TCRAP_Public/041115.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

             Monday, November 15, 2004, Vol. 7, No. 226

                            Headlines

A U S T R A L I A

AURORA MANUFACTURING: Posts Notice of Voluntarily Winding Up
BUSINESS DYNAMICS: Court Issues Winding Up Order
DEBRINCAT RETAILING: NAB Appoints Receivers and Managers
FRAME MAKE: Members Resolve to Voluntarily Wind Up
GRAND-CENTRAL PTY: Final Meeting Slated for November 17

JAMES HARDIE: Asbestos Claims Protesters Remaining Indefinitely
KANTOCH PTY: Court Issues Winding Up Petition
K.M GOLDER: Sets November 18 as Date of Final Meeting
MAVEN AUSTRALIA: Final Meeting Slated for November 19
MERCADIER PTY: To Hold Final Meeting on November 19

MERCATOR VINORUM: To Wind Up Voluntarily
MISITI CONSTRUCTIONS: B.J. Marchesi Appointed as Liquidator
RAHEEM CORPORATION: Court Makes Winding Up Order
SANTOS LIMITED: Notes Development of Churchie 6 Drilling
SELECT VINEYARDS: To Undergo Winding Up Proceedings

VALAIN ENTERPRISES: To Face Voluntary Winding Up Process
WINGLADE PTY: Names Jamieson Louttit as Liquidator
XLON PTY: Placed in Members Voluntary Liquidation


C H I N A  &  H O N G  K O N G

BANK OF CHINA: To Retain Lending Rate
GOLDGOOD PROPERTIES: Creditors Must Prove Debts by November 22
GOLDWELL PROPERTIES: Reveals Appointment of Liquidators
GOLDWELL PROPERTIES: Creditors Must Submit Claims by November 22
KANHAN TECHNOLOGIES: Net Loss Narrows to HK$4.121 Mln

LINEFAN TECHNOLOGY: Net Loss Widens to HK$29.175 Mln
MEGAINFO HOLDINGS: Unveils 1H Financial Results
MOBILE TELECOM: Net Loss Drops To HK$2.393 Mln
NIKKEI HONG: Appoints Liquidators
NIKKEI HONGKONG: To Undergo Voluntary Winding Up

SYSCAN TECHNOLOGY: Posts HK$25.024-Mln Net Loss


I N D O N E S I A

BANK DANAMON: To Pay IDR178.73 Div/Share
BANK RAKYAT: Loads ATMs With Cash Ahead of Holidays
DIRGANTARA INDONESIA: Libya Mulls Purchase of CN-235 Aircraft
INDOFOOD SUKSES: Expects 2004 Sales to Rise 3-4%
PERTAMINA: Oil Imported From Russia Arriving in December


J A P A N

CHORI COMPANY: METI Oks Business Restructuring Plan
KANEBO LIMITED: Delays Earnings Report
KOBE STEEL: Unveils Consolidated Financial Results for 1H/FY04
MATSUSHITA ELECTRIC: Reveals Automatic Filter Cleaning System
MITSUBISHI FUSO: Completes Repair of 51.2% of Recalled Buses

MITSUBISHI MOTORS: Covisint Helps Collaborate With Suppliers
SEIBU RAILWAY: TSE Halts Trading, Denies Delisting Decision
UFJ HOLDINGS: Implements Joint Recruiting Activities with MTFG


K O R E A

DAEWOO ENGINEERING: Picks Samsung Securities to Arrange Sale
LG CARD: Reaches Agreement with Lotte Mart Over Fees
SK CORPORATION: Regrets on Legal Suit Filed by Sovereign


M A L A Y S I A

GOLDEN FRONTIER: Granted Listing of 8,000 Ordinary Shares
KUB MALAYSIA: Narrows 3Q/FY04 Net Loss to RM2.9 Mln
LITYAN HOLDINGS: Seeks to Dispose of Non-core Investments
MCSB SYSTEMS: SC Rejects Restructuring Scheme Proposal
OCEAN CAPITAL: Units Receive Winding Up Petitions

PICA CORPORATION: Issues Monthly Status Update
PICA CORPORATION: Still Seeking New Adviser
PILECON ENGINEERING: Default Status Unchanged
PSC INDUSTRIES: Unit Snags Two Dubai Projects Worth RM948 Mln
PSC INDUSTRIES: Affin Bank Demands RM408.65 Mln Debt Payments

PSC INDUSTRIES: Unit Enters Into Shares Sale Agreement
PUTERA CAPITAL: Discloses FY04 Unaudited Quarterly Report
SRI HARTAMAS: Reveals After-tax Loss of RM6.63 Mln
TAP RESOURCES: Posts Appointment of Directors
TENCO BERHAD: Default Status Unchanged


P H I L I P P I N E S

METRO PACIFIC: Posts Php73.9-Mln 3Q/FY04 Net Loss
METRO PACIFIC: PSE Probe Still Ongoing
PHILIPPINE LONG: Clarifies "Dispute With U.S. Firm" Report
PICOP RESOURCES: Clarifies "Shutting Down Operations" News


S I N G A P O R E

AIV HOLDINGS: Releases Dividend Notice
CRAFT PROJECTS: Bankruptcy Petition Hearing Set November 19
NEWBREAD BAKERY: Posts Dividend Notice
RAHMONIC RESOURCES: Court To Hear Winding Up Petition
STY ENTERTAINMENT: Posts Notice Of Dividend


T H A I L A N D

CAPETRONIC INTERNATIONAL: Files Request to Delay FS Submission
R.S. PROMOTION: Unveils BOD Meeting's Resolution
R.S. PROMOTION: Term of Audit Committee Extended for 2 Years
SIAM STEEL: Court Approves Amendment of Rehab Plan
THAI PETROCHEMICAL: To Discuss Shares Allocation this Week

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AURORA MANUFACTURING: Posts Notice of Voluntarily Winding Up
------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Aurora Manufacturing Pty Ltd (In Liquidation)
A.C.N. 074 801 264 held on the 30 September 2004, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day pursuant to Section
497, it was resolved that for such purpose, Richard Herbert
Judson of Judson & Co, Chartered Accountants, Level 1, 10 Park
Road, Cheltenham be appointed liquidator.

Dated this 30th day of September 2004

Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155


BUSINESS DYNAMICS: Court Issues Winding Up Order
------------------------------------------------
On the 30th of September 2004, the Supreme Court of New South
Wales Equity Division made an Order that Business Dynamics Pty
Ltd (In Liquidation) A.C.N. 061 031 481 be wound up by the Court
and appointed Steven Nicols to be Liquidator.

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


DEBRINCAT RETAILING: NAB Appoints Receivers and Managers
--------------------------------------------------------
National Australia Bank Limited (NAB) A.C.N. 004 044 937 of 24th
Floor, 500 Bourke Street, Melbourne gives notice that on 24
September 2004 it appointed John Ross Lindholm and George
Georges both of Ferrier Hodgson, Level 25, 140 William Street,
Melbourne Victoria as Joint and Several Receiver and Manager of
the property of Debrincat Retailing Pty Ltd A.C.N. 088 252 975
being the property specified in the Schedule under the powers
contained in an instrument dated 23 January 2002 being a
Debenture registered in Melbourne pursuant to subsection 272(3)
of the Corporations Law and being registered number 844371.

SCHEDULE

All of the property and assets of Debrincat Retailing Pty Ltd
A.C.N. 088 252 975 whatsoever and wheresoever both present and
future including the goodwill of its business and its called but
unpaid and uncalled capital for the time being.

Dated this 27th day of September 2004

Teresa Nicole Walsh
Attorney


FRAME MAKE: Members Resolve to Voluntarily Wind Up
--------------------------------------------------
Notice is hereby given that at a Meeting of Members of Frame
Make It (Aust.) Pty Ltd (In Liquidation) A.C.N. 060 582 738 held
on the 30th of September 2004, it was resolved that the Company
be wound up voluntarily.

At a Meeting of the Creditors held on the same day pursuant to
Section 497 it was resolved that for such purpose, Paul
Vartelas, of B.K. Taylor & Co., 8th Floor, 608 St Kilda Road,
Melbourne be appointed Liquidator.

Dated this 1st day of October 2004

Paul Vartelas
Liquidator


GRAND-CENTRAL PTY: Final Meeting Slated for November 17
-------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Grand-Central Pty Ltd (In Liquidation) A.C.N. 058
355 810 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on Wednesday, 17 November 2004 at 9:15 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 Liquidators.

Dated this 27th day of September 2004

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: 9882 6666


JAMES HARDIE: Asbestos Claims Protesters Remaining Indefinitely
---------------------------------------------------------------
A new campaign for asbestos victims was launched Friday by more
than 100 protesters outside James Hardie Industries'
manufacturing facility in western Sydney, according to ABC News.

According to asbestos victims and union representatives, the new
protest marked the beginning of a permanent demonstration
outside the building products maker's factory at Rosehill.

Construction Forestry Mining and Energy Union state secretary
said protesters have set up a shed outside the plant where the
unions will stay until victims are adequately compensated.

"The victims have made that decision, we intend to back them
up," he said.

"We are seeking further community support, we have got a
permanent picket outside the head office of the multinationals
in western Sydney and with ongoing community support that picket
line will be maintained until the final victory is won for the
victims."

James Hardie is under investigation by the Australian Securities
and Investments Commission (ASIC) over an AU$1 billion shortfall
in compensation for victims of its asbestos products.

Earlier this month, the New South Wales government won the
backing of the other states for laws intended to secure
compensation for asbestos victims by winding back James Hardie's
corporate restructure.

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.


KANTOCH PTY: Court Issues Winding Up Petition
---------------------------------------------
The Australian Securities and Investments Commission (ASIC)
today obtained orders in the Supreme Court of Victoria winding
up Kantoch Pty Ltd, formerly known as Commercial IBT Pty Ltd
(Commercial IBT).

Mr. Robert Michael Scales, of Ernst and Young, was appointed the
official liquidator of Commercial IBT.

