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        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

             Tuesday, November 16, 2004, Vol. 7, No. 227

                            Headlines

A U S T R A L I A

AMP LIMITED: Boss Tells Staff To Ignore Takeover Rumors
ASH GLEN: Members Final Meeting Slated for November 30
B&E MURRAY: Sets Final Meeting on November 19
BRASTON PTY: To Hold Final Meeting on November 19
BURNOUT MASTERS: Sets November 22 as Date of Meeting

CD TECH: To Declare Final Dividend on November 30
CEEDATA HOLDINGS: Names Jamieson Louttit as Liquidator
C.J. & J.J.: Members, Creditors Meeting Set November 22
CMS OPEN: Placed in Members' Voluntary Liquidation
GEORGE BOLAND: Final Meeting Slated for November 30

JAMES HARDIE: Unions Urge U.S., European Counterparts to Protest
JSALL TRADING: Voluntarily Winds Up
KC & A Chipman: Members Resolves to Wind Up Voluntarily
NATIONAL AUSTRALIA: Rules Out AMP Bid for Now
OXLEY HOLDINGS: Issues Notice of Final Meeting

PERFECT TECHNOLOGY: Appoints Jamieson Louttit as Liquidator
RAPID FABRICATION: Court Issues Winding Up Order
TRUELINE INTERIORS: Enters Winding Up Proceedings


C H I N A  &  H O N G  K O N G

CHE SHING: Court To Consider Appointment of Liquidators
GOLDFAME GARMENT: Faces Bankruptcy Proceedings
KONG ZHU: Appoints Joint and Several Liquidators
KONG ZHU: Creditors Must Prove Debts by November 22
NINTAUS ELECTRONICS: To Convene Creditors Meeting December 1

QUALITY DATA: To Hold Creditors Meeting December 1
* China's Top Four Stronger Despite Challenges


I N D O N E S I A

ASTRA INTERNATIONAL: To Form Financing Firm with Komatsu
BANK DANAMON: PPA Completes Stake Sale
BANK PERMATA: Consortium Pays US$305 Mln for 51% Stake
PERTAMINA: Buys January Sweet Crude, Skips West African Grades
PT INDOFARMA: Proposed Merger Yet To Be Finalized


J A P A N

DAIEI INCORPORATED: May Ask Founding Family to Aid Rehab
MITSUBISHI MOTORS: Denies Capital Tie-up with Peugeot
SAKURAI SANGYO: Enters Bankruptcy
SEIYU LIMITED: To Raise JPY4.5 Bln to Plug Losses
SOFTBANK CORPORATION: To Launch Online Loans Service

UFJ HOLDINGS: Seeks Credit Card Tie-up with JCB

K O R E A

KOOKMIN BANK: Unveils New Appointments
JINRO LIMITED: Bidding Likely to Commence in December
SSANGYONG MOTOR: 3Q Net Profit Plunges
SK CORPORATION: Sovereign's Stake Reaps Huge Profit
THRUNET COMPANY: Hanaro Questions Citigroup's Bid


M A L A Y S I A

TAP RESOURCES: Reveals Changes in Audit Committee
MYCOM BERHAD: Posts Restructuring Scheme Update
NAUTICALINK BERHAD: Still Meeting with Rehab Scheme Advisors
NORTH BORNEO: Unveils FY04 Unaudited Quarterly Report
NORTH BORNEO: Regularization Plan Unchanged

OCEAN CAPITAL: Releases Monthly Status Update
OLYMPIA INDUSTRIES: Posts Restructuring Scheme Update
OMEGA HOLDINGS: Proposes New Restructuring Scheme
PARK MAY: Unit Enters Asset Sale, Purchase Agreement
PARK MAY: Aims To Regularize Financial Position

POS MALAYSIA: Audit Committee Member Resigns
RNC CORPORATION: Discloses Monthly Status Update


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Unveils 3Q/FY04 PhP4-Bln Revenues
DIGITAL TELECOMMUNICATIONS: Widens Net Loss to Php384.7 Mln
MANILA ELECTRIC: Sees Brisk Electricity Sales Growth
MAYNILAD WATER: Rehab Delays PhP3.6-Bln Water Project
METRO PACIFIC: Issues Amended Third Quarter Results

NEGROS NAVIGATION: Posts 3Q/FY04 Php382.4-Mln Net Loss


S I N G A P O R E

DAYANG CONSTRUCTION: Contributories Meeting Set November 26
DAYANG CONSTRUCTION: To Hold Creditors Meeting On November 26
JACKSON PILING: Issues Notice Of Dividend
LULEE METAL: Releases Dividend Notice
PANPAC MEDIA: Clarifies Business Times Article

T.S. HARMINDER: Winding Up Petition Hearing Set December 3


T H A I L A N D

EASTERN WIRE: SET Halts Trading of Securities
PAE THAILAND: Unveils Resolutions at BODs Meeting
PAE THAILAND: Reveals Q3/2004 Performance
THAI GERMAN: Releases Reviewed 1Q Financial Statements
THAI GERMAN: Discloses 3Q/2004 Operating Results

* BOND PRICING: For the Week 15 November to 19 November 2004


     -  -  -  -  -  -  -

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


AMP LIMITED: Boss Tells Staff To Ignore Takeover Rumors
-------------------------------------------------------
AMP Limited Chief Executive Andrew Mohl sent an email to staff,
telling them to ignore rumors of a potential takeover bid,
reports the Sydney Morning Herald.

Mr. Mohl asked the AMP staff to concentrate on their jobs and
brush off speculation that a foreign predator such as HBOS or
local investors such as Westpac, ANZ and rival National
Australia Bank (NAB) might offer takeover bids.

Last week, rumors emerged again, focusing on the other banks or
an offshore player.

Westpac Chief Executive David Morgan played down the prospect of
a bid, telling investors that wealth management companies looked
expensive.

NAB Chief John Stewart also brushed off the rumors, saying the
bank was focused on its own problems and acquisitions were not
on the agenda.

Despite the lack of enthusiasm from rumored bidders, AMP's share
price is still trading 11 percent higher than a month ago.

Mr. Mohl explained the increase was due to the Australian
election result, rising markets, a strong third-quarter cash
flow report, the exit of News Corp from the local stock market
index and increased buying from offshore.

CONTACT:

AMP Limited
Level 24, AMP Building,
33 Alfred Street,
Sydney, Nsw, Australia, 2000
Head Office Telephone: (02) 9257 5000
Head Office Fax: (02) 9257 7178
Web site: http://www.amplimited.com/


ASH GLEN: Members Final Meeting Slated for November 30
------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Ash Glen Pty
Ltd (In Liquidation) A.C.N. 000 525 940 will be held at 27
Church Street, Dubbo, NSW, 2830 on the 30th day of November 2004
for the purpose of laying before the meeting the liquidator's
final account and report and giving any explanation thereof.

Dated this 5th day of October 2004

Ronald George Boland
Liquidator


B&E MURRAY: Sets Final Meeting on November 19
---------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of B&E Murray Enterprises Pty Limited (In
Liquidation) A.C.N. 064 556 252 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on 19 November 2004 at 10:00 a.m., for the
purpose of laying before the meeting an account showing how the
winding up has been conducted and the property of the Company
has been disposed, and giving any explanation thereof.

Dated this 6th day of October 2004

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


BRASTON PTY: To Hold Final Meeting on November 19
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members and
Creditors of Braston Pty Limited (In Liquidation) A.C.N. 003 544
867 will be held at the offices of William Buck, Chartered
Accountants, Level 24, 201 Elizabeth Street, Sydney on Friday 19
November 2004 at 10:00 a.m. for the purpose of having an account
laid before them showing the manner in which the winding up has
been conducted and the property of the Company disposed of, and
the termination of the administration.

