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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

             Tuesday, August 23, 2005, Vol. 8, No. 166

                            Headlines

A U S T R A L I A

ABRASIVE SUPPLY: To Declare Dividend August 24
BRAVO PROPERTIES: To Receive Liquidator's Report
BRUD REID: Set to Pay Dividend to Creditors
CENTRAL PARK: Collapse Costs 71 Jobs
CREASY'S GRAIN: Collapses on Heavy Debts

DOMINION BRICKLAYING: Enters Voluntary Liquidation
DORAN CONSTRUCTIONS: IMF Provides Appeal Result
DUNN & WILSON: Prepares to Quit Business
EG GREEN: To Re-open Abattoir Despite Big Debt
EMPEROR MINES: Seeks Support of Loan Deal with DRDGOLD

EVANS & TATE: Cancels Payout as Loss Tipped to Double
GEMAC TRANSPORT: Members Decide to Wind Up Ops
HUGO PTY: Placed Under Voluntary Liquidation
IMPACT BUSINESS: Liquidator to Explain Wind-up Manner
INTEGRATED SOLUTIONS: Creditors Approve Liquidator's Appointment

JAMES HARDIE: Says No Australian Exit For Now
JUICE GROUP: Appoints Official Liquidators
LOMONDLOCH PTY: Winding Up Process Begins
NORBERTA DEVELOPMENTS: Members Opt for Liquidation
OREGON HOLDINGS: Members Pass Winding Up Resolution

PACIFIC MENTOR: Final Meeting Scheduled August 29
PACK & PEDAL: Goes Into Receivership
PENNY & LANG: Former Supplier Makes Move to Kyneton
PRIME POWER: Creditors Initiate Wind-up Proceedings
PWT SERVICES: Supreme Court Names Liquidator

PYES BUS: Members, Creditors to Review Wind-up Report
QANTAS AIRWAYS: Travelers Are In for Another Surprise
ROPANGA PTY: Liquidator to Detail Wind Up Manner
SAS AUTOMATION: Members, Creditors to Meet August 29
SONS OF GWALIA: Founders Deny Negligence Accusations

TROTANA PTY: Liquidator to Distribute Company Assets
WESTBUS: Joint Venture Eyes AU$106.7-Mln Acquisition


C H I N A  &  H O N G  K O N G

AUTO-TECHNIC ENGINEERING: Opts for End of Operations
CAMELL ENGINEERING: Winding Up Hearing Set September 14
ETC ENVIRONMENTAL: Enters Winding Up Proceedings
HONG KONG INSTITUTE: To Undergo Winding Up Process
LOXON DEVELOPMENT: Creditors Must Prove Debts by End of Month

MOULIN GLOBAL: Citigroup Adds 47.17 Mln Shares
MAGICIAN INDUSTRIES: Clarifies Cash Flow, Lawsuit Report
MAGICIAN INDUSTRIES: Unveils Director Resignations
MAGICIAN INDUSTRIES: Appoints Audit Committee Members
RICH GLOBAL: Court Issues Winding Up Notice

PARK FINANCE: Schedules Creditors Meeting September 2
PARK MANAGEMENT: Creditors' Proofs of Claims Due Next Month
TAT CHEONG: Court to Hear Winding Up Petition September 7
QUANTECH LIMITED: Set to Wind Up Operations
WAKOMICRO TECHNOLOGIES: Creditors Meeting Fixed August 26


I N D O N E S I A

DIRGANTARA INDONESIA: President Faces Jail for Negligence
PERTAMINA: Plans Bond Sale to Raise Working Capital
PERTAMINA: To Supply Natural Gas to State Power Firm
PERUSAHAAN LISTRIK: Plans to Compensate Clients for Blackout


J A P A N

FUJITSU LIMITED: Servers Going to Europe, U.S.
MITSUBISHI FUSO: Recalls 41,548 Trucks
MITSUBISHI MOTORS: Australia Posts FY04 AU$600-Mln Loss
TOSHIBA CORPORATION: To Boost Flash Memory Output by 150%
USJ COMPANY: Creditors Agree to Roll Over JPY65 Debts


K O R E A

DOOSAN GROUP: Stocks Nosedive as Conflict Heats Up
YOOKYOUNG FOUNDATION: To Hold Auction Early Next Month


M A L A Y S I A

BUKIT KATIL: Net Loss Shrinks to MYR1,502,000
BUKIT KATIL: Inks MoU with White Knight
CHASE PERDANA: Still in Talks with Stockholders
DATUK KERAMAT: Appeals Court OKs Interim Stay of Proceedings
DFZ CAPITAL: EGM Scheduled Next Month

DUOPHARMA BIOTECH: Enters Into SPA for Shares Offer
GEORGE TOWN: Court OKs Interim Stay of Proceedings
HAP SENG: Acquires New Subsidiaries
POLY GLASS: Passes All AGM Resolutions
PUNCAK NIAGA: Defendants Files for Stay of Injunction

TELEKOM MALAYSIA: Interim Injunction Gets Court Nod
TELEKOM MALAYSIA: Answers Bursa Malaysia Query
WCT ENGINEERING: Appeals for Dismissal of Maju's Writ of Summons


P H I L I P P I N E S

BENPRES HOLDINGS: Sells Debt to Avenue Asia
COLLEGE ASSURANCE: Bucks Immediate Takeover Move
COLLEGE ASSURANCE: Wants to Hike Capital to Php20.8 Bln
NATIONAL BANK: Subsidiaries Post Profits for First Half 2005
NATIONAL BANK: Management Changes May Hurt Recovery

NATIONAL BANK: Fitch Affirms Ratings after Tan Takes Over
NATIONAL POWER: PSALM Looks At No-sale Scenario This Year
NATIONAL TRANSMISSION: Three Investors Keen on Stake


S I N G A P O R E

CHUAN HUP: Set to Pay Dividend to Creditors
EURO-ASIA LAND: Court Orders Liquidation
HARTFORD HOLDINGS: Returns to Black with SGD327,000 Net Profit
IRE CORPORATION: Changes Name to Sapphire Corporation Limited
SMRT CORPORATION: Dissolves Dormant Unit

UNITED FIBER: Clarifies Report on Trasnfer of Kiani Shares


T H A I L A N D

EASTERN PRINTING: Unveils New Shareholding Structure
MANAGER MEDIA: Details Operating Results for 2Q/FY05
NEW PLUS: Books THB4,947,000 in Net Loss
PREMIER ENGINEERING: Fails to Submit 2Q Financial Statement
RS PROMOTION: Net Loss Rises to THB131,142,000

BOND PRICING: For the Week 22 August to 26 August 2005

     -  -  -  -  -  -  -  -

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

ABRASIVE SUPPLY: To Declare Dividend August 24
----------------------------------------------
Abrasive Supply Company Pty Limited will declare a first and
final dividend on Aug. 24, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 24, 2005 to formally prove their
debts or claims; failure to do so will exclude them from the
benefit of the dividend.

Dated this 13th day of July 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road
Cheltenham 3192


BRAVO PROPERTIES: To Receive Liquidator's Report
------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Bravo Properties Pty Limited will be held on Aug.
29, 2005, 10:00 a.m. at the offices of Bent & Cougle, Chartered
Accountants, Level 5, 332 St Kilda Road, Melbourne, Vic 3004, to
receive the Liquidators' accounts.

Dated this 14th day of July 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


BRUD REID: Set to Pay Dividend to Creditors
-------------------------------------------
Brud Reid Removals & Storage Pty Limited will declare a first
dividend to creditors on Aug. 29, 2005.

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

Dated this 29th day of June 2005

R. G. Mansell
Liquidator
Level 3, 118 Queen Street
Melbourne Vic 3000
Phone: 03 9603 0090
Fax:   03 9603 0099


CENTRAL PARK: Collapse Costs 71 Jobs
------------------------------------
Games station retailer Central Park Interactive has seen the end
of its operations, according to The New Zealand Herald.

The 12 Central Park Interactive stores in Auckland, Hamilton,
Wellington, Christchurch and Dunedin closed on Friday with the
loss of 71 full-time and part-time jobs.

Auckland publisher Barry Colman's Liberty Holdings acquired full
ownership of the retail chain in March 2004.


CREASY'S GRAIN: Collapses on Heavy Debts
----------------------------------------
Grains trader Creasy's Grain Enterprises has fallen into the
hands of administrators Friday due to huge debts, ABC Premium
News has learned.

The Company is believed to have owed creditors in New South
Wales, Queensland and Victoria around AU$15 million to AU$25
million.

Mel Binnington from the Queensland Agricultural Merchants
Association said Creasy's going into administration was a shock.
He said growers are now anxious if their money is going to be
safe.

Administrators are set to meet this week to decide the future of
the Company, which was started in Mangoplah in 1971. Creasy's,
based in southern New South Wales, operates grain storage and
trading facilities in Queensland and Victoria. Administrator Tom
Javorsky from Jones Condon says growers and transporter
companies are among the 200 unsecured creditors.

"I believe there may be a number of people that are interested
in acquiring the Creasy's business, obviously if it can be sold
for a reasonable sum of money then there may be something left
over for the remaining unsecured creditors," he said.

"But if the receiver managers aren't able to dispose of the
assets or realize a reasonable sum then the unsecured creditors
will not get a dividend."

CONTACT:

Creasy's Grain Enterprises
Yankee Crossing Rd
Henty NSW 2658
Phone: 02 6929 3377
Fax: 02 6929 3256
E-mail: lyndon@creasygrains.com


DOMINION BRICKLAYING: Enters Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that a Meeting of Member and Creditors of
Dominion Bricklaying Pty Limited held on July 11, 2005 resolved
that the Company be wound up voluntarily, and that Anthony
Robert Cant of Romanis Cant Chartered Accountants, 106 Hardware
Street, Melbourne be appointed Liquidator for such winding up.

Dated this 11th day of July 2005

Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street
Melbourne


DORAN CONSTRUCTIONS: IMF Provides Appeal Result
-----------------------------------------------
IMF (Australia) announced that the appeal by Doran Constructions
(in liquidation) was dismissed, Aspect Huntley's ComNews Digest
relates.

The company advised that the capitalized costs of about
AU$155,000 will be written off with IMF's exposure to an adverse
costs order of about AU$335,000 being dependent on whether Doran
appeals successfully to the High Court.

The company added that although this outcome is not material,
IMF remains committed to informing the market in respect of
investments that may generate revenue of at least AU$500,000.


DUNN & WILSON: Prepares to Quit Business
----------------------------------------
Notice is hereby given that at a General Meeting of the Member
of Dunn & Wilson (Australia) Pty Limited duly convened and held
on July 11, 2005, a Special Resolution to wind up the Company
voluntarily was passed by the member, and Colin McIntosh Nicol
and Robun McKern were appointed joint and several Liquidators
for the winding up.

Dated this 12th day of July 2005

Robyn McKern
Colin McIntosh Nicol
Liquidators
c/o McGrathNicol+Partners
Level 1, 161 Collins Street
Melbourne Vic 3000
Phone: 9038 3127
Web site: http://www.mcgrathnicol.com.au/


EG GREEN: To Re-open Abattoir Despite Big Debt
----------------------------------------------
EG Green and Sons aims to operate its Harvey abattoir next week
despite its AU$44-million debt to National Australia Bank (NAB)
and other creditors, The West Australian reports.

Ferrier Hodgson administrator Martin Jones said he was hopeful
the embattled firm's Harvey abattoir would be wound up and
operating by the time its 500-strong workforce is due to return
to work by Monday next week.

Mr. Jones said he expected the backlog in the beef industry
caused by the closure to clear quickly once the abattoir was re-
opened.

On August 12, EG Green was forced by its creditors to suspend
trading and temporarily shut down its Harvey facility. On Friday
last week, Company directors opted for voluntary administration
after talks with the firm's bankers and West Australia's
agriculture minister Kim Chance.

EG Green's administrator said he will be meeting with producers,
union representatives and providers of labor this week to
address critical issues. However, he said he could not guarantee
that the firm's entire workforce will be retained.

EG Green, West Australia's biggest meat processor, owed NAB
AU$20 million and unsecured creditors around AU$24 million.

The administrator said he believed the abattoir had the cash
flow to fund itself and that it he did not expect NAB to extend
a new line of credit for it to resume production.

The first meeting of the company's creditors would be held in
Perth next Friday but a full evaluation of the company's value
would not be complete until some time after that.

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


EMPEROR MINES: Seeks Support of Loan Deal with DRDGOLD
------------------------------------------------------
The Board of Directors of Emperor Mines Limited on Monday urged
all shareholders to participate in the upcoming company meeting
at which approval will be sought for certain elements of a Loan
Agreement which the Company has entered into with DRD (Isle of
Man) Limited (DRD).

