TCRAP_Public/041201.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

             Wednesday, December 1, 2004, Vol. 7, No. 238

                            Headlines

A U S T R A L I A

CHEMEQ LIMITED: Shelves Expansion Plan, Cuts Staff
COMMERCIAL WASHROOM: To Face Voluntary Winding Up Proceedings
DAVIES DWYER: To Undergo Voluntary Winding Up Process
DUARTE HOLDINGS: Dean R. McVeigh Appointed as Liquidator
FAIRLESS TRANSPORT: Sets December 9 as Date of Final Meeting

FIRST VONROLAND: To Hold Final Meeting on December 3
GLOBAL PORTFOLIOS: ASIC Bans Former Manager for Five Years
INTELLECT SERVICES: Members Resolve to Voluntarily Wind Up
ISLAND HOUSE: Appoints Joint and Several Liquidators
JAMES HARDIE: MRCF Seeks Liquidation Rescue

JOHN CILMI: Richard Hert Judson Named as Liquidator
MITSUBISHI AUSTRALIA: Feds Preserve Slot in Car Industry Plan
NORTH-EAST CARPET: Enters Winding Up Proceedings
RGL ENTERPRISES: To Undergo Voluntary Winding Up Process
SANTOS LIMITED: ROMA Shallow Gas Project Commences

SAS AUTOMATION: To Wind Up Voluntarily
SEYMOUR INVESTMENTS: Final Meeting Slated for December 9
SONUS PRODUCTIONS: Members Resolve to Wind Up Voluntarily
SOUTH GIPPSLAND: Placed Under Voluntary Winding Up
VILLAGE ROADSHOW: Forecasts Further 18% Profit Drop

YARRAMUNUA DREAMING: To Face Winding Up Proceedings


C H I N A  &  H O N G  K O N G

ADVENTURE MARKETING: Enters Bankruptcy Proceedings
CHINA CITY: Posts HK$216-Mln Net Loss in FY04
CHINA GAS: To Sell US$70-Mln Convertible Bonds
CHINA RICH: FY04 Net Loss Narrows to HK$66 Mln
GLORY RISE: Receives Winding Up Order

HANG DA: Bankruptcy Order Made
INLAND REALTY LIMITED: Creditors Meeting Set Dec. 17
KELAB LIMITED: Faces Bankruptcy Proceedings
MAK KEE: To Declare Intended Dividend
* Big Four Likely to be Market Makers


I N D O N E S I A

GARUDA INDONESIA: Seeks Refinancing to Avert Bankruptcy
KALBE FARMA: Shareholders Ok Plan to Set Up Milk Plant
PERTAMINA: More Than Doubles Domestic Fuel Gas Price


J A P A N

KANEBO LIMITED: Chalks Up JPY358-Bln Group Net Profit in H1
MATSUSHITA ELECTRIC: To Reorganize, Merge Equipment Business
MITSUBISHI FUSO: To Put Pedestrian Detectors in Trucks
MITSUBISHI MOTORS: Keen on Team-up with Merrill Lynch
MISAWA HOMES: Denies it is Seeking IRCJ Help

NANKI KANKO: Declared Bankrupt
PABURIKKU SENTA: Enters Bankruptcy
UFJ HOLDINGS: Unveils Business Management Framework of New Group


K O R E A

DAEWOO HEAVY: Doosan Says They Will Meet Bid Deadline
KOOKMIN BANK: Inks Joint Services Agreement with Travelex


M A L A Y S I A

ANTAH HOLDINGS: Unveils November 27 Meeting Results
BESCORP INDUSTRIES: Court Hearing Set for January 25
FARLIM GROUP: Posts FY04 Unaudited Quarterly Results
GENERAL SOIL: Seeks SC's Consideration on Proposed Rehab Scheme
GULA PERAK: Discloses FY04 Unaudited Quarterly Results

KUB MALAYSIA: Court OKs Unit's Restraining Order Extension
LITYAN HOLDINGS: Unveils 2004 Unaudited Quarterly Results
MANGIUM INDUSTRIES: Releases October 2004 Production Figures
MANGIUM INDUSTRIES: Unit Defaults in Payments
MMC CORPORATION: Reveals Dissolution of Subsidiary

NAIM INDAH: Updates Practice Note 10/2001 Status
NAIM INDAH: Releases Production Figures for October 2004
OMEGA HOLDINGS: Posts 2004 Unaudited Quarterly Results
PILECON ENGINEERING: Posts Unaudited Quarterly Results for FY04
RNC CORPORATION: SC Approves Restructuring Scheme

SAAG CONSOLIDATED: Unveils FY04 Quarterly Results
UNITED CHEMICAL: Reveals 2004 Unaudited Quarterly Results


P H I L I P P I N E S

EASYCALL COMMUNICATIONS: Narrows 3Q04 Net Loss to Php25-Mln
MANILA ELECTRIC: ERC Clarifies New Rate Hike
NEGROS NAVIGATION: Issues Trading Suspension Update
NEGROS NAVIGATION: FirstPac Allots PhP150-Mln for Shipping Firm
PHILIPPINE TELEGRAPH: Shareholders Meeting Set for March 25


S I N G A P O R E

CLEANROOM RESOURCES: Receiving Proofs of Claim Until December 10
EXTROPIA.COM: Posts Intended Dividend Notice
SEATOWN CORPORATION: Submits Full Year Financial Statement
SELCO SHIPYARD: Releases Intended Dividend Notice
WANG COO-KIEN: Creditors to Prove Debts by December 22


T H A I L A N D

ABICO HOLDINGS: Bankruptcy Court Approves Restructuring Plan
CAPETRONIC INTERNATIONAL: Submits Reviewed, Consolidated 2Q FS
KRUNG THAI: To Revise Loan Approval System
NATURAL PARK: Issues Details of Convertible Debentures
SYNTEC CONSTRUCTION: Unveils Subscription of Capital Increase

     -  -  -  -  -  -  -  -

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


CHEMEQ LIMITED: Shelves Expansion Plan, Cuts Staff
--------------------------------------------------
Chemeq Limited has shelved plans to expand its Rockingham plant
and will cut its workforce by 15 percent, according to The West
Australian.

The latest moves, which followed a strategic cost review, came
ahead of Chemeq's Annual General Meeting Monday.

The veterinary drug producer had postponed the planning and
design stage for the plant upgrade and rescheduled work
associated with obtaining U.S. regulatory approvals to sell the
polymeric anti-microbial.

The job cuts, on the other hand, were critical to keep the
company in a "sound financial position".

Chemeq, which has distribution agreements in Malaysia, South
Africa and New Zealand, is awaiting a final manufacturing
license from the Australian authorities to serve its first
AU$1.5-million order to South Africa.

The company is struggling to recover from plunging stocks
following revelations of a big blowout in construction costs at
its Rockingham production facility and concerns about its sales
contracts and dwindling cash.

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/


COMMERCIAL WASHROOM: To Face Voluntary Winding Up Proceedings
-------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Commercial Washroom Services Pty Ltd (In Liquidation) A.C.N.
004 529 453 held on 12 October 2004, it was resolved that the
company be wound up voluntarily and that, Dean R. McVeigh,
Chartered Accountant of Foremans Business Advisors (Vic) Pty
Ltd, Suite 8, 56-60 Bay Road, Sandringham Vic 3191 be nominated
to act as Liquidator for the purpose of the winding up.

Dated this 13th day of October 2004

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham 3191


DAVIES DWYER: To Undergo Voluntary Winding Up Process
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Davies Dwyer Pty Ltd (In Liquidation) A.C.N.
005 831 676 held on 11 October 2004, it was resolved that the
Company would be wound up voluntarily and that Martyn Auty of
Grant Thornton be appointed liquidator for the purpose of the
winding up.

Dated this 13th day of October 2004

M.R. Auty
Liquidator
Grant Thornton
Rialto Towers, Level 35,
South Tower, 525 Collins
Street, Melbourne Vic


DUARTE HOLDINGS: Dean R. McVeigh Appointed as Liquidator
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Duarte Holdings Pty Ltd (In Liquidation) A.C.N.
073 949 149 held on 24 September 2004, it was resolved that the
company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose, Dean R McVeigh of Foremans Business
Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay Road, Sandringham Vic
3191 be appointed Liquidator.

Dated this 12th day of October 2004

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham 3191


FAIRLESS TRANSPORT: Sets December 9 as Date of Final Meeting
------------------------------------------------------------
Notice is given that the final meeting of the members and the
creditors of Fairless Transport Services Pty Limited (In
Liquidation) A.C.N. 081 721 459 will be held at the offices of
Deloitte Touche Tohmatsu, Level 21, 505 Bourke Street, Melbourne
on Thursday, the 9th of December 2004 at 10:00 a.m.

AGENDA

(1) To lay before the meeting an account showing how the winding
up has been conducted and the property of the company has been
disposed of and giving any explanation of the account pursuant
to Section 509 of the Corporations Act 2001.