As a result of an earlier application by ASIC, Mr. Scales was
appointed the provisional liquidator of Commercial IBT in August
2004, and provided a report to ASIC and the Court earlier this
month outlining the Company's state of affairs.

Mr. Scales' report supported concerns raised by ASIC in its
application, and in addition found, among other things, that:

(1) Commercial IBT had changed its named to Kantoch Pty Ltd on
the day prior to ASIC's earlier application;

(2) The directors of Commercial IBT did not provide Mr. Scales
with proper books and records in relation to the Company;

(3) Mr. Scales was not satisfied that the operations of
Commercial IBT had been fully and properly explained to him by
the directors of Commercial IBT; and

(4) Three days prior to the hearing of ASIC's earlier
application, the shareholders of Commercial IBT resolved to
cancel AU$1,757,677,998 in ordinary shares and AU$452,312,550 in
preference shares, leaving Commercial IBT with a share capital
of AU$2.

ASIC was also successful today in its application to have Mr.
Scales appointed the provisional liquidator of RG Investments
Management Pty Ltd, Royal Corporation Pty Ltd, Value Fund
International Pty Ltd and Lulamar Pty Ltd. These companies are
registered in Australia and hold shares in Commercial IBT. The
Court also appointed Mr. Scales as provisional liquidator of
Commercial IBT Australia Pty Ltd, a subsidiary of Commercial
IBT.

The Australian Taxation Office (ATO) supported ASIC's
application and stated, on the basis of ASIC's investigations,
that it held serious concerns regarding possible avoidance of
Australia's tax laws by Commercial IBT and its shareholders.

A directions hearing for the winding up of these companies is
scheduled for 17 December 2004.

Background

Commercial IBT is also registered in Labuan, Malaysia, under the
name Commercial IBT Bank, and was issued an offshore banking
licence on 1 April 2003 by the Labuan Offshore Financial
Services Authority. Commercial IBT maintains offices in both
Labuan and Melbourne.

Documents lodged with ASIC as at 30 July 2004 disclose that
Commercial IBT's purported issued and paid up capital was
AU$2,209,930,550 (AU$2.2 billion).

ASIC commenced proceedings following an investigation into
Commercial IBT. ASIC alleges that Commercial IBT has not
provided accurate and consistent information to Australian
regulators. In support of this, ASIC submitted that Commercial
IBT had provided or reported inconsistent financial data and
reports to ASIC, the Australian Prudential Regulation Authority
(APRA), the ATO, an Australian bank, and foreign regulatory
authorities and rating agencies.

In addition, ASIC is concerned that Commercial IBT has
inadequate accounting and financial reporting measures in place
and has failed to keep proper books and records.

ASIC is further concerned that Commercial IBT is being
mismanaged and, accordingly, should have its affairs
investigated by an independent person so that, amongst other
things, its true financial position and the nature of its
business activities can be substantiated.

ASIC's application for the appointment of a liquidator to
Commercial IBT was supported by APRA.


K.M GOLDER: Sets November 18 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members of K.M Golder Pty
Ltd (In Liquidation) A.C.N. 008 488 355 will be held at 103-105
Northbourne Avenue, Turner ACT 2612, on the 18 November 2004 at
9:00 a.m., for the purpose of laying before the meetings the
liquidator's final account and report and give an explanation
thereof.

Dated this 7th day of October 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


MAVEN AUSTRALIA: Final Meeting Slated for November 19
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Maven Australia Pty Ltd (In Liquidation) A.C.N. 094 252 641 will
be held at 103-105 Northbourne Avenue, Turner ACT 2612, on the
19 November 2004 at 9:00 a.m., for the purpose of laying before
the meetings the liquidator's final account and report and give
an explanation thereof.

Dated this 11th day of October 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


MERCADIER PTY: To Hold Final Meeting on November 19
---------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Mercadier Pty Ltd (In Liquidation) A.C.N. 003 433 234 will be
held at 103-105 Northbourne Avenue, Turner ACT 2612, on the 19
November 2004 at 9:30 a.m., for the purpose of laying before the
meetings the liquidator's final account and report and give an
explanation thereof.

Dated this 11th day of October 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


MERCATOR VINORUM: To Wind Up Voluntarily
----------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Mercator Vinorum Pty Ltd (In Liquidation)
A.C.N. 108 330 981, held on 22 September 2004, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day, it was resolved that for such
purpose, David James Lofthouse and Richard John Cauchi, of CJL
Partners, Level 3, 180 Flinders Lane, Melbourne, be appointed
Joint and Several
Liquidators.

Dated this 29th day of September 2004

David J. Lofthouse
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779,
Facsimile: (03) 9639 4773


MISITI CONSTRUCTIONS: B.J. Marchesi Appointed as Liquidator
-----------------------------------------------------------
Notice is hereby given that on the 28th of September 2004, the
following special resolution was passed in respect of Misiti
Constructions Pty Ltd (In Liquidation) A.B.N. 81 007 005 781:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. B.J. Marchesi, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.

Dated this 30th day of September 2004

B.J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


RAHEEM CORPORATION: Court Makes Winding Up Order
------------------------------------------------
On 1 October 2004, the Supreme Court of New South Wales Equity
Division made an Order that Raheem Corporation Pty Limited
A.C.N. 096 855 604 be wound up and appointed R.J. Porter as
Official Liquidator.

R.J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


SANTOS LIMITED: Notes Development of Churchie 6 Drilling
--------------------------------------------------------
Santos Limited announced that the Churchie 6 Well was spudded on
midnight on November 11, 2004.

On Friday November 12, 2004 at 6:00 a.m. EST, the Churchie 6
well was at 120 metres and drilling ahead.

Churchie 6 is a development well in the Churchie gas field and
is located 1 km. to the north east of the Churchie 3 well.

The proposed Total Depth of the well is 2,110 meters.

As announced previously, Mosaic and Santos, the Joint Venture
Partners in the Churchie Gas Field, have decided to drill from
one firm well plus a possible additional well in order to
capture additional gas market opportunities.

Interests in PL 192 are:

Mosaic Oil- 49 percent (Operator)
Santos Group- 51 percent

For further information:

Steven McDowell- Company Secretary (02) 9247 9234
Don Willesee-Central Communications Public Affairs (02) 9967
4466

CONTACT:

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


SELECT VINEYARDS: To Undergo Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Select Vineyards Pty Ltd (In Liquidation)
A.C.N. 063 527 104, held on 22 September 2004, it was resolved
that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose, David James Lofthouse and Richard John
Cauchi, of CJL Partners, Level 3, 180 Flinders Lane, Melbourne,
be appointed Joint and Several Liquidators.

Dated this 29th day of September 2004

David J. Lofthouse
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779,
Facsimile: (03) 9639 4773


VALAIN ENTERPRISES: To Face Voluntary Winding Up Process
--------------------------------------------------------
At a General Meeting of Valain Enterprises Pty. Ltd. A.C.N. 004
624 604, duly convened and held at 153 Scoresby Road, Boronia,
on the 29th of September 2004 the following Special Resolution
was passed:

Resolved that the Company be wound up as a Member's Voluntary
Liquidation and that the assets of the Company may be
distributed in whole or in part to the members in specie should
the liquidators so decide.

Dated this 29th day of September 2004

John R. Giltinan
Liquidator
153 Scoresby Road,
Boronia Vic 3155


WINGLADE PTY: Names Jamieson Louttit as Liquidator
--------------------------------------------------
Winglade Pty Limited (In Liquidation) A.C.N. 089 540 214 was
wound up voluntarily and placed in Members' Voluntary
Liquidation on 30 September 2004 and Jamieson Louttit was
appointed Liquidator.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505,
Facsimile: (02) 9231 0303


XLON PTY: Placed in Members Voluntary Liquidation
-------------------------------------------------
Xlon Pty Limited (In Liquidation) A.C.N. 003 147 868 was wound
up voluntarily and placed in Members' Voluntary Liquidation on
30 September 2004 and Jamieson Louttit was appointed Liquidator.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0505,
Facsimile: (02) 9231 0303


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C H I N A  &  H O N G  K O N G
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BANK OF CHINA: To Retain Lending Rate
-------------------------------------
Bank of China (BOC) Hong Kong will not hike its prime lending
rate despite an abrupt increase implemented by the U.S. Federal
Reserve, according to Xinhuanet.

According to a spokesperson, the decision to retain its prime
rate at 5.125% is due to the current market conditions.

Hong Kong is inclined to track U.S rate movement since its
currency is gauged by the U.S dollar. But it is possible for
local banks not to follow the rate increase this time for the
banking system is awash with cash and loan demand is soft.

Hong Kong Monetary Authority, however, raised the base rate
charged through its overnight discount window by 25 basis points
to 3.50 percent after the U.S. Federal Reserve lifted its
benchmark federal funds overnight bank lending rate by a quarter
percentage point to 2 percent.

CONTACT:

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


GOLDGOOD PROPERTIES: Creditors Must 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 Goldgood Properties 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
Goldgood Properties Limited


GOLDWELL PROPERTIES: Reveals Appointment of Liquidators
-------------------------------------------------------
The undersigned 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 Goldwell Properties Limited 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
Goldwell Properties Limited


GOLDWELL PROPERTIES: 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 Goldwell Properties 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
Goldwell Properties Limited


KANHAN TECHNOLOGIES: Net Loss Narrows to HK$4.121 Mln
-----------------------------------------------------
KanHan Technologies posted a narrowed net loss of HK$4.121
million for the first three quarters of 2004, compared with the
net loss of HK$5.226 million a year ago. LPS was HK$0.0082.

No third quarter dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_kanhantechnologies111204.pdf


LINEFAN TECHNOLOGY: Net Loss Widens to HK$29.175 Mln
----------------------------------------------------
Linefan Technology Holdings Limited posted a widened net loss of
HK$29.175 million for the first three quarters of 2004, compared
to the net loss of HK$16.793 million for the same period of
2003. The LPS was HK$0.0244.

No dividend was declared for the third quarter.

