TCRAP_Public/041013.mbx         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, October 13, 2004, Vol. 7, No. 203

                            Headlines


A U S T R A L I A

AUSTRALIAN GAS: Moody's Affirms A2 Unsecured Rating
BRESAGEN LIMITED: Shareholders OK Takeover by Cbio
GRIBBLES GROUP: Receives Takeover Offers
GYMPIE GOLD: Yanzhou Acquires Interest in Southland Coal
HARTS AUSTRALASIA: Former Director Pleads Guilty

NIPPON SELECTION: Final Meeting Slated for October 19
PAN PHARMACEUTICALS: Founder Fails in Court Bid
PEARCE TRANSPORT: Schedules Members Final Meeting on October 13
PETER HATHERLY: Sets October 15 as Date of Final Meeting
QANTAS AIRWAYS: Comments on ACT's Approval of Merger with Air NZ

QUARION PTY: Sets October 13 as Date of Joint Meeting
QUEENSLAND INDUSTRIAL: Appoints Ernst & Young Liquidators
ROUSHAM PTY: Winds Up Voluntarily
ROXANOUR PTY: Creditors Resolve to Voluntarily Wind Up
SANTOS LIMITED: Advances Development of New Australian Gas Field

SANTOS LIMITED: Likely To Join PNG Pipeline Project
SONS OF GWALIA: Tantalum Deliveries Continue Despite Bankruptcy
SPEARWOOD WOOL: Members Meeting Set October 14
SPOTLESS WINDOW: To Face Voluntary Winding Up Proceedings
SUPERLONG PTY: Creditors Meeting Slated for October 14

TIMMS VALUERS: Voluntarily Winds Up
TLC COMMERCIAL: Sets Final Meeting on October 14
VILLAGE ROADSHOW: ANZ Approves 43Mln Ordinary Shares Buy Back


C H I N A  &  H O N G  K O N G

3TOGO.COM LIMITED: Court to Hear Winding Up Petition
BERJAYA HOLDINGS: Enters Into Sale, Purchase Agreement
CHARLES SCHMITT: Faces Winding Up Proceedings
GOLDEN CROWN: Creditors Meeting Slated on October 25
HUA YUN: Winding Up Hearing Scheduled on October 20

MAIN PALACE: Undergoes Winding Up Proceedings
PACIFICNET.COM LIMITED: Winding Up Hearing Set October 27
POLY TOP: Enters Winding Up Proceedings
STARWAY CONSTRUCTION: Court To Hear Winding Up Petition


I N D O N E S I A

INDOFOOD SUKSES: Mulls Sale of 10% Stake in Flour Mill
PERTAMINA: Police Name Graft Suspects


J A P A N

DAIEI INCORPORATED: Main Creditor Banks To Attempt Rescue
DAIEI INCORPORATED: PM Wants to End Row With Banks Over Aid
JAPAN TOBACCO: Declines to Comment on Gallaher Report
MITSUBISHI MOTORS: U.S. Unit Launches New Advertising Campaign
NJK CORPORATION: JCR Affirms BBB- Rating on Senior Debts

UFJ HOLDINGS: Prosecutors Grill Planning Department Employee


K O R E A

HANARO TELECOM: Launches Internet-based Video Telephone Service
KOOKMIN BANK: Changes Agenda for Extraordinary Meeting
PAN OCEAN: STX Says Take Over Will Be Delayed


M A L A Y S I A

ANTAH HOLDINGS: Releases Litigation Update
CONSOLIDATED FARMS: Withdraws Revised Rights Issue Proposal
CSM CORPORATION: SC Decision May Affect Delisting of Securities
DENKO INDUSTRIAL: LFE Engineering Files Suit Against Unit
FILM ALLIED: Faces Winding Up Petition

GADANG HOLDINGS: Schedules AGM on November 3
INNOVEST BERHAD: Enters Into Agreement With White Knight
INNOVEST BERHAD: Unveils Party Transactions For September 2004
MBF HOLDINGS: Shareholders OK Debt Restructuring Proposal
MBF HOLDINGS: Expects To Return to Profit This Year

PAN MALAYSIA: EGM Set For October 28
TEXCHEM RESOURCES: Proposes Issuance of Private Debt Securities
TRADEWINDS CORPORATION: Expects to Break Even This Year
WOO HING: Administrators OK Proposed Listing Transfer


P H I L I P P I N E S

BENPRES HOLDINGS: Unveils Changes in Beneficial Securities
COLLEGE ASSURANCE: Yet To Service More Than Half Of Plan Holders
COLLEGE ASSURANCE: To Hike Capital to PhP6.3B
MANILA ELECTRIC: Sees 5% Energy Sales Growth in 2004
METRO PACIFIC: FirstPac Sells 581.1 Mln Common Shares

NATIONAL POWER: Arroyo Cites Non-tax Revenue Generating Measures
PHILIPPINE BANK: Updates Sale of Non-Performing Assets


S I N G A P O R E

CENTRO CONCEPTS: Court Issues Winding Up Notice
LIANG HUAT: Declares Change in Shareholders Interest
LIANG HUAT: Shareholder's Interest Changes
NEPTUNE ORIENT: Unveils Operating Performance Report
PAC-AM RESTAURANTS: Issues Final Dividend Notice

PANPAC MEDIA: Reveals Change in Holdings
PANPAC MEDIA: Reveals Change in Shareholder's Interest
RICHFIELD INNOVATIONS: Posts Last Day of Receiving Proofs
TRANS-UNITED CORPORATION: First Creditors Meeting Set October 27
WINTERTHUR INSURANCE: Creditors to Prove Debts by November 8


T H A I L A N D

KRUNG THAI: Result of Probe Could Make More Heads Roll
THAI HEAT: Appoints Auditor for 3Q 2004 Financial Statement
THAI PETROCHEMICAL: Creditors Approve Revised Plan

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Moody's Affirms A2 Unsecured Rating
---------------------------------------------------
Moody's Investors Service affirmed Monday with stable outlook
its A2 senior unsecured rating of Australian Gas Light Company
(AGL) following the announcement of AGL that it has entered into
a sale and purchase agreement with Vector for AGL's 66.05
percent share in NGC Holdings Ltd. (NGC).  

Moody's says the affirmation of AGL's rating reflects the rating
agency's view that the loss of future EBIT contributions from
NGC -- which accounted for 18 percent of total EBIT in FY2004 --
is manageable within the company's A2 credit profile. And while,
the NGC sale will reduce the proportional contribution from its
network businesses, Moody's believes this outcome will be offset
by the application of part of the sale proceeds towards the
reduction of AGL's debt.

Moody's further considers that AGL may use a part of the
proceeds (1) to acquire 'bolt-on' assets which complement its
existing businesses, such as peak generation assets, and enhance
its business risk profile, and/or (2) to undertake distributions
to shareholders in a disciplined manner but which will preserve
its financial profile at a level appropriate for its rating.

Specifically, Moody's expects the following financial metrics
for AGL over the next 2 to 3 years without any significant
change in business profile: FFO/Interest 6x or greater, RCF/Debt
(after adjusting for working capital movements) above 13%, and
Debt/Capitalization of about 40-45 percent.  

A capital management initiative that resulted in credit metrics
materially outside these expectations could pressure the rating.
Likewise large-scale acquisitions, which changed the current
business profile, post NGC, could also impact the rating.

AGL's A2 rating continues to reflect the stable and diversified
state of the cash flows from its ownership of gas and
electricity distribution and retailing businesses in Australia.
The rating further considers the earnings from its regulated
network and network-related businesses (including Agility), and
which contribute towards stable and predictable cash flows. Such
activities contribute over 42% of total EBIT.

The company's other businesses, comprising mainly energy sales
and marketing, are inherently riskier due to the risk of
wholesale price volatility and customer churn. However, AGL has
a sound track record of managing its wholesale price risk
through appropriate hedging strategies and ownership of peak
generation capacity, while the impact of customer churn has been
manageable. In view of such factors, the company has maintained
relatively stable margins.

AGL is an integrated energy company based in Sydney with
operations mainly in New South Wales, Victoria, and South
Australia.

CONTACT:

The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922  0101
Fax: (02) 9957 3671
Web site: http://www.agl.com.au/


BRESAGEN LIMITED: Shareholders OK Takeover by Cbio
--------------------------------------------------
Shareholders of BresaGen Limited have on Monday approved a
takeover by Brisbane-based CBio, says The Advertiser.

Ahead of the firm's re-listing on the stock exchange, investors
of the biotechnology company approved the issue of a 51-percent
stake to the unlisted Cbio for AU$2.9 million.

As part of the takeover agreement, Cbio will also inject AU$3.4
million in working capital into the Company through a
convertible note issue.

Cbio has appointed BresaGen directors Dr. Meera Verma, Dr.
Wolfgang Hanisch and Stephen Jones to comprise the company's new
board.

BresaGen, which specializes in protein-pharmaceutical
production, has continued to do business since being placed in
administration in January after a restructure deal fell through.
Last week, it booked a 2003-04 loss of AU$10.8 million, compared
with an AU$14 million loss the previous year.

Meanwhile, the firm's creditors have voted to support the deed
of company arrangement outlining the deal, which will see them
paid in full within ten days.

Ferrier Hodgson was paid AU$544,875 for its work, conducted from
January 20 to June 30.

CONTACT:

BresaGen, Ltd. (Australia)
P. O. Box 259, Rundle Mall,
Adelaide 5000
Phone: 61-8-8234-2660
Fax: 61-8-8234-6268
Web site: http://www.bresagen.com


GRIBBLES GROUP: Receives Takeover Offers
----------------------------------------
Pathology company Gribbles Group disclosed Monday it had
received takeover bids following a newspaper report that health
care groups had offered up to AU$270 million (AU$200 million),
Reuters says.

The Company has confirmed it had received offers, but declined
to comment on who the bidders were.

Mayne Group, Sonic Healthcare, Healthscope and Primary
Healthcare have all, at various stages, been tipped as potential
buyers, but none has confirmed its interest.

"Information has been provided to those who have expressed an
interest, but it is too early to say what, if any, outcome will
result from those expressions of interest," Gribbles said in a
statement to the Australian Stock Exchange after the newspaper
report.

The Company is expected to make a decision on its ownership
within a month.

Last month, Gribbles put itself up for sale after Wallace
Cameron resigned as chief executive at around the same time the
Company reported flat earnings before interest, tax,
depreciation and amortization of AU$40 million and tallied a net
loss of AU$51.3 million.

Prospective bidders must contend with the fact that 43 percent
of the Company is owned by EC Medical Investments, a trust
controlled by the three adult children of ousted founder and
chief executive Mr. Cameron.

Mr. Cameron has also considered a buyout with the support of
private equity partners.

Gribbles operates pathology businesses in Australia, New
Zealand, Malaysia, Singapore and India, where it has a 50-50
joint venture with Dr. Reddy's Laboratories. It also has an
analytical laboratory business and veterinary pathology arm.