(2) General Business.

Dated this 18th day of October 2004

Simon A. Wallace-Smith
Liquidator
Deloitte Touche Tohmatsu
505 Bourke Street,
Melbourne Vic 3000


FIRST VONROLAND: To Hold Final Meeting on December 3
----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of First Vonroland Pty Ltd (In Liquidation) A.C.N. 005
334 743 will be held at Bruce Mulvaney & Co, 1st Floor, 613
Canterbury Road, Surrey Hills on Friday 3 December 2004 at 10:30
a.m. for the purpose of having an account laid before them
showing how the winding up has been conducted and the property
of the company disposed of, and to hear any explanations that
may be given by the Liquidator.

Dated this 18th day of October 2004

B.N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
Telephone: (03) 9896 9000,
Facsimile: (03) 9896 9001


GLOBAL PORTFOLIOS: ASIC Bans Former Manager for Five Years
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Raydn Patrick Nolan, of Port Melbourne in Victoria,
from the financial services industry for five years.

ASIC banned Mr. Nolan after finding that between October 1993
and 17 May 2002, Mr. Nolan operated a discretionary portfolio
management business through Global Portfolios Pty Ltd (Global
Portfolios) without the company or himself holding an
appropriate license. Mr. Nolan was a director of Global
Portfolios, and from November 1997, was its sole director.

ASIC also found that Mr. Nolan acted as a representative of
Global Portfolios without holding a proper authority, and caused
Global Portfolios to be in breach of its dealers license during
the period 17 May 2002 to 1 October 2002, by permitting the
company to control securities and money belonging to clients
when its dealers license precluded it from doing so.

ASIC also found Mr. Nolan had breached an undertaking provided
to ASIC in December 1998 that he would not advise or deal in
securities during the period 21 December 1998 to 31 December
1999.

Further, ASIC found that Mr. Nolan had failed to properly
discharge his duties in respect of certain clients of Global
Portfolios.

"ASIC will act to protect the interests of investors by ensuring
that individuals who do not operate within the financial
services laws are removed from the industry'" ASIC Deputy
Executive Director of Enforcement, Mr. Allen Turton said.

Mr. Nolan has the right to lodge an application for review of
ASIC's decision with the Administrative Appeals Tribunal.

Background

From October 1991 until October 2002, Mr. Nolan conducted a
business of managing investment portfolios on behalf of clients,
comprising securities listed on the Australian Stock Exchange.
Mr. Nolan conducted his business through Global Portfolios from
October 1993.

Mr. Nolan held a number of proper authorities from licensed
securities dealers, at various times, during the period 1986 to
2000. However, he did not hold a proper authority from any
licensee from 31 May 1995 until 3 July 1996, from 22 December
1998 until 12 January 2000, and from 26 February 2000 until some
time after October 2002.

Mr. Nolan provided undertakings to ASIC in December 1998 to
voluntarily withdraw from advising and dealing in securities
following concerns that he had dealt in securities when he was
not authorized or licensed to do so, during the period 1 June
1995 to 3 June 1996.

As a consequence of accepting this undertaking, ASIC
discontinued banning proceedings against Mr. Nolan. These
proceedings related to running the portfolio management business
of Global Portfolios without a dealers license.

In 1997 and again in 2001, Global Portfolios unsuccessfully
applied to ASIC for its own dealers license. It subsequently
sought a review of ASIC's decision in the Administrative Appeals
Tribunal (AAT) and in May 2002 was granted a dealers license,
which took effect retrospectively from 4 July 2001.

On 28 October 2002, Global Portfolios was placed into
liquidation.


INTELLECT SERVICES: Members Resolve to Voluntarily Wind Up
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Intellect Services Pty Ltd (In Liquidation) A.C.N.
071 135 236 held on 5 October 2004, it was resolved that the
company be wound up voluntarily and at meetings of creditors
held on the same day it was resolved that for such purpose, Dean
R McVeigh of Foremans Business Advisors (Vic) Pty Ltd, Suite 8,
56-60 Bay Road, Sandringham Vic 3191 be appointed Liquidator.

Dated this 12th day of October 2004

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road,
Sandringham 3191


ISLAND HOUSE: Appoints Joint and Several Liquidators
----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Island House Media Pty Ltd (In Liquidation)
A.C.N. 094 091 068, held on 15 October 2004, it was resolved
that the company be wound up voluntarily.

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

Dated this 18th day of October 2004

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


JAMES HARDIE: MRCF Seeks Liquidation Rescue
-------------------------------------------
The Medical Research and Compensation Foundation (MRCF) urged
James Hardie Industries to fully fund all its operations
immediately in order to avert the Foundation's application for
provisional liquidation, says the Sydney Morning Herald.

Directors of the MRCF, the foundation James Hardie set up to
handle its asbestos liabilities, are seeking full funding as
they believe they could be sued if they pay all present claims
in full while aware that they would be unable to honor future
claims.

In an affidavit sworn on Thursday, the foundation's managing
director, Dennis Cooper, said the directors had been unable to
obtain personal insurance since March last year to cover
potential damages suits from future asbestos victims aggrieved
by receiving less than their due compensation.

In August the directors received a court order protecting them
from such suits, which runs out next Monday. The liquidation
application will be heard on Thursday.

Meanwhile, James Hardie chairman Meredith Hellicar said the
board would consider paying claimants directly if a provisional
liquidator was appointed and suspended payments.

James Hardie is expected to contest in court the intended
appointment, on the basis that the foundation has sufficient
funds to carry on until a long-funding agreement is reached.

CONTACT:

For corporate and media enquiries only, please contact:

James Hardie Industries
Web site: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other inquires to CustomerLink Service Centre on 13 1103


JOHN CILMI: Richard Hert Judson Named as Liquidator
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of John Cilmi Pty Ltd (In Liquidation) A.C.N. 006 702
870 held on 12 October 2004, it was resolved that the company be
wound up voluntarily.

At a meeting of creditors held on the same day, pursuant to
Section 497, it was resolved that for such purpose Richard
Herbert Judson of Judson & Co, Chartered Accountants, Level 1,
10 Park Road, Cheltenham be appointed liquidator.

Dated this 12th day of October 2004

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


MITSUBISHI AUSTRALIA: Feds Preserve Slot in Car Industry Plan
-------------------------------------------------------------
The Federal Government has decided to keep Mitsubishi Motors
Australia Limited in its car industry plan, as well as maintain
the ailing automaker's Adelaide operations, the Sydney Morning
Herald relates.

Industry Minister Ian Macfarlane has endorsed a regulation
change that declares Mitsubishi Motors' survival in the national
interest and preserves its access to the car industry programs
and its benefits.

In order to qualify for assistance under the Government's
Automotive Components and Investments Scheme (ACIS), car makers
are required to produce a minimum of 30,000 vehicles a year.

The Company's recognition under the plan was threatened by the
slump in Magna sales this year and the near-disappearance of its
export business.

However, the Minister intervened to have Mitsubishi's survival
declared in the national interest, a decision that overrides the
ACIS' criteria.

Mitsubishi announced in late May that the Lonsdale engine plant
would be closed later this year, with the loss of about 650
jobs. A further 350 jobs were to be cut from the assembly plant.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
Email: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


NORTH-EAST CARPET: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a Meeting of Members of North-
East Carpet & Vinyls Pty Ltd (In Liquidation) A.C.N. 093 758 948
held on the 12th of October 2004, it was resolved that the
company be wound up voluntarily.

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

Dated this 12th day of October 2004

Paul Vartelas


RGL ENTERPRISES: To Undergo Voluntary Winding Up Process
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of RGL Enterprises Pty Ltd (In Liquidation) A.C.N.
006 998 152 held on the 13th of October 2004, it was resolved
that the company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose Geoffrey Handberg of D'Aloia Handberg,
Chartered Accountants, 10/200 Queen Street Melbourne be
appointed Liquidator.

Dated this 15th day of October 2004

G. Handberg
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


SANTOS LIMITED: ROMA Shallow Gas Project Commences
--------------------------------------------------
The Operator has informed Sunshine Gas Project that the Roma
Shallow Gas Project, a joint venture of SHG and Santos Limited,
in the northern Roma Shelf has commenced with work on the
Pleasant Hills 21 well.

The objective of the Roma Gas Project is to evaluate a large
contingent gas resource within the Walloon Coal Measures in the
Injune Creek Group, a widespread coal, sand and shale sequence,
present across the Roma Joint Venture.

The project has been identified subsequent to the evaluation of
unconventional gas production from Pleasant Hills 8A well and
simultaneously fulfills statutory requirements to re-complete or
plug & abandon existing non-producing wells while
testing/evaluating this significant gas resource.

