TCRAP_Public/041104.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

             Thursday, November 4, 2004, Vol. 7, No. 219

                            Headlines

A U S T R A L I A

85 MILLER: Receivers and Managers Appointed
BISHOP INVESTMENTS: Sets November 10 as Date of Final Meeting
BLICERE PTY: Final Meeting Slated for November 5
BUNGAWALBIN PTY: Receivers and Managers Named
CHAMELEON MINING: To Face Winding Up Proceedings

CLAIMS MADE: To Undergo Winding Up Process
H.M.A. LIMITED: Winds Up Voluntarily
JAMES HARDIE: Has Not Made Provision for Asbestos Liabilities
L.P.I FINANCE: Voluntarily Winds Up
M&A '95: Issues Winding Up Notice

NU-BAKE BAKERY: To Undergo Winding Up Process
PHOSCHEM PTY: Enters Winding Up Proceedings
PIVOT AGRICULTURAL: Voluntarily Winds Up
PRESTER PTY: Shareholders Resolve to Voluntarily Wind Up
QANTAS AIRWAYS: Virgin Opposes Tie-up With British Airways

SAFTRANS PTY: Goes Into Voluntary Winding Up
SANTOS LIMITED: Clarifies PNG Gas Project Speculation
SONS OF GWALIA: Judge Junks IMF Bid To Access Register
STOCK FEED: Enters Winding Up Proceedings


C H I N A  &  H O N G  K O N G

BANK of CHINA: Deutsche Bank Brushes Aside Stake Buy Talks
GIGALINK GROUP: Court To Hear Receiver's Application December 1
IKI TRADING: Faces Bankruptcy Proceedings
INDUSTRIAL & COMMERCIAL: Auditors Uncover US$850-Mln Loss
JIA XIN: Winding Up Hearing Slated for December 8

SUN RISE: Court Issues Bankruptcy Order
TECHNICAL COMPANY: Bankruptcy Order Made
YIN SANG: Bankruptcy Order Issued
* CSRC to Reshuffle Security Houses


I N D O N E S I A

BANK PERMATA: Sale of 20% Stake Awaits Decree
PERTAMINA: Seeks To Buy 4M Bbl Gasoline
PERTAMINA: Government Not Giving Up on KBC Dispute


J A P A N

ALL NIPPON: Raises Domestic Fares Due to Rising Oil Prices
KOBE STEEL: R&I Assigns BBB+ to L-T Debt
KOBE STEEL: Moody's Upgrades Debt Rating To Baa3, Outlook Stable
MITSUBISHI MOTORS: Unveils October U.S. Sales
MITSUBISHI MOTORS: Extends "Free Scheduled Maintenance" Program

OSAKA DOME: Effectively Goes Bankrupt
UFJ HOLDINGS: Plans To Repay Public Funds in Two Years


K O R E A

KOOKMIN BANK: To Cut Manpower as Part of Restructuring
KOOKMIN BANK: Smart Card Service Fully Operational


M A L A Y S I A

CHG INDUSTRIES: Updates Corporate Restructuring Scheme
CHG INDUSTRIES: Seeks Restraining Order Extension
CONSOLIDATED FARMS: Releases Monthly Status Update
GENERAL SOIL: SC Rejects Restructuring Plan
HONG LEONG: Units Enter Voluntary Liquidation

INNOVEST BERHAD: Aims To Regularize Financial Condition
JASATERA BERHAD: Seeks Debt Settlement Extension
KIG GLASS: Releases Default Status Update
KIG GLASS: Unit Defaults in Debt Payments
MAXIS COMMUNICATIONS: Plans to Raise $360M For Loan Refinancing

MBF HOLDINGS: Appoints Members To Nomination Committee
NALURI BERHAD: Details Restructuring Scheme
PAN MALAYSIA: Issues Closed Period Trading
PAN PACIFIC: Presents New Restructuring Scheme Proposal
RNC CORPORATION: Seeks Restructuring Plan Extension


P H I L I P P I N E S

MAYNILAD WATER: Rehab Doomed Without Price Hike
NATIONAL BANK: NSC Sale Improves Loan Ratio
NATIONAL POWER: Power Firms Eye Loboc Plant
PHILIPPINE REALTY: Clarifies "In Talks on Boni Projects" Report


S I N G A P O R E

EXCEL GOLF: Court Issues Winding Up Notice
GORFORD SINGAPORE: Receives Winding Up Order
GYG ENGINEERING: Meeting Scheduled on November 19
KOH BROTHERS: Posts Change in Shareholder's Interest
OPTICS STORAGE: Faces Winding Up Proceedings

PANPAC MEDIA: Appoints CEO for Subsidiary
PANPAC MEDIA: Releases Info on Newly Appointed CEO
WEE POH: Issues Clarification Statement


T H A I L A N D

NFC FERTILIZER: Unveils Resolutions Adopted at Meeting
SIAM AGRO: SP Sign on Securities Lifted
THAI-GERMAN PRODUCTS: Details Result of Share Offering
TUNTEX THAILAND: SP and NP Signs Posted On Securities

     -  -  -  -  -  -  -  -

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


85 MILLER: Receivers and Managers Appointed
-------------------------------------------
On 16 September 2004 St George Bank Limited A.C.N. 055 513 070
of Level 9, 182 George Street, Sydney, NSW 2000 appointed John
Frederick Lord and John Maxwell Morgan, Chartered Accountants of
PKF, Level 10, 1 Margaret Street, Sydney, NSW, 2000 to be the
joint and several receivers and managers of all of the rights,
property and undertaking of whatever kind wherever situated
whether present or future owned by 85 Miller Pty Limited A.C.N.
106 015 025.

Solicitor for St George Bank Limited
c/- Phillips Fox
Solicitors
Level 38, 201 Elizabeth Street,
Sydney NSW 2000


BISHOP INVESTMENTS: Sets November 10 as Date of Final Meeting
-------------------------------------------------------------
Notice is given that the annual meeting of the members of Bishop
Investments Pty Ltd (In Liquidation) A.C.N. 007 583 039 will be
held at Edwards Marshall, Suite 5, 4-8 Angas Street, Kent Town,
South Australia on 10 November 2004 at 10:00 a.m.

AGENDA

To consider the Liquidator's account of his acts and dealings
during the year ended 28 August 2004.

Dated this 17th day of September 2004

Hugh Lachlan Mcpharlin
Liquidator
c/- Edwards Marshall
Chartered Accountants
Suite 5, First Floor,
4-8 Angas Street,
Kent Town SA 5067


BLICERE PTY: Final Meeting Slated for November 5
------------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, the final meeting of the members of Blicere
Pty Ltd (In Liquidation) A.C.N. 010 147 467 will be held at the
offices of Pitcher Partners, Level 21, 300 Queen Street,
Brisbane on 5 November 2004 at 10:00 a.m.

AGENDA

To receive an account made up by the liquidator showing how the
winding up has been conducted and the property of the Company
has been disposed of, and to receive any explanation required
thereof.

Dated this 24th day of September 2004

J.E. Scott
Liquidator


BUNGAWALBIN PTY: Receivers and Managers Named
---------------------------------------------
Naturally Australian Tea Tree Oil Pty Ltd, gives notice that on
9 September 2004 it appointed, Paul Desmond Sweeney and Terry
Grant van der Velde, Insolvency Accountants and Risk Managers of
SV Partners, Level 16, 120 Edward Street, Brisbane in the State
of Queensland, as Joint and Several Receivers and Managers of
the property of Bungawalbin Pty Ltd, being the property
specified in the schedule under the powers contained in an
instrument dated 3rd day of June 2002.

Schedule

All the legal and equitable estate or interest in the present
and future undertaking and property of the Mortgagor, including
without limitation, its uncalled capital and called but unpaid
capital from time to time and the uncalled premiums and called
but unpaid premiums from time to time upon its shares.

Dated this 9th day of September 2004

Paul Sweeney
Terry Van Der Velde
Joint and Several Receivers and Managers


CHAMELEON MINING: To Face Winding Up Proceedings
------------------------------------------------
Chameleon Mining N.L. in a disclosure to the Australian Stock
Exchange advised that it has appointed Sydney Chartered
Accountants, Armstrong Wiley & Co, to prepare an Independent
Assessment of the Company's Solvency in response to the above
Notice of Application to Wind Up the Company.

The matter is before the Supreme Court of NSW on the 18th of
November 2004 and the Company is very confident of successfully
defending the action.

Furthermore, the Company is continuing with its proceedings
against Rupert Ltd. Mr. Robert McLennan and others in the
Federal Court of Australia, seeking damages and other orders
pursuant to the provision of the Trade Practices Act.

The value of the Company's claims is estimated to be in excess
of $4,000,000, which greatly exceeds the claim by Rupert Ltd.
and Mr. Robert McLennan of $200,000.

CONTACT:

Chameleon Mining N.L.
47 Labouchere Road
Perth, Wat
Australia, 6051
Phone: +61 8 9367 6855
Fax: +61 8 9367 3038
Web site: http://www.chameleonminingnl.com.au/


CLAIMS MADE: To Undergo Winding Up Process
------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Claims Made EZY Pty Ltd (In Liquidation) A.C.N.
079 997 890, held on the 14th day of September 2004, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Messrs Nicholas Martin and Wayne Benton of
PPB, Chartered Accountants, Level 10, 90 Collins Street,
Melbourne, Victoria, be appointed as joint and several
Liquidators.