A Notice of Meeting has already been sent to Emperor
shareholders for the meeting, which is to be held on August 29,
2005. The purpose of the meeting is to seek shareholder approval
to the Conversion Rights contained in the Loan Agreement which
permit DRD to convert outstanding amounts into ordinary fully
paid shares in the Company. The Independent Directors of Emperor
have advised they consider that the approval of the Conversion
Right would be in shareholders' best interests and accordingly
they have urged shareholders to vote in favor of the resolution.

This shareholder vote in one of the most important in the
history of Emperor Mines. In particular, the Board of Directors
believes shareholders should be aware of the negative financial
impact on Emperor should this resolution not be approved. The
negative financial impacts result from the need to meet ongoing
banking covenants and "going concern" requirements.

As previously advised the Company's loss for the full year
ending June 30, 2005 was expected to be greater that AU$18
million. Unaudited results confirm a loss of AU$18.5 million
from ordinary activities after income tax and before exceptional
items. Further the Board has resolved, as a result of recent
poor performance and continuing high oil prices, to impair the
value of its mining assets by AU$15.2 million thereby reducing
consolidated net asset value from AU$42.8 to AU$27.8 million and
increasing the loss referred to above to AU$33.7 million.

The Loan provided by DRD is for an amount of AU$10 million of
which Emperor has already drawn AU$4.7 million. As a related
party DRD is excluded from voting on the resolution to be
considered this meeting.

The Board of Directors believe that it is important to confirm
that this resolution does not bestow upon DRD the right to
exercise the convertible loan beyond 3% in each 6 month period
without further shareholder approval, which may be sought
separately at a later date. In essence, the approval sought at
the 29 August meeting is to satisfy ASX Listing Rule
requirements in relation to the convertible nature of the Loan
Agreement.

This resolution does not result in the issue of new shares to
DRD. If in the future DRD sought to convert outstanding amounts
due under the Loan Agreement into shares of the Company (beyond
3% in each 6 month period) it would need to return to Emperor
shareholders for further approval at that time.

If the resolution is not approved Emperor may have serious going
concern issues as DRD will be entitled to serve a notice on the
Company suspending all future advances on the expiration of 60
days and requiring repayment of the loan no earlier than 270
days from the date of the Meeting.

The Directors believe this shareholder vote is vital for the
continued operations of the Company and urges all shareholders
to attend or vote by proxy at the meeting on 29 August 2005.

CONTACT:

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


EVANS & TATE: Cancels Payout as Loss Tipped to Double
-----------------------------------------------------
Evans & Tate (E&T) has broken its promise to pay a final
dividend after a blowout in its write-downs doubled its expected
annual loss to at least AU$11 million, relates The West
Australian.

The troubled winemaker's shares plunged 18 per cent last week as
the company surprised investors by revealing it had slashed even
more off the value of its wine stocks and warned of more write-
downs when its results are released next month.

E&T said it had nearly doubled the write-down on its bulk wine
inventory to AU$16.5 million from the AU$8 million to AU$10
million it forecast on June 28 when it flagged a loss of AU$4.5
million to AU$7.5 million.

The blow-out was blamed on a dramatic fall in global bulk wine
prices since June and followed a revised independent valuation
of E&T's wine stocks by Adelaide-based Colin Gaetjens & Shaw.

However, the revision took the industry by surprise, with wine
insiders claiming that while a glut of grapes had depressed
prices for bulk wine, prices had not markedly deteriorated in
the past two months.

Debt-mired E&T has been under scrutiny since revealing in June
that it had hired insolvency firm KordaMentha's turnaround
consultancy under the urging of its biggest creditor, ANZ, which
is owed an estimated AU$100 million. Last month, the bank agreed
to provide E&T with AU$10 million in working capital to tide it
over while the company restructured, but only on the condition
that Mr. Tate step down.

The winemaker also revealed last week that the consultancy, 333
Performance Management, had warned that E&T's AU$4.3 million
write-down on the Oakridge Vineyard in Victoria may not go far
enough.

CONTACT:

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


GEMAC TRANSPORT: Members Decide to Wind Up Ops
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Gemac Transport Pty Limited held on July 12, 2005, it was
resolved that the Company be wound up voluntarily, and that
Schon Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, be
appointed Joint Liquidators for the winding up.

Dated this 12th day of July 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidator
c/o Jones Condon
Chartered Accountants
Level 1, s4 Charles Street
Parramatta NSW
Phone: 02 9893 9499


HUGO PTY: Placed Under Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hugo Pty held on July 12, 2005, the following Resolution was
passed:

That the Company be wound up voluntarily.

Dated this 12th day of July 2005

E. P. Ashby
Liquidator
Ashby Roma & Co.
Chartered Accountants
North Terrace House, Level 2
19 North Terrace
Hackney SA 5069
Phone: (08) 8362 7244


IMPACT BUSINESS: Liquidator to Explain Wind-up Manner
-----------------------------------------------------
Notice is given that the final combined meeting of the members
and creditors of Impact Business Interiors Pty Limited will be
held on Aug. 29, 2005, 11:00 a.m. at the offices of Horwath
Jefferson Stevenson, Level 4, 370 Queen Street, Brisbane Qld
4000, to have an account laid before them showing the manner of
the winding up and disposal of Company property, and to hear any
explanations that may be given by the Liquidator.

Dated this 17th day of July 2005

Gerald T. Collins
Liquidator
c/o Horwath Jefferson Stevenson
Level 4, 370 Queen Street
Brisbane Qld 4000


INTEGRATED SOLUTIONS: Creditors Approve Liquidator's Appointment
----------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of The Integrated Solutions Company Pty Limited held
on July 12, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
Robert Whitton of Level 7, 1 Margaret Street, Sydney NSW 2000
was appointed Liquidator for such purpose.

Dated this 13th day of July 2005

R. W. Whitton
Liquidator
Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000


JAMES HARDIE: Says No Australian Exit For Now
---------------------------------------------
James Hardie Industries is not planning to exit its Australian
operations for now, but said it will not rule out doing so in
the future, Sydney Morning Herald.

Chief Executive Louis Gries indicated the possibility of the
company one day leaving Australia was one of a number of
sticking points as it finalizes an asbestos compensation deal.

He admitted that early last year the James Hardie directors had
considered leaving Australia as one of a number of options under
discussion.

The company is in negotiations with the NSW government as they
work towards signing a deal to compensate victims of asbestos
products James Hardie used to manufacture.

Mr. Gries said the remaining sticking points were around setting
up the deal to cover the next 40 years.

CONTACT:

Investor and Analyst Inquiries:

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

Media Inquiries:

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


JUICE GROUP: Appoints Official Liquidators
------------------------------------------
Notice is given that at a general meeting of the members of
Juice Group Australia Pty Limited held on July 12, 2005, Jason
Bettles and Susan Carter, Registered Liquidators of Downie
Insolvency, Level 6, 50 Cavill Avenue, Surfers Paradise,
Queensland, were appointed Liquidators for the winding up of the
Company.

Dated this 18th day of July 2005

Jason Bettles
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland
Web site: http://www.downieinsolvency.com.au/


LOMONDLOCH PTY: Winding Up Process Begins
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Lomondloch Pty held on July 11, 2005, it was resolved that
the Company be wound up voluntarily by the members, and that
Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator of the Company for such wind up.

Dated this 12th day of July 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


NORBERTA DEVELOPMENTS: Members Opt for Liquidation
--------------------------------------------------
Notice is hereby given that at a meetings of creditors of
Norberta Developments Pty Limited convened and held on July 11,
2005, it was resolved that the Company be wound up and for such
purpose, Robyn Louise Duggan and Steven John Sherman of Ferrier
Hodgson, Level 17, 2 Market Street, Sydney NSW 2001, Australia
were appointed Liquidators.

Dated this 26th day of July 2005

Robyn L. Duggan
Steven J. Sherman
Joint Liquidators
Ferrier Hodgson
GPO Box 4114, Sydney NSW 2001


OREGON HOLDINGS: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that at the meeting of the members and
creditors of Oregon Holdings Pty Limited held on July 13, 2005,
a special resolution was passed to wind up the Company and
appoint Peter Douglas Crowe as Liquidator for such winding up.

Dated this 13th day of July 2005

Peter D. Crowe
Liquidator
A. K. Graham & Co.
Chartered Accountants
PO Box 203, Subiaco WA 6904
Phone: 08 9388 9917
Fax:   08 9388 9919


PACIFIC MENTOR: Final Meeting Scheduled August 29
-------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Pacific Mentor Pty Limited will be held on Aug. 29,
2005, 10:00 a.m. at the offices of Bentleys MRI Sydney Business
Recovery & Insolvency Partnership, Level 8, 50 Carrington
Street, Sydney NSW, to lay before the meeting the Liquidators'
final account and report and to give any explanation thereof.

Dated this 18th day of July 2005

Ozem Kassem
Liquidator
C/o Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: (02) 8221 8433


PACK & PEDAL: Goes Into Receivership
------------------------------------
Cycle and camping chain Pack & Pedal has gone into receivership,
according to The New Zealand Herald.

The nine Pack & Pedal stores in Auckland, Tauranga, Palmerston
North and Wellington, which employ 74 staff, shut on Friday.

Receivers McGrath Nicol were now assessing the business and its
assets, and looking into sale options.

The firm was acquired by Auckland publisher Barry Colman's
Liberty Holdings in March last year.

CONTACT:

Pack & Pedal
333 Ti Rakau Drive,
Pakuranga, Auckland
Phone: (09) 273 3222
E-mail: tresta@epicnz.com


PENNY & LANG: Former Supplier Makes Move to Kyneton
---------------------------------------------------
The biggest supplier of meat to the former Penney & Lang
Abattoir at Carisbrook has been forced to move to Kyneton after
the abattoir shut down Monday last week, ABC News Online
reports.

The abattoir is now up for sale, after it went into voluntary
administration last month.

A director of Penney and Lang Wholesalers, Darren Curtis, says
the move from Carisbrook could put a strain on farmers supplying
the company. He says he is worried they may take their business
elsewhere.

"I think that's a big worry. I think pretty much most of them
will stick with us and see if it works for them," he said.

"It's a bit like us killing over here - we've got to see whether
it can work for us and so far so good and hopefully we can make
it work. It's an extra 4,000 to 5,000 lambs a week and an extra
300 to 400 cattle a week."

Penny & Lang creditors are set to conduct a second creditor's
meeting today to decide whether to liquidate the business.

Penny & Lang has been a valuable competitor at southern
saleyards, killing about 7000 lambs and sheep and 400 cattle a
week. Its abattoir is not connected to Penny & Lang Meat
Wholesalers. It is a separate company that continues to trade.


PRIME POWER: Creditors Initiate Wind-up Proceedings
---------------------------------------------------
On July 11, 2005, the members of Prime Power Systems N.T. Pty
Limited passed a special resolution to wind up the Company
through a creditors' voluntary wind up.

Dated this 11th day of July 2005

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


PWT SERVICES: Supreme Court Names Liquidator
--------------------------------------------
On July 12, 2005, the Supreme Court of New South Wales, Equity
Division ordered the wind up of PWT Services Pty Limited, and
appointed R. J. Porter to be Liquidator for such wind up.

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


PYES BUS: Members, Creditors to Review Wind-up Report
-----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of PYES Bus Services Pty Limited will be held on Aug.
29, 2005, 10:30 a.m. at the offices of Lawler Partners, 763
Hunter Street, Newcastle West NSW 2302 to have an account laid
before them showing how the winding up was conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.

Dated this 26th day of July 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302


QANTAS AIRWAYS: Travelers Are In for Another Surprise
-----------------------------------------------------
Qantas Airways will undertake substantial job cuts and slap
travelers with higher ticket levy to offset an expected AU$1.2
billion blowout next year in the price of aviation fuel, reports
Courier Mail.

Staff was told of the job cuts Friday last week during a meeting
between the Qantas unions and airline officials.

Qantas explained that fuel would account for 30 per cent of next
year's operating costs. Last year the fuel component was 19
percent.

The job cuts and the fuel cost fears were at odds with results
the carrier released Friday. Qantas reported an unexpected 18
percent profit rise, well above analysts' projections. The
airline reported an after-tax profit of AU$763.6 million to June
30, up AU$115.2 million on last year.

But Qantas chief executive Geoff Dixon declared that hard
decisions had to be made. Job cuts would occur across the
38,000-strong workforce, of which more than 93 percent are based
in Australia.

Two weeks ago, the carrier announced a decision to retrench 200
senior managers. On Friday last week, Mr. Dixon would not rule
out shifting more jobs offshore, as the airline did earlier by
opening a London crew base for 400 flight attendants earlier
this year.

On fuel levies Mr. Dixon said an increase would be announced in
the coming days.

Staff cutbacks and other changes already announced would leave
Qantas in a much stronger position financially when fuel prices
fall.