CONTACT:

The Gribbles Group Ltd
1868 Princes Highway
Clayton
Victoria 3168
Australia
Phone:  +61 3 9538 6777  
Fax:  +61 3 9538 6778  
e-mail: info@gribbles.com.au
Web site: http://www.gribbles.com.au/


GYMPIE GOLD: Yanzhou Acquires Interest in Southland Coal
--------------------------------------------------------
Australian exploration, mining and marketing company Gympie Gold
Limited announced in a news release Monday the execution of
contracts for the sale of the group's interest in the mining
leases and assets comprising the Southland Coal operations in
the Hunter Valley, following a world wide sales campaign
undertaken by the company's receivers.

The Purchaser is Yanzhou Coal Mining Company Limited of China.

Yanzhou will be separately announcing the transaction in
accordance with the requirement of the jurisdictions where it is
listed.

The sale is expected to take six to eight weeks to complete,
following satisfaction of a number of commercial conditions
precedents, including the transfer of mining tenements and the
environmental authorities by government.

For further information:

Andrew Love, Receiver and Manager
Southland Coal Pty Limited
(Receivers and Managers Appointed) (In Liquidation)
C/- Ferrier Hodgson Chartered Accountants
Telephone: 9286 9999


HARTS AUSTRALASIA: Former Director Pleads Guilty
------------------------------------------------
Maxwell John Sweetman, a former Executive Director of Harts
Australasia Limited (In Liquidation ), on Monday pleaded guilty
in the Brisbane District Court to insider trading following an
investigation by the Australian Securities and Investments
Commission (ASIC).

Mr. Sweetman was charged in May 2003 with two counts of insider
trading in the shares of Harts Australasia. ASIC's investigation
of Harts Australasia followed a referral by the Australian Stock
Exchange (ASX).

The matter was adjourned for sentencing to a date to be fixed.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

This ASIC announcement is dated October 11, 2004.

CONTACT:

Harts Australasia Limited
Level 5, 240 Margaret St
Brisbane QLD 4000
Australia

Ian R Stevens
Company Secretary
Phone: (07) 3229 7761
Fax: (07) 3229 8182
http://www.harts.com.au


NIPPON SELECTION: Final Meeting Slated for October 19
-----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Nippon Selection Pty Ltd (In Liquidation) will be
held at the offices of Brooke Bird & Co, Chartered Accountants,
471 Riversdale Road, Hawthorn East, 3123, on Tuesday, 19 October
2004 at 9:15 a.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the company disposed of, and of
hearing any explanations that may be given by the Liquidators.

Dated this 2nd day of September 2004

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


PAN PHARMACEUTICALS: Founder Fails in Court Bid
-----------------------------------------------
Pan Pharmaceuticals founder Jim Selim has failed in his bid for
a court examination of the Therapeutic Goods Administration
(FGA) regarding its April crackdown on the collapsed drug firm,
The Age says.

On Friday, the Federal Court upheld a challenge by the medicines
regulator against orders for 13 officials to answer questions or
provide documents why Pan's vitamin plant was shut down.

Justice Arthur Emmett said Jennifer Hedge, the registrar who
ordered the TGA to give evidence, had not been given "full,
frank and candid" facts and should have been informed Mr. Selim
was involved.

In July, Ms. Hedge was approached by insolvency practitioner
John Sheahan, who represented a small distributor of Pan's
complementary medicines Markethaven, which blamed the TGA's
closure of Pan for its own collapse in November 2003.

Mr. Sheahan told Ms. Hedge that Markethaven was considering
suing the TGA for damages and wanted to conduct court
examinations to determine the strength of its case. Such
examinations are only available to insolvency practitioners.

"Mr. Sheahan was under an obligation to disclose to the court
the full circumstances concerning his involvement with
Markethaven and the fact that that involvement was initiated by
Mr. Selim, who was inextricably involved in the matters that
were to be the subject of the examinations," Justice Emmett
said.

Mr. Selim, who paid AU$270,000 to carry out the examinations, is
facing criminal charges by the TGA and the Australian Securities
and Investments Commission. He has also been sued for damages by
Pan's liquidators, McGrathNicol+Partners.

CONTACT:

Pan Pharmaceuticals
Factory and Offices
10-12 Church Road
Moorebank 2170
New South Wales

P.O. Box 566
Moorebank 1875
New South Wales
Australia

Telephone: 61 2 9734 9988
Fax: 61 2 9822 7100
E-mail: info@panpharma.com.au


PEARCE TRANSPORT: Schedules Members Final Meeting on October 13
---------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members of Pearce
Transport Pty Ltd (In Voluntary Liquidation) will be held at the
offices of Bruce Mulvaney & Co, 1st Floor, 613 Canterbury Road,
Surrey Hills on the 13th day of October 2004 at 10:00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the liquidator.

Dated this 31st day of August 2004

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


PETER HATHERLY: Sets October 15 as Date of Final Meeting
--------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of the sole member of
Peter Hatherly Colour Pty Ltd (In Liquidation) will be held in
the Meeting Room, HLB Mann Judd, Chartered Accountants, 1st
Floor, 160 Queen Street, Melbourne on the 15th day of October
2004 at 10:00 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the company has been disposed of, and of hearing any
explanation that may be given by the Liquidator.

Dated this 2nd day of September 2004
P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne Vic 3000


QANTAS AIRWAYS: Comments on ACT's Approval of Merger with Air NZ
----------------------------------------------------------------
Qantas Airways Limited disclosed to the Australian Stock
Exchange that the decision of the Australian Competition
Tribunal (ACT) to authorize a proposed alliance between Qantas
and Air New Zealand raised significant questions for the future
of aviation in the region.

The Chief Executive Officer of Qantas, Geoff Dixon, said that
while the reasons for the decision had not yet been released the
Tribunal must have accepted the thrust of the airlines'
arguments that the benefits that would flow from the alliance
would clearly outweigh any detriment.

"We assume the Tribunal also agreed with the argument that the
alliance would be in the national interest," he said.

Mr. Dixon said that, despite the welcome decision, the whole
proceedings over a three-year period clearly represented a lost
opportunity for much needed aviation reform.

"We believe the disappointing recent decision by the New Zealand
High Court to reject the alliance on appeal ignored both the
reality of market-distorting Government ownership and
intervention in the global aviation industry and the major
structural changes that are occurring around the world," he
said.

Mr. Dixon said Qantas would stand by its decision not to appeal
the verdict of the New Zealand High Court.

"The appeal could only be on an error of law and our advice is
that it would have little likelihood of success," he said.

"Another 12 months of uncertainty, with the associated costs, is
not in anyone's interest."

Mr. Dixon said Qantas would continue to hold talks with Air New
Zealand about opportunities to work together without breaching
competition laws.

"We will examine the full decision of the Competition Tribunal,
when it is available, as it may provide useful guidance for
possible future partnership and consolidation opportunities that
may arise in our region," he said.

Mr. Dixon said the conflicting outcomes of the separate
Australian and New Zealand processes also highlighted the
significance of the Australian Productivity Commission's current
review of how greater cooperation, coordination and integration
of the two competition and consumer regimes can occur.

CONTACT:

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


QUARION PTY: Sets October 13 as Date of Joint Meeting
-----------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Quarion Pty Ltd (In Liquidation) will be held at
the Meeting Room, B.K. Taylor & Co., 9th Floor, 608 St Kilda
Road, Melbourne on 13 October 2004, at 4:00 p.m. for the purpose
of laying before the meeting an account of the Liquidator's acts
and dealings and of the conduct of the winding up.

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

Dated this 1st day of September 2004

Barry Keith Taylor
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


QUEENSLAND INDUSTRIAL: Appoints Ernst & Young Liquidators
---------------------------------------------------------
At an Extraordinary General Meeting of Queensland Industrial
Steel Australia Pty Limited (In Members' Voluntary Liquidation),
held on 30 August 2004, the Company's members resolved to wind
up the ompany voluntarily and to appoint Guy Edwards and John
Georgakis of Ernst & Young, Level 27, 120 Collins Street,
Melbourne Victoria 3000 as Liquidators of the company.

Dated this 30th day of August 2004

Guy Edwards
Liquidator
Ernst & Young
Level 27, 120 Collins Street,
Melbourne Vic 3000
Telephone: 03 9288 8000


ROUSHAM PTY: Winds Up Voluntarily
---------------------------------
At a General Meeting of Rousham Pty Ltd (In Liquidation), duly
convened and held at Level 8, 124 Exhibition Street, Melbourne
Vic 3000 on the 30th of August 2004 the following Special
Resolution was passed:

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

Dated this 30th day of August 2004

Patrick F. Bourke
Shane P. O'Brien
Joint and Several Liquidators
Bourke O'Brien Kennedy
8th Floor, 124 Exhibition Street,
Melbourne Vic 3000


ROXANOUR PTY: Creditors Resolve to Voluntarily Wind Up
------------------------------------------------------
Notice is now given that at meetings of members and creditors of
Roxanour Pty Ltd (In Liquidation) convened pursuant to Section
497(1) & (2) of the Corporations Act 2001 and held on 2
September 2004 creditors resolved that the company be wound up
and pursuant to Section 491(1) of the Corporations Act 2001 R.A.
Sutcliffe was appointed liquidator.

Dated this 2nd day of September 2004

R.A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street,
Northcote Vic 3070
Telephone: (03) 9482 6277


SANTOS LIMITED: Advances Development of New Australian Gas Field
----------------------------------------------------------------
Santos Ltd (Santos), Australia Worldwide Exploration Limited
(AWE) and Mitsui & Co, Ltd (Mitsui) announced in a company news
release Tuesday the formal go-ahead for the development of a new
Australian gas field - the Casino project in the offshore Otway
Basin, Victoria.

The $200 million development approval follows the granting of
the necessary Board approvals to commit to the project as well
as the finalization of a larger gas sales agreement with SPI
Electricity Pty Ltd, trading as TXU.

Gas production is expected to start in the first quarter of
2006, subject to normal regulatory approvals.

Major gas sales agreement

Under the new gas sales agreement, Santos, AWE and Mitsui have
the option to supply TXU with up to 420 petajoules (PJ) of gas
over 12 years for the Victorian or South Australian markets.

This is an exploration-enabling contract in that it caters for
the immediate commercialization of future gas discoveries.

The deal could be worth in excess of $1.7 billion to the joint
venture producers for gas and associated condensate, subject to
future exploration success.

The new gas sales agreement is an expansion on the initial gas
sales term sheet announced by the joint venture participants in
September 2003 for TXU to take 293 PJ of gas.

That agreement, which included the option for TXU to purchase or
process further gas, was unique in that it commercialized the
Casino resource before appraisal drilling had confirmed the
quantity of gas available.

The agreement, which is conditional upon the granting of the
necessary regulatory approvals, also contains an option for the
joint venture participants to process an additional 105 PJ of
gas (above and beyond the 420 PJ) over a further three years at
TXU's Iona plant in Victoria.

