ordinary shares of
MYR1.00 each pursuant to Section 64 of the Companies Act, 1965
and the issuance of new ordinary shares of MYR1.00 each in Park
May to KTB (Proposed Shares Cancellation);
(f) Proposed debt restructuring of MYR63.0 million of the
outstanding Commercial Papers (CP) of Park May by way of
cancelling MYR63.0 million of the CP outstanding and the
issuance of an equivalent nominal value of Irredeemable
Convertible Secured Loan Stocks by KTB;

(g) Proposed waiver to KKMB and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in KTB after the Proposed Acquisitions Of Bus Companies and
Proposed Share Exchange;

(h) Proposed offer for sale / placement of the Shares in KTB
held by KKMB to the Malaysian public / investors to comply with
the minimum 25% public shareholding spread requirement; and

(i) Proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Bursa Malaysia
Securities Berhad and proposed delisting of Park May.

(Items (a) to (i) to be collectively referred to as Proposed
Restructuring Scheme)

The Company refers to the its announcement dated July 1, 2005
where it was announced, inter-alia, that the hearing date in
respect of the sanction of the High Court of Malaya for the
Proposed Share Exchange and confirmation of the Proposed Shares
Cancellation (Court Sanctions) had been fixed on July 14, 2005.

In this respect, on behalf of the Company, AmMerchant Bank
Berhad (a member of AmInvestment Group) announced that the
Company has obtained the requisite Court Sanctions.

This announcement is dated 14 July 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com


PICA (M) CORPORATION: Bourse Delists Securities
-----------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) had earlier
notified Pica (M) Corp. Berhad on February 20, 2004 that given
the fact that the Company had made a submission of its
regularization plans to the relevant authorities for approval on
December 3, 2003, Bursa Securities would await the outcome of
its application to the relevant authorities.

Bursa Securities also informed the Company that its decision was
without prejudice to Bursa Securities' right to proceed to de-
list the securities of the Company in the event the Company
fails to obtain any of the relevant authorities' approvals
necessary for the implementation of its regularization plans.

The Company announced on April 11, 2005 that it had retrieved
its application on its regularization plans from the Securities
Commission.

After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Securities in the exercise of its powers under Paragraph
16.17 of the Bursa Securities Listing Requirements, has decided
to de-list the securities of the Company from the Official List
of Bursa Securities as the Company does not have an adequate
level of financial condition to warrant continued listing on the
Official List of Bursa Securities.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9:00 am on Friday, July 15, 2005.

With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company will continue to remain deposited with Bursa Depository
notwithstanding the de-listing of the securities of the Company
from the Official List of Bursa Securities. It is not mandatory
for the securities of the Company to be withdrawn from Bursa
Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificate can
withdraw these securities from their CDS accounts with Bursa
Depository, at anytime after the securities of the Company are
de-listed from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.

Shareholders of the Company can contact any Participating
Organization of Bursa Securities and/or Bursa Depository's
helpline at 03-20347711 or 03-20347715 information on the
withdrawal procedures.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax:   +60 3 2161 1714


TELEKOM MALAYSIA: Unit Initiates Wind Up Process
------------------------------------------------
The Board of Directors of Telekom Malaysia Berhad (TM) advised
Bursa Malaysia Securities Berhad that its subsidiary held via
Celcom (Malaysia) Berhad namely, Aseania Plastics Sdn Bhd
(Company No. 185085-H) (Aseania), had commenced members'
voluntary winding-up on July 14, 2005 (the Winding-up) pursuant
to Section 254(1)(b) of the Companies Act, 1965.

Pursuant thereto, Encik Mohd Afrizan bin Husain and Encik
Khairul Azahar bin Ariffin of Messrs Afrizan Tarmili Khairul
Azhar, 10th Floor Bangunan Yayasan Selangor, 74 Jalan Raja Muda
Abdul Aziz, 50300 Kuala Lumpur were appointed as the Liquidators
for Aseania on the same day.