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


ROPANGA PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that a final meeting of the members of
Ropanga Pty Limited will be held on Aug. 29, 2005, 10:00 a.m. at
the offices of Harrington McNamara, Level 7, 11 Help Street,
Chatswood, to receive the liquidator's final account and report,
and to give any explanation thereof.

Dated this 11th day of July 2005

Ken Dennis Georgiou
Liquidator
c/o Harrington McNamara
Chartered Accountants
Level 7, 11 Help Street
Chatswood NSW 2067


SAS AUTOMATION: Members, Creditors to Meet August 29
----------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of SAS Automation Pty Limited will be held on Aug. 29,
2005, 9:30 a.m. at the Meeting Room of B.K. Taylor & Co.,
9th Floor, 608 St Kilda Road, Melbourne to lay before the
meeting an account of the Liquidator's acts and dealings and the
winding up manner.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.K.
Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 18th day of July 2005

Paul Vartelas
Liquidator
B.K. Taylor & Co.
8/608 St Kilda Road
Melbourne Vic 3004


SONS OF GWALIA: Founders Deny Negligence Accusations
----------------------------------------------------
The founders of failed Sons of Gwalia Limited have denied
allegations they have acted negligently and breached their
duties leading to the miner's downfall, Courier Mail relates.

A report into the AU$1-billion collapse by Ferrier Hodgson
released Friday said that founders Peter and Chris Lalor, along
with executive director Eardley Ross-Adjie, in its opinion had
acted negligently in the lead-up to the group's collapse last
year.

A spokesman for the Lalors, David Griffith, denied the claims
and said the report was neither fair nor balanced. Mr. Griffith
also questioned why the administrators leaked the report to two
media outlets before creditors or the Lalors had received it.

Ferrier said it had issued writs against the company's auditor
Ernst & Young, the Lalor brothers and Mr. Ross-Adjie, claiming
damages of AU$567 million, but said that figure had not been
finalized.

Ferrier said a failed exploration program, a bungled
acquisition, the short life of some gold projects and costs
arising from allegedly unauthorized trading activities all
contributed to the corporate collapse.

With total liabilities above AU$1 billion, shareholder claims
totaling AU$40 million look small in comparison.

Some shareholders are claiming Sons of Gwalia displayed
misleading and deceptive conduct and that they are entitled to
compensation.

Listed litigation fund IMF is representing about 400
shareholders hoping to be declared creditors. IMF managing
director Hugh Mclernon said the gravity of the problems at the
company strengthened the shareholders' case.

A court hearing will be held at the end of the month to decide
if shareholders will be declared creditors.

Creditors will be asked to vote on a deed of company arrangement
by the end of this month.

Meanwhile, the Australian Securities and Investments Commission
(ASIC) confirmed last week it had been looking into the affairs
of the Perth gold miner for six months.

Once one of Australia's most respected miners, Sons of Gwalia
called in administrators in August last year after discovering
it might not have enough gold to meet hedge commitments and
finance its foreign exchange exposure.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


TROTANA PTY: Liquidator to Distribute Company Assets
----------------------------------------------------
At a General Meeting of Trotana Pty Limited duly convened and
held on July 11, 2005, the following resolutions were passed:

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

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

Dated this 11th day of July 2005

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


WESTBUS: Joint Venture Eyes AU$106.7-Mln Acquisition
----------------------------------------------------
A joint venture of an Australian and a Singapore-based Company
is looking to acquire the failed Westbus Group for AU$106.7
million, according to the Sydney Morning Herald.

Cabcharge Australia and ComfortDelGro are willing to fund the
acquisition in cash from various firms by the end pf September.

Most companies in the Westbus Group, which operates almost 25
percent of New South Wales bus services, have been in voluntary
liquidation since January this year.

Taxi charge card service provider Cabcharge will hold 49 percent
and ComfortDelGro will hold 51 percent of the new joint venture,
ComfortDelGro Cabcharge Pty Ltd.

In its first full year under the new structure, Westbus is
projected to generate revenue of around AU$110 million and
earnings before interest tax, depreciation and amortization of
around AU$18 million.

Cabcharge Executive Chairman Reg Kermode said the acquisition
will provide a platform for a major expansion of its operations.

ComfortDelGro, on the other hand, said the acquisition would
assist the firm to boost offshore revenues to around 50 percent
in the next four to six years from 37 percent currently.

CONTACT:

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


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

AUTO-TECHNIC ENGINEERING: Opts for End of Operations
----------------------------------------------------
Auto-Technic Engineering Company Limited whose place of business
is located at Rm 1301, 13th Floor, Wellborne Commercial Centre,
8 Java Road, 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 August 8, 2005.

Date of Presentation of Petition: March 22, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


CAMELL ENGINEERING: Winding Up Hearing Set September 14
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Camell Engineering (International) Company Limited by the High
Court of Hong Kong Special Administrative Region was on July 20,
2005 presented to the said Court by Necso Entrecanales Cubertas
S.A., China State Construction Engineering Corporation and Hip
Hing Construction Company Limited trading as NECSO-China state-
Hip Hing joint venture whose site office is situated at 21 On
Lai Street, Shatin, New Territories, Hong Kong.  

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

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

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

MASONS
Solicitors for the Petitioner
50th Floor, Central Plaza
18 Harbour Road
Wanchai, Hong Kong

Note:

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


ETC ENVIRONMENTAL: Enters Winding Up Proceedings
------------------------------------------------
ETC Environmental Technology Limited whose place of business is
located at Unit 2205, 22/F, Modern Warehouse, 6 Shing Yip
Street, Kwun Tong, Kowloon was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 10, 2005.

Date of Presentation of Petition: August 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


HONG KONG INSTITUTE: To Undergo Winding Up Process
--------------------------------------------------
The Hong Kong Institute of Business Administration Limited whose
place of business is located at Unit 2208, 22/F, Modern
Warehouse 6 Shing Yip Street, Kwun Tong, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on August
10, 2005.

Date of Presentation of Petition: June 10, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


LOXON DEVELOPMENT: Creditors Must Prove Debts by End of Month
-------------------------------------------------------------
Notice is hereby given that the creditors of Loxon Development
Limited (In Member's Voluntary Liquidation), which is being
voluntarily wound up, are required on or before August 31, 2005,
to send in their names, addresses and particulars of their debts
or claims, and the name and address of their solicitors, if any,
to the liquidator.

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

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

Dated this 12th day of August, 2005

CHIONG LAI LAI
Liquidator
Room 1201, Dina House
Rutrtonjee Centre
11 Duddell Street, Central
Hong Kong


MOULIN GLOBAL: Citigroup Adds 47.17 Mln Shares
----------------------------------------------
Citigroup has reported an increase of its shareholding in Moulin
Global Eyecare (0389) by 47.178 million shares from 4.787
million shares (0.86%) to 51.965 million shares (9.38%),
Infocast News reports. The acquisition price was not disclosed.

Trading in the Company's shares has been suspended since April
18, 2005 and will continue to be suspended until further notice.
The shares held by Citigroup are worth $262 million, basing on
$5.05 per share the stock was last traded before the suspension.

The company earlier announced the disposal of Shanghai Moulin
International and Zhongshan assets for an aggregate amount of
$80 million with proceeds to be applied by the liquidators and
provisional liquidators in the ordinary course of the winding-up
of the company.

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road, Kowloon Bay
Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk


MAGICIAN INDUSTRIES: Clarifies Cash Flow, Lawsuit Report
--------------------------------------------------------  
Reference is made to the results announcement of Magician
Industries (Holdings) Limited published on The Standard on July
25, 2005 in relation to the results of the Company for the year
ended March 31, 2005 wherein the auditors of the Company have
given a qualified opinion of the Company's financial statements.

At the request of the Stock Exchange and to keep the public and
the shareholders informed on the matters therein, the Company
hereby clarifies and announces as follows:

(a) Legal actions by the creditors of the Company

It was reported in the Results Announcement that certain
creditors of the Group have taken legal actions to recover
overdue balances totaling approximately HK$34 million, and that
some of the creditors have also applied to the court in the PRC
to freeze certain plant and machinery and bank balances, and
foreclosure orders have been obtained in relation to the same.
Such legal actions have not been previously announced as the
management during the course of such proceedings considered that
the claims of each individual legal action was insignificant,
when considered separately, when they were individually compared
to the Group's then net asset value. These actions were
commenced separately by different parties sporadically and were
spread out in various months starting from July 2004.

Despite the foreclosure orders, the Group has been able to
continue the use of such plant and machinery and the day to day
production operation has not been affected as no action has been
taken by the creditors to enforce the foreclosure orders. In the
meantime, the Board is negotiating with the creditors for
settlement and seeking additional funding from various sources.
The Board considers that if the execution is enforced by the
creditors in respect of the foreclosure orders, the plant and
machinery subject to such orders would be seized and become out
of use by the Company. The Company will have to outsource
certain production operations to other manufacturers in the
short term. Notwithstanding the above, the management confirms
that the Group is carrying out a sufficient level of operations
and have tangible assets of sufficient values.

As shown in the Results Announcement, turnover for the year
ended March 31, 2005 was about HK$445 million, and was
comparable to the previous year end of about HK$470 million. In
addition, the Group has a net asset value of about HK$97
million.

At present, the Group has a very tight cash flow position given
the results of the PRC legal actions and the overdue balances.
However, the Board is of the view that such position would be
improved given that new orders received since July has gradually
resumed to normal as compared with the average monthly orders
received in the first six months this year, and the Board
anticipates that new orders would at least maintain at such
level in the coming months given the Group's effort in
successfully expanding its customer bases in various overseas
markets (the U.S., Canada, Australia, Italy and the U.K.) and
the development of new products to high-margin OEM customers.

Further, the Board has been taking steps to improve the current
cash flow position by seeking various sources of additional
funding including disposing certain of the non-core office units
in Hong Kong, non-essential assets in the PRC (such as excessive
inventories and idle assets), and through equity and debt fund
raising exercises; obtaining continuing support from creditors
and banks by renewing existing loan facilities, extending
repayment dates and negotiating for additional credit
facilities; obtaining new short-term loan secured on the Group's
leasehold land and buildings located in Hong Kong (a sum of
HK$15 million has been obtained subsequent to the balance sheet
date); implementing an incentive bonus scheme to reward
successful debts collection from the domestic sales customers;
and implementing measures in cost-cutting and strengthening of
internal controls especially in the procurement and production
cycles.

The Board undertakes to keep the investing public informed,
among others, of the cash flow position and status of debt
repayment from time to time by way of further announcements.

(b) Long-term borrowings

It was reported in the Results Announcement that a half-yearly
installment repayment of HK$4,855,000, which was due in March
2005, was fully settled subsequent to the balance sheet date.
With regards to an installment repayment which will become due
in the coming September, the Board is still negotiating with the
bank to postpone the repayment date in order to relief the cash
flow pressure the Company is currently facing. If such extension
of repayment could not be made, the Company will face a more
hostile cash flow pressure, and the Company will have to seek
further and additional sources of funding as stated above.

(c) Impairment loss

It was reported in the Results Announcement that an impairment
loss of about HK$75 million for the property, plant and
equipment (PPE) with carrying value of about HK$323 million at
balance sheet date was made by the Group which the auditors were
unable to form an opinion.

In order to assess the value in use of the PPE, the Company has
provided a cash flow forecast to the auditors for assessment.
The auditors considered that there is no concrete basis for such
cash flow forecast, in view of the unsatisfactory performance of
the Group during the last financial period. The basis of the
management in such impairment loss recognition are (a) for land
and building, the difference between the indicative value stated
in the valuation report and their book value, (b) for certain
machineries not in use, provision for their full book value and
(c) for equipment idle for over 1 year, provision for their full
book value.

(d) Books and records

It was reported in the Results Announcement that certain books
and records of the Company have been misallocated. The Board
wishes to clarify that those records should have been located at
local level of sales and marketing units in the PRC.

The Board considers that due to the high turnover of staff at
local level in the PRC, some of these records were mislocated.
Full provisions have already been made to the matters in
relation to such misallocated books and records. The Board has
been taking steps to recover the same, if possible, and new
measures to improve records keeping at these local levels.

For clarity purpose, the Board confirms that the books and
records of the Group, which are required to be kept under
various provisions of the Laws of Hong Kong are properly kept.

(e) Provisions of doubtful debts

As reported in the Results Announcement, the Group has a
discrepancy of the provision of about HK$41 million of doubtful
debts. The Board has taken steps to clarify such discrepancy and
is expected to report its preliminary findings in due course.

