TCRAP_Public/041126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, November 26, 2004, Vol. 7, No. 235

                            Headlines


A U S T R A L I A

BENEFICIAL ASSURANCE: Final Meeting Slated for November 29
B.C. HIRD: Members Resolve Voluntary Wind Up
CHEMEQ LIMITED: Granted 3rd International Distribution Agreement
COMPUTER INTEGRATED: Claims Meeting Set for November 29
CORPORATE INTERNATIONAL: Sets Final Meeting for November 30

CRANE CART: To Wind Up Voluntarily
FAIRFIELD INVESTMENT: Appoints P. Ngan as Liquidator
GLENDENNING FREIGHTERS: Final Meeting Scheduled for November 30
JAMES HARDIE: MRCF Applies for Bankruptcy
JN MANAGEMENT: To Hold Final Meeting on November 30

JUMBUK PTY: Enters Voluntary Winding Up Process
KIDIS DISTRIBUTION: Names Receiver; Manager
KINDYMAGIC PTY: Sets December 13 as Final Meeting Date
MILLENNIUM COATING: Court Issues Winding Up Order
PERSONAL CERAMICS: Organizational Meeting Set for November 29

QANTAS AIRWAYS: Program Changes Upset Some Frequent Flyers
SPRINGWOOD AND DISTRICT: To Undergo Winding Up Process
Y. BRICK: Members Resolve to Wind Up Voluntarily


C H I N A  &  H O N G  K O N G

ADDCORE DEVELOPMENT: Member, Creditor Meetings Set December 10
ALLIED HONEST: Court Issues Winding Up Notice
BANK of CHINA: Adjusts End-September CAR Up to 8.56%
CHARMING UNION: Meetings Slated for December 10
CHINA CONSTRUCTION: NPL Ratio Drops Ahead of New Offering

CHINA MERCHANTS: Enters Into Joint Venture Contract
CIL HOLDINGS: Annual General Meeting Set for December 28
KONG WAH: Sets Organizational Meeting for November 29
LUCKY EXPRESS: Winding Up Petition Served
MING PAO: Releases Improved 1H04 Results

POKFULAM DEVELOPMENT: Discloses 2004 Financial Results
SIU SIN: Faces Winding Up Proceedings


I N D O N E S I A

BANK MANDIRI: 9-Month Net Profit Climbs 19%
BANK NEGARA: Mulls US$300-Mln Subordinated Debt Issue in 2005
BANK RAKYAT: High Interest Income Drives 50% Profit Increase
KALBE FARMA: Completes Debt Restructuring
PERTAMINA: Seeks Additional Jet, Gasoil for Late December


J A P A N

DAIEI INCORPORATED: R&I Cancels Ratings
DERU PURADO: Declared Bankrupt
HEIWA REAL: JCR Assigns Preliminary BBB+ to Shelf Registration
KOBUSHI GOLF: Enters Bankruptcy
MITSUBISHI HEAVY: To Establish Sales/Service Unit in Hong Kong

MITSUBISHI MOTORS: Posts Oct. Production, Sales, Exports Report
MITSUBISHI MOTORS: Notes Shares Changes in FTSE Indices
UFJ HOLDINGS: Submits Amendment Report
UFJ HOLDINGS: Slips Into Red in First Half


K O R E A

SEWON TELECOM: Gains Court Approval to Exit Bankruptcy


M A L A Y S I A

AOKAM PERDANA: Releases Production Figures for October 2004
CONSOLIDATED FARMS: To Unveil Rehab Plan Details Next Year
GOPENG BERHAD: Discloses FY04 Quarterly Results
GULA PERAK: To List Additional Shares
LION INDUSTRIES: Seeks Bond Redemption Date Extension

MEDAS CORPORATION: Details Capital Reconstruction Plan
METROPLEX BERHAD: Posts Winding Up Petition Update
MUDA HOLDINGS: Net Loss Shrinks in 2004 Quarterly Results
OCEAN CAPITAL: Releases Unaudited Quarterly Results
RNC CORPORATION: Posts FY04 Quarterly Results

SATERAS RESOURCES: Reveals Investigative Audit Findings
SILVERSTONE CORPORATION: Unaudited Quarterly Results Released
SRIWANI HOLDINGS: Issues Litigation Update
TRU-TECH HOLDINGS: Seeks Restraining Order Extension
UNITED CHEMICAL: Audit of Past Losses Completed

WOO HING: Releases Unaudited Quarterly Results


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies "Meralco Loses Tax Battle" Report
NATIONAL POWER: Strike Delays Masinloc Plant Bidding
PUERTO AZUL: Equitable Urges Court to Scrap Rehab Petition


S I N G A P O R E


CAPITALAND LIMITED: Posts Change in Shareholder's Interest
GOODWOOD PARK: Shareholder's Interest Changes
HONG LEONG: Announces SG$900M 6-Star Hotel Development

T H A I L A N D


KRUNG THAI: To Allocate THB40 Billion of Targeted Loans in 2005
T.C.J.: Details Investment in TOYO
THAI PETROCHEMICAL: PTT Underbids Share Price by 25%
* Large Companies With Insolvent Balance Sheets


     - - - - - - - - - -

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

BENEFICIAL ASSURANCE: Final Meeting Slated for November 29
----------------------------------------------------------
Notice is given that, pursuant to Section 509 of the
Corporations Act 2001, a meeting of members and creditors of
Beneficial Assurance Pty Limited (In Liquidation) A.C.N. 096 664
710 will be held at the office of the Liquidator, c/- Moore
Stephens PMN, Chartered Accountants, Level 6, 460 Church Street,
North Parramatta NSW on Monday, 29 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 26th day of October 2004

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


B.C. HIRD: Members Resolve Voluntary Wind Up
--------------------------------------------
At a General Meeting of Members of B.C. Hird Pty Ltd (In
Liquidation) A.C.N. 003 801 465 duly convened and held at the
offices of the BKR Walker Wayland, Chartered Accountants, 8th
Floor, 55 Hunter Street, Sydney on 13 October, 2004 a Special
Resolution was passed that the Company be wound up and Mr. Hugh
C Thomas be appointed Liquidator.

The appointment was subsequently confirmed at a Meeting of
Creditors held the same day.

Hugh C. Thomas
Liquidator
BKR Walker Wayland
8th Floor, 55 Hunter Street,
Sydney


CHEMEQ LIMITED: Granted 3rd International Distribution Agreement
----------------------------------------------------------------
Veterinary drug producer Chemeq Limited (ASX:CMQ) Thursday
announced it had secured its third international distribution
agreement for its CHEMEQ polymeric antimicrobial. The agreement
is with Pahang Pharmacy, a major supplier of pharmaceutical
products to the pig and poultry market in Malaysia, and will run
for an initial period of three years.

The Malaysian agreement follows similar arrangements secured
with distributors in South Africa and New Zealand.

Chemeq Chairman Dr. Graham Melrose said the agreement was
significant because it represented important support for the
product by an established and leading distributor of animal
health drugs in the competitive Asian market.

"The market opportunities for Chemeq in Asia are significant,
and the unique pharmaceutical qualities of Chemeq polymeric
antimicrobial present commercial advantages for the prevention
and control of intestinal diseases in the intensive animal
production of pigs and poultry," said Dr. Melrose.

"This signed distribution agreement means Chemeq can start
exporting to Malaysia once final plant approval has been
received from the Australian Pesticides & Veterinary Medicines
Authority (APVMA)."

Earlier this month, the APVMA granted conditional approval for
Chemeq to commence production at its manufacturing facility
south of Perth.  This conditional APVMA approval allows Chemeq
to manufacture and stockpile its antimicrobial product for
shipment as soon as an unconditional license has been granted.

To secure the unconditional license, Chemeq needs to undergo a
routine APVMA audit of its plant under commercial production
conditions.  Commercial production of the required validation
batches for the APVMA audit has begun.

The Chemeq polymeric antimicrobial has been developed to
supersede antibiotics for the prevention and control of
intestinal diseases in intensively raised livestock such as pigs
and poultry.  Its competitive advantage lies in its ability to
kill antibiotic resistant germs.

