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

                     A S I A   P A C I F I C

             Wednesday, September 7, 2005, Vol. 8, No. 177

                            Headlines

A U S T R A L I A

ANGLICAN INSURANCE: Creditors Asked to Submit Debt Claims
BARIAN PTY: Liquidator to Explain Wind Up to Members
BLUE METAL: Winds Up Business
BONLAC FOODS: Board Agrees to Redeem Listed Notes
BOWIE'S FIREPLACE: Creditors OK Liquidator's Appointment

CANBERRA VISTA: Enters Liquidation
COMMCABLING FIELD: Court Appoints Liquidator
EG GREEN: Future Lies in Elders' Hands
EMPEROR MINES: Losses Balloon to AU$33.7 Mln
FORTESCUE METALS: Confirms Talks with International Firms

FORTESCUE METALS: Unaware of Volume, Price Increase
GROUP NEXT: Court Orders Winding Up
HAUTE HORLOGERIE: Set to Declare Dividend
INTERNATIONAL STEEL: To Pay Dividend to Creditors
JACON INDUSTRIES: Liquidator to Detail Wind Up Manner

JODEEN PTY: Inability to Pay Debts Prompts Wind Up
KASUVA PTY: Members to Receive Wind Up Report
MAYNE GROUP: Unveils Dividend Reinvestment Plan
MILCHEL PTY: Members Decide to Close Operations
PASDONNAY PTY: Creditors Agree to Wind Up Business

PHIL WATSON: Creditors to Discuss Wind Up at Final Meeting
RV SYSTEMS: Appoints Official Liquidator
SEES PTY: Court Initiates Wind Up Proceedings
TEENUC PTY: Prepares to Distribute Final Dividend
TELSTRA CORPORATION: Warns of Profit Slump

TELSTRA CORPORATION: PM Says Executives' Behavior 'Disgraceful'
TURNER JET: Liquidator to Distribute Company Assets
WESTGATES PTY: Members Agree to Liquidate Firm


C H I N A  &  H O N G  K O N G

BANK OF CHINA: NPL Ratio Rises as Loan Growth Slows
CHINA MERCHANTS: Suffers HK$18.421 Mln Net Loss
CHINA MERCHANTS: Notes Unusual Volume Movements
CHINA SOUTHERN: Shares Suspended On Plane Acquisitions
GOLDEN GOAL: Commences Winding Up Proceedings

HI-Q TELECOM: Winding Up Hearing Set October 5
INDUSTRIAL AND COMMERCIAL: Fitch Upgrades Rating to 'D/E'
LEABURG ENGINEERING: Creditors Annual Meeting Fixed September 16
KWONG YUEN: Issues Debt Claim Notice
MOULIN GLOBAL: Debt-Laden U.S. Unit Up for Possible Listing

SHARP LIGHT: Court to Hear Winding Up Petition September 28
SZE LEE: To Undergo Winding Up Process
SUNRISE INTERIOR: Court Orders Business Closure
V.E.I. COMPANY: Prepares to Cease Operations
WING FAI: Creditors Meeting Scheduled September 14

YUEN KIT: Court Orders Winding Up


I N D I A

FIAT INDIA: Aims to Steer Back with New Cars
INDIAN OIL: Bleeding US$11.8 Mln Daily Due to Low Fuel Prices
SHIVA CEMENT: Debt Revamp Plan Gets Green Light


I N D O N E S I A

CIPUTRA DEVELOPMENT: Lowers Expected Sales Target by 25%
INDOSAT: Standard & Poor's Revises Rating
PERTAMINA: Expects Drop in Petroleum Imports
SAMPOERNA: Gets Stable Foreign Currency Rating
TELEKOMUNIKASI INDONESIA: Foreign & Local Currency Stable

TELEKOMUNIKASI SELULAR: Receives Downgraded Currency Rating


J A P A N

HITACHI LIMITED: To Jointly Buy Car-navi Parts with Clarion
TADA CORPORATION: Files For Bankruptcy
SOMPO JAPAN: Fails to Make JPY920 Mln Insurance Payouts
UFJ HOLDINGS: Issues Resolution to Close UFJ International
YAMAGUCHI BANK: Momiji Merger Details Still Unclear


K O R E A

SSANGYONG CORPORATION: Morgan Stanley Named Preferred Bidder
KOREA LEASE: Lone Star Likely to Take Over Business


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
ANCOM BERHAD: Repurchases 674,800 Shares
HAP SENG: Buys Back Ordinary Shares
I-BERHAD: Purchases 55,600 Shares
KEMAYAN CORPORATION: Applies for Extension of Restraining Order

MANGIUM INDUSTRIES: Hopes to Hike Paid Up Share Capital by 2006
POHMAY HOLDINGS: Still Working on Regularization Plan
POHMAY HOLDINGS: In Talks with Lenders to Restructure Debt
POLY GLASS: Reviews Means to Meet Auditors' Qualifications
POLYMATE HOLDINGS: Requests More Time to Submit Interim FS

SETEGAP BERHAD: Court to Hear Application for RO September 22
SAAG CONSOLIDATED: Details Private Placement of Shares
TANCO HOLDINGS: Court Set to Hear Application to Hold Meeting
TELEKOM MALAYSIA: Unit Found Liable for Breach of Agreement
TH GROUP: SC OKs Proposed CP/MTN Programme

TRU-TECH HOLDINGS: Seeks to Regularize Financial Condition
UNITED CHEMICAL: Sees No Development on Proposed Restructuring


P H I L I P P I N E S

APEX MINING: Trading Halt Lifted to Review Transaction
COLLEGE ASSURANCE: SEC Boss Says Rehab Bid Pointless
HACIENDA LUISITA: Strikers Flock to Former President's Home
MAKATI MEDICAL: Seeks Loan to Settle Debts
MAYNILAD WATER: To Dole Out Php500 Mln to Buy, Repair Pipes

NATIONAL BANK: Designates Two Officers-in-Charge
PHILIPPINE AIRLINES: Seeks Higher Fuel Surcharge


S I N G A P O R E

ACCORD CUSTOMER: Halts Amortization of Goodwill
BAN LIAN: Creditor Seeks To Wind Up Firm
CHARTERED SEMICONDUCTOR: Expects Lower Third Quarter Net Loss
DIGILAND INTERNATIONAL: Publishes Response to SGX Query
HILUCK TECHNOLOGY: Prepares to Pay Dividend


T H A I L A N D

SIAM AGRO-INDUSTRY: Submits Reorganization Plan
T.C.J: SEC Requests Clarification to TOYO Acquisition
THAI AIRWAYS: Posts 3Q Net Loss of THB4,779Mln
WYNCOAST INDUSTRIAL: EGM Slated for September 20

     -  -  -  -  -  -  -  -

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

ANGLICAN INSURANCE: Creditors Asked to Submit Debt Claims
---------------------------------------------------------
Notice is given that the creditors of Anglican Insurance
Limited, whose debts or claims have not already been admitted,
are required on or before Sept. 9, 2005 to submit particulars of
their debts or claims and of any security held by them to the
Company liquidator.

If subsequently required by notice in writing from the said
liquidator, they must formally prove their debts or claims and
establish any title they may have to priority by statement in
writing. If they do not comply with this notice, they will be
excluded from:

(a) The benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Dated this 3rd day of August 2005

A. H. J. Wily
Liquidator
A. H. J. Wily
Chartered Accountant
c/- Level 5, 75 Castlereagh Street
Sydney NSW 2000


BARIAN PTY: Liquidator to Explain Wind Up to Members
----------------------------------------------------
Notice is hereby given that a final meeting of Members of Barian
Pty Limited will be held on Sept. 14, 2005, 10:00 a.m. at Ken
Carter & Co., Level 1, 19 Bridge Street, Pymble, New South
Wales.

That purpose of this meeting is to consider the following
resolutions:

(1) To receive and adopt the report of the liquidator's act and
dealings during the winding up.

(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statements by the Liquidator.

(3) To transact any other business which may properly be brought
forward at the meeting.

Dated this 26th day of July 2005

Kenneth Carter
Liquidator
Ken Carter & Co.
Level 1, 19 Bridge Street
Pymble, New South Wales


BLUE METAL: Winds Up Business
-----------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Blue Metal Quarries Pty Limited held on Aug. 1,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Ross Edward Cooke, Chartered
Accountant of Ross Cooke & Co., 8 Brunel Street, East Malvern,
Vic 3145, be appointed liquidator.

Dated this 5th day of August 2005

Ross Edward Cooke
c/o Ross Cooke & Co
8 Brunel Street, East Malvern Vic 3145


BONLAC FOODS: Board Agrees to Redeem Listed Notes
-------------------------------------------------
Following completion of the recently announced restructure of
Bonlac Foods Limited on September 1, 2005, the Company board
resolved to redeem all Notes on issue.

It has been agreed with the ASX that trading of the Notes will
be suspended from the close of business on Friday, September 16,
2005.

Bonlac Food Limited will issue notices to holders of the Notes
advising of their redemption in accordance with the trust deed
governing the Notes. The notices will be sent to all registered
Note holders as at 7:00 p.m. Sydney time on Friday, September
23, 2005. The Notes will be redeemed with effect on Thursday,
November 17, 2005.

All relevant holders of Notes should ensure that their correct
details have been lodged with the registrar, Computershare,
prior to 7:00 p.m. (Sydney time) on Friday, September 23, 2005,
being the last time for the Note register to be updated for
trades in the Notes (and determining to whom redemption notices
will be sent).

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911


BOWIE'S FIREPLACE: Creditors OK Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Bowie's Fireplace Specialist Pty Limited held on Aug. 1, 2005,
it was resolved that the Company be wound up voluntarily, and
that Roderick Mackay Sutherland of Jirsch Sutherland Chartered
Accountants be appointed Liquidator for such purpose.

Creditors confirmed the liquidator's appointment at a creditors'
meeting held later that day.

Dated this 1st day of August 2005
Roderick M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


CANBERRA VISTA: Enters Liquidation
----------------------------------
At a general meeting of the members of Canberra Vista Laser Eye
Clinics Pty Limited duly convened and held on Aug. 2, 2005, the
following special resolution was passed:

That the Company be wound up voluntarily.

Dated this 2nd day of August 2005

Richard J. B. Wolfe
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2611
Phone: 02 6247 5988


COMMCABLING FIELD: Court Appoints Liquidator
--------------------------------------------
On Aug. 2, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney, New South Wales, to be the Official Liquidator of
Commcabling Field Company Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney, New South Wales


EG GREEN: Future Lies in Elders' Hands
--------------------------------------
Elders now has a powerful say in the future of the troubled meat
processor EG Green & Sons after creditor National Australia Bank
sold its AU$20 million debt to the agribusiness giant, The West
Australian reports.