The winding up of Aseania is expected to be completed by end of
October 2006 or about 18 months from the date of appointment of
the Liquidators.

Information on Aseania

Aseania was incorporated in Malaysia on August 4, 1989. Its
present authorized and issued and paid-up capital are MYR500,000
comprising 500,000 ordinary shares of MYR1.00 each and
MYR300,000 comprising 300,000 ordinary shares of MYR1.00 each
respectively. The principal activity of the Company was the
manufacturing of injection moulding parts. The Company has
ceased its operations with effect from November 1, 1992.

Rationale for the Winding-up

The Winding-up exercise of this Company is part of the
rationalization and streamlining exercise of the TM Group.

Financial Effects of the Winding-up

The Winding-up of Aseania will not have any material effect on
TM Group.

Directors' and Substantial Shareholders' Interest

None of the Directors and Substantial Shareholders of TM or
persons connected with them has any interest, direct or
indirect, in the Winding-up.

Directors' Opinion on the Winding-up

On behalf of the Board of Directors of TM, TM's Group Chief
Executive Officer confirmed that the Winding-up is in the best
interest of TM.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia  
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415


TRANSOCEAN HOLDINGS: Reveals Unit's Payment Default Status
----------------------------------------------------------
Further to the announcements made on June 15, 2005 and June 16,
2005, Transocean Holdings Berhad issued to Bursa Malaysia
Securities Berhad an update on the banking facilities in default
by the Company's 75 percent owned subsidiary, Transocean Biotec
(M) Sdn Bhd (TBM) to Malayan Banking Berhad (MBB) as at June 30,
2005 as below:

Type of Facilities       Principal and Interest (MYR)

Overdraft Facility           1,890,822.15

Term Loan                      179,895.91

Total Outstanding            2,070,718.06

In compliance with Paragraph 3.2 of Practice Note 1/2001, the
Company announced that TBM is in the process of negotiation with
MBB for the settlement of the said defaults by utilizing the
balance of the sale proceeds to be procured from the purchaser
in relation to the disposal of TBM's properties.

This announcement is dated 14 July 2005.

CONTACT:

Transocean Holdings Berhad
Wisma Transocean
No. 46, Weld Quay 10300
Penang, Malaysia
Phone: 604-2622518 (Hunting Lines)
       604-2614843 (Sales and Ocean Ops.)
       604-2629870 (Ocean Forwarding)
       604-2638120 (Bonded Trucking)
       604-2626982 (Accounts & Admin)
E-mail: enquiry@transocean.com.my
Web site: http://www.transocean.com.my


WAH SEONG: Updates Unit's Transaction with Phoenix Blower
---------------------------------------------------------
Wah Seong Corporation Berhad issued to Bursa Malaysia Securities
Berhad an update on Memorandum of Understanding (MOU) between
Teh Kian Chong, Foong Peng Foo, Yap Chin Gak And Bala Raj A/L
Narayanan (The Vendors) and the Company's wholly owned sub
subsidiary, PMT Industries Sdn Bhd (PMT) in respect of the
proposed acquisition of an 80 percent equity stake in Phoenix
Blower Engineering (M) Sdn Bhd (PBE).

(1) Introduction

The Company announced that on July 14, 2005 the Company's wholly
owned sub-subsidiary, PMT has signed an MOU with the Vendors
expressing its intention to acquire 1,200,000 ordinary shares of
MYR1.00 each representing an 80% equity stake in PBE for
MYR3,424,000 or MYR2.853 per share.

(2) Information on the Vendors, PBE and PMT

The Vendors hold 1,200,000 ordinary shares in PBE in the
proportion set out below:

                 No. of Shares             %

Teh Kian Chong      555,000              37.0

Foong Peng Foo      390,000              26.0

Yap Chin Gak        180,000              12.0

Bala Raj a/l Narayanan 75,000             5.0

PBE was incorporated on April 2, 2002 as a private Company
limited by shares under the Companies Act, 1965 and its
registered office is at Suite A, 27-B Jalan Saujana Indah 4,
Taman Industri Saujana Indah, 40150 Shah Alam, Selangor Darul
Ehsan.

