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

                     A S I A   P A C I F I C

             Wednesday, August 10, 2005, Vol. 8, No. 157

                            Headlines

A U S T R A L I A

ASROL PTY: Members Pass Winding Up Resolution
AUSTRAL COAL: Updates on Takeovers Panel Review
AUSTRALIAN TRADE: Liquidator to Detail Wind Up Manner
BERUHO PTY: Placed Under Voluntary Liquidation
BRAVE MEN: Designer Back on Catwalk

CROOKS VILLAGE: Members, Creditors to Convene Final Meeting
EVOLUTION-ENTERTAINMENT: Members Decide to Wind Up Firm
F.A. MCINTOSH: Liquidator to Distribute Company Assets
G RETAIL: Warns of 2004/05 Trading Loss
HOLLAND GROUP: Creditors Asked to Submit Proof of Claims

KEMBLA TRUCK: Members, Creditors to Review Wind Up Report
HJ GRAPHICS: Creditors Ratify Liquidator's Appointment
I.H.M. PTY: Distributes Dividend Today
JOSEPH AWAD: Court Orders Winding Up
MAYNE GROUP: Welcomes New Domestic Business CEO

MIDDLE CREEK: Ian Stephenson Named Company Liquidator
MOSAIC OIL: Mystery Investor Offers Takeover
MY COMMUNITY: To Pay Dividend to Unsecured Creditors
OXFORD BAKERIES: Posts Notice of Dividend
PARTYLAND HOLDINGS: Liquidator to Explain Wind Up

QANTAS AIRWAYS: To Axe 200 Managers Next Month
QBN PAPER: Appoints Official Liquidators
ROUND BOX: Members Agree to Dissolve Business
SECURE AUSTRALIA: Begins Winding Up Proceedings
TROKINA PTY: Enters Liquidation

WESTBUS: Western Commuters Win on Bus Reform
WILSON TRANSFORMERS: Members Opt for Voluntary Liquidation
XANADU WINES: Rathbones Poised to Take Hold of Assets
ZORRO'S RESTAURANT: ASIC Acts On Failure to Record Finances


C H I N A  &  H O N G  K O N G

ALROCO COMPANY: Issues Preferential Dividend Notice
CHAMPION SYSTEMS: Court Releases Winding Up Order
CHINA CONSTRUCTION: Enters Alliance With Principal Financial
CHUNG LIP: Begins Liquidation Proceedings
EXCEL TECHNOLOGY: 1H/2005 Net Loss Widens to HK$8.62 Mln

GREENCOOL TECHNOLOGY: Two Senior Executives Quit
GUANGDONG KELON: China Construction Files Lawsuit
HONNY ASIA: Winds Up Operations
LFD MANUFACTURING: Schedules Creditors Meeting September 5
LINEFAN TECHNOLOGY: 1H/2005 Net Loss Shrinks to HK$5.65 Mln

NAM PEI: Receives Winding Up Notice
NEW UNIVERSE: Net Loss Shrinks to HK$580K
SLITECH LIMITED: Winding Up Hearing Fixed September 13


I N D O N E S I A

NEWMONT MINING: Buyat Bay Mine Faces Possible Closure
PERTAMINA: Strong Local Demand May Delay LNG Deliveries
PERTAMINA: Ordered to Reduce Oil Prices for Fishing Industry
PERUSAHAAN LISTRIK: Redistributes Natural Gas to Affected Firms
TELEKOMUNIKASI INDONESIA: Targets 61% Margin on Earnings


J A P A N

HITACHI LIMITED: Launches Cellular Local Information Service
HITACHI LIMITED: Forms JV to Handle Sankyo's Computer Operations
KANEBO LIMITED: Off-the-books Funds Used in Scam
SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds
SUMITOMO MITSUI: FTC Probes SMBC Over Suspicious Loan Deals

* Three Construction Firms Upgraded On Restructuring Progress


K O R E A

ASIANA AIRLINES: Export Losses Could Reach US$690 Mln This Month
DAEWOO GROUP: Arrested Founder Makes First Court Appearance
DOOSAN GROUP: Admits to Window Dressing


M A L A Y S I A

AKTIF LIFESTYLE: Restructuring Scheme Awaits Approval
DUOPHARMA BIOTECH: Issues New Shares for Listing
GULA PERAK: Bourse to Suspend Trading of Securities
HAP SENG: Repurchases Ordinary Shares on Buy Back
HARVEST COURT: Granted Extension to Submit Proposal

KEMAYAN CORPORATION: Proposal Nears Completion
KENMARK INDUSTRIAL: Unveils Directors' Dealings on Closed Period
KILANG PAPAN: Awaits SC Approval of Scheme
K.P. KENINGAU: White Knight Pulls Out from Scheme
MAGNUM CORPORATION: Bourse Lists Additional Shares

MERCES HOLDINGS: Amends Announcement Re Winding Up
PILECON ENGINEERING: Acquires Ordinary Shares in Pilecon Home
POLYMATE HOLDINGS: Still in Talks to Restructure Loans
POS MALAYSIA: Issues New Shares for Listing, Quotation
SATERAS RESOURCES: PN4 Status Remains Unchanged

TELEKOM MALAYSIA: Bourse Lists 239,000 Additional Shares


P H I L I P P I N E S

ABS-CBN BROADCASTING: Globe Denies Reported Interest in Stake
ACESITE HOTEL: Confirms Reported Financial Loss
LEPANTO CONSOLIDATED: Sees End to Labor Dispute
NATIONAL BANK: Clarifies Report on Stake Sale
NATIONAL BANK: Assures Sugar Planters MOA with BSP Fair

NATIONAL BANK: Says UnionBank Cleared to Bid
NATIONAL BANK: Auction to Push Through Friday
NATIONAL POWER: Saves Php8 Bln from IPP Contract Renegotiations
PLATINUM PLANS: Contests SEC Show-cause Order
PRICESMART INCORPORATED: Pulls Out Local Operations


S I N G A P O R E

CAPITALAND LIMITED: Temasek Cuts 7.5% of Total Stake
CENTRAL EDIBLE: Set to Pay Dividend to Creditors Today
CITIRAYA INDUSTRIES: Seeks to Obtain Approval of Scheme
OA SUPPLIES: Initiates Winding Up Process
SWAN SWEE: Court Orders Winding Up


T H A I L A N D

ABICO HOLDINGS: Unveils Utilization of Capital Earned
CHRISTIANI & NIELSEN: Releases 2Q Financial Report
TPI POLENE: Electronic Auction of Shares Cancelled

     -  -  -  -  -  -  -  -

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

ASROL PTY: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that a General Meeting of Members of
Asrol Pty Limited duly convened and held on June 29, 2005, a
Special Resolution that the Company be wound up voluntarily was
passed by members, and John D. Scarfe was appointed Liquidator
for such purpose.

Dated this 1st day of July 2005

John D. Scarfe
Liquidator
c/o Borough Mazars
Level 6, 77 Castlereagh Street
Sydney NSW 2000


AUSTRAL COAL: Updates on Takeovers Panel Review
-----------------------------------------------
As announced on July 28, 2005, Glencore International A.G. and
Fornax Investments Limited (together Glencore) have sought a
judicial review of the Takeovers Panel's declaration of
unacceptable circumstances in relation to Glencore's failure
adequately to disclose its interests in Austral Coal Limited
(Austral) during Centennial's takeover of Austral.

The grounds for this review were recently widened by Glencore to
challenge the Constitutional validity of the Takeovers Panel.

In Centennial's opinion, these challenges go substantially to
issues of the Panel's legitimacy and the Review Panel's
decision-making process. At a recent directions hearing, the
Federal Court set a hearing date for this matter of August 22,
2005. ASIC is involved and it is understood that a
representative of the Federal Attorney-General may now become
involved in defending the Constitutional challenge.

The Directors of Centennial believe that the Takeover Panel's
various decisions have vindicated its concerns over disclosure
practices. While Centennial does not concur with Glencore's
applications to the Court, it will not be taking an active role
in these proceedings.

Meanwhile, the Directors continue to be pleased with the
progress being made with operations at Austral's Tahmoor mine
since Centennial secured control of Austral. The Directors
believe that the Court proceedings do not impact these
operations nor Centennial's 85.6% shareholding in Austral.

Centennial's takeover offer for Austral is presently scheduled
to close on August 15, 2005 subject to any decision by the
Directors to extend it further.

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


AUSTRALIAN TRADE: Liquidator to Detail Wind Up Manner
-----------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Australian Trade Neon Pty Limited will be held on
Aug. 16, 2005, 11:00 a.m. at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, for the purpose of laying before the meeting an account
showing how the winding up was conducted and the property of the
Company disposed of and giving any explanation thereof.

Dated this 28th day of June 2005

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


BERUHO PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At a General Meeting of Beruho Pty Limited held on June 30,
2005, the following Special Resolution was passed:

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

Dated this 30th day of June 2005

Paul Andrew Fahey
Winifred Gibson
Joint and Several Liquidators
Northcorp Accountants
Chartered Accountants
109 William Street
Port Macquarie


BRAVE MEN: Designer Back on Catwalk
-----------------------------------
Designer Wayne Cooper is rebounding after it saved its Company,
Brave Men and Women, from financial ruin in April, according to
The Advertiser.

Mr. Cooper is heading to London and Paris to show off his label
next month.

Mr. Cooper's fashion empire collapsed after failing to pay some
AU$3-million in obligations to around 120 foreign and local
creditors.

He blamed the collapse on a several factors such as poor
budgeting, delayed opening of its Melbourne outlet and staff
relocation. Mr. Cooper was also rumored to have paid a hefty sum
for model Paris Hilton to appear in one of his catwalk shows.

Meanwhile, creditors voted to accept 12 cents in a dollar, and
now Mr. Cooper says things are ticking over well.


CROOKS VILLAGE: Members, Creditors to Convene Final Meeting
-----------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Crooks Village Features Pty Limited will be held
on Aug. 16, 2005, 10:00 a.m. at the offices of Jones Condon
Chartered Accountants, to lay before the meeting an account
showing how the winding up was conducted and the property of the
Company was disposed of, and to give any explanation thereof.

Dated this 4th day of July 2005

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


EVOLUTION-ENTERTAINMENT: Members Decide to Wind Up Firm
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Evolution-Entertainment & Media Pty Limited held on June 29,
2005 at the offices of Holzman Associates, Level 2, 32 Martin
Place, Sydney NSW 2000, it was resolved that the Company be
wound up voluntarily and that for such purpose Manfred Holzman,
Chartered Accountant of Holzman Associates, Chartered
Accountants, Level 2, 32 Martin Place, Sydney be appointed
Liquidator.

A meeting of creditors confirmed such appointment.

Dated this 29th day of June 2005

Manfred Holzman
Liquidator
Holzman Associates
Chartered Accountants
Level 2, 32 Martin Place
Sydney NSW 2000
Phone: (02) 9222 9070
Fax:   (02) 9222 9071


F.A. MCINTOSH: Liquidator to Distribute Company Assets
------------------------------------------------------
At a General Meeting of F.A. Mcintosh & Son Pty Limited duly
convened and held on June 29, 2005, the following special
resolution was passed:

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

Dated this 29th day of June 2005

Mark Crowther
Liquidator
Tait Miller McIntyre & Co
Accountants
53 Junction Street, Nowra NSW 2541


G RETAIL: Warns of 2004/05 Trading Loss
---------------------------------------
Poor retail conditions has forced G Retail Limited to forecast a
possible trading loss for 2004/05, according to Asia Pulse.

Sydney-based G Retail, the Company that owns iconic menswear
stores, expects to record a pretax loss of about AU$3 million
(US$2.29 million) and plans to appoint advisers to try to stop
the rot.

The embattled company, formerly known as Gowings Retail Ltd,
said the result would represent only a 10 percent improvement on
the AU$3.3 million (US$2.52 million) loss before tax and
significant items posted for the year to August 1, 2004.

The firm on Monday detailed the size of the "significant
operating loss" it has been forecasting this year after a major
restructure that cut the last tie to Gowings family management
and the closure of a loss-making Parramatta store.

G Retail now faces turning consecutive annual losses into a
profit in 2006, having warned in March that if it "does not
return to profitability by the end of the year to July 31, 2006,
it is likely that further funding will be required".