Pahang Pharmacy Animal Health and Nutrition Division Manager,
Mr. Lin Hong Kong, said he was proud to announce the inclusion
of Chemeq polymeric antimicrobial to its product range of animal
health drugs.

"Intestinal disease and widespread antibiotic resistance are
major problems in weaned pigs and poultry in Malaysia and recent
trials with Chemeq polymeric microbial have demonstrated clear
advantages in animal health and performance," said Mr. Lin.

"We will be importing Chemeq polymeric antimicrobial as soon as
possible and look forward to supplying the market."

Pahang Pharmacy was established in 1971 and is one of the
largest suppliers of animal health products in the competitive
Malaysian animal health markets.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House
3 Brodie Hall Drive, Technology Park
Bentley, Australia, 6102
Telephone: 08 9362 0100
Fax: 08 9355 0199
Web site: http://www.chemeq.com.au/


COMPUTER INTEGRATED: Claims Meeting Set for November 29
-------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Computer
Integrated Construction Services Pty Limited (In Liquidation)
A.C.N. 061 614 944 will be held at the office of the Liquidator,
c/- Moore Stephens PMN, Chartered Accountants, Level 6, 460
Church Street, North Parramatta NSW on Monday, 29 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 26th day of October 2004

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


CORPORATE INTERNATIONAL: Sets Final Meeting for November 30
-----------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that a final meeting of members and creditors
of Corporate International Freight Pty Limited (In Liquidation)
A.C.N. 054 518 446 will be held at the office of the Liquidator
on 30 November 2004 commencing 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 hearing of any explanations that may be
given by the Liquidator.

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

Dated this 26th day of October 2004

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


CRANE CART: To Wind Up Voluntarily
----------------------------------
Notice is hereby given that at a General Meeting of Members of
Crane Cart Pty Ltd (In Liquidation) duly convened and held at 40
Springfield Street, Guildford NSW 2161 on Tuesday, 12 October
2004 at 9:30 a.m. a Special Resolution that Crane Cart Pty
Limited (In Liquidation) A.C.N. 107 447 709 be wound up
voluntarily was passed by members and P. Ngan was appointed
Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 13th day of October 2004

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


FAIRFIELD INVESTMENT: Appoints P. Ngan as Liquidator
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Fairfield Investment Pty Ltd (In Liquidation) duly convened and
held at 1 Tavistock Road, South Hurstville NSW 2221 on Tuesday,
12 October 2004 at 9:00 a.m. a Special Resolution that the
Company be wound up voluntarily was passed by members and P.
Ngan was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 13th day of October 2004

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


GLENDENNING FREIGHTERS: Final Meeting Scheduled for November 30
---------------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Glendenning Freighters Pty Limited (In
Liquidation) A.C.N. 086 977 620 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on 30 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 15th day of October 2004

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


JAMES HARDIE: MRCF Applies for Bankruptcy
-----------------------------------------
The Medical Research and Compensation Fund (MRCF) has declared
it would apply for liquidation after rejecting a bailout offer
from beleaguered James Hardie Industries NV, reports Agence
France Presse. The troubled asbestos compensation fund warned
last month that it was on the verge of collapse unless James
Hardie immediately provides around AU$85 million (US$65.5
million) to meet claims.

James Hardie announced last month that it had released the
amount needed to cover the compensation shortfall, claiming the
immediate crisis in MRCF was resolved.

However, MRCF directors this week disclosed the company had
refused to waive earlier conditions that the fund gives up its
right to sue in the future in exchange for the amount.

The MRCF, which considered the condition "unacceptable", opted
to return the AU$31.5 million it received on Wednesday and to
refuse a pending AU$57 million.

The MRCF said yesterday it would ask the Supreme Court of New
South Wales state to appoint a provisional liquidator.

James Hardie set up MRCF to handle its Australian asbestos
liabilities at the time it relocated to the Netherlands in 2001.
But the fund quickly proved to be hugely underfunded, with a
shortfall of over AU$1 billion.

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


JN MANAGEMENT: To Hold Final Meeting on November 30
---------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that a final meeting of members and creditors
of JN Management Pty Limited (In Liquidation) A.C.N. 085 984 103
will be held at the office of the Liquidator on 30 November 2004
commencing at 10:15 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
hearing of any explanations that may be given by the Liquidator.

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

Dated this 26th day of October 2004

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


JUMBUK PTY: Enters Voluntary Winding Up Process
-----------------------------------------------
Notice is hereby given that at a meeting of members of Jumbuk
Pty Ltd (In Liquidation) A.C.N. 077 930 628 held on the 8th
October of 2004 the following special and ordinary resolutions
were passed:

That the company be wound up as a members voluntary liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the Liquidator so
desire and that Ronal John Dean-Willcocks be appointed
Liquidator of the company.

Dated this 13th day of October 2004

Ronald John Dean-Willcocks
Liquidator
Star Dean-Willcocks
GPO Box 3969,
Sydney NSW 2001
Telephone: (02) 9223 2944


KIDIS DISTRIBUTION: Names Receiver; Manager
----------------------------------------------
On 12 October 2004, Mr. John Vouris was appointed Receiver and
Manager to Kidis Distribution Pty Ltd A.C.N. 109 806 117.

Dated this 13th day of October 2004

John Vouris
Receiver & Manager
Vouris & Bell
Chartered Accountants
Level 9, 4 O'Connell Street,
Sydney NSW 2000


KINDYMAGIC PTY: Sets December 13 as Final Meeting Date
------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Kindymagic Pty Limited (In Liquidation) A.C.N. 070 926 813 will
be held at the offices of Jones Condon Chartered Accountants,
Level 1, 34 Charles Street, Parramatta NSW, on 13 December 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 13th day of October 2004

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


MILLENNIUM COATING: Court Issues Winding Up Order
-------------------------------------------------
On the 8th of October 2004, the Supreme Court of New South Wales
Equity Division made an Order that Millennium Coating System Pty
Ltd (In Liquidation) A.C.N. 090 141 709 be wound up by the Court
and appointed Steven Nicols to be Liquidator.

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


PERSONAL CERAMICS: Organizational Meeting Set for November 29
-------------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Personal
Ceramics (Aust.) Pty Limited (In Liquidation) A.C.N. 075 734 164
will be held at the office of the Liquidator, c/- Moore Stephens
PMN, Chartered Accountants, Level 6, 460 Church Street, North
Parramatta NSW on Monday, 29 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 26th day of October 2004

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


QANTAS AIRWAYS: Program Changes Upset Some Frequent Flyers
----------------------------------------------------------
Frequent flyers are disappointed by changes to Qantas Airways'
Frequent Flyer scheme, saying the alterations are difficult and
inconvenient, according to the Sydney Morning Herald. The
changes, aimed at rebalancing the program, will make easier to
earn reward seats on short routes but raises the number of
points needed for most flights.

Starting yesterday, Frequent flyers would be able to give points
to a family member once a year, or buy extra points to attain a
reward booking.

But Clifford Reichlin, who maintains the independent website
www.Frequentflyer.com.au, said the revamp had dramatically
reduced opportunities to upgrade and would infuriate corporate
travelers.

From May, upgrades will no longer be available on discount fares
and will not be able to be confirmed in advance on international
flights.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


SPRINGWOOD AND DISTRICT: To Undergo Winding Up Process
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Springwood And District Community Club Co-Operative Limited (In
Voluntary Liquidation) A.C.N. 290 201 748 duly convened and held
on 30 September 2004, a Special Resolution that the company be
wound up voluntarily was passed by members and M.C. Smith was
appointed Liquidator.

Dated this 11th day of October 2004

M.C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000


Y. BRICK: Members Resolve to Wind Up Voluntarily
------------------------------------------------
At a general meeting of the members of Y. Brick (Hobart) Pty Ltd
A.C.N. 009 506 567 (In Liquidation) held concurrently at 286
Horsley Road, Milperra, NSW 2214 on 11 October 2004, a special
resolution that the company be wound up voluntarily was passed.