It is principally involved in manufacturing of industrial fans
and blowers. Its present authorized share capital is
MYR5,000,000 comprising 5,000,000 ordinary shares of MYR1.00
each whilst its present issued and paid up share capital is
MYR1,500,000 comprising 1,500,000 ordinary shares of MYR1.00
each.

PMT was incorporated on February 21, 1991 as a private Company
limited by shares under the Companies Act, 1965 and its
registered office is at No. 59-2, The Boulevard, Mid Valley
City, Lingkaran Syed Putra, 59200 Kuala Lumpur.

It is principally involved in manufacturing and trading of spare
parts and equipment mainly for palm oil industry. Its present
authorized share capital is MYR5,000,000.00 comprising 4,000,000
ordinary shares of MYR1.00 each and 10,000,000 1 percent
cumulative redeemable preference shares (1 percent CRPS) of
MYR0.10 each, whilst its present issued and paid up share
capital is MYR2,550,000.00 comprising 2,450,000 ordinary shares
of MYR1.00 each and 1,000,000 1% CRPS of MYR0.10 each. PMT is a
wholly owned subsidiary of Jutasama which in turn is a wholly
owned subsidiary of the Company.

(3) Contents of the MOU

The salient terms of the MOU are inter alia as follows:

(a) This acquisition shall be subject to the following:

(i) The conduct and completion of a due diligence exercise
carried out on PBE to the satisfaction of PMT.

(ii) The relevant approvals (wherever applicable) and such other
conditions precedent having been obtained/satisfied.

(b) The Vendors will guarantee that the audited Profit after Tax
(PAT) of PBE for the financial period from May 1, 2005 to April
30, 2006 and May 1, 2006 to April 30, 2007 shall be MYR600,000
and MYR660,000 respectively.

(c) The parties entering into the following agreements:

(i) Sale and Purchase Agreement (SPA) within 60 days from the
date of the MOU;

(ii) A Call and Put Option to be executed between PMT and the
Vendors for the remaining 20% of the issued capital of PBE upon
terms as follows:

(1) PMT is entitled to exercise the Call Option at any time
during the period of 5 years from the date of completion of the
SPA based on the Market Value as at the date of the exercise of
the Call Option.

(2) PMT is entitled to exercise the Put Option within 14 days
upon notification that any of the Guaranteed Profit cannot be
achieved by PBE.

(iii) Shareholders' Agreement

Full details of the proposed acquisition will be announced upon
signing of the SPA.

(4) Directors and Substantial Shareholders

None of the directors, substantial shareholders of the Company
and persons connected to them have any interest, direct or
indirect, in the MOU.

Yours faithfully

Wah Seong Corporation Berhad
Chan Cheu Leong
Managing Director/Group Chief Executive Officer

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


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

F&J PRINCE: Earmarks Php150 Mln for IT Park
-------------------------------------------
Despite its losses, F&J Prince Holdings Corp. has allocated
Php150 million for the initial phase of an information
technology (IT) business park in Pasig, BusinessWorld reports.

The project is in line with F&J's bid to expand its presence in
outsourcing and real estate.

President and Chief Executive Robert Y. Cokeng said the park
will house F&J's own affiliates as well as other participants in
the outsourcing sector such as call centers.

"It is a good prospect for an IT park because of large number of
call centers and outsourcing companies. We are thinking of
possibly putting up a Philippine Economic Zone Authority-
registered IT park in Pasig," he added.

F&J is now talking to potential lessees for its build-to-suit
building. The first building is estimated at P150 million.

In 2004, F&J inked deals to acquire 35 percent interest in
Business Process Outsourcing International, Inc., which was spun
off from the former outsourcing department of Sycip Gorres
Velayo & Co.

F&J incurred a Php21.22 million in net loss last year against
P22.54 million in earnings in 2003.