An active exploration-drilling program is planned for VIC/P44 to
seek additional gas reserves. The first of these exploration
wells, Martha 1, is expected to spud shortly.

Commenting on the announcement, Santos' Managing Director, John
Ellice-Flint said:

"Santos, AWE and Mitsui are pleased to play the lead role in
providing yet another reliable source of gas supply to the
Australian market.

"The Casino discovery and the innovative long-term TXU sales
agreement are rewarding developments for the producers' ongoing
commitment to build on our expanding energy assets in south-
eastern Australia."

Commenting on the announcement, AWE's Managing Director, Bruce
Phillips, said:

"We are delighted to see further progress on the Casino gas
project, with the completion of AWE's project financing, the
extension of the gas sales agreement with TXU and the commitment
by the joint venture to develop the field. This project sanction
comes just 14 months after AWE's initial involvement in VIC
P/44, an outstanding outcome for our shareholders.

"We look forward to working with our co-venturers, customers and
the regulatory authorities to progress with the development of
the Casino gas project in the shortest possible time frame."

The new gas project

The Casino gas field will be the first commercial development
within VIC/P44.  The field is located approximately 30
kilometers offshore from Port Campbell in water depths of
approximately 70 meters.

Raw gas from the sub-sea facilities at the Casino field will be
transported to the coastline through a sea-floor pipeline that
will come ashore via a directionally drilled underground shore
crossing. Raw gas will then be transported via a buried pipeline
to TXU's Iona processing facilities. These facilities have been
specifically designed to minimize any adverse environmental
impact.

After processing at the Iona plant, sales-quality gas will be
supplied to industrial, commercial and domestic customers in
Victoria and South Australia and be used in electricity
generation.

Planned annual production from the Casino gas project is
anticipated to plateau at 35 PJ per annum based on the Proven
plus Probable gas reserves (2P) of 285 PJ.

Field construction activities are due to start in first quarter
2005 and conditional approval for six major contracts worth in
excess of $150 million has already been granted.

Participants in VIC P/44 are:

Santos Limited (Operator)- 50.0 percent

Peedamullah Petroleum Pty Ltd (wholly owned subsidiary of AWE)-
25.0 percent

Mittwell Energy Resources Pty Ltd (wholly owned subsidiary of
Mitsui)- 25.0 percent

CONTACT:

Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Web site: http://www.santos.com.au


SANTOS LIMITED: Likely To Join PNG Pipeline Project
---------------------------------------------------
Santos Limited is likely to participate in the Papua New Guinea
highlands gas project following last week's decision by
ExxonMobil to give the preliminary go-ahead to the AU$3.5
billion pipeline to transport gas to Queensland, relates the
Sydney Morning Herald.

Santos has acquired a 25 percent stake in the 3200-kilometer
Hides gas field, which is believed to hold a contingent resource
of 370 million barrels of oil equivalent.

Santos, which bought the stake in 1999 from Oil Search for AU$85
million, has not been a member of the project's marketing
consortium because of a perceived conflict of interest with its
Cooper Basin gas assets.

However, sources said Santos has been holding talks with project
owners Oil Search, the PNG government, Nippon Oil Exploration
and operator ExxonMobil regarding its possible involvement in
the venture.

While the highlands project has been viewed as a risk for Santos
in the past, Merrill Lynch's Stuart Smith argued the delays mean
it will now come to market at a time when Cooper Basin "is in
natural decline and the market needs the extra gas".

Santos sources also said Cooper reserves were now almost fully
contracted, which means they will not be put at risk by a new
project.


SONS OF GWALIA: Tantalum Deliveries Continue Despite Bankruptcy
---------------------------------------------------------------
Sons of Gwalia Limited assured the public that there will be no
disruption in tantalum deliveries despite its filing for
bankruptcy, reports the Asia Intelligence Wire.

The Perth-based miner, which placed itself into Voluntary
Administration in August 2004, has borrowed heavily against gold
still underground and had sold more gold than it could produce.
Reportedly, Gwalia attracted financial institutions, not because
of the gold, but because of the tantalum.

Although Gwalia, the world's biggest miner for tantalum, may
have to dispose of all assets to pay creditors, it continues to
run its tantalum operations.

The Tantalum-Niobium International Study Center estimates global
tantalum supply at $6 billion. The tantalum capacitor market is
forecasted to rise from $2 billion in 2002 to $2.7 billion in
2007, according to the consultancy iSuppli Corp.

According to JP Morgan, Gwalia's supplies 50 percent of global
tantalum ore, mainly to its two main customers, Cabot Corp and
HC Starck. The failed miner sold 2.1 million lbs of tantalum in
2003. Gwalia claimed its two tantalum mines, Greenbushes and
Wodgina, account for 75 percent (210 million lbs) of tantalum
reserves.

CONTACT:

Sons of Gwalia
Carmen Kiggins
Manager - Investor Relations
16 Parliament Place
West Perth, Western Australia, 6005
Telephone: 08 9263 5648
Facsimile: 08 9481 1271
Web site: http://www1.sog.com.au/


SPEARWOOD WOOL: Members Meeting Set October 14
----------------------------------------------
Notice is given that a meeting of the members of Spearwood Wool
Combing Pty Limited (In Liquidation) will be held at Level 8,
201 Sussex Street, Sydney, NSW, 1171 on 14 October 2004 at 10:00
a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 1st day of September 2004

David Clement Pratt
Timothy James Cuming
Liquidator
PricewaterhouseCoopers
Level 8, 201 Sussex Street,
Sydney NSW 1171


SPOTLESS WINDOW: To Face Voluntary Winding Up Proceedings
---------------------------------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Spotless Window Cleaning And
Maintenance Pty. Ltd. (In Liquidation) held on the 1st day of
September 2004, it was resolved that the company be wound up
voluntarily and at the meeting of creditors held later the same
day it was resolved that Victor Raymond Dye and Roger Darren
Grant, Registered Liquidators, both of Suite 8 260 Auburn Road,
Hawthorn 3122 be appointed joint and several liquidators.

Dated this 1st day of September 2004

V.R. Dye
R.D. Grant
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


SUPERLONG PTY: Creditors Meeting Slated for October 14
------------------------------------------------------
Notice is given that a joint annual and final meeting of
creditors and members of Superlong Pty Ltd will be held at Level
6, 161 Collins Street, Melbourne on 14 October 2004 at 11:00
a.m.

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

Accounts have been compiled in accordance with Section 539(1)
and are available for inspection at Level 6, 161 Collins Street,
Melbourne during normal business hours.

Dated this 6th day of September 2004

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


TIMMS VALUERS: Voluntarily Winds Up
-----------------------------------
Notice is hereby given at a general meeting of members of Timms
Valuers And Property Consultants Pty Ltd (In Liquidation) held
on 3 September 2004, it was resolved that the company be wound
up voluntarily and that for such purpose Paul Cook and Johnathan
Murrell, of Paul Cook & Associates, Level 4, CML Building, 18
Elizabeth Street, Hobart Tas 7000 be appointed joint and several
liquidators.

Dated this 3rd day of September 2004

Paul Cook
Liquidator
Level 4, CML Building,
18 Elizabeth Street,
Hobart Tas 7000
Telephone: 03 6223 2555,
Facsimile: 03 6223 2556,
Email: info@pjc.com.au


TLC COMMERCIAL: Sets Final Meeting on October 14
------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of TLC Commercial Interiors Pty Ltd (In
Liquidation) will be held at the offices of Knights Insolvency
Administration, Level 14, Brisbane Club Tower, 241 Adelaide
Street, Brisbane Qld 4001 on 14 October 2004 at 3.00 p.m.

AGENDA

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

(2) Any other business.

Dated this 1st day of September 2004

Jonathan Mcleod
for T. J. Schmierer
Liquidator


VILLAGE ROADSHOW: ANZ Approves 43Mln Ordinary Shares Buy Back
-------------------------------------------------------------
As disclosed in the Booklet of 3 September 2004 convening the
meeting of shareholders held last Friday 8 October 2004, the on-
market buy-back of up to 43 million ordinary shares requires the
approval of Village Roadshow Limited's principal banker, ANZ
Bank, under the Company's corporate banking facility.

Following shareholder approval last Friday authorizing the on-
market buy-back of up to 43 million ordinary shares in the
Company, the Company sought the approval of the ANZ Bank in
accordance with the terms of its corporate banking facility.

ANZ bank has advised the Company on Tuesday that it has given
its consent to Village Roadshow Limited undertaking a buy-back
of up to 43 million ordinary shares.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


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


3TOGO.COM LIMITED: Court to Hear Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the winding up of
3Togo.Com Limited by the High Court of Hong Kong Special
Administrative Region was on the 20th day of September 2004
presented to the said Court by New World Telecommunications
Limited whose registered office is situated at 30th Floor, New
World Tower, 16-18 Queen's Road Central Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 3rd day of November 2004.

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.

Johnsons Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
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 above named not
later than six o'clock in the afternoon of the 2nd day of
November 2004.


BERJAYA HOLDINGS: Enters Into Sale, Purchase Agreement
------------------------------------------------------
Berjaya Holdings (HK) Limited announced at the Hong Kong Stock
Exchange, its entrance into a sale and purchase agreement with
MWE Properties Sdn Bhd as the Purchaser.

The company agreed to sell, while the purchaser decided to
purchase the property at a cash consideration of RM2,081,240
(HK$4,266,542).

To view the entire document click on:
http://bankrupt.com/misc/tcrapberjayaholdings101204.pdf


CHARLES SCHMITT: Faces Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a petition for winding up of Charles
Schmitt & Associates Limited by the High Court of Hong Kong was,
on the 20th day of September 2004, presented to the said Court
by Chow Wing Ki of Room F, 6/F., Block 23A, South Horizons,
Apleichua, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 27th day of October 2004.

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
from the undersigned by the undersigned on payment of the
regulated charge for the same.

Betty Chan
For Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
  
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above
mentioned, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm or his or their solicitor (if any), and must
be served, or if posted must be sent by post in sufficient time
to reach the above named not later than six o'clock in the
afternoon of the 26th day of October 2004.


GOLDEN CROWN: Creditors Meeting Slated on October 25
----------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance, a meeting of the creditors of Golden Crown
Shipping Limited will be held at Room 1101, 11/F., Shiu Lam
Building, 23 Luard Road, Wan Chai, Hong Kong on 25 October 2004
at 11:30 a.m. for the purposes mentioned in sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

By Order of the Board of
Golden Crown Shipping Limited
Lo Ching Shui
Director


HUA YUN: Winding Up Hearing Scheduled on October 20
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of Hua
Yun Da Group Limited by the High Court of Hong Kong Special
Administrative Region was on the 7th day of September 2004
presented to the said Court by Fu Kong, Inc., a company
incorporated in the State of California, U.S.A. with its
registered office situated at 2455 Lee Avenue, South El Monte,
CA 91733, United States of America.  

