TCRAP_Public/041020.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, October 20, 2004, Vol. 7, No. 208

                            Headlines

A U S T R A L I A

AEFC INVESTMENTS: Sets Final Meeting Today
ATS SAFETY: To Face Winding Up Proceedings
AUSTRALIAN GAS: Unveils AGM Results
AUSTRALIAN GAS: Pursues Investment in Renewable Energy
BANNER CONSULTANCY: Final Meeting Set Today

COLONIAL PCA: Holds Final Meeting Today
COMMONWEALTH SECURITIES: Schedules Final Meeting Today
DUCK RIVER: Sets October 21 as Date of Final Meeting
HALIFAX PARTNERS: ASIC Cancels AFSL Effective October 13
JAMES HARDIE: Compensation Fund May Run Out in Four Years

NATIONAL AUSTRALIA: Appoints New Chief Risk Officer
PRIMELIFE CORPORATION: Unveils Results of Meeting of Noteholders
QANTAS AIRWAYS: Says Fuel Surcharge, Fare Hikes Legitimate
QANTAS AIRWAYS: Back in Talks with Air NZ
SETTLEMENT SHORES: Sets Final Meeting on October 21

STRAT.OS AUSTRALIA: To Hold Final Meeting on October 25
VILLAGE ROADSHOW: Enters Into Taiwan Sale Agreement
VILLAGE ROADSHOW: Shuns Boswell Propositions
WARDELL PASTORAL: Schedules Final Meeting on October 22
WRNB PTY: Creditors Should Prove Claims Today

* Liquidators Appointed to Companies of Planner with Fraud Case


C H I N A  &  H O N G  K O N G

ART & SALES: Issues Notice of First Meeting
BANK of CHINA: Says NPL Improved in 3Q
BANK of CHINA: To Issue Debt Bonds Before IPO
EICHHORN INVESTMENT: Notes Deadline for Receiving Proofs
PACO MACHINERY: To Hold Creditors' Meeting on October 30

RIGHT WEALTH: Winding Up Petition Slated for November 17
STATE WALL: Court to Hear Bankruptcy Petition on November 17
WELD-TECH ELECTRICAL: Enters Winding Up Proceedings


I N D O N E S I A

BANK PERMATA: Standchart-led Consortium May Acquire More Stake
PERTAMINA: Kerosene Prices Soar on Shortages in Tegal
* JSX Warns 15 Firms For Failing to Adopt GCG


J A P A N

ALL NIPPON: R&I Assigns BBB for Shelf Registration Scheme
DAIEI INCORPORATED: May Have Surplus Workers in Rehabilitation
DAIEI INCORPORATED: Softbank Eyes Purchase of Hawks
FUJITSU LIMITED: Develops Next-gen Voice Telematics System
JAPAN AIRLINES: Warned Over Inept Plane Repairs, Maintenance

MITSUBISHI MOTORS: Pledges New Priority on Safety
NIPPON OIL: Shuts Down Two Secondary Units After Fire
SOJITZ CORPORATION: Boosts Wood Chip Production in Vietnam


K O R E A

CHOHUNG BANK: S&P Assigns Rating to Subordinated Notes
KOOKMIN BANK: To Hold 3Q Conference on October 22
KOREA EXCHANGE: Offers Voluntary Early Retirement to Cut Jobs
SSANGYONG ENGINEERING: Out of Debt Workout Program


M A L A Y S I A

ANCOM BERHAD: Purchases 6,600 Ordinary Shares on Buy Back
AYER HITAM: Unit Discloses Details of Syndicated Loan Facility
BERJAYA GROUP: EGM Set On November 3
GOLDEN FRONTIER: Issues Shares Buy Back Notice
MBF HOLDINGS: Issues Litigation Update

PAN MALAYSIA: Notes Closed Period Dealings By MUIB Director
PERBADANAN URUS: To Seek Govt Aid to Settle RM2-Bln Debt
RCE CAPITAL: Unit Settles Debt Payment
RNC CORPORATION: Seeks Approval for Rehab Scheme Modifications
RNC CORPORATION: Seeks Extension of Restructuring Implementation

WEMBLEY INDUSTRIES: Aims to Revise Debt Restructuring Scheme


P H I L I P P I N E S

GRAND BOULEVARD: Files Rehab Petition
MANILA ELECTRIC: Execs Eye Savings For Customers
METRO PACIFIC: Clarifies "Gives Php130M Loan to Unit" Report
NATIONAL STEEL: NSC Gets Php900M From GIHL
NEGROS NAVIGATION: Files Petition To Delist From PSE

NEGROS NAVIGATION: Confirms Resignation of President
PHILIPPINE LONG: Issues Additional Listing Shares


S I N G A P O R E

BAAN ASIA: Creditors Meeting Set October 29
INFORMATICS HOLDINGS: To Open New Campus in 2005
JSD CONSTRUCTION: Placed Under Judicial Management
KOH BROTHERS: Posts Change in Shareholder's Interest
OPEN SESAME: Final Meeting Set on October 15

PANPAC MEDIA: Discloses Incorporation of Subsidiary
PANPAC MEDIA: Will Not Proceed With Joint Venture
WAN SOON: Receives Judicial Management Order


T H A I L A N D

ASIA HOTEL: Reports Progress on Corporate Rehabilitation
CAPETRONIC INTERNATIONAL: Unveils Rehab Plan Update
INTER FAR: Issues Update on Progress of Rehab Plan
PREMIER ENTERPRISE: Releases Status of Rehabilitation Plan
THAI WAH: Discloses Financial Status, Performance

     -  -  -  -  -  -  -  -

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


AEFC INVESTMENTS: Sets Final Meeting Today
------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of members and
creditors of AEFC Investments Pty Limited (In Liquidation) will
be held at the offices of Horwath Sydney, Level 10, 1 Market
Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m. for the
purpose of having an account laid before the meeting showing the
manner in which the winding up has been conducted and the
property of the company disposed of, and hearing any explanation
that may be given by the Liquidator.

Dated this 8th day of September 2004

Neil Cussen
Liquidator
Horwath Sydney
10th Floor, 1 Market Street,
Sydney NSW 2000.
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


ATS SAFETY: To Face Winding Up Proceedings
------------------------------------------
Notice is hereby given that at a meeting of creditors of ATS
Safety Shops Pty Limited (In Liquidation) convened pursuant to
Section 439A of the Corporations Act 2001 held on 8 September
2004, it was resolved that the company be wound up and pursuant
to Section 446A(4) of the Corporations Act 2001, Paul Andrew
Billingham and Trevor Mark Pogroske of Grant Thornton, Level 17,
373 Kent Street, Sydney NSW 2000 were appointed Joint and
Several Liquidators.

Dated this 21st day of September 2004

T. M. Pogroske
Joint and Several Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


AUSTRALIAN GAS: Unveils AGM Results
-----------------------------------
In accordance with the Listing Rules, Australian Gas Light Co.
advised the Australian Stock Exchange (ASX) that all resolutions
put to the Annual General Meeting of the company at 10:30 a.m.
Tuesday, were carried by a show of hands.

The resolutions referred to are set out in full in the Notice of
Meeting sent to Shareholders and to ASX.

For the record, the following proxies were cast in relation to
the resolutions.

Resolution      For       Against      Discretionary   Abstain

To elect   141,751,598   17,128,682    20,444,457     48,008,402      
Mark Johnson
as a director

To elect   161,541,587   2,144,887     20,385,169      
43,261,496
Caroly Hewson
as a Director

To elect   162,526,934   980,097       20,454,354      
43,371,754  
Max Ould
as a director

To approve 102,843,994   38,497,263     14,523,170      
65,747,698    
the acquisition
of rights by the
Managing Director
Greg Martin to
acquire up to
a maximum of
65,223 shares
in AGL in
respect of the
financial year
ended June 30,
2004

CONTACT:

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


AUSTRALIAN GAS: Pursues Investment in Renewable Energy
------------------------------------------------------
The Australian Gas Light Company (AGL) announced in a press
release on October 19, 2004 that it is actively pursuing
investment opportunities in renewable power generation and
engaging further with the community on energy efficiency
initiatives as part of a range of policies aimed at promoting a
more sustainable energy industry.

These, and several other social and environmental initiatives,
were announced today as part of the official launch of AGL's
first Sustainability Report at the company's Annual General
Meeting.

"As Australia's first and largest energy company, AGL intends to
play a leading role in promoting sustainability in the energy
industry," AGL Managing Director Greg Martin said.

Mr. Martin said a sustainable business is one that adds
measurable value by its financial success and its positive
contribution to society as a good corporate citizen.

"AGL's commitment to sustainability also entails a commitment to
continuous improvement. Particular areas of focus for the
company during the past year have been on improving our customer
support programs and understanding our impact, as well as our
that of our customers, on the environment," Mr. Martin added.

"Additionally, this report details AGL's efforts to improve our
engagement with the community, governments and regulators on
social issues, especially in relation to disadvantaged
customers. More specifically, we will develop further the
company's hardship program - "Staying Connected" - and our
community investment program - "Energy for Life."

On an environmental front, the report details greenhouse
'footprints' for AGL's operations, its equity interests and the
gas and electricity supply chain as it relates to its business.
Components of the operational footprint have been independently
verified by PricewaterhouseCoopers.

"These footprints will provide a framework for AGL to establish
robust and sustainable greenhouse mitigation measures into the
future," Mr. Martin said.

Initiatives set out in the Sustainability Report include:

- A commitment to further engage the community on customer
hardship issues through AGL's Staying Connected Program

- Implementation of additional processes to further improve and
assess effectiveness of the Staying Connected Program

- Further development of AGL's Energy for Life Program including
doubling the proportion of participants in employee giving

- A commitment to expand AGL's involvement and investments in
low emission and renewable generation as well as improving
customer take-up of accredited green products

- Partnering a community-based trial on energy efficiency in the
home provision of energy efficiency services to AGL's industrial
and commercial customers.

- Working with Loy Yang Power to identify practical and economic
investments to reduce the greenhouse gas intensity from its
operations

- The establishment of a program to ensure energy efficiencies
and environmental effectiveness measures are embedded across
AGL's business.

"Today we have taken the important first step in establishing a
formal reporting process which will drive continuous improvement
in AGL, ensuring that the company is a truly sustainable energy
company," Mr. Martin concluded.


BANNER CONSULTANCY: Final Meeting Set Today
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of members and
creditors of Banner Consultancy Services Limited (In
Liquidation) will be held at the offices of Horwath Sydney,
Level 10, 1 Market Street, Sydney NSW on 20 October 2004 at
11:00 a.m. for the purpose of having an account laid before the
meeting showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanation that may be given by the Liquidator.

Dated this 8th day of September 2004

Neil Cussen
Liquidator
Horwath Sydney
10th Floor, 1 Market Street,
Sydney NSW 2000.
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


COLONIAL PCA: Holds Final Meeting Today
---------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of members and
creditors of Colonial PCA Properties Limited (In Liquidation)
will be held at the offices of Horwath Sydney, Level 10, 1
Market Street, Sydney NSW 2000 on 20 October 2004 at 11:00 a.m.
for the purpose of having an account laid before the meeting
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and of hearing any
explanation that may be given by the Liquidator.

Dated this 8th day of September 2004

Neil Cussen
Liquidator
Horwath Sydney
10th Floor, 1 Market Street,
Sydney NSW 2000.
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


COMMONWEALTH SECURITIES: Schedules Final Meeting Today
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of members and
creditors of Commonwealth Securities (Japan) Pty Limited (In
Liquidation) will be held at the offices of Horwath Sydney,
Level 10, 1 Market Street, Sydney NSW 2000 on 20 October 2004 at
11:00 a.m. for the purpose of having an account laid before the
meeting showing the manner in which the winding up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator.

Dated this 8th day of September 2004

Neil Cussen
Liquidator
Horwath Sydney
10th Floor, 1 Market Street,
Sydney NSW 2000.
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


DUCK RIVER: Sets October 21 as Date of Final Meeting
----------------------------------------------------
Notice is given that a final meeting of members of Duck River
Cycle Way Pty Limited (In Voluntary Liquidation) will be held at
Level 9, 10 Shelley Street, Sydney, on 21 October 2004 at 10.00
a.m. The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.

Dated this 9th day of September 2004.

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: 9338 2666


HALIFAX PARTNERS: ASIC Cancels AFSL Effective October 13
--------------------------------------------------------
Halifax Partners Pty Ltd (Halifax) and its sole director, Mr.
Jason Foote have asked the Australian Securities and Investments
Commission (ASIC) to cancel its Australian Financial Services
License (AFSL) following an investigation by ASIC into the
affairs of Halifax. The cancellation took effect on 13 October
2004.

ASIC commenced an investigation into Halifax on 18 May 2004 in
relation to possible contraventions of the Corporations Act 2001
(the Act) after earlier inquiries by ASIC revealed concerns with
Halifax's compliance systems.

Halifax was a financial services business located in South
Melbourne, and is being wound up pursuant to a members voluntary
winding up. A liquidator was appointed to Halifax on 11 October
2004.

ASIC's investigation found Halifax had failed to comply with the
conditions of its AFSL and its obligations under the Act. The
investigation revealed the company contravened the requirements
to report to ASIC following changes to key persons, responsible
officers and authorized representatives. ASIC was also concerned
that the state of Halifax's financial records would affect the
ability of the company to comply with its obligations under the
Act and its AFSL in the future.

As a result of Halifax requesting a cancellation of its license,
ASIC will not proceed with the administrative action it would
have taken to suspend or cancel Halifax's AFSL.

This ASIC announcement is dated October 18, 2004.


JAMES HARDIE: Compensation Fund May Run Out in Four Years
---------------------------------------------------------
Former Queensland deputy premier Sir Llew Edwards could not give
an assurance that the compensation fund he handles for James
Hardie asbestos victims will last beyond 2008, reports The
Courier-Mail.

Sir Llew, who chairs Hardie's Medical Research and Compensation
Foundation (MRCF), has warned that the foundation would be wound
up unless James Hardie infuses at least AU$1 billion in
additional funding.

Sir Llew also confirmed the AU$293 million start-up capital
provided by James Hardie would be depleted within four years,
with claims on the fund running at AU$40 million a year.

Embattled James Hardie established the MRCF three years ago
under its controversial strategy to relocate overseas and
isolate its asbestos disease compensation liabilities from the
core business.

On September 21, David Jackson reported the results of his
inquiry on the company's asbestos compensation fund and found
that James Hardie had misled the share market, the directors of
the foundation and the NSW Supreme Court by making them believe
that the funding could cover all claims.

As a result, the firm's Chief Executive Peter Macdonald may face
criminal charges pending the outcome of separate investigations
by NSW authorities and the Australian Securities and Investments
Commission.