David Clement Pratt
Simon John Cathro
Liquidator
Level 8, 201 Sussex Street,
Sydney NSW 1171


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


ADDCORE DEVELOPMENT: Member, Creditor Meetings Set December 10
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), Annual Meetings of the members
and creditors of Addcore Development Limited will be held at
27th Floor, Alexandra House, 16-20 Charter Road, Central, Hong
Kong on 10th day of December 2004 at the respective times listed
below.

The purpose of the meetings is receiving an account of the
liquidators showing their acts and dealings and the conduct of
the winding-up of the companies during the preceding year of the
respective liquidations:

Members' Meeting: 10:30 a.m.

Creditors' Meeting: 11:00 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him.

A proxy need not be a member or creditor of the company. Forms
of proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Charter Road Central, Hong Kong not less
than 24 hours before the respective meetings or any adjourned
meetings.

Dated this 19th day of November 2004

JACKY CW MUK
Joint and Several Liquidator


ALLIED HONEST: Court Issues Winding Up Notice
---------------------------------------------
Allied Honest Limited has received a winding up notice.

Registered Office / Principal Place of Business: No 2, G/F,
Causeway Rd, Causeway Bay, Hk

Date of Order: 10 November 2004

Date of Presentation of Petition: 6 October 2004

Dated this 19th day of November 2004

E T O'CONNELL
Official Receiver


BANK of CHINA: Adjusts End-September CAR Up to 8.56%
----------------------------------------------------
The end-September capital adequacy ratio (CAR) of Bank of China
(BOC) has been adjusted to 8.56 percent from the previously
announced 8.39 percent after proceeds from bond issues were
considered, according to Xinhuanet. Wang Zhaowen, the bank's
spokesman, confirmed that the CNY12 billion in subordinated
bonds issued in October were not taken.

BOC is presently undergoing a restructuring process and is
introducing strategic investors before its global stock
offering. The bank was one of three banks to pilot an ambitious
banking sector reform program.

BOC issued its first batch of CNY14.07 billion in subordinated
bonds in July, which boosted its CAR to 8.3 percent from 7.89
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


CHARMING UNION: Meetings Slated for December 10
-----------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the Annual Meetings of the
members and creditors of Charming Union Investments Limited will
be held at 27th Floor, Alexandra House, 16-20 Charter Road,
Central, Hong Kong on 10th day of December 2004 at the
respective times listed below.

The purpose of the meetings is receiving an account of the
liquidators showing their acts and dealings and the conduct of
the winding-up of the companies during the preceding year of the
respective liquidations:

Members' Meeting: 11:30 a.m.

Creditors' Meeting: 12:00 p.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him.

A proxy need not be a member or creditor of the company. Forms
of proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Charter Road Central, Hong Kong not less
than 24 hours before the respective meetings or any adjourned
meetings.

Dated this 19th day of November 2004

JACKY CW MUK
Joint and Several Liquidator


CHINA CONSTRUCTION: NPL Ratio Drops Ahead of New Offering
---------------------------------------------------------
In an effort to clean up its books in preparation for stock
listing, China Construction Bank (CCB) has cut its non-
performing loan ratio to 3.08 percent at the end of October,
says China Daily, citing Financial News.

CCB had recovered an accumulated CNY116.2 billion (US$14
billion) in cash and CNY20.3 billion (US$2.45 billion) in non-
cash assets between 2001 and the end of October, by disposing of
CNY279.8 billion (US$33.71 billion) in non-performing loans,

CCB's NPL ratio stood at 3.74 percent at the end of September,
based on the internationally accepted five-category
classification standard, stood at 3.74 per cent at the end of
September.

The bank is now seeking for foreign strategic investors in
preparation for its listing plan in the next year. It has
already set up a joint stock listing vehicle and is hoping to
raise US$1 billion.

Operating profits has increased by 21.5 per cent in the year's
first nine months, to CNY49.9 billion (US$6 billion).

CONATACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
E-mail: http://www.ccb.com.cn


CHINA MERCHANTS: Enters Into Joint Venture Contract
---------------------------------------------------
The Board of China Merchants Holdings announced that the Group
has entered into a Joint Venture Contract on 23 November 2004
for the establishment of Zhangzhou Tugboat JV, a Sino-foreign
joint venture company to be established in Zhangzhou, Fujian,
the PRC. Zhangzhou Tugboat JV is to be owned as to 75% by
Zhangzhou CM Port Company and as to 25% by the Subsidiary, a
wholly owned subsidiary of the Company.

Zhangzhou CM Port Company is a connected person of the Company
under the Listing Rules as it is an associate (as defined under
the Listing Rules) of CMG, the ultimate holding company of the
Company. Accordingly, the establishment of Zhangzhou Tugboat JV
constitutes a connected transaction of the Company.

No independent shareholders' approval is required for the
Transaction pursuant to the exemption under Rule 14A.32 of the
Listing Rules.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_chinamerchants112404.pdf


CIL HOLDINGS: Annual General Meeting Set for December 28
--------------------------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Cil Holdings Limited will be held at Luk Kwok Hotel, Basement
Function Room II, 72 Gloucester Road, Wanchai, Hong Kong on
Tuesday, the 28th of December 2004 at 9:00 a.m. for the purpose
of transacting the following business:

As ordinary business:

(1) To receive and consider the audited financial statements and
the reports of the Directors and Auditors for the two years
ended 30 June 2003 and 30 June 2004, respectively.

(2) To re-elect retiring Directors and fix their remuneration.

(3) To re-appoint Auditors and authorize the Directors to fix
their remuneration.

And as special business, to consider and, if thought fit, to
pass with or without modification the following resolutions of
which resolutions number 4 to 6 will be proposed as ordinary
resolutions and resolution number 7 will be proposed as a
special resolution:

To view the entire document click on:
http://bankrupt.com/misc/tcrap_cilholdings112504.pdf


KONG WAH: Sets Organizational Meeting for November 29
-----------------------------------------------------
Kong Wah Video Company Limited issued it creditors and
contributories meeting schedule.

Date of Meetings: 29 November 2004 (Monday)

Time of Creditors Meeting:  2:30 p.m.
Time of Contributories Meeting:  3:00 p.m.

Address: At the Official Receiver's Office, 10th floor,
Queensway Government Offices, 66 Queensway, Hong Kong

Dated this 19th day of November 2004.

E T O'CONNELL
Official Receiver & Provisional Liquidator


LUCKY EXPRESS: Winding Up Petition Served
-----------------------------------------
Lucky Express Investment Limited has received a winding up
petition.

Registered Office / Principal Place of Business: 2nd Floor,
Shatin Galleria, 18-24 Shan Mei St, Fotan, Shatin, Nt

Date of Order: 10 November 2004

Date of Presentation of Petition: 4 October 2004

Dated this 19th day of November 2004.

E T O'CONNELL
Official Receiver


MING PAO: Releases Improved 1H04 Results
----------------------------------------
Ming Pao Enterprise Corporation Limited has released its six
months ended 30th September.

For the six months ended 30th September 2004, the Group reported
a consolidated turnover of HK$633,157,000, an upsurge of 29%
compared to the last corresponding period. The profit
attributable to shareholders amounted to HK$20,540,000, which is
a significant 41% improvement over the same period last year.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_mingpao112504.pdf


POKFULAM DEVELOPMENT: Discloses 2004 Financial Results
------------------------------------------------------
For the year ended 30 September 2004, Pokfulam Development
Company Limited booked a net profit of HK$78,488 higher than
last year's HK$75,339. In the filing to Hong Kong Stock
Exchange, costs of good sold incurred a loss of HK$18,639,
meanwhile net profit has increased to HK$23,293.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_pokfulamdevelopment112504.pdf


SIU SIN: Faces Winding Up Proceedings
-------------------------------------
Grand Ford Enterprise Limited trading as Siu Sin Nursing Centre
faces winding up proceedings.

