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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

             Monday, August 15, 2005, Vol. 8, No. 160

                            Headlines

A U S T R A L I A

ALBURY SPARKLING: Begins Winding Up Proceedings
ANDERSON CINEMA: Ex-operator Faces Court Over AU$1.17-Mln Fraud
BUS 2000: To Pay Dividend to Creditors
COMAC PTY: Members to Review Liquidator's Report
COOLBRIDGE PTY: Members Opt for Voluntary Liquidation

DIDASKO LIMITED: Varies Deed of Company Arrangement
DUBBO CLEANING: Inability to Pay Debts Prompt Wind-up Action
EAT ME: Enters Liquidation
FORTESCUE METALS: Inks Land Access Deal with Nyiyaparli People
FOXTEL: Growing Subscriptions Curb Losses

FTC AUSTRALIA: Supreme Court Orders Winding Up
HAYA PTY: Appoints Official Liquidator
JAN ABLE: Winds Up Business
LONDON BRIDGE: Stephen McNamara Named Liquidator
METALEC PTY: To Declare Final Dividend

MYER LIMITED: U.S. Chain Cuts Ties
MULTIPLEX: Inks Litigation Funding Agreement with IMF
NIK NAT: Members, Creditors to Meet August 22
OZOG PTY: Liquidator to Explain Winding Up Report
PRO-AG INTERNATIONAL: Members Agree to Close Operations

QANTAS AIRWAYS: Airbus Apologizes for A380 Delay
ROSELAND ELECTRICS: Members Initiate Wind-up Process
SANTOS LIMITED: Confident in Jeruk Oil's Potential
SIMMONDS TRANSPORT: Creditors OK Liquidator's Appointment
SKATEWORLD PTY: Begins Liquidation Proceedings

SOUTHERN FOOD: Plant Closure Angers Potato Growers
TANNER BUSINESSES: Members Pass Winding Up Resolution
VALLEY BAKEHOUSE: To Hold Final Meeting August 22
WINKLER PTY: Placed Under Voluntary Liquidation
* Property Investment Firms Wound Up After ASIC Probe


C H I N A  &  H O N G  K O N G

CSA ABSOLUTE: Creditors' Meeting Slated for September 8
FANSWAY INTERNATIONAL: Winding Up Hearing Fixed August 31
FAST SYSTEMS: 1H/2005 Net Loss Widens to HK$1.3 Mln
GOLD ASIA: Court Authorizes Liquidator's Appointment
HON PO: Issues First Convertible Notes

JOIN EXPERT: Creditors' Meeting Set September 12
NICE TIME: Creditors to Meet September 14
PROSPERITY INTERNATIONAL: 1Q/2005 Net Loss Shrinks to HK$1.9 Mln
PROSTICKS INTERNATIONAL: Incurs HK$1.4 Mln Loss in 1H/2005
SUPERCAM CYBERTECH: Faces Liquidation Proceedings

TEXGAR LIMITED: Receives Winding Up Notice
YUE FUNG: To Appoint Liquidators
YUE FUNG DEVELOPMENT: Names Joint Liquidators


I N D O N E S I A

ASEAN ACEH: Gas Shortage Leads to Collapse, Liquidation
GARUDA INDONESIA: Labor Union Strike Cancelled
PERTAMINA: Government Likely to Replace Board of Directors
PERUSAHAAN LISTRIK: Gas Redistribution May Lead to Losses
TELEKOMUNIKASI INDONESIA: Aims to Reduce Debt, Improve Marketing


J A P A N

DAIEI INCORPORATED: To Close 9 More Outlets Next Month
KANEBO LIMITED: April-June Sales Down 27.97%
MITSUI LIFE: S&P Upgrades Rating to 'BB'
MITSUBISHI MOTORS: Beats First Quarter Sales Forecast
SEIBU RAILWAY: Eyes JPY160-Bln Capital Increase

* 3,500 Firms Failed in First Half; Highest Level in 5 Years


K O R E A

ASIANA AIRLINES: Flight Services to Normalize in 2 Weeks
COCA-COLA KOREA: Parent Denies Sell Off
DOOSAN GROUP: Prosecutors Begin Probe Into Fraud Allegations
HYNIX SEMICONDUCTOR: Disposal of Non-core Business Looms


M A L A Y S I A

ANCOM BERHAD: Buys Back 9,000 Ordinary Shares
ANTAH HOLDING: Updates Payment Default Status
MAGNUM CORPORATION: Issues New Shares for Listing
MAGNUM CORPORATION: Unveils Dealing in Quoted Securities
MAXIS COMMUNICATIONS: Bourse to List, Quote Additional Shares

MBF HOLDINGS: Hearing with GrandTech Moved to August 30
MEDIA PRIMA: Approval Period to Commence May 9
METACORP BERHAD: Furnishes Exchange with Updates on Proposals
NALURI BERHAD: Releases Details on Proposals
PADIBERAS NASIONAL: Incorporates New Unit

POS MALAYSIA: Lists, Quotes Additional Shares
SETEGAP BERHAD: Bourse Grants Extension of Restraining Order
SINORA INDUSTRIES: Names New Subsidiary


P H I L I P P I N E S

ABS-CBN BROADCASTING: Profit Dives on High Costs, Weak Revenues
BACNOTAN CONSOLIDATED: Completes Purchase of COC's Capital Stock
DIGITAL TELECOMMUNICATIONS: Sinks Deeper Into Red in First Half
MANILA ELECTRIC: Court Junks Rate Increase Bid
NATIONAL BANK: Four Suitors to Bid for Stake

NATIONAL BANK: Private Sector Welcomes Privatization
NATIONAL FOOD: To Secure Rice Commodity Loan from U.S.
NATIONAL POWER: Sells US$300 Mln of FRN
NATIONAL POWER: Masinloc Sale May Generate Php12 Bln
NATIONAL TRANSMISSION: Backs Salcon's Php15-Bln Expansion Plan


S I N G A P O R E

AIROCEAN GROUP: Posts 99.1% Net Profit Growth
CITIRAYA INDUSTRIES: Creditor Files Winding Up Petition
HEALTH MANNA: Creditor Initiates Liquidation Process
SENDO SINGAPORE: Liquidator Asks Creditors to Submit Debt Claims
TRINITY FOUNDATION: Proofs of Debt Due September 16


T H A I L A N D

JASMINE INTERNATIONAL: Net Profit Slides 52%
JASMINE INTERNATIONAL: Extends Audit Committee Service
PAE THAILAND: Board Chairman Resigns
THAI HEAT: Books THB51,562,000 in Net Profit

     -  -  -  -  -  -  -  -

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

ALBURY SPARKLING: Begins Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at an Extraordinary General
Meeting of Albury Sparkling Ales & Aerated Waters Pty Limited
held on July 4, 2005, it was resolved that the Company be wound
up voluntarily.

Helen Christensen of Howard & Christensen, Chartered
Accountants, 550 Smollett Street, Albury, NSW 2640 was appointed
liquidator for the winding up.

Dated this 5th day of July 2005

Helen Christensen
Liquidator
Howard & Christensen Chartered Accountants
550 Smollett Street, Albury NSW 2640


ANDERSON CINEMA: Ex-operator Faces Court Over AU$1.17-Mln Fraud
---------------------------------------------------------------
Mr. Stephen Michael Anderson, of Ballarat, Victoria, was on
Friday committed to stand trial in the County Court of Victoria
on three charges brought by the Australian Securities &
Investments Commission (ASIC).

Mr. Anderson, a former director of the Anderson Cinema Group of
companies (Anderson Cinema Group), was charged with two counts
of obtaining a financial advantage by deception involving $1.17
million and one count of false accounting.

The charges relate to his involvement in cinemas in Sunbury and
Melton, which were formerly operated by the Anderson Cinema
Group.

The Anderson Cinema Group was placed into receivership in March
2004.

Mr. Anderson pleaded not guilty to the charges and was granted
bail today. He will next appear in the County Court on 21
October 2005.

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


BUS 2000: To Pay Dividend to Creditors
--------------------------------------
Bus 2000 Limited is set to declare a first and final dividend to
creditors on Aug. 23, 2005.

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

Dated this 1st day of July 2005

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


COMAC PTY: Members to Review Liquidator's Report
------------------------------------------------
Notice is given that the final meeting of the members of Comac
Pty Limited will be held on Aug. 22, 2005, 10:00 a.m.  at the
offices of Deloitte Touche Tohmatsu, Level 3, 225 George Street,
Sydney.

AGENDA:

To lay before the meeting an account showing the manner of the
Company's winding up and disposal of property, and to give any
explanation of the account.

Dated this 6th day of July 2005

P. G. Yates
Liquidator
c/o Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000


COOLBRIDGE PTY: Members Opt for Voluntary Liquidation
-----------------------------------------------------
At a general meeting of the members of Coolbridge Pty Limited
held on July 1, 2005, a special resolution was passed to
voluntarily wind up the Company.

Stuart Craig
Liquidator
80 Pymble Avenue, Pymble NSW 2073


DIDASKO LIMITED: Varies Deed of Company Arrangement
---------------------------------------------------
Creditors of Didasko Limited determined to vary the deed of
company arrangement of Didasko Ltd on August 5, 2005.

Under the varied terms of the deed, a creditor's trust will be
created following payment of the creditor fund within 30 days of
the deed's execution.

The deed will be terminated upon the creation of the creditors'
trust

This will assist the company in lifting its suspension from
official quotation on the Australian Stock Exchange.

About the Company

Didasko is a national provider of vocational training products
and services, educational media and ICT solutions. Didasko
Limited is a publicly owned corporation listed on the Australian
Stock Exchange (ASX: DID). Its range of training and educational
services is tailored to meet the needs of government and private
sector customers.

Its businesses are involved in the production, distribution and
delivery of education and vocational products and training
services and ICT solutions.

CONTACT:

RICHARD ALBARRAN
Administrator
Hall Chadwick
Level 29 St Martins Tower
31 Market Street
SYDNEY NSW 2000 Australia
Phone: (02) 9263 2600
Fax: (02) 9263 2800
E-mail: hcsydinfo@hallchadwick.com.au  
Web site: http://www.hallchadwick.com.au/

Didasko Limited
833 Dandenong Road
East Malvern 3145
Victoria
Phone: 61 3 9573 3900
Fax: 61 3 9573 3901
Web site: http://www.didasko.co


DUBBO CLEANING: Inability to Pay Debts Prompt Wind-up Action
------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Dubbo Cleaning Services Pty Limited held on July 1, 2005, the
following Special Resolution was duly passed:

That as the Company's directors think that it cannot pay its
debts within 12 months, the Company be wound up by a Creditors
Voluntary Winding Up.

Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 2,
Level 1, 43 Macquarie Street, Dubbo, NSW was appointed
Liquidator of the Company for the winding up.

Dated this 1st day of July 2005

Stephen Jay
Liquidator
Suite 2, Level 1, 43 Macquarie Street
Dubbo NSW 2830


EAT ME: Enters Liquidation
--------------------------
Notice is hereby given that at a meeting of Eat Me Catering Pty
Limited held on July 7, 2005, the following Special Resolution
was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily, and that Daniel
Civil and Peter Rodgers be appointed Joint Liquidators for such
winding up.

Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


FORTESCUE METALS: Inks Land Access Deal with Nyiyaparli People
--------------------------------------------------------------
Fortescue Metals Group Limited announced the signing of the
primary "whole of claim" Land Access Agreement across most of
its Chichester Range project site.

This agreement removes any Native Title constraints, which may
have impeded access to any of the Fortescue tenements within the
40,000 square kilometer Nyiyaparli Native Title Claim area. It
will also act as a framework for remaining agreements covering
infrastructure and the balance of the resource area.

This area incorporates some 80% of the resources targeted under
Fortescue's financing plan to provide for its forecast mine life
of over 20 years.

The key features of the agreement are summarized as:

(1) Provided for the grant and renewal of all tenure required
for Fortescue's project within the specified claim area;

(2) Creates a framework for the establishment of a vocational
training and education program to facilitate employment
opportunities for the Aboriginal people;

(3) Provided "life of project" benefits encompassing
remuneration, protection of Aboriginal cultural heritage and the
environment.

