TCRAP_Public/041129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, November 29, 2004, Vol. 7, No. 236

                            Headlines

A U S T R A L I A

A&F PEGG: To Declare Final Dividend on December 14
BONLAC FOODS: Moving Towards Profitability
CHEMEQ LIMITED: Implements Recommendations of Cost Review
DVI FINANCIAL: To Face Voluntary Winding Up Proceedings
GRAMPIAN HILLS: Members Resolve to Wind Up Voluntarily

ILLAWARRA TRENCHING: Placed Under Voluntary Winding Up
INTERNATIONAL FACTORS: Holds Final Meeting Today
MASCON SYSTEMS: Convenes Joint Meeting Today
NATIONAL AUSTRALIA: Selects Preferred Cheque Processing Provider
NEW IMAGE: Joint Meeting Set Today

PRIMELIFE CORPORATION: Appoints New Executive
PRIMELIFE CORPORATION: Unveils Results of Annual General Meeting
PROFESSIONAL BUILDING: Court Issues Winding Up Order
REAY PTY: To Undergo Winding Up Process
SANTOS LIMITED: Secures Further Indonesian Exploration Acreage

SHARECALL TECHNOLOGIES: Enters Winding Up Proceedings
SEIC PTY: To Voluntarily Wind Up
SM & MR: Appoints R.M. Sutherland as Liquidator
ST GEORGE SUPERANNUATION: Holds Final Meeting Today
TALAAD PTY: Final Meeting Slated Today

TCG MEGA: Members Resolve to Voluntarily Wind Up
VILLAGE ROADSHOW: Says Trading "Excellent" This Year


C H I N A  &  H O N G  K O N G

ALPHA GENERAL: Holders of Scheme Shares to Meet December 20
ALPHA GENERAL: To Hold Special General Meeting on December 20
ASEAN INTEREST: Court to Hear Winding-up Petition on December 1
CANON MARKETING: Creditors to Prove Debts by December 17
COFFEE PARTNERS: Posts Winding Up Petition Notice

ECYBERCHINA HOLDINGS: 1H Net Loss Shrinks to HK$6.68 Mln
GOLDRIVER CORPORATION: Sets Meetings on December 3
HONGKONG LONG: Court Issues Winding Up Order
UDL HOLDINGS: Posts HK$16.534-Mln Net Loss
WORLDSEC INVESTMENTS: Creditors Meeting Slated for December 7


I N D O N E S I A

PERTAMINA: State Wants Hasty Development of Cepu Block


J A P A N

APPLE COMPUTER: Faces TSE Delisting
IZUHAKONE RAILWAY: TSE to Delist Shares on December 26
KOKUDO CORPORATION: Says it Sold Seibu Shares for JPY65 Bln
NAGOYA RAILROAD: R&I Assigns BBB+ to SB Nos. 8 & 9
MITSUBISHI MOTORS: PSA Denies Joint-Venture Rumor

MITSUBISHI MOTORS: Colt Plus Pulls in Over 3,000 Orders
MITSUBISHI MOTORS: Holds Eighth Ethics Committee Meeting
SEIBU RAILWAY: Creditors Pledge Financial Support
UFJ HOLDINGS: Revises Consolidated Forecasts for FY04
YAMAICHI SECURITIES: Fund to Shoulder JPY1.8-Bln Loan Loss


K O R E A

KOLON GROUP: More Job Cuts Planned


M A L A Y S I A

ANTAH HOLDINGS: Default Status Unchanged
ARTWRIGHT HOLDINGS: AGM Set for December 20
AYER HITAM: Releases FY04 Unaudited Quarterly Results
BERJAYA GROUP: SC OKs Proposed Disposals
CHG INDUSTRIES: Discloses FY04 Unaudited Quarterly Results

CONSOLIDATED FARMS: Appoints New Financial Advisors
FABER GROUP: To List Additional Shares
GENERAL SOIL: Seeks Restructuring Approval
GOLDEN FRONTIER: Issues Shares Buy Back Notice
MANGIUM INDUSTRIES: Unveils FY04 Unaudited Quarterly Results

MCM TECHNOLOGIES: Reveals 2004 Unaudited Quarterly Report
MCM TECHNOLOGIES: Submits Consolidated Income Statements
NAIM INDAH: Issues Additional 377,000 New Ordinary Shares
PNE PCB: Posts Unaudited Quarterly Results For FY04
SELOGA HOLDINGS: Details Private Placement of Shares

TRU-TECH HOLDINGS: Names New Director
TRU-TECH HOLDINGS: Posts 2004 Unaudited Quarterly Results


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Assures Assistance For Plan Holders
LANDOIL RESOURCES: PSE OKs Delisting of Shares
MAYNILAD WATER: To Complete Rehab Plan on December 15
NATIONAL POWER: Aboitiz Withdraws Power Plant Bid
NEGROS NAVIGATION: Nenaco To Be Traded Tuesday


S I N G A P O R E

HORIZON EDUCATION: Court to Hear Bankruptcy Petition December 10
IMDEX TECHNOLOGIES: Winding Up Hearing Set December 10
KAKI BUKIT: Bankruptcy Petition Hearing Slated for December 10
PANPAC MEDIA: Notes Change in Shareholder's Interest
SINGAPORE PRESS: Disposes of Subsidiary

WHK INVESTMENT: Releases Dividend Notice


T H A I L A N D

KRUNG THAI: Board Member Resigns
SIAM AGRO: Unveils Opinion of FA on Tender Offer

     -  -  -  -  -  -  -  -  -  -

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


A&F PEGG: To Declare Final Dividend on December 14
--------------------------------------------------
A dividend is to be declared on 14 December 2004 in respect of
A&F PEGG Holdings Pty Limited (In Liquidation) A.C.N. 000 663
570.

Creditors whose debts or claims that have not already been
admitted to the Liquidator, were required on 14 November 2004 to
formally to prove their debts or claims.  In they did not comply
with this notice, the said creditors would be excluded from the
benefit of any distribution made before their debts or claims
are proved or their priority is established and from objecting
to the distribution.

Dated this 14th day of October 2004

John Morgan
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 9251 4100,
Facsimile: (02) 9240 9821
Web site: www.pkf.com.au


BONLAC FOODS: Moving Towards Profitability
------------------------------------------
Bonlac Foods said it expects to swing into the black in 2004-
2005 as the global dairy industry recovers, according to The
Age.

Noel Campbell, chairman of the troubled dairy producer, affirmed
the restructuring of the Company and its tie-up with major
shareholder Fonterra has been completed.

"We're in a far better position than this time last year . . .
(and) we're talking about returning to profitability this year,"
he said.

Bonlac tallied an AU$82.7-million loss for the 12 months ending
June due partly to AU$41 million in one-off costs associated
with massive rehabilitation.

The effect of the stronger Australian dollar on export prices
had reduced earnings by about AU$10.2 million, while lower milk
volumes, due to adverse weather conditions in Tasmania and
Victoria, had also hurt the bottom line last year.

However, the dairy Company is bullish on its outlook this year.

In a recent business trip to Japan, Mr. Campbell found the Asian
country was very interested to import more Bonlac goods.

Bonlac is 50-percent owned by New Zealand's Fonterra, which has
launched an AU$1.3 billion hostile takeover bid for National
Foods.

Mr. Campbell confirmed Bonlac supported Fonterra's bid for
Natfoods and expected to benefit from added synergies.

CONTACT:

Bonlac Foods Limited
636 St Kilda Rd, Melbourne VIC 3000
Melbourne VIC 3001
Phone: 03 9270 0922
Fax: 03 9270 0911
Web site: http://www.bonlacfoods.com.au


CHEMEQ LIMITED: Implements Recommendations of Cost Review
---------------------------------------------------------
Biotech Company Chemeq Limited has implemented the
recommendations of an internal cost review, according to Egoli
News.

The veterinary drug producer advised that cost reductions have
been carried out in three areas: a 15-percent reduction in total
headcount, a rescheduling of work associated with US regulatory
approvals; and a deferral in the planning and design of further
manufacturing plant upgrades until current plant optimization
work is complete.

According to Company Chairman Dr. Graham Melrose, the cost cuts
will not impact Chemeq's ability to move to commercial
production and sale of its CHEMEQ polymeric antimicrobial
product in the short term.

"It is unfortunate that job cuts have to be made, however they
are necessary to place Chemeq on a sound financial platform as
we become a full-scale veterinary drug manufacturer," he said.

"The timetable for the commercialization of our CHEMEQ polymeric
antimicrobial requires us to focus on establishing our product
in the market before pursuing longer-term strategic goals."

Dr. Melrose concluded that rescheduling the Company's work
programs on US regulatory approvals and plant upgrades will be
in the best interests of the Company at this time.

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/


DVI FINANCIAL: To Face Voluntary Winding Up Proceedings
-------------------------------------------------------
Notice is hereby given that at a general meeting of DVI
Financial Services (Australia) Limited (In Liquidation) A.C.N.
076 174 215 held on 11th October 2004, it was resolved that the
Company be wound up voluntarily and that, John Maxwell Morgan,
Chartered Accountant of PKF, Chartered Accountants, Level 10, 1
Margaret Street, Sydney NSW 2000 be nominated to act as
Liquidator for the purpose of the winding up.

Dated this 12th day of October 2004

John Morgan
Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


GRAMPIAN HILLS: Members Resolve to Wind Up Voluntarily
------------------------------------------------------
Notice is hereby given that at an Extraordinary General meeting
of Grampian Hills Pty Limited A.C.N. 008 392 907 duly convened
and held at 64 Greg Norman Drive, Tamworth, NSW, on the 13th day
of October 2004, at 11.00 a.m. the following Special Resolution
was duly passed:

(1) That the Company be wound up as a Members' Voluntary
Liquidation.

(2) That Mr. Gregory John Emerson be appointed Liquidator of the
Company. His address for service of notices is c/- Welch Porter,
PO Box R1376, Royal Exchange, 1225.

Dated this 13th day of October 2004

Judith A. King
Chairman & Director


ILLAWARRA TRENCHING: Placed Under Voluntary Winding Up
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Illawarra Trenching & Sewerage Pty Limited (In Liquidation)
A.C.N. 075 256 432 held on 12 October 2004, it was resolved that
the Company be wound up voluntarily and that for such purpose
Sule Arnautovic, of Jirsch Sutherland Chartered Accountants be
appointed Liquidator. A meeting of creditors held later that day
confirmed this appointment.

Dated this 12th day of October 2004

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


INTERNATIONAL FACTORS: Holds Final Meeting Today
------------------------------------------------
Notice is given that a final meeting of members of International
Factors Pty Limited A.C.N. 071 270 810 (In Voluntary
Liquidation) will be held at Level 9, 10 Shelley Street, Sydney,
today, 29 November 2004 at 10:00 a.m.

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

Dated this 15th day of October 2004

M.C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


MASCON SYSTEMS: Convenes Joint Meeting Today
--------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act,
2001 that a joint meeting of the members and creditors of Mascon
Systems Pty Ltd (In Liquidation) will be held at the offices of
Clout & Associates, Chartered Accountants, Level 1, 144-148 West
High Street, Coffs Harbour NSW 2450 today 29 November 2004, at
11:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of, and of
hearing any explanations that may be given by the Liquidator.

Dated this 26th day of October 2004

M.J. Chubb
Liquidator
Clout & Associates
Chartered Accountants
Level 1, 144-148 West High Street,
Coffs Harbour NSW 2450


NATIONAL AUSTRALIA: Selects Preferred Cheque Processing Provider
----------------------------------------------------------------
National Australia Bank, the Commonwealth Bank and Westpac
announced in a press release that they will enter into detailed
negotiations with Fiserv Inc to assess the potential of Fiserv
providing cheque processing services on behalf of all three
banks.

The negotiations are expected to be completed in the near future
and if terms can be agreed, the Commonwealth Bank, National
Australia Bank and Westpac will then each seek formal internal
approval to form a joint venture, which will then contract with
Fiserv.

