---

        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

             Wednesday, July 27, 2005, Vol. 8, No. 147

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: Flies Unlimited to Britain
AMP LIMITED: David Clarke Joins Board of Directors
ASHGROVE PTY: Members Decide to End Operation
AUSTRAL COAL: Glencore's Loss Will Be Centennial's Gain
BENFX CORPORATION: Cannot Continue Business Due to Debt

CAFFERATA'S PTY: To Distribute Dividend Soon
CHAUVEL CINEMAS: Liquidator's Appointment Confirmed by Creditors
CHEMEQ LIMITED: Appoints New CEO
CUBE CAPITAL: Allots Ordinary Shares to Baroda Hill
E FINKELSTEIN: Members to Convene in Final Meeting

FRASER PARK: Liquidator to Explain Wind-up Report to Members
GRAMPIAN PTY: Appoints Official Liquidator
HAGEMEYER TP: Begins Winding Up Proceedings
ICLS PTY: Liquidator Poised to Distribute Company Assets
INTERNATIONAL WINE: Delays Redemption Payment

JAMES HARDIE: U.S. Widow Receives Asbestos Compensation
KATTON PTY: Names R. M. Sutherland Liquidator
MATONO FOODS: To Holds AGM, Final Meeting August 2
MPDSS PTY: Final Meeting Scheduled August 5
NICOLAOU PETROLEUM: Placed Under Voluntary Liquidation

PARKSIDE FINANCE: To Declare Dividend August 2
PPS TRADING: Priority Unsecured Creditors to Receive Dividend
QANTAS AIRWAYS: To Reap Benefits from Merger
RATIONALE INDUSTRIES: Liquidation Process Initiated
R.J. POUND: Winds Up Operations

SLINGO INVESTMENTS: Liquidator to Detail Wind-up Manner
SOUTHSCAPE CIVIL: CALDB Reprimands Liquidator
TF AUSTRALIA: Members Pass Winding Up Resolution
TJ BLEAKLEY: Members Opt for Voluntary Liquidation


C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Buys Back 500,000 Shares
BANK OF CHINA: Four Former Executives Held in Fraud Probe
FAST SYSTEMS: Q1/2005 Net Loss Widens
HILL RICH: Court Issues Winding Up Order
HONGKONG CONSTRUCTION: Updates Capital Reduction Scheme

HON PO: Second Convertible Notes to be Carried Out in 4 Stages
INDUSTRIAL AND COMMERCIAL: S&P Raises Rating to 'BBB-/A-3'
KING CHOICE: High Court Orders Business Closure
KYOTO JAPAN: Winding Up Process Initiated
ORIENT POWER: Clarifies Philips Litigation Report

ORIENT POWER: Notes Unusual Price, Volume Movements
QUANTECH LIMITED: Court to Hear Wind-up Petition August 10
STANDARD CHARTERED GRINDLAYS: Issues Debt Claim Notice
TRADEPOWER LIMITED: Sets Creditors, Contributories Meeting


I N D O N E S I A

BANK PERSYARIKATAN: Central Bank Monitors Performance
GAJAH TUNGGAL: Moody's Affirms B2 Rating
PERTAMINA: Government OKs Price Hike


J A P A N

JAPAN HIGHWAY: VP Held in Bid-rigging Scandal
MITSUBISHI MOTORS: Al Habtoor Launches Service Center in UAE
MISUBISHI MOTORS: Provides Free Service Week in Bangladesh
NIF CAPITAL: METI OKs Management Restructuring Plan
PIONEER CORPORATION: Delivers Storage Serves in Australia

* Japan Electronics Conglomerates Brace for First Quarter Losses


K O R E A

ASIANA AIRLINES: Strike Generates US$30-Mln Sales Loss
DAEWOO GROUP: Former Execs Uncover New Angle on Probe
HYNIX SEMICONDUCTOR: Profit Most Likely to Fall 67% in 2Q
SK NETWORKS: To Build $22-Mln Oil Processing Plant in China


M A L A Y S I A

AMTEL HOLDINGS: Acquires Parcel of Land from Unit
ANTAH HOLDING: Court Extends Ex-Parte Order Until Next Month
AYER HITAM: Unit Receives Originating Summons
FABER GROUP: Issues Additional Shares for Listing
MTD CAPITAL: Purchases 67,000 Shares on Buy Back

MWE HOLDINGS: Hands Unit MYR1.0 Mln for Capital Requirement
MWE HOLDINGS: Repurchases Ordinary Shares
PAN PACIFIC: Files Appeal on SAR Decision
NALURI BERHAD: Appeals Court's Decision
NORTH BORNEO: To Advise of AGM Date Soon

PAN MALAYSIA: Repurchases 1,450,000 Ordinary Shares
SIN KEAN: Unit Completes Acquisition of Kosmo Shares
TA ENTERPRISE: Unit Enters into SPA with Sri Damansara
TAP RESOURCES: To Acquire Pola Unik Shares
WAH SEONG: Bourse to List, Quote Additional Shares


P H I L I P P I N E S

MANILA ELECTRIC: Broadcast Network Demands Php6.65-Mln Refund
NATIONAL BANK: SEC Exempts Stake Sale from Tender Offer Rule
NATIONAL POWER: ADB Wants Gov't Guarantee on Debt Repayment
NATIONAL TRANSMISSION: To Present Looming Power Issue to Traders
PACIFIC PLANS: Watchdog Claims Court Has Say on Payments

PHILIPPINE AIRLINES: Wants to Resume Flights to India
PHILIPPINE AIRLINES: Sells Aircraft Parts to U.S. Firm
PLATINUM PLANS: Canadian Investor Confirms Interest in Stake
SWIFT FOODS: Moves ASM Date to September 1
* Congress Mulls Tax Break for Troubled Pre-need Providers


S I N G A P O R E

CITIRAYA INDUSTRIES: Writes Off 50% of Debts
CKL ELECTRICAL: Intends to Distribute Dividend
DIGILAND INTERNATIONAL: Bank Halts Action to Pay SGD890,000
EURO-ASIA LAND: Creditor Seeks Winding Up
MORNINGTON COUNTRY: Court Orders Wind Up

OCBC Bullion: Dissolved by Parent
RSH LIMITED: Passes AGM Resolutions


T H A I L A N D

MANAGER MEDIA: Requests for Extension to Implement Rehab Plan
POWER-P: Seeks Postponement for Submission of Special Audit

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: Flies Unlimited to Britain
-------------------------------------------
Embattled carrier Air New Zealand is now authorized to operate
unlimited flights to and from Britain, Kyodo News reports.

New Zealand Transport Minister Pete Hodgson and British High
Commissioner Richard Fell clinched the agreement Tuesday in
Wellington.

Mr. Hodgson said in a statement that the landmark agreement will
boost the tourism industry and the airline, which until now only
operated a single flight in and out of London.

Under the agreement, restrictions have been lifted on the
routes, which Air New Zealand can operate to, from and within
Britain.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


AMP LIMITED: David Clarke Joins Board of Directors
--------------------------------------------------
AMP Limited on Tuesday announced that David Clarke had been
appointed as a Director of the Board, effective immediately.

Chairman Peter Willcox said Mr Clarke brought outstanding
financial services experience to the Board and would be a
valuable addition to the team.

Mr. Clarke has held senior positions at a number of financial
institutions including subsidiaries of Lloyds Bank PLC, Lend
Lease Corporation and Westpac Banking Corporation.

"David has significant experience at both an executive and Board
level at a number of major Australian corporations," Mr. Willcox
said.

"He has a proven record in growing businesses organically, an
important focus for AMP given the attractive growth rates in our
key market of retirement savings. David's background has also
provided him with a strong understanding of the importance of
balancing the needs of employees, customers and shareholders."

Mr. Clarke will also join the Board of AMP Capital Investors.
His experience in funds management, particularly in the Asian
market where he was responsible for identifying joint venture
opportunities across the region, will be particularly valuable
on this Board.

Mr. Clarke's appointment comes ahead of the retirement of
current Chairman, Peter Willcox, from the Board of Directors, on
6 September 2005. Mr. Willcox will be succeeded by Peter Mason
as Chairman.

The AMP Board now consists of non-executive Directors John
Astbury, David Clarke, Richard Grellman, Meredith Hellicar,
Peter Mason, Nora Scheinkestel and Peter Willcox. Chief
Executive Officer Andrew Mohl is also a member of the Board.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


ASHGROVE PTY: Members Decide to End Operation
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Ashgrove Pty Limited held on June 15, 2005, a special resolution
was passed that the Company be wound up voluntarily, and that
Richard George Shoobridge of Deloitte Touche Tohmatsu, Level 9
ANZ Centre, 22 Elizabeth Street, Hobart, Tasmania be appointed
Liquidator for such purpose.

Dated this 16th day of June 2005

Richard G. Shoobridge
Liquidator
Deloitte Touche Tohmatsu
Level 9, ANZ Centre, 22 Elizabeth Street
Hobart TAS 7000
Phone: (03) 6237 7000
Fax:   (03) 6237 7001


AUSTRAL COAL: Glencore's Loss Will Be Centennial's Gain
-------------------------------------------------------
Centennial Coal is likely to secure full ownership of Austral
Coal under its takeover bid after the Takeovers Panel's
rejection of an appeal by international commodities trader
Gelncore, The Age reports.

Glencore was appealing against a finding of "unacceptable
circumstances" surrounding its failure to adequately disclose
its acquisition of a direct and indirect 14 percent of Austral
stake, more than enough to stall Centennial at a little more
than 85 percent of Austral.

The Centennial bid was announced on February 23. From mid-
March, Glencore entered into equity swaps that carried its
interest in Austral to more than 5 percent but it did not
announce this until April 4.

Glencore has been ordered to make a "restoration" offer to
Austral shareholders who sold on the market between March 22 and
April 5, giving them the option to re-acquire the shares at a
price equal to that at which they were originally sold.

Centennial managing director Bob Cameron said the rejection of
Glencore's appeal increased the likelihood that Centennial would
achieve 100 percent ownership of Austral.

"Irrespective of whether Centennial achieves this or maintains
its current holding of 85.4 percent, the Austral acquisition has
been a positive outcome for Centennial and its shareholders," he
said.

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BENFX CORPORATION: Cannot Continue Business Due to Debt
-------------------------------------------------------
At a meeting of the creditors of Benfx Corporation Pty Limited
duly convened and held on June 15, 2005, the following special
resolution was passed:

SPECIAL RESOLUTION

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

(2) That Mark Christopher Hall and Timothy James Clifton,
Chartered Accountants, Level 10, 26 Flinders Street, Adelaide,
SA be appointed Joint and Several Liquidators for the winding
up.

Timothy James Clifton
Mark Christopher Hall
Joint Liquidators
Level 10, 26 Finders Street
Adelaide, SA


CAFFERATA'S PTY: To Distribute Dividend Soon
--------------------------------------------
Cafferata's Pty Limited is set to declare a first and final
dividend on Aug. 5, 2005.

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

Dated this 20th day of June 2005

Graham Benedeich
Liquidator
Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street
Brisbane Qld 4000
Phone: 3221 0055
Fax:   3221 8885


CHAUVEL CINEMAS: Liquidator's Appointment Confirmed by Creditors
----------------------------------------------------------------
At a General Meeting of Members of Chauvel Cinemas Pty Limited
duly convened and held on June 20, 2005, a Special Resolution
was passed that the Company be wound up and Mr Hugh C. Thomas
be appointed Liquidator.

The appointment was subsequently confirmed at a Meeting of
Creditors held later that day.

Hugh C. Thomas
Liquidator
BKR Walker Wayland
8th Floor, 55 Hunter Street
Sydney


CHEMEQ LIMITED: Appoints New CEO
--------------------------------
Chemeq Limited announced Tuesday that it has successfully
engaged the services of Mr. David Williams as Chief Executive
Officer and Director.

Mr. Williams will commence his employment with the Company on
August 1, 2005.

Dr. Graham Melrose will remain as Executive Chairman pending the
anticipated appointment of a new chairman.

Mr. Williams was previously Chief Executive of the Epic Energy
Group of Companies.

About Chemeq

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

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

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

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

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

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

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/


CUBE CAPITAL: Allots Ordinary Shares to Baroda Hill
---------------------------------------------------
Cube Capital Limited has on July 19, 2005 issued 1,350,000
ordinary shares to Baroda Hill Investments Limited with a
nominal value of AU$54,000 (or 4 cents per share).

Of the total number of shares, 447,395 were new shares issued
and 902,605 were treasury shares utilized.

The shares were issued under a service contract between Cube
Capital and Baroda Hill Investments Limited (a Company
associated with Wayne Johnson), as approved by shareholders in
June 2002. The share issue satisfies all obligations between
Baroda Hill Investments and Wayne Johnson and Cube Capital.

As approved by shareholders in June 2002, Baroda Hill will pay
for the shares in cash.

Cube Capital was left with 44,839,818 shares after the issue.