Dated this 7th day of October 2004

Anthony W. Elkerton
Liquidator
Braston Pty Limited (In Liquidation)


BURNOUT MASTERS: Sets November 22 as Date of Meeting
----------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Burnout Masters
Promotions Pty Limited (In Liquidation) A.C.N. 079 312 440 will
be held at the offices of the Liquidator, c/- Moore Stephens
PMN, Chartered Accountants, Level 6, 460 Church Street, North
Parramatta NSW on Monday, 22 November 2004 commencing at 10:00
a.m. for the purpose of having accounts laid before the meeting
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator and also of
determining the manner in which the books, accounts and
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 18th day of October 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


CD TECH: To Declare Final Dividend on November 30
-------------------------------------------------
A final dividend is to be declared on 30 November 2004 for CD
Tech Pty Limited (In Liquidation) formerly known as Colliss
Drive Technology Pty Ltd A.C.N. 000 060 775.

Creditors were required on or before 1 November 2004 to formally
prove their debts or claims. If they have not, they would be
excluded from the benefit of the dividend.

Dated this 6th day of October 2004,

Brian P. Dunphy
Liquidator
Freshwater Management Pty Ltd
PO Box 663, Harbord NSW 2096


CEEDATA HOLDINGS: Names Jamieson Louttit as Liquidator
------------------------------------------------------
Ceedata Holdings Pty Limited (In Liquidation) A.C.N. 001 345 991
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


C.J. & J.J.: Members, Creditors Meeting Set November 22
-------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of C.J. & J.J. Fox
Petroleum Installations Pty Limited (In Liquidation) A.C.N. 003
787 933 will be held at the offices of the Liquidator, c/- Moore
Stephens PMN, Chartered Accountants, Level 6, 460 Church Street,
North Parramatta NSW on Monday, 22 November 2004 commencing at
10:00 a.m. for the purpose of having accounts laid before the
meeting showing the manner in which the winding up was conducted
and the property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator and also of
determining the manner in which the books, accounts and
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 18th day of October 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


CMS OPEN: Placed in Members' Voluntary Liquidation
--------------------------------------------------
CMS Open (Aust) Pty Limited (In Liquidation) A.C.N. 060 482 573
has been 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


GEORGE BOLAND: Final Meeting Slated for November 30
---------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of George Boland
Pty Ltd (In Liquidation) A.C.N. 000 208 695 will be held at 27
Church Street, Dubbo, NSW, 2830 on the 30th day of November 2004
for the purpose of laying before the meeting the liquidator's
final account and report, and giving any explanation thereof.

Dated this 5th day of October 2004

Ronald George Boland
Liquidator


JAMES HARDIE: Unions Urge U.S., European Counterparts to Protest
----------------------------------------------------------------
Australian unions have declared they will encourage unions in
the United States and Europe to launch protests against building
products maker James Hardie Industries if local asbestos victims
are not properly recompensed, says the Associated Press.

Andrew Ferguson, a spokesman from a leading construction union,
said it would mobilize U.S. and European construction and
metalworkers unions if the asbestos victims' demands were not
met.

"James Hardie makes most of their profits in the United States
and our intention is to take this issue over there to the U.S.
building unions, asbestos support groups and the community to
build an international campaign for justice," Mr. Ferguson said.

Earlier, local municipal councils and Australian unions
announced their intent to boycott James Hardie products. In
fact, a new campaign for asbestos victims was launched Friday by
more than 100 protesters outside James Hardie's manufacturing in
Western Sydney.

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.


JSALL TRADING: Voluntarily Winds Up
-----------------------------------
Notice is hereby given that at a meeting of JSALL Trading Pty
Limited (In Liquidation) A.C.N. 104 947 944 held on 6 October
2004 the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Daniel
Civil and Peter Rodgers be appointed Joint Liquidators for the
purpose of such winding up.

Daniel Civil
Joint Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


KC & A Chipman: Members Resolves to Wind Up Voluntarily
-------------------------------------------------------
At a general meeting of the members of KC & A Chipman Pty
Limited (In Liquidation) A.C.N. 000 780 601 duly convened and
held at Level 3, Law Society Building, 11 London Circuit,
Canberra ACT 2600, on 11 October 2004, the special resolution
set out below was duly passed:

That the Company be wound up voluntarily.

Dated this 11th day of October 2004

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


NATIONAL AUSTRALIA: Rules Out AMP Bid for Now
---------------------------------------------
National Australia Bank (NAB) yesterday clarified that it would
not make a bid for AMP Limited for now, says The Advertiser.

NAB CEO John Stewart explained the bank is more interested in
working out a strategy to help it recover from a dismal 2004
performance.

Among Australia's four big banks, NAB was the only one to report
a fall in net profit.

Last week, Mr. Stewart said he expected a decision on the future
of the Company's Irish banks within a few months, which led to
speculation NAB might use the funds from the Irish banks' sale
to snap up AMP.

CONTACT:

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


OXLEY HOLDINGS: Issues Notice of Final Meeting
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Oxley Holdings
& Investments Pty Ltd (In Liquidation) A.C.N. 000 191 828 will
be held at 27 Church Street, Dubbo, NSW, 2830 on the 30th day of
November 2004 for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 5th day of October 2004

Ronald George Boland
Liquidator


PERFECT TECHNOLOGY: Appoints Jamieson Louttit as Liquidator
-----------------------------------------------------------
Perfect Technology Pty Limited (In Liquidation) A.C.N. 069 867
250 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


RAPID FABRICATION: Court Issues Winding Up Order
------------------------------------------------
On the 5th of October 2004, the Supreme Court of New South Wales
made an Order that Rapid Fabrication & Erection Pty Ltd (In
Liquidation) be wound up by the Court and appointed the
undersigned to be Liquidator.

Stephen Jay
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 103, 1st Floor,
Wollundry Chambers, Johnston Street,
Wagga Wagga NSW 2650


TRUELINE INTERIORS: Enters Winding Up Proceedings
-------------------------------------------------
Trueline Interiors Pty Ltd (In Liquidation) A.C.N. 079 762 039
advised in a notice that at the Meetings of members and
Creditors duly convened and held on 5 October 2004, the
following Special Resolution was passed:

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

Geoffrey McDonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


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


CHE SHING: Court To Consider Appointment of Liquidators
-------------------------------------------------------
Notice is hereby given that pursuant to the directions made by
Master S. Kwang of High Court, a hearing has been fixed to be
held on the 19th of November 2004 (Friday) at 9:30 a.m. at High
Court, High Court Building, 38 Queensway, Hong Kong for the
purpose of considering the application for appointment of
liquidators of Che Shing Engineering (H.K.) Limited.

Dated this 9th day of November 2004

Fenn Kar Bak Lily
Joint and Several Provisional Liquidator


GOLDFAME GARMENT: Faces Bankruptcy Proceedings
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Goldfame Garment Limited by the High Court of Hong Kong was on
the 18th day of October 2004, presented to the said Court by
liang Xiaoying of Room 801, Hong Tai House, Cheung Hong Estate,
Tsing Yi, New Territories.

The said petition will be heard before the Court at 9:30 a.m. on
the 1st day of December.

Any creditor or contributory of the said Company 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.

Betty Chan
Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East,
Wanchai, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The notice must
state the name, 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 six o'clock in the afternoon of the
30th of November 2004.


KONG ZHU: Appoints Joint and Several Liquidators
------------------------------------------------
Take notice that 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 that
they have been appointed as Joint and Several Liquidators of
Kong Zhu Freight Pier Limited by and order of the High Court of
the Hong Kong Special Administrative Region dated the 25th
October 2004.