As negotiations go on this week between Australian Council of
Trade Unions (ACTU) secretary Greg Combet and James Hardie
representatives, Sir Llew disclosed the foundation had recently
paid a young asbestos victim in New South Wales an AU$3 million
out-of-court settlement.

MRCF had so far outlaid AU$80 million, but Sir Llew said he was
concerned that up to 40 percent of out-of-court settlements went
into lawyers' fees.

He added it was crucial that future compensation arrangements be
standardized across the states to avoid the blowout in
compensation costs in NSW that was in part responsible for the
liability crisis at James Hardie, which produced about 70
percent of asbestos products sold in Australia.

CONTACT:

For corporate and media enquiries only, please contact:

James Hardie Industries
Web site: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other inquires to CustomerLink Service Centre on 13 1103.


NATIONAL AUSTRALIA: Appoints New Chief Risk Officer
---------------------------------------------------
National Australia Bank announced on Tuesday a several executive
changes as part of its move to a more streamlined and customer-
focused business model.

The National's Chief Executive, John Stewart, welcomed the
appointment of Michael Hamar to the role of Group Chief Risk
Officer.

Michael joins the National from the Commonwealth Bank of
Australia (CBA) where, for the past two years, he has headed up
the institutional and business services' risk management
function.

'Michael brings a great level of expertise, gained from working
in leadership roles across the financial services industry in
Australia and overseas,' said Mr. Stewart.

Prior to joining CBA, Michael had a long career with JP Morgan
Chase.  His roles there included Chief Credit Officer for Chase
Manhattan Bank for Greater China and the Philippines, based in
Hong Kong. Other roles with JP Morgan Chase prior to this
included Managing Director of the Emerging Markets Division and
other senior relationship roles, and Chief Representative and
Country Manager, Australia and New Zealand with Continental
Illinois National Bank.

Michael will join the Group's Executive Committee and report to
Michael Ullmer, Group Chief Financial Officer and Finance
Director.  He is due to commence with the company in December.

Mr. Stewart also announced Peter Scott's decision to leave the
National early next year. Peter has headed MLC for the past six
years and has been a member of the Group's leadership team since
the National acquired MLC in 2000. In the interim, he will
continue to assist the Australian business with its transition
to a regional model.

'I would like to thank Peter for his support this year.  He has
enjoyed a great career with the National.  On behalf of his
colleagues at the National and MLC, I wish him well with his
future endeavors,' said Mr. Stewart.

In line with the new regional model for Australia, the
National's Australian CEO, Ahmed Fahour, also announced several
management changes to reflect the integration of MLC into the
new regional business.

Mr. Steve Tucker takes up the new role of Head of MLC Australia.
Steve has worked with MLC for the past 16 years and was
previously responsible for MLC's retail investment platforms and
services. Prior to this, Steve managed MLC's large distribution
network.

Mr. Matt Lawler, who currently has responsibility for the
adviser network at MLC, has been appointed to the new role of
Head of Financial Planning and Third Party Distribution.  He is
a director on the boards of Global Wealth Management(GWM)
Adviser Services, Godfrey Pembroke, Apogee Financial Planning
and MLC Lifetime.

Mr. Bob Brice, previously General Manager, Risk Management for
Financial Services Australia, has agreed to an acting role as
Chief Risk Officer Australia until a permanent appointment can
be finalized. He will jointly report to Ahmed Fahour and Michael
Hamar.

'I would like to welcome Steve, Matt and Bob to the Australian
Leadership Team.  Having made the required executive
appointments to integrate our corporate banking and our wealth
management operations with our retail banking business, we
expect to complete our new regional business structure in the
next few weeks,' said Mr. Fahour.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000  
Head Office Telephone: (03) 8641-4160  
Head Office Fax: (03) 8641-4927  
Web site: http://www.national.com.au/


PRIMELIFE CORPORATION: Unveils Results of Meeting of Noteholders
----------------------------------------------------------------
Primelife Corporation disclosed that an extraordinary resolution
of the Meeting of Noteholders held Monday was passed amending
the Trust Deed dated 9 November 2001 as set out in the Notice of
Meeting dated 23 September 2004.

Please find below Primelife's intended timetable for the
redemption of notes in accordance with its notice of meeting of
dated 23 September 2004 and released to the market at the time.

Event                                    Timing
(1) Noteholders' Meeting                 18 October 2004
(2) Primelife informs ASX of outcome of
    Noteholders' meeting                 18 October 2004
(3) Request to ASX for suspension of
    trading of Notes                     18 October 2004
(4) Notice of intended redemption date
    despatched to Noteholders            19 October 2004
(5) Allocation of new notes under
    Prospectus                           25 October 2004
(6) Redemption notices dispatched
    to Noteholders                       25 October 2004
(7) Redemption of notes effected         28 October 2004
(8) Cheques for redemption amount to be
    received by Noteholders              Before 4 November

The Company has today requested that ASX suspend trading of the
notes immediately pending their early redemption in accordance
with the above timetable.

Gregory Flood
Company Secretary

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/


QANTAS AIRWAYS: Says Fuel Surcharge, Fare Hikes Legitimate
----------------------------------------------------------
Qantas Airways defended that the imposition of fuel surcharges
on its international and domestic fares was a legitimate and
prudent response to unprecedented increases in the cost of oil.

The Chief Financial Officer of Qantas, Mr. Peter Gregg, said an
article in Saturday's Sydney Morning Herald and comments in that
article and previous articles suggesting that Qantas did not
require the surcharge were totally wrong.

"The statement by ABN Amro analyst Anthony Srom that surcharges
are 'money for jam' and 'largely unnecessary' are malicious as
well as stupid," he said.

Mr. Gregg said that while Qantas had paid heavily to hedge
itself against the rise in the price of oil it was still exposed
to price movements, particularly for jet fuel.

"Fuel represents around 20 per cent of our operating
expenditure. No amount of fuel hedging could cover the recent
price increases," he said.

Mr. Gregg said Qantas had decided to release details of its cost
of fuel to counter these unfounded claims.

Mr. Gregg said:

- Qantas' fuel bill for 2004/05 was now $560 million ahead of
the bill for 2003/04, not allowing for any increase in capacity;

- Hedging and the three fuel surcharges would recover $360
million of this; and

- The airline still faced an increase of $196 million over last
year which was not budgeted for in the 2004/05 financial year.

Mr. Gregg said that just about every airline in the world,
hedged or unhedged against these increases, had found it
necessary to impose multiple surcharges.

"Qantas is an efficient airline relative to most of its peers,
but it is not immune to the rapidly escalating price of oil,
which also shows early signs of dampening the demand in the
wider community.

"Indeed, despite our efficiencies, hedging and surcharges, we
will now have some difficulty in meeting our budget requirements
for 2004/05," he said.

Qantas first announced a fuel surcharge of $6 per sector for
domestic travel and $15 a sector for international travel in
May. Qantas increased the surcharge in August, to $10 a sector
for domestic and $22 a sector for international travel. Last
week, the airline announced a further increase as a result of
continued escalation in the price of oil, with the domestic
surcharge going to $12 a sector and the international to $29 a
sector from 20 October.

CONTACT:

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


QANTAS AIRWAYS: Back in Talks with Air NZ
-----------------------------------------
Qantas Airways is back in talks with Air New Zealand Chief
Executive Ralph Norris following last week's delayed decision to
permit an alliance between the two airlines, The Age relates.

Qantas and Air NZ are continuing negotiations of a possible
future tie-up after the Australian Competition Tribunal approved
the proposed alliance, which came too late to revive the joint
venture.

Although the appeal that the tribunal upheld did not present any
new opportunities, the two airlines are looking forward to see
what those opportunities may be.

Mr. Norris said that Air NZ, which is 82-percent owned by the
New Zealand government, would not look to do anything with
Qantas inside New Zealand.

"We can do a lot of things that are outside of competing for
customers or working together with customers, obviously
engineering and things of that nature are OK in both
jurisdictions," Mr. Norris said.

He said Air NZ was looking to work closely with Qantas but was
not actively seeking a strategic stake with another airline.

"It would be handy to have but with a capital raising . . . with
the cash that we are currently generating, the situation for the
next three to four years looks pretty good," Mr. Norris said.


SETTLEMENT SHORES: Sets Final Meeting on October 21
---------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Settlement Shores Resort Hotel Pty Limited (In
Liquidation) will be held at Level 9, 10 Shelley Street, Sydney
NSW 2000 on 21 October 2004 at 10:30 a.m.

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

Dated this 21st day of September 2004

A.G. Mcgrath
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000.
Telephone: (02) 9338 2634,
Web site: www.mcgrathnicol.com.au


STRAT.OS AUSTRALIA: To Hold Final Meeting on October 25
-------------------------------------------------------
Notice is hereby given that a final meeting of members of
Strat.Os Australia Pty Ltd (In Voluntary Liquidation) will be
held at 109 Pentecost Avenue, Turramurra NSW on 25 October 2004
at 10:00 a.m.

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

Dated this 9th day of September 2004

Ian M. Gilmour
Liquidator
109 Pentecost Avenue
Turramurra NSW 2074


VILLAGE ROADSHOW: Enters Into Taiwan Sale Agreement
---------------------------------------------------
Village Roadshow Limited announced in a press release on Tuesday
that legally binding agreements for the sale of the Company's
interest in the cinema joint venture in Taiwan (Taiwan Sale)
were entered into late Monday, 18 October 2004.

The sale by the Company and its joint venture partner, Warner
Bros., is to a consortium of buyers, including Golden Harvest of
Hong Kong and local Taiwan buyers. The sale is subject to a
number of conditions, including regulatory approvals in Taiwan
and Golden Harvest shareholder approval.

These approvals are anticipated over the next three months, with
completion of the transaction scheduled for January 2005. The
Taiwan Sale has been effected on the terms envisaged by the
Company's announcement of 18 October 2004 and, in particular:

- the Company will, based on current exchange rates, realize
proceeds of US$19 million (approximately AU$26.4 million) and a
pre-tax profit of approximately AU$2.64 million;

- a non-refundable cash and security deposit of US$11.4 million
has been provided by the purchasers with approximately US$3.42
million in cash (approximately AU$4.75 million) due to be
released shortly to each of Village and Warner Bros.; and

- the balance of the proceeds payable to the Company are to be
released at closing, expected for January 2005. The pro forma
statement of financial position of the Company as at 30 June
2004 attached to the Company's announcement of 18 October 2004
was prepared on the assumption that the Taiwan Sale was entered
into.

As a result, the Taiwan Sale will have no effect on this pro
forma statement of financial position. Similarly, the estimate
of the Group's net profit after tax for the year ending 30 June
2005 of approximately $43m referred to in page 6 of the 18
October 2004 announcement assumed the Taiwan Sale was effected.
Accordingly, the Company's estimate of such profit remains
unchanged.

CONTACT:

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


VILLAGE ROADSHOW: Shuns Boswell Propositions
--------------------------------------------
Village Roadshow in its announcement dated October 18, 2004
advised that it had received a letter dated October 17, 2004
from Boswell advising that it is working on a proposal (and has
apparently been doing so for the past year) to acquire all of
the ordinary shares in the company.

The text of the Boswell letter and a copy of the Company's reply
were attached to that announcement.

The Company has this morning received a further letter from
Boswell in reply to the company's letter of October 18, 2004.  A
summary of the Boswell's letter of October 18, 2004 is attached
to this announcement as Annex 2.

The Company's reply to that letter of October 19, 2004 is
attached to this announcement as Annex 1.

The Company does not agree with the propositions put by Boswell.

Taking into account the clear endorsement by shareholders (not
including VRC) or its associates) of the Company's capital
management objectives, the Company considers that it is in the
interests of shareholders to implement the buy back as endorsed
by those shareholders in a timely manner.

The Company believes that Boswell's letter is simply another
attempt to forestall the timely implementation of its legitimate
and publicly announced management objectives.

As advised on Monday and in light of the matters set out in the
Company's replies to Boswell of October 18 and 19, 2004, the
directors do not believe it is in the best interest of
shareholders to delay the buy back.

To view a full copy of the announcement, click
http://bankrupt.com/misc/VRL101904.pdf


WARDELL PASTORAL: Schedules Final Meeting on October 22
-------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Wardell
Pastoral Co (Perthville) Pty Ltd (In Liquidation) will be held
at 5 Braham Street, Bathurst NSW 2795 on the 22nd day of October
2004 at 10 o'clock in the forenoon for the purpose of laying
before the meeting of liquidator's final account and report and
giving any explanation thereof.

Dated this 3rd day of September 2004

Geoffrey Robert Williams
Liquidator
5 Braham Street,
Bathurst NSW 2795


WRNB PTY: Creditors Should Prove Claims Today
---------------------------------------------
A first and final preferential dividend is to be declared on 25
October 2004 for WRNB Pty Limited (In Liquidation).   

Preferential creditors whose debts or claims have not already
been admitted are required on or before 20 October 2004 formally
to prove their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 7th day of September 2004

Antony De Vries
Riad Tayeh
Joint Liquidators
c/- de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta NSW 2124
Telephone: (02) 9633 3333


* Liquidators Appointed to Companies of Planner with Fraud Case
---------------------------------------------------------------
Mr. Robert Andrew Street, of Mitcham in Victoria, has pleaded
guilty in the County Court in Melbourne to fraud to the value of
$1,039,910 following an investigation by the Australian
Securities and Investments Commission (ASIC).

Mr. Street, a former financial planner, pleaded guilty to five
charges of obtaining a financial advantage by deception between
September 2001 and August 2002.

At the time the offences took place, Mr. Street was an
authorized representative of a licensed securities dealer. Mr.
Street deceived some of his clients by telling them he needed
funding to complete a number of investment projects he was
developing, including an electronic system of tracking stolen
cars and a bank scheme to reduce mortgage repayments. Mr. Street
promised his clients that investments in his projects would be
risk free and would provide good returns in a short time. As a
result, the clients gave Mr. Street a total of $1,039,910.

In fact, Mr. Street had been involved in a 'Nigerian Scam' where
he had been led to believe that a person purporting to be a
representative of a Nigerian government committee had offered to
transfer US$65 million to Mr. Street, upon payment of certain
up-front fees.

Mr. Street transferred the majority of the clients' funds to
various overseas destinations, believing it would be used to pay
the up-front fees, after which time he would receive US$65
million.

Mr. Street also used $10,000 of the clients' funds to purchase a
number of mobile telephones which he arranged to be delivered to
an address in Nigeria.

None of the clients' money has been recovered.

ASIC had previously obtained orders in the Federal Court,
appointing liquidators to Mr. Street's companies. ASIC has also
accepted an enforceable undertaking from Mr. Street permanently
excluding him from the financial services industry.

The matter has been adjourned to 4 November 2004 for sentencing.

This ASIC announcement is dated October 18, 2004.


