TCRAP_Public/041015.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

             Friday, October 15, 2004, Vol. 7, No. 205

                            Headlines


A U S T R A L I A

AIR CLIMATISATION: Official Liquidator Appointed
AMP LIMITED: Introduces Latest Online Home Loan Processing
AUSFOREST LIMITED: Receivers and Managers Named
AZORES NO.2: Winds Up Voluntarily
CHSAR PTY: Members, Creditors Resolve to Voluntarily Wind Up

ELLIS WESTON: To Hold Joint Meeting on October 22
ELURA NOMINEES: Appoints Joint and Several Liquidators
KENDALLS HOLDINGS: General Meeting Set Today
MERNOR PTY: Holds Members Meeting Today
MITSUBISHI AUSTRALIA: To Stay For As Long As It's Viable

NATIONAL AUSTRALIA: Releases New Harvest Finance Project
NATIONAL AUSTRALIA: Commits to Develop European Ventures
PAULTONS PTY: Sets October 18 as Date of Final Meeting
PINDARI BUILDING: Schedules Meeting on October 18
PITT STREET: To Undergo Voluntary Liquidation

PRIMELIFE CORPORATION: Issues Proceedings Against Manpoint
RIANNA ENTERPRISES: General Meeting Slated for October 18
RRAP INVESTMENTS: Grant Thornton Appointed Receivers, Managers
SEL PRICE: To Face Voluntary Winding Up Proceedings
SPECIFIC SALES: Members Meeting Set Today

SONS OF GWALIA: Names Advisors to Assist in Sale of Businesses


C H I N A  &  H O N G  K O N G

ASIAN AREA: Issues Intended Dividend Notice
BILALIAN PACIFIC: Creditors Must Prove Debts by November 9
CHINA GAS: Details Special General Meeting Results
EVER GEMINI: Faces Winding Up Proceedings
FAR EAST: Court to Hear Winding Up Petition on October 20

FING ENGINEERING: Winding Up Hearing Set October 27
HONGKONG PHARMACEUTICAL: Winding Up Hearing Set October 27
KEI SHING: Court Issues Bankruptcy Order
PEACE INTERNATIONAL: Bankruptcy Petition Issued
RESOLUTION SOFTWARE: Receives Bankruptcy Order

WEICHENG INTERNATIONAL: Winding Up Petition Made
* China to Possibly Write Off CNY300Bln of NPAs


I N D O N E S I A

ASTRA INTERNATIONAL: To Pay 2004 Interim Dividend
GARUDA INDONESIA: Mulls Cessation of European Flights
GARUDA INDONESIA: To Expand Citilink Fleet to Repel Competition


J A P A N

ALL NIPPON: Selects Rolls-Royce Trent 1000 for the Boeing 7E7
CAR MATE: JCR Downgrades senior debts to BB
DAIEI INCORPORATED: Finally Seeks IRCJ Bailout
HITACHI LIMITED: Unveils New China Business Strategy
JAPAN AIRLINES: Boeing Delivers First 747-400 Freighter

MITSUBISHI MOTORS: Exhibits at 38th Tokyo Motor Show
SHINWA GORUFU: Faces Insolvency
SUGA K.K.: Enters Bankruptcy
UFJ HOLDINGS: Participation of Unit in JGB Market Suspended
UFJ HOLDINGS: Reorganizes Audit and Compliance Committee


K O R E A

* Surge in Oil Prices Affects South Korean Oil Importers


M A L A Y S I A

ACTACORP HOLDINGS: Updates Restructuring Scheme
ANCOM BERHAD: Purchases 15,300 Ordinary Shares on Buy Back
AOKAM PERDANA: Unveils Rights Issue
BESCORP INDUSTRIES: Discloses Amended Underwriting Agreement
CEPATWAWASAN GROUP: Releases Litigation Update

INNOVEST BERHAD: Seeks Restructuring Approval
GADANG HOLDINGS: Granted Listing of 500,000 New Ordinary Shares
KEMAYAN CORPORATION: SC OKs Investigative Audit Extension
MTD CAPITAL: Issues Shares Buy Back Notice
PSC INDUSTRIES: Details Debt Restructuring Proposal

PUNCAK NIAGA: To List 8,000 New Ordinary Shares
TECHVENTURE BERHAD: Updates Debt Restructuring Scheme
WCT ENGINEERING: Enters Underwriting Agreement


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies Violation Report
METRO PACIFIC: Selling 5% Stock Shares
MONDRAGON LEISURE: SEC Suspends Registration
PHILIPPINE AIRLINES: Seeks To Raise Fuel Surcharge
PHILIPPINE LONG: To List More Shares Today

* DBM Orders State Firms to Shape Up Or Face Abolition


S I N G A P O R E

MAXWELL SYNERGY: Creditor to Prove Debts by October 28
REYNOSA PRIVATE: Court Issues Winding Up Notice
SEABRIDGE TRANSPORT: Releases Dividend Notice
TRANSPARITY LIMITED: Notes Last Day of Receiving Proofs
WAN SOON: Faces Winding Up Proceedings


T H A I L A N D

BANGKOK STEEL: Details Change in Major Shareholder
KRUNG THAI: Transfers Substandard Assets to TAMC
NATURAL PARK: Postpones Capital Reduction
TPI POLENE: Releases Unreviewed Q3 2004 Operating Results
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  

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


AIR CLIMATISATION: Official Liquidator Appointed
------------------------------------------------
On 3 September 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Christopher J. Palmer be
appointed Official Liquidator of Air Climatisation Sales Pty
Limited (In Liquidation).

Dated this 21st day of September 2004

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


AMP LIMITED: Introduces Latest Online Home Loan Processing
----------------------------------------------------------
AMP Banking, a subsidiary of AMP Limited, has announced the
launch of ApplyOnline, a new straight through, online home loan-
processing tool for mortgage brokers and financial planners.

ApplyOnline enables brokers and planners to submit a home loan
application in as little as 15 minutes, 24 hours a day, 7 days a
week.

AMP Banking Managing Director, Michael Guggenheimer said
submitting a home loan application was now easier than ever.

"Applications made to ApplyOnline receive priority processing
which means they are fast tracked through the system and
conditional approval can be given in minutes*," Mr. Guggenheimer
said.

"No one likes waiting any longer than they have to and this why
we've been focused on reducing processing time.

"ApplyOnline helps brokers and planners provide faster service
and more certainty to their clients.

"Once the application has been lodged we will update the
mortgage broker or financial planner by SMS or email message on
the progress of the application. They can choose how and when
they receive this information.

"ApplyOnline makes it easy for brokers and planners to keep
their clients informed every step of the way, from the time they
submit an application, until the client's money is deposited
into their account," he said.

Applications can be saved and re-opened for submission at a
later date and regular AMP Banking news and updates can also be
accessed via the online tool. An automated document checklist
ensures each application is submitted correctly.

*Subject to AMP Banking Lending Guidelines.

Media Inquiries:
Katherine Perry
Tel: 03 9622 5088
Mobile: 0411 247 629  

CONTACT:

AMP Limited
Level 24, AMP Building,
33 Alfred Street,
Sydney, Nsw, Australia, 2000  
Head Office Telephone: (02) 9257 5000  
Head Office Fax: (02) 9257 7178  
Web site: http://www.amplimited.com/


AUSFOREST LIMITED: Receivers and Managers Named
-----------------------------------------------
Arrow Custodians Pty Limited, A.C.N. 002 458 366 of Level 16, 1
O'Connell Street, Sydney NSW 2000, gave notice that on the 3rd
day of September 2004 it appointed Paul Andrew Billingham and
Trevor Mark Pogroske, both of Grant Thornton Chartered
Accountants, Level 17, 383 Kent Street, Sydney NSW 2000, jointly
and severally as Receivers and Managers of the assets and
undertakings of Ausforest Limited, pursuant to the powers
contained in fixed and floating ASIC Charge No. 992565 each
dated 6 November 2003:

Dated this 7th day of September 2004

James Kelly Marshall
Solicitor for Arrow Custodians Pty Limited
Blake Dawson Waldron
Grosvenor Place, 225 George Street,
Sydney NSW 2000


AZORES NO.2: Winds Up Voluntarily
---------------------------------
At an extraordinary meeting of the members of Azores No.2 Pty
Ltd duly convened and held at SimsPartners, Level 6, 12 Pirie
Street, Adelaide SA 5000, on 31 August 2004 at 10:00 a.m., the
resolutions set out below were duly passed.

SPECIAL RESOLUTION

That the Company be wound up voluntarily and the Liquidator be
hereby authorized to make distributions in specie of the
company's assets.

ORDINARY RESOLUTION

That Alan Geoffrey Scott of SimsPartners, Level 6, 12 Pirie
Street Adelaide be appointed Liquidator for the purpose of the
winding up.

Dated this 6th day of September 2004

Alan Geoffrey Scott
Liquidator


CHSAR PTY: Members, Creditors Resolve to Voluntarily Wind Up
------------------------------------------------------------
Notice is hereby given that at meetings of the members and
creditors of Chsar Pty Ltd (In Liquidation) held on 1 September
2004 it was resolved that the company be wound up voluntarily
and that for such purpose John Sheahan and Ian Russell Lock of
the firm of Sheahan Lock Partners, Level 8, 26 Flinders Street,
Adelaide, South Australia, be appointed as joint and several
liquidators.

