TCRAP_Public/041105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, November 5, 2004, Vol. 7, No. 220

                            Headlines

A U S T R A L I A

87 MILLER: Receivers and Managers Appointed
AUSTRALIAN GAS: Begins NGC Sale Talks with Vector Limited
DYKES INVESTMENTS: Members Resolve to Voluntarily Wind Up
EW SOUTH: Sets Final Meeting November 16
G.C. SERVICES: Final Meeting Slated for November 15

GRANREE PTY: To Face Voluntary Winding Up Proceedings
MITSUBISHI AUSTRALIA: Sets the Benchmark for Customer Service
NATIONAL AUSTRALIA: Reclassifies Assets Ahead of FY Results
NATIONAL AUSTRALIA: Mulls Need For Corporate Reform
NIVRAM PTY: Sets November 12 as Date of Final Meeting

NU-BAKE PROPERTIES: Winds Up Voluntarily
NYRANG HOLDINGS: Voluntarily Winds Up
PAN PHARMACEUTICALS: Founder Agrees to Shift Swiss Account Funds
PIVOT FERTILISERS: To Voluntarily Wind Up
PIVOT MOTORS: Undergoes Voluntarily Winding Up

POTIN PTY: Final Meeting Slated for November 16
ROLLIES TRANSPORT: To Hold Final Meeting on November 12
SAMIC PTY: Court Issues Winding Up Order
SECURITY MANAGEMENT: Joint Meeting Set November 15
VOLTERRA PTY: Names Liquidator


C H I N A  &  H O N G  K O N G

COMMUNICATIONS BANK: Completes Personnel Adjustment Scheme
COMMUNICATIONS BANK: To Issue HSBC Co-branded Cards
BY DESIGN: Members, Creditors Meeting Slated for November 30
CHINESE OVERSEAS: Sets Creditors Meeting on November 6
D'LONG GROUP: Huarong Reshuffles Listed Units

HOOVER ETERNITY: Court to Hear Bankruptcy Petition November 24
SLB INTERNATIONAL: Undergoes Winding Up Proceedings


I N D O N E S I A

BANK DANAMON: State Launches 10% Stake Sale
BANK NEGARA: State May Divest 30%-Stake Next Year
* Demonstrators Seek Probe Into Gunawan Steel Corruption


J A P A N

DAIEI INCORPORATED: Mulls Sale of Hawks Stake
MATSUSHITA ELECTRIC: Closing MT Picture Subsidiary in New York
MITSUBISHI MOTORS: Showcases Vehicles at 2004 SEMA Trade Show
SEIBU GROUP: Banks Start Assets Probe
SOJITZ HOLDINGS: Notes Revisions of Unit's Earnings Forecasts


K O R E A

PAN OCEAN: STX to Pay KRW415.1 Bln for 67%-Stake
SK NETWORKS: PSPD Seeks for Investigation on Dubious Trading


M A L A Y S I A

AIC CORPORATION: Unit Appoints Liquidator
ANCOM BERHAD: Issues Shares Buy Back Notice
AOKAM PERDANA: Releases FY04 Unaudited Quarterly Report
BERJAYA GROUP: Unveils EGM Resolution
CHASE PERDANA: Strikes Off Dormant Units From CCM

CONSOLIDATED FARMS: Unit Receives Writ of Summon
LEADER UNIVERSAL: Winds Up Inactive Unit
MERCES HOLDINGS: Southern Bank Requires RM1.5-Mln Payment
METROPLEX BERHAD: Extends Court Hearing to November 29
NALURI BERHAD: Updates Sale, Purchase Deal

PADIBERAS NASIONAL: Back to Black with RM1.9-Mln Pre-tax Profit
PPB OIL: Unit Faces Winding Up Petition
WCT ENGINEERING: Issues Litigation Update
UNITED CHEMICAL: Releases Default Status Update


P H I L I P P I N E S

FIRST SAVINGS: PDIC Seeks Liquidation
MANILA ELECTRIC: Poised To Sign US$235M Debt Refinancing
MAYNILAD WATER: MWSS Says Rehab Talks Nearing End
PHILIPPINE LONG: Group Records Highest Profit Ever
PHILIPPINE LONG: Unveils Additional Listing of Shares

PILIPINO TELEPHONE: Posts Php743-Mln Profit
PILIPINO TELEPHONE: Director Atienza Resigns


S I N G A P O R E

CAPITALAND COMMERCIAL: To Pay Floating Rate Notes Interest
JYOTO WORKS: Posts First and Final Dividend Notice
KS INTERNATIONAL: Creditors To Prove Debts by December 2
PANPAC MEDIA: Conversion of Notes Made
SC MARINE: Issues Notice of Intended Dividend

WORKABLE PRINTING: Creditors to Submit Claims by December 1


T H A I L A N D

JASMINE INTERNATIONAL: Unveils Board Meeting Results
T.C.J. ASIA: Unveils 3Q Operating Results
THAI PETROCHEMICAL: SC Orders CEO To Stay

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


87 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 87 Miller Pty Limited A.C.N.
106 015 016.

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


AUSTRALIAN GAS: Begins NGC Sale Talks with Vector Limited
---------------------------------------------------------
The Australian Gas Light Company (AGL) declared that it has
commenced discussions with Vector Limited (Vector) on an
alternative sale mechanism for AGL's shareholding in NGC
Holdings Limited (NGC) in line with the previously announced
Sale and Purchase Agreement between the two companies.

This follows the decision by the New Zealand Takeovers Panel to
decline the exemptions sought for the sale of AGL's New Zealand-
registered Company which holds the majority of AGL's
shareholding in NGC.

The discussions between AGL and Vector will center on an
alternative sale structure that reflects a sale price of NZ$3.00
per NGC share (less any dividends declared and paid by NGC since
the original announcement of the Sale and Purchase Agreement).

AGL remains confident of completing the transaction by the end
of the calendar year as previously announced. Any alternative
sale mechanism is not expected to materially change the net sale
proceeds of AU$760 million.

CONTACT:

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


DYKES INVESTMENTS: Members Resolve to Voluntarily Wind Up
---------------------------------------------------------
At a General Meeting of Dykes Investments Pty. Limited (In
Liquidation) A.C.N. 000 614 256, duly convened and held at
174/50 Ellensborough Street, Lyneham on 29 September 2004 the
following Special Resolution was passed:

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

Dated this 29th day of September 2004

Anne Pennay
174/50 Ellenborough Street,
Lyneham ACT 2602


EW SOUTH: Sets Final Meeting November 16
----------------------------------------
Notice is given that a final meeting of members of EW South
Wales Pty Limited (In Liquidation) A.C.N. 001 167 906 will be
held at the offices of A.C.N. 001 167 906 Pty Limited, 101
Waterloo Road, North Ryde Bay NSW 2113 on 16th November 2004 at
9:00 a.m.

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

Dated this 22nd day of September 2004

Leslie L. Rosenfeld
Liquidator


G.C. SERVICES: Final Meeting Slated for November 15
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of G.C.
Services Pty Limited (In Liquidation) A.C.N. 062 653 043 will be
held at the offices of Horwath Sydney Partnership, Level 10, 1
Market Street, Sydney NSW 2000, on Monday, 15 November 2004 at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of, and of
hearing any explanations that may be given by the Liquidator.

Dated this 28th day of September 2004

G.T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


GRANREE PTY: To Face Voluntary Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Granree Pty Ltd. held on 1 October 2004, it was resolved that
the Company be wound up voluntarily and that M.E. Slaven be
appointed as Liquidator.

Dated this 12th day of October 2004

M.E. Slaven
Liquidator
Rangott & Slaven
First Floor, 14 Napier Close,
Deakin ACT 2600
Telephone: (02) 6285 1430,
Facsimile: (02) 6281 1966


MITSUBISHI AUSTRALIA: Sets the Benchmark for Customer Service
-------------------------------------------------------------
An independent survey has recently identified Mitsubishi Motors
Australia Limited (MMAL) as the top provider of telephone
customer service in the Australian automotive sector, Autoweb
reveals.

