TCRAP_Public/041202.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

             Thursday, December 2, 2004, Vol. 7, No. 239

                            Headlines


A U S T R A L I A

49 BEACH: Members Resolve to Wind Up Voluntarily
AIRLIE PROPERTIES: To Declare Final Dividend on December 8
CHEATLEY TRADING: To Face Voluntary Winding Up Proceedings
GRIBBLES GROUP: Federal Court Questions Founder's Affairs
HOYTE PROPERTIES: To Undergo Members Voluntary Liquidation

INNISFAIL BOATING: To Hold Annual Meeting on December 6
INTERNET DEVELOPMENT: Winds Up Voluntarily
JAMES HARDIE: Likely To Face U.S. Suit
JT'S BOBCAT: To Face Voluntary Winding Up Proceedings
KOKOON LIFESTYLE: Placed Under Voluntary Winding Up

KOOLARGO HOLDINGS: Members Resolve to Wind Up Voluntarily
MILLENNIUM SCAFFOLDING: To Declare Final Dividend on December 10
NATIONAL AUSTRALIA: Irish Life Still Eyeing Dublin Arm
NATIONAL AUSTRALIA: Appoints New Senior Executives
SHEPPARD AUSTRALIAN: To Undergo Voluntary Winding Up Process

SUPERIOR ALUMINIUM: To Wind Up Voluntarily
WAVERIDE PTY: To Declare Dividend on December 15
WRIGHT CONCEPTS: To Undergo Winding Up Proceedings


C H I N A  &  H O N G  K O N G

BANK of CHINA: Sees 22% Profit Increase
BILLION STEP: Court Issues Bankruptcy Order
GLORY FUR: Faces Winding Up Proceedings
GLORY GODOWN: Court to Hear Winding Up Petition on December 15
PRICESMART: Facing Debt Crisis

SAGGIO ASIA: Receives Winding Up Order
SPECIALIST RATING: Creditors to Prove Debts by Dec. 28
ZHU KUAN SECURITIES: Issues Notice of Creditors Meetings
ZHUHAI INFRASTRUCTURE: Creditors Meeting Set Dec. 7


I N D O N E S I A

BANK NEGARA: Court Convicts Businessman for Fraud
MERPATI NUSANTARA: Seeks Cooperation to Expand Services
PERTAMINA: Obtains HSBC US$292-Mln Loan
TELEKOMUNIKASI INDONESIA: MTN Sale May Be Completed This Year


J A P A N

KANEBO LIMITED: SESC Begins Probe on Accounting Fiasco
KOKUSAI KOGYO: Cerebrus to Acquire 65% Stake
MATSUSHITA ELECTRIC: Faces Product Ban in South Korea
NIIGATA KOTSU: Enters Bankruptcy
SHOWA DENKO: R&I Affirms BB+/BB on L-T Debts


K O R E A

ASIANA AIRLINES: Asks for Fuel Surcharge Hike
CHOHUNG BANK: Expects Income to Double Next Year
HYNIX SEMICONDUCTOR: Scraps Deal to Sell Display Affiliate
* Credit Card Firms Drastically Cuts Losses in Q3


M A L A Y S I A

ACTACORP HOLDINGS: Unveils Amended Quarterly Report
ANTAH HOLDINGS: Aims To Return To Profitability In 2006
BESCORP INDUSTRIES: Ends PN4 Condition Status
BESCORP INDUSTRIES: Posts Quarterly Results For 2004
BESCORP INDUSTRIES: Issues Default Status Update

BUKIT KATIL: Posts Quarterly Results
DENKO INDUSTRIAL: Reveals FY04 Unaudited Quarterly Results
JASATERA BERHAD: To Revive Debt Settlement Deal
K.P. KENINGAU: Receives Writ of Summons from Solicitors
MEDAS CORPORATION: Discloses Quarterly Results for 2004

MYCOM BERHAD: Expects to Return to the Black by 2006
NALURI BERHAD: Updates Status of Operations
NALURI BERHAD: Details SHB Securities Acquisition
OLYMPIA INDUSTRIES: Unveils November 30 AGM Results
PAN MALAYSIA: Issues Monthly Status Update

PARK MAY: Unveils Quarterly Results For 2004
RNC CORPORATION: Details Proposed Debt Restructuring Scheme
SAFEGUARDS CORPORATION: Winding Up Hearing Set For February 1
SRIWANI HOLDINGS: Receives Takeover Offer From CIMB
TENAGA NASIONAL: AGM Set For December 23

WEMBLEY INDUSTRIES: Releases FY04 Unaudited Quarterly Results


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Creditors Want Debt Fixed at US$471Mln
MANILA ELECTRIC: May Sign Supply Deal With Napocor
METRO PACIFIC: Confirms FirstPac Php150-Mln Infusion Report
PHILIPPINE AIRLINES: To Start Upgrading Domestic Aircrafts
PICOP RESOURCES: Clarifies "Picop Shutdown Deferred" Report

UNIVERSAL RIGHTFIELD: Clarifies License Revocation Notice


S I N G A P O R E

CAPITALAND LIMITED: Establishes Indirect Wholly Owned Subsidiary
SIN BOONLY: To Hold Creditors Meeting on December 10
SONG & SONS: Posts Intended Dividend Notice
TACTICAL AUTOMATION: Issues Preferential Dividend Notice


T H A I L A N D

BANGKOK TRANSIT: To Pursue Debt Restructuring Next Year
NFC FERTILIZER: Clarifies Extraordinary Meeting Details
SYNTEC CONSTRUCTION: Bangkok Metro Scraps Cap Increase

     -  -  -  -  -  -  -  -

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


49 BEACH: Members Resolve to Wind Up Voluntarily
------------------------------------------------
Notice is hereby given that at a general meeting of members of
49 Beach Street Pty Ltd (In Liquidation) A.C.N. 095 221 300 duly
convened and held at Level 6, 161 Collins Street, Melbourne,
Victoria 3000 on 12 October 2004, a special resolution that the
Company be wound up voluntarily was passed by members and Gess
Michael Rambaldi and Andrew Reginald Yeo were appointed Joint
and Several Liquidators.

Dated this 18th day of October 2004

A.R. Yeo
G.M. Rambaldi
Joint & Several Liquidators
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


AIRLIE PROPERTIES: To Declare Final Dividend on December 8
----------------------------------------------------------
A first dividend is to be declared on 8 December 2004 for Airlie
Properties Pty Ltd (In Liquidation) A.C.N. 060 489 287.

Creditors whose debts or claims have not already been admitted
were required on 16 November 2004 formally to prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 14th day of October 2004

Lachlan Mcintosh
Ginette Muller
Joint & Several Liquidators
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900,
Facsimile: (07) 3225 4999


CHEATLEY TRADING: To Face Voluntary Winding Up Proceedings
----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Cheatley Trading Co Pty Ltd (In Liquidation)
A.C.N. 006 737 453, held on the 15th day 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, Mr. Nicholas Martin of PPB, Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
be appointed Liquidator.

Dated this 18th day of October 2004

Nicholas Martin
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


GRIBBLES GROUP: Federal Court Questions Founder's Affairs
---------------------------------------------------------
Beleaguered Gribble Group's business was again overshadowed by
the legal affairs of founder and former managing director
Wallace Cameron, according to The Age.

While the pathology group conducted its final annual general
meeting Tuesday, the Federal Court has questioned Mr. Cameron's
conduct as a director relating to a loan he made to the Company
last year without approval from the board.

The Court has set aside a demand made by Shandford Investment, a
private firm owned by Mr. Cameron, for the repayment of AU$1.4
million of an AU$2.85 million loan issued to Gribbles
subsidiary. Shandford has also received an order for the Court
to pay around SU$200,000 in costs.

According to Justice Peter Heerey, Mr. Cameron had intentionally
misled the Gribbles board by not informing them about a
purported loan from Shandford Investments.

The two parties are arranging how the loan will be repaid. It is
expected to be settled along with other debts when Healthscope
takes control of Gribbles before the end of the year.

Westpac, on the other hand, is suing Shanford Investments and
Mr. Cameron for the return of a commercial bill facility valued
at AU$9 million.

Mr. Cameron, having withdrawn his nomination for re-election to
the Gribbles board, has cut all ties with the pathology firm.

CONTACT:

The Gribbles Group Ltd
1868 Princes Highway
Clayton
Victoria 3168
Australia
Phone:  +61 3 9538 6777
Fax:  +61 3 9538 6778
E-mail: info@gribbles.com.au
Web site: http://www.gribbles.com.au/


HOYTE PROPERTIES: To Undergo Members Voluntary Liquidation
----------------------------------------------------------
On the 4th of October 2004 all shareholders of Hoyte Properties
Pty Ltd (In Liquidation) A.C.N. 089 539 542 resolved by Special
Resolution that the Company be wound up as Members Voluntary
Liquidation and that the assets of the Company be distributed in
whole or in part to the members in specie should the liquidator
so desire.

Dated this 12th day of October 2004

Peter Hoyte Commins
Liquidator
157 Valley Drive, Doonan Qld 4562


INNISFAIL BOATING: To Hold Annual Meeting on December 6
-------------------------------------------------------
Notice is given that an Annual Meeting of Members and Creditors
of Innisfail Boating & Trawler Supplies Pty Ltd (In Liquidation)
A.C.N. 090 004 667 will be held in the Boardroom of Jessup &
Partners, 1st Floor 488 Mulgrave Road Earlville Qld on the 6
December 2004 at 11:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of, and to receive any explanation required
thereof.

(2) Any other business.

Dated this 15th day of October 2004

I.D. Jessup
Liquidator


INTERNET DEVELOPMENT: Winds Up Voluntarily
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Internet Development & Consulting Services Pty Ltd
(In Liquidation) A.C.N. 095 674 338 held on 8 October 2004, it
was resolved that the Company be wound up voluntarily and that
for such purpose, Kimberley Andrew Strickland and Christopher
Michael Williamson of Hall Chadwick, Chartered Accountants,
Level 40, Bank West Tower, 108 St George's Terrace, Perth WA
6000 be appointed Joint and Several Voluntary Liquidators.