Dated this 5th day of November 2004

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Kong Zhu Freight Pier Limited


KONG ZHU: 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 Kong Zhu Freight Pier 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 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
Kong Zhu Freight Pier Limited


NINTAUS ELECTRONICS: To Convene Creditors Meeting December 1
------------------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Nintaus
Electronics Company Limited be held at Units 3309-3311, 33/F.,
West Tower, Shun Tak Centre, 168-200 Connaught Road Central,
Hong Kong, on 1 of December 2004 at 10:00a.m. for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

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

Dated this 5th day of November 2004

By Order Of The Board Of
Nintaus Electronics Company Limited
Zeng Wu Jiang
Director


QUALITY DATA: To Hold Creditors Meeting December 1
--------------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Quality Data
Network Solution (HK) Limited be held at Units 3309-3311, 33/F.,
West Tower, Shun Tak Centre, 168-200 Connaught Road Central,
Hong Kong, on 1 of December 2004 at 11:00 a.m. for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

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

Dated this 5th day of November 2004

By Order Of The Board Of
Quality Data Network Solution (Hk) Limited
Zeng Wu Jiang
Director


* China's Top Four Stronger Despite Challenges
----------------------------------------------
China's Big Four banks are slowly drawing away from government
interference and becoming viable commercial banks, Xinhuanet
reports.

Industrial and Commercial Bank of China (ICBC), the Bank of
China (BOC), the China Construction Bank (CCB) and the
Agricultural Bank of China (ABC) are now healthier, having
become more independent, transparent and profit-driven, as seen
in their enhanced earning power.

In the first nine months of the year, the ICBC, BOC, CCB and ABC
posted annualized growth of 21.5 percent, 23.7 percent, 21.5
percent and 81.6 percent, respectively, in their operating
profits. Profits increased by 9.5 percent year-on-year despite
the government's attempt to instill measures of control to cool
the economy, as the government believed that some sectors of the
economy were overheating.

The Big Four took advantage of the initiative to optimize their
loan structures, preventing reckless lending to rushed
investments or copy-cat projects, while cementing support for
agriculture, poor western areas and enterprises with market
potentialities.

Of major concern among the banks is asset quality. China Banking
Regulatory Commission, the banking watchdog, has been ordering
domestic banks to exercise stringent internal control and risk
mitigation when issuing loans.

ICBC is said to have either recovered or written off CNY33.7
billion (US$4.08 billion) in non-performing loans (NPLs) in the
first nine months, bringing down its bad debt ratio to 19.46
percent at the end of September. Meanwhile BOC's and CCB's NPL
ratios were lowered to 5.16 percent and 3.74 percent,
respectively. But compared to the world's leading banks NPL,
their ratio stand at around 2 percent.

Yet, despite the numerous scandals that rocked these major
Chinese banks recently, the Big Four's intermediate businesses,
such as banking cards, fund sales and individual financing, are
growing quickly.

Meanwhile, "traditional business" remains their bread and
butter. The ICBC, for example, attracted as much as CNY374.2
billion (US$45.3 billion) in new deposits from January to
September.


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


ASTRA INTERNATIONAL: To Form Financing Firm with Komatsu
--------------------------------------------------------
PT Astra International plans to forge an alliance with Japanese
heavy-equipment maker Komatsu Limited, according to the Jakarta
Post.

Indonesia's largest automotive firm is considering setting up a
50-50 joint venture Company with Komatsu later this year, in a
deal that could be worth US$20 million.

Astra President Budhi Setiadharma declared that the new
venture's core business would be providing financing for the
purchase of Komatsu's heavy-equipment products.

Astra, through its publicly listed heavy equipment division PT
United Tractors, holds 5 percent of Komatsu's local unit PT
Komatsu Indonesia, which has the largest market share on
Indonesia's heavy-equipment sector.

Komatsu Indonesia is expected to book strong sales this year
amid the robust demand for heavy equipment from mining, logging
and agricultural companies. The firm is likely to benefit from
growing demand in the construction business next year as the
country's new government will boost public works.

Earlier, Astra has announced it expects 2005 revenue to climb 10
percent year-on-year mainly due to an increase in car and
motorcycle sales

In the nine months to September, Astra sold 154,386 cars in the
domestic market, compared with 112,616 units a year earlier,
expanding its market share to 44 percent from 42% percent,
previously.

CONTACT:

P.T. Astra International Terbuka
No 8 Jl Gaya Motor Raya Sunter II
Jakarta 14330
Indonesia
Phone: +62 21 652 2555
Fax: +62 21 651 2058/59
Web site: http://www.astra.co.id/


BANK DANAMON: PPA Completes Stake Sale
--------------------------------------
PT Perusahaan Pengelola Asset (PPA), an asset management firm
under the Ministry of Finance, has officially completed the sale
of a 10-percent stake in Bank Danamon, reports The Jakarta Post.

The PPA said in a statement that it had closed the sale of 490
million Danamon shares on November 10, which was followed the
next day with the sale of Bank Permata's 51-percent stake a
Standard Chartered-led consortium.

Proceeds from the two divestments reached IDR4.51 trillion
(around US$495 million), which will be used to help plug the
2004 state budget deficit estimated at IDR26.3 trillion.

The amount was still well below the IDR12.5 trillion the
government planned to collect.

To make up for the shortfall, the state is considering selling
its minority stakes in Bank Central Asia, Bank Internasional
Indonesia, Bank Niaga and Bank Permata later this year.

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 PERMATA: Consortium Pays US$305 Mln for 51% Stake
------------------------------------------------------
The consortium of Standard Chartered Bank (Standchart) and PT
Astra International has bought on November 11 the 51-percent
stake in PT Bank Permata for IDR2.7 trillion (US$305 million),
Indoexchange reveals.

"We have paid to the government. We are confident that Bank
Permata has a fine management team and are thrilled to cooperate
with them in developing their strong consumer network,"
Stanchart Indonesia Chief Executive Officer Stewart Hall said.

The consortium, after winning a tender and named preferred
bidder by the Asset Management Company (PPA), has passed a "fit
and proper" test conducted by the central bank.

Astra President Director Budi Setiadharma said that the
consortium would bring additional values to Permata and would
lead the bank to build its international network. In addition,
the consortium will also provide Permata access to Standchart's
huge pool of banking, risk management and product development
experts.

"We will also give them access to Astra's competencies in
management network, human resources development and consumer
marketing," Mr. Budi added.

Meanwhile, Standchart has also expressed strong interest in
acquiring another 20-percent stake in Permata, which the
government planned to divest through market placement.

CONTACT:

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


PERTAMINA: Buys January Sweet Crude, Skips West African Grades
--------------------------------------------------------------
PT Pertamina purchased 6.6 million barrels of spot sweet crude
for delivery in January and will not procure more crude for the
month, according to Dow Jones.

For the fifth straight month, the state oil and gas firm has
avoided buying spot Atlantic crude including West African grades
because of very low arbitrage opportunities.

Aside from 11 spot cargoes, Pertamina has also ordered another
600,000 bbl of term crude from the Asia-Pacific.

The following are Pertamina's purchases of January-delivery
sweet crude (all 600,000 bbl):

Grade           Origin        Seller
Bach Ho         Vietnam       Mercoria
Cossack         Australia     Itochu Corp.
Legendre        Australia     Pacific Petroleum & Trading
Pattani         Thailand      Euro Pacific
Panyu           China         Interoil Petroleum
Wenchang        China         Supreme Energy
Tapis           Malaysia      Supreme Energy
Bach Ho         Vietnam       Supreme Energy
Seria Light     Brunei        Supreme Energy
Seria Light     Brunei        Kipco
Bunga Kekwa     Vietnam       Euro Pacific
*Tapis          Malaysia      Petroliam Nasional Bhd.
*Denotes term purchase.

Meanwhile, Pertamina and other Asian importers have been
avoiding purchases of crude priced off dated Brent because of a
widening premium of Brent futures to Dubai crude swaps, which
has choked off supply of Atlantic basin crude.

CONTACT:

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


PT INDOFARMA: Proposed Merger Yet To Be Finalized
-------------------------------------------------
A proposal to merge PT Indofarma Tbk with PT Kimia Farma and PT
Phapros has yet to be finalized, as it has to be discussed among
the relevant state-owned enterprises (BUMN), reports
Indoexchange.

