TCRAP_Public/041111.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 11, 2004, Vol. 7, No. 224

                            Headlines

A U S T R A L I A

AUSTRALIA CORPORATE: Appoints Liquidators from Ernst & Young
BENDFIELD PTY: Final Meeting Slated for November 15
BINCK PTY: To Hold Final Meeting on November 15
CONDOBOLIN BILA: Sets Final Meeting on November 12

G&S INTERNATIONAL: Appoints Robert Moodie as Liquidator
GROSVENOR STREET: Court Issues Winding Up Order
I&A BAILEY: Members Resolve to Wind Up Voluntarily
JAMES HARDIE: Councils Call Off Official Boycott
KLEINWORT BENSON: To Wind Up Voluntarily

MAYNE GROUP: Can Spend AU$600 Mln on Acquisitions
MITSUBISHI AUSTRALIA: Cuts Working Week To Reduce Backlog
NATIONAL AUSTRALIA: Profit Result Won't Appease Investors
PORT FORMWORK: Court Issues Winding Up Order
RURAL & GENERAL: APRA Disqualifies Former Managing Director

SKATEA PTY: Winds Up Voluntarily
SONS OF GWALIA: Australian Miner Eyes Tantalum Assets
SUNSWIFT PTY: To Hold Final Meeting Today
TIBOR RUDOLF: Sets November 15 as Date of Final Meeting
T.R.U.E. PTY: To Hold Final Meeting on November 15

ULTIMATE SOURCE: Final Meeting Set November 18
UPSON PTY: Final Meeting Slated for November 15


C H I N A  &  H O N G  K O N G

CHINA CITY: To Hold Special General Meeting on December 1
NEW CHINESE: Posts HK$1.40 Mln 1H Net Loss
OCEAN TIME: Creditors to Prove Debts by November 22
P&N INTERNATIONAL: Creditors' First Meeting Set November 30
TAIHASE DEVELOPMENT: Court to Hear Petition on December 8

TOP EASE: Appoints Liquidators
TOP EASE: Creditors Must Submit Claims by November 22
ZHU KUAN: Names Provisional Liquidators


I N D O N E S I A

PERTAMINA: Ex-Chief Says Indonesia Should Withdraw from OPEC
PERTAMINA: Obtains Import Fund Facility from Three Banks
SEMEN GRESIK: Expects Further Stagnation in Sales


J A P A N

DAIEI INCORPORATED: Fifty Firms Offer to Aid Revival
NAGAOKA KANKOH: Enters Bankruptcy
RESONA HOLDINGS: FSA Urges Improvement of Rehab Plan
SAPPORO HOLDINGS: Affirms BBB+/J-2 on LTD/CP
TOSHIBA CORPORATION: Licenses ARM11 Processor

UFJ HOLDINGS: Unit's Former Execs Face Arrest


K O R E A

ASIANA AIRLINES: Opposes Government's Flight Allocation Plan
HANARO TELECOM: Delays Conference Call on Earnings
PAN OCEAN: STX Pays KRW415.2Bln for 67% Stake
SK CORPORATION: Sovereign Files Application to Review Request


M A L A Y S I A

ANTAH HOLDINGS: Enters Settlement Deal To Settle Suit
AVANGARDE RESOURCES: Unaffected by Unit's Winding Up Petition
BINA PURI: Unit Disposes of Dormant Subsidiary
I-Berhad: Issues Shares Buy Back Notice
MAXIS COMMUNICATIONS: To Sell RM1-Bln Debt Securities

MTD CAPITAL: Purchases 189,900 Ordinary Shares On Buy Back
MYCOM BERHAD: MITI Approves Issuance of New Shares
RNC CORPORATION: Issues Notice of Book Closure
SAFEGUARDS CORPORATION: Clarifies Winding Up Petition Report
SELOGA HOLDINGS: Updates Private Placement of Shares

YCS CORPORATION: Default Status Unchanged


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Hutchison Deal Report
METRO PACIFIC: Clarifies Skyway Rehabilitation Article
NATIONAL POWER: Moody's Reviews Rating For Possible Downgrade
PHILIPPINE LONG: Moody's May Cut Ba2 Rating
* Moody's Mulls Lower Grades for Philippines Bonds

* 11 Banks Under Review For Possible Ratings Cut


S I N G A P O R E

CEP INSTRUMENTS: Posts Notice of Intended Dividend
CHARTERED SEMICONDUCTOR: Forges Alliance with AMD
EXPLORATION PNG: Issues Intended Dividend Notice
GOODWOOD PARK: Notes Change in Shareholder's Interest
GOODWOOD PARK: Shareholder's Interest Changes

NEO INVESTMENT: Placed Under Judicial Management
OSCELSING PRIVATE: Issues Notice of Intended Dividend
TOYS N THINGS: Releases Dividend Notice
WEE POH: Spots Another Five Erratic Proxy Forms


T H A I L A N D

NATURAL PARK: Posts Additional Info on Restructuring Plan
TPI POLENE: Court Oks Revised Business Reorganization Scheme

     -  -  -  -  -  -  -  -

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


AUSTRALIA CORPORATE: Appoints Liquidators from Ernst & Young
------------------------------------------------------------
At an Extraordinary General Meeting of Australia Corporate
Finance Limited (in liquidation) Members' Voluntary, held on 29
September 2004, the Company's members resolved to wind up the
Company voluntarily and to appoint John R. Gibbons and Keiran W.
Hutchison of Ernst & Young, Level 16, 321 Kent Street, Sydney
NSW 2000 as Liquidators of the Company.

Dated this 12th day of October 2004

John R. Gibbons
Keiran W. Hutchison
Liquidators
Australia Corporate Finance Limited (in liquidation)
Ernst & Young
Level 16, 321 Kent Street,
Sydney NSW 2000.
Telephone: (02) 9248 5194


BENDFIELD PTY: Final Meeting Slated for November 15
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Bendfield Pty Limited (In Liquidation) A.C.N. 073 178 980
will be held at the offices of Jirsch Sutherland, Level 2, 84
Pitt 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 hearing any explanations that may be given by Liquidator.

Dated this 1st day of October 2004

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111,
Facsimile (02) 9233 2144


BINCK PTY: To Hold Final Meeting on November 15
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Binck Pty Limited (In
Liquidation) A.C.N. 091 447 871 will be held at the offices of
Lawler Partners, Level 7, 1 Margaret Street, Sydney NSW 2000 on
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 12th day of October 2004

C. Wykes
Liquidator
Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 8346 6000


CONDOBOLIN BILA: Sets Final Meeting on November 12
--------------------------------------------------
Notice is hereby given that pursuant to Section 509 of
Corporations Act, the final meeting of members and creditors of
Condobolin Bila Cdep Limited (In Liquidation) A.C.N. 097 790 246
will be held at 55 Berry Street, Wagga Wagga NSW 2650, on the
12th day of November 2004 at 2:30 p.m., for the purpose of
laying before the meetings the liquidator's final accounts and
reports and give an explanation thereof.

Dated this 12th day of October 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
55 Berry Street, Wagga Wagga NSW 2650
Telephone: (02) 6921 9055,
Facsimile: (02) 6921 9032


G&S INTERNATIONAL: Appoints Robert Moodie as Liquidator
-------------------------------------------------------
Notice is hereby given that at a meeting of G&S International
Trading Pty Limited (In Liquidation) A.C.N. 099 304 293 held on
30 September 2004 the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Moodie be appointed Liquidator for the purpose of such winding
up.

Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


GROSVENOR STREET: Court Issues Winding Up Order
-----------------------------------------------
On 27 September 2004, the Supreme Court of NSW made an order
that Grosvenor Street Holdings Pty Limited (In Liquidation)
A.C.N. 002 884 139 be wound up in insolvency under the
provisions of the Corporations Act 2001, and appointed Geoffrey
McDonald as official liquidator of the Company.

Geoffrey Mcdonald
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


I&A BAILEY: Members Resolve to Wind Up Voluntarily
--------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of I&A Bailey Pty Limited (In Liquidation) A.C.N. 002 476 422
will be held at the offices of Jirsch Sutherland, Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW on Friday 12
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, the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 12th day of October 2004

R.M. Sutherland
Liquidator


JAMES HARDIE: Councils Call Off Official Boycott
------------------------------------------------
Australian municipal councils on Tuesday withdrew from a boycott
of James Hardie Industries products after the Australian
Competition and Consumer Commission (ACCC) warned the protest
could spark legal action against them by the beleaguered
building materials manufacturer, says The Courier Mail.

The competition regulator advised the councils their boycott was
in violation of the Trade Practices Act, forcing the Local
Government Association to cancel the official ban.

On Monday, about half of the country's 675 councils passed a
motion to ban James Hardie goods until the Company adequately
compensates asbestos victims.

But due to legal matters, they were forced to vote yesterday on
a "watered-down" motion. Lawyer Mark Love was requested to
rewrite the original motion into "legalese".

"The issue is conveying a clear message and trying to avoid a
process that might embroil this body into litigation that might
be costly," Mr. Love said.

Bankstown Mayor Helen Westwood complained the assembly of
councils had been intimidated and bullied by the ACCC, which was
set up with the aim of protecting the public from sloppy
businesses.  

Meanwhile, Australian Local Government Association president
Mike Montgomery said the lawyer was called in because he didn't
want the councils to be sued.

"I would much rather Hardie's money be spent supporting those
people who have been injured from this rather than trying to sue
us," he said.

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.