Fiserv Inc is an American Company that has been running
financial processing centers, specializing in cheque processing,
in the US and Canada for 20 years.  They have 21,000 employees
in 65 countries and have around 15,000 clients.

For further information:

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

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

Tim Rutherford
Corporate Affairs Manager, Operations
03 8634 1574 work
0417 212 501 mobile


NEW IMAGE: Joint Meeting Set Today
----------------------------------
Notice is given pursuant to Section 509 of the Corporations Act,
2001 that a joint meeting of the members and creditors of New
Image Fun & Fitness (Aust) Pty Limited (In Liquidation) A.C.N.
094 018 149 will be held at the offices of Clout & Associates,
Chartered Accountants, Level 1, 144-148 West High Street, Coffs
Harbour NSW 2450 today, 29 November 2004, at 11:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and of hearing any explanations that
may be given by the Liquidator.

Dated this 26th day of October 2004

M.J. Chubb
Liquidator
Clout & Associates
Chartered Accountants
Level 1, 144-148 West High Street,
Coffs Harbour NSW 2450


PRIMELIFE CORPORATION: Appoints New Executive
---------------------------------------------
The Board of Primelife Corporation Limited on Friday announced
the appointment of John Martin as General Counsel and General
Manager Corporate.

Chairman, Robert Champion de Crespigny, AC said, "The Board of
Primelife is delighted to have Mr. Martin join its executive
team. We believe that his appointment will strengthen the
Company's ability to deliver on its new business plan."

Prior to joining Primelife, Mr. Martin was an Executive Director
and Deputy Chief Executive Officer of Proteome Systems. Mr.
Martin is a former partner of Allen Allen & Hemsley in their
corporate and commercial practice. He was also an executive
partner of the corporate group and a member of the firm's
Operating Committee.

CONTACT:

Primelife Corporation Limited
210 Kings Way South Melbourne
Victoria 3205 Australia
Telephone: +61-3-8699-3300
Facsimile: +61-3-8699-3414
Web site: http://www.primelife.com.au


PRIMELIFE CORPORATION: Unveils Results of Annual General Meeting
----------------------------------------------------------------
Primelife Corporation Limited advised that the resolutions of
the Annual General Meeting held Friday were passed as follows:

(1) Election Ronald J Walker AC CBE: Carried

(2) Election of Sandra V McPhee: Carried

Gregory Flood
Company Secretary


PROFESSIONAL BUILDING: Court Issues Winding Up Order
----------------------------------------------------
On 8 October 2004, the Supreme Court of New South Wales made an
Order that Professional Building Services (NSW) Pty Limited (In
Liquidation) A.C.N. 098 057 688 be wound up by the Court and
appointed Maxwell William Prentice to be Liquidator.

Dated this 12th day of October 2004

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


REAY PTY: To Undergo Winding Up Process
---------------------------------------
At a General Meeting of REAY Pty Ltd A.C.N. 000 074 331, duly
convened and held at 399-405 Bong Bong Street, Bowral NSW 2576
on 7th October 2004 the following Special Resolution 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 liquidators so
desire.

Dated this 8th day of October 2004

John W. Cary
Liquidators
Bray & Associates
399-405 Bong Bong Street,
Bowral NSW 2576


SANTOS LIMITED: Secures Further Indonesian Exploration Acreage
--------------------------------------------------------------
Santos Limited, on behalf of its wholly owned subsidiary, Santos
(Donggala) Pty Ltd (Santos), announced that it has entered into
agreements with Total and Inpex whereby Santos will obtain both
companies' entire equity interests in the Donggala Production
Sharing Contract (PSC) in the Kutei Basin, offshore Indonesia.

Under the agreement, Santos will take up a total equity interest
of 65.45% in the Donggala PSC.  Subject to further agreements
with existing PSC participants Santos plans to farm-out up to
half its new equity interest.

All transactions are subject to the approval of the Indonesian
regulatory authority BPMIGAS.

It is the intention of the new PSC participants that once the
transfer is approved by the authorities, Unocal, an existing PSC
participant, will take over as Operator of the PSC from Total,
the current Operator.  After 31st December 2005 Santos will
become Operator of the PSC.

Santos will assume its equity share of the PSC's future work
program commitment including up to five wells over the next
three contract years.

The Kutei Basin is a prolific hydrocarbon province with
approximately four billion barrels of oil and 40 trillion cubic
feet of gas discovered to date.

The Donggala PSC covers an area of 3,821km2 and is located in
the North Eastern Kutei Basin, offshore East Kalimantan in water
depths ranging from 1650 to 2450 metres.

The PSC was originally awarded to Total and Inpex in November
2001.  Unocal and Pertamina farmed-in to the PSC after the
initial award.

The Donggala PSC lies between the Popodi and Papalang PSC's.
Santos acquired a 20%, non-operating interests in these PSC's in
May 2003.

"The addition of the Donggala PSC to our existing exploration
acreage gives Santos a particularly strong presence in the Kutei
Basin and adds to our growing Indonesian portfoli," said Santos'
Managing Director Mr. John Ellice-Flint.

"Santos is pleased to build on its relationships with Unocal and
Pertamina and is looking forward to being part of an active
joint venture in exploring this frontier trend, he said.

"The Donggala PSC contains several prospects and the first well
with the new joint venture is planned for early to mid 2005.
Santos plans to participate in at least four wells in the Kutei
basin during 2005."

Interests in the Donggala PSC are:

                             Old equity (%)  New Equity (%)

(Operator)
Donggala                    32.725               0
Inpex North Makassar, Ltd   32.725               0
Unocal Donggala Ltd         19.55               19.55
P T  Pertamina (Persero)    15                  15
Santos (Donggala) Pty Ltd    0                  65.45*

CONTACT:

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


SHARECALL TECHNOLOGIES: Enters Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that a general meeting of members of
Sharecall Technologies Pty Limited (In Voluntary Liquidation)
A.C.N. 090 001 013 was held at Level 2, National Innovation
Centre, Australian Technology Park, Eveleigh, NSW on 13th
October 2004.

A special resolution that the Company be wound up voluntarily
was passed by members of the Company and the undersigned, Ian
McKay Gilmour, was appointed liquidator for each Company.

Dated this 14th day of October 2004

Ian M. Gilmour
Liquidator
109 Pentecost Avenue,
Turramurra NSW 2074


SEIC PTY: To Voluntarily Wind Up
--------------------------------
At a general meeting of SEIC Pty Limited (In Liquidation) A.C.N.
001 232 088, duly convened and held at 169 Maroubra Road,
Maroubra NSW on the 25th of October 2004 the following special
resolution was passed:

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

Dated this 25th day of October 2004

Andy Choi
A W Choi & Co Pty Limited
Suite 53, 301 Castlereagh Street,
Sydney NSW 2000


SM & MR: Appoints R.M. Sutherland as Liquidator
-----------------------------------------------
Notice is hereby given that at a creditors meeting of SM & MR
Enterprises Pty Limited (In Liquidation) A.C.N. 098 764 875 held
on 13 October 2004 it was resolved that the Company be wound up
voluntarily and for such purpose Roderick Mackay Sutherland, of
Jirsch Sutherland Chartered Accountants was appointed
Liquidator.

Dated this 13th day of October 2004

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


ST GEORGE SUPERANNUATION: Holds Final Meeting Today
---------------------------------------------------
Notice is given that a final meeting of members of St George
Superannuation Fund Pty Limited A.C.N. 065 206 000 (In Voluntary
Liquidation) will be held at Level 9, 10 Shelley Street, Sydney,
today 29 November 2004 at 10:00 a.m.

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

Dated this 15th day of October 2004

M.C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


TALAAD PTY: Final Meeting Slated Today
--------------------------------------
Notice is given that a final meeting of members of Talaad Pty
Limited A.C.N. 079 924 717 (In Voluntary Liquidation) will be
held at Level 9, 10 Shelley Street, Sydney, today, 29 November
2004 at 10:00 a.m.

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

Dated this 15th day of October 2004

M.C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


TCG MEGA: Members Resolve to Voluntarily Wind Up
------------------------------------------------
Notice is hereby given that a general meeting of members of TCG
Mega Systems Pty Limited (In Voluntary Liquidation) A.C.N. 001
167 442 was held at Level 2, National Innovation Centre,
Australian Technology Park, Eveleigh, NSW on the 13th of October
2004.

A special resolution that the Company be wound up voluntarily
was passed by members of the Company and the undersigned, Ian
McKay Gilmour, was appointed liquidator for each Company.

Dated this 14th day of October 2004

Ian M. Gilmour
Liquidator
109 Pentecost Avenue
Turramurra NSW 2074


VILLAGE ROADSHOW: Says Trading "Excellent" This Year
----------------------------------------------------
Media and entertainment company, Village Roadshow declared that
trading this year was "excellent" and that it was in a strong
financial position, reports the Sydney Morning Herald.

Village Chairman Robert Kirby said the short-term outlook
remains positive, as the Company has been performing very well
this year.

He added that Village was confident of enhancing its cinema
exhibition division from the previous year.

"This financial year has started slowly with an increasing
momentum of product building through to Christmas into the New
Year," Mr. Kirby said.

"Current strong releases include the sequel to Bridget Jones
Diary and very soon The Incredibles ... and of course Oceans
12."

Village was continuing to eye expansion opportunities in
Australia, New Zealand, Singapore and Greece.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540
Web site: http://www.villageroadshow.com.au/


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


ALPHA GENERAL: Holders of Scheme Shares to Meet December 20
-----------------------------------------------------------
Notice is hereby given that, by an Order dated 25 November 2004
made in the above matter, the Court has directed a meeting of
the holders of the Scheme Shares (as defined in the Scheme of
Arrangement hereinafter mentioned) of Alpha General (Holdings)
Limited to be convened, for the purpose of considering and, if
thought fit, approving (with or without modification(s)) a
Scheme of Arrangement proposed to be made between the above-
named Company and the holders of Scheme Shares on the Record
Date.

The meeting will be held at Aberdeen Room, Level 3, JW Marriott
Hotel, Pacific Place, 88 Queensway, Hong Kong on the 20th day of
December 2004 at 10:00 a.m. at which place and time all the
holders of the Scheme Shares are requested to attend.

A copy of a printed scheme circular of which this notice forms a
part, containing the said Scheme of Arrangement and the
explanatory statement required to be furnished pursuant to
section 100 of the Companies Act 1981 together with a form of
proxy have been posted to every shareholder having a registered
address in the register of members of the Company and additional
copies of the Scheme Circular, together with forms of proxy, can
be obtained by any person entitled to attend the said meeting
during usual business hours on any day prior to the day
appointed for the said meeting (other than a Saturday afternoon,
a Sunday or a statutory holiday) from:

(i) The principal offices of the Company at Room 1503, Dominion
Center, 43-59 Queen's Road East, Hong Kong; and

(ii) The office of the branch share registrar of the Company in
Hong Kong, namely Secretaries Limited, situate at Ground Floor,
Bank of East Asia Harbour View Centre, 56 Gloucester Road,
Wanchai, Hong Kong.

The said holders of the Scheme Shares may vote in person at the
said meeting or they may appoint another person(s) whether
member(s) of the Company or not, as their proxies to attend and
vote in their stead.

In the case of joint holders, the vote of the senior who tenders
a vote, whether in person or by proxy, will be accepted to the
exclusion of the vote(s) of the other joint holder(s), and for
this purpose seniority will be determined by the order in which
the names stand in the register of members of the Company in
respect of the relevant joint shareholding.

It is requested that forms appointing proxies be lodged with the
branch share registrar of the Company in Hong Kong, Secretaries
Limited at Ground Floor, Bank of East Asia Harbour View Centre,
56 Gloucester Road, Wanchai, Hong Kong, not less than 48 hours
before the time appointed for the said meeting.

By the Order the Court has appointed Mr. Chu Ka Lok, Peter, a
Director of the Company, or failing him, Mr. Chan Kai Kwok, also
a Director of the Company, or failing him, any other person who
is a Director of the Company as at the date of the Order to act
as Chairman of the said meeting and has directed the Chairman to
report the result thereof to the Court.