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


ART & SALES: Issues Notice of First Meeting
-------------------------------------------
Art & Sales (Hong Kong) Limited, in compulsory liquidation,
declares its first meetings of creditors and contributories.
          
Meeting of Creditors' Time and Date: 11:15 a.m. on 13 November
2004

Meeting of Contributories' Time and Date: 12:15 p.m. on 13
November 2004

Place of Meetings: Room 209, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong

Dated this 15th day of October, 2004

Chiang Ping Kwan
Joint and Several Provisional Liquidator


BANK of CHINA: Says NPL Improved in 3Q
--------------------------------------
Bank of China said that its non-performing loans (NPL) have
progressively improved during the third quarter wherein
operating profits increased by 23.7 per cent in the first nine
months to CNY48 billion (HK$45.22 billion), reports The
Standard.

BOC said that at the end of September, NPL dropped by 5.16
percent from total lending or CNY109.7 billion from 5.46 percent
ot the end of June, cutting bad loans by CNY242 billion. The
bank also plans to divest CNY8 billion of 10-year subordinated
bonds in order to increase capital, raising CNY4 billion.

By the end of September, total assets reached CNY4.12 trillion,
an increase of 7.2 percent as opposed to the end of 2003.

Meanwhile, capital adequacy ratio was nearly 8.4 percent, ahead
of a target of 8 percent.

BOC is poised to list its shares overseas by the second half of
next year in an Initial Public Offering, which would hopefully
generate as much as US$4 billion (HK$23.4 billion).  

At the moment BOC is enticing foreign strategic investors for
its initial share sale.

CONTACT:

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


BANK of CHINA: To Issue Debt Bonds Before IPO
---------------------------------------------
Bank of China is considering issuing up to CNY12 billion (US1.45
billion) in-subordinated debt on Friday, reports China Daily.

BOC plans to issue CNY8 billion (US$963 million) in a 10-year
fixed coupon bonds. It has also reserved an option to expand it
to CNY12 billion (US$1.45 billion) based on investor demand,
making it the second type of debt sale by a bank to restock its
capital base before its initial public offering.

In the first sale of bonds last July, BOC issued CNY14.07
billion. The bonds rank after other bank liabilities in terms of
claims on bank assets.

To increase its capital strength, optimize the capital structure
and diversify ownership, BOC has to bring in investors as its
equity owners.

Wang Zhaowen, the bank's representative, confirmed BOC has made
progress in gaining strategic investors.  

BOC received US$22.5 billion last December from the government
and became a pilot project to turn it into a joint stock bank.
By August, it reorganized itself and was later established as
Bank of China Limited.

Bank of China Limited has a registered capital of CNY186.39
billion and it took control of all of Bank of China's assets,
debts, employees and business.

BOC aims to enlist its shares in the second half of next year.


EICHHORN INVESTMENT: Notes Deadline for Receiving Proofs
--------------------------------------------------------
Eichhorn Investment Limited posted the deadline for receiving
proofs at The Standard on October 15, 2004.

Name of Liquidator: The Official Receiver

Registered Office and Liquidator's Address: 10th Floor,
Queensway Government
Offices, 66 Queensway, Hong Kong

Last Day for Receiving Proofs: 30 October 2004

Dated this 15th day of October 2004

E T O'CONNELL
Official Receiver & Liquidator


PACO MACHINERY: To Hold Creditors' Meeting on October 30
--------------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Paco Machinery &
Engineering Limited will be held at 2:45 pm on the 30th day of
October 2004 at the Conference Room, Business Centre, PM Floor,
Empire Hotel, 33 Hennessy Road, Wanchai, Hong Kong provided for
in the Sections of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Messrs. Gary K. W. Tam & Co.,
Solicitors, at Suite 2909B, 29th Floor, Bank of America Tower,
No. 12 Harcourt Road Central, Hong Kong not later than 4:00 p.m.
on the day before or at the Meeting thereof or the adjourned
meeting at which they are to be used.

Dated this 28th day of September 2004

By Order Of The Board Of
Yiu Chun Ying Alvin
Director


RIGHT WEALTH: Winding Up Petition Slated for November 17
--------------------------------------------------------
Notice is hereby given that petition for the winding up of Right
Wealth Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on the 12th day of October 2004
presented to the said Court by Law Window Company Limited
(formerly known as Cosmos Park Limited) whose registered office
is situated at Room 3105, 31st Floor, Bank of America Tower, 12
Harcourt Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 17th 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. Christine M. Koo & Ip
Solicitors for the Petitioner
Room 3105, 31st Floor
Bank of America Tower
12 Harcourt Road
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 16th day of
November 2004.


STATE WALL: Court to Hear Bankruptcy Petition on November 17
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
State Wall Development Limited by the High Court of Hong Kong
Special Administrative Region was on the 4th day of October 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, Central, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 17th 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. Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
71 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 16th day of
November 2004.


WELD-TECH ELECTRICAL: Enters Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Weld-Tech Electrical Supplies Co., Limited by the High Court of
Hong Kong Special Administrative Region was on the 4th day of
October 2004 presented to the said Court by Wai Ming Services
Ltd. Trading as Wai Ming Trading Co. whose registered office is
at 2nd Floor, Yue Fung Industrial Building, 35-45 Chai Wan Kok
Street, Tsuen Wan New Territories, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 10th 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.

Philip T. F. Wong & Co.
Solicitors for the Petitioner
Unit 1801, 18th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 9th day of
November 2004.


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


BANK PERMATA: Standchart-led Consortium May Acquire More Stake
--------------------------------------------------------------
A consortium headed by London-based Standard Chartered Plc
(Standchart) has been named as a "standby buyer" for the
government's remaining 20-percent in Bank Permata, The Jakarta
Post reports.

The consortium, which has recently been chosen as the preferred
bidder for a 51-percent stake in Permata, is likely to acquire
an additional shareholding if the second stake sale fails to
draw interest from the investing public. The plan to sell
another 20-percent stake via the stock market is aimed at
raising funds to help plug the country's budget deficit.

According to asset management company (PPA) Director Mohammad
Syahrial, the appointment of the consortium was intended to
avoid a lower share price.

"Based on the initial plan, we actually must sell the remaining
shares through a market placement scheme. But if we fail to draw
public's interest in acquiring the shares, we will still have
the consortium as the standby buyer," he said on Monday after
meeting with Minister of Finance Boediono.

The consortium, which also includes PT Astra International, is
currently undergoing a "fit and proper test" conducted by the
central bank.

Mr. Syahrial believed a lack of public interest in the stocks
was possible, given the high price of Permata shares under the
offer made by the consortium. Stanchart consortium offered a
US$305 million bid for 51 percent of Permata earlier this month,
the most expensive deal in book value terms in the government's
divestment program.

"If we can't get a higher or at least a similar price for the
remaining shares, it would be better to sell them to the
standout buyer," said Mr. Syahrial.

Mr. Syahrial, however, did not disclose the schedule of the
conduct of the sale, as it depended on the next government.

CONTACT:

PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8


PERTAMINA: Kerosene Prices Soar on Shortages in Tegal
-----------------------------------------------------
Residents of Tegal regency, Central Java have been experiencing
kerosene shortfalls since the start of the Ramadhan fasting
month on Friday, relates The Jakarta Post.

The scarcity has driven up kerosene prices in the shops across
regency to between IDR1,200 and IDR1,300 per liter,
significantly higher thaN the government-set price of only
IDR875-IDR900 per liter.

Owners of several kerosene stations complained the state oil and
gas firm PT Pertamina has supplied them with less than the
normal volume of kerosene since last week. The Company cut its
supply to the retailers by up to half of the normal amounts.

In turn, the retailers ration the sales of kerosene to local
residents for household purposes only, with every buyer getting
a maximum of only 10 liters.

Mr. Triono, a kerosene depot operator, said the soaring retail
prices of kerosene were part of a price fixing conspiracy
between some retailers for profit.

"I think some depot owners are not serving consumers but instead
sell kerosene to retailers on higher prices per liter. They do
so, because depots are prohibited by Pertamina from increasing
the retail prices from the normal IDR900 per liter," he said.

He said Pertamina would impose sanctions on retailers found
selling kerosene beyond the normal price.

CONTACT:

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


* JSX Warns 15 Firms For Failing to Adopt GCG
---------------------------------------------
Some 15 listed companies have been warned by the Jakarta Stock
Exchange (JSX) for failing to appoint independent commissioners
to supervise their operations as part of the bourse's measures
to enhance good corporate governance (GCG) at listed companies,
The Jakarta Post says.

"There are 15 companies that have not appointed independent
commissioners. This is not good. We will give them until this
year to comply with the regulation or face penalties," said JSX
chief Harry Wiguna on Monday, without naming the 15 companies.

"We have not decided on the penalties yet. It can be financial
or administrative, depending on the decision by the Capital
Market Supervisory Agency (Bapepam)," he said.

The JSX has mandated firms to appoint an independent
commissioner in compliance with GCG regulations. An independent
commissioner is necessary to boost the transparency of listed
companies and to supervise their operations with a more
objective eye.

Many publicly-listed firms have expressed hesitation in
implementing corporate transparency on key action plans for
fears it may disrupt the plans. In most cases, companies have
become willing to disclose their corporate actions only after
the press publicized them.


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


ALL NIPPON: R&I Assigns BBB for Shelf Registration Scheme
---------------------------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned the
following ratings to All Nippon Airways Company Limited.

Long-term Debt
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB

ISSUE: Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
R&I RATING: BBB

RATIONALE:

All Nippon Airways Co., Ltd. (ANA) is a major domestic airlines
company. The operational base of its domestic airlines continues
to be solid, but because of its ongoing competition with the JAL
Group over market share, securing a stable earnings base in the
medium- to long-term remains an issue.

ANA has been promoting the reduction of fixed costs and
formulating plans to strengthen the resilience of its ledger
balance against fluctuations in demand. Results are beginning to
show and R&I gives positive evaluation on ANA's efforts in this
area. However, its international airlines business that
continues to be in the red and its low earning hotel business
are not management issues that can be viewed lightly.

It is essential for the Company to continue to cut costs.
Financial composition also continues to show considerable room
for improvement. There is no progress in equity capital
accumulation and the Company's debt balance, including lease
payables, remains at a high level. Thanks to the emergency
funding system of government finance organizations, which
provide assistance in times of unexpected circumstances, there
is little concern in regard to the airlines' financial position
and this is an underpinning factor in the rating.

To view the full release, click on:

http://bankrupt.com/misc/TCRAP_ALLNIPPON101904.pdf

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


DAIEI INCORPORATED: May Have Surplus Workers in Rehabilitation
--------------------------------------------------------------
Daiei Incorporated may have as many 27,000 excess personnel if
it focuses in food supermarket operation under its restructuring
scheme, Kyodo News reports.

Daiei's main lenders UFJ Bank, Sumitomo Mitsui Banking
Corporation and Mizuho Corporate Bank made a provisional
estimate on personnel who would become idle in the course of
Daiei's rehabilitation under state-backed Industrial
Revitalization Corporation of Japan (IRCJ).

The figure is about half the 58,000 full-time and part-time
workers employed by Daiei as of the end of February. The
government has requested that Daiei fully take into
consideration possible impacts on Japan's employment situation
and regional economies in compiling its rehabilitation plan.

According to the banks' estimate, around 31,000 of the 58,000
workers would engage in the food supermarket business, leaving
the remaining 27,000 idle.

Last week, Daiei decided to turn to IRCJ for its rehabilitation.
It is believed the IRCJ will accelerate the closure of
unprofitable outlets for the retailer's revival, which would
further increase the number of surplus workers.

CONTACT:

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


DAIEI INCORPORATED: Softbank Eyes Purchase of Hawks
---------------------------------------------------
Internet service provider Softbank Corporation has expressed
interest it acquiring the Daiei Hawks professional baseball club
from its ailing parent Daiei Incorporated, relates The Japan
Times.

Softbank said it will conduct talks with the Industrial
Revitalization Corporation of Japan (IRCJ) and Nippon
Professional Baseball regarding their potential purchase of the
team, which is based in Fukuoka Prefecture, southern Japan.

The move comes after Daiei turned to the IRCJ for its
rehabilitation last week.

Softbank Corporation President Masayoshi Son said the company
has considered managing the Daiei Hawks for some time now and
has held unofficial talks with the retailer since 2002.

"This is not a plan we conceived of all of a sudden, or
something inspired by recent moves by Rakuten and Livedoor," he
said.

Softbank said in a media release that it expects owning a
baseball team will help it improve the recognition of the
company and its corporate image.

Daiei has so far maintained it wants to continue owning the
Hawks. Daiei informed the IRCJ of this intent when it sought
help in rehabilitation from the state-backed entity. Whether
Daiei can continue as the club's owner will largely depend on
policies of companies that will sponsor its resuscitation.


FUJITSU LIMITED: Develops Next-gen Voice Telematics System
----------------------------------------------------------
Fujitsu Limited (TSE: 6702) and Fujitsu Laboratories announced
October 15 that they have developed a next-generation telematics
system that ensures safe driving.

Depending on driver preferences and travel conditions, the
voice-assisted system autonomously provides the driver with a
wide variety of useful information services, such as navigation,
weather forecast and restaurant information, all by synthesized
voice, enabling him to focus on driving while using in-car
information services.

The Fujitsu group companies aim to commercialize the system as
early as in the first half of 2005, targeting automakers and car
navigation system manufacturers. The new telematics system will
be demonstrated at the 11th World Congress on ITS Nagoya - Aichi
2004 (October 18 - 24, Port Messe Nagoya, Aichi).

CONTACT:

Fujitsu Limited
1-5-2, Higashi-Shinbashi,
Minato-ku, Tokyo,
105-7123 JAPAN  
Phone: +81-3-6252-2220
Web site: http://www.fujitsu.com/

Fujitsu Laboratories Ltd.
4-1-1, Kamikodanaka, Nakahara-ku,
Kawasaki 211-8588, JAPAN
Web site: http://www.labs.fujitsu.com/en/
  

JAPAN AIRLINES: Warned Over Inept Plane Repairs, Maintenance
------------------------------------------------------------
Japan Airlines has received a warning from the transport
ministry for failure to conduct proper repairs and maintenance
on its aircraft, Kyodo News reveals.

The Land, Infrastructure and Transport Ministry issued the
warning in connection with an accident in which the fairing from
one of its international cargo planes fell off during a flight
in July because the plane was not properly fixed. A fairing is
an auxiliary structure on the external surface of an aircraft
that lessens drag.

The mishap involved a Boeing 747-200B cargo plane that flew from
Narita airport outside Tokyo to Anchorage. Inspections conducted
July 10 at the Alaskan airport found that one of about 10 glass-
fiber plates attached to the fairing was missing.

