TCRAP_Public/041203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, December 3, 2004, Vol. 7, No. 240

                            Headlines

A U S T R A L I A

THERMO MAGNETIC [*]: Court Names A.H.J. Wily as Liquidator
BOGAN GARDENS: Appoints Alan Richard Nicholls as Liquidator
CAPTECH INTERNATIONAL: To Declare Dividend on December 7
CHEMEQ LIMITED: BOD Member Resigns
DAI-ICHI KANGYO: Final Meeting Slated for December 3


HURLDAWN PTY: Receiver and Manager Appointed
JAMES HARDIE: Makes Last Asbestos Offer
LANDOR ENTERPRISES: To Declare Dividend on December 7
MAJANMA HOLDINGS: Members Resolve to Wind Up Voluntarily
MINJARA INVESTMENTS: To Undergo Winding Up Proceedings


NATIONAL AUSTRALIA: Seeks to Buy Back National Income Securities
PRIMELIFE CORPORATION: ASIC Extends Prospectus' Exposure Period
REEMO OFFICE: Enters Winding Up Process
SONS OF GWALIA: Convening Period of Creditors Meeting Extended
SPROKON PTY: To Wind Up Voluntarily


STERLING MOTOR: Members Resolve to Wind Up Voluntarily
STANWAY CABINET: To Face Winding Up Proceedings
SUFIKE PTY: To Voluntarily Wind Up
WIMERA ENTERPRISES: To Undergo Voluntary Winding Up
WORKMAN INDUSTRIES: To Declare Dividend on December 7


C H I N A  &  H O N G  K O N G

B&S AIRCONDITIONING: Receives Winding Up Order
BANK OF CHINA: Eyes Funds for Strategic Investors
DAILY INTERNATIONAL: Creditors Meeting Set Dec. 7
KWONG HING: Court to Hear Bankruptcy Petition on Dec. 15
GREAT ONE: Faces Winding Up Proceedings

PLEASURE GROUP: Winding Up Hearing Set January 5
SUN CHIU: Court Issues Bankruptcy Order
* China Construction Bank, Bank of China May List in 2005


I N D O N E S I A

PERTAMINA: Government Urges Resumption of Cepu Talks
SEMEN GRESIK: Sees Higher 2005 Profit, Sets Dividend
TELEKOMUNIKASI INDONESIA: S&P Raises LC Rating to 'BB'


J A P A N

DAIEI INCORPORATED: IRCJ Extends Deadline for Sponsorship Bids
DAIEI INCORPORATED: Softbank Buys Hawks for JPY20 Bln
JAPAN AIRLINES: JCR Affirms BBB+ on Long-term Debt
MISAWA HOMES: UFJ Seeks Toyota's Aid for Rehabilitation
MITSUBISHI MOTORS: Releases November U.S. Sales Report

SEIBU RAILWAY: TSE Probes Shares Trading
TONAMI ROIYARU: Enters Bankruptcy
UFJ HOLDINGS: Prosecutors Apprehend Unit's Former Execs


K O R E A

DAEWOO HEAVY: FTC Investigates Alleged Price Fixing
DAEWOO INTERNATIONAL: KR Raises Rating to BBB


M A L A Y S I A

ACTACORP HOLDINGS: SC Rejects Restructuring Scheme
BESCORP INDUSTRIES: SC Approves Placement Of WCTL Shares
BUKIT KATIL: Updates Regularization Plan
CONSOLIDATED FARMS: To Finalize Restructuring Scheme
FURQAN BUSINESS: Details Property Disposal

INNOVEST BERHAD: Regularization Plan Unchanged
K.P. KENINGAU: Unveils Audited Financial Statements
NALURI BERHAD: Enters Tenancy Agreement With KMSB
OCEAN CAPITAL: To Complete Investigative Audit
OLYMPIA INDUSTRIES: Releases Restructuring Status

OMEGA HOLDINGS: Aims to Regularize Financial Condition
PAN PACIFIC: In Talks With Creditors
PARK MAY: Releases Debt Restructuring Scheme
REKAPACIFIC BERHAD: Posts Restructuring Scheme Update
SRIWANI HOLDINGS: Details Regularization Plan

SRIWANI HOLDINGS: Details Leaseback Agreement
TRU-TECH HOLDINGS: Updates Regularization Development
UNITED CHEMICAL: To Release Summary of Audit Report
WEMBLEY INDUSTRIES: Unveils Amended Quarterly Report


P H I L I P P I N E S

BANK OF SAN ANTONIO: Issues Notice To Creditors
COLLEGE ASSURANCE: Prospective Investor Pulls Out
EVER DEVELOPMENT: Issues Notice To Depositors
NATIONAL POWER: YNN Wins Masinloc for US$562-Mln
NEGROS NAVIGATION: Intends to Acquire Remaining Shares

PHILIPPINE AIRLINES: Turns Around with Php1.44-Bln Earnings


S I N G A P O R E

CAPITALAND LIMITED: Officially Launches Athenee Residence


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils Meeting Resolution
M.D.X.: SET Suspends Trading of Securities
T.C.J. ASIA: Issues Additional Info on Investment in Toyo
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


THERMO MAGNETIC [*]: Court Names A.H.J. Wily as Liquidator
----------------------------------------------------------
On 19 October 2004 the Supreme Court of New South Wales made an
Order that Thermo Magnetic Solutions Pty Limited [*] (In
Liquidation) A.C.N. 087 442 162 be wound up by the Court
and appointed A.H.J. Wily to be Liquidator.