The said Petition will be heard before the Court at 9:30 am on
the 20th day of October 2004.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Messrs. Shaw & Ng
Solicitors for the Petitioner
Room 1527, 15th Floor, Prince's Building
No. 10 Chater Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
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 above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.


MAIN PALACE: Undergoes Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the winding up of
Main Palace Limited by the High Court of Hong Kong was on the
22nd day of September, 2004 presented to the said Court by Wan
Lai Kuen of Room 2, 7/F., Island Building, 190 Aberdeen Main
Road, Aberdeen, Hong Kong.  

The said petition will be heard before the Court at 10:00 am. on
the 27th of October 2004.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
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 above named not
later than six o'clock in the afternoon of the 26th day of
October 2004.


PACIFICNET.COM LIMITED: Winding Up Hearing Set October 27
---------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Pacificnet.Com (Se Asia) Limited by the High Court of Hong Kong
Special Administrative Region was on the 9th day of September
2004 presented to the said Court by Cheong Ming Investment
Company Limited, whose registered office is situated at Top
Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong.  

The said Petition will be heard before the Court at 9:30 a.m. on
the 27th day of October 2004.

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.

Ford Kwan and Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
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 above named not
later than six o'clock in the afternoon of the 26th day of
October 2004.


POLY TOP: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the winding up of
Poly Top Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on the 15th day of September 2004
presented to the said Court by NJI NO. 3 Investment Fund, of P.
O. Box 309, Grand Cayman Islands, British West Indies.  

The said Petition will be heard before the Court at 10:00 a.m.
on the 20th day of October 2004.

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.

Herbert Smith
Solicitors for the Petitioner
23rd Floor, Gloucester Tower
11 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
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 above named not
later than six o'clock in the afternoon of the 19th day of
October 2004.


STARWAY CONSTRUCTION: Court To Hear Winding Up Petition
-------------------------------------------------------
Notice is hereby given that a petition for winding up of Starway
Construction Engineering (Asia) Limited by the High Court of
Hong Kong was, on the 22nd day of September 2004, presented to
the said Court by Wong Kwok Ying George Benson of Room 1014, Nga
Yuen House, Chuk Yuen South Estate, Wong Tai Sin, Kowloon.

The said petition will be heard before the Court at 10:00 a.m.
on the 27th day of October 2004.

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
from the undersigned by the undersigned on payment of the
regulated charge for the same.

Betty Chan
For Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
  
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above
mentioned, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm or his or their solicitor (if any), and must
be served, or if posted must be sent by post in sufficient time
to reach the above named not later than six o'clock in the
afternoon of the 26th day of October 2004.


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


INDOFOOD SUKSES: Mulls Sale of 10% Stake in Flour Mill
------------------------------------------------------
Food giant PT Indofood Sukses Makmur plans to divest a 10
percent stake in its Bogasari Flour Mills by way of an initial
public offering (IPO) next year, Asia Pulse says.

According to Indofood Vice President Franciscus Welirang, the
company hopes to generate from the share sale around US$150
million, which will be used to refinance maturing debts.

The IPO will be launched following a restructuring scheme that
will see Bogasari as an independent company.

"The process of a spin-off is taking place at present and it is
expected to be completed next year," Mr. Welirang told
reporters.

CONTACT:

Indofood Sukses Makmur Tbk
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014


PERTAMINA: Police Name Graft Suspects
-------------------------------------
Two officials at state oil and gas firm PT Pertamina's Plumpang
fuel depot has been named by the Jakarta Police as suspects in a
scheme to steal fuel from the depot, reports The Jakarta Post.

The suspects, identified as UF, the head of the marketing
department, and SM, the head of technical department, were
alleged to have participated in the stealing of an estimated
100,000 liters of fuel everyday from the North Jakarta facility,
which were delivered to several illegal fuel depots.

The case was unearthed following a police raid on some illegal
fuel depots all over Jakarta, Tangerang and Bekasi. The police
discovered that the said depots had overflowing supplies of fuel
from the same source.

The police also found that the meters from 39 out of 88 master
pumps at the Plumpang depot were inaccurate. Police suspected
that some of the pump meters were deliberately engineered to
show an incorrect volume of fuel being filled into the tankers.

Plumpang, a large depot supplying gasoline, kerosene and diesel
oil to all fuel distributors in Jakarta, pumps fuel into about
1,500 vehicle tankers on a daily basis.

After questioning several officials from the Measures and Weight
Directorate, the police found that the officials calibrated
meters at Plumpang only if the Pertamina officials called them
to check the meters.

According to the regulation, the officials have to calibrate
meters regularly once in a year.

CONTACT:

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


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


DAIEI INCORPORATED: Main Creditor Banks To Attempt Rescue
---------------------------------------------------------
Daiei Incorporated's main lenders decided to meet yesterday to
reach an eleventh hour solution to rescue the ailing retailer,
the Financial Times relates.

The move was agreed upon by senior executives from UFJ Bank
(UFJ), Sumitomo Mitsui Financial Group (SMFG) and Mizuho
Corporate Bank (Mizuho), a day after Daiei formally announced
its rejection of the banks' request to turn to the state-backed
turnaround body Industrial Revitalization Corporation of Japan
(IRCJ).

Last week, the creditor banks have set an ultimatum to the
retailer, urging it to undergo restructuring under the IRCJ.
However, at an extraordinary board meeting held Monday, Daiei
handed down its final decision not to involve the IRCJ in its
rehabilitation.

Though Daiei will authorize the IRCJ to evaluate its assets, the
firm is considering holding an auction on Monday to determine
which private company will sponsor its restructuring.

Daiei's main lenders have threatened to discontinue financial
aid to the retailer if it will not turn to IRCJ. But sources
confirmed the three banks will not see the company, which
employs 50,000, declare bankruptcy.

Daiei's outstanding debts stand at JPY1,070 billion (US$9.8
billion), about JPY400 billion of which is owed to troubled UFJ
Bank.

Meanwhile, the world's largest retailer Wal-Mart is tipped to
take a role in Daiei's revival. Other suitors include Marubeni,
a trading house, along with Deutsche Securities.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: www.daiei.co.jp


DAIEI INCORPORATED: PM Wants to End Row With Banks Over Aid
-----------------------------------------------------------
Prime Minister Junichiro Koizumi would like Daiei Incorporated
and its three main creditor banks to end a dispute over aid for
the retailer's restructuring to avoid hurting suppliers,
Bloomberg reports, citing Chief Cabinet Secretary Hiroyuki
Hosoda.

According to Mr. Hosoda, the Prime Minister wants Daiei and its
creditors UFJ Bank, Sumitomo Mitsui Banking Corporation and
Mizuho Corporate Bank to reach a final agreement on the issue.

UFJ and other major lenders have announced they will withdraw
financial assistance to Daiei unless it seeks help from the
Industrial Revitalization Corporation of Japan (IRCJ). But
Daiei, instead, wants its creditors to consider a revival scheme
that it expects to receive from potential investors on October
18.

Japan's trade and industry minister Shoichi Nakagawa will wait
until Oct. 18 before deciding how the government will respond,
Hosoda said.


JAPAN TOBACCO: Declines to Comment on Gallaher Report
-----------------------------------------------------
Japan Tobacco Incorporated (JT) has made known its interest in
potential mergers and acquisitions overseas but declined to
comment on reports that it was eyeing British tobacco firm
Gallaher Group, Reuters says.

Gallaher stocks climbed 1.53 percent to end at 662 pence in
London following a report in the Times newspaper that JT did not
rule out a bid for the British company.

"Our basic stance is to ensure business growth under our
existing overseas tobacco operations," said Yukiko Seto, a
spokeswoman for JT.

"We are always looking into M&A opportunities worldwide in case
we see any solid synergies, but we cannot make any comment on
any specific cases," she added.

JT, which was privatized in 1985 but is still 50-percent owned
by the state, has tried to counter a fall in domestic tobacco
demand with cost cuts and by boosting sales of high-margin
flagship brand cigarettes overseas.

CONTACT:

Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo, 105-8422, Japan
Phone: +81-3-3582-3111
Fax: +81-3-5572-1441
Web site: http://www.jti.co.jp


MITSUBISHI MOTORS: U.S. Unit Launches New Advertising Campaign
--------------------------------------------------------------
Wouldn't it be comforting to know that - wherever you drive -
your vehicle manufacturer is ready to back you up when you need
it? That's what Mitsubishi Motors North America, Inc. (MMNA) is
telling its customers in a new national advertising campaign
launched Monday.

Created by Deutsch LA, the ad campaign opens with a pair of :30
and :60 spots called "Anthem" and feature the song "Draggin' The
Line" by Tommy James and the Shondells. A :30 ad called "Road
Trip" will debut in November. The all-new "best-backed" ad
campaign will run through March 2005 on cable television
stations such as TNT, BET, History Channel, USA, Food Network
and MSNBC, as well as on network television in spot buys.

The campaign will be reinforced at individual dealerships with
point-of-sale elements such as giant posters featuring the
technicians in red and the caption, "We've got your back."
Additionally, product brochures in dealerships will highlight
the "best-backed car" program. Radio spots touting the "best-
backed" program also will run in the top 29 markets.

To view the full press release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS101204.pdf

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


NJK CORPORATION: JCR Affirms BBB- Rating on Senior Debts
--------------------------------------------------------
The Japan Credit Rating Agency (JCR) has affirmed the BBB-
rating on senior debts of NJK Corporation.

Rationale:

NJK is an independent software house. It has strengths in
business application software and software developments for
cellular phones of Panasonic and Sony. There is a sign of
improvement in the business environment as shown in the orders.
The performance of NJK is expected to improve for fiscal 2004.

However, an increase in orders now does not always lead to
increasing earnings in this market. In particular, earnings from
software developments consigned will be deteriorated continually
in the future.

NJK's cash flow generation capability is beginning to drop both
in the level and the stability. Weight of software developments
consigned in NJK's overall business is large and NJK is often
characterized as a business partner of large system integrators.
Outlook for the rating is negative.

CONTACT:

NJK Corporation
8-2 Naka-Meguro 4-Chome
Meguro-Ku 153-8641, Tokyo 153-8641
Japan
Phone: +81 3 5722 5700
Fax: +81 3 5722 5778  
Web site: http://www.njk.co.jp/


UFJ HOLDINGS: Prosecutors Grill Planning Department Employee
------------------------------------------------------------
Japanese prosecutors questioned an employee of the planning
department of UFJ Bank, a core unit of UFJ Holdings
Incorporated, regarding the bank's alleged obstruction of
Financial Services Agency's (FSA) past inspections, reports
Kyodo News.

The voluntary interview was conducted to clarify if the
department, which is responsible of compiling statements based
on documents prepared by the division that examines the bank's
major debtors, was involved in the alleged impediment.

The examination division is seen as the key player in the
alleged obstruction, intended to make the bank's outstanding bad
loans appear smaller.

Last week, the FSA lodged a criminal complaint with the Tokyo
District Prosecutors Office against executives of the fifth
examination department, which reportedly held frequent meetings
to examine ways to handle FSA's inspection before it started in
August.