The survey was conducted in August by Customer Service
Benchmarking Australia (CSBA). It involved a sample of "mystery
shopper calls" to the listed customer inquiry lines for Ford,
Holden, Toyota, Mitsubishi, BMW and Mercedes Benz.

Among the automotive centers, Mitsubishi Motors was named
Company with the best telephone inquiry service due to fast
response, acceptable greeting skills and manner, and excellent
inquiry resolution technique.

"Mitsubishi Motors' goal is to be a customer service oriented
car Company that is providing true value to our customers
through not only the quality of the cars they drive but also
through their after-sales experience," said Sharon Debling,
Manager Customer Advocacy at MMAL.

"Now more than ever, Mitsubishi is focused on providing superior
customer service, and we are thrilled to be recognized as the
best in the industry."

Mitsubishi Motor's call center is working in collaboration with
Contact 1-2-1, a renowned specialist call center provider.

CONTACT:

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


NATIONAL AUSTRALIA: Reclassifies Assets Ahead of FY Results
-----------------------------------------------------------
National Australia Bank's (NAB) new Chief Financial Officer,
Michael Ullmer, has announced changes to the accounting
treatment of assets, which will likely affect the bank's profit,
asset quality and capital adequacy ratios, AFX relates, citing
The Age newspaper.

The changes were made one week before NAB unveils its full-year
results, and follows a warning that second semester profits will
drop as much as 15 percent from the first-half's AU$1.85
billion.

The revisions are expected to result to a write back of accrued
interest of about AU$38 million.

Meanwhile, NAB's Chief Executive John Stewart and Mr. Ullmer
have been coordinating with the Australian Prudential Regulation
Authority to enhance reporting and prudential standards at NAB
following a highly critical report during January's trading
losses.

A 66-page document issued on the Australian Stock Exchange
reclassified a September 2003 and a March 2004 non-accrual
balance by AU$254 million and AU$263 million, respectively.

To view the ASX announcement, click on:
http://bankrupt.com/misc/TCRAP_NATIONALAUSTRALIA110404.pdf


CONTACT:

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


NATIONAL AUSTRALIA: Mulls Need For Corporate Reform
---------------------------------------------------
In line with efforts to isolate depositors from other parts of
the business, National Australia Bank (NAB) is planning to
undertake a significant corporate restructure, according to The
Age.

It is understood that the bank is considering setting up a
holding firm apart from its businesses, including its offshore
operations. The move will prevent its local depositors from
bearing the risk should NAB's overseas operations lost money.

The Australian Prudential Regulation Authority (APRA) has
reportedly encouraged NAB to review the potential change to its
structure. The bank would also need to obtain the Australian
Securities and Investments Commission (ASIC) and its
shareholders before it could implement the changes.

A NAB spokesman affirmed the investigation is in its early phase
and no decision about a holding company structure has been
reached yet.

NAB would need to seek exemptions from both the ASIC and the
Australian Taxation Office (ATO) as part of the reform.

ASIC's approval is critical to allow the bank to pay dividends
from the holding company, an entity that it technically non-
profit. ATO's support, on the other hand, is needed to provide
relief for shareholders, as the transfer of NAB"s business units
to the holding firm would probably be treated like a sale and
could trigger tax liabilities.

Shareholders are unlikely to approve the corporate restructure
without tax relief.


NIVRAM PTY: Sets November 12 as Date of Final Meeting
-----------------------------------------------------
Notice is given that the final meeting of the members and
creditors of Nivram Pty Ltd (In Liquidation) A.C.N. 073 192 328
will be held at the offices of Jones Condon, Chartered
Accountants, Level 13, 189 Kent Street, Sydney 2000 on 12
November 2004 at 10:30 a.m.

AGENDA

(1) To receive the Liquidators Account showing how the winding
up has been conducted and the property of the Company has been
disposed of.

(2) Any other business.

Dated this 24th day of September 2004

Thomas Javorsky
Liquidator


NU-BAKE PROPERTIES: Winds Up Voluntarily
----------------------------------------
Notice is hereby given that the sole member of Nu-Bake
Properties Pty Ltd (In Liquidation) A.C.N. 009 484 191 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


NYRANG HOLDINGS: Voluntarily Winds Up
-------------------------------------
At a general meeting of the members of Nyrang Holdings Pty
Limited (In Liquidation) A.C.N. 008 549 335 duly convened and
held at Hellenic Club of Canberra, Matilda Street, Phillip ACT
2606, on 30 September 2004, the special resolution set out below
was duly passed:

That the Company be wound up voluntarily.

Dated this 1st day of October 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


PAN PHARMACEUTICALS: Founder Agrees to Shift Swiss Account Funds
----------------------------------------------------------------
Pan Pharmaceuticals founder Jim Selim has agreed to transfer the
contents of his Swiss bank account to Australia until the large
compensation suit he is facing has been resolved, says The
Sydney Morning Herald.

Still, Mr. Selim refuses to take the blame for huge amounts lost
after the Therapeutic Goods Administration shut down Pan's
complementary medicines factory last year due to consumer health
concerns.

In a defense document lodged with the Federal Court on Monday,
barrister Justin Gleeson and solicitors Andrew Thorpe said Mr.
Selim would assert his right as Pan's head to rely on others to
notify him about any quality control lapses. He would also say
the TGA had wrongly suspended Pan's license to make vitamin and
herbal products.

The Court file reveals that until these issues are resolved, Mr.
Selim has decided to transfer the balance on deposit at the
Corner Banque SA in Lausanne, Switzerland to a Commonwealth Bank
account in Australia in the name of his family property
development Company.

The family Company, Buzrio Pty Ltd, agreed not to draw on the
Swiss funds without advance notice to Pan's liquidator, Tony
McGrath of McGrathNicol+Partners, who launched the suit on
behalf of creditors in July.

Mr. Selim and Buzrio both agreed not to send any money overseas,
other than a combined total of AU$20,000 every three months to
Mr. Selim's family.

CONTACT:

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

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

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


PIVOT FERTILISERS: To Voluntarily Wind Up
-----------------------------------------
Notice is hereby given that the sole member of Pivot Fertilisers
Pty Ltd (In Liquidation) A.C.N. 006 293 894 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 MOTORS: Undergoes Voluntarily Winding Up
----------------------------------------------
Notice is hereby given that the sole member of Pivot Motors Pty
Ltd (In Liquidation) A.C.N. 009 488 653 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


POTIN PTY: Final Meeting Slated for November 16
-----------------------------------------------
Notice is given that a general meeting of members and creditors
of Potin Pty Limited (In Liquidation) (The Company) A.C.N. 058
057 355 will be held at the offices of Senatore Brennan Rashid,
Level 7, 28 University Avenue, Canberra ACT 2601 on Monday 16
November 2004 at 10:00 a.m.

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

Dated this 12th day of October 2004

E.M. Senatore
Liquidator
Telephone: (02) 6214 6700,
Facsimile: (02) 6214 6799


ROLLIES TRANSPORT: To Hold Final Meeting on November 12
-------------------------------------------------------
Notice is given that the final meeting of members and creditors
of Rollies Transport Australia Pty Limited (In Liquidation)
A.C.N. 099 323 341 will be held at Level 1, 32 Martin Place,
Sydney, NSW, on Friday, 12 November 2004 at 10:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 1st day of October 2004

Adam Shepard
Liquidator
Rollies Transport Australia Pty Limited


SAMIC PTY: Court Issues Winding Up Order
----------------------------------------
On the 9th of September 2004, the Supreme Court of New South
Wales Equity Division made an Order that Samic Pty Limited (In
Liquidation) A.C.N. 003 687 410 be wound up by the Court and
Appointed Steven Nicols to be Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


SECURITY MANAGEMENT: Joint Meeting Set November 15
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Security Management Pty Limited (In Liquidation) A.C.N. 078 003
504 will be held at the offices of Horwath Sydney Partnership,
Level 10, 1 Market Street, Sydney NSW 2000, on Monday, 15
November 2004 at 11:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 29th day of September 2004

G.T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


VOLTERRA PTY: Names Liquidator
------------------------------
Notice is hereby given that at a general meeting of members of
Volterra Pty Ltd (In Liquidation) A.C.N. 009 402 340 held on the
14 September 2004, it was resolved that the Company be wound up
voluntarily and that for such purpose Roger Roy Nicholas of MSI
Marsdens, Certified Practising Accountants, 565 Hay Street,
Daglish WA 6008, be appointed liquidator.