Dated this 17th day of September 2004

Nicholas Martin
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


H.M.A. LIMITED: Winds Up Voluntarily
------------------------------------
Notice is hereby given that the sole member of H.M.A. Limited
(In Liquidation) A.C.N. 009 478 657 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


JAMES HARDIE: Has Not Made Provision for Asbestos Liabilities
-------------------------------------------------------------
James Hardie Industries NV admitted it has not made a provision
for further asbestos liabilities, reports Asia Pulse.

The embattled building products manufacturer also said it may
borrow funds to make a provision on unfavorable terms if it does
not reach an accord with union and asbestos victims
representatives to contribute further funding.

The statements are contained in a financial document lodged with
the Dutch Chamber of Commerce released on Monday on the
Australian Stock Exchange.

To view the entire ASIC release, click on:
http://bankrupt.com/misc/TCRAP_JAMESHARDIE110304.pdf

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.


L.P.I FINANCE: Voluntarily Winds Up
-----------------------------------
Notice is hereby given that the sole member of L.P.I Finance Pty
Ltd (In Liquidation) A.C.N. 009 511 013 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


M&A '95: Issues Winding Up Notice
---------------------------------
Notice is hereby given that the sole member of M&A '95 Pty Ltd
(In Liquidation) A.C.N. 009 483 130 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


NU-BAKE BAKERY: To Undergo Winding Up Process
---------------------------------------------
Notice is hereby given that the sole member of Nu-Bake Bakery
Pty Ltd (In Liquidation) A.C.N. 009 480 737 passed a resolution
in accordance with section 249B of the Corporations Act 2001,
that the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


PHOSCHEM PTY: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that the sole member of Phoschem Pty Ltd
(In Liquidation) A.C.N. 005 107 639 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


PIVOT AGRICULTURAL: Voluntarily Winds Up
----------------------------------------
Notice is hereby given that the sole member of Pivot
Agricultural Laboratory Services Pty Ltd (In Liquidation) A.C.N.
007 158 429 passed a resolution in accordance with section 249B
of the Corporations Act 2001, that the Company be wound up as a
members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


PRESTER PTY: Shareholders Resolve to Voluntarily Wind Up
--------------------------------------------------------
Notice is hereby given that by a special resolution passed at a
meeting of shareholders of Prester Pty Ltd duly convened and
held on 13 September 2004 it was resolved that the Company be
wound up voluntarily and that Anthony Desmond Hoffman of Hoffman
Kelly Lajoie Pty Ltd of Level 1, 15 Harries Road, Coorparoo,
Queensland be appointed Liquidator.

Notice is also given that creditors having a claim against the
Company should furnish particulars of that claim to the
Liquidator within twenty-one days of this date, otherwise
distribution of the assets will take place without regard to
such claims.

Dated this 13th day of September 2004

Anthony Desmond Hoffman
Liquidator


QANTAS AIRWAYS: Virgin Opposes Tie-up With British Airways
----------------------------------------------------------
Virgin Atlantic opposed the nine-year-old joint services
agreement between Qantas and British Airways (BA), reports the
Sydney Morning Herald.

In a closed-door session held by the Australian Competition and
Consumer Commission (ACCC) in Sydney, Virgin Atlantic was the
sole airline to express its opposition to a planned five-year
extension to the deal that will enable BA and Qantas to fix
fares and schedules on Australia-London flights.

Earlier, Virgin Atlantic has hailed the commission's draft
determination to renew the Qantas-BA agreement in August as
"perverse". The carrier has also questioned the ACCC's reason
for approving the deal.

Given the commission says the deal will result in "substantial
lessening of competition" for business passengers on the so-
called Kangaroo Route, Virgin Atlantic's head of external
affairs and route development, Barry Humphreys, said: "In our
opinion, the conclusions don't follow from the analysis."

Within two weeks, Virgin Atlantic, Qantas and BA are required to
make final written submissions to the ACCC, which in turn will
make a final determination by Christmas.

Qantas British Airways declined to comment on the issue.

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


SAFTRANS PTY: Goes Into Voluntary Winding Up
--------------------------------------------
Notice is hereby given that the sole member of Saftrans Pty Ltd
(In Liquidation) A.C.N. 008 047 765 passed a resolution in
accordance with section 249B of the Corporations Act 2001, that
the Company be wound up as a members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


SANTOS LIMITED: Clarifies PNG Gas Project Speculation
-----------------------------------------------------
With regard to media speculation on Santos' involvement in the
PNG Gas Project, Santos Limited advised that:

(1) It is not presently a participant in the PNG Gas Project,
and
(2) has not made any decisions relating to the PNG Gas Project.

If and when any decisions or agreements are reached that require
disclosure, Santos will make the necessary announcements.

Santos holds 31% equity in the PDL1 license, which covers a
significant portion of the Hides field in Papua New Guinea.

CONTACT:

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


SONS OF GWALIA: Judge Junks IMF Bid To Access Register
------------------------------------------------------
Litigation funder IMF Australia is seeking to appeal against a
Federal Court ruling that prohibits it from using Sons of
Gwalia's register to contact shareholders of the failed miner,
according to The Age.

IMF reportedly wants to call on potential litigants to join a
multi-million dollar class action against Gwalia on a claim that
the gold miner engaged in unethical conduct by allegedly failing
to disclose its gold hedging commitments.

Earlier, IMF sought declaration from the Court that using the
register to get in touch with 1400 investors who bought Gwalia's
stock would not conflict privacy provisions of the Corporations
Act.

However, Justice Robert French decided that IMF's move would
defeat the purpose of the privacy protection.

Meanwhile, some 115 Gwalia shareholders have already contacted
IMF, which indicates Gwalia's investors are interested in taking
legal action against the Company.

Last month, a group of 20 Gwalia shareholders, who purchased the
collapsed miners stock on or after July 22, approached IMF to
talk about launching a group action against the Company, seeking
AU$50 million in damages.

CONTACT:

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


STOCK FEED: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that the sole member of Stock Feed
Distributors Pty Ltd (In Liquidation) A.C.N. 009 504 116 passed
a resolution in accordance with section 249B of the Corporations
Act 2001, that the Company be wound up as a members voluntary
winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators



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C H I N A  &  H O N G  K O N G
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BANK of CHINA: Deutsche Bank Brushes Aside Stake Buy Talks
----------------------------------------------------------
Deutsche Bank has brushed aside talks on purchasing a Bank of
China (BOC) stake, Bloomberg reports, citing Hong Kong's Sing
Pao newspaper.

Bank of China is said to be in advanced talks with Deutsche
Bank, HSBC Holdings Plc and JPMorgan Chase & Co., as the banks
are said to be interested purchase stakes in the Chinese lender.

However Deutsche Bank's Hong Kong- based spokesman, Michael West
dismissed the news, saying it was "just a rumor".

BOC may possibly sell a stake to an overseas investor by the end
of the year ahead of its scheduled IPO in the second half of
2005.

CONTACT:

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


GIGALINK GROUP: Court To Hear Receiver's Application December 1
---------------------------------------------------------------
In the matter of Gigalink Group Limited an application by the
Official Receiver and Provisional Liquidator will be heard
before Master S. Kwang of High Court for consideration of the
resolutions and determinations of the First Meeting of Creditors
held on 31st August 2004 and the adjourned First Meeting of
Contributories held on 9th September 2004 (if any) deciding the
differences, and making such order of appointments as the Court
may think fit.

Date and Time of Hearing: Wednesday, 1st December 2004 at 9:30
a.m.

Place of Hearing: High Court Building, 38 Queensway, Hong
Kong.

Any Creditor or Contributory of the Company is entitled to
attend and be heard at the above hearing.

E T O'CONNELL
Official Receiver & Provisional Liquidator

This notice was published through The Standard on October 29,
2004.


IKI TRADING: Faces Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the winding up Iki
Trading 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 Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 24th 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 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 23rd day of
November 2004.


INDUSTRIAL & COMMERCIAL: Auditors Uncover US$850-Mln Loss
---------------------------------------------------------
A total loss of CNY6.9 billion (US$850 million) was uncovered by
auditors, according to Forbes.

The National Audit Office confirmed the biggest state-onwed
commercial bank is likely to face 30 criminal cases associated
with wrongdoing in 2000-2002.

Key state owned banks have been undergoing intense audits in
order to tighten their controls before trying to raise capital
by selling shares on foreign stock exchanges.

Cases of embezzlement, fraudulent loans and other wrongdoing
have cost Chinese state-owned banks heavily.

In a case discovered by investigators, CNY110 million (US$13
million) was illegally withdrawn from Industrial & Commercial
Bank of China (ICBC), while CNY1 billion (US$120 million) in
corporate loans were transferred to individual savings accounts.


JIA XIN: Winding Up Hearing Slated for December 8
-------------------------------------------------
Notice is hereby given that a petition for the winding up of Jia
Xin Industrial Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 19th day of October
2004 presented to the said Court by Leung Yun Kwong trading as
Wing Kwong Industrial MFY Co. whose address is Flat 1137-8, 11th
Floor, Kwai On Factory Estate, 103-113 Tai Lin Pai Road, Kwai
Chung, New Territories, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
the 8th day of December 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.