KLEINWORT BENSON: To Wind Up Voluntarily
----------------------------------------
Notice is hereby given that at general meetings of members of
Kleinwort Benson Investments Holdings Australia Pty Ltd A.C.N.
002 093 174 held on the 30th of September 2004 it was resolved
that the companies be wound up as members voluntary
liquidations.

Dated this 30th day of September 2004

D.J.F. Lombe
Liquidator


MAYNE GROUP: Can Spend AU$600 Mln on Acquisitions
-------------------------------------------------
Mayne Group could spend AU$500 million to AU$600 million on
acquisitions if it found something suitable, says the Australian
Financial Review, citing the firm's managing director Stuart
James.

At a shareholder's meeting held Monday, Mr. James informed
investors that the pharmaceuticals and diagnostics firm had a
lightly geared balance sheet of 15 percent as of June 30.

"While net debt has increased post the share buybacks and
completion of the bolt-on acquisitions in our specialty pharma
(pharmaceuticals) business, there is still capacity to undertake
further incremental acquisitions in the coming year," Mr. James
said.

"Our target gearing ratio is in the order of 30 per cent."

Mayne, with a debt of just over AU$500 million, would still have
another AU$500 million to AU$600 milliom if the gearing is
doubled.

Meanwhile, with businesses performing in line with expectations,
Mayne expects to deliver a 10 percent rise in earnings before
interest and tax in 2005 from this year's continuing business
result.

According to Mr. James, the Company expects sales revenue for
its pharmaceuticals business to increase by at least 30 percent
in fiscal 2005 with earnings margin within the long-term range
of approximately 17-20 percent.

He added Mayne was still working at reducing its internal cost
structures and would look at countries such as India, China or
eastern Europe to reduce costs and access markets more quickly.

CONTACT:

Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MITSUBISHI AUSTRALIA: Cuts Working Week To Reduce Backlog
---------------------------------------------------------
In line with measures to cut backlog of some 4,000 unsold
vehicles, Mitsubishi Motors Australia decided to reduce its
working period to four days per week, reports Asia Pulse.

The change will start Monday and would remain in force until the
end of the year.

The ailing carmaker also reached an agreement with the unions to
add a week to the usual Christmas shutdown, with operations at
the Tonsley Park assembly facility in Adelaide to be suspended
on December 13.

According to Mitsubishi, the move will enable the Company to
speed up changes at Tonsley Park ahead of its planned production
switch to an all-new car next year. The move, will also allow
the Company to better balance current stock levels.

In response to an emerging sales slump in Australia, Mitsubishi
earlier this year cut production at Tonsley Park to 120 vehicles
a day from a high of about 290 a day several years ago.

Meanwhile, Mitsubishi gave an assurance that the production
changes would not affect workers at the Lonsdale engine plant,
which was scheduled for closure next year as part of the
automaker's restructuring program announced in May this year.

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: Profit Result Won't Appease Investors
---------------------------------------------------------
Announcing the full year result, National Australia Bank Chief
Executive, John Stewart, said the 15 percent fall in cash
earnings to AU$3.46 billion in 2004 was a poor result and
unacceptable for the National and its shareholders.

Mr. Stewart said there were encouraging performances in some
businesses such as New Zealand and Wealth Management, but that
underlying financial trends across the Group were disappointing.

"The two key drivers of the overall result were flat revenue and
unsustainable cost growth," Mr. Stewart said.

"Net operating income increased by a little over one per cent
while operating expenses increased by over seven per cent. In
simple terms, cash earnings fell because we have been carrying
too much baggage.

"However, the results reflect deeper problems that have been
accumulating for several years. There are four key problems that
have adversely affected the National's performance:

(1) A very complex and costly business structure;
(2) Restrictive policies and practices that restrain our
customer efforts;
(3) Poor compliance processes; and
(4) Lack of a clear cultural framework.

"Over several years, organizational complexity has increased the
underlying cost structure of the business and adversely affected
the ability of management to plan accurately and focus on our
key business drivers," Mr. Stewart said.  "It also made it more
difficult to respond to regulatory requirements and new
accounting standards.

"A silo approach to doing business also restricted our ability
to meet all the financial services needs of our customers, and
complex and overly tight lending policies resulted in us missing
good business opportunities.

"A lack of compliance adversely affected relationships with
regulators and dealing with the consequences distracted
management from running the business.

"Finally, the lack of a clear cultural framework, over-reliance
on voluntary culture change programs, and lack of visible
leadership undermined employee morale and productivity which
damaged customer relationships."

Mr. Stewart said the new Board and management team have started
the process of rebuilding the National and are confident that we
are on track to improve our performance and reputation.

He warned, however, that there were no quick fixes for the
underlying problems affecting performance and it would take some
time to rebuild the National.

"We are tackling the fundamental problems affecting
performance," he said.  "We are putting in place the foundations
for the new National including a new structure, greater customer
focus, improved compliance processes and a structured culture
change program.

"We have started to strip out complexity in the business to
reduce cost, including a smaller corporate center in Melbourne
and the legal entity merger of Clydesdale Bank and Yorkshire
Bank in the United Kingdom.

"We are eliminating the silo approach to doing business in
Australia by merging the retail bank and wealth management
business into one business.  We are developing processes to help
our staff deliver integrated financial services for our
customers.  Business bankers have been put back into the field,
unnecessary credit restrictions are being removed and lending
delegations have been revised to help our people support the
growth plans of our customers.

"We are over-hauling our risk management policies and practices
and are working hard to meet the requirements of regulators in
all markets in which we operate.

"Most importantly, there has been fundamental Board renewal in
line with the promises made by the Chairman at the start of the
year and we have appointed a new executive leadership team at
the National.

"We have developed a new set of corporate principles that have
defined proof points that will demonstrate how successful we are
at embedding changed behaviors amongst employees.  This year we
have also introduced a performance scorecard for all employees
that include specific performance indicators and quality gates
that monitor outcomes against compliance and behaviors."

Outlook

Mr. Stewart said stable conditions are expected to provide a
favorable business environment over the next 12 months.

"Dealing with the poor practices of the past and new business
initiatives in each region will contribute to improved
performances over time," he said.

"However, much of the expenditure is locked-in and it will take
time before the results of the changes to our processes and
improvements to service levels take effect.

"We expect our earnings decline to bottom in the first half of
2005 and return to an acceptable growth profile over the second
half and into 2006. On this basis, it is currently expected that
the existing dividend should be maintained in the first half of
2005.

"We will provide further detail on the performance outlook for
the remainder of 2005 at the half year results when we have
further advanced our strategies, developed detailed
implementation plans and evaluated the pace at which early
benefits are being realized."

To view the Company's financial highlights, click on:
http://bankrupt.com/misc/TCRAP_NATIONALAUSTRALIA111004.pdf

For further information:

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

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

Samantha Evans    
Group Communications Adviser  
Group Corporate Relations   
03 8641 4982 work    
0404 883 509 mobile

Hany Messieh
Manager, Group Investor Relations
03 8641 2312 work
0414 446 876 mobile

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/


PORT FORMWORK: Court Issues Winding Up Order
--------------------------------------------
On 27 September 2004, the Supreme Court of New South Wales made
an Order that Port Formwork Constructions Pty Limited (In
Liquidation) A.C.N. 088 407 096 be wound up by the Court and
appointed Maxwell William Prentice to be Liquidator.

Dated this 28th day of September 2004

Maxwell William Prentice
c/- PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955,
Facsimile: (02) 9221 1310


RURAL & GENERAL: APRA Disqualifies Former Managing Director
-----------------------------------------------------------
The Australian Prudential Regulation Authority (APRA) announced
the disqualification of the former Managing Director of Rural &
General Insurance Limited (R&G), Mr. Aaron Stephenson, from
being or acting as a Director or senior manager of a general
insurer or authorized non-operating holding Company, or a senior
manager or agent of a foreign general insurer under the
Insurance Act 1973 (the Act).

APRA found that Mr. Stephenson, while Managing Director of the
Company formerly known as Rural & General Insurance Limited and
currently known as A.C.N 000 007 492, was ultimately responsible
and accountable for misconduct by that Company, whereby it:

(1) Failed to comply with the requirements of APRA's Inspector;

(2) Failed to comply with the conditions on its insurance
authorization;

(3) Failed to keep proper records;

(4) Breached APRA's Prudential Standards under the Act; and

(5) Provided misleading and incomplete information to APRA, the
Inspector and its actuary and auditor, with the result that the
Company's financial accounts and statutory returns were
misleading.

APRA's Deputy Chairman, Mr. Ross Jones, said APRA will not
tolerate conduct that results in the regulator and the market
being misled about an insurer's true financial position.

"APRA views this type of conduct as totally unacceptable and
will do everything in its power to ensure that it does not
impact on the best interests of policyholders."


SKATEA PTY: Winds Up Voluntarily
--------------------------------
Notice is hereby given that at a General Meeting of Members of
Skatea Pty Limited (In Voluntary Liquidation) A.C.N. 002 848 893
duly convened and held at 39 Barbara Street, Fairfield NSW 2165
on Thursday, 30 September 2004 at 10:00 a.m., a Special
Resolution was passed that the Company be wound up voluntarily
and Peter Ngan was appointed Liquidator.

Dated this 5th day of October 2004

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


SONS OF GWALIA: Australian Miner Eyes Tantalum Assets
-----------------------------------------------------
Exploration and mining firm Tantalum Australia N.L. has
expressed its intention to buy the tantalum assets of collapsed
miner Sons of Gwalia Limited, Reuters reveals.

Tantalum Australia has undertaken a significant amount of
preparation in the development of the proposal and has, in fact,
appointed KPMG as advisers on the planned deal.