CONTACT:

Cube Capital Limited
67-69 Nicholson Street
St Leonards NSW 2065 Australia
PO Box 1375
Lane Cove NSW 2066
Australia
Phone: (AU) 1300 65 90 90
        (NZ) 0800 55 00 22
Web site: www.cubecapital.co.nz


E FINKELSTEIN: Members to Convene in Final Meeting
--------------------------------------------------
Notice is given that a Final Meeting of the members of E
Finkelstein Pty Limited will be held on Aug. 1, 2005, 10:30 a.m.
at Level 19, 15 William Street, Melbourne.

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

Accounts have been compiled in accordance with Section 539(1) of
the Corporations Act, and are available for inspection at the
Liquidator's office during normal business hours.
Dated this 20th day of June 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street
Melbourne Vic 3000
Phone: 03 9289 9882


FRASER PARK: Liquidator to Explain Wind-up Report to Members
------------------------------------------------------------
Notice is given that a final meeting of members of Fraser Park
Railway Institute Bowling Club Cooperative Society Limited will
be held on Aug. 1, 2005, 10:00 a.m. at Suite 71 14 Narabang Way,
Belrose NSW 2085.

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

Dated this 27th day of June 2005

Robert Brennan
Liquidator
R T Hospitality Solutions
Suite 71, 14 Narabang Way
Belrose NSW 2085
Phone: (02) 9986 3166


GRAMPIAN PTY: Appoints Official Liquidator
------------------------------------------
Notice is hereby given that at a general meeting of the members
of Grampian Pty Limited held on June 16, 2005, it was resolved
that the Company be wound up voluntarily, and that Mervyn
Jonathan Kitay, Chartered Accountant of Grant Thornton, Level 6,
256 St. George's Terrace, Perth WA 6000 be nominated to act as
Liquidator for the purpose of the winding up.

Dated this 16th day of June 2005

Mervyn J. Kitay
Liquidator
Grant Thornton
Level 6, 256 St. George's Terrace
Perth WA 6000


HAGEMEYER TP: Begins Winding Up Proceedings
-------------------------------------------
At a general meeting of the members of Hagemeyer TP Investments
(Australia) Pty Limited held on June 14, 2005, members resolved
to voluntarily wind up the Company.

David C. Pratt
Stephen G. Longley
Liquidators
Freshwater Place, 2 Southbank Boulevard
Southbank Vic 3006


ICLS PTY: Liquidator Poised to Distribute Company Assets
--------------------------------------------------------
At the general meeting of ICLS Pty Limited duly convened and
held on June 17, 2005, the following Special Resolution was
passed:

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

Dated this 16th day of May 2005

A. D. Hill
Liquidator
A. D. Hill & Co.
Chartered Accountants
Level 13, 84 Pitt Street
Sydney NSW 2000


INTERNATIONAL WINE: Delays Redemption Payment
---------------------------------------------
Berren Asset Management Limited, the responsible entity for The
International Wine Investment Fund (IWIF) refers to previous
announcements on the timing of the payment of the proceeds of
the Unit Redemption Offer to Unitholders.

IWIF regrets the delay in payment of the unit redemption offer
monies to Unitholders and advises that it expects the payment to
be made no later than Friday, July 29, 2005.

The delay has been caused, firstly, by delays in the receipt of
monies from the sale of overseas investments, and secondly, by
delays in the negotiation and documentation of a new bank
facility agreement between IWIF, its custodian and its bankers.

CONTACT:

Malcolm Mowat
Company Secretary
Berren Asset Management Limited
Telephone: 61 8 8373 9900

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


JAMES HARDIE: U.S. Widow Receives Asbestos Compensation
-------------------------------------------------------
The Californian court has concluded the first successful
asbestos disease claim against beleaguered James Hardie
Industries outside Australia and New Zealand, The Australian
reports.

The building products maker's compensation trust has recently
paid around US$250,000 in compensation to a widow of a Los
Angeles "death factory" worker, who died of an asbestos-related
disease.

The case paves the way for a possible string of similar, and
probably much larger U.S. claims for personal injury or wrongful
death relating to asbestos products sold and installed by the
same Californian company.

Hardie's former asbestos building products subsidiary made the
US$250,000 payout to settle a suit, claiming it had wrongfully
killed Don Lee Henderson, who died in 2002 of the asbestos
cancer mesothelioma.

Families of James Berry and Ronald Brown, who died of the same
disease after working with Hardie products at the Californian
distributor, also have cases before the courts in which Hardie
is a defendant.

Henderson, Berry and Brown worked for Industrial Building
Materials Inc, a Los Angeles company that fashioned, sold and
installed significant amounts of asbestos building products
imported from Hardie's Australian factories from the 1960s to
the 1980s.

Hardie has been named in 75 asbestos disease cases since 1999 in
the San Francisco jurisdiction alone, with several cases
pending.

The closest link yet established between Hardie's asbestos
exports to the U.S. and asbestos disease involves IBMI, because
confidential documents have revealed Hardie privately admitted
it could be liable for lawsuits involving the company.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


KATTON PTY: Names R. M. Sutherland Liquidator
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Katton Pty Limited held on June 15, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
R.M. Sutherland was appointed as Liquidator of the Company.

Dated this 28th 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


MATONO FOODS: To Holds AGM, Final Meeting August 2
--------------------------------------------------
Notice is given the combined Annual General Meeting (AGM) and
final meeting of the members and creditors of Matono Foods
Catering Pty Limited will be held on Aug. 2, 2005, 10:00 a.m. at
the offices of Horwath North Queensland, corner Aplin & Sheridan
Streets, Cairns, Queensland.

In the meeting, an account would be laid before the Company's
members and creditors showing how the wind up was conducted and
the Company's property was disposed of, and of hearing any
explanations that may be given by the Liquidator.

Dated this 28th day of June 2005

Philip Jefferson
Liquidator
c/o Horwath North Queensland
Corner Aplin & Sheridan Streets
Cairns Qld 4870


MPDSS PTY: Final Meeting Scheduled August 5
-------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001, that a Final Meeting of the Members and Creditors of
MPDSS Pty Limited will be held on Aug. 5, 2005, 10:00 a.m. at
Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000.

AGENDA

(1) To receive an account made up by the Liquidator, showing how
the winding up has been conducted and the property of the
Company disposed of, and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 24th day of June 2005

P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000


NICOLAOU PETROLEUM: Placed Under Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members and
Creditors of Nicolaou Petroleum Pty Limited held on June 15,
2005, it was resolved that the company be wound up voluntarily,
and Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 was appointed Liquidator for such
winding up.

Dated this 16th day of June 2005

Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: (03) 9662 2666
Fax:   (03) 9662 9544


PARKSIDE FINANCE: To Declare Dividend August 2
----------------------------------------------
A first and final dividend is to be declared on Aug. 2, 2005 for
Parkside Finance Pty Limited.

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

Dated this 14th day of June 2005

M. C. Hall
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


PPS TRADING: Priority Unsecured Creditors to Receive Dividend
-------------------------------------------------------------
PPS Trading Pty Limited will declare a first and final dividend
on Aug. 5, 2005, in respect of priority unsecured creditors.

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

Dated this 16th day of June 2005

Nick Combis

Liquidator
Vincents Chartered Accountants
Level 27, 239 George Street
Brisbane Qld 4000
Phone: (07) 3854 4555
Fax:   (07) 3236 2452
Email: ncombis@vincents.com.au


QANTAS AIRWAYS: To Reap Benefits from Merger
--------------------------------------------
Jetstar Asia's merger with Singapore-based Valuair is expected
to benefit the Qantas Airways-controlled budget airline,
according to The Australian.

Jetstar Asia would expand its services by gaining routes to
Jakarta and Chengdu and Xiamen in China, which are Valuair's
most important assets.

Under the SG$60-million (AU$47 million) deal finalized on
Friday, the two ailing low-cost carriers will be merged into a
single corporate structure of which Qantas will own 44.5
percent, down from its current 49.9 percent of Jetstar.

Ian Thomas, senior consultant industry affairs with the Sydney-
based Centre of Asia Pacific Aviation, disagrees with Jetstar
Asia's plan to keep the two brands separate.

Mr. Thomas stressed the two carriers are very different low-cost
models and Valuair will be merged into Jetstar Asia. He said
there will be route consolidation, taking competitive pressure
off services between Singapore and Bangkok and Hong Kong.

CONTACT:

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


RATIONALE INDUSTRIES: Liquidation Process Initiated
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Rationale Industries Pty Limited held on June 16, 2005, the
Company's members passed a resolution to wind up the Company
voluntarily, and at a meeting of creditors held on the same day
Alan Edward Lewis and James Alexander Shaw of Ferrier Hodgson
(Newcastle), Chartered Accountants, Level 3, 2 Market Street,
Newcastle NSW 2300 were appointed as Liquidators.

Dated this 17th day of June 2005

Alan Edward Lewis
James A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300


R.J. POUND: Winds Up Operations
-------------------------------
Notice is hereby given that at a general meeting of the members
of R.J. Pound Services Pty Limited held on June 15, 2005, it was
resolved that the company be wound up voluntarily and that James
Patrick Downey of Cole Downey & Co., Chartered Accountants,
Level 1, 22 William Street, Melbourne Vic 3000 be nominated to
act as Liquidator for the purpose of the winding up.

Dated this 16th day of June 2005

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


SLINGO INVESTMENTS: Liquidator to Detail Wind-up Manner
-------------------------------------------------------
Notice is hereby given that the final meeting of members of
Slingo Investments Pty Limited will be held on Aug. 1, 2005,
2:30 p.m. at the offices of Peter Walker Partners, Level 1, 379
Kent Street, Sydney NSW 2000, to lay before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 21st day of June 2005

Brent Mclauchlan
Liquidator
c/o Peter Walker Partners
Level 1, 379 Kent Street
Sydney NSW 2000


SOUTHSCAPE CIVIL: CALDB Reprimands Liquidator
---------------------------------------------
Mr. Hugh Sutcliffe Martin, of the Adelaide insolvency practice,
Bernardi Martin, has been severely reprimanded in his role as a
registered liquidator by the Companies Auditors and Liquidators
Disciplinary Board (CALDB) following an application by the
Australian Securities and Investments Commission (ASIC).

The CALDB found that Mr. Martin failed to adequately and
properly carry out the duties of a liquidator in relation to the
administration of Southscape Civil Pty Ltd (Southscape), in
that:

(1) He provided services to Southscape before it was placed into
voluntary administration with a view to charging a fee for that
work after he was appointed as the voluntary administrator;

(2) His investigation of the company was inadequate; and

(3) His report to creditors was inadequate.

Mr. Martin was appointed as voluntary administrator of
Southscape, formerly Civil Works Group Pty Ltd, on 2 August
2004. Southscape carried on a civil engineering business,
earthmoving for the construction industry and structural
concrete construction for the private and public sector. Mr.
Martin had commenced his investigations into the company prior
to his appointment and had obtained a court order abridging the
time for holding the second meeting of creditors.

ASIC was concerned that Mr. Martin's investigation was
inadequate and that his report to creditors did not provide
sufficient information to enable creditors to make an informed
decision on whether to accept a proposed deed of company
arrangement.

Mr. Martin resigned as administrator at the first meeting of
creditors on 9 August 2004. The company has since been placed
into liquidation.

As well as being reprimanded by the CALDB, Mr. Martin has given
undertakings to the CALDB that:

(1) His next two voluntary administrations under the
Corporations Act 2001 (the Act) would be reviewed by a peer; and

(2) In the next 12 months, he will satisfactorily complete 10
hours of continuing professional education dealing with the
practice and procedure of voluntary administrations under the
Act in addition to the training that is required by the
Insolvency Practitioners Association of Australia.

The CALDB also ordered Mr. Martin to pay ASIC's costs of the
proceedings. Mr. Martin agreed to the facts upon which the CALDB
made its decision.

"Creditors depend on registered liquidators to investigate the
affairs of companies properly and, especially in voluntary
administrations, to provide creditors with sufficient
information to enable them to make good assessments about the
company's position before deciding on its future. ASIC will
continue to bring to account liquidators who fail in their
duties by ensuring they are referred to the CALDB for
disciplinary action where appropriate," ASIC's Deputy Executive
Director of Enforcement, Mr. Mark Steward said.


TF AUSTRALIA: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of TF Australia Estate Pty Limited held on June 16, 2005, it was
resolved that the company be wound up voluntarily and that John
Ross Lindholm and Adrian Lawrence Brown of Ferrier Hodgson,
Level 29, 600 Bourke Street, Melbourne, Vic be appointed
Official Liquidators for the winding up process.

Dated this 16th day of June 2005

Adrian L. Brown
John Ross Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


TJ BLEAKLEY: Members Opt for Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of TJ Bleakley Pty Limited
held on June 20, 2005, the members resolved to wind up the
Company voluntarily and to appoint Robert William Cowling,
Chartered Accountant, 5 Edmunds Street, Darwin 0800 as
Liquidator for such purpose.

Dated this 20th day of June 2005

Robert W. Cowling
Liquidator
Chartered Accountant
5 Edmunds Street, Darwin NT 0800
Phone: (08) 8941 9959


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

APPLIED INTERNATIONAL: Buys Back 500,000 Shares
-----------------------------------------------
Applied International (0519) bought back 500,000 shares at a
price of HK$0.25, or at a total of HK$125,000, on July 25,
Infocast News reports.

The Company posted a net profit of HK$96.48 million in the year
ended June 30, 2004, versus a net loss of HK$167 million a year
earlier, Chong Hing Securities relates.