The signing of the agreement is the culmination of more than 18
months of relationship building between Fortescue and the
Nyiyaparli People. The Company thanks the Elders of the
Nyiyaparli Group for thier support and faith in Fortescue's
Chichester Range project.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


FOXTEL: Growing Subscriptions Curb Losses
-----------------------------------------
The 13-percent increase in Foxtel's direct subscription base has
significantly stemmed the pay-TV group's losses, according to
The Australian.

Foxtel lifted direct subscriptions by 119,000 to 904,000 and in
the six months to June recorded earnings before interest, tax,
depreciation and amortization (EBITDA) of AU$31 million.

The full-year EBITDA result was a loss of AU$15 million given
earlier losses, but the second-half result represented a
"significant turnaround".

High interest costs on the AU$600 million borrowed to fund last
year's digital upgrade and continuing depreciation on new set-
top boxes pulled the bottom line down to a AU$128 million annual
loss - less than last year's AU$149 million loss.

The number of rival Optus's wholesale subscribers taking Foxtel
fell by 39,000 during the year to 157,000, but those figures
were expected to pick up once Optus upgraded its pay-TV service
to digital later this year.

Foxtel is a three-way venture of Telstra, News Corp and
Publishing and Broadcasting Ltd

CONTACT:

Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/


FTC AUSTRALIA: Supreme Court Orders Winding Up
----------------------------------------------
On July 4, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of FTC Australia Pty Limited,
and appointed R. J. Porter as Official Liquidator for such
purpose.

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


HAYA PTY: Appoints Official Liquidator
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Haya Pty Limited held on July 1, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
Geoffrey Trent Hancock of Horwath Sydney Partnership, Level 10,
1 Market Street, Sydney NSW 2000 be appointed Liquidator of the
Company for the winding up.

Dated this 4th day of July 2005

Geoffrey T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000


JAN ABLE: Winds Up Business
---------------------------
Notice is hereby given that at an Extraordinary General
Meeting of Jan Able Pty Limited held on July 4, 2005, it was
resolved that the Company be wound up voluntarily. Helen
Christensen of Howard & Christensen, Chartered Accountants, 550
Smollett Street, Albury, NSW 2640 was appointed liquidator for
the winding up.

Dated this 5th day of July 2005

Helen Christensen
Liquidator
Hpward & Christensen Chartered Accountants
550 Smollett Street, Albury NSW 2640


LONDON BRIDGE: Stephen McNamara Named Liquidator
------------------------------------------------
Notice is hereby given in accordance that at a general meeting
of London Bridge Investments Pty. Limited duly convened and held
on July 7, 2005, the following special resolution was duly
passed:

That the Company be wound up voluntarily, and that Stephen D.
McNamara be and is now appointed Liquidator of the Company.

Dated this 8th day of July 2005

Stephen D. McNamara
Liquidator
c/o Harrington McNamara
Chartered Accountants
Level 7, 11 Help Street
Chatswood NSW 2067


METALEC PTY: To Declare Final Dividend
--------------------------------------
Metalec Pty Limited will declare a first and final priority
dividend on Aug. 24, 2005.

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

Dated this 4th day of July 2005

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


MYER LIMITED: U.S. Chain Cuts Ties
----------------------------------
U.S. department store chain Federated Department Stores Inc. has
severed its private label supply agreement with struggling Myer
Limited, according to The Australian.

Myer, a subsidiary of retail giant Coles Myer Limited, entered
into a contract with Federated Department Stores a year after it
launched its private label strategy in 2002.

But the U.S. company prematurely terminated last month the
sourcing agreement, which still had a few years to run.

Earlier this year, Federated and May Department Stores Company
merged to create a $17 billion department store chain called
Macy's Merchandising Group.

Federated sources elements of Myer's Blaq, View, Basque and
Urbane private labels.

Coles Myer recruited the department store chief Dawn Robertson
from Federated.

A Myer spokesman yesterday confirmed that the contract had been
terminated.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


MULTIPLEX: Inks Litigation Funding Agreement with IMF
-----------------------------------------------------
IMF (Australia) Limited (IMF) announced it has entered into a
litigation funding agreement with Multiplex Limited.

The agreement in question and the broader relationship with
Multiplex will see IMF investigating, amongst other things, cost
overruns on selected completed projects and, where appropriate,
funding legal proceedings Multiplex decides to commence against
third parties responsible for those overruns.

The arrangement between Multiplex and IMF is an excellent
example of the trend recently described by French J. in QPSX v
Ericsson Australia Pty Ltd (No.3) [2005] FCA 933 at para 54.
Multiplex is a sophisticated, well resourced commercial entity
operating successfully in domestic and international markets. It
is looking to IMF:

(1) To help spread the cost risk of complex commercial
litigation; and

(2) To ensure that such litigation is run in the most efficient
and cost effective manner.

For further information, please contact John Walker or Alastair
Mackay at IMF on (02) 8223 3567.

CONTACT:

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


NIK NAT: Members, Creditors to Meet August 22
---------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Nik Nat Investments Pty Limited will be held on
Aug. 22, 2005, 9:30 a.m. at the offices of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
for the purpose of having an account laid before them showing
how the winding up was conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidators.

Dated this 6th day of July 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: (03) 9882 6666


OZOG PTY: Liquidator to Explain Winding Up Report
-------------------------------------------------
Notice is hereby given that the final meeting of the members of
Ozog Pty Limited will be held on Aug. 22, 2005, 10:00 a.m. at 21
Boundary Road, Kelburn, Wellington, New Zealand, for the
following purposes:

AGENDA:

To receive an account made up by the liquidator showing the
manner of the winding up and how the Company was disposed of,
and to receive any explanation required thereof.

Dated this 19th day of July 2005

Ross Vile
Liquidator
C/o 21 Boundary Road, Kelburn
Wellington, New Zealand


PRO-AG INTERNATIONAL: Members Agree to Close Operations
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Pro-Ag International Pty Limited held on July 4,
2005, it was resolved that the Company be wound up voluntarily
and for such purpose, that Edmund Francis Brailey be appointed
Liquidator of the Company.

Dated this 4th day of July 2005

E. F. Brailey
Liquidator
c/o Brailey Fenton Lane & Co.
151 Victoria Road, Gladesville NSW 2111


QANTAS AIRWAYS: Airbus Apologizes for A380 Delay
------------------------------------------------
Airbus' chief operating officer John Leahy flew to Sydney to
offer its apology to Qantas Airways for the major delay in the
delivery of its superjumbo A380, Sydney Morning Herald reports.

The Airbus executive also came to discuss the issue of paying
compensation to Australia's flag carrier.

There have been speculations that Qantas might seek up to AU$100
million in penalties from Airbus for the delay.

Two months after Airbus was forced to concede its A380 program
was running way behind schedule, Mr. Leahy admitted the fiasco
could affect the Toulouse aircraft maker's promotion of its yet
to be built A350.

Directly aimed at long-haul oriented airlines such as Qantas,
the 250-seat A350 is designed to attack Boeing's launch of its
new 787 Dreamliner.

Airbus stressed the planned delivery of its first A380 to Qantas
in April 2007 was still on target. It was originally meant to be
October 2006.

Qantas has declined to say how much it was seeking in damages
but has made it clear it is not happy.

Chief Executive Geoff Dixon said, "Both companies are basically
in agreement that penalties are on the table as part of the
contract."

But if Airbus has any further delays in store, Mr. Dixon said:
"We would be quite seriously impacted in our planning."

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


ROSELAND ELECTRICS: Members Initiate Wind-up Process
----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Roseland Electrics duly convened and held on July 8, 2005,
the following Special Resolution was passed:

That the Company be wound up voluntarily, and that Geoffrey
McDonald be appointed Liquidator for the winding up.

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


SANTOS LIMITED: Confident in Jeruk Oil's Potential
--------------------------------------------------
Santos Limited remains certain its Jeruk field offshore
Indonesia could yield more than 170 million barrels of oil,
despite concerns about recent "disappointing" results, Dow Jones
Newswires reports.

A formal reserve estimate for Jeruk is unlikely to be made until
late this year or early next year.

In January, Santos said that successful exploration on Jeruk
suggested recoverable reserves in excess of the pre-drill
estimate of 170 million barrels.

But broker UBS said that preliminary results from the current
Jeruk-2ST4 sidetrack well are disappointing, with the well
failing to produce a "reasonable volume of oil" from the main
reservoir section.

"We have reviewed our assumptions for Jeruk and now believe this
field has considerable downside risk," said UBS, which had
previously estimated reserves of up to 300 million barrels.

"We even see potential for it to possibly drop below the Santos
pre-drill estimate of 170 million barrels recoverable," it said,
adding that it has downgraded its recommendation on Santos
shares to reduce from neutral.

Santos' biggest exploration success in recent times, Jeruk has
been closely watched by investors as the Adelaide-based group
tries to diversify outside its key Cooper Basin gas assets in
central Australia.

Earlier this year, Santos said it was investigating "options for
potential early production" from Jeruk.

CONTACT:

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


SIMMONDS TRANSPORT: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Simmonds Transport Pty Limited held on July 4, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and M.
F. Cooper was appointed Liquidator for such purpose. Creditors
confirmed the Liquidator's appointment at a creditors' meeting
held later that day.

Dated this 7th day of July 2005

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


SKATEWORLD PTY: Begins Liquidation Proceedings
----------------------------------------------
Notice is given that a meeting of the members & creditors of
Skateworld Pty Ltd will be held on Aug. 22, 2005, 11:30 a.m. at
the Conference Room, Worrells, Level 5 15 Queen Street,
Melbourne Vic 3000.

AGENDA
(1) To receive the final receipts and payments from the
Liquidator;

(2) To receive formal notice of the end of the administration;

(3) Any other business that may be considered with the
foregoing.

Dated this 22nd day of June 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


SOUTHERN FOOD: Plant Closure Angers Potato Growers
--------------------------------------------------
The collapse of Southern Food Group's Star Fries plant has left
South Australian potato growers dismayed about losing millions
of dollars, according to ABC News.

The Star Fries factory, which earlier went under receivership,
was unable to honor AU$8 million in contracts to growers.

Growers, some of whom claimed they were owed vast amounts of
money, will get nothing from the sale of assets.

Growers are angry about the fact that they were not told the
truth about the Company's dire situation.

"There should be one that's in excess of two, two and a half
million dollars, which in anybody's business is horrendous," one
grower said.

"We had a 3,000-tonne contract with this company which basically
let us down big time," another grower added.


TANNER BUSINESSES: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is hereby given that at a meeting of the members of
Tanner Businesses Pty Limited held on July 1, 2005, the
following special resolution was passed:

That the Company be wound up as a Members' voluntary
liquidation, and that Richard Andrew Lang be appointed as
Liquidator for the winding up of the affairs and distribution of
the Company's property.

Dated this 1st day of July 2005

Richard A. Lang
Liquidator
804 Drummond Street
Carlton North Vic 3054


VALLEY BAKEHOUSE: To Hold Final Meeting August 22
-------------------------------------------------
Notice is given that a joint meeting of members and creditors of
Valley Bakehouse Group Pty Limited will be held on Aug. 22,
2005, 3:00 p.m. at the offices of Lawler Partners, 763 Hunter
Street, Newcastle West NSW 2302.

AGENDA

(a) To receive an account of the Liquidator's acts and dealings
and the conduct of the winding up to date.

(b) Any other business that may lawfully be brought forward.

Dated this 19th day of July 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302.
Phone: (02) 4962 2294
Fax:   (02) 4962 2290


WINKLER PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a meeting of Winkler Pty Limited
held on July 8, 2005, the following Special Resolution was
passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Daniel Civil and
Peter Rodgers be appointed Joint Liquidators for such winding
up.

Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


* Property Investment Firms Wound Up After ASIC Probe
-----------------------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Supreme Court of Victoria has
ordered that Casey Downs Retirement Villages Pty Ltd (Casey
Downs) and Ambridge Retirement Management Services Pty Ltd
(Ambridge) be wound up.