Dated this 1st day of September 2004

Ian Lock
Joint Liquidator


ELLIS WESTON: To Hold Joint Meeting on October 22
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Ellis
Weston Painting & Wallpapering Pty Ltd (In Liquidation) will be
held at the offices of Armstrong Wily & Co, Level 5, 75
Castlereagh Street, Sydney NSW 2000, on Friday, 22 October 2004,
at 11:00 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 7th day of September 2004

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


ELURA NOMINEES: Appoints Joint and Several Liquidators
------------------------------------------------------
At a general meeting of the members of Elura Nominees Pty Ltd
duly convened and held at Remeljej & Associates, 75 Henley Beach
Road, Henley Beach SA 5022 on 3 September 2004 the Special
Resolution set out below was duly passed:

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

That the company be wound up voluntarily in accordance with the
provisions of Section 491 of the Corporations Act 2001; and

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

J.A. Douglas
Director


KENDALLS HOLDINGS: General Meeting Set Today
--------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Kendalls Holdings Pty Ltd (In Liquidation) will be
held at the offices of WHK Denison, Accountants & Advisors, 30
Davey Street, Hobart, Tasmania on Friday, the 15th day of
October 2004 at 12:00 noon 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 7th day of September 2004

John William Woods
Liquidator
30 Davey Street, Hobart 7000


MERNOR PTY: Holds Members Meeting Today
---------------------------------------
Notice is given that a meeting of the members of Mernor Pty Ltd
(In Liquidation) will be held at the offices of Maris Rudaks,
Chartered Accountant Level 2, 99 Frome Street, Adelaide, South
Australia, 5000 on Friday, the 15th day of October 2004 at 12:00
noon.

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 disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 2nd day of September 2004

M.A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500,
Facsimile: (08) 8236 1555


MITSUBISHI AUSTRALIA: To Stay For As Long As It's Viable
--------------------------------------------------------
Mitsubishi Motors Australia Ltd., a unit of troubled Japanese
carmaker Mitsubishi Motors Corporation, will continue its
operations for as long as it is able to generate profit, says
Asia Pulse.

Mitsubishi Motors President Hideyasu Tagaya confirmed the firm
is not planning to further cut the firm's operations in
Adelaide.

"Of course it's business, so if business is doing well we may
increase (the employee) head count," Mr. Tagaya told ABC radio.

"If the business is not doing well, we may reduce head count.

"However, the operation in Australia is going according to plan
now so we have no plans for further cuts at the moment.

Mitsubishi has announced in May that its engine assembly
facility at Lonsdale, in Adelaide's south, would be shut down
within 18 months, cutting 700 jobs. However, the company ensured
it would continue to run its nearby vehicle assembly plant.

Mitsubishi's Australian operations are vital to South
Australia's economy, where the company is one of the largest
employers with some 3,500 workers directly on the payroll and up
to 16,000 more jobs in component and supply industries.

CONTACT:

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


NATIONAL AUSTRALIA: Releases New Harvest Finance Project
--------------------------------------------------------
National Australia Bank has responded to market demand for more
flexible harvest finance options with the release of a non-
underwritten version of its popular National Wheat Advance
product.

The National's General Manager Agribusiness Mike Carroll said
the move will be welcomed by customers who want the option to
manage price risk themselves, or prefer to use alternative
strategies with their Risk Management Specialist.

"Our close customer relationships give us a keen understanding
of what growers want. Once again, we are improving our product,
providing greater choice and driving competition in the market,"
Mr. Carroll said.

"If a grower wants easy access to the value of their wheat pool
contracts, but wants to manage the risk themselves of a fall in
wheat prices, the Full Recourse option provides access to 80% of
the estimated pool return, GST inclusive and will save growers
the underwriting fee."

The National Wheat Advance is a loan against a wheat grower's
expected AWB pool distribution. In the past, the loan was only
provided with underwriting to protect the customer against the
risk of a fall in the wheat price against which the wheat
advance limit had been calculated.

"As always, the National's product is competitively priced and
this development will help us consolidate our strong position in
this market," Mr. Carroll said.

The Full Recourse product incurs an activation fee of 20 cents
per tonne, has no underwriting fee and, like the fully
underwritten version, has no application fee or line service
fee.

The Underwritten National Wheat Advance lets growers borrow
against their choice of 80%, 70%, 60% or 50% of the estimated
pool return.

"Another point of differentiation is that the National's harvest
finance product links the underwriting fees to the customer's
selected borrowing limit," Mr. Carroll said. "There is also the
added flexibility of being able to protect the value of AWB
Nominated Estimated Pool Return without the need to draw upon
the facility to benefit from underwriting."

Benefits of the National Wheat Advance include:

(1) interest is only paid on the amount drawn down;
(2) underwriting fees are lower if you choose a lower percentage
of your credit limit;
(3) 24 hour, 7 day a week access to funds available via
National's internet and telephone banking;
(4) you don't need to be an existing National customer to apply.
National Wheat Advance Interest Rate*


Total Amount Drawndown             Interest Rate
$1 < $100,000                      7.70% pa
$100,000 < $200,000                7.40% pa
$200,000 < $400,000                7.10% pa
$400,000 plus                      6.85% pa
Underwriting Fees*

Customer's Nominated % Credit Limit Underwriting Fee per Tonne
80%                                 $1.60
70%                                 $1.35
60%                                 $0.95
50%                                 $0.65

* Underwriting Fees and interest rates are current at 12 October
2004 and are subject to change.


NATIONAL AUSTRALIA: Commits to Develop European Ventures
--------------------------------------------------------
The National Australia Bank disclosed in the Australian Stock
Exchange that it is committed to developing its businesses in
Europe and is implementing a range of initiatives to improve
shareholder value.

However, as previously announced, the National's Chief
Executive, Mr. John Stewart, said all options are being
considered as part of a wide-ranging review.

Mr. Stewart said several expressions of interest in our Irish
businesses have been received.

"The Irish businesses are excellent businesses with great
potential," he said.  "No decision has been made to sell them.

"However, given these expressions of interest, we believe it is
in shareholders' interests to explore this option.

"As such, we have commissioned Lazard's to issue an information
memorandum and test the market.

"If we do not receive an offer that reflects the true value and
potential of the Irish businesses, we will continue to invest in
them and to grow them organically."

Mr. Stewart said that work continues on the European review and
initiatives to improve shareholder value.

"We will continue to focus on growth in our businesses and are
confident that they can generate value for the National," he
said.

"We are making excellent progress with plans to improve
performance and see real opportunity to increase our presence in
the south east of England.

"We will provide an update on the European review to the market
when it is sufficiently progressed."

For further information:

Brandon Phillips       
Group Manager      
Group Corporate Relations   
03 8641 3857 work  
0419 369 058 mobile

Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile


PAULTONS PTY: Sets October 18 as Date of Final Meeting
------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of Paultons
Pty Ltd (In Liquidation) will be held in the meeting room of
SimsPartners, Level 6, 12 Pirie Street, Adelaide, on the 18th of
October 2004 at 10:00 a.m.

Dated this 1st day of September 2004

A.G. Scott
Joint and Several Liquidator

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.   

Proofs of debt and proxy forms are available from SimsPartners.

E-mail: adel@simspartners.com.au


PINDARI BUILDING: Schedules Meeting on October 18
-------------------------------------------------
Notice is given that a meeting of creditors and the final
meeting of members and creditors of Pindari Building Company Pty
Ltd (In Liquidation) will be held concurrently at the offices of
Grant Thornton, Chartered Accountants, Level 6, 256 St George's
Terrace, Perth WA on Monday, 18 October 2004 at 9:15 a.m.

AGENDA

(1) To receive a report from the Liquidator on the conduct of
the liquidation.

(2) To receive a statement of the receipts and payments for the
period of the liquidation.

(3) General business.

For Meeting of Creditors only

(4) To fix the Liquidator's remuneration.

Dated this 1st day of September 2004

Mervyn J. Kitay
Liquidator


PITT STREET: To Undergo Voluntary Liquidation
---------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, at a meeting of members held on 7 September 2004 it
was unanimously resolved to voluntarily liquidate Pitt Street
Investments Pty Limited (In Liquidation) and to appoint Bruce
Coombes as the liquidator.

Dated this 7th day of September 2004

Bruce Coombes
Liquidator
30/15 Terminus Street,
Castle Hill NSW 2154


PRIMELIFE CORPORATION: Issues Proceedings Against Manpoint
----------------------------------------------------------
Primelife Corporation Limited on Wednesday issued proceedings
against Mainpoint Developments Pty Ltd, a company associated
with Ted Sent, seeking an order that Mainpoint specifically
perform its obligations under a Call Option Deed pursuant to
which Primelife has exercised an Option to Purchase a property
known as Catalina Waters situated on the corner of Sneydes and
Point Cook Roads, Point Cook.

Jim Hazel
Managing Director
Primelife Corporation Limited

CONTACT:

Primelife Corp. Ltd.
210 Kings Way,
South Melbourne, Victoria,
Australia, 3205
Head Office Telephone: (03) 8699 3300
Head Office Fax: (03) 8699 3414
Web site: http://www.primelife.com.au/


RIANNA ENTERPRISES: General Meeting Slated for October 18
---------------------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a general meeting of the members and
creditors of Rianna Enterprises Pty Ltd (In Liquidation) will be
held at the offices of PPB, Level 1, 5 Mill Street, Perth, WA,
6000 on 18 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 1st day of September 2004

Cliff Rocke
Liquidator
PPB
Level 1, 5 Mill Street,
Perth WA 6000


RRAP INVESTMENTS: Grant Thornton Appointed Receivers, Managers
--------------------------------------------------------------
Arrow Custodians Pty Limited, A.C.N. 002 458 366 of Level 16, 1
O'Connell Street, Sydney NSW 2000, gave notice that on the 3rd
day of September 2004 it appointed Paul Andrew Billingham and
Trevor Mark Pogroske, both of Grant Thornton Chartered
Accountants, Level 17, 383 Kent Street, Sydney NSW 2000, jointly
and severally as Receivers and Managers of the assets and
undertakings of RRAP Investments Pty Ltd, pursuant to the powers
contained in fixed and floating ASIC Charge No. 992569 each
dated 6 November 2003:

Dated this 7th day of September 2004

James Kelly Marshall
Solicitor for Arrow Custodians Pty Limited
Blake Dawson Waldron
Grosvenor Place, 225 George Street,
Sydney NSW 2000


SEL PRICE: To Face Voluntary Winding Up Proceedings
---------------------------------------------------
At a General Meeting of SEL Price Pty Ltd, duly convened and
held at 79 Fullarton Road, Kent Town SA, on 31st 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 be distributed in whole or in
part to the members in specie should the liquidator so desire.