CONTACT:

Applied International Holdings Limited
41/F Far East Finance Centre
16 Harcourt Road, Central
Hong Kong
Phone: 25538267
Fax: 28734676
Web site: http://www.appliedintl.com


BANK OF CHINA: Four Former Executives Held in Fraud Probe
---------------------------------------------------------
Bank of China (BoC) announced that four of its former officials
are being held in custody in relation to a fraud case at a
branch in the northeastern province of Heilongjiang, The
Standard reports.

BOC spokesman Wang Zhaowen didn't say whether the four former
employees being held in custody have been charged.

Northeast Expressway filed a lawsuit on January 19 against BOC's
branch in Harbin, Heilongjiang, to recover CNY293 million
(HK$280 million) of missing funds.

An internal probe by a team from the bank's Beijing headquarters
unveiled more than CNY700 million deposited by other companies
was also unaccounted for.

CONTACT:

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


FAST SYSTEMS: Q1/2005 Net Loss Widens
-------------------------------------
Fast Systems Technology (Holdings) (8150) posted a net loss of
HK$409,000 for the first quarter of 2005, versus a net loss of
$144,000 a year ago, Infocast News relates.

As of December 31, 2004, the Company narrowed its net loss to
HK$5.8 million from a net loss of HK$39.63 million a year
earlier, according to Chong Hing Securities.

CONTACT:

Fast Systems Technology (Holdings) Limited
Office Unit No.7-8
10th Floor, Grand City Plaza
Nos. 1-17 Sai Lau Kok Road
Tsuen Wan, New Territories
Phone: 24161168
Fax: 24024371


HILL RICH: Court Issues Winding Up Order
----------------------------------------
Hill Rich Development Limited whose place of business is located
at Unit 2306-8, 23/F, Skyline Tower, 39 Wang Kwong Road, Kowloon
Bay, Kowloon was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on July 6, 2005.

Date of Presentation: May 9, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


HONGKONG CONSTRUCTION: Updates Capital Reduction Scheme
-------------------------------------------------------
References are made to the circular of HongKong Construction
(Holdings) Ltd. dated June 24, 2005 (the Circular) and the
Extraordinary General Meeting held on July 18, 2005 relating to
the Proposed Reorganization, which involved (i) the Capital
Reduction; and (ii) the Share Premium Cancellation. Terms used
herein shall have the same meanings as defined in the Circular
unless the context requires otherwise.

The Board of HongKong Construction (Holdings) Limited announced
that the hearing of the application to the Court for directions
has been fixed on August 30, 2005 and that the hearing of
petition to confirm the Proposed Reorganization will be fixed on
that day. Accordingly, the original expected Effective Date of
the Proposed Reorganization (i.e. 1 August 2005) and the other
subsequent dates, as set out in the expected timetable of the
Circular will change.

Shareholders and potential investors are advised to pay
attention to future announcements of the Company. Once the date
of hearing of petition to confirm the Proposed Reorganization is
fixed, the Company will make an announcement to inform the
Shareholders and potential investors the expected Effective Date
and the relevant shares certificates exchange arrangements.

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


HON PO: Second Convertible Notes to be Carried Out in 4 Stages
--------------------------------------------------------------
Reference is made to the circular issued by Hon Po Group
(Lobster King) Limited dated June 14, 2005 (the Circular) and
the announcement of the Company dated June 30, 2005, in relation
to, among other things, the placings of the First Convertible
Notes and the Second Convertible Notes.

The placing of the Second Convertible Notes is to be carried out
in four stages with an aggregate principal amount of
HK$25,000,000 to be issued at each stage.

The issue of the first and second tranches of the Second
Convertible Notes is conditional upon fulfillment of the
conditions to the placing of the Second Convertible Notes and
the issue of each successive tranche will be subject to
successful completion of the issue of the preceding tranche.

On July 22, 2005, the Listing Committee of the Stock Exchange
granted the listing of and permission to deal in the Conversion
Shares to be issued upon the exercise of the conversion rights
attached to the Convertible Notes. The Board is pleased to
announce that on July 25, 2005, the first and second tranches of
the Second Convertible Notes in an aggregate principal amount of
HK$50,000,000 were issued to 18 independent professional,
corporate or individual placees.

The Company has received conversion notices for the full
conversion of the Second Convertible Notes issued and as a
result of which the Company has issued a total of 1,000,000,000
Shares to those 18 placees at the Second Conversion Price of
HK$0.05 each accordingly on July 25, 2005 (the First and Second
Tranches Conversion Shares). The First and Second Tranches
Conversion Shares represent approximately 661 percent of the
issued share capital of the Company prior to their issue and
approximately 86.87 percent of the issued share capital of the
Company as enlarged by the issue of the First and Second
Tranches Conversion Shares.

Upon the issue of the First and Second Tranches Conversion
Shares, the shareholding of Hon Po Investment Limited in the
Company has changed from approximately 50.26 percent to 6.6
percent.

None of the holders of the First and Second Tranches Conversion
Shares has become a substantial Shareholder of the Company as a
result of the issue of the First and Second Tranches Conversion
Shares.

Shareholders and potential investors should exercise caution
when dealing in the Shares.

CONTACT:

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


INDUSTRIAL AND COMMERCIAL: S&P Raises Rating to 'BBB-/A-3'
----------------------------------------------------------
Standard & Poor's Rating Services said on July 25 that it had
raised its long-term and short-term foreign currency
counterparty credit ratings on Industrial and Commercial Bank of
China (ICBC) to 'BBB-/A-3' from 'BB+/B' and removed the ratings
from CreditWatch, where they were placed with positive
implications on July 15, 2005. The outlook is positive.

At the same time, the bank fundamental strength rating on the
bank was raised to 'D+' from 'D'.

The rating action reflects a significant improvement in ICBC's
overall financial profile and solvency after the bank disposed
of Chinese renminbi 705 billion (US$85 billion) in NPLs and
Standard & Poor's satisfaction with the financial arrangements
supporting the disposals.

"The improvement places the bank on a more solid footing to
proceed with ongoing internal reforms," said Standard & Poor's
credit analyst Ryan Tsang.

While Standard & Poor's continues to hold a more conservative
view of the quality of the bank's asset quality than that
articulated by the bank itself, the disposals of NPLs have
greatly improved the bank's overall asset quality.

ICBC, like other state owned commercial banks, faces tough
challenges in building and solidifying a new corporate culture,
institutionalizing good corporate governance practices and
internal controls, and strengthening risk management capability.

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


KING CHOICE: High Court Orders Business Closure
-----------------------------------------------
King Choice Holdings Limited whose place of business is located
at Room 125, 1/F, Lee Hang Industrial Building, 10 Cheung Yue
Street, Lai Chi Kok, Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 6, 2005.

Date of Presentation: May 6, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


KYOTO JAPAN: Winding Up Process Initiated
-----------------------------------------
Kyoto Japan Restaurant Limited whose place of business is
located at Shop 1, 148 Electric Road, North Point, Hong Kong was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
July 6, 2005.

Date of Presentation: May 6, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


ORIENT POWER: Clarifies Philips Litigation Report
-------------------------------------------------
Orient Power Holdings Limited (615) refers to an article in the
South China Morning Post dated July 26 and would clarify that
save for the description of the litigations with Philips in Hong
Kong and the U.S., the contents of the Article are inaccurate.

After the release of the announcement of the Company dated May
25, 2005 in respect of litigations with Philips, various banks
enquired on their impact on the Company and its subsidiaries
(the Group).

Standard Chartered Bank (SCB) (a principal bank of the Group)
arranged meetings with bankers of the Group (the Lenders) and
the majority of the Lenders have indicated their support for an
interim standstill agreement principally to the effect that the
existing facilities remain available to the Group and no
enforcement action will be taken by any Lender against the
Group. The Lenders are currently observing an informal
standstill (which is not legally binding on them) pending the
signing of the interim standstill agreement by all Lenders. SCB
acts as the liaison bank and coordinator of the steering
committee of the Lenders.

Deloitte Touche Tohmatsu (DTT) has been appointed by the Lenders
to review the financial position of the Group. DTT has issued a
report to the Lenders, which the Company understands is not
negative.

The Company would further clarify as follows:

(a) It has not been informed by any of its banks of any
disclosure concerns;

(b) The allegation in the Article that "creditors want to
control the cash of the company" is inaccurate.
DTT will be appointed to provide financial monitoring and other
services to the Group;

(c) The Group has investments in joint ventures in China, which
joint ventures are subsidiaries of the Company. Funds are
provided to these subsidiaries as working capital in the
ordinary course of business and these funds are still within the
Group. The Company is not aware of any creditors who "were
"losing faith" in the firm's management";

(d) There are no "disclosure issues" relating to the Company's
reporting of contingent liabilities, which have been fully
disclosed in the relevant annual and interim reports as required
under the Listing Rules;

(e) As at 30th May, 2005, the Group's bank loans totaled about
HK$1.2 billion, and had about HK$335 million contingent
liabilities relating to letters of credit, trade receipts etc.;
and (f) SCB remains supportive of the Group.

The Company also announces that Orient Power Video Manufacturing
Limited (OP Video), a wholly owned subsidiary of the Company,
received a writ of summon on July 23, 2005 from
STMicroelectronics Asia Pacific Pte. Ltd., a supplier, claiming
for US$4,081,606.40 being the balance of price of goods sold to
OP Video. Such balance has not been settled by OP Video as there
is a dispute on the mode of payment. Legal advice is now being
sought. The case is not expected to have any material impact on
the operation and financial position of the Group. Further
announcement(s) on this case will be made as appropriate.

CONTACT:

Orient Power Holdings Limited
Unit 7, 3/F, Harbour Centre
Tower 1, 1 Hok Cheung Street
Hunghom, Kowloon,
Hong Kong
Phone: 27742888
Fax: 27660477
Web site: http://www.orientpower.com


ORIENT POWER: Notes Unusual Price, Volume Movements
---------------------------------------------------
Orient Power Holdings Limited has noted Tuesday's increases in
the price and the trading volume of the shares of the Company
and wish to state that we are not aware of any reasons for such
increases.

The Company also confirmed that save as disclosed in the
announcement of the Company dated May 25, 2005, there are no
negotiations or agreements relating to intended acquisitions or
realisations which are discloseable under rule 13.23, neither is
the board aware of any matter discloseable under the general
obligation imposed by rule 13.09, which is or may be of a price-
sensitive nature.

As at the date of this announcement, the directors of the
Company are Messrs. Poon Ka Hung, Wu Lai Ping and Lin Hoo Fun as
executive directors; Mr. Leung Chun Pong, Ms. Jennifer Cheung
Mei Ha and Mr. Edward Fung Chi Kong as non-executive directors;
and Messrs. Joseph Chan Wing Tai, Tay Chee Hung and Tang Tin
Ying as independent non-executive directors.

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

By order of the Board
Poon Ka Hung
Chairman
Hong Kong, 24th June, 2005"


QUANTECH LIMITED: Court to Hear Wind-up Petition August 10
----------------------------------------------------------
Notice is hereby given that a Petition for an Order that (1)
Quantech Limited be wound up by the Court under the provisions
of Companies Ordinance, Cap. 32 was presented to the High Court
of Hong Kong special Administrative Region on the April 28, 2005
by Lau Lai Fun of Flat C, 49th Floor, Tower 5, The Belcher's, 89
Pokfulam Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 2005.

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

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

FUNG, WONG, NG & LAM
Solicitors for the Petitioner
Room 8, 4th Floor, New Henry House
10 Ice House Street
Central, Hong Kong

Note:

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


STANDARD CHARTERED GRINDLAYS: Issues Debt Claim Notice
------------------------------------------------------
Notice is hereby given that the creditors of Standard Chartered
Grindlays Investment Services Limited (In Members' Voluntary
Liquidation), which is being voluntarily wound up, are required
on or before August 22, 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.

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

In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.

Dated this 22nd day of July 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


TRADEPOWER LIMITED: Sets Creditors, Contributories Meeting
----------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Tradepower (Holdings) Limited will be held at
the official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on July 19, 2005 at the
following times:

(1) Meeting of Creditors: 10 a.m.
(2) Meeting of Contributories: 10:30 a.m.

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver & Provisional Liquidator


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

BANK PERSYARIKATAN: Central Bank Monitors Performance
-----------------------------------------------------
State central bank, Bank Indonesia, has put Bank Peryarikatan
Indonesia (BPI) under special surveillance due to its poor
performance, reports Asia Pulse.

The bank, which is owned by Islamic organization Muhammadiyah,
has a capital adequacy ratio (CAR) of below 8%. The CAR is much
lower than the 12% minimum limit set by the central bank.

The bank needed fresh funds injection in order to stay afloat.

After giving BPI three months to improve its condition, Bank
Indonesia had previously lifted the watch status from the bank,
on hearing that an interested investor was willing to provide
the needed capital for the bank. But the investor did not follow
through due to legal problems with BPI's former owners.