To view the entire article click on:
http://bankrupt.com/misc/tcrap_linefantechnology111104.pdf


MEGAINFO HOLDINGS: Unveils 1H Financial Results
-----------------------------------------------
MegaInfo Holdings Limited posted a net loss of HK$1.475 million
for the fiscal first half ended July 31, compared with a net
loss of HK$547,000 a year ago. The LPS was HK$0.0276.

No dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_megainfoholdings111204.pdf


MOBILE TELECOM: Net Loss Drops To HK$2.393 Mln
----------------------------------------------
Mobile Telecom Network (Holdings) Limited posted a net loss of
HK$2.393 million for the financial first half ended September
30, compared with a loss of HK$4.581 million a year ago. LPS was
HK$0.0054.

No dividend was declared for the fiscal second quarter.

To click the entire document click on:
http://bankrupt.com/misc/tcrap_mobiletelecom111204.pdf


NIKKEI HONG: Appoints Liquidators
---------------------------------
Notice is hereby given that the undersigned John James Toohey
and Rainier Hok Chung Lam, both of 22/F., Prince's Building,
Central, Hong Kong, were appointed as the Joint and Several
Liquidators of Nikkei Hong Kong Aluminium Company Limited by a
special resolution of the Company passed on the 1st of November,
2004.

Dated this 1st day of November, 2004

John James Toohey
Rainier Hok Chung Lam
Joint and Several Liquidators


NIKKEI HONGKONG: To Undergo Voluntary Winding Up
------------------------------------------------
Pursuant to Section 116B of the companies ordinance (Chapter
32), the following resolution was passed by Nikkei HongKong
Aluminium Company Limited as a special resolution on the
aforesaid date:

"That the Company be wound up voluntarily and that Mr. John
James Toohey and Mr. Rainier Hok Chung Lam, both of 22/F.,
Prince's Building, Central, Hong Kong, be appointed liquidators
to act Jointly and Severally for the purpose of such winding
up."

Mung Hing Choy
Director

This notice is dated November 5, 2004.


SYSCAN TECHNOLOGY: Posts HK$25.024-Mln Net Loss
-----------------------------------------------
Syscan Technology Holdings posted a net loss of HK$25.024
million for the first nine months of 2004, compared to a net
loss of HK$18.104 million for the same period of last year. The
LPS was HK$0.244.

No dividend was declared for the third quarter.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_syscantechnology111204.pdf


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BANK DANAMON: To Pay IDR178.73 Div/Share
----------------------------------------
PT Bank Danamon Indonesia (BDMN.JK) said it plans to pay an
interim dividend of IDR178.73 a share to shareholders registered
as of Dec. 8.

The dividend will be paid Dec. 22.

CONTACT:

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


BANK RAKYAT: Loads ATMs With Cash Ahead of Holidays
---------------------------------------------------
PT Bank Rakyat Indonesia has loaded IDR1 trillion (US$110
million) worth of cash in its automatic teller machines (ATMs)
across the country to meet people's needs during the Idul Fitri
Islamic holiday, reports Asia Pulse.

The bank made available the cash, as its offices will not do
business for nine days from November 13 to 21.

However, customers are given the chance to access the bank's 24-
hour banking services including the ATM service, phone banking
or Call service during the holidays.

Bank Rakyat operations division deputy chief Sutardjo said the
bank operates 682 ATMs across Indonesia and ATM links with other
banks.

CONTACT:

Bank Rakyat Indonesia
Jl. Jend Sudirman No. 44-46
P.O. Box 1094
Jakarta, Indonesia
Phone: (62) 21-575-1015
Fax: (62) 21-250-0071
Web site: www.bri.co.id


DIRGANTARA INDONESIA: Libya Mulls Purchase of CN-235 Aircraft
-------------------------------------------------------------
The Libyan government is interested in buying CN-235 aircraft
from PT Dirgantara Indonesia to replace old Russian aircraft
currently used by its army, according to The Jakarta Post.

Seif al-Islam al-Qaddafi, son of Libyan President Muammar
Qaddafi, came to check Dirgantara's workshop in Bandung to make
inquiries about the technology used in the CN-235.

Dirgantara sales director Iwan Sumekto said Libya needed to
replace the Antonov An-26 aircraft it has been using in 20
years. He added the 30- to 50-seater CN-235 is suitable for
Libya.

Dirgantara, formerly known as PT Idustri Pesawat Terbang
Nusantara, made headlines mid-last year when it suspended 9,670
workers due to financial constraints as the Company had been
facing difficulties in selling its aircraft.

In December last year, the Company dismissed 6,600 employees
with approval from the government. The state allocated US$50
million in severance packages for the workers, who rejected them
and demanded to be reinstated.

Meanwhile, Dirgantara earlier this year made its first delivery
of military passenger planes to Pakistan and is currently
contracted to supply aircraft components to British Aerospace
and Boeing.

The Islamic Development Bank, which has pledged to provide
working capital for the projects, is currently conducting a
feasibility study to see whether Dirgantara was bankable.

CONTACT:

Pt Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com


INDOFOOD SUKSES: Expects 2004 Sales to Rise 3-4%
------------------------------------------------
Food giant PT Indofood Sukses Makmur Tbk is optimistic this
year's sales volume would climb 3-4 percent, reports
Indoexchange.

The Company made the estimate based on the fact that the country
still patronizes instant noodles.

As of September 2004, sales volume of Indofood's instant noodles
came to 7.23 billion packages, slightly lower than last year's
7.28 billion packages. But the food Company is bullish it can
achieve a minimum 3-4 percent sales growth until the end of
2004.

Meanwhile, Indofood instant noodle division head Taufiq
Wiraatmadja denied reports that the Company has marked up the
prices of some of their noodle products.

He explained the Company will not respond to the mass price hike
on all instant noodle products. He added the Company has
preferred internal efficiency covering savings in material
utilization, attention on the distribution channel effectiveness
and human resources efficiency.

CONTACT:

Indofood Sukses Makmur Tbk
Gedung Ariobimo Sentral,
12th Fl., Jl. H.R. Rasuna Said X-2 Kav
Jakarta 12950,
Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014


PERTAMINA: Oil Imported From Russia Arriving in December
--------------------------------------------------------
PT Pertamina is poised to take delivery in December the first
600,000 tons of high-speed diesel oil it has purchased from
Russia, Antara says.

The oil will then be stored in two floating tanks in the
Semangka Strait, West Java, and at Kalabat in Situbondo, East
Java after arrival.

Pertamina trade and marketing director Ari Soemarno said the
state gas and oil firm bought oil from Russia, as it was two US
dollars cheaper than the standard international market price.

The deal with Russia involved 600,000 tons of high-speed diesel
oil for delivery in three months' time, complete with a
certificate of origin, Mr. Ari said.

The consignments due to arrive in December would serve as a
sample that would help Pertamina decide whether or not it would
continue to buy from Russia.

CONTACT:

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


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


CHORI COMPANY: METI Oks Business Restructuring Plan
---------------------------------------------------
The business restructuring plan submitted by Chori Co., Ltd. was
evaluated and found to fulfill requirements for business
structure modification and business innovation under the Law on
Special Measures for Industrial Revitalization.

The plan was consequently approved by the Ministry of Economy
Trade and Industry (METI) approved on November 10.

About Chori Company Limited

The Group's principal activity is to trade firm for textile and
chemicals products. The Group's operations involve synthetic
textiles, silk, knitting products, organic/inorganic chemical,
oil and medical materials, material for industrial use, precious
parts, IT equipment, OA equipment and software. The Group is
also engaged in automobile, construction and real estate
business. Textiles accounted for 54% of fiscal 2002 revenues;
Chemicals, 34%; Information related, 6% and Others, 6%.

CONTACT:

Chori Co., Ltd.
4-7 Kawara-Machi 2-Chome
Chuo-Ku Osaka 540-8603, Osaka 540-8603
Japan
Phone: +81 6 6228 5085
Fax: +81 6 6228 5546
Web site: http://www.chori.co.jp/


KANEBO LIMITED: Delays Earnings Report
--------------------------------------
Ailing textile firm Kanebo Limited postponed the release of its
fiscal first half earnings to November 26, says Japan Today.

The postponement, which was originally slated for November 19,
was made in the wake of a change in its auditing firm in July
and the recent revelation of tampering of earnings report by its
former management.

CONTACT:

Kanebo Limited
3-20-20, Kaigan
Minato-Ku, Tokyo, 108-0022
Phone: 0354463002
Fax: 0354463003


KOBE STEEL: Unveils Consolidated Financial Results for 1H/FY04
--------------------------------------------------------------
Kobe Steel has disclosed its financial results for the first
half of fiscal 2004, ended September 30, 2004.

Consolidated financial summary (in millions of yen)
                        FY2004         FY2003         % Change
                        First Half     First Half

Net sales               684,743        587,046         16.6%
Operating income         67,397         42,027         60.4%
Ordinary income *        45,117         17,520        157.5%
Net income               15,690          8,997         74.4%
Earnings per share       JPY5.28         JPY3.03
* Also known as pretax recurring profit

Operating Results & Financial Position

(1) Operating Results

Japan's economy in the first half of fiscal 2004 was robust,
supported by strong exports on the back of the expanding Asian
and U.S. economies. Private-sector capital investment rose, and
personal spending steadily increased. Raw material and supply
costs continued to escalate due to sharp growth in the Chinese
economy.

Under these conditions, the Kobe Steel Group continued to focus
its management resources on creating and increasing its "Number
One, Only One" distinctive products. The Company has been
carrying out its Fiscal 2003-2005 Consolidated Medium-Term
Business Plan, as well as working to meet demand and raise sales
prices.