Registered Office / Principal Place of Business: Unit 17, 20/F,
Fortune Comm Bldg, 362 Sha Tsui Rd, Tsuen Wan

Date of Order: 10 November 2004

Date of Presentation of Petition: 7 October 2004

Dated this 19th day of November 2004

E T O'CONNELL
Official Receiver


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


BANK MANDIRI: 9-Month Net Profit Climbs 19%
-------------------------------------------
PT Bank Mandiri booked a nine-month profit of IDR4.48 trillion,
up 19 percent from IDR3.77 trillion a year earlier, Dow Jones
reports. The state-owned bank has reaped IDR1.3 trillion from
gains in the value of its securities holdings. More than half of
Bank Mandiri's assets are government bonds issued since the
Asian economic crisis, the value of which surged as interest
rates fell.

The bank sold some IDR36 trillion of government bonds during the
January-September period, cutting its dependence on them as the
source of income. At the end of September, the bank's government
bond holdings stood at IDR93.9 trillion, down from IDR131.4
trillion previously.

An increase in lending also helped Bank Mandiri's net interest
income to rise 22 percent to IDR7.13 trillion from IDR5.83
trillion.

During the latest period, the bank's new lending amounted to
IDR11.1 trillion, bringing its outstanding loans to IDR87
trillion.

As of the end of September, Bank Mandiri's assets stood at
IDR235.5 trillion, compared with IDR251.1 trillion in the same
period last year.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


BANK NEGARA: Mulls US$300-Mln Subordinated Debt Issue in 2005
-------------------------------------------------------------
In line with its goal to bolster working capital and to support
loan provision, PT Bank Negara Indonesia (BNI) is considering
issuing US$300 million worth of subordinated bonds next year,
according to Dow Jones.

BNI President Sigit Pramono confirmed the plan, saying the bank
is now awaiting the central bank's approval to issue the bonds.

BNI expects a 25-percent growth in new lending next year from a
target of around IDR10 trillion this year. The increase in next
year's target is based on expectations that the downward trend
of local interest rates will continue.

For the whole of 2004, the bank expects net profit to rise to
around IDR3 trillion from IDR828 billion backed by an increase
in lending.

CONTACT:

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


BANK RAKYAT: High Interest Income Drives 50% Profit Increase
------------------------------------------------------------
PT Bank Rakyat Indonesia enjoyed a 50-percent on-year net profit
increase in the first nine months of the fiscal 2004 due to a
high interest income, relates Dow Jones. The bank saw its
January-September net profit climb to IDR2.7 trillion (US$300
million) from IDR1.8 trillion, previously.

The increase is primarily attributed to a constant net interest
income growth and reduced interest costs.

Bank Rakyat's expansion in consumer lending helped fuel a 39-
percent on-year growth in interest income to IDR7.98 trillion in
the first nine months of 2004, from IDR5.75 trillion in the
year-ago period.

As of the end of September, Bank Rakyat has a total outstanding
loan portfolio of IDR58.38 trillion, up from IDR47.6 trillion as
of the end of December last year.

The bank's end-September government bond portfolio totaled
IDR26.17 trillion, down from 27.28 trillion in the same period
in 2003.

Bank Rakyat, which was one of the banks infused with cash by the
government during the financial crisis in the late 1990s, has
total assets of IDR100.1 trillion.

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


KALBE FARMA: Completes Debt Restructuring
-----------------------------------------
The US$85-million debt restructuring undertaken by PT Kalbe
Farma has been completed, Asia Pulse says. The restructuring
agreement has on Oct. 18 and Nov. 12 gained the approval of more
than 99 percent of creditors, including banks and holders of
money orders.

Maturities were extended six years up to 2010 during which the
pharmaceutical firm is required to pay installment of between
US$2 million and US$15 million every three months.

With the conclusion of the restructuring process, Kalbe Farma
will pursue a plan to build a milk processing facility for US$45
million, in a joint venture with Japanese investors.

CONTACT:

Pt Kalbe Farma
Jl MH Thamrin Blok A3-1 Lippo Cikarang
Kawasan Industri Delta Silicon
Bekasi 17550
Indonesia
Phone: +62 21 8990 7333
Fax: +62 21 8990 7360
Web site: http://www.kalbe.co.id/


PERTAMINA: Seeks Additional Jet, Gasoil for Late December
---------------------------------------------------------
State oil and gas firm PT Pertamina is seeking more supplies of
jet A-1 and gasoil for delivery in late December, in addition to
the cargo it purchased through its monthly tender Tuesday,
according to Dow Jones Newswires. Pertamina, which already
bought numerous deliveries for October and November, surprised
the market with its additional requirements due to its pent-up
demand for December.

The oil firm seeks two 120,000-barrel cargoes of jet, one for
Dec.26-28 delivery into Jakarta and the other for Dec. 29-Jan.2
lifting at Singapore.

Pertamina also seeks two 200,000-bbl 0.5% sulfur gasoil
contracts, one for Dec. 20-22 delivery into Tanjung Uban and the
other for Dec. 24-26 delivery into Jakarta.

Deadline for submission of offers is Nov. 26, with validity
until Nov.28.

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
=========


DAIEI INCORPORATED: R&I Cancels Ratings
---------------------------------------
Rating and Investment Information, Inc. (R&I) has cancelled the
"B" rating on the Senior Long-term Credit of The Daiei
Incorporated at the issuer's request.

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


DERU PURADO: Declared Bankrupt
------------------------------
Deru Purado Japan K.K. has been declared bankrupt with total
liabilities of US$46.33 million, says Teikoku Databank America.

The publishing company is based in Chiyoda-ku, Tokyo 101-0054.

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


HEIWA REAL: JCR Assigns Preliminary BBB+ to Shelf Registration
--------------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has assigned a
preliminary BBB+ rating to the shelf registration of Heiwa Real
Estate Co., Ltd.

Shelf Registration:
Maximum: JPY40 billion
Valid: two years effective from November 23, 2004

Rationale:

Heiwa Real Estate is a real estate company with leasing business
being the primary business. It has been investing in offices and
commercial facilities recently to change its earnings structure
that is dependent on stock exchange buildings.

As a result, interest- bearing debt increased, deteriorating the
financial structure while the revenue and profit from leasing
business have grown. The leasing portfolio has improved by
increase in leasing properties. Heiwa Real Estate plans to
reduce the investments and recover the cash used in these
investments.

JCR considers it necessary to watch carefully improvement in the
financial structure.

CONTACT:

Heiwa Real Estate Co Ltd
1-10 Nihonbashi-Kabutocho
Chuo-Ku 103-8222, Tokyo 103-8222
Japan
Phone: +81 3 3666 0181
Fax: +81 3 3666 4930
Web site: http://www.heiwa-net.co.jp/


KOBUSHI GOLF: Enters Bankruptcy
-------------------------------
Golf course operator K.K. Kobushi Golf Kurabu has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Kani-gun, Gifu 505-0102, left a total of
US$48.33 million in liabilities.

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


MITSUBISHI HEAVY: To Establish Sales/Service Unit in Hong Kong
--------------------------------------------------------------
Mitsubishi Heavy Industries, Ltd. is about to establish a new
company in Hong Kong exclusively dedicated to machine tool sales
and service, in a quest to further strengthen its machine tool
business in China. The new unit, to be known as MHI Machine
Tools H.K., Ltd., will start operations in December.

While MHI has conducted its machine tool business through its
local offices and subsidiary in the Chinese market, which is now
the world's largest and still expanding steadily, MHI decided to
establish a local organizational structure dedicated to machine
tool business in order to implement marketing activities
optimally tuned to the special demands of this product category.
The new unit will establish sales and service bases in Beijing
and Shanghai in next spring. Through meticulous response to
customer needs through its new local bases, MHI aims to double
its machine tool sales in China to JPY10 billion in 2007.

MHI Machine Tools H.K. will be capitalized at HK$5 million
(approximately JPY75 million) as a wholly owned subsidiary of
Mitsubishi Heavy Industries, (Hong Kong) Ltd. (MHIH). Next
spring, the Beijing and Shanghai bases will open to cover the
northern and central regions of China, where the target users
are most heavily concentrated. Southern China and Taiwan will be
covered by the Hong Kong headquarters. This three-pole structure
will enable the company to approach local customers directly.