Dated this 14th day of September 2004

Roger Roy Nicholas
Liquidator


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C H I N A  &  H O N G  K O N G
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COMMUNICATIONS BANK: Completes Personnel Adjustment Scheme
----------------------------------------------------------
China's Bank of Communications (BoComm) has announced the
completion of its personnel adjustment with its board of
directors and board of supervisors, SinoCast reports.

Investors Hong Kong & Shanghai Banking Corporation (HSBC), the
Council of National Security Fund of China, and Central Huijin
Investment Corporation participated in the personnel adjustment.

BoComm's ownership structure has been greatly maximized while
the government cut its stakes in it. The bank's governance
structure is in its final phase of stabilization.

The temporary shareholders meeting conducted on September 23,
2004 approved a quantity of basic rules and standards on its
corporate governance.

As of end-September, the bank had total assets of CNY1.0767
trillion, up 12.71 percent from the start of this year.

CONTACT:

Bank of Communications
24-hour Customer Service Hotline: 2269 9699
Mailing Address: 20 Pedder Street, Central, Hong Kong
E-mail addresses:
General Inquiry: enquiry@bankcomm.com.hk
Commercial Credit Services Inquiry:
commercialbanking@bankcomm.com.hk
Bills Services Enquiry: billscentre@bankcomm.com.hk
Trustee and MPF Services Enquiry: trust@bankcomm.com.hk
Customer Opinions: opinion@bankcomm.com.hk
Recruitment: recruitment@bankcomm.com.hk


COMMUNICATIONS BANK: To Issue HSBC Co-branded Cards
---------------------------------------------------
A new unit has been established by Bank of Communications
(BoComm) to issue co-branded credit cards with new shareholder
HSBC, according to South China Morning Post.

The credit card joint venture will have an equity interest of up
to 50 percent.

Australian banker Ron Logan was appointed by HSBC as chief
executive of the card unit, which happens to be the biggest
foreign investment in Chinese banks at the moment.

The key factor in HSBC's agreement last August is a 19.9 percent
stake in BoComm's CNY14.46 billion. Meanwhile, an existing
contract between HSBC and Bank of Shanghai stipulates that HSBC
owns an 8 percent stake, to be issue co-branded credit cards.

The card center will remain a wholly owned unit of BoComm with
relatively independent accounts due to mainland restrictions. As
soon as local regulators allow establishment of credit card
companies independent of banks and allow foreign companies to
make equity investments a conversion into a joint venture can
occur.

The BoComm center will issue yuan (CNY) and US dollar (US$)
currency credit cards bearing the BoComm and HSBC logo. A three-
year license has been granted for the logo use of HSBC and of
its Hong Kong banking arm Hongkong and Shanghai Banking Corp. t

The card center will be sharing client information collected
from its huge debit card business, which incidentally has issued
more than 30 million cards, a source has said.

BoComm has had a personal credit database incorporating
information collected from its personal loan and bank card
business in operational since the end of September.


BY DESIGN: Members, Creditors Meeting Slated for November 30
------------------------------------------------------------
Notice is hereby given that the Creditors of By Design Fashion
Limited, which is being voluntarily liquidated, are required on
or before the 30th day of November 2004 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the sole liquidator of the said Company at Flat E,
10/F., Dragon Industrial Building, 93 King Lam Street, Lai Chi
Kok, Kowloon, Hong Kong.

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

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

Dated this 29th day of October 2004

Rajib Kumar Passi
Sole Liquidator


CHINESE OVERSEAS: Sets Creditors Meeting on November 6
------------------------------------------------------
Notice is hereby given that, pursuant to Section 228A of the
Companies Ordinance, a meeting of the creditors of Chinese
Overseas (Hong Kong) Travel Enterprises Company Limited will be
held at 10:30 a.m. on 6th day of November 2004 at 502, 5th
Floor, Prosperous Building, 48-52 Des Voeux Road, Central, Hong
Kong, for the purpose of:

(a) Considering and receiving a statement of position of the
Company's affairs prepared by the directors.

(b) Appointing Liquidators of the Company for the purpose of
winding up the affairs and distributing the assets of the
Company.

(c) Appointing a committee of inspection not more than 5
persons, if necessary.

(d) Waiving the requirement for the audit of the Liquidator's
accounts.

(e) Considering any other matters, which the creditors may
raise.

Creditors may vote either in person or by proxy. A proxy needs
not be a creditor of the Company. Proxies used at the meeting
must be lodged at the above address not later than 4:00 p.m. in
the afternoon of 5th November 2004.

Dated this 29th day of October 2004

Leung Chui Mei
Provisional Liquidator


D'LONG GROUP: Huarong Reshuffles Listed Units
---------------------------------------------
China Huarong Asset Management Corp has decided to reshuffle
listed subsidiaries of the financially troubled D'Long Group
Co by appointing new management staff, reports China Daily.

The move would be the first concrete reshuffle announcement by
Huarong on D'Long related firms since the bailout.

Xinjiang Tunhe Investment Co, Torch Investment Co and Shenyang
Hejin Holding Investment Co Ltd, which were once controlled by
D'Long, announced their general shareholders' meeting had
approved the appointments of new chairmen and board directors.

The newly appointed are senior executives from Huarong, a State-
run debt clearer that took over the assets of the nearly
collapsed D'Long in August.

Huarong, which was set up five years ago to take the bulk of
delinquent assets from the Industrial and Commercial Bank of
China, has been tasked to help handle the huge debts nad funding
problems of D'Long and its affiliates and subsidiaries.

Huarong sources said the Company appointed staff to various
D'Long affiliates and subsidiaries to clear up the funding
chain, maintain the companies' operation and resolve some of the
debts.


HOOVER ETERNITY: Court to Hear Bankruptcy Petition November 24
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hoover Eternity Limited by the High Court of Hong Kong Special
Administrative Region was on the 8th day of October 2004
presented to the said Court by Hang Hing Fuel Oil Co., Ltd.
Whose registered office is situated at 1st Floor, Kings Court,
48-52 Fort Street, North Point, 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.

Liau, Ho & Chan
Solicitors for the Petitioner
Hang Hing Fuel Oil Co., Ltd.
6th Floor, United Chinese Bank Building
31-37 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 23rd day of
November 2004.


SLB INTERNATIONAL: Undergoes Winding Up Proceedings
---------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of SLB International (China) Limited will be heard
before Master S. Kwang of the High Court for consideration of
the resolutions and determinations (if any) of the adjourned
first meetings of creditors and contributories both held on 4th
August 2004 deciding the differences (if any), and making such
order of appointments as the Court may think fit.

Date and Time of Hearing: 30th November 2004 (Tuesday) at 9:30
a.m.

Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.

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

Dated this 29th day of October 2004

E T O'CONNELL
Official Receiver & Provisional Liquidator


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=================


BANK DANAMON: State Launches 10% Stake Sale
-------------------------------------------
The government has launched the sale of a 10-percent stake in PT
Bank Danamon in a bid to help plug the country's 2004 budget
deficit, Dow Jones says.

The state, which currently owns a 20.5 percent in Bank Danamon,
expects to reap between US$180 million and US$190 million with
the divestment of about 490 million Danamon shares.