To view full copy of the disclosure, click
http://bankrupt.com/misc/SANTOSLIMITE113004.pdf

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


SAS AUTOMATION: To Wind Up Voluntarily
--------------------------------------
Notice is hereby given that at a Meeting of Members of SAS
Automation Pty Ltd (In Liquidation) A.C.N. 101 317 266 held on
the 11th of October 2004, it was resolved that the company be
wound up voluntarily.

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

Dated this 12th day of October 2004

Paul Vartelas


SEYMOUR INVESTMENTS: Final Meeting Slated for December 9
--------------------------------------------------------
Notice is given that the final meeting of the members and
creditors of Seymour Investments Australia Pty Ltd (In
Liquidation) A.C.N. 083 047 545 will be held at the offices of
Deloitte Touche Tohmatsu, Level 21, 505 Bourke Street, Melbourne
on Thursday the 9th of December 2004 at 9:30 a.m.

AGENDA

(1) To lay before the meeting an account showing how the winding
up has been conducted and the property of the company has been
disposed of and giving any explanation of the account pursuant
to Section 509 of the Corporations Act 2001.

(2) General Business.

Dated this 18th day of October 2004

Simon A. Wallace-Smith
Liquidator
Deloitte Touche Tohmatsu
505 Bourke Street,
Melbourne Vic 3000


SONUS PRODUCTIONS: Members Resolve to Wind Up Voluntarily
---------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Sonus Productions Pty Ltd (In Liquidation) A.C.N.
004 807 443 held on 18 October 2004, it was resolved that the
company be wound up voluntarily.

At a meeting of creditors held on the same day pursuant to
Section 497, it was resolved that for such purpose, Richard
Herbert Judson of Judson & Co, Chartered Accountants, Level 1,
10 Park Road, Cheltenham be appointed liquidator.

Dated this 18th day of October 2004

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


SOUTH GIPPSLAND: Placed Under Voluntary Winding Up
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of South Gippsland UDV Promotions Group Inc held on
the 11th of October 2004, it was resolved that the Incorporated
Association be wound up voluntarily and that Roger David Midgley
Smith of 126 George Street, Morwell be appointed liquidator of
the Incorporated Association for the purpose of such winding up.

Dated this 11th day of October 2004

R.D.M. Smith
Liquidator
126 George Street,
Morwell Vic 3840


VILLAGE ROADSHOW: Forecasts Further 18% Profit Drop
---------------------------------------------------
Cinema chain giant Village Roadshow sees a further 18 percent
fall of its profit for the current fiscal year due to interest
payments on loans it secured to finance a share buy back,
reports the Sydney Morning Herald.

The latest forecast is around AU$2 million below an AU$45
million estimate made in September when the company said an
AU$7.7 million pretax gain from the sale of its stake in
advertising business Eye Shop would offset the losses at its
film-financing business.

Village's film-financing unit lost money after Time Warner's
Catwoman sold fewer tickets than expected. Films including Miss
Congeniality: Armed and Fabulous with Sandra Bullock and Oceans
12 with George Clooney, Brad Pitt and Julia Roberts wouldn't be
enough to make up for the loss, Village said at the time.

The Company projects AU$43 million in net income for the year
ending June 30, down AU$52.2 million the previous year.

Village completed last week an AU$94.8 million buyback, which
was partly financed by an AU$80 million five-year loan from a
syndicate led by ANZ.

The Company did not divulge if the shares repurchase boosted
their stake, which was at 57.8 percent as of November 4. But
according to Bloomberg calculations, the buyback has lifted the
stakes of Robert Kirby, Deputy Chairman John Kirby and Chief
Executive Graham Burke.

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/


YARRAMUNUA DREAMING: To Face Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Yarramunua Dreaming Pty Ltd (In Liquidation)
A.C.N. 105 081 534, held on 15 October 2004, it was resolved
that the company be wound up voluntarily.

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

Dated this 18th day of October 2004

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


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


ADVENTURE MARKETING: Enters Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Adventure Marketing Limited by the High Court of Hong Kong
Special Administrative Region was on the 28th day of October
2004 presented to the said Court by Gordon David Michael George
Oldham whose address is situate at Suite 503, St. George's
Building, 2 Ice House Street, Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 15th 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.

Gordon David Michael George Oldham
The Petitioner
Suite 503, St. George's Building
2 Ice House Street, 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 14th day of
December 2004.

This notice is dated November 26, 2004


CHINA CITY: Posts HK$216-Mln Net Loss in FY04
---------------------------------------------
China City Natural Gas Holdings Limited posted a net loss of
HK$215.929 million for financial year ended July 31, compared
with a net loss of HK$334.777 million for the previous financial
year. LPS was HK$0.023.

No final dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_chinacity1130004.pdf


CHINA GAS: To Sell US$70-Mln Convertible Bonds
----------------------------------------------
China Gas Holdings's shares have been suspended from trading
beginning yesterday pending the release of an announcement over
a proposed convertible bond issuance, Infocast reports.

The bond issue is aimed at raising US$70 million. The bonds have
been given a coupon rate of 1.5%.


CHINA RICH: FY04 Net Loss Narrows to HK$66 Mln
----------------------------------------------
China Rich Holdings posted a net loss of HK$66.191 million for
the financial year ended July 31, compared with the net loss of
HK$86.943 million a year ago. LPS was HK$0.029.

No final dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_chinarich113004.pdf


GLORY RISE: Receives Winding Up Order
-------------------------------------
Glory Rise Limited of 3/F Season Commercial Bldg, 3 Humphrey's
Avenue, Tsimshatsui, Kln has received a winding up order on
November 17, 2004.

The winding up petition was presented May 27, 2004.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


HANG DA: Bankruptcy Order Made
------------------------------
Notice is hereby given that a Bankruptcy Order against the Yu
Ping Fai Trading as Hang Da Engineering Co. was made on 15th
November 2004.

All debts due to the estates should be paid to the undersigned.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


INLAND REALTY LIMITED: Creditors Meeting Set Dec. 17
----------------------------------------------------
Notice is hereby given, pursuant to Section 207(7) of the
Companies Ordinance, that a meeting of the creditors of Inland
Realty Limited will be held at 3:00 p.m. on 17th day of December
2004 at 20th Floor, Prince's Building, Central, Hong Kong, to
appoint a member of the Committee of Inspection.

Creditors may appoint a proxy to attend and vote instead of him.
To be valid, a proxy used at the meeting must be lodged at 20th
Floor, Prince's Building, Central, Hong Kong not later than 48
hours before the meeting or adjourned meeting at which it is to
be held.

Dated this 26th day of November 2004

Rainier Lam
Joint and Several Liquidator
Inland Realty Limited


KELAB LIMITED: Faces Bankruptcy Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kelab Limited by the High Court of Hong Kong Special
Administrative Region was on the 4th day of November 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 29th 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.

Ford, Kwan & Co
Solicitors for the Petitioner
Suites 1505-1508, Chinachem Golden Plaza
77 Mody Road, Tsimshatsui
Kowloon 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 28th day of
December 2004.


MAK KEE: To Declare Intended Dividend
-------------------------------------
Notice is hereby given that a dividend is intended by Mak Kee
Limited.

Creditors who have not proved their debts to 2/F., Wing Yee
Commercial Building, 5 Wing Kut Street, Central, Hong Kong by
21st December 2004 will excluded from this dividend.

Dated this 29th day of November 2004

Lau Siu Hung
Ng Chun Kong
Joint and Several Provisional Liquidators


* Big Four Likely to be Market Makers
-------------------------------------
The foreign exchange policy maker of China may possibly allow
the Big Four banks, China Construction Bank, Agricultural Bank,
Industrial & Commercial Bank and Communications Bank to become
market makers in U.S. dollar trading, reports Dow Jones
Newswires, citing the China Business Post.

A draft that details the move has been concluded. It is
currently at the State Administration of Foreign Exchange, the
top foreign regulator of the state.

A market maker has to agree to be a counter party either as a
buyer or a seller in order to keep trading fluid in case no
other party can be found.

The People's Bank of China is the current key market maker in
dollar trading in the domestic foreign exchange market due to a
policy that keeps the yuan convertible only for trade-related
purposes. It keeps the local unit mostly pegged to the dollar at
around 8.277.

The Central Bank's regular open market operation will become the
key factor in money supply adjustments in case the proportion of
foreign exchange in money supply diminishes.

An official in the research department under the state Council,
Xia Bin, stated that China's foreign reserves have exceeded
reasonable levels. However, he added that the move toward adding
market makers is welcomed in order to aid China's growth in
foreign reserves can decelerate the level.


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


GARUDA INDONESIA: Seeks Refinancing to Avert Bankruptcy
-------------------------------------------------------
Amid deteriorating cash flow and a huge debt burden, Garuda
Indonesia admitted it could eventually collapse unless the
government allows the airline to refinance its debts, says The
Jakarta Post.

The national flag carrier acknowledged it has been left behind
by its competitors in the region due to its inability to boost
its fleet because of lack of funds and limited capital infusions
from creditors.