The part was reportedly repaired two weeks before the incident,
and investigations found the repair work was not conducted in
accordance with guidelines under the aviation law.

JAL officials vowed to prevent a recurrence by thoroughly
observing the guidelines and supervising people directly
involved in related tasks.

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: Pledges New Priority on Safety
-------------------------------------------------
Embattled Mitsubishi Motors Corporation pledged to make safety
its top priority during an anniversary of a fatal accident
linked to a vehicle defect, reports the Associated Press.

The staff of Mitsubishi Motors attended a vigil Tuesday in honor
of a 39-year-old driver who died after the brakes in his
Mitsubishi truck failed due to a faulty clutch system on October
19, 2002.

The carmaker has been embroiled in a series of massive recalls
for defective wheels, clutch systems and a range of defects that
led to two deadly accidents and triggered concerns about the
company's safety record.

The Company and its truck-making affiliate, Mitsubishi Fuso
Truck and Bus Corporation, announced they would officially mark
the anniversaries of the two deaths, as days to renew their
commitment to safety and would refrain from advertising
campaigns on those days.

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


NIPPON OIL: Shuts Down Two Secondary Units After Fire
-----------------------------------------------------
Nippon Oil Corporation closed down two secondary units at its
Sendai refinery after a weekend fire and cut operations of other
units, Reuters reports.

A fire that hit the facilities resulted to the closure of a
60,000 barrel-per-day (bdp) vacuum distillation unit and a
35,000-bpd gas oil vacuum desulphurization unit. Other units,
including the refinery's 145,000-bpd crude distillation units
(CDU) were forced to run at a lower capacity.

The authorities are still investigating the cause of the fire,
which came at a time when Japan's kerosene stockpile is low.

A Company spokesman said the outages did not directly affect
kerosene output but since the Company had to reduce overall
refining rates, it "will take any possible measures to keep
kerosene supply stable."

Late in September, Nippon Oil shut a 140,000-bpd CDU at its
Mizushima refinery due to a technical problem. It also closed
down its number two CDU at the Negishi refinery after it was hit
by fire.

The Company has yet to determine when the units will resume
operations.

CONTACT:

Nippon Oil Corporation
3-12, Nishi Shimbashi 1-chome,
Minato-ku, Tokyo 105-8412, Japan
Phone: 81-3-3502-1131
Fax: 81-3-3502-9352


SOJITZ CORPORATION: Boosts Wood Chip Production in Vietnam
----------------------------------------------------------
Sojitz Corporation has established a third joint venture with
Vietamese company Vinafor to beef up its production of woodchips
in Vietnam, says Asia Pulse.

The joint venture, which is 51-percent owned by Sojitz and 49-
percent held by Vinafor, is infused with US$1.5 million (around
JPY160 million) in fresh capital.

The two firms have invested JPY500 million to construct a
woodchip factory in an industrial park near the Cai Lan port in
Ha Long that will manufacture 300,000 tons of wood chips per
year by the end of October. The material is used for
papermaking.

Sojitz hopes to expand its wood chip production capacity at the
new joint venture and its two other existing joint ventures in
Vietnam by 50 percent to 900,000 tons per year, and plans to
sell the products as pulp material to Japanese paper
manufacturers such as Oji Paper Company.

Sojitz, which started producing wood chips in Vietnam in 1994,
will invest JPY300 million every year to plant acacia trees on
3,000 hectares of land each year, securing 21,000 hectares in
seven years which will cover two-thirds of the amount needed for
its wood chip production.

For the remaining one-third, the Company will provide 1.5
million to 2 million seedlings to local farmers for free every
year and buy them back when they mature in five to seven years.
The Company will procure trees from local forestry companies for
the time being.

CONTACT:

Sojitz Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com


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


CHOHUNG BANK: S&P Assigns Rating to Subordinated Notes
------------------------------------------------------
Standard & Poor's Ratings Services Monday assigned its ratings
to Chohung Bank's (BBB/Stable/A-2) proposed US$200 million Lower
Tier II subordinated notes (BBB-) and its US$200 million Upper
Tier II subordinated notes (BB+).

The one-notch difference between Chohung's counterparty rating
and the rating on the Lower Tier II notes reflects the terms and
conditions of the proposed notes, and the overall financial
status of the bank. The two-notch difference between its
counterparty rating and the rating on the Upper Tier II notes
additionally incorporates the deferability of coupon payments.

The rating on Chohung reflects the expected convergence of
Chohung and Shinhan Bank's credit quality ahead of the merger of
the banks planned for the second half of 2006. This includes
resulting benefits from consolidating with Shinhan Financial
Group Co. Ltd. (SFG). Constraining factors on the bank's rating
include its relatively moderate asset quality as well as low
capitalization and profitability.

"As the integration of the two banks progresses, the proven risk
management and operational efficiencies of Shinhan should help
Chohung improve its credit profile since the bank's
consolidation with the stronger SFG increases resources for
Chohung to draw from," said Standard & Poor's credit analyst,
Young Il Choi.

Chohung's ratio of gross problem loans (loans classified as
precautionary and below) to total credit is likely to improve
slightly in 2004, but will probably remain higher than the
domestic industry average in the short to medium term. Although
the bank's problem loan ratio improved to 8.8 percent at the end
of June 2004 from 9.0% at the end of 2003, it remains relatively
high.

The bank's Tier 1 capital ratio stood at 4.66 percent at June
2004. This ratio is one of the lowest among domestic banks, but
is likely to improve gradually if the bank's profitability
recovers in 2004 from a large loss of Korean won 966 billion in
2003. The growth of preprovision profit is expected to remain
sluggish as Chohung's average asset size is likely to stay at
current levels, and credit costs will continue to be a key
factor constraining recovery in profitability in the next few
years.

There is a concern that labor issues may be sparked by the
merger between Shinhan and Chohung, which could disrupt
operations and constrain cost savings. Also, there remain
concerns over the impact of weakness in the household and small
and midsize enterprise sectors. Nevertheless, if Chohung
improves its weak credit profile, the ratings or outlooks on the
two core SFG entities, Chohung and Shinhan, could be revised
upward. Any significant changes to the SFG group's consolidated
profile would also affect the ratings on Chohung and Shinhan.


KOOKMIN BANK: To Hold 3Q Conference on October 22
-------------------------------------------------
Kookmin Bank will hold its 2004 Third Quarter Conference on
Friday, October 22, 2004.

The conference will be webcasted live throughout the world on
its IR website at www.kbstar.com.  Investors could participate
by telephone during the Q&A session following the presentation.

Date: October 22, 2004 (Friday)

Time: 15:30 Seoul / 07:30 London / 02:30 New York / 14:30 Hong
Kong & Singapore

Venue: Conference Room, 21st Floor, KSE, Youido, Seoul, Korea

Language:  Korean and English.  Simultaneous translation will be
available for the English-speaking participants.

Web Casting will be in Korean and English at www.kbstar.com.

Agenda: 2004 3Q Earnings Results and Q&A.

CONTACT:

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


KOREA EXCHANGE: Offers Voluntary Early Retirement to Cut Jobs
-------------------------------------------------------------
Korea Exchange Bank (KEB) plans to cut more than 900 jobs out of
the 5,600 staff members through voluntary early retirement as
part of its restructuring efforts, reports The Korea Times.

KEB said it would accept voluntary applications for four days
starting Tuesday of this week until Friday.

"From Tuesday, we will accept applications for early retirement
but we have yet to decide the number of jobs to be cut," a KEB
spokesman said.

"Despite the attraction of foreign capital amounting to 1
trillion won last year, our competitiveness has worsened. So,
we've decided to conduct the voluntary retirement program for
raising business efficiency," KEB said in a statement.

The bank also put into consideration a close down or merger of
branches in the regions with lower productivity and expanding
businesses in areas with high potentiality.

Those who would consider the voluntary retirement program would
be compensated with benefits equivalent to 24-month pay and some
allowances for education of their children, the bank said.

But the labor union of the bank is not sold to the idea, saying
if the bank would pursue the retirement program, they would take
strong countermeasures against it.

"Should the bank press employees to apply for it, we would start
legal proceedings," a union official Kim Bo-hun said.

CONTACT:

Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


SSANGYONG ENGINEERING: Out of Debt Workout Program
--------------------------------------------------
Ssangyong Engineering & Construction Co. (KOSDAQ:012650) has
successfully returned to the black with KRW55.7 billion (US$48.7
million) in ordinary profit last year, reports Asia Pulse,
citing Yonhap News.

Creditors of Ssangyong have now released it from the debt
workout plan program which started March 1999.  The Company was
placed under the program due to heavy debts.

While under the debt workout program, the Company sold off
assets, including its stake in Namkwang Engineering &
Construction Co., and laid off a large number of employees to
cut back cost and reduce debts.

Despite a decline in the building sector, Ssangyong still wants
to target KRW62.6 billion in profit this year.

The debt-to-equity ratio at the builder has dropped sharply to
209 per cent last year from an incredible 31,435 per cent in
1998.  The company's creditors plan to dispose of their stake up
to 50 percent of which employees will be given priority.

CONTACT:

Ssangyong Engineering & Construction Co. Ltd.
International Business Department
Phone Number: (822) 3433-7505~6
Fax Number: (822) 3431-9797
EMail: joonkim@ssyenc.com
Web site: http://www.ssyenc.co.kr/eng/


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


ANCOM BERHAD: Purchases 6,600 Ordinary Shares on Buy Back
---------------------------------------------------------
Ancom Berhad announced the details of its shares buy back on
October 18, 2004.
   
Date of buy back: 18/10/2004

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

Total number of shares purchased (units): 6,600

Minimum price paid for each share purchased (RM): 0.770

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

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 6,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,118,000

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


AYER HITAM: Unit Discloses Details of Syndicated Loan Facility
--------------------------------------------------------------
Motif Harta Sdn Bhd (MHSB), a unit of Ayer Hitam Tin Dredging
Malaysia Berhad (AHTIM), disclosed the details of its syndicated
term loan facility on 19 October 2004.

Ayer Hitam has received on 18 October 2004 an A.R. registered
letter dated 14 October 2004 respectively from the law firm,
Messrs Raja, Darryl & Loh saying:

"We act for Alliance Bank Malaysia Berhad (the Agent), the
arranger and agent for the Creditors, which are described below
(the Creditors) in respect of the agreement known as
Supplemental Facility Agreement dated 21 August 2002 entered
into between inter-alia, MHSB, AHTIN, the Creditors and the
Agent."

1. The Creditors are:

a) Alliance Bank Malaysia Berhad (ABMB);
b) EON Finance Berhad (EFB);
c) Malayan Banking Berhad (MBB); and
d) Kewangan Bersatu Berhad (KBB).

2. By a Vesting Order dated 17 August 2004, the assets and
liabilities of Mayban Finance Berhad were transferred to MBB.

3. On our clients' instructions and on their behalf, we hereby
demand from you (MHSB) and AHTIN, as guarantors, the sum of
RM23,870,518.32 which is due and owing to our clients as at 30
September 2004.

4. Interest will accrue on the aforesaid outstanding sum
calculated based on the amount due to each Creditor, at the rate
of 3.5% per annum above each of the Creditor's base lending rate
from 1 October 2004 till the date of full settlement in the
following manner:

a) With respect to ABMB, the current base lending rate is 6% per
annum and interest shall be calculated on the sum of
RM12,045,938.47 being the sum due to the said Creditor as at 30
September 2004.

b) With respect to EFB, the current base lending rate is 6.9%
per annum and interest shall be calculated on the sum of
RM1,906,706.75 being the sum due to the said Creditor as at 30
September 2004.

c) With respect to MBB, the current base lending rate is 6% per
annum and interest shall be calculated on the sum of
RM3,814,467.50 being the sum due to Mayban Finance Berhad as at
30 September 2004.

d) With respect to KBB, the current base lending rate is 6.9%
per annum and interest shall be calculated on the sum of
RM6,103,405.60 being the sum due to the said Creditor as at 30
September 2004.

5. TAKE NOTICE that should we fail to receive the aforesaid sum
of RM23,870,518.32 and the accruing interest thereon with a
further sum of RM300.00 being our solicitors' costs incurred
herein within seven (7) days from the date hereof, we have firm
instructions to proceed with legal action against you (MHSB) and
AHTIN without further reference to you.

6. TAKE FURTHER NOTICE that any payment(s) which may be made by
you to our clients or to us as their solicitors and which forms
part payment towards the amount demanded herein shall be
accepted by our clients without prejudice to our clients' right
to institute legal proceedings to recover any outstanding
balance; such right shall be exercisable without advice to you.

The Board of Directors of AHTIN are scheduled to meet on 28
October 2004 and this urgent matter shall be discussed on the
agenda.

c.c. Securities Commission

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
+60 3 2031 9633
+60 3 2031 6920


BERJAYA GROUP: EGM Set On November 3
------------------------------------
The Extraordinary General Meeting (EGM) of Berjaya Group Berhad
will be held at Dewan Berjaya, Bukit Kiara Equestrian & Country
Resort, Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala
Lumpur on Wednesday, 3 November 2004 at 10 a.m., to consider and
if thought fit, to pass the following ordinary resolution:

ORDINARY RESOLUTION

Proposed disposal of approximately 750.0 acres of freehold land
located in Sungai Tinggi by BerjayaCity Sdn Bhd (formerly known
as Eminent Capital Sdn Bhd) to Selat Makmur Sdn Bhd and the
proposed appointment of BerjayaCity Sdn Bhd as the turnkey
contractor to carry out the construction of the new turf club
for a total cash consideration of RM605.0 million (Proposed
Sungai Tinggi Land Transaction)

"THAT subject to the approvals being obtained from the relevant
authorities, approval be and is hereby given for BerjayaCity Sdn
Bhd, a subsidiary of the Company, to dispose of two (2) pieces
of freehold lands held under Geran 46261 Lot 15 and Geran 39947
Lot 26, both in the Mukim of Sungai Tinggi, District of Hulu
Selangor and State of Selangor Darul Ehsan (Sungai Tinggi Land)
and to accept the appointment by Selat Makmur Sdn Bhd as the
turnkey contractor to carry out the construction of the new turf
club (comprising a new racecourse and the ancillary buildings, a
clubhouse, an equestrian sports centre, infrastructure amenities
and sub-divided vacant lots) on the Sungai Tinggi Land for a
total cash consideration of RM605.0 million pursuant and subject
to the terms and conditions contained in the conditional Letter
of Offer dated 19 July 2004 from Selat Makmur Sdn Bhd to
BerjayaCity Sdn Bhd;

AND THAT the Directors of the Company be and are hereby
authorised to do all such acts and things as they may consider
necessary, expedient and/or appropriate with full powers to
assent to any conditions, modifications, variations and/or
amendments as may be required by the relevant authorities and to
take all such steps and enter into all such agreements,
arrangements, undertakings, indemnities, transfers and/or
assignments and to carry out any other matters as may be
required to implement, complete and give full effect to the
Proposed Sungai Tinggi Land Transaction."