According to sources, the stock will be priced at a 3-percent to
5-percent discount to Wednesday's closing price of IDR3,575.

UBS AG (UBS) and PT Danareksa Sekuritas, the underwriters of the
one-day sale, confirmed strong market sentiment for the stake,
indicating optimism among institutional investors toward
Indonesian securities after recent peaceful elections in the
country.

Adrian Rusmana, head of research at brokerage BNI Securities,
said the timely sale could become a model for the government to
sell its minority stake in three other banks namely PT bank
Central Asai, PT Bank Internasional Indonesia and PT Bank Niaga.

The Danamon stake divestment comes soon after the government
agreed last month to sell a controlling stake in Bank Permata to
a consortium led by Standard Chartered Plc for about US$307
million.

Singapore State investment Company Temasek Holdings Limited,
which already owns 61 percent of Danamon, is tipped to be one of
the investors interested in acquiring the Indonesian lender's
stake.

CONTACT:

P.T. Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax: +62 1 577 0716
Web site: http://www.danamon.co.id/


BANK NEGARA: State May Divest 30%-Stake Next Year
-------------------------------------------------
The government will not sell their 30-percent stake in PT Bank
Negara Indonesia Tbk (BNI) this year, according to Indoexchange.

If approval is obtained, the divestment will probably be carried
out next year.

"It seems to be difficult if we want to do it this year,"
confirmed Mahmuddin Yasin, State Minister of State-Owned
Enterprises deputy for restructuring and privatization division.

Minister of State Enterprises Sugiharto presented the BNI
divestment matter in Monday's executive meeting.

It was decided that the government and the bank should prepare
new documents, as BNI's June 2004 financial report cannot be
used as basis for the divestment. They have to use their
September 2004 financial report, instead.

Previously, BNI Treasury Director Fero Purbonegoro admitted that
the bank's management hopes to sell the 30-percent stake next
year since it was difficult to go through the process this year.

"Having conducted a technical review, it was concluded that it
was impossible to carry out the divestment this year. We can do
it no sooner than 2005, thus we have stopped making preparations
for the divestment program now," said Mr. Fero.

Meanwhile, it was also discussed during the executive meeting
the privatization proceed target for the 2004 Revise State
Budget (APBN-P). So far, the government has only gained IDR3.4
trillion, well below its IDR5 trillion target.

Earlier, the government expressed hope they could achieve the
target from the BNI divestment. But with the sale being delayed,
it would be difficult to achieve the target.

CONTACT:

Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Web site: http://www.bni.co.id


* Demonstrators Seek Probe Into Gunawan Steel Corruption
--------------------------------------------------------
The National Police Headquarters was flocked with demonstrators,
demanding the police to investigate an alleged financial scandal
involving three troubled steel mills of the Gunawan Steel Group
in Surabaya, reports The Jakarta Post.

Some 200 students and activities staged a demonstration on
Tuesday urging the police to probe on the corruption scandal,
believed to have caused more than IDR1.2 trillion in state
losses.

They asserted the police should bar the steel group's head, Gwie
Gunawan alias Gwie Sie An, from leaving the country so that he
would be available for immediate questioning.

The group also aired similar demands to the Attorney General's
Office and the House of Representatives in a rally over the
weekend.

M. Arief, a coordinator of the Committee to Monitor State Assets
who led the demonstration, stressed the need for the police to
reopen the investigation as the Gunawan group had apparently
taken control of the three steel mills as collateral against the
IDR1.45 trillion (US$159.70 million) it owed to Bank Mandiri and
the now-liquidated Bank Bali.

The steel group purchased the three mills for IDR185 billion via
three companies, allegedly owned by the Gwie family, with the
help of "corrupt members of the East Java legislature and former
IBRA employees".

The three mills were seized in 1998 by the now-defunct
Indonesian Bank Restructuring Agency (IBRA) over the steel
group's inability to refinance massive debts to its creditor
banks, but were later sold to two companies believed to be owned
by the Gunawan Steel Group.

The sale, according to Mr. Arief, breached regulations on asset
sales conducted by the state.

PT Gunawan Dian Steel Pipe (GDSP), with IDR453 billion credit,
was sold for IDR27 billion to PT Bina Kreasi Prima Niagatama,
while PT Gunawan Iron Steel (GIS), with IDR234 billion credit,
was sold for IDR14 billion to (Bina Kreasi). PT Gunawan Dianjaya
Steel (GDS), with IDR762 billion in defaulted loans, was sold
for IDR144.8 billion to PT Parma Iriando Perkasa.


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


DAIEI INCORPORATED: Mulls Sale of Hawks Stake
---------------------------------------------
Daiei Incorporated plans to divest a large portion of its
interest in the Daiei Hawks baseball team, reports Japan Today,
citing Kyodo News.

The decision was a course-changing move from its earlier stance
of continuing to own the franchise.

The troubled retailer, which has recently sought a bailout from
the state-backed Industrial Revitalization Corporation of Japan
(IRCJ), will only keep a certain percentage of its shares in the
pro baseball team.

Softbank Corporation is among the companies who have expressed
their intent to acquire the Fukuoka-based club.

CONTACT:

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


MATSUSHITA ELECTRIC: Closing MT Picture Subsidiary in New York
--------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best
known for its "Panasonic" brand, disclosed plans to discontinue
operations at MT Picture Display Corporation of America (New
York) in December 2004, after which it will begin liquidation
procedures.

MTPDA (NY) is a subsidiary of Matsushita Toshiba Picture Display
Co., Ltd. - MTPD, which is a joint venture of MEI and Toshiba
Corporation.

MTPDA (NY) which manufactures cathode ray tubes (CRTs) for TV's
above 30 inches in the North American market has faced severe
price and market erosion due to the increasing popularity of
flat-panel TVs and declines in demand as a result of price
competitive imports, mainly from Asia.  

This closing is a part of the Company's global restructuring
initiatives in the CRT business.

In the future, CRTs for the North American market will be
supplied by other manufacturing locations in order to establish
an optimum CRT manufacturing structure.

MTPDA (NY) was originally established in 1985 by Toshiba
Corporation as a manufacturing base for CRTs.  The Company
subsequently became a subsidiary of MTPD upon its establishment
in April 2003.  MTPDA (NY) specialized in the manufacture of
CRTs above 30 inches, supplying some 950,000 units annually to
the North American market.

CONTACT:

Matsushita Electric Industrial Co., Ltd.
1006 Oaza Kadoma
Kadoma, Osaka 571-8501, Japan
Phone: +81-6-6908-1121
Fax: +81-6-6908-2351
Web site: http://matsushita.co.jp


MITSUBISHI MOTORS: Showcases Vehicles at 2004 SEMA Trade Show
-------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) on Wednesday
showcased Ralliart concepts based on its popular Galant sedan
and Endeavor SUV at the 2004 Specialty Equipment Market
Association (SEMA) tradeshow, the automaker said in a press
release.

With the unveiling of these Ralliart concept vehicles, the
Company marked its fifth consecutive year as an exhibitor at the
SEMA show, the world's premier automotive specialty products
trade event. Both Ralliart concepts were designed in Mitsubishi
Motors' design center in Cypress, California.

According to Ian Beavis, senior vice president, marketing for
MMNA, SEMA is an important show for Mitsubishi Motors.

"Mitsubishi cars and SUVs have a worldwide reputation for
performance and aggressive styling," Mr. Beavis said.

"SEMA provides us with the opportunity to showcase our products
and design ideas to a discerning audience."

Mitsubishi Motors is displaying a total of seven vehicles in its
booth, including the new Lancer Evolution MR and tuned versions
of Lancer, Eclipse and Lancer Evolution. Mitsubishi models
customized by other exhibitors also will be on display
throughout the show.