"An immediate decision should be taken by the government to
refinance our debts so that we can reduce our interest burden
and become more flexible in seeking more loans for expansion,"
said Garuda president director Indra Setiawan.

"With current earnings, we are afraid that the airline will face
massive financial problems like in 1998, or it may even collapse
within years unless the government immediately deals with the
debts," he said.

Garuda, which defaulted on more than US$1.1 billion in debts to
international creditors during the Asian financial crisis, had
undergone debt restructuring in 2001.

As of this year, the airline's debts stand at US$850 million, of
which some US$650 million is owed to an international consortium
consisting of creditors in the United Kingdom, Germany and
France. The debts, which will mature in 2010, carry an interest
rate of 50 basis points above the London Interbank Offered Rate,
or LIBOR.

The remaining US$200 million is in the form of promissory notes,
which will mature in 2007.

This year, Garuda is scheduled to pay some US$115 million of the
debt, including interest.

But it is still unclear how Garuda will refinance its debts, as
its 2004 profit would not be enough to fully service them.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com


KALBE FARMA: Shareholders Ok Plan to Set Up Milk Plant
------------------------------------------------------
At an extraordinary meeting held Monday, shareholders of PT
Kalbe Farma approved a proposal to set up a joint-venture milk
factory with PT Morinaga Japan, according to Indoexchange.

The facility, which is scheduled for construction in mid-2005,
will be 70-percent owned by Kalbe and 30-percent controlled by
Morinaga.

Total investment for the milk factory is estimated to reach
around US$45 million, US$31 million of which will come from
equity juta and the other US$14 will come from loans.

Kalbe Farma President Director Vidjongtius explained that the
factory will be completed in 2007 so they could boost health
food sector's contribution in sales. It would be constructed in
Cikampek on a 5-ha land and it would have 12,000 tons in annual
capacity.

CONTACT:

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


PERTAMINA: More Than Doubles Domestic Fuel Gas Price
----------------------------------------------------
PT Pertamina on Monday raised the price of fuel gas to IDR1,550
(US$0.17) per liter from IDR700 per liter, reports Asia Pulse.

The state oil and gas firm said the fuel gas price will be
raised continuously until it equals its economic price.

The fuel gas price hike, which took effect at midnight on Nov.
29, was aimed at offsetting the firm's annual loss of IDR25
billion from the sale of fuel gas.

Pertamina began selling fuel gas in 1986 to support the
government-backed Blue Sky and Energy Diversification programs.

But due to expensive conversion kit and fuel gas compressor and
scarcity of gas stations, annual gas consumption fell from year
to year.

Presently, only 1,500 taxicabs and a bus use fuel gas.

CONTACT:

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


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


KANEBO LIMITED: Chalks Up JPY358-Bln Group Net Profit in H1
-----------------------------------------------------------
Kanebo Limited posted a group net profit of JPY358.11 billion
for the April-September first half of fiscal 2004, Kyodo News
reports.

The ailing textile maker, which has been undergoing
restructuring under the state-backed Industrial Revitalization
Corporation of Japan since March, also reported a group
operating profit of JPY1.51 billion and a pretax loss of JPY7.48
billion in the six-month period on sales of JPY152.18 billion.

For the full business year through March, Kanebo expects its
consolidated net profit to reach JPY315 billion and pretax loss
to amount to JPY12 billion, on sales of JPY275 billion.

Kanebo is scheduled to accelerate its rehabilitation efforts
under a revival plan approved by IRCJ that includes withdrawing
from unprofitable operations and selling other businesses.

CONTACT:

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


MATSUSHITA ELECTRIC: To Reorganize, Merge Equipment Business
------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (TSE: 6752; NYSE:MC;
MEI), best known for its Panasonic brand products, and
Matsushita Electric Works, Ltd. (TSE: 6991; MEW) announced a
reorganization plan of their industrial equipment businesses in
line with the comprehensive collaboration efforts between the
two companies.

The plan, involving businesses mainly carried out by MEI's
subsidiary, Matsushita Industrial Information Equipment Co.,
Ltd. (MIIE), aims to eliminate overlaps, further maximizing the
group's growth potential in the industrial equipment business
and the electrical supplies business in the commercial building
market.

The details of specific initiatives are as follows:

(1) High-voltage power distribution equipment business and
central monitoring and control system business to be integrated
into MEW

Matsushita's power distribution equipment business will be
consolidated by transferring MIIE's high-voltage power
distribution equipment (CUBICLE) business and MEW's low-voltage
power distribution equipment business (i.e. power distribution
boards) for commercial buildings into a new MEW subsidiary,
which will be established in January, 2005. The consolidation
will allow MEW to offer a complete range of power distribution
equipment, a critical component in electrical supplies business,
from high voltage to low voltage.

MIIE's central monitoring and control system business for
facility management will be merged into MEW and placed under the
management of its Security and Building Automation System (BAS)
Business Promotion Department.

(2) Information equipment and systems businesses to be
integrated into Panasonic Communications Co., Ltd.

Panasonic Communications Co., Ltd. (PCC) will take over MIIE's
information equipment business, including such products as
credit authorization terminals, barcode readers and Radio
Frequency Identification (RFID) devices, as well as credit
authorization terminal development and manufacturing functions
currently carried out by Panasonic System Solutions Company
(PSS).

At the same time, distribution systems business being done at
Matsushita Industrial System Engineering Co., Ltd. (MISEC), a
subsidiary of MIIE, will be transferred to a subsidiary of PCC.

This reorganization will boost the group's capability of
developing new products with future growth potential such as
contactless IC card and wireless tag readers in the RFID field.
It will also contribute to increasing synergy effects in the
areas of the manufacturing, procuring and marketing operations.

(3)MIIE's two subsidiaries to be transferred to Matsushita
Welding Systems Co., Ltd.

Two subsidiaries of MIIE, Kaga Matsushita Electric Co., Ltd. and
MISEC, will be transferred to Matsushita Welding Systems Co.,
Ltd. Kaga Matsushita now serves as MIIE's manufacturing base for
welding and CUBICLE related products, while MISEC offers public
infrastructure businesses which include utility machinery and
related services such as tunnel ventilation control systems and
water and sewage treatment plants.

As a result of those consolidations and transfers, MEI will
eventually take over MIIE. The reorganization is scheduled to
take place on April 1, 2005. Two transfers, however, will be
carried out on March 31, 2005: MIIE's CUBICLE business to the
new subsidiary of MEW and MIIE's central monitoring and control
system business to MEW.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the company recorded consolidated sales of US$71.92 billion for
the fiscal year ended March 31, 2004. Matsushita's shares are
listed on the Tokyo (TSE: 6752), Osaka, Nagoya, New York
(NYSE:MC), Euronext Amsterdam and Frankfurt stock exchanges.

About Matsushita Electric Works, LTD.

Matsushita Electric Works, Ltd. was established in 1918 and
incorporated in 1935. The company is engaged in the development,
manufacture, sales, installation and services of a wide range of
products.

CONTACT:

Matsushita Electric Industrial Co., Ltd.
Mike Kitadeya / Karl Takahashi
International PR
Phone: +81-6-6949-2293
Fax: +81-6-6949-2255
Panasonic News Bureau
Phone: +81-3-3542-6205
Fax: +81-3-3542-9018

Matsushita Electric Works, Ltd.
Yukio Kinashi, Publicity Dept.
Phone: +81-6-6909-7187
Fax: +81-6-6908-7127


MITSUBISHI FUSO: To Put Pedestrian Detectors in Trucks
------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will introduce a safety
system in its trucks that can detect pedestrians nearby and warn
the driver, Asia Pulse reveals.

The ailing truck maker plans to develop the system as soon as
possible, in a bid to avoid vehicular accidents, which usually
involve bicycles and pedestrians.

The pedestrian identification system will be based on technology
carried out by parent DaimlerChrysler AG. The fundamental
development work is completed, and using this technology
Mitsubishi Fuso expects that it can design a practical system in
several years that takes Japan's traffic conditions into
account.

The system comprises a pair of cameras mounted on the truck cab
to image objects and provide a means of measuring distance and
an electronic control unit (ECU) that compares the images with a
database of some 10,000 human shapes to identify pedestrians.
This identification process works at truck speeds up to 30kph
and for pedestrians at distances in the range of 5-20 meters.

The cameras are sampled around four to 20 times a second in
order to determine the speed and direction of moving
pedestrians. The ECU sounds a warning to the driver when the
danger of a pedestrian collision is high and can also be
configured to send a signal to the system that controls the
brakes.

CONTACT:

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


MITSUBISHI MOTORS: Keen on Team-up with Merrill Lynch
-----------------------------------------------------
In line with its business rehabilitation efforts, Mitsubishi
Motors Corporation (MMC) is keen on forging an alliance with
Merrill Lynch and Co. in North American financing operations,
Dow Jones reports.

MMC said both companies are also proposing a joint venture to
collect automobile loans and raise funds as early as this year.