The firm last year reported a net loss after tax of AU$13
million (US$9.92 million) and a pretax loss of AU$3 million.

It will be looking to open more Gowings outlets away from the
Sydney CBD where it presently generates three quarters of its
current sales of around AU$27 million (US$20.6 million) per
annum.

CONTACT:

G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/


HOLLAND GROUP: Creditors Asked to Submit Proof of Claims
--------------------------------------------------------
Holland Group of Companies Pty Limited will declare a final
dividend on Aug. 12, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 11, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 19th day of July 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2001
Phone: (02) 9248 5555


KEMBLA TRUCK: Members, Creditors to Review Wind Up Report
---------------------------------------------------------
Notice is given that a Final Meeting of the Members and
Creditors of Kembla Truck Body Repairs Pty Limited will be held
on Aug. 16, 2005, 10:30 a.m. at Ngan & Co., Level 5, 49 Market
Street, Sydney NSW 2000

AGENDA:
(1) To receive an account made by the Liquidator showing the
manner of the wind up, how the Company property was disposed of,
and to receive any explanation required thereof.

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

Dated this 29th day of June 2005

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


HJ GRAPHICS: Creditors Ratify Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
HJ Graphics Pty Limited duly convened and held on July 1, 2005,
a Special Resolution that the Company be wound up voluntarily
was passed by members, and Gregory J. Parker was appointed
Liquidator.

The Liquidator's appointment was confirmed by creditors, at a
creditors' meeting held later that day.

Dated this 1st day of July 2005

Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street, Sydney NSW 2000


I.H.M. PTY: Distributes Dividend Today
--------------------------------------
I.H.M. Pty Limited is set to declare a dividend today, Aug. 10,
2005.

Creditors who were unable to prove their debts or claims will be
excluded from the benefit of the dividend.

Dated this 6th day of July 2005

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street
Sydney NSW
Web site: http://www.bankrupt.com.au


JOSEPH AWAD: Court Orders Winding Up
------------------------------------
On June 30, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Joseph Awad Pty Limited, and
appointed Steven Nicols to be Liquidator of the Company for such
purpose.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


MAYNE GROUP: Welcomes New Domestic Business CEO
-----------------------------------------------
The Chairman of Mayne Group Limited (Mayne), Mr. Peter Willcox,
on Tuesday announced that following a thorough and rigorous
executive search process, the Board will be appointing Mr.
Robert Cooke as the Group Managing Director and Chief Executive
Officer for Mayne's family of Australian healthcare businesses.

Mr. Cooke's appointment is subject to Mayne's shareholders
approving the proposed demerger and would become effective on
the day the demerger is approved.

Mr. Cooke has extensive healthcare experience and a strong track
record built up over 27 years working in the industry both
inside and outside Mayne.  He has had widespread dealings in the
public and private hospital sectors with State and Federal
Governments, and between 1999 and 2002 he was responsible for
managing the sales streams of Mayne Health - including
diagnostic imaging, pathology, medical centres and hospitals.

Mr. Cooke was appointed Mayne's General Manager Hospitals in
April 2002 and was responsible for the strong turnaround in the
performance of that business prior to its sale to Affinity
Health Limited (Affinity Health) in December 2003.  As Managing
Director of Affinity Health, Mr. Cooke managed the successful
sale of its portfolio of private hospitals to Ramsay Health Care
Limited.

Regarding this announcement, Mr. Willcox said, "The Board is
delighted with Mr. Cooke's appointment. He has the energy,
drive, and proven ability to build strong relationships with
healthcare professionals that will be required for the task
ahead.

"This is an important step in preparing a full demerger proposal
for shareholders to consider," he said.

On 17 June 2005, Mayne advised that its Board had determined to
recommend to shareholders a demerger involving separate
Australian listings of its international, injectable generic and
specialty pharmaceutical business (Mayne Pharma) and its
portfolio of domestic healthcare businesses (Mayne Diagnostic
Services, Mayne Pharmacy and Mayne Consumer Products).

About Mayne Group Limited

Mayne Group Limited is a leading Australian-based healthcare
company with revenues in excess of $A 4 billion in its 2004
financial year.

Mayne is comprised of several leading Australian healthcare
businesses that are well positioned to grow in future years.
Mayne Diagnostic Services operates the second largest pathology
and diagnostic imaging networks in Australia.  Mayne Pharmacy
distributes pharmaceutical and over-the-counter products to
retail pharmacies across Australia and provides a range of
professional services that assist pharmacists to better manage
their businesses. Its leading pharmacy retail brands include
Terry White Chemistsr and Chemmartr. Mayne Consumer Products is
Australia's leading provider of vitamin and mineral supplements
across the grocery and pharmacy retail channels with the
following brands: Nature's OwnT, Cenovisr, Natural NutritionT,
BioOrganicsT, and Golden Glowr.

Mayne Pharma has grown to be a market leader for generic,
injectable oncology drugs in Western Europe, Canada and
Australia and has established businesses in the United States,
the Middle East and Africa, and Asia.  Mayne Pharma's products
are marketed in more than 50 countries across five continents.
This broad geographic sales, marketing and regulatory platform
in generic, injectable medicines is a valuable asset. Mayne
Pharma's emphasis on the cytotoxic oncology (anti-cancer) market
segment benefits from higher barriers to entry and lower
competition than in generic, oral pharmaceuticals.

CONTACT:

Larry Hamson
General Manager Corporate Relations
Phone: +61 3 9868 0380
Mobile: +61 407 335 907

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MIDDLE CREEK: Ian Stephenson Named Company Liquidator
-----------------------------------------------------
Notice is hereby given that at a general meeting of Middle Creek
Estates Pty Limited held on June 30, 2005, it was resolved that
the Company be wound up voluntarily and that Ian Thomas
Stephenson of Ian Stephenson & Partners, Chartered Accountants,
Level 3, 200 Pacific Highway, Crows Nest 2065, be appointed
Liquidator for the winding up.

Dated this 30th day of June 2005

Ian Thomas Stephenson
Liquidator
Ian Stephenson & Partners
Chartered Accountants
200 Pacific Highway, Crows Nest NSW 2065
Phone: (02) 9922 2833


MOSAIC OIL: Mystery Investor Offers Takeover
--------------------------------------------
Embattled Mosaic Oil NL has received an unsolicited takeover
offer from an unnamed investor, Asia Pulse says.

The Sydney-based firm said Monday it is in confidential talks
and is providing due diligence to a potential investor following
an unsolicited approach from the said investor.

The board said it would inform the market of further
developments when it was appropriate.

Mosaic has oil and gas interests in southeast Queensland, in
Papua New Guinea and on the north-west shelf off Western
Australia.

Its main interests are in the Surat/Bowen basin in Queensland
where it owns or part owns a number of gas fields.

The company's proven and probable reserves are estimated at 2.49
million barrels of oil and 55.3 petajoules of gas.

Mosaic's shares nosedived in January after it announced a profit
warning for 2006 because a gas well had failed, preventing it
from delivering on a sales contract.

CONTACT:

Mosaic Oil NL
3rd Floor, 6-8 Underwood Street
SYDNEY NSW 2000
Phone: 61 2 9247 9324
Fax: 61 2 9241 1655
E-mail: website@mosaicoil.com
Web site: http://www.mosaicoil.com/


MY COMMUNITY: To Pay Dividend to Unsecured Creditors
----------------------------------------------------
My Community Corporation Limited will declare a first and final
dividend on Aug. 15, 2005 to its ordinary unsecured creditors.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 14, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 5th day of July 2005

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


OXFORD BAKERIES: Posts Notice of Dividend
-----------------------------------------
Oxford Bakeries Pty Limited will declare a final dividend on
Aug. 12, 2005.

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

Dated this 6th day of July 2005

K. S. Wallman
Liquidator
PO Box 4055
Wembley WA 6014


PARTYLAND HOLDINGS: Liquidator to Explain Wind Up
-------------------------------------------------
Notice is hereby given that the affairs of Partyland Holdings
Pty Limited are now fully wound up, and a meeting of the
Company and its creditors will be held on Aug. 16, 2005, 3:00
p.m. at the offices of PPB, 15th Floor, 25 Bligh Street, Sydney.

The purpose of the meeting is to table an account indicating how
the winding up was conducted, the property of the Company
disposed of and to give an explanation thereof.

Dated this 4th day of July 2005

M. W. Prentice
M. J. Robinson
Joint Liquidators
c/o PPB
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9233 4955
Fax:   (02) 9221 1310


QANTAS AIRWAYS: To Axe 200 Managers Next Month
----------------------------------------------
Qantas Airways' three-year cost-cutting plan will see the loss
of nearly 200 management jobs by September, Reuters reports.

The 15-percent reduction in management ranks was the start of
cuts elsewhere in the business as Australia's biggest airline
targeted a lower cost structure that remained on track to exceed
AU$1.5 billion (US$1 billon) by June 2006.

The national flag carrier has been undergoing restructure in
response to excess capacity in the global airline industry,
worsened by higher fuel prices, state-subsidized carriers and
the emergence of more low-cost airlines.

Qantas, whose more than 38,000 staff makes up nearly 30 percent
of total costs, posts its results on Aug. 18. Analysts on
average forecast its fiscal 2005 net profit to rise 12 percent
to a record AU$729 million, according to Reuters Estimates.

To date, Qantas had made more than AU$1 billion in annual
savings under its restructuring plan, dubbed the "Sustainable
Future Programme", and was expected to deliver additional annual
savings of at least AU$500 million by June 2006.

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


QBN PAPER: Appoints Official Liquidators
----------------------------------------
Notice is hereby given that at a meeting of creditors of QBN
Paper Shop Pty Limited held on July 4, 2005, it was resolved
that the Company be wound up and Ezio Marco Senatore and
Stephen Brennan of Senatore Brennan Rashid, Level 7, 28
University Avenue, Canberra ACT 2601 were appointed Liquidators
for such winding up.

Dated this 4th day of July 2005

Ezio M. Senatore
Stephen Brennan
Joint & Several Liquidators
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: (02) 6214 6700
Fax:   (02) 6214 6799


ROUND BOX: Members Agree to Dissolve Business
---------------------------------------------
At a general meeting of the members of Round Box Pastoral Co.
Pty Limited held on June 29, 2005, a special resolution to
voluntarily dissolve the Company was passed.

Timothy J. Cuming
Simon John Cathro
Liquidators
PricewaterhouseCoopers
8 Auckland Street
Newcastle NSW 2300


SECURE AUSTRALIA: Begins Winding Up Proceedings
-----------------------------------------------
At an Extraordinary General Meeting of Secure Australia II
Limited held on June 29, 2005, the Company's members resolved to
wind up voluntarily, and to appoint John Gibbons and Keiran
Hutchison of Ernst & Young, Level 37, 680 George Street, Sydney
NSW 2000 as Liquidators for such purpose.

Dated this 12th day of July 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: (02) 9248 4057


TROKINA PTY: Enters Liquidation
-------------------------------
At a General Meeting of Trokina Pty Limited duly convened and
held on July 11, 2005, the following resolutions were passed:

(a) That the company be wound up as a Members' Voluntary Winding
Up, and that Anthony Lotz of 8/1 East Cresent Street McMahons
Point NSW 2060 be appointed liquidator for such winding up.

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

Dated this 11th day of July 2005

Anthony Lotz
Liquidator
c/o MBT Chartered Accountants
Level 1, 22 Atchison Street
St. Leonards NSW 2065


WESTBUS: Western Commuters Win on Bus Reform
--------------------------------------------
Beleaguered private operator Westbus Pty Ltd, along with Sydney
Buses, had re-signed contracts with the state government, the
Australian Associated Press reports, citing Transport Minister
John Watkins.

The city's two major bus operators' acceptance means 97 percent
of the city's bus companies are now on board.

The latest agreements will provide western Sydney commuters with
more efficient and reliable services. It will also provide
certainty for western commuters and allow the government to push
ahead with route reviews for the city and fare changes for
regional areas, as part of a AU$2.7 billion 10-year plan.

"This means security for the bus operators, security for the
employees and bus drivers and a future for the industry in
Sydney," Mr. Watkins told reporters.