At a meeting of creditors held on the same day the appointment
of the liquidators was ratified.

Dated this 14th day of October 2004

K.A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000


JAMES HARDIE: Likely To Face U.S. Suit
--------------------------------------
James Hardie Industries is facing a possible lawsuit for
violating U.S. anti-racketeering laws, The Australian relates.

The Medical Research and Compensation Foundation (MRCF) has been
considering filing a suit against James Hardie in the U.S. under
the Racketeer Influenced and Corrupt Organization Act for
underfunding the foundation.

The MRCF, which was set up by James Hardie to cover its asbestos
liabilities, has recently received from a U.S. law firm a legal
advice which would indicate the foundation has grounds for
action against James Hardie, as well as its directors and
officers under the RICO legislation.

The legal opinion, which is now being considered by MRCF's legal
team, is a crucial element in the foundation's efforts to
establish a solid legal case to sue the embattled building
materials manufacturer.

The opinion came days before the foundation faces a possible
provisional liquidation, with its application due to be heard by
the New South Wales Supreme Court today.

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


JT'S BOBCAT: To Face Voluntary Winding Up Proceedings
-----------------------------------------------------
At a general meeting of JT'S Bobcat & Landscaping Pty Ltd (In
Liquidation) A.C.N. 096 906 213, duly convened and held on 14
October 2004, the following was resolved:

That the Company be wound up voluntarily and that Kim David
Holbrook of Holbrook & Associates, Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator of the Company for the purposes of the winding up.

Dated this 14th day of October 2004

Stephen Joseph Te Pania
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street,
(GPO Box M925) Perth WA 6001


KOKOON LIFESTYLE: Placed Under Voluntary Winding Up
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Kokoon Lifestyle Pty Ltd (In Liquidation) A.C.N.
102 545 291, held on the 15th day 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, Mr. Nicholas Martin of PPB, Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
be appointed Liquidator.

Dated this 18th day of October 2004

Nicholas Martin
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


KOOLARGO HOLDINGS: Members Resolve to Wind Up Voluntarily
---------------------------------------------------------
Take notice that at a Meeting of Members of Koolargo Holdings
Pty Ltd duly convened and held at the offices of Bentleys MRI
Perth, 1st Floor, 10 Kings Park Road, West Perth on Thursday, 14
October 2004, it was resolved that the Company be wound up
voluntarily and that Anthony Hayes Douglas-Brown and Jeffrey
William Vibert be appointed joint and several Liquidators.

Dated this 14th day of October 2004

Michael Parker
Director
c/- Bentleys MRI Perth
Chartered Accountants
10 Kings Park Road,
West Perth WA 6005
Telephone: 08 9480 2000


MILLENNIUM SCAFFOLDING: To Declare Final Dividend on December 10
----------------------------------------------------------------
A first and final dividend in respect of creditors claims that
are afforded priority under Section 556 of the Corporations Act
2001 is to be declared on 10 December 2004 for Millennium
Scaffolding & Rigging (Nth Qld) Pty Ltd (In Liquidation) A.C.N.
064 393 755.

Creditors whose debts or claims have not already been admitted
were required on or before 19 November 2004 to formally prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.

Dated this 15th day of October 2004

Philip Jefferson
Liquidator
c/- Horwath North Queensland
Corner Aplin & Sheridan Street,
Cairns Qld 4870


NATIONAL AUSTRALIA: Irish Life Still Eyeing Dublin Arm
------------------------------------------------------
Irish Life & Permanent is still keen on National Australia
Bank's Dublin operation despite NAB's announcement that it wants
to sell its two Irish banks as a package, Reuters reports.

The financial services group has earlier expressed interest in
acquiring National Irish Bank (NIB) only. However, NAB is intent
on selling its Dublin business along with its Belfast-based
Northern Bank.

"The situation hasn't progressed one way or another in the last
couple of weeks," spokesman Ray Gordon said on Monday, referring
to a media report that said Irish Life was considering a bid of
up to GBB600 million (US$1.13 billion) for NIB.

NAB, weathered by a forex scandal, top-level resignations and
earnings downgrades, has in August appointed investment bank
Lazard to advise on options for its British and Irish
operations.

Early this month, Britain's HBOS withdrew plans to purchase the
two Irish banks after failing to agree on a price for the two
operations. But sources said HBOS will reopen negotiations if
NAB drops its asking price.

For competition reasons, major Irish banks, Bank of Ireland and
Allied Irish Banks, are prevented from participating in the
banks' tender.

Britain's fifth-largest bank Llyods TSB was also tipped as a
likely buyer of the two Irish banks, but sources confirmed the
bank was not very intent on making a serious bid.

CONTACT:

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


NATIONAL AUSTRALIA: Appoints New Senior Executives
--------------------------------------------------
National Australia Bank's Chief Executive Officer, John Stewart,
announced a range of executive appointments to accelerate the
transformation of the National and the implementation of its
strategic agenda.

The new appointments are:

Gordon Lefevre, previously General Manager, Personal Financial
Services Australia has been appointed Deputy Group Chief
Financial Officer, and will report to the National's Group Chief
Financial Officer, Michael Ullmer.  In his new role, Gordon will
join the Group Executive Committee.

Andrew Thorburn, previously Group Executive, Retail Business at
St George Bank, will join the National to head up the new retail
banking division.  He will report to the CEO for Australia,
Ahmed Fahour, and will be a member of the Australian Executive
Committee.

Graeme Willis, who has been acting Group Chief Risk Officer for
most of 2004, is being appointed to the newly created role of
Group General Manager, Regulatory Affairs, overseeing the
National's relationships with regulators across the Group.
Graeme will report to the Group Chief Risk Officer, Mike Hamar.

Gavin Slater, who was previously Group General Manager,
responsible for the implementation of the remedial actions out
of the foreign currency options trading losses, has been
appointed Executive Director, National Australia Group Europe.
Gavin will report to the CEO, Europe, Lynne Peacock.  In working
with Lynne to lead the business, he will have a particular focus
on the back office and support areas, including key projects.
Mr. Stewart said the changes were being made to ensure the right
people were in the right positions to help build the new
National and rebuild its reputation with stakeholders.

"The decision to create the role of Group General Manager,
Regulatory Affairs reflects the importance of our relationships
with regulators in every region in which we operate.  This is
particularly the case with the range of remedial actions we are
currently undertaking across the Group.  While we have
considerably improved relationships with the regulators this
year, it is critical that this continues.

"Over the longer term, the increased compliance and regulatory
environment facing all finance industry organizations means
having strong relationships with regulators in every part of our
business is critical to our success.

"At the end of October, I announced that Lynne Peacock would be
returning to London to take up the position of Chief Executive
Officer, Europe, to focus on transforming our European
businesses.  This is clearly a significant and challenging task.

"Gavin has demonstrated exceptional leadership in implementing
complex programs across the Group.  I am confident that his
skills and experience will be a great support to Lynne in
implementing the range of initiatives that will be required to
improve the performance of our European operations," he said.

Mr. Stewart welcomed the appointment of Gordon Lefevre as Deputy
Group Chief Financial Officer.

"With 16 years experience in the financial services industry,
gained from working in international banking, retail banking,
mergers and acquisitions, finance and strategy, Gordon is an
excellent appointment.

"Prior to his role with Personal Financial Services, Gordon has
made a significant contribution to the National in senior
finance roles based in Australia, the US and Europe," said Mr
Stewart.

"We are also very excited to have Andrew Thorburn starting with
us in January 2005 to lead our retail banking efforts in
Gordon's place.  He joins us from St George Bank to take up the
role of Head of Retail Banking Australia.

"Andrew is an experienced business leader, having previously
held senior roles in personal banking, marketing and sales and
service at the Commonwealth Bank and ASB Bank in New Zealand,"
Mr. Stewart said.

For further information:

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

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

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


SHEPPARD AUSTRALIAN: To Undergo Voluntary Winding Up Process
------------------------------------------------------------
At a general meeting of the members of Sheppard Australian
Equities Pty Limited (In Liquidation) A.C.N. 007 687 783 duly
convened and held at Level 1, Dequetteville Terrace, Kent Town
SA, on 8 October 2004, the special resolution set out below was
duly passed:

That the Company be wound up voluntarily.

Dated this 8th day of October 2004

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


SUPERIOR ALUMINIUM: To Wind Up Voluntarily
------------------------------------------
At a General Meeting of Superior Aluminium Products (Mackay) Pty
Ltd A.C.N. 009 802 671, duly convened and held at 4 Willis Road
Castle Cove, NSW, on 11th October 2004, the following Special
Resolution passed.

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

Dated this 12th day of October 2004

Trevor D. West
Liquidator
WHK - TCM Partners
159-165 Flinders Street,
Townsville Qld 4810


WAVERIDE PTY: To Declare Dividend on December 15
------------------------------------------------
A first and final dividend is to be declared on 15 December 2004
for Waveride Pty Ltd (In Liquidation) formerly trading as
Brisbane Windows A.C.N. 094 549 612.

Creditors whose debts or claims have not already been admitted
were required on or before 10 November 2004 to formally prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.

Dated this 18th day of October 2004

J.R. Park
L.S. Mcintosh
Joint & Several Liquidators
Ramsay Clout
Chartered Accountants
Level 1, 37 The Esplanade,
Maroochydore Qld 4558
Telephone: (07) 5479 6411,
Facsimile: (07) 5479 6350


WRIGHT CONCEPTS: To Undergo Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Wright Concepts Consultancy Pty Ltd (In
Liquidation) A.C.N. 100 007 494, held on the 11th day 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, Mr. Wayne Benton of PPB, Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
be appointed as Liquidator.

Dated this 12th day of October 2004

Wayne Benton
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


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


BANK of CHINA: Sees 22% Profit Increase
---------------------------------------
Bank of China (BOC) saw its profit climb 22 percent in the first
10 months of the year, allowing it to cut its bad loans ahead of
an initial public offering (IPO), reports Bloomberg.

BOC President Li Lihui disclosed the bank chalked up a total of
CNY53.55 billion (US$6.5 billion) in operating profits in the
January- October period. The bank's bad loan ratio, on the other
hand, dropped to 4.55 percent from 5.16 percent at the end of
September.