It is understood that the three BUMNs need ample time to iron
out certain matters, including Phapros' position in the merger.

Deputy State Minister of BUMN for Logistic and Tourism Division
Ferdinand Nainggolan explained that the restructurization will
only be done towards Indofarma and Kimia Farma. The plan to
include Phapros in the merger is only aimed at strengthening the
position of the pharmaceutical BUMNs, as it is relatively
healthier than the other two.

The merger proposal has already been submitted to State Minister
ogf BUMN Sugiharto.

According to Mr. Nainggolan, the pharmaceutical BUMNs would
concentrate on either production or marketing.

"Indofarma is strong on production, Kimia Farma is solid on
distribution, and Phapros is sound on over-the-counter medicine
market. We will unite those," he affirmed.

"We will merge them under one of the companies, or just merge
all of them (under a completely new Company) so no arrogance
will rise out of the merger. But it will depend on the results
of the study on the merger of the three BUMNs."

Meanwhile, Kimia Farma President Director Gunawan Pranoto denied
any knowledge about the strategy behind the merger scheme,
saying the plan to combine Indofarma and Kimia Farma annouced
before was only a "discourse".

CONTACT:

PT Indofarma Tbk
Jl. Tambak No. 22
Jakarta 10320
Indonesia
Phone: (021) 851 7222
Fax: (021) 851 7223


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


DAIEI INCORPORATED: May Ask Founding Family to Aid Rehab
--------------------------------------------------------
Daiei Incorporated is likely to ask its founding family to offer
up its personal assets in a bid to help with the retailer's
rehabilitation, relates Kyodo News.

The struggling retailer has decided that it can obtain public
support for its taxpayer-funded revival plan by asking for
personal assets from founder Isao Nakauchi and his family.

Daiei, which was forced to undergo restructuring under the
auspices of state-backed Industrial Revitalization Corporation
of Japan (IRCJ), believes Mr. Nakauchi was responsible for
excessively expanding the retailer's operations and accumulating
debts. The Company is expected to request the family to provide
their assets, including real estate and stock shareholdings.

The plan, which Daiei intends to present to its main creditor
banks, was previously considered in 2002 when the lenders
decided to bailout the retailer for the second time. But the
plan was not realized as the Company concluded that Mr. Nakauchi
took responsibility when he stepped down from all his posts in
the retailer and returned his JPY2 billion worth of retirement
benefits.

But even if the family offers their assets, the funds will not
significantly improve Daiei's finances, as it is burdened by
more than JPY1 trillion in interest-bearing debts.

CONTACT:

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


MITSUBISHI MOTORS: Denies Capital Tie-up with Peugeot
-----------------------------------------------------
Mitsubishi Motors Corporation denied a report that it was
negotiating a capital and operating alliance with France's PSA
Peugeot Citreon, Reuters says.

The embattled Japanese automaker dismissed the Nihon Keizai
Shimbun article as mere speculation.

Puegeot, likewise, denied the link-up report.

On Saturday, the Nihon Keizai reported the two parties were in
talks over a joint production in North America and an original
equipment manufacturing (OEM) deal for minivans, with Mitsubishi
making cars that would be sold under the Peugeot group brand in
Europe.

The paper said Peugeot may take a stake in Mitsubishi Motors,
which will be lesser than the 20-percent stake held by
DaimlerChrysler AG.

It was also reported initially that the heads of both firms had
met to discuss the plans but later editions dropped any
reference to such meetings.

Meanwhile, Mitsubishi Motors, which had outlined a restructuring
plan in May, declared it is open to operational tie-ups on a
project-by-project basis.

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


SAKURAI SANGYO: Enters Bankruptcy
---------------------------------
Sand, gravel and boulder collector Sakurai Sangyo K.K. has
entered bankruptcy, according to Teikoku Databank America.

The firm, based in Shinjuku-ku, Tokyo 160-0023, left US$20
million in total liabilities.

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


SEIYU LIMITED: To Raise JPY4.5 Bln to Plug Losses
-------------------------------------------------
Seiyu Limited unveiled on Friday a plan to issue JPY4.5 billion
worth of new shares through private placement in a bid to offset
most of the estimated losses in the current fiscal year, says
Japan Today, citing Kyodo News.

The embattled supermarket chain operator will issue 20.5 million
shares at a price of JPY222 per share, and will allocate 9.1
million of them to Wyoming Holding GmbH, a Swiss firm wholly
owned by Wal-Mart stores Incorporated, the U.S. retailer under
which Seiyu is striving to revive its operations.

Seiyu Limited's principal activity is to operate the chain of
supermarkets. The Group's operations are carried out through the
following divisions: Retail sale, Finance/Real Estate services
and others.

The retail sales include sale of foodstuffs, clothing and
household goods in supermarkets and convenience stores;
Finance/Real Estate include credit, loans, sale and leasing of
real estate and Others include publishing, market research,
entertainment and travel. Retail sales accounted for 94 percent
of fiscal 2002 revenues; Finance/Real Estate services, 1 percent
and others, 5 percent.

CONTACT:

The Seiyu Limited
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
JAPAN
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


SOFTBANK CORPORATION: To Launch Online Loans Service
----------------------------------------------------
Softbank Corporation is forging an alliance with Germany's
Deutsche Bank AG to start an Internet-based consumer service,
relates Reuters, citing the Nihon Keizai Shimbun newspaper.

According to the daily, the financial arm of Softbank
Corporation, Softbank Finance, aims for a loan balance of JPY50
billion (US$473.3 million) within three years as it offers up to
JPY3 million per customer at 8 percent to 29.2 percent lending
rates.

Softbank will begin accepting applications on Wednesday. It will
secure funds through Deutsche Securities, a unit of Deutsche
Bank.

CONTACT:

Softbank Corporation
24-1 Nihonbashi-Hakozakicho Chuo-ku
Tokyo 103-8501
Web site: http://www.softbank.co.jp/


UFJ HOLDINGS: Seeks Credit Card Tie-up with JCB
-----------------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
(MTFG) have discussed a possible tie-up with credit card giant
JCB Company, Reuters reports.

UFJ and MTFG, which are set to merge in October next year, are
considering asking JCB to combine its administrative or
processing functions with their credit card operations to cut
costs. A proposal for full business integration in the future
was also raised.

MTF and UFJ's credit card operations, comprising of MTFG's DC
Card Co. and UFJ's Nippon Shinpan Co. and UFJ Card Co. has a
total of some 30 million members while JCB has around 50
million.

CONTACT:

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


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


KOOKMIN BANK: Unveils New Appointments
--------------------------------------
On November 12, 2004, Kookmin Bank announced in a U.S.
Securities and Exchange Commission filing the appointment of Mr.
Kap Shin as the new senior executive vice president & chief
financial officer (head of the Financial Planning Group) and Mr.
Hyo Sung Won as the new senior executive vice president of the
Consumer Marketing Group. These appointments are effective as of
November 11, 2004.

The following is a list of the current status of the senior
executive vice presidents of Kookmin Bank.


Name              Group

Dong Won Kim:     Strategic Planning Group

Kap Shin:         Financial Planning Group     Newly Appointed

Yun Keun Jung:    Consumer Banking Group I

Nam Sik Yang:     Consumer Banking Group II

Hyo Sung Won:     Consumer Marketing Group     Newly Appointed

Yong Kook Oh:     Corporate Banking Group

Sang Jin Lee:     Credit Card Group

Ahn Sook Koo:     PB/Asset Management Group

Jung Young Kang:  Trust/NHF Management Group

Young Han Choi:   Capital Markets & Treasury Group

Dong Soo Choe:    Credit Management Group

Sung Kyu Lee:     Sales Support Group

Donald H. Mackenzie:    Risk Management Group

Young Il Kim:     Information Technology Group

Jung Min Kim:     Human Resources Group

CONTACT:

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


JINRO LIMITED: Bidding Likely to Commence in December
-----------------------------------------------------
Official bidding for Jinro Limited could kick off December, says
Dow Jones Newswires, citing a person familiar with the
situation.