In a recent statement, Tantalum Australia disclosed it is in
"preliminary discussions with potential debt and equity
providers and its strategic partnership in the tantalum
industry".

Sons of Gwalia, which mines about 2.1 million pounds (955,000
kg) of tantalum, dominates the tantalum industry by supplying 55
percent of world consumption.

The miner fell into bankruptcy on August 30 after discovering it
did not have enough gold reserves to meet its gold hedge
commitments and finance foreign exchange exposure.

Gwalia's liabilities came to AU$862 million, with the bulk made
up of AU$490 million in financier and counter party debt and
AU$235 million owed to U.S. shareholders. Its assets, on the
other hand, include its outback Australia gold mines that
together yield 500,000 ounces a year, and its tantalum mines.

UBS Investment Bank is advising Gwalia on the sale of the
advanced minerals and tantalum business, while Macquarie is
advising on the sale of the gold assets.

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/


SUNSWIFT PTY: To Hold Final Meeting Today
-----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the Final Meeting of members of Sunswift
Pty Limited (In Liquidation) A.C.N. 005 586 818 will be at the
offices of Davies, Thompson & Wright, 60 Brook Street,
Muswellbrook NSW 2333, on the 11th of November 2004 at 10:00
a.m. for the purpose of laying before the meeting the
Liquidator's Final Account and Report and giving any explanation
thereof.

Dated this 1st day of October 2004

Timothy Gerard Looby
Liquidator
Davies, Thompson & Wright
60 Brook Street, Muswellbrook NSW 2333


TIBOR RUDOLF: Sets November 15 as Date of Final Meeting
-------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that final meetings of members of Tibor Rudolf
Urban Holdings Pty Limited (In Liquidation) A.C.N. 000 911 231
will be held at the office of the Liquidator on 15 November 2004
commencing at 10:15 a.m., for the purpose of having an account
laid before them showing the manner in which each winding up has
been conducted and the property of the companies disposed of and
hearing of any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned.

Dated this 12th day of October 2004

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


T.R.U.E. PTY: To Hold Final Meeting on November 15
--------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that final meetings of members of T.R.U.E. Pty
Limited (In Liquidation) A.C.N. 000 536 185 will be held at the
office of the Liquidator on 15 November 2004 commencing at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which each winding up has been conducted
and the property of the Company disposed of and hearing of any
explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned.

Dated this 12th day of October 2004

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


ULTIMATE SOURCE: Final Meeting Set November 18
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Ultimate Source Pty
Limited (In Liquidation) A.C.N. 066 486 100 will be held at the
offices of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW
2000 on the 18th of 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 12th day of October 2004

P.A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


UPSON PTY: Final Meeting Slated for November 15
-----------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that final meetings of members of Upson Pty
Limited (In Liquidation) A.C.N. 000 116 834 will be held at the
office of the Liquidator on 15 November 2004 commencing at 10:30
a.m., for the purpose of having an account laid before them
showing the manner in which each winding up has been conducted
and the property of the companies disposed of and hearing of any
explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned.

Dated this 12th day of October 2004

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


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C H I N A  &  H O N G  K O N G
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CHINA CITY: To Hold Special General Meeting on December 1
---------------------------------------------------------
Notice is hereby given that a special general meeting of the
shareholders of China City Natural Gas Holdings Limited will be
held at Garden Rooms, 2/F, The Royal Garden, 69 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong on Wednesday, 1 December
2004 at 9:15 a.m. (or as the case may be, as soon as practicable
after the conclusion of the special general meeting of the
Company convened to be held on the same date at 9:00 a.m. for
purpose of approving the issue of bonus shares as announced on
25 October 2004) to consider and, if thought fit, pass the
following resolutions:

ORDINARY RESOLUTION

"That the authorized share capital of the Company be increased
from HK$500,000,000 divided into 20,000,000,000 shares of
HK$0.025 each to HK$1,250,000,000 divided into 50,000,000,000
shares of HK$0.025 each by the creation of 30,000,000,000 new
shares of HK$0.025 each in the capital of the Company, such
shares to rank pari passu with all the existing shares of the
Company.

That the directors of the Company be and are hereby authorized
to do all such acts, deeds and things as they shall, in their
absolute discretion, deem fit in order to effect the foregoing."

SPECIAL RESOLUTION

"That, subject to the approval of the Registrar of Companies in
Bermuda, the name of the Company be changed to "Nippon Asia
Investments Holdings Limited" and that the directors of the
Company be and are hereby authorized to do all such acts, deeds
and things as they shall, in their absolute discretion, deem fit
in order to effect the foregoing."

By Order of the Board
China City Natural Gas Holdings Limited
Wong Kui Shing, Danny
Chairman
Hong Kong, 8 November 2004

Notes:

(1) A member of the Company entitled to attend and vote at the
above meeting is entitled to appoint one proxy to attend and
vote in his stead in accordance with the By-laws of the Company.
A proxy need not be a member of the Company but must be present
in person to represent the member.

(2) To be valid, the form of proxy, together with the power of
attorney or other authority (if any) under which it is signed
(or a certified copy thereof), must be deposited with the
Company's branch share registrar and transfer office in Hong
Kong, Computershare Hong Kong Investor Services Limited at 46/F,
Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong as
soon as practicable but in any event not less than 48 hours
before the time of the special general meeting or any adjourned
meeting (as the case may be). Completion and return of the form
of proxy will not preclude members from attending and voting in
person at the meeting or any adjourned meeting should they so
wish.

As at the date of this announcement, the Board comprises six
executive directors, namely Mr. Wong Kui
Shing, Danny, Mr. Masanori Suzuki, Mr. Eiji Sato, Mr. Wong King
Shiu, Daniel, Mr. Kan Kwok Shu and Mr. Lin Che Chu, George; and
three independent non-executive directors, namely Mr. Cheung Man
Yau, Timothy, Mr. Chuk Che Shing and Mr. Kim Kwi Nam, Takao.


NEW CHINESE: Posts HK$1.40 Mln 1H Net Loss
------------------------------------------
New Chinese Medicine posted a net loss of HK$1.40 million for
the first half.
   6 Months Ended Sept. 30:
                                2004                 2003
Revenue                   HK$163,000           HK$520,000
Net Profit                (1,397,000)          (5,683,000)
Per Share
Earnings                     (0.290)              (1.170)
Half-Yr Div                 Omitted              Omitted

*Figures in parentheses are losses.
US$1=HK$7.80

To view the entire document click on:
http://bankrupt.com/misc/tcrap_newchinesemedicine110904.pdf


OCEAN TIME: Creditors to Prove Debts by November 22
---------------------------------------------------
Take notice that the undersigned Cosimo Borrelli and Kelvin
Edward Flynn, both of 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, Joint and Several
Liquidators of Ocean Time Development Limited have fixed 22
November 2004 as the final date on or before which the creditors
of the Company are to prove their debts or claims, and to
establish any title they may have to priority.

Proofs of debt should therefore be delivered to the Liquidators,
at the address aforementioned, before that date, in default of
which creditors will be excluded from the benefit of any
distribution made before such debts are proved or such priority
is established or, as the case may be, from objecting to such
distribution.

Dated this 5th day of November 2004

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Ocean Time Development Limited


P&N INTERNATIONAL: Creditors' First Meeting Set November 30
-----------------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of P&N International
Company Limited will be held at 10:00 a.m. on the 30th day of
November 2004 at Units 3309-3311, 33/F., West Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Hong Kong, for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Units 3309-3311, 33/F., West
Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong
Kong not later than 4:00 p.m. on the day prior to which the
creditors' meeting is to be held.

Dated this 5th day of November 2004

By Order Of The Board Of
P & N International Company Limited
Chan Siu Ming, John
Director


TAIHASE DEVELOPMENT: Court to Hear Petition on December 8
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Taihase Development Trading 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 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 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.

Gallant Y. T. Ho & Co
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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.


TOP EASE: Appoints Liquidators
------------------------------
Cosimo Borrelli and Kelvin Edward Flynn, both of RSM Nelson
Wheeler Corporate Advisory Services Limited, 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, hereby
give notice for having been appointed as Joint and Several
Liquidators of the above-named Company by and order of the High
Court of the Hong Kong Special Administrative Region dated the
25th October 2004.

Dated this 5th day of November 2004

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Top Ease Limited


TOP EASE: Creditors Must Submit Claims by November 22
-----------------------------------------------------
Take notice that the undersigned Cosimo Borrelli and Kelvin
Edward Flynn, both of 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, Joint and Several
Liquidators of Top Ease Limited have fixed 22 November 2004 as
the final date on or before which the creditors of the Company
are to prove their debts or claims, and to establish any title
they may have to priority.  

Proofs of debt should therefore be delivered to the Liquidators,
at the address aforementioned, before that date, in default of
which creditors will be excluded from the benefit of any
distribution made before such debts are proved or such priority
is established or, as the case may be, from objecting to such
distribution.

Dated this 5th day of November 2004

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Top Ease Limited


ZHU KUAN: Names Provisional Liquidators
---------------------------------------
Zhu Kuan (Hong Kong) Company Limited with registered office at
9th Floor King Kong Commercial Centre 9 Des Voeux Road West Hk,
appoints Joint & Several Provisional Liquidators namely Cosimo
Borrelli and David John Kennedy, both of RSM Nelson Wheeler
Corporate Advisory Services Limited.

Provisional Liquidators' Address: 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Hong Kong

Date of Appointment: 13 August 2003

E T O'CONNELL
Official Receiver

This The Standard notice is dated November 5, 2004.