CONTACT:

F&J Prince Holdings Corp.
5/F Citibank Center Building
8741 Paseo de Roxas, Makati City 1226
Phone No/s:  892-7133/9436
Fax No/s:  892-7127/7150
E-mail Address:  prinznet@compass.com.ph


MANILA ELECTRIC: Consumers Oppose New Rate Hike Petition
--------------------------------------------------------
A number of Manila Electric Co. (Meralco) consumers have
expressed their disapproval of the utility firm's bid to hike
basic power rates, according to Asia Pulse.

The National Association of Electricity Consumers for Reforms
(Nasecore) has filed before the Energy Regulatory Commission
(ERC) its opposition to Meralco's latest petition to increase
power rates by 14.76 centavos per kilowatt-hour (kWh).

Meralco is asking the ERC to allow its to earn a 15.93-percent
return on rate base (RORB) based on its own computation of the
weighted average cost of capital (WACC) formula.

In its petition, Meralco claims that its failure to attain a
reasonable RORB has prevented it from upgrading its distribution
systems which, in effect, will result in power disruptions and
deterioration of electric service.

Nasecore also called on the ERC to suspend the hearing of the
petition in the same way that it deferred its hearing on
Meralco's application to reduce interest rates on meter and bill
deposits in consideration of the pending petition for review
with the Supreme Court on the Meralco unbundling decision.

Meanwhile, Nasecore President Pete Ilagan said it is the
responsibility of the stockholders to shell-out the much-needed
funds from their pockets to support the capital projects of
their Company since they are the ones who enjoy the profits of
Meralco and not its customers.

Mr. Ilagan also asked the regulatory body to seek the assistance
of the Commission on Audit (COA) to conduct a thorough audit of
Meralco in behalf of the consumers in accordance with the
Administrative Code of 1987 and Commonwealth Act No. 325.

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: Unaware of Any Submissions by BPI
------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Ayalas to bid for 67%
stake in PNB" published in the July 18, 2005 issue of the
Philippine Daily Inquirer (Internet Edition).

The article reported in part that:

"The Ayala's Bank of the Philippine Islands, the country's
second biggest bank, will challenge tobacco magnate Lucio Tan
over the right to buy a controlling stake in Philippine National
Bank. In an interview with the Inquirer, BPI President Aurelio
Montinola III said the bank had submitted the documents needed
to prequalify for the auction on Aug. 12 of a 67-percent stake
in PNB held jointly by the government and the Tan group.

"A potential merger with PNB, assuming BPI would win the
bidding, can catapult the bank into the country's biggest and
finally edge out taipan George Ty's Metropolitan Bank and Trust
Co., which has been at the top since 1996."

PNB, in its letter to the Philippine Stock Exchange date July
18, 2005, stated that:

"We were not privy to the interview of BPI President Aurelio
Montinola III with the Philippine Daily Inquirer. Therefore, we
cannot comment as to the substance of their conversation.

"As for his statement that the documents needed to prequalify
for the bidding on August 12, 2005 of a 67% stake in PNB which
is held jointly by the National Government and the Lucio Tan
Group, we would like to advise that PNB is not driving the
process for the Joint Sale but the Joint technical Committee
(JTC) under the Department of Finance and the Philippine Deposit
Insurance Corporation. Hence, we are not privy to any
filings/submissions to the JTC."

For your information.

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

CONTACT:

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


NATIONAL BANK: Stake Sale Draws Eight Bidders
---------------------------------------------
Philippine National Bank's stake sale has reportedly attracted
eight prospective bidders, The Manila Standard relates, citing
Finance Secretary Margarito Teves.

The government expects the eight entities to participate in the
tender for the 67-percent stake in PNB held jointly by the
government and the Lucio Tan Group.

Sec. Teves did not identify the interested parties but said the
Ayala's Bank of Philippine Islands (BPI) may be one of the
prospective bidders.