CONTACT:

Magician Industries (Holdings) Limited
Flat E-H, 24/F Phase II Superluck
Industrial Centre 57 Sha Tsui Road
Tsuen Wan, Hong Kong
Phone: 24117878  
Fax: 24117808  
Web site: http://www.magician.com.hk


MAGICIAN INDUSTRIES: Unveils Director Resignations
--------------------------------------------------
Magician Industries (Holdings) Limited (0526) announced the
resignation of several directors:

Mr. Chan Chun Hing and Mr. U Keng Tin have resigned as executive
director and independent non-executive director of the Company
respectively with effect from April 19, 2005. Mr. Lee Kwan Hung,
Eddie has resigned as independent non-executive director of the
Company with effect from April 23, 2005. Mr. Yau Sui Ki,
Christie has resigned as non-executive director of the Company
with effect from April 25, 2005. Mr. Lee Lok Man and Mr. Leung
Ka Cheuk have resigned as non-executive directors of the
Company, both with effect from April 27, 2005. Mr. Peter A. Lee
has resigned as executive director of the Company with effect
from May 10, 2005. Mr. Lau Chi Kit, Edwin has resigned as non-
executive director of the Company with effect from August 17,
2005.

In relation to their resignations, Mr. Chan Chun Hing stated
that there are a number of issues regarding management,
corporate governance and internal control of the Company that he
wanted to bring to the attention of the Stock Exchange. The
Company, however, had not been informed of any further details
thereof. Mr. U Keng Tin stated that he has disagreements with
the Board concerning the Company's lack of corporate governance,
proper records filing, internal controls and audit trails that
need to be brought to the attention of the shareholders of the
Company and the Stock Exchange. Mr. Lee Kwan Hung, Eddie stated
that he has disagreement with the Board on issues regarding
management, corporate governance and internal control of the
Company and these are matters that need to be brought to the
attention of the shareholders of the Company and the Stock
Exchange.

The Board has been following up on the issues raised by Mr. Lee
Kwan Hung, Eddie, Mr. Chan Chun Hing and Mr. U Keng Tin and
concluded that, save as to the matters contained in this
announcement, those issues were either unsubstantiated, resolved
or have been superceded by subsequent events. The Stock Exchange
is still looking into the matters complained by the outgoing
directors and reserve the right to request the Company to
further clarify any outstanding issues.

Mr. Peter A. Lee, Mr. Yau Sui Ki, Christie, Mr. Lee Lok Man, Mr.
Leung Ka Cheuk and Mr. Lau Chi Kit, Edwin have confirmed that
they have no disagreement with the Board and there are no
matters that need to be brought to the attention of the
shareholders of the Company and the Stock Exchange in relation
to their resignations. They resigned as directors of the Company
due to their personal reasons. The existing management therefore
considered it unnecessary to discuss with any one of them on the
details of their personal reasons for their resignations.
Further, the Board considered it would be more conducive to
investigate the issues raised by the other three resigned
directors at that time.


MAGICIAN INDUSTRIES: Appoints Audit Committee Members
-----------------------------------------------------
With effect from April 21, 2005, Mr. Fok Kam Chau, Peter and Mr.
Lau Kin Hon have been appointed as members of the audit
committee of Magician Industries (Holdings) Limited. Mr. Wong
Hui Ching, Jeoffrey has been appointed as a member of the audit
committee of the Company with effect from April 27, 2005. Mr.
Tso Hon Sai, Bosco has also been appointed as a member of the
audit committee of the Company with effect from August 18, 2005.

Mr. Hoon Wee Teng, Will resigned as a member of the audit
committee of the Company on July 22, 2005. Mr. Lau Kin Hon
resigned as a member of the audit committee of the Company on
August 18, 2005. In addition to their directors' emoluments, if
any, each of the audit committee members is entitled to an
annual remuneration of HK$120,000 for acting as members of the
audit committee of the Company.


RICH GLOBAL: Court Issues Winding Up Notice
-------------------------------------------
Rich Global Technologies Limited whose place of business is
located at Rm 1101, 11th Floor, China Insurance Group Building,
141 Des Voeux Road Central, 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 August 10,
2005.

Date of Presentation of Petition: May 30, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


PARK FINANCE: Schedules Creditors Meeting September 2
-----------------------------------------------------
Notice is hereby given that the creditors of Park Finance (Hong
Kong) Limited, which are being voluntarily wound up, are
required (if they have not already done so), on or before
September 2, 2005, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the liquidator.

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

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

Dated this 8th day of August, 2005

HUI YIU KWAN, DENNIS
Liquidator
Room 1406 Hang Shing Building
363-373 Nathan Road, Kowloon
Hong Kong


PARK MANAGEMENT: Creditors' Proofs of Claims Due Next Month
-----------------------------------------------------------
Notice is hereby given that the creditors of Park Management
Limited (In Member's Voluntary Liquidation), which are being
voluntarily wound up, are required on or before September 2,
2005, to send in their names, addresses and particulars of their
debts or claims, and the name and address of their solicitors,
if any, to the Liquidator.

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

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

Dated this 8th day of August, 2005

HUI YIU KWAN, DENNIS
Liquidator
Room 1406 Hang Shing Building
363-373 Nathan Road, Kowloon
Hong Kong


TAT CHEONG: Court to Hear Winding Up Petition September 7
---------------------------------------------------------
Notice is hereby given that a petition for the winding-up of Tat
Cheong Hong Builders and Engineers Limited by the High Court of
Hong Kong was on July 6, 2005, presented to the said Court by
Man Fai Ming Hero of Room 3209, Yiu Tai House, Tin Yiu Estate,
Tin Shui Wai, Yuen Long, New Territories.

The said petition is to be heard before the Court at 9:30 a.m.
on September 7, 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.

Betty Chan
for Director of Legal Aid
34/F, Hopewell Centre,
183 Queen's Road East,
Wanchai, Hong Kong

Note: Any person who intends to appear ar 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, the name
and address of the firm, and must be signed by the person or
firm, and must be signed by the person or firm or his or their
solicitor (if any), and must be served, or if posted, must be
sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 6, 2005.


QUANTECH LIMITED: Set to Wind Up Operations
-------------------------------------------
Quantech Limited whose place of business is located at Unit
1217, 12th Floor, Tower A, Regent Centre, 63 Wo Yi Hop Road,
Kwai Chung, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on August 10, 2005.

Date of Presentation of Petition: April 28, 2005

Dated this 19th day of August 2005

Lee Mei Yee May
Acting Official Receiver


WAKOMICRO TECHNOLOGIES: Creditors Meeting Fixed August 26
---------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of Wakomicro
Technologies Limited (Cap 32) that a meeting of the creditors of
Wakomicro Technologies Limited will be held at Flat B, 16/F.,
Empire Land Commercial Centre, 81-85 Lockhart Road, Wanchai,
Hong Kong on 26th day of August 2005 at 3:00 p.m. for the
following purposes:

1. To explain the financial position of the Company.

2. To appoint, if thought fit, one person to act as Liquidator
for the purposes of the winding-up of the Company.

3. To appoint, if thought fit, not more than five person to
serve on a committee of inspection for the purposes of the
winding-up of the Company, and to review the appointment to such
committee of any persons appointed by the Shareholder of the
Company; and

4. To fix the remuneration of the Liquidator if no committee of
inspection as referred to in item (3) above is appointed.

Dated this 1st day of August 2005

On behalf of the Board of Directors
YOSHIHIKO SATO
Director


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

DIRGANTARA INDONESIA: President Faces Jail for Negligence
---------------------------------------------------------
Aircraft maker PT Dirgantara Indonesia (PT DI) president Edwin
Soedarmo is likely to go to jail for two months as his appeal to
a local district court following his sentencing was rejected,
reports the Jakarta Post.

On Jan. 14, 2005, the Bandung District Court sentenced Mr.
Soedarmo to two months' incarceration for failing to obey an
order from the Committee for the Settlement of Labor Disputes to
distribute severance pay of over IDR400 billion to 5,700
displaced PT DI workers, who never received the payment.

Due to prolonged financial Company troubles, 6,500 PT DI workers
were laid off; 5,700 workers accepted the downsizing, while 800
workers refused to accept and field an appeal with the Supreme
Court.

After the verdict, Mr. Soedarmo had filed an appeal with the
Supreme Court, but such was rejected as the Supreme Court would
not intervene in cases where the defendant was sentenced to less
than 12 months' imprisonment.

The case was sent back to the local district court, which in
turn rejected it, since the defendant had been proven guilty of
disobeying orders from the Committee for the Settlement of Labor
Disputes, as well as failure to appear in court.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


PERTAMINA: Plans Bond Sale to Raise Working Capital
---------------------------------------------------
State oil and gas firm PT Pertamina is planning a bond sale next
year in order to raise at least IDR5 trillion to improve working
capital and finance its oil imports, Reuters News reports.

Bisnis Indonesia quoted Pertamina director Alfred Rohimone as
saying that the minimum amount of the bonds, whichl are slated
to be issued early next year, is IDR5 trillion. However, the
Company has yet to select the underwriters for the bond sale.

Even though Pertamina is a member of the Organization of
Petroleum Exporting Countries (OPEC), it imports crude oil due
to problems in production and the lack of newer oil wells, aside
from the recent oil shortage in the country.

CONTACT:

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


PERTAMINA: To Supply Natural Gas to State Power Firm
----------------------------------------------------
State oil company PT Pertamina will team up with state-owned
Medco Energi International and Chinese firm Petrochina Co. to
sell flared natural gas to state power firm PT Perusahaan
Listrik Negara (PLN), reports the Jakarta Post.

According to the report, the three firms will sell 7 million
cubic feet of natural gas from a gas field in Mudi, East Java,
for USD1.1 million (IDR11 billion) per British thermal unit to
PLN. The Company will then use the flared gas to replace diesel,
allowing it to save up to IDR7 billion in monthly operating
costs.

Perusahaan Listrik is affected by an ongoing gas shortage in the
country, hence it cannot provide enough power to industries and
businesses, leading to power outages in certain areas of
Indonesia.


PERUSAHAAN LISTRIK: Plans to Compensate Clients for Blackout
------------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) plans
to compensate 5.5% of its customers that were affected by a
recent power outage of over three hours in Java.

In a statement, the Company said that they would compnesate 475
customers, who are eligible to receive a 10% reduction in their
power bill for the next month. The bill cuts are expected to
reach a total of IDR3.5 million. PLN president Eddie Widiono
Suwondho said that the Company will compensate those firms whose
quality of serivces declined as a result of the blackout, adding
that companies who have suffered blackouts that were 10% above
standard had the right to receive such compensation.

A glitch in the Company's transmission line for the Java-Bali
grid caused a 1.5 and 12-hour blackout in the islands of Banten,
Jakarta & Java.

According to PLN, 2.21 million people in West Java and Banten
suffered blackouts; around 293,235 customers would be
compensated with an amount of IDR876 million.

Around 30 international and domestic flights were delayed at the
Soekarno Hatta International Airport, a state railway
firmsuffered IDR200 million in losses from the cancellation of
68 services, and up to 35 textile firms in Jakarta suffered an
estimated IDR105 billion due to the blackout.

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


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

FUJITSU LIMITED: Servers Going to Europe, U.S.
----------------------------------------------
Fujitsu Limited will sell servers that have various
communication functions, including router and fire-wall
capabilities, in the United States and Europe next year, The
Japan Times reports.

The company expects sales of its IPCOM series of servers to
reach JPY10 billion over the next three years, a threefold
increase from the current figure, the report said.

The servers, to be priced at an average of JPY2 million yen
each, stand out in terms of lower energy consumption and compact
size.

The company recently launched the devices in Southeast Asia,
including the Philippines and Indonesia, through its Singapore
subsidiary.

In a company statement, it posted first quarter consolidated net
income of JPY2.4 billion (US$23 million), an improvement of
JPY14.3 billion over the net loss recorded in the first quarter
of fiscal 2004. In addition to the increase in operating income,
a gain on the settlement of HDD-related litigation contributed
to this result.

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com


MITSUBISHI FUSO: Recalls 41,548 Trucks
--------------------------------------
Mitsubishi Fuso Truck & Bus Corporation is recalling 41,548
trucks to fix a part connecting the engine and transmission, the
Associated Press reports.

The trucks were built between November 1994 and July of this
year, have bolts that can become loose, making it hard to use
the clutch and possibly impede the truck's movement.

Mitsubishi Fuso is 85 percent owned by DaimlerChrysler AG of
Germany.

CONTACT:

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


MITSUBISHI MOTORS: Australia Posts FY04 AU$600-Mln Loss
-------------------------------------------------------
Mitsubishi Motors Australia Ltd. posted a AU$588 million loss in
fiscal 2004, versus a net loss of AU$18 million a year earlier,
The Advertiser reports, citing MMAL President Tom Phillips.

The carmaker was able to cut its operating loss by more than
half with the shutdown of its Lonsdale engine plant.

The results show:

1) About AU$95 million went on retrenchment payouts for the
1000 jobs lost between the Lonsdale and Tonsley Park
plants.