Mr. Greg Andrews of G. S Andrews and Associates has been
appointed liquidator of the companies.

ASIC's investigation into Casey Downs and Ambridge revealed that
between March 2003 and March 2004, 26 investors invested
$5,014,250 with Casey Downs on the understanding that the money
would be used to buy land in Kangan Drive Berwick, where a
proposed retirement village would be constructed.

ASIC alleged that the sole director of Casey Downs and Ambridge,
Mr. Mark Andrew Cyril Stanley, of South Yarra, told investors
that after the construction of the retirement village, they
would receive a full refund on their investments and interest
payments at 13 percent per annum.

The sale of the property by the vendor, Primelife Corporation
Limited, to Casey Downs did not proceed. Some of the investors'
funds have been returned, however approximately $3,800,000
remain unaccounted for.

"ASIC will continue to take appropriate action to protect the
interests of investors, particularly those who may be more
vulnerable to the adverse effects of misleading investment
advice," ASIC Deputy Executive Director of Enforcement, Mr Allen
Turton said.

"Investors should be taking advice from authorized advisers only
and can check whether an adviser is properly authorized by
visiting ASIC's consumer website www.fido.asic.gov.au," Mr.
Turton added.

ASIC's investigation into Casey Downs and Ambridge is
continuing.

Background

On 3 August 2005, Mr. Stanley appeared in the Melbourne
Magistrates Court to face theft and breach of directors duties
charges following an investigation by ASIC.

Mr. Stanley was charged with stealing funds from St Leonards
Property Pty Ltd (St Leonards) of which he was a director. The
charges allege Mr. Stanley stole more than $430,000 from St
Leonards.

In June 2005, Mr. Stanley was charged with dishonestly using his
position as a director of St Leonards with the intention of
gaining an advantage for himself or someone else.

St Leonards was a joint venture company involved in the purchase
and development of a multi-level office block in Crows Nest,
Sydney.

Mr. Stanley remains on bail and is required to re-appear at the
Melbourne Magistrates Court on 24 August 2005 for a committal
mention hearing.


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

CSA ABSOLUTE: Creditors' Meeting Slated for September 8
-------------------------------------------------------
Notice is hereby given that a meeting of the creditors of CSA
Absolute Return Fund Limited (In Liquidation) will held at
26/F., Edinburgh Tower, The Landmark, 15 Queen's Road Central,
Hong Kong at 10 a.m. on September 8, 2005.

By order of the British Virgin Islands (BVI) Court dated July
25, 2005, Jan G W Blaauw or, failing him, John J Toohey each
being one of the joint and several liquidators of the Company,
was appointed to act as Chairman of the Meeting.

All relevant documents including the Voting Form, the Proxy
Form, the Company Creditors' Arrangement Proposals, the Interim
Supervisors' Report on the Proposals and the Statement of
Affairs (being the Explanatory Statement) and the Scheme of
Arrangement can be downloaded from www.pwchk.com/csa.

They can also be obtained free of charge by CCA Creditors from
the offices of the Liquidators at 22/F., Prince's Building, 10
Chater Raod, Central, Hong Kong or their solicitors, Messrs.
Dibb Lupton Alsop at 41/F., Bank of China Tower, 1 Garden Road,
Central, Hong Kong from 10:00 am to 4:00 pm, Monday to Friday,
until the Business Day prior to the date scheduled for the CCA
Creditors' Meeting.

Company Creditors' Arrangement (CCA) creditors may vote in
person or may appoint another person as their proxy to vote in
their place at the CCA Creditors' Meeting. If any CCA Creditors
wishes to vote by proxy, a Proxy Form (together with all
supporting documentation specified in the notes to the Proxy
Form as being necessary to demonstrate that the proxy has been
properly executed) must be submitted to the Company before 5:00
pm (Hong Kong time) on September 5, 2005 (being three Business
Days before the date of the CCA Creditors' Meeting) at the
offices of the Liquidators as noted above. The same Proxy Form
will be used for the CCA Creditors' Meeting and the Meetings of
Scheme Claimants.

Proxy Forms not returned by that date may be handed in to the
Chairman on the day of the Meeting and will be accepted at his
discretion, provided that a copy of the Proxy Form has been sent
to the Liquidators prior to 5 p.m. on September 5, 2005 by fax
or hand. Faxed copies may be sent to Fax No: (852) 2890 8345.
Completing and returning the Proxy Form does not prevent a CCA
Creditor from attending the Meeting in person to vote.

Dated this 11th day of August 2005

JAN G W BLAAUW
Interim Supervisor
CSA Absolute Return Fund Limited (In Liquidation)


FANSWAY INTERNATIONAL: Winding Up Hearing Fixed August 31
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fansway International Limited by the High Court of Hong Kong
Special Administrative Region was on July 5, 2005 presented to
the said Court by Leung Chi Tung of G/F., 78 Tai Nan Street,
Shamshuipo, Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on August 31, 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.

MESSRS. CHAK & ASSOCIATES
Solicitors for the Petitioner
11th Floor, Hong Kong Diamond Exchange Building
8-10 Duddell Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 30, 2005.


FAST SYSTEMS: 1H/2005 Net Loss Widens to HK$1.3 Mln
---------------------------------------------------
Fast Systems Technology (Holdings) (8150) incurred a net loss of
HK$1.34 million for the first half of 2005, versus a net loss of
HK$338,000 a year earlier, Infocast News reports.

Loss per share (LPS) was 0.22 cent. No second quarter dividend
was declared.

The Group is a provider of high-precision polishing technology
for use on hard substances in the PRC, which technology
comprises wide-ranging engineering techniques of cutting,
slicing dicing, diamond sawing, grinding, flat lapping, shaping
and thinning.

CONTACT:

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


GOLD ASIA: Court Authorizes Liquidator's Appointment
----------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated July 26, 2005, Mr. Gabriel Chi Kok
Tam and Mr. Jacky Chung Wing Muk, both of KPMG, 8th Floor,
Prince's Building, 10 Chater Road, Central, Hong Kong, were
appointed as the Joint and Several Liquidators of Gold Asia
Realty Limited with a Committee of Inspection.

Dated this 11th day of August, 2005

Gabriel CK Tam
Jacky CW Muk
Joint and Several Liquidators


HON PO: Issues First Convertible Notes
--------------------------------------
Reference is made to the circular issued by Hon Po Group
(Lobster King) Limited March 21, 2005 and June 14, 2005 (the
Circulars) and the announcement of the Company dated June 30,
2005, in relation to the placings of the First Convertible Notes
and the Second Convertible Notes.

The placing of the First Convertible Notes is carried out in two
stages with an aggregate principal amount of HK$20,000,000 to be
issued at each stage. The issue of the first and final tranches
of the First Convertible Notes is conditional upon fulfillment
of the conditions to the placing of the First Convertible Notes
and the issue of each successive tranche will be subject to
successful completion of the issue of the preceding tranche.

On July 22 2005, the Listing Committee of the Stock Exchange
granted the listing of and permission to deal in the Conversion
Shares to be issued upon the exercise of the conversion rights
attached to the Convertible Notes. The Board is pleased to
announce that on August 11, 2005, the first and final tranches
of the First Convertible Notes in an aggregate principal amount
of HK$40,000,000 were issued to 13 independent professional,
corporate or individual placees.

The Company has received conversion notices for the full
conversion of the First Convertible Notes issued and as a result
of which the Company has issued a total of 400,000,000 Shares to
those 13 placees at the First Conversion Price of HK$0.10 each
accordingly on August 11, 2005 (First and Final Tranches
Conversion Shares). The First and Final Tranches Conversion
Shares represent approximately 34.75% of the issued share
capital of the Company prior to their issue and approximately
25.79% of the issued share capital of the Company as enlarged
by the issue of the First and Final Tranches Conversion Shares.
Upon the issue of the First and Final Tranches Conversion
Shares, the total number of issued share of the Company has
changed from 1,151,200,000 Shares to 1,551,200,000 Shares. To
the best knowledge of the Company, none of the holders of the
First and Final Tranches Conversion Shares has become a
substantial Shareholder of the Company as a result of the issue
of the First and Final Tranches Conversion Shares.

As at the date of this announcement, except for the issue of the
First and Final Tranches Conversion Shares, the Company has no
other Shares issued pursuant to other transactions including
Shares issued pursuant to exercise of options under any share
option scheme, and the remaining maximum principal amount of
HK$50,000,000 of the Second Convertible Notes has not yet been
issued.

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

By order of the Board
Hon Po Group (Lobster King) Limited
Chan Shi Yung
Executive Director and Chief Executive Officer
Hong Kong, 11th August 2005

CONTACT:

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


JOIN EXPERT: Creditors' Meeting Set September 12
------------------------------------------------
Notice is hereby given that the creditors of Join Expert Output
and Printing Limited (In Members' Voluntary Winding Up) are
required, on or before September 12, 2005 to send their names
and addresses, with full particulars of their debts or claims,
and the names and addresses of their solicitors, if any, to the
liquidator.

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

Dated this 12 August 2005

(Sd.) YOUNG Chun Man Kenneth
YOUNG Chun Man Kenneth
Joint and Several Liquidator
JOIN EXPERT OUTPUT AND PRINTING LIMITED
31/F, Gloucester Tower, The Landmark11 Pedder Street, Central
Hong Kong


NICE TIME: Creditors to Meet September 14
-----------------------------------------
Notice is hereby given that the Annual and Final Meetings of the
members and creditors of Nice Time Industrial & Trading Company
Limited (In Creditors' Voluntary Liquidation) will be held at
Room 1606, 16/F., Technology Plaza, 29-35 Sha Tsui Road, Tsuen
Wan, New Territories on 14th September, 2005 at 10 a.m. and
10:30 in the morning.

Members or creditors who are unable to attend may appoint a
proxy who need not be a member or a creditor of the Company.  

Proxies to be used at the meeting must be lodged at Room 1606,
16/F., Technology Plaza, 29-35 Sha Tsui Road, Tsuen Wan, New
Territories no later than 4:00 p.m. on 13th September, 2005.

Dated this 12th day of August, 2005

Janet Kwan Yee Fan
Liquidator


PROSPERITY INTERNATIONAL: 1Q/2005 Net Loss Shrinks to HK$1.9 Mln
----------------------------------------------------------------
Prosperity International Holdings (H.K.) Limited (8139) reported
a net loss of HK$1.882 million for the fiscal first quarter
ended June 30, against a net loss of HK$3.53 million a year ago.
Loss per share (LPS) was 0.23 cent. No dividend was declared.

The Group is engaged principally in the manufacture and sale of
decorative sheets, formally known as high-pressure laminates,
which are sold under its own brand name "Pearl" and "Waika". The
products are sold in the PRC, Hong Kong and other Asian
countries.

CONTACT:

Prosperity International Holdings (H.K.) Limited
10th Floor, Prosperity Industrial Building
89 Wai Yip Street, Kwun Tong
Kowloon, Hong Kong  
Phone: 27592618  
Fax: 27564884  


PROSTICKS INTERNATIONAL: Incurs HK$1.4 Mln Loss in 1H/2005
----------------------------------------------------------
ProSticks International Holdings (8055) reported a net loss of
HK$1.375 million for the first half of 2005, versus a net loss
of HK$6.007 million a year earlier.

Loss per share (LPS) was 0.21 cent. No second quarter dividend
was declared.

The Group is principally engaged in the development, production
and distribution of financial software products in Hong Kong.

CONTACT:

Prosticks Internatinal Holdings Limited
15th Floor, Asia Financial Centre
120 Des Voeux Road
Central, Hong Kong
Phone: 28668630  
Fax: 28668650  
Web site: http://www.prosticks.com.hk


SUPERCAM CYBERTECH: Faces Liquidation Proceedings
-------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated July 26, 2005, Mr. Gabriel Chi Kok
Tam and Mr. Jacky Chung Wing Muk, both of KPMG, 8th Floor,
Prince's Building, 10 Chater Road, Central, Hong Kong, were
appointed as the Joint and Several Liquidators of Supercam
Cybertech Limited with a Committee of Inspection.