Peter K. H. Wong & Co.
Solicitors for the Petitioner
17th Floor, Wing On Cheong Building
No. 5 Wing Lok 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 7th day of
December 2004.


SUN RISE: Court Issues Bankruptcy Order
---------------------------------------
Notice is hereby given that a Bankruptcy Order against Ng Kwok
Ming formerly trading as Sun Rise (1988) Container Service Co.
was made on the of 13th October 2004.

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

Dated this 29th day of October 2004.

E T O'CONNELL
Official Receiver


TECHNICAL COMPANY: Bankruptcy Order Made
----------------------------------------
Notice is hereby given that a Bankruptcy Order against Ho Hau
Chung trading as Technical Company was made on the of 13th
October 2004.

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

Dated this 29th day of October 2004.

E T O'CONNELL
Official Receiver


YIN SANG: Bankruptcy Order Issued
---------------------------------
Notice is hereby given that a Bankruptcy Order against Yim Chi
Man Alan trading as Yin Sang Kee Building Construction Co. were
made on the of 13th October 2004.

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

Dated this 29th day of October 2004.

E T O'CONNELL
Official Receiver


* CSRC to Reshuffle Security Houses
-----------------------------------
The China Securities Regulatory Commission (CSRC), the
securities watchdog, will implement a reshuffling of poor
performing securities houses as Chinese authorities are carrying
reforms to clean up its irregularities in its banking sector,
reports China Daily.

Takeover of big financial institutions on smaller security
houses is expected to be seen on headlines but no details are to
be given before the release of an official statement.

It is expected that similar news of authorities or big financial
institutions taking control of securities houses will hit the
headlines.

The most recent firm to be taken over by the state was Liaoning
Securities from Northeastern China's Liaoning province. Its
operation was taken over by China Cinda Asset Management Co. on
October 22.

A frequently given reason for official takeovers is irregular
operation by the securities houses, though the exact misbehavior
is not always clearly stated.

According to analysts, client funds embezzlement, illegal
investment activities as well as failure in investment that
produced heavy debts and losses were the major causes for
government action.

But government rescue or administrative order is not the sole
resolution of the problems. Market oriented mergers and
acquisitions are possible solutions to the industry's
restructuring.

The attempted acquisition by CITIC Securities' of GF Securities
is such an example. CITIC was not able to gain control of GF
Securities due to strong resistance from the Company. However,
the move was regarded as a meaningful one in the process of
market reform.

Chinese firms, who are new to the field, are trying to catch up
quickly as the foreign companies are establishing their firms.


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


BANK PERMATA: Sale of 20% Stake Awaits Decree
---------------------------------------------
The sale of the government's remaining 20-percent stake in Bank
Permata has to wait for a relevant decree from the Minister of
Finance, says Indoexchange.

While awaiting the decree, the Asset Management Company (PPA) is
preparing for the market placement of the 20 percent stake after
it received a verbal order from the ministry.

The PPA has initially planned to sell the stake according to the
sale price of the 51-percent stake sold earlier to a consortium
of Standard Chartered and Astra International. It would then
value the stake at IDR704 per share or 2.72 times its book value
in June, which stood at IDR258 per share.

Earlier, the PPA also named the winning consortium as the
standby buyer in case market sentiment for the remaining stake
is low.

The consortium, which has approved the state's right to appoint
four directors in the bank, is likely to retain Agus Martowadojo
as PT Bank Permata's President Director.

Meanwhile, the fit and proper test for the Standard consortium
conducted by the central bank was scheduled to be completed on
November 5, ahead of an extraordinary shareholders meeting to
acknowledge the new controlling shareholder on November 22.

CONTACT:

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


PERTAMINA: Seeks To Buy 4M Bbl Gasoline
---------------------------------------
State oil and gas firm PT Pertamina is seeking to import four
million barrels of gasoline to meet demand until the end of the
year, relates Dow Jones Newswires.

Pertamina's Downstream and Commercial Director Ari Sumarno
confirmed the Company is now looking for gasoline in the market,
saying Pertamina may buy gasoline from Singapore or China.

Indonesia expects gasoline demand to increase during the Muslim
Idul Fitri holiday later this month, Christmas and New Year
festivities.

CONTACT:

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


PERTAMINA: Government Not Giving Up on KBC Dispute
--------------------------------------------------
The government is not giving up on its dispute with U.S.-based
Karaha Bodas Company (KBC), according to Asia Pulse.

Minister for State Enterprises Sugiharto said the government
will seek legal action to reduce loss in the clash between state
oil and gas firm PT Pertamina and KBC over a termination of
contract.

KBC has so far won all legal cases, with the U.S. high Court
recently rejecting Indonesia's final attempt to avoid paying
US$261 million in compensation. The U.S. Court ordered the
government to pay the arbitration claim before November 23, and
authorized KBC to seize US$27 million from Pertamina's U.S. bank
accounts.

According to Mr. Sugiharto, the state is currently investigating
alleged corruption and collusion in the cancelled geothermal
power project. If corruption was proven, KBC's claim could be
renegotiated.

Earlier, Pertamina President Widja Purnama threatened to resign
if the government decided to honor KBC's claim. He insisted the
contract was tarnished with corruption.


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


ALL NIPPON: Raises Domestic Fares Due to Rising Oil Prices
----------------------------------------------------------
With effect from January 11, 2005 All Nippon Airways (ANA) will
raise domestic fares by a maximum of JPY300 per sector due to
rising operating costs caused by surging oil prices.

In detail, journeys of 300km and over will be subject to a
JPY300 rise, those up to 300km a JPY200 yen rise. Child fares,
which are 50% of adult single fares, will only be subject to 50%
of the planned rise.

The rise in fares will be used in conjunction with ANA's
continuing cost reduction measures to offset rising operating
costs brought about by the current crisis.

CONTACT:

Rob Henderson
ANA Public Relations
e-mail: r.henderson@ana.co.jp

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


KOBE STEEL: R&I Assigns BBB+ to L-T Debt
----------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following ratings to Kobe Steel, Ltd.

Senior Long-term Credit Rating;
R&I RATING: BBB+ (Newly Assigned)

Long-term Debt
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB+ (Newly Assigned)

RATIONALE:

Kobe Steel is a blast furnace manufacturer specializing in
steels, non-ferrous metals, and machinery. A rebound in steel
product prices and continuing improvements in rolling margins
for aluminum and copper are strengthening profitability,
together with realized effects of rationalization. With regard
to Kobe Steel's business as an Independent Power Producer (IPP),
operation of the second power plant is progressing smoothly and
it is anticipated that the plant will contribute positively to a
stable revenue structure.

While the Company includes businesses, such as construction
machinery that are starting to show signs of future uncertainty,
new growth businesses including target materials are being
developed. It is also expected that, at the group level, the
Company's cash flow and stability will improve. The
strengthening of the Company's financial base is an ongoing
issue but R&I believes that Kobe Steel will continue at a steady
pace to achieve improvements in financial composition.

Accordingly, R&I has assigned its Senior Longterm Credit Rating
of BBB+ and affirmed its Commercial Paper rating at a-2.

R&I RATINGS:

ISSUER: Kobe Steel, Ltd. (Sec. Code: 5406)

Senior Long-term Credit Rating: BBB+ (Newly Assigned)
Long-term Debt
Preliminary Rating for the Shelf Registration scheme
ISSUE: Bonds to be Rated: Corporate Bonds
Issue Amount: Yen 200,000 million (Shelf Amount)
Issue Period: Two years from Jun 24, 2004
R&I RATING: BBB+ (Newly Assigned)

R&I is also affirming the following ratings:
ISSUER: Kobe Steel, Ltd. (Sec. Code: 5406)
ISSUE: Domestic Commercial Paper Programme
Issue Limit: Yen 150,000 million
R&I RATING: a-2 (Affirmed)

An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.

A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.

CONTACT:

Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm


KOBE STEEL: Moody's Upgrades Debt Rating To Baa3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded its senior unsecured
long-term debt rating of Kobe Steel, Ltd. (Kobe) and its
supported subsidiaries to Baa3 from Ba2, with a stable outlook.

The rating action recognizes Kobe's stabilizing business
portfolio, progress in its steel product strategy, and its
steadily improving financial leverage. This action concludes the
rating review initiated on August 3, 2004.

Kobe has implemented measures to stabilize its overall
operations. It has withdrawn from unprofitable or non-core
operations, formed alliances in some operations, and lowered its
cost base. As a result, the quality of its business portfolio
has improved significantly.

Although many of the Company's business lines remain more or
less susceptible to economic cycles, the fundamental earnings
level has improved through elimination of relatively vulnerable
operations and the addition of such stable earnings sources as
independent power producer (IPP) operation.

The IPP project at the Company's Kobe Steel Works, consisting of
two coal-fired thermal power units, has been fully operational
since April 2004. After the successful start-up, the project's
cash flow has become more predictable and stable. The project is
mainly funded by syndicated project finance led by the
Development Bank of Japan, and Moody's views the associated
financial risks as properly managed.

Kobe has strong market positions in some steel products. The
Company has been firmly developing its strategy to strengthen
its presence in the steel market through a focus on products
where it has competitive advantages. Kobe has launched products
with special features that have gained a good reputation from
its clients.