Ralliart is the motor sports arm of Mitsubishi Motors
Corporation. Worldwide, Ralliart vehicles feature enhanced
performance, specialty equipment and sporty styling elements,
such as more powerful engines, sport-tuned suspensions as well
as special fascia and styling treatments.

"Using a Ralliart theme for Endeavor and Galant showcases the
brand's sporty, racing heritage," said Dan Sims, general manager
for Mitsubishi Motors' Cypress design center.

"We like to think there is a little bit of Ralliart -- and at
the extreme, a little bit of 'Evo' -- in all our cars. These
Ralliart concept vehicles let us really show off that heritage."

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS110404.pdf

CONTACT:

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


SEIBU GROUP: Banks Start Assets Probe
-------------------------------------
Creditor banks of the Seibu Group companies, including unlisted
group leader Kokudo Company, have began investigating the
quality of the firms' assets, Kyodo News says.

The investigations came after it was discovered that Kokudo and
some other group companies such as Seibu Railway Co. have
falsified stockholders' information in their financial
statements.

The Tokyo Stock Exchange has been examining whether it will
delist Seibu Railway from its First Section, as the scandal-hit
firm could be deemed to have breached a TSE regulation,
stipulating that shares are to be delisted if the combined
ownership by the top 10 shareholders exceeds 80 percent for more
than a year.

The Securities and Exchange Surveillance Commission are also
investigating whether Kokudo and Seibu Railway falsified the
data and whether they engaged in insider trading with regard to
the shares in the railway operator.

Combined borrowings of the Seibu Group stands at JPY1.3
trillion, with Seibu Railway's reaching more than JPY700 billion
from about 30 lenders, including Mizuho Corporate Bank, Chuo
Mitsui Trust and Banking Co., and the Development Bank of Japan.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SOJITZ HOLDINGS: Notes Revisions of Unit's Earnings Forecasts
-------------------------------------------------------------
Sojitz Holdings Corporation announced that Nakau Co., Ltd., a
subsidiary Company of Sojitz Holdings Corporation, made
revisions to its interim earnings forecasts for the fiscal year
ending March 31, 2005, which were previously disclosed on May
12, 2004.

Nakau Co., Ltd. (hereinafter referred to as Nakau or the
Company) has revised its nonconsolidated interim earnings
forecasts for the fiscal year ending March 31, 2005 previously
announced on May 12, 2004.

Nakau also announced once again its revisions of the non-
consolidated full-year earnings forecasts for the fiscal year
ending March 31, 2005 previously disclosed on September 22,
2004.

The Company intends to implement the closure of stores and
revise the sales strategy of existing stores with the aim of
strengthening and improving the Company's earnings structure.
Due to these initiatives, it expects to incur extraordinary loss
with the decrease of net sales.

Nakau has not revised the full-year forecasts for recurring
profit, but has revised the full-year earnings forecasts in
connection with the realization of extraordinary loss and the
decrease of net sales owing to the closure and renovation of
stores.

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_SOJITZHOLDINGS110404.pdf

CONTACT:

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

Nakau Co., Ltd.
4-30 Miyahara 3-Chome
Yodogawa-Ku 532-0003, Osaka 532-0011
JAPAN  
Phone: +81 6 4807 7303
Fax: +81 6 4807 7237
Web site: http://www.nakau.co.jp/


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


PAN OCEAN: STX to Pay KRW415.1 Bln for 67%-Stake
------------------------------------------------
Three subsidiaries of STX Corp. (KSE:011810) expressed interest
to buy 67% of Pan Ocean Shipping Co. for KRW415.1 billion,
reports Asia Pulse.

In a regulatory filing STX said, STX Shipbuilding Co. will pay
KRW20,444 a share for a 50.9 percent stake, while the two other
units will each buy 8.05 percent of Pan Ocean.

The signing of a final contract with the carrier's creditor for
the takeover is scheduled on November 8.

In early September, STX was chosen as the preferred for Pan
Ocean.  The shipping company has been under creditor supervision
since 1987, before being put under Court receivership in 1992.

CONTACT:

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


SK NETWORKS: PSPD Seeks for Investigation on Dubious Trading
------------------------------------------------------------
SK Networks will most likely be investigated on the allegations
of a civic watchdog for breaking securities trading rules,
according to The Korea Times.

The People's Solidarity for Participatory Democracy (PSPD)
claimed that SK Networks failed to disclose details of its
buying or selling of stakes in its affiliate SK Corp. SK is
allegedly trading stocks of its own affiliates by disguising
itself as an unidentified foreign investor.

The civic watchdog is asking the Financial Supervisory Service
(FSS) and the Korea Stock Exchange (KSE) to look into the
matter.

"SK Networks has been controlling the two sister companies by
concealing its assets overseas totaling hundreds of millions
dollars (for example, by establishing paper companies in tax
havens)," PSPD insisted.

SK Networks is said to be holding 10 million shares of SK Corp.
and KRW2.38 million worth of shares in SK Telecom through
accounts opened offshore.  PSPD said SK Networks paid their
overdue debts by selling the shares without reporting the
trading to the KSE and the FSS.

SK Networks was also involved in a scandal regarding accounting
irregularities amounting to KRW2 trillion in 2003.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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


AIC CORPORATION: Unit Appoints Liquidator
-----------------------------------------
AIC Wafer Services Sdn (AICWS), a unit of AIC Corporation
Berhad, is in the process of undertaking a Member's Voluntary
Liquidation (MVL) pursuant to Section 254(1)(b) of the Companies
Act, 1965.

AIC Technology Sdn Bhd (AICT), which is 75% owned by AIC, owns
the entire equity interest in AICWS. AICT had, at an
extraordinary general meeting of AICWS on 3 November 2004, given
its approval for the said MVL and the appointment of Mr. Ng Yim
Kong of Messrs. Strategy Corporate Secretariat Sdn Bhd (formerly
known as Star Enhance Sdn Bhd) as the liquidator of AICWS. AICWS
is being liquidated, as it is currently dormant.

The liquidation of AICWS is not expected to result in any gain
or loss or have any significant effect on the earnings or net
tangible assets per share of AIC and its group of companies for
the financial year ending 31 December 2004. The liquidation of
AICWS will also not have any operational impact on AIC and its
group of companies.

CONTACT:

AIC Corporation Berhad
Wisma AIC, Lot 3
Persiaran Kemajuan, Section 16
40200 Shah Alam, Selangor
Tel: 03-5543 1413
Fax: 03-5543 2045
Web site: http://www.aic.com.my


ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad announced the details of its shares buy back on
November 3, 2004.

Date of buy back: 03/11/2004
Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 12,100

Minimum price paid for each share purchased (RM): 0.740

Maximum price paid for each share purchased (RM): 0.750

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 12,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,220,700

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

CONTACT:

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


AOKAM PERDANA: Releases FY04 Unaudited Quarterly Report
-------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Aokam
Perdana Bhd announced its unaudited quarterly report for the
financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                       QUARTER                    PERIOD

           30/09/2004     30/09/2003  30/09/2004   30/09/2003
             RM'000          RM'000       RM'000      RM'000

1  Revenue  
              3,094           3,368       3,094        3,368

2  Profit/(loss) before tax  
             -1,902          -2,132      -1,902       -2,132

3  Profit/(loss) after tax and minority interest  
             -1,902          -2,132      -1,902       -2,132

4  Net profit/(loss) for the period   
             -1,902          -2,132      -1,902       -2,132

5  Basic earnings/(loss) per shares (sen)   
              -2.28           -2.56       -2.28        -2.56

6  Dividend per share (sen)  
               0.00            0.00        0.00         0.00

            AS AT END OF      AS AT PRECEDING
           CURRENT QUARTER    FINANCIAL YEAR END

7  Net tangible assets per share (RM)  

               -1.6779            -1.6600

For more information, go to
http://bankrupt.com/misc/tcrap_aokam110404.xls

CONTACT:

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


BERJAYA GROUP: Unveils EGM Resolution
-------------------------------------
The Board of Directors of Berjaya Group announced that the
following resolution proposed at its Extraordinary General
Meeting held on 3 November 2004 has been duly passed:

Ordinary Resolution:

The Proposed Disposal of approximately 750.0 acres of freehold
land located in Sungai Tinggi, Hulu Selangor, Selangor Darul
Ehsan by BerjayaCity Sdn Bhd (Formerly known as Eminent Capital
Sdn Bhd) to Selat Makmur Sdn Bhd and the proposed appointment of
BerjayaCity Sdn Bhd as the turnkey contractor to carry out the
construction of the New Turf Club for a total cash consideration
of RM605.0 million.