2) Almost AU$80 million was spent on research and development
projects for which the outcomes have been cancelled,
including work on the PS41L (a long wheelbase version of
the 380), which was eventually scrapped.

3) AU$320 million of plant and equipment - including some
purchased for the PS41L - has been written off.

4) Mitsubishi Motors Corporation funded MMAL's write-off
costs and they do not sit as debt for the local
subsidiary.

Mr. Phillips said there was a logical story behind the
significant financial loss.

"We are extremely confident that we are returning to the black
this year," he said. "We're tracking quite healthily and that's
before the 380 gets launched."

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


TOSHIBA CORPORATION: To Boost Flash Memory Output by 150%
---------------------------------------------------------
Toshiba Corporation may boost its monthly output capacity of
flash memory chips by 150 percent to become more competitive in
the growing market, according to Reuters.

The company said it may increase the processing capacity at its
jointly owned NAND flash plant in Mie prefecture, central Japan,
to 100,000 300-mm silicon wafers a month from a planned 10,000
wafers in September 2005.

Combined with Toshiba's NAND output capacity at its 200-mm wafer
plant, also in Mie prefecture, its total NAND flash production
capability would come to the equivalent of 150,000 300-mm wafers
per month, up from 60,000 wafers next month.

A Toshiba spokesman said its 300-mm NAND plant, jointly owned
with U.S.-based SanDisk Corporation, has space to increase
monthly output to 100,000 wafers but that a decision on when to
increase capacity would be made according to market conditions.

In a company statement, The company's income (loss) before
income taxes and minority interest was minus JPY3.6 billion
(minus US$32 million), down by JPY3.9 billion from the year-
earlier period. The net loss widened by JPY1.1 billion from the
same period a year ago to minus JPY8.9 billion (minus US$80
million).

CONTACT:

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


USJ COMPANY: Creditors Agree to Roll Over JPY65 Debts
-----------------------------------------------------
Theme park operator USJ Company said on Friday that its
creditors agreed to roll over a JPY65 billion part of its
JPY81.4 billion debts later this month, Kyodo News reports.

The rollover by 12 creditors is intended to improve the
company's financial position by lowering contractual interest
rates on its borrowings and extending the length of the period
during which it must pay off its obligations.


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

DOOSAN GROUP: Stocks Nosedive as Conflict Heats Up
--------------------------------------------------
The feud between Doosan Group's Ex-chairman and brothers took a
toll on its construction arm, reports The Korea Times.

Doosan Industrial Development suffered a 10-percent stock price
plunge in the past month, following its admission of inflating
profits by KRW279.7 billion between 1995 and 2001 by
manipulating accounting books.

On Friday last week, the construction firm's closing share price
plummeted from KRW6,540 to KRW5,900.

The brother's brawl was considered the key factor of the share's
plunge since Doosan Industrial has secured combined backlog of
construction orders worth some KRW8 trillion.  The current stock
price of Doosan Industrial Development falls far short of the
market consensus target price of between KRW7,500 to KRW8,000.

Other Doosan Group units such as Doosan Infracore and Doosan
Heavy Industries experienced a plunge in shares by six and nine
percent respectively.

Doosan Corp. shares remained virtually stagnant at KRW14,900
from KRW14,600 on July 20, but considering that its stock was
gaining more momentum in late July, reaching its peak closing
price of KRW17,100 on July 28, its stock value sagged
considerably after the window dressing confession made by its
sister construction firm on August 8.

The Korea Ratings hinted a downward revision of Doosan
Industrial Development's credit rating.  According to the rating
agency, the construction firm's financial health is forecast to
take a turn for the worse following the acknowledgment of the
accounting fraud.

Not only are Doosan Group's unit affected, company executives as
well-experienced distress by the ongoing power struggle between
the brothers. The alienated brothers are drawing lines between
friends and foes, setting Doosan top executives against each
other, regardless of their intentions.

An intra-office message sent Doosan Group's president of public
relations and Doosan Bears Kim Jin denouncing the ex-chairman
for defaming the conglomerate's reputation in an intra-office
message.

"The ex-chairman, who has dedicated his whole life to the Doosan
Group and served as chairman for nearly 10 years, has damaged
Doosan's reputation," Mr. Kim wrote.

Doosan Industrial Development president Kim Hong-koo was also
faced with a problem regarding a message posted on the bulletin
board of the intra-office Web site.

"I did not write the lines that read ex-chairman Park ordered me
to pay the interests of the loans personally raised by owner
family members (to participate in the rights offerings by Doosan
Industrial Development)," Mr. Kim said.

The former Doosan Group chairman filed a lawsuit against his
younger brother, Park Yong-sung right after being sacked from
the chairmanship. However, the ex-chairman's dismissal is
pending shareholder approval in September.


YOOKYOUNG FOUNDATION: To Hold Auction Early Next Month
------------------------------------------------------
The Yookyoung Foundation office is holding an auction on
September 5, The Dong-A Ilbo reveals.

Cho, a former advisor to the foundation, applied to the Seoul
Eastern District Court for approval of the foundation's auction.
Items up for bidding are the foundation science hall and culture
hall, appraised at around KRW12.145 billion.

Mr. Cho filed a lawsuit when a conflict transpired in the
foundation.  The lawsuit was about the calculation of the
deposit of the rent contract for the parking lot and swimming
pool he rented from 1997 to 2001.

The foundation won the first trial, but the Seoul High Court
ordered the foundation to pay Mr. Cho KRW500 million. Mr. Cho
submitted an auction application to court based on this ruling.

However, the auction will most likely be unsuccessful despite
gaining approval and the foundation only has to pay Mr. Cho the
KRW500 million or entrust the same amount with the court to keep
the building in its hands.


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

BUKIT KATIL: Net Loss Shrinks to MYR1,502,000
---------------------------------------------
Bukit Katil Resources Berhad released to Bursa Malaysia
Securities Berhad its unaudited Fourth Quarter report for the
financial period ended June 30, 2005.

Summary of key Financial Information
June 30, 2005

      Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue

    795           810             3,223          4,144

(2) Profit/(loss) before tax  

    -1,502        -3,342          -95,470        -5,105

(3) Profit/(loss) after tax and minority interest  

    -1,502        -2,933          -95,425        -5,066

(4) Net profit/(loss) for the period

    -1,502        -2,933          -95,425        -5,066

(5) Basic earnings/(loss) per shares (sen)  

    -2.27          -4.43          -144.26         -7.66

(6) Dividend per share (sen)

    0.00            0.00           0.00           0.00

         As at End of            As at Preceding Financial
         Current Quarter         Year End

(7) Net tangible assets per share (RM)  

        -0.2383                   1.2043    

For more information, click
http://bankrupt.com/misc/BukitKatil082205.pdf

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


BUKIT KATIL: Inks MoU with White Knight
---------------------------------------
Bukit Katil Resources Berhad (Bukit Katil) issued to Bursa
Malaysia Securities Berhad details of the Memorandum of
Understanding in relation to Proposed Restructuring Scheme.

On behalf of the Board of Directors of Bukit Katil, Malaysian
International Merchant Bankers Berhad (MIMB) informed Bursa
Malaysia Securities Berhad that it has on August 18, 2005
entered into a Memorandum of Understanding (MOU) with Wong Hak
Yan @ Ooi Kheok Jin (hereinafter referred as the White Knight).

Pursuant to the MOU, the White Knight has expressed his interest
to participate in the proposed restructuring scheme, which is
being contemplated by the Company in its efforts to regularize
the financial conditions of the Company. The Company and the
White Knight have agreed to negotiate exclusively with each
other with the intention to enter into definitive agreements on
or before the expiry of sixty (60) days from the date of the
MOU.

The parties have also declared the understanding of the proposed
restructuring scheme of Bukit Katil which shall consist of the
following indicative proposals (which shall include further
amendments, modifications, supplements thereto) subject to
further negotiation, confirmation, acceptance and agreement:

(i) Proposed Setting Up of Newco: the proposed incorporation of
a new company (Newco) to facilitate the Proposed Restructuring
Scheme and the Newco shall eventually take over and assume the
listing status of the Company.

(ii) Proposed Acquisition: Newco will acquire the entire issued
and paid up capital of Rich Focus Corporation Sdn Bhd, which is
principally involved in property development, at an estimated
aggregate purchase price of Ringgit Malaysia One Hundred and
Twenty Million (MYR120,000,000.00), by issuing of One Hundred
and Twenty Million (120,000,000) new ordinary shares of
(MYR1.00) each (Newco Shares) at par in Newco.

(iii) Proposed Share Swap: all the existing Sixty-Six Million
One Hundred and Fifty Thousand (66,150,000) ordinary shares of
Ringgit Malaysia One (MYR1.00) each in Bukit Katil shall be
exchanged with Two Million (2,000,000) new ordinary shares of
Ringgit Malaysia One (RM1.00) each in the Newco, on the basis of
One (1) new share in Newco. As a result, Bukit Katil shall
become a wholly owned subsidiary of Newco.

(iv) Proposed Debts Settlement: In consideration for the listing
status of Bukit Katil to be transferred to Newco, Newco will
issue approximately Ringgit Malaysia Ten Million
(MYR10,000,000.00) comprising of Ten Million (10,000,000)
ordinary shares of Ringgit Malaysia One (RM1.00) each in Newco
(the Consideration Securities) to the creditors of Bukit Katil
(hereinafter referred to as the Scheme Creditors) as settlement
of all debts outstanding as of December 31, 2004 (the Cut-Off
Date).

However, no Scheme Creditors of Bukit Katil shall have any
action and/or recourse on the Newco after the Proposed Debts
Settlement.

(v) Proposed Disposal of Bukit Katil: Upon completion of the
Proposed Acquisition, Newco shall dispose and transfer the
entire issued and paid-up share capital of Bukit Katil for
RM1.00 to a special purpose vehicle (hereinafter referred to as
the Special Purpose Vehicle) for liquidation purposes.

(vi) Proposed Private Placement: In conjunction with the
Proposals, the White Knight, may be conducting private placement
of their shares in the Newco in order to assist in the
achievement of public spread and Bumiputera shareholding
purposes, if required.

(vii) Transfer of Listing Status of Bukit Katil To Newco: Newco
shall apply to the Bursa Malaysia Securities Berhad (hereinafter
referred to as Bursa Securities) for a listing status on the
Main Board which shall result in Bukit Katil to be delisted from
the Main Board of Bursa Securities.

The aforementioned proposals are collectively referred to herein
as the Proposed Restructuring Scheme.

A condition precedent to the MOU is that the Company is
successful in obtaining a stay of the winding-up order which was
granted by the Kuala Lumpur High Court against Bukit Katil on  
September 8, 2004 upon a petition presented by one of its
financial institution creditors, within thirty (30) days from
the date of the MOU.

The final details of the Proposed Restructuring Scheme have not
been determined yet pending further negotiations and discussions
between the Company and the White Knight, consultation with the
major creditors of Bukit Katil and due diligence exercise on the
target companies. A detailed announcement on the final terms and
conditions of the Proposed Restructuring Scheme will be made
upon execution of the definitive agreements relating thereto.

None of the Directors and major shareholders of Bukit Katil or
any persons connected to them is interested in the MOU and the
Proposed Restructuring Scheme.

The relevant financial effects of the Proposed Restructuring
Scheme will be announced later upon finalization of the terms
and conditions of the Proposed Restructuring Scheme.

For and on behalf of the Board
Bukit Katil Resources Berhad
Malaysian International Merchant Bankers Berhad

This announcement is dated 18 August 2005.


CHASE PERDANA: Still in Talks with Stockholders
-----------------------------------------------
Further to the announcement made on July 18, 2005 pursuant to
PN1 of the Listing Requirements of Bursa Malaysia, the Board of
Directors of Chase Perdana Berhad (CPB) informed Bursa Malaysia
Securities Berhad that the company is still in discussions with
all the redeemable convertible secured loan stock (RCSLS) and
redeemable convertible unsecured loan stock (RCULS) holders,
with regard to the rescheduling of the 2nd anniversary
redemption to RCSLS holders and 3.5 percent coupon payments to
both RCSLS and RCULS holders due July 18, 2005.

This announcement is made on 18 August 2005.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2718 3700
Fax: +60 3 2094 0503


DATUK KERAMAT: Appeals Court OKs Interim Stay of Proceedings
------------------------------------------------------------
Datuk Keramat Holdings Berhad disclosed to Bursa Malaysia
Securities Berhad that the Court of Appeal had on August 17,
2005 granted the Company an interim stay of all proceedings
instituted by the intervenors in the restraining proceedings.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DFZ CAPITAL: EGM Scheduled Next Month
-------------------------------------
DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad)
(DFZ) advised Bursa Malaysia Securities Berhad on the following
proposals:

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

(II) Proposed amendments to the articles of association of DFZ

(collectively referred to as the proposals)

On behalf of DFZ, Commerce International Merchant Bankers Berhad
informed that notice is hereby given that an Extraordinary
General Meeting (EGM) will be held at Hotel Equatorial, No.1,
Jalan Bukit Jambul, Bayan Lepas, 11900 Penang on Monday,
September 12, 2005 at 11:00 a.m. or any adjournment thereof, for
the purpose of considering and if thought fit, passing the
resolutions to give effect to the Proposals, with or without
modifications as shall be determined upon at the meeting.