The ailing Japanese automaker also disclosed in a statement that
it has decided to divest a portion of its assets in Mitsubishi
Motors Credit of America Inc., in an a bid to boost its
financial standing by reducing assets and interest-bearing
debts.

MMC will dispose of US$2 billion worth of assets, such as lease
and loan receivables, to Merrill Lynch out of the total US$4
billion in assets held by Mitsubishi Motors Credit of America.

The Japanese firm has also been exploring tie-up opportunities
over its North American production with PSA Peugeot Citroen,
local news reports have said. The French firm, however, has
denied this.

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


MISAWA HOMES: Denies it is Seeking IRCJ Help
--------------------------------------------
Embattled homebuilder Misawa Homes Holdings Incorporated denied
reports on Saturday that it was considering seeking financial
aid from the state-backed Industrial Revitalization Corporation
of Japan (IRCJ), Reuters reports.

The Yomiuri Shimbun daily reported that Misawa Homes, UFJ
Holdings' last big problem borrower without a restructuring
plan, was in the final stage of negotiations over the
possibility of requesting the support of the IRCJ.

The daily also named Toyota Motor Corporation as Misawa's
possible corporate sponsor.

A spokesman for Misawa Homes brushed off speculations, saying
the company has not received a request from its main creditor,
UFJ Bank.

UFJ Holdings, which is set merge with Mitsubishi Tokyo Financial
Group (MTFG) next year to create the world's top banking group,
has already put restructuring plans in place for its other large
troubled corporate borrowers, including supermarket chain Daiei
Incorporated and condominium builder Daikyo Incorporated.

CONTACT:

Misawa Homes Co Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
JAPAN
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


NANKI KANKO: Declared Bankrupt
------------------------------
Golf course operator Nanki Kanko K.K. has entered bankruptcy
with total liabilities of US$42.87 million, says Teikoku
Databank America.

The firm is based in Shinjuku-ku, Tokyo 162-0828.

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


PABURIKKU SENTA: Enters Bankruptcy
----------------------------------
Paburikku Senta K.K., which managed advertising agencies, has
entered bankruptcy, according to Teikoku Databank America.

The firm, located in Sapporo-shi, Hokkaido 060-0031, has total
liabilities of US$64.17 million.

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


UFJ HOLDINGS: Unveils Business Management Framework of New Group
----------------------------------------------------------------
With the aim of integrating their businesses on October 1, 2005,
Mitsubishi Tokyo Financial Group, Inc. and UFJ Holdings, Inc.
have been proceeding with preparations for the proposed
management integration based on the basic policies that were
announced on September 10, 2004.

Along with its stated goal of becoming one of the top five
global financial institutions in terms of market capitalization
by the end of fiscal year 2008, the new group will also adopt a
more customer-focused philosophy. Through these efforts, the new
group will aim to become an integrated, comprehensive financial
group that is dedicated to serving clients and winning their
trust, and it intends to commit its management resources and
efforts toward achieving this objective.

The new group has set forth specific policies in order to
realize its customer-focused management structure. To implement
these policies, the new group will strive to formulate an
innovative distribution channel strategy, establish a business
management framework, introduce new management methods and begin
sharing a common personnel platform in a speedy manner. We
believe that the customer-focused management will enhance the
new group's corporate value and help propel the new group into
the global top five.

To view the entire media release, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS113004.pdf

CONTACT:

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


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


DAEWOO HEAVY: Doosan Says They Will Meet Bid Deadline
-----------------------------------------------------
The failure of Doosan Heavy & Construction Co. to inspect Daewoo
Heavy Industries & Machinery Limited's facilities won't hinder
it from meeting the bid deadline, reports The Korea Herald.

According to Doosan officials, they have nearly finished
negotiations with Daewoo Heavy's largest shareholder, the Korea
Asset Management Co. (KAMCO).  A purchase contract is expected
to be sent for approval to the Public Fund Oversight Committee
of the Ministry of Finance and Economy.

KAMCO said they have asked Doosan to sign the contract before
the plant inspection to save negotiating time.

"The bottom line here is that they completed the final contract
by the end of this month. Late inspections will not affect the
deal, because it is the condition that the interested parties
agreed on," said an official at the Public Fund Oversight
Committee.

Doosan as the preferred bidder was given until November 30 for
the completion of due diligence plant inspections and a formal
bid.  However Daewoo Heavy workers union vowed to block any
inspection attempt for fear of mass layoff.

The employees demanded a legal binding guarantee for job
security.  Doosan officials said they will try to hold talks in
December with the Daewoo Heavy union to resolve the stand-off on
plant inspections.

"Otherwise, we will never talk with them," Kwon Kwang-sup, the
union's policy director said.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: www.dhiltd.co.kr/eng/index.asp


KOOKMIN BANK: Inks Joint Services Agreement with Travelex
---------------------------------------------------------
Kookmin Bank has forged a deal with Travelex for joint credit-
card services for travelers abroad Monday, reports The Korea
Herald.

The card to be introduced by Kookmin will function as a cash
passport, which allows travelers to withdraw money from 870,000
Visa cash machines worldwide.

"It has been inconvenient and insecure for travelers to carry
cash or checks. The new card will resolve all these problems," a
bank official said.

According to Kookmin, the limit of the amount of to be withdrawn
in local currency is $10,000.  Travelers should make adequate
deposits before they travel and currency exchange fees will be
cheaper than those for changing cash or a traveler's check.

CONTACT:

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


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


ANTAH HOLDINGS: Unveils November 27 Meeting Results
---------------------------------------------------
Further to the announcement dated 8 November 2004, the Board of
Directors of Antah Holdings Berhad announced that it had
obtained the approvals of their scheme creditors (Scheme
Creditors) for the Proposed Debt Restructuring pursuant to
Section 176(1) of the Companies Act, 1965 at the court convened
meetings of Scheme Creditors held on 27 November 2004.

The detailed results of the Court Convened Meetings are as the
table below.

Ferrier Hodgson MH, the independent auditor for the Court
Convened Meetings, certified the abovementioned approvals. With
that, the motion at the Court Convened Meeting was carried
through.

No.   Scheme Creditor                Results

A  Secured financial institution   Unanimous approval
   creditors

B  Unsecured creditors             Approval of 94.1% in number
                                   representing 87.9% in value
                                   of the unsecured creditors
                                   present and voting

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 29 November 2004.


BESCORP INDUSTRIES: Court Hearing Set for January 25
----------------------------------------------------
Bescorp Industries Berhad (BIB) refers to its announcements made
on 11 August 2004, 1 September 2004 and 29 September 2004
pertaining to a Writ of Summons with regards to the suit filed
by its shareholders Liew Yoon Thiam and Hi Geok Kim and Hi Peh
Lang (Plaintiffs) versus Pengurusan Danaharta Nasional Berhad,
BIB, WCT Lang Berhad and Bursa Malaysia Berhad dated 10 August
2004.

The Company wishes to inform that the Court had on 26 November
2004 ordered the above suit be struck out against Bursa Malaysia
Berhad, with costs. As for the striking out applications filed
earlier by Pengurusan Danaharta Nasional Berhad, BIB and WCT
Land Berhad, the Court has fixed the same for hearing on 25
January 2005 pending the Plaintiffs filing their affidavit in
reply.

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967


FARLIM GROUP: Posts FY04 Unaudited Quarterly Results
----------------------------------------------------
Farlim Group (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
          49,707        53,958        144,340     140,947

2  Profit/(loss) before tax
          -2,372        -9,893        -11,357     -28,621

3  Profit/(loss) after tax and minority interest
            74           -7,212        -6,233     -19,724

4  Net profit/(loss) for the period
            74           -7,212        -6,233     -19,724

5  Basic earnings/(loss) per shares (sen)
           0.06          -6.01         -5.19      -16.44

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)

          0.8200           0.8600

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my


GENERAL SOIL: Seeks SC's Consideration on Proposed Rehab Scheme
---------------------------------------------------------------
General Soil Engineering Holdings Berhad refers to its earlier
announcement dated 2 November 2004.

In relation to the Proposed Restructuring Scheme, the Company
had submitted an appeal letter to the Securities Commission (SC)
on 25 November 2004 to seek the commission's reconsideration to
approve the Proposed Restructuring Scheme.

CONTACT:

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

This announcement is dated 30 November 2004.


GULA PERAK: Discloses FY04 Unaudited Quarterly Results
------------------------------------------------------
Gula Perak 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
           9,314        8,718          16,934     15,341

2  Profit/(loss) before tax
            94          -2,897         -1,516     -61,746

3  Profit/(loss) after tax and minority interest
            93           -2,897         -1,518    -61,746

4  Net profit/(loss) for the period
            93           -2,897         -1,518    -61,746

5  Basic earnings/(loss) per shares (sen)
           0.04           -1.13          -0.59    -24.12

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)

       1.9200             1.9300

CONTACT:

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


KUB MALAYSIA: Court OKs Unit's Restraining Order Extension
----------------------------------------------------------
KUB Malaysia Berhad announced that its wholly owned subsidiary
A&W (Malaysia) Sdn Bhd (A&W Malaysia) has been granted a further
extension of time for its Restraining Order, pursuant to Section
176(10) of the Companies Act, 1965 for a further period of three
months expiring on 21 February 2005.