The FSA claimed UFJ Bank tampered with the minutes of executive
meetings and materials indicating there were serious issues
about the financial status of its big borrowers.

After reexamining the amount of its nonperforming loans
following the discovery of the obstruction, UFJ Bank was forced
to dispose of an additional JPY270 billion in nonperforming
loans, which led to the resignation of UFJ Bank President
Masashi Teranishi.

CONTACT:

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


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


HANARO TELECOM: Launches Internet-based Video Telephone Service
---------------------------------------------------------------
Hanaro Telecom Inc. introduced last Friday a new Internet-based
video telephone service, reports Asia Pulse, citing Yonhap News.

Internet-based telephone calls have been introduced several
years ago, but the video feature is pioneered by Hanaro.  The
service allows its existing user to make calls while at the same
time watching their faces on the Web.  

Because sounds and video data are converted into packets of data
that are transmitted through a broadband Internet network, the
quality of video is good enough to let users express their
emotions during voice calls, Hanaro said.

To avail of the service, Hanaro's existing users must buy a new
phone that looks like a standard desk phone with a wallet-sized
screen and a Web camera and costs between KRW440,000 (US$382)
and KRW550,000 depending on options.

A KRW90 (7 cents) per three-minute video call, regardless of the
distance will be charged to users, with a monthly basic fee of
KRW3,000.  For customers who want to only make voice calls, the
fee is set at 39 won for three minutes, the company said.

Among potential applications using video Internet phoning are
online nursing or remote education, Hanaro said.

"We will continue to develop value-added services with the video
Net phones," said Min Kyung-yoo, senior vice president of Hanaro
Telecom.

KT Corp. may also launch in mid-November a similar Internet-
based telephone service with video capability.  However, KT said
it will focus on a videoconferencing feature for business
clients rather than home customers.

In a regulatory filing with the Korea Stock Exchange, Hanaro
Telecom reported 2.78 million broadband Internet users and 1.26
million traditional telephone subscribers as of the end of
September.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Website: http://www.hanaro.com


KOOKMIN BANK: Changes Agenda for Extraordinary Meeting
------------------------------------------------------
On October 11, 2004, Kookmin Bank announced that the agenda for
the extraordinary shareholders' meeting, dated October 29, 2004,
were changed.  The originally listed second agendum (Appointment
of a candidate for the member of the Audit Committee, who is not
a non-executive director) was cancelled, and therefore the final
agenda for the extraordinary shareholders' meeting are as
follows:

- Appointment of an executive director
- Approval of previously granted stock options

The shareholders may exercise their voting rights in writing
without attending the meeting in person.    

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Telephone: +82 2 776 5637


PAN OCEAN: STX Says Take Over Will Be Delayed
---------------------------------------------
The take over of Pan Ocean Shipping Co. will be postponed to
early November, reports the Asia Pulse, citing STX Corp., part
of an investor group taking over the shipping company.

According to STX Corp. the ongoing due diligence for Pan Ocean
will be completed by October 18, ten days later than initially
planned, delaying the completion of the takeover to November 8.

The delay of the due diligence is attributed to uncooperative
workers, who called for substantial compensation for their work
in pulling the company out of the red.

Pan Ocean has been under creditor supervision since 1987 before
being put under court receivership in 1992.

CONTACT:

Pan Ocean Shipping Co. Ltd.
51-1, Namchang-Dong, Jung-Ku,
Seoul 100-778, Korea


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


ANTAH HOLDINGS: Releases Litigation Update
------------------------------------------
The Board of Directors of Antah Holdings Berhad (Antah)
announced the following updates on the status of its involvement
in litigation for the period from 11 September 2004 to 10
October 2004. The involvement in litigation has been divided
into three categories namely financial institutions, non-
financial institutions and corporate guarantee as listed under
the table below.

(1) Financial Institutions

The status in respect of the claims made by the following
financial institutions:

Case No. 1. Shah Alam High Court Suit No. MT4-22-921-2002

RHB Sakura Merchant Bankers Bhd -vs- Antah Holdings Berhad

Status - 24 November, 2004/ Hearing on the appeal to Judge In
Chambers

Case No. 2. Kuala Lumpur High Court Suit No. D4-22-1401-2003

RHB Bank Berhad -vs- Antah Holdings Berhad

Status- 17 December, 2004/ Decision on Summary Judgment
Application - 27 January, 2005/ Mention

Case No. 3. Kuala Lumpur High Court Suit No. D6-22-240-2003

EON Bank Berhad -vs- Antah Holdings Berhad -

Status - 26 October, 2004/ Hearing of Plaintiff's Summary
Judgment Application

Case No. 4. Kuala Lumpur High Court Suit No. D4-22-1940-2002

Bank of Tokyo Mitsubishi (M) Bhd. -vs- Antah Holdings Berhad

Status - 12 May, 2005/ Hearing on the appeal to Judge In
Chambers

Case No. 5. Kuala Lumpur High Court Suit No. S1-22-836-2002
AmBank Berhad -vs- Antah Holdings Berhad

Status - Pending extraction of the sealed Discharge Order

There are no material developments to the other claims by
financial institutions against Antah.

(2) Non-Financial Institutions

The status in respect of the claims made by the following non-
financial institutions:


Case No. 1. Kuala Lumpur High Court Suit No. S3-22-483-2003
Ng Ah Hooi vs Antah Holdings Berhad

Status

- 18 October, 2004/ Hearing of the Striking Out
Application

- 7 December, 2004/ Case Management

- Sealed Order for Discharge served on 6 September 2004

There are no material developments to the other claims by non-
financial institutions against Antah.

(3) Corporate Guarantee

The status in respect of the claims made by the following
corporate guarantee which have been provided by Antah:

No. 1. Kuala Lumpur High Court Suit No. S7-22-584-2002
Arab Malaysian Bank Berhad -vs- (i) Antah Holdings Services Sdn.
Bhd. (ii) Antah Holdings Berhad

Status - 1 December, 2004/ Hearing of Appeal to the Judge In
Chamber

No. 2. Shah Alam Sessions Court Smn No. S4-52-4122-2003
Supermix Concrete (Malaysia) Sdn. Bhd. -vs- (i) Antah Tristar
Sdn. Bhd. (ii) Antah Holdings Berhad

Status -2 November, 2004/ Mention

No. 3. Shah Alam Magistrate Court Smn No. 72-1905-2003
Global Max Print Sdn. Bhd. -vs- Antah Holdings Berhad

Status - 10 November, 2004/ Mention

(4) Shah Alam Sessions Court Smn No. S2-5034-2003
Techvance Marketing Sdn. Bhd. -vs- (i) Antah Tristar Sdn. Bhd.
(ii) Antah Holdings Berhad

Status - 2 November, 2004/ Mention

(5) Kuala Lumpur High Court Suit No. S5-22-1427-2004
(i) Kajang Heights Sdn. Bhd.
(ii) Kenyal Sdn. Bhd.
(iii) Sapphire Homestead Sdn. Bhd.
(iv) Stanpoint Ventures Sdn. Bhd. -vs-
(i) Naga Sakti Sdn. Bhd.
(ii) Antah Holdings Berhad

Status

- Writ of Summons dated 21 September 2004 served on 28 September
2004

- Solicitors had filed the Appearance

- In the process of filing defense and taking other necessary
legal recourse

There are no material developments to the other claims against
companies where Antah has provided corporate guarantees.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940


CONSOLIDATED FARMS: Withdraws Revised Rights Issue Proposal
-----------------------------------------------------------
AmMerchant Bank Berhad, on behalf of the Board of Directors of
Consolidated Farms Berhad (Confarm), announced that in view of
the Proposed Restructuring Scheme announced by Avenue Securities
Sdn Bhd on 29 May 2004 on behalf of the Company, the Company has
resolved not to proceed with its Revised Proposed Rights Issue.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


CSM CORPORATION: SC Decision May Affect Delisting of Securities
---------------------------------------------------------------
The Bursa Malaysia Securities Berhad (Bursa Securities) had
earlier notified CSM Corporation Berhad on 14 May 2004 of its
decision to await the outcome of its appeal to the SC against
the commission's decision to reject the Company's application
for the approval of its regularization plans (CSM's Appeal).

Bursa Securities also notified the Company that in the event any
one of the circumstances set out below occurs, the de-listing of
the securities of CSM from the Official List of Bursa Securities
would be effected without any further representations from CSM
and without further consideration of the matter by Bursa
Securities:

a. CSM's Appeal to the SC is not allowed; or

b. CSM fails to obtain the approval from any of the other
regulatory authorities necessary for the implementation of its
regularization plans.

The SC had vide its letter dated 30 September 2004 decided to
dismiss CSM's Appeal. In the circumstances and in accordance
with Bursa Securities' decision, the securities of CSM shall be
de-listed from the Official List of Bursa Securities as the
Company does not have an adequate level of financial condition
to warrant continued listing on the Official List of Bursa
Securities.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9 a.m. on Tuesday, 26 October 2004.

With respect to the securities of CSM, which are currently
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a company, which has been de-listed to be
withdrawn from Bursa Depository.

Alternatively, shareholders of CSM who intend to hold their
securities in the form of physical certificates can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of CSM has been de-listed from the Official List of Bursa
Securities. This can be affected by the shareholders submitting
an application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.

These shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's help line at 03-
20347711 for further information on the withdrawal procedures.


DENKO INDUSTRIAL: LFE Engineering Files Suit Against Unit
---------------------------------------------------------
Denko Industrial Corporation Berhad (Denko) announced that on 8
October 2004, Skiva Holdings Sdn. Bhd., a wholly owned
subsidiary of the Company had been served a writ of summons and
statement of claim, both dated 19 August 2004, filed by LFE
Engineering Sdn. Bhd. (formerly known as Loong Fuat Electrical
Engineering Sdn. Bhd.) (Company No. 25875-K) in KL Session Court
Suit No. 8-52-20089-04 for the sum of RM120,086.61 due to
default in rental payment.

The expected claims are as follows:

(1) Arrear rental amounting to RM88,200.00 for the period of 12
months from July 2003 to June 2004 ;

(2) Accrued rental for the month of July 2004 amounting to
RM7,350.00;

(3) Penalty for late payment amounting to RM25,256.61 up to 6
August 2004;

(4) Penalty for late payment at a rate of 2% per month with
effective from 7 August 2004 up to the date of judgment;

(5) Rental at rate of double the monthly rental for the month of
August and subsequent months till the handover vacant possession
of the premises;

(6) Handover of vacant possession of the premises;

(7) Interest charge at a rate of 8% per annum commencing from
the date of judgment until the full settlement date;

(8) Cost of the aforesaid legal suit;

(9) Such further and other relief that the Honorable Court deems
fit and just.