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


PERTAMINA: Ex-Chief Says Indonesia Should Withdraw from OPEC
------------------------------------------------------------
Former PT Pertamina President Baihaki Hakim said that Indonesia
should sever its ties with the Organization of Petroleum
Exporting Countries (OPEC) as it no longer benefits from the
membership, Asia Pulse says.

According to Mr. Baihaki, the country should opt to withdraw
from OPEC and save US$2 million in membership fees annually,
given the present condition with oil production often falling
below consumption.

State oil and gas firm PT Pertamina has acknowledged the steady
decline in oil output, which has dropped to around 1 million
barrels per day short of domestic consumption.

Mr. Baihaki added that ending membership in OPEC would make it
easier for the government to explain to the people that
Indonesia is no longer an oil-rich country.

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: Obtains Import Fund Facility from Three Banks
--------------------------------------------------------
Three banks granted state oil and gas firm PT Pertamina a US$200
million short-term import fund facility, according to ANTARA.

The facility, which Pertamina needs to secure fuel oil supplies
for the forthcoming Idul Fitri and other festivities, will be
given under a cooperation with Standard Chartered Bank, Bank
Central Asia and Citibank.

Pertamina spokesman, M Harun, said granting of the facility
shows the banks' confidence in Pertamina, adding that the
Company plans to develop the cooperation for long-term
investment in its upstream and downstream industries.

Pertamina disclosed that demand for fuel oil has reached 178,000
kiloliter per day, with demand for diesel oil standing at 74,000
kiloliter and premium 44,000 kiloliter.

The oil firm predicted that demand for premium oil in the
northern coast of Java would climb 20 percent, as it is the main
route to be used by holidaymakers. However, demand for diesel is
expected to decline by 10 percent because industries will be
slowing down during the holidays.

Pertamina declared existing oil supplies are enough for 20 days.


SEMEN GRESIK: Expects Further Stagnation in Sales
-------------------------------------------------
Embattled PT Semen Gresik is aiming only a 10-percent increase
in net profit this year with sales stagnating at around IDR5
trillion to IDR5.5 trillion, according to Asia Pulse.

Semen Gresik Finance Director S.G. Cholil Hasan said the state-
owned cement maker is expecting sluggish sales, as the costs of
energy, electricity and fuel continue to skyrocket.

For the current year, sales are estimated to reach 15 million
tons at around US$390 per ton. Next year, sales are expected to
rise only 8 percent.

Semen Gresik is 25.5-percent owned by Mexican cement giant
Cemex, which is currently embroiled in a dispute with the
Indonesian government over the acquisition of a controlling
stake as set in its contract.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.americanstandard.com/


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


DAIEI INCORPORATED: Fifty Firms Offer to Aid Revival
----------------------------------------------------
Around 50 firms have responded to an invitation by the
Industrial Revitalization Corporation of Japan (IRCJ) for
sponsoring firms to help rehabilitate ailing retailer Daiei
Incorporated, according to Asia Times.

The potential sponsors will formulate revitalization plans based
on business data provided by the IRCJ. The candidates will then
seek potential partners ahead of a bidding deadline slated for
December.

Ito-Yokado, which is apparently seeking to minimize risks by
forging an alliance, has already teamed up with Mitsui & Co.

U.S. retail giant Wal-Mart Stores Inc., which seeks to maintain
Daiei's status as a general supermarket handling food, apparel
and household goods, has created a partnership with Goldman
Sachs Group Inc.

Apart from the two teams, almost all possible sponsor candidates
submitted independent bids.

Mitsui Fudosan Co plans to assist in such activities as the sale
of landholdings and the solicitation of tenants.

Investment fund Ripplewood Holdings LLC and affiliates are
reportedly preparing about JPY100 billion (US$947 million) in
capital.

Women's wear retailer Shimamura Company has not officially
submitted a bid but has indicated a willingness to provide
marketing assistance, including the opening of stores.

Expertise varies among the independent bidders, which range from
retailers and trading houses to real estate firms and financial
institutions.

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


NAGAOKA KANKOH: Enters Bankruptcy
---------------------------------
K.K. Nagaoka Kankoh Hotel has entered bankruptcy, according to
Teikoku Databank America.

The firm, engaged in Japanese hotel management, is based in
Nagaoa-Shi, Niigata 940-0814.

For more information, visit http://www.teikoku.com/or contact  
office@teikoku.com or +1-212-421-9805.


RESONA HOLDINGS: FSA Urges Improvement of Rehab Plan
----------------------------------------------------
Resona Holdings Inc. was asked by the Financial Service Agency
(FSA) to improve its pending revitalization plan, relates The
Japan Times, citing FSA Minister Tatsuya Ito.

Mr. Ito wants Resona to work out a better plan, which includes
business programs for the years after April next year.

Resona's pending rehab plan has set a 2009 deadline for the
redemption of JPY700 billion in preferred shares due to be
converted into common shares, a portion of the JPY3.1 trillion
in public funds it received from the government.

The plan does not mention a deadline for repaying some JPY2
trillion the government injected into Resona in 2003.

CONTACT:

Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka, 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


SAPPORO HOLDINGS: Affirms BBB+/J-2 on LTD/CP
--------------------------------------------
Japan Credit Rating Agency Limited (JCR) has affirmed the
preliminary BBB+, BBB+ and the J-2 ratings on the shelf
registration, bonds and CP program of Sapporo Holdings Ltd.,
respectively.

Shelf Registration   Maximum         Valid
                     JPY50 billion   two years effective from
April 23, 2004

Issues        Amount(bln)  Issue Date      Due Date        
Coupon
convertible
bonds no.3    JPY20        June 30, 1994   Dec. 18, 2009   1.2%  
bonds no.10   JPY10        June 24, 1998   June 24, 2005   
2.225%
bonds no.12   JPY10        June 20, 2000   June 20, 2005   1.62%
bonds no.13   JPY10        June 20, 2000   June 20, 2007   2.06%
bonds no.14   JPY10        June 13, 2001   June 13, 2006   0.86%
bonds no.15   JPY10        June 13, 2001   June 13, 2008   1.31%
bonds no.16   JPY10        June 27, 2002   June 27, 2007   1.27%
bonds no.17   JPY10        July 12, 2002   July 12, 2005   0.87%
bonds no.18   JPY10        Dec. 20, 2002   Dec. 20, 2005   1.22%

CP  Maximum        Backup Line
    JPY50 billion  0%

Rationale:
The pretax profit before extraordinary items of Sapporo
Breweries for fiscal 2004 ending December 31, 2004 is expected
to hit all-time high, supported by brisk sales of new alcoholic
beverage "Draft One" and cost reductions, in the face of
unlikelihood of an increase in demand for alcoholic beverages in
the future.

JCR will watch carefully the business environment and
competition such as revision of liquor tax and probability of
entry of two large companies for the Draft One over the
intermediate term. The real estate business centering on Yebisu
Garden Place will boost the overall earnings stably. Sapporo
Holdings has been reducing the interest-bearing debt well. The
numerical target for the reduction will be achieved one year
ahead of schedule.

On the other hand, the financial restructuring impaired the net
worth. Increase in the capital will remain an issue to be
addressed.

CONTACT:

Sapporo Holdings Ltd
20-1, Ebisu 4-chome, Shibuya-ku
Tokyo 150-8686, Japan  
Phone: +81-03-5423-2111
Fax: +81-03-5423-2057


TOSHIBA CORPORATION: Licenses ARM11 Processor
---------------------------------------------
Toshiba Corporation (TSE: 6502) and ARM (LSE: ARM; Nasdaq:
ARMHY) have announced that Toshiba has licensed the ARM1136J-STM
processor.

Toshiba will use the ARM1136J-S processor to develop Application
Specific Integrated Circuits (ASICs) for products such as
consumer electronics and network systems.

Since 1998, Toshiba has licensed the ARM7TM, ARM9TM, and ARM10TM
family processors for numerous applications ranging from mobile
communications to consumer electronics.

The agreement includes an option for Toshiba to license other
ARM11 family processors.

CONTACT:

Toshiba Corporation
1-1, Shibaura 1-chome, Minato-ku
Tokyo, 105-8001, Japan
Phone: +81-3-3457-4511
Fax: +81-3-3455-1631
Web site: http://www.toshiba.com


UFJ HOLDINGS: Unit's Former Execs Face Arrest
---------------------------------------------
In a bid to further their investigation, prosecutors decided to
arrest three former executives of UFJ Bank, the core unit of
troubled UFJ Holdings Inc., for allegedly blocking a government
inspection, reports The Japan Times.

Former UFJ Bank vice president Kazuyoshi Okazaki, and former
executives Sen Hayakawa and Masayuki Inaba are facing arrest
after they admitted their involvement in the scam during
voluntary questioning by the Tokyo District Public Prosecutor's
Office last month. The three allegedly participated in the
destruction and alteration of the bank's documents.

On October 7, the Financial Services Agency (FSA) lodged a
criminal complaint against UFJ bank and the three officials with
the prosecutor's office, claiming they violated the Banking Law
by obstructing FSA inspection in October 2003.

In July, UFJ Bank admitted that it had obstructed the FSA
inspection and fired the three executives. It also demoted and
reprimanded 80 other bank officials and employees.

Under the Banking Law, individuals convicted of obstructing FSA
inspections face a prison term of up to one year and fines of up
to JPY3 million. A corporation could be fined up to JPY200
million.