"But most importantly better services, better routes and fairer
fares for the traveling public of Sydney."

Mr. Watkins said the government hopes the reforms will reverse
the four percent average decrease in patronage of Sydney buses.

Meanwhile, Westbus voluntary administrator Peter Yates said he
expects the company, which entered receivership this February,
would be sold within the next month.

Creditors voted on Friday to accept a proposal by National Bus
Company to repay unsecured creditors, as part of the Westbus
restructure.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


WILSON TRANSFORMERS: Members Opt for Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that at general meetings of members of
Wilson Transformers (Tas) Pty Limited held on June 30, 2005, it
was resolved that the Company be wound up voluntarily and that
Peter Goodin, Chartered Accountant of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, East Hawthorn, 3123,
be appointed Liquidator for such purpose.

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


XANADU WINES: Rathbones Poised to Take Hold of Assets
-----------------------------------------------------
The Rathbone family hopes to unleash its export potential, 10
months after acquiring the Xanadu wine brand, The Advertiser
relates.

Following Xanadu shareholder approval on Friday, RW Group, the
family-owned business of Nufarm managing director Doug Rathbone,
is finally set to take control of certain assets sold by the
troubled Margaret River vintner for AU$26.2 million.

RW Group first looked at Xanadu in November 2004 and did
rigorous due diligence before deciding to bid for the winery,
restaurant, cellar-door complex and selected wine brands.

Over a decade, the Rathbone family's portfolio of top-shelf wine
companies has grown to include Yering Station in Victoria's Yarr
Valley, Parker Coonawarra Estate in South Australia and Mount
Langi Ghiran near the Grampians in western Victoria.

Mr Rathbone's three sons are involved in the business.

The Rathbones, who caught Xanadu as it struggled in a public
company structure, believes the size of the wine operations is
better suited to a family or private structure.

Plans for Xanadu include extending its on-premise appeal in
Perth and Sydney, as well as driving exports beyond 25-30 per
cent of the brand, primarily in the U.K.

The Xanadu deal is financed by debt and RW Group reserves and
does not include Mr Rathbone selling down any more of his Nufarm
stake.

Xanadu Wines has been renamed Global Wine Ventures. It retains
the Jindawarra, Cow Rock and Featherwhite brands, along with
1.57 million litres of bulk wine, and will turn its focus to
marketing deals.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


ZORRO'S RESTAURANT: ASIC Acts On Failure to Record Finances
-----------------------------------------------------------
Zorro's Restaurants Pty Ltd (Zorro's) has been convicted and
fined for failing to keep proper financial records following an
investigation by the Australian Securities and Investments
Commission (ASIC).

Zorro's, which operates licensed restaurants in Belmont,
O'Connor and Maddington in Western Australia, was convicted in
the Perth Magistrates Court and ordered to pay fines of $4,000
plus costs of AU$463.20.

Zorro's was charged with failing to keep written financial
records that:

(1) Correctly record and explain its transactions and financial
position and performance; and

(2) Would enable true and fair financial statements to be
prepared and audited.

This prosecution came about after ASIC served Zorro's with a
notice to produce books relating to its affairs, however the
Company failed to provide any substantive financial records
concerning its business affairs.

"Companies must prepare and keep accurate financial records.
When a company does not maintain books and records that
accurately record its transactions, financial performance and
position, it is an indicator that a significant risk of
insolvency exists," ASIC's Director of National Assessment and
Action, Mr. Adrian Borchok said.

Zorro's has the right to appeal the fine imposed.


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

ALROCO COMPANY: Issues Preferential Dividend Notice
---------------------------------------------------
Notice is hereby given that a first and final preferential
dividend is intended to be declared in Alroco Company Limited,
and that if you do not establish your claim to the satisfaction
of the Liquidators on or before August 26, 2005, or such later
date as the Liquidators may fix, your claim will be expunged,
and we shall proceed to make a dividend payment without regard
to such claim.

Dated this 5th day of August 2005

Kong Chi How, Johnson
Joint and Several Liquidator
Presented by BDO McCabe Lo Limited


CHAMPION SYSTEMS: Court Releases Winding Up Order
-------------------------------------------------
Champion Systems Logistics Co. Limited whose place of business
is located at Shop 6, G/F, No 15B, Golden Mansion, 48 Bulkeley
Street, Hung Hom, 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 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Enters Alliance With Principal Financial
------------------------------------------------------------
The Principal Financial Group(R) has entered into a joint
venture agreement with China Construction Bank (CCB) to market
mutual funds in the People's Republic of China.

CCB-Principal Asset Management Company, Ltd. will be 65 percent
owned by China Construction Bank, 25 percent owned by The
Principal and 10 percent owned by China Huadian Group. The
company will be headquartered in Beijing.

In a press release, the application for CCB-Principal Asset
Management Company, Ltd. is subject to approval by the China
Securities Regulatory Commission (CSRC).

"We are very pleased to partner with China Construction Bank,"
said J. Barry Griswell, chairman and chief executive officer,
Principal Financial Group.

"This landmark agreement lays an important milestone for The
Principal, after our 10-year presence in China with two
Representative Offices. With CCB's strong brand name and
extensive distribution network of nearly 15,000 branches, the
bank controls approximately 15 percent of mutual fund
distribution in China, which will be invaluable to our joint
venture as we seek to deliver mutual funds and potentially other
financial services to the Chinese public."

Guo Shuqing, chairman, China Construction Bank, said: "We are
very confident in the future development of the Chinese mutual
fund market. CCB is honored to be one of the first banks allowed
to invest directly in setting up a fund management company in
China. We are also very pleased to partner with The Principal, a
professional and experienced asset management company, and
Huadian, China's well-known power generation conglomerate. We
believe our joint venture will benefit from CCB's extensive
distribution network and strong brand name, The Principal's
proven investment philosophy, risk management techniques, and
state-of-the-art fund management technology, as well as Huadian
Group's strong reputation. With the concerted efforts of the
three parties, CCB-Principal Asset Management Company will put
investors' interests first and provide quality and effective
financial products and services to our customers."

Commenting on the growth potential of the mutual fund industry
in China, Rex Auyeung, senior vice president - Asia operations,
Principal International, said: "This is an extraordinary
opportunity to enter the rapidly growing Chinese mutual fund
market. The market doubled to almost $40 billion in assets under
management in 2004 and is expected to reach $60 billion by 2008.
In spite of this growth, mutual funds represent less than 2
percent of China's Gross Domestic Product, while bank deposits
by individuals represent an astonishing 88 percent. With a 44
percent savings rate, a growing middle-income population and few
investment alternatives other than bank deposits available to
the Chinese public, we expect mutual funds will be in high
demand for the foreseeable future."

About China Construction Bank

Incorporated in China in 1954, the China Construction Bank has
consistently sustained a leading position in providing
comprehensive commercial banking products and services to
customers across the country, especially in the areas of
domestic infrastructure lending, bank card and residential
mortgages. The Bank has established a strong relationship with
high-value corporate borrowers and personal banking customers.
In recent years, the Bank has also built a competitive position
in the mutual fund sales and custodian arena. The China
Construction Bank is highly recognized as one of the best
financial services brand names in China. As at 30 June 2005, CCB
had total assets exceeding RMB 4 trillion, 14,000 sub-branches
or outlets within and outside China, 14,000 ATMs and 600 self-
service banks.

About the Principal Financial Group

The Principal Financial Group(R) (The Principal (R))(1) is a
leader in offering businesses, individuals and institutional
clients a wide range of financial products and services,
including retirement and investment services, life and health
insurance and banking through its diverse family of financial
services companies. A member of the Fortune 500, the Principal
Financial Group has $187.8 billion in assets under management
(2) and serves some 15.2 million customers worldwide from
offices in Asia, Australia, Europe, Latin America and the United
States. Principal Financial Group, Inc. is traded on the New
York Stock Exchange under the ticker symbol PFG. For more
information, visit www.principal.com.

(1) "The Principal Financial Group" and "The Principal" are
registered service marks of Principal Financial Services, Inc.,
a member of the Principal Financial Group.

(2) As of 30 June, 2005


CONTACTS:

Principal Financial Group, Des Moines
Media:
(U.S.) Tina Marchetti,
Phone: 515-248-0065
E-mail: marchetti.tina@principal.com

(Hong Kong) Doris Shu
Phone: 852-2829 8869
E-mail: shu.doris@principal.com

Investors:
Tom Graf
Phone: 515-235-9500
E-mail: graf.tom@principal.com


CHUNG LIP: Begins Liquidation Proceedings
-----------------------------------------
Chung Lip Foods Production Limited whose place of business is
located at Flat 2, 2nd Floor, Wah Wan Industrial Building, Kin
Fat Lane, Tuen Mun, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


EXCEL TECHNOLOGY: 1H/2005 Net Loss Widens to HK$8.62 Mln
--------------------------------------------------------
Excel Technology International (8048) posted a net loss of
HK$8.624 million for the first half of 2005, versus a net loss
of HK$6.097 million for the same period a year earlier, Infocast
News reports.

The loss per share (LPS) was 0.88 cent. No second quarter
dividend was declared.

CONTACT:

Excel Technology International (Hong Kong) Limited
5th Floor 663 King's Road
North Point, Hong Kong
Phone: (852) 2186 2800
Fax: (852) 2186 8062
E-mail: Inquiry@excel.com.hk


GREENCOOL TECHNOLOGY: Two Senior Executives Quit
------------------------------------------------
Greencool Technology Holdings Limited announced that Mr. Liu
Cong Meng, an Executive Director of the Company, has tendered
his notice of resignation with effect from August 4, 2005. Mr.
Liu's reason for resignation is that he wishes to concentrate on
his work at Guangdong Kelon Electrical Holdings Company Limited.

Mr. Liu confirmed that he has no disagreement with the board and
is not aware of any matter that needs to be brought to the
attention of the shareholders of the Company.

The Company announces that Mr. Mok, Henry Wing Kai, the Company
Secretary and Qualified Accountant, has tendered his notice of
resignation as the Company Secretary and Qualified Accountant of
the Company for personal reasons with effect from 4th November,
2005.

The Company is grateful to Mr. Liu and Mr. Mok for their
services to the Company in the past.

CONTACT:

Greencool Technology Holdings Limited
Unit 1406-07, 14/F
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Hong Kong
Phone: 25259133
Fax: 25259191
Web site: http://www.greencool.com.hk


GUANGDONG KELON: China Construction Files Lawsuit
-------------------------------------------------
On August 2, 2005, the China Construction Bank Holdings Company
Limited Nan Cheong Cheong Bei Branch (China Construction Bank)
filed a claim against Guangdong Kelon Electrical Holdings
Company Limited and the Company's indirect wholly owned
subsidiary, Jiangxi Kelon Industrial Development Company
Limited, with the Higher People's Court of Jiangxi Province, in
relation to moneys allegedly owed under a loan and guarantee
agreement by the Company and Jiangxi Kelon to the China
Construction Bank. The writing was sent to the Company on August
5, 2005.

The Jiangxi Court gave judgment in favor of the China
Construction Bank and granted an order sequestrating the
Company's deposit of RMB140,000,000 or assets of similar value,
representing amount claimed by the China Construction Bank
against the Company and Jiangxi Kelon. In this relation, on
August 5, 2005, the Company received from the Jiangxi Court an
execution notice stating that the interest of Jiangxi Kelon in
80 percent of the shareholding in Shangqiu Kelon Electrical
Company Limited is frozen from August 5, 2005 to August 5, 2006
during which period such shareholding cannot be pledged or
transferred without the permission from the Jiangxi Court.

As the Company is obtaining legal advice and considering the
merits of this claim, the Company is not in a position to
determine how this litigation would affect the Company's profits
during the current and future reporting period. Further
announcement will be made if and when necessary.

TRANSFER OF SHARES

The Company has on August 8, 2005 received a notice from its
shareholder, Shunde Economic Consultancy Company stating that it
has, on June 7, 2005, transferred to China Finance Asset
Management Company its interest in 68,666,667 legal person
shares in the Company, representing approximately 6.92 percent
of the Company's total issued share capital.