Dated this 31st day of August 2004

K.G. Inns
Liquidator


SPECIFIC SALES: Members Meeting Set Today
-----------------------------------------
Notice is given that a meeting of the members of Specific Sales
Pty Ltd (in Liquidation) will be held at the offices of Maris
Rudaks, Chartered Accountant Level 2, 99 Frome Street, Adelaide,
South Australia, 5000 on Friday, the 15th day of October 2004 at
11:00 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 disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 2nd day of September 2004

M.A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street,
Adelaide SA 5000
Telephone: (08) 8236 1500,
Facsimile: (08) 8236 1555


SONS OF GWALIA: Names Advisors to Assist in Sale of Businesses
--------------------------------------------------------------
The Administrators of Sons of Gwalia Ltd (SGW) announced that
they have appointed advisors to assist in reviewing options for
the reconstruction, sale or otherwise of the major assets of SGW
being the Advanced Minerals Business and the Gold Assets.

UBS Investment Bank has been appointed to advise on the Advanced
Mineral Business and Tantalum Assets and Macquarie Bank Limited
has been appointed to advise on the sale of the Gold Assets.

The Administrator, Mr. Andrew Love of Ferrier Hodgson stated
"the appointment of Advisors is a key role in the Administration
so that we can explore all the options available to the creditor
stakeholders. It is expected the Gold Assets will be offered for
sale in the very near future".

Mr. Love also stated that "with the appointments of both UBS and
Macquarie the Administrators are pleased that we have two first
rate advisors to assist the Administrators, Creditors and
Stakeholders to maximize returns in the most appropriate time
frame".


Garry Trevor, Andrew Love and Darren Weaver
Joint and Several Administrators of
Sons of Gwalia Ltd

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/


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


ASIAN AREA: Issues Intended Dividend Notice
-------------------------------------------
Notice is hereby given that a first dividend is intended to
Asian Area Reinsurance Company Limited, in creditors' voluntary
liquidation.

All creditors of the company must prove their debts by the 29th
day of October 2004 and send in their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company at 2/F., Chung Nam Building, 1
Lockhart Road, Wanchai, Hong Kong.

In default thereof, they will be excluded from the benefit of
any distribution declared.

Dated this 8th day of October 2004

Jan G. W. Blaauw
Joint and Several Liquidator


BILALIAN PACIFIC: Creditors Must Prove Debts by November 9
----------------------------------------------------------
Notice is hereby given that the Creditors of Bilalian Pacific
Limited, which is being voluntarily liquidated, are required on
or before the 9th day of November 2004 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned.

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

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

Dated this 8th day of October 2004

Chiu Soo Ching, Katherine
Cho Che Kwong, Alex
Joint and Several Liquidators
c/o Horwath Management Services Limited
2001 Central Plaza, 18 Harbour Road
Wanchai Hong Kong


CHINA GAS: Details Special General Meeting Results
--------------------------------------------------
China Gas Holdings Limited announced that the Special General
Meeting (SGM) held on 12 October 2004 and the ordinary
resolutions approving the Great Sun Agreement, the Share
Transfer Agreements and the transactions contemplated there
under were duly passed by way of poll.

Reference is made to the press announcement dated 23 August 2004
and the circular dated 24 September 2004 of the Company
regarding the Great Sun Acquisition and the JV Acquisition.

Capitalized terms used in this announcement shall have the same
meanings as those defined in the Circular unless otherwise
stated.

RESULTS OF THE SGM

As set out in the notice convening the SGM dated 24 September
2004, ordinary resolutions in respect of the Great Sun
Agreement, the Share Transfer Agreements and the transactions
contemplated there under were proposed to be considered and, if
thought fit, passed at the SGM.

The resolutions were voted by way of poll. The Company's branch
share registrar, Computershare Hong Kong Investor Services
Limited, was appointed as scrutinizer for the vote taking in the
SGM.

It was stated in the Circular that Famestar, Beijing YLC, Great
Sun and their respective associates would have to abstain from
voting at the SGM. As at the date of the SGM, none of Famestar,
Beijing YLC, Great Sun nor their respective associates have any
shareholding interests in the Company. As such, no Shareholders
have abstained from voting at the SGM.

As at the date of the SGM, there were a total number of
1,754,151,765 Shares in issue. Shareholders holding
1,754,151,765 Shares were entitled to attend and vote for or
against the resolutions at the SGM.

The results of the voting at the SGM are as follows:
Resolutions Number of Shares (%)
For Against

(1) To approve the Great Sun Agreement in relation to the
acquisition 800,388,973 Nil of, among other things, the entire
issued share capital of Great (100%) (Nil) Sun and the
transactions contemplated thereunder

(2) To approve the Hanchuan Agreement in relation to the
800,388,973 Nil acquisition of 10% equity interests in Hanchuan
Jiaxu and (100%) (Nil) the transactions contemplated thereunder

(3) To approve the Xiaogan Agreement in relation to the
800,388,973 Nil acquisition of 10% equity interests in Xiaogan
Jiaxu and (100%) (Nil) the transactions contemplated thereunder

(4) To approve the Yingcheng Agreement in relation to the
800,388,973 Nil acquisition of 10% equity interests in Yingcheng
Jiaxu and (100%) (Nil) the transactions contemplated thereunder

(5) To approve the Yumeng Agreement in relation to the
800,388,973 Nil acquisition of 10% equity interests in Yumeng
Jiaxu and (100%) (Nil) the transactions contemplated thereunder
Accordingly, the resolutions were duly passed by way of a poll
at the SGM.

By order of the Board
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong

This Hong Kong Stock Exchange announcement is dated October 12,
2004.


EVER GEMINI: Faces Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the winding up of
Ever Gemini Development Limited, whose registered office is
situated at Unit 7B, 34/F., Cable TV Tower (formerly known as
Wharf Cable Tower), 9 Hoi Shing Road, Tsuen Wan, N.T., Hong Kong
by the High Court of Hong Kong Special Administrative Region was
on the 22nd day of September 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, 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.

Messrs. Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
16-20 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 2nd day of
November 2004.


FAR EAST: Court to Hear Winding Up Petition on October 20
---------------------------------------------------------
Notice is hereby given that a Petition for the winding up of Far
East Pharmaceutical Technology Company Limited, a company
incorporated under the Companies Laws of the Cayman Islands
(Revised), by the High Court of Hong Kong Special Administrative
Region was on the 15th day of September 2004 presented to the
said Court by Standard Chartered Bank (Hong Kong) Limited whose
registered office is situate at 32th Floor, 4-4A Des Voeux Road,
Central, Hong Kong.  

The said Petition will be heard before the Court at 10:00 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.

Lovells
Solicitors for the Petitioner
23th Floor, Cheung Kong Center
2 Queen's 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.


FING ENGINEERING: Winding Up Hearing Set October 27
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Fing Engineering Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 14th day of September
2004 presented to the said Court by Westson Electrical Supplies
Limited whose registered office is situated at Ground Floor,
Tung Chau Building, 276 Tung Chau Street, Shamshuipo, 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.

Chung & Kwan
Solicitors for the Petitioner
Rooms 1601-1606, 16th Floor, ING Tower
308-320 Des Voeux 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 26th day of
October 2004.


HONGKONG PHARMACEUTICAL: Winding Up Hearing Set October 27
----------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Hong Kong Pharmaceutical Holdings Limited, formerly known as N P
H International Holdings Limited, by the High Court of Hong Kong
Special Administrative Region was on the 21st day of September
2004 presented to the said Court by Goldon Investment Limited
whose registered office is situated at 32nd Floor, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 am 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.

Willie Chang & Co., Solicitors
Solicitors for the Petitioner
Rooms 406, Dominion Centre
43-59 Queen's Road East
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.


KEI SHING: Court Issues Bankruptcy Order
----------------------------------------
Notice is hereby given that Bankruptcy Orders against Woo Chu Ki
trading as Kei Shing Water Electric Eng. Co. were made on the
22nd September 2004.

All debts due to the estates should be paid to me.

Dated this 8th day of October 2004

E T O'CONNELL
Official Receiver


PEACE INTERNATIONAL: Bankruptcy Petition Issued
-----------------------------------------------
Peace International Limited with registered office Room 1203,
12/F, Multifield Plaza, 3-7a Prat Avenue, Tsimshatsui, Kln has
issued a petition notice at The Standard on October 8, 2004

Date of Order: 22 September 2004

Date of Presentation of Petition: 16 August 2004

Dated this 8th day of October 2004

E T O'CONNELL
Official Receiver


RESOLUTION SOFTWARE: Receives Bankruptcy Order
----------------------------------------------
Notice is hereby given that Bankruptcy Orders against Ho Lai
Chuen, Cadia trading as Resolution Software Consultants were
made on the 22nd of September 2004.

All debts due to the estates should be to the undersigned.