The said Scheme of Arrangement will be subject to the subsequent
approval of the Court and to the satisfaction of the conditions
set out in the explanatory statement contained in the Scheme
Circular.

Dated this 26th day of November 2004

Conyers Dill & Pearman
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Attorneys for the Company


ALPHA GENERAL: To Hold Special General Meeting on December 20
-------------------------------------------------------------
Notice is hereby given that a special general meeting of Alpha
General (Holdings) Limited will be held at 10:30 a.m. on 20
December 2004 at Aberdeen Room, Level 3, JW Marriott Hotel,
Pacific Place, 88 Queensway, Hong Kong (or so soon after the
meeting of the holders of the Scheme Shares (as defined in the
scheme of arrangement hereinafter mentioned) convened pursuant
to the direction of the Supreme Court of Bermuda at the same
place and on the same date shall have been concluded or
concluded after any adjournment thereof) for the purpose of
considering and, if thought fit, passing the following
resolutions, with or without modification:

Special Resolution
(1) That:

(A) the scheme of arrangement dated 26 November 2004 between the
Company and the holders of the Scheme Shares (as defined in the
Scheme) as at the Record Date (as defined in the Scheme) in the
form of the printed document contained in a composite document
which has been submitted to this meeting marked "A" and, for the
purpose of identification, signed by the chairman of this
meeting, with any modification thereof or addition thereto or
subject to any conditions approved or imposed by the Supreme
Court of Bermuda), be and is hereby approved; and

(B) for the purpose of giving effect to the Scheme, on the
Effective Date (as defined in the Scheme):

        (i) the issued share capital of the Company be reduced
by the cancellation and extinguishment of all of the Scheme
Shares;

        (ii) the credit arising in the books of account of the
Company as a result of the reduction of its issued share capital
referred to in sub-paragraph (B)(i) above be applied by the
Company to its contributed surplus; and the Directors be and are
hereby authorized to do all such acts, deeds and things as they
may, in their absolute discretion, deem fit to effect, implement
and complete any of the foregoing."

By order of the Board
Alpha General (Holdings) Limited
Chu Ka Lok, Peter
Chairman
Hong Kong, 26 November 2004
Principal place of business in Hong Kong:
Room 1503, Dominion Centre
43-59 Queen's Road East
Hong Kong

Notes:
(1) All transfers accompanied by the relevant share certificates
must be lodged at the branch share registrar of the
Company in Hong Kong, Secretaries Limited at Ground Floor, Bank
of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai,
Hong Kong, not later than 4:00 p.m. on 15 December 2004.

(2) Any member entitled to attend and vote at the meeting of the
Company shall be entitled to appoint another person at this
proxy to attend and vote instead of him. A proxy need not be a
member of the Company. A member may appoint more than one proxy
to attend on the same occasion.

(3) A pink form of proxy of the meeting is enclosed. If the
appointer is a corporation, the pink form of proxy must be under
its common seal or, under the hand of an officer or attorney
duly authorized on its behalf. Completion and return of the pink
form of proxy will not preclude a member from attending this
meeting and voting in person if he so wishes. In such event, his
form of proxy will be deemed to have been revoked.

(4) To be valid, a pink form of proxy must be deposited at the
principal office of the Company at branch share registrar of the
Company in Hong Kong, Secretaries Limited at Ground Floor, Bank
of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai,
Hong Kong, not less than 48 hours before the time appointed for
holding this meeting or any adjournment thereof.

(5) In the case of joint holders the vote of the senior who
tenders a vote, whether in person or by proxy or by
representative, shall be accepted to the exclusion of the votes
of the other joint holders; and for this purpose seniority shall
be determined by the order in which the names stand in the
register.


ASEAN INTEREST: Court to Hear Winding-up Petition on December 1
---------------------------------------------------------------
Notice is hereby given that an application for the stay of the
winding-up of Asean Interest Limited has been filed with the
High Court of Hong Kong Special Administrative Region.

The hearing of will be heard before the Court at 9:30 o'clock in
the forenoon on Wednesday the 1st day of December.

Any creditor or contributory of the Company desirous to support
or oppose the making of an order to stay the winding up of the
Company may appear at the time of the hearing by himself or his
counsel for that purpose.

Any person who intends to appear on the above hearing must serve
on or send by post to the above-named solicitors, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person or firm or
his or their solicitor (if any) and if posted, and must be faxed
or otherwise delivered, and if posted, must be sent by post in
sufficient time to reach the below-named solicitors not later
than the 26th of November 2004.

A copy of the Summons together with the supporting
Affirmation(s) will be furnished to any creditor or contributory
of the Company requiring the same by the undersigned on payment
of the necessary photocopying and postage charges.

Dated this 16th day of November 2004.

Stephenson Harwood & Lo
Solicitors for the Applicant
18th Floor, Edinburgh Tower, The Landmark
15 Queen's Road Central
Hong Kong
Phone: +852 2868 0789
Fax: +852 2868 1504


CANON MARKETING: Creditors to Prove Debts by December 17
--------------------------------------------------------
Notice is hereby given that the Creditors of Canon Marketing
(Hong Kong) Company Limited, which is being voluntarily
liquidated, are required on or before the 17th day of December
2004 and to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the undersigned, LUK,
Kar Hay Terence, of 43/F., Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong, who is acting as Liquidator
of the Company for the purposes of the winding up.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such date, time and
place as shall be specified in such notice. In default thereof,
such creditors will be excluded from the benefit of any
distribution before such debts are proved.

Dated this 19th day of November 2004

Luk Kar Hay Terence
Sole Liquidator


COFFEE PARTNERS: Posts Winding Up Petition Notice
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Coffee Partners (Hong Kong) Limited by the High Court of Hong
Kong Special Administrative Region was on the 15th day of
October 2004 presented to the said Court by Far East Engineering
Services Limited whose registered office is situated at Flat A,
19th Floor, Chai Wan Industrial Centre Building, 20 Lee Chung
Street, Chai Wan, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
the 8th day of December 2004.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Henry H. C. Wong & Co.
Solicitors for the Petitioner
18th Floor, On Hing Building
No. 1 On Hing Terrace
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 7th day of
December 2004.


ECYBERCHINA HOLDINGS: 1H Net Loss Shrinks to HK$6.68 Mln
--------------------------------------------------------
eCyberChina Holdings posted a net loss of HK$6.68 million for
the financial first half ended 31 December 2003, compared with
the net loss of HK$33.29 million a year ago. LPS was HK$0.002.
No interim dividend was declared.
                                                  (Unaudited)
                               (Unaudited)         Last
                                Current            Corresponding
                                Period             Period
                                from 1/7/2003      from 1/7/2002
                                to 31/12/2003      to 31/12/2002
                          Note  ('Million)       ('Million)

Turnover:                        5.39               7.8
Profit/(Loss) from Operations:   (2.86)             (23.44)
Finance cost:                    (3.81)             (5.62)
Share of Profit/(Loss) of
  Associates:                    0                  (5.11)
Share of Profit/(Loss) of
  Jointly Controlled Entities:   N/A                N/A
Profit/(Loss) after Tax & MI:   (6.68)             (33.29)
% Change over Last Period:       N/A                %
EPS/(LPS)-Basic (in dollars):    (0.002)            (0.013)
         -Diluted (in dollars):  (0.002)            (0.013)
Extraordinary (ETD) Gain/(Loss):  N/A                N/A
Profit/(Loss) after ETD Items:   (6.68)             (33.29)
Interim Dividend per Share:       Nil                Nil
(Specify if with other options):  N/A                N/A
B/C Dates for Interim Dividend:   N/A
Payable Date:                     N/A
B/C Dates for (-)
  General Meeting:                N/A
Other Distribution for:           N/A
  Current Period
B/C Dates for Other Distribution: N/A


GOLDRIVER CORPORATION: Sets Meetings on December 3
--------------------------------------------------
Goldriver Corporation Limited scheduled its creditors and
contributories meetings on December 3, 2004 at 2:30 p.m. and
3:00 p.m., respectively.

The meetings will be held at the Official Receiver's Office at
10th floor, Queensway Government Offices, 66 Queensway, Hong
Kong.

Dated this 19th day of November 2004

E T O'CONNELL
Official Receiver & Provisional Liquidator


HONGKONG LONG: Court Issues Winding Up Order
--------------------------------------------
HongKong Long Shan Pharmaceutical Limited of Room 2, 11/F, Block
A, Mai Hing Industrial Building, 16-18 Hing Yip Street, Kwun
Tong, Kln has been served with a winding up notice on November
8, 2004.

The Company filed a petition for winding up on July 27, 2004.

E T O'CONNEL
Official Receiver

This The Standard notice is dated November 19, 2004


UDL HOLDINGS: Posts HK$16.534-Mln Net Loss
------------------------------------------
UDL Holdings Limited posted a net loss of HK$16.534 million for
the fiscal year ended July 31, compared with a net loss of
HK$18.256 million a year ago. LPS was HK$0.02.

No final dividend was declared.

To view the entire financial statement, click on:
http://bankrupt.com/misc/tcrap_udlholdings112604.pdf


WORLDSEC INVESTMENTS: Creditors Meeting Slated for December 7
-------------------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that a meeting of the creditors of Worldsec
Investments Limited will be held at Conference Room, 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, on 7
December 2004 at the times listed below, for the purposes set
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283
of the Companies Ordinance.

Name of Company                           Commencement Time of
       Creditors' Meeting

Worldsec Investments Limited                   9:15 a.m.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4:00 p.m. on
6 December 2004.

Dated this 26th day of November 2004.

Cosimo Borrelli
Director
Worldsec Investments Limited


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


PERTAMINA: State Wants Hasty Development of Cepu Block
------------------------------------------------------
The government is urging state oil and gas firm PT Pertamina to
hasten the development of potential oil reserves at Cepu block
to beef up the country's production, Reuters reports.

The state wants Pertamina to quickly develop the Cepu block to
solve the issue of plummeting oil production due to ageing
fields and sluggish investment.

The Cepu block, operated under the technical assistance contract
between Exxon Mobil and Pertamina, is estimated to produce a
much-needed 100,000 barrels per day (bpd) for Indonesia, or
equivalent to about 10 percent of the current output.

In August, Pertamina refused to extend Exxon Mobil's contract in
the potentially important Indonesian oil development when the
deal expires in 2010, saying it will develop the field on its
own.

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
=========


APPLE COMPUTER: Faces TSE Delisting
-----------------------------------
Apple Computer Incorporated will be delisted from the Tokyo
Stock Exchange's foreign section on December 25, says Jiji
Press.

The stock of the U.S. computer manufacturer was moved to the
TSE's liquidation post Thursday.

Last week, the bourse transferred the issue to its monitoring
post after the firm on November 17 filed for delisting from the
foreign section due to light trading volume and heavy costs of
maintaining its listing.


IZUHAKONE RAILWAY: TSE to Delist Shares on December 26
------------------------------------------------------
The Tokyo Stock Exchange has decided to delist Izuhakone Railway
Company from its Second Section on Dec. 26 over fraudulent
financial statements, according to Kyodo News.

The bourse moved the railway Company's stock from its monitoring
post to its liquidation post Friday. The TSE advised investors
can trade the shares for one month after their transfer to the
liquidation post.

Izuhakone, a member of the Seibu group, was found to have issued
false financial statements since 1976 in order to meet the TSE's
listing requirements.

Izuhakone is an operator of railway and bus services at Izu
Peninsula and Hakone hot-spa resorts, southwest of Tokyo.

CONTACT:

Izuhakone Railway CO., Ltd.
300 Daiba
Mishima-City 411-8533, Shizuoka 411-8533
Japan
Phone: +81 55 977 1201
Fax: +81 55 977 3366
Web site: http://www.izuhakone.co.jp/


KOKUDO CORPORATION: Says it Sold Seibu Shares for JPY65 Bln
-----------------------------------------------------------
Embattled Kokudo Corporation admitted it sold Seibu Railway
shares to nearly 70 companies for JPY65 billion in August and
September, relates Kyodo News.