Owing to strong demand for steel, aluminum and copper products,
Kobe Steel was able to achieve high levels of shipments and
increased sales prices. In the wholesale electricity supply
business, the No. 1 and No. 2 power plants of the Shinko Kobe
Power Station together have a generation capacity of 1.4 million
kilowatts of electricity. Construction machinery and target
material for LCD panels also performed well. As a result,
consolidated net sales rose to JPY684.7 billion, up JPY97.6
billion in comparison to the same period last year.
Pretax ordinary income (also known as pretax recurring profit)
increased JPY27.5 billion to JPY45.1 billion. Owing to improved
financial performance, Kobe Steel was able to apply fixed-asset
impairment accounting. As losses applicable to impairment
accounting were taken as extraordinary losses, net income was
JPY15.6 billion.

Interim dividends

Kobe Steel has decided to forego interim dividends for the half-
year period and asks its shareholders for their understanding.

(2) Financial Position

Capital investments have been centered on projects to increase
the Company's competitiveness in distinctive products, as well
as facilitate high-level, stable operations. Kobe Steel intends
to continue its efforts to reduce its assets. As a result, total
assets in the first-half of fiscal 2004 have gone down JPY31.2
billion to JPY1,885.1 billion, in comparison to fiscal 2003.

With a net income of JPY15.6 billion, stockholders' equity
increased JPY10.4 billion to JPY340.5 billion.

As a result, the net worth ratio in the first half was 18.1%, up
0.9% from fiscal 2003.

Net cash provided by operating activities increased JPY66.7
billion to JPY100.4 billion. Income before income taxes reached
JPY34.9 billion and depreciation was JPY40.5 billion, and trade
receivables from customers decreased JPY22.4 billion.

Net cash used in investing activities amounted to JPY19.1
billion, after purchases of tangible fixed assets of JPY23.3
billion.

Free cash flow derived from the difference between net cash
provided by operating activities and net cash used in investing
activities was JPY81.2 billion. Net cash used in financing
activities amounted to JPY85.1 billion, due to repayment of
debts and bonds.

As a result debt decreased JPY67.4 billion to JPY864.4 billion.
Cash and cash equivalents decreased JPY2.9 billion to JPY65.5
billion, in comparison to FY2003.

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_KOBESTEEL111204.pdf

CONTACT:

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


MATSUSHITA ELECTRIC: Reveals Automatic Filter Cleaning System
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (TSE: 6752), aka
Panasonic, has revealed its new X Series models of air
conditioners that featuring a built-in automatic air filter
cleaning system.

Matsushita's new filter cleaning system automatically cleans the
air conditioner's filter once every 24 hours. The cleaning
process takes about nine minutes and can clean one-eighth of the
entire filter surface. The process begins when the unit is
switched off after it is operated for 30 minutes or longer. The
filter automatically expels collected dust into the outdoor
atmosphere together with other air borne particles.

The new X Series models are also equipped with the industry's
first air purifying unit combining the pre-filter and air
purifier into one unit. The new air purifier covers the entire
face of the air conditioner, collecting dust and cleaning the
air twice as fast as conventional models. With the self-cleaning
system, the unit keeps dust from entering into the internal heat
exchanger.

A gas sensor is installed to "patrol" the indoor air. The sensor
monitors the indoor air quality even when the air conditioner is
switched off. Once the sensor detects a build up of gases such
as carbon dioxide or household pollutants in the air, the air
purifier and ventilator automatically activates to remove them.
When the sensor finds the oxygen level is lower than 21 percent,
the outside unit concentrates the oxygen level to about 30
percent and feeds it back to the room to keep the oxygen level
at the normal 21 percent.

Other features include filters coated with catechin, the "Super
Alleru-Buster" anti-allergen and "Bio Anti-Bacterial" materials
to inactivate a variety of airborne allergens and viruses.

Ten new models of the new X Series lineup with varying
capacities will be rolled out in Japan on January 21, 2005.

CONTACT:

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


MITSUBISHI FUSO: Completes Repair of 51.2% of Recalled Buses
------------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation declared it had
completed the repair of 51.2 percent of midsize and large buses,
which were recalled for faulty seats near emergency exits,
according to Asia Pulse.

The struggling truck maker, has cleared 14,472 vehicles, almost
finishing safety measures for a number of major public and
private bus companies that are believed to have particularly
high number of passengers.

The buses, recalled from September 22, have defective seats near
emergency exits that fall forward during sudden stops.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Covisint Helps Collaborate With Suppliers
------------------------------------------------------------
Covisint, a subsidiary of Compuware Corporation, announced
agreement to provide Mitsubishi Motors Corporation of Japan with
Covisint Communicate portal service. Covisint Communicate will
help Mitsubishi improve sharing of information and collaborative
business processes with suppliers.

Mitsubishi purchased Covisint Communicate to provide its
suppliers with immediate access to information and applications
to obtain more collaborative working relationships. The multi-
phase agreement began with the deployment of the service in
Japan to approximately 1,200 Mitsubishi suppliers. Covisint
recruited the suppliers using their Japanese language deployment
team, and the suppliers can access the Covisint Communicate
portal service in any one of seven languages, including
Japanese.

"Companies need to maintain a high degree of visibility and
control as they exchange information with suppliers," said Bob
Paul, President and CEO of Compuware Covisint.

"Covisint Communicate provides a single point of communication
for Mitsubishi suppliers globally, creating a platform for
collaboration."

Covisint Communicate provides a secure infrastructure based on
the Covisint federated identity management model to help ensure
the security of Mitsubishi information and applications. The
service includes integrated automotive-specific applications for
sharing a library of documents and secure bulletin broadcasts to
increase the visibility of information across the supply chain
and achieve better decisions with current, real-time
information.

By using the Covisint Communicate portal service, Mitsubishi
avoided the expense of developing a portal and accelerated the
rollout of its internal applications to suppliers. A study by
AMR Research indicated that by using Covisint Communicate, the
cost of developing a portal could be reduced by 80 percent and
the operating cost reduced by 50 percent.

The Covisint Communicate portal was implemented for Mitsubishi
in 90 days and went live in August 2004. Mitsubishi joins Ford,
DaimlerChrysler, Delphi, Freightliner and Visteon in using
Covisint Communicate to help collaborate with suppliers.

Compuware Covisint provides technology and professional services
for the global automotive industry to share information between
business partners. The Covisint Automotive Industry Operating
System -- a platform for collaboration -- enables manufacturers
and suppliers to reduce costs, increase efficiency, enhance
quality and improve time to market.

CONTACT:

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


SEIBU RAILWAY: TSE Halts Trading, Denies Delisting Decision
-----------------------------------------------------------
The Tokyo Stock Exchange admitted it suspended trading of Seibu
Railway Company but denied a news report that it is likely to
delist the shares for falsifying its financial statements, Kyodo
News reveals.

TSE halted Seibu Railway's stock trading for 30 minutes in order
to allow investors to contemplate on a news report of a possible
delisting of the shares from the bourse's First Section.

The Nihon Keizai Shimbun earlier reported that the TSE has
finalized plans to delist Seibu Railway on grounds that the firm
underreported the ratio of major shareholder's stakes for more
than four decades in its financial statements.

The TSE said it never decided to delist the railway firm's
shares, saying delisting a Company for inappropriate disclosure
is a very rare occurrence.

The bourse, however, acknowledged Seibu's unethical practice has
hurt confidence in the securities market.

The practice was revealed in October 13 after Seibu Railway
admitted it had underreported the shareholding ratio of stakes
held by major investors, including Kokudo Corporation, a
privately held firm that effectively controls the Seibu Railway
group.

As a result, the ratio of total shareholdings by ten Kokudo
group companies in the railway Company was held below 80
percent, effectively evading a listing requirement prohibiting
major shareholders from owning more than an 80 percent stake in
a firm.


UFJ HOLDINGS: Implements Joint Recruiting Activities with MTFG
--------------------------------------------------------------
The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Limited, The
Mitsubishi Trust and Banking Corporation and UFJ Trust Bank
Limited, and Mitsubishi Securities Co., Ltd. and UFJ Tsubasa
Securities Co., Ltd., which are subsidiaries of Mitsubishi Tokyo
Financial Group, Inc. and UFJ Holdings, Inc., have decided to
implement joint recruiting activities with respect to the hiring
of new college graduates in 2006 in each of the commercial
banking, trust banking, and securities business lines.

Prior to the proposed management integration in October 2005,
each business line will promote joint recruiting activities and
will work to employ talented people with future promise.

(1) Formation of Joint Recruiting Project Teams:

- Joint recruiting project teams will be formed in each of the
commercial banking, trust banking and securities business lines.
All recruiting activities such as providing applicants with
Company information and recruiting information, and screening of
the applicants will be performed jointly through such project
teams.

(2) Providing Information to New College Graduates:

- Setting up joint recruiting web pages.

Joint web pages for recruiting will be set up for each of the
commercial banking, trust banking and securities business lines.

- Holding of joint Company information briefing sessions.

Joint Company information briefing sessions will be held by each
of the commercial banking, trust banking and securities business
lines as an opportunity to provide recruiting information to new
college graduates. (Details will be provided on the "recruiting
home page" etc.)

Filings with the U.S. SEC

Mitsubishi Tokyo Financial Group, Inc. (MTFG) may file a
registration statement on Form F-4 (Form F-4) with the U.S. SEC
in connection with the proposed management integration of UFJ
Holdings, Inc. (UFJ) with MTFG.

The Form F-4 (if filed) will contain a prospectus and other
documents. If a Form F-4 is filed and declared effective, UFJ
plans to mail the prospectus contained in the Form F-4 to its
U.S. shareholders prior to the shareholders meeting at which the
proposed business combination will be voted upon.

The Form F-4 (if filed) and prospectus will contain important
information about MTFG, UFJ, management integration and related
matters. U.S. shareholders of UFJ are urged to read the Form F-
4, the prospectus and the other documents that may be filed with
the U.S. SEC in connection with the management integration
carefully before they make any decision at the UFJ shareholders
meeting with respect to the proposed business combination.

The Form F-4 (if filed), the prospectus and all other documents
filed with the U.S. SEC in connection with the management
integration will be available when filed, free of charge, on the
U.S. SEC's web site at www.sec.gov.