Denko does not expect any material financial and operational
impact arising from the above suit and the Company is expected
to negotiate with the plaintiff for an amicable settlement.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


FILM ALLIED: Faces Winding Up Petition
--------------------------------------
PPB Group Berhad (PPB) announced that the shareholders of its
indirect subsidiary, Film Allied Services Sdn Bhd (FAS), have on
11 October 2004 approved a members' voluntary winding-up of FAS.

Mr. Tang Kin Kheong and Ms Gan Morn Ghuat of Messrs Moores
Rowland have been appointed liquidators of FAS.

FAS is a wholly owned subsidiary of Cathay Screen Cinemas Sdn
Bhd, in which PPB has 66.2% equity interest held through PPB's
wholly owned subsidiary, PPB Leisure Holdings Sdn Bhd.

FAS was incorporated on 11 October 1976 with an issued and paid-
up capital of RM100,000. The principal activity of FAS prior to
its cessation of business in April 2004 was the provision of
subtitling services for cinematograph films.


GADANG HOLDINGS: Schedules AGM on November 3
--------------------------------------------
Notice is hereby given that the Eleventh Annual General Meeting
(AGM) of Gadang Holdings Berhad will be held at Kiara Room, Sri
Damansara Club, Lot 23304, Persiaran Perdana, Bandar Sri
Damansara, 52200 Kuala Lumpur on Wednesday, 3 November 2004 at
10 a.m. for the following purposes:

AGENDA

As Ordinary Business

(1) To receive and consider the Audited Financial Statements of
the Company for the year ended 31 May 2004 together with the
Directors' and Auditors' Reports thereon. (Resolution 1)

(2) To approve the payment of Directors' fees of RM67,000.00 in
respect of the year ended 31 May 2004. (Resolution 2)

(3) To re-elect the following Directors retiring in accordance
with the Company's Articles of Association:(a) Dato' Kamaruddin
Bin Abdul Ghani(b) Dato' Kok Onn(c) Koay Teng Keong
(Resolution 3)(Resolution 4)(Resolution 5)

(4) To re-appoint Messrs Ernst & Young as Auditors and to
authorize the Directors to fix their remuneration.
(Resolution 6)

As Special Business:

(5) Authority to allot shares pursuant to Section 132D of the
Companies Act, 1965To consider and, if thought fit, pass the
following Ordinary Resolution:

"That subject always to the Companies Act, 1965, the Articles of
Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby empowered, pursuant to Section 132D of the Companies Act,
1965, to issue shares in the Company from time to time and upon
such terms and conditions and for such purposes as the Directors
may deem fit provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the issued
capital of the Company for the time being AND THAT such
authority shall continue in force until the conclusion of the
next Annual General Meeting (AGM) of the Company AND FURTHER
THAT the Directors are also empowered to obtain the approval
from Bursa Malaysia Securities Berhad for the listing of and
quotation for the additional shares to be issued."
(Resolution 7)

(6) Proposed renewal of existing shareholders' mandate for
recurrent related party transactions and proposed new
shareholders' mandate for additional recurrent related party
transactions of a revenue or trading nature. To consider and if
thought fit, pass the following Ordinary Resolution: "That,
approval be and is hereby given for the renewal of shareholders'
mandate for the Company and/or its subsidiaries to enter into
recurrent related party transactions of a revenue or trading
nature which are necessary for its day-to-day operations
involving the interest of Directors, major shareholders or
persons connected with the Directors and/or major shareholders
of the Company and its subsidiaries ("Related Parties"), as set
out in Section 2.2 of the Circular to Shareholders of the
Company dated 12 October 2004 ("Circular");AND THAT a mandate be
and is hereby granted for the Company to enter into additional
recurrent related party transactions of a revenue or trading
nature as set out in Section 2.3 of the Circular with the
Related Parties mentioned therein subject to the following:

(i) the transactions are carried out at arm's length, on
normal commercial terms which are not more favourable to the
Related Parties than those generally available to the public and
are not to the detriment of the minority shareholders of the
Company; and

(ii) disclosure is made in the annual report of the
aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year provided that
such transactions are made at arms' length basis and on normal
commercial terms;  

THAT such authority shall commence immediately upon the passing
of this resolution and shall continue to be in force until:

(a) the conclusion of the next AGM of the Company, at
which time it will lapse, unless by a resolution passed at the
said AGM, the authority is renewed;

(b) the expiration of the period within which the next AGM
of the Company is required to be held pursuant to Section 143
(1) of the Companies Act, 1965 ("Act") but shall not extend to
such extension as may be allowed pursuant to Section 143 (2) of
the Act; or

(c) revoked or varied by resolution passed by the
shareholders in general meeting; whichever is the earlier;

AND THAT, the Directors and/or any of them be and are hereby
authorized to complete and do all such acts and things
(including executing such documents as may be required) to give
effect to the transactions contemplated and/or authorized by
this resolution." (Resolution 8)

By Order of the Board

Sally Tan Seok Chung
(MAICSA No. 0829689)
Secretary
Kuala Lumpur
12 October 2004

NOTES:

(1) A member of the Company entitled to attend and vote at this
meeting, is entitled to appoint a proxy to attend and vote in
his stead. A proxy may but need not be a member of the Company.
The instrument appointing a proxy shall be in writing under the
hand of the appointer or of his attorney duly authorized in
writing or, if the appointer is a corporation, either under seal
or under the hand of an officer or attorney duly authorized.

(2) The Articles provide that a member shall not be entitled to
appoint more than two (2) proxies to attend and vote at the same
meeting and the appointment shall be invalid unless he specifies
the proportion of his shareholdings to be represented by each
proxy.

(3) The instrument appointing the proxy must be deposited at the
Registered Office of the Company at Wisma Gadang, No 52, Jalan
Tago 2, Off Jalan Persiaran Utama, Sri Damansara, 52200 Kuala
Lumpur not less than forty-eight (48) hours before the time
appointed for holding the meeting or adjourned meeting.
Explanatory Note on Special Business, Resolution 7

The proposed Ordinary Resolution 7, if passed, will empower the
Directors of the Company to issue shares up to an aggregate
amount not exceeding 10% of the issued share capital of the
Company for the time being, for such purposes as the Directors
consider would be in the interest of the Company. This
authority, unless revoked or varied by the Company in general
meeting, will expire at the conclusion of the next AGM of the
Company.

CONTACT:

Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Tel no: 603-6356888
Fax no: 603-6365560


INNOVEST BERHAD: Enters Into Agreement With White Knight
--------------------------------------------------------
Ammerchant Bank Berhad referred to the announcement dated 2
September 2004 wherein it was announced that Innovest Berhad had
entered into an agreement with Ir. Azlin Azrai Bin Lan Hawari
and Mohd Kamal Bin Omar (collectively the White Knight) and IRSB
(Agreement) to undertake a restructuring scheme to regularize
Innovest's financial condition.

Innovest Berhad on 7 October 2004, entered into a supplementary
agreement with the White Knight and the relevant new parties
which are involved in the Proposed Restructuring Scheme i.e. Ir.
Sim Kok Beng, IRSB, the vendors of CKSB, the vendors of TCPSB
and Multiplex (which is incorporated to assume the listing
status of Innovest) to give full effect to the restructuring
scheme set out in the Agreement and to include CKSB and TCPSB in
the Proposed Restructuring Scheme.

The proposed restructuring scheme is as follows:

Proposed Acquisition Of Intraline Resources Sdn Bhd (Irsb),
Cergas Kenali Sdn Bhd (Cksb) And Town And Country Properties Sdn
Bhd (Tcpsb) By Multiplex Beeline Sdn Bhd (Multiplex) (Proposed
Acquisitions);

Proposed Composite Scheme Of Arrangement With The Members Of
Innovest Pursuant To Section 176 Of The Companies Act 1965
(Proposed Scheme);

Proposed Offer For Sale;

Proposed Transfer Of Listing Status Of Innovest To Multiplex
(Proposed Transfer); And

Proposed Disposal Of Innovest.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
MALAYSIA
+60 3 2093 3373
+60 3 2094 3733

This announcement is dated 11 October 2004.


INNOVEST BERHAD: Unveils Party Transactions For September 2004
--------------------------------------------------------------
The Board of Directors of Innovest Berhad announced the
recurrent related party transactions pursuant to Paragraph 2.0
of the Practice Note. 12/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad.

For more information, go to
http://bankrupt.com/misc/tcrap_innovest101204.xls


MBF HOLDINGS: Shareholders OK Debt Restructuring Proposal
---------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBF Holdings Berhad, announced that the
shareholders of the Company had approved the Proposals at the
Company's Extraordinary General Meeting held on 11 October 2004.

The Company proposed a debt restructuring scheme and amendments
to the terms of the trust deeds constituting the Class A
guaranteed floating rate redeemable convertible secured loan
stocks (USD RCSLS A) and the Class B Guaranteed Floating Rate
Redeemable Convertible Secured Loan Stocks (USD RCSLS B).

CONTACT:

MBF Holdings Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com

This announcement is dated 11 October 2004.


MBF HOLDINGS: Expects To Return to Profit This Year
---------------------------------------------------
MBF Holdings Bhd expects to return to profit this year after
reporting revenues of RM543 million in the first half ended June
30, the Star Online reports, citing MBF Holdings President John
Ding.

The Company has completed its debt-restructuring scheme and is
now focusing on building value for its two main activities,
namely credit cards (via MBF Cards) and trading (via MBF
Carpenters Ltd).

For the financial year ended December 31, 2003, the company
reported revenue of RM977.32 million, up from RM758.08 million a
year earlier.


PAN MALAYSIA: EGM Set For October 28
------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, the
Extraordinary General Meeting (EGM) of Pan Malaysia Corporation
Berhad will be held at the Crystal Ballroom, Corus hotel Kuala
Lumpur, Jalan Ampang, 50450 Kuala Lumpur at 5 p.m. on Thursday,
28 October 2004.

For a full copy of the EGM notice, go to
http://bankrupt.com/misc/tcrap_panmalaysia101204.doc

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Telephone (60) 3244-1470
Fax  (60) 3244-7789

This announcement is dated 11 October 2004.


TEXCHEM RESOURCES: Proposes Issuance of Private Debt Securities
---------------------------------------------------------------
Texchem Resources Berhad (TRB) proposes to undertake an issuance
of private debt securities of up to RM100 Million (Proposed PDS
Programme). The proceeds from the issuance of the Proposed PDS
Programme will be utilized to refinance existing bank
borrowings, finance acquisition of assets to be identified and
for working capital.

RHB Sakura Merchant Bankers Berhad has been appointed as the
Principal Adviser/ Lead Arranger for the Proposed PDS Programme.

An application to the Securities Commission in relation to the
Proposed PDS Programme will be made within three (3) months from
the date of this announcement. Details of the Proposed PDS
Programme will be announced at a later date.

CONTACT:

Texchem Resources
Level 16, P.S.C Tower
39, Jalan Sultan Ahmad Shah
10050 Penang
Tel: 04-2292000
Fax: 04-2291380
Website: http://www.trbgroup.com

This announcement is dated October 11 2004.