BOC, along with China Construction Bank, is gearing up for an
IPO, in line with the state's plan to compete with offshore-
based Citigroup Inc. and HSBC Holdings Plc.

According to Mr. Li, BOC hopes to meet the requirements set
before them by next year before its planned August 2005
offering.

However, the bank is dependent on the progress of its
preparation, as well as the stock market situation. At present,
the lender is still in talks with a few strategic investors with
the hopes that a decision will be reached in a few months.

BOC's non-performing loans dropped by CNY250 billion in the
current year to CNY96.4 billion at the end of October, shaving
the bad loan ratio from 16.3 percent at the end of 2003.

CONTACT:

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


BILLION STEP: Court Issues Bankruptcy Order
-------------------------------------------
Billion Step Corporation Limited Shop 73-80 & 83, G/F, Flora
Plaza, 88 Pak Wo Rd, Fanling, Nt has received a bankruptcy order
by the High Court on Nov. 17, 2004.

The winding up petition was presented October 11, 2004.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


GLORY FUR: Faces Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
Glory Fur Company Limited by the High Court of Hong Kong Special
Administrative Region was on the 26th day of October 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 a.m. 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.

K. W. Ng & Co
Solicitors for the Petitioner
11th Floor, Wings Building
110 Queen's Road 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.


GLORY GODOWN: Court to Hear Winding Up Petition on December 15
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Glory Godown & Trans. Limited by the High Court of Hong Kong was
on the 29th day of October 2004 presented to the said Court by
Lau Kan Kong of Room 2210, Kapok House, Kwong Yuen Estate,
Shatin, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 15th 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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name 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.


PRICESMART: Facing Debt Crisis
------------------------------
Leading membership supermarket group, PriceSmart, is in a debt
crisis, China Daily reports. But its managers remain optimistic
that the Company will be able to resolve its problem.

However, experts and insiders believe that PriceSmart's recovery
is bleak due to its unhealthy expansion model and fractured
capital chain.

PriceSmart membership began in 1997 in Beijing then later opened
branches in Beijing, Kunming and Chengdu. But due to diverse
consuming habits the membership operation model taking cash for
membership card and enjoying preferential prices was
unacceptable to a majority of domestic consumers. PriceSmart
then focused on developing its hypermarket brand, N-Mart.

A total of 10 membership stores and more than 30 N-mart
hypermarkets were opened in China, which had a total sales
volume of CNY6 billion (US$722 million) at the end of last year.
The expansion did not only bring profit but also brought heavy
debts.

Commodity suppliers and store furnishing operators who have not
been paid for a long time are now demanding to be paid leading
to the closure of branches in Shenyang, Jilin, Qinhuangdao and
Changsa.

Fu Yu, a manager of the retail store's marketing department
recognized its current debt troubles, saying some CNY200 million
(SU$24.1 million) banking loans must be settled. He also added
that PriceSmart is already in talks with large retailers both
foreign and domestic to aid in the resolution of their dilemma.
No possible partners were named.

Experts, however, doubt the guise of optimism and confidence
exhibited by membership store. PriceSmart is not a foreign
funded Company despite what is popularly believed.

Nuoheng Holding Corporation, a private Company, obtained
authorization from US PriceSmart to use the PriceSmart brand in
China but the PriceSmart China operation differs greatly from
the US firms.

The rapid expansion might be attributed to the Nuoheng's
utilization of the preferential policies before China open's
fully its retailing sector to the outside world wherein
foreigners will enjoy national treatment.

Nuoheng's adopted the principles of high speed, high standards
and low costs based on a large amount of banking loans and
outstanding payments to goods suppliers and store furnishing
operators. Thus it has had a dynamic business growth. But there
is a high possibility that the membership store be acquired or
taken over by seeking co-operation from other retailers.


SAGGIO ASIA: Receives Winding Up Order
--------------------------------------
Saggio Asia Pacific Company Limited of Rms 506-9, 5th Floor, Nan
Fung Tower, No 173 Des Voeux Rd Central, HK has received a
winding up order by the High Court on Nov. 17, 2004.

The winding up petition was presented October 8, 2004.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


SPECIALIST RATING: Creditors to Prove Debts by Dec. 28
------------------------------------------------------
Notice is hereby given that the Creditors of Specialist Rating
Services (Hong Kong) Limited, which is being voluntarily
liquidated, are requested to send in on or before the 28th day
of December 2004 their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to John James Toohey and
Mr. Rainier Lam, the Joint and Several Liquidators of the above
Company.

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

Dated this 26th day of November 2004

John James Toohey
Rainier Lam
Joint and Several Liquidator
22nd Floor, Prince's Building,
Central
Hong Kong


ZHU KUAN SECURITIES: Issues Notice of Creditors Meetings
--------------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that meeting of the creditors of Zhu Kuan
Securities Limited will be held at Conference Room, 5/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, on 7
December 2004 at 10:15 a.m. for the purposes set out in Sections
241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.

Creditors may vote either in person or by proxy.

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

Dated this 26th day of November 2004.

Cosimo Borrelli
Director
Zhu Kuan Securities Limited


ZHUHAI INFRASTRUCTURE: Creditors Meeting Set Dec. 7
---------------------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance that meeting of the creditors of Zhuhai
Infrastructure Company Limited will be held at Conference Room,
5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong, on 7 December 2004 at 10:45 a.m. for the purposes set out
in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.

Creditors may vote either in person or by proxy.

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

Dated this 26th day of November 2004.

Cosimo Borrelli
Director
Zhuhai Infrastructure Company Limited


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


BANK NEGARA: Court Convicts Businessman for Fraud
-------------------------------------------------
Businessman Rudy Sutupo was convicted for fraud by the South
Jakarta District Court relating to the IDR1.7 trillion Bank
Negara or BNI scandal, according to The Jakarta Post.

The Court sentenced Mr. Sutopo to 15 years in prison and ordered
him to pay a IDR1 billion fine.

The BNI scandal entailed the issuance of approximately $200
million in letters of credit by institutions in Kenya,
Switzerland and the Cook Islands to cover commodity exports from
Jakarta-based companies. A BNI branch in Jakarta paid for the
non-existent export credits.

The ongoing problems of corporate governance levels in the
country's banking system came into focus with the scandal in the
wake of the 1997-1998 Asian financial crisis.


CONTACT:
Pt Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Website: www.bni.co.id


MERPATI NUSANTARA: Seeks Cooperation to Expand Services
-------------------------------------------------------
Beleaguered PT Merpati Nusantara Airlines is seeking to
cooperate with regional governments to pursue expansion plans,
Jakarta Post reports

A deal has already been sealed between Merauke regency, the
easternmost regency along the southern part in Papua, and
Merpati. The deal will allow Merpati to operate an airplane to
link Papua to other islands.

A revenue-sharing scheme has been established with Merauke
wherein the Merauke administration will provide the airplane and
Merpati will handle the operation.

The debt-laden Company has difficulties expanding its fleet and
operations due to its lack of funds and growing debt. The
Company has IDR 1.3 trillion (US$144 million) in debts and
assets worth about IDR775 billion. It owes the government
(IDR225 billion), Bank Mandiri (IDR230 billion) and Garuda (IDR
246 billion).

CONTACT:

Merpati Nusantara Airlines
Jl. Angkasa Blok B-15 Kav. 2-3
Jakarta 10720 - Indonesia
Phone: (021) 6548888
Fax: (021) 6540620
E-mail: marketing@merpati.co.id


PERTAMINA: Obtains HSBC US$292-Mln Loan
---------------------------------------
PT Pertamina has obtained a syndicated loan of US$292 million
from HSBC to fund the import of crude oil, according to Jakarta
Post.

The loan was raised via several sharia banks system by the lead
arranger and sole book runner HSBC. The loan will then be
disbursed to Pertamina by the sharia banking system.

HSBC Indonesian CEO Richard McHowat boasted that the loan was
the first global sharia syndicated loan originating from
Indonesia, and one of the largest arranged for the country in
the post-crisis period.

Banks such as the Dubai Islamic Bank, Kuwait Finance House and
DEPFA, as well as conventional banks from Europe, Asia and the
Middle East, HSBC are just some of the contributing institutes.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: MTN Sale May Be Completed This Year
-------------------------------------------------------------
PT Telekomunikasi Indonesia's plan to issue medium term notes
(MTN) valued at IDR1.2 trillion has received a response from the
Capital Market Supervisory Agency (Bapepam), reported
Indoexchange.

Bapepam said that Telkom will be selling the MTN through a
private placement in order for the sale to be carried out
according to the applicable mechanism.

The underwriters PT. Madiri Sekuritas, ABN Amro Securities, PT
Bahana and PT BNI, have all offered the MTN to institutional
investors. Sale is expected to be finished before the year ends.

MTN proceeds will be utilized to repay the firm's foreign
currency denominated debts worth US$147 million. Telekomunikasi
is hopeful that the refinancing will trim their foreign exchange
liabilities US$750 million from the former US$800 million.

Proceeds from the MTN issuance will be used to repay the
Company's foreign-currency denominated debts that stand at
US$147 million.

The Company hopes that the refinancing will cut down their
foreign exchange liabilities to US$750 million from the previous
US$800 million.

CONATCT:
P.T. Telekomunikasi Indonesia
Tbk. Jalan Japati 1
Bandung, 40133, Indonesia
Phone: +62-22-4527337
Fax: +62-22-7104743
http://www.telkom.co.id


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


KANEBO LIMITED: SESC Begins Probe on Accounting Fiasco
------------------------------------------------------
The Securities and Exchange Surveillance Commission has launched
an investigation into recuperating Kanebo Limited over alleged
accounting manipulations by its former management, reports Jiji
Press.

The regulator suspected Kanebo participated in illegal
activities long before it acknowledged there was window dressing
in fiscal 2001 and fiscal 2002.

Kanebo will be requested by the SESC to voluntarily present
related documents and materials. Depending on the probe's
outcome, the SESC may raid the Company.

The Company revealed in October it had bloated its earnings for
the two business years by padding sales and underreporting
expenses, in an effort to hide and carry over JPY10 billion to
JPY30 billion in losses. Sources said former Vice President
Takashi Miyahara allegedly led the document tampering.