Although Kobe has restrained its capital investments, it plans
to invest in the refurbishment of blast furnaces and replacement
of a continuous caster to further pursue its market strategy.
Moody's believes that these investments will improve production
efficiency and product quality and that their financial effects
will be manageable.

Kobe has steadily reduced its total debt over the past several
years. Moody's expects the Company to manage its total debt to
total capitalization ratio below 70% in the medium term. With
the increased sustainability of Kobe's cash flow, Moody's
estimates its retained cash flow to debt coverage ratio will be
higher than its historical level over the medium term.

In the meantime, Moody's sees challenges for Kobe as including
strengthening profit contributions from non-steel operations and
further reducing its financial leverage to increase financial
stability.

Kobe Steel, Ltd., headquartered in Kobe, is Japan's fourth-
largest integrated steel maker and has a diversified business
portfolio that includes aluminum, copper, and machinery. Sales
were JPY1.2 trillion for the year ended March 2004.


MITSUBISHI MOTORS: Unveils October U.S. Sales
---------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported October
2004 U.S. sales of 9,160 units.

Mitsubishi Motors has sold 142,157 units year to date in the
United States.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 600 dealers.

     Following is the sales breakdown for October 2004:

                      2004             2003             2004
                   OCT    CYTD     OCT     CYTD     OCT     CYTD
ECLIPSE COUPE     710   10,757   2,150   25,111  -67.0%   -57.2%
ECLIPSE SPYDER    226    6,991     584    9,977  -61.3%   -29.9%
LANCER          1,249   31,408   1,880   38,477  -33.6%   -18.4%
LANCER EVOLUTION  490    3,813     487    4,081    0.6%    -6.6%
LANCER SPORTBACK  275    1,860      --       --    0.0%     0.0%
MIRAGE COUPE       --       --      --      172    0.0%  -100.0%
MIRAGE SEDAN       --       --      --        1    0.0%     0.0%
GALANT           2,376   37,514   2,844  59,591  -16.5%   -37.0%
DIAMANTE           477    3,988     469    7,403   1.7%   -46.1%

TOTAL CAR        5,803   96,331   8,414  144,813 -31.0%   -33.5%

OUTLANDER         929   15,747   2,038   30,306  -54.4%   -48.0%
MONTERO SPORT     399    6,397   1,039   17,560  -61.6%   -63.6%
ENDEAVOR        1,619   19,129   4,176   21,833  -61.2%   -12.4%
MONTERO           410    4,553     585    6,939  -29.9%   -34.4%

TOTAL SUV       3,357   45,826   7,838   76,638  -57.2%   -40.2%

TOTAL           9,160  142,157  16,252  221,451  -43.6%   -35.8%

US Assembled
Cars(1):       3,312   55,262   5,578   94,679  -40.6%   -41.6%
Imported
Cars(2):        2,491   41,069   2,836   50,134  -12.2%   -18.1%
US Assembled
Truck/SUV(3):   1,619   19,129   4,176   21,833  -61.2%   -12.4%
Imported
Truck/SUVs(4):  1,738   26,697   3,662   54,805  -52.5%   -51.3%
US Assembled
Vehicles:      4,931   74,391   9,754  116,512  -49.4%   -36.2%
Imported
Vehicles:       4,229   67,766   6,498  104,939  -34.9%   -35.4%

    ** Selling Days            MTD      YTD
    2004                        27      257
    2003                        27      256

     (1)  Galant, Eclipse, Eclipse Spyder
     (2)  Lancer, Lancer Sportback, Lancer Evolution, Diamante,
Mirage Coupe, Mirage Sedan
     (3)  Endeavor
     (4)  Montero, Montero Sport, Outlander

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


MITSUBISHI MOTORS: Extends "Free Scheduled Maintenance" Program
---------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) announced that it
will extend its three-year/45,000 mile "Free Scheduled
maintenance" (FSM) program to its entire '05 model run.

Mitsubishi Motors' Free Scheduled Maintenance program was
introduced originally in late spring of 2004 as a sales
promotion element on new 2004 models.

"For consumers, our free scheduled maintenance program
represents a great value over the long-term ownership of the
vehicle," said Michael M. Tocci, senior vice president of sales,
distribution and fleet. "Offers like this are just one of the
many ways Mitsubishi Motors strives to deliver the 'best-backed
cars in the world'."

The Free Scheduled Maintenance program is complemented by the
Company's 10-year/100,000 mile powertrain limited warranty,
five-year/60,000 "bumper-to-bumper" limited warranty and five-
year/unlimited miles roadside assistance program.

Mitsubishi Motors North America, Inc. is responsible for all
manufacturing, finance, sales, marketing, and research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers. For more information,
visit http://media.mitsubishicars.com.

CONTACT:

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


OSAKA DOME: Effectively Goes Bankrupt
-------------------------------------
Osaka City Dome Company (Osaka Dome) effectively went bankrupt
on Monday, according to Kyodo News.

The public-private entity, which ran the Osaka Dome baseball
stadium, filed for special arbitration with the Osaka District
Court in order to turn its business around through a loan waiver
or reduced interest payments.

The Company, which left around JPY13.7 billion, is owned by the
Osaka Prefectural Government, the Osaka Municipal Government and
major Osaka-based private firms such as Matsushita Electric
Industrial Company, Osaka Gas Company, Kintetsu Corporation and
Kansai Electric Power Company.

Osaka Dome President Takeshi Awai will also step down to take
responsibility of the Company's financial woes.

The multi-purpose stadium, which was home to the Kintetsu
Buffaloes since it opened in 1997, will continue to operate even
after the district Court steps in. It will become the new home
for the Orix Buffaloes, a new baseball team to be created
through the merger between Kintetsu and Orix.

The Court will establish an arbitration board, comprising of
financial experts and judges, who will help determine the amount
of debt waivers and the method of repayment of remaining debts.

Osaka Dome has been struggling to survive from the start, with
outstanding debts standing at JPY51.1 billion and mounting
losses reaching JPY23.4 billion as of March 31.

In order to refinance the debt, the firm is considering selling
the stadium facilities to the city of Osaka for JPY10 billion to
JPY15 billion and asking creditors to forgive the rest.


UFJ HOLDINGS: Plans To Repay Public Funds in Two Years
------------------------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
Incorporated are expected to pay back UFJ's JPY1.5 trillion in
public funds within two years after their planned merger in
October next year, Kyodo News reveals, citing the Nihon Keizai
Shimbun newspaper.

UFJ's three predecessor banks, Sanwa Bank, Tokai Bank and Toyo
Trust and Banking Company received the public funds by issuing
JPY1.4 trillion in preferred shares and JPY100 billion in
subordinated bonds.

On August 12, Mitsubishi Tokyo and UFJ Holdings reached a basic
agreement to create the world's largest bank with assets worth
JPY190 trillion.

CONTACT:

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


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


KOOKMIN BANK: To Cut Manpower as Part of Restructuring
------------------------------------------------------
Kookmin Bank's new president, Kang Chung-won announced during
his inaugural address that restructuring of the bank is
inevitable, reports The Korea Times.

According to Mr. Kang the bank will cut its manpower within
several months in a bid to maintain its position as the nation's
No. 1 commercial bank.

The bank's restructuring will not include mergers or closure of
any of its branches, Lee Seung-jae the bank's spokesman said.

Following Kookmin's merger with Housing & Commercial Bank in
2001, the number on its payroll increased to around 27,000.

Kookmin had been criticized for not maximizing the benefits of a
bold restructuring following its merger with the Housing &
Commercial Bank, Mr. Kang said.

Mr. Kang stressed that restructuring is the key to making the
bank more profitable, sound and efficient.

But dismissal of the employees would not be forced, "We will
conduct restructuring in such a way as to improve
competitiveness while getting a consensus from Kookmin's
employees," Mr. Kang added.

To achieve this goal, the bank will raise the ratio of loan loss
provisions to total loans to 100 percent, from the current 74
percent, he said.

"And additional write-offs are necessary to pull down our ratio
of substandard loans against total assets to below 3 percent."

The bank's new president advised the three functional unions of
the bank to unify themselves into one union.

Mr. Kang also said the bank must become more transparent, fair
and globally-minded in its operations. He also said he would
seek to bolster its corporate banking business. Currently, the
bank is oriented toward retail banking with nearly one in every
two Koreans holding an account.

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


KOOKMIN BANK: Smart Card Service Fully Operational
--------------------------------------------------
Kookmin Bank launched Smart Card on Wednesday in its bid to
improve customer information and allow more convenient use of
various bank services, reports Asia Pulse.

CEO Kang Chung-won and the bank's officials attended a ceremony
held earlier in the day Wednesday to mark the launch of the
integrated circuit (IC) cards.

The IC cards can store information on more than 30 accounts and
function as debit cards.  The cards also have an enhanced
security system.

The lender will gradually improve the card so it can be used as
a credit card and store other bank-related transactions, it
said.

The Smart card, embedded with microchips is used worldwide for a
variety of applications.


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


CHG INDUSTRIES: Updates Corporate Restructuring Scheme
------------------------------------------------------
Further to its announcement on 5 October 2004, CHG Industries
Berhad announced that it is progressing forward in the
preparation for the applications on the Proposed Debt and
Corporate Restructuring Scheme to the relevant authorities.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Telephone: +60 3 907 66215

This announcement is dated 2 November 2004.