The Company obtained the Order approving the extension of the
Restraining Order on 29 November 2004.

CONTACT:

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


LITYAN HOLDINGS: Unveils 2004 Unaudited Quarterly Results
---------------------------------------------------------
Lityan 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
          6,733         17,740         19,365      52,418

2 Profit/(loss) before tax
          -6,414        -5,098        -15,128     -10,865

3  Profit/(loss) after tax and minority interest
          -6,407        -5,099        -15,126     -10,586

4 Net profit/(loss) for the period
          -6,407        -5,099        -15,126     -10,586

5  Basic earnings/(loss) per shares (sen)
           -6.23        -4.96        -14.71       -10.30

6  Dividend per share (sen)
           0.00          0.00         0.00         0.00

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

7  Net tangible assets per share (RM)

          0.0012                0.1205

For a summary of key financial information for the financial
quarter ended 30 September, go to
http://bankrupt.com/misc/tcrap_lityanholdings113004.xls


MANGIUM INDUSTRIES: Releases October 2004 Production Figures
------------------------------------------------------------
Mangium Industries Berhad announced the following monthly
production figure for the month of October 2004 in compliance
with Paragraph 9.29 of the Chapter 9 of the Bursa Malaysia
Securities Berhad Listing Requirements for your kind attention:

Mangium Sawmill Sdn. Bhd.
(Formerly known as Kilang Papan Dasatu Sdn. Bhd.)  M3
(1) Production of sawn timber                        -
(2) Production of finger joint timber                -

TOTAL
                                                    -

Mangium Plantations Sdn. Bhd.                      M3
(Formerly known as Serisar
Forest Plantation & Products Sdn Bhd)

(1) Production of logs                       25,529-90

TOTAL
                                            25,529-90

CONTACT

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


MANGIUM INDUSTRIES: Unit Defaults in Payments
---------------------------------------------
Mangium Industries Berhad (MIB) announced that its wholly owned
subsidiary, Mangium Sawmill Sdn Bhd (MSSB) (formerly known as
Kilang Papan Dasatu Sdn Bhd) has not paid, and is deemed to have
defaulted in its repayments on facilities granted by Standard
Chartered Bank Malaysia Berhad (SCB) and Southern Bank Berhad
(SBB), which are unsecured. The details of the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cash flow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Both Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on 22 December 2003.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 October 2004, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to RM10,793,117.18.
Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER
Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.
However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalise and regularise the accounts.

For more information, go to
http://bankrupt.com/misc/tcrap_mangium113004.doc


MMC CORPORATION: Reveals Dissolution of Subsidiary
--------------------------------------------------
MMC Corporation refers to its announcement dated 29 September
2003 in relation to Members' Voluntary Winding-up of London Tin
(Malaysia) Bhd (London Tin).

The Company announced that London Tin is now deemed dissolved on
27 November 2004, pursuant to section 272(5) of the Companies
Act 1965.

London Tin was incorporated on 25 May 1976 and is 100% owned by
MMC. The Company has issued and paid up capital of RM2.00 and
has never commenced operations since incorporation.

The Members' Voluntary Winding-up of London Tin is not expected
to have any material effect on the earnings or net tangible
assets of the MMC Group for the current financial year.

The Members' Voluntary Winding-up is part of MMC Group's
rationalization efforts.

CONTACT:

MMC Corporation Berhad
10th Floor, Block B, HP Towers
No. 12, Jalan Gelenggang, Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: +603 2092 5588
Fax: +603 2093 9917

This announcement is dated 29 November 2004.


NAIM INDAH: Updates Practice Note 10/2001 Status
------------------------------------------------
Naim Indah Corporation Berhad refers to its announcement on 24
August 2004 in relation to the Company's compliance with the
Practice Note 10/2001 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The Company will be applying to be declassified as an affected
listed issuer under PN10 (and thereafter not subject to the
obligations under PN10) on or before 30 April 2005 upon
availability of the Company's audited accounts for the financial
year ended 31 December 2004.

CONTACT:

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


NAIM INDAH: Releases Production Figures for October 2004
--------------------------------------------------------
In accordance with Paragraph 9.29, of the Bursa Malaysia
Securities Berhad (BMSB) listing requirements, the Board of
Directors of Naim Indah Corporation Berhad (formerly known as
Arus Murni Corporation Berhad) announced that the timber logs
production of its wholly owned subsidiary Jernih Makmur Sdn Bhd
(which owns a Timber Concession located at Hutan Simpanan Lebir,
Mukim of Relai, District of Chiku, Jajahan Gua Musang, Kelantan
Darul Naim) for the month of October 2004 was 2,219.04M3.


OMEGA HOLDINGS: Posts 2004 Unaudited Quarterly Results
------------------------------------------------------
Omega Holdings Berhad disclosed to the Bursa Malaysia Securities
Berhad its unaudited quarterly report for the financial period
ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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


1  Revenue
             0            304             0          304


2  Profit/(loss) before tax
           -133            32           -133          32

3  Profit/(loss) after tax and minority interest
           -138            32           -138          32

4  Net profit/(loss) for the period
           -138            32           -138          32

5  Basic earnings/(loss) per shares (sen)
          -0.05          0.01            -0.05       0.01

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)

            -0.0070       -0.0066

For a copy of its quarterly report, go to
http://bankrupt.com/misc/tcrap_omega113004.doc

CONTACT:

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


PILECON ENGINEERING: Posts Unaudited Quarterly Results for FY04
---------------------------------------------------------------
Pilecon Engineering 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
           6,527        37,874         28,196       82,034

2 Profit/(loss) before tax
          -19,525        1,006         -23,081       -5,552

3  Profit/(loss) after tax and minority interest
          -12,546        2,824         -17,871       -6,180

4  Net profit/(loss) for the period
          -12,546         2,824        -17,871       -6,180

5  Basic earnings/(loss) per shares (sen)
          -3.14            0.71         -4.47        -1.55

6  Dividend per share (sen)
           0.00            0.00          0.00         0.00

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

7  Net tangible assets per share (RM)

             0.1900                0.2300

For a summary of key financial results, go to
http://bankrupt.com/misc/tcrap_pilecon113004.xls

CONTACT:

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


RNC CORPORATION: SC Approves Restructuring Scheme
-------------------------------------------------
RNC Corporation Berhad refers to the announcement dated 18
November 2003 on the Securities Commission's (SC) approval on
the modifications to the Proposed Corporate and Debt
Restructuring Scheme (Proposed Scheme).

Among the conditions imposed on the said approval was the
requirement for a full provision to be made in respect of trade
debts of the acquiree companies, which are in dispute, under
litigation or which have exceeded a six (6) month period. It was
also stated that the valuation of the acquiree companies would
need to be re-assessed in view of the condition imposed on the
provisions required on the trade debts of the acquiree
companies.

In view of the aforementioned conditions imposed by the SC,
Messrs Ernst & Young was engaged to carry out a revised
independent valuation on the assets that will be acquired by
Aliran Ihsan Resources Berhad (AIRB) pursuant to the Proposed
Scheme. Based on the revised valuation, several further
modifications have been proposed to the terms of the Proposed
Scheme.

On 22 September 2004, OSK Securities Berhad (OSK), on behalf of
the Special Administrators (SA) of RNC Corporation Berhad (RNC)
had written to the SC, on behalf of the Foreign Investment
Committee (FIC), among others, to seek its approval on the
further modifications to the Proposed Scheme (Further
Modifications).

RNC announced that in line with the Guidelines on the
Acquisition of Assets, Mergers and Take-overs, the SC had vide
its letter dated 29 November 2004, approved the Further
Modifications. In relation thereto, as a result of the Further
Modifications to the Proposed Scheme, the equity structure of
AIRB will change as shown in Table 1 below.

Shareholder       Before Proposed    After Proposed
                       Scheme           Scheme
                          %               %

Bumiputera             35.19            88.21
Non-Bumiputera         52.70             9.40
Foreign                12.11             2.39
TOTAL                 100.00           100.00

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak, 50400 Kuala Lumpur Wilayah
Persekutuan
Malaysia
Telephone: +60 3 4043 9411
Telephone: +60 3 4043 1233

This announcement is dated 29 November 2004.