The deal, set to be finalized this week, will give Elders the
power to influence the administrator's decision on the Company's
fate. The administrator, appointed two weeks ago by EG Green,
requires support from a majority of creditors for any plan to
resolve its predicament.

Administrator Martin Jones of Ferrier Hodgson will be calling
for expressions of interest this week from parties interested in
buying the business or its assets.

Meanwhile, Elders managing director Greg Hunt dismissed
speculations that it will eventually take control of EG Green,
West Australia's dominant beef processor.

He clarified that Elders aim was to protect its own access to EG
Green's custom processing facilities and to ensure the works
turned out a quality product, was cost-efficient and had an
owner with sufficient capital to invest long term.

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: Losses Balloon to AU$33.7 Mln
--------------------------------------------
Troubled gold explorer Emperor Mines Limited's net loss for the
year ended June 30, 2005 had blown out to AU$33.7 million,
according to Egoli News.

The miner's poor performance was blamed on lower output, higher
costs and asset impairment at its gold mine in Vatukoula, Fiji.

However, Emperor's primary concern is the uncertainty
surrounding the restructuring of the ANZ'z loan repayment
schedule.

The firm's directors are still confident the Emperor mine can
remain a going concern, but acknowledge significant uncertainty
until the bank's position is confirmed. Presently, the group is
taking a series of measures to boost productivity and avoid
future problems.

Aside from efforts to restructure ANZ loan repayments, the
Company is also in negotiations with Fiji's government for
relief from gold royalties.

The group also finalized an AU$10-million loan agreement with
DRDGOLD Limited (DRD), of which it has already drawn down AU$4.7
million.

Revenues from ordinary activities for the year were marginally
lower at AU$65.3 million and no dividend was declared for the
period.

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


FORTESCUE METALS: Confirms Talks with International Firms
---------------------------------------------------------
Fortescue Metals Group Limited responded to the article in The
West Australian dated September 6, 2005 and advised that the
Company has had general discussions with a number of
international steel companies in regards to seeking out partners
pursuant to the development of its Pilbara Iron Ore and
Infrastructure Project.

As previously advised, Fortescue has mandated a select few
Investment Banks to advise on joint venture/equity structures
that would best suit the Company and general expressions of
interest from industry groups have been forthcoming from this
process including from Sino Steel.

However, Fortescue can confirm that none of these discussions
have reached any conclusive stage of negotiation.

CONTACT:

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


FORTESCUE METALS: Unaware of Volume, Price Increase
---------------------------------------------------
Fortescue Metals Group Limited responded to a letter from the
Australian Stock Exchange (ASX) regarding the share price rise
over the past few days.

The Company can confirm that it has no knowledge of information
that needs to be disclosed to the market under Listing Rule 3.1
that has not already been provided.

(1) The Company restates that over the past few months it has
had general discussions with a range of project related groups
inclusive of the international steel company Sino Steel,
regarding interest in Fortescue's development but none of these
have to date reached a conclusive outcome.

(2) As stated, it is Fortescue's belief that there is no
disclosure required.

(3) The Company has no knowledge of any specific reason for the
recent share price rise nor the increase in volume of stock
traded.

(4) The Company believes that it is in compliance with its
obligations under the ASX Listing Rules and in particular, LR
3.1.


GROUP NEXT: Court Orders Winding Up
-----------------------------------
On Aug. 1, 2005, the Supreme Court of New South Wales ordered
the winding up of Group Next Pty Limited and appointed Maxwell
William Prentice to be Liquidator for such winding up.

Dated this 2nd day of August 2005

Maxwell W. Prentice
c/o PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


HAUTE HORLOGERIE: Set to Declare Dividend
-----------------------------------------
Haute Horlogerie Pty Limited will declare a first and final
dividend on Sept. 12, 2005.

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

Dated this 5th day of July 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


INTERNATIONAL STEEL: To Pay Dividend to Creditors
-------------------------------------------------
International Steel Frames Investments Pty Limited is set to
declare a first and final dividend on Sept. 8, 2005.

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

Dated this 16th day of August 2005

Ian Richard Hall
Liquidator
PricewaterhouseCoopers
Waterfront Place, 1 Eagle Street
Brisbane Qld 4001


JACON INDUSTRIES: Liquidator to Detail Wind Up Manner
-----------------------------------------------------
Notice is hereby given that a general meeting of the members and
creditors of Jacon Industries Pty Limited will be held on Sept.
14, 2005, 9:00 a.m. at the offices of de Vries Tayeh, Level 3,
95 Macquarie Street, Parramatta NSW 2150, to lay an account
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 3rd day of August 2005

Antony de Vries
Liquidator
Level 3, 95 Macquarie Street
Parramatta NSW 2150


JODEEN PTY: Inability to Pay Debts Prompts Wind Up
--------------------------------------------------
Notice is hereby given that at a general meeting of Jodeen Pty
Limited held on Aug. 3, 2005, the following special resolution
was passed:

That the Company be wound up voluntarily due to its deficiency
in assets to meet its liabilities.

G. G. Woodgate
Liquidator
c/o Woodgate & Co.
Phone: 9233 6088


KASUVA PTY: Members to Receive Wind Up Report
---------------------------------------------
Notice is given that a final meeting of members of Kasuva Pty
Limited will be held on Sept. 13, 2005, 11:00 a.m. at the
offices of Ernst & Young, Level 33, 120 Collins Street,
Melbourne.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and to hear any explanation
that may be given by the Liquidator.

Dated this 29th day of July 2005

Bruce Growcott
Liquidator
Ernst & Young
120 Collins Street, Melbourne 3000
Phone: 03 9288 8000


MAYNE GROUP: Unveils Dividend Reinvestment Plan
-----------------------------------------------
Mayne Group recently declared a dividend of 6.5 cents (franked
to 50 percent) with a record date of September 2, 2005, payable
September 30, 2005.

Mayne operates a Dividend Reinvestment Plan (DRP) which will
apply to this dividend. In accordance with the DRP, Mayne has
determined that the price at which the shares are to be issued
will be AU$4.98.

The DRP is calculated on the weighted average market price of
all Mayne Group Limited fully paid ordinary shares sold on the
Australian Stock Exchange during the five trading days
immediately preceding and inclusive of the record date for the
relevant dividend payment.

About Mayne Group Limited

Mayne Group Limited is a leading Australian-based healthcare
company with revenues in excess of AU$3.8 billion in its 2005
financial year.  

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

Mayne Pharma has grown to be a market leader for generic,
injectable oncology drugs in Western Europe, Canada and
Australia and has established businesses in the United States,
the Middle East and Africa, and Asia.  Mayne Pharma's products
are marketed in more than 60 countries across five continents.

This broad geographic sales, marketing and regulatory platform
in generic, injectable medicines is a valuable asset and Mayne
Pharma's emphasis on the cytotoxic oncology (anti-cancer) market
segment benefits from higher barriers to entry and lower
competition than in generic, oral pharmaceuticals.   

CONTACT:

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


MILCHEL PTY: Members Decide to Close Operations
-----------------------------------------------
At a general meeting of the members of Milchel Pty Limited held
on Aug. 2, 2005, the following special resolution was passed:

That on the winding up of the Company subject to the payment of
its debts, liabilities and liquidation costs, its assets be
distributed among the members in specie (in whole or in part)
according to their rights and interest in the Company, or in
accordance with a special resolution of the members; and

That the Company be wound up voluntarily; and

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants of Level 10, 26 Flinders Street, Adelaide be
appointed joint and several liquidators for such winding up.

Timothy J. Clifton
Mark C. Hall
Chartered Accountants
Level 10, 26 Flinders Street
Adelaide


PASDONNAY PTY: Creditors Agree to Wind Up Business
--------------------------------------------------
The creditors of Pasdonnay Pty Limited passed a special
resolution on Aug. 5, 2005 to wind up the Company voluntarily,
and Kimberley Andrew Strickland and Christopher Michael
Williamson of SimsPartners, Level 12, 40 St. George's Terrace,
Perth WA 6000, together with Geoffrey David McDonald of Hall
Chadwick, Level 29, 31 Market Street, Sydney NSW 2000, were
appointed Joint and Several Liquidators for the winding up.

Dated this 8th day of August 2005

Kimberley A. Strickland
Christopher M. Williamson
Joint Liquidators
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000
Geoffrey D. McDonald
Liquidator
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


PHIL WATSON: Creditors to Discuss Wind Up at Final Meeting
----------------------------------------------------------
Notice is given that the final meeting of the creditors of Phil
Watson Homes Pty Limited will be held on Sept. 14, 2005 to
complete the voluntary winding up of the Company.

Dated this 4th day of August 2005

Graham B. Crane
372 Pennant Hills Road
Carlingford NSW


RV SYSTEMS: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of RV Systems Pty Limited held on Aug. 1, 2005, it
was resolved that the Company be wound up voluntarily, and
Richard Herbert Judson of Judson & Co. Chartered Accountants,
Level 1, 10 Park Road, Cheltenham was appointed liquidator at a
creditors' meeting held that same day.

Dated this 1st day of August 2005

Richard H. Judson
Liquidator
Judson & Co.
Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


SEES PTY: Court Initiates Wind Up Proceedings
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Sees Pty Limited held on Aug. 4, 2005, it was resolved that the
company be wound up voluntarily as a Members' Voluntary Winding
Up and that for such purpose, Geoffrey McNiel Ellison of
Stapleton Partners Chartered Accountants, Level 8, 31 Market
Street, Sydney, NSW 2000 be appointed Liquidator.

Dated this 4th day of August 2005

Geoffrey M. Ellison
Liquidator
Stapleton Partners
Chartered Accountants
Level 8, 31 Market Street
Sydney NSW 2000


TEENUC PTY: Prepares to Distribute Final Dividend
-------------------------------------------------
Teenuc Pty Limited will declare a first and final dividend on
Sept. 14, 2005.

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

Dated this 1st day of August 2005

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


TELSTRA CORPORATION: Warns of Profit Slump
------------------------------------------
The Telstra Corporation Board and management have reviewed the
company's trading results for the first two months of the
current financial year and considered preliminary data emerging
from the CEO's strategic review of management and operations.

Also, Telstra management was briefed by Department of
Communications, Information, and the Arts (DCITA) late last week
on their proposal to expand the regulation of Telstra. As a
result, the Board decided to clarify the earnings outlook for
the company.

The company's earnings before interest and tax in 2005/06 are
expected to decline by 7-10 percent compared to 2004/05 as a
result of accelerating declines in PSTN revenues and softening
growth in the mobiles market due to aggressive pricing and
"bucket plans".