Dated this 8th day of October 2004.

E T O'CONNELL
Official Receiver


WEICHENG INTERNATIONAL: Winding Up Petition Made
------------------------------------------------
Weicheng International Incorporation Limited with registered
office Room 1808, Tower One Lippo Centre, 89 Queensway, HK has
issued a petition notice at The Standard on October 8, 2004

Date of Order: 22 September 2004

Date of Presentation of Petition: 17 August 2004

Dated this 8th day of October 2004

E T O'CONNELL
Official Receiver


* China to Possibly Write Off CNY300Bln of NPAs
-----------------------------------------------
China will likely write off non-performing assets (NPA)
amounting to CNY300 billion, which is owned by the country's top
lenders located in the country's "rustbelt" northeast provinces,
says AFX News, citing Beijing News.

The NPA write-off is expected to significantly reduce the NPA
ratio of major financial institutions.

The People's Bank of China (PBoC), the country's central bank,
along with China Banking Regulatory Commission, the National
Development & Reform Commission and the Ministry of Finance
created the NPA plan, which is awaiting approval from the State
Council.

The total 2003 NPAs reflected CNY2.44 trillion in which CNY310
billion or 12.7 percent was credited to the provinces of
Heilongjiang, Jilin and Liaoning.

Meanwhile, as of June this year non-performing loans by Bank of
China, China Construction Bank, the Agricultural Bank of China,
and the Industrial and Commercial Bank of China reached CNY237.4
billion.

Due to World Trade Organization's requirement to open up its
banking sector for foreign investors by 2006, China is now
taking great effort to revamp its banking sector.

Last year, the government injected CNY22.5 billion to Bank of
China (BOC) and China Construction Bank (CCB) in order to perk
up its capital base.

BOC and CCB have undertaken equity restructuring over the past
few months as it seeking to list domestically as well
internationally.


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


ASTRA INTERNATIONAL: To Pay 2004 Interim Dividend
-------------------------------------------------
PT Astra International Tbk announced Wednesday it will pay an
interim dividend of IDR100 per share from its 2004 operations,
Reuters says.

According to the automotive distributor, the cum dividend date
was set at November 1 and the payment will be made on November
12.

CONTACT:

P.T. Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/


GARUDA INDONESIA: Mulls Cessation of European Flights
-----------------------------------------------------
PT Garuda Indonesia is planning to halt its flights to Europe in
November to prevent further losses, reports Asia Pulse.

Garuda President Indra Setiawan said the load factor is no
longer profitable in the route. He added the load factor could
reach 80 percent to 90 percent in the peak season and only 30
percent in the low season.

The national flag carrier, which serves flights five times a
week between Jakarta and Amsterdam, has reached an accord with
Malaysian Airlines (MAS) that Garuda passengers bound for Europe
will transit in Kuala Lumpur to proceed to their destination via
MAS.

International flights account for 55 percent of Garuda's income
of around IDR11 trillion (US$1.2 billion) annually.

CONTACT:

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


GARUDA INDONESIA: To Expand Citilink Fleet to Repel Competition
---------------------------------------------------------------
Garuda Indonesia is moving to ramp up its low-cost Citilink
division to ward off low-fare challengers in the domestic
market, relates Flight International.

Executive Vice-President commercial Bachrul Hakim confirmed
Citilink will aggressively expand its Boeing 737-300 fleet, as
it progressively assumes responsibility for most of the group's
domestic and international flights of less than 200.

"Expansion is a must for Citilink," Mr. Hakim said, adding that
the no-frills carrier could be operating 60-70 percent of the
state-owned airline group's under-200 flights within two or
three years.

Garuda sees Citilink, which was established in 2001 as a
domestic feeder carrier operating F28s, as its tool to help
retain market share as new private airlines emerge following an
easing of licensing and ticket pricing restrictions.

Meanwhile, Mr. Hakim disclosed Garuda's plan to forge a deal
with Boeing to enable it to take delivery of six long-deferred
777-200ERs and 18 737-700s, which were ordered before Garuda
fell into serious financial issues in the 1990s.

Mr. Hakim said Garuda badly needs the aircraft but cannot afford
to buy them because it is still paying back its huge debts.

"We are in negotiation with Boeing," Mr. Hakim says. "Because of
our financial situation, we don't have the luxury of being able
to buy the aircraft. So one option may be to lease the aircraft
from the manufacturer.

"This is in the process of discussion, but we have not found a
solution yet."


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


ALL NIPPON: Selects Rolls-Royce Trent 1000 for the Boeing 7E7
-------------------------------------------------------------
At a meeting of the ANA (All Nippon Airways) Board of Directors
held Wednesday, it was decided that the Rolls-Royce Trent 1000
engine will power ANA's new fleet of 50 Boeing 7E7 series
aircraft that go into service in 2008.

The 7E7 Engine Selection Committee, headed by ANA Senior
Executive Vice-President, Mineo Yamamoto, was established on May
19 this year to evaluate two contending engines proposed by
Boeing: General Electric's GEnx and Rolls-Royce's Trent 1000.

The Trent 1000 was highly rated in terms of safety, reliability,
and environmental considerations such as noise and emissions. It
was praised also for its economics and fuel-efficient
performance, and was deemed to have the edge in meeting ANA's
specific operating and network needs.

Mr. Yamamoto said, "Both manufacturers came up with brilliant
and innovative designs based on tried and trusted engine
families that meet all the criteria of the 7E7 ideal in terms of
economic and environmental performance. But in the end the
Rolls-Royce Trent 1000 best met ANA's criteria".

At list prices, the total value of the engine order is
approximately US$1 billion.

Delivery of the 7E7 will commence in 2008, one year in advance
of the planned expansion and internationalization of Tokyo's
Haneda Airport, ANA's current domestic hub. The long-range 7E7-8
and short-range 7E7-3 derivatives will be used to replace ANA's
current fleet of Boeing 767-300 aircraft powered by GE engines
as part of ANA's fleet rationalization strategy. ANA placed its
order for 50 7E7 aircraft on April 26, valued at US$6 billion,
and is the launch customer of the 7E7 programme.

CONTACT:

All Nippon Airways Co., Ltd.
Shiodome City Center,
1-5-2 Higashi-Shimbashi, Minato-ku
Tokyo, 105-7133, Japan
Phone: +81-3-6735-1000
Fax: +81-3-6735-1005
Web site: http://www.ana.co.jp


CAR MATE: JCR Downgrades senior debts to BB
-------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has downgraded the
rating on senior debts of Car Mate Mfg. Co., Ltd. from BB+ to
BB.

Rationale

Car Mate is a manufacturer of automotive accessories for
aftermarket. It manufactures a wide variety of products. The
business environment surrounding Car Mate is becoming more and
more severe as indicated by stagnant retail sales of automotive
accessories.

The retailers, primary customers of Car Mate, have shifted its
mainstay business to service business including automobile
inspection in the face of poor sales of accessories. The
automotive accessories manufacturers accept returns from
retailers as trade practice. These returns have been standing
high recently.

Car Mate fell into an operating loss for fiscal 2003 with the
revenue being declined sharply. Loss on discard, write-downs and
an increase in SG & A expenses also decreased the profit.
Although financial ratios remain good, operating results have
been on the decline since they bottomed out in fiscal 1999.

JCR considers that deterioration in the business environment
will further put downward pressure on the earnings. Accordingly,
it downgraded the rating for the company from BB+ to BB.

CONTACT:

Car Mate Mfg. Co., Ltd.
72 Enoki-Cho
Shinjuku-Ku 162-830, Tokyo 162-8630
Japan
Phone: +81 3 3268 1426
Fax: +81 3 3267 6877
Web site: http://www.carmate.co.jp/


DAIEI INCORPORATED: Finally Seeks IRCJ Bailout
----------------------------------------------
Daiei Incorporated has finally decided to seek help from the
Industrial Revitalization Corporation of Japan (IRCJ) after
failing to win the support of its main creditors for its own
revival plan, reports Japan Times.

The struggling retailer's president, Kunio Takagi, has told
Economy, Trade and Industry Minister Shoichi Nakagawa during
their Wednesday meeting about Daiei's decision to involve the
IRCJ in its rehabilitation.

Mr. Takagi reportedly told Mr. Nakagawa that the final decision
was made because Daiei would not be able to win auditor's
approval of its April-September financial report in the face of
threats by its lenders to withdraw financial support if it did
not seek IRCJ's support.

Sources speculated that Mr. Takagi will probably resign now that
Daiei has failed in its attempt to revive its business using
private-sector funds only.

Late Wednesday night, Daiei and its main creditors UFJ Bank,
Mizuho Corporate Bank and Sumitomo Mitsui banking Corporation
have submitted a formal application to the IRCJ for
rehabilitation aid. The IRCJ is expected to accept the
application.

The IRCJ will then work on Daiei's restructuring program based
on an earlier plan featuring the closure of at least 46 of
Daiei's outlets by the end of the current business year. And if
necessary, the retailer may be forced to shut down more stores
and cut more jobs.

However, the IRCJ is likely to let the retailer keep the Daiei
Hawks professional baseball club, along with its moneymaking
credit card affiliate OMC Card Incorporated.

On Tuesday, Mr. Takagi formally rejected the proposal to use
IRCJ's assistance, saying the company would only seek support of
private companies. But its main creditor banks pressured Daiei
to turn to IRCJ, warning they could otherwise cancel the
retailer's loans. Such move by the lenders could have led to a
legal liquidation of the retail giant.

Following a five-hour meeting that lasted until Tuesday
midnight, Mr. Takagi and officials of the three banks reached
the final decision on the IRCJ issue after resuming last-ditch
talks on Wednesday.