CONTACT:

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


CHASE PERDANA: Strikes Off Dormant Units From CCM
-------------------------------------------------
The following dormant subsidiaries of Chase Perdana Berhad have
been struck off from the register of the Companies Commission of
Malaysia (CCM) pursuant to Section 308(4) of the Companies Act,
1965:

(a) APT Development Sdn Bhd (Company No. 300193 U);
(b) Clarity Heights Sdn Bhd (Company No. 301029 T);
(c) CPB (Sabah) Sdn Bhd (Company No. 283638 V), which is wholly
owned by Imacentre Development Sdn Bhd which in turn is wholly
owned by Chase Perdana Berhad;
(e) Langkawi Armoury Sdn Bhd (Company No. 283702 W);
(f) LH Corporate Services Sdn Bhd (Company No. 236865 K);
(g) LH Ventures Sdn Bhd (Company No. 257130 H).

The de-registrations of the above-mentioned subsidiaries do not
have any financial and operational impact on Chase Perdana
Berhad Group.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
MALAYSIA
+60 3 2718 3700
+60 3 2094 0503

This announcement is made on 3 November 2004.


CONSOLIDATED FARMS: Unit Receives Writ of Summon
------------------------------------------------
The Board of Directors of Consolidated Farms Berhad announced
that Consolidated Feedmill Sdn Bhd (CFSB), its wholly owned
subsidiary, had been named as defendant in Writ of Summon, dated
14 September 2004, filed by Kemin Industries (Malaysia) Sdn.
Bhd. (Kemin) in the Session Court of Kuala Lumpur and served on
CFSB on 3 November, 2004.

The suit is in respect to goods sold and/or delivered to CFSB.
Kemin had claimed for the amount of RM98,887.50 from CFSB,
together with interest of 8.0% per year, from judgment date
until full resolution, costs and any other relief to be granted
by the Court. The mention date for the suit against CFSB has
been fixed on 30 November 2004.

CFSB had appointed lawyers to defend the suit. The Company will
seek the indulgence of the plaintiff for an abeyance in the
proceedings pending the review by the Board of Directors of
Confarm to ascertain its financial position before deciding the
way forward for the Confarm Group.

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 3 November 2004.


LEADER UNIVERSAL: Winds Up Inactive Unit
----------------------------------------
As part of the group's on-going rationalization plans to
streamline its operation and to cut costs and expenses in
maintaining dormant companies, Leader Universal Holdings Berhad
(LEADER) wishes to inform that it has decided to place Leader
Credit & Leasing Sdn Bhd (LCL), a dormant wholly owned
subsidiary under a Members' Voluntary Winding-Up under Section
254(1)(b) of the Companies Act, 1965.

LCL has ceased operation and has been dormant since 1994 and is
not expected to be reactivated in the foreseeable future. Mr
Wong Thai Sun of Messrs Wong Thai Sun & Associates, 1st Floor,
15 Penang Street, 10200 Penang has been appointed as liquidator
for the purpose of such winding up.

The winding up of LCL will not have any material effect to the
Group.

CONTACT:

Leader Universal Holdings Berhad
8 Jalan Larut
10050 Penang, 10050
MALAYSIA
+60 4 2292 888
+60 4 2292 333


MERCES HOLDINGS: Southern Bank Requires RM1.5-Mln Payment
---------------------------------------------------------
The Board of Directors of Merces Holdings Berhad (MHB) wishes to
inform that further to the Practice Note No. 1/2002 of the
Listing Requirements of the Bursa Malaysia Securities Berhad,
Southern Bank Berhad is considering the restructuring plan
proposed by MHB provided that the Company pay an initial
repayment of RM1.5million.

MHB will keep Bursa Malaysia Securities Berhad informed of any
further development on the above matter. Details of the default
in payments of the principal and interest indicated on 4 October
2004 remain unchanged.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Phone: 03-2919366
Fax: 03-2928773/2919901


METROPLEX BERHAD: Extends Court Hearing to November 29
------------------------------------------------------
Further to our announcement dated 21 October 2004 on the
application for extension of the Restraining Order, the Board of
Directors of Metroplex Berhad announced that the High Court of
Malaya has adjourned the hearing from 3 November 2004 to 29
November 2004.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911

This announcement is dated 3rd November 2004.


NALURI BERHAD: Updates Sale, Purchase Deal
------------------------------------------
Further to the announcement dated 2 November 2004, Aseambankers
Malaysia Berhad, on behalf of Naluri Berhad, announced that
Naluri has through an exchange of letters with the following
parties, mutually agreed to an extension of time up to 31
December 2004 for the fulfillment of all conditions precedent to
the following agreements:

(i) A Subscription Agreement dated 12 December 2003 between
Naluri and Sriwani Holdings Berhad (SHB) in relation to the
subscription of the new SHB shares and new ICPS-A renounced by
Multi Espirit Sdn Bhd (MESB);

(ii) A Renunciation Agreement dated 12 December 2003 between
Naluri and MESB in relation to the renunciation by MESB of
14.243 million new SHB shares and 272.732 million new ICPS-A to
Naluri; and

(iii) Sale and purchase agreements dated 12 December 2003
between Naluri and Kelana Megah Sdn Bhd, Cergasjaya Properties
Sdn Bhd, Cerah Menang (M) Sdn Bhd and Blossom Time Sdn Bhd
respectively in relation to the acquisition of the SHB
Properties by Naluri.

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

This announcement is dated 3 November 2004.


PADIBERAS NASIONAL: Back to Black with RM1.9-Mln Pre-tax Profit
---------------------------------------------------------------
Padiberas Nasional Berhad (Bernas) expects a turnaround this
financial year ending December 3, reports the Star Online.
  
The Company posted a pre-tax profit of RM1.9 million in the
first half ended June 30, versus a pre-tax loss of RM1.94
million a year earlier.

Bernas expects further cost savings through closing 10 of its 13
warehouses in Peninsular Malaysia, and enhancing efficiency at
its mills through machinery replacement and process engineering.

The Bernas Group plays a pivotal role in the paddy and rice
industry in Malaysia, from managing subsidiaries to managing
farmers on behalf of the government, to maintaining the national
rice stockpile.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11
Jalan Damansara
46350 Petaling Jaya
Tel: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/


PPB OIL: Unit Faces Winding Up Petition
---------------------------------------
PPB Oil Palms Berhad (PPBOP) announced that Jasa Kaya Sdn Bhd
(JKSB), a wholly owned subsidiary of PPBOP, has been placed
under members' voluntary winding-up on 3 November 2004.

JKSB was incorporated in Malaysia on 10 May 1994 with an
authorized share capital of RM100,000/- comprising 100,000
ordinary shares of RM1.00 each, of which two shares have been
issued and fully paid-up. JKSB is presently dormant.

The members' voluntary winding-up of JKSB will not have any
material effect on the earnings and net tangible assets of the
PPBOP Group for the current financial year ending 31 December
2004.

None of the Directors and major shareholders of PPBOP, or
persons connected to them has any interest, direct or indirect,
in the members' voluntary winding-up of JKSB.