Mr. Tan earlier informed the DoF that the group would exercise
its right of first offer on government's shares on PNB to firm
up his control over the bank. This gives the group the right to
match the highest bid price received from third parties in the
public auction scheduled in August.

The Privatization Council and the board of directors of the
Philippine Deposit Insurance Corp. (PDIC) on June 10 set the
floor price at Php43 per share based on the valuation made by
ING Bank NV. The combined shareholdings of the government and
the Tan Group could raise close to Php16 billion.

The government and the Tan group have a 44.98 percent stake each
in PNB after the approval and implementation of a quasi-
reorganization and debt-to-equity conversion.

The national government owns 45 million common shares of PNB
while PDIC has 140.8 million preferred shares. The Tan group
owns 186 million shares.


NATIONAL BANK: Sale Deal to Cover Losses from Frozen VAT
--------------------------------------------------------
The sale of the government's interest in the Philippine National
Bank (PNB) is expected to help plug the state's Php5-billion
monthly forgone revenues as a result of the suspended
implementation of the expanded value-added tax (VAT) law,
BusinessWorld reports.

Finance Secretary Margarito Teves disclosed that the national
government is focusing on the sale of its PNB stake "as one of
the countermeasures" in view of the delayed VAT implementation.

The government is selling its entire stake in the bank, which
combined with the holdings of businessman Lucio Tan makes up 67
percent of the semiprivate bank's outstanding shares.

The expanded sales tax law, which was supposed to start this
month, was suspended by the Supreme Court following opposition
to some of its provisions.

As the current finance secretary, Mr. Teves also said his goal
is to try to attain a balanced budget by 2008. Because of the
delayed implementation of the expanded VAT law, he said he will
put in place countermeasures such as improving tax collection,
maximizing income, and selling idle assets and government
stocks.


NATIONAL FOOD: Conducts First Electronic Bidding
------------------------------------------------
The National Food Authority (NFA) is poised to auction 100,000
metric tons of imported rice in 15 percent broken grains,
according to The Manila Bulletin.

The electronic bidding will be held simultaneously in Manila,
Cebu and Davao through the Internet on July 21.

NFA Assistant Administrator for Stabilization Conrado Ibanez
said the process will not only entail quicker monitoring of bid
offers from the three bid sites but also cost effective since
bidders from Mindanao or Visayas need not go to Luzon to
participate in the bidding.

"The program is being utilized after we received requests from
bidders in Visayas and Mindanao who find it costly to travel to
Manila, or vice versa, just to participate in public biddings
being conducted by the food agency. Now, interested bidders may
bid from their respective areas without the inconvenience
brought by traveling," Mr. Ibanez said.

The bidding is open to farmers' organizations, retailers and
traders, he added.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL POWER: DoE Bullish on Asset Sales
------------------------------------------
Due to the stalled privatization of debt-ridden National Power
Corporation (Napocor), the Department of Energy (DoE) steps up
efforts to brighten up investments prospects for the power
firm's assets, The Manila Bulletin reports.

The energy department has been trying to brush off speculation
the privatization exercise for the ailing Napocor is clouded by
lackluster interest of investors and the on-going political
crisis.

But Energy Secretary Raphael P.M. Lotilla insisted Napocor's
power generating assets has not completely lost potential
investors. He cited that at least two foreign investors are now
setting interest on the 600-megawatt Calaca power plant, after a
failed bidding was declared last June 28 when the interested
parties backed out.

Mr. Lotilla also cited the recent move of Aboitiz Equity
Ventures Inc., (AEV) to team up with Norwegian Company SN Power
Invest AS, which sounded off plants to join bidding in
hydropower plants.

"We have reason to be confident that despite the perceived
political tension in the country, local and foreign investors
have long-term prospects for investment in mind, specifically in
the power sector," the energy chief stressed.

He emphasized that even in the wake of recent political chaos,
there are indications that "investors can see beyond what is
temporary, and are taking a long-term view of the country's
economic prospects."