The full text of the Notice of EGM is attached herewith for your
information.

To view a full copy of the EGM Notice, click
http://bankrupt.com/misc/DFZCapitalBerhad082205.pdf

This announcement is dated 18 August 2005.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my


DUOPHARMA BIOTECH: Enters Into SPA for Shares Offer
---------------------------------------------------
Duopharma Biotech Berhad (Duopharma) advised Bursa Malaysia
Securities Berhad on the independent advice to the shareholders
of Duopharma in relation to the proposed conditional mandatory
take over by Tekan Maju Sdn Bhd (TMSB), a wholly owned
subsidiary of Chemical Company of Malaysia Berhad (CCM), to
acquire up to 92,490,610 ordinary shares of MYR0.50 each
(shares) in Duopharma not already owned by TMSB and persons
acting in concert with them at an offer price of MYR2.80 per
share to be satisfied by cash (the offer).

With reference to the announcement made by Avenue Securities Sdn
Bhd, on behalf of the Board of Directors of CCM on July 20, 2005
whereby TMSB had entered into a sale and purchase agreement with
Chia Ting Poh @ Cheah Ting Poh and Ang Bee Lian (collectively
referred to as Vendors) to acquire a total of 47,943,390
ordinary shares of MYR0.50 each representing approximately 36
percent equity interest in Duopharma for an aggregate cash
consideration of MYR134,216,292 or MYR2.80 per Share (Proposed
Acquisition).

TMSB will be obliged to undertake a mandatory offer for all the
remaining Shares of Duopharma not already owned by TMSB after
the Proposed Acquisition in accordance to the Malaysian Code on
Take Overs and Mergers, 1998 (Code).

The Board of Directors of Duopharma has appointed AmMerchant
Bank Berhad, a member of AmInvestment Group, (AmMerchant Bank)
to advise the minority shareholders of Duopharma on the Offer.
The appointment of the AmMerchant Bank will be subject to the
approval of the Securities Commission, in accordance with Part
IV Section 15(8) of the Code.

This announcement is dated 18 August 2005.


GEORGE TOWN: Court OKs Interim Stay of Proceedings
--------------------------------------------------
George Town Holdings Berhad informed Bursa Malaysia Securities
Berhad that the Court of Appeal had on August 17, 2005 granted
to the Company an interim stay of all proceedings instituted by
the intervenors in the restraining proceedings.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


HAP SENG: Acquires New Subsidiaries
-----------------------------------
Pursuant to paragraph 9.19 (23) of the Bursa Malaysia Securities
Berhad Listing Requirement, the Board of Directors of Hap Seng
Consolidated Berhad (HSCB) advised on the acquisition of the
following two (2) new wholly owned subsidiaries:

(1) Acquisition of Macro Arch (M) Sdn Bhd (700890-A)

The Company's wholly-owned subsidiary, Sasco Sdn Bhd (9396-X)
has on even date acquired the entire issued and paid-up capital
of MYR2.00 comprising 2 ordinary shares of MYR1.00 each in Macro
Arch (M) Sdn Bhd (700890-A) (MASB).

MASB is a private limited company incorporated in Malaysia on
June 24, 2005. It has an authorized capital of MYR100,000.00
divided into 100,000 ordinary shares of MYR1.00 each and is
currently dormant.

(2) Acquisition of Palms Edge (M) Sdn Bhd (702558-P)

The Company's wholly owned subsidiary, Hap Seng (Oil &
Transport) Sdn Bhd (59352-D) has on even date acquired the
entire issued and paid-up capital of MYR2.00 comprising 2
ordinary shares of MYR1.00 each in Palms Edge (M) Sdn Bhd
(702558-P) (PESB).

PESB is a private limited company incorporated in Malaysia on
July 12, 2005. It has an authorized capital of MYR100,000.00
divided into 100,000 ordinary shares of MYR1.00 each and is
currently dormant.

To the best of the knowledge of the directors, none of the
directors or major shareholders or persons connected to the
directors or major shareholders of the Company has any interest,
direct or indirect, in the aforesaid acquisitions.

CONTACT:

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


POLY GLASS: Passes All AGM Resolutions
--------------------------------------
The Board of Directors of Poly Glass Fibre (M) Bhd advised that
the shareholders of the Company had at the 8th AGM of the
Company duly held on August 18, 2005, approved all the
resolutions as prescribed in the Notice of convening the 15th
AGM contained in the Annual Report 2005 of the Company.

This announcement is dated 18th day of August 2005.


PUNCAK NIAGA: Defendants Files for Stay of Injunction
-----------------------------------------------------
Puncak Niaga Holdings Berhad (Puncak) issued to Bursa Malaysia
Securities Berhad an update on Kuala Lumpur High Court Civil
Suit No.: S3-22-878-2005 premier Ayer Sdn Bhd & another versus
Perbadanan Urus Air Selangor Berhad & two others.

Reference is made to the Company's earlier announcement on
August 9, 2005 in relation to the abovementioned legal suit.

The company informed the exchange that Syarikat Bekalan Air
Selangor Sdn Bhd (SYABAS) and Perbadanan Urus Air Selangor
Berhad (PUAS Berhad) had through its solicitors, filed the
application to set aside the injunction.

The said application was filed and heard on August 12, 15 and
17, 2005 respectively, and is scheduled for continued hearing on
August 22, 2005.

This announcement is dated 18 August 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


TELEKOM MALAYSIA: Interim Injunction Gets Court Nod
---------------------------------------------------
With reference to Telekom Malaysia Berhad's (TM) announcement
dated August 10, 2004 in respect of the joint application by TM
and Telekom Publications Sdn Bhd (TPSB) to seek an injunction
and damages from BG Media Sdn Bhd (BGM) and BG Online Sdn Bhd
(BGO) to prevent them from publishing any telephone directories
including the Super Pages directory comprising the Yellow Pages
mark and/or the Yellow Pages Get-Up as set out in the relevant
application papers to the Court or a mark or get-up which is
confusingly similar thereto.

TM disclosed that it has together with TPSB, on August 18, 2005,
obtained the approval from the High Court of the terms of the
Order for an Interim Injunction dated August 9, 2005 to restrain
BGM and BGO whether by themselves, their directors, officers,
servants or agents or any of them or any of the companies
controlled by or related to them in combination or otherwise
howsoever, from doing or authorizing others to do the following
acts or any of them:

(a) Using in the course of trade in relation to BGM and BGO's
telephone directories and/or their services and/or their
websites the following:

(i) The mark Yellow Pages or any mark/form so closely resembling
the Yellow Pages mark as is likely to cause confusion and
deception; and

(ii) A get-up which is confusingly similar to TM and TPSB's get-
up for their Yellow Pages telephone directories or parts thereof
including but not limited to the Super Pages Get-Up,
(collectively referred to as the Yellow Pages mark and the Super
Pages Get-Up).

(b) Passing-off or attempting to pass off or causing, enabling
or assisting others to pass off BGM and/or BGO's directories and
services and/or the trade and business of them as printers
and/or publishers of the directories and/or their websites as
and for the TM and TPSB's telephone directories and/or TM and
TPSB's services and/or the trade and business of TM and/or TPSB,
by the use of the Yellow Pages mark and the Super Pages Get-Up
or any get-up which is confusingly similar to the Yellow Pages
Get-Up or any part thereof.

(c) Printing, publishing, selling or offering for sale,
importing, exporting, distributing, marketing, advertising in
the print media or through the Internet or otherwise howsoever
dealing with directories using the Yellow Pages mark and the
Super Pages Get-Up or any get-up which is confusingly similar to
the Yellow Pages Get-Up or any part thereof.

(d) Unlawfully interfering with TM and TPSB's trade and business
and/or economic interests and/or contracts by committing any of
the acts detailed in paragraphs (a) to (c) above.

The said Interim Injunction would be effective and valid until
the trial of the case. At the current moment, no trial dates
have been fixed by the High Court.

TM will make further announcement of any material development on
the above matter from time to time.

CONTACT:

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


TELEKOM MALAYSIA: Answers Bursa Malaysia Query
----------------------------------------------
Telekom Malaysia Berhad issued to Bursa Malaysia Securities
Berhad details of the winding-up petition under Section 218 of
the Companies Act 1965 by Inmiss Communication Sdn Bhd (Inmiss)
against Mobikom Sdn Bhd (Mobikom), a wholly owned subsidiary of
Telekom Malaysia Berhad (TM).

The company refers to the query from the Exchange dated August
16, 2005 and TM's announcement dated August 12, 2005 regarding
the abovematter, and wish to clarify as follows:

(1) Todate, Mobikom has not yet been served with the winding-up
petition.

(2) The total cost of investment in Mobikom is MYR380.8 million.
TM has fully provided the investment cost in Mobikom against its
Profit and Loss Accounts. As of December 31, 2004, the carrying
amount of the investment in Mobikom is MYR1.00.

(3) The expected losses arising from the winding up proceedings
is expected to be about MYR30 million, including the cost of
claims, court and other expenses.


WCT ENGINEERING: Appeals for Dismissal of Maju's Writ of Summons
----------------------------------------------------------------
Further to WCT Engineering Berhad's announcements on July 25 and
August 4, 2005, the Board of Directors disclosed to Bursa
Malaysia Securities Berhad on the summons served by Maju
Holdings Sdn. Bhd. (Maju) against WCT Construction Sdn Bhd
(WCTC) Writ of Summons (Kuala Lumpur High Court Suit No. S5-22-
333-05)

WCTC has filed an appeal on the decision to dismiss its
application to strike out Maju's Writ of Summons and the hearing
date has been fixed on October 7, 2005.

Writ of Summons served by WCT Construction Sdn. Bhd. (WCTC) on
Maju Holdings Sdn Bhd (Maju) (Kuala Lumpur High Court Suit No.
S1-22-324-05).

WCTC has filed an appeal on the decision to dismiss its
application for an order to enter judgment against Maju and the
hearing date has been fixed on September 5, 2005.

This announcement is dated 18 August 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

BENPRES HOLDINGS: Sells Debt to Avenue Asia
-------------------------------------------
Avenue Asia Capital Group has bought the debts of Lopez-
controlled Benpres Holdings Corporation, according to The
Philippine Star.

Avenue Asia, the partner of Union Bank which lost to taipan
Lucio Tan in a bid for a 67-percent stake in Philippine National
Bank (PNB), is also a major holder of Bayantel's US$200-million
bonds. It is an international fund that acquires distressed
banking assets, which earlier bought Php2.4 billion of the non-
performing loans of the Bank of Philippine Islands (BPI).

It is not immediately known how much of Benpres' debts was
acquired by Avenue, but a highly placed source from the Benpres
group has confirmed that Avenue has indeed bought the debts of
the Lopez holding firm.

Benpres has around AU$548 million in debts. The amount is
expected to be reduced to around US$400 million following the
return of unit Maynilad Water Services' water concession to the
government, which will remove its guarantee on US$145 million in
debts of Maynilad.

The Lopez-led group earlier reported a net loss of Php1.36
billion in 2004. It expects the return to profitability and a
cut in its outstanding debt to US$403 million this year, from
US$546 million, after writing off its investment in Maynilad.
The latter has around Php10 billion in total debts that are
guaranteed by Benpres.

Benpres has also said that it will also sell some of its prime
assets to help ensure cash flow and cut down its debt. These
will include its interests in Manila North Tollways Corp. (MNTC)
that operates the 84-kilometer North Luzon Expressway, in
Medical City, and Bayan Telecommunications (BayanTel).

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


COLLEGE ASSURANCE: Bucks Immediate Takeover Move
------------------------------------------------
Ailing pre-need firm College Assurance Plans Philippines Inc.
(CAP) has evaded a regulator's takeover after complying with a
requirement by the Securities and Exchange Commission (SEC), The
Manila Times has learned.

CAP submitted late Friday to the corporate watchdog an eight-
year recovery plan to pay the tuition of its plan holders.

Along with the plan, the company's executives also submitted a
position paper opposing the show-cause order issued by the SEC
en banc, the commission's highest decision-making body.

The commission would have been forced to create a management
committee for the takeover of the preneed firm's management, had
CAP failed to submit the documents.

CAP executives said they are preparing nearly Php21 billion to
implement the plan that will cover the tuition of 720,000
beneficiaries who bought its traditional education plan.