TRADEWINDS CORPORATION: Expects to Break Even This Year
-------------------------------------------------------
Tradewinds Corporation Berhad, formerly named Pernas
International Holdings Bhd, expects to break even this year,
reports The Star Online.

The Company has recently completed a privately-led financial
restructuring, Chairman Datuk Seri Megat Najmuddin Khas said
after the launch of Tradewinds' new corporate logo in Kuala
Lumpur on Monday. Second Finance Minister Tan Sri Nor Mohamed
Yakcop officiated the launch.

The Company posted a pre-tax profit of RM17 million for the six
months ended June 30, after reducing its pre-tax losses by
RM132.7 million to RM23 million for 2003.

As for its debts, which currently stand at RM1.8 billion, Chief
Executive Officer Mohd Redza Shah Abdul Wahid said the group
aimed to reduce them by RM100 million this year, and by RM200
million to RM300 million annually in the subsequent years.  

Its manufacturing operations, undertaken by Central Sugars
Refineries Sdn Bhd are expected to be the major contributor to
the group's earnings this year.

CONTACT:

Tradewinds Corporation Berhad
21st Floor, Wisma Zelan
No. 1, Jalan Tasik Permaisuri 2
Bandar Tun Razak
56000 Kuala Lumpur
Telephone: 03-91730177
Fax: 03-91734996
Website: http://www.tradewindscorp.com/


WOO HING: Administrators OK Proposed Listing Transfer
-----------------------------------------------------
Commerce International Merchant Bankers Berhad referred to the
announcement dated 6 September 2002, 17 September 2003 and the
Information Circular to the shareholders of Woo Hing Brothers
(Malaya) Berhad (WHB) dated 8 July 2004 in relation to the
Revised Kamdar Proposals.

Further to the above information, Commerce International
Merchant Bankers Berhad, on behalf of WHB, announced that the
Special Administrators of the Company and the Kamdar Group
Vendors (as defined in the aforementioned Information Circular),
on 7 October 2004, have agreed that the Proposed Listing
Transfer and Proposed Main Board Transfer not be inter-
conditional with the Proposed Cash Payment and Proposed Disposal
of WHB.

As such the Proposed Listing Transfer and Proposed Main Board
Transfer shall not be conditional upon the Proposed Cash Payment
and the Proposed Disposal of WHB.

Collectively Referred To As The "Kamdar Proposals"

(I) Proposed Acquisitions;
(Ii) Proposed Share Swap;
(Iii) Proposed Restricted Offer For Sale;
(Iv) Proposed Cash And Securities Transfers;
(V) Proposed Placement;
(Vi) Proposed Put Option;
(Vii) Proposed Transfer Of Listing Status; And
(Viii) Proposed Transfer To Main Board

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
+60 3 2144 1233
+60 3 2142 2228

This announcement is dated 11 October 2004.


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


BENPRES HOLDINGS: Unveils Changes in Beneficial Securities
----------------------------------------------------------
A shareholder of Benpres Holdings Corporation (BPC) furnished
the Philippine Stock Exchange a copy of its SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities).

A copy of the said document shall be made available at
http://bankrupt.com/misc/tcrap_benpres101204.pdf

For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Tel. No/s:  633-3368
Fax No/s:  634-3009
E-mail Address:  jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


COLLEGE ASSURANCE: Yet To Service More Than Half Of Plan Holders
----------------------------------------------------------------
College Assurance Plan (CAP) disclosed to the Securities and
Exchange Commission that since its launching in 1980, it had
only serviced 37,421 plan holders out of its 461,543 members,
the Manila Times reports.

Currently, there are 125,636 plan holders enrolled in various
schools and universities using the CAP plan that amounts to 27
percent of the total subscribers.

Its reported Php17 billion deficiency is bad news for the 63
percent of cued-in customers who rely on CAP to provide
education for their children in the future.

The Company's net loss in the first half of 2004 hit P1.68
billion, or five times last year's level of Php330 million.

The same SEC official said that CAP already has difficulties in
showing that it can come up with P13 billion worth of investment
into its trust fund.

Earlier this month, CAP's dealership license was suspended for
its failure to meet the SEC deadline, which entails submitting a
subscription agreement that will show it can infuse Php13
billion to its trust fund.

The Company requested an extension by giving a self-imposed
October 31 deadline to complete all requirements including
concrete evidence of the firm's ability to fill the needed
amount back to its trust fund.

CONTACT:

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


COLLEGE ASSURANCE: To Hike Capital to PhP6.3B
---------------------------------------------
College Assurance Plan Philippines Inc. (CAP) plans to increase
its capital stock to PhP6.3 billion from PhP300 million to
accommodate the entry of an investor, the Business World reports
Tuesday, citing CAP First Vice-President Bobby Cafe.

Mr. Cafe said the additional capital stock would accommodate the
infusion of a PhP6 billion property, which will be given to CAP
by Green Circle and Green Square Properties Corporation, which
are owned by Mr. Romeo Roxas. The property, which CAP wants to
turn into an education center, is located in Quezon.

The pre-need firm is also working with the Bureau of Internal
Revenue (BIR) for possible tax exemptions for the transfer of
the PhP6-billion property to CAP from the Roxas owned firms.

If the tax exemptions are not possible, the firm will ask the
BIR to amortize, over five years, the tax payments for the
transfer of the asset.


MANILA ELECTRIC: Sees 5% Energy Sales Growth in 2004
----------------------------------------------------
The Manila Electric Co. (Meralco) is targeting a 4-percent to
5-percent increase in energy sales this year, ABS-CBN News
reports, citing Meralco President Jesus Francisco.

From January to June this year, energy sales went up by 3.8
percent, propelled by higher usage in the second quarter.

Meralco may or may not revise its energy sales target this year
pending the results of its third-quarter performance.

The Company currently services Phase 3 of an ongoing refund for
excess collections from residential customers that consume more
than 300 kilowatt-hour based on their April 30 billing.

The utility firm will spend between Php4.8 billion and Php5
billion for servicing the third phase, which is part of the
Php30 billion refund it is servicing in line with a Supreme
Court decision that prohibited the firm from including income
tax in its operational costs, which were then passed on to
consumers from 1994 to 2003.

Estimated cash outlay for customer refunds for the remainder of
the year is Php2.4 billion and about Php4.7 billion in 2005.

CONTACT:

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


METRO PACIFIC: FirstPac Sells 581.1 Mln Common Shares
-----------------------------------------------------
First Pacific Company Limited on Tuesday informed Metro Pacific
Corporation that during the period 13 September 2004 to 11
October 2004, First Pacific has sold 581.1 million common shares
of Metro Pacific on the open market, representing 3.12 percent
of Metro Pacific's total issued common share capital.

In a disclosure to the Philippine Stock Exchange, First Pacific
has further advised the Company that, subject to market
conditions prevailing from time to time, it anticipates selling
additional 349.1 million shares representing 1.88 percent of
Metro Pacific's total issued common shares. The intention is to
sell into the market, in aggregate, no more than five percent
(5%) of Metro Pacific's total issued common shares.

With respect to the use of the net proceeds realized, and to be
realized, from the sale of these shares, Metro Pacific have been
informed by First Pacific that it plans to utilize a significant
portion thereof to fund the general corporate requirements of
Metro Pacific. This will include, but is not limited to, certain
funding support need to implement the rehabilitation plan of
Negros Navigation Company (Nenaco). Nenaco's rehabilitation plan
was approved by the manila Regional Trial Court on 4th October
2004 and enable Nenaco's Management to fully implement its debt
reduction and business restructuring exercises.

Yours sincerely,
Jose Ma. K. Lim
President
Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL POWER: Arroyo Cites Non-tax Revenue Generating Measures
----------------------------------------------------------------
The privatization of the National Power Corporation (Napocor)
through the sale of its generation assets and the National
Transmission Corporation (Transco) concession is among the most
urgent of the government's non-tax revenue generating measures,
the Philippine Government Web site relates, citing Philippine
President Gloria Macapagal Arroyo.

President Arroyo stressed this in her Road Map to Fiscal
Strength for Fighting Poverty, a spin-off from the Medium Term
Philippine Development Plan (MTPDP).

"Cleaning government books entails putting an end to the fiscal
drain caused by inefficient corporations," she said, adding that
Napocor's privatization is expected to bring in $4.5 billion.

The proceeds from Napocor's sale, the President explained, will
free government resources from subsidizing Napocor towards
public services and social reforms.

"Napocor's privatization will also save government Php20 to
Php30 billion in interest payments alone and free that amount
for public services and social reforms.

She said the sale of Napocor would involve the buyer's
assumption of Napocor's net debt of P200 to P300 billion.
Conversely, she added, if government is unable to privatize
Napocor, it will spend an additional P30 billion to be taken
from the national budget to cover the firm's interest payments
alone.

"Therefore, a determining factor in the achievement of our
fiscal targets is the successful sale of Napocor," the President
stressed."

The privatization of Napocor is only one of the six activities
she intends to implement for wealth creation. The others are:

1) Mobilization of investors for Mt. Diwalwal gold mine;

2) Exploration and development of more oil and gas wells;

3) Re-launching of massive reclamation projects;

4) A major nationwide reforestation program; and creation of
Hong Kong type enclaves to capture long-term investors.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468

This announcement is dated 9 October 2004.


PHILIPPINE BANK: Updates Sale of Non-Performing Assets
------------------------------------------------------
Relative to its previous disclosures on the on-going
negotiations for the sale of Philippine Bank Communication
Inc.'s non-performing assets (NPAs), the Bank concluded on
Monday the sale of Php12.156 billion in NPAs to Unimark
Investments (SPV-AMC) Corporation.

Very truly yours,
Edmundo L. Tan
Corporate Information Officer & Corporate Secretary

CONTACT:

Philippine Bank of Communications
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Tel. No:  830-7000 (TL)
Fax No:  818-2576 (Telefax)
E-mail Address:  info@pbcom.com.ph
URL:  http://www.pbcom.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


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


CENTRO CONCEPTS: Court Issues Winding Up Notice
-----------------------------------------------
In the matter of Centro Concepts Pte Ltd., a winding up order
was made on the 1st day of October 2004.

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

Unilegal Llc
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated October 8,
2004.


LIANG HUAT: Declares Change in Shareholders Interest
----------------------------------------------------
Liang Huat Holdings Pte Ltd on October 11 released a notice in
the Singapore Stock Exchange pertaining to the change in the
Percentage Level of Tan Cheng Nguan's Interest.

Part I

(1) Date of notice to issuer: October 11, 2004
  
(2) Name of Director: Tan Cheng Nguan

(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Parts II and IV)

Part II

(1) Date of change of interest: October 05, 2004
  
(2) Name of Registered Holder: Liberty Insurance Pte Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: The shares were charged to Liberty as
security for an amount owing by Liang Huat Holdings Pte Ltd to
Liberty. Liberty has sold the shares in part settlement of the
amount owing to it.