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
=========


ASIANA AIRLINES: Opposes Government's Flight Allocation Plan
------------------------------------------------------------
Asiana Airlines Inc. and Korean Airlines (KAL) will bring to
Court the issue on the government's plan to allocate regular
flights between Incheon, South Korea and Taipei, Taiwan, reports
Maeil.

Each airline will be provided with nine passenger flights a week
and two freight flights will also be split in the lucrative
Inchon-Taipei air route, the Ministry of Construction and
Transporatation (MOCT) said.

The two airlines declined the offer.

KAL said allocation plan is not based on fairness and tends to
provide its contender with favoritism.

Asiana Airlines, however, expressed discontent on the government
regarding the allocation scheme.  Asiana criticized the
government for not giving top priority to a late starter like
their Company.

KAL said the Inchon-Taipei air route was not subject to allocate
with Asiana, for in 1995 the said route was wholly licensed to
them.  KAL said they would take any legal action possible to
bring the issue back where it originally started.

CONTACT:

Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230


HANARO TELECOM: Delays Conference Call on Earnings
--------------------------------------------------
Hanaro Telecom Inc. delayed its conference call on third quarter
earnings Wednesday due to technical glitch, according to Yonhap
News.

"A hardware problem occurred in the conference call lines," the
official said on condition of anonymity. "We are now trying to
identify the reason."

The purpose of the conference call is to announce the Company's
third quarter results for the year 2004 via a conference call,
which will be participated by domestic/overseas institutional
investors, sell-side analysts, fund managers, etc.

CONTACT:

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


PAN OCEAN: STX Pays KRW415.2Bln for 67% Stake
---------------------------------------------
A contract was signed to seal the sale of the 67% stake of Pan
Ocean Shipping Co. to STX Shipbuilding Co. for KRW415.2 billion,
The Korea Herald relates.

"With the takeover of Pan Ocean, we have established a complete
vertical business structure that encompasses shipbuilding
materials development, shipbuilding and shipping," Kang Duk-soo,
head of STX, said at the signing ceremony.

The newly acquired Pan Ocean Shipping will change its name to
STX Pan Ocean and expand into one of the world's five major bulk
carriers, the group said. Last year, Pan Ocean reported a net
profit of KRW43.1 billion on sales of KRW1.98 trillion.

Founded in 1966, Pan Ocean Shipping had 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 CORPORATION: Sovereign Files Application to Review Request
-------------------------------------------------------------
Sovereign Asset Management Ltd. has taken its first step on the
legal challenge it made on the refusal of SK Corporation to hold
an extraordinary shareholders' meeting upon its request, The
Korea Herald reports.
  
Sovereign's subsidiary Crest Securities Limited filed an
application in the Seoul Central District Court to review its
request.  

According to Sovereign Chief Executive Officer Peter Fitter, he
is confident that the Korean Courts will make a decision in the
best interests of all shareholders regardless of nationality of
shareholders and uphold the legal right to hold a special
shareholder meeting.

Sovereign, which holds a 14.9 percent stake in SK, meets the
requirements needed to demand for a meeting since under Korean
stock exchange laws, a shareholder with a 3 percent or greater
stake has the right to request for an extraordinary
shareholders' meeting. If the demand is rejected, the
shareholder can appeal to a Court, some legal experts said.

Other experts, however, say the petition filed by Sovereign will
most likely be rejected by the Court on the basis of the Korean
securities law, which states that shareholders are prohibited
from bringing up the same agenda at a shareholders' meeting
within three years from the time they were rejected.  

Even if Sovereign has met the requirements, some analysts
pointed out if the Court sees the case as 'foreigners versus
locals,' the Court's ruling is unlikely to be in favor of
Sovereign.

"The Court tends to be conservative nowadays," said Kim Sun-
woong, an attorney and executive director of the Center for Good
Corporate Governance.

A meeting will be scheduled in the legal procedures set by a
Korean commercial law if the Court approves of Sovereign's
application.

CONTACT:

SK Corporation (Exchange: Korea)
99 Seorin-Dong, Jongru-Gu
Seoul, 110-110, South Korea
Phone: +82-2-2121-5114
Fax: +82-2-2121-7001
Web site: http://www.skcorp.com


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


ANTAH HOLDINGS: Enters Settlement Deal To Settle Suit
-----------------------------------------------------
Antah Holdings Berhad (Antah) announced an update of the
Settlement Agreement dated 8 November 2004 (Settlement
Agreement) entered into between the Company, Kajang Heights Sdn
Bhd, Kenyal Sdn Bhd, Sapphire Homestead Sdn Bhd, Standpoint
Ventures Sdn Bhd all of which are wholly owned subsidiaries of
John Master Industries Berhad (First Party) and Naga Sakti Sdn
Bhd (Naga), a wholly owned subsidiary of Antah.

Antah Holdings Berhad had on 14 September 2004 announced that
the First Party had terminated the Joint Venture Agreement dated
8 October 1999 (JVA) and all other relevant agreements and/or
arrangements entered into in relation to the JVA (the
Termination). Naga and Antah disputed the Termination.

The First Party then commenced a legal suit against Naga and
Antah (Suit) to enforce the Termination. The First Party, Naga
and Antah had on 8 November 2004 entered into a Settlement
Agreement for the purpose of settling the Suit and all other
disputes arising between the First Party and Naga.

The First Party, Naga and the Company agreed that within one (1)
week from the execution of the Settlement Agreement, the First
Party should cause the Suit to be discontinued.

CONTACT:

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

This announcement is dated 9 November 2004.


AVANGARDE RESOURCES: Unaffected by Unit's Winding Up Petition
-------------------------------------------------------------
In response to the letter query by the Bursa Malaysia Securities
Berhad dated 8 November 2004, Avangarde Resources Berhad would
like to inform that there are no operational impact on the
petition by Mikyotech Sdn Bhd to wind up Jayarena Construction
Sdn Bhd (Jayarena), a wholly owned subsidiary of the Company.

CONTACT:

Avangarde Resources Berhad
No. 16-2 & 16-3
Jalan USJ 21/6
47630 UEP Subang Jaya
Selangor
Tel: 03-80249970
Fax: 03-80249831


BINA PURI: Unit Disposes of Dormant Subsidiary
----------------------------------------------
Bina Puri Holdings Berhad announced that its unit Sungai Long
Industries Sdn. Bhd. has disposed of its wholly owned dormant
subsidiary KM Road Specialist Sdn Bhd.

Name of Company: KM Road Specialist Sdn. Bhd. (409313-T)

Paid-up capital: RM2.00

Date of disposal: 28.10.2004

Cash consideration: RM2.00 only

Please note that no directors, substantial shareholders and/or
persons connected with them have any interests, direct or
indirect, in the above transaction.

CONTACT:

Bina Puri Holdings Berhad
Wisma Bina Puri,
88 Jalan Bukit Idaman 8/1,
68100 Selayang,
Selangor
Tel: 03-6136 3333
Fax: 03- 6136 9999
Web site: http://www.binapuri.com


I-Berhad: Issues Shares Buy Back Notice
---------------------------------------
I-Berhad announced the details of its shares buy back on
November 9, 2004.

Date of buy back: 09/11/2004

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

Total number of shares purchased (units): 44,600

Minimum price paid for each share purchased (RM): 0.840

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM): 37,741.77

Number of shares purchased retained in treasury (units): 44,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 331,800

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

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Tel: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com

This announcement is dated 9 November 2004


MAXIS COMMUNICATIONS: To Sell RM1-Bln Debt Securities
-----------------------------------------------------
Maxis Communications Bhd plans to issue RM1 billion in debt
notes to refinance existing debts and fund capital expenditure,
according to Reuters.

The issue would comprise a RM500 million commercial paper
program with tenure of seven years and RM500 million of medium
term notes with tenure of 30 years.

It did not say when the papers would be issued. HSBC Bank
Malaysia Bhd is the principal adviser or lead arranger of the
debt notes.

CONTACT:

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


MTD CAPITAL: Purchases 189,900 Ordinary Shares On Buy Back
----------------------------------------------------------
MTD Capital disclosed to the Bursa Malaysia Securities Berhad
the details of its shares buy back on November 9, 2004.

Date of buy back from: 03/11/2004

Date of buy back to: 03/11/2004

Total number of shares purchased (units): 189,900

Minimum price paid for each share purchased (RM): 2.630

Maximum price paid for each share purchased (RM): 2.680

Total amount paid for shares purchased (RM): 507,165.93

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 189,900

Total number of shares retained in treasury (units): 4,710,500

Number of shares purchased, which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 09/11/2004

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022
           +60 3 6187 7898
Web site: http://www.mtdcap.com/


MYCOM BERHAD: MITI Approves Issuance of New Shares
--------------------------------------------------
Mycom Berhad refers to the Circular dated 8 November 2004 in
relation to restructuring scheme of the Company.

The Company wishes to inform that approval has been received
from the Ministry of International Trade & Industry for the
proposed allotment and issuance each of 10,000,000 new Mycom
shares of RM1.00 each to Tan Sri Dato' Haji Lamin bin Haji Mohd
Yunus, Tan Sri Dato Sri Abang Ahmad Urai bin Datu Hakim Abg. Hj
Mohideen and Tan Sri Dato' Jaffar bin Abdul respectively
pursuant to the proposed special issue under the Proposed
Restructuring Scheme of Mycom.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
8, Jln Raja Chulan,
50200 Kuala Lumpur
Tel: 03-20723993
Fax: 03-2069122

This announcement is dated 9 November 2004.