The firm, which is embroiled in a scandal involving dubious
Seibu Railway shares, said in a statement that a group of around
40 companies has demanded that it buy back the shares.

The group, as well as some Seibu group firms, purchased Seibu
railway shares at Kokudo's request before the Oct. 13 revelation
that the Company had underreported its shareholdings in the
railway firm.

Kokudo was believed to have breached the Securities and Exchange
Law, as its failure to explain about the equity ownership
conditions could be interpreted as insider trading.


NAGOYA RAILROAD: R&I Assigns BBB+ to SB Nos. 8 & 9
--------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following ratings to Nagoya Railroad Co., Ltd.

Long-term Debt
New Issue
R&I RATING: BBB+

RATIONALE:

Combining rail and bus routes based on the Nagoya Main Line, the
transportation business of the Nagoya Railroad Group (Meitetsu
Group) consists of a transport network that covers almost the
entire Chukyo area. The scheduled opening in 2005, the Central
Japan International Airport access line can be expected to be a
stable source of earnings for Meitetsu because it will be the
sole provider of rail access to the airport. The airport express
will connect new airport and Nagoya within 30 minutes.

Under the three-year Meitetsu Group New Medium-term Management
Plan, Meitetsu formulated plans to concentrate management
resources in the Chubu region. However, the Company will accord
its travel and trucking businesses exceptional treatment, with
plans to continue operating these businesses on a national
scale. Both enterprises are deficient in earning capacity, and
cannot look to the future with optimism.

On the other hand, a large-sized commercial building will start
business one another around the Nagoya station in 2007. Meitetsu
opposes by one renewal of a department store and an adjoining
commercial building.

Its three Inuyama businesses (Littleworld, Meijimura and Monkey
Center), the main enterprises of its leisure business, have
shifted to a low cost operation system. Preparations are also
underway for the Company's withdrawal from unprofitable hotels
and rural lines in the railroad business. Consequently, the
total assets of the Meitetsu Group will gradually shrink with
the shedding of these unprofitable businesses. At the same time,
R&I forecasts that debt will also decline.

R&I RATINGS:

ISSUER: Nagoya Railroad Co., Ltd. (Sec. Code: 9048)
Long-term Debt
New Issue

ISSUE: Bonds Rated        Issue Date    Redemption    Issue
Amount(lmn)
Unsec. Conv. Bonds No. 8  Dec 08, 2004  Mar 31, 2010  JPY10,000
Unsec. Conv. Bonds No. 9  Dec 08, 2004  Mar 30, 2012  JPY10,000

Notes/Financial covenants:

(1) negative pledge clause, which covers other unsecured
convertible bonds the firm may issue in the future

(2) a change of security status clause

(3) profit maintenance clause

R&I RATING: BBB+
Senior Long-term Credit Rating: BBB+

CONTACT:

Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501, Aichi 450-8501
Japan
Phone: +81 52 571 2111
Fax: +81 52 588 0823
Web site: http://www.meitetsu.co.jp/


MITSUBISHI MOTORS: PSA Denies Joint-Venture Rumor
-------------------------------------------------
French carmaker PSA Peugeot Citreon said Thursday it has no
plans to forge an alliance with ailing Mitsubishi Motors
Corporation, Reuters reports.

In a statement, PSA said there was no active project to
cooperate with the Japanese automaker. It denied a report by the
Nihon Keizai Shimbun that PSA is in talks with MMC for a
possible operational tie-up.

PSA, however, declared it was always open to the possibility of
working with other manufacturers as part of its business
expansion strategy.

"The group is developing a strategy of technical cooperation
with different industrial partners," PSA said in a statement.

"In this context contact is regularly made with numerous
automobile manufacturers to discuss component exchanges," it
added.

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: Colt Plus Pulls in Over 3,000 Orders
-------------------------------------------------------
Mitsubishi Motors Corporation announced in a media release that
orders for its newly produced vehicle, the Colt Plus, which was
launched on October 25, 2004, have surpassed the monthly sales
target of 2,000 units, and reached 3,279 units as of November
24.

The Colt Plus was the first car to be launched after the
announcement of the Business Revitalization Plan in May this
year (excluding minicars) as a first step towards the Company's
business revitalization.

In addition, there has been a synergistic effect on the Colt
compact car with 2,138 orders made, which has lead to a total of
5,417 orders of the Colt series of cars, exceeding the monthly
sales target of 4,000 units.

The number of visitors to dealer showrooms has also increased,
with over 20,000 groups of visitors counted in each of the three
weekends since the weekend of October 30-31, as compared to the
12,452 groups of visitors during the weekend of October 23-24
(which preceded the launch of the new car), reflecting a smooth
return to last year's showroom traffic levels.

All together, registrations and minicar car orders for November
have recovered to a level of 65% of last year's as of the 24th
of this month, exceeding 60 % of the previous year which was the
prerequisite condition to achieve the sales volume of 220,000 in
FY2004. Launching the new vehicle contributed to the boost in
customer traffic and sales recovery of existing models.

President Hideyasu Tagaya had the following to say about the
Colt Plus: "Investing in new models like the Colt Plus is
bringing customers back to our dealerships, and there is renewed
energy in our showrooms, even during these difficult times." He
further explained: "The number of orders received will help us
lead to a recovery of domestic sales and to achieve our sales
target."

Customer evaluations

Customers spoke highly of the practicality offered by the power
tailgate, as well as the convenience of the improved storage
capacity. The newly developed aluminum cylinder block engine was
also praised.

Order breakdown (Colt Plus)

Body Color               Percentage
Cool Silver Metallic     37%
Pale Blue Metallic       14%
Medium Bluish Gray Mica  17%
Pale Green Mica           6%
Black Mica               13%
Solid White               7%
Solid Red                 5%
Light Yellow Pearl        1%
Total                   100%

Drive
Configuration  Trim Level   Percentage
2WD            Standard      2%
               Sport        33%
               Sport-X      18%
               Elegance-X   16%
               RALLIART     12%
               Total 2WD    81%

4WD            Standard      1%
               Sport        10%
               Sport-X       3%
               Elegance-X    5%
               Total 4WD    19%


Colt Plus Product Features

The Colt Plus features improved utility thanks to its Power
Tailgate, One-Step Folding Seats and Versatile Cargo Floor. It
also offers improved performance with its newly developed 1.5
liter, aluminum cylinder block, MIVEC engines, which combine
high output with high fuel efficiency and reduced exhaust
emissions. With the addition of the INVECS-III CVT, the Colt
Plus reflects the Sporty DNA of the Mitsubishi brand, a compact
wagon that provides a stress-free drive.


MITSUBISHI MOTORS: Holds Eighth Ethics Committee Meeting
--------------------------------------------------------
The Business Ethics Committee, an advisory body for the
Mitsubishi Motors board of directors, held its eighth meeting
Thursday.

At the meeting, the following two points were received from
Mitsubishi Motors:

(1) The progress of the internal investigation into the causes
and chain of events of the past recall problem (report from the
team of outside lawyers).

(2) The implementation of a policy of compliance at domestic
dealerships.

In relation to these points, committee members made the
following remarks:

Concerning the internal investigation:

The original purpose of the internal investigation was to
clarify the facts mainly concerned with the recall concealment
of 2000 and to clarify where the responsibility for the problems
that were left unsolved, as well as to consider counter-measures
to prevent their future recurrence. However, the progress of the
expanded investigation showed that a reinforcement of the
investigation was necessary in order to systematize compliance,
and so another investigation is required.

For example, presently they have only had hearings with former
executives, but they should have hearings with ordinary staff
members, and they should investigate the reasons why the
compliance policy that was established in 2000 did not function.
In relation to the fact that problems were left unsolved they
need to clarify in more detail what was the responsibility of
the former executives and the roles of those who supported them.

Not only must they investigate fully the hiding of passenger car
recalls and the hub and clutch housing case of the Truck and Bus
business, but also the background: corporate culture, Company
quality and overall constitution.
Furthermore, with regard to the report to be submitted, the
Business Ethics Committee has decided to begin selecting a
specialist(s) who will be appointed by our committee to ensure
that the report will be analyzed from a compliance perspective.

Concerning the implementation of a policy of compliance at
domestic dealerships:

Of course at Mitsubishi Motors but also at dealerships, it is
important to thoroughly comply. They must proactively cooperate
at systematizing a thorough compliance policy and obeying the
various laws that dealerships are faced with, such as recycling
laws, personal information regulations and so on.

As for the goal of expanding a series of standards in
dealerships, Mitsubishi Motors must set an example of a thorough
image of compliance.

Dealers for their part handle customers individually. Mitsubishi
Motors has to look at things from the customer's point of view
and respond to individual problems in detail together with the
dealerships.

The ninth meeting of the Business Ethics Committee has been
scheduled to be held on December 14.


SEIBU RAILWAY: Creditors Pledge Financial Support
-------------------------------------------------
Three main creditors of Seibu Railway Co. have offered their
support to the embattled railway Company, which will be delisted
from the Tokyo Stock Exchange next month, Reuters reports.

Sumitomo Mitsui Financial Group, Mitsubishi Tokyo Financial
Group and Mizuho Financial Group pledged to provide financial
aid to Seibu Railway after the TSE announced it will delist
Seibu's shares for tampering with share-ownership information.

"Seibu is moving in the right direction in its efforts in
management reforms. The three banks will continue to provide
support," Yoshifumi Nishikawa, head of Japan's third-biggest
bank and also head of the Japan Bankers' Association, told
reporters.

Mr. Nishikawa believes Seibu's JPY1 trillion (US$9.68 billion)
worth of interest-bearing debt will not become bad loans.

Earlier, Seibu Railway estimated its consolidated net loss for
the first half of the current fiscal year double from the year
before to JPY1.01 billion, due mainly to appraisal losses on
properties holdings.

CONTACT:

Seibu Railway Company Limited
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237


UFJ HOLDINGS: Revises Consolidated Forecasts for FY04
-----------------------------------------------------
UFJ Holdings Incorporated (UFJ Holdings) revised its
consolidated financial forecasts for the fiscal year 2004,
ending March 31,2005 as follows.

Consolidated Forecasts for FY 2004:

(Billions of Yen)  Total Income   Ordinary Profit    Net Income
                                      (Loss)            (Loss)

Previous Forecasts 2,300.0            (400.0)           (670.0)
   (Sept. 2004)

Revised Forecasts   2,300.0            (530.0)           (750.0)
Change from the
previous forecast    -                (130.0)            (80.0)

%Change              -                (32.5%)            (11.9%)

Reason for Revision

- UFJ Bank Limited, a consolidated subsidiary of UFJ Holdings,
included Collection of Written-off Claims in Ordinary Profit as
a part of Credit Costs in September Forecast. The collection is
now included in Extraordinary Profit (Loss).

- Adjustment of intra-group transactions in consolidation
process for the six months ended September 30, 2004 different
from the previous forecast.

- The interim result of subsidiaries of subsidiary banks was
less than expectation and the full-year estimation is also
revised down.

CONTACT:

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


YAMAICHI SECURITIES: Fund to Shoulder JPY1.8-Bln Loan Loss
----------------------------------------------------------
The Japan Investor Protection Fund has pledged to shoulder an
expected JPY1,882-million loss out of JPY118.3-billion in loans
extended by the Bank of Japan to collapsed Yamaichi Securities
Co. and are bound to become unrecoverable, according to Jiji
Press.

Yamaichi was declared bankrupt in 1997 after receiving the BOJ's
"tokuyu" special loans, which were intended to ease corporate
financial plight.

CONTACT:

Yamaichi Securities Co., Ltd.
21-2, SHINKAWA 1-CHOME
CHUO-KU, TOKYO 104
Japan
Fax: +81 3 55411111
Phone: +81 3 55416366
Web site: http://www.yamaichi.com/


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


KOLON GROUP: More Job Cuts Planned
----------------------------------
As part of its restructuring efforts to reduce costs and improve
business performance, Kolon Group is planning to slash more than
25 percent of its top executives, reports The Korea Herald.

Despite the dismissal of 34 executives or 27 percent of the
group's senior pool, five new executives were hired.