SAAG CONSOLIDATED: Unveils FY04 Quarterly Results
-------------------------------------------------
Saag Consolidated (M) 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
           20,884       15,408         47,032     32,908

2  Profit/(loss) before tax
            702          -894          -825       -3,501

3  Profit/(loss) after tax and minority interest
           -1,021         -437         -654       -2,909

4  Net profit/(loss) for the period
            -1,021        -437         -654       -2,909

5  Basic earnings/(loss) per shares (sen)
            -3.33        -2.05        -2.13      -13.67

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)

         1.3900           1.2500

CONTACT:

SAAG Consolidated (M) Berhad
Level 14, Uptown 1
No. 1, Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Phone: 03-77252888
Fax: 03-77257791
Web site: http://www.saag.com


UNITED CHEMICAL: Reveals 2004 Unaudited Quarterly Results
---------------------------------------------------------
United Chemical Industries 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

1  Revenue
             0           5               0          1,603

2  Profit/(loss) before tax
          -1,581       -2,066         -4,253        -5,672

3  Profit/(loss) after tax and minority interest
          -1,581       -2,066         -4,253        -5,672

4  Net profit/(loss) for the period
          -1,581       -2,066         -4,253       -5,672

5  Basic earnings/(loss) per shares (sen)
          -8.55        -11.17        -22.99       -30.66

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)

           -3.3300             -2.8700

CONTACT:

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


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


EASYCALL COMMUNICATIONS: Narrows 3Q04 Net Loss to Php25-Mln
-----------------------------------------------------------
EasyCall Communications Philippines Inc. posted Php25 million
losses in the January-September period, an improvement from the
PhP60.233-million loss it incurred in the same period last year,
Yehey Finance reports.

"The improvement in operating results was primarily contributed
by positive performance of its contact center subsidiary, e-
Performax Contact Centers Corp. during the quarter," the company
said.

Other businesses of EasyCall incurred losses, but the losses
have been reduced due to lower operational costs.

CONTACT:

Easycall Communications Philippines Inc.
418 Arayat corner Libertad Sts.
Mandaluyong City
Tel. No: 533-8001 to 25
Fax No: 533-4390
E-mail Address: lhd@easycall.com.ph
Web site: http://www.easycall.com.ph
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Bank of the Philippine Islands


MANILA ELECTRIC: ERC Clarifies New Rate Hike
--------------------------------------------
The Energy Regulatory Commission (ERC) seeks to clarify that the
P1.075/kWh increase in generation rate for (Manila Electric Co.)
Meralco effective November 2004 billing is based on average
generation mix for the months September and October 2004,
contrary to reports made by an interest group of Meralco's
wrongdoing.

This clarification is issued in order to "assure all electricity
consumers that this Commission maintains its commitment in
safeguarding their interests by ensuring the efficient and
reliable delivery of electric service at reasonable costs," ERC
Chairman Rodolfo B. Albano, Jr. reassures the public.

For the month of October 2004, Meralco sourced 61% of its power
from the National Power Corporation (NPC) and 39% from the
Independent Power Producers (IPPs). This supply mix resulted to
an average generation rate of P4.5700/kWh, a P1.075/kWh increase
from September's generation rate of P3.4950/kWh.

Meanwhile, the total NPC increases incorporated in Meralco's
generation charge for November 2004 include provisional increase
of P1.2318/kWh, Deferred Accounting Adjustments (DAA) for GRAM
in the amount of P0.1085/kWh effective June 2004, and DAA on
ICERA of P0.0278/kWh which NPC started collecting last May 2004
bill.

CONTACTS:

Energy Regulatory Commission
Pacific Center Building,
San Miguel Avenue,
Ortigas Center 1600
Pasig City, Metro Manila
Philippines
Tel: (632) 631-5816;
Fax: (632) 631-5818;
Email: info@erc.gov.ph

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

This ERC press release is dated 26 November 2004.


NEGROS NAVIGATION: Issues Trading Suspension Update
---------------------------------------------------
Pursuant to the crossing of the tendered shares of Negros
Navigation Co., Inc. (Nenaco) on November 30, 2004, the trading
suspension imposed on the Company will be lifted on the said
date.

The Board of Directors of the Philippine Stock Exchange, in its
regular meeting held on November 24, 2004, approved the re-
imposition of the trading suspension on the shares of the
Company immediately after the execution of the cross
transactions, in view of the pendency of the proceedings for
voluntary delisting being undertaken by the Company.

For your information,
Jurisita M. Quintos
Senior Vice President

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_nenaco113004.pdf

CONTACT:

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


NEGROS NAVIGATION: FirstPac Allots PhP150-Mln for Shipping Firm
---------------------------------------------------------------
Hong Kong-based First Pacific Co. will inject at least PhP150
million for the refleeting of Negros Navigation Co. (Nenaco),
the Business World reports.

The debt-saddled shipping firm is a subsidiary of Metro Pacific
Corporation, which is in turn a subsidiary of First Pacific.

Nenaco's refleeting is part of the rehabilitation program, which
was approved by the court in October. Nenaco corners about 20%
of the market share with routes in the Visayas and Mindanao.

Under the rehabilitation program, Nenaco should be able to
strengthen its inter island operations and raise its revenues by
10% annually so it can settle debts by 2015. Nenaco has 10 years
to pay its PhP2.5 billion debt.

CONTACTS:

First Pacific Company Limited
24th Floor, Two Exchange Square
8 Connaught Place
Central
Hong Kong
Telephone: (852) 2842-4388
Fax: (852) 2845-9243
E-mail: info@firstpac.com.hk

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


PHILIPPINE TELEGRAPH: Shareholders Meeting Set for March 25
-----------------------------------------------------------
Per Resolution of the Board of Directors of the Philippine
Telegraph and Telephone Corporation (PT&T) during its regular
Board Meeting dated November 26,2004, the Annual Stockholders'
Meeting of the Company, which was scheduled for 25 March 2005
has been moved to 31 March 2005. The Resolution of the Board is
hereby quoted as follows:

"RESOLVED, As it is hereby resolved, that the Annual
Stockholder's meeting is hereby moved to March 31, 2004 instead
of March 25, 2004, the latter date being Good Friday and
therefore a legal holiday."

Philippine Telegraph & Telephone Corporation
Registrant
Fina Dela Cuesta-Tantuico
Corporate Secretary
26 November 2004

CONTACT:

Philippine Telegraph & Telephone Corp.
SJS Building, Casino St.
Barangay Palanan, Makati City
Telephone Numbers:  818-0511 to 18
Fax Number:  894-4622
Web site: http://www.ptt.com.ph


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


CLEANROOM RESOURCES: Receiving Proofs of Claim Until December 10
----------------------------------------------------------------
Cleanroom Resources Pte Ltd will receive proofs of claims until
Dec. 10, 2004.

Address of Registered Office: 11 Collyer Quay
#10-02 The Arcade Singapore 049317

Name of Liquidators: Mick Aw Cheok Huat and
Neo Keng Jin.

Address: 11 Collyer Quay
#10-02 The Arcade
Singapore 049317.


EXTROPIA.COM: Posts Intended Dividend Notice
--------------------------------------------
Extropia.Com Pte Ltd posted intended dividend notice at the
Singapore Government Gazette on November 26, 2004.

Address of former registered office: 2 Leng Kee Road
#06-04 Thye Hong Centre Singapore 159088

Last day for receiving proofs: 11 December 2004

Name of liquidators: Chee Yoh Chuang and
Lim Lee Meng

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street #08-01 Marsh & McLennan Centre
(China Square Central) Singapore 048423

Chee Yoh Chuang
Lim Lee Meng
Liquidators.


SEATOWN CORPORATION: Submits Full Year Financial Statement
----------------------------------------------------------
Seatown Corporation Ltd posted its full year financial dividend
statement at the Singapore Stock Exchange.

Total liabilities for the year ended September 2004 increased to
SG$85,533 compare to SG$30,822 of the same period.

A total equity of SG$68,377 was posted.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_seatowncorporation112904.pdf


SELCO SHIPYARD: Releases Intended Dividend Notice
-------------------------------------------------
Selco Shipyard Pte Ltd posted its intended dividend notice at
the Singapore Government Gazette on November 26, 2004.

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424

Court: High Court of Singapore

Number of Matter: Companies Winding Up No. 125 of 1986

Last Day for Receiving Proofs: 10 December 2004

Name of Liquidators: Ramasamy Subramaniam Iyer
Goh Thien Phong

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


WANG COO-KIEN: Creditors to Prove Debts by December 22
------------------------------------------------------
Notice is hereby given that the creditors of Wang Coo-Kien &
Company Pte. Ltd., which is being wound up voluntarily, are
required on or before 22nd December 2004 to send in their names
and addresses with particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidators at 7500A Beach Road #15-320, The Plaza, Singapore
199591.

If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 22nd day of November 2004.

Mr. Wang Chwoe Wah
Mr. Wang Jwu Wah
Mdm. Heng Tung Hwa
Liquidators


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


ABICO HOLDINGS: Bankruptcy Court Approves Restructuring Plan
-------------------------------------------------------------
Abico Holdings Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) that during the creditors meeting on November 12,
2004 the Central Bankruptcy Court determined the appointment
date for considering the restructuring plan on November 29, 2004
at 9:00 a.m.