CONTACT:

PPB Oil Palms Berhad
17th Floor, Wisma Jerneh
38, Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: 03-2412077
Fax: 03-2418242


WCT ENGINEERING: Issues Litigation Update
-----------------------------------------
Reference is made to the announcements made by AmMerchant Bank
Berhad, on behalf of WCT Engineering Berhad (WCT), on 12 August
2004 and 21 September 2004 in relation to the writ of summons on
Bescorp Industries Berhad and WCT Land Berhad, subsidiaries of
WCT.

On behalf of WCT Engineering Berhad, AmMerchant Bank announced
that Messrs. Arthur Wang, Lian & Associates, the solicitors
representing the Company, had on 29 October 2004 filed in an
application with the High Court of Malaya to strike out the
plaintiff's claim in regards to the Writ of Summons dated 10
August 2004.

CONTACT:

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


This announcement is dated 2 November 2004.


UNITED CHEMICAL: Releases Default Status Update
-----------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that further to the announcement made on 6
October 2004, there are no new significant developments in
relation to the various default in payment.

The Company would like to further provide an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note No.1/2001.

For more details, go to
http://bankrupt.com/misc/tcrap_unitedchemical110404.xls

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malasia
Telephone: 603-2619055
Fax: 603-2610502

This announcement is dated 3 November 2004.


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


FIRST SAVINGS: PDIC Seeks Liquidation
-------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has filed a
Court petition seeking the liquidation of First Savings Bank,
saying the thrift bank is no longer suitable for rehabilitation,
reports the Inquirer News Service, citing PDIC deputy liquidator
Bernadette Sanchez.

PDIC is mandated to determine whether a bank placed under its
receivership is still viable for rehabilitation within 90 days
after taking over the bank.

The bank was forced to close on September 8 after it suffered a
bank run.  The Philippine Deposit Insurance Corporation (PDIC)
took over the bank the same day.

CONTACTS:

First Savings Bank, Inc.
268, E. Rodriguez, Sr.
Blvd., Quezon City,
Metro Manila
President: Ma. Paz I. Diokno
Telephone: 724-3261/724-2663


MANILA ELECTRIC: Poised To Sign US$235M Debt Refinancing
--------------------------------------------------------
Manila Electric Co. (Meralco) expects to sign an informal
agreement with international and local banks on the refinancing
of around US$235 million and peso-denominated bank loans due in
2005 and 2006, Dow Jones reports.

Meralco's finances have been under pressure since the Supreme
Court issued an order in April 2003 for the Company to refund
customers excess charges dating back to 1994. The power
distributor had estimated the refund to cost some PhP30 billion.

This was followed by a Supreme Court ruling in June this year
that canceled a rate increase of PHP0.12 a kilowatt-hour that
the Energy Regulatory Commission granted Meralco in early
December.

The Court said the regulator overstepped its authority when it
approved Meralco's rate-hike request before public hearings were
held, as required by law.

CONTACT:

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


MAYNILAD WATER: MWSS Says Rehab Talks Nearing End
-------------------------------------------------
The Metropolitan Waterworks and Sewerage Systems (MWSS) is on
the last stage of discussions with other government agencies
regarding the rehabilitation plan of Maynilad Water Services
Inc., the Manila Times reports, citing MWSS Administrator
Orlando Hondrade.

Mr. Hondrade said that if the Quezon City Regional Trial Court
grants Maynilad's rehabilitation plan, the MWSS is prepared to
make a full draw on Maynilad's US$120-million performance bond
and collect an estimated Php1.2 billion as payment for half of
Maynilad's 2004 concession fees.

The performance bond will be used to pay for Maynilad's
concession fees, which remain unpaid since March 2001. These
concession fees are used to pay for MWSS's dollar-denominated
debts, 90 percent of which Maynilad agreed to pay when MWSS's
water concession was privatized in 1997.

Since March 2001, Maynilad has failed to pay its concession
fees. As such, the MWSS has incurred a $150-million bridge loan
to pay for the debts Maynilad assumed.

CONTACT:

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


PHILIPPINE LONG: Group Records Highest Profit Ever
--------------------------------------------------
In a disclosure to the Philippine Stock Exchange, the Philippine
Long Distance Telephone Company (PLDT) posted a recurring
consolidated net income of Php18 billion for the first nine
months of 2004, versus a recurring net income of Php9 billion a
year earlier.

With its cellular subsidiaries, Smart Communications, Inc.
(Smart) and Pilipino Telephone Corporation (Piltel), sustaining
their strong performance, PLDT's consolidated net income rose to
Php20 billion, inclusive of exceptional gains and other non-
recurring items.

Revenues for the PLDT Group likewise increased by 19% to Php88
billion while consolidated EBITDA improved to Php56 billion as
revenue growth outpaced that of cash operating expenses.

Current reported financial results and comparative numbers
reflect the impact of adjustments taken as a result of the early
adoption of certain International Accounting Standards.
Consolidated free cash flow nearly doubled from Php14 billion in
the first nine months of 2003 to Php 27 billion in the same
period in 2004.

The Group has increased its targeted Fixed Line debt reduction
from US$300 million to over US$350 million for the year with
PLDT Fixed Line reducing its debt by US$272 million in the first
three quarters of 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_pldt110404.pdf

CONTACT:

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


PHILIPPINE LONG: Unveils Additional Listing of Shares
-----------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.

In this connection, please be advised that a total of 6,035
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 6,035 common shares is set
for Thursday, November 4, 2004. This brings the number of common
shares listed under the ESOP to a total of 309,506 common
shares.

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

For your information and guidance,
MARIA ISABEL T. GARCIA
Head, Listings Department


PILIPINO TELEPHONE: Posts Php743-Mln Profit
-------------------------------------------
Pilipino Telephone Company (Piltel) posted a profit of PhP743
million in nine months ending September 30, versus a loss of
PhP1.6-billion in the same period of last year, the Business
World reports.

For the third quarter, Piltel earned PhP232.6 million, reversing
a PhP750.6-million loss in the same quarter a year earlier.

Piltel attributed its profit to the growth of its cellular
service, Talk 'N Text, which gained about 1.3 million new
subscribers from January to September. Its interest and other
expenses also dropped to PhP910 million from PhP1.9 billion.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City  
Philippines  
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PILIPINO TELEPHONE: Director Atienza Resigns
--------------------------------------------
Pilipino Telephone Corporation disclosed the following actions
taken during the meeting of the Board of Directors held on
November 3, 2004:

(1) Resignation of Director and President & Chief Executive
Officer

The Board accepted the resignation of Mr. Gregorio A. Atienza as
director and President & Chief Executive Officer effective
October 31, 2004. His resignation is not anticipated to have a
material impact on the Comapny's current or future operations or
any mpact on its financial position or results of operation.

(2) Election of Directors

Mr. Manuel V. Pangilinan was elected as Director to replace Mr.
Gregorio A. Atienza and to serve as such effective on November
3, 2004 and for the unexpired term of his predecessor in office.

Mrs. Anabelle L. Chua was elected as director to replace Mr.
Eduardo A. Gana who resigned as Director effective on May 13,
2004, and to serve as such effective on November 3, 2004 and for
the unexpired term of her predecessor in office.

(3) Resignation and Election of Chairman and President & Chief
Executive Officer

Mr. Napoleon L. Nazareno resigned as Chairman and was elected as
President and Chief Executive Officer, effective November 3,
2004. Mr. Manuel V. Pangilinan was elected as Chairman of the
Board effective November 3, 2004.

Pilipino Telephone Corporation
Deborah Anne N. Tan
Corporate Information Officer


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


CAPITALAND COMMERCIAL: To Pay Floating Rate Notes Interest
----------------------------------------------------------
Capitaland Commercial And Integrated Development Limited
(Formerly Known As Capitaland Commercial Limited) declared at
the Singapore Stock Exchange its interest payments with regards
to the Floating Rate Notes Series 002.

Interest payment relates to floating rate notes series 002
issued under the SG$1 billion multi-currency medium term note
program Pursuant to Rule 747(2) of the Singapore Exchange
Securities Trading Limited Listing Manual.