MHI aims for the new company to engage mainly Chinese employees
in order to achieve swift localization. It also seeks to secure
talented and highly motivated personnel through adoption of
flexible working conditions, performance-oriented evaluations
and a commission-based pay system, while clarifying
responsibility thoroughly. Through these initiatives, MHI will
strengthen its capability to propose solutions precisely
matching each customer's needs. Efforts will also be directed
into after-sale services and sales support activities, including
hosting of seminars and opening of showrooms.

Items to be handled by the new company include machine tools of
all kinds, cutting tools and automobile engine valves. In
particular, MHI seeks expanded sales of machining centers and
heavy-duty machine tools to mold-and-die manufacturers, who are
concentrated in the Guangdong area, to automobile parts and
textile machinery manufacturers in central China, and to
construction and industrial machinery manufacturers throughout
China. It will also actively market gear cutters and special
machine tools customized to user production-line requirements to
major automobile and auto-parts manufacturers.

As of 2003 the global machine tool market is worth approximately
JPY3.8 trillion. China accounts for 19% (JPY723.8 billion), far
exceeding Japan (12%) and Germany (10%) as the world's largest
machine tool market. Going forward, MHI intends to aggressively
pursue increased orders, sales and profits in this huge growing
market by forging a sales and service structure optimally suited
to the special demands of each product and region.

CONTACT:

Mitsubishi Heavy Industries, Ltd.
16-5, Konan 2-chome, Minato-ku
Tokyo, 108-8215, Japan
Phone: +81-3-6716-3111
Fax: +81-3-6716-5800
Web site: http://www.mhi.co.jp


MITSUBISHI MOTORS: Posts Oct. Production, Sales, Exports Report
---------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Thursday announced
production, domestic sales and export results for October 2004.

Global production in October totaled 112,185 units, a decrease
of 15.7 percent compared to the same month last year.

Output in Japan slipped 27.8 percent to 47,327 units. Offshore
production declined 3.9 percent on year to 64,858 units. By
region, production in Asia increased 17.6 percent to 42,715
vehicles, North American output declined in August by 62.8
percent to 6,626 units, while European production surged ahead
by 25.2 percent to 10,677 units.

Sales in Japan declined 39.1 percent on year to 13,315 units. Of
this, registrations, which exclude 660cc minicars, declined 49.3
percent to 4,168, while minicar sales slipped 33.1 percent on
year to 9,147 units. Including commercial vehicles, total
domestic sales were at a level 60.9% that of last year, a figure
that matches company forecasts.

Exports from Japan continued to grow through October, gaining
14.8 percent on year to finish at 33,242 units. By region,
exports to Europe more than doubled at 115.9 percent over the
previous year at 7,342 units, while exports to North America
declined sharply by 65.8 percent, for a total of 3,560 units.
Shipments to Asia showed robust growth, with an improvement of
60% year-on-year, to 6,131 units.

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS112504.pdf

CONTACT:

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


MITSUBISHI MOTORS: Notes Shares Changes in FTSE Indices
-------------------------------------------------------
Following the receipt of shares in issue update for Mitsubishi
Motors (Japan constituent), FTSE announces the following
changes:

INDEX                     CHANGE                  EFFECTIVE FROM
                                                  START OF
                                                  TRADING
FTSE
All-World Index  Mitsubishi Motors (Japan, 6598446) Dec.2, 2004
                 will remain in the index with an
                 increased shares in issue
                 total of 2,746,208,272 and an
                 unchanged investability weighting
                 of 30%.

FTSE
Multinationals   Mitsubishi Motors will remain in   Dec. 2, 2004
                 the index as detailed above.

FTSE
Global Style
Index            Mitsubishi Motors will remain in   Dec. 2, 2004
                 The index as detailed above.

About FTSE

FTSE Group is an independent company whose sole business is the
creation and management of indices and associated data services.
FTSE has no capital markets involvement. The company originated
as a joint venture between the Financial Times and the London
Stock Exchange.

FTSE serves thousands of clients in 77 countries worldwide,
working directly with pension plan sponsors, investment banks,
brokers, consultants, fund managers, stock exchanges and data
providers. It is estimated that two and a half trillion USD of
assets are under management using FTSE indices.


UFJ HOLDINGS: Submits Amendment Report
--------------------------------------
UFJ Holdings, Inc. has conducted a review with a focus on
"Status of Shareholders, etc." on Financial Reports (Yuka Shoken
Hokokusho) and Semiannual Reports (Hanki Hokokusho, jointly
"Financial Reports, etc.") publicized in the past in accordance
with 'Action towards Securing Reliability of the Disclosure
System' announced by the Financial Services Agency on November
16, 2004 and with a subsequent request by the Kanto Financial
Bureau.

As a result, UFJ has confirmed that there is no description
disaccord with the facts in the Financial Reports etc. for such
reason as shares issued by UFJ are held effectively under
another person's name.

UFJ hereby announced that, however, as it turned out that there
were some omissions of footnotes with regard to copies of large
shareholdings report received, it has submitted an amendment
report to the Kanto Financial Bureau Thursday.

UFJ will verify Financial Reports, etc. by further reviewing
other items.

1. Financial Reports, etc. to be amended

(1) Semiannual Report (Hanki Hokokusho)
for the 6 months period ended September 30, 2003

(2) Financial Report (Yuka Shoken Hokokusho) for the 12 months
period ended
March 31, 2004

2. Item to be amended

Chapter 1. Company information

Section 4. Status of the submitting company

1. Status of stocks

(5) Status of large shareholders

3. Amendments

Omissions of footnotes with regard to copies of large
shareholdings report
received (Details are set forth below)

(1) Semiannual report (Hanki Hokokusho) for the 6 months period
ended September
30, 2003

To view the full release, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS112504.pdf

CONTACT:

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


UFJ HOLDINGS: Slips Into Red in First Half
------------------------------------------
UFJ Holdings Incorporated slipped into red with its JPY674.3-
billion (US$6.52-billin) first-half loss due to heavy charges
for writing off bad loans, according to Reuters. The troubled
firm widened its full-year loss estimate to JPY750 billion from
a previously projected JPY670 billion. The first-half loss was,
however, well below the JPY780 billion loss it forecast in
September.

UFJ, which reported a JPY180-billion profit for the same period
last year, has bad loans amounting to JPY4.15 trillion or 9.42
percent of all lending at the end of the first half of fiscal
2004.

To view UFJ's financial statement, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS112504FS.pdf


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


SEWON TELECOM: Gains Court Approval to Exit Bankruptcy
------------------------------------------------------
Sewon Telecom Co. has gained a court approval to climb out of
bankruptcy, reports Asia Pulse. Sewon, the target of a takeover
bid by a foreign and domestic hanset maker, would be able to
proceed with its proposed debt-reorganization plan following the
approval. In a filing with a court in Incheon, West of Seoul,
more than 74 creditors voted in favor of the court approval.

As part of the restructuring plan to meet obligations on about
KRW397.6 billion (US$372.9 million) of debt, Sewon agreed to
repay KRW180.2 billion in cash over the next 10 years.  The
company and creditors also agreed to swap KRW194.7 billion of
debt into shares. The remaining KRW22.7 billion of debt will be
written off.

"After maximizing sales and profits, we will put our resources
into seeking mergers and acquisitions," said Kim Dong-hyun, a
co-manager of the firm's court receivership.

Sewon Telecom expects to post KRW300 million in net loss on
sales of KRW279.2 billion next year.  The company targets to
bounce back into the black in 2006 with a with a full-year net
profit of KRW23.5 billion on sales of KRW406.5 billion.

Sewon reported last year an increase in its full-year net loss
to KRW101.1 billion won from KRW541 million the previous year.

To boost its profitability, Sewon said it would focus on selling
mobile phones based on global system for mobile communications
(GSM) technology.


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


AOKAM PERDANA: Releases Production Figures for October 2004
-----------------------------------------------------------
Aokam Perdana Berhad announced that its production for the month
of October 2004 were 115,059.24 m2 of veneer and 196.78 m3 of
mouldings.

In a recent TCR-AP report, the Company and its advisers are
working on the final stage of the implementation of the rescue
scheme for the Group.