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PHILIPPINE AIRLINES: Seeks Another Fuel Surcharge Hike
------------------------------------------------------
Skyrocketing fuel prices forced Philippine Airlines (PAL) to ask
the Civil Aeronautics Board for a US$15 increase in the fuel
surcharge on long haul trip fares, according to The Philippine
Daily Inquirer.

If approved, the increase would bring the fuel surcharge on
trips to the United States, Canada and Australia to US$37 per
passenger, from the present US$22.

This would be PAL's fourth since in fuel surcharge world oil
prices started going up a year ago.

PAL is keeping its fuel surcharge at US$16 on Middle East
flights and US$14 on all other foreign trips.

Foreign flights account 60 percent of PAL's business. The US
market represents 20 percent of its overseas operations.

Fuel accounts for 40 percent of an airline's operating costs.
Aside from increased oil prices, depreciation of the peso is
also driving the cost of imported fuel.

PAL President Jaime Bautista said the fuel surcharge served as a
temporary relief for airlines amid increases in jet fuel prices.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PHILIPPINE LONG: On Track to Meet Debt Reduction Targets
--------------------------------------------------------
Philippine long Distance telephone Co. (PLDT) said it is most
likely to meet its deleveraging targets this year, according to
The Philippine Star.

The goal includes reduction of debts of the fixed line business
by US$500 million in 2005. The firm earlier said its fixed line
business debt balance as of June 30, 2005 stood at US$1.719
billion.

In the second quarter of 2005 alone, it said that its fixed line
business reduced debts by US$96 million, bringing up the total
debt reduction in the first months of 2005 to US$251 million.
These figures exclude the debts of PLDT's cellular and other
subsidiaries.

Group chairman Manuel Pangilinan, meanwhile, expects that the
fixed line debts should be down to US$1 billion by the end of
2006.

"Our deleveraging has been progressing ahead of schedule and we
expect our net debt position to be strong in 2006. By 2007, we
will have a significant free cash flow for dividends and
investments," he said.

In the January to March 2005 period, PLDT was able to reduce
fixed line debts by $155 million while consolidated debt
declined by US$165 million, due to higher free cash levels.  
Also during the first quarter, PLDT's fixed line business
reported revenues of P11.8 billion, two percent lower than the
Php12.1 billion made last year. Fixed line EBITDA (earnings
before interest, taxes, depreciation and amortization) remained
at Php6.8 billion as the decline in revenues was offset by a
two-percent drop in cash operating expenses while EBITDA margin
improved to 58 percent.

Capital expenditures for fixed line was at Php2.4 billion in the
first quarter and is expected to reach Php7.5 billion for the
year. Dividends from Smart allowed free cash flow to grow to
Php8 billion.  

The PLDT group posted a consolidated net income of Php9.4
billion in the first quarter, up 65 percent from the Php5.68-
billion income posted in the same period last year.

CONTACT:

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


VICTORIAS MILLING: BPI Inks Debt Restructure Deal
-------------------------------------------------
Bank of the Philippine Islands (BPI), one of the creditors of
Victorias Milling Company Inc. (VMC), has on July 15, 2005
signed a Debt Restructuring Agreement with VMC.

Victorias Milling Company, Inc. (VMC) was organized in 1919 and
is engaged in the business of acquiring, constructing,
maintaining and operating sugar mills, as well as other related
business activities. It is the largest sugar mill operator in
the Philippines and one of the largest in the Southeast Asian
region. Through the years, the Company has expanded its
operations to include a foundry, a machine shop, a fabrication
shop, a food canning Company, an organic fertilizer plant and a
piggery.

However, the Company has incurred significant losses from
operations, which adversely affected its financial condition and
cash flow position. On July 4, 1997, the Company filed an
application with the Securities and Exchange Commission (SEC)
for suspension of payments to creditors. On July 8, 1997, the
SEC issued a stay order restraining all creditors of the Company
or any of its subsidiaries from enforcing their claims to allow
the Company or any of its subsidiaries to continue to their
normal business operations.