The Shunde Economic Consultancy Company on behalf of the
Industrial and Commercial Bank of China, Guangdong Province
Branch held such shares. The Company was informed that the
transfer was effected in accordance with shareholding and
finance reform proposal of the Industrial and Commercial Bank of
China as approved by the State Council and supported by the
People's Bank of China and relevant government departments
including the Ministry of Finance.

CLARIFICATION

The Company notes certain press articles that appeared in
newspapers in Hong Kong this week stating that the interest of
Guangdong Greencool Enterprise Development Company Limited of
approximately 26.43 percent of the total issued share capital of
the Company will be put to auction for sale on or before August
20, 2005. The Company confirms that as at the date hereof it has
not received any written notification in this regard.

At the request of the Company, trading in shares of the Company
was suspended with effect from 10 a.m. on June 16, 2005 pending
the release of an announcement in relation to price sensitive
information. Subject to the publication of an announcement in
relation to the financial, production and trading position of
the Group, trading in shares of the Company will remain
suspended until further notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman

CONTACT:

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


HONNY ASIA: Winds Up Operations
-------------------------------
Notice is hereby given that creditors of Honny Asia Company
Limited (In Members' Voluntary Liquidation) which is being
voluntarily wound up, are requested on or before 5 p.m. on
September 9, 2005 to send in their names and addresses and
particulars of their debts or claims and the names and addresses
of their Solicitors (if any) to the undersigned, the Joint and
Several Liquidator of the abovenamed Company, and further.

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

In default thereof, such creditors will be excluded from the
benefit of any distribution of available funds.

Dated this 9th day of August 2005

Li Pak Ki
Joint & Several Liquidator
26th Floor, Citicorp Centre
18 Whitfield Road
CAUSEWAY BAY
HONG KONG


LFD MANUFACTURING: Schedules Creditors Meeting September 5
----------------------------------------------------------
Notice is hereby given that the Creditors of LFD Manufacturing
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before September 5,
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 undersigned and
Mr. John Toohey, the Joint and Several Liquidators of the above
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, such
creditors will be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 5th day of August 2005

RAINER HOK CHUNG LAM
Joint and Several Liquidator
22nd Floor, Prince's Building
10 Chater Road, Central
Hong Kong


LINEFAN TECHNOLOGY: 1H/2005 Net Loss Shrinks to HK$5.65 Mln
-----------------------------------------------------------
Linefan Technology posted a net loss of HK$5.648 million for the
first half of 2005, versus a net loss of HK$9.859 million a year
earlier, according to Infocast News.

Loss per share (LPS) was 3.04 cents. No second quarter dividend
was declared.

CONTACT:

Linefan Technology Holdings Limited
Rm 1901, 19th Floor
Henan Building
90 Jaffe Road
Wanchai Hong Kong
Phone: 3106-0360
Fax: 3106-0399


NAM PEI: Receives Winding Up Notice
-----------------------------------
Nam Pei Hong Nominees Limited whose place of business is located
at 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai,
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 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


NEW UNIVERSE: Net Loss Shrinks to HK$580K
-----------------------------------------
New Universe International (8068) incurred a net loss of
HK$580,000 for the first half of 2005, versus a net loss of
$1.296 million a year earlier, Infocast News relates.

Loss per share (LPS) was 0.04 cent. No second quarter dividend
was declared.

CONTACT:

New Universe International Group Ltd.
Rooms 2110-2112, Telford House
16 Wang Hoi Road, Kowloon Bay
Kowloon, Hong Kong
Phone: 24356811
Fax: 24353220
Web site: http://www.nuigl.com


SLITECH LIMITED: Winding Up Hearing Fixed September 13
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Slitech Limited by the High Court of Hong Kong Special
Administrative Region was on July 21, 2005 presented to the said
Court by Slitech Limited whose registered office is situate at
Flat A, 22nd Floor, Sunrise Industrial Building, 10 Hong Man
Street, Chai Wan, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on September 14, 2005.

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

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

TSANG, CHAN & WOO
Solicitors for the Petitioner
12th Floor, Grand Building
15-18 Connaught Road Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 13, 2005.


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

NEWMONT MINING: Buyat Bay Mine Faces Possible Closure
-----------------------------------------------------
A local unit of U.S.-based Newmont Mining Corporation, Newmont
Minhasa Raya, is likely to cease operating on the heels of a
trial where its president director faces charges of pollution,
reports Asia Pulse.

Newmont Minhasa Raya President Richard Ness is now on trial due
to claims that the gold mine located in the island of Sulawesi
polluted nearby Buyat Bay and made villagers sick. He faces up
to ten years in prison if found guilty of pollution.

The mine was threatened with closure in 2000, when the local
government brought the company to court in a tax dispute, but
the unit was able to fight the court order to shut it down. And
now it faces another threat of possible closure, as the trial
against the Company that allegedly polluted Buyat Bay is fast
approaching.

Five Newmont executives were detained last year on allegations
of pollution.

In recent years, the Company has been the target of
environmentalists who claim that its dumping policy led to the
death of several fish and sickened coastal villagers.

CONTACT:

Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id


PERTAMINA: Strong Local Demand May Delay LNG Deliveries
-------------------------------------------------------
State oil and gas firm PT Pertamina may have to postpone
scheduled deliveries of liquefied natural gas (LNG) to foreign
clients due to strong demand for the product in Aceh, Dow Jones
reports.

According to Korea Gas Corporation, one of the Company's clients
for LNG, one contracted LNG shipment may be rescheduled most
likely because of LNG supply problems and increased demand from
fertilizer plants based in Aceh.

A report from state oil and gas regulator BP Migas showed that
several Aceh-based fertilizer plants may have to shut down due
to problems in LNG supply, and so the Company has to supply LNG
firstly to these local plants before fulfilling obligations to
outside clients.

PT Pertamina has been facing many problems this year due to
rising global oil prices and a severe fuel shortage, along with
an outstanding IDR3 trillion debt to a U.S. firm.

CONTACT:

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


PERTAMINA: Ordered to Reduce Oil Prices for Fishing Industry
------------------------------------------------------------
State Marine and Fisheries Minister Freddy Numberi has asked
state-owned oil company PT Pertamina to lower its price of
diesel oil for the fishing industry, reports Asia Pulse.

Last Aug. 1, 2005, the Company had raised its oil prices for
industries to IDR5,480 per liter. But according to Mr. Numberi,
Indonesia's Presidential Decree No. 22/2005 sets the price of
diesel oil for registered fishing boats to coincide with the
reference price set by the government.

Mr. Numberi said that due to the increase in diesel oil prices,
as many as 700 fishing boats in the island of Bali were forced
to stop operating as the owners of the boats couldn't afford the
fuel; if prices won't go down, the families of the fishermen and
crew would be adversely affected alongside the fishing business.

The Marine and Fisheries Ministry is set to meet with Minister
of Energy & Natural Resources Purnomo Yusgiantoro to discuss the
price increase of diesel oil for the fishing industry.


PERUSAHAAN LISTRIK: Redistributes Natural Gas to Affected Firms
---------------------------------------------------------------
Indonesian power firm PT Perusahaan Listrik Negara (PLN) agreed
to redistribute its allotted amount of natural gas to
manufacturing firms affected by a recent gas shortage in East
Java, the Jakarta Post reports.

According to Minister of Industry Andung A. Nitimihardja, PLN
has agreed with state gas distributor Perusahaan Gas Negara
(PGN) on the redistribution of natural gas, and both firms will
meet with the minister to review how much natural gas needs to
be shared.

PGN has set an 85% quota for its natural gas supply to factories
and plants in East Java since its own supply of natural gas is
also declining, and hopes to maintain this quota with the
joining of PT PLN. The allotment is to be calculated every
month, and if a firm exceeds its quota, the supply will be cut
short.

Minister Nitimihardja has suggested that PLN use petroleum-based
fuels in the meantime, and be paid compensation from the gas
redistribution. Although he did not say how much it would cost
for the Company to shift from using natural gas to oil fuel to
operate its plants.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


TELEKOMUNIKASI INDONESIA: Targets 61% Margin on Earnings
--------------------------------------------------------
State-owned telecommunications firm PT Telekomunikasi Indonesia
(Telkom) is aiming to reach a 61% margin on its earnings before
interest, tax, depreciation and amortization (EBITDA) for the
remainder of 2005, reports Reuters News.

The Company's EBITDA margin was 60% for the first half of the
year, down 2.77% from its margin for the same period last year.
But despite the decline, the Company's earnings before interest,
tax, depreciation and amortization had risen almost 15% for the
same period, to IDR11.63 trillion.

Telkom's finance director Rinaldi Firmansyah attributes the
Company's lower EBITDA margin to a massive layoff for Telkom
employees in the first six months of 2005. But a 47.6% increase
in net profit and 20% increase in revenue due to a growing
number of cellular phone users may help the Company reach its
61% margin goal.

Telkom reported an almost twofold increase in the number of
mobile phone subscribers for June 2005, from 12.4 million
subscribers in 2004 to 21.5 million subscribers this year.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

HITACHI LIMITED: Launches Cellular Local Information Service
------------------------------------------------------------
Hitachi Limited will fully commercialize Chizukuru, a service,
which allows cellphone users to access local information on
discount coupons and time-specific services via GPS and other
geographical functions, on August 27.

According to Japan Corporate News, the service is based on
Kimekuru, a cellphone service, which automatically distributes
images, text, and other information content to compatible
cellphone handsets at preset time intervals.

The Kimekuru service enables users to choose from 16 types of
content from three genres, including news, hobbies, and
entertainment. The service covers 350 stores located in Tokyo,
and Hitachi plans to expand the service area gradually.

Currently provided on a trial basis for four handset models from
NTT DoCoMo and au, the Chizukuru service will be fully expanded
to cover 28 models from the two carriers. Hitachi aims to sign
up 500,000 users by 2008.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480


HITACHI LIMITED: Forms JV to Handle Sankyo's Computer Operations
----------------------------------------------------------------
Sankyo Co., Hitachi Ltd. and Hitachi Systems & Services Ltd.
have set up an alliance to manage Sankyo's computer system-
related operations, Dow Jones reports.

Sankyo will outsource its computer system-related services to
the new entity, Hitachi (HIT) Pharma Evolutions Ltd., in which
the Japanese drug maker took a 49 percent stake. Hitachi (HIT)
took a 34 percent stake in the joint venture and Hitachi (HIT)
Systems took a 17 percent stake.

In fiscal 2006, Hitachi (HIT) Pharma plans revenue of about JPY6
billion, the report said.


KANEBO LIMITED: Off-the-books Funds Used in Scam
------------------------------------------------
Former Kanebo Ltd. executives raised JPY250 million off the
books to fund rebates given to retailers who cooperated with
their scheme to window-dress its accounts, The Yomiuri Shimbun
reports.

The funds were used to cover retailers' costs in preferentially
selling products of the company, the sources said. Some of the
executives involved were arrested for their part in the scandal.

Kanebo had retailers temporarily buy more products than they
could hold on condition that they return the products later,
with the aim of overstating its profit figures.

The rebates were paid as a reward for retailers' involvement in
the scheme. Rebates were paid to retailers in installments of
JPY100,000 to millions of at a time.

In addition, the company also allegedly padded its accounts by
JPY70 billion over the two years up until March 2003 by omitting
units that were performing poorly from consolidated statements.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


SOJITZ HOLDINGS: JCR Assigns BBB- to Bonds
------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds of Sojitz Holdings Corporation.

Sojitz Holdings improve the financial structures and quality of
assets in the fiscal year ended March 31, 2005 in accordance
with the new business plan. It disposed of large non-performing
assets, issued preferred shares, sold assets and reduced the
interest-bearing debt in the fiscal year. However, there remain
some money-losing operations.

Such operations will continue their operations to be examined on
its feasibility. They may incur additional loss, though the
amount will not be large. There also remains issue on quality of
the capital, which consists of preferred shares. It announced
its agreements with the owners of the 1st series class I
preferred shares on the repurchase.

Sojitz Holdings plans to keep the current level of capital. It
will repurchase and extinguish the preferred shares using the
periodical earnings to prevent dilution of the common stocks due
to conversion of the preferred shares in and after next fiscal
year.