RNC CORPORATION: Issues Notice of Book Closure
----------------------------------------------
RNC Corporation Berhad announced the closure of its books
relating to the reduction of the existing issued and paid-up
share capital of the Company from RM45,319,709 comprising
45,319,709 ordinary shares of RM1.00 each (Share(s)) to
RM2,265,985 comprising 45,319,709 ordinary shares of 5 sen each
by the cancellation of 95 sen of the par value of every RNC
share in issue to be followed by a consolidation of the
resultant twenty (20) ordinary shares of 5 sen each into one (1)
new RNC share and thereafter, a share swap on the basis of one
(1) RNC share with one (1) new share in Aliran Ihsan Resources
Berhad (AIRB) (Proposed Capital Reconstruction)

Period of interest payment: to Financial Year End

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: 22/11/2004 to 22/11/2004
Registrar's name, address, telephone no:

Tenaga Koperat Sdn Bhd
20th Floor, East Wing
Plaza Permata, Jalan Kampar
Off Jalan Tun Razak
50400 Kuala Lumpur

Tel: (03) 40416522
Fax: (03) 40426352

Payment date:

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 22/11/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit:

c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable) :  
Entitlement indicator: Ratio

Ratio:20 : 1  

Rights Issues/Offer Price:

The reduction of the existing issued and paid-up share capital
of RNC from RM45,319,709 comprising 45,319,709 ordinary shares
of RM1.00 each (Share(s)) to RM2,265,985 comprising 45,319,709
ordinary shares of 5 sen each by the cancellation of 95 sen of
the par value of every RNC share in issue to be followed by a
consolidation of the resultant twenty (20) ordinary shares of 5
sen each into one (1) new RNC share and thereafter, a share swap
on the basis of one (1) RNC share with one (1) new share in
Aliran Ihsan Resources Berhad (AIRB) (Proposed Capital
Reconstruction)

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


SAFEGUARDS CORPORATION: Clarifies Winding Up Petition Report
------------------------------------------------------------
The Board of Directors of Safeguards Corporation Berhad
announced that a winding up petition has been advertised and has
appeared in the New Straits Times at page 9 of the Appointments
section dated 9 November 2004 (Petition). However a copy of the
said Petition was only served on Safeguards on 9 November 2004
at 3:30 in the afternoon. The winding up Petition is scheduled
for hearing on 27 June 2005.

The Petitioner is Rampai Town Centre Sdn. Bhd. (RTCSB) and the
amount claimed is for the sum of RM306,898.02 being the amount
due and owing by Safeguards to RTCSB for maintenance and service
charges in relation to the property known as the entire 6th
Floor, Wisma Rampai, Taman Seri Rampai, 53300 Kuala Lumpur (Said
Property).

The Board of Directors of Safeguards wishes to state that it has
sought legal opinion and has been advised by its lawyers that
the claim by RTCSB is disputed and no judgment has been obtained
at any time by RTCSB against Safeguards.

RTCSB had by way of Summons No: 6-52-12492-2003 filed earlier
against Safeguards at the Kuala Lumpur Sessions Court ("Said
Summons") for a lower sum of RM123,296.15 in respect of the
outstanding maintenance and service charges of the Said
Property.

The RTCSB's solicitors eventually withdrew the Said Summons on
27 September 2004.

Safeguards had not proceeded to notify the Bursa Malaysia
Securities Berhad regarding the Section 218 notice pursuant to
the Companies Act, 1965 dated 8 July 2004 (Section 218 Notice)
which was duly served by RTCB's solicitors on 28 July 2004
because Safeguards had been advised by its solicitors that there
is no basis for the service of said Section 218 Notice and the
issuance of a winding up petition pursuant to the Companies Act,
1965.

Safeguards wishes to further notify the Bursa that a subsidiary
Company and not Safeguards received the acknowledgement of the
Section 218 Notice.

Meanwhile Safeguards with its solicitors are taking the
appropriate actions in response to the said winding up Petition.

The Petition will not have a material financial and operational
impact on Safeguards and its subsidiaries (Safeguards Group).

In the opinion of the Directors of Safeguards, the Safeguards
Group is solvent and that there is no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or of the Company to
meet their obligations as and when they fall due.

Bursa Malaysia Securities Berhad's Query Letter content :

We refer to the advertisement on winding-up petition appearing
in the New Straits Times, Appointment Section, page 9 on
Tuesday, 9 November 2004, a copy of which is enclosed for your
reference.

In this connection, kindly furnish the Exchange with the
following information immediately for public release:

(1) The date of the presentation of the winding-up petition and
the date the winding-up petition was served on SAFEGAD;

(2) The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate;

(3) The details of the default or circumstances leading to the
filing of the winding-up petition against SAFEGAD;

(4) The financial and operational impact of the aforesaid
petition on the group;

(5) The expected losses, if any, arising from the aforesaid
petition;

(6) The steps taken and proposed to be taken by SAFEGAD in
respect of the winding-up petition;

(7) A statement whether SAFEGAD and its group of companies
(Group) is solvent i.e. that no contingent or other liability
has become or is likely to become enforceable within the period
of twelve (12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet their
obligations as and when they fall due; and (8) An undertaking to
provide to the Exchange a solvency declaration executed by the
directors of the Company within seven (7) days (where such
declaration can be made).

Yours faithfully,
LISA LAM
Sector Head
Issues & Listing
Group Regulations
LL/WCY
c.c. Encik Onn Ismail, Securities Commission (via fax)

CONTACT:

Safeguards Corporation Berhad
Unit A-3-1,
Wisma HB,
Megan Phileo Avenue,
No. 12, Jalan Yap Kwan Seng,
50450 Kuala Lumpur
Tel: 03-21613633
Fax: 03-21625633

This announcement is dated 9 November 2004.


SELOGA HOLDINGS: Updates Private Placement of Shares
----------------------------------------------------
The Board of Directors of Seloga Holdings Berhad announced that
the Ordinary Resolution on the Proposed Private Placement of up
to 10,044,641 new ordinary shares of RM1.00 each, representing
approximately ten percent (10%) of the issued and paid-up share
capital of the Company, tabled at the Extraordinary General
Meeting (EGM) of the Company held on Tuesday, 9 November 2004
was duly passed by the shareholders.

CONTACT:

Seloga Holdings Berhad
No 1 Jalan USJ 10/1A UEP Subang Jaya
47620 Petaling Jaya  Selangor Darul Ehsan
MALAYSIA
Phone: +60 3 2274 7788


YCS CORPORATION: Default Status Unchanged
-----------------------------------------
YCS Corporation Berhad announced that there is no change in the
Company's monthly status pursuant to the Practice Note 4/2001 of
the Bursa Malaysia Securities Berhad.

Further progress will be announced accordingly.

CONTACT:

Ycs Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Tel: +60 3 80242922
Tel: +60 3 80242911


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


BENPRES HOLDINGS: Clarifies Hutchison Deal Report
-------------------------------------------------
This is in reference to the news article entitled "BayanTel says
its not in talks with Hutchison" published in the November 9,
2004 issue of the Philippine Daily Inquirer (Internet Edition).

The article reported, "Rumors on the sustained interest of the
Li Ka-shing group in the Philippine telecom sector have fueled
speculative play on shares of Benpres Holdings Corp., parent
Company of Bayan Telecommunications Inc. (BayanTel), and of
Digital Telecommunications Philippines Inc. (Digitel), a unit of
the John Gokongwei group. Benpres and Digitel stocks were the
two most actively traded Monday as the market speculated on a
reported plan of Hong Kong-based tycoon Li Ka-shing to buy into
a Philippine telco that is in need of investments. Earlier
reports indicated that Hutchison Telecommunications
International, a unit of Li Ka-Shing's Hutchison Whampoa, was
interested in Digitel. A trader said Hutchison's interest had
since shifted to Bayantel."

Benpres Holdings Corporation (BPC), in its letter to the
Philippine Stock Exchange dated November 9, 2004, stated that:

"Benpres Holdings is not currently in discussion with Hutchison
or with any party with regard to its economic interest in
BayanTel."

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

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


METRO PACIFIC: Clarifies Skyway Rehabilitation Article
------------------------------------------------------
This is in reference to the news article entitled "Metro Pacific
to finish due diligence on Skyway by Dec." published in the
November 9, 2004 issue of the BusinessWorld (Internet Edition).

The article reported, "Metro Pacific Corp. said the due
diligence on the rehabilitation of the Metro Manila Skyway will
be completed by yearend. The Skyway will be integrated with the
South Luzon Expressway (Slex) and the Southern Tagalog Artillary
Road, another project Metro Pacific is looking at President and
Chief Executive Jose Ma. K. Lim said Metro Pacific remains
interested in the Skyway rehabilitation despite snags in the
talks between Crown Equities, Inc. and Northeast Development and
Acquisition Corp. over the sale of a stake in Hopewell Crown
Infrastructure, Inc. Metro Pacific `is still interested in the
Skyway Project. We are currently crunching the numbers with
regard to the investment and capital structure,' Mr. Lim said.
He said the study is expected completed by the end of the year,
adding the problem between Crown Equities and Northeast has no
impact in its business decision. `It is an internal problem that
they need to resolve. We are trying to get feedback from both
Crown and Northeast,' Mr. Lim said."

Metro Pacific Corporation (MPC), in its letter to the Philippine
Stock Exchange dated November 10, 2004, disclosed that:

"As stated in the news article, Metro Pacific confirms that it
remains interested in the Skyway project and will announce any
relevant developments as such time is warranted."