The accelerating decline in PSTN revenues reflects the influence
of two forces: (1) downward pressures that are industry-wide,
which management will address in its strategic review, and (2)
regulatory decisions that result in direct material reductions
in revenues.

In addition to the costs of regulation that have been widely
addressed, revenues lost to regulatory decisions are large and
growing each year. In 2005/06, regulatory price reduction
decisions that have already been made or are pending are likely
to cost Telstra more than $850 million in lost revenues and have
been factored into the company's earnings outlook.

While growth rates in broadband and advertising continue to be
strong, they are not sufficient in absolute terms to offset the
decline in PSTN revenues.

There are two pending decisions that are material for Telstra:
(1) operational separation as briefed last week by DCITA and (2)
pricing for the unbundled local loop, which includes proposed
ULL prices that are deaveraged and below Telstra's costs.
Telstra will inform the market when it is in a position to
quantify the financial and operational impact of these
decisions.

Telstra's management team has introduced a number of immediate
measures to address the deterioration in the company's earnings
outlook, including a freeze on recruitment and deferral of all
non-customer demand-driven discretionary capital expenditure.
Management will introduce further measures to drive earnings
growth and reduce costs as the CEO completes his strategic
review of the company's operations.

Telstra's CEO, and the Board agrees, has said that "Telstra's
ability to halt and reverse the decline in earnings in future
years depends not only on effective management but also on
regulations and administrative practices that do not continually
impair shareholder value with initiatives like operational
separation and below-cost de-averaging that takes away revenues
used to support services to high-cost areas in regional and
remote Australia."

Telstra, consistent with its duties to its shareholders, will
continue to inform shareholders of material developments that
affect the company's financial outlook.

CONTACT:

TELSTRA CORPORATION
Level 41 - Telstra Centre , 242 Exhibition Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000  
Telephone: (03) 9634 6400  
Fax: (03) 9632 3215  
Web site: http://www.telstra.com.au/


TELSTRA CORPORATION: PM Says Executives' Behavior 'Disgraceful'
---------------------------------------------------------------
The behavior exhibited by the executives of phone firm Telstra
Corp. Ltd. was described by Australian Prime Minister John
Howard as "disgraceful", Reuters relates.

Government MPs and Senators met on Tuesday to approve bills for
the planned AU$30 billion (US$23 billion) sale of the
government's 51.8-percent stake in Telstra, including new
regulations and guarantees of customer service.

Around 12 government members spoke in an internal debate about
the new legislation. MPs and Senators were not happy with
remarks from Telstra, and suggested that Telstra's new
management team should be "pulled into line". PM Howard agreed
with the criticisms being leveled at Telstra from MPs and
Senators, saying Telstra's behavior was disgraceful.

Telstra has blamed government regulation as being partly
responsible for the profit downgrade saying new rules would cost
the company AU$850 million in lost revenue in 2005/06.

Fund managers do not expect the dispute between the government
and Telstra to affect the government's resolve to divest its
controlling stake in the telco, although a lower share price
could lead it to revise the manner and timing of any sale.


TURNER JET: Liquidator to Distribute Company Assets
---------------------------------------------------
At a general meeting of the Members of Turner Jet Holdings Pty
Limited duly convened and held on Aug. 1, 2005, the following
special resolution was passed:

That on the winding up of the Company subject to the payment of
its debts, liabilities and liquidation costs, its assets be
distributed among the members in specie (in whole or in part)
according to their rights and interest in the Company, or in
accordance with a special resolution of the members; and

That the company be wound up voluntarily; and

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants, Level 10, 26 Flinders Street, Adelaide be appointed
joint and several liquidators for the winding up.

Timothy J. Clifton
Mark C. Hall
Joint Liquidators
Chartered Accountants
Level 10, 26 Flinders Street
Adelaide


WESTGATES PTY: Members Agree to Liquidate Firm
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Westgates Pty Limited held on Aug. 1, 2005, it was
resolved that the Company be wound up voluntarily, and Martin
John Green of GHK Green Krejci, Level 9, 179 Elizabeth Street,
Sydney NSW 2000 was appointed Liquidator at a creditors' meeting
held later that day.

Dated this 3rd day of August 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


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

BANK OF CHINA: NPL Ratio Rises as Loan Growth Slows
---------------------------------------------------
The Bank of China (BOC) said on Monday that its non-performing
loan ratio rose to 4.82 percent as of July from 4.38 percent at
the end of June, The Standard reports.

The commercial bank's loan growth rate has been slower than the
overall banking industry as the lender tried to become more
careful in extending new loans to prevent them from going sour.

Bank of China, which received a US$22.5 billion government
bailout in December 2003, needs to cut bad loans to attract
international investors to its share sale.

The commercial bank hired Goldman Sachs Group, UBS and Bank of
China International to underwrite an overseas initial public
offering scheduled in the first quarter next year.

CONTACT:

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


CHINA MERCHANTS: Suffers HK$18.421 Mln Net Loss
-----------------------------------------------
China Merchants Dichain (Asia) Limited incurred a net loss of
HK$18.421 million in the year ended March 31, versus a net
profit of HK$14.262 million a year earlier, Infocast News
reports.

CONTACT:

China Merchants Dischain (Asia) Limited
Units 3611, 36/F, West Tower
Shun Tak Centre, 168-200 Connaught Road Central
Hong Kong
Phone: 22550688
Fax: 28513660
Web site: http://www.dichainasia.com


CHINA MERCHANTS: Notes Unusual Volume Movements
-----------------------------------------------
The Hong Kong Stock Exchange has received a message from China
Merchants DiChain (Asia) Limited which is reproduced as follows:

The directors of China Merchants DiChain (Asia) Limited have
noted Tuesday's increase in the price and trading volume of the
shares of the Company and wish to state that the Directors are
not aware of any reasons for such increase save and except the
proposed joint venture project for establishing a transactional
customs clearance services center in Shanghai (details of which
were disclosed in the announcement of the Company dated May 18,
2005), the memorandum of understanding entered into by the
Company regarding the proposed acquisition of controlling
interest in a company established in the People's republic of
China (details of which were disclosed in the announcement of
the Company dated July 28, 2005), and the announcement regarding
a litigation against the Company and the results announcement
both published on August 24, 2005.

Save for the foregoing, the Directors confirm that there are no
other negotiations or agreements relating to intended
acquisitions or realizations, which are discloseable under Rule
13.23 of the Listing Rules, neither are the Directors aware of
any matter discloseable under the general obligation imposed by
Rule 13.09 of the Listing Rules, which is or may be of price-
sensitive nature.

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

As at the date of this announcement, the board of Directors
comprises five executive directors, namely Messrs. Fan Di, Zhou
Li Yang, Li Xinggui, Wu Shiyue and Zheng Yingsheng, and two non-
executive directors, namely Messrs. Robert Fung Hing Piu and
Wang Shizhen, and three independent non-executive directors,
namely Messrs. Barry J. Buttifant, Iain F. Bruce and Victor
Yang.

By order of the board of
China Merchants DiChain (Asia) Limited
Fan Di
Chairman

Hong Kong, 5 September 2005"


CHINA SOUTHERN: Shares Suspended On Plane Acquisitions
------------------------------------------------------
In an announcement to the Hong Kong Stock Exchange, China
Southern Airlines Company Limited said its shares have been
suspended pending the release of an announcement relating to a
notifiable transaction. It didn't give further details.

Dow Jones reported that the carrier is expected to buy 10 Airbus
planes for US$1.3 billion, seen as a gesture of goodwill by
Beijing to Europe in exchange for a textile pact that was agreed
during British Prime Minister Tony Blair's visit to China.

The airline, which reported a net loss of CNY907 million for the
first half, said last week it agreed to buy 10 B787 aircraft
from Boeing Co. (BA) that will cost between. Each jet will cost
between US$125 million and US$135 million.

CONTACT:

China Southern Airlines
Mr. Jeff Ruffolo Manager
Public Relations Office 1-909-734-6141
Cellular: 1-949-278-6440
Fax: 1 -909 -734 -6144
E-Mail: RuffoloPR@aol.com  
Web site: http://www.cs-air.com/en


GOLDEN GOAL: Commences Winding Up Proceedings
---------------------------------------------
Golden Goal Media Limited whose place of business is located at
Flat 5, LG/F Full Wing Building, 436-450 Chatham Road, Hung Hom,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on August 24, 2005.

Date of Presentation of Petition: June 22, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


HI-Q TELECOM: Winding Up Hearing Set October 5
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of Hi-
Q Telecom Company Limited by the High Court of Hong Kong Special
Administrative Region was on August 3, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on October 5, 2005.

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

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 4, 2005.


INDUSTRIAL AND COMMERCIAL: Fitch Upgrades Rating to 'D/E'
---------------------------------------------------------  
Fitch Ratings, the international rating agency, has on Tuesday
upgraded Industrial and Commercial Bank of China's (ICBC)
Individual ratings to 'D/E' from 'E'. At the same time, the
agency affirmed ICBC's Long-term foreign currency rating at
'BBB+' and Support rating at '2'. The rating Outlook is Stable.

Fitch views the USD15 billion government recapitalisation of
ICBC, completed in April 2005, and the disposal of USD85bn
(RMB705bn) in NPLs in June 2005 as positive moves, resulting in
ICBC's substantially improved asset quality and enhanced capital
position. At end-June 2005, ICBC reported a CAR ratio of 9.12
percent (tier 1: 8.07%) and an NPL ratio of 4.58 percent versus
a high 19 percent end-2004.

For the second half of 2005, ICBC is targeting to establish a
shareholding company and to focus on the reform of its corporate
governance, human resources and risk management systems. The
bank has lately signed a memorandum of understanding to sell a
combined 10% stake to Goldman Sachs, Allianz Group and American
Express for about USD3bn.

It is expected that its reform programme should gain additional
impetus from the introduction of strategic investors and stock
market listing, although any commitment from the strategic
investors is yet to be seen, furthermore it is notable that none
is a commercial bank likely to provide technical assistance on
the scale ICBC will need.

Fitch notes that ICBC's current robust financials are the result
of one-off government aid. The agency estimates that the
underlying trend of NPLs actually increased in 2004, although
the bank states that this is due to a much stricter
classification of overdue loans. As a result, the maintenance of
current good asset quality and a higher level of capital, as
well as improvement in its operating performance would be key to
ICBC's rating outlook.

CONTACT:

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


LEABURG ENGINEERING: Creditors Annual Meeting Fixed September 16
----------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, the annual meetings of the members and
creditors of Leaburg Engineering Limited (In Creditors'
Voluntary Liquidation) will be held at 5th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong on September
16, 2005 at the following times:

Annual Meeting of Members  2:00 pm
Annual Meeting of Creditors  2:30 pm

for the purpose of having laid before the meeting by the
Liquidator an account of his acts and dealings and of the
conduct of the winding-up during the year ending September 15,
2005.