(4) Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 1,000,000
As a percentage of issued share capital: 0.09
  
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.09
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SG$0.015
  
No. of shares held after the change: 0
As a percentage of issued share capital: 0

Part III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

(1) Holdings of Director, including direct and deemed interest:

                                             Direct       Deemed
No. of shares held before change:         9,414,080  455,466,320
% of issued share capital:                     0.85        41.01
   
No. of shares held after change:          8,414,080  455,466,320
% of issued share capital:                     0.76        41.01

Submitted by:
Tan Yong Kee
Group Managing Director


LIANG HUAT: Shareholder's Interest Changes
------------------------------------------
Liang Huat Holdings Pte Ltd announced at the Singapore Stock
Exchange that the Percentage Level of Tan Cheng Nguan's Interest
has changed.

Part I

(1) Date of notice to issuer: October 11, 2004
  
(2) Name of Director: Tan Cheng Nguan

(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Parts II and IV)

Part II

(1) Date of change of interest: October 4, 2004
  
(2) Name of Registered Holder: Liberty Insurance Pte Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Others
Please specify details: The shares were charged to Liberty as
security for an amount owing by Liang Huat Holdings Pte Ltd to
Liberty. Liberty has sold the shares in part settlement of the
amount owing to it.  

(4) Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 1,862,000
As a percentage of issued share capital: 0.16
  
No. of shares which are the subject of this notice: 862,000
As a percentage of issued share capital: 0.08
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.015
  
No. of shares held after the change: 1,000,000
As a percentage of issued share capital: 0.09

Part III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

(1) Holdings of Director, including direct and deemed interest:

                                             Direct      Deemed
No. of shares held before change:        10,276,080  455,466,320
% of issued share capital:                     0.92        41.01
   
No. of shares held after change:          9,414,080  455,466,320
% of issued share capital:                     0.85        41.01

Submitted by:
Tan Yong Kee
Group Managing Director


NEPTUNE ORIENT: Unveils Operating Performance Report
----------------------------------------------------
Neptune Orient Lines released on October 11, 2004 at the
Singapore Stock Exchange its Operating Performance in Period
nine between August 21, 2004 to September 17, 2004.

To view the entire document click on the link below:
http://bankrupt.com/misc/neptuneorientlines101104.pdf


PAC-AM RESTAURANTS: Issues Final Dividend Notice
------------------------------------------------
Pac-Am Restaurants Pte Ltd, in creditors' voluntary winding up,
posted its dividend notice at the Singapore Government Gazette
on October 8, 2004.
  
Address of Registered Office: formerly of 50 Playfair Road
#06-03 Noel Building
Singapore 367995.

Court: N/A.

No. of Matter : N/A.

Amount Per Centum: 2.06963% to Unsecured Creditors.

First and Final or Otherwise: First and Final to Unsecured
Creditors.

When Payable: Friday, 8th October 2004.

Where Payable: 15 Beach Road
#03-10 Beach Centre
Singapore 18967

John Teo Cheng Lok
Foong Daw Ching
Liquidators
c/o 15 Beach Road
#03-10 Beach Centre
Singapore 189677
Phone: 6336 2828
Fax: 6339 0438


PANPAC MEDIA: Reveals Change in Holdings
----------------------------------------
Panpac Media Group Limited released a notice on October 11, 200
at the Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Interest of Low Ka Choon Kevin.

Part I

(1) Date of notice to issuer: October 11, 2004
  
(2) Name of Director/Substantial Shareholder: Low Ka Choon Kevin

(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Parts II and IV)

Part II

(1) Date of change of interest: October 08, 2004
  
(2) Name of Registered Holder: International Press Holdings Pte
Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

(4) Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 63,962,588
As a percentage of issued share capital: 13.4297
  
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.21
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SG$0.125
  
No. of shares held after the change: 64,962,588
As a percentage of issued share capital: 13.6397

Part III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

(1) Holdings of Director/Substantial Shareholder, including
direct and deemed interest:
                                           Direct        Deemed
No. of shares held before change:       1,600,000    63,962,588
% of issued share capital:                 0.3359       13.4297

No. of shares held after change:        1,600,000    64,962,588
% of issued share capital:                 0.3359       13.6397


PANPAC MEDIA: Reveals Change in Shareholder's Interest
------------------------------------------------------
Panpac Media Group Limited announced on the Singapore Stock
Exchange the change in the Percentage Level of a Substantial
Shareholder's Interest.

Part I

(1) Date of notice to issuer: October 11, 2004
  
(2) Name of Director/Substantial Shareholder: Low Song Take

(3) Please tick one or more appropriate box(es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest. (Please complete
Parts II and IV)

Part II

(1) Date of change of interest: October 08, 2004
  
(2) Name of Registered Holder: International Press Holdings Pte
Ltd
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Open market purchase

(4) Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 63,962,588
As a percentage of issued share capital: 13.4297
  
No. of shares which are the subject of this notice: 1,000,000
As a percentage of issued share capital: 0.21
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: SG$0.125
  
No. of shares held after the change: 64,962,588
As a percentage of issued share capital: 13.6397


Part III

(1) Date of change of interest:  
  
(2) The change in the percentage level: From % to %
  
(3) Circumstance(s) giving rise to the interest or change in
interest:  

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Part IV

(1) Holdings of Director/Substantial Shareholder, including
direct and deemed interest:

                                             Direct       Deemed
No. of shares held before change:         6,117,647   63,962,588
% of issued share capital:                   1.2845      13.4297
   
No. of shares held after change:          6,117,647   64,962,588
% of issued share capital:                   1.2845      13.6397

Submitted by:
Tan Min-Li
Company Secretary


RICHFIELD INNOVATIONS: Posts Last Day of Receiving Proofs
---------------------------------------------------------
Richfield Innovations Pte Ltd. announced its last day of
receiving proofs at the Singapore Government Gazette on October
8, 2004.

Registered Office: 7 Serangoon North Avenue 5
Singapore 554812.

Court: High Court of Singapore

Last day for receiving proofs: 25 October 2004

Name of liquidator: Bob Low Siew Sie

Address: Richfield Innovations Pte Ltd
(In Liquidation)
c/o Bob Low & Co.
10 Anson Road
#39-15 International Plaza
Singapore 079903


TRANS-UNITED CORPORATION: First Creditors Meeting Set October 27
----------------------------------------------------------------
Notice is hereby given that the first meeting of creditors of
Trans-United Corporation Ltd will be held at Spring Singapore, 2
Bukit Merah Central, Auditorium, Singapore 159835 on the 27th
day of October 2004, at 2.30 pm at which place and time all such
creditors are requested to attend.

The purpose of the meeting is to consider the Judicial Manager's
Statement of Proposals, and if thought fit, approve the
Statement of Proposals.

The creditors may vote in person at the said meeting or they may
appoint another person as their proxy to attend and vote in
their stead.

To entitle you to vote thereat your proof must be lodged with
the Judicial Manager by close of business on 25th day of October
2004.

Dated this 8th day of October 2004.

Timothy James Reid
Judicial Manager
c/o Ferrier Hodgson
50 Raffles Place
#44-05 Singapore Land Tower
Singapore 048623

This Singapore Government Gazette notice is dated October 8,
2004.


WINTERTHUR INSURANCE: Creditors to Prove Debts by November 8
------------------------------------------------------------
Notice is hereby given that the creditors of Winterthur
Insurance (Far East) Pte Ltd, which is being wound up
voluntarily are required on or before the 8th day of November
2004 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

If so required by notice in writing by the said Liquidators,
they are to come in personally or by their solicitors and prove
their 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 made before such debts are proved.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

This Singapore Government Gazette notice is dated October 8,
2004.


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


KRUNG THAI: Result of Probe Could Make More Heads Roll
------------------------------------------------------
The details regarding the 11 out of 12 customers to whom Krung
Thai Bank (KTB) allegedly made dubious loans was sent to the
Bank of Thailand (BoT) by KTB'S board of Directors, Friday, The
Nation reports, citing Suparat Khawatkul.

The result of the probe into KTB's THB46 billion doubtful loans
sent to the Bank of Thailand would trigger more terminations in
the banks heads.  Among the officials likely to be axed is KTB
chairman General Mongkhol Ampornpisit.  

"I can confirm that the bank sent the letter on Friday, but
what's next will depend on the central bank," he said. "KTB will
also do its duty."

Tarisa Watanagase, BoT deputy governor clarified that KTB
directors must be accountable on issues relevant to bank policy,
while KTB management would take responsibility for all
operational matters.

"It depends on the particular matter. We need to separate them
clearly," she said when asked whether the board would take
responsibility for the latest raft of bad loans.

Ms. Tarisa also said on Monday that the central bank would
consider whether KTB's reports were adequate and what the
central bank would do.

BoT governor Pridiyathorn Devakula said last week that the
central bank would consider who, aside from the incumbent
President Viroj Nualkhair, would need to take responsibility for
the loans.  Rumors have been rife that other board members and
senior lending management may need to take responsibility.

The BoT would issue another letter to KTB once the examinations
of the details on all 12 customers have been finalized.  No
personal information on the 12 customers has been made public so
far.

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Website: www.ktb.co.th

  
THAI HEAT: Appoints Auditor for 3Q 2004 Financial Statement
-----------------------------------------------------------
Thai Heat Revival Company Limited, as the rehabilitation planner
of Thai Heat Exchange Public Company Limited (THECO), informed
the Stock Exchange of Thailand the audit of THECO for the year
2004.  

THECO advised the SET that it will submit a reviewed report of
the financial statement for the 3rd quarter of the year 2004 and
Audited report of the year 2004.

The company appointed the following auditors:

(1) Mr.Sewee Wiwatpanachart- register No.2219 from Pitisevi &
Company or

(2) Miss Chavana Wiwatpanachart- register No.4712 from Pitisevi
& Company or

(3) Mr. Jesada Hungsapruek- register No.3759 from Pipat &
Associate Co.,Ltd

Thai Heat Revival Company Limited
As the Reorganization planner of Thai Heat Exchange PCL
Mr.Surin Wanpensakul
Director

CONTACT:

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


THAI PETROCHEMICAL: Creditors Approve Revised Plan
--------------------------------------------------
About 99.5 percent of Thai Petrochemical Industry PCL's
creditors voted for the approval of the company's revised debt
restructuring plan, reports Dow Jones.

Chanin Sutikirtsana Business Rehabilitation Officer said, the
creditors account for TPI's THB65 billion debt.  The approved
revised plan will then be submitted to the bankruptcy court, and
a hearing on the issue is scheduled on November 1.  If the court
approves the plan, it will be extended by one year to the end of
2005.

Some of the creditors did a preliminary vote of the revised plan
last September.  Based on the 68.81 percent in value of total
Participating Scheme Debt, 99.84 percent of the votes cast in
favor of the amendment whereas 0.16 percent of the votes cast
against the Plan's Amendment, TCR-Asia Pacific reported
recently.

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: www.tpigroup.co.th

  

                            *********


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, Peachy Clare Arreglo, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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

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

                 *** End of Transmission ***