"I think Daiei is gradually coming to understand our position,"
UFJ Bank President Takamune Okihara told reporters Wednesday
morning.

The three lenders, which pressured Daiei in the hopes of
expediting their bad loan write-offs, was also worried that
accepting Daiei's own revival plan would entail fresh financial
assistance that could prompt lawsuits by their shareholders as
they have already provided Daiei with aid in 2001 and 2002.

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


HITACHI LIMITED: Unveils New China Business Strategy
----------------------------------------------------
Hitachi, Ltd. (NYSE:HIT / TSE:6501 / Hitachi) announced a new
business strategy for China with the aim of achieving a high,
double-digit annual growth rate heading into fiscal 2006, ending
March 31, 2007.

The new strategy focuses on nine target businesses in the
Chinese market: power and industrial equipment systems, building
systems, transportation systems, information and
telecommunication systems, medical systems, consumer
electronics, construction and resource development systems,
automotive systems and materials, and components and materials
for information electronics and digital consumer electronics. By
bolstering R&D, improving products and taking other actions,
Hitachi is determined to stake out a stronger position in these
fields in the Chinese marketplace.

Hitachi will stage exhibitions in three Chinese cities, Beijing,
Shanghai and Guangzhou, from October to November this year under
the banner "Hitachi Exhibition-China 2004." These exhibitions
will showcase how Hitachi's collective strengths can support the
development of cities in China and the country's future.

Furthermore, in order to develop business based on a deeper
understanding of Chinese society, Hitachi plans to promote
outstanding local staff to management positions in line with a
human resources development strategy to be formulated mainly for
Hitachi (China), Ltd., which is aiming to obtain Regional
Headquarters accreditation. And recognizing its responsibility
as a corporate citizen, Hitachi will actively work to contribute
to Chinese society. Hitachi will also bolster R&D and implement
initiatives geared toward the efficient utilization of the
group's resources, such as raising efficiency in management and
other departments.

Together, these actions will raise the standing of Hitachi's
business in China as a key global operation. Hitachi is
presently pushing through various management reforms under its
medium-term management plan, "i.e.HITACHI Plan II," with the aim
of transforming into the "best solutions partner."

Guided by a policy of being "the most trusted company in the
world," the Hitachi Group is determined to become "The Most
Trusted Partner in China" as well.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_HITACHILIMITED101404.pdf

CONTACT:

Hitachi, Ltd.
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo, 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375
Web site: http://www.hitachi.com


JAPAN AIRLINES: Boeing Delivers First 747-400 Freighter
-------------------------------------------------------
The Boeing Company [NYSE: BA] announced in a press release that
it has on Tuesday delivered Japan Airlines International's (JAL)
first 747-400 Freighter, the first of two new 747-400Fs for the
Tokyo-based carrier.

The new airplane will enter an extensive Japan Airlines 747
fleet, which currently numbers 77 Boeing 747s - more than any
other carrier. Ten of those are 747-200Fs. The second 747-400
Freighter is also scheduled for delivery later this month.

"The Boeing 747-400 Freighter is the key to Japan Airlines
meeting the needs of Japan 's rapidly growing economy and
booming air cargo market," said Toru Okushima, deputy general
manager, Engineering & Maintenance Division, vice president,
Maintenance Business Division, Narita, Japan Airlines. "With the
greatest capacity and lowest ton-per-mile cost of any commercial
air freighter, the 747-400 Freighter will allow us to provide
superior cargo service to our customers, while minimizing our
operating costs."

"Japan Airlines and Boeing have an excellent relationship that
spans more than four decades," said Larry Dickenson, senior vice
president - Sales, Boeing Commercial Airplanes. "This history
continues today and will do so far into the future as Japan
Airlines adds the 747-400 Freighter, the world's premier cargo
airplane, to its fleet."

The Boeing World Air Cargo Forecast 2004/2005 projects that the
air cargo industry will grow at an average annual rate of 6.2
percent, significantly higher than the projected passenger
traffic rates. Cargo traffic growth rates in excess of seven
percent are projected for Asian routes - the largest increases
in the world over the next 20 years.

The Boeing 747 provides more than half of the world's freighter
capacity. The Boeing 747-400 Freighter continues selling well
with 12 ordered thus far this year.

The 747-400 Freighter can carry 120 tons of cargo, 25 tons more
than the 747-200 Freighters currently in Japan Airlines' fleet.
In addition to the higher payload capability, the 747-400F burns
15 percent less fuel than its predecessor allowing it to reach
more destinations. The 747-400 Freighter will join Japan
Airlines' existing 747-400 passenger airplane fleet, giving the
airline the benefits of a 747-400 airplane family using the same
flight crews and the same maintenance and operating procedures.

Eighteen Boeing customers have ordered 126 747-400 and -400ER
Freighters. Including today's delivery, 101 of those have been
delivered. This 747-400F is the 107th 747 delivered to JAL.

The JAL Group is one of the largest Boeing operators, with a
fleet that includes 26 777s, 33 767s, 77 747s and 23 737s.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome,
Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp


MITSUBISHI MOTORS: Exhibits at 38th Tokyo Motor Show
----------------------------------------------------
Mitsubishi Motors Corporation announced it will be exhibiting
five vehicles at the 38th Tokyo Motor Show to be held from
November 2-7 at the Makuhari Messe (Nippon Convention Center)
just outside Tokyo to a "Commercial & Barrier-free Vehicles
2004" theme.

Mitsubishi Motors exhibits include the Townbox Transporter (with
kneeling rear suspension) and other models from the company's
range of user-friendly and barrier-free cars.

Mitsubishi Motors will be encouraging visitors to experience for
themselves the utility and comfortable ride that are defining
features of its barrier-free models. The company will be
demonstrating these features using four vehicles at its stand in
the East Hall, and will be giving visitors the op-opportunity to
test ride the Townbox Wheelchair model (with kneeling rear
suspension) in the outdoor Test-ride Arena.

Driven by its corporate stance of wishing to make the
convenience, comfort and fun of car travel available to as many
people as possible, Mitsubishi Motors brought its first Hearty
Run series of barrier-free vehicles to market in 1991. Today,
the company's lineup of these user-friendly models includes
wheelchair transporter, assisted entry/egress and adapted
control versions of current production cars that are tailored to
provide different degrees of assistance to match individual
users' needs.

To provide customers the opportunity to view and test ride the
Hearty Run lineup all year round, Mitsubishi Motors has
established permanent Barrier-free Vehicle Lounges in Tokyo
(Tamagawa) and in Osaka. The company also stages barrier-free
vehicle fairs and demonstrations throughout Japan on a regular
basis.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_2MITSUBISHIMOTORS101404.pdf

CONTACT:

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


SHINWA GORUFU: Faces Insolvency
-------------------------------
Golf course operator Shinwa Gorufu K.K. is facing insolvency,
Teikoku Databank America says. The company, headquartered in
Kyoto-shi, Kyoto 600-8418, left total liabilities of US$1399.17
million.

For more information, visit http://www.teikoku.com/.


SUGA K.K.: Enters Bankruptcy
----------------------------
Suga K.K. has entered bankruptcy with total liabilities of
US$171.92 million, according to Teikoku Databank America. The
firm, engaged in the real estate business, is based in Yokohama-
shi, Kanagawa 231-0011.

For more information, please visit http://www.teikoku.com/.


UFJ HOLDINGS: Participation of Unit in JGB Market Suspended
-----------------------------------------------------------
UFJ Holdings Incorporated announced that its core unit UFJ Bank
Limited has on Wednesday received a notice from the Ministry of
Finance that all the entitlements as a special participant in
Japanese Government Bond market should be suspended from October
14, 2004 until the end of this year in conjunction with the
administrative order recently issued by the Financial Services
Agency on UFJ Bank.

UFJ Group said that it takes the matter very seriously and makes
full commitment to restore confidence as early as possible by
further strengthening internal control such as compliance
system.

(Reference) Entitlements of Special Participants in JGB market

(1) Participation in the regular meeting of special participants
(2) Participation in buy-back auctions
(3) Stripping and reconstruction operation of STRIPS
(4) Participation in the Non-price Competitive Auction II, etc.

CONTACT:

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


UFJ HOLDINGS: Reorganizes Audit and Compliance Committee
--------------------------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) hereby gave notice that UFJ
Bank Limited (UFJ Bank), a wholly owned subsidiary of UFJ
Holdings, Inc, has fully reorganized its Audit & Compliance
Committee and established the Internal Audit Planning Office in
the course of its measures to reform its corporate governance
framework to restore confidence as quickly as possible.

(1) Reorganization of the Audit & Compliance Committee

UFJ Bank appointed two external directors. These directors will
supervise management in the board of directors and be appointed
as the Chairperson and a member of the Audit & Compliance
Committee, which is fully reorganized with largely expanded
authority.

In order to rigidly ensure its independence, the committee
consists of three external members, including one additional
member appointed by the chairperson. Two of them are attorneys
at law including a former Judge of the Supreme Court and one is
a certified financial accountant.

All authority to supervise and direct the internal auditing
departments will be given to the committee.

The committee, independent from management, will report on the
status of UFJ Bank's risk management, compliance, and internal
auditing to the board of directors as well as to the Financial
Services Agency of Japan.

(2) Establishment of the Internal Audit Planning Office

The newly established Internal Audit Planning Office will govern
and supervise the Internal Audit Department as the executive
office for the Audit and Compliance Committee. This department
will be also in charge of internal audit planning.


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


* Surge in Oil Prices Affects South Korean Oil Importers
--------------------------------------------------------
Out of 40 registered importers in South Korea, only four or five
are continuing business and some are even facing bankruptcy,
Asia Pulse reports, citing industry sources.