Proxies must be lodged at 5/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which it is
to be held.

Dated this 2nd day of September 2005.

Stephen Briscoe
Joint and Several Liquidator


KWONG YUEN: Issues Debt Claim Notice
------------------------------------
Notice is hereby given that the creditors of Kwong Yuen
Corporation Company Limited (In Compulsory Liquidation) are
required on or before September 23, 2005 to send their names and
addresses, full particulars of their debts and claims, and the
names and addresses of their solicitors (if any) to the
liquidators of the company at 5/F Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong.

If so required by notice in writing from the said Liquidators,
they are to come in either by themselves or by their solicitors
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 2nd day of September 2005.

Nicholas Timothy Cornforth Hill
Joint and Several Liquidator

Presented by: Alvarez & Marsal Asia Limited


MOULIN GLOBAL: Debt-Laden U.S. Unit Up for Possible Listing
-----------------------------------------------------------
The provisional liquidators of struggling Moulin Global Eyecare
Holdings Ltd. are considering long-term plans to list its U.S.
subsidiary, Eye Care Centers of America, Dow Jones reports,
citing the South China Morning Post.

In February, Moulin, then controlled by Chairman Ma Bo-kee, paid
US$250 million for a 56 percent stake in Eye Care Centers. A few
months later, Moulin's executives were the subjects of a police
investigation into suspected fraud. Police arrested Ma, his son,
Moulin Chief Executive Cary Ma Lit-kin, and three other Moulin
executives in July.

Roderick Sutton and Desmond Chiong Chung Seng of Ferrier Hodgson
were appointed provisional liquidators in June on behalf of more
than 20 banks seeking more than HK$2 billion of debt from 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


SHARP LIGHT: Court to Hear Winding Up Petition September 28
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sharp Light Investments Limited by the High Court of Hong Kong
Special Administrative Region was on July 28, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on September 28, 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.

KAO, LEE & YIP
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 27, 2005.


SZE LEE: To Undergo Winding Up Process
--------------------------------------
Sze Lee Shark's Fin Company Limited whose place of business is
located at Flat 2, LG2/Fl., Kai Wong Commercial Building, 222-
226 Queen's 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 24,
2005.

Date of Presentation of Petition: June 9, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


SUNRISE INTERIOR: Court Orders Business Closure
-----------------------------------------------
Sunrise Interior Design & Decoration Limited whose place of
business is located at Flat G, 17/F, Superluck Industrial
Centre, 57 Sha Tsui Road, Phase 2, Tsuen Wan, 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 24, 2005.

Date of Presentation of Petition: June 27, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


V.E.I. COMPANY: Prepares to Cease Operations
--------------------------------------------
V.E.I. Company Limited whose place of business is located at
Flat D, 14th Floor, Haven Court, Discovery Bay, Lantau Island,
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 24, 2005.

Date of Presentation of Petition: June 24, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


WING FAI: Creditors Meeting Scheduled September 14
--------------------------------------------------
Notice is hereby given that the meetings of the members and
creditors of Wing Fai Construction Company Limited will be held
at 5/F Allied Kaijima Building, 138 Gloucester Road, Wanchai,
Hong Kong, on September 14, 2005 as follows:

Members' meeting: 3 p.m.
Creditors' meeting: 3:30 p.m.

Agenda

To consider and if thought fit pass the following resolutions:

1. That the resignation of Mr. David John Kennedy as Joint and
Several Liquidator be accepted;

2. That the vacancy arising as a consequence of the resignation
of Mr. Kennedy shall not be filled as Messrs Cosimi Borrelli and
Nicholas Timothy Cornforth Hill will continue as Joint and
Several Liquidators.

Dated this 2nd of September 2005.

Cosimo Borrelli
Joint and Several Liquidator

Note: Creditors or members may vote either in person or by
proxy. To be valid, a proxy must be lodged at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong no later than
4 p.m. on the day before the meeting or adjourned meeting at
which the voting is to be held.


YUEN KIT: Court Orders Winding Up
---------------------------------
Yuen Kit Investment Company Limited whose place of business is
located at 1st Floor Yuen Kit Industrial Building, 137-138
Connaught Road West, 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 24, 2005.

Date of Presentation of Petition: June 9, 2005

Dated this 2nd day of September 2005

ET O'Connell
Official Receiver


=========
I N D I A
=========

FIAT INDIA: Aims to Steer Back with New Cars
--------------------------------------------
As part of a massive restructuring exercise, Fiat India Pvt Ltd
would soon launch new vehicle models in the domestic market, The
Economic Times reports.

The company is looking to introduce new models including
hatchbacks Panda and Idea, and sedan Albea, in a bid to
strengthen its dealer and service network.

Seeing a massive surge in sales after the introduction of the
Palio model before the sales dipped following questions over the
car's fuel efficiency, Fiat India plans to introduce new models
in the coming years, though strictly under the supervision of
its parent company.

A few months ago, Fiat India has been suffering from sluggish
sales in the local market. It was not making enough money,
customer service was not good, brand appeal was insufficient and
market coverage was spotty.

But the company continues to strive to get its due share in the
country's car market.

On the brighter side, Fiat India is claimed to have a bank debt
of just INR29 crore. The parent company wrote off losses to the
tune of INR1,300 crore.

CONTACT:

Fiat India Pvt Ltd  
L B S Marg, Kurla
Mumbai
Maharashtra - 400070
India
Phone: 022-25097006
Fax : 022-25097571
Web site: http://www.fiat-india.com


INDIAN OIL: Bleeding US$11.8 Mln Daily Due to Low Fuel Prices
-------------------------------------------------------------
Indian Oil Corporation admitted it was losing INR520 million
(US$11.8 million) everyday because it was selling petrol,
diesel, LPG and kerosene below the cost price, Asia Pulse
reports.

The oil firm revealed its accumulated losses in the current
fiscal year have already hit INR73.50 billion.

IOC chairman 'S Behuria said petrol was being sold at INR7.45 a
litre discount and diesel at INR5.15 per litre. Domestic cooking
gas (LPG) was being sold at a loss of INR96 per cylinder and
kerosene at INR12.85 per litre.

The government has not allowed oil companies to raise fuel
prices despite global crude oil price crossing 70 dollars a
barrel.

Petroleum Secretary 'S C Tripathi said oil companies have not
been able to pass on the high prices leading to large under-
recoveries and losses.

Petroleum Ministry has proposed an increase of INR3 per litre
each in petrol and diesel prices and INR20 per cylinder increase
in LPG price to save the oil companies from going bankrupt.

CONTACT:

Indian Oil Corporation Limited
G-9 Ali Yavar Jung Marg Bandra East
INDIAN OIL BHAVAN
Mumbai, MAHARASHTRA 400 051
INDIA  
Phone: +91 22 26427363/26423272
Fax: +91 22 26443880  
Web site: http://www.iocl.com


SHIVA CEMENT: Debt Revamp Plan Gets Green Light
-----------------------------------------------
Shiva Cement Limited finally secured in-principle approval for
its debt-restructuring proposal, Sify Business Line reports.

The Company's consortium leader IFCI Limited as well its
lenders, including ICICI Bank, Bank of India, Bank of Baroda,
Allahabad Bank have all endorsed the restructuring plan.

The plan was initially approved in December last year. The
latest sanction by IFCI would pave the way for the finalization
of the debt revamp exercise, which would reduce the firm's debt
burden while increasing the bottom line and earnings per share
(EPS) of the Company.

Shiva Cement, which has an installed capacity of 1.77 lakh
tonnes per annum, is awaiting a formal clearance sanction from
the Industrial Development Bank of India (IDBI). A press release
from the company stated that it is expected in the next few
days.


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


CIPUTRA DEVELOPMENT: Lowers Expected Sales Target by 25%
--------------------------------------------------------
Property developing firm PT Ciputra Development said that it
will lower its sales target by 25%, from IDR1.56 trillion to
IDR1.17 trillion, reports Asia Pulse.

However, Company management has no plans to revise its IDR900
billion income target and IDR500 billion net profit target.

The Company had to lower its target aim due to a market slump,
brought on by the weakening of the local currency. Ciputra
Development posted sales at IDR500 billion for the first six
months of 2005, and expects sales to decline further in the
coming months.

Ciputra Development was hoping to return to black this year,
with two housing projects in Java and Banten, and a shopping
mall to be built in South Jakarta. The Company also entered into
an agreement to convert its IDR1.76 trillion debt into shares,
to allow it to return to profit sooner. But with the market
slump and expected sales drop, a return to profit may not occur
within this year.

CONTACT:

PT Ciputra Development Terbuka
Jalan Prof Dr Satrio Kav 6
Jakarta, 12940
Indonesia
Phone: +62 21 522 5858/21 522 6868
Fax:   +62 21 520 5262/21 527 4125
Email: investor@ciputra.com
Web site: http://www.ciputra.com


INDOSAT: Standard & Poor's Revises Rating
-----------------------------------------
On Sept. 5, 2005, Standard & Poor's Ratings Services affirmed
the ratings of PT Indosat Tbk, and revised its outlook on the
foreign currency ratings to stable from positive:

PT Indosat Tbk. (foreign currency BB-/Stable/--, local currency
BB/Stable/--)

This follows Standard & Poor's outlook revision on its local and
foreign currency ratings on the Republic of Indonesia.

The outlook revision reflects that the Company's profile remains
constrained by the macroeconomic environment and consumer
spending in Indonesia, despite its financial strength. Although
the medium-term prospects of Indonesia's economic growth and
stability remain favorable, product demand and cash flow
generation of the Company could be weakened by higher fuel
costs, increasing interest rates, and inflation in the near
term.

CONTACT:

PT Indosat Terbuka
Jalan Medan Merdeka
Barat No 21
Jakarta, 10110
Indonesia
Phone: 62 21 386 9614
Fax:   62 21 380 4045


PERTAMINA: Expects Drop in Petroleum Imports
--------------------------------------------
State oil & gas firm PT Pertamina expects its petroluem imports
to gradually decline from 17.8 million barrels in August to 13
million barrels in November, Dow Jones reports.

According to Pertamina marketing and trading director Ari
Sumarno, the Company's oil imports for this month and the next
are expected to remain At 17.8 million barrels, but would fall
to 13 million barrels in November.

The gradual decline may be due to an expected reopening of an
oil refinery unit that is scheduled for cleaning/repairs. The
unit, located in the Pertamina refinery in Cilacap, Central
Java, will be temporarily shut down for 22 days beginning Sept.
12, 2005 for maintenance reasons. The unit is scheduled to
repoen next month, hence the decreased dependence on oil imports
for the Company.