In addition, the prospectus and all other documents filed with
the U.S. SEC in connection with the management integration will
be made available to shareholders, free of charge, by calling,
writing or e-mailing:

MTFG CONTACT:

Mr. Hirotsugu Hayashi
26F Marunouchi Bldg., 4-1 Marunouchi 2-chome,
Chiyoda-ku Tokyo 100-6326 Japan
81-3-3240-9059
E-mail: Hirotsugu_Hayashi@mtfg.co.jp

UFJ CONTACT:

Mr. Shiro Ikushima
1-1 Otemachi 1-chome,
Chiyoda-ku Tokyo 100-8114 Japan
Phone: 81-3-3212-5458
E-mail: shiro_ikushima@ufj.co.jp

In addition to the Form F-4 (if filed), the prospectus and the
other documents filed with the U.S. SEC in connection with the
management integration, MTFG is obligated to file annual reports
with, and submit other information to, the U.S. SEC. You may
read and copy any reports and other information filed with, or
submitted to, the U.S. SEC at the U.S. SEC's public reference
rooms at 450 Fifth Street, N.W., Washington, D.C. 20549 or at
the other public reference rooms in New York, New York and
Chicago, Illinois. Please call the U.S. SEC at 1-800-SEC-0330
for further information on public reference rooms. Filings with
the U.S. SEC also are available to the public from commercial
document-retrieval services and at the web site maintained by
the U.S. SEC at www.sec.gov.


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


DAEWOO ENGINEERING: Picks Samsung Securities to Arrange Sale
------------------------------------------------------------
A Samsung Securities Co.-led consortium was chosen to manage the
sale of a controlling stake in Daewoo Engineering & Construction
Co, and is expected to fast track the sale of the Company,
according to Asia Pulse.

The consortium of Samsung Securities and Citi Global Market
Securities was chosen from a shortlist of four candidates on
Thursday.  Samsung will arrange the sale of a 50 percent
interest plus one share in Daewoo Engineering, estimated at KRW1
trillion (US$900 million).

The Korea Asset Management Corp. (KAMCO) owns a 46.4 percent
stake in Daewoo Engineering & Construction, while 11 creditors
hold 35.6 percent of the Company.

KAMCO plans to pick a preferred bidder early next year and wrap
up the builder's sale by June.


LG CARD: Reaches Agreement with Lotte Mart Over Fees
----------------------------------------------------
The four-month dispute between LG Card and Lotte Mart has
finally reach an end when both agreed to a 1.5 percent to 1.8
percent raise in sales transaction fees, reports The Korea
Herald.

The deal between Lotte Mart and LG Card, which will take effect
December 1 is the first negotiated settlement involving a
domestic retailer.  Last month, BC Card and France-based
discounter Carrefour settled on 2 percent.

"Now that there has been a breakthrough with LG Card, we hope to
be able to find a common ground with other card companies and
find the best possible solution," said Tak Yong-kyu, a Lotte
Mart spokesman.

The dispute over raising the standard rate to at least 2 percent
started last August.  Card companies believe 1.5 percent is
below the industry standard and is a financial drain on their
operations.  Retailers say they are being made a scapegoat of
irresponsible management on the part of card companies.

"We were both willing to compromise and this is what made the
difference. Through this experience, we decided to continue to
move toward a win-win approach, even for future negotiations,"
explained Tak, saying that LG Card at first had demanded a fee
of 2.2 percent.

Lotte said, accepting credit cards in their institution is
convenient for shoppers, if they do not it could mean losing
clients and popularity to card companies.

LG Card says 1.8 percent is still not enough to cover operating
costs but that it was more urgent to reduce the inconvenience
for their clients.

"We thought it would be best to focus on catering to and
securing our clients," said Park Hee-chul, a spokesman for LG
Card.

Mr. Park said the settlement with Lotter Mart does not
necessarily mean that it would set the trend for the whole card
industry or for its contracts with retailers.

CONTACT:

LG Card Company Limited
Fax: (02)3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


SK CORPORATION: Regrets on Legal Suit Filed by Sovereign
--------------------------------------------------------
SK Corporation expressed its deepest regret on the legal action
taken by Sovereign Asset Management Ltd. after it brushed off
the latter's request for an extraordinary shareholders' meeting,
reports Asia Pulse.

"It is highly regrettable that Sovereign has taken the legal
action," SK said in a statement. "We will deal sincerely with
the case."

SK rejected Sovereign's demand because its proposed corporate
article amendment through an extraordinary shareholders meeting
is similar to a revision bill nixed at the regular shareholders
meeting in March, it said.

"If the request of Sovereign is about the leadership of SK, it
could be dealt with at the shareholders meeting in March next
year," SK said.

Sovereign is asking for an extraordinary shareholders meeting in
its aim to oust SK Chairman Chey Tae-won.

Mr. Chey was jailed in 2003 for his involvement in a US$1.2
billion accounting fraud and is now free on bail while appealing
the conviction.

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


GOLDEN FRONTIER: Granted Listing of 8,000 Ordinary Shares
---------------------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on October 29, 2004.

Date of buy back: 29/10/2004

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

Total number of shares purchased (units): 8,000

Minimum price paid for each share purchased (RM): 0.680

Maximum price paid for each share purchased (RM): 0.695

Total consideration paid (RM): 5,495.92

Number of shares purchased retained in treasury (units): 8,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,171,000

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

CONTACT:

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

This announcement is dated 29 October 2004.


KUB MALAYSIA: Narrows 3Q/FY04 Net Loss to RM2.9 Mln
---------------------------------------------------
KUB Malaysia Berhad narrowed its third quarter net loss to
RM2.986 million against a net loss of RM8.372 million a year
earlier, Dow Jones reports.

It reported a pre-tax profit of RM41.5 million in the same
period, against a pre-tax loss of 33.2 million a year earlier.

                3rd quarter ended September 30, 2004
                  Figures are in Ringgit (MYR).

                                 2004               2003

Revenue                MYR202,486,000     MYR142,933,000
Pretax Profit                 317,000         (6,900,000)
Net Profit                 (2,986,000)        (8,372,000)
Earnings Per Share          (0.58 Sen)         (1.66 Sen)
Dividend                      Omitted            Omitted
   9 months ended Sept. 30:
Revenue                   561,968,000        414,422,000
Pretax Profit              41,488,000        (33,155,000)
Net Profit                 34,465,000        (36,371,000)
Earnings Per Share           6.72 Sen          (7.21 Sen)
Dividend                      Omitted            Omitted

CONTACT:

KUB Malaysia Berhad
No. 6, Block H
Jalan 65C
Off Jalkan Pahang Barat
53000 Kuala Lumpur
Phone: 03-421 4121
Fax: 03-423 3090


LITYAN HOLDINGS: Seeks to Dispose of Non-core Investments
---------------------------------------------------------
Further to the announcements on 30 September 2004, Lityan
Holdings Berhad (LHB) announced an update of its various credit
facilities in default to the financial institutions as at 29
October 2004.

The Company is actively taking steps to dispose off the Group's
non-core investments and non-operating assets to generate cash
flow for settlement of defaults and redemption of the loans.

For more information, go to
http://bankrupt.com/misc/tcrap_lityan110104.doc

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2
40150 Shah Alam
Selangor Darul Ehsan Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MCSB SYSTEMS: SC Rejects Restructuring Scheme Proposal
------------------------------------------------------
MCSB Systems (M) Berhad announced that the Securities Commission
(SC) had not approved the Proposed Restructuring Scheme vide its
letter dated 26 October 2004.

The SC's decision has been made after taking into consideration,
among others, that Ji Kang Dimensi Sdn. Bhd. (Ji Kang), being
the main contributing Company in the Proposed Restructuring
Scheme, did not comply with paragraph 6.14(a) of the SC's
Policies and Guidelines on Issue/Offer of Securities, in view
that Ji Kang was only operating in the same or complementary
business for only three (3) full financial years after resuming
its production activities in November 2000.

The Board of Directors has decided to make an appeal in relation
to the SC's decision.

CONTACT:

MCSB SYSTEMS (M) BERHAD
Jalan Wisma Putra
Kuala Lumpur, 50460
Malaysia
+60 3 2141 7400
+60 3 2148 8010

This announcement is dated 29 October 2004.


OCEAN CAPITAL: Units Receive Winding Up Petitions
-------------------------------------------------
Further to our announcement dated 28 October 2004, Ocean Capital
Berhad announced that the debt arose in its units namely
Pasaraya Ocean (Seremban) Sdn. Bhd. and Pasaraya Hugo (Kuantan)
Sdn. Bhd., were due to insufficient funds available in both
companies.

A winding up petition was also served against the subsidiaries.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor
Changkat Bukit Bintang
50200 Kuala Lumpur
Telephone: 03-21480700
Fax: 03-21454825


PICA CORPORATION: Issues Monthly Status Update
----------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 of the Bursa Malaysia Securities Berhad, the Board of
Directors of Pica Corporation announced the following for public
release:

(1) RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 28 January 2005 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in Court.

(2) RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 14 December 2004 for mention. Apart from the
above, the legal proceeding is still pending in Court.

(3) RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been fixed for further mention on 7 December 2004. Apart from
the above, the legal proceeding is still pending in Court.

(4) RM4 million Revolving Credit Facility & RM7 million
Overdraft Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 21 December 2004. Apart from
the above, the legal proceeding is still pending in Court.

(5) Approx RM3 million Credit Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been fixed for hearing on 24 November 2004. Apart from the
above, the legal proceeding is still pending in Court.


CONTACT:

PICA (M) CORPORATION BERHAD
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
+60 3 2161 8800
+60 3 2161 1714


PICA CORPORATION: Still Seeking New Adviser
-------------------------------------------
Further to the monthly status announcement under Practice Note
No. 4/2001, the Board of Directors of Pica Corporation announced
that it is still in the process of identifying a suitable party
to take over the function of Commerce International Merchant
Bankers Bhd (CIMB), the Company's adviser for the proposed
Composite Scheme that had resigned with immediate effect on 18
March 2004, and continue with the Scheme.

The proposed Composite Scheme remains unchanged and is still
pending approval from the Securities Commission.