Jinro, a soju liquor maker is roughly valued at US$2 billion and
Merril Lynch & Co. was chosen last September to manage the sale.
Some 10 to 20 parties have expressed interest to bid for Jinro.

The sale process has sparked interest from local and foreign
companies, including strategic investors and financial sponsors,
the person said, without naming the companies interested.

Taihan Electric Wire Co. (001440.SE), one of Jinro's main
creditors is also interested to takeover the Company.  Foreign
companies which include, U.K.'s Diageo Plc (DEO), Japan's Asahi
Breweries Ltd. (2502.TO) and Kirin Brewery Co. (2503.TO) are
also interested in biddin, according to reports from local
media.

Korean media have linked various names to Jinro, including U.K.
liquor maker Allied Domecq PLC (AED), Korean rival Doosan Corp.
(000150.SE), CJ Corp.  (001040.SE), Hite Brewery Co. (000140.SE)
and Lotte Group (LOT.YY).

Jinro was placed under Court receivership in May 2003 following
the petition filed by its creditor Goldman Sachs Group Inc.,
claiming mismanagement.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/


SSANGYONG MOTOR: 3Q Net Profit Plunges
--------------------------------------
Ssangyong Motor Co.'s (KSE:03620) net profit fell 96.6 percent
from a year ago to KRW3.3 billion (US$2.97) in the July to
September period, according to Asia Pulse, citing Yonhap News.

Domestic demand and a rise in costs led to the sluggish sales in
Ssangyong.

Revenue rose 10.8 percent to KRW759.4 billion.  Operating profit
dipped 74 percent to KRW3.2 billion, Ssangyong said.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
           +82 31 610 3739


SK CORPORATION: Sovereign's Stake Reaps Huge Profit
---------------------------------------------------
The value of shares held by Sovereign Asset Manangement from SK
Corporation soared more than six times in less than two years,
reports Asia Pulse.

SK's stock price continues to climb and closed at 62,000 Friday,
making the value of Sovereign's holdings up to KRW1.18 trillion
(US$1.07 billion). Sovereign bought KRW176.8 billion (US$160
million) worth of SK shares at KRW9,293 per share 19 months ago.
Sovereign currently holds a 14.99 per cent in SK, or 19.03
million shares.

Sovereign recently filed a petition to the Court to review on
SK's disapproval of its request to hold an extraordinary meeting
aiming to oust SK Chairman Chey Tae-won.

According to market watchers, Sovereign may dispose of its stake
in SK if it fails to get Court approval on its petition.

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


THRUNET COMPANY: Hanaro Questions Citigroup's Bid
-------------------------------------------------
Hanaro Telecom Inc. seeks creditors' review on Citigroup's bid
for Thrunet Co. Ltd., reports Asia Pulse, citing Yonhap News.

Hanaro questioned if Citigroup is qualified to bid for Thrunet.
"It seems inappropriate that a foreign fund with short-term
investment purpose reviews Thrunet's financial data for KRW5.5
million (US$4,980)," according to Oh Dong-joon, a spokesman at
Hanaro Telecom.

Hanaro along with Dacom and Citigroup unit Citigroup Financial
Products Inc. submitted their letters of intent to creditors of
Thrunet for a second tender to sell the heavily indebted
broadband Internet operator Monday.

Citigroup's unexpected participation in the bidding embarrassed
Hanaro Telecom and Dacom, which have desperately wanted to
acquire Thrunet for a survival in the country's stalled fixed-
line telecom market.

The three bidders will start looking at Thrunet's financial
information on November 22, for a formal bidding scheduled on
December 13.

According to analysts, the deal may be valued at around KRW400
billion to KRW500 billion.

Lee Yoon-kil a senior official at KPMG Samjong declined to
comment on the issue of Citigroup making up for its letter of
intent to Thrunet.

On Thursday, Information and Communication Minister Chin Dae-je
also expressed a cautious view toward the Citigroup fund's bid
for Thrunet.

"It is not desirable for a speculative investment-oriented
foreign fund to participate in the country's core
telecommunications business," Mr. Chin said.

Mr. Chin added a close eye needed to be kept on the overseas
fund's moves related to the Thrunet sale.

Thrunet's sale is regarded as an important step in the
restructuring of the country's overcrowded fixed-line
telecommunications sector.  After years of rapid growth, South
Korea's fixed-line industry has been suffering falling profits
and sales as the market became saturated. Hanaro, Dacom and
Thrunet are encouraged to consolidate their business to ensure
their survival.

Thrunet had around 1.2 million broadband Internet subscribers,
trailing Hanaro's 2.9 million subscribers at the end of October,
according to the Company spokesman Song Bo-young. KT Corp. has
about 6 million broadband users.

CONTACT:

Thrunet Co. Ltd.
Address:  1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770


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


TAP RESOURCES: Reveals Changes in Audit Committee
-------------------------------------------------
The Board of Directors of TAP Resources Berhad announced the
retirement of Non Executive Director Tan Tong Heng as Chairman
of the Audit Committee effective October 29, 2004.

Date of change: 29/10/2004

Type of change: Retirement

Designation: Chairman of Audit Committee

Directorate: Independent & Non Executive

Name: Tan Tong Heng

Age: 47

Nationality: Malaysian

Qualifications: Executive MBA degree from Senior University
International of Canada

Working experience and occupation: 1978 - worked as a staff
reporter for a local Chinese newspaper

1979 - joined the Royal Malaysian Police Force as a police
inspector and was with the anti-narcotics department, anti-
secret department and also a Trainer/Instructor

1996 - promoted to Assistant Superintendent of Police and later
left the government services and joined a local private limited
Company as a director. He is currently the Chairman of Six
Happiness Group of Companies

Directorship of public companies (if any): Nil

Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil

Composition of Audit Committee (Name and Directorate of members
after change) : Roslan bin Mohd Salleh
(Audit Committee member, Independent and non-executive director)

Endee bin Zakari
(Audit Committee member, Independent and non-executive director)

Yap Chi Keong
(Audit Committee member, Executive Director)

Remarks: Mr. Tan Tong Heng who is Chairman of the Audit
Committee, retired as a director at the Ninth Annual General
Meeting of the Company held on 29 October 2004 and did not seek
re-election.

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


MYCOM BERHAD: Posts Restructuring Scheme Update
-----------------------------------------------
The Board of Directors of Mycom Berhad announced that there is
no other major development to the implementation of the Proposed
Restructuring Scheme since the last announcement on 1 October
2004.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
+60 3 2072 3993
+60 3 2072 3996


NAUTICALINK BERHAD: Still Meeting with Rehab Scheme Advisors
------------------------------------------------------------
In compliance with the Practice Note No. 4/2001 (PN4) of the
Bursa Malaysia Securities Berhad, the Board of Directors of
Nauticalink Berhad (NB) announced that the Company is still in
the midst of liaising with its corporate, legal and end
financial advisors towards implementing the approved corporate
restructuring scheme.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058


NORTH BORNEO: Unveils FY04 Unaudited Quarterly Report
-----------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, the North
Borneo Corporation Bhd released its unaudited quarterly report
for the financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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

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

1  Revenue
                0              0             0           0

2  Profit/(loss) before tax
              -1,765         -1,433        -4,418      -5,619

3  Profit/(loss) after tax and minority interest
              -1,765          -1,433       -4,418       -5,619

4  Net profit/(loss) for the period
              -1,765          -1,433        -4,418      -5,619

5  Basic earnings/(loss) per shares (sen)
               -2.67           -2.17        -6.68        -8.50

6  Dividend per share (sen)
               0.00            0.00          0.00          0.00


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

7  Net tangible assets per share (RM)

              -1.8100         -1.7400

For more information, go to
http://bankrupt.com/misc/tcrap_northborneo110204.doc

CONTACT:

North Borneo Corporation Berhad (the)
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
MALAYSIA
Phone: +60 87 263232
Fax: +60 87 234363


NORTH BORNEO: Regularization Plan Unchanged
-------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
wishes to inform the Bursa Malaysia Securities Berhad that there
are no changes to the status of its plan to regularize its
financial position since the last announcement on the Revised
Scheme that was released by Southern Investment Bank Berhad on 1
September 2004.