Dated this 11th day of August, 2005

Gabriel CK Tam
Jacky CW Muk
Joint and Several Liquidators


TEXGAR LIMITED: Receives Winding Up Notice
------------------------------------------
Texgar (Holdings) Limited whose place of business is located at
Suite 2701, 27th Floor, Chinachem Century Centre, 178 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 2, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


YUE FUNG: To Appoint Liquidators
--------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated July 26, 2005, Mr. Gabriel Chi Kok
Tam and Mr. Jacky Chung Wing Muk, both of KPMG, 8th Floor,
Prince's Building, 10 Chater Road, Central, Hong Kong, were
appointed as the Joint and Several Liquidators of Yue Fung
International Group Holding Limited with a Committee of
Inspection.

Dated this 11th day of August, 2005

GABRIEL CK TAM
JACKY CW MUK
Joint and Several Liquidators


YUE FUNG DEVELOPMENT: Names Joint Liquidators
---------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated July 26, 2005, Mr. Gabriel Chi Kok
Tam and Mr. Jacky Chung Wing Muk, both of KPMG, 8th Floor,
Prince's Building, 10 Chater Road, Central, Hong Kong, were
appointed as the Joint and Several Liquidators of Yue Fung
Development Company Limited with a Committee of Inspection.

Dated this 11th day of August, 2005

Gabriel CK Tam
Jacky CW Muk
Joint and Several Liquidators


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

ASEAN ACEH: Gas Shortage Leads to Collapse, Liquidation
-------------------------------------------------------
Due to operating difficulties resulting from a recent gas
shortage in Aceh, the Indonesian government has decided to
liquidate fertilizer firm PT ASEAN Aceh Fertilizer (AAF),
reports AFX News.

According to the Investor Daily, the decision to liquidate the
60% government-owned firm was announced by Minister for State
Enterprises Sugiharto in an Aug. 5 letter to PT Pupuk
Sriwidjaja, the government's representative to the Company.

The remaining 40% stake in the Company is shared by the
governments of Malaysia, Philippines, Singapore and Thailand,
who had earlier decided to sell their stake.

AAF, which was founded in 1979, had stopped operations in 2003
after energy firm ExxonMobil Oil Indonesia Inc. cut off gas
supplies to a nearby gas block in Arun. ExxonMobil had decided
to supply liquefied natural gas (LNG) overseas, as the gas
reserves in the Arun block had declined.

CONTACT:

PT ASEAN Aceh Fertilizer (AAF)
Jl. Medan Banda Aceh
Krueng Geukueh PO. BOX No. 09
Lhokseumawe, Aceh Utara
Indonesia
Phone: 0645-56933
Fax:   0645-56660
Email: aaf@aaf.co.id
Web site: http://www.aaf.co.id/


GARUDA INDONESIA: Labor Union Strike Cancelled
----------------------------------------------
A planned strike to protest the discriminatory remuneration
system of national airline PT Garuda Indonesia to its flight
attendants did not push through last Aug. 12, 2005, the Daily
Telegraph reports.

According to the Company's Australian general manager Suranto
Yitnopawiro, Garuda Flight Attendants Association (Ikagi) leader
Zainuddin Malik issued a statement saying that the strike was
cancelled.

The planned strike by the Company's labor union wass a last
resort to force management to respect their basic rights and
stop workplace discrimination. Flight attendants demanded pay
increases based on skills and performance.

Hence, flights from Australia and Bali are expected to have
traveled with a full cabin crew, dispensing the need for
additional recruitments from other airlines.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Government Likely to Replace Board of Directors
----------------------------------------------------------
Indonesia's Ministry of State Enterprises is looking into
replacing the current Board of Directors of state-owned oil and
gas firm PT Pertamina, Asia Pulse reports.

Minister of State Enterprises Sugiharto said that he received
mobile phone messages from several Company employees who
complained about the management's performance, and are demanding
that the management be changed, as well. He added that the
government doesn't care whether or not Pertamina would be the
majority shareholder in the operation of the Cepu oil block, but
that the government would receive majority of the profits.

Pertamina had earlier requested to hold a 55% stake in the Cepu
block, with 45% going to the Company and 10% going to the
regional government.

The government's negotiating team chief, Rizal Mallarangeng,
said that he rejects the Company's request to become a majority
shareholder in the block, as this would threaten an ongoing
agreement between the team and U.S.-based ExxonMobil, the
current operator of the Cepu block.

Mr. Sugiharto sent a letter ordering Pertamina to respect the
agreement, but has not received a reply from the Company. He
said, however, that it is irrelevant, as yet, to talk about
matters such as ownership of the block.

Pertamina has yet to submit a detailed business plan on the
operation of the Cepu block to the government.

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


PERUSAHAAN LISTRIK: Gas Redistribution May Lead to Losses
---------------------------------------------------------
A planned redistribution of 10 million cubic feet of gas from
state power firm PT Perusahaan Listrik Negara (PLN) to other
industries could lead to huge losses for the Company, reports
Asia Pulse.

Due to the gas redistribution, PLN will have to stop using gas
and start using fuel oil to run its power plants, especially
those located in East Java, and this could result in an increase
of up to IDR265 billion in operating expenses.

The government has said that it is willing to facilitate a
"business-to-business" agreement with PLN, in order that the
Company would not suffer losses from the redistribution. State
oil and gas firm PT Pertamina has said that PLN must pay market
prices for the fuel oil it needs to run its power plants, as
Pertamina would have to procure 100,000 kiloliters of fuel
annually if the gas redistribution takes place.

It has not been confirmed whether PLN would pay the subsidized
price for fuel, but the government stresses that the Company
should not suffer losses from the reallocation.

PLN is reluctant about the gas redistribution, set to begin
today, Aug. 15, 2005, because shifting from the use of natural
gas to fuel oil to run its power plants would make it harder for
the Company to return to profit; it posted a net loss of IDR2.02
trillion last year.

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: Aims to Reduce Debt, Improve Marketing
----------------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia
(Telkom) is planning to downsize its workforce, improve
marketing and reduce debt as a response to government demands to
triple the Company's value within five years, reports the
International Herald Tribune.

According to Company president Arwin Rasyid, Telkom is preparing
to face intense competition from two telecommunications firms
that have invested in Indonesia for the past two months. Mr.
Rasyid said that Telkom should focus on its customers in order
to survive.

Mr. Rasyid announced his plans to reduce foreign debt, which
accounted for around 70% of the Company's IDR14.9 trillion
outstanding debt; Telkom has chosen four banks to consult with
on hedging foreign currency debt. Foreign exchange losses in the
Company were caused by an earlier 5.4% drop in the local
currency against the U.S. dollar.

Telkom is also looking into a voluntary retirement plan to
downsize its workforce. The Company had 29,375 employees that
generated IDR220.7 billion per 1,000 employees. Now going into
the "wireless" age, it won't need as many employees.

Labor costs should also be managed, as they are rising faster
than sales, according to Mr. Rasyid. Telkom is also reviewing
its New York Listing. It has been late in delivering financial
results to the U.S. Securities & Exchange Commission for the
past two years.

The Company is also planning on conducting organizational
changes, as well as changing the packaging of its products in
order to compete with other telecommunications firms.

According to Minister of State Enterprises Sugiharto, The
Company may be successful in turning around with the changes
that Mr. Rasyid is proposing. Telkom is now valued at IDR107.8
trillion.

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
=========

DAIEI INCORPORATED: To Close 9 More Outlets Next Month
------------------------------------------------------
Daiei Incorporated will shut down nine stores by the end of
October, in line with its restructuring plan to close 53 outlets
nationwide, The Japan Times reports.

The nine stores are located in Mito, Ibaraki Prefecture;
Kanazawa, Ishikawa Prefecture; Kobe and Amagasaki, Hyogo
Prefecture; Kurayoshi, Tottori Prefecture; Fukuyama, Hiroshima
Prefecture; and the cities of Osaka and Fukuoka, in which two
outlets will close.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


KANEBO LIMITED: April-June Sales Down 27.97%
--------------------------------------------
Kanebo Limited said its group sales in April-June quarter fell
27.97 percent from a year earlier to JPY45,290 million, Kyodo
News reports.

The sharp drop came as the household products maker limited the
product lineup and sales channels in a bid to avoid discount
sales and improves marketing efficiency.

CONTACT:

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


MITSUI LIFE: S&P Upgrades Rating to 'BB'
----------------------------------------
Standard & Poor's Ratings Services raised its financial strength
and long-term counterparty ratings on Mitsui Life Insurance Co.
Ltd. to 'BB' from 'BB-', reflecting steady improvement in its
capitalization since the company's demutualization in April
2004. The outlook on the long-term rating is stable.

As part of its mid-term restructuring plan, Mitsui Life has been
steadily reducing its risk assets for the last couple years, and
in fiscal 2004 (ended March 31, 2005), it further reduced its
domestic equity holdings by about JPY100 billion.

"These efforts, combined with the recovery of latent profits in
its equity portfolio, have supported the insurer's steady
improvement in capitalization," said Standard & Poor's credit
analyst Tatsuo Kurogi. In line with Japan's aging population,
demand for death coverage insurance products is diminishing, and
the overall performance of Mitsui Life's insurance operations,
new policies in particular, remain stagnant.

However, the deterioration of the insurer's existing customer
base has started to level off, as evidenced by the substantial
decline in its surrender and lapse rate to 7.48% in fiscal 2004,
which is below the industry average. The company plans to post
depletion losses of about JPY100 billion from its real estate
portfolio in fiscal 2005. The disposal is very likely to lead to
a net loss for fiscal 2005, but it would be a step toward the
public listing of Mitsui Life, targeted for fiscal 2007 or
after, as it would improve the soundness of the insurer's
balance sheet.

Core operating profit in fiscal 2004 increased 8.6 percent from
the previous fiscal year to JPY100.2 billion due to the decline
of negative spreads. However, core-operating profit before the
deduction of negative spreads actually fell 5.4 percent. This
highlights that Mitsui Life remains under pressure from a
decrease in business in-force. Starting from the current fiscal
year, the company intends to focus on businesses with high
growth potential, such as third-sector insurance products and
individual annuities. The focal issue is whether these new
businesses can replace conventional death coverage to become the
company's main source of revenue. Meanwhile, competition in the
Japanese life insurance market has further intensified, with
Mitsui Life's capitalization weaker than that of its peers.

The stable outlook reflects that the rating is constrained by
the company's still marginal, albeit improving, capitalization.
Nevertheless, Mitsui Life's financial profile is not likely to
deteriorate greatly, given the insurer's asset risks have
decreased through the reduction of domestic equities. Also, the
company benefits from sustained support from Sumitomo Mitsui
Banking Corp. (A/Stable/A-1) and Mitsui group companies.

CONTACT:

Mitsui Life Insurance Company Limited.
1-2-3 Otemachi, Chiyoda-ku
Tokyo 100-8123, Japan
Phone: +81-3-3211-6111
Fax: +81-3-3215-1580


MITSUBISHI MOTORS: Beats First Quarter Sales Forecast
-----------------------------------------------------
Victoria Motors Ltd., Uganda's authorized Mitsubishi Motors
representative, announced that global sales and profitability
surpassed expectations in the first quarter, AllAfrica.com
reports.

"Domestic sales were better than planned, and July looks even
better. Overall, with the exception of North America, April-June
sales were above our plans and that is naturally reflected at
the earnings level,"

Mitsubishi Motor Corporation President Osamu Masuko said it was
too early to tell if financial results would exceed forecasts
this year, but the current three-year business plan will be
revised in the latter half of this business year, adding "there
will be no regression".

CONTACT:

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


SEIBU RAILWAY: Eyes JPY160-Bln Capital Increase
-----------------------------------------------
Seibu Railway Co. is considering raising JPY160 billion (US$1.46
billion) in capital as part of its business rehabilitation,
reports the Nihon Keizai.

The group has already started calling on its three major
lenders, including Mizuho Financial Group Inc, as well as
business partners to provide capital.