"This reshuffle is a result of the poor performance by some
affiliates and shows our commitment to implement a strong
restructuring program," said Lee Sang-moo, director of the
group's public information office.

A two-month strike at the Gumi plant of Kolon Industries Inc.
and a huge embezzlement case at Kolon Capital Co. happened this
year, so the group-wide reshuffle did not come as a surprise.

The labor strike cost Kolon Industries a KRW23.2 billion in net-
loss in the third quarter, which accounted for almost half of
the chemical fiber maker's annual revenue.  The labor and
management clashed over working conditions and wages.

In September, an executive at Kolon Capital, the consumer
finance arm of Kolon Group, was found to have embezzled KRW47
billion in customers' funds and invested in securities markets.

The amount was more than half of Kolon Capital's total assets of
KRW89.2 billion. To make up for the loss, the group had to
reduce the financial unit's capital and ask other affiliates to
purchase its troubled sister firm's new shares.

CONTACT:

Kolon Group
123 Byulyang-dong
Kyunggi-do 427-040
Seoul
South Korea
Web site: www.kolon.co.kr


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


ANTAH HOLDINGS: Default Status Unchanged
----------------------------------------
The Board of Directors of Antah Holdings Berhad announced that
there are no further developments of the default in payments of
the various credit facilities to the financial institutions and
non-financial institutions for the period from 26 October 2004
to 25 November 2004.

CONTACT:

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

This announcement is dated 25 November 2004.


ARTWRIGHT HOLDINGS: AGM Set for December 20
-------------------------------------------
Notice is hereby given that the Eleventh Annual General Meeting
(AGM) of Artwright Holdings Berhad will be held at Hotel Istana,
Kuarza Executive Meeting Room, 23rd Floor, No. 73 Jalan Raja
Chulan, 50200 Kuala Lumpur on Monday, 20 December, 2004 at 2:30
in the afternoon.

1. To receive the Audited Financial Statements of the Company
for the year ended 30 June 2004 and the Directors' and Auditors'
Reports thereon. Resolution 1

2. To re-elect the following Directors retiring pursuant to
Article 85 of the Company's Articles of Association:-
(a) Tan Seng Kee Resolution 2
(b) Hee Teck Ming Resolution 3

3. To re-appoint Dato' Ong Kim Hoay who is over the age of
seventy (70) years as a Director of the Company in accordance
with Section 129 of the Companies Act, 1965. Resolution 4

4. To approve the payment of Directors' fees for the year ended
30 June 2004. Resolution 5

5. To re-appoint Messrs Deloitte KassimChan as the Company's
Auditors and to authorise the Directors to fix their
remuneration. Resolution 6

6. As Special Business:

To consider and if thought fit, to pass the following
resolution, with or without modifications, as Ordinary

Resolution:

ORDINARY RESOLUTION

Authority to Directors to issue shares pursuant to Section 132D
of the Companies Act, 1965

"THAT subject always to the Companies Act, 1965, the provisions
of the Memorandum and Articles of Association and the approvals
of the relevant governmental and/or regulatory authorities, the
Directors be and are hereby empowered, pursuant to Section 132D
of the Companies Act, 1965, to issue new shares in the Company
at any time and upon such terms and conditions and for such
purposes as the Directors may, in their absolute discretion,
deem fit, provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the total
issued share capital of the Company for the time being AND THAT
the Directors be and are also empowered to obtain the approval
from Bursa Malaysia Securities Berhad for the listing of and
quotation for the additional shares so issued AND THAT such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company." Resolution 7
7. To transact any other business of which due notice shall have
been given in accordance with the Companies Act, 1965.

BY ORDER OF THE BOARD
YEOH CHONG KEAT (MIA 2736)
Secretary
26 November 2004

Kuala Lumpur

Notes:

(i) A proxy may but need not be a member of the Company and a
member may appoint any person to be his proxy without limitation
and the provisions of Section 149(1)(b) of the Act shall not
apply to the Company.

(ii) A member shall not be entitled to appoint more than two (2)
proxies to attend and vote at the same meeting and where the
member appoints more than one (1) proxy to attend and vote at
the same meeting, such appointment shall be invalid unless the
member specifies the proportion of his holdings to be
represented by each proxy.

(iii) Where a member of the Company is an authorized nominee as
defined under the Securities Industry (Central Depositories) Act
1991, it may appoint at least one (1) proxy in respect of each
securities account it holds with ordinary shares of the Company
standing to the credit of the said securities account.

(iv) The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his attorney duly authorized in
writing or, if the appointor is a corporation, either under Seal
or under the hand of an officer or attorney duly authorized.

(v) The instrument of a proxy and the power of attorney (if any)
under which it is signed or a notarially certified copy thereof
shall be deposited at the Registered Office of the Company
situated at Suite 11.1A, Level 11, Menara Weld, 76, Jalan Raja
Chulan, 50200 Kuala Lumpur not less than forty-eight (48) hours
before the time set for the holding of this meeting or at any
adjournment thereof.

EXPLANATORY NOTE ON SPECIAL BUSINESS

Ordinary Resolution (Resolution 7)

This Ordinary Resolution, if passed, will allow the Directors of
the Company to issue and allot shares upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion, deem fit, provided that the aggregate
number of shares issued pursuant to this resolution does not
exceed 10% of the total issued share capital of the Company for
the time being. This authority, unless revoked or varied at a
general meeting, will expire at the conclusion of the next
Annual General Meeting of the Company.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


AYER HITAM: Releases FY04 Unaudited Quarterly Results
-----------------------------------------------------
Ayer Hitam Tin Dredging Malaysia 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


1  Revenue
           6,734          1,821         6,734      1,821

2  Profit/(loss) before tax
           -4,601           -712        -4,601     -712

3  Profit/(loss) after tax and minority interest
           -4,705            -730       -4,705     -730

4  Net profit/(loss) for the period
           -4,705            -730       -4,705     -730

5  Basic earnings/(loss) per shares (sen)
            -6.94           -1.08       -6.94      -1.08

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)

            0.0841           0.1535

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920


BERJAYA GROUP: SC OKs Proposed Disposals
----------------------------------------
Berjaya Group Berhad announced that the Securities Commission
has, via its letter dated 24 November 2004, approved the
Proposed Disposals:

1) Proposed disposal of shares and warrants in Hyundai-Berjaya
Corporation Berhad (Hbcorp) (Proposed Hbcorp Disposal);

2) Proposed disposal of shares in Hyumal Motor Sdn Bhd
(Hyumal) (Proposed Hyumal Disposal); And

3) Proposed disposal of shares in Inokom Corporation Sdn Bhd
(Inokom) (Proposed Inokom Disposal)

The Company intends to utilize the proceeds from the Proposed
Disposals amounting up to RM418,477,000 for the repayment of
bank borrowings (including interests), working capital purposes
as well as defraying expenses for the Proposed Disposals.

CONTACT:

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

This Announcement is dated 25 November 2004.


CHG INDUSTRIES: Discloses FY04 Unaudited Quarterly Results
----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, CHG
Industries 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
             40,001          29,412       87,935      106,730

2  Profit/(loss) before tax
              -4,555         -10,722      -17,981     -21,284

3  Profit/(loss) after tax and minority interest
               -4,555        -10,722      -17,981     -18,876

4  Net profit/(loss) for the period
               -4,555        -10,722      -17,981     -18,876

5  Basic earnings/(loss) per shares (sen)
               -9.52         -22.41       -37.58      -39.45

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)

          -3.0100             -2.6400

For a copy of its interim financial report and condensed
consolidated income statement, go to
http://bankrupt.com/misc/tcrap_chg112604.pdf

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Telephone: +60 3 907 66215


CONSOLIDATED FARMS: Appoints New Financial Advisors
---------------------------------------------------
Consolidated Farms Berhad has appointed Ernst & Young
Transaction Advisory Services of 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur as new
Financial Advisors in replacement of Deloitte Corporate
Solutions Sdn. Bhd. (formerly known as Deloitte KassimChan
Business Services Sdn. Bhd.) of Level 19 Uptown 1, 1 Jalan
SS21/58, Damansara Uptown, 47400 Petaling Jaya to undertake a
thorough review of the business operations of the Confarm group
to ascertain the financial position with a view to formulating
and implementing an appropriate restructuring/workout scheme.

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 25 November, 2004.


FABER GROUP: To List Additional Shares
--------------------------------------
Faber Group Berhad's additional 269,400 new ordinary shares of
RM1.00 each issued pursuant to the conversion of RM538,800
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 269,400 new ordinary shares (conversion) will
be granted listing and quotation with effect from 9 a.m.,
Monday, 29 November 2004.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


GENERAL SOIL: Seeks Restructuring Approval
------------------------------------------
General Soil Engineering Holdings Berhad refers to its earlier
announcement dated 27 October 2004 in relation to the Proposed
Restructuring Scheme.

The Company announced that it had submitted an appeal letter to
the Securities Commission (SC) on 25 November 2004 to seek the
SC's re-consideration to approve the Proposed Restructuring
Scheme.

COLLECTIVELY THE "PROPOSED RESTRUCTURING SCHEME"

Proposed Capital Reconstruction;
Proposed Debt Restructuring;
Proposed Kti Acquisition;
Proposed Djm Acquisition;
Proposed Exemption;
Proposed Newco Share Placement;
Proposed Private Placement; And
Proposed Listing Transfer

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Tel: 03-2698 9888
Fax: 03-2693 8580/670

This announcement is dated 25 November 2004.


GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad issued a notice of shares buy back on
November 25, 2004.

Date of buy back from: 10/11/2004

Date of buy back to: 24/11/2004

Total number of shares purchased (units): 11,700

Minimum price paid for each share purchased (RM): 0.670

Maximum price paid for each share purchased (RM): 0.685

Total amount paid for shares purchased (RM): 7,990.37

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

Number of shares purchased retained in treasury (units): 11,700

Total number of shares retained in treasury (units): 1,220,600

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 24/11/2004

Lodged by: Secretarialmasters Sdn Bhd

CONTACT:

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

This announcement is dated 25 November 2004.


MANGIUM INDUSTRIES: Unveils FY04 Unaudited Quarterly Results
------------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Mangium
Industries 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

1  Revenue
           9,965        7,257         27,017       18,810

2  Profit/(loss) before tax
          -1,396        -1,183        -5,408        -6,938

3  Profit/(loss) after tax and minority interest
           -1,441        -1,213        -5,455        -6,935

4  Net profit/(loss) for the period
           -1,441         -1,213       -5,455        -6,935

5  Basic earnings/(loss) per shares (sen)
           -4.50           -3.79       -17.05        -21.67

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)

           0.1000             0.2600
For more information, go to
http://bankrupt.com/misc/tcrap_mangium112604.xls

CONTACT

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah
Tel: 6088-315000
Fax: 6088-312213


MCM TECHNOLOGIES: Reveals 2004 Unaudited Quarterly Report
---------------------------------------------------------
MCM Technologies Berhad disclosed 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
             5,179            2,047       7,545       5,542

2  Profit/(loss) before tax
             -442             -666        -851        -1,099

3  Profit/(loss) after tax and minority interest
             -442             -655        -851        -1,074

4  Net profit/(loss) for the period
             -442             -655         -851       -1,074

5  Basic earnings/(loss) per shares (sen)
             -0.14            -0.21        -0.27      -0.34

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)

        0.1000             0.1000

For more information, go to
http://bankrupt.com/misc/tcrap_mcm112604.xls

CONTACT:

MCM Technologies Berhad
1st Floor, Lot 271, Jalan Dua
Off Jalan Chan Sow Lin
55200 Kuala Lumpur
Tel: 03-9222 1199
Fax: 03-9222 1155
E-mail: info@mcm-tech.com
Web site: www.mcm-tech.com


MCM TECHNOLOGIES: Submits Consolidated Income Statements
--------------------------------------------------------
Pursuant to Chapter 7.25(b) of Bursa Malaysia Listing
Requirements for Mesdaq Market, the Board of Directors of MCM
Technologies Berhad is pleased to submit herewith the Research
Report of the Company for announcement.