Former President Takashi Hoashi, former managing director in
charge of finance, was believed to have participated in the scam
by approving the manipulations.

Mr. Miyahara and other former executives are now facing a
possible criminal suit by Kanebo's present management.

Kanebo, which is now undergoing restructuring under the auspices
of the state-backed Industrial Revitalization Corporation of
Japan (IRCJ), has recently spun off its mainline cosmetic
division as part of the rehabilitation process.

CONTACT:

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


KOKUSAI KOGYO: Cerebrus to Acquire 65% Stake
--------------------------------------------
U.S. investment fund Cerebrus Group has agreed to purchase a 65-
percent stake in Kokusai Kogyo after the ailing firm slashes its
capital by 100 percent, Kyodo News says, citing the Nihon Keizai
Shimbun.

The daily also revealed Cerebrus' plan to buy some JPY500
billion in loans from the UFJ group and from Kokusai Kogyo's
other creditors for JPY250 billion.

The transactions will enable Cerebrus to acquire the largest
shareholding of the Japanese firm.

Kokusai, which operates a range of businesses including
management of world-class hotels, plunged deep into debt as it
expanded various fields over the years.

But despite mounting debts, the firm was able to post a net
profit of JPY2.9 billion and operating revenue of JPY49 billion
for the current business year ended March 31.

Kokusai Kogyo, set up by late political fixer Kenji Osano in
1940, is not related to aerial survey contractor Kokusai Kogyo
Co., listed on the Tokyo Stock Exchange's first section.


MATSUSHITA ELECTRIC: Faces Product Ban in South Korea
-----------------------------------------------------
South Korea has imposed a temporary product ban on the import
and sale of Matsushita Electric Industrial Company Limited's
plasma display panels, Kyodo News says.

The move came following a request by South Korea's LG
Electronics Inc. for authorities to probe Panasonic Korea
Limited, Matsushita's sales arm in South Korea, over alleged
patent violations.

Matsushita, on the other hand, had earlier asked a Tokyo Court
to halt sales in Japan of the South Korean Company's plasma
display panels also because of alleged patent violations.

On Monday, the Korean Trade Commission said in a statement that
it will ban both the import and sale of plasma display panels
made by Matsushita until it concludes the ongoing investigation.

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


NIIGATA KOTSU: Enters Bankruptcy
--------------------------------
Niigata Kotsu Kogyo K.K., a lend/leasing Company, has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Niigata-shi, Niigata 950-0908, left a total
of US$79.58 million in liabilities.

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


SHOWA DENKO: R&I Affirms BB+/BB on L-T Debts
--------------------------------------------
Rating and Investment Information, Inc. (R&I), has affirmed the
following ratings of Showa Denko K.K.

Senior Long-term Credit Rating
R&I RATING: BB+ (Affirmed)

Long-term Bonds (1 Series)
R&I RATING: BB (Affirmed)

RATIONALE:

Showa Denko is the world's leading producer and vender of hard
disks (HD). By focusing to its competitive business as well as
by using its technology and know-how cultivated through its
organic, non-organic and aluminum businesses, Showa Denko is
seeking for a change from a "diversified chemical Company" to a
"focused, individualized chemical Company".

Along with its business restructuring based on its mid-term
management plan, improvement in business environment in
petrochemicals and HDs helped to heighten its profitability and
there has been a reduction of debts. However, the financial
composition remains weak.

For the time being, Showa Denko is planning for a continuous
strategic investment and therefore R&I considers that further
reduction in debts will remain small. The profit contribution of
business with high risks, e.g. HDs is increasing, and therefore,
in order to keep, or, heighten the Company's creditworthiness,
Showa Denko must improve its financial composition further.

R&I affirmed BB+ for Showa Denko's Senior Long-term Credit
Rating and changed the rating prospect from negative to stable,
by evaluating favorably the effect from the business
restructuring based on its mid-term management plan. The rating
of Long-term bond is affirmed at BB, a notch lower than that of
Senior Long-term Credit Rating.

An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.

A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.

CONTACT:

Showa Denko Kabushiki Kaisha
13-9 Shiba Daimon 1-chome
Minato-ku 105-8518, Tokyo 105-8518
JAPAN
Fax: +81 3 5470 3384
Phone: +81 3 3431 6442
Web site: http://www.sdk.co.jp/


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


ASIANA AIRLINES: Asks for Fuel Surcharge Hike
---------------------------------------------
Amid rising fuel costs, Korean carrier Asiana Airlines has
petitioned the Philippines' Civil Aeronautics Board (CAB) for a
$1-increase in fuel surcharge from the recently approved $7
rate, reports ABS-CBN Interactive.

Once the CAB approves the petition, an $8-fuel surcharge will be
reflected in the tickets of Asiana Airlines passengers. The CAB
has scheduled a public hearing on the Korean airlines' petition
on December 9.

The airline, which has been operating in the Philippines for the
past 10 years, will also be allowed to increase fight
frequencies to Clark Airport, according to Transportation
Secretary Leandro Mendoza.

"We will give Asiana additional rights to fly to Clark. We plan
to give the Korean government additional frequency entitlements.
We expect that they will also give us additional entitlements.
Communications between Korea and the Philippines is ongoing," he
said.

At present, Asiana mounts only charter flights to Clark, where
it flies to five times weekly from Inchon, South Korea. The
airline has to get the nod of the CAB before regular passenger
flights can be launched.

CONTACT:

Asiana Airlines Inc.
Alpha Tower Bldg., 70,
Seolin-Dong, Jongro-Gu,
Seoul, South Korea, 110-110
Phone: 82-2-2127-8282
Fax: 82-2-2127-8230


CHOHUNG BANK: Expects Income to Double Next Year
------------------------------------------------
Chohung Bank is targeting a net profit of KRW550-600 billion
next year, doubling this year's expected net income of KRW250
billion, reports The Korea Times.

The nation's oldest and fifth largest bank by assets aims to
post a record high target for net income in 2006 to conclude its
108 years of operation, as Chohung Bank is to be merged with
Shinhan two years from now.

The bank officials is bullish the goal will be attained due
mainly to increased reserves for bad debts.

In the wake of the 1997 financial crisis, the government
invested KRW2.72 trillion in public funds into the bank
established in 1897.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr


HYNIX SEMICONDUCTOR: Scraps Deal to Sell Display Affiliate
----------------------------------------------------------
Hynix Semiconductor Incorporated has cancelled a non-binding
agreement to sell its display-making affiliate to a team of
local firms, Dow Jones says.

The memory chip maker opted to call off the Oct. 12 preliminary
deal to sell its majority shares in Hyundai ImageQuest Co. to a
consortium of Kumho Electric Co. and KTB Network Co. due to
pricing differences.

Hynix, the world's second-largest memory chip producer, has been
selling non-core business operations as a part of restructuring
efforts since 2000.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


* Credit Card Firms Drastically Cuts Losses in Q3
-------------------------------------------------
Credit card firms in South Korea have significantly trimmed
their losses in the third quarter of the current fiscal year,
Yonhap reports.

The sharp fall was attributed largely to a drop in overdue
payments, as well as major efforts to write off bad assets.

A report from the Financial Supervisory Service revealed Samsung
Card Co., LG Card Co. and four other credit card firms tallied a
combined KRW81.5 billion (US$77.8 million) in losses in the
July-September period, compared with a loss of KRW1.42 trillion
in the previous quarter and a red ink of KRW93.1 billion in the
first quarter.


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


ACTACORP HOLDINGS: Unveils Amended Quarterly Report
---------------------------------------------------
Actacorp Holdings Berhad released its amended 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             0             0             0

2  Profit/(loss) before tax
         -3,277         -2,762        -3,277        -2,762

3  Profit/(loss) after tax and minority interest
          -3,277        -2,762         -3,277       -2,762

4  Net profit/(loss) for the period
          -3,277        -2,762         -3,277       -2,762

5  Basic earnings/(loss) per shares (sen)
           -8.69         -7.32          -8.69        -7.32

6  Dividend per share (sen)
            0.00          0.00            0.00        0.00

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

7  Net tangible assets per share (RM)

       -6.3400           -6.2600

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Telephone: +60 3 9284 7133


ANTAH HOLDINGS: Aims To Return To Profitability In 2006
-------------------------------------------------------
Antah Holdings Berhad plans to list two of its units on the
Bursa Malaysia Securities Berhad by next year and divest
existing non-core assets as part of its strategy to streamline
operations, The Star Online reports.

The subsidiaries namely Antah Healthcare Group and Kaseh
Lebuhraya Sdn Bhd are expected to raise RM10 million and RM80
million respectively, with the proceeds to be used to pay off
debts.

Under the scheme, to be implemented in six to nine months, Antah
will settle its debts over six years.

Last week, the group secured the backing of its creditors to
restructure debts worth RM260 million. The Company aims to
return to profitability in the financial year ending June 30,
2006.

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


BESCORP INDUSTRIES: Ends PN4 Condition Status
---------------------------------------------
The Bursa Malaysia Securities Berhad (Bursa Securities)
announced that the Practice Note No. 4/2001 (PN4) Condition
status of Bescorp Industries Berhad (Bescorp) would be removed
from the Official List of Bursa Securities following the
completion of its restructuring scheme.

The Bursa Securities will continue to monitor the progress of
the PN4 Condition companies in respect of their compliance with
the Listing Requirements.

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


BESCORP INDUSTRIES: Posts Quarterly Results For 2004
----------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Bescorp
Industries Berhad (Special Administrators Appointed) 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
             0           0             0            0

2  Profit/(loss) before tax
             0          97           3,835          942

3  Profit/(loss) after tax and minority interest
             0          97           3,835          942

4  Net profit/(loss) for the period
             0          97           3,835          942

5  Basic earnings/(loss) per shares (sen)
            0.00        0.51         20.18          4.96

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)

      -13.3482           -13.5500

For more information, go to
http://bankrupt.com/misc/tcrap_bescorp120104.xls


BESCORP INDUSTRIES: Issues Default Status Update
------------------------------------------------
As required by the Bursa Malaysia Practice Note 1/2001, Bescorp
Industries Berhad (BIB) disclosed an update on its default in
payments.