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


SAMPOERNA: Gets Stable Foreign Currency Rating
----------------------------------------------
Standard & Poor's Ratings Services HAD on Sept. 5, 2005 affirmed
the ratings of PT Hanjaya Mandala Sampoerna Tbk, and revised its
outlook on the foreign currency ratings to stable from positive:

PT Hanjaya Mandala Sampoerna Tbk. (foreign currency BB-/Stable/-
-, local currency BB/Stable/--)

This follows Standard & Poor's outlook revision on its local and
foreign currency ratings on the Republic of Indonesia.

The outlook revision reflects that the Company's profile remains
constrained by the macroeconomic environment and consumer
spending in Indonesia, despite its financial strength. Although
the medium-term prospects of Indonesia's economic growth and
stability remain favorable, product demand and cash flow
generation of the Company could be weakened by higher fuel
costs, increasing interest rates, and inflation in the near
term.

CONTACT:

P.T. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax:   +62 31 843 0986
Web site: http://www.sampoerna.com/


TELEKOMUNIKASI INDONESIA: Foreign & Local Currency Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said on Sept. 5, 2005 that it
affirmed the ratings of PT Telekomunikasi Indonesia (Telkom),
and revised its outlook on the foreign currency ratings to
stable from positive:

PT Telekomunikasi Indonesia Tbk -  (foreign currency BB-
/Stable/--, local currency BB/Stable/--)

The outlook on the Company's local currency rating was also
revised to stable from positive.

This follows Standard & Poor's outlook revision on its local and
foreign currency ratings on the Republic of Indonesia.

The outlook revision reflects that the Company's profile remains
constrained by the macroeconomic environment and consumer
spending in Indonesia, despite its financial strength. Although
the medium-term prospects of Indonesia's economic growth and
stability remain favorable, product demand and cash flow
generation of the Company could be weakened by higher fuel
costs, increasing interest rates, and inflation in the near
term.

CONTACT:

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


TELEKOMUNIKASI SELULAR: Receives Downgraded Currency Rating
-----------------------------------------------------------
On Sept. 5, 2005, Standard & Poor's Ratings Services affirmed
the ratings of PT Telekomunikasi Selular, and revised its
outlook on the foreign currency ratings to stable from positive:

PT Telekomunikasi Selular (foreign currency BB-/Stable/--, local
currency BB/Stable/--)

The outlook on the Company's local currency rating was also
revised to stable from positive.

This follows Standard & Poor's outlook revision on its local and
foreign currency ratings on the Republic of Indonesia.

The outlook revision reflects that the Company's profile remains
constrained by the macroeconomic environment and consumer
spending in Indonesia, despite its financial strength. Although
the medium-term prospects of Indonesia's economic growth and
stability remain favorable, product demand and cash flow
generation of the Company could be weakened by higher fuel
costs, increasing interest rates, and inflation in the near
term.

CONTACT:

PT Telekomunikasi Selular
Indonesia
Phone: 62 21 524 0811
Fax:   62 21 527 6661
Email: investor@telkomsel.co.id
Web site: http://www.telkomsel.com


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

HITACHI LIMITED: To Jointly Buy Car-navi Parts with Clarion
-----------------------------------------------------------
Hitachi, Ltd. (NYSE:HIT / TSE:6501) and Clarion Co., Ltd.
(TSE:6796) announced plans to begin collective purchasing in
October of components and materials for the Car Information
Systems (CIS) business, which includes car navigation systems,
in a move designed to strengthen their respective automotive
systems businesses.

In April this year, the two companies agreed to comprehensively
strengthen cooperation in the CIS field with the goal of
expanding their respective CIS businesses in light of rapid
advances in CIS technologies and functions, diversifying market
needs and global expansion of the car navigation systems market.
Following this agreement, Hitachi and Clarion brought together
researchers involved in the CIS business with a number of aims:
to combine the outstanding technologies of the two companies, to
make products more competitive, and to use investments more
efficiently and accelerate the pace of development through the
concentration of development resources. At the same time, a task
force was formed to discuss specific details of the cooperation.

Hitachi, Clarion and Hitachi's wholly owned subsidiary Xanavi
Informatics Corporation plan to begin collective purchasing of
components and materials in the CIS business in October. The
companies aim to improve the quality of systems and strengthen
competitiveness in terms of cost by reducing raw materials and
other materials expenses, placing orders with select suppliers
and using common components. Furthermore, by actively adopting
suppliers' new technologies and products, the companies aim to
reduce procurement prices by at least 30% over 3 years. Actions
will also be taken to establish a joint purchasing framework.

Moving forward, Hitachi and Clarion will continue to discuss
ways to further strengthen their CIS businesses, including
utilization of the two companies' sales channels and improving
after-sales service and other activities.

Details of the Collective Purchasing

(1) Implementation of Collective Purchasing

  Decide purchase prices based on the total value and volume of
purchases of both companies

  Both companies will jointly select suppliers and look for new
suppliers

  For some electronic components, Hitachi will place orders
using its centralized purchasing system

(2) Concentrate Orders on a Smaller Number of Suppliers

  Reduce the number of trading companies to which orders are
placed where the same manufacturer has multiple trading
companies

  Use the same supplier where possible when a category of
products is sourced from different manufacturers

(3) Use of Common Components

  Through greater cooperation between departments responsible
for procurement and development, including HCX Corporation, a
joint venture formed by Hitachi and Clarion to develop CIS, the
two companies aim to lower unit prices, reduce inventories,
improve quality and capture other economies of scale by using
common components.

In a company statement, Hitachi recorded income before income
taxes and minority interests of JPY4.8 billion, down 89 percent
year on year. After income taxes of JPY17.6 billion, Hitachi
posted a loss before minority interests of JPY12.8 billion.
Hitachi also posted a net loss of JPY24.0 billion, compared with
net income of JPY16 billion in the first quarter of fiscal 2004.

About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT/ TSE: 6501), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's website at
http://www.hitachi.com.

About Clarion Co., Ltd.

Clarion ranked among the top 100 Global OEM Suppliers by
Automotive News. Clarion, an international leader in car audio
and electronics since 1940, is positioned as the No. 1
independent car audio manufacturer. The company conducts
research, development, engineering, design, manufacturing, and
sales and marketing of entertainment, communications, security,
and navigation products for the automotive environment,
including IVCS (in-vehicle computing systems). Clarion has 11
factories in 8 countries, with marketing and sales affiliates in
Europe, North and South America, Asia and Australia.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com  


TADA CORPORATION: Files For Bankruptcy
--------------------------------------
Tada Corporation whose place of business is located at 8-6,
Ohhima 2-Chome Koto-ku, Tokyo 136, Japan has begun bankruptcy
proceedings, says Teikoku Databank America.

The general construction firm was established in 1916 and
incorporated in 1947 with emphasis on residential and
architectural construction.

Construction works accounted for 86% of fiscal 1997 revenues;
real estate sales, rental and leasing, 9% and others, 5%. The
company has eight consolidated subsidiaries, six in Japan and
two in the United States. Overseas sales accounted for less than
10% of fiscal 1997 revenues.  

For more information visit http://www.teikoku.com/or contact  
office@teikoku.com or +1-212-421-9805.


SOMPO JAPAN: Fails to Make JPY920 Mln Insurance Payouts
-------------------------------------------------------
Sompo Japan Insurance Inc. said Monday it failed to make payouts
totaling JPY920 million in 27,296 cases between July 2002 and
June 2005, Kyodo News reports.

The company has already covered the failed payments in 26,972
cases, or 98.8 percent of the nonpayment cases. It will soon
make full payments in the remaining nonpayment cases, the
company said.

Sompo Japan will also consider implementing surveys into
possible nonpayment cases before July 2002.

The company wants to consider how to reprimand those responsible
for the payout failures, a Sompo Japan official said.

CONTACT:

Sompo Japan Insurance Inc
26-1 Nishi-Shinjuku 1-Chome
Shinjuku-Ku 160-8338, Tokyo 160-8338
Japan
Phone: +81 3 3349 3111
Fax: +81 3 3349 4697


UFJ HOLDINGS: Issues Resolution to Close UFJ International
----------------------------------------------------------
UFJ Holdings, Inc. hereby gives notice that UFJ Bank Limited has
approved a resolution regarding UFJ International plc (UFJI),
its consolidated subsidiary, that UFJI should transfer its
client business and begin a business closure process.

1.  Outline of UFJ International plc

    Address:  1 Exchange Square, London, EC2A 2JL United Kingdom
    CEO:       Chris Roberts, Takuji Ikuta
    Capital:    STG384 Mil (100% owned by UFJ Bank)
    Business:  Securities and Banking

2.  Reason for the Resolution

As a part of the implementation of the management integration
between Mitsubishi Tokyo Financial Group, Inc. ('MTFG') and UFJ
scheduled for October 1, 2005, UFJ Bank resolved that UFJI
should at the same time transfer its client business to
Mitsubishi Securities International plc  ('MSI') and then start
to close its remaining business. Liquidation of the company is
to be completed in or after Fiscal Year 2007, ending March 31,
2008.

3.  Impact on Earnings of UFJ

There is no change to the current forecasts of UFJ's
consolidated and non-consolidated financial results, as
announced on May 25, 2005, for the interim period ending
September 30, 2005.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


YAMAGUCHI BANK: Momiji Merger Details Still Unclear
---------------------------------------------------
Standard & Poor's Ratings Services said today that its 'BBB+'
long-term counterparty credit rating on Yamaguchi Bank Ltd.
remains on CreditWatch with negative implications, as details
still have not emerged on the bank's planned capital injection
or management consolidation scheme with Momiji Holdings Inc.
(unrated). The rating was first placed on CreditWatch on March
22, 2005, following the bank's announced intent to form a
business and capital alliance with Momiji Holdings. The
CreditWatch status was reiterated on June 17.  

Yamaguchi Bank intends to merge with Momiji Holdings in an
effort to help improve the banks' profitability through
franchise and operational streamlining. However, the merger
could have a negative impact on the credit quality of the bank,
given that Momiji Holdings is weaker in terms of asset quality
and capitalization.

On August 19, 2005, Yamaguchi Bank completed a JPY23.5 billion
transaction to acquire 33.5 percent of Momiji Holdings' common
shares, becoming its top shareholder. Other planned improvements
to Momiji Holdings' capital base include an additional third-
party share offering to be underwritten by Yamaguchi Bank,
repayment of borrowed public funds, and third-party capital
injections.

However, amounts of capital to be raised and public money to be
repaid remain unclear, as are details concerning ownership
ratios and management consolidation. The CreditWatch status will
be resolved when Yamaguchi Bank reveals the details of its plan.
Any potential downgrade would likely be no more than two
notches, given the institutions' relative financial positions
and the possibility of government support.