For a copy of the research report, go to
http://bankrupt.com/misc/tcrap_mcm112604B.doc


NAIM INDAH: Issues Additional 377,000 New Ordinary Shares
---------------------------------------------------------
Naim Indah Corporation Berhad's additional 377,000 new ordinary
shares of RM0.20 each arising from the conversion of 377,000
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks into 377,000 new ordinary shares will be granted listing
and quotation with effect from 9 a.m., Monday, 29 November 2004.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


PNE PCB: Posts Unaudited Quarterly Results For FY04
---------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, PNE PCB
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

1  Revenue
           18,669       22,953        78,982      72,086

2 Profit/(loss) before tax
           -1,716      -1,917        -5,314       -14,389

3  Profit/(loss) after tax and minority interest
           -1,716      -154          -5,314       -10,886

4  Net profit/(loss) for the period
            -1,716     -154          -5,314       -10,886

5  Basic earnings/(loss) per shares (sen)
            -2.61       -0.23         -8.08       -16.56

6  Dividend per share (sen)
             0.00        0.00          0.00        0.00

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

7  Net tangible assets per share (RM)

            1.1600           1.2400

For more information, go to
http://bankrupt.com/misc/tcrap_pne112604.doc

CONTACT:

PNE PCB Berhad
Suite 14A2, Level 14
Menara Ansar, 65 Jalan Trus
80000 Johor Bahru
Johor
Phone: 07-2241035
Fax: 07-2210891
Web site: http://www.pne.com.sg


SELOGA HOLDINGS: Details Private Placement of Shares
----------------------------------------------------
Seloga Holdings Berhad announced the proposed private placement
of up to 10,044,641 new ordinary shares of RM1.00 each in Seloga
Holdings Berhad (placement shares) representing approximately
10% of the existing issued and paid- up share capital of the
Company (proposed private placement).

Further to the Securities Commission's letter of approval dated
1 September 2004 on the Proposed Private Placement and the
announcement made on 6 September 2004 in relation thereto,
Selogal Holdings Berhad has fixed the issue price of the
Placement Shares, to be issued pursuant to the Proposed Private
Placement, at RM1.50 per SHB share based on the negotiations
held with the placees.

CONTACT:

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

This announcement is dated 25 November 2004.


TRU-TECH HOLDINGS: Names New Director
-------------------------------------
Tru-Tech Holdings Berhad announced the appointment of Mr.
Kartini Binti Abdul Manaf as its new Director on 25 November
2004.

Date of change: 25/11/2004

Type of change: Appointment

Designation: Director

Directorate: Non Independent & Non Executive

Name: KARTINI BINTI ABDUL MANAF

Age: 43

Nationality: Malaysian

Qualifications: 1. Diploma in Banking Studies, ITM, 1982
2. BBA, Ohio University, 1991
3. MBA, Ohio University, 1995

Working experience and occupation: 1/3/1983-11/3/1984
Trainee Executive
Permodalan Nasional Berhad

12/3/1984-30/6/1987
Executive Corporate Services
Permodalan Nasional Berhad

1/7/1987-31/12/1991
Senior Executive
Permodalan Nasional Berhad

1/1/1992-30/6/1993
Assistant Manager
Corporate Services Department
Permodalan Nasional Berhad

1/7/1993-16/6/1996
Manager
Corporate Services Department
Permodalan Nasional Berhad

17/6/1996-31/12/1996
Manager
Investment Development Unit
Permodalan Nasional Berhad

1/1/1997-14/4/1998
Senior Manager II
Investment Development Unit
Permodalan Nasional Berhad

15/4/1998-28/2/2000
Senior Manager II
Portfolio Management Dept, I.O. Division
Permodalan Nasional Berhad

1/3/2000-31/12/2001
Senior Manager I
Portfolio Management Dept, I.O. Division
Permodalan Nasional Berhad

1/1/2002-31/12/2002
Assistant General Manager
Permodalan Nasional Berhad

1/1/2003-31/12/2003
Vice President II
Permodalan Nasional Berhad

1/1/2004
Vice President I, President & GCE's Office
Permodalan Nasional Berhad

Directorship of public companies (if any): See Sen Chemical
Berhad

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

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


TRU-TECH HOLDINGS: Posts 2004 Unaudited Quarterly Results
---------------------------------------------------------
Tru-Tech 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

1  Revenue
         8,704        71,899         88,379       268,565

2  Profit/(loss) before tax
        -2,977        -7,471         -8,395       -13,512

3 Profit/(loss) after tax and minority interest
        -2,981         -7,471        -8,285      -13,512

4  Net profit/(loss) for the period
        -2,981         -7,471        -8,285      -13,512

5  Basic earnings/(loss) per shares (sen)
         -6.92          -17.33       -19.22      -31.35

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)

        -0.9900           0.2900

For more information, go to
http://bankrupt.com/misc/tcrap_tru-tech112604.XLS



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


COLLEGE ASSURANCE: SEC Assures Assistance For Plan Holders
----------------------------------------------------------
The Securities and Exchange Commission (CAP) urged the College
Assurance Plan (CAP) to issue good checks to plan holders and
solve its liquidity problems as soon as possible, ABS-CBN News
reports, citing SEC Chairman Fe Barin.

According to Ms. Barin, CAP promised to assist plan holders
whose pre-need plan have matured. She also warned plan holders
against withdrawing their investment plans as she said this
would affect CAP's liquidity.

The pre-need firm posted a net loss of Php900 million in the
third quarter of this year, versus a net loss of P1.68 billion
incurred during the January to June period this year.

CAP currently does not have a dealer's license after their
contract lapsed last September 30 but are still continuing
operations to service existing plans.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


LANDOIL RESOURCES: PSE OKs Delisting of Shares
----------------------------------------------
The Philippine Stock Exchange has approved the delisting of the
shares in Landoil Resources Corporation by the end of this
month, ABS-CBN News reports.

The Company's shares will be delisted on November 30 due to its
continued violations of the listing and disclosure rules.

In its financial report, Landoil said the Company's projects in
Middle Eastern and North African countries have been dogged with
problems, as the host countries suffered liquidity problems.

The dormant construction firm was unable to collect their
receivables, which stood at Php1.08 billion as of March 2004,
and complete their projects.

Landoil said it would undertake a rehabilitation plan, as soon
as the Company has funds.

CONTACT:

Landoil Resources Corporation
Unit 301 Parc House II
21 EDSA, Guadalupe, Makati City
Phone No: 882-4642
Fax No: 882-3918
Transfer Agent: Securities Transfer Services, Inc.


MAYNILAD WATER: To Complete Rehab Plan on December 15
-----------------------------------------------------
The Court-appointed rehabilitation receiver for cash-strapped
Maynilad Water Services, Inc. is optimistic that a new
rehabilitation plan for the water firm and its creditors will be
finalized by December 15, reports the Business World.

"We are seeing progress in the negotiations. In fact, we will
hold a meeting on November 26 with all the creditors. We are
hopeful we can come up with the rehabilitation plan with inputs
from the creditors," Lawyer Rosario S. Bernaldo said in an
interview.

The Quezon City Regional Trial Court Judge Reynaldo B. Daway has
given Ms. Bernaldo until November 29 to come up with a new
rehabilitation scheme.

CONTACT:

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


NATIONAL POWER: Aboitiz Withdraws Power Plant Bid
-------------------------------------------------
The National Power Corporation clarified a news article entitled
"Aboitiz not joining bidding for Masinloc power plant" published
in the November 25, 2004 issue of the Philippine Daily Inquirer
(Internet Edition).

The article reported, "The Aboitiz group has decided not to join
the bidding for the government's 600-megawatt coal-fired power
plant in Masinloc town in Zambales, northwest of Manila, because
it is `not comfortable with the terms of the bid,' an Inquirer
source in the Aboitiz family said on Wednesday. The Aboitizes
are concerned that the Masinloc plant has no transition supply
contract that would allowit to sell electricity to utilities
until the establishment of a spot market. Aboitiz Equity
Ventures chief operating officer Erramon Aboitiz earlier said:
`What we were hoping for was for [National Power Corp.] to
assign existing contracts to the prospective [winning] bidder,
but they have chosen not to do so, that is how we understand it.
The winning bidders will be left to look for their own
customers.' Aboitiz also said his group was considering buying
some hydroelectric plants of National Power Corp. in the
northern province of Benquet and in Bulacan province, just north
of Manila, if it decided not to bid for the Masinloc plant. He
said the group might look at hydroelectric plants that would be
put up for sale next year."

Aboitiz Equity Ventures, Inc. (AEV), in its letter dated
November 25, 2004, advised the Philippine Stock Exchange that:

"The Board of Directors of Aboitiz Equity Ventures, Inc. (AEV)
has not approved the plan to bid for the Masinloc power plant.
As such, AEV will not participate in the said bidding."

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

CONTACT:

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


NEGROS NAVIGATION: Nenaco To Be Traded Tuesday
----------------------------------------------
The Philippine Stock Exchange will lift the trading suspension
on the shares of Negros Navigation Co. (Nenaco) on Tuesday,
according to Dow Jones.

This is to facilitate the completion of the tender offer made by
the shipping Company's parent, Metro Pacific Corporation, to
minority shareholders.

Metro Pacific plans to delist Nenaco to hasten the shipping
firm's financial rehabilitation.

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


HORIZON EDUCATION: Court to Hear Bankruptcy Petition December 10
----------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Horizon Education And Technologies Limited by the High Court was
on the 19th day of November 2004 presented by GE Commercial
Financing (Singapore) Ltd formerly known as Heller Financial
(Singapore) Ltd (Registration No. 197401282/R), a Creditor.

The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10:00 o'clock in the forenoon on the
10th day of December 2004.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose. A copy of the Petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charges for the
same.

The Petitioner's address is 6 Temasek Boulevard, #35-01 Suntec
Tower Four, Singapore 038986.

The Petitioner's Solicitors are Messrs A.Ang, Seah & Hoe of 141
Market Street, #06-01 International Factors Building, Singapore
048944.

Messrs A.Ang, Seah & Hoe
Solicitors for the Petitioner

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs A.Ang, Seah & Hoe of 141 Market Street, #06-01
International Factors Building, Singapore 048944, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their Solicitors (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
above named not later than twelve o'clock noon on the 9th day of
December 2004.

This Singapore Government Gazette notice is dated November 26,
2004.


IMDEX TECHNOLOGIES: Winding Up Hearing Set December 10
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Imdex Technologies Pte Ltd by the High Court was on the 19th day
of November 2004 presented by Yee Ah Keow of Blk 650, Woodlands
Ring Road #08-402, Singapore 730650 a shareholder.

The petition will be heard before the Court sitting at the High
Court at 10:00 a.m. on the 10th day of December 2004.

Any creditor or contributory of the said 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 the
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 Petitioner's address is Blk 650, Woodlands Ring Road #08-
402, Singapore 730650.

The Petitioner's solicitors are Messrs CH Partners of 230
Orchard Road, #07-232A Faber House, Singapore 238854.

Ch Partners
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs CH Partners of 230 Orchard Road, #07-232A Faber House,
Singapore 238854, notice in writing of his intention to do so.
The notice must state the name and address of the person, or, if
a firm the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than twelve o'clock noon
of the 9th day of December 2004.

This Singapore Government Gazette notice is dated November 26,
2204.


KAKI BUKIT: Bankruptcy Petition Hearing Slated for December 10
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Kaki Bukit Investments Pte Ltd by the High Court was, on the
19th day of November 2004, presented by Malayan Banking Berhad,
a creditor.

The petition will be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m. in the forenoon, on the 10th
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 Petitioner's address is at 2 Battery Road, #01-01 Maybank
Tower, Singapore 049907.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the Petitioner's
solicitors, 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 9th day of December 2004.

This Singapore Government Gazette notice is dated November 26,
2004.