The default by Bescorp Industries Berhad (BIB) as at 31 October
2004 amounted to RM63,519,401.58 made up of a principal sum of
RM32,220,139.42 plus RM31,299,262.16 in interest for revolving
credit facilities.

As at 31 October 2004, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn Bhd (In Liquidation),
Bescorp Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn
Bhd (In Liquidation), Bespile Sdn Bhd (In Liquidation) and Waktu
Cerah Sdn Bhd (Special Administrators Appointed), defaulted on a
total sum of RM173,884,252.45 made up of a principal sum of
RM58,780,492.90 plus RM48,998,733.68 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM66,105,025.87 for overdraft
facilities.

There were no further developments since its previous
announcement with regards to the Practice Note.

For more information, go to
http://bankrupt.com/misc/tcrap_bescorpconcrete120104.xls


BUKIT KATIL: Posts Quarterly Results
------------------------------------
Bukit Katil Resources 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
            1,005        2,422         1,005       2,422

2  Profit/(loss) before tax
           -1,869        -143         -1,869       -143

3  Profit/(loss) after tax and minority interest
           -1,824        -331         -1,824       -331

4  Net profit/(loss) for the period
           -1,824        -331         -1,824       -331

5  Basic earnings/(loss) per shares (sen)
           -2.76         -0.50        -2.76        -0.50

6  Dividend per share (sen)
            0.00          0.00         0.00         0.00

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

7  Net tangible assets per share (RM)

         1.1767        1.2043

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 MALAYSIA
Telephone: +60 3 2095 7077
Telephone: +60 3 2094 9940


DENKO INDUSTRIAL: Reveals FY04 Unaudited Quarterly Results
----------------------------------------------------------
Denko Industrial Corporation 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
          30,447        8,167         62,570      16,775

2  Profit/(loss) before tax
            -333        1,705         -1,479      -1,439

3  Profit/(loss) after tax and minority interest
            -455        1,705         -1,757      -739

4  Net profit/(loss) for the period
            -455        1,705         -1,757      -739

5  Basic earnings/(loss) per shares (sen)
            -0.62       3.89          -2.40      -1.69

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)

          0.4616          0.4855

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


JASATERA BERHAD: To Revive Debt Settlement Deal
-----------------------------------------------
Reference is made to the announcement dated 2 November 2004 and
paragraph 4.1(b) of the Practice Note 4/2001 (PN 4/2001) wherein
Jasatera Berhad is required to announce the status of its
financial position on a monthly basis until further notice from
the Bursa Malaysia Securities Berhad.

Jasatera announced that all of its bank lenders had given their
approvals-in-principle to revive the Debt Settlement Agreement
dated 5 September 2000 and the Supplemental Debt Settlement
Agreement dated 3 September 2001 (DSAs) and to grant the Company
an extension of time for the completion of the DSAs, which forms
part of the Revised Proposed Recapitalization Exercise to be
undertaken by Jasatera. Jasatera and the bank lenders are
presently in the midst of finalizing the terms of the new
supplemental debt supplemental agreement to be entered into
between them, which will be announced in due course.

Following the above, the Company will now proceed to take the
necessary steps to implement the Revised Proposed
Recapitalization Exercise, including making the necessary
applications to the relevant authorities, where applicable, and
further thereto, prepare the necessary documents to obtain the
approvals from the shareholders of Jasatera at forthcoming
Extraordinary General Meeting to be convened.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607


K.P. KENINGAU: Receives Writ of Summons from Solicitors
-------------------------------------------------------
K.P. Keningau Berhad (KPK) has received from its Solicitors, the
following Writs of Summons filed by Messrs Wong & Shim Advocates
for the Plaintiff namely, United Overseas Bank [Malaysia] Bhd
[UOB] in the High Court in Sabah and Sarawak at Kota Kinabalu,
served on the Solicitors on 26 November 2004.

As at the date of this announcement, KPK's Solicitors advised
that the mention dates have not been fixed.

Details of the legal suits are as follows:

1] Suit No: K22-164-2004 dated 9 November 2004

The Company has been named as the 1st Defendant in the suit, and
its subsidiary Company namely, KPK Timber International Limited
(KPKTI) named as 2nd Defendant in its capacity as guarantor
under a corporate guarantee provided to UOB.

The legal suit is in respect of a claim for outstanding Fixed
Loan Facility, which has since been recalled together with
accrued interest and other costs summarized as follows.

[i] said loan amount and accrued interest as at 7 October 2004
amounting to RM1,331,920.54;

[ii] interest chargeable at a rate of 9.5% pa on a monthly rests
basis on the above sum from 8 October 2004 to full settlement;

[iii] costs;

[iv] legal fees;

[v] any other relief deems fit by the Court.

The above constitutes part of the total banking facilities in
default of KPK Group of companies included and as reported under
the monthly PN1/2001 announcements.

2] Suit No: K22-165-2004 dated 10 November 2004 as amended on 18
November 2004

Kilang Papan Keningau (Mouldings) Sdn. Bhd. (KPKM) is the named
1st Defendant in this suit, with the Company named as 2nd
Defendant as guarantor under a corporate guarantee provided to
UOB.

The Company also wishes to advise that the named Plaintiff in
the suit is UOB. However, the amended Claimant is Chung Khiaw
Bank [Malaysia] Bhd [CKBM].

The legal suit is in respect of a claim by CKBM and
subsequently, UOB after taking over of the banking businesses of
CKBM for outstanding bank facilities comprising of fixed loans,
overdraft and trade facilities granted to KPKM and with accrued
interest and costs as follows.

[i] said sum of RM7,062,742.25 being principal sums + interest
as at 7 October 2004;

[ii] interest chargeable at 9.5% pa on a monthly rests basis
from 8 October 2004 to full settlement;

[iii] costs;

[iv] legal fees;

[v] any other relief deems fit by the Court.

The above is also part of the total banking facilities in
default included in the monthly PN1/2001 announcements.

The Company and its group companies are unable to repay the
above in view of its current distressed status as an affected
issuer classified under PN4/2001.

The Company and the named Defendants have referred the above
legal suits to its Solicitors whom shall enter an appearance to
address the said suits when the mention dates are fixed.

In view of its PN4/2001 status, the Company and group companies
would work towards undertaking a comprehensive proposed
corporate scheme at the appropriate time, to address among
others, a debt settlement proposal.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988

This announcement is dated 30 November 2004.


MEDAS CORPORATION: Discloses Quarterly Results for 2004
-------------------------------------------------------
Medas Corporation 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
            12,083      9,464         22,801       18,183

2 Profit/(loss) before tax
            -291        -164          -411         -364

3  Profit/(loss) after tax and minority interest
            -291        -164          -411        -364

4  Net profit/(loss) for the period
            -291        -164          -411        -364

5  Basic earnings/(loss) per shares (sen)
            -2.08       -2.94        -1.17       -2.60

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)

        0.1563         0.1820

For more details, go to
http://bankrupt.com/misc/tcrap_medas110104.xls


MYCOM BERHAD: Expects to Return to the Black by 2006
----------------------------------------------------
Mycom Berhad aims to return to profitability by 2006, The Star
Online reports, citing Mycom Managing Director Datuk Yap Yong
Seong.

The Company is currently undergoing a restructuring scheme,
which is to be completed by the first quarter of next year.

For the financial year ended June 30, the Company's revenue
declined slightly by 8% to RM233 million from RM253 million a
year ago.

Mr. Yap said key projects going forward after the restructuring
would be the joint mixed development of residential and
commercial units with associate Company, Olympia Industries Bhd
(OIB), on 71 acres located in the Mont Kiara and Hartamas
vicinity.

The project would be over a period of 10 years, and would be a
steady source of revenue and profits for the Company.

CONTACT:

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


NALURI BERHAD: Updates Status of Operations
-------------------------------------------
Reference is made to Naluri Berhad's previous announcements made
on the following dates:

(i) 18 April 2003, being the Initial Announcement pursuant to
Practice Note 10/2001 (PN 10/2001) of the Listing Requirements
of the Bursa Malaysia Securities Berhad (Bursa Malaysia);

(ii) 7 May 2003 on the mutual rescission of the proposed
acquisition of a 90% equity interest in Tegas Consolidated Sdn
Bhd by Naluri and the vendors, KYM Holdings Bhd and Polypulp
Enterprises Sdn Bhd;

(iii) 13 December 2003 and 19 December 2003 in relation to the
Proposed Naluri Capital Restructuring Scheme, Proposed SHB
Property Acquisition, Proposed SHB Investment and Proposed UI
Group Acquisition to address Naluri's PN10/2001 condition and to
revive its business (the definitions in the said announcement
dated 13 December 2003 apply throughout this announcement); and

(iv) 30 May 2003, 28 August 2003, 27 November 2003, 27 February
2004, 21 May 2004 and 27 August 2004 in relation to the status
of proposals to ensure adequate level of operations.

As previously announced on different dates, the Proposals to
address Naluri's PN10/2001 condition have obtained the
conditional approvals of the Securities Commission on 6 April
2004, 30 June 2004 and 6 August 2004. The Ministry of
International Trade and Industry had also granted its
conditional approval on 26 April 2004, while the Securities
Commission had on 18 May 2004, under the Foreign Investment
Committee Guidelines for the Acquisition of Assets, Mergers and
Take-overs, 1974, also approved the Proposals.

Naluri's shareholders have approved the Proposals at an
Extraordinary General Meeting held on 23 September 2004.

On 5 November 2004, Naluri announced its Notice of Book Closure
Date for the Capital Repayment of RM0.80 per ordinary share of
RM1.00 each in Naluri in connection with the Proposals with the
entitlement date fixed on 30 November 2004 (Entitlement Date).

With this, all the necessary conditions imposed by the relevant
authorities on the Proposals, with the exception of the Proposed
CPSB Land Acquisition, have been complied with and the Proposals
are being implemented by the Special Administrators.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676

This announcement is dated 30 November 2004.