Pedaco, the country's largest oil importer, filed for bankruptcy
in October last year.  Huron Co., an importer of Bunker C oil,
suspended business in May.  Other importers are also moving to
cancel business registrations for oil imports.

Record-high oil prices caused the downturn in South Korea oil
importers.  Crude oil for November delivery climbed 2.2 per cent
to US$53.64 a barrel Wednesday on the New York Mercantile
Exchange.

The government's tariff policy also did not help in reducing
costs for the companies, which import gasoline, diesel, and
other finished oil products instead of crude oil.

In July, the government imposed tariffs on these products that
are 4 percentage points higher than on crude oil, a higher
margin than the 2 percentage points previously imposed.

According to sources, some companies are demanding that state-
run Korea National Oil Corp. take over their oil stores as a
result of the mounting price pressure.  The companies are also
calling for the government to revise its tariff policy.

Three local importers sent letters on Wednesday to the president
and prime minister urging the government to either buy or borrow
the storage facilities, for which they spent a total of KRW78
billion (US$68 million).


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


ACTACORP HOLDINGS: Updates Restructuring Scheme
-----------------------------------------------
PM Securities Sdn Bhd refers to the announcement dated 8 October
2004 in relation to the Securities Commission's decision on the
Proposed Restructuring Scheme of Actacorp Holdings Berhad (AHB).

On behalf of AHB, PM Securities Sdn Bhd announced that the date
of the SC's letter (which was received on 7 October 2004) should
be 4 October 2004 instead of 4 August 2004 as inadvertently
stated in the announcement dated 8 October 2004.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Telephone: +60 3 9284 7133

This announcement is dated 13 October 2004.


ANCOM BERHAD: Purchases 15,300 Ordinary Shares on Buy Back
----------------------------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on October 13, 2004.
   
Date of buy back: 13/10/2004

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 15,300

Minimum price paid for each share purchased (RM): 0.780

Maximum price paid for each share purchased (RM): 0.780

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 15,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,103,500

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

CONTACT:

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

AOKAM PERDANA: Unveils Rights Issue
-----------------------------------
In behalf of Aokam Perdana Berhad, Southern Investment Bank
Berhad announced that the last date and time for the transfer of
provisional allotment of rights issue of 14,597,646 new ordinary
shares of RM1.00 each will be on 21 October 2004 at 4 o'clock in
the afternoon and the acceptance and payment will be on 2
November 2004 at 5 o'clock in the afternoon. The excess shares
application and payment will be on 2 November 2004 at 5 o'clock
in the afternoon.

Copies of the Abridged Prospectus together with the accompanying
Notice of Provisional Allotment and Rights Subscription Form in
relation to the Rights Issue will be dispatched on 19 October
2004 to the shareholders of Aokam whose names appear in the
Record of Depositors and Register of Members as at 5.00 p.m. on
12 October 2004.

Entitled shareholders who do not receive the aforesaid documents
within a week from the date of dispatch should notify the Share
Registrar of Aokam at:

Tenaga Koperat Sdn Bhd
20th Floor, Plaza Permata
Jalan Kampar, Off Jalan Tun Razak
50400 Kuala Lumpur
Tel: 03-4041 6522

Pursuant to the announcement made to Bursa Malaysia Securities
Berhad on 15 June 2004, there will not be any trading of rights
entitlements. Accordingly, the closing date for receipt of the
application and acceptance in respect of the Rights Issue has
been shortened from at least twenty-two clear market days to at
least fourteen (14) clear market days to 2 November 2004.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 3466
Telephone: +60 3 2166 3455

This announcement is dated 13 October 2004.


BESCORP INDUSTRIES: Discloses Amended Underwriting Agreement
------------------------------------------------------------
Commerce International Merchant Bankers Berhad refers to its
announcement on 2 August 2004, wherein an underwriting agreement
had been entered into between WCT Engineering Berhad (WCT), WCT
Land Berhad (WCTL), Commerce International Merchant Bankers
Berhad (CIMB) and AmMerchant Bank Berhad (collectively referred
to as the Parties) on 2 August 2004 to underwrite 57,300,000
Offer Shares available for application by the entitled
shareholders of WCT, eligible Directors and employees of WCT and
its subsidiaries, identified investors by way of private
placement and Malaysian public pursuant to the Offer for Sale
(Underwriting Agreement).

On behalf of Bescorp Industries Berhad and WCTL, CIMB announced
that the Parties have on 12 October 2004 entered into a
Supplemental Agreement to amend, modify and/or vary the
Underwriting Agreement. Save and except where it is expressly or
impliedly amended, modified and/or varied, all other provisions
of the Underwriting Agreement shall remain effective and valid.
COLLECTIVELY REFERRED TO AS THE "CORPORATE PROPOSALS"

Proposed Share Split;
Proposed Share Exchange;
Proposed Cash Payment;
Proposed Capitalization;
Proposed Conversion Of Advances;
Proposed Offer For Sale;
Proposed Transfer Of Listing;
Proposed Exemption; And
Proposed Liquidation

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967

This announcement is dated 13 October 2004.


CEPATWAWASAN GROUP: Releases Litigation Update
----------------------------------------------
Further to the announcement on 12 October 2004 regarding the
Civil Suit No D3-22-1168-2004 by Cepatwawasan Group Berhad and
its subsidiary, Prolific Yield Sdn. Bhd. against Tengku Dato'
Kamal Ibni Sultan Sir Abu Bakar and 9 others, the Cepatwawasan
Group announced that:

I. The ex parte hearing for the mareva injunction against Yip
Fook Yian and Yip Chee Meng was extended and adjourned to 22
November 2004;

II. The injunction against Malayan Banking Bhd, Bangsar Baru
Branch was confirmed today; and

III. The injunction against Resorts World Bhd was confirmed on
13 October 2004.


INNOVEST BERHAD: Seeks Restructuring Approval
---------------------------------------------
Innovest Berhad announced that it has on 12 October 2004,
submitted the applications to the Securities Commission (SC) and
the Foreign Investment Committee (via the SC) to seek their
approvals for the Proposed Restructuring Scheme.

COLLECTIVELY REFERRED TO AS THE "PROPOSED RESTRUCTURING SCHEME"

I) 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);

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

Iii) Proposed Offer For Sale;

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

V) 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 13 October 2004.


GADANG HOLDINGS: Granted Listing of 500,000 New Ordinary Shares
---------------------------------------------------------------
Gadang Holdings Berhad's additional 500,000 new ordinary shares
of RM1.00 each issued pursuant to the conversion of RM635,000
nominal value of 2 percent 2003/2008 irredeemable convertible
unsecured loan stocks into 500,000 new ordinary shares will be
granted listing and quotation with effect from 9.00 a.m.,
Monday, 18 October 2004.

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


KEMAYAN CORPORATION: SC OKs Investigative Audit Extension
---------------------------------------------------------
Further to the announcement dated 6 February 2004, Public
Merchant Bank Berhad, on behalf of the Board of Kemayan
Corporation Berhad (KCB), announced that the Securities
Commission (SC) vide its letter dated 8 October 2004, which was
received on 12 October 2004, has approved the application for
further extension of time until 15 March 2005 for Messrs.
Monteiro & Heng, being the independent investigative auditor, to
complete the investigative audit on KCB as required by the SC
via its approval letter dated 16 July 2003 in respect of the
Proposed Restructuring Scheme.

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

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Tel: +60 7 236 2390
Tel: +60 7 236 5307

This announcement is dated 13 October 2004.


MTD CAPITAL: Issues Shares Buy Back Notice
------------------------------------------
MTD Capital Bhd announced the details of its shares buy back on
October 13, 2004.
   
Date of buy back: 13/10/2004

Description of shares purchased:  Ordinary shares of RM1/- each

Total number of shares purchased (units): 12,000

Minimum price paid for each share purchased (RM): 2.530

Maximum price paid for each share purchased (RM): 2.550

Total consideration paid (RM): 30,385.20

Number of shares purchased retained in treasury (units): 12,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,946,000

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

CONTACT:

MTD Capital Berhad
Lot 8359, Mukim of Batu
Batu 8, Jalan Caves,
68100 Batu Caves,
Selangor Darul Ehsan,
Malaysia
Telephone: (603) 689-9022
   

PSC INDUSTRIES: Details Debt Restructuring Proposal
---------------------------------------------------
Avenue Securities Sdn Bhd on behalf of the Board of Directors of
PSC Industries Berhad (PSCI) announced that Bursa Malaysia
Securities Berhad vide its letter dated 11 October 2004 (which
was received on 13 October 2004), has approved-in-principle the
listing of 63,488,079 new ordinary shares of RM1.00 each in PSCI
to be issued pursuant to the conversion of the Redeemable
Convertible Loan Stocks (RCLS) and yield for the RCLS under the
Revised Proposals, subject to the condition that shareholders'
approval for the revisions to the Revised Proposals as disclosed
in the Company's announcement dated 4 October 2004 be obtained.

The Company shall immediately undertake the necessary steps to
obtain the shareholders' approval as soon as possible.

Collectively referred to as the "Revised Proposals"

Proposed Debt Restructuring; and
Proposed Restricted Offer for Sale

CONTACT:

Psc Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Tel: +60 3 201 6516
Tel: +60 3 232 6214

This announcement is dated 13 October 2004.


PUNCAK NIAGA: To List 8,000 New Ordinary Shares
-----------------------------------------------
Puncak Niaga Holdings Berhad's additional 8,000 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option scheme will be granted listing and quotation with effect
from 9 a.m., Friday, 15 October 2004.