CONTACT:

Bank Persyarikatan Indonesia
Jl Salemba Raya, No. 55 Jakpus 10440
Phone: 021-2300912


GAJAH TUNGGAL: Moody's Affirms B2 Rating
----------------------------------------
Moody's Investor Service has affirmed its B2 senior unsecured
rating for PT Gajah Tunggal Tbk (GT) 2005 Bonds BV's US$325
million bonds, guaranteed by the Company, upon its successful
closing and removal from provisional status. At the same time,
Moody's assigned its B2 corporate family rating (previously
called senior implied rating) to GT. The ratings outlook is
stable.

The bond proceeds will be used to refinance the majority of the
outstanding restructured bank debt, which largely removes the
refinancing risk associated with the existing debt structure and
allows GT to focus on developing its core businesses.

Moody's notes that the Company's liquidity profile will remain
relatively weak, in view of its small amount of committed backup
facilities and large planned capital expenditure; however, there
will be no material debt maturities in the near future, with an
outstanding USD96.5 million debt due for repayment in 2008 and
2009.

The B2 rating reflects GT's four key credit strengths; 1)
dominant market positions within the rapidly expanding
Indonesian tire market; 2) highly competitive cost base, which
has facilitated export growth and further geographic diversity
of sales; 3) strategic relationship with Michelin supporting the
company's operations; and 4) investment in production methods
has allowed the company to gain international quality
certifications, facilitating further export-based expansion.

At the same time, the rating reflects six key credit challenges:

1) High leverage;

2) High exposure to exchange rate fluctuations and commodity
prices, primarily crude oil and natural rubber;

3) History of financial difficulties, including debt defaults;

4) Exposure to political and economic instability within
Indonesia;

5) Single tire plant location risk; and

6) Limited liquidity in terms of cash reserves, back up bank
facilities and a lack of alternative financing sources.

Likelihood of a ratings upgrade is limited in the next 2 years
given the expectation that GT's credit metrics will be weakened
as a result of its large capital expenditure program. Positive
rating pressure would emerge over time, if GT successfully
implements its expansion program together with a track record of
meeting debt obligations without the use of restructuring
arrangements. Furthermore, the company's credit profile would
improve if it is able to put in place appropriate measures to
protect itself from further foreign exchange volatility or
initiate a cost effect hedging program.

Downward rating pressure could evolve if its EBITDA interest
coverage ratio falls below 1.5x. This could result from a
combination of: 1) material devaluations of the Rupiah , thereby
directly increasing the company's debt-servicing obligations; 2)
quality certifications for key European and US markets are lost,
or a major design fault occurs, resulting in a material product
recall or 3) the plant expansion program suffers material
increases in costs or time taken to complete.

P.T. Gajah Tunggal TBK, based near Jakarta, Indonesia, is a
manufacturer of motorcycle and motor vehicle tires for both
domestic and export markets.

CONTACT:

PT Gajah Tunggal Tbk
Wisma Hayam Wuruk 10th Floor
Jl. Hayam Wuruk 8, Jakarta 10120
Indonesia
Phone: 021-3459302, 021-3459431
Fax:   0062-021-3804908
Web site: http://www.gt-tires.com


PERTAMINA: Government OKs Price Hike
------------------------------------
The Indonesian government will allow state-owned oil and gas
firm PT Pertamina to raise its fuel prices to that of market
prices, in a bid to reduce the ever-increasing fuel subsidy, the
Jakarta Post reports.

This way, the government may be able to reduce expected fuel
consumption from 59.69 million kiloliters to 55 million
kiloliters, according to Minister of Energy & Mineral Resources
Purnomo Yusgiantoro. However, there is a limit as to where they
can charge market prices.

Fuel prices would remain the same for the following
classifications of users protected by the government:

1) public transportation owners
2) small and medium enterprises
3) small households
4) special transportation operators (e.g. ambulances, fire
engines)
5) special purposes (e.g. donations, emergency use)

These five classifications would continue to enjoy lowered
prices for premium gasoline, with the provision of fuel
subsidies by the government. Other Pertamina fuels, such as
Pertamax and Pertamax Plus, which is priced at IDR4,000 per
liter, could go up toIDR5,000 per liter.

Pertamina also has the authority to prohibit cars with 3,000cc
engine capacity to use subsidized premium fuel, as given by the
government.

Despite a budget cut in fuel subsidies, global oil prices have
risen to an all-time high of USD60 per barrel, which has
increased fuel subsidies past the maximum IDR130 trillion limit,
and would add more burden to the tight state budget, if the
government swallows the extra price difference.

CONTACT:

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


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

JAPAN HIGHWAY: VP Held in Bid-rigging Scandal
---------------------------------------------
Prosecutors on Monday arrested Michio Uchida, the Vice President
of Japan Highway Public Corporation, for alleged bid rigging on
projects ordered by the government-affiliated body, The Asahi
Shimbun reports.

Mr. Uchida is suspected of violating the Anti-Monopoly Law by
unfairly restricting competition.

The Tokyo District Public Prosecutors Office also arrested Mr.
Uchida on suspicion of breach of trust.

CONTACT:

NIHON DORO KODAN (Japan Highway Public Corporation)
3-3-2 Kazumigaseki Chiyoda-ku,
Tokyo,100-8979, Japan
Phone: +81-3-3506-267
Fax: +81-3-3506-8870
Web site: http://www.jhnet.go.jp


MITSUBISHI MOTORS: Al Habtoor Launches Service Center in UAE
------------------------------------------------------------
Al Habtoor Motors, exclusive distributor of Mitsubishi, Bentley,
Aston Martin and TEMSA in the United Arab Emirates (UAE), has
launched its new center for genuine parts and services at Dubai
Investment Park (DIP) in Jebel Ali, AME Info reports.

Apart from featuring a range of products from Mitsubishi and
Mitsubishi Fuso, the Al Habtoor Centre for Genuine Parts &
Services hosts new generation diagnostic equipment that provides
for superior automotive service.

Inaugurating the Al Habtoor Centre for Genuine Parts & Services
in DIP, Ahmad Al Habtoor, President of Al Habtoor Motors
received Bert Van Dijk, Senior Vice President at Mitsubishi Fuso
Truck & Bus Corporation, and Kazuhiro Watashige, Corporate
General Manager, Global After Sales at Mitsubishi Motors
Corporation who have come specifically for the official
inauguration of the facility comprising 200 working bays, nearly
100 qualified technicians and parking space for over 550 cars.

During the opening, Mr. Van Dijk and Mr. Watashige presented Mr.
Al Habtoor with tokens of appreciation on behalf of Mitsubishi
Fuso Truck & Bus Corporation and Mitsubishi Motors Corporation
as a mark of confidence in the longstanding relationship between
the dealer and the car manufacturer.

General Manager at Al Habtoor Motors, Mark L. Jones, said that
the new workshop spread over about 52,943 sqm is capable of
providing service for about 200 cars or commercial vehicles per
day. The workshop is also equipped with sophisticated diagnostic
tools and computerized working systems such as the GSP9700
Vibration Control System, which is the computer-controlled wheel
balancer that automatically checks wheel uniformity, rim run-out
and balance.

Guests and press were invited on a post-conference technical
tour of the 200-bay workshop by Anan Al Nimer, Group Service
Manager at Al Habtoor Motors, who elaborated on the high-tech
machinery and its diagnostic repair capability such as the Road
Force Measurement System that solves non-balance related
vibration problems with faster troubleshooting and the Wheel
Alignment Centres.

When buying a new car, customers are increasingly likely to
purchase a package including services such as credit, servicing,
insurance and extended warranty. Fuller service coverage is
consistent with Al Habtoor Motors's primary function of
facilitating personal freedom.

The new Al Habtoor Centre for Genuine Parts & Services, like the
company's other workshops, is a highly efficient fast-fit centre
handling regular servicing, minor repair work, with or without
appointment as well as special privileges, such as very rapid
availability of spare parts, for express repair work.

There are eight Al Habtoor service centres in the UAE as well as
two pre-delivery inspection centres performing body repairs
within 24 hours. This makes an ideal solution for "cosmetic"
repairs to the minor impacts that are all too frequent in
today's urban environment.

Additionally, fleet customers looking for motoring peace of mind
can opt for two special Al Habtoor contracts: the service
contract and the extended warranty contract. The service
contract covers all regular servicing operations (oil change,
servicing, compulsory vehicle tests, etc.), for a fixed monthly
fee indexed to the average annual mileage. The extended warranty
contract extends the standard contractual warranty.

Mr. Jones added by saying: 'For Al Habtoor Motors, service
starts when the customer walks through the door. That means a
warm, professional reception in a pleasant showroom where people
can inspect and test-drive the cars they're interested in.
Earlier this summer, we reworked our corporate identity, one
feature of which is the new visual identity of our showrooms and
revamping of its layout for smoother visitor flows.'

CONTACT:

Mr. Sultan Al Habtoor - President
E-mail: sultan@habtoormotors.com

Mr. Ahmed Khalaf Al Habtoor - Asst. General Manager
Sales & Mktg.
E-mail: ahmedkh@habtoormotors.com
United Arab Emirates
Phone: 971 2691110
Fax: 971 2692545
Web site: http://www.habtoormotors.com


MISUBISHI MOTORS: Provides Free Service Week in Bangladesh
----------------------------------------------------------
Bangladesh-based Rangs Workshop Limited, the authorized service
center of Mitsubishi Motors Corporation, launched a free service
program for all Mitsubishi brand vehicles from July 22-28 in the
country, Star Business Report relates.

The customers will enjoy free diagnosis of their vehicles,
complementary washing, cleaning, battery check-up, filling and
tipping of engine oil.

Rangs Workshop also announced a 10 percent discount on all other
necessary services and purchase of any accessories for the week.

The service, which has initially been launched in Dhaka city,
will also be available in Chittagong on July 27 and July 28.

CONTACT:

Rangs Ltd.
113-116, Old Airport, Tejgoan
Dhaka-1215, Bangladesh
Telephone: +880-2-9129536-8, 8120001-4
Fax: +880-2-8117788


NIF CAPITAL: METI OKs Management Restructuring Plan
---------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
the management restructuring plan of NIF Capital Partners B Co.,
Ltd. under the Law on Special Measures for Industrial
Revitalization on July 22, 2005.

The management-restructuring plan submitted by the Company was
examined pursuant to Article 6, Paragraph 5 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill requirements for management resource reutilization
pursuant to Article 2, Paragraph 4.

CONTACT:

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


PIONEER CORPORATION: Delivers Storage Serves in Australia
---------------------------------------------------------
The Australian unit of Pioneer Corporation Pioneer Electronics
Australia and Niveus Media of the U.S.A. have announced an
agreement for Pioneer to distribute Niveus Media Centres and
Storage Servers for the Australian market.

The product line will be sold through Pioneer's Professional A/V
and Multimedia Division into the CEDIA/Custom Installation sales
channels. First public display will be at the CEDIA Expo on the
Gold Coast (July 28-30 th) as part of the Pioneer booth.

"We're extremely excited to be working with Pioneer
Electronics," said Tim Cutting, CEO of Niveus Media. "They have
an impressive history of innovation in the home entertainment
market and are the perfect go-to-market partner for Niveus in
Australia."

Niveus Media recently received an Innovations Design &
Engineering award from the 2005 Consumer Electronics Show in Las
Vegas for its Niveus 1TB A/V Storage Server in the Home Data
Networking category.

One of the keys to the success of the Niveus Media Centres is
the "fanless" Passive Cooling System. Noisy fans are one of the
main objections to using PCs in a living room and the unique
Niveus case design incorporating a combination of heat pipes,
high performance heat sinks and thermal pads has completely
eliminated the need for conventional cooling fans.

"Right from receiving our first sample we have been extremely
impressed with the design, build quality and presentation of the
Niveus products" said Rob Thompson, General Manager for
Pioneer's Export and Commercial Business Group. "Their support
has also proved to be excellent as we customized the products
for our local market. We believe that these are undoubtedly the
best products of their kind on the market today."

The Niveus Media product range includes the Denali Limited
Edition Media Centre with twin High Definition tuners and up to
1TB of storage. Pioneer will also distribute the Niveus Terabyte
A/V Storage Servers - the first product series to deliver high-
end home theatre design into a scaleable, networked storage
solution for the digital home market.

Tim Cutting, CEO of Niveus Media will attend the CEDIA Expo on
the Gold Coast to gain first hand feedback and to assess the
Australian market potential first hand.

About Niveus Media, Inc.
Founded in 2002, Niveus Media, Inc. is a Santa Clara, California
OEM manufacturer, specializing in media entertainment devices
for the consumer electronics market. Niveus Media is dedicated
to delivering innovative, integrated consumer electronics
devices for the networked home. Additional information can be
found at: www.niveusmedia.com.

About Pioneer

Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange (ticker symbol PIO),
Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities
Exchange.

For detailed specifications, information on other Pioneer
products, high resolution images, technical updates and DVD FAQs
visit www.pioneeraus.com.au/professional

Niveus Media PR Contact
International:Brian Paper, VP Marketing
Phone: (866) 258-2929
E-mail: pr@niveusmedia.com

Pioneer PR Contact
International: Simon Bartlett
Phone: (03) 9586 6310
Email: sbartlett@pioneeraus.com.au


* Japan Electronics Conglomerates Brace for First Quarter Losses
----------------------------------------------------------------
Japan's big four electronics conglomerates, led by Hitachi
Limited, are expected to post quarterly losses this week due to
a slump in their chip businesses, according to Reuters, citing
analysts.