BY ORDER OF THE BOARD

SU SWEE HONG
Kuala Lumpur
Company Secretary                     
19 October 2004

Notes:

1. A member entitled to attend and vote at a meeting of the
Company is entitled to appoint one (1) or two (2) proxies to
attend and vote in his stead. A proxy may but need not be a
member of the Company. Where a member appoints two (2) proxies
to attend the Meeting, the member shall specify the proportion
of his shareholdings to be represented by each proxy.

2. A member of the Company who is an authorized nominee as
defined under the Securities Industry (Central Depositories) Act
1991 may appoint one (1) proxy in respect of search securities
account.

3. The instrument appointing a proxy, shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing, or if such appointer is a corporation, under its common
seal, if any, and if none, then under the hand of an officer or
attorney duly authorized in that behalf.

4. The instrument appointing a proxy must shall be deposited at
the Company's Registered Office, 11th Floor, Menara Berjaya, KL
Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur not less than
forty-eight (48) hours before the time appointed for holding the
meeting or at any adjournment thereof.

CONTACT:

Berjaya Group Berhad Co.
11th Fl., Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang
55100 Kuala Lumpur, Malaysia
Phone: +60-3-2935-8888
Fax: +60-3-2935-8043


GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on October
15, 2004.
   
Date of buy back: 15/10/2004

Description of shares purchased:  Ordinary Shares of RM1.00 Each

Total number of shares purchased (units): 2,000

Minimum price paid for each share purchased (RM): 0.700

Maximum price paid for each share purchased (RM): 0.700

Total consideration paid (RM): 1,414.56

Number of shares purchased retained in treasury (units): 2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,119,500

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

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Tel: +60 4 226 2226
Tel: +60 4 228 2890

This announcement is dated 15 October 2004.


MBF HOLDINGS: Issues Litigation Update
--------------------------------------
MBf Holdings Berhad together with its subsidiaries namely
Alamanda Development Sdn Bhd (Alamanda), MBf Trading Sdn Bhd
(MBf Trading), MBf Automobile Sdn Bhd (MBf Automobile) and MBf
Printing Industry Sdn Bhd (MBf Printing), had on 15 October 2004
obtained notification that their application to the High Court
of Malaya at Kuala Lumpur for an injunction against MBf Leasing
Sdn Bhd (the Defendant), restraining the Defendant from
presenting, advertising or prosecuting a winding up petition
against the Plaintiffs shall be heard on 19 October 2004.

This injunction application was made following a Notice pursuant
to Section 218 of the Companies Act 1965 by the Defendant
against the Company on 10 September 2004, in respect of a debt
owing by Alamanda, MBf Property Services Sdn Bhd (MBf
Properties) which was purportedly guaranteed by MBfH. Subsequent
thereto, the Defendant also issued letters of demand to the
Company as principal debtor/guarantor and to its subsidiaries as
principal debtors for facilities granted to its subsidiaries.
Particulars of the demand are detailed below.

Background and Material Facts

1) At all material times until May 2003, the MBf Group comprised
MBfH and the then MBf Capital Berhad (MBf Capital) and the
subsidiaries of these two companies. MBf Holdings was until some
time in 1997, the registered and beneficial owner of
approximately 32% of the issued and paid-up shares in MBf
Capital.

2) Owing to the relationship between the companies within the
MBf Group, the Defendant, a subsidiary of MBf Capital and being
in the business of providing credit facilities, granted various
credit facilities to the subsidiaries of MBfH in its course of
business. Most of these facilities were secured by corporate
guarantees of MBfH.

3) Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group. The lenders to whom, MBfH had pledged its stake in MBf
Capital periodically force sold blocks of MBfH's shares in MBf
Capital from 1998 onwards, leaving MBfH with an insubstantial
1.41% equity interest in MBf Capital by the year 2002.

Given the substantial debt and accumulated losses suffered, MBfH
sought protection under Section 176(1) of the Companies Act
1965. MBf Holdings obtained court orders to propose a scheme of
arrangement (Scheme) to restructure its borrowings with its
lenders and selected creditors and to restrain its creditors
from commencing recovery action. The Scheme was completed on 30
June 2003.

Included in the Scheme was a debt-restructuring scheme, which
excluded the lease, hire-purchase liabilities, general unsecured
liabilities and amounts owing to subsidiary and associated
companies (Inter-company Loans). The lease, hire purchase and
general liabilities were to be addressed in the ordinary course
of business. However, the Scheme made no provision for the
settlement of the Inter-company Loans.

4) Likewise, MBf Capital also undertook a restructuring exercise
which was completed on or about 21 August 2003 which resulted in
Dato' Loy becoming a major shareholder of a company called
Perfect Utilization Sdn Bhd (Perfect Utilization). Perfect
Utilization, a special purpose vehicle incorporated under MBf
Capital's restructuring exercise took over the listing status of
MBf Capital and certain of its subsidiaries, which included the
Defendant.

Dato' Loy resigned as the Chief Executive Officer and Managing
Director of MBfH on 16 January 2004. With the exit of Dato' Loy,
the Defendant consistently pursued the MBfH group for a
settlement of the Inter-company Loans.

5) A settlement sum of RM18.0 million was agreed to be settled
by cash and/or assets. In the midst of identifying the mechanics
of settlement, the Defendant issued the notice pursuant to
Section 218 of the Companies Act 1965 on the Company.
Subsequently the Defendant also served the letters of demand on
the Company and its subsidiaries as principal debtor/guarantor
and principal debtors respectively of the facilities granted.

6) The claims made by the Defendant were in respect of the
following facilities:

a) Invoice Discounting Facility to MBf Property Services Sdn Bhd
(MBf Property)

MBf Property, a previously wholly-owned subsidiary of MBfH,
admitted a debt of RM10,156,980.12 as at 31 May 1997 and sought
the assistance of Alamanda to settle its debt. Alamanda was
unable to fulfill its repayment obligation and the Defendant
served a notice on 10 September 2004 pursuant to Section 218 of
the Companies Act 1965 on MBfH, as purported guarantor for the
facility.

The Defendant claimed the aforementioned sum with interest at
15% per annum until full settlement of the debt, which amounted
to RM28,143,538.17 as at 31 August 2004.

MBf Property ceased to be a subsidiary of MBfH when it was
disposed off on 27 January 2003.

b) Confirming Facility to MBf Trading

A legal letter of demand was issued by the Defendant to the
Company and MBf Trading on 17 September 2004 for a sum of
RM14,603,477.84 as at 31 August 2004, and further interest and
confirming fees accruing thereafter until the date of full
settlement.

c) Confirming Facility to MBf Automobile

(i) The Defendant had issued a letter of demand on 20 September
2004 to the Company for a sum of RM13,149,454.00 as at 31 August
2004. The Defendant also demanded further interest and
additional confirming fees accruing thereafter until the date of
full settlement.

(ii) The Defendant had issued a letter of demand on 14 October
2004 to the Company for a sum of RM11,219,367,92 as at 30
September 2004. The Defendant also demanded further interest
accruing thereafter until the date of full settlement.

MBf Automobile is a subsidiary of MBf Commercial Vehicles Sdn
Bhd (MBf CV) which in turn, is a subsidiary of MBfH. As MBf CV
is now in liquidation, its accounts are not consolidated with
MBfH. However, this liability had been disclosed as part of the
contingent liabilities of MBfH in its books.

d) Hire Purchase Facility to MBf Printing
A letter of demand was issued to both the Company and MBf
Printing on 22 September 2004 for a sum of RM435,002.19 as at 17
September 2004.

e) Current Account of MBfH with the Defendant

The Defendant had issued a letter of demand on 4 October 2004
for the amount owing of RM492,680.00 and interest at 8% per
annum until the date of full settlement.

f) Confirming Facility to MBf CV
(i) On 7 October 2004, the Defendant issued a letter of demand
for a sum of RM349,581.39 on the Company, being the guarantor of
the facility.

(ii) On 14 October 2004, the Defendant issued a letter of demand
for a sum of RM9,175,219.54 as at 30 September 2004 on the
Company, being the guarantor of the facility. The Defendant also
demanded further interest accruing thereafter until the date of
full settlement.

g) Confirming facility to MBf Trading (S) Pte Ltd on 9 August
1991

As at 31 August 2004 there was an amount owing to the Defendant
of RM1,403,019 of which the Company or MBf Trading (S) Pte Ltd
had not received any letter of demand.

The Defendant's claims amounted to RM77,568,321.05.

Financial Implication

Of the total claims made by the Defendant of RM77,568,321.05, a
sum of RM25,688,140.15 had been accounted for in the books of
MBfH group and RM51,880,180.90 disclosed as contingent
liabilities.

Should the settlement of RM18 million be formalised, there will
be a gain of approximately RM9.1 million on the writeback of the
balance of the Inter-company Loans. MBfH and its subsidiaries
will incur a loss of approximately RM51.88 million and further
interest and additional confirming facilities accruing
thereafter until the date of full settlement if the Defendant is
successful in its claims.

Without prejudice to the Company's rights at law, the Company is
currently in negotiations with the Defendant to settle the
matter amicably.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
Date: 18 October 2004

CONTACT:

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


PAN MALAYSIA: Notes Closed Period Dealings By MUIB Director
-----------------------------------------------------------
Tan Sri Dato' Dr. Khoo Kay Peng, a Director and Chief Executive
of Malayan United Industries Berhad (MUIB) disclosed to the
Bursa Malaysia Securities that MUI Continental Insurance Berhad,
a subsidiary company of MUIB in which Tan Sri Dato' Dr. Khoo Kay
Peng is a Director, intends to deal in the shares of Pan
Malaysia Corporation Berhad (PMC) during the current closed
period pending the announcement by PMC of its third quarterly
financial results ended 30 September 2004.

As at 18 October 2004, Tan Sri Dato' Dr Khoo Kay Peng has deemed
interests of 420,394,500 shares representing 50.05% of the
current issued and paid-up share capital of PMC.

CONTACT:

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


PERBADANAN URUS: To Seek Govt Aid to Settle RM2-Bln Debt
--------------------------------------------------------
Perbadanan Urus Air Selangor Bhd (PUAS) plans to seek the
government's assistance to help settle RM2.23 billion in
outstanding debts, the Star Online reports.

The Company's creditors include three water treatment plant
operators namely Puncak Niaga Holdings Bhd, Syarikat Pengeluar
Air Selangor Sdn Bhd (Splash) and Konsortium Abass Sdn Bhd.  

PUAS Chief Executive Officer Datuk Mohd Sinon Mudzakir said
despite registering a 40% increase in revenue since 2002, PUAS
was still saddled with a financial deficit due to the current
high bulk supply rate (BSR) imposed by the three water players
under the terms of the water privatization projects.  


RCE CAPITAL: Unit Settles Debt Payment
--------------------------------------
The Board of Directors of RCE Capital Berhad (RCE) announced
that its unit RCE Ventures Sdn Bhd (RCEV) has on 15 October 2004
settled in full its indebtedness of RM31,989,637.45 including
any interest accrued thereon to RCE Marketing Sdn Berhad (RCEM).

CONTACT:

RCE CAPITAL
1st Floor Lot 271
Jalan Dua
Off Jalan Chan Sow Lin
55200 Kuala Lumpur
Tel: 03-92228870
Fax: 03-92217793

The announcement is dated 18 October 2004.


RNC CORPORATION: Seeks Approval for Rehab Scheme Modifications
--------------------------------------------------------------
RNC Corporation Berhad refers to its announcement dated 18
November 2003 on the Securities Commission's (SC) approval on
the modifications to the Proposed Corporate and Debt
Restructuring Scheme (Proposed Scheme).

Among the conditions imposed on the said approval was the
requirement for a full provision to be made in respect of trade
debts of the acquiree companies, which are in dispute, under
litigation or which have exceeded a six (6) month period. It was
also stated that the valuation of the acquiree companies would
need to be re-assessed in view of the condition imposed on the
provisions required on the trade debtors of the acquiree
companies.

In view of the aforementioned conditions imposed by the SC,
Messrs Ernst & Young was engaged to carry out a revised
independent valuation on the assets that will be acquired by
Aliran Ihsan Resources Berhad pursuant to the Proposed Scheme.
Based on the revised valuation, several further modifications
have been proposed to the terms of the Proposed Scheme.

On 22 September 2004, OSK Securities Berhad, on behalf of the
Special Administrators of RNC Corporation Berhad (RNC" or
"Company) had written to the Economic Planning Unit of the Prime
Minister's Department (EPU), among others, to seek its approval
on the further modifications to the Proposed Scheme.

On behalf of the Special Administrators of RNC, OSK Securities
Berhad announced that the EPU had vide its letter dated 15
October 2004, approved the further modifications to the Proposed
Scheme.

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
Malaysia
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233

This announcement is dated 18 October 2004.


RNC CORPORATION: Seeks Extension of Restructuring Implementation
----------------------------------------------------------------
OSK Securities Berhad, on behalf of the Special Administrators
of RNC Corporation Berhad (RNC), has already submitted an
application to the Securities Commission (SC) on 22 September
2004 for a further extension of time for the implementation of
the Proposed Corporate and Debt Restructuring Scheme to 16 April
2005, and is awaiting the SC's approval.

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
Malaysia
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233

This announcement is dated 18 October 2004.


WEMBLEY INDUSTRIES: Aims to Revise Debt Restructuring Scheme
------------------------------------------------------------
The Board of Directors of Wembley Industries Holdings Berhad
announced that its unit Plaza Rakyat Sdn Bhd (PRSB) has entered
into a Debt Restructuring Agreement (DRA) on 15 October 2004
with the following parties who are participating in the Proposed
Debt Restructuring and who are named in the DRA save and except
for Daewoo Engineering and Construction Co Ltd (Daewoo):

(i) The secured financial institutions comprising EON Bank
Berhad, Affin Bank Berhad, RHB Bank Berhad, RHB Sakura Merchant
Bankers Berhad, Kewangan Bersatu Berhad and Public Bank Berhad
(Secured Financiers);

(ii) The unsecured financial institutions comprising Affin Bank
Berhad, Pengurusan Danaharta Nasional Berhad, Danaharta Managers
Sdn Bhd, EON Bank Berhad, Malayan Banking Berhad, RHB Bank
Berhad and Bank Islam Malaysia Berhad (Unsecured Financiers);
and

(iii) The unsecured creditors comprising Ekran Berhad, Dr CC
Wong Consulting Engineers, Lahmeyer International GmbH and
Wembley IBAE Sdn Bhd (WIBAE) (for distribution to WIBAE
creditors) (Creditors).