PANPAC MEDIA: Notes Change in Shareholder's Interest
----------------------------------------------------
Panpac Media Group Limited released a notice on November 25,
2004, at the Singapore Stock Exchange pertaining to the change
in the Percentage Level of a Substantial Shareholder's Interest
of

Part I

(1) Date of notice to issuer: November 25, 2004

(2) Name of Director: Ricky Ang Gee Hing

(3) Please tick one or more appropriate box(es):
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
[Please complete Part II and IV]

Part II

(1) Date of change of Interest: November 24, 2004

(2) Name of Registered Holder: Ricky Ang Gee Hing

(3) Circumstance(s) giving rise to the interest or change in
interest Open Market Purchase
- Please specify details

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

No. of Shares held before the change 10,213,235
As a percentage of issued share capital 1.89 %

No. of Shares which are subject of this notice 300,000
As a percentage of issued share capital 0.05 %

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.08

No. of Shares held after the change 10,513,235
As a percentage of issued share capital 1.94 %

Part III

(1) Date of change of Interest

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

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

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

Part IV

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

                                       Direct       Deemed
No. of shares held before the change   10,213,235   28,197,294
As a percentage of issued share capital     1.89%   5.21%
No. of shares held after the change    10,513,235   28,197,294
As a percentage of issued share capital     1.94%   5.21%

Submitted by:
Ricky Ang Gee Hing
Group Md And Ceo


SINGAPORE PRESS: Disposes of Subsidiary
---------------------------------------
Singapore Press Holdings Ltd announced that with effect from 22
November 2004, Media Investments Pte Ltd has effectively
transferred its 100% shareholding in MI Women Magazines Pte Ltd,
a dormant Company, to ILC International Legal Consultants
(Singapore) Pte Ltd for the consideration of SG$2000.00 on a
"willing buyer willing seller" basis.

Media Investments Pte Ltd is a wholly-owned subsidiary of
Magazines Incorporated Pte Ltd whose entire share capital is
held by SPH's wholly-owned subsidiary, The Straits Times Press
(1975) Limited, through SPH Magazines Pte Ltd.

The transaction has no material impact on the earnings and the
net tangible assets per share of SPH in the financial year
ending 31 August 2005.

None of the directors of SPH has any interest, direct or
indirect in this transaction.

Submitted by:
Ginney Lim May Ling
Group Company Secretary


WHK INVESTMENT: Releases Dividend Notice
----------------------------------------
Whk Investment Pte Ltd (In Liquidation) released a dividend
notice at the Singapore Government Gazette on November 25, 2004.

Address of Registered Office: c/o Special Manager's Office.

Number of Matter: Companies Winding Up No. 55 of 2004.

Last day for receiving Proofs: 24th December 2004.

Name of Liquidator: The Official Receiver.

Name of Special Manager

Engaged by Official Receiver: Mr. Don M Ho, FCPA.

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

Dated this 25th November 2004.


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


KRUNG THAI: Board Member Resigns
--------------------------------
Krung Thai Bank PCL advised the Stock Exchange of Thailand that
during the Board of Directors' meeting No. 27/2547 (637) held on
20 November 2004 the Company acknowledged the resignation of
Mr.Chetthavee Charoenpitaks of the Board Member effective from
16 November 2004 onwards.

Please be informed accordingly.

Sincerely yours,
Krung Thai Bank Public Company Limited
Suchart  Dejittirut
(Mr. Suchart  Dejittirut)
Vice Secretary to the Board of Directors

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


SIAM AGRO: Unveils Opinion of FA on Tender Offer
------------------------------------------------
Pursuant to Fresh Del Monte Produce N.V.'s (FDM) acquisition of
15,000,001 ordinary shares and 26,645,704 warrants in The Siam
Agro Industry Pineapple and Others Plc. (SAICO) from Cirio Del
Monte Italia S.P.A. and Cirio Del Monte N.V., the then major
shareholders in SAICO, FDM is required to make a tender offer to
purchase all the remaining ordinary shares of the Company
according to the Securities and Exchanges Commission of
Thailand's rules and regulations governing the acquisition of
securities dated 18 November 2002.

FDM has therefore made a tender offer to purchase 14,999,999
ordinary shares of the Company and has submitted the tender form
247-4 dated 3 November 2004.  SAICO has appointed Thai Strategic
Capital Co., Ltd. as its financial advisor to provide opinion on
this tender offer to the minority shareholders.

The Independent Financial Advisor has studied the information in
the tender offer (form 247-4) of the Offeror; information and
documents provided by the Company, such as its financial
statements, annual reports, management's financial projection;
interviews with executives and related persons; and other
information disseminated to the public, for use as the basis of
analysis and its opinion.

Our opinion expressed herein is based on the assumption that
such information is correct and accurate at the time of this
analysis.  However, this analysis cannot validate any result
that might happen in the event of any material change in SAICO's
situation.

Inherent risks in SAICO

The Company operates in the agribusiness sector which is
volatile due to the commodity nature of the industry and its
dependence on the availability of raw material. This makes it
harder to make financial forecasts, especially of the cash flow,
for SAICO than many other companies.

In addition the Company has a high level of debt, negative
shareholders funds, current liabilities higher than current
assets, has almost fully utilized its existing borrowing
capacity, has an option to repurchase important land and
buildings from its creditor, and the obligation to start
repaying its loan principals from April 2005 as per its debt
restructuring agreement.

Therefore the Company faces several high risks and its survival
will depend on its first quarter 2005 performance and its
ability either to find additional sources of financing and/or to
restructure its debt obligations. However its ability to find
additional sources of funds or to restructure will be dependent
on the policies of its new shareholders which, at this stage,
have not been clarified.

Our opinion can be summarized as follows:

(1) Appropriateness of the offer price

The Offeror has made a tender offer to purchase ordinary shares
of the Company at Bt. 0.50 per share. We have carried out a
valuation of the ordinary shares using various methods to
identify the appropriateness of the offer price, with details as
follows:

(1.1) Book value approach

This approach assesses the book value of the Company at a
certain point in time.  For SAICO we have used the Company's
book value as shown in its financial statement as at 30th
September 2004 as follows:

Unit: Baht Million

Issued and paid-up capital: 300.00

Revaluation of land holding: 5.55

Retained losses: (912.60)

Total shareholders' equity: (607.05)

No. of shares in issue (million shares): 30.00

Book value per share (Bt.): (20.24)

Source: SAICO's financial statement 30 September 2004

Using this method, the book value of the Company is appraised at
negative THB20.24 per share. Therefore, the offer price of
THB0.50 per share is THB19.74 per share higher than the book
value.

However, this method only considers the current book value of
the assets and disregards the market value of the assets or
earnings ability of the Company. Moreover, it does not consider
the debt repayment obligations of the Company. We therefore
consider that this methodology to be inappropriate under this
situation because its current debt level of the Company exceed
the value of the assets, as shown in the books.

(1.2) Adjusted Book Value Approach

By this method, the share price is derived from considering the
market value of the Company's fixed assets revalued by an
independent appraiser, reduced by the Company's liabilities and
divided by the number of shares in issue. However, most of
the Company's fixed assets were sold to its creditors as part of
its debt restructuring in 1999. Based on the latest valuation
report by Sallmanns (Far East) Ltd. a recognized property
appraisal firm, on 5 October 2003 the machinery owned by the
Company has a market value of THB166.80 million higher than its
book value. The adjusted valuation is therefore as follows:

Unit: Baht Million

Book Value as at 30th September 2004: (607.05)

add Net incremental value of the machinery: 166.80

Adjusted Book Value: (440.25)

No. of shares in issue (million shares): 30.00

Adjusted Book Value (Baht per share): (14.68)

Using this method, the adjusted book value of the Company is
appraised at negative THB14.68 per share. Therefore, the offer
price of THB0.50 per share is THB14.18 per share higher than the
adjusted book value. However we believe that this Methodology is
also inappropriate as the current debt level exceeds the value
of the assets.

The Adjusted Book Value Approach includes in the valuation of
the ordinary shares the effects of an increase in the market
value of its assets. However, it still does not account for the
earnings ability of the Company. Moreover, it still also does
not consider the debt position of the Company.

(1.3) Price to Book Value Approach: P/BV

By this method, the share price is determined by multiplying the
Company's book value from its latest financial statement at 30th
September 2004 by the average of the closing price to book value
(P/BV) ratios of the comparable listed companies in the
agriculture, Food & Beverages sector. However, there are only
three companies engaged in a similar business to the Company,
namely Tipco Foods (Thailand) Plc., Malee Plc. and Siam Food
Products Plc.

The average P/BV ratios of these three companies over the past 3
months, 6 months and 12 months (from one business day before the
date of the Company's receipt of the tender offer from the
Offeror) can be concluded as follows:

Period        Average P/BV of similar   Implied Share Price
              companies (times)         (Baht per share)

3 months      1.33                      (26.91)

6 months      1.34                      (27.12)

12 months     1.50                      (30.36)

Source: SetSmart

According to financial statement as at 30th September 2004, by
this method, the share value of the Company is appraised at
negative THB26.91-30.60 per share. Therefore, the offer price of
THB0.50 per share is THB26.41-29.86 per share higher than the
share value estimated by this approach.

However this methodology is only appropriate only when used for
companies that have positive shareholders funds. As the
Company's shareholders funds are negative by over THB607
million, this methodology cannot be used.

(1.4) Market Value Approach

The share price of the Company can be calculated by using the
weighted average market price of the Company's shares traded on
the SET, using the average market price during the period of 3
months, 6 months and 12 months (from one business day before the
date of the Company's receipt of the tender offer from the
Offeror) which can be concluded as follows:

Period               Average Market Price     Turnover Ratio (%)
                     (Baht per share)

3 months             5.28                     0.05

6 months             6.16                     0.48

12 months            6.98                     16.45

Source: SetSmart

By this method, the shares of the Company can be appraised at
THB5.28-6.98 per share. Therefore, the offer price of THB0.50
per share is THB4.78-6.48 per share lower than the share value
estimated by this approach.

The turnover ratio of the Company's shares is volatile and
illiquid as demonstrated by the graph below over the last 24
months, which shows that, in general, SAICO's shares are
normally illiquid except for an abnormal period during September
to December 2003.

Source: www.yahoo.com

This methodology, whilst it gives rise to a positive value, is
inappropriate as the shares were illiquid and this method is
only appropriate if the shares are traded consistently and in
reasonable volume.

(1.5) Price to Earnings Ratio Approach: P/E Approach

By this method, the share price is derived by multiplying the
projected earnings per share of the Company for 2004 by the
average price to earnings per share (P/E) ratios of the listed
companies in the Agriculture and Food & Beverages sector.

However, there are only two companies engaging in a similar
business to the Company, namely Tipco Foods (Thailand) Plc. and
Siam Food Products Plc., that are profitable. The average P/E
ratios of these two companies over the past 3 months, 6 months
and 12 months (counted from one business day before the date
of the Company's receipt of the tender offer from the Offeror)
can be concluded as follows:

Period           Average P/E of selected     Share Price
                 companies (times)          (Baht per share)

3 months             8.33                   3.44

6 months             8.03                   3.32

12 months            8.90                   3.68

Source: SetSmart

However these companies are different from SAICO in many
respects, including their structure, strong performance and
higher trading liquidity, therefore their P/E ratios should be
higher than SAICO's. Therefore, a lower P/E than the average
above should be applied to derive SAICO's share value as
follows;

Average P/E (times)            Share Price
                              (Baht per share)

5.00                           2.07
6.00                           2.48
7.00                           2.89

By this method, the share value of the Company is appraised at
THB2.07-2.89 per share. Therefore, the offer price of THB0.50
per share is THB1.57-2.39 per share lower than the share value
estimated by this approach.

This method uses the full year forecast for 2004. At 30
September 2004, the Company has made a loss of THB18.94 million.
However, management is still optimistic that the 4th quarter
result will be profitable similarly to the 4th quarter of 2003.
The month of October was the only profitable month of 2004 so
far. For the Quarter, management is expecting a net profit of
THB31.34 million.