CHG INDUSTRIES: Seeks Restraining Order Extension
-------------------------------------------------
Further to the announcement on 18 October 2004 in relation to
the Kuala Lumpur High Court Ex-parte originating summons No. D7-
24-181-2004, CHG Industries Berhad had on 29 October 2004 made
the necessary application to the Kuala Lumpur High Court to seek
for an extension of the existing Restraining Order, which
expired on 30 October 2004.

This announcement is dated 2 November 2004.


CONSOLIDATED FARMS: Releases Monthly Status Update
--------------------------------------------------
Consolidated Farms Berhad (Confarm) disclosed the monthly status
update of its Practice Note No. 1/2001 and Practice Note No.
4/2001 of the Bursa Malaysia Securities Berhad.

1. Monthly Status Announcement: Practice Note No. 1/2001

The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at 31
October 2004 as set out in Table 1
http://bankrupt.com/misc/tcrap_consolidatedfarms110304.doc

There has been no material change in Confarm's status since the
last announcement on 4 October 2004.

2. Monthly Status Announcement: Practice Note No. 4/2001

There has been no material change in the status of the Company's
plan to regularise its financial condition since the last
announcement on 4 October 2004.

CONTACT:

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

This announcement is dated 2 November 2004.


GENERAL SOIL: SC Rejects Restructuring Plan
-------------------------------------------
General Soil Engineering Holdings Berhad (Gensoil) announced
that the Securities Commission (SC) had, vide its letter dated
26 October 2004 (received on 27 October 2004), informed that the
Proposed Restructuring Scheme was not approved as the Securities
Commission (SC) is of the view that the Proposed Restructuring
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.

The Board of Directors of Gensoil will deliberate on the next
course of action to be taken and an announcement will be made in
due course. Pursuant to Paragraph 17.04 of the SC's Policies and
Guidelines on Issue/Offer of Securities, Gensoil may make an
application for a review of the abovementioned SC's decision
within 30 days from 26 October 2004.

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Tel: 03-2698 9888
Fax: 03-2693 8580/670

This announcement is dated 29 October 2004.


HONG LEONG: Units Enter Voluntary Liquidation
--------------------------------------------
Hong Leong Properties Berhad refers to its announcement dated 22
June 1999 in connection with the member's voluntary liquidation
on its indirect wholly owned subsidiaries, namely Bedford
Ferringhi Resort (Penang) Sdn Bhd (BFRSB), Rasa Makmur Sdn Bhd
(RMSB) and Guoland Sdn Bhd (GSB).

The Company writes to inform that BFRSB shall be dissolved on 17
December 2004 and RMSB and GSB shall be dissolved on 27 January
2005.

This announcement is dated 1 November 2004.


INNOVEST BERHAD: Aims To Regularize Financial Condition
-------------------------------------------------------
Innovest Berhad announced the status of its plan to regularize
its financial position (Proposed Restructuring Scheme) in
compliance with the Practice Note No. 4/2001 and Practice Note
No. 10/2001 of the Listing Requirements of the Bursa Malaysia
Securities Berhad.

On 12 October 2004, Innovest had submitted the applications to
the Securities Commission (SC) and the Foreign Investment
Committee (FIC) (via the SC) to seek their approvals for the
Proposed Restructuring Scheme. The Company is currently awaiting
the decision of the SC and the FIC on the Proposed Restructuring
Scheme. The Company is also awaiting the decision from Bursa
Malaysia Securities Berhad for the appeal against its delisting,
i.e. extension of time.

There are no major changes to the Company's Proposed
Restructuring Scheme.

CONTACT:

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

This announcement is dated 2 November 2004.


JASATERA BERHAD: Seeks Debt Settlement Extension
------------------------------------------------
Reference is made to the announcement dated 1st October 2004 and
paragraph 4.1(b) of the Practice Note 4/2001 wherein the listed
issuer is required to announce the status of its financial
position on a monthly basis until further notice from the
Exchange.

Jasatera Berhad is still in the midst of preparing the necessary
documents to obtain the approvals from the shareholders of
Jasatera at a forthcoming Extraordinary General Meeting to be
convened.

In addition, the Company is also in the midst of negotiating
with the bank lenders of Jasatera to further extend the
completion of the debt settlement agreement. The outcome of the
negotiation is still pending and an announcement will be made
upon finalization of the negotiation.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607


KIG GLASS: Releases Default Status Update
-----------------------------------------
Pursuant to Paragraph 9.03 and 9.04(1) of the Listing
Requirements of the Bursa Malaysia Securities Berhad, the Board
of Directors of KIG Glass Industrial Berhad (KIG) announced that
an event of default in payments set out in Table 1
http://bankrupt.com/misc/tcrap_kigglass110304.docby the Company
had occurred.

1. Reasons for the default in payments:

KIG is unable to service certain loan repayments to the
banks/financial institutions, as the cash flow of KIG from
operations was only able to meet operational needs.

2. Measures taken to address the default in payments:

KIG is currently negotiating with the banks/financial
institutions to restructure the loan borrowings. The Company and
the Group as a whole are in the process of exploring the
possibility of undertaking a restructuring exercise.
Announcement will be made at the appropriate time if and when
the terms of the restructuring have been finalized.

KIG has appointed a financial advisor to review and advise on
the capital-restructuring plan for KIG and its subsidiaries. The
review is still on going. The appointment of the financial
advisor was previously announced by KIG on 30 August 2004 in
KIG's Quarterly Report for the financial period ended 30 June
2004.

3. The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:

Details of the financial implications on the default are given
in Table 1.

The legal implication from the defaults is that OUB Bank
(Malaysia) Berhad (OUB Bank) had commenced legal proceedings by
virtue of Johor Bahru High Court Civil Suit No. MT4-22-67-2002
and obtained judgment against one of KIG subsidiaries i.e. KIG
Ceramics Industrial Sdn. Bhd. (KIG Ceramics) (as 1s defendant)
and KIG (as 2nd defendant) for default of principal and
interest. As KIG gave a corporate guarantee for the aforesaid
borrowings, KIG was joined as the 2nd defendant in the aforesaid
suit. However, the parties in the aforesaid suit have entered
into a settlement agreement and KIG Ceramics is currently
settling the judgment sum by way of monthly installments. The
details of the aforesaid suit are addressed in a separate
announcement.

Further, Bumiputra-Commerce Bank (L) Limited has also commenced
legal proceedings against one of KIG subsidiaries. The details
of the aforesaid suit are addressed in a separate announcement.

KIG is currently having ongoing negotiations with the lenders in
respect of the proposed restructuring (see paragraph 2).

4. In the event of default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer:

Not applicable.

5. In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:

The Bankers Acceptance, Term Loans and Revolving Credit granted
by Bumiputra-Commerce Bank Berhad were secured on a debenture by
way of fixed charge on land, buildings, machinery and equipment
of KIG financed by the bank and a debenture by way of fixed and
floating charge over the present and future assets of the
Company.

The Term Loans granted by Bumiputra-Commerce Bank Berhad and
Bumiputra-Commerce Bank (L) Limited respectively were secured by
way of fixed charge on machinery of KIG Ceramics financed by the
banks and a debenture by way of fixed and floating charge over
the present and future assets of the Company.

The defaults will empower the debenture holders to appoint a
receiver and/or manager under the debentures.

6. Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (cross
default and details thereof, where applicable):

All indebtedness as stipulated in Table 1 as such does not have
any cross default.

7. Any other information:

None

CONTACT:

KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Phone: 07-3341750
Fax: 07-3318617


KIG GLASS: Unit Defaults in Debt Payments
-----------------------------------------
The Board of Directors of KIG Glass Industrial Berhad announced
that a Writ of Summons filed in the High Court in Sabah &
Sarawak at Kuching, Suit No: 22-95-04-11 by Bumiputra-Commerce
Bank (L) Limited against one of KIG's subsidiaries KIG Ceramics
Industrial Sdn. Bhd. (KIG Ceramics) for allegedly defaulting or
failing to pay quarterly principal installment repayments
amounting to USD1,490,000.00.

The outstanding balance in respect of the Offshore Term Loan
Facility stood at USD2,172,512.21 (inclusive of interest)
calculated as at 30.06.2004 has been brought to KIG's attention.

In this respect, the Company is seeking legal advice thereon.


MAXIS COMMUNICATIONS: Plans to Raise $360M For Loan Refinancing
---------------------------------------------------------------
Maxis Communications Bhd. (5051.KU) plans to raise $360 million
to refinance existing loans, Dow Jones reports, citing Maxis
Chief Executive Jamaludin Ibrahim.

The Company has appointed ABN Amro as lead arranger to raise the
$360 million, while HSBC Bank is lead arranger for the MYR1
billion.

The Company aims to complete the fund-raising exercises by the
end of the year. Mr. Jamaludin didn't say how Maxis is planning
to raise the funds.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Tel: 03-23307000
Fax: 03-23300590


MBF HOLDINGS: Appoints Members To Nomination Committee
------------------------------------------------------
MBf Holdings Berhad (MBfH) announced the setting-up and
appointment of members to the following committees of the
Company effective 1 November 2004.