As a result of Daewoo's non-participation in the Proposed Debt
Restructuring, the Proposed Debt Restructuring scheme is further
revised as follows:

Proposed Debt Restructuring as announced on 12 March 2004 (with
Daewoo's participation)

The Proposed Debt Restructuring shall involve the following:

The issuance of RM427.95 million nominal value of ICULS at 100%
of its nominal value and 42.79 million Warrants and a cash
payment of RM493.00 as full and final settlement of the secured
and unsecured loans and amounts owing by WIHB and its
subsidiaries, namely PRSB and WIBAE.

Latest revision to the Proposed Debt Restructuring (without
Daewoo's participation (Proposed Revision)

The issuance of RM315.95 million nominal value of ICULS at 100%
of its nominal value and 31.59 million Warrants and a cash
payment of RM493.00 as full and final settlement of the secured
and unsecured loans and amounts owing by WIHB and its
subsidiaries, nmaely PRSB and WIBAE.

SALIENT TERMS OF THE DRA

The salient terms of the DRA are as follows:

(a) Conditions precedent includes the following:

WIHB shall obtain or procure the approval of its shareholders
and the requisite approvals of the Securities Commission,
Foreign Investment Committee, Bursa Malaysia Securities Berhad
(Securities Exchange), Bank Negara Malaysia and any other
relevant governmental or regulatory body, which are necessary
for or in connection with the implementation of the Proposed
Debt Restructuring.

WIHB shall obtain the order of the High Court of Malaya
confirming the reduction of capital of WIHB pursuant to the
Proposed Capital Reduction and Consolidation.

WIHB shall procure a licensed financial institution or a
licensed stockbroker (Grantor) acceptable to the Secured
Financiers to irrevocably and unconditionally undertake to take
up all the Secured Financiers' ICULS in the following manner:
(i) 50% of the Secured Financiers' ICULS shall be purchased
immediately upon issuance of the ICULS; and

(ii) the Grantor shall grant a put option in favour of the
Secured Financiers for the remaining 50% of the Secured
Financiers' ICULS exercisable at any time within seven (7) days
from the expiry of six (6) months from the date of issuance of
the ICULS.

WIHB must have procured sufficient funding to finance the
completion of the inter-state bus and taxi terminal, retail
podium and budget hotel forming part of the Plaza Rakyat
Project.

The Trust Deed constituting the ICULS and the Deed Poll
constituting the Warrants shall have been duly executed;

The Proposed Rights Issue shall have been successfully
underwritten.

(b) The obligations of the Secured Financiers, Unsecured
Financiers and Creditors under the DRA shall immediately be
discharged in the event that:

(i) Any of the conditions precedent set out in the DRA is not
fulfilled on or before 31 December 2004 or such extension(s) of
time as may be approved by three (3) or more of the Secured
Financiers to whom are owed more than fifty percent (50%) in
value of the secured financing debt (Majority Secured
Financiers), four (4) or more of the Unsecured Financiers to
whom are owed more than fifty percent (50%) of the unsecured
financing debt, (Majority Unsecured Financier) and two (2) or
more of the Creditors to whom are owed more than fifty percent
(50%) in value of the amount owing (Majority Creditors); or

(ii) The ICULS are not issued pursuant to the Trust Deed; or

(iii) The Warrants are not issued pursuant to the Deed Poll; or

(iv) The cash amount (totaling RM493) are not paid to the
relevant Unsecured Financiers and Creditors; or

(v) The ICULS and/or Warrants are not listed and quoted on the
Securities Exchange within 7 business days of their issuance.

(c) If an event of default shall occur, any of the Majority
Secured Financiers, Majority Unsecured Financiers and Majority
Creditors shall be entitled to terminate the DRA and in such
event, each of the Secured Financiers, Unsecured Financiers and
Creditors shall be entitled:

(i) To make demand on the respective WIHB and its subsidiary
companies (Group Member), Bipes Process Sdn Bhd (now known as
Process Crygen Sdn Bhd), a former subsidiary of WIHB (Former
Subsidiary) and/or any guarantor, surety or other party
providing any guarantee or security (Security Party) for the
payment or repayment of all outstanding indebtedness together
with interest thereon (where applicable) and all other sums
payable in connection therewith as if the DRA had never been
entered into; and/or

(ii) Without being required to give further notice to the
respective Group Member, Former Subsidiary and/or Security
Party, to institute and/or re-commence any proceedings, proceed
with the execution of any judgment obtained by it, take such
steps (including any proceedings for the realization of its
security, if any) and exercise any other rights which it may
have against the respective Group Member, Former Subsidiary
and/or Security Party as it may think fit or by statute or
otherwise to recover all amounts due and payable to it as
aforesaid and/or pursuant to such judgment.

(d) The Secured Financiers, Unsecured Financiers and Creditors
shall accept the ICULS and the Warrants as full and final
satisfaction of all monies due or payable to each of them.

(e) Upon the Secured Financiers', Unsecured Financiers' and
Creditors' receipt of their respective portion of the ICULS and
the Warrants and the listing and quotation thereof on the
Securities Exchange:

(i) Any of the Secured Financiers, Unsecured Financiers and
Creditors who has commenced legal proceedings against any Group
Member and/or Former Subsidiary in respect of the indebtedness
or any part thereof shall withdraw all such legal proceedings at
their own cost and expense;

(ii) Each of the parties thereto shall not thereafter have any
claims whatsoever or take any legal action, suit, arbitration or
proceedings (including but not limited to any action or
proceeding to levy any execution or otherwise to enforce any
judgment) in respect of the indebtedness or facilities;

(iii) All existing financing documents and non-financing
documents shall cease to have any effect whatsoever and the
Group, the Former Subsidiary and the Security Party shall be
absolutely released and discharged from their respective duties,
obligations and liabilities thereunder and in this connection,

(i) The Secured Financiers and Unsecured Financiers shall at the
request and costs and expense of the respective Group Member or
the Former Subsidiary, as the case may be, execute such
discharge, release and/or reassignment of the existing financing
documents in such form as the Secured Financiers and Unsecured
Financiers shall in the circumstances consider appropriate; and
(ii) the Creditors shall execute such discharge, release and/or
cancellation, as the case may be, of all non-financing
Documents; and

(iv) the existing loan/financing accounts of WIHB, its
subsidiaries and/or Former Subsidiary with the Secured
Financiers and Unsecured Financiers shall be treated as closed
and cancelled.

(f) In order to facilitate the implementation of the Proposed
Debt Restructuring, the Secured Financiers, Unsecured Financiers
and Creditors have agreed that up until the date on which the
ICULS and Warrants are to be issued in accordance with the DRA
or such other date when the DRA is terminated, whichever is
earlier, and subject to the due and punctual compliance by WIHB
and PRSB of their respective obligations under the DRA, the
Secured Financiers, Unsecured Financiers and Creditors agree
that they will not at any time (save as permitted under the
DRA):

(i) demand payment of any Indebtedness from any Group Member,
Former Subsidiary and/or Security Party;

(ii) institute or continue with proceedings or steps of any kind
or proceed with the execution of any judgment obtained by any of
them against any Group Member, Former Subsidiary and/or Security
Party and/or its/their assets (and the Secured Financiers,
Unsecured Financiers and Creditors shall put on hold any such
proceedings and steps and will not execute any judgment obtained
by any of them);

(iii) levy or enforce a distress or execution or other similar
process whatsoever against any of the assets of any Group
Member, Former Subsidiary and/or Security Party;
(iv) enforce in any way whatsoever any of the existing financing
documents, non-financing documents or other right of recourse
held by them for any indebtedness due to them, or any part
thereof, which they may hold or to which they may become
entitled over the whole or any part of the undertaking of assets
of any Group Member, Former Subsidiary and/or Security Party;

(v) receive or recover any amounts under or in respect of any of
the existing financing documents, non-financing documents or
other right of recourse against any Group Member, Former
Subsidiary and/or Security Party or make any demand or take any
steps to enforce the same;

(vi) take any action whatsoever for, or with a view to, or in
contemplation of, the winding up or dissolution of any Group
Member, Former Subsidiary and/or Security Party;

(vii) attempt to obtain or obtain any guarantee, indemnity,
mortgage, pledge, charge, hypothecation, lien, encumbrance or
other security interest whatsoever from any Group Member, Former
Subsidiary and/or Security Party;

(viii) make any alterations to the terms of the facilities
except pursuant to the DRA; or

(ix) exercise any right of set-off or consolidation of accounts
or counter-claim in respect of any indebtedness due to it.

FINANCIAL EFFECTS

The effects of the Proposed Revision on the financial of WIHB
are as follows:

Share capital

The effects of the Proposed Revision on the financial of WIHB
are as follows:

As at 31 December 2003        Proposed Revision
                              No of Shares ('000)

As at 31 December 2003        144,475

Share capital subsequent to    57,790
the Proposed Capital
Reduction and Consolidation   

To be issued pursuant to the  144,475
Proposed Rights Issue

Total                         202,265

To be issued pursuant to:

Full conversion of ICULS     315,951
Full exercise of Warrants     89,385

Total                         607,601

3.2 Earnings

The Proposed Revision is not expected to have any material
effect on the earnings of the group for the financial year
ending 31 December 2004 as the Proposals are expected to be
completed in second half of 2005.

However, the Proposals is expected to contribute positively to
the future earnings of the Company.

3.3 Net Tangible Assets (NTA)

The Proposed Revision is not expected to have any material
effect on the NTA per share of the group for the financial year
ending 31 December 2004 as the Proposals are expected to be
completed in second half of 2005.

However, the future NTA of the Company is expected to improve
subsequent to the implementation of the Proposals.

3.4 Shareholding structure

The effects of the Proposed Revision on the substantial
shareholders of WIHB are attached in Table 1.


3.5 Gearing
The Proposed Revision is not expected to have any material
effect on the gearing of the group for the financial year ending
31 December 2004 as the Proposals are expected to be completed
in second half of 2005.

However, the gearing of the group is expected to improve upon
completion of the Proposals.

RATIONALE FOR THE PROPOSED REVISION

The Proposed Revision is being undertaken in view that Daewoo is
no longer participating in the Proposed Debt Restructuring.

Save for the changes in the number of nominal value of ICULS and
Warrants to be issued, the indicative salient terms of the ICULS
and Warrants remain unchanged as announced on 31 July 2002.

SUBMISSION TO THE SECURITIES COMMISSION (SC)

The application to the SC in respect of the Proposed Revision
will be made within 1 month from the date of the completion of
the preparation of the revised profit and cashflow forecasts and
projections of the Company.

DOCUMENTS FOR INSPECTION

The DRA is available for inspection at the Registered Office of
WIHB, Level 9, Wisma Ting Pek Khiing, No 1 Jalan Padungan, 93100
Kuching, Sarawak during normal business hours from Monday to
Friday (except for public holidays) for a period of fourteen
(14) days from the date of this announcement.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
+60 82 236920
+60 82 236922

This announcement is dated 18 October 2004.


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


GRAND BOULEVARD: Files Rehab Petition
-------------------------------------
Grand Boulevard Hotel, formerly called Silahis International
Hotel, filed a petition on October 15 for the Manila Regional
Trial Court (MRTC) to suspend debt payments worth US$19 million,
the Business World reports.

The move came after Artemio S. Tipon of Manila RTC Branch 46
dismissed the petition for its corporate rehabilitation.

In a petition submitted to the MRTC, Grand Boulevard foresees
the impossibility of meeting its debts and obligations if the
planned corporate rehabilitation would not push ahead.

The Company owes Php1.06M (US$19 million) in obligations to
various banks such as Urban Bank (now Export and Industry Bank),
Land Bank of the Philippines, Security Bank and Westmont Bank
(now United Overseas Bank) under a syndicated loan agreement.

The hotel said its obligations would be restructured over a
period of 18 years. The company also added that the management,
which has just been reorganized, will remain in place but may be
further streamlined as conditions demand.

CONTACT:

Grand Boulevard Hotel
1990 Roxas Boulevard
Manila, National Capital Region 1004
Philippines
Telephones
General Information - +63 (2) 525-7966
General Information - +63 (2) 526-0122
FAX - +63 (2) 525-6437


MANILA ELECTRIC: Execs Eye Savings For Customers
------------------------------------------------
Manila Electric Co. (Meralco) customers may be able to realize
savings of between 20 and 30 centavos per kilowatt-hour (kwh)
once the rehabilitation of the 230-kilovolt (kv) Binan-
Dasmarinas transmission line is completed, ABS-CBN News reports.

First Gas Holdings Corp. (FGPC) Vice Chairman and First Gas
Holdings Inc. President Peter Garuccho said Meralco can also
expect additional savings if the utility firm is able to exceed
its 83-percent minimum energy Quantity (MEQ) stated in its
contract with the FGPC.

The National Transmission Corp. (Transco) will shut down the
Binan-Dasmarinas until the end of December 2004 as the utility
firm undertakes the necessary upgrading to boost the capacity of
the transmission line.

The project will increase the capacity of the existing line by
four times. Once upgraded, its transport capacity will be
boosted four-fold per circuit, or about 1200 MW from 300 MW.

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: Clarifies "Gives Php130M Loan to Unit" Report
------------------------------------------------------------
This is in reference to the news article entitled "Metro Pacific
gives P130-M loan to shipping subsidiary" published in the
October 15, 2004 issue of The Philippine Star.

The article reported that "(p)arent Metro Pacific Corp. (MPC) is
extending a P130-million loan to shipping subsidiary Negros
Navigation Co. (Nenaco) to finance various capital expenditure
projects, including the completion of drydocking facilities. MPC
officials told The STAR that the amount will be sourced from the
recent sale in the open market by First Pacific Co. (FPC) of
five percent stake in MPC. Following the sale, FPC's stake in
MPC is now down to 92.5 percent.

The STAR learned that the sale of the five percent stake,
involving 930.2 million shares of MPC, raised about P450
million, to be used for the general corporate requirements of
MPC. The Php130 million loan will be an additional to an earlier
Php124 million extended by MPC to Nenaco, whose rehabilitation
plan was recently approved by the Manila Regional Trial Court.
`The amount will be used basically to get the ships running in
time for the peak season,' an MPC official disclosed."

Metro Pacific Corporation (MPC), in its letter to the Philippine
Stock Exchange dated October 18, 2004, stated that:

"As has been noted in numerous newspaper articles, both Metro
Pacific Corporation (Metro Pacific) and Negros Navigation
Company (Nenaco) have at various times, conveyed the need to
raise additional financing to assist in implementing Nenacos
(sic) rehabilitation program. Specifically, Nenaco has said that
it requires approximately P130 million in additional funding to
complete the dry-docking of several ships, purchase of spare
parts and other capital expenses. Metro Pacific has likewise
spoken of its intent to provide certain funding to Nenaco to
assist it in addressing specific needs."