CAP said the Php21 billion is enough to guarantee the full
payment of planholders' tuition and to address the trust-fund
deficit. CAP will raise the money from a buildup of assets in
the trust fund, the sale and development of real-estate
properties and the sale of Metro Rail Transit bonds.

The embattled pre-need provider said it is in talks with
potential investors, including a Lichtenstein-based group and
lawyer Romeo Roxas. But the Company said it will not rely on a
white knight to infuse additional capital and resolve its
liquidity problems.

CAP has been plagued with financial woes since last year's
actuarial valuation showed its trust fund was deficient by
billions of pesos. Several committees created by the commission
have leaned on taking over the company, leading to the
regulator's issuance of a show-cause order.

Still, CAP has bucked the takeover move, urging the commission
to respect a receivership case pending in court.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: Wants to Hike Capital to Php20.8 Bln
-------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) is looking to
raise its capitalization to Php20.8 billion over a period of
eight years, The Philippine Star reports.

The capital build-up forms part of the business recovery plan
submitted by the pre-need firm to the Securities and Exchange
Commission (SEC) Friday last week to address its liquidity
problems.

The build-up program will include conversion of assets to equity
which would be added to the trust fund, generation of interest
income from loan programs, raising dividend income and securing
fresh equity from interested investors.

CAP will also institute cost-cutting measures to enhance
operating efficiency and contain its liabilities.

CAP legal counsel Deogracias Fellone of the Poblador Bautista &
Reyes law offices said firm is also considering filing for
corporate rehabilitation should the need arise.

Mr. Fellone said CAP will do whatever it takes to prevent the
SEC from taking over management of the pre-need firm.

CAP maintains that no sufficient ground exists for the creation
of a management committee considering that the alleged
violations of the pre-need rules being relied upon by the SEC do
not show that there is an imminent danger of dissipation, loss,
wastage or destruction of assets or other properties or
paralyzation of business operations which are the only legal
grounds to justify such management committee.

Aside from the uncontrolled tuition fee increases brought about
by deregulation, CAP blamed the SEC's "adamant and erroneous
application of the Pre-Need Uniform Chart of Accounts (PNUCA)
since 2002" as the reason for its trust fund deficiencies.

The pre-need provider also pointed to the SEC's refusal to renew
CAP's dealer's license as the reason behind its failure to
secure additional funding.


NATIONAL BANK: Subsidiaries Post Profits for First Half 2005
------------------------------------------------------------
The Philippine National Bank's (PNB) remarkable profitability
performance is mirrored even by its subsidiary and affiliate
companies.

As of the first half of 2005, the financial conglomerate's
domestic subsidiaries continued to post gains, exceeding tight
targets set for the year.

As of end-June 2005, PNB General Insurers Co., Incorporated,
PNB's non-life insurance firm, netted an unaudited income of
Php64.3 million, edging out by 19% its target for the 6-month
period of Php54.1 million. For the whole of last year, PNBGen
achieved an audited net income of Php112.96 million, 30% higher
than 2003 `s Php86.7 million.

PNBGen President Jose B. Zuniga attributes PNBGen's performance
to "improved net underwriting income derived from its low claims
loss ratio." As a result, PNBGen boasts of a very high rate of
return on equity, which is considered among the best in the
industry. In 2004, PNB Gen achieved an 18% ROE. A wholly owned
subsidiary of the bank, PNB Gen's product lines include fire,
marine, motor car, surety, casualty, engineering and accident
insurance.
PNB Gen ranks among the top 5 non-life insurers in the country
in terms of profitability and capitalization. There are about
100 non-life insurers in the Philippines.

PNB Capital and Investment Corporation also contributed to the
group's coffers as it booked a net income of Php22.75 million
for the first semester of the year.

PNB Cap is the investment house subsidiary of PNB which provides
investment banking services such as loan syndication,
underwriting of equity/debt issues, project finance, bond
flotation, asset securitization, debt paper-related
transactions, financial advisory and other investment banking
services.

With movements on the currency market turning to its favor, PNB
Forex Incorporated posted an unaudited income of Php6.27 million
for the first half of 2005. The subsidiary's commendable
performance came as a result of "higher forex gains" from the
volatile peso and foreign currencies movements as well as the
focused support and marketing efforts of the Bank's network of
324 branches. PNB Forex is the bank's wholly owned foreign
exchange dealer engaged in the buying and selling of foreign
currencies.

In the first semester of 2005, PNB Securities likewise turned in
profits and posted a preliminary and unaudited income of Php2.68
million. The figure surpassed its targeted income of Php425,000
by more than 5 times, an affirmation of its remarkable
performance turnaround in 2004 after several years of losses.
The subsidiary posted a net profit of Php7.20 million in end of
2004, a reversal of its Php3.45 million net loss in 2003.

PNB Securities President Jerome A. Tan attributes the company's
remarkable turnaround to "improved securities market condition
and higher business volumes". PNB Securities is the bank's
wholly owned stock brokerage subsidiary that deals in the
trading of shares and stocks listed in the stock exchange.

A joint venture between PNB and Japan's well-established
financial institutions, IBJ Leasing Co., Ltd. and Mizuho
Corporate Bank, Japan-PNB Leasing and Finance Corporation ended
June 2005 with a net income of Php8.27 million. Despite last
year's economic and political uncertainties brought about by the
national elections and other overlying business concerns, Japan-
PNB Leasing managed to book Php745 million in new leases and
loans, higher than its accomplishment in the previous year.

Japan-PNB Leasing President Etsuo Okumura believes the most
essential factors that fostered the excellent performance of the
seven-year-old subsidiary were the "effective marketing
strategies that resulted in the increase in business volumes".

The favorable environment for leasing operations and the
assistance relayed to export-related companies in foreign
currency leases, most especially clients earning U.S. dollars
and Japanese yen, likewise greatly helped boost the performance
of the Bank's partially owned leasing company. JPNBL ranks no. 5
in the financial leasing industry in the country in terms of
total credit portfolio.

For his part, PNB President Omar Byron T. Mier commended the
subsidiaries' outstanding feats, believing that their
significant contribution will further boost PNB's profit
potentials in 2005.

"The subsidiaries have complemented the Bank's profitability.
They definitely provide the critical support necessary for the
bank to sustain its momentum towards full rehabilitation," he
says.

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: Management Changes May Hurt Recovery
---------------------------------------------------
The ownership change in Philippine National Bank (PNB) is likely
to affect its ability to sustain the bank's positive performance
in the past few years, BusinessWorld reports.

Brokerage firm ATR-Kim Eng said the change may result in the
removal of key management responsible for a turnaround at the
bank.

"The bank has been well on its way to profit recovery under the
management of former President Lorenzo V. Tan. With Lucio Tan
having outright control of the board, we are unsure if key
management personnel will remain," ATR-Kim Eng Securities said.

After availing of a state bailout a few years ago due to massive
non-performing loans and mismanagement following the Asian
crisis, PNB now ranks as the country's sixth largest bank with
total assets amounting to Php217 billion as of end-June 2005.

On Thursday last week, the Lucio Tan Group announced it was
matching Union Bank's offer to buy 67 percent of PNB at Php43.77
per share. The government bid out the stake, which it co-owned
with Mr. Tan, last August 12. A successful bid means Mr. Tan
will own a total of 77-percent in the PNB.

Mr. Tan also owns Allied Banking Corp., the country's tenth
largest domestic bank in terms of assets and analysts have said
a merger would make sense.

ATR-Kim Eng, however, doubts that Mr. Tan will immediately merge
Allied Bank with PNB because the court has yet to determine
whether he is the rightful owner of his shares in Allied Bank.


NATIONAL BANK: Fitch Affirms Ratings after Tan Takes Over
---------------------------------------------------------
Fitch Ratings, the international rating agency, today affirmed
Philippine National Bank's (PNB) ratings at Individual 'E' and
Support '3' following the recent announcement that the Lucio Tan
group had raised its ownership of PNB to a controlling 79% stake
after winning a competitive bidding process for a 34% stake from
the government.

Fitch's Individual rating on PNB reflects the bank's weak
balance sheet with its high level of non-performing assets,
which are in turn a legacy of the government's direction of the
bank's lending during the 1980s and 1990s and the subsequent
Asian economic crisis. That said, PNB's balance sheet is notably
stronger today, after a deposit run in late-2000 led to a
bailout of the bank by the government and the Lucio Tan group
which as a result, together came to jointly own and manage the
bank.

The balance sheet improvement also led to better profitability,
although this too, like the balance sheet, remains weak. Of
greatest note, however, has been the operational development of
the bank since the bailout, thanks to the very competent new
management installed at the bank at that time. This is, in turn,
building the basis for the bank's return to greater
profitability and overall financial strength.

"With the Lucio Tan group gaining sole control of PNB, it is
unlikely that there will be any change in the composition of the
bank's highly professional and competent management team. The
deal also paves the way for a merger with the smaller Allied
Bank which is also owned by the Lucio Tan group," said Ivan Tan,
Associate Director in Fitch's Financial Institutions team in
Asia.

Fitch notes that a merger between PNB and Allied Bank (rated
Individual 'D', Support '4' and ranked 10th by assets) would
render the merged entity the third-largest bank in the
Philippines, enlarging the branch network and franchise somewhat
and improving economies of scale for greater efficiency. The PNB
transaction follows two other consolidating transactions in the
past month - namely, Bank of the Philippine Islands' acquisition
of Prudential Bank and Banco de Oro's acquisition of 25% stake
in Equitable PCI Bank.

Fitch views such consolidation of the Philippines' somewhat
fragmented and generally weak banking industry positively. That
said, the Philippines' major banks continue to be controlled by
prominent Philippine business interests. In Fitch's view, much
more diverse ownership structures along with foreign bank
involvement would result in an improvement in the governance and
commerciality of the banks.

Contacts: Ivan Tan, Singapore, Tel: +65 6336 6801, Peter
Tebbutt, Hong Kong, Tel: +852 2263 9966

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from
this site, at all times. Fitch's code of conduct,
confidentiality, conflicts of interest, affiliate firewall,
compliance and other relevant policies and procedures are also
available from the 'Code of Conduct' section of this site.

Media Relations: Ching-Yuen Lock, Singapore, Telephone:
+65 6238 7301.


NATIONAL POWER: PSALM Looks At No-sale Scenario This Year
---------------------------------------------------------
The government has given up on its year-end deadline for the
sale of its power generation assets, The Manila Times has
learned.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
said Friday it is looking at a "no-sale" scenario in the case of
National Power Corp. (Napocor) this year.

The timetable for the privatization of Napocor has been moved to
another quarter from the fourth quarter this year to March next
year as the government scurries to make the generating assets
more palatable to investors.

PSALM president Nieves L. Osorio said the sale of Napocor's
assets is the condition for open access, but the energy family
is looking at other ways by which this can be done to still have
open access even if the 70 percent in Napocor's generating
assets are not sold.

Ms. Osorio declined to identify the measures the government is
considering, even as she maintained that the sale of Napocor's
assets was on schedule.

The government has been banking on the sale of Napocor's
generation assets to jump-start an open-access scheme in the
power sector and reduce the firm's liabilities.

Napocor had been the biggest drag on the government's finances.
The present administration earlier agreed to write off some
Php200 billion of the power firm's Php500-billion debt.

CONTACT:

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


NATIONAL TRANSMISSION: Three Investors Keen on Stake
----------------------------------------------------
Three investors have signified its interest in bidding for the
operation and maintenance of the National Transmission Corp.
(TransCo), Today News reveals.

TransCo's transmission asset is set for auction this year.

The Power Sector Assets and Liabilities Management (PSALM)
Corp., the state agency that is overseeing the sale, will soon
be sending out invitations for the auction as soon as it gets
the Energy Regulatory Commission's approval on the maximum
allowable revenue of TransCo.

While Transco's proxy value stands at US$2.3 billion, the
government wants to secure a higher value, adding the actual
value will depend on the energy commission.

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

CHUAN HUP: Set to Pay Dividend to Creditors
-------------------------------------------
Chuan Hup Enterprise Pte Limited, formerly of 304 Orchard Road
#04-05 Lucky Plaza Singapore 238863, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Chuan Hup Enterprise Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 89 of 1991
Last day for receiving proofs: Sept. 2, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Sunari Bin Kateni
Assistant Official Receiver
Aug. 19, 2005


EURO-ASIA LAND: Court Orders Liquidation
----------------------------------------
In the matter of Euro-Asia Land Pte Limited, the Singapore High
Court issued a winding up order againat the Company on Aug. 5,
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 Alban Tay Mahtani & De Silva
Solicitors for the Petitioner
39 Robinson Road
#07-01 Robinson Point
Singapore 068911

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

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

CONTACT:

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


HARTFORD HOLDINGS: Returns to Black with SGD327,000 Net Profit
--------------------------------------------------------------
Hartford Holdings Limited, a quality education provider of
business management programmes, reported on Aug. 19, 2005 a 17%
increase in turnover from SGD5.4 million to SGD6.3 million for
the full year ended 30 June 2005 (FY2005).