CONTACT:

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


TECHVENTURE BERHAD: Updates Debt Restructuring Scheme
-----------------------------------------------------
Further to the debt-restructuring scheme that was announced
earlier, Techventure Berhad (TVB) announced that a meeting with
the Group's financial institutional lenders was held on October
13, 2004. The meeting, which was attended by the majority of the
financial institutional lenders, was to brief the lenders of the
debt restructuring scheme finalized by Ernst & Young, the
consultants undertaking the debts restructuring exercise on
behalf of the Company. The Company is expecting feedback from
the financial institutional lenders in due course. Upon
finalization and acceptance by the financial institutional
lenders of the debt restructuring scheme the appropriate
announcement will be made.

In the meantime, TVB announced that a subsidiary of the Company,
Insulflex Sdn Bhd, received today a legal demand from Southern
Bank Berhad (SBB) for RM317,419.96 being the arrears due on a
term loan granted by SBB.

The term loan forms part of the debts of the TVB Group that are
being restructured under the aforementioned proposed debt-
restructuring scheme. The Company will be meeting SBB to resolve
the claim.

CONTACT:

Techventure Berhad
69B, Jalan SS 22/19
Damansara Jaya
47400 Petaling Jaya , Selangor
Malaysia
Tel no: 603-7180115
Fax no: 603-7193533

This announcement is dated 13 October 2004


WCT ENGINEERING: Enters Underwriting Agreement
----------------------------------------------
Reference is made to the announcement by AmMerchant Bank Berhad,
on behalf of WCT Engineering (WCT), on 2 August 2004, wherein
WCT, WCT LAND BERHAD (WCTL), and the underwriters had, on even
date, entered into an underwriting agreement to underwrite
57,300,000 WCTL Shares available for application by the entitled
shareholders of WCT, eligible Directors and employees of WCT and
its subsidiaries, identified investors and the Malaysian public
under the Offer for Sale (Underwriting Agreement).

On behalf of the Company, AmMerchant Bank announced that a
Supplemental Agreement had been executed on 12 October 2004
between the relevant parties to amend, modify and/or vary the
terms and conditions to the Underwriting Agreement. Save for the
terms and conditions amended therein, all other provisions of
the Underwriting Agreement shall remain effective and valid.

CONTACT:

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

This announcement is dated 13 October 2004.


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


MANILA ELECTRIC: Clarifies Violation Report
-------------------------------------------
Further to Circular for Brokers No. 4121-2004 dated September
20, 2004, the Manila Electric Company (MER), in a letter dated
October 14, 2004, provided the Philippine Stock Exchange the
following additional clarification in connection with the news
article entitled "Utilities fined for violations" published in
the September 17, 2004 issue of the Manila Bulletin:

"After verification with the Energy Regulatory Commission (ERC),
the news item referred to a case in which the Company was fined
`for failure to file the application to dispose of its property
prior to its actual disposal.' The `disposal' was actually an
`exchange' of 3 lots with 3 strategically located lots of equal
size and value located in Valenzuela City to enable the Company
to have more access to its Valenzuela Sector (then North Region
Office) and for future expansion of its substations and
distribution facilities. The Company, along with other electric
distribution utilities in the country, have been making
representations with the ERC for clear and definitive guidelines
on matters that could be subjected to fines so we can take
appropriate precautions."

For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President

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: Selling 5% Stock Shares
--------------------------------------
Further to Circular for Brokers No. 4514-2004 dated October 13,
2004, pertaining to the intent to sell no more than five percent
(5%) of MPC shares, Metro Pacific Corporation (MPC), in its
letter to the Philippine Stock Exchange, provided the additional
information pertaining to the aforementioned matter:

"Metro Pacific Corporation (Metro Pacific) was informed that as
of this morning, the sale of five percent (5%) of Metro
Pacific's total issued common share capital (930.2 million
shares in total) was completed. The Company understands that
there will be no further sales of shares of stock beyond what
has now been accomplished.

The net proceeds from these sales are to be used to fund various
general corporate requirements by Metro Pacific, including the
ongoing rehabilitation of Negros Navigation Company, as well as
certain new business initiatives.

Metro Pacific regards this one-time sale of shares, with its
benefit of raising additional capital for the Company, as a
significant demonstration of support for its ongoing business
transformation and restructuring efforts."

For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President - Operations Group

CONTACTS:

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

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number:  245-5588
Fax Number:  245-0780 (Telefax)
Email Address: nnwebmaster@surfshop.net.ph
Web site: http://www.nenaco.com.ph


MONDRAGON LEISURE: SEC Suspends Registration
--------------------------------------------
The Securities and Exchange Commission (SEC) has suspended the
registration certificate of Mondragon Leisure and Resorts
Corporation (MLRC) for failure to settle fines arising from non-
submission of financial reports, the Philippine Star reports.

The commission suspended its permit after the company failed to
show up at the hearing called by the Corporation Finance
Department on September 1. The meeting was intended to give the
leisure firm the opportunity to explain why its license to sell
securities should not be revoked.

Parent firm Mondragon International Philippines Inc. (MIPI), is
also under fire from the SEC for failing to pay the penalty of
Php175,000 also as a result of non-compliance with the agency's
reportorial requirements.

MLRC, which is into leisure and gaming, operates the Mimosa
Leisure Estate in Clark which features, among others, a 36-hole
championship golf course, a 304-room five-star hotel, various
deluxe furnished villas and a gaming casino.

MIPI has been in active negotiations with the state-run Clark
Development Corp. (CDC) for the resolution of rental issues, a
principal component of which is the entry of new investors to
bring in fresh equity into MLRC to settle its government
obligations and restructure its Php7 billion debts owed to a
consortium of bank creditors.  

CCONTACT:

Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Tel. No:  818-1506 to 09
Fax No:  810-7584
Auditor:  Virgilio R. Santos & Company
Transfer Agent:  Rizal Commercial Banking Corporation


PHILIPPINE AIRLINES: Seeks To Raise Fuel Surcharge
--------------------------------------------------
Philippine Airlines (PAL), Cebu Pacific Air and Air Philippines
have sought government approval to raise fares for domestic
flights to cover rising fuel cost, the Manila Bulletin reports.

The three carriers have asked the Civil Aeronautics Board (CAB)
for a fuel surcharge between 200 to 400 pesos for every one-way
trip, depending on the distance.

They also want an additional charge between 1 to 3 pesos for
every 100 pesos worth of cargo. Should the petitions be
approved, ticket prices for routes within the main island of
Luzon will increase by 8 percent and for routes from Luzon to
the Visayas in the central Philippines by 10 percent.

The cost of a ticket for a one-way trip from Luzon to Mindanao
in the south is expected to rise by 10.5 percent. Last June, PAL
and Cebu Pacific were given the go-ahead to increase their
overseas fares by US$6 per one-way ticket, also to cover rising
oil prices.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PHILIPPINE LONG: To List More Shares Today
------------------------------------------
Philippine Long Distance Telephone Co. (PHI) will list 7,014
common shares issued under its executive stock option plan on
October 15, 2004, reports Dow Jones. The new shares will raise
the Company's total option shares listed on the Philippine Stock
Exchange to 299,719 common shares.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


* DBM Orders State Firms to Shape Up Or Face Abolition
------------------------------------------------------
The Department of Budget and Management (DBM) and Department of
Finance (DOF) have identified 15 government-owned and controlled
corporations (GOCCs) and government finance institutions (GFIs)
with a track record of substantial losses.

According to DBM Secretary Emilia Boncodin, the heads of these
corporations should seriously start looking at ways to improve
the state of their finances.

Based on the preliminary report of Boncodin to the President,
the heavy losses of the 15 GOCCs were caused by any of the
following reasons: low collection efficiency, heavy government
guarantee exposure, insufficient corporate funds to cover its
operations, maintenance of losing subsidiaries, and charters
that restrict the corporation's capacity to raise revenues.

The budget chief, who is in charge of pruning government
expenditures, warned that the national government was no longer
willing to subsidize inefficiently run corporations.

"These corporations could privatize some of their assets or
perhaps consider an increase in fares as in the case of the
Light Rail Transit Authority," Ms. Boncodin said.

Other corporations may need to transfer their marketing,
promotions and regulatory functions to more profitable and well-
run GOCCs or to relevant agencies of government.

Ms. Boncodin said the two departments would need to conduct a
joint financial and organization review of these 15 GOCCs/GFIs
before submitting their final recommendations to the President.

"Special consideration will be given to certain corporations
that were set up by government to help specific marginalized
constituencies," Ms. Boncodin explained, giving the National
Food Authority (NFA) as an example of a service and not profit-
oriented corporation.

She also assured the employees of the 15 GOCCs/GFIs that there
would be no mass lay-offs resulting from the rationalization
program for unprofitable government corporations.

"The welfare of these employees are of major importance to us,"
Ms. Boncodin stressed.

The budget chief, however, pointed out that the rationalization
scheme is a critical component of government's efforts to deal
with the fiscal crisis. "We need to clean up our books and prune
all unnecessary expenses. Definitely, we cannot afford to
subsidize all of our GOCCs," she explained.

She said one of the 15 corporations has not even been submitting
reports to the oversight agencies.

Ms. Boncodin said that based on the results of the joint review,
the DBM/DOF recommendations could include specific measures such
as mergers with other GOCCs, deactivation of certain functions
and assignment of such functions to other agencies or more
profitable GOCCs, and the conversion of the GOCC into a regular
agency.

"Of course, we can also abolish the non-performing GOCC
altogether if the administration sees no visible effort among
its officials to turn these corporations around," Ms. Boncodin
warned.