April-June first quarter results from Hitachi, Toshiba Corp.,
Fujitsu Ltd. and NEC Corp., due on Thursday, will pale in
comparison to last year when there was particularly strong
demand for computer chips.

"Still, Hitachi's disk drive business is losing money. I have to
say this is a little problematic," said Koichi Ogawa, Chief
Portfolio Manager at Daiwa SB Investments.

Toshiba is expected to have been the best performer in April-
June, helped by strong demand for NAND flash memory.

NEC has already suffered a major setback. Its chip unit NEC
Electronics Corp. issued a loss warning for the quarter and
slashed its full-year forecasts due to slow demand for
microchips used in cellphones.

Investors will also be watching to see whether Fujitsu reverts
to its old habit of repeatedly posting major special losses for
unprofitable software and computer services contracts.


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

ASIANA AIRLINES: Strike Generates US$30-Mln Sales Loss
------------------------------------------------------
Losses on sales have surpassed the US$30 million mark as the
strike of Asiana Airline Inc's unionized pilots entered its
tenth day, relates Yonhap News.

The cancellations on its domestic flights have caused the
losses.  About 96 out of the 174 flights have been cancelled,
while all four cargo flights for the day were also called off.
However, all of the 110 international flights are still in
normal operations.

"We estimate a loss of KRW30.5 billion in sales so far because
of cancellations of domestic, international and cargo flights,"
Cho Yeong-seok, a spokesman with the carrier, said.

"It seems that we will soon run into a serious situation that
more flights, including some international routes, should be
dropped," he said.

The strike has been going on for 10 days as a series of
negotiations between the pilots and Asiana were unsuccessful.
The last talk was held Friday and a new one is yet to be
scheduled.

The union has moved the strike venue to a youth hostel near
Mount Songni in Bouen, as their contract with the Incheon venue
expired.

The union staged a strike on demands for more rest days, the
raising of the retirement age from 55 to 58 and a greater say in
personnel management decisions. The airline has 826 pilots, 310
of whom are non-union members.

CONTACT:

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


DAEWOO GROUP: Former Execs Uncover New Angle on Probe
-----------------------------------------------------
Former executives of the now-defunct Daewoo Group alleged top
government officials to have a hand in founder Kim Woo-Chong's
exit from the country six years ago to help speed up the group's
rehabilitation, according to Yonhap News.

The Supreme Public Prosecutors Office said, the four Daewoo
Executives argued in a written statement that former
presidential economic advisor Lee Ki-ho, Lee Hun-jai, then
chairman of the Financial Supervisory Commission and Lee Keung-
young, governor of the Korea Development Bank (KDB) at the time,
were involved in Mr. Kim's departure.

The testimonies by the Daewoo executives are relatively precise
and outline what the government officials and the KDB head
suggested at meetings with them and when, the prosecutors office
said.

The former Daewoo executives are Chang Byung-ju, president of
Daewoo Corp., Jung Ju-ho, head of the conglomerate's
restructuring office, Daewoo Motor's Chief Executive Officer Kim
Tae-gou and Shin Young-kyun, president of the heavy industry arm
of the group.

The Daewoo executives maintained they delivered the
recommendations made by the officials to Mr. Kim, it said.

The said executives will be summoned in the near future to
verify if there were actual pressures from the government and to
check the validity of their claims.  The allegations could shed
light on the background of his exile.

Lee Ki-ho and Lee Hun-jai, who held the post of minister of
finance and economy twice under President Kim Dae-jung and
President Roh Moo-hyun, could not be contacted directly for
comment, but both have maintained that they did not persuade Mr.
Kim to go abroad.

The 69-year old Mr. Kim returned to Seoul in mid-June after
spending nearly six years overseas.  Upon his return he was
arrested on charges of deceptive accounting and capital flight.

Last week Mr. Kim was rushed to the hospital on heart-related
and intestinal diseases.  After being admitted to a Seoul
hospital he was again placed in detention.

Daewoo Group collapsed under debts of US$80 billion, considered
one of the world's largest business failures.


HYNIX SEMICONDUCTOR: Profit Most Likely to Fall 67% in 2Q
---------------------------------------------------------
Hynix Semiconductor Inc. may book a decline in profit to 67
percent as a result of a surplus in supply of semiconductors,
Bloomberg reports.

The oversupply of semiconductors drove down prices which could
affect Hynix's net income.  The Company will probably report on
July 27 a fall in net income to KRW206 billion compared to the
previous year's KRW625 billion, according to the median estimate
of seven analysts surveyed by Bloomberg. Operating profit fell
69 percent to 200 billion won and sales dropped 26 percent to
1.2 trillion won, according to the survey.

Hynix is counting on NAND which is a more profitable chip geared
for consumer electronics, as the $27 billion market for computer
memory faces oversupply.

"If it weren't for NAND, Hynix's earnings would have been really
bad," said Yu Chang Eyun, an analyst at BNP Paribas. "Everyone's
looking forward to the second half, when demand is going to get
better."

In the quarter NAND probably generated two-thirds of the
company's profit, compared with dynamic random access memory, or
DRAM, Hynix's main product by sales, BNP's Yu said.

Despite expectations that DRAM sales will shrink for the next
two years, Hynix has been reporting earnings.

Earlier this month, Korea Exchange Bank and other Hynix
creditors planned to sell about a third of their combined 74
percent stake this year to recoup part of the $64 billion spent
rescuing the company in 2001 and 2002.

CONTACT:

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


SK NETWORKS: To Build $22-Mln Oil Processing Plant in China
-----------------------------------------------------------
SK Networks has signed a letter of intent to build a heavy oil
processing plant in the Chinese province of Zhejiang, reveals
Asia Pulse, citing Yonhap News.

According to SK Networks, the funds for the construction of the
plant in the city of Taizhou came from a deal struck with the
Taizhou municipal government and Chinese Electronics
manufacturer Guangsheng Electronics Ltd.  The cost of investment
is $22 million. The Taizhou plant will have an annual capacity
of one million tons.

The company said the deal has given it a foothold in China's
wholesale oil market, scheduled to be opened to foreign
competition in 2007.

"SK Networks, armed with its 15 years of experience in the
energy business and strong confidence, decided to participate in
the construction of the plant," SK Networks Chief Executive
Officer Chung Man-won said.

The company wished that the agreement will serve as a starting
point in promoting its exchange with the Chinese province and
the city of Taizhou.

Earlier this month SK the Company signed a memorandum of
understanding with the Chinese city of Shenyang on gas station
business.

SK networks have been stepping up efforts to tap the Chinese
market in the run-up to the country's market opening.

Creditor-controlled SK Networks is expected to break free from
creditor supervision earlier next year.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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

AMTEL HOLDINGS: Acquires Parcel of Land from Unit
-------------------------------------------------
Amtel Holdings Berhad (AHB) issued to Bursa Malaysia Securities
Berhad an update on the proposed mandate to dispose of a parcel
of development land held under Lot Nos. 41, 80 and 4154-4165,
Mukim 1, District of Province Wellesley Central, state of Penang
(Land) owned by Metrarama Sdn Bhd (MSB), a wholly owned
subsidiary of Amtel Holdings Berhad (Proposed Disposal) and to
enter into a business arrangement involving the appointment of
Concrete Idea Sdn Bhd (CISB) as the project manager and/or such
other business arrangements for the proposed disposal.

(1) Introduction

On April 23, 1999, MSB had acquired the Land for a total cash
consideration of MYR14,500,000. The Land, which comprises
fourteen (14) contiguous lots encompassing a total land area of
about 14.12 acres, was purchased for capital appreciation over
the medium to long-term and to generate rental income by the
leasing of the Land in the interim.

However, since the date of acquisition, AHB and/or MSB had not
been able to identify suitable lessee or buyer for the Land.
With the view to improve the saleability of the Land, MSB had
applied to and obtained approval from the Town Planning
Department, Majlis Perbandaran Seberang Perai to subdivide the
Land into individual lots for sale and for the development of
sixty (60) units of 2 and one-half storey detached houses and a
2 and one-half storey shop/office on October 11, 2004.

The Board of AHB is announced that MSB had on July 19, 2005
entered into a Project Management Agreement to appoint CISB as
the Project Manager with respect to the subdivision of the Land
into individual lots and to sell the individual lots with the
necessary infrastructure to purchasers for the development of
sixty (60) units of 2 and one-half storey detached houses and a
2« storey shop/office over a period of five (5) years (Proposed
Business Arrangement).

Further details on the Proposed Disposal and the Proposed
Business Arrangement are set out in the ensuing sections.

(2) Details of the Proposed Disposal

(2.1) Background information on the Land

On April 23, 1999, MSB acquired the Land for a total cash
consideration of MYR14,500,000. The Land, which comprises
fourteen (14) contiguous lots, encompassing a total land area of
about 14.12 acres, is located along Jalan Baru in the locality
of Prai. Presently, the Land is vacant.

The Board of AHB had intended to hold the Land for capital
appreciation over the medium to long-term and leasing out the
Land to generate rental income in the interim. Over the years,
efforts to lease or dispose the Land were hampered by the
adverse economic conditions that continued to prevail after the
1997 financial crisis and other factors such as the huge sum of
monies involved and the difficult borrowing conditions for
property related transactions.

In view of this, efforts were made instead, to enhance the value
of the Land and applications were submitted to the relevant
authorities for access roads and development/sub-division of the
Land into residential or commercial lots to facilitate the
disposal of the Land.

With the view to improve the saleability of the Land, MSB had
applied for permission from the Town Planning Department, Majlis
Perbandaran Seberang Perai to subdivide the Land into individual
lots for sale and for the development of sixty (60) units of 2
and one-half storey detached houses and a 2 and one-half storey
shop/office, the approval of which was obtained on October 11,
2004.

Thereafter, MSB had appointed an independent valuer, Messrs.
Henry Butcher, Lim & Long (North) Sdn Bhd, to advise on the
current market value of the Land. On March 16, 2005, the
Independent Valuer made an inspection of the Land and vide their
valuation report dated April 2, 2005, the Independent Valuer has
valued the Land at MYR15,500,000 (Value Ascribed by the
Independent Valuer) based on the Comparison Method of Valuation.

Premised thereto, AHB intends to dispose of the Land and to
enter into the Proposed Business Arrangement (which details are
set out in Section 2.2 below), and/or such other business
arrangements for the Proposed Disposal, at a value not less than
the Value Ascribed by the Independent Valuer on the Land.

The Land, which is presently charged as security for a banking
facility granted to Amtel Group Sdn Bhd, a wholly owned
subsidiary of AHB shall be redeemed to enable the individual
lots to be sold by MSB to purchasers free from any encumbrances
i.e. the purchasers of the individual lots will not assume any
liabilities.

To view a full copy of the document, click
http://bankrupt.com/misc/AMTELHOLDINGSBERHAD071805.pdf

CONTACT:

Amtel Holdings Bhd.
Malaysia
Phone: 60 3 5632 2449
Fax: 60 3 5637 0042


ANTAH HOLDING: Court Extends Ex-Parte Order Until Next Month
-------------------------------------------------------------
Further to the Company's announcements made to Bursa Malaysia
Securities Berhad on July 6, 2005 and July 12, 2005, Antah
Holding Berhad advised that it has now been advised by Kaseh's
Solicitors that the Ex-Parte Order of Court Served against Kaseh
Lebuhraya Sdn. Bhd. (Kaseh), a wholly owned subsidiary of the
company has now been extended to August 9, 2005.

The Learned High Court Judge had on July 18, 2005 made a ruling
that the Ex-Parte Order be extended until August 9, 2005 in
order for the Judge to hear full submission from both counsels
inter alia on the followings applications:

- The Inter-Parte application;
- Kaseh's application to set aside the Ex-Parte Order; and
- Kaseh's application for the fortification of the Undertaking
as to Damages given by Azam Developers & Construction Sdn Bhd,
the Defendant.

This announcement is dated 20 July 2005.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


AYER HITAM: Unit Receives Originating Summons
---------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad informed Bursa Malaysia Securities Berhad that a true
copy of the sealed Originating Summons dated June 23, 2005 and
the affidavit of Saroja Devi A/P K. Gopalan affirmed on June 23,
2005 have been served on Motif Harta Sdn Bhd, a 100 percent
owned subsidiary of the Company pursuant to Section 350 of the
Companies Act, 1965 on July 20, 2005.

The Company is seeking legal advice on the above matter.

This announcement is dated 20 July 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920


FABER GROUP: Issues Additional Shares for Listing
-------------------------------------------------
Faber Group Berhad advised that its additional 53,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR106,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 53,000 New Ordinary Shares
(Conversion) will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Friday,
July 22, 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


MTD CAPITAL: Purchases 67,000 Shares on Buy Back
------------------------------------------------
MTD Capital Berhad issued a notice of shares buy back on July
13, 2005 with the following details:

Date of buy back from: July 13, 2005

Date of buy back to: July 13, 2005

Total number of shares purchased (units): 67,000

Minimum price paid for each share purchased (MYR): 2.220

Maximum price paid for each share purchased (MYR): 2.220

Total amount paid for shares purchased (MYR): 148,740.00

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

Number of shares purchased retained in treasury (units): 67,000

Total number of shares retained in treasury (units): 17,391,900

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 19/07/2005

Lodged by: MTD Capital Bhd

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022/ +60 3 6187 7898
Web site: http://www.mtdcap.com/


MWE HOLDINGS: Hands Unit MYR1.0 Mln for Capital Requirement
-----------------------------------------------------------
MWE Holdings Berhad (MWE) issued to Bursa Malaysia Securities
Berhad details on the advance of MYR1.0 million granted to MWE
Advanced Structure Sdn Bhd (MWEAS).