In such a case, however, it is required to assure earnings as
much as that recorded for the fiscal year ended March 31, 2005
stably into the future. The market for the resources related
business has been brisk. Accordingly, the Company's performance
has been good. It plans to further strengthen the earnings power
by allocating the resources to the core businesses. JCR deems it
necessary to watch carefully the future earnings trend to
examine whether or not the Company can keep on increasing the
earnings while enhancing risk management.

  Issue        Amount(bn)  Issue Date     Due Date       Coupon
JPY bonds no.3 Y20         Aug. 19, 2005  Aug. 19, 2008  2.16%
(guaranteed by Sojitz Corporation)

Covenants: Negative Pledge
Commissioned Company: No

CONTACT:

Sojitz Holdings Corporation
Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: + 81-3-5520-3404


SUMITOMO MITSUI: FTC Probes SMBC Over Suspicious Loan Deals
-----------------------------------------------------------
The Fair Trade Commission (FTC) will investigate whether
Sumitomo Mitsui Banking Corp. (SMBC) forced small and midsize
firms to buy its financial products, including derivatives, by
taking advantage of its position as a lender to such firms,
reports the Yomiuri Shimbun.

The FTC has asked the bank to submit a report on the matter as
it is under suspicion of violating the Antimonopoly Law, which
prohibits unfair transactions.

In the event SMBC is found to have forced its corporate
borrowers into buying its financial products, the FTC will urge
the bank to end the practice.

The Antimonopoly Law prohibits firm from forcing other firms to
buy their products or deal with them.

CONTACT:

Sumitomo Mitsui Banking Corporation
1-2, Yurakucho 1-chome
Chiyoda-ku, Tokyo 100-0006
Japan
Telephone: +81-3-5512-3411


* Three Construction Firms Upgraded On Restructuring Progress
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term ratings
on Shimizu Corp. to 'BBB-' from 'BB+', Kajima Corp. to 'BB+'
from 'BB', and Taisei Corp. to 'BB+' from 'BB', reflecting
restructuring progress, which has boosted the companies'
financial profiles. The outlooks on the long-term ratings on
these companies are all stable.

At the same time, the ratings on the long-term senior debt
issued by Kajima and Taisei were raised to 'BBB-' from 'BB+'.
The ratings on the companies' debt are one notch higher than the
issuer ratings, reflecting the assumption that bondholders would
incur no losses from any default, as their creditor banks would
forgive the companies' debt.

"The upgrades are based on improved financial profiles resulting
from the companies' stabilized net profit generation through
asset restructuring and ongoing debt reduction efforts," said
Standard & Poor's credit analyst Junko Miyakawa.

While the business environment surrounding the Japanese
construction industry remains challenging, four rated major
construction companies, including the three upgraded today and
also Obayashi Corp. (BBB-/Stable/--) have recorded an average
16% growth in construction orders in fiscal 2004 (ended March
31, 2005), a level far greater than that of their peers.

Although an increase in construction orders does not directly
contribute to higher profitability, the companies' downside risk
in earnings has fallen, and earnings fluctuation has been
reduced following cost cuts and the elimination of unprofitable
contracts. "In addition, Standard & Poor's expects that the
three companies' capital structures will improve over the next
two to three years," added Ms. Miyakawa.

Shimizu is expected to improve its debt-to-capital ratio to less
than 50% in the near term since its asset quality is improving
remarkably, and it is rapidly retiring debt. With its prudent
project undertaking policy and risk management, Shimizu
maintains earnings at the same level and stability as
Obayashi, but it has a weaker capital base. Given the high
business risk in the construction industry, another upgrade
would require further improvement in the debt-to-capital ratio
to about 30%.

The debt-to-capital ratios at Kajima and Taisei declined to 67%
and 66% respectively at the end of March 2005 from over 70% a
year earlier. However, the two companies plan to continue
reducing debt over the next two to three years, and the debt-to-
capital ratios are expected to fall to about 60%. There are no
significant disparities between the two companies and their
peers in terms of project portfolios, customer bases,
technology, cost competitiveness, and other business
fundamentals. Nevertheless, Standard & Poor's believes
Kajima and Taisei have comparatively vulnerable capital
structures, as they each have more than �450 billion of debt and
have booked a large amount of deferred income tax assets (more
than JPY150 billion each), accounting for 50%-60% of their
respective total capital as of March 31, 2005. Another upgrade
of these two companies would require further improvement in
their balance sheets.

Ratings List

                           To               From

Shimizu Corp.
Corporate credit rating   BBB-/Stable/--   BB+/Stable/--
Senior unsecured debt     BBB-


Kajima Corp.
Corporate credit rating   BB+/Stable/--    BB/Stable/--
Senior unsecured debt     BBB-             BB+

Taisei Corp.
Corporate credit rating   BB+/Stable/--    BB/Stable/--
Senior unsecured debt     BBB-             BB+


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

ASIANA AIRLINES: Export Losses Could Reach US$690 Mln This Month
----------------------------------------------------------------
South Korean exports would most likely suffer from the strike
staged by unionized pilots at Asiana Airlines Inc., according to
Asia Pulse.

If the strike remains unresolved by the end of August, around
US$690 million in export losses would be acquired, Vice Commerce
Minister Cho Hwan-eik said.

According to Mr. Cho, lost exports may reach three percent of
overseas shipments for the month, dragging growth of August
exports down to a single-digit level.

"The strike is causing delays in outgoing traffic that are
resulting in a noticeable drop in export volume this month," he
said.

This month Seoul originally expected export growth to reach 10
percent to 13 percent for this month.

South Korea has managed to pull off double-digit annual growth
in exports for most of the first half. Exports were the main
engine of growth in 2004 and continued to bolster the economy
this year.

Workers are expected to return from summer vacation by the
second of week of August, thus it is vital that the strike
should end this month for most companies are likely to ship out
goods.

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: Arrested Founder Makes First Court Appearance
-----------------------------------------------------------
Daewoo Group founder Kim Woo-chong's first court appearance was
scheduled Tuesday, Asia Pulse reports, citing Yonhap News.

The original schedule for Mr. Kim's hearing was supposed to be
early this month, but his representatives filed for a delay,
saying Mr. Kim is not healthy enough and there's still a need to
prepare for the trial.  Mr. Kim was rushed to the hospital last
month for heart and intestine problems.

Mr. Kim was charged with accounting fraud and illegal overseas
remittances.  He fled the country six years ago upon the alleged
recommendation of government officials, creditors and Daewoo
executives.

Mr. Kim's defendants were expected to appeal for leniency,
citing the widespread nature of the practice in South Korea in
the late 1990s when conglomerates often doctored their
accounting books so as to obtain easy bank loans.

The prosecution suspects Mr. Kim had ordered his executives to
inflate the assets of four Daewoo companies by KRW41 trillion
(US$40.3 billion) between 1997 and 1998, illegally borrowed
KRW9.8 trillion through use of the doctored accounting books and
fake letters of credit and smuggled about $3.2 billion abroad
between 1997 and 1999.

Another allegation slapped to Mr. Kim is using part of the
illegal remittances to repay the debt of Daewoo's overseas
subsidiaries.

Also Mr. Kim was accused of remitting $15.7 billion in foreign
currency abroad without permission from the authorities.


DOOSAN GROUP: Admits to Window Dressing
---------------------------------------
Doosan Group admitted inflating sales figures by KRW279.7
billion in 1995 to 2001 to survive competition and the 1997
financial crisis, Digital Chosunilbo said.

The fraud was done by its subsidiary Doosan Industrial
Development Co. Doosan said it decided to reflect the entire
amount on the ledger in the second half of the year to correct
the past malpractice.

Doosan Industrial Development Company had been the subject of a
dispute between two brothers, former Doosan Group chairman Park
Yong-oh and incumbent chairman Park Yong-sung. The company is
currently exempt from class action suits under a bill passed by
the National Assembly in March that gives companies a grace
period until the end of next year to voluntarily correct past
accounting malpractices.

The Financial Supervisory Commission has not launched a probe
into Doosan.


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

AKTIF LIFESTYLE: Restructuring Scheme Awaits Approval
-----------------------------------------------------
On June 15, 2004, Aktif Lifestyle Corporation Bhd had announced
to Bursa Securities that it is an affected listed issuer
pursuant to PN10 as the Company had an inadequate level of
operations pursuant to Paragraph 8.16 of the Listing
Requirements of Bursa Securities.

The Requisite announcement as required under PN10 was made to
Bursa Securities on June 1, 2005 by Avenue Securities Sdn Bhd
(Avenue), for and on behalf of the Company.

On June 6, 2005, Hwang-DBS Securities Berhad, on behalf of the
Board of Directors of Aktif, announced that the Securities
Commission (SC) had vide its letter dated June 1, 2005 approved
the extension of time to submit a comprehensive proposal to July
16, 2005.

On June 23, 2005, the Company announced that Bursa Securities
had approved the extension of time to July 16, 2005 to enable
Aktif to submit its restructuring proposals to the relevant
authorities for approval in accordance with the provisions of
PN10.

On July 1, 2005, Avenue, on behalf of the Board of Directors of
Aktif, announced that applications had been made to Bursa
Securities and SC for a further extension of time of one (1)
month from July 16, 2005 to August 16, 2005 to submit the
comprehensive proposed restructuring scheme to regularize the
financial condition of the Company.

On July 14, 2005, Avenue, on behalf of the Board of Directors of
Aktif, announced that SC had vide its letter dated July 12, 2005
further approved an extension of time of another one (1) month
to August 16, 2005 to submit the comprehensive proposal.

On July 19, 2005, Avenue, on behalf of the Board of Directors of
Aktif, announced that Bursa Securities had further approved an
extension of time of another one (1) month to August 16, 2005 to
submit the comprehensive proposal to the relevant authorities
for approval in accordance with the provisions of PN10.

The Proposed Restructuring Scheme as set out in the Requisite
Announcement is now pending submission to the SC and the
relevant authorities for approval.

This announcement is dated 2 August 2005.

CONTACT:

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


DUOPHARMA BIOTECH: Issues New Shares for Listing
------------------------------------------------
Duopharma Biotech Bhd advised that its additional 197,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme (Scheme) will be granted listing
and quotation with effect from 9.00 a.m., Thursday, August 4,
2005.


GULA PERAK: Bourse to Suspend Trading of Securities
---------------------------------------------------
Gula Perak Berhad issued to Bursa Malaysia Securities Berhad an
update on the maturity of the Irredeemable Convertible Secured
Loan Stock 2000/2005 (ICSLS 2000/2005).

(i) GPERAK's ICSLS 2000/2005 will be maturing at 5:00 p.m., on
Thursday, September 1, 2005.

(ii) Trading in the GPERAK's ICSLS 2000/2005 will be suspended
with effect from 9:00 a.m. Tuesday, August 16, 2005 in order to
facilitate the automatic conversion of the ICSLS 2000/2005
arising from the maturity.

(iii) GPERAK's ICSLS 2000/2005 will be removed from the Official
List of Bursa Securities with effect from 9:00 a.m., Friday,
September 2, 2005.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HAP SENG: Repurchases Ordinary Shares on Buy Back
-------------------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on August 2, 2005.

Date of buy back: August 2, 2005

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

Total number of shares purchased (units): 7,000

Minimum price paid for each share purchased (MYR): 2.130

Maximum price paid for each share purchased (MYR): 2.140

Total consideration paid (MYR): 15,060.65

Number of shares purchased retained in treasury (units): 7,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,924,500

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

CONTACT:

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


HARVEST COURT: Granted Extension to Submit Proposal
---------------------------------------------------
Harvest Court Industries Bhd (HCIB) issued to Bursa Malaysia
Securities Berhad details of the compliance with the Minimum
Share Capital Requirements Pursuant to Paragraph 8.16A of the
Listing Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities) (Bursa Securities LR).

On behalf of the Board of Directors of HCIB, Public Merchant
Bank Berhad, advised that Bursa Securities had granted the
Company an extension of time until August 21, 2005 to make a
submission of the Proposed Corporate Exercise to comply with
Paragraph 8.16A of the Bursa Securities LR to the relevant
authorities for approval.

In the event the approvals of the relevant authorities are
obtained, the Company is required to implement the Proposed
Corporate Exercise within the time frames or extended time
frames stipulated by the relevant authorities.