The Company earlier said that it will pursue its rehabilitation
through the creation of a holding company that would oversee the
group's rail operations, hotel and leisure businesses.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


* 3,500 Firms Failed in First Half; Highest Level in 5 Years
------------------------------------------------------------
The number of companies filing for legal bankruptcy surpassed
3,500 in the first half of this year, the highest failure rate
in five years, Asia Pulse reports.

Despite a low number of cases with large liabilities and a small
amount of total debt, the corporate failure rate keeps rising
every month.

The number of bankruptcies involving liabilities of JPY10
million (US$90,700) or more grew 10 percent in the first half
from the same period a year ago, according to credit research
agency Teikoku Databank Ltd. But the total amount of liabilities
declined 15 percent to just over JPY3 trillion.

The growing failure rate is becoming more pronounced, with the
total bankruptcy filings topping 600 in April for the first time
in two years and then approaching 800 in June. In the past, June
tended to experience fewer filings than May; but this year, the
number increased by almost 30 percent.


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

ASIANA AIRLINES: Flight Services to Normalize in 2 Weeks
--------------------------------------------------------
Normal operations are expected to take place at Asiana Airlines
Inc. in two weeks as unionized pilots returned to work Friday
after almost a month of walk out, Yonhap News said.

Over the next two weeks, a rehabilitation training will be
conducted on unionized pilots, Asiana said.

"The training will focus on restoring the mental, physical and
technical capabilities of the pilots as they have been on strike
for such a long time," said Seok Gi-hyeon, an Asiana spokesman.

Out of the 826 pilots of Asiana, 400 joined the strike. The
strike was forcibly ended on Wednesday, as the Ministry of Labor
intervened with its emergency arbitration right after a number
of negotiations broke down.

The first to receive initial two-day rehabilitation training
were a group of 33 pilots.  The training includes a safety
flight lecture, a spiritual meditation session, medical checkups
and time in a flight simulator.

Asiana reported sales loss of KRW253 billion from the strike.

CONTACT:

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


COCA-COLA KOREA: Parent Denies Sell Off
---------------------------------------
Coca-Cola Amatil unveiled that it has no intention of selling
troubled South Korean arm, Coca-Cola Korea Bottling Company Ltd,
according to The Australian.

Amatil announced that it has appointed Peter Kelly to head a new
division to oversee all its Asian businesses, including Korea,
Indonesia and Papua New Guinea.

According to Amatil Managing Director Terry Davis, the company
has to recognize its identity as the lead bottler in the Asia
Pacific region for Coca-Cola.  

Mr. Davis scoffed at speculation the new division could
eventually be spun off or sold by the parent company.

"To get a commercial beverage culture in a country is not
something that happens overnight and we've just got to keep at
it," Mr. Davis said.

The Korean business reported a 93 percent slide in first half
pre-tax profits to US$900,000. Still, this was an improvement on
the US$8.2 million loss made in the second half of 2004.

Despite the Korean unit's weak performance, other units pull up
earnings due to strong performance, particularly in Australia
and New Zealand.

Coca-Cola was first introduced to South Korea in 1951 and then
re-entered the market in 1966 when the Coca-Cola Company awarded
Doosan Beverages the right to bottle and distribute Coca-Cola
products throughout South Korea.

By 1973 there were four independent bottlers. In 1998 Coca-Cola
Amatil acquired 100% ownership of The Coca-Cola Company's
bottling operations in the country, the newly formed Coca-Cola
Korea Bottling Company, Ltd. (CCKBC).

CCKBC is the leading beverage company in South Korea and as a
foreign investor, Coca-Cola Amatil is one of the largest in
South Korea.

CONTACT:

Coca-Cola Korea Bottling Company Ltd
84-11, 5-Ka, Namdaemun-Ro, Chung-Ku
Seoul 100-753
South Korea
Telephone: 822 2259 5888
Fax: 822 2259 5593


DOOSAN GROUP: Prosecutors Begin Probe Into Fraud Allegations
------------------------------------------------------------
The Seoul prosecution has launched an investigation into Doosan
Group chairman on charges of embezzlement, Yonhap News said.

The probe reportedly focused on the company's chairman Park
Yong-sung's and 28 of his in-laws' embezzlement of nearly THB14
billion from its construction unit Doosan Industrial Development
Co.

The chairman and his in-laws are accused of letting Doosan
Industrial pay KRW13.8 billion due in interest payments on their
personal bank loans of KRW29.3 billion from company coffers
since 1999, prosecutors said.  The loans were allegedly availed
in order to participate in two rounds of new rights offerings by
the Doosan Company in late 1999.

The allegations were filed by the children of former chairman
Park Yong-oh to the prosecutors office.  Park Yong-oh was sacked
last month, but refused to step down, demanding Doosan
Industrial Development, a de facto holding company of the group,
be spun off to be run by his own sons.


HYNIX SEMICONDUCTOR: Disposal of Non-core Business Looms
--------------------------------------------------------
Hynix Semiconductor Inc. nears completion of its stake disposal
in non-core business unit Hyundai Autonet Co., reveals The Korea
Herald.

Out of the 15.21 percent stake Hyundai Autonet, Hynix have pared
2.34 percent of the said stake.  Hyundai Motor Co. and Siemens
AG of Germany is expected to purchase another 8.26 percent share
held by the Korea Deposit Insurance Corp.  The remaining 4.61
percent stake on the local bourse is at hand.

If the company disposes of the entire stake, it is expected to
gain KRW100 billion, with the Hyundai-Siemens consortium to fork
over KRW45.3 billion.

In its aims to shed non-core businesses, Hynix attempted earlier
to sell its non-memory chip operations, such as the LCD (liquid
crystal display) operation.

The sale of Hyundai Autonet will clear Hynix of non-core
business as it has sold Hyundai Image Quest, its display monitor
unit.

Last month, Hynix graduated from its debt workout program 18
months ahead of schedule and was freed from creditor management.  
The company was able to raise $1.25 billion in May and June to
pay off debt.

Creditors who swapped about KRW4.8 trillion of debt for an 81.4
percent stake since 2001 to bail out the chipmaker, will
continue to have the right to participate at board and
shareholder meetings to decide important management issues. The
creditors plan to keep the remaining stake until the end of 2007
depending on whether they find a suitable strategic partner.

Hynix's main creditor the Korea Exchange Bank said creditors
plan to sell a combined 24 percent stake within the second half
of this year to domestic and foreign investors, but the terms
and specific timetable are yet to be fixed.

CONTACT:

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


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

ANCOM BERHAD: Buys Back 9,000 Ordinary Shares
---------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a shares
buy back notice with the following details:
   
Date of buy back: August 9, 2005

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

Total number of shares purchased (units): 9,000

Minimum price paid for each share purchased (MYR): 0.670

Maximum price paid for each share purchased (MYR): 0.685

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 9,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 12,141,100

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

CONTACT:

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

ANTAH HOLDING: Updates Payment Default Status
---------------------------------------------
Further to the announcement on July 12, 2005, Antah Holding
Berhad (ANTAH) issued to Bursa Malaysia Securities Berhad an
update on the details of the various credit facilities in
default to the financial institutions as at July 31, 2005,
details of which are attached.

Click to view details
http://bankrupt.com/misc/AntahHoldingsLoan

CONTACT:

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


MAGNUM CORPORATION: Issues New Shares for Listing
-------------------------------------------------
Magnum Corporation Berhad informed that its additional 25,000
new ordinary shares of RM0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, August 10, 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


MAGNUM CORPORATION: Unveils Dealing in Quoted Securities
--------------------------------------------------------
Pursuant to Paragraph 9.21 of the Listing Requirements of Bursa
Malaysia Securities Berhad, the Board of Directors of Magnum
Corporation Berhad (Magnum) disclosed that the aggregate value
of acquisitions in quoted securities by the Magnum Group for the
past 12 months which have not been previously announced amounted
to MYR87.467 million (Acquisitions).

The Acquisitions were made between March 11, 2005 and August 5,
2005, the total cost of which represented 5.004% of the Group's
Net Tangible Assets as at December 31, 2004.

As at August 5, 2005, the Group's total investments in quoted
securities are summarized as:

MYR'million

i At cost 332.688

ii At carrying value/book value 271.282

iii At market value 319.602

This announcement is dated 8 August 2005.


MAXIS COMMUNICATIONS: Bourse to List, Quote Additional Shares
-------------------------------------------------------------
Maxis Communications Berhad informed that its additional
2,372,000 new ordinary shares of RM0.10 each issued pursuant to
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, August 10, 2005.

CONTACT:

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


MBF HOLDINGS: Hearing with GrandTech Moved to August 30
-------------------------------------------------------
MBf Holdings Berhad issued to Bursa Malaysia Securities Berhad
an update on:

(1) MBF Cards (M'sia) Sdn Bhd (MBF Cards) Vs GrandTech Systems
Sdn Bhd (GrandTech) - Kuala Lumpur High Court Suit No: D5-22-
1279-2004 (MBF Cards Action)

(2) GrandTech Vs MBF Cards - Kuala Lumpur High Court Suit No:
D1-22-1525-2004 (GrandTech Action)

Further to the announcement on July 15, 2005, MBf Holdings
Berhad disclosed that GrandTech's application for Summary Relief
and Interim Payment was adjourned to August 30, 2005 for
hearing.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
8 August 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000
Fax: +60 2164 6985


MEDIA PRIMA: Approval Period to Commence May 9
----------------------------------------------
Media Prima Berhad (MPB) updates Bursa Malaysia Securities
Berhad on the proposed acquisition by the company of up to
50,000,000 ordinary shares of MYR1.00 each representing the
entire equity interest in CH-9 Media Sdn Bhd (CH9) for an
aggregate cash consideration of up to approximately MYR41.440
million.

Commerce International Merchant Bankers Berhad, on behalf of
MPB, informed the bourse that the parties to the SSA (as defined
in the announcement dated June 10, 2005) have mutually agreed to
vary the Approval Period (being the period of four (4) months,
subject to the terms of the SSA, within which the conditions
precedent must be fulfilled or waived) to commence from May 9,
2005 instead of June 10, 2005.

This announcement is dated 8 August 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone : 03-77266333
Fax : 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


METACORP BERHAD: Furnishes Exchange with Updates on Proposals
-------------------------------------------------------------
Metacorp Berhad issued to Bursa Malaysia Securities Berhad an
update on the following proposals:

- Proposed renewal of shareholders' mandate for Recurrent
Related Party Transactions of a revenue or trading nature; and

- Proposed new shareholders' mandate for additional Recurrent
Related Party Transactions of a revenue or trading nature.

The company informed the bourse that Metacorp Berhad proposes to
seek shareholders' approval for the following proposals at the
forthcoming Annual General Meeting:

(a) Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature; and

(b) Proposed New Shareholders' Mandate for Additional Recurrent
Related Party Transactions of a Revenue or Trading Nature

Circular to Shareholders containing information on the
abovementioned Proposal will be dispatched to the shareholders
upon obtaining approval from Bursa Malaysia Securities Berhad.

This announcement dated 8 August 2005

CONTACT:

Metacorp Bhd   
22 Jalan 2/6,
Dataran Templer,
Bandar Baru Selayang
Batu Caves Selangor 68000
Malaysia
Telephone: 03-61201118   
Fax: 03-61205558


NALURI BERHAD: Releases Details on Proposals
--------------------------------------------
Naluri Corporation Berhad (formerly known as Naluri Berhad)
issued to Bursa Malaysia Securities Berhad details of the
following proposals:

(I) Proposed share buy-back scheme of Naluri to purchase its own
ordinary shares of up to 10% of the issued and paid-up ordinary
share capital of the company (Proposed share buy-back); and

(II) Proposed amendments to the articles of association of
Naluri (Proposed Amendments)

(collectively referred to as proposals)

(1) Introduction

Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors (Board) of Naluri, advised that the
Company proposes to seek authority from its shareholders to
purchase its own ordinary shares of up to 10 percent of the
issued and paid-up ordinary share capital of the Company.