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

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


NATIONAL STEEL: NSC Gets Php900M From GIHL
------------------------------------------
Indian steel giant Global Infrastructure Holdings Ltd. (GIHL)
has invested over Php900 million for the rehabilitation of
National Steel Corporation (NSC), which is now known as Global
Steelworks International Inc. (GSII), ABS-CBN News reports.

GSII President Shushant Das said the additional equity infusion
was used on the rehabilitation of the Iligan plant as well as on
maintenance, consumable, and labor costs.

Mr. Das said that the amount was on top of the Php13.25-billion
deal that involves the acquisition of NSC and its assets from
the creditor banks led by Philippine National Bank (PNB). The
transaction was closed last Friday with the release of the Php1-
billion down payment.

The company intends to reach one million metric tons in six
months and two million metric tons by the end of next year. More
than one-third of the 2,000 workers who were rendered jobless
when NSC shut down in 1999 are now employed with GSII.

CONTACT:

National Steel Corporation
NSC Building Street 377 Sen.
Gil J. Puyat Avenue Area
Makati City, Metro Manila


NEGROS NAVIGATION: Files Petition To Delist From PSE
----------------------------------------------------
Negros Navigation Co., Inc. (Nenaco) on Monday filed a petition
to have its shares delisted from the Philippine Stock Exchange
(PSE), the Business World reports.

"As a private company, Nenaco will be able to effect the many
changes it intends in order to rebuild our business, stabilize
our financial foundation and reposition the company for future
growth," Willard G. Mosquito, Corporate Information Officer,
told the PSE.

"We also ask [the PSE Listings] committee to consider the unique
circumstances of our rehabilitation program and ask your
assistance in achieving approval of this delisting in as
expedient a manner as possible," wrote Mr. Mosquito, adding that
they "do not discount the possibility of returning to the market
at some point in the future."

The petition was in line with a tender offer by parent Metro
Pacific Corporation to buy back the 85 million remaining shares
equivalent to 2.81 percent of the outstanding capital stock for
PhP0.16 each at PhP13.6 million.

The tender offer will start on October 20 and ends on November
17. Every Nenaco shareholder on record as of October 15 is
entitled to tender all or a portion of his or her shares for
acceptance and purchase by Metro Pacific.

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


NEGROS NAVIGATION: Confirms Resignation of President
----------------------------------------------------
This is in reference to the news article entitled "Nenaco
president resigns" published in the October 19, 2004 issue of
the BusinessWorld (Internet Edition). The article reported
"Negros Navigation Co. (Nenaco) President and Chief Executive
Sulficio O. Tagud, Jr. stepped down from his post on Friday in
compliance with a Manila court order for the approval of the
shipping firm's rehabilitation plan."

Negros Navigation Co., Inc. (NN), in its letter to the
Philippine Stock Exchange dated October 19, 2004, confirmed
that:

"Our President, Mr. Sulficio O. Tagud, Jr., tendered his
resignation as our President to our Board of Directors."

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

CONTACT:

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


PHILIPPINE LONG: Issues Additional Listing Shares
-------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814 per
share.

In this connection, please be advised that a total of 250 common
shares have been availed of and fully paid by the optionee under
the Company's ESOP. In view thereof, the listing of the 250
common shares is set for Tuesday, October 19, 2004. This brings
the number of common shares listed under the ESOP to a total of
299,969 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President- Operations Group

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


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


BAAN ASIA: Creditors Meeting Set October 29
-------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Baan Asia Pacific Pte Ltd will be held at 6 Shenton Way, #29-
00 DBS Building Tower Two, Singapore 068809 on Friday, the 29th
of October 2004 at 10:00 a.m.

To attend, nominate and vote thereat, the Proof of Debt and form
of proxy must be lodged with the Provisional Liquidators no
later than 12 noon on the 25th of October 2004.

A copy of this Notice has been dispatched to all known creditors
of the Company on 15th October 2004.

Any other person claiming to be a creditor of the Company as at
this date may write to the Provisional Liquidators to request  
copies thereof.

Wee Aik Guan
Tam Chee Chong
Joint and Several Provisional Liquidators
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

This Singapore Government Gazette notice is dated October 15,
2004.


INFORMATICS HOLDINGS: To Open New Campus in 2005
------------------------------------------------
In a press release yesterday, Informatics Holdings Ltd announced
the opening of new campus in 2005. The new campus would be
offering many first including, the direct academic pathways from
`O' to postgraduate completion.

- First and only private institute in Singapore to offer direct
academic pathway from 'O' Levels (for international students) to
postgraduate degree completion.

- The 'O' Level program will be spearheaded by Mrs. Carmee Lim,
former principal of Raffles Girls' School

- The first private education institute to introduce an
incubation center for foreign universities within its campus.

- One of the largest campuses among the private education
schools in Singapore:

  600,000 sq ft, full-fledged campus (built-up area of 230,000
sq ft) to accommodate up to 15,000 students

  Well-equipped with 80 classrooms, sporting facilities, campus-
wide wireless Internet infrastructure

Mainboard-listed Informatics Holdings Ltd, "Informatics", a
global leader in quality lifelong learning services, announced
its plans to set up the first campus in the region that features
a through-train academic pathway from 'O' Levels (for
international students) to postgraduate degree completions.

"The Informatics Campus is a significant milestone for
Informatics. With this full-fledged campus that is equipped with
modern facilities, we are able to continue our focus in academic
excellence and enhance our service delivery to attract more
international students to Singapore. Furthermore, we are most
delighted to have Mrs. Carmee Lim, who is a renowned education
specialist, to spearhead the school's 'O' level program," said
Dr. Michael Teng, Chief Executive Officer of Informatics Group.

"The move to our new Informatics Campus is timely and in line
with the government's initiatives to develop Singapore into a
'Global Schoolhouse'," continued Dr. Teng.

To further complement Singapore's aim to become a world-class
education hub in the region, Informatics intends to set up an
'EduPolis' within the new campus to attract more foreign
university partners to establish their presence in Singapore.
This initiative to form an incubation center for foreign
university partners is a first locally and it enables foreign
universities to tap into the high education demand in the
region. An IDP source has indicated that 70% of the global
demand for international higher education in 2025 is expected to
come from Asia.

"The EduPolis is positioned to build on our strategic alliances
with our foreign university partners and presents the
opportunity to strengthen the relationship and to provide
Informatics value-added services to them. We are proud to be the
first private education institute to introduce this concept
which will add greater diversity and range of education choices
for local and international students here," said Dr. Teng.

Unique Through-Train Curriculum, Holistic and Enriching
Educational Experience

Informatics will be the first and only institution in the region
to offer a unique through-train academic pathway for
international students, from GCE 'O' and 'A' Levels to
postgraduate degree completions. The through-train pathway will
provide international students with a direct and accelerated
route to postgraduate degree completions from reputable and
internationally recognized universities.

The 'O' Level curriculum of the Informatics through-train
program will be run by renowned education specialist, Mrs.
Carmee Lim, who has joined Informatics Group as a Vice
President. Formerly the principal of Raffles Girls' School
(RGS), Mrs. Lim is a known figure in the education scene, and
was instrumental in providing the vision and dynamic leadership
to transform RGS into the best Independent School for girls in
Singapore.

Recognizing the importance of non-academic, co-curricular
activities as part of a holistic educational experience, Mrs.
Lim's vision is that students at Informatics Campus will be
given the opportunity to participate in co-curricular activities
in the creative arts and sports and games. For example, a
renowned world-class soccer school will be brought in to assist
in developing the soccer curriculum for the students.

Said Dr. Teng: "At Informatics, we remain focused on our core
business of education. We are committed to nurturing future
leaders of tomorrow with strong entrepreneurship qualities and a
global perspective. The through-train pathway for international
students is an extension of our education services. Carmee Lim
will provide the expertise in developing an excellent holistic
curriculum for our students. Our new campus will provide the
educational 'tools' in terms of modern technological
infrastructure and facilities.

The Informatics team will put in the best effort in developing
the curricula that will allow students to harness their
leadership potential and provide them with a head start in their
career path."

"We aim to enhance Informatics' position as a choice destination
for international students. We believe that students will
benefit from the diverse professional backgrounds and multi-
cultural environment in the campus. Informatics is well-
positioned to capture this international students' market as we
have market presence in more than 50 countries," continued Dr.
Teng.

One of the largest campuses in Singapore

The 600,000 sq ft Informatics campus that can accommodate up to
15,000 students will be one of the largest campuses among the
private education schools in Singapore.

Besides ensuring an excellent curriculum, Informatics places
emphasis on providing top quality infrastructure and facilities.
Informatics Campus will be well equipped with a campus-wide
wireless and broadband Internet environment, 80 classrooms and
computer labs, 5 lecture theatres, 1 library and full sporting
facilities such as 2 football/ rugby fields, 3 badminton courts,
2 basketball courts, and 2 tennis courts. As for accommodation,
Informatics will provide students with assistance to make
arrangements with hostels and apartments.

The Informatics campus is ideally situated within the education
and technology belt in the western part of Singapore, which also
includes several other education institutions. Located next to
the bustling suburban Regional Jurong East Town center, the
campus is well served by an efficient transportation including
the MRT subway interchange, the Jurong Regional Library and many
amenities in the vicinity.

"We are encouraged by the continuous government initiatives to
strengthen and add vibrancy to the Republic's education
infrastructure. We believe the Informatics Campus, which is
expected to be ready by early 2005, will help to further
strengthen Informatics' leading position in the education
landscape in the world," added Dr. Teng.

About Informatics Holdings Ltd

The Informatics Group, listed on the mainboard of the Stock
Exchange of Singapore, was established in 1983, and is a
multinational corporation providing lifelong learning services
in information technology and business management. Informatics
presently has a global network spanning more than 50 countries,
offering programs from O/A Levels (for international students)
to undergraduate and postgraduate degree completions. The
Company has won many awards including the Singapore Brand Awards
2002 and 2003, the Singapore Quality Class for Private Education
Organizations (SQC for PEO) as well as the People Developer
Standards Award.

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

CONTACT:

Informatics Holdings Ltd
Informatics Building, 5 International Business Park,
Singapore 609914
Tel: (65) 6562 5625
Fax: (65) 6565 1371
Web site: http://www.informaticsgroup.com


JSD CONSTRUCTION: Placed Under Judicial Management
--------------------------------------------------
Notice is hereby given that on the 8th day of October 2004, an
order for placing JSD Construction Pte Ltd under judicial
management was made and the relevant particulars of the matter
were given as follows:

(1) Date of presentation of petition: 15 September 2004

(2) Date of Order: 8 October 2004

The Petitioner's address is 27 Woodlands Industrial Park E1,
#03-16 Hiankie Industrial Building, Singapore 757718.

Messrs Ramdas & Wong
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated October 15,
2004.


KOH BROTHERS: Posts Change in Shareholder's Interest
----------------------------------------------------
Koh Brothers Group Limited released on October 18, 2004 released
a notice at the Singapore Stock Exchange pertaining to the
change in the Percentage Level of the Interest of Quek Chee Nee.

Part I

(1) Date of notice to issuer: October 16, 2004
  
(2) Name of Director and Substantial Shareholder: Quek Chee Nee

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

Part II

(1) Date of change of shareholding: October 15, 2004
  
(2) Name of Registered Holder: Daiwa Securities SMBC Singapore
Limited - nominee
  
(3) Circumstance(s) giving rise to the interest or change in
interest: Sales in open market at own discretion

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

No. of shares held before the change: 955,000
As a percentage of issued share capital: 0.199
  
No. of shares which are the subject of this notice: 50,000
As a percentage of issued share capital: 0.01
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.10
  
No. of shares held after the change: 905,000
As a percentage of issued share capital: 0.189

Part III

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

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

Part IV

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

                                                Direct    Deemed
No. of shares held before change:           57,835,000         0
% of issued share capital:                      12.058         0
   
No. of shares held after change:            57,785,000         0
% of issued share capital:                      12.048         0

Submitted by:
Lee Suyin
Company Secretary
Koh Brothers Group Limited


OPEN SESAME: Final Meeting Set on October 15
--------------------------------------------
Notice is hereby given pursuant to Section 308 of the Companies
Act that the Final Meeting of the members and creditors of Open
Sesame Computer Systems Asia Pacific Pte Ltd will be held at 3
Phillip Street, #18-00 Commerce Point, Singapore 048693 on the
19th of November 2004 at 11:00 a.m. for the purposes stated in
Sections 308 and 320 of the Companies Act, Cap.

Shanker Iyer
Liquidator

Note: Any member or creditor entitled to attend and vote at this
meeting is entitled to appoint another person (whether a member
or creditor or not) as his proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidator's
office not less than forty-eight hours before the time of
holding the meeting and any adjournment thereof.

This Singapore Government Gazette notice is dated October 15,
2004.


PANPAC MEDIA: Discloses Incorporation of Subsidiary
---------------------------------------------------
The Board of Directors of Panpac Media Group Limited announced
the incorporation of a wholly-owned subsidiary, The Observer
Star (Hong Kong) Company Limited, in Hong Kong on 28 July 2004
with an authorized share capital of HK$10,000.00.

The new subsidiary is wholly owned by The Observer Star Global
Publishing Holdings Limited, a wholly owned subsidiary of the
Company, which is formerly known as Media Sky Associates Ltd.

The Observer Star (Hong Kong) Company Limited will be engaged in
the business of publishing and distributing the Observer Star
newspaper, HK edition and the global licensing and syndication
of the newspaper.

The incorporation of the new subsidiary is not expected to have
any material effect on the earnings per share or net tangible
assets per share of the Company for the financial year ending 31
December 2004.

None of the Directors and substantial shareholders of the
Company has any interest, direct or indirect, in the aforesaid
transaction.

Submitted by:
Ricky Ang Gee Hing
Group MD and CEO


PANPAC MEDIA: Will Not Proceed With Joint Venture
-------------------------------------------------
On 14 June 2004, Panpac Media Group Limited announced that it
had entered into a non-binding Memorandum of Understanding (MOU)
in relation to a proposed joint venture with Tianjin Jin Bao
Media Investments Ltd.

The Company announced that it had decided not to proceed with
the proposed Joint Venture and therefore had allowed the MOU to
lapse in accordance with the terms and conditions of the MOU.

The Company has decided not to proceed with the joint venture in
order to focus its resources on consolidating and strengthening
its position as a leading business and financial newspaper
publisher in the PRC, and in developing the Observer Star
newspaper (PRC edition will be launched next month), into a
leading PRC and global brand in the business and financial
publishing space.

In line with this, the Group will now be seeking to acquire
other complementary publications in the PRC, while continuing to
divest non-core and non-strategic assets.