As disclosed in the Company's announcements dated December 19,
2003, July 23, 2004, January 12, 2005, April 15, 2005, April 25,
2005, April 29, 2005, May 3, 2005, June 6, 2005 and July 6,
2005, the Company intends to implement the Proposed Corporate
Exercise which includes the following proposals to comply with
Paragraph 8.16A of the Bursa Securities LR:

(i) Proposed Land Acquisition;

(ii) Proposed Machineries Acquisition;

(iii) Proposed Private Placement;

(iv) Proposed Special Issue;

(v) Proposed Debt Settlement; and

(vi) Proposed increase in authorized share capital of HCIB.

As highlighted in the Company's announcement dated April 29,
2005, May 3, 2005, June 6, 2005 and July 6, 2005, upon
successful implementation of the Proposed Corporate Exercise,
HCIB's issued and paid-up share capital is expected to increase
from MYR22,669,900 comprising 22,669,900 ordinary shares of
MYR1.00 each (HCIB Shares) to MYR53,329,900 comprising
53,329,900 HCIB Shares immediately upon completion of the
Proposed Corporate Exercise (before the conversion of any
convertibles to be issued pursuant to the Proposed Corporate
Exercise).

Presently, the Company is in the midst of preparing an
application on the Proposed Corporate Exercise to be submitted
to the relevant authorities.

The tentative timeline for the implementation and completion of
the Proposed Corporate Exercise is set out as below:

Events                  Tentative dates

Submission of
application to
the relevant
authorities              Mid of August 2005

Receipt of
approvals from
the relevant
authorities             Mid of November 2005

Approval of HCIB's
shareholders at
an extraordinary
general meeting
to be convened            Mid of December 2005

Completion of the
implementation of
the Proposed
Corporate Exercise      Mid of January 2006

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151


KEMAYAN CORPORATION: Proposal Nears Completion
----------------------------------------------
Further to the announcement dated July 1, 2005, Public Merchant
Bank Berhad (PMBB), on behalf of the Board of Directors of
Kemayan Corporation Berhad (KCB), had on July 21, 2005 announced
the following:

(i) The vendors of Satujaya Sdn Bhd (Satujaya) had, via a letter
to Jawira Holdings Berhad (Jawira) dated June 30, 2005 agreed to
extend the period for the fulfillment of the conditions
precedent as set out in the conditional sale and purchase
agreement between Jawira and the vendors of Satujaya in respect
of the proposed acquisition of Satujaya, to November 30, 2005;

(ii) The shareholders of Major Entreprenuer Sdn Bhd (MESB) had,
via their letters to Jawira dated July 14, 2005, agreed to
extend the period for the fulfillment of the conditions
precedent as set out in the conditional subscription agreement
between Jawira, MESB and the shareholders of MESB in respect of
the proposed subscription in MESB, to October 13, 2005;

(iii) The continuing vendors of Amber Resources Sdn Bhd (Amber)
had, via a letter to Jawira dated July 8, 2005, agreed to extend
the period for the fulfillment of the conditions precedent as
set out in the conditional sale and purchase agreement between
Jawira and the continuing vendors of Amber in respect of the
proposed acquisition of Amber to September 5, 2005; and

(iv) The vendors of CDM Sdn Bhd (CDM) had, via a letter to
Jawira dated July 8, 2005, agreed to extend the period for the
fulfillment of the conditions precedent as set out in the
conditional sale and purchase agreement between Jawira and the
vendors of CDM in respect of the proposed acquisition of CDM, to
September 5, 2005.

Additionally, on July 21, 2005, KCB had entered into a sale and
purchase agreement with Waterfront Assets Sdn Bhd for the
proposed disposal of Menara Kemayan, for a total cash
consideration of MYR34 million.

Apart from the above, the Company is still in the final stages
of preparing the necessary documents to obtain approvals of the
Scheme Creditors and shareholders of KCB at the relevant
meetings to be convened.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 2 August 2005.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390
Fax: 07-2365307


KENMARK INDUSTRIAL: Unveils Directors' Dealings on Closed Period
----------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad disclosed that pursuant to
Paragraph 14.08(a) of the Listing Requirements of Bursa Malaysia
Securities Berhad, Mr. Hwang Ding Kuo @ James Hwang and Ms. Chen
Wen-Ling had given notice informing Kenmark of their intention
to deal in Kenmark's shares and warrants during the closed
period.

Details of their shareholdings and warrant holdings are as
follows:

Principal Officers No. of Ordinary Shares Held in Kenmark

                     Direct        %     Indirect  %

Hwang Ding Kuo
@ James Hwang   43,275,992 25.925     -         -

Chen, Wen-Ling   26,710,500 16.001     -         -


Principal Officers  No. of Warrants Held in Kenmark

                      Direct        %     Indirect %
Hwang Ding Kuo
@ James Hwang   19,782,846 28.721  -       -

Chen, Wen-Ling   13,136,000 19.071  -       -

CONTACT:

Kenmark Industrial Co., Ltd.
4, Jalan Wawasan Ampang 1/2
Ampang Selangor 68000
Malaysia
Telephone: 03-42948691
Fax: 03-42948692


KILANG PAPAN: Awaits SC Approval of Scheme
------------------------------------------
Further to the announcement dated July 1, 2005, AmMerchant Bank
Berhad, a member of AmInvestment Group, on behalf of Kilang
Papan Seribu Daya Berhad (Special Administrators Appointed)
(KPSD), informed Bursa Malaysia Securities Berhad that the
company is currently waiting for approvals from the Securities
Commission and Foreign Investment Committee on its revised
Proposed Restructuring Scheme.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.

This announcement is dated 2 August 2005.

CONTACT:

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


K.P. KENINGAU: White Knight Pulls Out from Scheme
-------------------------------------------------
In the earlier announcement made on June 30, 2005 by Southern
Investment Bank Berhad (SIBB) on behalf of K.P. Keningau Berhad,
it was announced that the White Knight had withdrawn from the
Proposed Restructuring Scheme.

In view of the above, the Company is actively pursuing other
possible options working towards regularizing of its distressed
financial condition pursuant to PN4 of the Listing Requirements.
Once a new restructuring plan is confirmed, an appropriate
announcement on its terms will be made accordingly.

This announcement is dated 1 August 2005.

CONTACT:

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


MAGNUM CORPORATION: Bourse Lists Additional Shares
--------------------------------------------------
Magnum Corporation Berhad advised that its additional 9,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme (Scheme) will be granted listing
and quotation with effect from 9:00 a.m., Thursday, August 4,
2005.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885


MERCES HOLDINGS: Amends Announcement Re Winding Up
--------------------------------------------------
Merces Holdings Berhad refers to its announcement to Bursa
Malaysia Securities Berhad (Bursa Malaysia) on Friday, July 29,
2005 on the winding up against the company and informed the
bourse that there is error in Paragraph 3 of the announcement
relating to amount of judgment obtained by the Petitioner
against Merces Builders Sdn Bhd (MBSB) and Dato' Lee Hock Soon.
The company amended Paragraph 3 to read as follows:

"(3) The circumstances leading to the filing of the Winding Up
Petition were due to default on the part of MHB in respect of
the amount under a judgment obtained by the Petitioner at the
Shah Alam High Court vide suite No. MT5-22-209-2002 on July 12,
2004. The Winding-Up Petition will be heard at the High Court
Kuala Lumpur on Thursday, September 8, 2005.

In the Shah Alam High Court suite No. MT5-22-209-2002 Merces
Builders Sdn Bhd (MBSB) and Dato' Lee Hock Soon (Personal
Guarantor) were ordered to pay to the Petitioner MYR878,349.22
plus interest at 8% per annum on the principal sum of
MYR797,144.40 from 01/11/2001 until full realization and cost.
MHB (Corporate Guarantor) was ordered to pay to the Petitioner
MYR500,000 plus interest at 8% per annum from 01/11/2001 until
full realization and cost."

CONTACT:

Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101


PILECON ENGINEERING: Acquires Ordinary Shares in Pilecon Home
-------------------------------------------------------------
Pilecon Engineering Berhad issued to Bursa Malaysia Securities
Berhad details of the acquisition of 90.2 percent equity
interest in Pilecon Home Development Sdn Bhd.

Pursuant to Chapter 10 of the Bursa Malaysia Listing
Requirements, the Board of Directors of Pilecon Engineering
Berhad (PEB) announced that PEB has on August 2, 2005 acquired
Two Hundred Twenty Five Thousand Five Hundred and Fifty
(225,550) ordinary shares of MYR1.00 each representing 90.2
percent equity stake in Pilecon Home Development Sdn Bhd
(Pilecon Home) (the Sale Shares) from Ms Fong Sau Ching for a
total cash consideration of MYR1.00 (the Acquisition).

By acquiring the Sale Shares, Pilecon Home becomes a subsidiary
of PEB.

Information on Pilecon Home Development Sdn Bhd

Pilecon Home Development Sdn Bhd is a private limited company
incorporated in Malaysia under the Companies Act, 1965 on May 2,
2003. It is a property investment holding and property
development company and has an authorized share capital of
MYR500,000.00 divided into 500,000 ordinary shares of MYR1.00
each of which 250,000 ordinary shares of MYR1.00 each have been
fully issued and paid-up.

Pilecon Home is the beneficial owner of 46 lots of land held
under documents of title H.S. (M) Nos. 3517 to 3562 for P.T.
Nos. 12742 to 12787 respectively all in the Mukim of Bentong,
State of Pahang (the said Lots).

Information of the Vendor

Ms. Fong Sau Ching (I.C. No. 720511-08-6084) is a director of
Pilecon Home.

Basis of Arriving at the Total Consideration

The purchase consideration of MYR1.00 was arrived at on "willing
buyer-willing seller" basis and shall be satisfied in full by
cash.

The Sale Shares are purchased free from all claims, liens,
encumbrances and equities whatsoever together with all rights
attached to attaching thereto or accrued thereon from the date
of the Acquisition.

Rationale For The Acquisition

The Acquisition would allow PEB Group to further improve the
earnings arising from the development project to be undertaken
by Pilecon Home. Pilecon Home undertakes a mixed residential
development on the said Lots.

Financial Effects of the Acquisition

As PEB acquire the shares in cash, the Acquisition will have no
impact on the share capital and substantial shareholders'
shareholding in PEB.

The Acquisition will not have any material effect on PEB Group's
earnings and net tangible assets for the financial year ending
December 31, 2005.

Directors' and Major Shareholders' Interest

None of the directors and/or major shareholders and/or persons
connected with a director or a substantial shareholder of PEB
has any interest, direct or indirect, in the Acquisition.

Approvals required

The Acquisition is not subject to approvals of the shareholders
or relevant authorities.

Statement by Directors

The Board of Directors of PEB, after having considered all
aspects of the Acquisition, is of the opinion that the said
Acquisition is in the best interest of the PEB Group.

Salient Feature of Agreement

No Agreement was entered into for the Acquisition.

Departure From SC Guidelines

The Acquisition has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

CONTACT:

Pilecon Engineering Berhad
2, Jalan U1/26, Seksyen U1,
HICOM Glenmarie Industrial Park,
Shah Alam Selangor 40150 Malaysia
Telephone: 03-78041888,03-21446164
Fax: 03-78041888,03-21446164


POLYMATE HOLDINGS: Still in Talks to Restructure Loans
------------------------------------------------------
Further to the announcement made on July 13, 2005, Polymate
Holdings Berhad advised Bursa Malaysia Securities Berhad the
current status of the default, the details of which are as
indicated in Table A attached.

Click to view a full copy of Table A
http://bankrupt.com/misc/PolymateHoldings080905.xls

In compliance with Paragraph 3.2 of PN1/2001, Polymate disclosed
that it is in the process of negotiation with the lending banks
to restructure the Group's loans and is actively working on
various schemes to regulate its financial position.

The Company will make further announcements once the
restructuring schemes/proposals are finalized.

CONTACT:

Polymate Industries Sdn Bhd
Wisma Polymate, Lot 10, Jalan Satu,
Balakong PKNS Industrial Estate,
Cheras Jaya, Seri Kembangan Selangor 43200
Malaysia
Telephone: 03-90751529
Fax: 03-90752102


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
Pos Malaysia & Services Holdings Berhad advised that its
additional 50,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme (Scheme) will be
granted listing and quotation with effect from 9:00 a.m.,
Thursday, August 4, 2005.


CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323
Fax: +60 3 2166 2266


SATERAS RESOURCES: PN4 Status Remains Unchanged
-----------------------------------------------
Further to the announcement made on July 1, 2005 pursuant to
paragraph 8.14 of the Practice Note 4/2001 of the listing
requirements, the Board of Directors of Sateras Resources
(Malaysia) Berhad advised Bursa Malaysia Securities Berhad that
there are no further developments pursuant to 4.1b of the
Practice Note 4/2001 of the listing requirements.

CONTACT:

Sateras Resources (malaysia) Berhad
19 Jalan Pinang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 5288
Fax: +60 3 2161 8529


TELEKOM MALAYSIA: Bourse Lists 239,000 Additional Shares
--------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 239,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme (Scheme) will be granted listing and
quotation with effect from 9:00 a.m., Thursday, August 4, 2005.

CONTACT:

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


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

ABS-CBN BROADCASTING: Globe Denies Reported Interest in Stake
-------------------------------------------------------------
Globe Telecom Inc. said it is has no plans to take a stake in
the beleaguered ABS-CBN Broadcasting Corp., The Manila Times
relates.

The telecommunications giant clarified it has not made any offer
for ABS-CBN and neither is it engaged in due diligence over the
broadcasting network.

A Philippine Star report earlier quoted an unnamed ABS-CBN
official as saying that Globe officials have sent feelers about
acquiring a stake in the network.

While ABS-CBN doesn't need new investors at the moment, it
"would listen to any group that wants to make an offer," said
the official, according to the report.

Globe stressed it is not interested in the network and cannot
make the acquisition because the Constitution requires that
entities in mass media be wholly Filipino-owned.

Globe is majority owned by Ayala Corporation and Singapore
Telecommunications Ltd. It is the second-largest
telecommunications company in the Philippines after Philippine
Long Distance Telephone Co.

CONTACT:

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


ACESITE HOTEL: Confirms Reported Financial Loss
-----------------------------------------------
This is in reference to the news article entitled "Acesite
(Phils) Hotel widens loss to Php81 Mln" published in the August
8, 2005 issue of the Manila Bulletin.

The article reported in part that:

"Acesite (Philippines) Hotel Corp., owner and operator of the
Manila Pavilion Hotel in Ermita, Manila, widened its net loss
for the first half of the year to Php81.12 million against a net
loss of Php78.43 million same period last year. The Company's
gross income during the six-month period however stood higher at
Php304.08 million from Php286.57 million in 2004.

"For the second quarter of the year alone, Acesite already
registered a net loss of Php27.19 million versus a net income of
Php1.11 million in the second quarter of 2004. This despite
revenues amounting to Php151.71 million which is an increase of
9.15% for the same period last year."

Acesite (Phils.) Hotel Corporation, in its letter to the
Exchange dated August 8, 2005, stated that:

"We confirm the veracity of the information contained in said
article to the effect that Acesite incurred a loss of Php81.12
million for the first half of 2005 against a net loss of
Php78.43 million for the same period last year, notwithstanding
the higher gross income during the six-month period of Php304.08
million from Php268.57 million in 2004. The loss could be
attributed primarily to the increase in financial cost and
energy cost. Other financial information on the Company is
embodied in quarterly report for the quarter ended June 30, 2005
(SEC Form 17-Q), which will be submitted (Monday)."

CONTACT:

Acesite (Phils.) Hotel Corporation
Room 527, Manila Pavilion Hotel
U. N. Ave., Ermita, Manila 1000
Phone:  526-1212 loc. 2403
Fax:  521-4150
E-mail:  r.ricardo@manilapavilion.com.ph
Web site:  http://www.manilapavilion.com.ph


LEPANTO CONSOLIDATED: Sees End to Labor Dispute
-----------------------------------------------
The management of embattled Lepanto Consolidated Mining Inc. is
confident that the two-month protest that cost the miner huge
amounts would cease very soon, SunStar Daily reports.

The comments came after a "a successful dispersal operation at
the gate" leading to one of its mining facilities Sunday morning
by the management's security guards, escorted by the policemen.

Lepanto now sees an end to the 67-day labor strike that
partially crippled its mining operations as the gate leading to
the Tubo mining facility was opened. The dispersal was generally
peaceful, enabling more than 100 employees to report at the Tubo
shaft.

Tubo is one of the gates barricaded by striking workers of the
company who stood firm of not reporting back to work unless the
management rehires their 19 union officials who were dismissed
at the height of the labor dispute.

It also reported that authorities have confiscated slingshots,
metal spikes, wooden clubs and others belongings that were left
by the picketers.

The mining company further accused picketers of blocking food
and other necessities to be transported to more than 600 workers
trapped in the different mining facilities for the past seven
days.

A recent survey showed that majority of the miners reportedly
want to return to work, claiming that most of those blocking
entrances to the mining facilities and the mill area are members
of the non-government organizations (NGOs) who are against
mining operations and not members of the labor union in Lepanto.

Meanwhile, the Lepanto management called on employees who are
either on leave or those who were refused entry, to still go to
work. Workers are also advised to report to the company's legal
department for instructions before going on duty.

CONTACT:

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


NATIONAL BANK: Clarifies Report on Stake Sale
---------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Sugar farmers ask gov't
to stop sale of PNB" published in the August 5, 2005 issue of
the Philippine Daily Inquirer (Internet Edition).

The article reported in part that:

"A group of sugar producers and farmers from Bacolod City,
capital of the sugar-producing province of Negros Occidental,
have asked Finance Secretary Margarito Teves to stop the Aug. 12
auction of the controlling stake in Philippine National Bank
(PNB).

"The group calling itself 'Planters Against the Punder of the
Sugra Industry' said that if the bidding would push through,
about Php15-20 billion in potential windfall from old sugar crop
loans would be lost."

Philippine National Bank (PNB), in its letter dated August 5,
2005, advised the Exchange that:

"We are not privy to the meeting of various sugar producers and
farmers from Bacolod City with the Finance Secretary Margarito
Teves to stop the August 12 auction of the controlling stake (of
the Government and the Lucio Tan Group) in Philippine National
Bank (PNB). Neither do we have any official communication
regarding such appeals to stop the auction."

CONTACT:

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


NATIONAL BANK: Assures Sugar Planters MOA with BSP Fair
-------------------------------------------------------
The Philippine National Bank recently assured a group of sugar
planters that the provisions of the Memorandum of Agreement
(MOA) it signed with the Bangko Sentral ng Pilipinas (BSP)
regarding the proper settlement of the sugar crop loans of some
4,000 borrowers is "fair, transparent and above board".

PNB President and Chief Executive Officer Omar Byron Mier said
"there are no discriminatory provisions in the documents
covering the agreement; PNB and the BSP have been transparent
regarding the provisions of the MOA as well as the way these are
being implemented".

Mr. Mier said "the loans of the sugar clients are supported by
fully executed documents spelling out specific terms and
conditions mutually accepted by all parties concerned".

"We are moving on the loan settlement arrangement the way it had
been legally provided for by Republic Act 7202," he added.

The sugar loans are agricultural sugar crop loans granted by the
Republic Planters Bank in the 1980s. RPB was then the primary
lending government bank of the sugar industry. In 1991, through
a bidding process, RPB was privatized and became a PNB
subsidiary known as PNB-RB. In 1998, PNB-RB was sold to Maybank,
and PNB assumed jurisdiction over the sugar loans under the MOA
as the collecting agent of the Php3.0 billion obligations that
the BSP acquired through a dacion en pago arrangement in 1994.

As collecting agent, PNB was tasked by BSP to collect from the
sugar industry borrowers and immediately remit all its
collections to BSP which placed the money in an escrow fund that
is supposed to settle the BSP loan as soon as the fund hits the
Php3.0 billion mark.

"Thus, there is no way the fund can go beyond Php3.0 billion,"
Mier explained.

Failure on PNB's part to collect will require the Bank to remit
the entire amount to the BSP just the same and to pay for
whatever shortfall between the amount in escrow and Php3 billion
obligation, he added.

As of December 2004, the Escrow Fund has a balance of Php1.6
billion, slightly more than half of the amount that PNB has to
collect on or before June 2013.

On the joint sale by the government and the Lucio Tan Group's
67% stake in PNB, Mier clarified that the floor price was based
on a proper valuation done by an independent financial adviser,
which has taken all things about PNB into serious consideration.

The financial advisor was appointed by the joint task force
composed of representatives of the Department of Finance and
PDIC, and PNB was not involved at all in the selection of the
financial advisor, he undercored.

Mier said he is confident that with PNB's privatization leading
to a further strengthening of the Bank's financial position, PNB
will be able to fully settle its obligations to the government
earlier than anticipated.

"It is the only way to go both for the interests of the Bank and
the government which has to address the country's fiscal
deficit," Mier explained.


NATIONAL BANK: Says UnionBank Cleared to Bid
--------------------------------------------
This is to advise you that the news article that appeared in the
Business Page of the Philippine Star last Saturday, August 6
2005 entitled "UnionBank, foreign partner get clearance to bid
for PNB" is accurate.

As part of the Qualification Requirements for the Bidding of 67%
ownership interest of the Government of the Philippines, Phil
Deposit and Insurance Corporation and the Lucio Tan Group in
Philippine National Bank (PNB), Unionbank of the Philippines
(Unionbank) as a prospective bidder has formed a consortium with
AvenueAsia Capital Group to be allowed to participate in the
bidding. Union Bank's participation in said consortium is
equivalent to 57% while Avenue Capital Group is at 10% for a
combined consortium participation of 67 % to acquire PNB shares.

Likewise, as required in the bidding rules, prospective bidder
must submit a Business Plan for PNB which shall be evaluated by
the Joint Technical Committee before an interested prospective
bidder may be allowed to participate in the joint sale of PNB
shares.

For this reason, the Unionbank consortium's Business Plan as
submitted to the Joint Technical Committee refers to a plan to
effect a merger and/or consolidation of PNB with Unionbank of
the Philippines as quickly as possible if the consortium's bid
is declared the winning bid and the PNB shares offered for joint
sale are eventually awarded to the winning bidder pursuant to
the Bidding rules and guidelines.

UnionBank has the operational capability and technical
facilities to effect the merger of both banks in such
eventuality.

This disclosure is made to inform the investing public on the
foregoing news article regarding the submission of Qualification
Documents by Union Bank of the Philippines to the Joint
Technical Committee for the sale of PNB shares.


NATIONAL BANK: Auction to Push Through Friday
---------------------------------------------
Philippine National Bank (PNB) will proceed with the public
bidding of its 67-percent stake on Friday, according to The
Philippine Daily Inquirer.

Finance Undersecretary for privatization Jay Singson confirmed
the bidding will push through on August 12, as scheduled.

The auction is the biggest privatization initiative by the
government since 1997, when it sold to Hong Kong-based
conglomerate First Pacific Co. Ltd. the right to develop the
sprawling Fort Bonifacio military camp near the Makati business
district.

The floor price for the PNB bidding has been set at Php43.00 a
share. The government stands to earn Php8 billion from the
bidding.


NATIONAL POWER: Saves Php8 Bln from IPP Contract Renegotiations
---------------------------------------------------------------
The recent completion of renegotiation of some contracts has
allowed National Power Corporation (Napocor) to slash its
obligations to contracted independent power producers (IPPs) by
Php8.06 billion last year, The Manila Bulletin has learned.

The savings were brought about by the reduced contractual
obligations with the IPPs. The amount of annual savings from
these IPP obligations will, however, vary. The computed
reduction in the power firm's IPP costs had been based on the
net present value of the assets.

It would be noted that energy officials are already being
dragged into Congressional inquiries, because despite some
publicity of savings on the IPP renegotiation, its impact to
end-consumers is not yet reflected in the billings.

But Napocor President Cyril C. Del Callar noted that the savings
will soon have a trickle down effect on consumers once the
Energy Regulatory Commission (ERC) approves the universal charge
(UC) that will account for the stranded costs due to the IPP
contracts.