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

SSANGYONG CORPORATION: Morgan Stanley Named Preferred Bidder
------------------------------------------------------------
Creditors of cash-strapped Ssangyong Corp. picked Morgan Stanley
as the preliminary preferred bidder for the trading company,
reveals Asia Pulse, citing Yonhap News.

According to a creditor bank official, Morgan Stanley outbid
four other prospective buyers in terms of price, job retention
and debt proposal.

A final decision whether to select Morgan Stanley as prime
bidder will be released Monday.

The creditors of Ssangyong Corp. are planning to ink a
preliminary deal with Morgan Stanley within this month before
signing a final agreement by the end of November, the bank
official who prefers anonymity said.

Meanwhile, creditors of one of the company's units, Ssangyong
Cement said that Ssangyong Cement will be released from
creditors' grip in late November.  

Improvement in the cement makers performance and financial
status prompted the creditors to drop the company from their
supervision.

Ssangyong Cement has been under the joint control of creditors
since October 2001.

About Ssangyong Corp.

The Ssangyong Corporation, the trading arm of the troubled
Ssangyong Group, is attempting to steer the group into
prosperous waters by trading in machinery, energy, apparel, and
more.

The Ssangyong Group, along with South Korea's other chaebol
(family-run conglomerates), has been forced by the Asian
economic crisis to sell several businesses in order to stay
afloat.

From humble beginnings as a soap shop, the Ssangyong Group grew
to be one of the nation's largest conglomerates at one point but
is now a fraction of the size it once was.

In 2003 Ssangyong Corporation creditors initiated a debt-for-
equity swap in an effort to stabilize the ailing company.

CONTACT:

Ssangyong Corporation
24-1, 2-ga, Jeo-dong, Jung-gu
Seoul, 100-748, South Korea
Phone: +82-2-2270-8114
Fax: +82-2-2270-8791
Web site: http://www.ssytrade.co.kr/


KOREA LEASE: Lone Star Likely to Take Over Business
---------------------------------------------------
U.S.-based investment fund, Lone Star, is most likely to
takeover troubled Korea Lease Financing Co. (KLFC), says Asia
Pulse, citing Yonhap News.

KLFC creditors presented during a meeting last Friday on how to
sell the entire stake of the troubled company.  They also
discussed how to dispose of its assets and debts worth KRW321.3
billion (US$314 million) to Lone Star.  A vote on the measure
will be done September 15.

In late July, Lone Star, the largest shareholder of South
Korea's Korea Exchange Bank, was selected as a preferred
negotiation target for KLFC disposal.


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

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Affin Holdings Berhad advised that its additional 88,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Tuesday, September 6,
2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
Fax: +60 2143 1057


ANCOM BERHAD: Repurchases 674,800 Shares
----------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on September 2, 2005 with the following
details:

Date of buy back from: August 18, 2005

Date of buy back to: August 30, 2005

Total number of shares purchased (units): 674,800

Minimum price paid for each share purchased (MYR): 0.655

Maximum price paid for each share purchased (MYR): 0.675

Total amount paid for shares purchased (MYR): 451,981.54

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

Number of shares purchased retained in treasury (units): 674,800

Total number of shares retained in treasury (units): 13,383,800

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

Total issued capital as diminished:  

Date lodged with registrar of companies: September 2, 2005

Lodged by:

PFA Corporate Services S/B
Level 14, Uptown 1, D'sara Uptown
47400 PJ


CONTACT:

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


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back on September 2, 2005 with the
following details:  
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 11,000

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

Maximum price paid for each share purchased (MYR): 2.200

Total consideration paid (MYR): 24,289.33

Number of shares purchased retained in treasury (units): 11,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,157,700

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

CONTACT:

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


I-BERHAD: Purchases 55,600 Shares
---------------------------------
I-Berhad posted at the Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:  

Date of buy back from: August 24, 2005

Date of buy back to: September 2, 2005

Total number of shares purchased (units): 55,600

Minimum price paid for each share purchased (MYR): 0.870

Maximum price paid for each share purchased (MYR): 0.897

Total amount paid for shares purchased (MYR): 49,383.27

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

Number of shares purchased retained in treasury (units): 55,600

Total number of shares retained in treasury (units): 3,240,800

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: September 5, 2005

Lodged by: Company Secretary

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


KEMAYAN CORPORATION: Applies for Extension of Restraining Order
---------------------------------------------------------------
Further to the announcements dated November 19, 2003, January 6,
2004, March 17, 2004, September 1, 2004 and March 4, 2005, the
Board of Directors of Kemayan Corporation Berhad (KCB) informed
Bursa Malaysia Securities Berhad that the Company had on August
30, 2005 applied for extension of time for KCB and the Scheme
Companies in respect of the Restraining Order as well as the
Order for convening the Creditors' meetings and the
shareholders' meeting to approve the Proposed Restructuring
Scheme.

The High Court of Malaya has fixed the hearing on September 6,
2005 for the said applications.

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888
Fax: +60 7 236 5307


MANGIUM INDUSTRIES: Hopes to Hike Paid Up Share Capital by 2006
---------------------------------------------------------------
Further to the announcement made on April 28, 2005 regarding the
approval granted by Bursa Securities for an extension of time to
comply with Paragraph 8.16A of the Listing Requirements until
September 3, 2005, which was also the timeline granted by
Securities Commission (SC) for the completion of the following
Corporate Exercises of Mangium Industries Bhd (MIB):

(1) Proposed Debt Settlement amounting to MYR58.52 million
(including accrued interest of MYR10.47 million) to be settled
by a combination of new MIB shares, irredeemable convertible
unsecured loan stocks (ICULS), Redeemable Convertible Secured
Loan Stocks and cash payment;

(2) Issuance of up to MYR16.0 million nominal value 5-year ICULS
together with up to 16.0 million free detachable Warrants
attached on the basis of MYR1.00 nominal value ICULS with one
(1) free detachable Warrant attached for every two (2) existing
MIB Shares; and

(3) Issuance for free, up to an additional MYR8.0 million
nominal value ICULS to the subscribers of the ICULS issued
pursuant to the Proposed Right Issue to serve as an up-front
coupon of 10 percent per annum.

(Collectively known as the Corporate Exercises)

On behalf of the Board of MIB, the company announced that the
Company has via its letter dated August 19, 2005 submitted an
application to SC for a further extension of time of
approximately six (6) months from September 4, 2005 to March 3,
2006 for the Company to complete the Corporate Exercises and to
comply with Paragraph 8.16A of the Listing Requirements.

MIB is currently undertaking the above Corporate Exercises and
is awaiting the approval from SC for a further extension for the
Corporate Exercises. Barring unforeseen circumstances, the
Company anticipated that the increase of the paid up share
capital to a minimum of MYR40 million would be achieved by March
3, 2006.

This announcement is dated 2 September 2005.

CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


POHMAY HOLDINGS: Still Working on Regularization Plan
-----------------------------------------------------
In compliance with Paragraph 1.3(b) of PN17/2005, Pohmay
Holdings Berhad informed Bursa Malaysia Securities Berhad on the
following development since the last announcement on August 1,
2005 relating to the Company's plan to regularize its condition.

The Board of Directors of the Company is still in the process of
outlining the Regularization Plan and will be made available to
Bursa Malaysia Securities Berhad once completed.

This announcement is dated 1 September 2005.

CONTACT:

Pohmay Holdings Berhad   
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500   
Fax: 03-21417730


POHMAY HOLDINGS: In Talks with Lenders to Restructure Debt
----------------------------------------------------------
In relation to the status of default in payment pursuant to
PN1/2001, the Board of Directors of Pohmay Holdings Bhd informed
Bursa Malaysia Securities Berhad that there is no change to the
status of default in payments of interest and principal sums to
the Lenders since the last announcement on August 1, 2005.

In compliance with Paragraph 3.2 of PN1/2001, the Company
announced that it is in the process of negotiation with its
lenders to restructure the Group's loans and is actively working
on various schemes to alleviate the Group from its current
financial predicament.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad its plan to regularize once
completed.

This announcement is dated 1 September 2005.


POLY GLASS: Reviews Means to Meet Auditors' Qualifications
----------------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005 of Bursa Malaysia Securities Berhad, Poly Glass Fibre
(M) Bhd advised that it is still in the process of examining
ways to overcome the auditors' qualifications as stated in the
financial statements of the Company for the financial year ended
February 28, 2005.

Dated this 1st day of September 2005.

CONTACT:

Poly Glass Fibre (M) Bhd.   
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460   
Fax: 04-3996197


POLYMATE HOLDINGS: Requests More Time to Submit Interim FS
----------------------------------------------------------
The Board of Directors of Polymate Holdings Berhad (Polymate)
informed the following to Bursa Malaysia Securities Berhad:

(a) Polymate has received a letter from the Bursa Malaysia
Securities Berhad vide their letter dated September 2, 2005
(Ref: SB/229) in view that Polymate did not submit its interim
financial report for the third financial quarter ended June 30,
2005 within the stipulated timeframe.

The Exchange gave notice that the Exchange shall impose a
suspension on the trading of the shares of Polymate in the event
the interim financial report for the third financial quarter
ended June 30, 2005 of the Company is not submitted to the
Exchange within Three (3) months from the Due Date ie. by August
31, 2005 (Notice of Suspension) without prejudice to any other
enforcement action that may be taken by the Exchange against
Polymate in respect of the breach of Paragraph 9.22(1) of the
Listing Requirements.

(b) The Company is currently conducting an extensive financial
review of the financial position of its major subsidiaries. The
Company requires more time to finalize its interim financial
report which could include making major adjustments to the said
interim financial report.

(c) The interim financial report for the third financial quarter
ended June 30, 2005 of the Company is expected to be released to
the Exchange by September 16, 2005.


SETEGAP BERHAD: Court to Hear Application for RO September 22
-------------------------------------------------------------
Further to the announcement made on 8 August 2005, the Board of
Directors of Setegap Berhad informed Bursa Malaysia Securities
Berhad that the High Court of Malaya, Kuala Lumpur has granted
an extension of the Restraining Order dated March 17, 2005 to
September 22, 2005, and has also scheduled Setegap Berhad's
application for a further extension of the Restraining Order
dated March 17, 2005 for hearing on September 22, 2005.

CONTACT:

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


SAAG CONSOLIDATED: Details Private Placement of Shares
------------------------------------------------------
Saag Consolidated (M) Bhd (Saag) issued to Bursa Malaysia
Securities Berhad details on the private placement of up to
4,818,000 new ordinary shares of MYR1.00 each in SAAG (Placement
Shares), representing 10 percent of the issued and paid-up share
capital of SAAG (Private Placement).