Nomination Committee

Name Designation Directorship

1. Encik Abdul Rahman Bin Achmed, Chairman, Independent Non-
Executive Director

2. Tunku Dato Seri Iskandar Bin Tunku Abdullah, Member,
Independent, Non-Executive Chairman

3. Datuk Azizan Bin Abdul Rahman, Member, Non-Independent Non-
Executive Director

Remuneration Committee

Name Designation Directorship

1. Datuk Azizan Bin Abdul Rahman, Chairman, Non-Independent Non-
Executive Director

2. Tunku Dato Seri Iskandar Bin Tunku Abdullah, Member,
Independent Non-Executive Chairman

3. Ms. Susan A/P Rajanayagam, Member, Managing Director

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
Date: 1 November 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


NALURI BERHAD: Details Restructuring Scheme
-------------------------------------------
Naluri Berhad has through an exchange of letters with the
following parties, mutually agreed to the following extensions:

(i) Up to 15 December 2004 for the fulfillment of conditions
precedent and 31 December 2004 for the completion of the sale
and purchase agreement dated 12 December 2003 between Naluri and
Malaysia Airports (Sepang) Sdn Bhd in relation to Naluri
acquiring 7,808,742 units of SHB ICPS-C;

(ii) Up to 15 December 2004 for the fulfillment of conditions
precedent and 31 December 2004 for the completion of the sale
and purchase agreement dated 12 December 2003 between Naluri and
SHB Trade Creditors in relation to Naluri acquiring 821,037
units of SHB ICPS-C;

(iii) Up to 30 November 2004 for the fulfillment of conditions
precedent and 15 December 2004 for the completion of the sale
and purchase of shares agreement dated 12 December 2003 between
Naluri and the financial institutions; and

(iv) Up to 15 December 2004 for the fulfillment of conditions
precedent of the share sale agreements dated 12 December 2003
between Naluri and the UI Vendors in relation to the Proposed UI
Group Majority Acquisition, 18 December 2003 between Naluri and
the Minority Vendors in relation to the Proposed UI Group
Minority Acquisition and 18 December 2003 between Naluri and the
Trust Vendors in relation to the Proposed UI Group Acquisition.

Save for the above, all the other terms and conditions of the
agreements shall continue to remain in full force and effect.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Telephone: +60 3 2162 0676

This announcement is dated 2 November 2004.


PAN MALAYSIA: Issues Closed Period Trading
------------------------------------------
Further to its announcements dated 18 October 2004 and 28
October 2004, Pan Malaysia Corporation Berhad has received
notification from Tan Sri Dato' Dr Khoo Kay Peng that the
following companies had traded in the ordinary shares of PMC,
details as follows:

Name of Company: MUI Continental Insurance Berhad

      Date   Price Per    No. of Shares   % Issued Share
             Share (RM)     Purchased         Capital

  Nov 1 2004   0.5483          160,000        0.019

Name of Company: Appreplex (M) Sdn Bhd

     Date     Price Per   No. of Shares   % Issued Share
              Share (RM)    Purchased         Capital

  Nov 1 2004    0.6050         7,920,000     0.943

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299


PAN PACIFIC: Presents New Restructuring Scheme Proposal
-------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad has presented
a new restructuring scheme proposal (as announced on 27 July
2004) to the lender banks. Certain lenders have reverted
positively to the new proposed restructuring scheme and are now
waiting for their respective committees approvals. Meanwhile,
the due diligence working group are actively pursuing their
roles.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Tel: 03-77278168
Fax: 03-77271622


RNC CORPORATION: Seeks Restructuring Plan Extension
---------------------------------------------------
RNC Corporation had on 18 October 2004, via its advisors, OSK
Securities Berhad, announced that the deadline of 16 April 2004
for the implementation of the Proposed Corporate and Debt
Restructuring Scheme (Proposed Scheme) has since lapsed.

OSK Securities Berhad, on behalf of the Special Administrators
of RNC, had submitted an application to the Securities
Commission (SC) on 22 September 2004 for a further extension of
time for the implementation of the Proposed Scheme to 16 April
2005. Currently, the Company is still 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


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


MAYNILAD WATER: Rehab Doomed Without Price Hike
-----------------------------------------------
The rehabilitation of the Maynilad Water Services Inc. would be
jeopardized unless the government allows it to raise its water
price to PhP26.98/cubic meter from PhP19.92/cubic meter, reports
the Business World, citing the firm's Court appointed receiver
Ms. Rosario S. Bernaldo.

"Without the increase in the tariff, the rehabilitation of
Maynilad is not viable. Since the government has not committed
to its [price increase] immediate implementation, we are
studying whether the Quezon City Court could compel the
Metropolitan Waterworks and Sewerage System Regulatory Office
[MWSS-RO]," Ms. Bernaldo said.

The MWSS-RO officials could not commit on the increase, and had
wanted more time to review Maynilad's water prices.

Maynilad applied for suspension of debt payments and corporate
rehabilitation in November last year, citing major losses and
the refusal of government to deliver on its promises under the
water firm's concession agreement with MWSS.

CONTACT:

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


NATIONAL BANK: NSC Sale Improves Loan Ratio
-------------------------------------------
The sale of National Steel Corporation (NSC) to Global
Infrastructure Holdings Ltd. (GIHL) has reduced the Philippine
National Bank (PNB)'s non-performing loan (NPL) ratio to 41
percent from 44 percent as of end-September, the Philippine Star
reports.

PNB President and Chief Executive Officer Lorenzo V. Tan said
the bank is the largest creditor of NSC and its exposure to the
Iligan-based steel firm was its biggest NPL account in its
books.

Mr. Tan said the sale marks a major breakthrough in the good
bank-bad bank rehabilitation strategy of the PNB.

The creditor banks of NSC and GIHL had completed last month the
signing of an Omnibus Agreement and a Sharing Agreement, which
completes an earlier signing of an Asset Purchase Agreement. The
initial Asset Purchase Agreement was signed on September 10.

PNB continues to restructure and maximize income potentials of
its NPLs and real and other properties owned or acquired assets
(ROPOAs) through workouts, joint ventures, lease and
development, recoveries and disposition.

CONTACT:

Philippine National Bank
PNB Financial Center
CCP Complex,
Pres. Diosdado P. Macapagal Boulevard,
Pasay City
Philippines 1300
Phone Nos.: (+63-2) 891-6040 to 70


NATIONAL POWER: Power Firms Eye Loboc Plant
-------------------------------------------
About 10 power firms are interested in bidding for the National
Power Corporation's (Napocor) l 1.2 megawatt (MW) Loboc
hydroelectric plant in Bohol slated for auction next week, the
Philippine Star reports, citing the Power Sector Assets and
Liabilities Management Corp. (PSALM) said.

The interested parties are made up of two foreign firms and
eight local companies.

PSALM will conduct this week a pre-selection of the third-party
financial valuator, which will assess the value of about 17 of
National Power Corporation (Napocor)'s generating assets with a
generating capacity of more than 100 MW.

The power facilities with a generating capacity of 100-MW and
above include the 850-MW Sucat; 100MW Binga; 114.7-MW Iligan I
and II; 110MW Pinamucan; 600-MW Calaca; 275-MW Tiwi/410- MW
Makban; 112.5-MW Tonogonan; 100-MW Pantabangan; 150-MW Bacman;
192.5-MW Palinpinon; and 360-MW Magat. These assets will be put
in the auction block next year.

The other power facilities with a generating capacity of 100 MW
and above slated for disposal in the remaining months of 2004
are the 210-MW Navotas, 108-MW Aplaya; and 620-MW Limay/Bataan
thermal facilities.

By end-2004, PSALM would have successfully sold 30 percent of
the generating assets. By year-end 2005, the magnitude of the
sale would be at 70 percent.

CONTACT:

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


PHILIPPINE REALTY: Clarifies "In Talks on Boni Projects" Report
---------------------------------------------------------------
This is in reference to the news article entitled "Philrealty in
talks on Boni projects" published in the November 1, 2004 issue
of the Philippine Daily Inquirer.

The article reported, "Property developer Philippine Realty &
Holdings Corp. (Philrealty) is in serious talks with a number of
investors on a possible joint-venture housing project at the
Fort Bonifacio Global City. Philrealty president Amador Bacani
said the Company has received interest from Metro Pacific Corp.
(MPC) subsidiary Landco Pacific Corp. and businessman Enrique
Razon on the prospective project. Should it secure an agreement
with a potential investor, Philrealty estimated it might earn
between P1 billion and P1.3 billion in revenues from the joint
venture. PhilRealty said it was in the process of ironing out
the terms of a possible joint venture with any of the investors
it was in talks with."

Philippine Realty & Holdings Corporation (RLT), in its letter to
the Philippine Stock Exchange dated November 2, 2004, stated
that:

" We are in talks with a group of some investors, including Mr.
Enrique Razon, Jr. for the joint development of our Fort
Bonifacio lots. Another of these prospective investors is Landco
Pacific Corp. of the Metro Pacific group. Our Company's expected
share of sales proceeds from joint ventures on the three lots is
in the range of Php1 billion to Php1.3 billion."

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

CONTACT:

Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Tel. No:  631-3179 to 80
Fax No:  634-1504
E-mail Address:  philrltv@info.com.ph
Auditor:  C.L. Manabat & Company
Transfer Agent:  Fidelity Stock Transfer, Inc.