NALURI BERHAD: Details SHB Securities Acquisition
-------------------------------------------------
On behalf of Naluri Berhad (Special Administrators Appointed),
Commerce International Merchant Bankers Berhad announced that
the Company had on 30 November 2004 served the Notice on the
Board of Directors of Sriwani Holdings Berhad to acquire the
Offer SHB Securities (as defined in the Notice). A copy of the
Notice is attached herein
http://bankrupt.com/misc/tcrap_naluri110104.pdf

This announcement is dated 30 November 2004.


OLYMPIA INDUSTRIES: Unveils November 30 AGM Results
---------------------------------------------------
At the Twenty-Third Annual General Meeting (AGM) of Olympia
Industries Berhad held on 30 November 2004, the Company's
shareholders have approved all the ordinary and special business
set in the notice of AGM dated 8 November 2004.

The shareholders have also at the EGM held immediately after the
AGM, approved the ordinary resolutions pertaining to the
following:

1. Proposed renewal of the existing shareholders' mandate for
recurrent related party transactions of revenue or trading
nature;

2. Proposed new shareholders' mandate for recurrent related
party transactions of revenue or trading nature;

3. Proposed renewal of general mandate for recurrent related
party transactions in relation to provision of financial
assistance; and

4. Proposed allotment of 5,000,000 special issue shares of
RM1.00 each to Tan Sri Dato' Wan Sidek bin Wan Abd Rahman, an
Independent non-executive director of OIB pursuant to the
Proposed Special Issue under the Proposed Restructuring Scheme.


CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011

This announcement is dated 30 November 2004.


PAN MALAYSIA: Issues Monthly Status Update
------------------------------------------
Pan Malaysia Capital Berhad disclosed to the Bursa Malaysia
Securities Berhad that there has been no change to the status of
the Company's proposal that was disclosed on 26 July 2001 and
Quarterly Announcements made by the Company on 13 November 2001,
27 February 2002, 22 May 2002, 28 August 2002, 26 November 2002,
21 February 2003, 21 May 2003, 22 August 2003, 18 November 2003,
25 February 2004, 17 May 2004 and 16 August 2004.

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


PARK MAY: Unveils Quarterly Results For 2004
--------------------------------------------
Park May 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
           10,618       24,013        42,386       71,048

2 Profit/(loss) before tax
           -956         -7,672        16,701       -24,181

3  Profit/(loss) after tax and minority interest
           -796         -7,463        16,864      -23,491

4  Net profit/(loss) for the period
           -796          -7,463       16,864      -23,491

5  Basic earnings/(loss) per shares (sen)
          -1.10           -10.20       22.50      -32.20

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)

        -0.6300          -0.8600

For more information, go to
http://bankrupt.com/misc/tcrap_parkmay120104.doc


RNC CORPORATION: Details Proposed Debt Restructuring Scheme
-----------------------------------------------------------
RNC Corporation Berhad refer to its announcement dated 29
November 2003 in relation to its proposed corporate and debt-
restructuring scheme (Proposed Scheme).

The last paragraph of the Said Announcement reads as follows:

On behalf of the Special Administrators of RNC Corporation
Berhad, OSK Securities Berhad announced that in line with the
Guidelines on the Acquisition of Assets, Mergers and Take-overs,
the Securities Commission (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.

OSK Securities announced that the paragraph be amended to read
as follows:

On behalf of the Special Administrators of RNC Corporation
Berhad, OSK Securities Berhad announced that in line with the
Guidelines on the Acquisition of Interests, Mergers and Take-
overs by Local and Foreign Interests, the Securities Commission
(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.

CONTACT:

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

This amended announcement is dated 30 November 2004.


SAFEGUARDS CORPORATION: Winding Up Hearing Set For February 1
-------------------------------------------------------------
Safeguards Corporation Berhad announced that its application to
Strike-Out Rampai Town Centre Sdn Bhd's (RTC) Winding-up
Petition dated 8 October 2004 filed on 10 November 2004 has been
fixed for hearing before the Judge at 9 a.m. on 1 February 2005.

Safeguards have through their solicitors' served the sealed
application to strike out said Winding-up Petition on RTC's
solicitors on 26 November 2004.

CONTACT:

Safeguards Corporation Berhad
Unit A-3-1,
Wisma HB,
Megan Phileo Avenue,
No. 12, Jalan Yap Kwan Seng,
50450 Kuala Lumpur
Phone: 03-21613633
Fax: 03-21625633

This announcement is dated 30 November 2004.


SRIWANI HOLDINGS: Receives Takeover Offer From CIMB
---------------------------------------------------
The Board of Directors of Sriwani Holdings Berhad (SHB) has on
30 November 2004 received a Notice of Take-over Offer (Notice)
from Commerce International Merchant Bankers Berhad (CIMB), on
behalf of Naluri Berhad (Special Administrators Appointed)
(Naluri) to acquire the following:

(i) the remaining ordinary shares of RM1.00 each in SHB (SHB
Shares) not already owned by Naluri after the capital reduction
and consolidation of SHB, restricted issue of SHB, acquisition
by SHB of Winner Prompt Sdn Bhd and Selasih Ekslusif Sdn Bhd,
debt restructuring scheme of SHB (SHB Debt Restructuring Scheme)
and the acquisition by Naluri of various securities of SHB
originally intended to be issued to financial institution
lenders and certain creditors of SHB and its subsidiaries (SHB
Securities Acquisition), comprising up to 27,878,947 SHB Shares
at a cash offer price of RM1.00 per SHB Share;

(ii) up to 8,383,811 new SHB Shares to be issued pursuant to the
rights issue of SHB (SHB Rights Issue) (SHB Rights Shares),
being the remaining SHB Rights Shares not entitled to be
subscribed by Naluri pursuant to the Renunciation Agreement
dated 12 December 2003 entered into between Naluri and Multi
Esprit Sdn Bhd (Renunciation Agreement) at a cash offer price of
RM1.00 per SHB Rights Shares;

(iii) up to 90,910,592 new irredeemable convertible preferences
shares A in SHB to be issued pursuant to the SHB Rights Issue
(SHB Rights ICPS-A), being the remaining SHB Rights ICPS-A not
entitled to be subscribed by Naluri pursuant to the Renunciation
Agreement at a cash offer price of RM0.10 per SHB Rights ICPS-A;
and

(iv) the remaining new irredeemable convertible preferences
shares C in SHB (SHB ICPS-C) not already owned by Naluri after
the SHB Debt Restructuring Scheme, debt settlement with Malaysia
Airports (Sepang) Sdn Bhd and SHB Securities Acquisition
comprising up to 13,792,794 SHB ICPS-C at a cash offer price of
RM0.28 per Offer SHB ICPS-C.

The abovementioned SHB Shares, SHB Rights Shares, SHB Rights
ICPS-A and SHB ICPS-C to be acquired shall be referred to as
"Offer Securities".

The Board does not intend to seek an alternative person to make
a take-over offer for the Offer Securities. In accordance with
the Malaysian Code on Take-overs and Mergers, 1998, PM
Securities Sdn Bhd has been appointed as Independent Adviser to
advise the Independent Directors and holders of Offer Securities
on the reasonableness of the take-over offer.

The Notice will be posted to the shareholders of SHB within
seven (7) days of its receipt.

CONTACT:

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

This announcement is dated 30 November 2004.


TENAGA NASIONAL: AGM Set For December 23
----------------------------------------
Notice is hereby given that the Fourteenth Annual General
Meeting (AGM) of Tenaga Nasional Berhad will be held at Dewan
Serbaguna, Kompleks Sukan TNB, Jalan Pantai Baru, 59200 Kuala
Lumpur on Thursday, 23 December 2004, at 10 a.m. for the
following purposes:

AS ORDINARY BUSINESSES:

1. To receive the Directors' Report and Audited Financial
Statements for the Financial Year ended 31 August 2004 and the
Auditors Report thereon.
(Resolution 1)

2. To approve the declaration of a final gross dividend of 10.0
sen per share and special gross dividend of 4.0 sen per share
less income tax of 28% in respect of the Financial Year ended 31
August 2004.
(Resolution 2)

3. To approve the Directors' fees for the Financial Year ended
31 August 2004.
(Resolution 3)

4. To re-elect as Director, Tan Sri Dato' Hari Narayanan a/l
Govindasamy, who retires in accordance with Article 135 of the
Company's Articles of Association and being eligible, offers
himself for re-election.
(Resolution 4)

5. To re-elect as Directors, the following Directors who retire
in accordance with Article 133 of the
Company's Articles of Association and being eligible, offer
themselves for re-election:

(i) Datuk Amar Leo Moggie; (Resolution 5)

(ii) Dato' Azman bin Mokhtar; (Resolution 6)

(iii) Datuk Mohd Zaid bin Ibrahim; (Resolution 7)

(iv) Dato' Che Khalib bin Mohamad Noh; (Resolution 8)

(v) Dato' Abdul Rahim bin Mokti. (Resolution 9)

6. To re-appoint Messrs PricewaterhouseCoopers as Auditors of
the Company and to authorise the Directors to fix their
remuneration.
(Resolution 10)

AS SPECIAL BUSINESSES:

7. To consider and if thought fit, to pass the following
Ordinary Resolutions on issuance of shares, with or without any
modification:

(A) Specific Authority for the Directors to issue Shares
pursuant to the Employees' Share Option Scheme

"THAT pursuant to the Tenaga Nasional Berhad Employees' Share
Option Scheme II (ESOS II) as approved at the Extraordinary
General Meeting of the Company held on 29 May 2003, approval be
and is hereby given to the Directors pursuant to Section 132D of
the Companies Act, 1965, to issue shares in the Company at any
time and in accordance with the terms and conditions of the said
scheme."
(Resolution 11)

(B) General Authority for the Directors to issue shares pursuant
to Section 132D, Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, full
authority is hereby given to the Directors to issue shares in
the capital of the Company at any time until the conclusion of
the next Annual General Meeting (AGM) and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion, deem fit provided that the aggregate number
of shares to be issued pursuant to this Resolution does not
exceed 10 percent (10%) of the issued share capital of the
Company for the time being, subject to the provision of the
Companies Act, 1965, Articles of Association of the Company and
approval from Bursa Malaysia Securities Berhad and all the
relevant regulatory bodies where such approval is necessary."
(Resolution 12)