CONTACT:

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


CONSOLIDATED FARMS: To Unveil Rehab Plan Details Next Year
----------------------------------------------------------
Consolidated Farms Berhad refers to its announcement dated 11
October 2004 pertaining to its Proposed Restructuring Scheme.

The Company announced that the application for an extension of
time for a period of three (3) months to 18 February 2005 for
ConsFarm to announce the detailed plan to regularize its
financial condition has been approved by Bursa Malaysia
Securities Berhad (formerly known as Malaysia Securities
Exchange Berhad) vide its letter dated 23 November 2004.

COLLECTIVELY, THE "PROPOSED RESTRUCTURING SCHEME"

Proposed Scheme Of Arrangement With Shareholders;
Proposed Debt Settlement;
Proposed Acquisition Of Bun Seng Group;
Proposed Exemption;
Proposed Special Issue;
Proposed Distribution By The Major Shareholders;
Proposed Restricted Issue;
Proposed Offer For Sale;
Proposed Transfer Of Listing Status; And
Proposed Disposal Of Consfarm

CONTACT:

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

This announcement is dated 24 November 2004.


GOPENG BERHAD: Discloses FY04 Quarterly Results
-----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Gopeng
Berhad 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
              7,459           5,575       28,509      30,641

2  Profit/(loss) before tax
             -6,349          -3,473       -12,095     -8,960

3  Profit/(loss) after tax and minority interest
             -7,771          -3,703       -15,380     -11,160

4  Net profit/(loss) for the period
              -7,771         -3,703       -15,380     -11,160

5  Basic earnings/(loss) per shares (sen)
               -4.33          -2.07       -8.58       -6.22

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)

          0.7700            0.8500

For more information, go to
http://bankrupt.com/misc/tcrap_gopen112504.doc

CONTACT:

Gopeng Berhad
Taman Seri Raia
31300 Kampung Kepayang, Perak Darul Ridzuan 31300
MALAYSIA
Phone: +60 5 357 5110
Fax: +60 5 357 5145


GULA PERAK: To List Additional Shares
-------------------------------------
Gula Perak Berhad's additional 43,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 43,000
irredeemable convertible secured loan stocks 2000/2005 into
43,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., Friday, 26 November 2004.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


LION INDUSTRIES: Seeks Bond Redemption Date Extension
-----------------------------------------------------
Lion Industries Corporation Berhad plans to extend the
redemption date of its zero-coupon bonds and rescheduled debts
as its planned sale of assets has failed to meet targets, the
Star Online reports.

The company had previously announced plans to divest its non-
core assets and businesses to raise cash to fund the redemption
and repayment of debt.

Lion Industries currently undertaking a disposal of the entire
equity interest in its wholly owned subsidiary, Lion Klang
Parade Bhd, and the proceeds will be used to redeem and repay
debt.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


MEDAS CORPORATION: Details Capital Reconstruction Plan
------------------------------------------------------
To facilitate the capital reconstruction of Medas Corporation
Berhad (Medas), the trading of its shares will be suspended with
effect from 9 a.m., Monday, 6 December 2004.

The Company is implementing the following:

(I) The cancellation of the entire issued and paid-up share
capital of MEDAS of RM14,000,000 comprising 14,000,000 ordinary
shares of RM1.00 each in MEDAS (MEDAS Shares) (Share
Cancellation);

(II) Allotment and issuance of 28,000,000 new ordinary shares of
RM0.50 each in Gromutual Berhad (Gromutual Shares) at par to the
shareholders of MEDAS, credited as fully paid-up on the basis of
two (2) new Gromutual Shares for every one (1) MEDAS share held
before the Share Cancellation (Issuance of new Gromutual Shares
to MEDAS shareholders) (The Share Cancellation and Issuance of
new Gromutual Shares to MEDAS shareholders are hereinafter known
as Capital Reconstruction of MEDAS)

CONTACT:

Medas Corporation Berhad
Esprit Management Services Sdn Bhd
3rd Floor, No. 17
Jalan Ipoh Kecil
50350 Kuala Lumur
Phone: 03-4044 3235
Fax: 03-4041 3959


METROPLEX BERHAD: Posts Winding Up Petition Update
--------------------------------------------------
Metroplex Berhad refers to the Bursa Malaysia Securities Berhad
(Bursa Securities)'s letter dated 23 November 2004 on the above
matter and furnish herewith the following information:

(1) Morgan Stanley Emerging Markets Inc. (the Petitioner) has
claimed for the sum of US$5,236,020.54 calculated as at 29
October 2004 made up as follows:

Principal US$3,900,000.00
Interest (22/9/99 to 29/10/04) US$1,321,019.08
Default Interest (30/9/04 to 29/10/04) US$ 15,001.46
Total US$5,236,020.54

(2) Until and unless a provisional liquidator is appointed
pursuant to the application to the Court by the Petitioner to
appoint provisional liquidator for MB, fixed for hearing on 26
November 2004, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt restructuring scheme. In the event the winding-up
petition succeeds, the Company will be put into liquidation.

(3) The expected losses, if any, would be the legal costs.

(4) MB and its Group are unable to provide a statement of
solvency because MB and its Group are an affected listed issuer
pursuant to Practice Note No. 1/2001 of the Listing Requirements
of Bursa Securities as announced to Bursa Securities on 21
December 2000 and 13 September 2004.

As at the date hereof, the Group is contingently liable in
respect of guarantees to the extent of RM34,637,422 given to
corporations pertaining to credit facilities given to an
indirect subsidiary, Eastern Sun Shipping Limited which had been
involuntarily dissolved and annulled on 1 April 2004.

(5) The Board of Directors is unable to provide a solvency
declaration because MB and its Group are an affected listed
issuer pursuant to Practice Note No. 1/2001 of the Listing
Requirements of Bursa Securities as announced to Bursa
Securities on 21 December 2000 and 13 September 2004.

Bursa Malaysia Securities Berhad Query Letter content:

The Bursa Malaysia Securities Berhad refer to the Company's
announcement dated 19 November 2004. In this connection, kindly
furnish Bursa Malaysia Securities Berhad (Bursa Securities) with
the following information immediately for public release:

(1) The interest rate for the amount claimed under the petition;

(2) The financial and operational impact of the aforesaid
petition on the MB Group;


(3) The expected losses, if any, arising from the winding-up
proceedings;

(4) A statement whether MB and its group of companies (Group) is
solvent i.e. that no contingent or other liability has become or
is likely to become enforceable within the period of twelve (12)
months from the date thereof which will or may affect the
ability of the Group or MB to meet their obligations as and when
they fall due; and

(5) An undertaking that a solvency declaration executed by the
directors of MB will be provided to Bursa Securities within
seven (7) days (where such declaration can be made).

Yours faithfully
LISA LAM
Sector Head
Issues & Listing
Group Regulations
LL/WCY

CONTACT:

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


MUDA HOLDINGS: Net Loss Shrinks in 2004 Quarterly Results
---------------------------------------------------------
Muda Holdings Berhad 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
            139,890         128,042       403,970    371,807

2  Profit/(loss) before tax
             -1,153          -3,302        5,407      -8,478

3  Profit/(loss) after tax and minority interest
             -2,027          -4,055       -2,103      -7,910

4  Net profit/(loss) for the period
             -2,027          -4,055       -2,103      -6,611

5  Basic earnings/(loss) per shares (sen)
              -0.71          -1.42        -0.74       -2.32

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)

          1.2713         1.2792


OCEAN CAPITAL: Releases Unaudited Quarterly Results
---------------------------------------------------
Ocean Capital Berhad disclosed to the Bursa Malaysia Securities
Berhad 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
              1,406             0          4,760     80,865

2  Profit/(loss) before tax
             -6,019           -1,022      -14,946    -12,587

3  Profit/(loss) after tax and minority interest
             -6,068           -1,022      -14,960    -12,587

4  Net profit/(loss) for the period
             -6,068           -1,022      -14,959    -12,587

5  Basic earnings/(loss) per shares (sen)
             -15.21            -2.56      -37.49     -31.55

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)

        -85.0000          -48.0000

For a copy of its financial statements, go to
http://bankrupt.com/misc/tcrap_oceancapital112504.doc



RNC CORPORATION: Posts FY04 Quarterly Results
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, RNC
Corporation Berhad 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             12,799       10,434      24,935

2  Profit/(loss) before tax
            -6,135           -1,720        5,362     -4,358

3  Profit/(loss) after tax and minority interest
             -6,135           -1,720        5,362     -4,358

4  Net profit/(loss) for the period
             -6,135           -1,720         5,362     -4,358

5  Basic earnings/(loss) per shares (sen)
             -13.54           -3.80           11.83     -9.62

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)

        -6.8400           -6.9600

For more information, visit
http://bankrupt.com/misc/tcrap_rnc112504.doc


SATERAS RESOURCES: Reveals Investigative Audit Findings
-------------------------------------------------------
On 31 March 2004, Sateras Resources (Malaysia) (SRM) obtained
the approval of the Securities Commission (SC) for its Proposed
Restructuring Scheme. One of the conditions imposed by the SC in
its approval for the Proposed Restructuring Scheme was that SRM
is required to appoint an independent audit firm to conduct an
investigative audit on the past losses of the SRM Group.