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

CONTACT:

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


NATIONAL POWER: Moody's Reviews Rating For Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for a possible
downgrade the foreign currency and local currency Ba2 debt
ratings of state-run National Power Corporation (NPC).

This rating action follows Moody's decision to place the
Philippines' Ba2 long-term foreign currency country ceiling for
bonds as well as the Ba2 local currency rating of the government
on review for possible downgrade. NPC's Ba2 ratings reflect the
Philippines government's unconditional and irrevocable guarantee
for its rated senior unsecured debts.

National Power Corporation, 100% owned by the Philippines
government, is the principal supplier and transmitter of
electricity in the Philippines.

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

Hong Kong
Ken Chan
Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

CONTACT:

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


PHILIPPINE LONG: Moody's May Cut Ba2 Rating
-------------------------------------------  
Moody's Investors Service has placed on review for possible
downgrade the Ba2 foreign currency senior unsecured debt rating
of Philippine Long Distance Telephone Company (PLDT). This
rating action follows Moody's decision to place the Philippines'
Ba2 foreign currency sovereign ceiling under review for possible
downgrade. At the same time, Moody's has affirmed PLDT's B1
preferred stock rating with a stable outlook.

Philippine Long Distance Telephone Company, based in Manila,
Philippines, is the principal supplier of telecommunications
services in that country.

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

Sydney
Charles F. Macgregor
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

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


* Moody's Mulls Lower Grades for Philippines Bonds
--------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the two tranches of Yen-denominated guaranteed bonds
due in 2020 and 2022 issued by Power Sector Assets and
Liabilities Management Corporation (PSALM) of the Philippines.

The review is prompted by Moody's rating action in placing the
Ba2 long-term foreign currency rating of the Republic of the
Philippines (the ROP) on review for possible downgrade on
Tuesday. The rating actions are as follows:

Issuer: Power Sector Assets and Liabilities Management
Corporation

Tranche A Yen 24.75 billion 3.20% Guaranteed Bond due in 2020,
rated A3, on review for possible downgrade

Tranche B Yen 37.00 billion 3.55% Guaranteed Bond due in 2022,
rated Baa1, on review for possible downgrade

The above ratings only address the ultimate repayments of
interest and principal by the respective maturity dates of the
bonds in December 2020 and December 2022.

Both the Tranche A and Tranche B PSALM bonds benefit from the
irrevocable and unconditional guarantees provided by the ROP
(rated Ba2 on review for possible downgrade) and the Asian
Development Bank (the "ADB", rated Aaa). Hence, the ratings of
these bonds depend on and are linked to the ratings of both of
these guarantors.

The ROP provides a full credit guarantee which covers repayments
of principal and interest, as well as any withholding or
deduction throughout the bonds' terms at maturity and on the
interest payment date. The ADB's partial guarantee covers
repayment of the principal on the bonds' final maturity dates
and accrued interest on the outstanding principal during the
final 10 years of their respective terms.

PSALM is wholly owned by the Philippines government and was
formed in June 2001 under Section 49 of the Electric Power
Industry Reform Act of 2001of the ROP. It was created to manage
the orderly sale, disposition and privatization of the
Philippines' generation assets, liabilities, contracts with
independent power producers, real estate and other disposable
assets.

Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold or sell securities.

Hong Kong
Michael M. Ye
Managing Director
Structured Finance Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

Hong Kong
Li Ma
Asst Vice President - Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


* 11 Banks Under Review For Possible Ratings Cut
------------------------------------------------
Moody's Investors Service said it had placed on review for
possible downgrade the foreign currency long-term deposit
ratings of eleven Philippine banks.

The banks are Allied Banking Corp., Bank of the Philippine
Islands, Banco de Oro Universal Bank, Development Bank of the
Philippines, Equitable-PCI Bank, Land Bank of the Philippines,
Metropolitan Bank & Trust Co., Philippine National Bank, Rizal
Commercial Banking Corp., UnionBank of the Philippines, and
United Coconut Planters Bank. The Not-Prime short-term deposit
and the bank financial strength ratings (BFSR) of all eleven
banks are unaffected.

Moody's also placed on review for possible downgrade the long-
term local currency deposit ratings of Development Bank of the
Philippines, and Philippine National Bank.

These actions follow Moody's review for downgrade of the
Philippines' Ba2 foreign currency long-term debt country
ceiling, Ba3 foreign currency bank deposits country ceiling and
Ba2 local currency rating. See press release of November 9, 2004
for more detailed discussion on the sovereign rating issues.

The following foreign currency ratings were placed on review for
possible downgrade:

Allied Banking Corp. -- long-term deposit rating of Ba3

Bank of the Philippine Islands -- long-term deposit rating of
Ba3

Banco de Oro Universal Bank -- senior debt rating of Ba2, and
long-term deposit rating of Ba3

Development Bank of the Philippines -- long-term deposit rating
of Ba3

Equitable-PCI Bank -- subordinated debt rating of Ba2, and long-
term deposit rating of Ba3

Land Bank of the Philippines -- long-term deposit rating of Ba3

Metropolitan Bank & Trust Co. -- subordinated debt rating of
Ba2, and long-term deposit rating of Ba3

Philippine National Bank -- senior debt rating of Ba2, and long-
term deposit rating of Ba3

Rizal Commercial Banking Corp. -- long-term deposit rating of
Ba3

UnionBank of the Philippines -- senior debt rating of Ba2, and
long-term deposit rating of Ba3

United Coconut Planters Bank -- long-term deposit ratings of B1

The following local currency ratings were placed on review for
possible downgrade:

Development Bank of the Philippines -- long-term deposit rating
of Ba1

Philippine National Bank -- subordinated debt rating of Ba2, and
long-term deposit rating of Ba1

The following ratings were not affected:

Allied Banking Corp. -- short-term deposit ratings of Not-Prime
and BFSR of E+

Bank of the Philippine Islands -- short-term deposit rating of
Not-Prime and BFSR of C-

Banco de Oro Universal Bank -- short-term deposit rating of Not-
Prime and BFSR of D

Development Bank of the Philippines -- short-term deposit rating
of Not-Prime and BFSR of D

Equitable-PCI Bank -- short-term deposit rating of Not-Prime and
BFSR of D-

Land Bank of the Philippines -- short-term deposit rating of
Not-Prime and BFSR of E+

Metropolitan Bank & Trust Co. -- short-term deposit rating of
Not-Prime and BFSR of D

Philippine National Bank -- short-term deposit rating of Not-
Prime and BFSR of E

Rizal Commercial Banking Corp. -- short-term Not-Prime and BFSR
of E+

United Coconut Planters Bank -- short-term deposit ratings of
Not-Prime and BFSR of E

Singapore
John Tham
Analyst
Financial Institutions Group
Moody's Singapore Pte Ltd.
Telephone: 65-6398-8300
Facsimile: 65-6398-8301


Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


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


CEP INSTRUMENTS: Posts Notice of Intended Dividend
--------------------------------------------------
CEP Instruments Pte Ltd (In Liquidation) posted a notice of
intended dividend at the Singapore Government Gazette on
November 5, 2004.

Company Registration No.: 198104603G.

Address of registered office: 18 Cross Street
#08-03 Marsh & McLennan Centre
Singapore 048423

Court: High Court of the Republic of Singapore

Matter: Companies Winding Up No. 112 of 2002/H

Last day of receiving proofs: 22 November 2004

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

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

Chee Yoh Chuang
Lim Lee Meng
Liquidators


CHARTERED SEMICONDUCTOR: Forges Alliance with AMD
-------------------------------------------------
Chartered Semiconductor Manufacturing Limited has been tapped by
Advanced Micro Devices Incorporated (AMD) as an essential
manufacturing partner, according to The Wall Street Journal.

AMD, which is trying to gain ground on Intel Corporation in the
microprocessor business, has hailed Chartered as a legal choice.

California-based AMD now operates a single manufacturing plant
in Dresden Germany. Intel, on the other hand, has eight
factories that produce microprocessors.

AMD's director of strategic equipment technology and alliances,
David Bennett, said the Company is constructing another facility
in Dresden set to open in 2006 but AMD believes it will still
need additional capacity because of robust demand for its chips.
Here is where Chartered comes in.

Singapore-based Chartered is already a partner of International
Business Machines Corporation. Under the agreement with AMD,
Chartered will be authorized to use AMD's current manufacturing
process, an arrangement that could be extended to include the
future IBM-based process.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
Web site: http://www.charteredsemi.com


EXPLORATION PNG: Issues Intended Dividend Notice
------------------------------------------------
Exploration PNG (S) Pte Ltd (In liquidation) has issued an
intended dividend notice with the following details:

Address of Registered Office: c/o The Liquidator's Office

Nature of Matter: Companies Winding Up No. 368 of 2001

Last day for receiving Proofs: 3rd December 2004

Name of Liquidator: Mr. Don M Ho, FCPA

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
#12-02 & 03 Equity Plaza
20 Cecil Street
Singapore 049705
Phone: 65320320 (8 lines).
Fax: 65320331.

This Singapore Government Gazette notice is dated November 11,
2004.


GOODWOOD PARK: Notes Change in Shareholder's Interest
-----------------------------------------------------
Goodwood Park Hotel Ltd released a notice on November 9, 2004 at
the Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Interest of Khoo Kim Geok Jacqueline.     