In addition, the Company proposes to amend its articles of
association (Articles) to enable the Company to implement the
Proposed Share Buy-Back effectively.

(2) Details of the Proposals

(2.1) Details of the Proposed Share Buy-Back

The Proposed Share Buy-Back shall involve the Company purchasing
its own ordinary shares of up to 10% of the issued and paid-up
ordinary share capital of the Company, subject to compliance
with Section 67A of the Companies Act 1965 (Act) (as may be
amended, modified or re-enacted from time to time) and any
prevailing laws, rules, regulations, orders, guidelines, and
requirements issued by the relevant authorities.

As at July 26, 2005, the issued and paid-up ordinary share
capital of Naluri is MYR690,517,520 comprising 690,517,520
ordinary shares of MYR1.00 each in Naluri (Naluri Shares). The
Proposed Share Buy-Back will therefore enable Naluri to purchase
up to a maximum of 69,051,752 Naluri Shares, representing 10% of
the issued and paid-up ordinary share capital of the Company.

The purchase of Naluri's own shares will be carried out through
Bursa Malaysia Securities Berhad (Bursa Securities) via a
stockbroker(s) to be appointed by Naluri.

The maximum amount of funds to be utilized by Naluri for any
purchase of its own ordinary shares must not exceed the retained
profits and/or share premium account of the Company. Based on
the latest audited financial statements of the Company for the
financial year ended 31 December 2004, the audited share premium
account stood at approximately MYR97.174 million and there is no
retained profit/ accumulated losses.

In accordance with Section 67A of the Act, the Directors of
Naluri would be able to deal with any Naluri Shares so purchased
by the Company in the following manner:

(i) The Naluri Shares so purchased could be cancelled; or

(ii) The Naluri Shares so purchased could be retained as
treasury shares for distribution as dividends to the
shareholders of the Company and/or re-sale through Bursa
Securities in accordance with the relevant rules of Bursa
Securities and/or cancellation subsequently; or

(iii) The Naluri Shares so purchased could in part be retained
as treasury shares and the remainder be cancelled.

If such purchased Naluri Shares were held as treasury shares,
the rights attaching to them in relation to voting, dividends
and participation in any other distribution or otherwise would
be suspended and the treasury shares would not be taken into
account in calculating the number or percentage of shares or a
class of shares in the Company for any purposes including the
determination of substantial shareholdings, take-overs, notices,
the requisitioning of meetings, the quorum for meetings and the
result of a vote on resolution(s) at meetings.

If the authority for the Proposed Share Buy-Back is conferred on
the Board of Naluri by shareholders of Naluri, it would be
effective immediately from the passing of the ordinary
resolution in relation to the Proposed Share Buy-Back until:

(i) The conclusion of the next annual general meeting (AGM) of
Naluri following the extraordinary general meeting (EGM) at
which such resolution was passed at which time the authority
would lapse unless renewed by ordinary resolution, either
unconditionally or conditionally; or

(ii) The passing of the date on which the next AGM of the
Company is required by law to be held; or

(iii) The authority is revoked or varied by ordinary resolution
passed by the shareholders of the Company in a general meeting,
whichever occurs first.

Pursuant to the Listing Requirements of Bursa Securities, Naluri
may only purchase its own shares at a price, which is not more
than 15 percent above the weighted average market price (WAMP)
of Naluri Shares for the five (5) market days immediately
preceding the date of any purchase(s).

In the case of a resale of treasury shares, the Company may only
resell any purchased Naluri Shares held as treasury shares
through Bursa Securities at a price, which is:

(i) Not less than the WAMP of the Naluri Shares for the five (5)
market days immediately prior to the resale; or

(ii) Not less than 5% below the WAMP of the Naluri Shares for
the five (5) market days immediately prior to the resale
provided that:

(a) The resale takes place no earlier than thirty (30) days from
the date of purchase; and

(b) The resale price is not less than the cost of purchase of
the Naluri Shares being resold.

The Board of Naluri undertakes that any proposed purchase of
Naluri's own shares would only be conducted in accordance with
laws prevailing at the time of the purchase including compliance
with the 25 percent public shareholding spread as required by
the Listing Requirements of Bursa Securities.

(2.2) Details of the Proposed Amendments

The Proposed Amendments involve amendments to Article 162 of the
Articles of Association of Naluri to allow the Company to
utilise its reserves comprising share premium and retained
profits to implement the Proposed Share Buy-Back.

(3) Rationale for the Proposals

(3.1) Proposed Share Buy-Back

The authority to purchase own shares is sought to enable Naluri
to have an additional option of utilizing its financial
resources more efficiently. All things being equal, any purchase
of the Company's own shares, regardless whether the Naluri
Shares so purchased were retained as treasury shares or
cancelled, would result in a lower number of Naluri Shares being
used for the purpose of computing earnings per ordinary share
(EPS).

Based on the foregoing and depending on the price paid for the
purchase of each Naluri Share and its impact on earnings of
Naluri and its subsidiaries and associated companies (Naluri
Group), the purchase of the Company's own shares may improve the
EPS of Naluri Group. If the EPS of Naluri Group is improved, it
is expected to have a positive impact on the market price of
Naluri Shares.

Naluri may also retain the Naluri Shares so purchased as
treasury shares with the intention of realizing potential gains
from the resale of treasury shares and/or to reward its
shareholders through the distribution of the treasury shares as
dividends.

(3.2) Proposed Amendments

As set out in Section 2.2, the Proposed Amendments is required
to enable the Company to utilize its reserves comprising share
premium and retained profits to implement the Proposed Share
Buy-Back effectively.

(4) Effects of the Proposals

(4.1) Proposed Share Buy-Back

(4.1.1) Share Capital

The effects of any purchase of the Company's own shares on the
share capital of Naluri will depend on whether the Naluri Shares
so purchased are cancelled or retained as treasury shares.

The Proposed Share Buy-Back will not have any effect on the
issued and paid-up share ordinary capital of Naluri if all the
Naluri Shares purchased are to be retained as treasury shares,
re-sold or distributed to its shareholders.

The Proposed Share Buy-Back will however, result in the
reduction of the issued and paid-up ordinary share capital of
the Company if the Naluri Shares so purchased are cancelled. The
proforma effects of the Proposed Share Buy-Back on the issued
and paid-up ordinary share capital of the Company assuming that
the Naluri Shares so purchased are cancelled are set out in
Table 1 of this announcement.

(4.1.2) Net Tangible Assets (NTA)

The effects of the Proposed Share Buy-Back on the NTA of Naluri
Group will depend on the purchase price for such Naluri Shares
and whether the Naluri Shares purchased are cancelled or
retained as treasury shares.

The effects of the Proposed Share Buy-Back on the NTA of Naluri
Group, whether the Naluri Shares purchased are cancelled or
retained as treasury shares are as follows:

(i) Naluri Shares purchased under the Proposed Share Buy-Back
are subsequently retained as treasury shares

The NTA of Naluri Group would decrease if the Naluri Shares
purchased are retained as treasury shares due to the requirement
for treasury shares to be carried at cost and be offset against
equity, resulting in a decrease in the NTA of Naluri Group by
the cost of the treasury shares.

If the Naluri Shares purchased are resold on Bursa Securities,
the NTA of Naluri Group would increase if the Company realizes a
gain from the resale, and vice-versa.

If the Naluri Shares purchased were distributed as share
dividends, the NTA of Naluri Group will decrease by the cost of
the treasury shares.

(ii) Naluri Shares purchased under the Proposed Share Buy-Back
are subsequently cancelled

If the Naluri Shares so purchased are cancelled, the Proposed
Share Buy-Back will reduce the NTA per Naluri Share if the
purchase price per Naluri Share exceeds the NTA per Naluri Share
at the relevant point in time, and vice-versa.

(4.1.3) Substantial Shareholders

The proforma effects of the Proposed Share Buy-Back when
implemented in full, on the shareholdings of the substantial
shareholders of Naluri in Naluri assuming that the Naluri Shares
are purchased from shareholders other than the existing
substantial shareholders of the Company are set out in Table 2
of this announcement.

(4.1.4) Earnings

The effects of the Proposed Share Buy-Back on the EPS of Naluri
Group will depend on the purchase price for such Naluri Shares,
the effective funding cost to finance the purchase of the said
shares or any loss in interest income to Naluri Group.

Assuming that any Naluri Shares so purchased are retained as
treasury shares and resold, the effects on the earnings of
Naluri Group will depend on the actual selling price, the number
of treasury shares resold and the effective gain or interest
savings arising from the exercise.

If the Naluri Shares so purchased are cancelled, the Proposed
Share Buy-Back will increase the EPS of Naluri Group provided
the income foregone and interest expense incurred on the
ordinary shares purchased on a per share basis is less than the
EPS of Naluri Group before the share buy-back.

(4.1.5) Dividends

No dividends has been paid or declared by Naluri for the
financial year ended 31 December 2004. Barring unforeseen
circumstances, any future dividends to be declared by Naluri
would depend on, amongst others, the profitability and cashflow
position of Naluri Group.

In addition, the Proposed Share Buyback is not expected to have
any impact on the dividend policy of the Board of Naluri as
future dividends to be declared by Naluri would depend on the
above-mentioned factors. However, the Board may distribute
future dividends in the form of the Naluri Shares acquired
pursuant to the Proposed Share Buyback.

(4.1.6) Implications relating to the Malaysian Code on Take-
overs and Mergers, 1998 (Code)

As at July 26, 2005, Atlan Properties Sdn Bhd (APSB) is a
substantial shareholder of Naluri with shareholdings of
220,965,222 Naluri Shares representing 32.00 percent equity
interest in Naluri.

Assuming the Proposed Share Buy-Back is implemented in full and
none of the Naluri Shares are bought from APSB, the equity
interest of APSB in Naluri shall increase to 35.56 percent. In
the event thereof, APSB and its parties acting in concert shall
have an obligation to undertake a mandatory offer on all the
remaining Naluri Shares not already owned by APSB and its
parties acting in concert pursuant to the Code.

On August 8, 2005, Atlan Holdings Bhd has informed the Company
that APSB and its parties acting in concert will make an
application to the Securities Commission for an exemption
pursuant to Practice Note 2.9.10 of the Code from implementing a
mandatory general offer.

(4.2) Proposed Amendments

The Proposed Amendments will have no effect on the issued and
paid-up share capital, shareholdings of the substantial
shareholders of Naluri and earnings and NTA of Naluri Group.

(5) Conditions to the Proposals

The Proposed Share Buy-Back and Proposed Amendments are inter-
conditional and are subject to the approval of shareholders of
Naluri being obtained at an EGM to be convened.

(6) Directors' and Substantial Shareholders' Interests

None of our Directors and substantial shareholders and/or
persons connected to them have any interest, direct or indirect,
in the Proposals and, if any, the resale of treasury shares.

(7) Directors' Recommendation

The Board of Naluri, having considered all aspects of the
Proposals, is of the opinion that the Proposals are in the best
interest of Naluri.

(8) Adviser

CIMB has been appointed as the Adviser to Naluri for the
Proposed Share Buy-Back.

For more information, click
http://bankrupt.com/misc/NaluriCorpsharebuyback081205.doc

This announcement is dated 8 August 2005.

CONTACT:

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


PADIBERAS NASIONAL: Incorporates New Unit
-----------------------------------------
Padiberas Nasional Berhad (Bernas) advised Bursa Malaysia
Securities Berhad that on August 4, 2005, Sabarice Sdn. Bhd.
(Sabarice) has become a wholly owned subsidiary of Beras
Corporation Sdn. Bhd. (BCSB).

Sabarice was incorporated on July 8, 2004 under the Companies
Act, 1965. Currently, the authorized share capital of Sabarice
is MYR100,000.00 comprising 100,000 ordinary shares of MYR1.00
each and its paid-up share capital is MYR2.00 comprising 2
ordinary shares of MYR1.00 each.

Its intended principal activities are milling and trading of
rice.