This announcement is dated 1 November 2004.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
+60 3 2161 8800
+60 3 2161 1714


PILECON ENGINEERING: Default Status Unchanged
---------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 30 September 2004 with regard to the status of default in
payment pursuant to Practice Note 1/2001, the Company announced
that there have not been any changes to the status of default
since then.

The Company has revised its earlier Proposed Scheme of
Arrangement (Scheme) and has on 28 February 2004 submitted to
the Securities Commission an appeal against their decision in
rejecting the original Scheme.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888


PSC INDUSTRIES: Unit Snags Two Dubai Projects Worth RM948 Mln
-------------------------------------------------------------
PSC Industries Berhad announced that its wholly owned unit,
Penang Shipbuilding & Construction Sdn Bhd, has received a
Letter of Intent for the construction and completion of the West
Bay Lagoon and the Palm Tower Projects located in Doha, Qatar
with estimated value of approximately RM948 million (equivalent
to QR907 million) from National Business Investment Company
(NBICo) of Dubai, U.A.E.

BRIEF INFORMATION ON PSCSB

PSCSB was incorporated in Malaysia under the Companies Act, 1965
on 14 February 1972 as a private limited Company. The authorised
share capital of PSCSB is RM200,000,000 ordinary shares of
RM1.00 each of which 70,000,000 ordinary shares of RM1.00 has
been issued and fully paid-up.

The principal activities of the Company are heavy engineering,
construction, ship repair and shipbuilding.

DETAILS OF THE PROJECTS

The total projects value offered for the construction of West
Bay Lagoon Plaza ("Project I") and The Palm Tower Projects
("Project II") is QR907,474,070 or equivalent to approximately
RM948 million.

Other details of the projects are as follows:

Project I

Project Description: To construct the proposed development of
West Bay Lagoon Plaza

Location: Doha, Qater

Development Composition: Two tower of 34 storey apartments with
the car park and a 4 storey podium comprising the car park,
retail outlet promenade/restaurant, cinema, clubhouse and
private chalet.

Client: National Business Investment Company

Project Value: Approximately RM673 million (equivalent to QAR644
million)

Completion Period: Estimated 45 months

Project II

Project Description: To construct the proposed development of
Palm Tower Projects.

Location: Doha, Qatar

Development Composition: 53 storey tower block comprising of car
par and offices and relevant external works.

Client: National Business Investment Company

Project Value: Approximately RM227 million (equivalent to QAR217
million)

Completion Period: Estimated 45 months.

The LOI is subject to execution of formal contract agreement.
Further announcement will be made when the contract agreement is
executed.

CONTACT:

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

This announcement is dated 10 November 2004.


PSC INDUSTRIES: Affin Bank Demands RM408.65 Mln Debt Payments
-------------------------------------------------------------
PSC Industries Bhd (PSCI) and its unit Penang Shipbuilding &
Construction Sdn Bhd have received a notice of termination of
banking facilities from Affin Bank Berhad, The Edge reports.

Affin Bank also demanded the repayment of RM408.65 million under
its credit facilities. The bank also stated it would proceed
with civil action for full recovery of the whole outstanding
sums.

PSCI said it disputed the termination.


PSC INDUSTRIES: Unit Enters Into Shares Sale Agreement
------------------------------------------------------
PSC Industries Berhad announced that its wholly owned
subsidiary, Penang Shipbuilding & Construction Sdn Bhd (PSC),
has entered into a Share Sale Agreement (SSA) with JR Marine
Systems Pte. Ltd (JR Marine) on 29 October 2004 for the disposal
of the entire issued and paid-up share capital of Wavemaster
International Pty. Limited (Wavemaster)

DETAILS OF THE PROPOSED DISPOSAL

The SSA provide for the disposal of the entire issued and paid-
up share capital of Wavemaster free from any encumbrances for a
lump sum cash consideration of AUD100,000 or approximately
RM283,000 (AUD1 = RM2.83)

BRIEF INFORMATION OF WAVEMASTER

Wavemaster was incorporated on 25 June 1984 under the laws of
Australia and presently the issued and paid-up share capital of
Wavemaster is AUD8,012,507 comprising 7,309,161 ordinary shares.

The principal activities of Wavemaster are design and
manufacture of Fast Aluminium Passenger Ferries, and repairs and
refit of aluminium vessels.

BRIEF INFORMATION OF PSC AS THE VENDOR

PSC, a wholly owned subsidiary of PSCI, was incorporated on 14
February 1972 as a private limited Company under the Companies
Act 1965. The authorized share capital of PSC is RM200,000,000
comprising 200,000,000 ordinary shares of RM1.00 each of which
70,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

PSC is principally involved in heavy engineering, construction,
ship repair and shipbuilding.

BRIEF INFORMATION OF JR MARINE SYSTEM PTE LTD AS THE PURCHASER

JR Marine Systems Pte Ltd is a private Company incorporated
under the law of Singapore and is principally involved in marine
related activities.

BASIS OF ARRIVING TO THE DISPOSAL CONSIDERATION OF WAVEMASTER

The consideration for the Proposed Disposal of AUD100,000 or
approximately RM283,000 has been arrived on a willing buyer
willing seller basis after taking into consideration Wavemaster
unaudited negative shareholders fund of AUD2.3 million or
approximately RM6.5 million as at 30 June 2004 .

ORIGINAL COST OF INVESTMENT

PSCI group original cost of investment in Wavemaster was
RM5,884,691 made in 1994.

EFFECTS OF THE PROPOSED DISPOSAL

Issued and paid-up share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of PSCI.

Net Tangible Asset ("NTA")

The Proposed Disposal will not have any material effect on the
NTA of PSCI group of companies for the financial year ended 31
December 2004.

Earnings

The Proposed Disposal will give rise to a gain on disposal of
approximately RM23.8 million for PSCI group for the financial
year ended 31 December 2004.

Shareholding Structure

The Proposed Disposal will not have any effect on the
shareholding structure of PSCI.

RATIONALE FOR THE PROPOSED DISPOSAL

Wavemaster, has been recording losses over the past several
years, registered loss after tax of AUD4.1 million or
approximately RM11.6 million for the financial year ended 31
December 2003. The Proposed Disposal is in line with PSCI Group
current policy for disposal of loss making subsidiaries.

The proceeds from the Proposed Disposal will be used for PSCI
group's working capital.

APPROVAL REQUIRED

The Proposed Disposal is not subject to any approval from the
authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of its Directors or substantial shareholders has any
interest direct or indirect in the Proposed Disposal

DIRECTORS' RECOMMENDATION

After considering all relevant factors, the Directors of PSCI
are of the opinion that the Proposed Disposal is fair and to the
best interest of the Company and its shareholders.

DOCUMENTS AVAILABLE FOR INSPECTION

The following documents are available for inspection at the
Registered Office of the Company during normal office hours from
Monday to Friday (except public holidays) for a period of two
weeks commencing from the date of this announcement:

(i) SSA

(ii) Audited Accounts of Wavemaster for the past three (3)
financial years ended 31 December 2003 and its unaudited account
for the financial period ended 30 June 2004;

(iii) Annual Report of PSCI for the past three (3) financial
years ended 31 December 2003.

This announcement is dated 29th October 2004.


PUTERA CAPITAL: Discloses FY04 Unaudited Quarterly Report
---------------------------------------------------------
Putera Capital Berhad released its unaudited quarterly report
for the financial period ended August 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/08/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
         31/08/2004   31/08/2003     31/08/2004     31/08/2003
           RM'000      RM'000         RM'000         RM'000

1  Revenue
           13,304       20,430         13,304        20,430

2  Profit/(loss) before tax
           -3,422       -1,331         -3,422        -1,331

3  Profit/(loss) after tax and minority interest
           -3,414        -1,733       -3,414         -1,733

4  Net profit/(loss) for the period
           -3,414        -1,733       -3,414         -1,733

5  Basic earnings/(loss) per shares (sen)
           -5.04          -2.61       -5.04          -2.61

6  Dividend per share (sen)
            0.00           0.00        0.00          0.00


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

7  Net tangible assets per share (RM)

             0.2648              0.3104

For a copy of the Company's notes to the interim financial
report, visit
http://bankrupt.com/misc/tcrap_putera110104.doc

CONTACT:

Putera Capital Berhad
Kawasan Perindustrian Kamunting,
Lot 3545,
Peti Surat No. 18,
34600 Kamunting,
Taiping, Perak
Phone: 05-8914155
Fax: :05-8914145
Web site: http://www.putera.biz


SRI HARTAMAS: Reveals After-tax Loss of RM6.63 Mln
--------------------------------------------------
The Special Administrators of Sri Hartamas Berhad announced that
the audited loss after tax and minority interest for the
financial year ended 30 June 2004, which was prepared on a
Company basis was RM6.63 million.

The audited consolidated financial statements were not prepared
as the Company is unable to exercise control over any of its
subsidiaries pursuant to the liquidators being appointed over
the subsidiaries.

The unaudited profit after tax and minority interest of RM
214.78 million for the financial year ended 30 June 2004 which
was announced on 27 August 2004 was prepared on a consolidated
basis for the SHB Group of Companies.

Should you require any further information or explanation,
please do not hesitate to contact 03-2095 3388 (ext. 8002) or
Tan Kim Chuan (ext. 8101).

The reconciliation between the unaudited and audited results can
be accessed at
http://bankrupt.com/misc/tcrap_srihartmas110104.doc

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
+60 3 2167 0600
+60 3 2162 0212

This announcement is dated 29 October 2004.


TAP RESOURCES: Posts Appointment of Directors
---------------------------------------------
The Board of Directors of TAP Resources Berhad announced the
redesignation/appointment of the following Directors as
Chairman/member of the Nomination Committee and Remuneration
Committee of the Company with immediate effect:

(1) Encik Roslan bin Mohd Salleh who is currently a member of
the Nomination Committee and Remuneration Committee will be
redesignated as Chairman.

(2) Encik Mohd Mahyudin bin Zainal will be appointed as member
of the Nomination Committee.