8. To consider and if thought fit, to pass the following
Ordinary Resolutions:

Proposed Renewal Of Shareholders' Mandate And Proposed New
Shareholders' Mandate For Recurrent Related Party Transaction
(RRPT) Of A Revenue Or Trading Nature Which Are In The Ordinary
Course Of Business Involving The Following Parties:

i. YTL POWER INTERNATIONAL BERHAD
(Resolution 13)

ii. RANHILL POWER BERHAD (formerly known as EPE Power
Corporation Berhad)
(Resolution 14)

iii. EDARAN OTOMOBIL NASIONAL BERHAD
(Resolution 15)

iv. PETRONAS GAS BERHAD
(Resolution 16)

v. PETRONAS DAGANGAN BERHAD
(Resolution 17)

vi. MALAYSIA INTERNATIONAL SHIPPING CORPORATION BERHAD
(Resolution 18)

vii. PETRONAS CARIGALI SDN. BHD.
(Resolution 19)

viii. MISC TRUCKING & WAREHOUSING SDN. BHD.
(Resolution 20)

ix. GAS DISTRICT COOLING SDN. BHD.
(Resolution 21)

x. POLYETHYLENE MALAYSIA SDN. BHD.
(Resolution 22)

"THAT pursuant to paragraph 10.09 of the Bursa Malaysia
Securities Berhad Listing Requirements:

(a) the mandate granted by the shareholders of the Company at
the AGM of the Company held on 23 December 2003 be and is hereby
renewed; and

(b) the proposed new shareholders' mandate be and is hereby
given; to authorize the Company and its subsidiaries (the Group)
to enter into the specified recurrent transactions with the
specified classes of the related parties afore mentioned, which
are necessary for the Group's day to day operations as set out
in Appendix A of the Circular to Shareholders dated 1 December
2004, subject to the following terms:

(i) the transactions are in the ordinary course of business and
are on terms not more favourable to the related parties than
those generally available to the public and are not to the
detriment of the minority shareholders; and

(ii) disclosure of the aggregate value of transactions pursuant
to the Proposed Renewal of Shareholders Mandate for RRPT
conducted during a Financial Year will be made in the annual
report for the said Financial Year.

AND THAT such authority conferred by the above mandate and
renewed mandate shall continue to be in force until:

(i) the conclusion of the Fifteenth AGM of the Company following
the forthcoming Fourteenth AGM at which the Proposed Renewal of
Shareholders Mandate for RRPT is approved, at which time it will
lapse, unless by a resolution passed at the Fifteenth AGM of the
mandate is renewed; or

(ii) the expiration of the period within which the Fifteenth AGM
after that date is required to be held pursuant to Section
143(1) of the Act (but shall not extend to such extension as may
be allowed pursuant to Section 143(2) of the Act); or

(iii) revoked or varied by resolution passed by the shareholders
in the general meeting, whichever is the earlier.

AND THAT the Directors of the Company be and is hereby
authorised to complete and do all such acts and things as they
may consider expedient or necessary to give effect to the
Proposed Renewal of Shareholders' Mandate and Proposed New
Shareholders' Mandate."

9. To transact any other business of which due notice shall have
been given in accordance with the Companies Act, 1965.

NOTICE OF BOOK CLOSURE AND DIVIDEND PAYMENT

Notice is hereby given that the Register of Members of the
Company will be closed from 29 December 2004 to 2 January 2005
(both dates inclusive) for the purpose of determining
shareholders' entitlement to the dividend. The dividend, if
approved by Members at the Fourteenth AGM, will be paid on 24
January 2005

A Depositor with Bursa Malaysia Depository Sdn. Bhd. shall
qualify for entitlement to the dividend only in respect of:
a. Shares deposited into the Depositor's securities account
before 12.30 pm on 24 December 2004 in respect of shares which
are exempted from mandatory deposit;

b. Shares transferred into the Depositor's securities account
before 4.00 pm on 28 December 2004 in respect of ordinary
transfers; and

c. Shares bought on Bursa Malaysia Securities Berhad on a cum
entitlement basis according to the rules of Bursa Malaysia
Securities Berhad.

BY ORDER OF THE BOARD,
ZAINAL ABIDIN BIN YUNUS (LS 0008338)
NOR ZAKIAH BINTI ABDUL GHANI (LS 0008795)
Company Secretaries
Kuala Lumpur
1 December 2004

Notes:

Registration of Members/Proxies
Registration of Members/Proxies attending the Meeting will
commence from 8.00 am on the day of the Meeting. Members/Proxies
are required to produce identification documents for
registration.

Proxy

Any Member entitled to attend and vote at this Meeting is
entitled to appoint another person or persons (whether a Member
or not) as his proxy, or by a duly authorised representative for
the particular case to attend and vote in his stead. A proxy
need not be a Member of the Company. The instrument appointing a
proxy shall be in writing under the hand of the appointer or of
his corporation, either under its common seal or under the hand
of an officer or attorney duly appointed under a power of
attorney. The Form of Proxy must be deposited at the Registered
Office, First Floor, Tenaga Nasional Berhad Headquarters, 129
Jalan Bangsar, 59200 Kuala Lumpur not less than forty-eight (48)
hours before the time fixed for holding the Meeting and any
adjournment thereof.

Additional Information on Resolutions 4 to 9

Additional Information on the Particulars of the retiring
Directors, as required under Appendix 8A of the Bursa Malaysia
Listing Requirements is detailed out in the Annual Report.

EXPLANATORY NOTES ON SPECIAL BUSINESSES

(i). Resolution 11: The Proposed Ordinary Resolution, if passed,
will empower the Directors to issue shares in the Company
pursuant to the terms and conditions of the ESOS II which was
approved at the EGM of the Company held on 29 May 2003.

(ii). Resolution 12: Power to issue shares pursuant to Section
132D, Companies Act, 1965.

The proposed Ordinary Resolution, if passed, is to give the
Directors of the Company flexibility to issue and allot shares
for such purposes as the Directors in their absolute discretion
consider to be in the interest of the Company, without having to
convene a general meeting. This authority will expire at the
next AGM of the Company.

(iii). Resolutions 13 to 22: Details on the Proposed Renewal Of
Shareholders' Mandate and Proposed New Shareholders' Mandate For
RRPT Of A Revenue Or Trading Nature Which Are In The Ordinary
Course Of Business as mentioned above are set out in the
Circular to Shareholders dated 1 December 2004.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
+60 3 2296 5566
+60 3 2283 3686


WEMBLEY INDUSTRIES: Releases FY04 Unaudited Quarterly Results
-------------------------------------------------------------
Wembley Industries 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
              0           0              0            0

2 Profit/(loss) before tax
           -14,426      -13,205       -43,069      -39,154

3  Profit/(loss) after tax and minority interest
            -14,426      -13,205      -43,069      -39,154

4  Net profit/(loss) for the period
            -14,426      -13,205      -43,069      -39,154

5  Basic earnings/(loss) per shares (sen)
              -9.99      -9.14        -29.81      -27.10

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)

        -4.5200          -4.1100

For more information, go to
http://bankrupt.com/misc/tcrap_wembley110104.doc


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


BAYAN TELECOMMUNICATIONS: Creditors Want Debt Fixed at US$471Mln
----------------------------------------------------------------
Avenue Asia Capital Group, which represents the creditors of
Bayan Telecommunications, Inc. (Bayantel), wants the firm's
debts fixed at US$471 million, instead of the US$325 million set
by a Pasig rehabilitation Court, the Business World reports.

Avenue also pushed for the 12-year repayment for the debt, which
could be stretched to 19 years with refinancing option at year
14.

The Court recently ruled that the level of sustainable debt of
the rehabilitation plan, as amended, should be reduced to US$325
million for a period of 19 years.

But creditors claimed the Pasig Court based its ruling on a
proposal by Bayantel itself, believing that the firm was "in the
best position to ascertain the level of sustainable debt in
light of its knowledge of its own actual operations, and that
maintaining an unrealistic level of debt will defeat, rather
than promote and achieve, the very purpose" of rehabilitation.

But Avenue Asia alleged that Bayantel management "deliberately
manipulated [cash flow] projections in an attempt to
artificially reduce the amount of sustainable debt it can
service."

Avenue Asia also questioned the Court's decision to write off
over $34 million in penalties and interests.

CONTACT:

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


MANILA ELECTRIC: May Sign Supply Deal With Napocor
--------------------------------------------------
The Manila Electric Co. (Meralco) may sign a transition supply
contract with the National Power Corporation (Napocor), which
would make Napocor's Luzon generation assets more attractive to
potential investors, the Inquirer News Service reports, citing
Energy Secretary Vincent Perez.

"The Electric Power Industry Reform Act of 2001 requires
Napocor to submit a transition supply contract duly negotiated
with retailers like Meralco," Mr. Perez said.

The Power Reform Act sets certain conditions for the
implementation of retail competition and open access, including
the sale of 70 percent of capacity of Napocor plants in Luzon
and the Visayas, and operation of a wholesale electricity spot
market.

Privatized so far are five Napocor hydroelectric facilities
namely the 3.5-megawatt plant in Davao province, a 1.6- megawatt
plant in Bukidnon, a 1.8- megawatt plant in Camarines Sur, a
400-kilowatt plant in the Bicol region, and a 1.2- megawatt
plant in Bohol.

CONTACT:

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


METRO PACIFIC: Confirms FirstPac Php150-Mln Infusion Report
-----------------------------------------------------------
This is in reference to the news article entitled "First Pacific
to infuse PhP150M to refleet Nenaco" published in the November
30, 2004 issue of the BusinessWorld (Internet Edition).

The article reported that "Hong Kong-based First Pacific Co.
will infuse additional cash of at least PhP150 million for the
refleeting of Negros Navigation Co. (Nenaco). `First Pacific is
putting in money to refleet Nenaco. This is on top of what we
have already raised,' said Jose Ma. K. Lim, president and chief
executive of Metro Pacific. Mr. Lim said the balance, or PhP130
million, has also been provided for Nenaco."