Hwang-DBS Securities Berhad, on behalf of SAAG, informed the
Exchange that the Private Placement has lapsed on September 1,
2005.

As at September 1, 2005, SAAG has successfully placed out
400,000 Placement Shares representing approximately 8.3 percent
of the total Placement Shares. As such, the Company has raised
gross proceeds of MYR400,000 from the Private Placement. The
utilization of proceeds are detailed as follows:
                                              
Working capital requirement for          MYR'000   
SAAG and its subsidiaries  

- Operating expenses                     320

Defraying of expenses incidental
to the Private Placement                   80

                                          400

This announcement is dated 1 September 2005.

CONTACT:

SAAG Consolidated (M) Berhad
Unit 19-5, Block C1, Dataran Prima, Jalan PJU 1/41
47301 Petaling Jaya, Selangor Darul Ehsan
Telephone: 603 7884 8200
Fax: 603 7880 7958
E-mail: rraveena@commsuite.com.my


TANCO HOLDINGS: Court Set to Hear Application to Hold Meeting
-------------------------------------------------------------
In relation to the status of default in payment pursuant to PN
1/2001, the Board of Directors of Tanco Holdings Berhad informed
Bursa Malaysia Securities Berhad that there is no change to the
status of default in payments of interest and principal sums to
the Lenders since our last announcement made.

In compliance with the requirements of Paragraph 3.2 of PN1/2001
and Paragraph 3.1(b) of PN17/2005, the Company disclosed that
since its last announcement on the matter, having obtained more
than the required 75 percent approval for a scheme of
arrangement pursuant to Section 176 of the Companies Act 1965,
the Group has proceeded to make an application to the Kuala
Lumpur High Court of Malaysia to set a date for the Court to
convene a meeting of the Lenders for the purpose of approving
the Cash Proposal.

The Court has set September 19, 2005 to hear our application.

The announcement is dated 1 September 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333
Fax: +60 3 6091 3188


TELEKOM MALAYSIA: Unit Found Liable for Breach of Agreement
-----------------------------------------------------------
Telekom Malaysia Berhad refers to its previous announcement made
to Bursa Malaysia Securities Berhad dated January 10, 2005 in
respect of the legal dispute with Deteasia Holdings GmbH (DeTe)
instituted by DeTe against Celcom (Malaysia) Berhad (Celcom), a
wholly owned subsidiary of Telekom Malaysia Berhad.

Celcom's solicitors have received a letter dated August 30, 2005
from the Secretariat of the ICC International Court of
Arbitration enclosing the final award dated August 2, 2005
handed down by the Arbitral Tribunal pursuant to the Rules of
the ICC International Court of Arbitration.

The Arbitral Tribunal has found Celcom liable for breach of the
Amended and Restated Supplemental Agreement dated April 4, 2002
between inter alia Celcom and DeTe.

The Arbitral Tribunal has consequently found Celcom liable to
DeTe in respect of the following sums:

(i) The sum of USD177,243,609 (the principal sum) plus
USD16,252,139 representing simple interest at the rate of 8% for
the period from October 16, 2002 to June 27, 2003 and simple
interest at the rate of 8% on the principal sum awarded from  
June 28, 2003 until payment.

(ii) The costs of the arbitration in the amount of USD820,000
(of which the sum of USD410,000 representing Celcom's share of
costs has already been paid).

(iii) The sum of USD1,800,000 representing legal costs.

Celcom is seeking legal advice in respect of options available
regarding the decision of the Arbitral Tribunal.

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


TH GROUP: SC OKs Proposed CP/MTN Programme
------------------------------------------
TH Group Berhad (TH Group) issued to Bursa Malaysia Securities
Berhad details of the proposed issuance programme of up to
MYR200.0 million Nominal Value Commercial Papers/Medium-Term
Notes (CPS/MTNS) (Proposed CP/MTN Programme).

The company refers to the announcement dated July 29, 2005
wherein TH Group announced that an application for the approval
of the Proposed CP/MTN Programme has been submitted to the
Securities Commission (SC) for approval.

TH Group disclosed that the SC has, vide its letter dated  
September 1, 2005, approved the Proposed CP/MTN Programme based
on terms submitted to the SC subject to the provision of
relevant information and documentation to the SC prior to
issuance of the CPs/MTNs and appropriate disclosure of
information to potential investors and relevant parties.

This announcement is dated 2 September 2005.

CONTACT:

TH Group Berhad
Phase 1 Mile 1.5 Leila Road
Sandakan, Sabah 90712
Malaysia
Telephone: +60 89 273 388
Fax: +60 89 272 868


TRU-TECH HOLDINGS: Seeks to Regularize Financial Condition
----------------------------------------------------------
Further to the announcements made to Bursa Malaysia Securities
Berhad dated August 16, 2005 and August 19, 2005, there has been
no material development in respect of the Tru-Tech Holdings
Berhad's (Tru-Tech) plan to regularize its financial position.

The applications to regularize the financial condition of Tru-
Tech which were submitted to the Securities Commission and
Foreign Investment Committee on December 31, 2004 are currently
pending approvals from the relevant authorities.

This announcement is dated 1 September 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


UNITED CHEMICAL: Sees No Development on Proposed Restructuring
--------------------------------------------------------------
Further to the announcements dated August 1, 2005 and August 15,
2005 respectively, Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of United Chemical Industries Berhad
(UCI), informed Bursa Malaysia Securities Berhad that there is
no new development to the Proposed Restructuring of UCI.

This announcement is dated 1 September 2005.

CONTACT:

United Chemical Industries Berhad   
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488   
Fax: 03-40448711
Web site: http://www.uci.com.my


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

APEX MINING: Trading Halt Lifted to Review Transaction
------------------------------------------------------
Apex Mining Co., Ltd. issued this announcement in reference to
Circular for Brokers No. 3929-2005 dated August 25, 2005,
pertaining to the Share Purchase Agreement signed by various
stockholders of Apex Mining Co., Inc. (APX or the Company) with
Crew Gold Corporation and its affiliate Mapula Creek Gold Corp.
involving 72.87% of the issued and outstanding capital stock of
the Company.

In relation thereto, the Company submitted the attached
disclosure containing additional information on the above-
mentioned transaction.
http://bankrupt.com/misc/TCRAP_APEXMINING090605.pdf

In order to give all concerned parties sufficient time to
evaluate the disclosure submitted by the Company, the trading
halt issued on APX's shares was lifted at 10:00 a.m. Tuesday,
September 6, 2005.

CONTACT:

Apex Mining Company Inc.
6/F Manila Bank Building
6772 Ayala Avenue, Makati City 1226
Telephone:  810-0882; 892-6504
Fax: 810-0887


COLLEGE ASSURANCE: SEC Boss Says Rehab Bid Pointless
----------------------------------------------------
The chairman of the Securities and Exchange Commission (SEC)
said College Assurance Plan Philippines Inc. (CAP) was not
qualified to seek court remedy.

Fe Barin told The Manila Standard that the ailing pre-need
provider has no reason why it should apply for corporate
rehabilitation.

Last month, the corporate regulator issued a show cause order on
CAP for various violations of pre-need rules. The SEC threatened
to place CAP under management committee if it failed to explain
its violations.  

However, CAP filed for corporate rehabilitation while SEC was
reviewing the company's reply to the show cause order.

The commission reportedly suspected that CAP would try other
legal avenues as its reply to show cause letter was apparently
lifted from a legal document.

SEC spokesperson Gerard Lucban, meanwhile, said the SEC was
preparing its comment on CAP's rehabilitation plan, with lawyers
reviewing the rehabilitation plan filed last week by CAP before
the Makati Regional Trial Court.  

The official said SEC was not disappointed with CAP's decision
to go to court, citing that appointing a rehabilitation receiver
was the same as creating a management committee.  

The preneed firm had Php14. 6 million in cash based on audited
financial statements as of end-2004.  Total liabilities that
were due amounted to Php4. 1 billion, including obligations to
planholders in the first semester of school year 2005-2006
estimated at Php1.2 billion.  

CAP's outstanding liabilities to corporate creditors stood at
Php2. 9 billion.

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


HACIENDA LUISITA: Strikers Flock to Former President's Home
-----------------------------------------------------------
Striking Hacienda Luisita Inc. workers staged a protest rally in
front of the residence of former Philippine president Corazon
Aquino, whose family owned the controversial sugar estate, The
Manila Standard reports.

Representatives of the 6,000 striking workers in marched front
of the Aquino residence in Quezon City and demanded that the
government review the land reform program that was implemented
by her administration.

The workers questioned anew the Comprehensive Agrarian Reform
Program that was shepherded through the House of Representatives
by then congressman Jose "Peping" Cojuangco, the former
president's brother, and signed into law by Mrs. Aquino herself.

The law allowed the development of "corporate farms"
theoretically owned by the farmers and the landowners but
Hacienda Luisita workers claimed that the hacienda management
was trying to force them to give up their shares of stock in the
company by depriving them of electricity and other utilities.

The workers have been out of work since March when the
plantation management decided to cease operations because of a
strike that began on Nov. 6 last year.


MAKATI MEDICAL: Seeks Loan to Settle Debts
------------------------------------------
Ailing Makati Medical Center is planning to refinance a portion
of its Php1.2-billion debt by securing another loan, according
to BusinessWorld.

The planned borrowing is on top of MakatiMed's option to get
fresh funds from investors to service its debts. Presently, the
hospital is looking for investors who could put in at least
Php100 million in fresh funds.

Makati Med is also working to restructure a Php1.2-billion debt
to bank creditors. Hosital management i sset to talk with
creditor banks this week to discuss whether they would be
willing to restructure the hospital's debts.

The Development Bank of the Philippines (DBP), which has a
Php350-million expoure in the hospital, was hired to advise the
hospital in its bid to restructure loans.   

Aside from DBP, other Makati Med creditors include Rizal
Commercial Banking Corp., Insular Savings, the Social Security
System and DEG of Germany, which has an exposure of an
equivalent of Php300 million in euros.

Makati Med, at one time one of the best hospitals in the
country, had been incurring losses for the past three years. The
hospital only found out last December that it had incurred
Php300 million in losses since 2003.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


MAYNILAD WATER: To Dole Out Php500 Mln to Buy, Repair Pipes
-----------------------------------------------------------
Struggling water concessionaire Maynilad Water Services Inc.
will allocate Php500 million this year to install additional
pipelines and repair old ones, according to The Philippine Daily
Inquirer.

Maynilad President Fiorello Estuar said the amount will increase
the water firm's capital expenditure, using internally generated
funds, to Php1.25 billion this year.