CONTACT:

Padiberas Nasional Berhad   
Level 19, CP Tower,
No. 11, Section 16/11,
Jalan Damansara,
Petaling Jaya Selangor
46350 Malaysia
Telephone: 03-76604545   
Fax: 03-76604646


POS MALAYSIA: Lists, Quotes Additional Shares
---------------------------------------------
Pos Malaysia & Services Holdings Berhad informed that its
additional 155,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Wednesday, August 10, 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


SETEGAP BERHAD: Bourse Grants Extension of Restraining Order
------------------------------------------------------------
Further to the announcement made on June 29, 2005, the Board of
Directors of Setegap Berhad advised Bursa Malaysia Securities
Berhad that the High Court of Malaya, Kuala Lumpur has granted
an extension of the Restraining Order dated March 17, 2005 to
August 30, 2005, and has also scheduled Setegap Berhad's
application for a further extension of the Restraining Order
dated March 17, 2005 for hearing on August 30, 2005.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


SINORA INDUSTRIES: Names New Subsidiary
---------------------------------------
The Board of Director disclosed to Bursa Malaysia that Serijaya
Industri Sdn. Bhd. has been incorporated as a subsidiary company
of Sinora Industries Berhad with the following particulars:

Click to view particulars on Serijaya Industri
http://bankrupt.com/misc/SinoraIndustries081205.pdf

CONTACT:

Sinora Industries Berhad
Likas Bay
Kota Kinabalu, 88817
Malaysia
Telephone: +60 88 326 572
Fax: +60 88 432 104


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

ABS-CBN BROADCASTING: Profit Dives on High Costs, Weak Revenues
---------------------------------------------------------------
Weak airtime revenues and soaring costs have taken more than 50
percent from ABS-CBN Broadcasting Corp.'s profits in the first
half of the year, The Manila Times has learned.

ABS-CBN Chief Finance Officer Randolph T. Estrellado confirmed
the cash-strapped network tallied a net income of Php185 million
this year, or 67 percent lower than last year's Php560 million.

Mr. Estrellado said a recovery is seen in the second half given
an improvement in revenues, the likely strong performance of the
company's international unit, and slower increase in expenses.

Gross airtime and other broadcasting-related revenues reached
Php5.2 billion dropping by 6 percent year on year as household
ratings in the Metro Manila area fell to 14 percent in the first
half from 16 percent during the same period last year.

Meanwhile, ABS-CBN president and chief operating officer Luis F.
Alejandro disclosed the Company targets to reduce its workforce
by 20 percent of its current headcount.

ABS-CBN believes the job cut will save the Company roughly
Php500 million, as the 360 workers cost the company Php350
million annually.

Net sales sustained growth of 19 percent owing to strong
subscriber growth of ABS-CBN Global translating to 1.7 million
viewers worldwide by end-June. As a result, net revenues went up
by 2 percent to Php6.7 billion.

On the other hand, operating expenses increased by 9 percent to
Php6.1 billion on the back of higher cash expenses.

Production costs rose by 10 percent to Php2.1 billion owing to
the full year impact of new programming, especially special-
effect heavy fantasy soap operas and two more expensive game
shows.

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/


BACNOTAN CONSOLIDATED: Completes Purchase of COC's Capital Stock
----------------------------------------------------------------
As earlier disclosed, Bacnotan Consolidated Industries Inc.
entered into a Share Purchase Agreement for the acquisition of
at least 56% of the issued and outstanding shares of Cagayan de
Oro College Inc. (COC) and, subsequently, a Supplement and
Amendment to Share Purchase Agreement included additional shares
of COC in the sale and purchase and new sellers agreed to sell
their shares in COC under the same Agreement.

First Closing on the Share Purchase Agreement occurred on June
29, 2005.

On August 11, 2005, the Second Closing occurred with the sale
and purchase being completed, covering a total of 1,951,038
shares of COC, or approximately 67% of the issued and
outstanding capital stock of COC for Php198,755,353.27.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


DIGITAL TELECOMMUNICATIONS: Sinks Deeper Into Red in First Half
---------------------------------------------------------------
Digital Telecommunications Phils. Inc. (Digitel) suffered a
Php1.09-billion loss during in the first semester of this year,
up from Php690 million a year ago, according to BusinessWorld.

Digitel's mother company, JG Summit Holdings, Inc., also
reported that while the telecommunication firm's consolidated
net revenues improved by 21.49 percent to Php4.24 billion, this
was pulled down by costs and expenses, which went up by 18.33
percent to Php4.26 billion. These consisted mainly of marketing,
selling and cost of sales; network-related expenses staff-
related and other administrative expenses; and depreciation
expense.

As a result of the foregoing, Digitel incurred a consolidated
operating loss of Php20.4 million for the first half of the year
compared with operating loss of Php101.1 million for the same
period in 2004.

JG Summit also said Digitel's net consolidated other charges
totaled Php994.0 million, up by 52.29 percent from Php652.7
million, because of interest payments on bonds issued by its
foreign subsidiary.

As a result, consolidated pre-tax accounting loss amounted to
Php1.01 billion for the first semester, from Php750 million for
the same period last year. But JG Summit also said Digitel
posted a higher consolidated EBITDA (earnings before interest,
taxes, depreciation and amortization) of Php1.44 billion from
Php1.08 billion.

Astro del Castillo, managing director of First Grade Holdings
Inc., said it would be a long road to recovery for Digitel.

"The telecoms industry is capital intensive. It will take some
time before you see Digitel in the black. Before Philippine Long
Distance Telephone Co. (PLDT) and Globe Telecom Inc. enjoyed
better income, they were also experiencing losses during the
early period of growth," Mr. del Castillo added.

On a positive note, Digitel's Sun Cellular has been allowed by
regulators to continue its promotions.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


MANILA ELECTRIC: Court Junks Rate Increase Bid
----------------------------------------------
The Supreme Court rejected with finality an appeal by Manila
Electric Company (Meralco) to raise its power rate, according to
Dow Jones Newswires.

The decision, however, appears to be a mere formality since
Meralco has already withdrawn its bid to get the Php0.12 per
kilowatt-hour (kWh) adjustment granted last year by the Energy
regulatory Commission (ERC).

The Aug. 9 resolution rejected the ERC's appeal for the high
tribunal to reverse its June 2004 ruling nullifying the rate
hike the energy regulator granted to Meralco.

The court canceled the Meralco rate hike because the ERC
approved it even before holding public hearings, where opponents
of the rate adjustment who eventually brought the case to court
would have been given time to voice their concerns.

The high court said a decision of the Energy Regulatory
Commission (ERC) to approve the increase in 2004 constituted
"grave abuse of discretion."

Meralco withdrew in April its own appeal that was filed with the
Supreme Court last year. The power distributor also refunded
money it collected from customers during the brief
implementation of the Php0.12-a-kWh rate increase.

In June, Meralco sought from the ERC a new Php0.1476 a kWh rate
hike to allow it to fund capital expenditure and boost profits
to levels required by its creditors.

CONTACT:

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


NATIONAL BANK: Four Suitors to Bid for Stake
--------------------------------------------
Four bidders were expected to participate in the joint sale of
the government and Lucio Tan's interest in the Philippine
National Bank (PNB), The Manila Times reports.

The Philippine Deposit Insurance Corp. (PDIC) confirmed the four
qualified bidders who have completed their due diligence may
participate in the public auction.

PNB was scheduled to accept bids from 7:30 a.m. to 12 p.m.
Friday last week.

The security bond, which is required of every bidder, amounts to
Php1.6 billion.

The Monetary Board, the policy-making body of Bangko Sentral ng
Pilipinas (BSP), only approved the bid of Union Bank of the
Philippines (UBP) and Avenue Asia to qualify in privatization of
67 percent of PNB.

The Lucio Tan Group was also expected to participate in the
bidding to match the highest offer made for the shares on sale.

The other identified interested bidders are Standard Bank of
India, BA Marathon and Mainbridge Capital Inc.

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: Private Sector Welcomes Privatization
----------------------------------------------------
Business leaders of private sectors and the Bangko Sentral ng
Pilipinas (central bank) deemed Friday's scheduled auction of
the Philippine National Bank (PNB) is a major boost to the
overall privatization efforts of the government, The Manila
Bulletin reports.

BSP Governor Amando Tetang-co said the "the sale of PNB will be
the first major government privatization since 1997 and is being
executed in a transparent manner."

He added that the completion of the joint sale will be seen by
both local and international investors as a positive development
for PNB and for the Philippine banking industry in general.

A total of 10 investor groups were pre-qualified to participate
in the joint sale process back in July. Four investor groups
(excluding the Lucio Tan Group) submitted letters of interest
and were allowed to conduct due diligence on PNB.

Meanwhile investment analysts said the level of investors'
interest in PBN clearly demonstrates the bank's strategic value.
The bank is the country's fifth largest bank with 324 branches
nationwide and 97 offices overseas and is the leading provider
of remittance services for OFWs.

ATR Kim Eng Securities Randy Roxas added that "the market is
closely watching the joint sale process as it might result in
further industry consolidation especially following the
acquisition of Prudential Bank by BPI last July and Banco de
Oro's successful acquisition of 25 percent of Equitable PCIBank
last week".

BPI Securities Head of Marketing Spencer Yap said he believes
that "a successful sale of PNB will definitely build confidence
in the market. Besides providing much needed privatization
proceeds for the government, this transaction will also provide
the impetus for further consolidations and foreign direct
investment in the industry.


NATIONAL FOOD: To Secure Rice Commodity Loan from U.S.
------------------------------------------------------
The United States has extended a US$20-million (Php1.2 billion)
commodity loan to the beleaguered National Food Authority (NFA),
according to the Manila Standard.

The commodity loan will be in the form of about 60,000 metric
tons of rice, slightly higher than the 57,000 mt rice grant last
year.

Representatives of the United States Department of Agriculture
(USDA), the NFA and Department of Finance inked the commodity
loan agreement on Wednesday, August 10.

NFA administrator Gregorio Tan Jr. is looking at the possibility
of obtaining another US$20 million from the U.S., also under the
United States Public Law 480 program or the commodity loan
program.

Under the US PL 480, developing countries like the Philippines
are given an annual allocation, usually in the form of commodity
loans that are monetized by authorized attached agencies of the
Department of Agriculture such as the NFA and the National
Agricultural and Fishery Council.  

The proceeds of these commodity assistance loans are channeled
to the National Treasury and is used to bankroll critical
agricultural projects identified under the Agricultural and
Fisheries Modernization Act and for budgetary support for the
department.  

For grains such as rice and corn, the NFA, an attached agency of
the DA, is usually tasked to monetize the loan.  

The PL 480 is crucial not only to the Philippines' various food
production and food security programs but also to US farmers
because this assures them of a market for their excess produce.

CONTACT:

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


NATIONAL POWER: Sells US$300 Mln of FRN
---------------------------------------
National Power Corporation (Napocor) on Thursday sold a US$300-
million worth of floating rate note maturing in six years,
Reuters reports.

The notes, due August 23, 2011 were sold at 425 basis points
over 3 month LIBOR (London Interbank Offered Rate). The
transaction, raised by AU$100 million, will be completed on Aug.
23.

Bear Stearns was the sole manager of the bond issue which is
rated "BB-minus" by Standard & Poor's and "BB" by Fitch.

Napocor last tapped the global debt market in September 2003
when it sold AU$250 million of 15-year bonds.

Earlier, the debt-laden power firm said it expected to reverse
years of losses and at least break even this year, helped by an
electricity rate hike and rising energy sales.

The power producer, whose debts are the biggest single drain on
government finances, has been running losses since 1998.

CONTACT:

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


NATIONAL POWER: Masinloc Sale May Generate Php12 Bln
----------------------------------------------------
The Department of Finance expects to reap around Php12 billion
in revenues from the sale of National Power Corporation's
(Napocor) Masinloc power facility, The Philippine Star has
learned.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
is scheduled to receive in the fourth quarter of this year the
first installment of about US$230 million (Php12 billion).

The payment would be realized as multilateral creditors of the
Napocor - World Bank, Asian Development Bank and Japan Bank for
International Cooperation (JBIC) - are expected to give their
consent on the transfer of the 600-megawatt coal-fired power
facility to its new owner YNN Pacific Consortium.