The Revised Scheme submitted to the Securities Commission and
the Foreign Investment Committee is now pending approval by the
relevant authorities.

This announcement is dated 1 November 2004


OCEAN CAPITAL: Releases Monthly Status Update
--------------------------------------------
Ocean Capital Berhad announced to the Bursa Malaysia Securities
Berhad there has been no change in the status of the corporate
restructuring plan of the Company pursuant.

CONTACT:

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

This announcement is dated 1 November 2004.


OLYMPIA INDUSTRIES: Posts Restructuring Scheme Update
-----------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
announced that there is no other major development to the
implementation of the Proposed Restructuring Scheme since the
last announcement on 1 October 2004.

CONTACT:

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

This announcement is dated 1 November 2004.


OMEGA HOLDINGS: Proposes New Restructuring Scheme
-------------------------------------------------
Omega Holdings Berhad announced to the Bursa Malaysia Securities
Berhad a Proposed New Restructuring Scheme with the intention to
regularize the financial condition of Omega and its
subsidiaries.

As at to-date, there is no material development in respect of
the Company's plan to regularize its financial position since 28
October 2004.

The details of the restructuring plan will be announced once it
is finalized.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Tel: +60 3 2713 2160
Tel: +60 3 2713 2170

This announcement is dated 1 November 2004.


PARK MAY: Unit Enters Asset Sale, Purchase Agreement
----------------------------------------------------
On 27 October 2003, Park May Berhad announced that Cityliner Sdn
Bhd, an indirect wholly owned subsidiary of Park May, and Len
Chee Omnibus Company Sdn Bhd (Len Chee), an indirect 85.4%-owned
subsidiary of Park May, entered into a conditional asset sale
and purchase agreement for the disposal of 321 buses and 43
buses (Affected Buses) owned by Cityliner and Len Chee
respectively to Syarikat Prasarana Negara Berhad (SPNB), wholly-
owned subsidiary of Ministry of Finance (Incorporated), for a
total cash consideration of RM14,841,012. The said disposal was
completed in April 2004 with 347 buses finally sold to SPNB at
RM14,438,920.

Pursuant to the said disposal, Cityliner, Lee Chee and Siana
Corporation Sdn Bhd (Siana), a wholly-owned subsidiary of Park
May, had entered into an interim operations agreement with
Kenderaan Mekar Murni Sdn Bhd (Mekar Murni), being the party
appointed by SPNB then to be an interim operator for the
maintenance and operations of the Affected Buses (Interim
Operator). The interim operations agreement had involved, inter-
alia, Mekar Murni bearing all the costs and expenses in respect
of the payment of salary for all staff and drivers under the
employment of Cityliner, Len Chee and Siana, respectively to
facilitate Mekar Murni's role as the Interim Operator.

Further to the abovementioned arrangement, the Company would
like to announce that the management of the bus operations of
Cityliner and Len Chee in the Klang Valley, which was disposed
of to SPNB has been taken over by Rangkaian Pengangkutan
Integrasi Deras Sdn Bhd (RAPID) effective 1 November 2004.
Pursuant to an offer by RAPID to the employees of Cityliner, Len
Chee and Siana respectively for employment with RAPID, more than
450 employees (Affected Employees) have accepted the said offer
and in doing so, the Affected Employees have resigned from the
Park May group of companies (Park May Group).

There is no disruption to the existing public bus transportation
services provided by the Group notwithstanding the resignation
of the Affected Employees as the Group had ceased to manage and
operate the bus operations of Cityliner and Len Chee
respectively after the disposal of the Affected Buses to SPNB
and consequently, appointment of Mekar Murni by SPNB.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
+60 3 7982 7060
+60 3 7625 4987

This announcement is dated 1 November 2004.


PARK MAY: Aims To Regularize Financial Position
-----------------------------------------------
In line with the Practice Note No. 4/2001 (PN4) of the Bursa
Securities Listing Requirements, which requires an announcement
on the status of an affected listed issuer's plan to regularize
its financial condition to be made on the first market day of
each month, Park May Berhad announced that it is currently
addressing some of the conditions imposed by the SC as set out
in its approval letter dated 27 July 2004 on its plan to
regularize the Park May group of companies' financial position
(Proposed Restructuring Scheme), before proceeding with the
implementation of the Proposed Restructuring Scheme.

This announcement is dated 1 November 2004.


POS MALAYSIA: Audit Committee Member Resigns
--------------------------------------------
POS Malaysia announced the resignation of its Non Executive
Director Dato' Annuar bin Maaruf on November 1, 2004.

Date of change: 01/11/2004

Type of change: Resignation

Designation: Member of Audit Committee

Directorate: Non Independent & Non Executive

Name: Dato' Annuar bin Maaruf

Age: 58

Nationality: Malaysian

Qualifications: N/A

Working experience and occupation: N/A

Directorship of public companies (if any): N/A

Family relationship with any director and/or major shareholder
of the listed issuer: N/A

Details of any interest in the securities of the listed issuer
or its subsidiaries: N/A

Composition of Audit Committee (Name and Directorate of members
after change):

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Telephone: +60 3 2166 2323
Telephone: +60 3 2166 2266


RNC CORPORATION: Discloses Monthly Status Update
-----------------------------------------------
RNC Corporation Berhad announced the status of its plan to
regularize its financial condition on a monthly basis.

On 18th April 2003, the Company and its advisers, OSK Securities
Berhad had submitted the proposed modifications to the Proposed
Corporate and Debt Restructuring Scheme s(PRS) to the Securities
Commission (SC), Ministry of International Trade and Industry
(MITI), Federal Economic Planning Unit (EPU) and Foreign
Investment Committee (FIC) for their approval.

The SC, via its letters dated 13th November 2003 and 17th
November 2003 approved the proposed modifications to the PRS.
The approval of the SC on the PRS was subject to the compliance
of its terms and conditions as announced on 18th November 2003
and 19th November 2003.

The Working Due Diligence Committee is in the process of
complying with the terms and conditions as stipulated by the SC.


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


BAYAN TELECOMMUNICATIONS: Unveils 3Q/FY04 PhP4-Bln Revenues
-----------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) said revenues from
January to September increased to Php4.02 billion from Php3.70
billion in the same period last year, reports the Business
World, citing Chief Consultant Tunde Fafunwa.

Mr. Fafunwa said BayanTel got its boost from fixed-line,
international long distance and data services.

He added that the firm is looking at capital expenditures of
about PhP1.3 billion for 2005, which is roughly the same amount
it has spent this year. The amount would be generated within the
firm, as it is not allowed to tap credit lines while undergoing
rehabilitation.

The Corporate Rehabilitation Court earlier approved its debt
restructuring, which allows the firm to pay for its US$325
million debt for a period of 19 years.

CONTACT:

Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Web site: http://www.bayantel.com.ph/


DIGITAL TELECOMMUNICATIONS: Widens Net Loss to Php384.7 Mln
-----------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) incurred a
net loss of Php384.7 million in the third quarter ended
September 30, versus a net loss of 244.2 million a year earlier,
Dow Jones reports.

Digitel launched its mobile service in March 2003 under the
brand name Sun Cellular. It expects the mobile operations to
start making profits in their third year.