(3) Encik Endee bin Zakari and Mr Cho See Yoo will be appointed
as members of the Remuneration Committee.

The Nomination Committee and Remuneration Committee of TAP shall
now comprise of the following:

Nomination Committee

Roslan bin Mohd Salleh - Chairman, Independent and non-executive
Director
Endee bin Zakari - member, Independent and non-executive
Director

Mohd Mahyudin bin Zainal - member, non-independent and non-
executive Director

Remuneration Committee

Roslan bin Mohd Salleh - Chairman, Independent and non-executive
Director

Endee bin Zakari - member, Independent and non-executive
Director

Cho See Yoo - member, Executive Director

c.c. Issues and Investment Division
Securities Commission
Attention: Encik Kris Azman Abdullah, Director

CONTACT:

TAP Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Phone: 03-79823388
Fax: 03-79811329


TENCO BERHAD: Default Status Unchanged
--------------------------------------
Pursuant to the Practice Note No. 1/2001 of the Bursa Malaysia
Securities Berhad, Tenco Berhad announced that that there is no
material development to the status of default payment to Lenders
as announced previously on 30 September 2004.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Telephone: (60) 3 541 0612
Fax: (60) 3 541 0132


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


METRO PACIFIC: Posts Php73.9-Mln 3Q/FY04 Net Loss
-------------------------------------------------
Metro Pacific Corporation (PSE: MPC) announced on 12 November an
unaudited net loss of Php73.9 million for the first nine months
of 2004, compared with a net profit of Php107.7 million reported
during the same period last year.

The loss results principally from significant losses incurred at
shipping unit Negros Navigation Company (Nenaco) and despite
improved performance at Landco Pacific Corporation (Landco).

CONSOLIDATED RESULTS

Metro Pacific recorded consolidated net revenues of Php2.2
billion for the first nine months of 2004, compared with Php2.8
billion in consolidated net revenues recorded for the same
period in 2003, reflecting the decline in Nenaco's revenues and
deconsolidation of Bonifacio Land Corporation (BLC). Operating
expenses were reduced during this period from Php520.9 million
to Php416.7 million, mainly due to the deconsolidation of BLC
and lower operating and marketing costs for Pacific Plaza Towers
(PPT). Financing charges declined to Php389.3 million in 2004
versus Php553.7 million in 2003, reflecting the reduction of
debt levels resulting from the closing of various debt
settlement agreements, and the deconsolidation of BLC.

OPERATIONS REVIEW

Landco reported a net profit of Php52.9 million for the first
nine months of 2004, a substantial improvement over the Php35.8
million profit reported for the same period last year, due
mainly to the sales success of its leisure Farms and Ponderosa
leisure Farms projects. Strong sales interest at Punta Fuego
further contributed to the strong 2004 performance. Consolidated
revenues likewise improved to Php607.8 million in 2004 versus
Php508.1 million in 2003.

PPT reported a net loss of Php18.2 million for the first nine
months of 2004, marginally higher than the Php11.6 million net
loss reported for the same period last year, and principally due
to lower net values realized from the sale of various units for
retirement of certain debt obligations.

Nenaco reported a net loss of Php382.4 million for the first
nine months of 2004, compared with a net profit of Php73.6
million for the same period in 2003. The loss reflects a
substantial decline in consolidated revenues to Php1.3 billion
for the first nine months of 2004, versus Php1.8 billion in 2003
and due to lower trip frequencies and reduced in-service fleet
size.

Comments: Metro Pacific in Transition

"We believe that while Nenaco has had the most challenging year
in its long history, under its Court-approved rehabilitation
program a solid foundation for its future recovery is being
built. Landco continues to perform beyond expectations and we
are pleased at its progress at building successful brands in a
highly competitive market space. Beyond this, Metro Pacific is
itself engaged in a broader transformation, in which over the
coming weeks and months, a virtually debt-free Company will
emerge agile and responsive enough to capitalize upon new
opportunities in new growth industries, said Jose Ma. Lim,
President and Chief Executive Officer.

About Metro Pacific Corporation

Metro Pacific Corporation is a Manila, Philippine-based
investment holding firm listed on the Philippine Stock Exchange
(PSE: MPC). Metro Pacific's business portfolio includes property
concerns Landco Pacific Corporation, Pacific Plaza Towers,
shipping unit Negros Navigation Company and a participation in
Metro Strategic Infrastructure Holdings Inc. More information
about Metro Pacific can be accessed at www.metropacific.com.

For inquiries please call:
David Nugent
Vice President
Metro Pacific Corporation
Tels: (632) 888-0888/ 0829
(63-918) 921-2797

For a copy of the press release, visit
http://bankrupt.com/misc/tcrap_mpc111204.pdf


METRO PACIFIC: PSE Probe Still Ongoing
--------------------------------------
The Philippine Stock Exchange (PSE) is carefully investigating
the alleged insider trading of Metro Pacific Corporation (MPC),
reports the Business World, citing PSE President Francis Lim.

Last month, some brokers had alleged that Metro Pacific was
engaged in insider trading and that a foreign brokerage Company
reportedly cornered most of its transactions for a few weeks,
riding on the optimistic announcements made by Chairman Manuel
V. Pangilinan.

The complainants said Metro Pacific failed to disclose the sale
of a 5-percent stake in the Company by parent Hong Kong-based
First Pacific Co. Ltd., which was announced after the deal was
completed.

The alleged conspiracy between Metro Pacific and the foreign
brokerage Company reportedly led to insider trading and stock
price manipulation.

But Metro Pacific had denied the accusations, saying it did not
violate the exchange's rules when its 930.2 million shares were
sold.

First Pacific said it was raising funds for Metro Pacific's
troubled shipping unit Negros Navigation Co. (Nenaco).

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


PHILIPPINE LONG: Clarifies "Dispute With U.S. Firm" Report
----------------------------------------------------------
This is in reference to the news article entitled "FCC probes
Philippine Long Distance and Telephone Co. (PLDT) row with a
U.S. firm" published in the November 11, 2004 issue of Today.

According to the article "The Federal Communications Commission
(FCC) of the United States is now reviewing the dispute of the
Philippine Long Distance Telephone Co. (PLDT) with American
carrier Access International, on a last ditch effort to restore
the Philippines on the list of approved routes for flexible
International Simple Resale (ISR). National Telecommunications
Commission (NTC) deputy commissioner Jorge Sarmiento said Access
International filed a case against PLDT at the FCC international
bureau. `Access International informed the FCC that the dispute
with PLDT still has yet to be resolved. The FCC will conduct a
complete review of the objection and comments submitted by
Access International. There is nothing more we can do. We cannot
force PLDT because that is already a bilateral matter,'
Sarmiento said. Sarmiento said PLDT had cut off interconnection
links with Access International that failed to pay international
access charges or the amount charged by one carrier for every
minute of call that passes through the network of another."

Philippine Long Distance Telephone Company (TEL), in its letter
dated November 11, 2004, advised the Philippine Stock Exchange
that:

"Access International, a US 214 carrier, has filed an objection
under the FCC's 2004 Reform Order proceedings for the return of
the U.S. - Philippine route to the FCC's list of approved routes
for International Simple Resale (ISR). PLDT, through its U.S.
counsels, has filed its comments/reply to Access International's
objection.

"In the same FCC proceedings, U.S. major carriers - AT&T, MCI
and Sprint have certified before the FCC that the U.S. -
Philippine route is benchmark compliant. These certifications
were submitted in compliance with FCC's directive in connection
with its evaluation of the return of the U.S. - Philippine route
in the list of approved routes for ISR. PLDT believes that
Access International's objections and issues were not relevant
to the current FCC proceedings and that U.S. - Philippine route
will soon be included in the FCC's list of approved routes for
ISR."

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

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


PICOP RESOURCES: Clarifies "Shutting Down Operations" News
----------------------------------------------------------
In reply to the Philippine Stock Exchange's request for
clarification of reports concerning Picop Resources,
Incorporated's (PCP) cessation of operations effective November
30, 2004, the Company, in its letter dated November 11, 2004,
clarified that:

(1) PICOP's current IAOP (Integrated Annual Operations Plan) was
to expire on November 4, 2004.

(2) Under DENR regulations, all activities in our forest area
have to cease if there is no current approved IAOP.

(3) On the basis that the IAOP will not be released by November
4, 2004, the Company tendered notices to workers concerned for a
lay-off effective November 7, 2004.

(4) The same notice was given to the pulp and paper mill as the
current inventory of wood material will run out by end of
November 2004 in case there is no operation after November 4,
2004.

(5) The same precaution was issued in previous years in order to
avoid costs while there is no activity in the concerned areas.

(6) The Company is waiting for the current 2004/2005 IAOP to be
released through the DENR Caraga Region Office.

(7) On the assumption that the various factors required in
resuming activities shall be in place, the pulp and paper mill
may be able to bridge the gap in raw materials, thus minimizing
possible disruption.

(8) Under the government warranty issued to PICOP's pulp and
paper mill project in 1969, such disruptions due to permitting
delays could have been avoidable.

Should the Supreme Court confirm the rulings rendered by the
Quezon City Regional Trial Court and the Court of Appeals that
the contract under which the warranty was issued in exchange for
the huge investment in the project has to be honored and
respected by succeeding governments after the contract was
signed and consummated, these persisting annual problems with
IAOP approvals will be a thing of the past."

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

CONTACT:

Picop Resources Inc.
2/F, Moredel Building
2280 Pasong Tamo Extension, Makati City
Tel. No:  813-2081/5308/5309
Fax No:  893-7195
E-mail Address: srmo@i-next.net
Web site: http://www.srmo-law.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Stock Transfer Service, Inc.


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


AIV HOLDINGS: Releases Dividend Notice
--------------------------------------
AIV Holdings Pte Ltd. released its dividend notice at the
Singapore Stock Exchange.