Introduction

Pursuant to paragraph 10.08 of Part E, Chapter 10 of the Bursa
Malaysia Securities Berhad Listing Requirements, the Board of
Directors of MWE Holdings Berhad (MWE) announced that the
Company has entered into the following related party
transaction.

Details of the Transaction

MWE had on July 20, 2005 agreed to grant an advance of MYR1.0
million to MWEAS, a 90 percent owned subsidiary of MWE, for the
purpose of working capital requirement (the Transaction).

As at 30 June 2005, the total amount owing by MWEAS to MWE is
MYR6,054,571.62.

Directors' and Substantial Shareholders' Interests

MWE is a substantial shareholder of MWEAS. Dato' Surin Upatkoon
and Mr. Tang King Hua are the directors of MWE and also the
directors of MWEAS.

Save as disclosed above and to the best knowledge of the Board
of Directors, none of the Directors or substantial shareholders
of MWE and persons connected to the directors or substantial
shareholders has any interest, direct or indirect in the
Transaction.

Directors' Opinion

The Board of Directors of the Company, having taking into
consideration all aspects of the Transaction, is of the opinion
that the Transaction is in the best interest of MWE group.

Approval Required

The Transaction is not subject to the approval of shareholders
of MWE nor any other relevant authorities.

CONTACT:

MWE Holdings Berhad
846 Jalan Raya Sungei Bakap
Seberang Perai Selatan,
Pulau Penang 14209
Malaysia
Telephone: +60 4 582 4811
Fax: +60 4 582 4707


MWE HOLDINGS: Repurchases Ordinary Shares
-----------------------------------------
MWE Holdings Berhad posted at the Bursa Malaysia Securities
Berhad a notice of shares buy back on July 20, 2005 with the
following details:

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

Total number of shares purchased (units): 117,000

Minimum price paid for each share purchased (MYR): 0.665

Maximum price paid for each share purchased (MYR): 0.665

Total consideration paid (MYR): 77,805.00

Number of shares purchased retained in treasury (units): 117,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 295,000

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

The above purchase consideration excludes the brokerage fees,
stamp duty and etc.


PAN PACIFIC: Files Appeal on SAR Decision
-----------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB) advised
Bursa Malaysia Securities Berhad that it was informed by its
solicitors vide its letter dated July 18, 2005 that the Senior
Assistant Registrar (SAR) of the Shah Alam High Court had on
July 15, 2005 allowed the Plaintiff's (RHB Bank Berhad) summary
judgement application with costs against Johor Bahru Prestige
Sdn Bhd, a wholly owned subsidiary of the Company.

The judgement sum involved is MYR13,096,008.97 (inclusive of
principal of MYR12,150,000) with interest thereon at the rate of
3.5 percent above the Plaintiff's base lending rate compounded
monthly from January 1, 2000 until settlement. The Company,
after consulting its solicitors, has decided to appeal to the
Judge in Chambers against the SAR decision.
CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax:  +60 3 7727 1622
Web site: http://www.dno.no


NALURI BERHAD: Appeals Court's Decision
---------------------------------------
Naluri Corporation Berhad (NALURI) refers to the previous
announcements made to Bursa Malaysia Securities Berhad in
particular the announcement dated June 17, 2005 in relation to
Petition No. D2-26-88-2004 filed by Adenan bin Ismail against
Naluri and others (Petition).

The Company announced that Adenan bin Ismail had on July 15,
2005 filed an appeal to the Court of Appeal against the High
Court decision of June 17, 2005.

This announcement is dated 20 July 2005.

CONTACT:

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


NORTH BORNEO: To Advise of AGM Date Soon
----------------------------------------
An announcement was made to Bursa Malaysia Securities Berhad on
behalf of the Board of Directors of The North Borneo Corporation
Berhad, that at the commencement of the Fifty-Fifth Annual
General Meeting (AGM) of the Company on July 20, 2005, it was
highlighted by one of the shareholders attending thereat that
there is a printing error as to the day of the AGM stated in the
notice of meeting attached to the Annual Report being Tuesday,
July 20, 2005 instead of Wednesday, July 20, 2005.

Arising from this confusion as to the day of the actual AGM, a
motion for adjournment of this AGM was put to vote, and was
approved by a majority of the shareholders present at the
meeting on a poll.

A notice of the adjourned meeting with the date, time and venue
will be given to the shareholders once the same have been fixed
by the directors of the Company.

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


PAN MALAYSIA: Repurchases 1,450,000 Ordinary Shares
---------------------------------------------------
Pan Malaysia Corp. Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on July 20, 2005 with the
following details:

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 1,450,000

Minimum price paid for each share purchased (MYR): 0.490

Maximum price paid for each share purchased (MYR): 0.500

Total consideration paid (MYR): 722,986.33

Number of shares purchased retained in treasury (units):
1,450,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 12,480,000

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

CONTACT:

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


SIN KEAN: Unit Completes Acquisition of Kosmo Shares
----------------------------------------------------
On July 18, 2005, Sin Kean Boon Group Berhad (SKBG) had
announced that SKB Aluminium Industries Sdn Bhd (SKBA), a 51
percent owned subsidiary of the Company is desirous of acquiring
1 ordinary share of MYR1/= each in the capital of Kosmo Indah
Sdn Bhd (Kosmo) for a total cash consideration of MYR1/=. This
represents 50 percent of the total issued and paid up share
capital of Kosmo.

SKBG announced that SKBA has completed the acquisition of 1
ordinary share of RM1/= each in Kosmo representing 50 percent of
the total issued and paid up share capital of Kosmo.

As a result of the acquisition, Kosmo is now a sub-subsidiary of
the Company.

Yours sincerely

Lam Voon Kean
Joint Secretary


TA ENTERPRISE: Unit Enters into SPA with Sri Damansara
------------------------------------------------------
Ta Enterprise Berhad (TAE) issued to Bursa Malaysia Securities
Berhad the proposed acquisition of eight (8) adjoining lots of
Freehold Land Measuring approximately 26.55 acres or 107,462
square metres held under HSD 113426, PT No. 34072 TO HSD 113433
PT No. 34079, all in Mukim Sungai Buloh, Daerah Petaling, Negeri
Selangor Darul Ehsan (Land) by Indo Aman Bina Sdn Bhd (Indo
Aman), a wholly owned subsidiary of TAE, from SRI Damansara Sdn
Bhd (Sri Damansara), a wholly owned subsidiary of Land & General
Berhad, for a total cash consideration of MYR109,887,735.00

(1) Introduction

The Board of Directors of TAE (Board) had on May 20, 2005
announced that Indo Aman, a wholly owned subsidiary of TAE,
entered into a conditional Sale and Purchase Agreement with Sri
Damansara, a wholly owned subsidiary of Land & General Berhad,
for the proposed acquisition of two (2) parcels of freehold land
measuring approximately 21.51 acres or 87,064 square metres held
under HSD 113435 PT No. 34081 and HSD 113436 PT No. 34082, both
in Mukim Sungai Buloh, Daerah Petaling, Negeri Selangor Darul
Ehsan for a total cash consideration of MYR79,657,835.00
(Proposed Acquisition 1).

Following the Proposed Acquisition 1 from Sri Damansara, the
Board wishes to announce that Indo Aman has entered into another
conditional Sale and Purchase Agreement (SPA) with Sri Damansara
on July 20, 2005 for the proposed acquisition of eight (8)
parcels of freehold land measuring approximately 26.55 acres or
107,462 square metres held under HSD 113426 PT No. 34072 to HSD
113433 PT No. 34079, all in Mukim Sungai Buloh, Daerah Petaling,
Negeri Selangor Darul Ehsan for a total cash consideration of
MYR109,887,735.00 (Proposed Acquisition 2).

(2) Aggregated Transaction

Both Proposed Acquisition 1 and Proposed Acquisition 2 (Proposed
Acquisitions) are considered as an aggregated transaction under
Part G, paragraph 10.11 of the Listing Requirements of Bursa
Malaysia Securities Berhad (LR) as the Proposed Acquisitions
involve various parcels of land contiguous to each other and
were transacted within a period of 12 months with the same
party, Sri Damansara.

The total aggregated purchase consideration of the Proposed
Acquisitions amounts to MYR189,545,570.00. As such, the
percentage ratio of this aggregated transaction as provided in
paragraph 10.02 of the LR exceeds 15 percent but is less than 25
percent.

(3) Information on Indo Aman

Indo Aman, a wholly owned subsidiary of TAE was incorporated in
Malaysia with its registered office at 34th Floor, Menara TA
One, 22, Jalan P. Ramlee 50250 Kuala Lumpur and business address
at 19th Floor, Menara TA One, 22, Jalan P. Ramlee 50250 Kuala
Lumpur (Purchaser).

(4) Information on Sri Damansara

Sri Damansara was incorporated in Malaysia with its registered
office at 2nd Floor, 7 Persiaran Dagang, Bandar Sri Damansara,
52200 Kuala Lumpur (Vendor).

(5) Information on the land under proposed acquisition 2

The Land consists of eight (8) adjoining lots held under HSD
113426 PT No. 34072 to HSD 113433 PT No. 34079, all in Mukim
Sungai Buloh, Daerah Petaling, Negeri Selangor Darul Ehsan with
an approximate area of 26.55 acres (107,462 square metres).

The Land is a commercial freehold land, located in Bandar Sri
Damansara, adjacent to the Lebuhraya Damansara-Puchong (LDP).

The land title stipulates that the Land is zoned as Building, to
be potentially used for mixed development consisting of office
towers, shops and residential.

The Land will be developed by Indo Aman and will be sold to end-
purchasers free from all liens, encumbrances and claims but
subject to all conditions of the documents of title, whether
express or implied, affecting the Land.

(6) Details of Proposed Acquisition 2

(6.1) Salient Terms of Proposed Acquisition 2

(a) Basis of Purchase Consideration

The purchase consideration for the Land of MYR109,887,735.00 was
arrived on a willing-buyer-willing-seller basis (Purchase
Consideration).

(b) Payment of Purchase Consideration

The Purchase Consideration, which will be satisfied wholly in
cash from internally generated funds or by borrowings, shall be
payable to Sri Damansara in the following manner:

(i) Upon execution of the SPA, Indo Aman shall pay a sum of
MYR2,197,754.70 to Indo Aman's Solicitors as stakeholders
(Deposit);

(ii) The balance of the purchase price (Balance Purchase Price)
shall be paid by Indo Aman or Indo Aman's financier together
with the Deposit held by Indo Aman's Solicitors to Sri Damansara
within fourteen (14) business days from the date all conditions
precedent of the SPA are fulfilled (Unconditional Date) subject
to the Unconditional Date falling on or before October 31, 2005
or both Purchaser and Vendor may by written notice agree to
extend the date for such period or periods that may be mutually
agreed upon.

(c) Delivery of Vacant Possession

Vacant possession of the property shall be delivered to the
Purchaser by the Vendor immediately upon the Purchaser making
full payment of the Balance Purchase Price to the Vendor.

(6.2) Liabilities to be assumed

There will not be any liabilities to be assumed by Indo Aman
arising from Proposed Acquisition 2.

(6.3) Original Cost of Investment

The carrying value of the Land in the books of Sri Damansara as
at June 30, 1990, being the date of acquisition of Sri Damansara
by Land & General Berhad is RM3.258 million.

(7) Rationale for the Proposed Acquisition 2

The objective of Proposed Acquisition 2 is to increase TA
Group's land bank and is in line with TA Group's strategy of
acquiring strategically located prime land in the Klang Valley
for future development purposes. The Proposed Acquisition 2 is
expected to contribute positively to the earnings and cash flow
of TAE in the future.

(8) Effects of Proposed Acquisition 2

(8.1) Share Capital

Proposed Acquisition 2 will not have any effect on the share
capital of TAE.

(8.2) Substantial Shareholders

Proposed Acquisition 2 will not have any effect on the
substantial shareholders of TAE and their shareholdings in TAE.

(8.3) Earnings

Proposed Acquisition 2 is expected to be completed in the
financial year ending January 31, 2006. However, Proposed
Acquisition 2 is not expected to have any material effect on the
TAE's earnings for the financial year ending January 31, 2006.

(8.4) Net Tangible Assets (NTA) Proposed Acquisition 2 will not
have any immediate material effect on the NTA of TAE for the
financial year ending January 31, 2006. However, it is expected
to enhance the NTA of TAE in the future.