Metro Pacific Corporation (MPC), in its letter to the Philippine
Stock Exchange dated November 30, 2004, stated that:

"Metro Pacific confirms that the statements by its President and
Chief Executive Officer Jose Ma. K. Lim as quoted by Business
World is accurate and true."

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

CONTACTS:

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

Negros Navigation 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 AIRLINES: To Start Upgrading Domestic Aircrafts
----------------------------------------------------------
Philippine Airlines (PAL) expects the arrival of a newly leased
Airbus 320, one of several 156-seater planes it would use to
begin upgrading its domestic fleet, the Inquirer News Service
reports.

The airline has proceeded with an "interim refleeting program"
while still deciding whether to get Airbus or Boeing planes for
a plan to upgrade at least 10 of its 13 aircraft serving
domestic routes, PAL President Jaime Bautista said.

PAL has a fleet of 30 airplanes for local and overseas flights.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Tel: (632) 817-1234
Tel: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PICOP RESOURCES: Clarifies "Picop Shutdown Deferred" Report
-----------------------------------------------------------
This is in reference to the news article entitled "Picop
Resource shutdown deferred" published in the November 27, 2004
issue of Today (Internet Edition).

The article reported that "According to Lola Christine Badajos,
public relations officer of Picop, the scheduled shutdown of the
pulp firm by the end of this month was held in abeyance for 15
days after Picop and National Power Corp. (Napocor) officials
struck a deal on the firm's power debts with the state-owned
power firm. The conflict between Picop, Bibahilita and other
landowners of the titled lands near Picop's more than 186,000-
hectare logging concessions have already caused deaths, grave
threats and other forms of violence to the people. In their news
release, Picop said the problem worsened when former environment
secretary Elisea Gozun directed the devolution of all inventory,
documentation and monitoring functions of the DENR to a group of
log traders and tree farmers that it alleged were of `dubious'
membership. The press release also alleged that some government
employees tasked with safeguarding the forest were involved in
the illegal logging and smuggling of trees planted by the
Company. Tree farmers and titled landowners have denied
Picop's accusations, saying that it was the Company that was
prompting illegal logging because of alleged nonpayment of
forest charges to the government. Mamerto Alciso Jr., legal
counsel of Bibahilita, told Today in an interview that it is
Picop which is violating its Timber License Agreement with the
government because it was allegedly selling its raw logs outside
its processing firm."

Picop Resources, Inc. (PCP), in its letter to the Philippine
Stock Exchange dated November 30, 2004, provided the following
information:

1. The scheduled shutdown scheduled for December 01, 2004 was
postponed for 15 days due to progress made on power issues under
discussion with NPC and the strong reaction of the City of
Bislig and Province of Surigao del Sur against the shutdown.

2. There is no conflict between PICOP and Bibahilita and other
landowners as far as the PICOP areas are concerned. A conflict
exists only for entities with their respective rights. Anybody
who enters the PICOP areas is clearly trespassing and anybody
who cuts PICOP trees are illegally poaching and stealing.

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

CONTACT:

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


UNIVERSAL RIGHTFIELD: Clarifies License Revocation Notice
---------------------------------------------------------
This is in reference to the news article entitled "SEC revokes
Universal Rightfield registration" published in the November 30,
2004 issue of the Manila Standard.

The article reported that "The Securities and Exchange
Commission is set to revoke the registration of listed firm
Universal Rightfield Property Holdings Inc. for failure to
submit its financial reports. Documents obtained from the SEC
showed that URPHI has failed to submit its 2003 annual report
and 2004 first quarter report."

Universal Rightfield Property Holdings, Inc. (UP), in its letter
to the Philippine Stock Exchange dated December 1, 2004, stated
that:

"Please be advised that the Corporation cannot confirm at the
moment the veracity of said information since it has not
received any notice from the Commission regarding the revocation
of the Corporation's registration. The Corporation is however
set to file its 2003 Annual Report with the Commission this
week. We will disclose with the Exchange any information or
notice to this effect immediately upon receipt thereof by the
Corporation."

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

CONTACT:

Universal Rightfield Holdings Inc.
Unit 713-714 Pioneer Corporate Center
Pioneer Highlands, Pioneer St.
Corner Madison St., Mandaluyong City
Telephone No/s: 637-0977 to 82
Fax No/s: 637-2437
Email Address: urphi@pworld.net.ph


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


CAPITALAND LIMITED: Establishes Indirect Wholly Owned Subsidiary
----------------------------------------------------------------
The Board of Directors of CapitaLand Limited announced at the
Singapore Stock Exchange the establishment of the following
indirect wholly owned subsidiary incorporated in Hong Kong:

Name: CapitaLand (HK) Fund Management Limited

Principal Activity: Provision of consultancy and management
services

Authorized Share: HK$10,000 divided into 10,000 ordinary shares
of HK$1 each Capital

Issued and: HK$1 comprising 1 ordinary share of HK$1 Paid-Up
Share Capital CL HK Fund Mgt is a wholly owned subsidiary of
CapitaLand RECM Pte Ltd, itself an indirect wholly owned
subsidiary of CapitaLand.

By Order of the Board
Tan Wah Nam
Company Secretary
30 November 2004


SIN BOONLY: To Hold Creditors Meeting on December 10
----------------------------------------------------
Take notice that a meeting of creditors of Sin Boonly Electrical
Pte Ltd will be held at VIP Room, De Grandeur Restaurant, 1
Stadium Walk, Kallang Theatre Building, Singapore 397688 on 10th
December 2004 at 3:00 p.m.

Agenda:

(1) To give a brief account on the conduct of liquidation.

(2) To consider possible legal action to be taken.

(3) To determine whether or not creditors require the
appointment of committee of inspection to act with liquidator,
and if so who are to be the members of the committee.

(4) Any other business.

Dated this 26th day of November 2004.

Goh Boon Kok
Liquidator
1 Stadium Walk
Level 2, Kallang Theatre Building
Singapore 397688

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged at the above
office not later than 4:00 p.m. on the 8th day of December 2004.


SONG & SONS: Posts Intended Dividend Notice
-------------------------------------------
Song & Sons Fresh & Sea Produce Pte Ltd posted its intended
dividend notice at the Singapore Stock Exchange on November 26,
2004.

Address of former registered office: 19 Pasir Panjang Road #01-
128/129 Pasir Panjang Wholesale Centre Singapore 110019

Last day of 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


TACTICAL AUTOMATION: Issues Preferential Dividend Notice
--------------------------------------------------------
Tactical Automation Pte Ltd with address of registered office at
11 Collyer Quay #10-04 The Arcade Singapore 049317, made its
intended preferential dividend notice.

Company Registration Number: 198900587C

Last day for Receiving Proofs: 10 December 2004

Name of Liquidators: Mick Aw Cheok Huat and Christopher Bruce
Johnson

Address: c/o 11 Collyer Quay #10-02 The Arcade Singapore 049317

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


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


BANGKOK TRANSIT: To Pursue Debt Restructuring Next Year
-------------------------------------------------------
Bangkok Mass Transit System (BTSC) hopes to sign a debt
restructuring scheme with creditors next year ahead of a planned
listing on the Stock Exchange of Thailand (SET), according to
Business Day.

BTSC, which is restructuring THB39 billion in total debts, have
already obtained approval from its shareholders and now seeking
support from its creditors.

The Company will then submit the plan to the Bank of Thailand's
central debt restructuring committee for consideration before an
official agreement with the creditors is sealed.

Originally, BTSC was expected to sign a debt restructuring
agreement with its lenders this year but was unable to formulate
a suitable program.

After the debt restructuring, which is set for completion next
year, BTSC is expected to swing to a net profit, paving the way
for its listing on the Stock Exchange of Thailand.

BTSC's major creditors are German development bank KFW (KFW.YY),
Siam Commercial Bank PCL (SCB.TH) and International Finance
Corp., the investment arm of the World Bank.

BTSC's major shareholders include Tanayong PCL (TYONG.TH), which
owns 28 percent, and construction contractor Italian-Thai
Development PCL (ITD.TH), which owns 10-percent of BTS.

CONTACT:

Bangkok Mass Transit System Public Company Limited
1000 Phahonyothin Road
Lad Yao, Chatuchak
Bangkok 10900
Phone: 0 2617 7300
Fax : 0 2617 7133,0 2617 7155
E-mail : nuduan@bts.co.th
BTS Hotline : 0 2617 6000
BTS Tourist Information Center : 0 2617 7340
Web site: http://www.bts.co.th/


NFC FERTILIZER: Clarifies Extraordinary Meeting Details
-------------------------------------------------------
NFC Fertilizer Public Company Limited (the Company) has reported
the resolutions adopted at the Board of Directors Meeting No.
4/2004 held on November 30, 2004 regarding the convening of the
Extraordinary Meeting of Shareholders No. 2/2004 on December 1,
2004.

The Company would clarify that the Board of Directors has
resolved that the shareholders whose name appeared in the Share
Register Book as at the closing date of Share Register Book as
of November 3, 2004 should have the right to attend the
Extraordinary Meeting of Shareholders No. 2/2004 which will be
held on December 15, 2004 at 14.00 hours at Professor Sangvian
Indaravijaya Auditorium, 3/3 rd Floor, the Stock Exchange of
Thailand Building, No. 62, Rachadapisek Road, Klongtoey,
Bangkok.  Thus, the Company will not close its Share Register
Book prior to this Extraordinary Meeting of Shareholders No.
2/2004.

CONTACT:

NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th


SYNTEC CONSTRUCTION: Bangkok Metro Scraps Cap Increase
------------------------------------------------------
Syntec Construction Public Company Limited (the Company) has
notified the Stock Exchange of Thailand (SET) the cancellation
Company's letter No. SYNTEC/CEO/04/102 with the subject " Report
on subscription of the capital increase ordinary shares in
Bangkok Metro Public Company Limited " on 29 Nov. 2004 since
Bangkok Metro Public Company Limited has informed the Company
informally that it has cancelled the capital increase.

Please be informed accordingly.

Sincerely Yours,
(Mr.Somchai Sirilertpanich)
Director

CONTACT:

Syntec Construction Public Company Limited
555/7-11 Sukhumvit 63 Road,
Khlong Ton Nua, Wattana, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330




                            *********


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 ***