Address of Registered Office: Formerly of 13 Dempsey Road #01-03
Singapore 1024

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 217 of 1997

Amount Per Centum: 1.665%

First and Final or otherwise: First & Final Dividend

When Payable: 12 October 2004

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

Chan Wang Ho
Assistant Official Receiver

This Singapore Government Gazette notice dated November 10,
2004.


CRAFT PROJECTS: Bankruptcy Petition Hearing Set November 19
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Craft Projects (S) Pte Ltd by the High Court was on the 27th day
of October 2004 presented by SFS INTEC AG of Rosenbergsaustrasse
10, CH-9435 Heerbrugg/Switzerland, Creditors.

The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10:00 a.m. on the 19th day of
November 2004.

Any Creditors or contributory of the said Company desiring 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 Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioners' address is at Rosenbergsaustrasse 10, CH-9435
Heerbrugg/Switzerland.

The Petitioner's solicitors are Messrs Darshan & Teo of 1 North
Bridge Road, #17-06 High Street Centre, Singapore 179094.

Messrs Darshan & Teo
Solicitors for the Petitioners

Note: Any person who intends to appear on the hearing of the
Petition must serve on or send by post to the above named Messrs
Darshan & Teo of 1 North Bridge Road, #17-06 High Street Centre,
Singapore 179094, notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (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 twelve o'clock noon
of the 18th day of November 2004.

This Singapore Government Gazette notice dated November 10,
2004.


NEWBREAD BAKERY: Posts Dividend Notice
--------------------------------------
Newbread Bakery Pte Ltd. issued its dividend notice at the
Singapore Stock Exchange on November 5, 2004.

Address of Registered Office: Formerly of 24 Woodlands Terrace
Singapore 738448

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 125 of 1998

Amount Per Centum: 13.5735%

First and Final or otherwise: First & Final Preferential
Dividend

When Payable: 22 October 2004

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

Kamala Ponnampalam
Assistant Official Receiver


RAHMONIC RESOURCES: Court To Hear Winding Up Petition
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Rahmonic Resources Pte Ltd by the High Court was, on the 29th
day of October 2004 presented by Rahmonic Resources Pte Ltd, the
Company.

The said Petition is will be heard before the Court sitting at
Singapore at 10:00 a.m. on Friday, the 26th day of November
2004.

Any creditor or contributory of the said Rahmonic Resources Pte
Ltd desiring 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.

The Petitioner's address is 18 Cross Street, #08-03 Marsh &
McLennan Centre, Singapore 048423.

The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of
21 Cantonment Road, Levels 3 & 4 The Court Yard, Singapore
089742.

Jacob Mansur & Pillai
Solicitors for the Petitioner

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
Messrs Jacob Mansur & Pillai notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or 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
twelve o'clock noon of the 25th day of November 2004.

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


STY ENTERTAINMENT: Posts Notice Of Dividend
-------------------------------------------
STY Entertainment Pte Ltd. made its notice of dividend at the
Singapore Stock Exchange on November 12, 2004.

Address of Registered Office: Formerly of 35 Selegie Road
#09-28 Parklane Shopping Mall
Singapore 0718

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 77 of 1995

Amount Per Centum: 2.639%

First and Final or otherwise: First & Final Dividend

When Payable: 2nd November 2004

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

Chan Wang Ho
Assistant Official Receiver


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


CAPETRONIC INTERNATIONAL: Files Request to Delay FS Submission
--------------------------------------------------------------
Capetronic International (Thailand) Public Co. Limited advised
the Stock Exchange of Thailand (SET) that it has submitted a
request for approval for the late submission of the Company's
financial statement Q1/2004 and Q2/2004 to the Office of the
Securities and Exchange Commission due to the change of the
shareholder and management structure.

This reformation in turn reflects the necessity to engage more
time in appointing a new Company auditor, and the matter of the
new appointment will be reviewed at the upcoming extraordinary
shareholders' meeting.

The Company has received the reply letter regarding the request
from the Office of the Securities and Exchange Commission which
approves the extension of time and deadline to November 30, 2004
in submitting the Company's financial statements for Q1/2004,
Q2/2004, and Q3/2004

Please be informed accordingly.

Sincerely Yours,
(Pathrlap Davivongsa)
Managing Director

CONTACT:

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


R.S. PROMOTION: Unveils BOD Meeting's Resolution
------------------------------------------------
As the Board of Directors Meeting of R.S. Promotion Public
Company Limited No. 5/2004 was held on November 11, 2004 at
11:00 a.m., the Board disclosed to the Stock Exchange of
Thailand (SET) the following resolutions:

(1) Adopted the Minutes of Board of Directors Meeting No.
4/2004.

(2) Acknowledged the Audit Committee's report.

(3) Approved the renewal of the Audit Committee's term that will
be due on 13th January 2005 for another 2 years and approved the
change in Chairman of the Audit Committee's position from Gen.
Thanee Seniwong Na Ayudyha to Pol. Gen. Somchai Wanichsenee with
effective since 13th January 2005 onwards (the details are as
per enclosed F 24-3).

(4) Acknowledged the operating results for the third quarter
2004.

(5) Approved the Financial Statements for the third quarter
2004.

Please be informed accordingly.

Yours faithfully,
(Mr. Surachai Chetchotisak)
Chief Executive Officer and Managing Director

CONTACT:

R.S.Promotion Public Company Limited
Chetchotisak Building, 419/1
Ladphrao 15 Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Website: www.rs-promotion.com


R.S. PROMOTION: Term of Audit Committee Extended for 2 Years
------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand (SET), R.S.
Promotion Public Company Limited advised that the Board of
Directors Meeting No. 5/2004 held on the 11th of November 2004
approved the renewal of the Audit Committee's term that will be
due on the 13th of January 2005 for another 2 years (13th
January 2005 to 13th January 2007) and approved the change in
Chairman of the Audit Committee's position from Gen. Thanee
Seniwong Na Ayudyha to Pol. Gen. Somchai Wanichsenee with
effective since 13th January 2005 onwards.

(1) Names of members of the Audit Committee are as follows:

Chairman of the Audit Committee:  Pol. Gen. Somchai Wanichsenee
(effective since 13th January 2005)

Member of the Audit Committee: Gen.Thanee Seniwong Na Ayudyha
(effective since 13th January 2005)

Member of the Audit Committee: Mr. Kriengkrai Settakraikul
Secretary to the Audit Committee: Miss Korapin Naksuprangsi

(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the Company' s Board
of Directors as follows:

(1) Attend the Board of Directors Meetings as to participate in
policy determination, business decision making and corporate
governance issues.

(2) Consider and recommend the appointment of the auditor and
the proposed audit fee.

(3) Consider the policy and code of conduct of the internal
audit division as to ensure their continual appropriateness and
effectiveness.

(4) Review the annual audit plans of the internal audit
division.

(5) Review the internal control and internal audit system as to
ensure their appropriateness and effectiveness by coordinating
with the internal and external auditors.

(6) Consider the quarterly audit report and recommendations of
the internal and external auditors as well as follow up the
action taken according to such recommendations.

(7) Review the quarterly Company and subsidiaries financial
reports as to ensure that they are accurate, credible and have
adequate information disclosures according to the good corporate
governance principle.

(8) Ensure that the Company is in compliance with the rules or
regulations prescribed by the Stock Exchange of Thailand and any
other laws related to its business.

(9) Taking into account the long-term benefit of shareholders,
the Audit Committee shall review the related transactions of the
Company, its subsidiaries and any persons that may cause the
conflict of interest, to ensure that the related transactions
are in appropriate conditions without any benefit embezzlement.

(10) Coordinate with the external auditor to consider any
problems or restrictions encountered in performing financial
statements audit.

(11) Prepare the Audit Committee report. The report must be
signed by the Chairman of the Audit Committee and disclosed in
the Company's Annual Report.

(12) The Audit Committee is authorized to invite the executive
directors, Management or concerned persons to either provide
necessary information or attend the meeting.

(13) Consider any other matters as assigned by the Board of
Directors.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

(Mr. Surachai Chetchotisak)


SIAM STEEL: Court Approves Amendment of Rehab Plan
--------------------------------------------------
With reference to the letter no. SP031/2004 dated 13 October
2004, the financial creditors of Siam Steel International Plc.
(SIAM) disclosed to the Stock Exchange of Thailand (SET) that it
has approved the 3rd Plan Amendment regarding capital increase,
capital decrease, interest rate and payment period.

At present, the Bankruptcy Court has already given an order to
approve the 3rd Plan Amendment of SIAM on 11 November 2004.

Please be advised accordingly.

Siam Steel International Public Company Limited
Deloitte Touche Tohmatsu Planners Co., Ltd.
The First Plan Administrator
Siam Steel Planner Co., Ltd.
The Second Plan Administrator

CONTACT:

Siam Steel International Public Company Limited
51 Puchaosamingphrai Road,
Phra Pra Daeng, Samut Prakarn
Telephone: 0-2384-3030
Fax: 0-2384-2330
Web site: www.siamsteel.com


THAI PETROCHEMICAL: To Discuss Shares Allocation this Week
----------------------------------------------------------
Finance Secretary Suparut Kawatkul will call for a meeting this
week to discuss the allocation of new shares with the
rehabilitation plan of Thai Petrochemical Industry Public
Company Limited (TPI), says Business Day.

The new shares allocation issue is expected to be cleared by the
end of this month as well as the issue of who will be TPI's new
business partner.

The meeting will be the first of its kind since the Central
Bankruptcy Court, on Wednesday, approved the revised
rehabilitation plan of TPI proposed by the Ministry of Finance-
appointed plan administrator.

Mr. Suparut said he still waits for the finance ministry's
approval of the appointment list of TPI's shares allocation
committee.

The committee will have full authority to negotiate and select
co-investors, oversee the registered capital writing down and
increase and allocate new shares to new business partners and
existing shareholders. This committee, he said, will also
oversee a task of the selling of shares of TPI Polene Plc
(TPIPL), Mr. Suparut added.

Mr. Suparut also confirmed that the government will definitely
hold no less than 50 percent stake in TPI.

CONTACT:

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






                            *********


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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