The outstanding balance of Digitel's financing for its mobile
operations stood at PHP12.68 billion at the end of September, up
from PHP10.08 billion at the end of last year.


        3rd quarter ended Sept. 30.
         All figures are in pesos.
   Figures in parenthesis are losses.

                       2004            2003
Revenue           PHP1.82 bln     PHP1.64 bln
Expenses             1.84 bln        1.76 bln
Operating profit    (16.1 mln)      (118.9 mln)
Other expenses       378.7 mln       223.2 mln
Net profit          (384.7 mln)     (244.2 mln)

           9 months ended Sept. 30

Revenue           PHP5.32 bln     PHP4.77 bln
Expenses             5.44 bln        4.98 bln
Operating profit   (117.2 mln)     (209.9 mln)
Other expenses       1.03 bln       836.5 mln
Net profit          (1.08 bln)     (722.8 mln)
($1=PHP56.35)

Results are based on Philippine accounting standards and are
unaudited.

CONTACT:

Digital Telecommunications Inc.
Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Telephone Number:  397-8888
Fax Number:  635-6142
Email Address: pamintuan_b@ditsi.com.ph
Web site: http://www.digitelone.com


MANILA ELECTRIC: Sees Brisk Electricity Sales Growth
----------------------------------------------------
Manila Electric Co. (Meralco) expects to sell more power in the
next five years especially to industries, as 51 percent of
special economic zones in the country are located within its
franchise area, The Malaya reports.

The power utility is hopeful that price adjustments starting
November 29, due to inflation and foreign exchange movements
will further beef up revenues.

The Company said that it would have to be more efficient in
operations to counter the liquidity crunch caused by the Court-
ordered refunds to users. The power distributor had estimated
the refund to cost some PhP30 billion.

CONTACT:

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


MAYNILAD WATER: Rehab Delays PhP3.6-Bln Water Project
-----------------------------------------------------
The rehabilitation of Maynilad Water Services Inc. is delaying
the bidding for the construction of the Php3.6 billion bulk
water project that will end the supply woes of at least 13
million Metro Manila residents, the Business World reports.

Ruben S. Reinoso, Director of the National Economic Development
Authority (NEDA's) Public Investment Staff, said the bidding
rules for the Metropolitan Waterworks Sewerage System's (MWSS)
bulk water supply project have already been drafted.

"But the bidding has to be postponed because of ongoing
negotiations in the Maynilad problem. As soon as the issues have
been resolved, the project will be put on the tender," Mr.
Reinoso said.

Early this year, the NEDA's Investment Coordination Committee
(ICC) approved the PhP3.6-billion supply project in a bid to
address the water shortage in Metro Manila.

It was approved under the build-operate-transfer scheme, and
will involve private sector participation for the delivery of a
minimum of 400 million liters per day of treated bulk water to
the MWSS. The MWSS will then sell the treated bulk water to
Maynilad and Manila Water.

The winning bidder for the project will construct all system
components such as transmission mains, treatment plant, and
water reservoir. The Company will also operate and maintain the
treated bulk water supply system.

According to a previous TCR-AP report, The MWSS is on the last
stage of discussions with other government agencies regarding
the rehabilitation plan of Maynilad Water Services.

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

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

CONTACT:

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


METRO PACIFIC: Issues Amended Third Quarter Results
---------------------------------------------------
This is in reference to Circular for Brokers No. 5006-2004 dated
November 12, 2004, pertaining to a press release submitted to
the Exchange by Metro Pacific Corporation (MPC) with regard to
its unaudited net loss for the first nine months of 2004.

For a copy of the amended Profit and Loss Statement for the
first nine months ended 30 September 2004, go to
http://bankrupt.com/misc/tcrap_mpc111504B.pdf

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

CONTACT:

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


NEGROS NAVIGATION: Posts 3Q/FY04 Php382.4-Mln Net Loss
------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Negros
Navigation Co. Inc. (Nenaco) recorded a net loss of Php382.4
million for the first nine months of 2004, compared with the
Pesos 73.6 million income it reported for the same period in
2003.

The losses are attributed to reduce trip frequencies resulting
from fewer ships in service during the period, the effect of
simultaneous dry-dockings for various ships and other adverse
factors.

Nenaco reported consolidated revenues of Php1.3 billion for the
first nine months of 2004 versus Php1.8 billion for the same
period last year. Operating costs were Php1.4 billion for the
period in 2004 and represent a slight reduction from the Php1.5
billion reported for the same period in 2003, due to lower fuel
consumption during the period.

Trip frequencies during the period were further reduced by the
groundings of various ships on certain occasions arising from
orders issued from the Regional Trial Courts of Cebu and Manila,
due to collection cases filed by Tsuneishi Heavy Industries
Inc., a former service provider of Nenaco. Nenaco filed a
petition for rehabilitation with the Manila Regional Trial Court
(RTC) last 29th March 2004.

On 4th October 2004, the Manila RTC approved a plan for
rehabilitation submitted by Nenaco's Rehabilitation Receiver.
Under its 10-uear rehabilitation schedule, Nenaco intends to
repay or restructure some Php2.5 billion in debt, stabilize its
finances and over time, begin rebuilding its operations and
modernize, improve and expand its present fleet of nine (9)
vessels.

On 18th October 2004, Nenaco formally submitted an application
to the Philippine Stock Exchange requesting that upon completion
of a tender offer presently being made by Metro Pacific
Corporation to all monitoring holders of Nenaco stock, its
shares should be delisted from trading. Nenaco believes that as
a non-public Company management will enjoy the flexibility to
effect substantial structural and other changes as its
rehabilitation program is implemented.

Very truly yours,
Negros Navigation Co. Inc.
Willard G. Mosquito
Corporate Information Offier

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_nenaco111504.pdf

CONTACT:

Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph


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


DAYANG CONSTRUCTION: Contributories Meeting Set November 26
-----------------------------------------------------------
A meeting of contributories of Dayang Construction & Engineering
Pte Ltd will be held at 18 Cross Street, #08-01 Marsh & McLennan
Centre (China Square Central), Singapore 048423 on the 26th of
November 2004 (Friday) at 3:30 p.m.

Agenda:

(1) To consider and if thought fit, to appoint a committee of
inspection.

(2) Any other business.

Chee Yoh Chuang
Liquidator
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

This Singapore Government Gazette notice is dated November 12,
2004.


DAYANG CONSTRUCTION: To Hold Creditors Meeting On November 26
-------------------------------------------------------------
Take notice that a meeting of creditors of Dayang Construction &
Engineering Pte Ltd will be held at 18 Cross Street, #08-01
Marsh & McLennan Centre (China Square Central), Singapore 048423
on 26th November 2004 (Friday) at 4:00 p.m.

Agenda:

(1) To consider and if thought fit, to appoint a committee of
inspection.

(2) Any other business.

Chee Yoh Chuang
Liquidator
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

This Singapore Government Gazette notice is dated November 12,
2004.


JACKSON PILING: Issues Notice Of Dividend
-----------------------------------------
Jackson Piling & Civil Engineering Construction Pte Ltd, in
liquidation, posted a notice of dividend at the Singapore
Government Gazette on November 12, 2004.

Address of registered office: Office of the Liquidator.

Amount Per Centum: 10.0%.

Full & Final or Otherwise: First interim Dividend Payment.

When Payable: 19th November 2004.

Where Payable: Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
#12-02 & 03 Equity Plaza
20 Cecil Street
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

Name of Liquidator: Mr. Don M. Ho, FCPA.
Dated this 12th November 2004.


LULEE METAL: Releases Dividend Notice
-------------------------------------
Lulee Metal Pte Ltd, in creditors' voluntary liquidation, posted
a notice of dividend to preferential creditors at the Singapore
Government Gazette on November 12, 2004.

Address of Registered Office: c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Court:
Number of Matter:

Amount per centum: 71.0 cents.