A report by the Power Sector Assets and Liabilities Management
Corporation (PSALM) has shown that the total cost savings to be
generated from the renegotiation of power supply agreements of
state-owned NPC with its contracted IPPs would hit a whopping
US$2.949 billion in nominal terms, translating to a rate
reduction of average Php0.098 per kilowatt hour (kwh) to end-
consumers and the government.

It has been indicated that the total reduction in universal
charge (UC) from eligible NPC contracts to be billed to
customers would be around Php0.026 per kwh.

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/


PLATINUM PLANS: Contests SEC Show-cause Order
---------------------------------------------
Platinum Plans Inc. is challenging the show-cause order issued
against it by the corporate watchdog, according to The
Philippine Star.

The embattled pre-need provider is contesting the Securities and
Exchange Commission's (SEC) order, saying it is no longer under
the SEC's jurisdiction because of the petition for suspension of
payments and rehabilitation it filed with the local court.

Earlier, the SEC has ordered Platinum to explain why it should
not be sanctioned for its failure to comply with the rules on
the registration and sale of pre-need plans. Among these
violations include non-submission of its actuarial valuation
report, financial statements, collection and sales reports, and
non-publication of financial statements.

The Company was also found to have failed to remit monthly
deposits to its trust fund, which is made up mostly of real
estate.

SEC records show that Platinum has actuarial reserve liability
of Php470.1 million as against trust fund assets of Php192.76
million, resulting to a trust fund deficiency of Php277.34
million.

Platinum sought a moratorium on the payment of its debts to
allow it to map out a viable recovery plan. The company said
that given enough breathing space it would be able to settle all
maturing obligations given the realizable value of its existing
assets.

In its petition, Platinum said it could settle only up to P75
million of its maturing obligations to planholders. It intends
to sell assets to raise funds to cover obligations to
planholders.

Platinum is currently locked in negotiations with a Canadian
firm that has offered to buy out the pre-need firm from the
Salas family.

The Company said attracting a foreign investor will strengthen
not only the company but restore credence and confidence in the
pre-need industry as well.

CONTACT:

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


PRICESMART INCORPORATED: Pulls Out Local Operations
---------------------------------------------------
U.S.-based PriceSmart Incorporated is letting go of its
Philippine operations, according to The Manila Times.

The retail giant will dissolve its local subsidiary, PSMT
Philippines, after it inked an agreement to sell its stake in
PSMT and resolve all outstanding litigation with partner E-Class
Corp.

PriceSmart Chief Executive Robert Price admitted that the
management has been unsuccessful in its attempt to reach
profitability in its local operations. Mr. Price, however, is
confident the new owner will provide a better opportunity for
employees and members as well.

He added the U.S.-based firm is likely to experience improved
financial results by eliminating its operating losses and
negative cash flow associated with PSMT Philippines.

PriceSmart said the sale of its interest in its Philippine
operations is still subject to several conditions, which are
expected to be completed by August 20.

Under the terms of the agreement, PriceSmart will transfer its
shares to one of PSMT's minority shareholders in exchange for a
dismissal of all pending litigation in the Philippines and San
Diego, California.

PriceSmart also required the mutual release of all claims and
agreements by E-Class Corp. led by William Go to indemnify
PriceSmart and hold it harmless for any and all claims relating
to the business. E-Class, Go and PriceSmart Philippines would
assure PriceSmart for any claims by its lenders under guaranties
previously given by PriceSmart amounting to approximately US$6
million of debt borrowed by the local unit.

E-Class and Go agree to be liable for US$9.5 million in debt due
PriceSmart, while the U.S.-based firm will continue to make
available to PSMT U.S.-sourced goods on a cash-on-delivery (COD)
basis. Similarly, the US-based company will provide information
technology services for an agreed-upon period of time.

Completion of the transaction is subject to E-Class' delivery of
proof of dismissals of civil and criminal proceedings pending
against PriceSmart and its officers and employees.

However, E-Class' shares, which have been held in escrow, would
be transferred to PriceSmart if E-Class and Go fails to deliver
proof of such dismissals or if either of them initiates or
pursues litigation against PriceSmart or any of its officers or
employees before August 20.

If the sale is completed by August 20, PriceSmart expects to
take a charge to earnings in its fourth quarter of about US$20
million to write-off amounts owed by PSMT due to past
merchandise shipments and write-down of certain assets to
expected net realizable value.

A media release from the Company is made available at:
http://bankrupt.com/misc/TCRAP_Pricesmart080905.pdf

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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

CAPITALAND LIMITED: Temasek Cuts 7.5% of Total Stake
----------------------------------------------------
State-owned investment firm Temasek Holdings Pte Limited has cut
7.5% of its total 52% stake in property development firm
Capitaland Limited, selling at SGD2.90 to SGD2.95 per share, Dow
Jones reports.

According to the investment firm, the shares sale was done to
"improve the Company's liquidity and widen its investor base." A
Temeasek spokesperson said that the final sale price would be
announced once the shares placement would be completed.

The shares placement, which is worth SGD604.9 million as of the
Company's closing price of SGD3.02 per share, is being carried
out by Citigroup Global Markets Singapore Pte Limited.

With the placement, Temasek Holdings reduced its stake in the
Company to 44.5%

About Capitaland Limited:

The CapitaLand Group is one of the largest listed property
companies in Asia, with international operations in 28
countries. The company is headquartered in Singapore and is
listed on the Stock Exchange of Singapore. The multinational
company's core businesses in property, hospitality and real
estate financial services are focused in key cities in Asia,
Australia, Europe and the Americas.

The company's property and hospitality portfolio spans more than
90 cities around the world. CapitaLand also leverages on its
significant real estate asset base and market knowledge to
develop fee-based products and services in Singapore and the
region.

CONTACT:

CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Phone: 65 68233200
Fax:   65 68202202
Web site: http://www.capitaland.com


CENTRAL EDIBLE: Set to Pay Dividend to Creditors Today
------------------------------------------------------
Central Edible Oil (Singapore) Pte Limited of 30 Robinson Road,
#04-01 Robinson Towers, Singapore 048546, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Central Edible Oil (Singapore) Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 300 of 1993
Amount per centum: 2.3 per centum of all admitted ordinary
claims.
When Payable: Aug. 10, 2005

Tay Swee Sze
Liquidator
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546


CITIRAYA INDUSTRIES: Seeks to Obtain Approval of Scheme
-------------------------------------------------------
Citiraya Industries Ltd (CIL) announced that on Aug. 9, 2005,
the Company filed an application in the Singapore High Court to
call for a meeting of its creditors to consider and, if thought
fit, approve a proposed Scheme of Arrangement.

The Company has yet to obtain a date for the hearing of such
application.

The essential terms of the Proposed Scheme are as follows:

a) If by Sept. 30, 2005, or such other date as agreed by the
Creditor's Steering Committee, an investor executes an agreement
relating to an investment in the Company, the Company (through
the Scheme Administrator) will distribute SGD50 million over 5
years, in half-yearly installments to the creditors. The quantum
of the respective installments and the manner in which they are
to be paid is to be determined by agreement between the New
Investor, the Company and the creditors' committee to be set up
pursuant to the Scheme. The creditors will also be paid, at the
end of the 5-year period, all sums recovered by the Company in
any proceedings commenced by the Company against its employees
or officers in relation to the irregularities that are the
subject of the investigations of the CAD and CPIB, subject to
the terms of the Scheme;

b) In the event that no agreement is reached on the issue of
quantum and manner of the installments between the New Investor,
the Company and the Creditors' Steering Committee within forty-
two (42) Business Days from the End Date (or such other date as
extended by the Company with the consent of the Creditors'
Steering Committee, the Scheme) shall proceed in the manner on
terms as set out in paragraph (c) below;

c) If by the End Date, a New Investor is not secured, the Scheme
Administrator will, subject to all relevant shareholders and/or
regulatory approvals being obtained, carry out an orderly
realization and/or disposal of the assets of the Company, and in
consultation with the Creditor's Steering Committee. The
proceeds of such disposal of assets will be distributed to
creditors;

d) In the event that the relevant shareholders and/or regulatory
approvals are not obtained for the realization and/or disposal
of the assets as soon as reasonably practical from the End Date,
the Scheme shall terminate forthwith and the Company shall
consent to the appointment of a liquidator to undertake the
orderly realization and/or disposition of the assets of the
Company; and

e) The Cash Distribution (which will either constitute the $50
million payment and the Cash Receivables or the proceeds of the
orderly realization/disposal of assets) will constitute a full
and final settlement of the claims that the Scheme Creditors
have against the Company.

CIL has been in talks with certain creditors and potential
investors on the terms of the Proposed Scheme, aimed at arriving
at terms that will be acceptable to all parties. Certain key
terms in the Proposed Scheme remain in issue with creditors who
hold more than 25% of the known debts of CIL and certain
potential investors, and CIL intends to pursue further
discussions with these parties in order to resolve these issues.

In the event that these issues can be resolved, the Company may
need to amend the Proposed Scheme.

CIL also announces that two of the various potential investors
that were in discussion with it, are in the process of carrying
out a due diligence exercise.

CONTACT:

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


OA SUPPLIES: Initiates Winding Up Process
-----------------------------------------
In the matter of OA Supplies Pte Limited, the Singapore High
Court issued a winding up order on the Company on July 22, 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

Messrs A. Ang, Seah & Hoe
Solicitors for the Petitioners

CONTACT:

OA Supplies Pte limited
159 Sin Ming Road
#04-03 Amtech Building
Singapore 575625
Phone: 65 65536116
Fax:   65 65536006


SWAN SWEE: Court Orders Winding Up
----------------------------------
In the matter of Swan Swee Enterprises Pte Limited, the
Singapore High Court issued a winding up order on the Company on
July 21, 2005, with the following details:

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

RAJAH VELU & CO.
Solicitors for the Petitioner
10 Anson Road #14-05
International Plaza
Singapore 078997


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

ABICO HOLDINGS: Unveils Utilization of Capital Earned
-----------------------------------------------------
Abico Holdings Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that it offered 1,529,263 of common stocks to the
existing shareholder at the rate of THB10 each on April 7 to 18,
2005. For such offer, it earned a net amount of THB15,292,630.

The company issued to the Stock Exchange of Thailand (SET) a
report on the utilization of such capital increment ended on
July 7, 2005.

(1) Expenditure on operation under the rehabilitation plan for
THB1,790,439.09.

(2) Interest paid to the creditor under the rehabilitation plan
(1st installment) for THB2,335,388.43.

This is forwarded for your information.

Sincerely yours,
Abico Holdings Public Company Limited
Mr. Kitti Vilaivarangkul
The Plan Administrator of Abico Holdings Public Company Limited

CONTACT:

Abico Holdings Pcl
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani
Telephone: 0-2992-5858 (14 Lines)
Fax: 0-2992-5878-9
Web site: http://www.abicogroup.com


CHRISTIANI & NIELSEN: Releases 2Q Financial Report
--------------------------------------------------
Christiani & Nielsen (Thai) Public Company Limited furnished the
Stock Exchange of Thailand (SET) a summary of its Reviewed
Quarter-2 and Consolidated F/S (F45-3).

Reviewed Ending June 30 (In thousands)

                       Quarter 2         For 6 Months

Year               2005        2004        2005        2004

Net profit (loss)  12,668    50,646       49,830    236,513

EPS (baht)        0.03000    0.13000      0.13000    0.61000

Type of report: Unqualified Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Ms. Kluaymai Devehastin Na Ayuthaya
Mr. Danuch Yontararak
Position Director
Authorized to sign on behalf of the company

CONTACT:

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


TPI POLENE: Electronic Auction of Shares Cancelled
--------------------------------------------------
With reference to TPI Polene Public Co. Ltd's letter dated
June 29, 2005 regarding the sale of common stock of the company
in accordance with the provisions of the Company's Business
Rehabilitation Plan.

The company informed the Stock Exchange of Thailand (SET) that
at the expiry of the submission of the bidder's confirming form
to participate in the electronic auction for the sale of TPI
Polene shares on August 8, 2005 at 12:00 p.m. no bidder has
submitted any of such form.

Therefore, the Company has cancelled the sale of TPI Polene
shares by electronic auction scheduled for August 9, 2005.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl.

CONTACT:

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












                            *********


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 S. 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.

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