It appeared that without any objection, the Court ordered to
approve the restructuring plan according to the resolution of
the creditors' meeting.

Please be informed accordingly.
Sincerely yours,
Abico Holdings Public Co., Ltd.
In the status of Planner
Kitti Vilaivarangkul


CAPETRONIC INTERNATIONAL: Submits Reviewed, Consolidated 2Q FS
--------------------------------------------------------------
Capetronic International Public Company Limited submitted to the
Stock Exchange of Thailand (SET) its reviewed quarterly
financial statement.

Capetronic International (Thailand) Public Co., Ltd.
Reviewed Ending June 30 (In thousands)

Quarter 2               For 6 Months
Year               2004        2003          2004        2003

Net profit (loss)(83,219)    (85,289)      (95,137)   (106,971)

EPS (baht)        (0.059)     (0.061)       (0.068)     (0.076)

Type of report: Unable to reach any conclusion

Comment:

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

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

(Pathrlap Davivongsa)
Position Director
Authorized to sign on behalf of the company


KRUNG THAI: To Revise Loan Approval System
------------------------------------------
Krung Thai Bank Plc aims to allow greater flexibility on its
loan approval process in order to respond to customer needs,
reports Bangkok Post, citing president Apisak Tantiworawong.

Loan approvals in Krung Thai currently undergo six different
management levels as well as two committees at the executive
board level.  Loans are scrutinized by different levels based on
their credit size and collateral coverage.

Lengthy approval process resulted from a long time evaluation of
collateral, thus the bank would no longer focus on collateral
coverage as a prerequisite for warranting committee scrutiny,
Mr. Apisak said.

Instead the bank will focus more on customer cash flow in the
evaluation of loans, while each credit committee would also have
greater diversification in the levels of credit approvals.  The
bank is expected to start the new process next year, following
formal approval by the board.

"In order to help enhance the bank's operations, we will
reorganize our current eight lending units. Since the changes
will affect both the bank and our customers, we expect the
process to be completed by mid-2005 at the earliest," Mr. Apisak
said.


NATURAL PARK: Issues Details of Convertible Debentures
------------------------------------------------------
Natural Park Public Company Limited issued to the Stock Exchange
of Thailand (SET) the preliminary details of the convertible
debentures.

Type: Convertible debenture, with or without collateral, named
certificate with the right to convert into ordinary shares of
the Company.

Purpose:

(1) Working capital for business operation
(2) Capital for business expansion
(3) Debt refinancing

Total Value: Not exceeding THB2,000 Million or the equivalent

Total Unit: Not exceeding 20,000 units in the case of a baht
issuance or not exceeding 500 units in the case of a U.S. Dollar
issuance.

Total amount of convertible debentures that are offered for
sale, when converted into ordinary shares, shall not exceed
2,000 million ordinary shares reserved for the conversion of
convertible debentures.

Face Value: THB100,000 in the case of a Baht issuance or
U.S.$100,000 in the case of a U.S. Dollar issuance.

Issue Price: 100 percent of Face Value

Maturity: 2 Years from the issue date

Redemption

Price Upon Maturity: 100 percent of Face Value

Conversion Period: Last business day of each month.  The first
exercise date commences from the next month after 1 year from
the issue date.

Expiration of the conversion period: At the maturity date.

Conversion price: Conversion price for each ordinary share is
equal to THB1.00 per share.

Conversion ratio: In the case of a baht issuance, one unit of
the convertible debenture will be converted into 100,000 new
ordinary shares of the Company or;

In the case of a U.S. Dollar issuance, one unit of the
convertible debenture will be converted into the new ordinary
shares in a number= 100,000 x E / P shares where E= Exchange
rate of the US Dollar currency as of the issue date of the
convertible debenture (unit: Baht per US Dollar) P= Conversion
price that equal to THB1.00 per share

Number of Ordinary Share

Reserve for Conversion: Not exceeding 2,000 million shares

Nevertheless, the number of ordinary shares reserve for this
convertible debenture and for other convertible debenture or
warrant in total will not exceed 2,000 million shares or 24.82%
of the paid-up ordinary shares of the Company of 8,057.16
million shares or 12.77% of the total paid-up ordinary shares of
the Company and the shares offer this time but excluding shares
reserved for the convertible debenture totaling 15,657.16
million shares.

Allocation Method: Allocate to a group of shareholder of City
Realty Company Limited led by Mr. Chalee Sophonpanich (Group of
Shareholder) or other persons assigned by Group of Shareholder.

The offering may be made on one or several separate occasions.

Impact on Shareholders: In the case that all convertible
debentures are converted into 2,000 million shares and after
combining with the existing 8,057.16 million shares, the total
shares of the Company will equal to 10,057.16 million shares.
Therefore, the voting right of the existing shareholders will be
reduced by 2,000/10,057.16 or 19.89% of the paid-up capital
after all conversion right has been exercised.

In the case that all convertible debentures are converted into
2,000 million shares and after combining with the existing
8,057.16 million shares and new ordinary shares issue for share
swap with the ordinary shares of City Realty Co., Ltd. in the
amount of 7,600 million shares, the total shares of the Company
will equal to 17,657.16 million shares.

Therefore, the voting right of the existing shareholders will be
reduced by 2,000/17,657.16 or 11.33% of the paid-up capital
after the capital increase for share swap and all conversion
right has been exercised.

Since currently the Company is operating at loss, the effect on
earnings per share could not be calculated.

However, if the Company improves its operating performance, the
exercising of conversion right in the early period may affect
the earnings per share.

Nonetheless, at current economic growth and the Company's growth
resulting from the gradual completion of the projects which
result in an increase of the Company's revenue, the Company
expects that earnings per share will increase, this will
compensate for the impact on the shareholders in the long-term.

The details of price dilution effect are as follows:

(1) Weighted average market price of the shares of the Company
in the Stock Exchange of Thailand in the period of 15 trading
days prior to the date that the board of director of the Company
has resolved to issue and offer the convertible debenture equals
THB1.01 per share, with the paid up capital of 8,057.16 million
shares and the market capitalization is THB8,137.73 million.

(2) Number of shares issued for share swap of ordinary shares of
City Realty Co., Ltd. of 7,600 million shares with par value of
THB10 per share at the offering price of THB1.00 per share
amounts to a total value of THB7,600 million.

(3) Number of shares issued as a reserve for conversion right of
the convertible debenture of 2,000 million shares with par value
of THB10 per share at the conversion price of THB1.00 per share
amounts to a total value of THB2,000 million.

(4) The average price calculated after the capital increase as a
reserve for conversion right of the convertible debenture equals
to (8,137.73 + 2,000) / 10,057.16 = 1.01 which does not affect
the market price calculated in 1.

(5) The average price calculated after the capital increase as a
reserve for conversion right of the convertible debenture equals
to  (8,137.73 + 2,000 + 7,600) / 17,657.16 =1.01 which does not
affect the market price calculated in 1.

Events requiring the Company to issue new shares to accommodate
a change of the exercise of conversion right.

Upon the occurrence of events under Clause 35/5 of the
Securities and Exchange Commission Notification No. GorJor.
32/2544, Re: Application and Grant of Approval for Offering
Newly Issued Shares dated 19 October 2001 (as amended).

Issuance of Convertible Debenture

Comply with Stock Exchange of Thailand and Securities and
Exchange Commission's regulation.

Note: As a collateral for payment of convertible debentures, the
Company will provide Trustee with the following rights:

- A co-insured and sole beneficiary of an insurance policy of
leasehold rights of the office building.

- At the event of default, the Trustee will receive the
leasehold rights of land and office building.


SYNTEC CONSTRUCTION: Unveils Subscription of Capital Increase
-------------------------------------------------------------
Syntec Construction Public Company Limited notified the Stock
Exchange of Thailand (SET) the resolutions of the Board of
Directors Meeting of the Company No. 16/2004, held on 29
November 2004, as follows:

(1) Approval for the company to subscribe the capital increase
ordinary shares in Bangkok Metro Public Company Limited (which
the company holds shares at 5.07% of the paid-up capital of the
said company) in the amount of 50,735 shares, priced at THB3 per
shares, totaling THB152,205, to maintain the proportion of
shareholding of the Company.

The shareholders meeting of Bangkok Metro Public Company
Limited, held on 21 July 2004, resolved for the increase of the
registered capital from the existing amount of THB7,050.0
Million to THB7,350.0 Million namely, to increase the registered
capital by another THB300.0 Million by issuing 300,000,000 new
ordinary shares, par value of one baht per share and authorized
to the committee approve for a period of time and any conditions
of allocation and the offering for the share.

However, the Board of Director Bangkok Metro Public Company
Limited, held on 6 October 2004, resolved for the increasing in
the amount of 1,000,000 ordinary shares, and offer to the
existing shareholders under the proportion.

Please be informed accordingly.
Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director






                            *********


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 ***