The SEC also ordered the formation of a Management Committee to
oversee the Company's operations and rehabilitation.

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com


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

DIGILAND PTE: Receives Winding Up Order
---------------------------------------
In the matter of Digiland (Singapore) Pte Limited, the Signapore
High Court issued a winding up order on the Company on July 5,
2005, with the following details:

Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Engelin The Practice LLC
Solicitors for the Petitioners


IBM TRANSPORT: Creditors to Submit Claims by Aug. 15
----------------------------------------------------
Notice is hereby given that the creditors of IBM Transport &
Logistics Pte, Limited, which is being wound up voluntarily, are
required on or before Aug. 15, 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 said liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at the time and place designated in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 15th day of July 2005

Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


LIANG HUAT: Publishes Audited Report on 2004 Financial Records
--------------------------------------------------------------
Liang Huat Aluminum Limited announced that the Company has
furnished (for public release) its qualified auditors' report on
its financial statements for the financial year ended Dec. 31,
2004.

To view a copy of the report, go to:

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

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


LOGIC AUTOMATION: Court Orders Closure of Operations
----------------------------------------------------
In the matter of Logic Automation (Singapore) Pte Limited, a
winding up order was made by the Singapore High Court on July 1,
2005 with the following details:

Name and address of Liquidator:

The Official Receiver
45 Maxwell Road #05-11/#06-11
URA Centre (East Wing)
Singapore 069118

Hoh Law Corporation
Solicitors for the Petitioner

CONTACT:

Logic Automation (Singapore) Pte Limited
3027 Ubi Road 1 #01-128
Singapore 408720
Phone: 65 62569059   
Fax:   65 62568386


NORTH 22 SOLUTIONS: Struck Off by Parent Firm
----------------------------------------------
Netelusion Limited announced that the Company has de-registered
its Singaporean unit, North 22 Solutions (Singapore) Pte
Limited, pursuant to an application made by the subsidiary.

The striking off or deregistration of the subsidiary is part of
a strategic restructuring of Netelusion Limited, and is not
expected to affect its net tangible assets or earnings per share
for the financial year ending March 31, 2006.

CONTACT:

North 22 Solutions (Singapore) Pte Limited
C/o Netelusion Limited
1 Raffles Place
#18-01 OUB Centre
Singapore 048616
Phone: (65) 6532 5436
Fax:   (65) 6532 5993


PERSATUAN TAMAN: Intends to Distribute Dividend
-----------------------------------------------
Persatuan Taman Pengajian Islam Singapura Tabong Faedah Bersama
(Islamic Thelogical Association of Singapore), formerly of 1 Joo
Chiat Road, #04-1001 Joo Chiat Complex, Singapore 420001, posted
a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of co-operative society: Persatuan Taman Pengajian Islam
Singapura Tabong Faedah Bersama
Court : Supreme Court, Singapore
Number of Matter: Society No. 6 of 2004
Last Day for Receiving Proofs: July 29, 2005
Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 15th July 2005

Kamala Ponnampalam
Assistant Official Receiver

CONTACT:

Persatuan Taman Pengajian Islam Singapura
(PERTAPIS)
Blk 1 , Joo Chiat Road
#04-1001, Joo Chiat Complex
Singapore 420001
Phone: 6 7453969
Fax:   6 7470845
Web site: http://www.pertapis.org.sg


PILKON INVESTMENT: Members Wind Up Operations
---------------------------------------------
Hotel Plaza Limited announces that its unit, Pilkon Investment
Limited, a dormant subsidiary incorporated in the Commonwealth
of the Bahamas, was dissolved pursuant to a members' voluntary
liquidation initiated earlier.