Part I

(1) Date of notice to issuer: November 05, 2004   

(2) Name of Director: Khoo Kim Geok Jacqueline  

(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

Part II  

(1) Date of change of Interest: November 05, 2004   

(2) Name of Registered Holder Please refer to the Appendix
attached   

(3) Circumstance(s) giving rise to the interest or change in
interest: Others   
- Please specify details Acceptance by a shareholder of Goodwood
Park Hotel Limited (GPHL) of the offer for GPHL shares made on 5
November 2004 by Dumont Pte. Ltd. in connection with the
voluntary delisting of GPHL    
  
(4) Information relating to shares held in the name of the
Registered Holder

No. of Shares held before the change 40,057,596   
As a percentage of issued share capital 93.18 %  

No. of Shares which are subject of this notice 368   
As a percentage of issued share capital 0.00 %  

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 53.53   

No. of Shares held after the change 40,057,964   
As a percentage of issued share capital 93.18 %  

Part III  

(1) Date of change of Interest

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

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]   
- Please specify details      
  
(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      39,800     40,017,796   
As a percentage of issued share capital     0.09%         93.09%  
No. of shares held after the change       39,800     40,018,164   
As a percentage of issued share capital     0.09%         93.09%  

Submitted by:
David Poh Tze Keong   
Company Secretary   


GOODWOOD PARK: Shareholder's Interest Changes
---------------------------------------------
Goodwood Park Hotel Ltd announced at the Singapore Stock
Exchange a change in the Company's holdings.    

Part I
(1) Date of notice to issuer: November 09, 2004   

(2) Name of Director: Khoo Elizabeth  

(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.

Part II  

(1) Date of change of Interest: November 05, 2004   

(2) Name of Registered Holder Please refer to the Appendix
attached   

(3) Circumstance(s) giving rise to the interest or change in
interest: Others   
- Please specify details Acceptance by a shareholder of Goodwood
Park Hotel Limited (GPHL) of the offer for GPHL shares made on 5
November 2004 by Dumont Pte. Ltd. in connection with the
voluntary delisting of GPHL    
  
(4) Information relating to shares held in the name of the
Registered Holder

No. of Shares held before the change 40,058,387   
As a percentage of issued share capital 93.18 %  

No. of Shares which are subject of this notice 368   
As a percentage of issued share capital 0.00 %  

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 53.53   

No. of Shares held after the change 40,058,755   
As a percentage of issued share capital 93.18 %  

Part III  

(1) Date of change of Interest

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

(3) Circumstance(s) giving rise to the interest or change in
interest
  
(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:      

Part IV  

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

                                            Direct       Deemed
No. of shares held before the change        41,959   40,016,428   
As a percentage of issued share capital       0.09%       93.09%  
No. of shares held after the change         41,959   40,016,796   
As a percentage of issued share capital       0.09%       93.09%  

Submitted by:
David Poh Tze Keong   
Company Secretary   


NEO INVESTMENT: Placed Under Judicial Management
------------------------------------------------
Notice is hereby given that on the 15th day of October 2004, an
order for placing Neo Investment Pte Ltd under judicial
management was made. The relevant particulars of the matter are
given as follows:

Number of matter: Originating Petition No. 11 of 2004/G

Date of presentation of Petition: 21 September 2004

Petitioners' solicitors: Shook Lin & Bok

Date of Order: 15th October 2004

Name and address of Judicial Managers: Ong Yew Huat and
Seshadri Rajagopalan of
Messrs Ernst & Young,
10 Collyer Quay,
#21-01 Ocean Building,
Singapore 049315

Registered office of the above named Company: 1 Irving Road,
#07-00 Neo Industrial Building,
Singapore 369520

Drew & Napier LLC
Solicitors for the Judicial Managers

This Singapore Government Gazette notice is dated November 11,
2004.


OSCELSING PRIVATE: Issues Notice of Intended Dividend
-----------------------------------------------------
Oscelsing Private Ltd, in compulsory liquidation, with address
of registered office at 8 Cross Street #11-00 PWC Building
Singapore 048424, posted a notice of intended dividend notice at
the Singapore Government Gazette.

Court: High Court of Singapore

Number of Matter: Companies Winding Up No. 131 of 1986

Last Day for Receiving Proofs: 19th November 2004

Name of Liquidator: Ramasamy Subramaniam Iyer
Goh Thien Phong

Address: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424

Dated this 5th day of November 2004.


TOYS N THINGS: Releases Dividend Notice
---------------------------------------
Toys N Things Pte Ltd in creditors' voluntary liquidation, with
its former registered office at 18 Senoko Drive Woodlands East
Industrial Estate Singapore 758205, posted a dividend notice.

Last day of receiving proofs: 19 November 2004

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

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

Chee Yoh Chuang
Lim Lee Meng
Liquidators

This Singapore Government Gazette notice is dated November 11,
2004.


WEE POH: Spots Another Five Erratic Proxy Forms
-----------------------------------------------
Wee Poh Holdings has spotted more irregularities with another
five proxy forms, reports Channel News Asia.

The beleaguered Company is now in the midst of boardroom battle
as its directors are divided into two camps.

One group wishes to diversify its current business, while the
more conventional camp wishes to stay in the construction
business alone.

The Company's annual general meeting held two weeks ago was cut
short as it was found out that the proxy form given to director
Mr. Chew Yin was allegedly forged. Now, more irregularities are
surfacing as more forms were discovered to be tampered.

Wee Poh has every intention to look into the irregularity
matter.

Meanwhile, independent auditor Ferrier Hodgson is conducting its
own probe into the forms. The first proxy form is already being
investigated by CAD.

It is yet unclear as to when Wee Poh will resume its AGM.

CONTACT:

Wee Poh Holdings
213 Upper Thomson Road (S) 574348
Phone: (65) 64521210
Fax: (65) 64536310
Website: http://www.weepoh.com.sg/
E-mail:  info@weepoh.com.sg


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


NATURAL PARK: Posts Additional Info on Restructuring Plan
---------------------------------------------------------
As Natural Park Public Company Limited (N-PARK) and Pacific
Assets Pcl. (PA) have informed the resolutions of the
Extraordinary Shareholders Meeting held on November 8, 2004 to
the Stock Exchange of Thailand (SET) concerning disapproval of
the merger and restructuring plan between N-Park and PA, the SET
requests N-Park and PA to clarify additional information, as
follows:

(1) Natural Park Pcl. (N-PARK)

(1.1) The Company's policy in consequence with the disapproval
of the implementation of the shareholding and management
restructuring plan in terms of reducing of business operations
redundancy and conflict of interest, generating a synergy
benefit to the shareholders and raising funds through the
property fund establishment.

(1.2) The Company's future plan towards new ordinary shares
issued, which was approved by the Extraordinary Shareholders
Meeting held on September 14, 2004 that will be allotted and
offered for sale to the shareholders of PA who offer to sell
their shares to the Company according to the tender offer and to
accommodate the conversion/exercise of right of convertible
debentures.

(1.3) Shareholders' reason behind the disapproval the Minutes of
the Extraordinary Shareholders Meeting No.1/2004 held on
September 14, 2004 (Agenda 1) and their reason behind the
approval of the implementation of the shareholding and
management restructuring plan (Agenda 2)

(1.4) The rational of adding Agenda 4 approving the casting of
votes to sell 625,000 ordinary shares of PAH held by PMR as a
subsidiary of PA.

(1.5) Whether the board of director of N-PARK has concerned and
brought up the issue about inappropriateness under the good
Corporate Governance if the resolution of the merger and
restructuring plan should have been approved before the
Extraordinary Shareholders Meeting No.1/2547 held in September
14,2004 or not and by how.

(1.6) The Company's future investment plan in PA after the
disapproval of the merger and restructuring plan between N-Park
and PA

(2) Pacific Assets Pcl.

(2.1) The Company's policy in terms of reducing of business
operations redundancy and conflict of interest, generating a
synergy benefit to the shareholders in consequence with the
disapproval of the implementation of the shareholding and
management restructuring plan.

(2.2) Company's policy after selling ordinary shares of PAH in
the amount of 625,000 shares (par THB100) at the price of
THB2,592 which will be equivalent to THB1,620 Million to Avant
Resort Limited group according to Shareholders Agreement re:
Pacific Avant Holding in terms of

- Revenue structure, Company's business operation and financial
status.

- Use of proceed from fund receiving from selling ordinary
shares of PAH in the amount of THB1,620 Million

(2.3) Relevant information of Avant Resort Limited for example
the owners, ultimate shareholder and the relationship of between
the captioned person or jurisdiction with N-PARK and PA.

The SET would like to inform N-PARK and PA's shareholders and
general investors to follow the additional information of N-PARK
and PA which will be disseminated to the public via SETSMART.

CONTACT:

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


TPI POLENE: Court Oks Revised Business Reorganization Scheme
------------------------------------------------------------
TPI Polene Plc. (TPIPL) notified the Stock Exchange of Thailand
(SET) that on November 9, 2004, the Central Bankruptcy Court
contemplated and issued an order to approve the amendment to the
Business Reorganization Plan of TPIPL and TPI Concrete Co., Ltd.

Major terms and conditions of the amendment of the Plan includes
extension of the Plan implementation period for one more year
from December 31, 2004 to December 31, 2005, and to provide an
option (but not an obligation) to TPIPL to make payment for
outstanding accrued interest and fees calculated up to November
30, 1999, in cash to all Scheme Creditors, instead of converting
such debts into equity.

On October 28, 2004, it was officially resolved at the Scheme
creditors' meetings of TPIPL and its subsidiary to approve the
amendment to the Business Reorganization Plan of TPIPL and its
subsidiary with the vote representing 99.89 percent and 100
percent of the Scheme Creditors participating the meetings,
respectively.

Please be informed accordingly.
Yours faithfully,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

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



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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