(9) Conditions Precedent and Estimated Time Frame for completion

The sale and purchase of the Land is conditional upon the
fulfillment of inter alia the following conditions precedent:

(i) The approval of the respective Board of Directors;

(ii) The approval of the Foreign Investment Committee (if
required);

(iii) The approval of the Securities Commission (if required);

(iv) The approvals of the respective parties' ultimate holding
companies' shareholders in the Extraordinary General Meeting of
each party for the acquisition and disposal of the property (if
required); and

(v) Any other approval(s) from the relevant authority(ies) /
party(ies) as may be needed to approve the sale and purchase of
the Land.

Barring unforeseen circumstances and subject to the fulfillment
of all the above-mentioned conditions precedent, Proposed
Acquisition 2 is expected to be completed in the financial year
ending January 31, 2006.

(10) Approvals Required

The Proposed Acquisitions are not subject to the approval of any
authorities or TAE's shareholders. TAE will be issuing an
Information Circular to Shareholders in due course in accordance
with paragraph 10.05 of the LR to set out the details of the
Proposed Acquisitions. No action is required to be taken on the
part of the shareholders.

(11) Directors' and Substantial Shareholders' Interests

None of the Directors, substantial shareholders or person
connected with the directors and/or substantial shareholders of
Indo Aman or TAE as defined under Section 122A of the Companies
Act, 1965 has any interest, direct or indirect in Proposed
Acquisition 2.

(12) Directors' Statement

The Board, having considered all aspects of Proposed Acquisition
2, is of the opinion that Proposed Acquisition 2 is in the best
interests of the TAE Group and that the terms are fair and
reasonable.

(13) Documents for Inspection

A copy of the SPA may be inspected at the registered office of
the Company at Level 34, Menara TA One, 22 Jalan P. Ramlee 50250
Kuala Lumpur during normal office hours on Mondays to Fridays
(except Saturdays and public holidays) for a period of one (1)
month from the date of this announcement.

This announcement is dated 20 July 2005.

CONTACT:

TA Enterprise Berhad
No 22 Jalan P Ramlee
50250 Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2072 1277
Fax: +60 3 2031 6608


TAP RESOURCES: To Acquire Pola Unik Shares
------------------------------------------
Tap Resources Berhad (TAP) issued to Bursa Malaysia Securities
Berhad the details of the:

(1) Acquisition of shares in associate company, Pola Unik Sdn
Bhd (Pola Unik) (Proposed Acquisition)

(2) Memorandum of Understanding

The Board of Directors of TAP announced that the Company had on
July 19, 2005 entered into Shares Sale Agreement (Agreement)
with Yusoff bin Berahim (the Vendor) for the acquisition of
27,500 ordinary shares of MYR1.00 each (Sale Shares)
representing 11 percent of the total issued and paid-up share
capital in the associate company, Pola Unik for a purchase
consideration of MYR3,000,000.00 (Purchase Price) to be
satisfied as follows:

(a) A sum of MYR300,000.00 shall be paid by TAP to the Vendor
upon execution of the Agreement; and

(b) The balance of MYR2,700,000.00 shall be paid by TAP to the
Vendor within three (3) months from the date of this Agreement,
with an extension of three (3) months upon expiry of the first
three (3) months period;

and subject to the terms and conditions as contained in the
Agreement.

Information on Pola Unik

With the acquisition, Pola Unik will be a 51 percent subsidiary
of TAP. Pola Unik has an authorized share capital of
MYR500,000.00 comprising 500,000 ordinary shares of MYR1.00 each
of which 250,000 ordinary shares have been issued and fully
paid-up. Its principal activity is to operate a liquefied
natural gas (LNG) refinery (LNG Project) in Sabah.

Pola Unik had executed the Heads of Agreement with Petronas
Berhad for the purchase of natural gas and is currently pending
the formalization of the Gas Purchase agreement. Pola Unik had
also submitted the Environmental Impact Assessment Report (EIA)
to the Department of Environmental for its approval.

The following Memorandum of Understanding (MOUs) had also been
entered into on even date between:

(1) Pola Unik and Kryopak, Inc. where Pola Unik engaged Kryopak,
Inc. as the technology and process engineering adviser for the
necessary supply and equipment needed for the successful
construction, commissioning and completion of a 300 tonnes per
day LNG facility in Kota Kinabalu Industrial Park, Sabah at a
fee to be agreed upon later; and

(2) Pola Unik and Sinopec Shanghai Engineering Co. Ltd & Ikatan
Innovasi Sdn Bhd Consortium, a joint venture (SSEC/IISB) where
SSEC/IISB has been jointly invited by Pola Unik to negotiate for
the engineering, procurement, construction and commissioning of
the LNG Plant (the Project) on a turnkey basis.

Information on the Vendor

The Vendor, Yusoff bin Berahim is the registered owner and
beneficial owner of the Sale Shares representing 11% of the
issued and paid-up share capital of Pola Unik. The Vendor is not
related toTAP or any of its directors.

Basis of the Purchase Consideration

The purchase consideration of MYR3,000,000.00 was derived and
agreed upon based on the warranties and representations
contained in the Agreement and on "as is where is basis"
including all rights interests benefit and liabilities against
Pola Unik.

Effects of the Proposed Acquisition

The Proposed Acquisition is to be satisfied entirely by cash and
will therefore have no effect on the share capital and
substantial shareholdings in TAP.

The Board of Directors of TAP does not expect the proposal to
have any material effect on the earnings per share and the net
tangible assets per share of TAP Group for the financial year
ending 2006. Nevertheless, the Board expects that, barring
unforeseen circumstances, the profit performance of Pola Unik
will contribute positively to the future earnings of the TAP
Group.

Rationale, Prospects and Risks

The investment of the additional 11 percent in Pola Unik is to
enable TAP to control Pola Unik other than the intention to
diversify the Company's business base and reliance on
construction and property development.

There exists a big captive market for LNG in Sabah as
alternative fuel over diesel. Demand for LNG is dependent on the
selling price of LNG compared to diesel.

The profitability of the LNG Project is therefore dependent on
the purchase price of natural gas from Petronas and the tenure
of a long-term gas supply contract both of which are now under
negotiation with Petronas.

The rationale of setting up the LNG Project is based on the
premise that LNG can be produced and sold at a lower price than
diesel. As regard the supply of natural gas, the present natural
gas field reserves in Sabah are big and can easily outlast the
initial 20 years tenure of the LNG Project.

None of the Directors or major shareholders of TAP or persons
connected with them, have any interest, direct or indirect, in
the Proposed Acquisition.

The Proposed Acquisition is not subject to the approval of the
shareholders of TAP.

The Proposed Acquisition is completed upon transfer of the Sale
Shares to TAP and upon the full payment of the Purchase
Consideration.

The Board of Directors of TAP, after having considered all
aspects of the Agreement, is of the opinion that the Proposed
Acquisition is in the best interest of the Company.

A copy each of the Agreement and MOUs will be available for
inspection at the registered office of TAP at No.18, Block B,
Jalan1/89B (Seksyen 92A), Batu 3 1/2, Off Jalan Sungei Besi,
57100 Kuala Lumpur during normal office hours from Monday to
Friday (except public holidays) for a period of one (1) month
from the date of this announcement.

This announcement is dated 20 July 2005.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


WAH SEONG: Bourse to List, Quote Additional Shares
--------------------------------------------------
Wah Seong Corporation Berhad advised that its additional 2,000
new ordinary shares of MYR0.50 each arising from the conversion
of MYR1,000 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2012 into 2,000 New Ordinary Shares
(Conversion) will be granted listing and quotation with effect
from 9:00 a.m., Friday, July 22, 2005.

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
=====================

MANILA ELECTRIC: Broadcast Network Demands Php6.65-Mln Refund
-------------------------------------------------------------
GMA Network Inc. wants Manila Electric Co. (Meralco) to give
back the around Php6.65 million in overbillings from February
1994 to May 2003 and interest, according to The Manila Standard.

GMA on July 19 filed a motion before the Court of Appeals
seeking payment of interest on the refund of the Manila Electric
Co. for commercial and industrial users.

In a memorandum recently filed by GMA Network and RGMA Network
Inc. before the court, both firms argued that they are entitled
to the immediate payment or credit of the refund.

GMA and RGMA questioned the order of the Energy Regulatory
Commission exempting Meralco from payment of interest on the
refund ordered by the Supreme Court.

On Nov. 15, 2002, the high court ordered Meralco to refund its
customers the excess average amount of Php0.167 per kilowatt-
hour starting with the billing cycles of February 1998.

The ERC approved on June 29 the implementation of Meralco's
modified Phase 4 refund schedule paving the way for the
completion of the refund of more than Php30 billion pursuant to
the decision of the SC in 2002.

Phase 4 involves large commercial and industrial users of
Meralco. Total refund for Phase 4 amounts to about Php18
billion.

CONTACT:

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


NATIONAL BANK: SEC Exempts Stake Sale from Tender Offer Rule
------------------------------------------------------------
The Securities and Exchange Commission (SEC) will exempt the
public auction for Philippine National Bank's (PNB) 67-percent
stake sale from the mandatory tender offer rule, relates The
Philippine Star.

Under the tender offer rule, acquisitions involving at least 35
percent of a listed company are subject to a mandatory tender
offer. This means that the prospective buyer must make an offer
to buy the remaining shares held by the minority shareholders at
the same terms offered to the controlling shareholders.

The corporate regulator agreed to the exemption request since
the proposed transaction falls under exempt transactions
considering that the shares to be offered are held by the
government.

The 67-percent stake comprises the government's entire
shareholdings and a portion of tobacco and beer magnate Lucio
Tan's stake in PNB. The government and Tan each own 45 percent
of PNB while 10 percent of PNB is publicly listed.

A floor price of Php43 a share had been set for the joint sale,
which could raise between Php9 billion and Php16 billion in
proceeds.

Ten prospective bidders have been accepted to participate in the
Aug. 12 auction of PNB, which include the Bank of the Philippine
Islands and at least three foreign groups.

Four investor groups have already started their due diligence
study of PNB. Prospective bidders are expected to complete due
diligence by Aug. 10.

After the sale, PNB would remain a government depository bank
until May 2007.

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 POWER: ADB Wants Gov't Guarantee on Debt Repayment
-----------------------------------------------------------
The Asian Development Bank (ADB) has requested the National
Government to unconditionally guarantee the due and punctual
repayment of some US$562 million it extended to the National
Power Corporation (Napocor) prior to its full privatization, The
Manila Standard says.

Under the Electric Power Industry Reform Act (EPIRA) of 2001,
the government has asked ADB's approval to transfer all
liabilities and generation assets of Napocor to the Power Sector
Assets and Liabilities Management Corp. (PSALM).

PSALM is tasked to handle the privatization of Napocor's
generation assets.

According to ADB, PSALM will take Napocor's role as borrower and
will be liable to repay all outstanding loans upon the
commencement of Phase II (transfer of assets and liabilities).

The ADB noted that it had provided 20 loans worth US$1.597
billion to Napocor, all of which were guaranteed by the
government on top of the 34 technical assistance grants to the
energy sector amounting to US$15 million.

As of March 31, 11 loans had been fully repaid while nine loans
with a total current principal of US$562.2 million, remain
outstanding and unpaid. Among these nine loans, eight loans have
been completed and one loan is being implemented.

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/


NATIONAL TRANSMISSION: To Present Looming Power Issue to Traders
----------------------------------------------------------------
In a bid to solve the power crisis threatening the business
community in Mindanao, the National Transmission Corporation
(Transco) will lay the island's power status before local
traders in Friday's "5th Davao City Business Conference", Asia
Pulse relates.

The power issue will be presented during the conference's first
plenary entitled Sustaining Energy Resources and Ensuring
Continuous Economic Development.

The Davao City Chamber of Commerce and Industry Inc. (DCCCII),
which organized the conference, earlier proposed the
construction of the Maramag (Bukidnon)-Bunawan transmission line
to generate more power from Northern Mindanao to Southern
Mindanao amid the looming power crisis.

However, the construction was suspended after the Department of
Finance (DOF) reduced by 41 percent Transco's capital expense
from US$850 million to US$500 million. The cost cut forced
Transco to indefinitely shelve the Maramag-Bunawan transmission
line.

The DCCCII then submitted a petition to President Gloria
Macapagal-Arroyo to immediately restore the project. The request
was approved by former DOF Secretary Cesar Purisima early this
month.

However, with the present political crisis hitting the country,
the business community fears that the project will again face
stoppage.

Once the Maramag-Bunawan transmission lines are put in place,
cheap power supply from the two Lanao provinces can be delivered
to other parts of Mindanao


DOF's move prompted Transco to indefinitely shelve the Maramag-
Bunawan transmission line

CONTACT:

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


PACIFIC PLANS: Watchdog Claims Court Has Say on Payments
--------------------------------------------------------
The Securities and Exchange Commission (SEC) insisted it has no
control on the settlement agreement between Pacific Plans Inc.
and a group of planholders called the Parents Enabling Parents
(PEP) Coalition.

SEC Commissioner Jesus Martinez told The Philippine Daily
Inquirer that the deal between the pre-need firm and its
planholders hinges on the local courts.

Mr. Martinez, who heads the SEC's pre-need industry oversight
unit, said that while the agreement came as a welcome
development, Pacific Plans still faced a legal dilemma because
there remained an order from a Makati Regional Trial Court that
suspended all payments by company in line with its petition for
rehabilitation.