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


EXCEL GOLF: Court Issues Winding Up Notice
------------------------------------------
In the matter of Excel Golf Pte Ltd., a Winding Up Order was
made the 22nd day of October 2004.

Name and address of Liquidator: Chan Ket Teck
97B Upper Thomson Road #17-05, Singapore 574328

Dated this 26th day of October 2004.

Messrs Allen & Gledhill
Solicitors for the Petitioner

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

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


GORFORD SINGAPORE: Receives Winding Up Order
--------------------------------------------
In the matter of Gorford Singapore Services Pte Ltd., a Winding
Up Order made the 22nd day of October 2004.

Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs Lim & Lim
Solicitors for the Petitioner


GYG ENGINEERING: Meeting Scheduled on November 19
-------------------------------------------------
Notice is hereby given that the first meeting of creditors of
GYG Engineering Contractors Pte Ltd will be held at 415B Jalan
Besar, Singapore 209016 on the 19th day of November 2004 at
10:00 a.m.

AGENDA

(1) To receive the liquidator's report on the progress of the
liquidation.

(2) Update on the status of the liquidation.

(3) Any other matters.

To entitle you to vote thereat your proof must be lodged with me
not later than 5 p.m. on 12th day of November 2004. Proxies to
be used at the meeting must be lodged with me not later than 5
p.m. on the 16th day of November 2004.

Dated this 29th day of October 2004.

Gui Kim Young
Liquidator of
GYG Engineering Contractors Pte Ltd
415B Jalan Besar
Singapore 209016


KOH BROTHERS: Posts Change in Shareholder's Interest
----------------------------------------------------
Koh Brothers Group Limited released a notice on November 2,
2004, 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: November 02, 2004

(2) Name of Director: Quek Chee Nee

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

Part II

(1) Date of change of Shareholding: October 18, 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 905000
As a percentage of issued share capital 0.188 %

No. of Shares which are subject of this notice 50000
As a percentage of issued share capital 0.010 %

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.10

No. of Shares held after the change 855000
As a percentage of issued share capital 0.178 %

Part III

(1) Date of change of [Select Option]

(2) The change in the percentage level From % To %

(3) Circumstance(s) giving rise to the interest or change in
interest

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

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

                                                Direct    Deemed
No. of shares held before the change          57785000        0
As a percentage of issued share capital         12.048%       0%
No. of shares held after the change           57735000        0
As a percentage of issued share capital         12.038%       0%


OPTICS STORAGE: Faces Winding Up Proceedings
--------------------------------------------
In the matter of Optics Storage Pte Ltd., a Winding Up Order
made on the 22nd day of October 2004.

Names and address of Liquidators: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Shook Lin & Bok
Solicitors for the Petitioner

This Singapore Government Gazette Notice is dated October 29,
2004.


PANPAC MEDIA: Appoints CEO for Subsidiary
-----------------------------------------
The board of directors of Panpac Media Group is pleased to
announce the appointment of Mr. Yang Guowei as the Chief
Executive Officer of the group's China Operation's held under
its wholly-owned subsidiary Observer Star Publishing Group
Holding Ltd.

The appointment took effect on November 1, 2004. Further details
on Mr. Yang in another separate announcement released on
November 2, 2004

Aged 52, Mr. Yang graduated from the Institution of Party and
Government Administration of Party School, Hunan 1985. A former
Director of the Economic Department, General Office of Hunan
Provincial Government. Mr. Yang was Vice President of Beijing
University Culture Group, before moving on to become the founder
and then General Manger of Government owned-Beijing Times in
2001. Mr. Yang is credited to have built Beijing Times to become
the No. 1 daily newspaper in Beijing with a daily circulation of
500,000 copies and revenue of RMB400 million within a space of
less than 3 years.

In 2003, Mr. Yang was assigned to Shanghai to head the Shanghai
Youth Daily newspaper. And within a space of less than 2 years
he successfully turned the struggling youth-centric daily
newspaper to become the largest mass circulation daily newspaper
in Shanghai, with a much broader readership appeal with sales
reaching RMB170 million and circulation of 400,000 copies per
day.

As CEO of our China operations, Mr. Yang will spearhead the
Group's business expansion in the China, and be accountable to
the Observer Star Board for the performance of the Group's China
operations.

The Panpac Media Group Board is extremely pleased to welcome Mr.
Yang to the Group.

Dr. Bruno Wu, Chairman of the Observer Star Publishing Group and
Director of Panpac Board, said "Mr. Yang brings to the Group a
wealth of publishing experience. And given his excellent track
record and credentials, I am confident he will be able to
develop Observer Star Publishing Group into a major success
media Company in China. We are delighted to have him lead our
management team in China."

Submitted by:
Tan Min-Li
Comany Secretary


PANPAC MEDIA: Releases Info on Newly Appointed CEO
--------------------------------------------------
Panpac Media Group released the details of its new Chief
Executive Officer for its wholly owned subsidiary Observer Star
Publishing Group Holding Ltd at the Singapore Stock Exchange on
November 2, 2004.

Date of Appointment: November 01, 2004

Name: Yang Guo Wei

Age: 52

Country of principal residence: China

Whether appointment is executive, and if so, area of
responsibility:
Appointment is executive. To spearhead the group's business
expansion in china and be accountable to the observer star board
for the performance of the Group's China Operations.

Job Title: Executive Officer

Working experience and occupation(s) during the past 10 years:

- Former director of Economic Department Of General Office Of
Hunan Provincial Gov. (1985-1990)

- General manager of HK Sanxing Group Zhuhai Dev. (1990-1992)

- General manager of Liaoning Intl Futures (1993-1995)

- Vice general manager of Shenzhen Comm. Properties (1996-1999)

- Vice president of Beijing University Culture Group (2000-2001)

- General manager of Beijing Times (Jinhua Shibao) (2001-2003)

- General manager of Shanghai Youth Daily (2003-2004)

Shareholding * in the listed issuer and its subsidiaries: None

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

Conflict of interest: None

Other Directorship:  #
# These fields are not applicable for announcements of
appointments pursuant to Rule 704(9)

Past: (for the last five years)

Present: None

Information required under Rule 704(7)(h)
Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any questions is "yes", full
details must be given.



(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No

(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No

(c) Whether there is any unsatisfied judgment against him? No

(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No

(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach? No

(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in SIngapore or elsewhere, or a finding of fraud,
misinterpretation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of involving an allegation of
fraud, misinterpretation or dishonesty on his part)? No

(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No

(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No

(i) Whether he has ever been the subject of any order, judgment
or ruling of any Court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No

(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of :

    (i) any corporation which has been investigated for a breach
of any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

   (ii) any corporation or partnership which has been
investigated for a breach of any law or regulatory requirement
that relates to the securities or futures industry in Singapore
or elsewhere, in connection with any matter occurring or arising
during the period when he was so concerned with the corporation
or partnership? No


WEE POH: Issues Clarification Statement
---------------------------------------
Wee Poh Holdings Limited issued a clarification statement
regarding the resignation of a member of their Board of
Directors and the appointment of a new member at the Singapore
Stock Exchange.

Further Clarification on Resignation of Dr David Ding Kuan Yong
The Board of Directors of Wee Poh Holdings Limited wishes to
announce that Mr. Chandra Mohan has been appointed as an
independent director of the Company with effect from 1 November
2004.

The Board also wishes to clarify its 29 October 2004
announcement relating to the resignation of Dr. David Ding Kuan
Yong as an independent director of the Company. Dr. David Ding
had written to tender his resignation as a director effective
from the conclusion of the Ninth Annual General Meeting which
was held on 29 October 2004 and adjourned until further notice.

The Company's officials released the said announcement on the
evening of 29 October 2004 in error. Further to subsequent
clarification and discussion between Dr. David Ding and the
Board, Dr. David Ding has now tendered his resignation as a
director, which will take effect on 2 November 2004.

By order of the Board

Submitted by:
Chan Wang Kin
Managing Director


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


NFC FERTILIZER: Unveils Resolutions Adopted at Meeting
------------------------------------------------------
Whereas the Board of Directors of NFC Fertilizer Public Company
Limited (the Company) convened the Board of Directors Meeting
No. 3/2004 on November 2, 2004, the Company would like to report
the resolutions adopted at the said meeting.

(1) To amend the details and conditions of the issuance of
warrants to purchase the ordinary shares of the Company as
follows:

(1.1) To revoke the resolution adopted at the Board of Directors
Meeting No.2/2004 held on October 19, 2004, agenda item 3.3,
regarding the details and conditions of warrants to purchase
ordinary shares.

(1.2) To approve the details and conditions of free warrants to
purchase ordinary shares to be issued to the existing
shareholders as at the date of decrease of capital i.e. May 19,
2004, according to the criteria and procedure to relieve any
damages incurred to the existing shareholders and in order to
comply with the guidelines set by the Stock Exchange of Thailand
(the SET) which provide that the total value of shares of the
existing shareholders will not be less than THB223.66 Million,
and to propose same to the shareholders at the Extraordinary
Meeting No. 1/2004 for consideration and approval.

Preliminary details of the warrants are as follows.

Issuing Company: NFC Fertilizer Public Company Limited.

Category of Warrants: Warrants to purchase ordinary shares of
NFC Fertilizer Public Company Limited (Warrants).