Cash-strapped Maynilad is still targeting a positive bottom line
this year with further improvement on service and area
development.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL BANK: Designates Two Officers-in-Charge
------------------------------------------------
During the Executive Session of the Board of Directors of
Philippine National Bank (PNB) on August 26, 2005, the Board
approved and confirmed the resignations of Messrs. Ismael R.
Sandig, EVP of the Retail Banking Sector/Consumer Finance
Sector, and Federico Y. Cadiz, EVP of the Asset Management
Group, effective August 31, 2005 and September 15, 2005,
respectively.

PNB advised that while it is looking for a permanent replacement
for both of them, the bank has designated the following senior
officers, who are also the deputies of the resigned senior
officers, as the officers-in-charge: SVP Evelyn A. Guanzon as
Officer-in-Charge of both the Retail Banking Group and Consumer
Finance Sector, FVP Christian Jerome O. Dobles as Officer-in-
Charge of the Asset Management Group.

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/


PHILIPPINE AIRLINES: Seeks Higher Fuel Surcharge
------------------------------------------------
Philippine Airlines (PAL) is looking to increase its fuel
surcharges on overseas flights, The Philippine Daily Inquirer.

The national flag carrier has asked the Civil Aeronautics Board
for authority to increase its fuel surcharges to the United
States and Canada by US$12 to US$49, to Australia by US$12 to
US$34, to the Middle East by US$6 to US$19, and on all other
foreign destinations, except Guam, by US$4 to US$15.

PAL President Jaime Bautista confirmed the airline's
profitability will be affected by the no let-up increase in fuel
prices. But he said PAL is constantly trying to reduce cost
while enhancing the areas where we can sustain profits.

Fuel accounts for 40 percent of an airline's operating cost, and
depreciation of the peso further drives the costs of imported
fuel higher. The price of jet fuel hovered around $80 a barrel
at end-August.

In July PAL raised its fuel surcharge on long-haul flights by
US$15 but made no change in the surcharge on other flights.

The Civil Aeronautics Board is expected to hear PAL's
application for the rise in fuel surcharge in mid-September.

PAL is in its sixth year of a rehabilitation plan that will end
in 2009.

CONTACT:

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


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

ACCORD CUSTOMER: Halts Amortization of Goodwill
-----------------------------------------------
Accord Customer Care Solutions Limited (ACCS) refers to the
queries from the Singapore Exchange Securities Trading Limited
(SGX-ST) dated Sept. 2, 2005, in relation to the Company's
annual report for the financial year 2004.

Here are the SGX-ST's questions and the Company's reply:

Please quantify the effects of adopting the Financial Reporting
Standard 103: Business Combination (FRS 103):

Company's Response

FRS 103 requires goodwill acquired in a business combination to
be measured after initial recognition at cost less any
accumulated impairment losses. Therefore, the goodwill is not
amortised and instead tested for impairment annually, or more
frequently if events or changes in circumstances indicate that
it might be impaired. The group has previously under FRS 22
amortised goodwill systematically over its useful life of 20
years. The effect to the first quarter's profit and loss
statement, had the group continued to amortise the remaining
goodwill under FRS 22, will amount to SGD133,000. As of March
31, 2005, no goodwill impairment provision is necessary.

BY ORDER OF THE BOARD
Woo Kah Wai
Company Secretary
Sept. 6, 2005

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


BAN LIAN: Creditor Seeks To Wind Up Firm
----------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Ban Lian Hong Realty Pte Limited, filed a winding up
petition against the Company on Aug. 25, 2005.

The petition is directed to be heard before the Court sitting at
the Singapore High Court on Sept. 16, 2005, 10:00 a.m.

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

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

The Petitioner's address is at 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs. Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
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, firm,
or his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
abovenamed not later than 12:00 p.m. of Sept. 15, 2005 (the day
before the day appointed for the hearing of the petition).


CHARTERED SEMICONDUCTOR: Expects Lower Third Quarter Net Loss
-------------------------------------------------------------
Local chipmaker Chartered Semiconductor Manufacturing Limited
said that it expects its net loss for the third quarter of 2005
to be lower than forecasted due to increased sales, reports
Reuters News.

On July 22, 2005, the Company forecasted that it would incur a
net loss from SGD70.43 million to SGD87.19 million for the third
quarter ending Sept. 30, 2005, while revenues would increase by
44% to 48%. The Company's chief financial officer, George
Thomas, said that revenues were expected to be higher than
previously forecasted.

This is good news for Chartered Semiconductor, which had already
suffered its third consecutive loss, posting a second quarter
net loss of SGD112.5 million for the three months ending June
30, 2005, although it was lower than analysts' expected SGD128
million quarterly loss, as well as the Company's forecasted
SGD130 million net loss for the same period.

Chartered Semiconductor Manufacturing, one of the world's top
dedicated semiconductor foundries, offers leading-edge
technologies down to 90 nanometer (nm), enabling today's system-
on-chip designs. The Company further serves the needs of
customers through its collaborative, joint development approach
on a technology roadmap that extends to 45nm.

Chartered's strategy is based on open and comprehensive design
enablement solutions, manufacturing enhancement methodologies,
and a commitment to flexible sourcing. The Company operates a
300mm fabrication facility and four 200mm facilities.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax:   65 63622938
Web site: http://www.charteredsemi.com


DIGILAND INTERNATIONAL: Publishes Response to SGX Query
-------------------------------------------------------
Digiland International refers to its financial statement for the
year ended June 30, 2005.

The Company announces that it has published a revised financial
statement for the year ended June 30, 2005. The Company was
asked by the Singapore Stock Exchange to clarify certain items
in its financial statement.

To view the Company's response to the SGX query, and its revised
financial statements, go to:

http://bankrupt.com/misc/tcrap_digiland1090605.pdf

http://bankrupt.com/misc/tcrap_digiland2090605.pdf

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6369 1613
Web site: http://www.digiland.com.sg


HILUCK TECHNOLOGY: Prepares to Pay Dividend
-------------------------------------------
Hiluck Technology Pte Limited, formerly of 113 Bukit Merah View,
#01-526 Singapore 150113, posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Hiluck Technology Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 129 of 1997
Last day for receiving proofs: Sept. 16, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Sept. 2, 2005

Sunari Bin Kateni
Assistant Official Receiver


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

SIAM AGRO-INDUSTRY: Submits Reorganization Plan
-----------------------------------------------
Siam Agro-Industry Pineapple and Others Public Co. Ltd. received
an order from the Central Bankruptcy Court to prepare a Business
Reorganization Plan.

On February 21, 2005, the court appointed Mr. Praful Shah, Mr.
Wacharin Piyarat and Mr. Mark Christopher to be the plan
administrator of the company.

Presently the plan administrators have submitted a
rehabilitation plan to the Official Receiver in which the latter
will arrange the meeting involving creditors with voting rights
to consider the Reorganization Plan.

The company shall inform the Stock Exchange of Thailand (SET)
further on the resolutions of the creditors' meeting.

Yours sincerely,

Mr. Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl   
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok    
Telephone: 0-2661-7878   
Fax: 0-2661-7865   
Web site: http://www.saico.co.th


T.C.J: SEC Requests Clarification to TOYO Acquisition
-----------------------------------------------------
The Securities and Exchange Commission (SEC) instructed T.C.J.
Public Co. Ltd. to clarify the following information:

Previously, the SEC instructed T.C.J. Public Company
Limited (TCJ) to do a special audit because SEC found points of
doubt and ambiguous items on their financial statements.

T.C.J. has submitted the report of Special Audit to the SEC, and
the auditors cannot summarize it in recorded transactions.

The auditors have given many points of doubt for the investors
to carefully scrutinize such information given by the listed
company, the SEC then instructed T.C.J. to disclose the
following information by September 19, 2005:

Description of the goodwill from acquiring TOYO millennium Co.
Ltd. (TOYO) amounting to THB161 million and the transactions
between major customers of TOYO and TCJ.

The details have been shown on the SEC's news on September 2,
2005.

CONTACT:

T.C.J. Asia Pcl   
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok    
Telephone: 0-2552-6611, 0-2552-6622   
Fax: 0-2552-7185-6   
Website: http://www.tcj.co.th


THAI AIRWAYS: Posts 3Q Net Loss of THB4,779Mln
----------------------------------------------
Thai Airways Public Co. Ltd. released in its web site a copy of
its financial statements for the three - month and nine -month
periods ended June 30, 2005 along with clarification notes.

Total revenues from sale of goods and rendering of services for
3Q05 (April 1-June 30, 2005) amounted to THB37,129 million, an
increase of THB2,531 million or 7.3% from 3Q04 including
expansion of its new destination to New York that began on May
1, 2005.

The Company's operating expense increased by 22.7% or equal to
THB7,462 million.  The expense increase was due to the higher
fuel price by an average of 55.1% compared 3Q04.

Moreover, personnel expense increased as a result of
implementing a Mutual Separation Plan to down size the
organization and reduce personnel expense. The Company also
adjusted its salary structure which is retro-active from October
2004.

Operating loss for 3Q05 of THB4,125 million excludes loss on
foreign exchange of THB2,721 million arising from the weaker
Baht causing an increase in the Baht value of outstanding
balance of foreign currency borrowings.  

The Company's operating result before income tax was a loss of
THB6,846 million. As the Company has paid applicable income tax
in full for the first half of fiscal year 2005 financial
performance, because of the loss incurred in 3Q05, the income
tax paid is THB2,084 million excess of the nine - month
financial performance.

There is also a THB17 million deduction for minority
shareholders' interest of subsidiary. The Company's net result
for 3Q05 is a loss of THB4,779 million, exceeding last year's
loss of THB 913 million for the same period.

The Company's net profit for the first 9 months was THB4,428
million, a decrease of THB4,168 million or 48.5% from the same
period last year due to the higher fuel price and personnel
expense.

To view a full copy of the financial statement, click
http://bankrupt.com/misc/ThaiAirwaysFS3Q090505.xls

Click to view a full copy of the Auditor's Report
http://bankrupt.com/misc/ThaiAirwaysAuditorsReport090505.doc

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/ThaiAirwaysNotestoFS090505.doc

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173


WYNCOAST INDUSTRIAL: EGM Slated for September 20
------------------------------------------------
Wyncoast Industrial Public Co. Ltd. informed the Stock Exchange
of Thailand (SET) that the Board of Directors' meeting approved
to hold an Extraordinary Meeting on September 20, 2005.

The following are the details of the meeting:

(1) Place: Ratchada Ballroom 6th Floor at SC Park Hotel, 474
Praditmanutham Rd, Wangthonglang, Bangkok 10310

(2) Time: 10:00 a.m., on September 20, 2005.

Please be informed accordingly.

Yours sincerely,
Mr. Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4





                            *********


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
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