The Company wishes to announce the following interest payment in
respect of Floating Rate Notes Series 002 issued under the
Company's Multi-currency Medium Term Note

Programme:

Principal Amount of Notes: S$30 million

Interest Period: From 10 May 2004 to 10 November 2004

Interest Amount: S$2,957.89 for the coupon amount of each

Note having a principal sum of S$250,000

Payment date: 10 November 2004

Record date: 5 p.m. on 3 November 2004

Paying Agent: Citicorp Investment Bank (Singapore) Limited
300 Tampines Avenue 5
#07-00 Tampines Junction
Singapore 529653

By Order of the Board
Michelle Koh Chai Ping
Company Secretary
3 November 2004


JYOTO WORKS: Posts First and Final Dividend Notice
--------------------------------------------------
Jyoto Works (Singapore) Pte Ltd, In Creditors' Voluntary
Liquidation, announced at the Singapore Government Gazette on
November 2, 2004 its first and final dividend notice to
unsecured creditors.

Address of Registered Office: Formerly of 11A Joo Yee Road
Jurong Town Singapore 619199

First and Final Dividend: 28.1 per centum of all admitted proofs
of unsecured creditors

When Payable: 16 November 2004

Where Payable: KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

Yeap Lam Kheng
Liquidator


KS INTERNATIONAL: Creditors To Prove Debts by December 2
--------------------------------------------------------
Notice is hereby given that the creditors of KS International
Pte Ltd, which is being wound up voluntarily, are required, on
or before the 2nd day of December 2004 to send in their names
and addresses, with particulars of their debts and claims, and
the names and addresses of their solicitors (if any) to the
undersigned, the liquidators of the said Company.

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

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

Dated this 2nd day of November 2004.

Low Sok Lee Mona
Cheng Soon Keong
Liquidators
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


PANPAC MEDIA: Conversion of Notes Made
--------------------------------------
Panpac Media Group Limited refers to its announcements dated 13
August 2004, 3 September 2004, 29 September 2004, 6 October
2004, 12 October 2004 and 21 October 2004 and the Circular to
shareholders dated 20 August 2004 relating to the issue by the
Company to Quantum Capital Asset Management Limited of up to
S$10,000,000 in principal amount of unsecured SG$ notes due
2007.

All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated 20 August 2004.

The Board of Directors of the Company hereby wishes to announce
that Quantum Capital had on 2 November 2004 converted an
aggregate amount of SG$500,000.00 of Tranche 1 Notes, being the
fourth sub-tranche of Tranche 1 Notes, at SG$0.0783 per share
into an aggregate number of 6,385,696 ordinary shares of SG$0.05
each in the issued and paid-up share capital of the Company.

Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 541,154,314 ordinary shares of
SG$0.05 each.

The Company has utilized about SG$0.5 million from the second
sub-tranche of the Tranche 1 Notes as working capital.

None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.

Submitted by:
Ricky Ang Gee Hing
Group MD and CEO


SC MARINE: Issues Notice of Intended Dividend
---------------------------------------------
SC Marine Pte Ltd. released a notice of intended dividend notice
at the Singapore Government Gazette on October 29, 2004

Address of Registered Office: Formerly of 45 Gul Road
Singapore 629350
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 27 of 2003
Last Day for Receiving Proofs: 12th November 2004
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 29 October 2004

CHAN WANG HO
Assistant Official Receiver


WORKABLE PRINTING: Creditors to Submit Claims by December 1
-----------------------------------------------------------
Notice is hereby given that the creditors of Workable Printing
(Singapore) Pte Ltd, which is being wound up voluntarily, are
required on or before 1st December 2004 to send in their names
and addresses and the particulars of their debts or claims and
the names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company.

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

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

Dated this 1st day of November 2004.

Chia Soo Hien
Ng Geok Mui
Liquidators
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808


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


JASMINE INTERNATIONAL: Unveils Board Meeting Results
----------------------------------------------------
Jasmine International Public Company Limited in a disclosure to
the Stock Exchange of Thailand advised on the:

(1) Summary details of ESOP of Jasmine Telecom Systems Public
Company Limited

(2) Calculation sheet according to the announcement of the Stock
Exchange of Thailand Re: The criteria, procedure and disclosure
concerning acquisition/disposal of listed Company's assets.

(3) Copy of financial statement of Jasmine Telecom Systems
Public Company Limited as at 30 June 2004.
        
To view a full copy of the disclosure, click on:
http://bankrupt.com/misc/JASMINEINTERNATIONAL110404.htm

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: www.jasmine.co.th
  

T.C.J. ASIA: Unveils 3Q Operating Results
-----------------------------------------
T.C.J. Asia Public Company Limited (TCJ) in a disclosure to the
Stock Exchange of Thailand advised the difference in the
operating results for the third quarter of 2004, as of September
30, 2004.

TCJ and its subsidiary Company had a net profit amounting to
THB16.80 million, but incurred a net loss amounting to THB30.78
million in the same period of 2003 or a difference of 154.58
percent.  The reasons for the difference are:

(1) Net Sales increased from THB26.68 million in the third
quarter of 2003 to THB113.22 million in the same period of 2004
or increased 324.34 percent.

This is because TCJ was under debt restructuring process in 2003
and cash flow lacked in order for the Company to invest in
inventories for sale. After being successful in Debt
Restructuring, TCJ got a new loan to invest in more inventories
for sale.

(2) Rental income increased from THB38.57 million in the third
quarter of 2003 to THB53.54 million in the same period of 2004
or an increase of 38.79 percent.  

This is caused by the recent recovery in the construction
industry and also the government approved a lot of
infrastructure projects.

(3) The interest expense decreased from THB28.30 million in the
third quarter of 2003 to THB3.85 million in the same period of
2004 or decreased 86.38 percent.  This is because after being
successful in Debt Restructuring, TCJ's debt decreased which
resulted in the reduction of interest expenses.  In the third
quarter 2003 (Before debt restructuring), TCJ paid a penalty
interest rate of about 14 to 15 percent but now interest rate is
about 2.75 percent.
        
This is for your information
Yours faithfully,
Ms. Srivilai Chatjuthamard
Plan Administrator

CONTACT:

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


THAI PETROCHEMICAL: SC Orders CEO To Stay
-----------------------------------------
The Supreme Court's (SC) decision to let Thai Petrochemical
Industry Public Company Limited's (TPI) founder stay as chief
executive officer won't affect the business management on the
firm, Business Day relates.

A Supreme Court ruling Wednesday ordered that Prachai
Leophairatana should remain TPI's CEO since under the bankruptcy
law, the debtor's existing top management cannot be sacked.  

Previously, TPI's plan administrator, Effective Planner had
asked the Supreme Court to dismiss Mr. Prachai from managing
TPI.

"I am now waiting for the ruling of the Central Bankruptcy Court
and the Constitution Court on TPI's cases. I feel confident that
the government's move to oversee TPI's business rehabilitation
scheme was based on a neutral stance and the government did not
take any side and therefore it should not be any problem," Mr.
Somkid told reporters.

He added that the government's move should not affect any
parties, particularly the business management of TPI.

The Central Bankruptcy Court postponed the date on the ruling of
TPI's revised rehabilitation plan on November 10 to allow all
parties concerned to clarify their opinions.

The Constitution Court is yet to come up Thursday with its
decision on Mr. Prachai's petition to justify the Ministry of
Finance's action as TPI's plan administrator.

Mr. Prachai argued the ministry's action is against the
country's constitution.

Once the two Courts come up with their ruling TPI will proceed
with its rehabilitation plan within one month.

CONTACT:

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


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

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

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

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

  JAPAN
  -----

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

  MALAYSIA
  --------

Faber Group Bhd                 FAB      (-94.49)      388.49
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46

  THAILAND
  --------

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






                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.

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

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

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

                 *** End of Transmission ***