The increase was attributed to a higher level of student
enrolments and new courses offered. Hartford's successful
marketing and restructuring efforts also resulted in the Group
recording a net profit of SGD327,429 from a loss of SGD770,346
in the previous year.

Mr Chew Hua Seng, Executive Chairman of Hartford, said: "We are
delighted to report that our reorganisation efforts are
completed and have paid off, resulting in Hartford turning round
this year. This set of results reaffirms that we are on the
right track to achieve higher growth. With our ability to now
leverage on Raffles Education Corporation's regional marketing
network, we are confident of recruiting even more students to
Hartford. "

For FY2005, the Group saw a 6% increase in personnel expenses as
compared to FY2004, a result of an increase in lecturers'
payroll, as well as other payroll costs connected with the
organisational restructuring in the first half of FY2005.
Other operating expenses decreased 16% from SGD4.4 million in
FY2004 to SGD3.7 million in FY2005 due mainly to the reduction
in provisions for bad debts and legal and professional fees.

The Group's fixed assets increased by about SGD317,000 as
compared to the prior financial year end, mainly due to the new
institute in Mongolia which commenced operations in March 2005
and the re-location of our premises in Singapore to accommodate
the institute's future expansion.

With the completion of the organisational restructuring in
FY2005, the Group has streamlined its operations and achieved
better cost efficiency. It has also improved its revenue sharing
with its university partners. In addition, the Group has aligned
its sales and marketing activities to increase its student
intake by continually strengthening its existing sales
infrastructure and leveraging on Raffles Education Corporation's
marketing network to recruit regionally.

The Group has rolled out three new advanced diploma programmes
in business to capture a wider base of students. The Group will
continue to collaborate with renowned universities to offer
other undergraduate and postgraduate courses that are of demand
in the market.

"With the completion of our reorganising efforts, we expect to
reap the benefits of a more efficient and focused organisation.
At the same time, we also intend to expand our footprint in Asia
by developing a college network in China, India and Southeast-
Asia. The opening of our Hartford Institute Mongolia was the
first step in executing this plan and we will aggressively
exploring opportunities to add to our network." said Mr. Chew.

About Hartford

Established in May 1999, Hartford Holdings Limited is a leading
education provider of business management programmes. It has
subsidiaries in Hong Kong, Malaysia, Mongolia and Singapore and
has partnerships with five foreign universities, namely
University of Leicester and University of Huddersfield in the
United Kingdom; Central Queensland University and the University
of Newcastle in Australia; and California State University-
Hayward in the United States of America.

Hartford is a subsidiary of Raffles Education Corporation - one
of the leading creative design and management education groups
in the Asia Pacific.

CONTACT:

Hartford Holdings Limited
410 North Bridge Road
#01-00 Cosmic Insurance Building
Singapore 188726
Phone: 65 6235 9223 (Admission/Student Services)
Fax:   65 6334 8213 (Admission)
       65 6734 5319 (Student Services)
Email: programme@hartford.com.sg
Web site: http://www.thehartfordgroup.com/


IRE CORPORATION: Changes Name to Sapphire Corporation Limited
-------------------------------------------------------------
IRE Corporation Limited announced that with the lodging of the
Notice of Resolution for the Company's Change of Name with the
Accounting and Corporate Regulatory Authority on Aug. 19, 2005,
the name of the Company has been changed from "I.R.E.
Corporation Limited" to "Sapphire Corporation Limited,"
effective Aug. 19, 2005.

CONTACT:

IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg


SMRT CORPORATION: Dissolves Dormant Unit
----------------------------------------
SMRT Corporation Limited announced that on Aug. 12, 2005, the
Company dissolved its 55% owned dormant subsidiary, EZCard Pte
Limited, which was placed under a members' voluntary winding up.

S. Prema
Company Secretary
Aug. 19, 2005

CONTACT:

SMRT Corporation Ltd
251 North Bridge Road
Singapore 179102
Telephone: 65 63311000
Fax: 65 63340247
Web site: http://www.smrtcorp.com


UNITED FIBER: Clarifies Report on Trasnfer of Kiani Shares
----------------------------------------------------------
United Fiber System Limited (UFS) clarifies certain things an
article dated Aug. 19, 2005, published in newspaper Bisnis
Indonesia entitled "JP Morgan and Kingsclere dissolves
partnership".

1. The Article made references to a transfer of shares in PT
Kiani Kertas (PT KK) from Kingsclere Finance Limited to the
Company.

The Company clarifies that the shares of PT KK have not been
transferred to the Company. As announced on June 29, 2005 the
Company has entered into a Letter of Intent with Kingsclere,
wherein Kingsclere proposes to sell, and the Company proposes to
buy from Kingsclere, a majority stake of the issued shares in PT
KK. The Company announces that it still continuing its
discussions with Kingsclere in relation to the Proposed
Acquisition, and the terms of the Proposed Acquisition have not
been finalized. As mentioned in the Announcement, the Proposed
Acquisition will be subject to certain precedent conditions
being fulfilled or satisfied including the obtaining of the
approval, consent and/or waiver of various regulatory
authorities, as well as the approval of the shareholders of the
Company in a General Meeting to be convened (if necessary).

2. It was also reported in the Article that the effectiveness of
UFS entering into the acquisition process of PT KK depends on
the funds transfer of USD15 million (SGD25 million) from UFS to
Nusantara Energy's account with Bank Mandiri.

The Company wishes to clarify that it is not aware of any such
condition.

The Directors wish to provide the following update to the
shareholders:

- UFS is currently performing all the necessary due diligence
review on PT KK;

- UFS remains committed to continuing with the management and
operation of the pulp mill of PT KK and is currently making the
necessary preparations to commence production pursuant to the
terms of the Operational Management Agreement dated July 25,
2005 between PT Succsani Smart Works (a Company subsidiary) and
PT KK; and

- UFS remains keen to pursue the investment opportunity and has
appointed Deutsche Bank AG as its financial advisor to advise
the Company on the Proposed Acquisition and arrange the
financing thereof.

The Company will make necessary announcements at the appropriate
time if and when the terms of the Proposed Acquisition are
finalized and a definitive sale and purchase agreement relating
to the Proposed Acquisition is entered into between the Company
and the Vendor.

By order of the Board
Kishore Dass
Chief Executive Officer
21 August 2005  

After requesting a halt in the trading of its shares on Aug. 19,
2005, the Company had on Aug. 21 asked for a resumption of its
shares trading in order to clarify the newspaper article.
According to UFS, it's business as usual for the Company, and it
is currently performing the necessary due diligence on PT Kiani
Kertas. The Company aims to turn Kiani Kertas into a fully
operational firm at the end of the month.

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg


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

EASTERN PRINTING: Unveils New Shareholding Structure
----------------------------------------------------
Since the Standard Chartered Nakornthon Bank Pcl. had sold all
its Eastern Printing Public Co. Ltd. shares, the company
unveiled to the Stock Exchange of Thailand (SET) the Company's
new major shareholder's structure (as of August 16, 2005) listed
as follows:

Name                    No. of shares     % of paid-up capital

(1) Asset Management
    Corporation         79,545,394              30.95
(2) Thai Asset Management
    Corporation         43,531,618              16.94

(3) Far East Securities
    Company Limited     24,300,000               9.45

(4) Kasikorn Bank Pcl.  22,705,700               8.83

(5) Ms. Malinee
    Chinsupakul         12,412,850               4.83

(6) Mr. Yuth
    Chaisupakul         12,000,000               4.67

(7) Ms. Jiraphat
    Chaiwanna           11,259,748               4.38

(8) Bangkok First
    Investment & Trust  10,981,962               4.27

(9) Mrs. Jittida
    Pao-In               9,060,000               3.53

(10) Ms. Saruinthip  
     Pibuljinda          5,600,000               2.18
                      
     Total             231,397,272              90.04

Please be informed accordingly

Very Truly Yours,

Mr. Weera Louwitawat
Ms. Laddawan Suwapradub
Epco Management Co. Ltd.
Plan Administrator

CONTACT:

Eastern Printing Public Company Limited
51/29 MOO 3, SOI Siamsamakhi,
Vibhavadee-rangsit Road,
Talatbangkhen, Lak Si Bangkok  
Telephone: 0-2551-0541-4
Fax: 0-2552-0905, 0-2551-0532


MANAGER MEDIA: Details Operating Results for 2Q/FY05
----------------------------------------------------
Manager Media Public Co. Ltd. issued to the Stock Exchange of
Thailand (SET) its operating report for the second quarter of
2005.

Net Loss of THB33.46 million as compared to the same period of
2004 which the company reported a profit of THB11.92 million.

Reasons:

The total income of sales and services for 2nd quarter 2005 as
compared to the 2nd quarter of 2004 is almost in the same level.
This showed that the Company has been effectively controlling
the operating cost/expenses as well as promoting the sales in
order to increase the income.

However, as of June 30, 2005 our related company has not been
able to pay their debts, resulting in an accrued income of
THB37.16 million which is positively be paid duly.

Kindly be informed accordingly.

Yours respectfully,
Ms. Saowaluck Teeranujunyong
Plan Administrator


CONTACT:

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

NEW PLUS: Books THB4,947,000 in Net Loss
----------------------------------------
New Plus Knitting Public Company Limited furnished the Stock
Exchange of Thailand (SET) a summary of its Reviewed Quarter-2
Consolidated financial statement.

Reviewed Quarterly Financial Statements
New Plus Knitting Public Company Limited
Reviewed Ending June 30
(In thousands)

                          Quarter 2              For 6 Months

Year                   2005        2004        2005        2004

Net profit (loss)    (4,947)      (4,040)     (6,889)   (14,862)

EPS (baht)          (0.49010)    (0.40100)   (0.69010) (1.49010)

Type of report: Unqualified Opinion with an emphasis of matters

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."

Mrs. Orasa Kruthakool
Mr. Prakob Boonruang
Director
Authorized to sign on behalf of the company

CONTACT:

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


PREMIER ENGINEERING: Fails to Submit 2Q Financial Statement
-----------------------------------------------------------
The Stock Exchange of Thailand (SET) announced that Premier
Engineering & Technology Public Company Limited (PE&T) has
submitted its reviewed financial statements for the period
ending June 30, 2005.

However, the company's auditor was not able to reach a
conclusion regarding its financial statements.  It can be
considered that the numbers, which represent the company's
financial status and operating outcome as presented in its
financial statements, failed to adequately and/or properly
reflect the actual position of the company.

The SET then, informs shareholders and investors on the above
matter to scrutinize the auditor 's report on its financial
statements.

The SET has suspended trading on the securities of the company
in view of the fact that they must prepare a rehabilitation
plan.

CONTACT:    

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


RS PROMOTION: Net Loss Rises to THB131,142,000
----------------------------------------------
RS Promotion Public Co. Ltd. furnished the Stock Exchange of
Thailand a summary of its Reviewed Quarter-2 and Consolidated
financial statement.

Reviewed Quarterly Financial Statements
R.S. Promotion Public Company Limited
Reviewed Ending June 30
(In thousands)

                       Quarter 2              For 6 Months
Year               2005        2004       2005        2004

Net profit (loss) (131,142)   (96,168)   (123,822)   (137,942)

EPS (baht)           (0.94)    (0.69)     (0.88)      (0.99)

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. Surachai Chetchotisak
Chief Executive Officer, Managing Director
Authorized to sign on behalf of the company

CONTACT:

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




BOND PRICING: For the Week 22 August to 26 August 2005
------------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     7
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     7
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%     5/06/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     7
TrustPower Ltd                        8.300%    12/15/08     7
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2

  KOREA
  -----

Korea Electric                        7.950%     4/01/96    49


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Crest Builder Holdings Bhd            7.000%      2/24/06    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Equine Capital Bhd                    3.000%      8/26/08    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Konsortium Lebuhraya                  4.000%      7/15/19   70
Konsortium Lebuhraya                  4.000%      1/15/20   69
Konsortium Lebuhraya                  4.000%      7/15/20   68
Konsortium Lebuhraya                  4.000%      1/15/21   67
Konsortium Lebuhraya                  4.000%      7/15/21   66
Konsortium Lebuhraya                  4.000%      1/14/22   64
Konsortium Lebuhraya                  4.000%      7/15/22   63
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    3
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    1
Pantai Holdings Bhd                   5.000%      7/31/07    1
Patimas Computers Bhd                 6.000%      2/19/06    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1
Tampines Assets Ltd                   5.625%     12/07/06    1
Tincel Limited                        7.400%      6/13/11    1


                            *********


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

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

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

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

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delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***