SRM is required to undertake the necessary steps to recover the
losses incurred. Based on the results of the investigative
audit, SRM is required to lodge report(s) to the relevant
authorities should there be any contravention of any relevant
laws, rules, regulations and Memorandum of Association
pertaining to the Board of Directors of SRM and or any other
parties who had caused the losses of the SRM Group.

On 19 May 2004, the Company appointed Messrs Tan Peng Sam &
Company (TPS) to carry out the investigative audit. The
investigative audit on the SRM Group which covered 11 financial
years ended 31 March 1993 to 31 March 2003 was completed on 18
November 2004 and was submitted to the Securities Commission on
23 November 2004.

SRM hereby wished to announce a summary of the findings of the
said audit report as extracted from the Executive Summary
prepared by TPS.

The audit identified and investigated 25 transactions entered
into by SRM during the period, which gave rise to losses
amounted to approximately RM596 million. Based on the review on
these transactions, the report noted in general that the
following provisions of the relevant Acts/Regulations may not
have been complied with. They are Section 67 (1), 69F (1), 131
(1), 132 and 32 (7) (c) of the Securities Commission Act 1993,
and Paragraph 8.23 (1) of the KLSE Listing Requirement.

Based on the aforesaid potential breaches and non-compliances,
it appears that most of the losses identified were mostly due to
the following:-

i) Deposits were paid for deals and/or transactions which was
subsequently aborted and no serious attempt were made to recover
the debts; and

ii) Handing over or transferring legal and beneficial rights on
assets disposed before the receipt of full consideration.

The series of potential breaches and non-compliance may have
also indicated that there may be potential vested interest by
Director and /or person(s) connected to Director for the
numerous aforesaid transactions entered into which has resulted
in SRM suffering losses.

The Board of Directors of SRM proposes to review the findings of
the investigative audit in greater detail before taking
appropriate action (where necessary/possible)

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Telephone: +60 2162 5288
Telephone: +60 2161 8529


SILVERSTONE CORPORATION: Unaudited Quarterly Results Released
-------------------------------------------------------------
Silverstone Corporation Berhad announced its unaudited quarterly
report for the financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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

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

1  Revenue
              99,475         146,540       99,475     146,540

2  Profit/(loss) before tax
              -11,791         -25,050      -11,791    -25,050

3  Profit/(loss) after tax and minority interest
               -11,770         -25,343     -11,770     -25,343

4  Net profit/(loss) for the period
                -11,770        -25,343      -11,770    -25,343

5  Basic earnings/(loss) per shares (sen)
                  -3.48         -7.49       -3.48      -7.49

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)

             0.4000           0.4400

CONTACT:

Silverstone Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


SRIWANI HOLDINGS: Issues Litigation Update
------------------------------------------
Sriwani Holdings Berhad refers to its announcement on 23
November 2004 in relation to the Company's proposed property
disposals and proposed alternative restructuring plan (Petition
No. D2-26-88-2004).

The Company announced that the suggestion to file in written
submissions in respect of the injunction against Atlan Holdings
Bhd and/or Atlan Properties Sdn Bhd and striking out
applications was made by the petitioner's counsel.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my

This announcement is dated 24 November 2004.


TRU-TECH HOLDINGS: Seeks Restraining Order Extension
----------------------------------------------------
Tru-tech Holdings Berhad and its subsidiaries, Tru-Tech
Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd
(Subsidiaries), were granted a restraining and stay order (RO)
for a period of 90 days effective from 28 August 2004 up to 25
November 2004 by the Johor Bahru High Court (Court) on 27 August
2004.

The Company's solicitors have filed an application for the
extension of the RO with the Court, which will be heard on 2
December 2004.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Telephone: (60) 3 7861 5220
Fax: (60) 3 7861 7972

This announcement is dated 24 November 2004.


UNITED CHEMICAL: Audit of Past Losses Completed
-----------------------------------------------
United Chemical Industries Berhad announced that in compliance
with the conditions imposed by the Securities Commission (SC),
via its letter dated 31 December 2003, Messrs Aljeffri Dean &
Co. has on 24 November 2004 completed its investigative audit on
the past losses of the UCI Group and submitted four (4) copies
of the Investigative Audit Report dated 24 November 2004 to the
SC on 24 November 2004.

The Company will announce a summary of the audit findings set
out in the Investigative Audit Report in due course.

CONTACT:

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

This announcement is dated 24 November 2004.


WOO HING: Releases Unaudited Quarterly Results
----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Woo Hing
Brothers (Malaya) Berhad 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 sYEAR  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           711

2  Profit/(loss) before tax
             -276             908          -695         -5,974

3  Profit/(loss) after tax and minority interest
             -276             908           -695        -5,974

4  Net profit/(loss) for the period
             -276             908            -695       -5,974

5  Basic earnings/(loss) per shares (sen)
             -1.77            5.82          -4.46       -38.29

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)

            -6.5700          -6.5300

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
+60 3 2144 1233
+60 3 2142 2228


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


MANILA ELECTRIC: Clarifies "Meralco Loses Tax Battle" Report
------------------------------------------------------------
The Manila Electric Co. has issued a response to the news
article entitled "Meralco loses tax battle versus QC" published
in the November 24, 2004 issue of the Malaya.

The article reported, "The Court of appeals yesterday junked a
petition of the Manila Electric Co. that it be refunded P20.5
million in franchise taxes paid to the Quezon City government."

Manila Electric Company, in its letter dated November 24, 2004,
informed the Philippine Stock Exchange that:

"As of this writing, neither Meralco nor its counsel of record
in the case, Quiason Makalintal Ibarot Torres Ibarra Guevarra
Law Office, has received an official copy of the Court of
Appeals decision referred to in the news item. Appropriate
disclosure will be made upon receipt thereof."

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

CONTACT:

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


NATIONAL POWER: Strike Delays Masinloc Plant Bidding
----------------------------------------------------
The bidding for the 600-megawatt coal-fired Masinloc plant that
was set for Thursday was rescheduled for December 1 due to a
transport strike that stranded thousands of commuters, Reuters
reports.

"The bidding date was reset in order to avoid unforeseeable
logistical problems that may result from the transport strike,"
said Raphael Lotilla, President of the Power Sector Assets and
Liabilities Management Corporation.

The Masinloc plant has two-generation units, each with a
capacity of 300 megawatts. It stands on a 147-hectare site. It
was built at a cost of US$530 million in 1998.

Energy officials are expecting at least 10 prospective investors
to participate in the much-anticipated bidding. Masinloc is the
last National Power Corporation (Napocor) asset to be sold this
year.

CONTACT:

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



PUERTO AZUL: Equitable Urges Court to Scrap Rehab Petition
----------------------------------------------------------
Equitable PCI Bank has asked the court to dismiss the
rehabilitation petition of Puerto Azul Land, Inc. after deeming
the petition "skeletal" and "lacking," the Business World
reports. The bank said the debt-saddled resort developer did not
disclose fully its financial history and the reasons for its
failure to pay debts.