Submitted by:
Ricky Ang Gee Hing
Group MD and CEO


WAN SOON: Receives Judicial Management Order
--------------------------------------------
Notice is hereby given that on the 1st day of October 2004, an
order for placing Wan Soon Construction Pte Ltd under judicial
management was made and the relevant particulars of the matter
are given as follows:

(1) Number of matter: Originating Petition

(2) Date of presentation of petition: 22nd July 2004

(3) Petitioners' solicitors: Messrs Edwin Tay & Co

(4) Date of Order: 1st October 2004

(5) Registered office of above named company: 12 Loyang Lane,
    Singapore 508926

Name and address of Judicial Managers:
Mr. Michael Ng Wei Teck and Mr. Peter Chay Fook Yuen
c/o Messrs KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Messrs Rajah & Tann
Solicitors for the Judicial Managers
4 Battery Road
#15-00 Bank of China Building
Singapore 049908

This Singapore Government Gazette notice is dated October 15,
2004.


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


ASIA HOTEL: Reports Progress on Corporate Rehabilitation
--------------------------------------------------------
Asia Hotel Public Company Limited (ASIA) reported to the Stock
Exchange of Thailand (SET) the progress of its corporate
rehabilitation for disclosure to investors.

ASIA and its subsidiaries have put much more effort to carry out
the corporate rehabilitation to strengthen the shareholders'
equity.  The following are the progress of the company's
rehabilitation:

(1) Asia Hotel Public Company Limited

During the past years, ASIA has performed pursuant to the debt
restructuring agreement made on August 1999, as a result the
loan balance was reduced to THB1,587.53 million.  On 16 July
2004, ASIA proposed the financial institutions the revised debt
restructuring agreement to strengthen its financial position,
which is under negotiation at present.  It is expected that the
conclusion will be finalized within December 2004.

(2) Asia Pattaya Hotel Company Limited

Result from the debt restructuring agreement in January 2003,
the debt of Asia Pattaya was lessened to the agreed amount of
THB323.85 million.  After repayment according to the
aforementioned agreement, the loan balance was decreased to
THB294.00 million as at 30 June 2004.  Since the terms and
conditions are suitable, no further negotiation is required.  
Asia Pattaya is now renovating hotel facilities to boost the
business potential and to satisfy customers' need.

(3) Asia Airport Hotel Company Limited

The THB662.66 million loan of Asia Airport from The Bangkok
Metropolitan Bank was initially transferred to Petchburi Asset
Management (PAM) and then transferred to Sukhumvit Asset
Management (SAM).  The aforesaid debt transferring has resulted
in slowing down the process of debt restructuring.

Asia Airport is now in the process of negotiation with SAM,
which has significant progress onwards.  It is expected that the
conclusion will be finalized within December 2004.

(4) Zeer Property Company Limited

Zeer Property has signed the debt restructuring agreement with
the financial institution on 17 January 2000 and signed the
agreement with Thailand Asset Management (TAM) on 9 December
2003.  After repayment according to the aforementioned
agreement, the loan balances as at 30 June 2004 were reduced
THB140.18 million and THB162.72 million respectively.  Since the
terms and conditions are suitable, no further negotiation is
required.  

Zeer Property has developed more rental space of 18,487 square
meters and has big computer dealers and bookstores rented such
space.  This year operating results were expected to be greater
than those of last year.

After the debt restructuring agreement as mentioned in no. 1 and
no. 3 above are agreed, the shareholders' equity will be greater
improve that will strengthen the financial positions of ASIA and
its subsidiaries.  However, ASIA still has some risks due to the
terms and conditions on the negotiation.

This information is provided for notification to the SET and for
disclosure to investors.

Best regards,
(Mr. Kumpol Techaruvichit)
Chairman and Managing Director

CONTACT:

Asia Hotel Public Company Limited   
296 Phayathai Road, Phaya Thai Bangkok    
Telephone: 0-2215-0808   
Fax: 0-2215-4360   
Web site: www.asiahotel.co.th


CAPETRONIC INTERNATIONAL: Unveils Rehab Plan Update
---------------------------------------------------
Capetronic International (Thailand) Public Company Limited
issued to the Stock Exchange of Thailand (SET) the status of its
rehabilitation plan for April 19, 2004 to May 22, 2004 period in
accordance to the SET's letter, with Reference Number BJ56/2547
dated January 14, 2004 requesting the company to report the
progress of the rehabilitation plan every six months.

(1) Reformation of Major Shareholders

After the two new groups of shareholders have purchased the
company's ordinary shares and warrants from the major
shareholder group in the company on May 31, 2004, this resulted
to new shareholder group No.1 to make a tender offer for all
securities of Capetronic International (Thailand) Plc. from the
period of June 16, 2004 to August 20, 2004.  This above-
mentioned reformation affects the shareholder structure as
follows.     

Group No.1

Name                      Number of Shares      Percentage of
                                             total issued shares

(1) Mrs. Sunisa Pathompreuk        376,125      0.03      
(2) Miss Chayapa Wongsawat     283,634,375      20.25
(3) Miss Chinnicha Wongsawat   312,045,849      22.27
(4) Mr. Yodchanan Wongsawat    278,687,312      19.89
                     Total     874,743,661      62.44

Group No.2

Name                       Number of Shares   Percentage of
                                           total issued share

(1) Mr. Surasit Tiyavacharapong  153,190,500      10.93
(2) Mr. Wisan Neranartkomol      125,234,140      8.94
                          Total 278,424,640      19.87

(2) Executive Board of Director

>From the above-mentioned reformation of shareholder groups, a
reformation was also made to the company's Executive Board of
Director in June.

(1) Mrs. Sunitsa Pathompreuk     Chairman
(2) Mr. Wisan    Neranartkomol   Executive Director
(3) Mr. Pathrlap Davivongsa      Managing Director

(3) Progress of the 2004 Business Plan

According to the policy and management plan in the statement of
Intention for Tender Offer are presented to the SET on June 11,
2004,in the 2004 business plan the company has been operating
the assembly of go-carts since October 1, 2004 following the
order of L.A. Bicycles (Thailand) Co., Ltd.

For the initial stage there is an order in October for 20,000
units, and the company expects further orders of similar amounts
from the above-mentioned company for the month of November and
December.  

At the present time, the company's capacity for assembling go-
carts is around 20,000 22,000 carts per month.  This figure
matches with the current orders received, and there is a factory
occupancy area of around 1,000 square meters.   Therefore,
considering the total leftover area, the company is still
capable of increasing the capacity for assembling go-carts in
the future.  Nevertheless, the expansion of above-mentioned
assembling capacity is still dependent on the orders from L.A.
Bicycles (Thailand) Co., Ltd.  

Currently, the cost of the assembling orders is around 30
percent of the revenue.  The company is also controlling the
operating expenses to be at a suitable level in accordance to
the present-day assembling business.    

Nonetheless, on top of the above-mentioned cart-assembling
orders, the company is currently analyzing additional businesses
in order to fully make use of the company's assets.

The implementation plan will be executed promptly with the aim
of increasing the main revenue stream on a long-term basis for
the company.  The company will report the progress of these
circumstances to the SET as soon as possible.  
        
(4) Company's Financial Statements

The company has not yet submitted the financial statements for
the 1st quarter in year 2004 due to the reason that the
appointed auditor of the company have refused to take on the job
after the company contacts them.  At the moment, the company has
contacted a new auditor and is currently waiting to be reviewed
in the shareholders meeting for approval.  It is expected the
shareholder meeting and submit financial statements shall be
carried out in this November.  

Please be informed accordingly.

Yours sincerely,
Pathrlap Davivongsa
Director

CONTACT:

Capetronic International (Thailand) Pcl   
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao    
Telephone:(038) 573161-72   
Fax: (038) 573173-4
        

INTER FAR EAST: Issues Update on Progress of Rehab Plan
-------------------------------------------------------
Inter Far East Engineering Public Company Limited notified the
Stock Exchange of Thailand the progress of operation under the
Rehabilitation Plan which the company has previously reported
according to the Progress Report No. IFEP 027/2547 dated April
16, 2004.

The company requested the creditor in Tranche D evaluate the
properties for debt in the value of THB20.00 million which is
the last part that is specified to the plan administrator to
perform and the properties have been transferred to the creditor
which in August 2004 resulting in the obligation of Tranche D
that is remaining to be released in the whole amount under the
condition specified in the Rehabilitation Plan.

In addition, in the past month, September 2004 the company has a
letter informing about the success of the Rehabilitation Plan to
the creditor committee to make known that the company has
already paid the debt under the condition specified in the
Rehabilitation Plan according to clause No.10.8 fully.  At
present, the company is in the inspection period and the law
office is considering the details for leave the Rehabilitation
Plan preparing to file a petition to Central Bankruptcy Court,
we expect that the time needed will be the same as usual
according to the procedures of leaving the Rehabilitation Plan.

Please be informed accordingly.

Sincerely yours,
Mr. Narong Taychachaiwong
(Mr. Narong Taychachaiwong)
Inter Far East Planner Company Limited
The Plan administrator
        
CONTACT:

Inter Far East Engineering Pcl   
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok    
Telephone: 0-2318-3272   
Fax: 0-2318-0574   
Web site: www.ifct.co.th


PREMIER ENTERPRISE: Releases Status of Rehabilitation Plan
----------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited informed the Stock
Exchange of Thailand (SET) the following information regarding
the operation under the Rehabilitation Plan for the period of
1st April 2004 to 30th September 2004.

(1) The Restructuring of Debt and Business under the
Rehabilitation Plan submitted to the Court

The Company has operated in accordance with the rehabilitation
plan without any contradiction.  Such operation can be divided
into 2 following major issues:

(a) Increase of Capital and Conversion of Debt to Equity

During the period of April to September 2004, the Plan
Administrator has already conversed its debt to equity in the
amount of THB442.34 million respect to petition for amendment of
the Rehabilitation Plan dated 27 February 2004, which the
Central Bankruptcy Court has grant an order to approve the
amendment of the Rehabilitation as per the Plan Administrator
has requested.  As a result, the existing paid up capital is
increased to THB3,878.47 Million and the registered capital is
THB4,000 million.
        
(b) Repayment of Debt

Upon the completion of the reduction and conversion of debt
under the rehabilitation plan, the debt of the Company has been
reduced to THB1,989 Million and shall be repaid in accordance
with the repayment schedule.  During the operation under the
Rehabilitation of the Plan, the Company has already arranged for
the debt repayment in the amount of THB361.9 million. During the
period of 1st April 2004 to 30th September 2004, the Company has
arranged for the repayment of debt and payment of interest to
the creditors.

Repayment of principle of debt: THB40.02 Million
Payment of interest: THB25.64 Million
Total: THB65.66 Million

The balance of debt as of September 30, 2004 is THB1,627.1
Million which shall be repaid within 9 calendar years
        
(2) The Improvement of the Business and the Financial Status of
the Company in accordance with the Criteria of the Stock
Exchange of Thailand.        

With reference to the latest SET report, the Company has
concentrated to the financial providing business (Specialty
Finance) which are the specialty finance business providing
services, vehicle leasing, Asset Management and Insurance
brokerage.  Due to the above business has good performance and
is profitable with the growth potential to be the Core Business.

On this quarter, the Company has filed the petition for
amendment of the Rehabilitation Plan to the official receiver on
6th September 2004 for the court's approval regarding its
business restructuring.  The official receiver has set
the date of the meeting for consideration and vote in regard to
approving the amendment of the Rehabilitation Plan.  
        
The company is looking for your kind support.

For your acknowledgement

Yours faithfully,
(Mrs. Duangthip Earmrungroj, Mr.Teerapol Juthapornpong)
Premier Planner Company Limited
As the Plan Administrator of
Premier Enterprise Public Company Limited

CONTACT:

Premier Enterprise Public Company Limited   
Premier Corporated Park Bldg,
1 Soi Premier, Sinakharin Rd, Nong Bon, Prawet Bangkok    
Telephone: 0-2301-1000, 0-2398-0029   
Fax: 0-2398-2350, 0-2398-0701


THAI WAH: Discloses Financial Status, Performance
-------------------------------------------------
Pursuant to the letter of the Stock Exchange of Thailand to the
Company no. Bo Jor 51/2547 dated 14 January 2004 regarding the
report and the progress of the implementation of Business
Reorganization Plan of Thai Wah Public Company Limited as
detailed thereof.

The Company, by Thai Wah Group Planner Company Limited as the
Plan Administrator, would like to report on the Company's
financial status, performance and the implementation of the
Company's Plan for the period April 2004 to September 2004.

(1) Progress Report on Financial Status and Performance of the
Company

(1.1) Starch Operations

The starch operation is the core business of the Company and it
consists of the manufacture and sale of tapioca flour and other
related products.   Fresh cassava roots are purchased and      
processed into tapioca flour of which a small portion is then
used in the manufacture of downstream products such as tapioca
pearls, modified starch and pulp.

As explained in the next section, the Company's starch
operations continue to be profitable and this is expected to
continue provided that the Company has sufficient working
capital to maintain an appropriate level of production and
sales.  On average, the Company requires approximately THB500
million in working capital in a combination of cash, inventory
and accounts receivable.  

(1.2) Performance of Starch Operations

Sales revenue during the six months from 1 April 2004 to 30
September 2004 amounted to THB644 million, which is about
39 percent higher than the same six-month period of a year
earlier.

Sales volume increased 31 percent to approximately 75,600 tons
(tapioca starch only) whilst the average unit selling price
increased 7 percent, to THB7,800 per ton (tapioca starch only).

Gross operating profit generated by starch operations in the
period under review increased by 78 percent over the same period
last year to THB156 million at a profit margin of 24 percent.
Operating profit before interest & taxes increased by 114
percent to THB70 million.

(2) Progress of Plan Implementation

(2.1) Payment to the Creditors

The Company by the Plan Administrator paid principal and
interest to the creditors as due on 30 June 2004 and 30
September 2004.  The total of the principal & Interest payments
was US$ 5.54 million plusTHB69.12 million.

(2.2) Mortgage Registration

The mortgage registration of land and buildings in accordance
with the business reorganization plan of the Company have been
completed since July 1, 2004.

(2.3) Sale of Non-Core Assets

(2.4) Transfer of the Contingent Creditor's Claim

(2.5) Strategies to Return the Company to Positive Equity

See update of No. 2.3 to No.2.5 provided by Class B Directors
of Thai Wah Group Planner Company Limited in a separate letter.

Please be informed accordingly
Yours sincerely

(Mr. Kuan Chiet)
Thai Wah Public Company Limited
By Thai Wah Group Planner Company Limited
as the Plan Administrator

CONTACT:

Thai Wah Public Company Limited   
Thai Wah Tower, Floor 21-22, 21/63-66
South Sathon Road, Sathon Bangkok    
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70   
Web site: www.thaiwah.com
  


                            *********


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
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***