First and Final or otherwise: First interim

When Payable: 12 November 2004

Where Payable: 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Dated this 5th day of November 2004.

Tam Chee Chong
Liquidator


PANPAC MEDIA: Clarifies Business Times Article
----------------------------------------------
Panpac Media Group Limited posted a clarification at the
Singapore Stock Exchange on the Business Times Articles dated 11
November 2004 entitled, "Panpnac Seeks to be China Play".

The board of Directors of Panpac Media Group Limited refers to
the article "Panpac seeks to be China play" on page 7 of The
Business Timess 11 November 2004.

The Company wishes to clarify the following statements:
"...Dr. Wu targets its print media division to deliver revenues
of more than SG$20 million of at least 40percent in 2005. By
2007, it wants to have revenue of at least RMB300 million"

Clarification:

The numbers stated are revenue targets that the Company aims to
achieve and are not revenue forecasts for the financial year
concerned.

Submitted by: Ricky Ang Gee Hing
Group MD And CEO


T.S. HARMINDER: Winding Up Petition Hearing Set December 3
----------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
T.S. Harminder Singh (Pte) Ltd by the High Court was, on the
23rd July 2004 presented by Bangkok Bank Public Company Ltd of
180 Cecil Street, Singapore 069546, the Creditors.

The Petition will be heard before the Court sitting at the High
Court at 10:00 in the forenoon, on the 3rd day of December 2004.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 180 Cecil Street, Singapore
069546.

The Petitioners' solicitors are Messrs KhattarWong of 80 Raffles
Place, #25-01 UOB Plaza 1, Singapore 048624.

Messrs Khattarwong
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs KhattarWong,
the solicitors for the Petitioners, of 80 Raffles Place, #25-01
UOB Plaza 1, Singapore 048624, a 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, 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 12 o'clock noon of the 2nd day of December 2004.

This Singapore Government Gazette notice is dated November 12,
2004.


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


EASTERN WIRE: SET Halts Trading of Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Eastern Wire Public Company Limited (EWC) because EWC
submitted the resolution of investment on Ua Withya Equipment
Co., Ltd. from Bangkok Commercial Asset Management Co. Ltd. upon
signing the transfer contract of the debt claims.  The material
information regarding this investment is pending.

Therefore, the SET has temporarily halted trading of EWC's
securities, effective from the first trading session of November
12, 2004 until EWC has clarified or disclosed the information to
the SET and allowed such information to be disseminated to the
public.

CONTACT:

Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067


PAE THAILAND: Unveils Resolutions at BODs Meeting
-------------------------------------------------
PAE Thailand Public Company Limited held the Board of Directors
Meeting No. 6/2004 on 10 November 2004, starting from 1:30 p.m.
and the meeting passed the following material resolutions:

(1) The Meeting unanimously resolved to approve the Financial
Statement for Quarter 3/2004 as proposed.

(2) The Meeting acknowledged the resignation of Ms. Kesrin
Ariyapongse from the board of directors of the Company.

(3) The Meeting resolved to appoint Mr. Soradej Choothesa as an
authorized person to coordinate, contact, give any statement or
information as well as to sign the report to the Stock Exchange
of Thailand and the Securities and Exchange Committees in place
of Ms. Kesrin Ariyapongse who resigned from the directorship.

(4) The Meeting acknowledged the approval of the credit facility
in the amount of THB167 million from Siam City Bank which was
already approved by the Board of Directors Meeting No. 5/2547
held on 15 September 2004 against which the Company's land shall
be mortgaged with the Bank.

Please be informed accordingly.
Respectfully yours,
(Mr.Soradej Choothesa)

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: www.pae.co.th


PAE THAILAND: Reveals Q3/2004 Performance
-----------------------------------------
PAE Thailand Public Company Limited disclosed to the Stock
Exchange of Thailand that its performance for the third quarter
of 2004 had a net gain of THB3,012.77 million compared to
THB94.71 million in the same period of 2003. This is due to:

(1) Revenue from sales and construction works in the third
quarter of 2004 was THB92.70 million which has increased by
354.63 percent or THB72.31 million, because of the achievement
of debt restructuring plan and business operation is nearing
normal condition.

(2) In the third quarter of 2004 cost of sales and construction
work was THB76.91 million, which represents 82.96 percent of
revenue from sales and construction.

Cost of sales and construction in the third quarter of 2003 was
THB28.49 million or represents 139.73 percent of revenue from
sales and construction.

(3) The selling and administration expenses in the third quarter
of 2004 was THB28.58 million or an increase by 30.92 percent
from the same period of last year.

Interest expenses were decreased by 99.81 percent.  The Company
had reversal of bad debts and allowance for doubtful account of
THB14.31 million.

(4) Current assets increased current liabilities by THB55.45
million because of the achievement of debt restructuring plan.

The Company had completed the major steps as stipulated in the
restructuring plan with relation to the increase in share
capital, repaid parts of its debts and also received the
redemption of the rest; therefore, the Company recorded a gain
from debt restructuring amounting to THB3,004.86 million by
presenting as extraordinary item in income statement.

On 28 April 2004, the Central Bankruptcy Court ordered the
cancellation of restructuring of PAE (Thailand) Company Limited
because of the achievement of debt restructuring plan.

Yours faithfully
PAE (Thailand) Public Co., Ltd
Kobsak Chinawongwatana
President


THAI GERMAN: Releases Reviewed 1Q Financial Statements
------------------------------------------------------
Thai German Product Public Company Limited (TGPRO) disclosed to
the Stock Exchange of Thailand its reviewed quarterly financial
statements.

Thai-German Product Pcl
Reviewed Ending September 30 (In thousands)

                   Quarter 3               For 9 Months
Year           2004        2003          2004        2003

Net profit
(loss)        4,238,726   (43,082)      4,228,619  (667,153)

EPS (baht)    110.61      (2.29)        110.35     (35.50)

Type of report: Unqualified Opinion with an emphasis of matters

Comment: (1) Please see details in financial statements,
auditor's report and remarks from SET Information Management
System.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

CONTACT:

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


THAI GERMAN: Discloses 3Q/2004 Operating Results
------------------------------------------------
Thai German Products Public Company Limited (TGPRO), submitted
to the Stock Exchange of Thailand, its Reviewed Financial
Statements as of September 30, 2004.

In addition, TGPRO would like to explain its operating
performance during the third quarter of 2004, compared to the
same period of 2003:

(1) This quarter, TGPRO had not recognized loss on investment to
subsidiary because TGPRO have disposed its subsidiary shares on
December 30, 2003.

(2) This quarter, TGPRO had recorded gain on restructuring debts
amounting to THB4,238 million.

Yours faithfully,
(Veerachai Leelaphachakul)
Authorized Director
PLV & Associate Company Limited
As Business Reorganization Plan Administrator of
Thai-German Products Public Company Limited



* BOND PRICING: For the Week 15 November to 19 November 2004
------------------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
Amity Oil Ltd.                       10.000%    10/31/13    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    9
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    2
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    3
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
NPT Capital Ltd                       9.500%    11/30/04    9
Nuplex Industries Ltd                 9.300%     9/15/07    7
Powerco Ltd                           8.400%     5/22/07   10
Richmond Ltd                         10.750%    12/15/04   11
Salomon Smith Barney Australia        4.250%      2/1/09    8
Sapphire Securities                   7.410%     9/20/35    7
Sapphire Securities                   9.160%     9/20/35    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.900%    5/24/32    67


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   71


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lebar Daun Bhd                         2.000%       1/6/07    4
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corporation Bhd             0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
Wah Seong Corp                         3.000%      5/21/12    4
Yu Neh Huat Bhd                        3.000%       9/2/08    1


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   73
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd                    6.000%      12/7/06    1
Tincel Ltd                             7.400%      6/13/11    1






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

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

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

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                 *** End of Transmission ***