The 15 GOCCs/GFIs (plus NAPOCOR) that have been encountering
major financial difficulties and have substantial contingent
liability exposures are the following:

1. Al-Amanah Islamic Investment Bank of the Philippines
2. National Food Authority
3. Philippine National Railways
4. Light Rail Transit Authority
5. National Irrigation Administration
6. National Housing Authority
7. National Home Mortgage Finance Corporation
8. Philippine National Oil Company
9. National Development Corporation
10. Philippine Coconut Authority
11. National Tobacco Administration
12. Philippine Crop Insurance Corporation
13. Philippine Television Network Inc.
14. Technology and Livelihood Resource Center
15. Human Settlement Development Corporation

Ms. Boncodin said the DBM/DOF would be giving regular updates to
the public on the rationalization scheme.

"Any rationalization scheme begs the understanding of all
stakeholders. We are doing this for the sake of our country and
for future generations," she stressed.

This Philippine government announcement is dated 3 October 2004.


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


MAXWELL SYNERGY: Creditor to Prove Debts by October 28
------------------------------------------------------
Notice is hereby given that the creditors of the Maxwell Synergy
Pte Ltd, which is being wound up voluntarily, are required on or
before the 28th day of October 2004 to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said Company.

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

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

Dated this 14th day of October 2004

Lau Chin Huat
Liquidator
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315


REYNOSA PRIVATE: Court Issues Winding Up Notice
-----------------------------------------------
In the matter of Reynosa Private Limited, a winding up order was
made on the 8th day of October 2004.

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

Dated this 13th day of October 2004.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

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

(b) All debts due to the above named company should be forwarded
to the liquidator.

This Singapore Government Gazette notice is dated October 10,
2004.


SEABRIDGE TRANSPORT: Releases Dividend Notice
---------------------------------------------
Seabridge Transport Pte Ltd. released a dividend notice at the
Singapore Government Gazette on October 12, 2004.

Address of Registered Office: Formerly of 1 Sophia Road
#07-21 Peace Centre Singapore 228149

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 292 of 1995

Amount Per Centum: 2.265%

First and Final or otherwise: First & Final Dividend

When Payable: 24 September 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Toh Hwee Lian
Senior Assistant Official Receiver


TRANSPARITY LIMITED: Notes Last Day of Receiving Proofs
-------------------------------------------------------
Transparity Limited, in creditors' voluntary liquidation, issued
a notice at the Singapore Government Gazette on October 12,
2004.

Address of former registered office: 41 Science Park Road
#04-03 The Gemini
Singapore 117610.

Last day of receiving proofs: 26 October 2004

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Chee Yoh Chuang
Lim Lee Meng
Liquidators


WAN SOON: Faces Winding Up Proceedings
--------------------------------------
In the matter of Wan Soon Engineering Pte Ltd, formerly known as
WS Underground Technologies Pte Ltd, a winding up order was made
on the 24th day of September 2004.

Name and address of Liquidators: Mr. Banerjee Gautam,
Mr. Ramasamy Subramaniam Iyer
@ Rajendran and Mr Goh Thien Phong
c/o PricewaterhouseCoopers
8 Cross Street,
#17-00 PWC Building,
Singapore 048424

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated October 12,
2004.


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


BANGKOK STEEL: Details Change in Major Shareholder
--------------------------------------------------
Bangkok Steel Industry Plc. advised the Stock Exchange of
Thailand that it will have a change of major shareholder from
United Flour Mill Plc. with the existing shares of 25,080,592
shares or 15.68 percent of the paid-up capital.  The said
company will sell 11,000,000 shares to Metrophos Co., Ltd. with
the existing shares of 5,447,540 shares or 3.40 percent.
  
After the above change, the shareholding of United Flour Mill
will remain 14,080,592 shares or 8.80 percent but Metrophos will
hold 16,447,540 shares or 10.28 percent as from October 14,
2004.
        
The change of the above major shareholders will not affect to
the operation of the Company, as the management team will remain
unchanged.

Please be informed accordingly.

Yours sincerely,
Economic Intellect Co., Ltd.
C.J. Morgan Co., Ltd.
Planner
        
CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Web site: www.bangkoksteel.co.th


KRUNG THAI: Transfers Substandard Assets to TAMC
------------------------------------------------
It is stipulated in the Thai Asset Management Corporation Royal
Ordinance B.E. 2544 (2001), Section 30 that a financial
institution or assets management company with the Financial
Institutions Development Fund or any combined government
agencies or state enterprises as its shareholders holding more
than fifty percent of paid up registered capital shall transfer
all its substandard assets as at 31 December 2000 to the Thai
Asset Management Corporation (TAMC) within the period of time
specified by the TAMC.

In this regard, the Board of Directors of Krung Thai Bank Public
Co., Ltd, at its meeting No. 15/2544 (576) on 17 October 2001,
passed its resolution to ratify the approval of the transfer of
all substandard debtors to TAMC as mentioned above.  Initially
there will be about 60,000 cases/debtors and THB80,000 million
of outstanding debts in total.  Of these figures, the Bank
already transferred them 22 times.  As for the 23rd transfer
scheduled for 15 October 2004, it consists of the following
details:

Serial   Date   Number of  Book Value   Transfer     Transfer
Number          cases        in         Price in     price to
                        Million Baht Million Baht Outstanding

23   15 October  7       6.49          6.20         95.53%
     2004    

Note:

Information on transfer as at 15 October 2004 is estimated
figures since it is still in the transfer process and for the
following transfer's exact date and amount have not been fixed
as yet.

Upon the Bank's transfer of substandard debtors to TAMC, it has
to complete verifying the asset prices to be initially repaid
within 180 days.  If TAMC sees that such prices are correct, it
will issue a letter confirming the asset prices to be primarily
paid to the Bank within 7 days.
       

Concerning method of payment, TAMC will issue a nontransferable
promissory note on which the following details will be
specified:

- Amount of money according to the price of asset transferred to
TAMC

- Promissory note (P/N) issuing date according to the date of
asset transfer and due date of repayment upon the expiration of
10 years from the P/N issuing date with an availability by the
Financial Institutions Development Fund. However, TAMC may
exercise its right to redeem the P/N before its maturity.

As for interest payment, TAMC will pay the interest on P/N to
the Bank according to the average interest on deposit by
calculating the interest as at the last working day of the year.

In addition, the above transactions are categorized as related
party transactions but they are exempted according to Clause 8
(1) of the announcement of the Stock Exchange of Thailand (SET)
governing disclosure of related party transactions, and the size
of the transaction when being fully transferred according to the
estimate will account for the rate of approximately 8.22 percent
of the Bank's total assets whereby the Bank does not have to
comply with the SET's announcement governing the acquisition or
disposal of assets of a registered company.

Please be informed accordingly.

Yours sincerely,
Mr.Somanat Chutima      
Senior Executive Vice President

CONTACT:

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

NATURAL PARK: Postpones Capital Reduction
-----------------------------------------
Reference is made to the notification that Natural Park Public
Company Limited will reduce par value from THB10 per share to
THB4 per share and eventually from THB4 per share to THB1 per
share.
      
The Company has to increase the registered capital for the swap
of Company's shares with the shares of Pacific Assets Public
Company Limited in accordance with the shareholding
restructuring and management plan (Restructuring Plan) and as a
reserve for conversion of the convertible debentures, which are
in conformity with the resolution of the Extraordinary General
Meeting of Shareholders No.1/2547 held on September 14, 2004.

Currently, the Company has increased its registered capital and
in the process of operating under the Restructuring Plan.  The
Company is concerned that reduction of the registered capital
will cause confusion to the shareholders on the share capital of
the Company and the undergoing Restructuring Plan.  

Therefore, the Company is in the process of determining an
appropriate time to process the capital reduction, which may be
postponed from the previous expected period.  

Nonetheless, the Company will process the reduction of par value
to THB1 per share within December 2005.
      
Please be informed accordingly.
      
Yours sincerely,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


TPI POLENE: Releases Unreviewed Q3 2004 Operating Results
---------------------------------------------------------
TPI Polene Public Company Limited, advised the Stock Exchange of
Thailand its operating result for the unreviewed consolidated
financial statements of the Company for the third quarter ended
September 30, 2004.

In Q3/2004, the Company and its subsidiaries registered normal
operating profit of THB514 million, a decrease of 50.67 percent
from THB1,042 million in Q3/2003.  Net profit in Q3/2004 totaled
THB141 million, decreased by 94.02 percent from net profit of
THB2,359 million in the same period of the previous year due
mainly to foreign exchange loss and a slight decrease in
domestic cement price together with an increase of raw material
cost of plastic resins.

For the first nine-month period of the year 2004, TPIPL and its
subsidiaries reported net profit of THB2,968 million (or net
profit per share of THB3.88) compared to net profit of THB3,819
million (or net profit per share of THB7.80) in the same period
of the previous year, a decrease of 22.28 percent. Consolidated
EBITDA for the first nine-month period of the year 2004 was
THB4,726 million compared to THB4,348 million in the same period
of the previous year, an increase of 8.69 percent.

This was attributable to an increase of sale volumes for cement,
ready-mixed concrete and plastic resins, driven by the higher
demand consumption in the domestic market, which was in line
with the economic expansion in the country.  As of September 30,
2004, the book value per share was THB43.63.

Please be informed accordingly.

Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                              Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

  CHINA & HONG KONG
  -----------------
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16

  INDONESIA
  ---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Prime Systems                   4830      (-100.79)     130.2

  MALAYSIA
  --------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46

  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
PT Lippo Securities             LPPS       (-2.23)      17.6
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.17)     166.46
Thai Wah Public
Company Limited-F               TWC/F      (-47.17)     166.46
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25



                            *********


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
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