If we use the actual earnings of the last 12 months (1 October
2003 30 September 2004), the valuation of share will be:

Average P/E (times)            Share Price
                              (Baht per share)

5.00                             1.00

6.00                             1.20

7.00                             1.40

By this method, the share value of the Company is appraised at
THB1.00-1.40 per share. Therefore, the offer price of THB0.50
per share is THB0.50-0.90 per share lower than the share value
estimated by this approach.

This Price to Earnings Ratio Approach is a valuation method that
does not consider the debt level in the Company nor the
Company's future cash flow.

(1.6) Discounted Cash Flow Approach

This method takes into account the future profitability of the
Company by applying an appropriate discount rate to the
Company's projected free cash flow, net of all liabilities. We
have used the weighted average cost of capital (WACC) as the
discount rate and the expected free cash flow from the Company's
financial projection for the next five years and three months
(Q4 2004-end 2009), as prepared by the Company's management.

This assumes that the business continues as a going concern
without any material changes and under the current economic
conditions and circumstances.

The Assumptions in the Company's projection are as follows:

Sales

Sales grow by 5 percent to 6 percent annually during 2006-2009
and by 37 percent in 2005 annually because the Company expects
high pineapple prices which will lead a high volume of supply.

Cost of Sales

Cost of Sales is estimated to be 86 percent to 90 percent of
Sales during 2005-2009

Other Revenue

Other Revenue is from the sale of waste by-product from
pineapple. Expect this revenue to increase by THB1 million
annually during 2006-2009.

Selling & Administration

Selling & Administration is estimated to increase at the same
rate as Sales i.e. 6 percent annually during 2005-2009

Capital Expenditure

Capital Expenditure is estimated at THB60 million annually
during 2005-2006 and THB45 million during 2007-2009

Current Assets and Liabilities Turnover

Collection period for Account Receivables at 35-40 days
Turnover ratio for Inventories at 40-55 days
Payment period for Account Payables at 50-60 days

Foreign Exchange rate:

US$ 1: THB41

Discount Rate

The discount rate used in the calculation of the expected
discounted cash flow is the Weighted Average Cost of Capital
(WACC) which can be calculated as follows:

Cost of Debt: Kd = 5.75% p.a.
Cost of Capital: Ke = 5.26 p.a. derived from
                 Ke = Rf + ? (Rm  Rf)

Risk free rate (Rf) = 5 year government bond rate
                    = 3.88 (source: Bank of Thailand)

Market Risk Premium (Rm-Rf)     =       5.50 percent p.a.
Beta (?)                        =       0.25 times (12 months)

Debt to Equity Ratio: as at 30th September 2004 financial
statement, the Company's equity was negative, therefore its D/E
was negative 1.81 times.

We have therefore decided to use the average D/E of REHABCO
sector (the Company is currently categorized under this group on
SET).  The average D/E of REHABCO as of 30 June 2004 was 1.79
times

Growth for Terminal Value of Cashflow

The growth is estimated at 0 percent p.a.
The Company's WACC is therefore estimated at 5.57 percent p.a.

Considering all the factors above, the estimated value of the
Company's shares using the discounted cash flow method is
negative THB18.12 share.

The sensitivity analysis of the Company's share value at
different level of Ke would be as follows:

Ke             WACC               Share Price
                                 (Baht per share)

5%            5.48%                 (17.86)
6%            5.84%                 (18.84)
7%            6.20%                 (19.72)

By this method, the share value of the Company is appraised at
negative THB17.86-19.72 per share. Therefore, the offer price of
THB0.50 per share is THB17.36-19.52 per share higher than the
share value estimated by this approach.

The forecast financial statements used were prepared by the
current management team of SAICO.  We have been advised that the
new directors representing the Offeror were not involved in
their preparation.  However, although the current managing
director is a secondee of FDM, by virtue of the Offeror having
also purchased the Company that was his employer, the Company
has confirmed that he was acting independently of the Offeror
for the benefit of all SAICO's shareholders.

In addition, we do not believe that this methodology is
appropriate as the debt level of the Company is too high and
also because it has been difficult to forecast the future of the
Company for two principal reasons:

(a) The volatile nature of the industry has made it difficult to
accurately forecast the likely trend in earnings and cash flow,
and

(b) The Offeror who will be the major shareholder in the Company
has not provided any details of its plans for the future.

Therefore any changes in the policies and operation of the
Company from those set out by the current managing director and
Board of directors may have a material and unquantifiable effect
on the business and its prospects.

Conclusion of the Independent Financial Advisor's opinion on the
offer price

The table below summarizes and compares the Company's share
price, as calculated by the above methods, with the tender offer
price:

Unit: Baht per share
Method: Valuation Offering Price Higher (Lower) than the

offering price            Price           Baht           %

(1) Book Value Approach
n.m*       0.50               n.m.         n.m.

(2) Adjusted Book Value Approach

n.m        0.50               n.m.         n.m.

(3) Price to Book Value Approach

n.m.       0.50                n.m.         n.m.

(4) Market Value Approach

(5) 28-6.98    0.50            4.78-6.48     956-1296

(5.1) Price to Earnings Ratio Approach

2.07-2.89     0.50            1.57-2.39     314-478

using 2004 forecast

(5.2) Price to Earnings Ratio Approach

1.00-1.40     0.50            0.50-0.90     100-180

using actual 12 month EPS

(6) Discounted Cash Flow Approach

n.m.       0.50               n.m.         n.m.
* not meaningful

From the above table it can be seen that all but two of the
methodologies have either produced a negative valuation for the
shares or a value cannot be determined. The two methods are the
market value approach and the PE ratio approach.  The principal
adverse reasons for the negative valuation are:

The Company has negative shareholders' funds of THB607.06
million and debts as at 30th September 2004 of THB742.32 (out of
total liabilities of THB1,100.88 million), which renders the
valuation methodologies 1,2,3, and 6 negative.

The Company's future performance although forecasted by
management to improve, is not expected to recover sufficiently
and, under the 6th methodology, the valuation is still expected
to be negative.

Of the two methodologies that give rise to a positive valuation,
the market approach is deemed to be unreliable, as the Company's
shares have been illiquid and therefore may not reflect the
shares' true value.

Therefore we have concluded that, of the 6 different
methodologies, the most appropriate methodology is the Price to
Earnings approach. Using 2004 forecasts, the Price to Earnings
approach indicates a value of THB2.07 to 2.89 per share; using
actual 12 month historical EPS, the Price to Earnings approach
indicates a value of THB1.00 to 1.40 per share respectively

(2) Reasons to accept and / or to reject the tender offer

(2.1) From assessing the different factors we conclude that
shareholders should reject the tender offer for the following
reasons:

(2.1.1) The price is inappropriate

We have concluded that the PE approach gives rise to a valuation
of the Company's share which is higher than the tender offer
price and therefore the tender offer price is inappropriate.

(2.1.2) Alternative option

Shareholders will see that the current market price for the
Company's shares between 16th and 18th November 2004 is within
our assessment of the price and is also higher than the tender
offer price. Therefore, given the uncertainties and inherent
risks in the business, we recommend that shareholders consider
selling their shares in the market even though the liquidity is
low.

(2.2) Other factors

(2.2.1) De-listing

The tender Offeror has stated in the tender offer form that it
has no intention to de-list the Company's securities from the
Stock Exchange of Thailand for a 12 months period except in the
circumstance that the Company fails to maintain its listing
status.

Having made this statement the tender Offeror will not be able
to de-list the Company during the 12 months period and shares in
the Company are likely to continue to have a secondary market.
However it is possible that the liquidity in the Company's
shares will decrease after the tender offer period.

In addition for the next twelve months the tender Offeror will
not be able to make further tender offers for the Company's
shares. Moreover, for six months after the tender, the tender
Offeror cannot purchase any additional shares in the Company at
a price higher than the tender offer price, unless such shares
are newly issued shares.

(2.2.2) Management participation by the tender Offeror FDM,
which is now a major shareholder owning more than 50 per cent of
the shares in the Company, has appointed 4 directors to the
board of the Company (out of a current total of 9 directors) as
at 30th September 2004 and intends to become active in the
Company's management.

The Company's current Managing Director is also deemed to be an
employee of FDM by virtue of FDM having also purchased the
Company that had previously been his employer. Therefore the
tender Offeror has the right to change his status in SAICO at
any time.

The Company has informed us that representatives of the tender
Offeror have been in discussions with the Company as to its
management, trading and financial status and have also had
discussions with the Company's creditors as to the possibility
of further restructuring.

(2.2.3) Loan Guarantee by FDM

The Company has been informed that the tender Offeror has
assumed a guarantee of up to Baht 100 million over the Company's
working capital borrowing facilities.

Our assessment of the value of the Company's shares does not
include any potential beneficial or adverse effects arising from
changes in the operations nor of any restructuring of the
Company's financial liabilities.

This is because insufficient details have been given in the
tender offer form for any potential effects to be calculated.

(2.2.4) Financial problems

The Company faces two obstacles: its operations are not
consistently profitable and its financial position is weak.

Although the Company has been profitable from time to time, its
profitability and cash flow are volatile.

The Company's financial position is weak due to excessive debt,
in spite of having already concluded a debt restructuring, and
negative shareholders funds. This will make it difficult for the
Company to invest in order to maintain or increase its capacity.
It will also be necessary for the Company to find additional
sources of funds to finance its working capital and to repay the
bank loan, on which it is due to start repayments in April 2005.

Any sources of new funds are as yet unclear and the tender
Offeror has made no mention of additional financial support for
the Company in its tender offer form.

(3) Benefits or impact from the policies or plans stated by the

Offeror in the tender offer form, including the possibilities of
such plan and policies.

The plans and policies stated by tender Offeror were provided
only in general terms and are as follows:

(3.1) The tender Offeror has stated that it has no intention of
de-listing the Company's shares from the Stock Exchange of
Thailand for a period of 12 months from the conclusion of this
tender offer, except in the case where the Company cannot
maintain its listing status pursuant to the SET's listing
criteria.

In addition we note that the tender Offeror is not a Thai
Company and that the Company's current Articles of Association
require that no more than 51 per cent of the Company's shares be
held by foreign shareholders (this foreign shareholding
level is allowed to increase to 80 per cent but only pursuant to
the exercise of the currently outstanding warrants).

The tender Offeror has not stated how it intends to hold the
shares it receives in the tender should it exceed the level
allowed in the Articles of Association.

(3.2) The tender Offeror has stated that it intends to maintain
the Company's operations as an important manufacturer of
pineapple and other food products in Thailand and for export and
intends to maintain and strengthen its competitive position.

We believe that the tender Offeror intends to maintain the
business as it is itself involved in the food produce business,
although only recently has become involved in the canning
business. The parent Company of the tender Offeror is also a
profitable and large concern that is listed on the New York
Stock Exchange.

(3.3) The tender Offeror has stated that it intends to analyze
in detail the operations of the Company in order to better
understand it and to decide upon an appropriate course of action
for the Company which may include negotiating a debt
restructuring plan, a restructuring of the operations and / or
sales or purchases of assets, which may lead to changes in the
organization or management structure including a change in the
management team and staff structure.

The tender Offeror has stated in the tender offer that 2
directors of the Company resigned on 30th September 2004 and
that the Company's Board of directors has resolved to appoint 4
new directors, all of whom are from FDM. In addition the
Company's new directors have been involved, as directors of the
Company, in the management of the Company including in business
discussions and negotiations with financial creditors.

(4) Benefits that the shareholders will receive and effect in
the case that shareholders reject the tender offer (only in the
case of a tender offer for the delisting of the shares from a
lisitng pursuant to the SET's regulations)

This tender offer is not a tender offer pursuant to delisting of
the shares form the SET.

Summary of the Independent Financial Adviser's Opinion

From the available information and for the reasons stated above
we believe that the tender offer price is not appropriate and we
recommend shareholders not to accept the tender offer. However,
we also recommend the shareholders to consider selling their
shares in the Stock exchange of Thailand, even though liquidity
is low, as there are still significant risks and uncertainty
associated with the Company.

Thai Strategic Capital Co., Ltd.

Aung Htun
(Executive Chairman)

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: www.saico.co.th






                            *********


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

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

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

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

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

                 *** End of Transmission ***