Type of Warrants: Transferable and specifying the name of the
holders.

Maturity Period: Three (3) years from the issuing date.

Number of Warrants to be issued and offered for sale: Based upon
the offering price under public offering according to the
criteria and procedure to relieve any damages to the existing
shareholders of SET.  The total value of shares of the existing
shareholders will not be less than THB223.66 Million.

Allocation and offering method: Under Public Offering Basis to
the specific target, which is the existing shareholders whose
names appeared in the Share Register Book as at the date of
decreasing of the capital of the Company, i.e. May 19, 2004.

Offering Price/Warrant: THB0 per unit (Free Warrant).

Exercise Ratio: One unit of warrant is entitled to one ordinary
share.

Exercise Price: THB1 (One Baht) per share. Number of shares

Reserved for the exercise of warrants: Not more than 250,000,000
shares.

Exercise Period: The first exercise date will commence on the
date that Warrants have been due for a period of one year
counted from the date of issuance of Warrants. After that the
exercising of warrants will be made on the last business day of
every quarter.

Details Conditions and Offering Period: The Board of Directors
or any Person entrusted by the Board of Directors to determine
the number of Warrants and the allocation method of Warrants to
the existing shareholders including details and conditions
related to the issuance of warrants according to the criteria
and procedure to relieve any damages incurred to the existing
shareholders and in order to comply with the guidelines set by
the SET.

(2) To amend the allocation of new issued shares as follows:

(2.1) To revoke the resolution adopted at the Board of Directors
Meeting No. 2/2004 held on October 19, 2004, agenda item 3.4
regarding the allocation of new issued shares.

(2.2) To approve the allocation of newly issued shares in order
to propose to the shareholders at the Extraordinary Meeting of
Shareholders No. 1/2004 the following items for their
consideration and approval:

(2.2.1) Allocation of not more than 250,000,000 new ordinary
shares for the exercise of the warrants to purchase ordinary
shares of the Company to be issued and offered to general public
according to details which have been approved in Clause 1;

(2.2.2) Allocation of 500,000,000 new ordinary shares under
private placement according to the notification of the
Securities and Exchange Commission No. Kor Jor 12/2543, Re: the
rules and conditions of issuance of new shares for sale;

(2.2.3) Allocation of 763,380,280 new ordinary shares to the
general public; In the case that there are the remaining shares
from the allocation of new ordinary shares for the exercise of
warrants to purchase the ordinary shares as per item 2.2.1
above, the remaining shares shall be allocated to general
public.

In the case that no investor purchases the new shares under
private placement arrangement or there are the remaining shares
from the allocation of new ordinary shares under private
placement as per item (2.2.2) above, the said shares shall be
allocated to general public.

(2.2.4) To propose for consideration to the shareholders at the
Extraordinary Meeting that the Board of Directors or any person
entrusted by the Board of Directors be empowered to determine
the following matters; any investor who will be entitled to
allocate the new shares under private placement arrangement, the
offering price, offering period, number of shares offered in
each time etc. including the related details and conditions of
the said offer of shares in the Company.

(2) To amend the sequence of the agenda items of the
Extraordinary Meeting of Shareholders No. 1/2004 as follows:

(1) To confirm the Minutes of the Annual General Meeting of
Shareholders No. 1/2003 held on June 25, 2003;

(2) The Report of Chairman on the Company business operation;

(3) To consider and approve the reduction of capital from the
existing registered capital of THB3,000,000,000 to
THB2,486,619,720 by decreasing the unsold 51,338,028 ordinary
shares, at the par value of THB10 each and to consider the
amendment of Clause 4 of the Memorandum of Association in order
to be consistent with the reduction of capital;

(4) To consider and approve the change of the par value of
shares from THB10 each to THB1 each and the amendment of Clause
4 of the Memorandum of Association in order to be consistent
with the par value of shares;

(5) To consider amending Article 5 of the Articles of
Association of the Company and adding the new Article 59 to the
Articles of Association of the Company;

(6) To consider and approve the issuance of warrants to purchase
the ordinary shares for free under the Public Offering Basis to
the specific target which is the existing shareholders whose
names appeared in the Share Register Book as at the date of
decreasing of the capital of the Company i.e. May 19, 2004.  The
number of Warrants to be issued and offered for sale will be
based upon the offering price under public offering according to
the criteria and procedure to relieve any damages to the
existing shareholders of SET.

The total value of shares of the existing shareholders will not
be less than THB223.66 Million.  Further, to consider empowering
the Board of Directors or any person entrusted by the Board of
Directors to determine the details and other conditions relating
to the said issuance of warrants;

(7) To consider and approve the increase of registered capital
from existing registered capital of THB2,486,619,720 to
THB4,000,000,000 by issuing 1,513,380,280 new ordinary shares at
the par value of Baht 1 and the amendment of Clause 4 of the
Memorandum of Association in order to be consistent with the
increase of capital;

(8) To consider and approve the allocation of newly issued
shares for; (i) the exercise of the warrants to purchase
ordinary shares of the Company; (ii) private placement; and
(iii) general public; and to consider empowering the Board of
Directors or any person entrusted by the Board of Directors to
determine the following matters; any investor who will be
entitled to allocate the new shares under private placement
arrangement, the offering price, offering period, number of
shares offered in each time etc. including the related details
and conditions of the said offer of shares in the Company.

(9) To consider fixing the Remuneration of Directors and the
Audit Committee; and

(10) Other Business (if any).

The Company therefore, informs you of the above for your
acknowledgment and dissemination to the public and other
investors.

Sincerely yours,
NFC Fertilizer Public Company Limited
Kijja Smunyahirun
Vice President
(Corporate Planning and Administration)

CONTACT:

NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Website: www.nfc.co.th


SIAM AGRO: SP Sign on Securities Lifted
---------------------------------------
Previously, the SET posted the SP (Suspension) sign to
temporarily suspend trading of Siam Agro Industry Pineapple &
Others Public Company Limited (SAICO)'s securities effective
from the first trading session of 27 October 2004 because there
is a significant information concerning the statement of firm
intention to make a tender offer to purchase securities of SAICO
(Form 247-3) that might affect trading of its securities.

However, SAICO has disclosed the aforesaid information to the
SET.  Therefore, the SET has lifted SP sign from SAICO's
securities effective from the first trading session of 2
September 2004 onward.

In addition, since the tender offering price is differed from
the normal Ceiling and floor of the securities, the SET, by
virtue of Clause 24 (3) and (6) of the Regulation on Trading,
Clearing and Settlement for Listed Securities in the Exchange
(No. 2) 1999, will expand the ceiling and floor limits on the
main board from the regular 30 percent to 100 percent of its
last trading price. The new limits will be in effect on 2
November 2004.

CONTACT:

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


THAI-GERMAN PRODUCTS: Details Result of Share Offering
------------------------------------------------------
Thai-German Products Public Company Limited advised in a
disclosure to the Stock Exchange of Thailand (SET) the results
of its share offering on November 2, 2004.

(1) Information relating to the share offering

Class of shares: Common share
Number of shares: 146,071,264 shares
Offered to: Creditors who hold Convertible Debentures #1 and #2
pursuant to the Business Reorganization plan of the Company.

Conversion ratio into Equity: 1 Convertible Debenture THB10 will
be converted to 1 ordinary share.

Period of Convert into Equity: October 15 to 22, 2004 and
November 1, 2004.

(2) Results of the share sale

(/) Totally sold
( ) Partly sold, with shares remaining.  The Company has further
process for those remaining shares as follows;

(3) Details of the share offering

                Thai Investors       Foreign Investors     Total
                Juristic    Natural   Juristic    Natural
                Persons     Persons   Persons     Persons

No.of persons    91           2          1           -        94

No. of shares  144,007,283   195,342  1,868,639     - 46,071,264
subscribed

Percentage of total
shares offered for  98.59      0.13     1.28       -      100.00
sale

(4) Amount of money received from the share sale

As the offering were made to the creditors holding Convertible
Debenture #1 and # 2 of the Company.  Therefore, there was no
proceed receiving from this offering.

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.

(Mr.Apinun Ratchatasombat)

PLV and Associates Company Limited
As Business Reorganization Plan Administrator
of Thai-German Products Public Company Limited

CONTACT:

Thai-German Products Pcl
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: www.tgpro.co.th


TUNTEX THAILAND: SP and NP Signs Posted On Securities
-----------------------------------------------------
Tuntex Thailand Public Company Limited (TUNTEX) has submitted to
the Stock Exchange of Thailand (SET) its reviewed financial
statements for the period ending 30 June 2004.

As the Company's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the Company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.

Due to these discrepancies, the Securities and Exchange
Commission (SEC) is requiring that the Company amend its
financial statements on the issues raised by its auditor.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of TUNTEX effective from the first
trading session of 1 November 2004 to enable shareholders and
general investors to have sufficient time to scrutinize an
auditor's report on the review of its financial statements.

The SET will post an NP (Notice Pending) sign effective from the
first trading session of 2 November 2004 until the Company has
the opportunity to submit its amended financial statements or
the SEC concludes that it will not be necessary to amend its
financial statements.

However, the SET has still suspended trading on the securities
of TUNTEX in view of the fact that the Company must prepare a
rehabilitation plan.

CONTACT:

Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Website: www.tuntexthailand.com





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

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