The government successfully sold Masinloc to the Australian
group for US$561.7 million. About 40 percent of the offer price
will be the first installment to the government.

YNN Consortium is composed of YNN Holdings with Filipino
investors and Great Pacific Financial Group of Australia. The
Australian group will reportedly tie up with a big power firm in
Australia to help in the running of the newly acquired power
facility.

Masinloc, the sixth power plant to be successfully privatized
through bidding, is the first big ticket asset of the Napocor
placed on the auction block late last year.


NATIONAL TRANSMISSION: Backs Salcon's Php15-Bln Expansion Plan
--------------------------------------------------------------
Salcon Power Corporation's Php15-billion expansion project has
won the support of the National Transmission Corporation
(Transco), The Freeman News relates.

Salcon has proposed to build two more coal plants in Naga town,
Cebu province. Each plant will boast a capacity of 100
megawatts.

Transco president Alan Ortiz said the state-owned firm is
presently accepting any possible energy source due to the
growing demand, although he admitted that Transco is now gearing
towards promoting the use of renewable and indigenous energy.

Mr. Ortiz said that the energy department welcomes new energy
sources as a matter of "necessity and survival".

Earlier, the Department of Energy reported that increased
economic activities in the Visayas region have resulted to an
increase in the demand here from 7 percent last year to 7.5
percent this year. The peak demand in the Cebu-Negros-Panay grid
has also increased from 700 megawatts last year to 750 megawatts
this year.

Meanwhile, Mr. Ortiz said that due to soaring oil prices, the
energy department is now gearing towards intensifying its
campaign to pass into law the renewable energy bill in the
Congress. He said that use of renewable and indigenous energy
sources can make government save a lot of money.

Last week, the energy official had a meeting to discuss the
energy situation and their moves to push for the proposed bill
that is pending at the House of Representatives that would
promote renewable energy.

CONTACT:

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


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

AIROCEAN GROUP: Posts 99.1% Net Profit Growth
---------------------------------------------
Airocean Group Limited, a leading global integrated air, sea and
land cargo logistics group with strong core businesses in
international freight forwarding, airline general sales agency
(GSA) and airport terminal ground cargo handling services,
reported profits for its first quarter FY2005/2006.

Net profit for 1Q FY 2005/2006 increased 99.1% on turnover of
$115.9 million.

Earnings per share (EPS) increased to 0.30 cents in 1Q
FY2005/2006 against 0.16 cents in the corresponding quarter in
last financial year FY2004/2005, and the Net Asset Value (NAV)
in 1Q FY2005/2006 rose to 15.20 cents, compared with 13.98 cents
in the previous quarter ended March 31, 2005.

The increase in net profit was due to the cessation of
amortization of intangibles, lower depreciation and a reduction
in other operating expenses. The Company also saw an improvement
in its gross profit margin.

Airocean's turnover dipped by 11.7% to $115.9 million in this
quarter due to the disposal of a subsidiary in Hong Kong and
lower sales in its General Sales Agency (GSA) business.

Mr. Thomas Tay, CEO of Airocean, said, "the market conditions in
1Q FY2005/2006 remained challenging. Despite this, we managed to
achieve positive growth in our gross profit margin as we took
decisive steps to enhance our businesses. Going forward, I am
confident that we will be able to enjoy greater economies of
scale. While margins will be under pressure, we will work
towards growing our higher margin businesses. Barring any
unforeseen circumstances, the Board of Directors is confident
that second quarter for FY2005/2006 will remain profitable".

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Phone: 65 62255111
Fax:   65 62243594
Web site: http://www.airocean.com.sg


CITIRAYA INDUSTRIES: Creditor Files Winding Up Petition
-------------------------------------------------------
In a move that threatens its proposed repayment plan, Citiraya
Industries Limited creditor DBS Bank has filed a winding up
petition against the Company, Channel News Asia reports.

The Straits Times reported that DBS Bank filed the winding up
petition against the Company on grounds that "it is unable to
pay its debts". The petition is to be heard at the Singapore
High Court on Sept. 2, 2005. This is three days after the
Company's scheduled hearing of its application to schedule a
creditors' meeting to consider a scheme of repayment on its
debts.

Last Aug. 8, 2005, Citiraya Industries disclosed a scheme of
arrangement where it proposes to repay up from SGD50 million to
SGD100 million of its outstanding debt to creditors. Certain
elements in the proposed scheme were not agreeable to creditors
who held more than 25% of the debt, and so the Company hopes to
come up with a repayment scheme that is acceptable to all
creditors before the Aug. 30 deadline.

Creditor DBS Bank had demanded last May that The Company pay its
SGD38.6 million debt within 21 days, or it would have to face
winding up charges.

Citiraya Industries Limited is currently in talks with two
potential investors who are carrying out a due diligence
exercise on the Company, in the hopes that such investors could
inject up to SGD100 million in funds into the Company to enable
it to resume operations.

CONTACT:

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


HEALTH MANNA: Creditor Initiates Liquidation Process
----------------------------------------------------
In the matter of Health Manna Pte Limited, the Singapore High
Court issued a winding up order against the Company on July 29,
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 S. Gunaseelan & Partners
Solicitors for the Petitioner
101 Cecil Street
#08-02 Tong Eng Building
Singapore 069533.

Note:

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

(b) All debts due to the Company should be forwarded to the
Liquidator.


SENDO SINGAPORE: Liquidator Asks Creditors to Submit Debt Claims
----------------------------------------------------------------
Notice is hereby given that the creditors of Sendo Singapore Pte
Limited, which is being wound up voluntarily, are required on or
before Sept. 6, 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 the Liquidator of
the Company.

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

Dated 5th day of August 2005

Timothy James Reid
Liquidator
50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623


TRINITY FOUNDATION: Proofs of Debt Due September 16
---------------------------------------------------
Notice is hereby given that the creditors of Trinity Foundation
Engineering Consortium Pte Limited, which is being wound up
voluntarily, are required on or before Sept. 16, 2005 to send in
their names and addresses and the particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the Liquidator at 300 Beach Road, #38-05 The Concourse,
Singapore 199555.

If so required by notice in writing from the said Liquidator,
they are by their solicitors or personally, to come in and prove
their said debts or claims at the specified time and place in
the notice.  Failure to do so would exclude creditors from the
benefit of any distribution made before such debts are proved.

Dated this 5th day of August, 2005
Heng Lee Seng
300 Beach Road
#38-05 The Concourse
Singapore 199555


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

JASMINE INTERNATIONAL: Net Profit Slides 52%
--------------------------------------------
Jasmine International Public Company Limited submitted to the
Stock Exchange of Thailand (SET) its reviewed financial
statements for the second quarter of 2005, ending June 30, 2005.  

These financial statements have been:

( ) Approved by the Company's Executive Committee

( ) Approved by the Company's Board of Directors


(/) Reviewed by the Company's Audit Committee at the meeting
No.3/2005 held on August 11, 2005.
(/)  Approved by the Board of Directors of Chaengwatana Planner
Co. Ltd. on behalf of plan administrator of Jasmine
International Public Company Limited at the meeting No. 11/2005
held on August 11, 2005.

In addition, stated below is the report on the Company's
operation results.

For the second quarter of 2005, the Company and its subsidiaries
incurred net profit of THB10 million, a decrease of THB11
million or 52 percent compared to the same period of the
previous year.  The reasons are as follows:

(1) The Company and its subsidiaries have total sales for
THB1,785 million in this quarter, an increase of THB188 million
compared to the same period of the previous year.  The increased
profits came partly from the Subcontractor for installation of
solar home cell to up country project and the Customer Care &
Billing System project.

(2) The Company and its subsidiaries incurred operating profit
of THB401 million which consisted of:

(2.1) Acumen Co., Ltd. and its subsidiaries: THB160 million

(2.2) Jasmine Submarine Telecommunications Co. Ltd: THB147
million and its subsidiaries.

(2.3) Jasmine Telecom Systems Public Company Limited THB61
million.

(2.4) Others: THB33 million

Total: THB401 million

(3) The subsidiaries of the Company recorded THB143 million loss
from exchange rate due to the depreciation of Baht against US
dollar.

(4) The Company and its subsidiaries recorded THB248 million
sharing loss from associated company which mainly from TT&T
Public Company Limited at the number of THB244 million.

Please be informed accordingly.
Director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


JASMINE INTERNATIONAL: Extends Audit Committee Service
------------------------------------------------------
The board of directors' meeting of Chaengwatana Planner Company
Limited as the Plan Administrator of Jasmine International
Public Company Limited No. 11/2005 held on August 11, 2005 pass
the resolution to re-appoint the members of the Audit Committee
for a further three-year term of service, effective from
September 6, 2005 onwards with the following details:

(1) Names of members of the Audit Committee are as follows:
   
Chairman of the Audit Committee    Dr. Vichit Yamboonruang

Member of the Audit Committee      Dr.Varapol Socatiyanurak

Member of the Audit Committee      Mrs.Bilaibhan Sampatisiri

Secretary to the Audit Committee   Mrs.Uraiporn Charoenchit

(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report the following to the
Company's board of directors:

(i) To review the financial reports of the company to ensure
that they are accurate, correct, complete and reliable.
  
(ii) To review the internal control systems of the Company to
ensure that they are proper and efficient.

(iii) To consider, select and propose the appointment of the
Company's auditor(s).

(iv) To review the Company to operate in compliance with the
relevant regulations and laws.

(v) To review against the occurrence of conflict of interest.
   
(vi) To perform and act as assigned by the Company's board of
directors.
   
(vii) To prepare the Audit Committee's report and such report
must be duly signed by the Chairman of the Audit Committee and
disclosed in the Company's annual report.

The Audit Committee has 3 years term of office.  If an audit
committee becomes vacant from his office for any reason other
than at the expiry of his term, the board of directors shall, to
fulfill the Audit Committee as stipulated, elect and appoint a
person who is qualified to be an audit committee filling the
vacancy.

The audit committee who fills the vacancy shall retain his
office only for remaining term of office of the audit committee
whom he replaces.

The Company hereby certifies that the aforementioned member meet
all the qualifications prescribed by the Stock Exchange of
Thailand.

Mr. Somboon Patcharasopak
Director
        
Mrs. Pindao Rojanakul
Director

Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited


PAE THAILAND: Board Chairman Resigns
------------------------------------
The Board of Directors' of PAE (Thailand) Public Co. Ltd. held
the meeting no.6/2005 on August 10, 2005. The meeting started at
2:45 p.m.

The company disclosed to the Stock Exchange of Thailand the
highlights of the meeting:

(1) The BOD acknowledged the resignation of Mr. Mahidol
Chantrangkurn as chairman of the board and as a director.

The letter's effective date is August 8, 2005. Mr. Mahidol will
be the assistant to the Transport Minister.

(2) Approved the review financial statement for second of the
year 2005 by auditor.

Sincerely Yours,

Soradej Choothesa
Director of Finance & Accounting
PAE (Thailand) Public Company

CONTACT:

PAE (Thailand) Pcl   
69 Sinakharin Road, Suan Luang, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
Web site: http://www.pae.co.th

  
THAI HEAT: Books THB51,562,000 in Net Profit
--------------------------------------------
Thai Heat Exchange Public Company Limited issued to the Stock
Exchange of Thailand (SET) a summary of its Reviewed Quarter-2
and Consolidated financial statement.

Reviewed Ending June 30
(In thousands)

                        Quarter 2          For 6 Months
Year                 2005        2004     2005        2004

Net profit (loss)    51,562      563      13,092    2,144

EPS (baht)          0.95000    0.01000    0.24000    0.04000

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."

Mr. Surin Wanpensakul
Director
Authorized to sign on behalf of the company

CONTACT:

Thai Heat Exchange Pcl   
1364 Ramkhamhaeng Road,
Suan Luang Bangkok    
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5   
Fax: 0-2318-2655, 0-2319-4268   
Web site: http://www.thaiheat.com




                            *********


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

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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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