CONTACT:

Pilkon Investment Limited
C/o Hotel Plaza Limited
7500A Beach Road
#04-301 The Plaza
Singapore 199591
Phone: +65 6298 0011
Fax:   +65 6297 3591


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

DAIDOMON GROUP: To File Business Rehab Petition
-----------------------------------------------
Daidomon Group Public Company Limited advised the Stock Exchange
of Thailand (SET) that at the Board of Directors' meeting held
on July 19, 2005 from 2:00 p.m. to 6:00 p.m., the board approved
the preparation of business rehabilitation plan of the Company.

The petition for business rehabilitation will be filed with a
competent court by July 20, 2005.

Please be informed accordingly.

With kind regards,
Mr. Chanin yensudchai  
Chief 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
  

NEW PLUS: Unveils New Board of Director Lineup
----------------------------------------------
The board of directors of New Plus Knitting Public Company
Limited issued to the Stock Exchange of Thailand (SET) a report
on the resolutions of the meeting on July 19, 2005 at 2:00 p.m.

The following are the details of the resolutions:

(1) The board of directors had a resolution to accept Mrs.
Wacharee Panto request to resign as Company director, effective
July 18, 2005.

The Board of Directors approved the appointment of Mr. Prakob
Boonruang as the new director in place of Mrs. Wacharee.

(2) The following details are the names of the active directors:

(1) Mrs. Chamnean Chokvathana- Chairman

(2) Mrs. Songsang Sudhom- Vice Chairman

(3) Mrs. Orasa Kruthakool- Director

(4) Mr. Marut Changamporn- Director

(5) Mr. Montri Loasethakul- Director

(6) Mr. Akardej Angsusingha- Director

(7) Miss On-uma Funkfon- Director

(8) Miss Suwanna Sunhajariya- Director

(9) Mr. Prakob Boonruang- Director

Mrs. Mathuroscharee Phokhasomboon- Board of directors Secretary

Members of the audit committee are as follows:

(1) Mr. Montri Loasethakul- Chairman Of the Audit Committee

(2) Mr. Akardej Angsusingha- Audit Committee Member

(3) Miss Suwanna Sunhajariya- Audit Committee Member

    Mrs. Mathuroscharee Phokhasomboon- Audit Committee Secretary

Yours Sincerely,

Mrs. Orasa Kruthakool
Director                     

Miss. On-uma Funkfon
Director

CONTACT:

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


PREMIER ENGINEERING: Acquires Unit's Assets
-------------------------------------------
Premier Engineering and Technology Public Company Limited
informed the Stock Exchange of Thailand (SET) that the Company
has invested in Premier Resource Recycle Company Limited (The
Subsidiary) which has a business objective of re-sorting,
recondition, transforming, adapting, repairing, adjusting and
recycling used material from electrical product and electrical
appliance industry.

The Subsidiary has a registered capital of THB2,000,000 which
has been divined into 200,000 shares with par value THB10 per
share. The Company holds 199,993 shares, which is 99.99 percent
of total registered capital of the Subsidiary.

The Company has acquired the assets by using funds from the
capital increase in 2004.

The following are the Board of Directors of the Subsidiary:

(1) Mr. Vichien Phongsathorn
   
(2) Mr. Suradej Boonyawatana

(3) Mr. Teerapol Juthapornpong

The business of the Subsidiary is connected with the current
business of the Company and will be valuable for the
preservation of the environment.

In addition, the Company expects to benefit from the dividend of
the subsidiary based on shareholding proportion. Furthermore,
the value of the acquisition of asset is 0.27 percent of the
total asset of the Company.

Hence, the transaction above is not considered to be an
acquisition of assets pursuant to the Notification regarding to
Disclosure of Information and Other Acts of Listed Companies
concerning the acquisition and disposition of assets of the
Stock Exchange of Thailand.

Please be informed accordingly.

Respectfully yours,
Duangthip Eamrungroj
Director
Premier Engineering and Technology Public Company Limited

CONTACT:    

Premier Engineering & Technology PCL
1/10 Moo 4, Bangchan Industrial Estate,
Khan Na Yao Bangkok  
Telephone: 0-2517-1276-8, 0-2517-7520-8
Fax: 0-2518-1473






                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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