In the petition for rehabilitation filed last September, Puerto
Azul blamed its financial woes on the peso's depreciation during
the 1997 Asian financial crisis and the "real estate bubble
burst" that followed. It also blamed the Philippine Stock
Exchange (PSE) for rejecting the listing of its shares via
initial public offering.

But the reasons left the bank dissatisfied.

Equitable also hit the firm for not being truthful in revealing
the state of its obligations to the bank.

In the petition, Equitable said Puerto Azul put its outstanding
principal debts under five promissory notes at PhP49.95 million.

The bank said Puerto Azul only computed its accrued interests
until March 1999 and excluded the penalty charges.

In a statement of account filed with the court, Equitable said
the amount due is actually PhP307.78 million in interests and
penalties.


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


CAPITALAND LIMITED: Posts Change in Shareholder's Interest
----------------------------------------------------------
Capitaland Limited released a notice on November 24, 2004, at
the Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Interest of Singapore Technologies Pte
Ltd.

Part I

(1) Date of notice to issuer: November 24, 2004

(2) Name of Substantial Shareholder: Singapore Technologies Pte
Ltd

(3) Please tick one or more appropriate box(es):
Notice of a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Part III and IV]

Part II
(1) Date of change of [Select Option]

(2) Name of Registered Holder

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details

(4) Information relating to shares held in the name of the
Registered Holder

No. of [Select Option] held before the change
As a percentage of issued share capital %

No. of N.A. which are subject of this notice
As a percentage of issued share capital %

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

No. of N.A. held after the change
As a percentage of issued share capital %

Part III

(1) Date of change of Deemed Interest 18-11-2004

(2) The change in the percentage level From 60.46 % To 60.46 %

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details Deemed interest - On 18 November 2004
and 19 November 2004, ST Property Investments Pte Ltd ("STPI"),
a wholly-owned subsidiary of STPL, lent 4,000,000 and 10,000,000
ordinary shares of par value S$1.00 in the capital of CapitaLand
respectively to Citigroup Global Markets Limited pursuant to a
Novation Agreement dated 3 November 2004 entered among STPL,
STPI and Citigroup which is supplemental to the Global Master
Securities Lending Agreement dated 6 October 2003 entered into
between Citigroup and STPL in relation to shares of CapitaLand
on the issue of S$451,000,000 1.08 Per Cent. Guaranteed
Exchangeable Notes Due 2010 by ST Treasury Services Ltd.

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions: Not
applicable. There is no change in the aggregate number of shares
in which STPL has a deemed interest through STPI.

Part IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:
                                            Direct        Deemed
No. of shares held before the change 1,197,123,933   328,537,838
As a percentage of issued share capital      47.44%       13.02%
No. of shares held after the change  1,197,123,933   328,537,838
As a percentage of issued share capital      47.44%       13.02%

Footnotes % of share capital is based on 2,523,508,885 issued
shares as at 19 November 2004.

In this notification, a reference to Shares "held" is a
reference to an "interest" in such Shares, as determined in
accordance with Section 7 of the Companies Act.

Submitted by:
Ng Chooi Peng
Assistant Company Secretary


GOODWOOD PARK: Shareholder's Interest Changes
---------------------------------------------
Goodwood Park Hotel Ltd released a notice on November 24, 2004,
at the Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Interest of Estate of Tan Sri Khoo Teck
Puat.

Part I

(1) Date of notice to issuer: November 24, 2004

(2) Name of Substantial Shareholder: Estate of Tan Sri Khoo Teck
Puat

(3) Please tick one or more appropriate box(es):
Notice of a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Part III and IV]

Part II
(1) Date of change of [Select Option]

(2) Name of Registered Holder

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details

(4) Information relating to shares held in the name of the
Registered Holder

No. of [Select Option] held before the change
As a percentage of issued share capital %

No. of N.A. which are subject of this notice
As a percentage of issued share capital %

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

No. of N.A. held after the change
As a percentage of issued share capital %

Part III

(1) Date of change of Interest November 22, 2004

(2) The change in the percentage level From 94.02 % To 94.28 %

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details Acceptances by shareholders of Goodwood
Park Hotel Limited (GPHL) of the offer for GPHL shares made on 5
November 2004 by Dumont Pte. Ltd. in connection with the
voluntary delisting of GPHL

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

Part IV

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

                                            Direct       Deemed
No. of shares held before the change     4,045,355   36,372,911
As a percentage of issued share capital       9.41%      84.61%
No. of shares held after the change      4,045,355   36,482,996
As a percentage of issued share capital       9.41%       84.87%

Submitted by:
David Poh Tze Keong
Company Secretary


HONG LEONG: Announces SG$900M 6-Star Hotel Development
------------------------------------------------------
The Hong Leong Group unveiled a new SG$900 million luxury hotel
cum residential development, reports Channel News Asia.

The hotel, the first major luxury class hotel to be built in the
state in a decade and the first to be integrated with an up-
market apartment, will be located in the Tanglin district.

The residential-cum-hotel development will have a 6-star hotel
and two apartment towers is expected to be completed by 2007.
The edifice will be under the management of St Regis and its
room rates is expectedly 8 to 10 percent higher than the current
most pricey rooms around.

Hong Leong Executive Chairman Kwek Leng Beng expressed his
optimism over the recovery of the hotel industry, and sees
growth prospects in the property market, projecting a 5 to 10
percent increase.

Kwek, however, did not divulge their interest in the bid to run
a casino resort, saying it is difficult to make a decision at
the moment.

He also did not elaborate whether the company will be bidding
for the new Business Financial Centre project, but said that the
group is interested to explore any good investment opportunity.


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


KRUNG THAI: To Allocate THB40 Billion of Targeted Loans in 2005
---------------------------------------------------------------
Krung Thai Bank PCL is mulling to allocate THB40 billion in new
loans to small and medium sized enterprises (SME) next year, the
Bangkok Post relates. The bank recorded a net loan growth of
THB41 billion for its small business loan portfolio for the
first ten months, which is expected to reach THB43 billion for
the year 2004.

Krung Thai's SME portfolio currently stands at around THB500
billion or 40 percent of the bank's total loan portfolio.

Krung Thai is expecting a seven percent net growth for the SME
portfolio, Anantapol Punpent, the bank's Executive Vice
President said.

CONTACT:

Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th


T.C.J.: Details Investment in TOYO
----------------------------------
With reference to the Central Bankruptcy Court's order on
October 7, 2004 to approve T.C.J. Public Company Limited to
implement the Business Reorganization Plan by investing in Toyo
Millennium Co. Ltd. (TOYO), T.C.J. informed the Stock Exchange
of Thailand (SET) that on November 22, 2004 it has purchased
1,632,000 TOYO ordinary shares (par value of THB100 per share)
from Sunrife Enterprises Pte.Ltd (Sunrife) at THB203.50 per
share for THB332,112,000.

T.C.J. has already reported such acquired assets on October 8,
2004.

Please be informed accordingly.

Yours faithfully,
Srivilai Chatjuthamard
Plan Administrator

CONTACT:

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


THAI PETROCHEMICAL: PTT Underbids Share Price by 25%
----------------------------------------------------
PTT Pcl said it would only pay 25 percent of the current share
price of Thai Petrochemical Industry Pcl (TPI) should it decide
to buy a stake, Dow Jones report, citing Thai-language daily
Krungthep Turakij.

PTT President Prasert Bunsumpun said he is concerned about the
dilution effect of TPI's planned capital raising.  Although the
finance ministry has a 30 percent stake in PTT, Mr. Prasert said
the company need not follow all of Mr. Prachai's directions.

Another concern of PTT is its role in TPI's management and
potential legal problems.

Mr. Prasert said he does not have anything to do with the
possible future involvement of TPI founder Prachai
Leophairatana.

Mr. Prachai stands as a potential source of legal and management
problems of TPI that was overlooked in the restructuring plan.

CONTACT:

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



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

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

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

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

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

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

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

  THAILAND
  --------

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






                            *********


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

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

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

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