Meanwhile, Pacific Plans said they could ask for an amendment to
the court petition for rehabilitation.

Pacific Plans announced Thursday a compromise agreement with the
5,000-strong Parents Enabling Parents Coalition (PEP Coalition)
under which all PEP Coalition members would be paid
"entitlements" for their children's tuition in exchange for the
education plans they held.

But the two parties still need to settle the valuation of the
plans. Pacific Plans had previously offered to pay for the plans
according to their original purchase price plus seven-percent
interest.

CONTACT:

PACIFIC PLANS, INC.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


PHILIPPINE AIRLINES: Wants to Resume Flights to India
-----------------------------------------------------
National flag carrier Philippine Airlines (PAL) has signified
its intention to resume flights to India, according to Asia
Pulse.

PAL flights to India were terminated because foreign flights in
1954 were discontinued upon orders from the late President Ramon
Magsaysay in favor of rural development program.

Presently, PAL wanted to take advantage of robust technology and
information industries in India.

Indian call enters currently employ 160,000 professionals, who
answer calls from the United States-based customers referred to
as an information technology-enabled services and business
processing outsourcing (BPO), which account for a quarter of all
software and service exports from India.

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 AIRLINES: Sells Aircraft Parts to U.S. Firm
------------------------------------------------------
Philippine Airlines (PAL) will sell equipment parts to U.S.-
based Danbee Aerospace for US$2 million, The Philippine Star
reports.

The transaction, expected completed by the end of this month,
includes the sale of B747-200 parts and other B747-200 related
non-moving parts.

The sale is part of efforts to enhance PAL's efficiency and
repay its debt.

PAL, owned by tycoon Lucio Tan, is currently on the seventh year
of its 10-year rehabilitation plan. The airline was on the brink
of liquidation in 1999, hit by labor crises and huge debt during
the Asian financial crisis in the late 1990s.

PAL has posted better profits in the first two years of
rehabilitation. In the third year, however, the airline
registered a Php1.6-billion net loss due to the debilitating
impact of the September 11 attack in the U.S. But for fiscal
year 2002-2003, PAL bounced back posting a net income of P295
million, albeit much less than the original target of a billion
pesos due to the outbreak of the Iraq war and the SARS scare.

Under its approved rehabilitation plan, PAL had to scale down
its manpower, reduce the number of operating divisions into
three: commercial group, finance and operations, and cut down
its international routes mainly only those with the highest load
factors. The airlines also reduced its fleet from 56 aircraft to
22.


PLATINUM PLANS: Canadian Investor Confirms Interest in Stake
------------------------------------------------------------
A Canadian dealer of scholarship plans is about to conduct a due
diligence study of troubled pre-need firm Platinum Plans
Philippines Inc., according to The Philippine Daily Inquirer.

The potential investor is reportedly considering tapping the
audit firm of SGV & Co. to examine the company's financial
condition.

The foreign firm, which has earlier expressed interest in
acquiring a majority stake in Platinum Plans, is considering
buying around 60 percent of the pre-need provider.

In a rehabilitation petition lodged with the Makati Regional
Trial Court, Platinum Plans intends to transform itself into a
marketing company should its rehabilitation succeed. It planned
to distribute products and services of companies outside the
pre-need industry, such as credit cards, personal loans, and
health-related programs. It said commissions from distribution
efforts should bring in additional funds needed to pay Php300
million in obligations to plan holders.

The pre-need firm also said it was exploring the possibility of
selling non-performing assets, such as idle property.

Platinum Plans, with over 37,000 plan holders, has a trust fund
deficit of more than Php100 million, and has filed for
suspension of payment of tuition obligations.

It also asked the court to appoint a rehabilitation receiver.

CONTACT:

Platinum Plans Philippines Inc.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com


SWIFT FOODS: Moves ASM Date to September 1
------------------------------------------
The Annual Stockholders' Meeting of Swift Foods Inc. which was
originally scheduled on July 29, 2005 at 2:30 p.m. to be held at
the Auditorium, RFM Corporate Center, Pioneer corner Sheridan
Sts., Mandaluyong City will be moved to September 1, 2005 at the
same time and venue.

The stockholders of record of the Corporation as of August 8,
2005 shall be entitled to vote during the said meeting.

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


* Congress Mulls Tax Break for Troubled Pre-need Providers
----------------------------------------------------------
The Philippine Congress is looking to grant ailing pre-need
firms some tax relief to alleviate them of their financial
burden and at the same time ensure the protection of the
investing public, The Philippine Star says.

Lawmakers are studying the possibility of giving tax incentives
to pre-need firms offering educational plans. They stressed the
need to create a law that will address the concerns of ailing
pre-need firms in view of the collapse of the Yuchengco-owned
pre-need firm Pacific Plans Inc. and the huge trust fund
deficiency of College Assurance Plans Inc.

The source of funding, however, might be a problem given the
country's huge fiscal deficit.

To promote transparency and cooperation among pre-need
companies, planholders and regulators, some lawmakers have urged
the Securities and Exchange Commission (SEC) to facilitate a
dialogue among players of the industry and planholders to thresh
out whatever problems they are facing now.

Last week, President Gloria Macapagal-Arroyo said the government
will allocate Php1 billion to public universities and colleges
that take in students holding education financing plans with
companies facing financial difficulties. Funding will come from
the dividends paid by state pension fund Government Service
Insurance System (GSIS) to the government, which has been
struggling to reduce its hefty budget deficit through revenue
reforms.

The distressed firms, College Assurance Plan (CAP) and Pacific
Plans Inc., have a combined planholder base of over 800,000.

To save the industry from extinction, lawmakers have filed
numerous bills that seek to establish a planholders' protection
fund, impose the fit and proper rule for directors and officers,
require stronger penalties for offenses and set the grounds for
suspension/revocation of licenses of pre-need firms.

The Bangko Sentral ng Pilipinas (BSP), however, has turned down
proposals to extend assistance to pre-need firms which have run
into serious financial troubles.

The Securities and Exchange Commission had said pre-need
companies needed a liquidity window in the BSP to allow them to
liquefy their assets and service their obligations to
planholders.

Congress has been discussing a proposal to create an insurance
corporation for preneed firms that will play a similar role as
Philippine Deposit Insurance Corp. in the banking industry.
The proposed pre-need insurance corporation could be given the
task of conducting periodic examinations of preneed firms and
imposing fines on mismanaged companies.

Preneed firms blamed their financial troubles on the lifting of
the ceiling on tuition increases in the early 1990s. Most of the
preneed firms in trouble, specifically those focusing on
education, sold open-ended plans, promising buyers to pay for
the tuition of their children in full when the plans mature.


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

CITIRAYA INDUSTRIES: Writes Off 50% of Debts
--------------------------------------------
Waste recycling company Citiraya Industries Limited will most
likely repay 50% of its debt to creditors, leaving a write-off
of 50% debt, reports Dow Jones.

According to The Straits Times, the Company is set to present
its creditors' scheme of arrangement in an upcoming hearing at
the Singapore High Court; in the deal, Citiraya Industries
proposes to pay SGD110 million of its liabilities, as reported
earlier. The Company's largest creditor is DBS Bank.

Citiraya Industries is under fire for alleged corruption, and
faces fraud charges due to four employees' acceptance of a SGD2
million bribe from publicly listed recycling companies to resell
rejected computer chips on the international black market.

The Company has also asked for an extension of a stay order that
prevents creditors from legally running after it, so that it can
finalize the terms of its scheme of arrangement with creditors.

Citiraya Industries has asked for the extension until Aug. 3,
2005, when it is scheduled to file an application to hold a
creditors' meeting.

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com


CKL ELECTRICAL: Intends to Distribute Dividend
----------------------------------------------
CKL Electrical Engineering Pte Limited, formerly of 22 Woodlands
Link, #02-10/11 Woodlands East Industrial Estate, Singapore
738734, posted a notice of preferential dividend at the
Government Gazette, Electronic Edition with the following
details:

Name of Company: CKL Electrical Engineering Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 9 of 2002
Amount per centum: 12.23%
When payable: July 13, 2005
Name of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated this 22nd day of July 2005

Sunari Bin Kateni
Assistant Official Receiver


DIGILAND INTERNATIONAL: Bank Halts Action to Pay SGD890,000
-----------------------------------------------------------
Digiland International Limited refers to a claim made on the
Company by Arab Bank PLC for the sum of SGD890,000 (among
others) in a syndicated loan facility granted by several banks
to Digiland International.

The Company announces that on July 25, 2005, Arab Bank PLC
discontinued its action against the Company, and is required by
the Singapore High Court to file the necessary documents by
Thursday, July 28, 2005.

Both firms will bear their own costs in the proceedings.

BY ORDER OF THE BOARD
Lim Koon Hock
Company Secretary
July 25, 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1, #02-00 AZTech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6799 8160
Web site: http://www.digiland.com.sg


EURO-ASIA LAND: Creditor Seeks Winding Up
-----------------------------------------
Notice is hereby given that on July 13, 2005, creditor Kumagai
Gumi Co. Limited filed a petition for the winding up of Euro-
Asia Land (Pte) Limited.

The Petition is directed to be heard before the Court sitting at
the High Court, on Aug. 5, 2005, 10:00 a.m.

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

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

The Petitioner's address is at 210 Middle Road, #07-04 IOI
Plaza, Singapore 188994.

The Petitioner's solicitors are Messrs. Alban Tay Mahtani & De
Silva of 39 Robinson Road, #07-01 Robinson Point, Singapore
068911.

Note:

Any person who intends to appear at the hearing of the Petition,
either to oppose or support, must serve on or send by post to
solicitors Messrs. Alban Tay Mahtani & De Silva, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Aug. 4, 2005 (the day
before the date appointed for the hearing of the Petition).

CONTACT:

Euro-Asia Land (Pte) Limited
C/o Euro-Asia Realty Pte Ltd
15 Hoe Chiang Road
#16-06 Euro Asia Center
Singapore 089316
Phone: 65 62222288
Fax:   65 62261288


MORNINGTON COUNTRY: Court Orders Wind Up
----------------------------------------
In the matter of Mornington Country Club Pte Limited, the
Singapore High Court issued a winding up order on the Company on
July 15, 2005, with the following details:

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

Dated this 19th day of July 2005

Messrs. David Ong & Co.
Solicitors for the Petitioner

CONTACT:

Mornington Country Club Pte Limited
1021 Mornington Crescent
Singapore 796559
Phone: 65 64811971 / 64811156


OCBC Bullion: Dissolved by Parent
---------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) advised
that OCBC Bullion & Futures Limited (in Members' Voluntary
Liquidation), a wholly-owned and dormant subsidiary of OCBC
Bank, was dissolved on 25 July 2005.

As of July 25, 2005, OSBC Bullion & Futures Limited ceased to be
a subsidiary of OCBC Bank.

CONTACT:

OCBC Bullion & Futures Limited
C/o Oversea-Chinese Banking Corporation Limited
65 Chulia Street, OCBC Center
Singapore 049513
Phone: 65 6438 3333
Fax:   65 6532 2179
Email: ContactUs@ocbc.com.sg
Web site: http://www.ocbc.com.sg


RSH LIMITED: Passes AGM Resolutions
-----------------------------------
Pursuant to Clause 704(14) of the Listing Manual of the
Singapore Exchange Securities Trading Limited, RSH Limited
announced that the Company had passed resolutions proposed in
its Annual General Meeting held on July 26, 2005.

To view the resolutions passed at the Company's AGM , go to:

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

CONTACT:

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


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

MANAGER MEDIA: Requests for Extension to Implement Rehab Plan
-------------------------------------------------------------
Manager Media Group Public Co. Ltd. advised the Stock Exchange
of Thailand that it has submitted a request to extend the
implementation of Rehabilitation plan for one more year
effective from due date of implementation on August 3, 2005.

Please be informed accordingly.

Yours faithfully,
Ms. Saowaluck  Teeranujunyong
Plan Adminstrator

CONTACT:

Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: http://www.manager.co.th


POWER-P: Seeks Postponement for Submission of Special Audit
-----------------------------------------------------------
Pursuant to the Securities and Exchange Commission's (SEC)
request for Power-P Public Company Limited to appoint a
qualified auditor in order to prepare special audit's report and
submit to the SEC within July 25, 2005, the company advised the
Stock Exchange of Thailand (SET) that:

Due to the limited number of qualified auditors as well as their
overwhelming work in auditing financial statements of both
listed companies and potential listed companies, the Company was
to take a great effort and time to appoint a qualified auditor.

However, earlier this month, the Company has successfully
appointed Mr. Pichai Dachanapirom; Dharmniti Auditing Co. Ltd.
to be a special auditor "the Auditor" to audit all issues
requested by the SEC.

Nevertheless, the Auditor proposed that each issue pinpointed by
the SEC should be discreetly verified. Thus the Company is now
requesting the SEC's approval to postpone the submission date
from July 25, 2005 to August 31, 2005.

Please be informed accordingly

Sincerely Yours,
Mr. Kittiphat Intharakaset
Deputy Managing Director - Corporate Planning and Investing

CONTACT:

Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2







                            *********


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

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

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

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

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

                 *** End of Transmission ***