A. H. J. WILY
Official Liquidator
Armstrong Wily & Co
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
_____

    [*] This story was amended on August 26, 2005, to delete
an erroneous reference to a non-Australian company that is
not in liqudiation.  


BOGAN GARDENS: Appoints Alan Richard Nicholls as Liquidator
-----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
Of Bogan Gardens Pty Limited A.C.N. 003 785 260, held at
Nicholls & Co Tamworth NSW on the 1st day of November 2004 the
following Special Resolution was passed:

(1) That the Company be wound up voluntarily.

(2) That Alan Richard Nicholls of Nicholls & Co., Suite 6, 459
Peel Street, Tamworth, New South Wales be appointed Liquidator.

Dated this 20th day of October 2004

Alan Richard Nicholls
Liquidator
Suite 6, 459 Peel Street,
Tamworth NSW 2340


CAPTECH INTERNATIONAL: To Declare Dividend on December 7
--------------------------------------------------------
A dividend is to be declared on the 7th of December 2004 for
Captech International Distribution Pty Ltd (In Liquidation)
A.C.N. 093 253 279.

Creditors whose debts or claims have not already been admitted
were required on the 23rd of November 2004 to formally prove
their debts or claims. If they have not, they will be excluded
from the benefit of the dividend.

Dated this 19th day of October 2004

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


CHEMEQ LIMITED: BOD Member Resigns
----------------------------------
Chemeq Limited advised that at the Annual General Meeting of
shareholders, all resolutions put to shareholders were passed on
a show of hands without amendment.

At the conclusion of the AGM, Graeme Major retired from the
Chemeq Board of Directors (BOD) to pursue other business
interests.

Chemeq Chairman Dr Graham Melrose said Graeme Major had been a
driving force behind Chemeq.

"Graeme has been an integral part of Chemeq since the Company
was founded in 1989," he said.

"I would like to thank Graeme for his valuable contribution as a
Director of Chemeq and am pleased that he has expressed his
continued support for the Company."

Dr. Melrose said that the proposed appointment of a new Chief
Executive Officer and two new non-executive directors would
augment the Board and senior management and drive the Company
aggressively into commercialization.

About Chemeq

Chemeq is an emerging veterinary drug producer which has
developed a unique product for the prevention and control of
intestinal bacterial diseases in feedstock animals such as pigs
and poultry.

The Company's manufacturing facility in Western Australia was
completed in August 2004 and is currently undergoing ramp-up and
optimization.

Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of
Perth, Western Australia.

To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South
Africa, New Zealand and Malaysia.

CONTACT:

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


DAI-ICHI KANGYO: Final Meeting Slated for December 3
----------------------------------------------------
Notice is given that a final meeting of members of Dai-Ichi
Kangyo Australia Limited (In Voluntary Liquidation) A.C.N. 001
325 962 will be held at Level 9, 10 Shelley Street, Sydney, on 3
December 2004 at 10:00 a.m.

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

Dated this 20th day of October 2004

David Joseph Levi
Liquidator
Level 7, Kindersley House, 33 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


HURLDAWN PTY: Receiver and Manager Appointed
--------------------------------------------
Notice is hereby given that on the 14th day of October 2004
Handcock Hintz Pty Limited appointed Stephen Jay of Nicholls &
Co, Suite 103 Level 1, Johnston Street, Wagga Wagga, NSW,
Receiver and Manager of the property of Hurldawn Pty Ltd A.C.N.
006 567 577 being the property specified in the Schedule under
the powers contained in an instrument dated the 22nd day of
October 2003 being a Charge registered in the Australian
Register of Company Charges pursuant to subsection 272(3) of the
Corporations Act and being registered number 988461.

Schedule

All the Company's rights, property and undertaking:

(a) Of whatever kind and wherever situated; and
(b) Whether present or future.

Dated this 15th day of October 2004

Stephen Jay
Receiver & Manager
Nicholls & Co
Chartered Accountants


JAMES HARDIE: Makes Last Asbestos Offer
---------------------------------------
James Hardie Industries and its former parent Company, ABN 60,
yesterday offered funding to the Medical Research and
Compensation Foundation in a final attempt to avoid liquidation
of the foundation, according to the Australian Financial Review.

A hearing in the New South Wales Supreme Court has adjourned to
consider letters from the two companies.

The MRCF has applied for the appointment of a provisional
liquidator, claiming to have AU$40 million in available cash and
some AU$80 million in notified compensation claims from victims
of asbestos disease.

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 inquiries to CustomerLink Service Centre on 13 1103


LANDOR ENTERPRISES: To Declare Dividend on December 7
-----------------------------------------------------
A dividend is to be declared on the 7th of December 2004 for
Landor Enterprises Pty Limited (In Liquidation) A.C.N. 053 288
752.

Creditors whose debts or claims have not already been admitted
were required on the 23rd of November 2004 to formally prove
their debts or claims. If they have not, they will be excluded
from the benefit of the dividend.

Dated this 19th day of October 2004

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


MAJANMA HOLDINGS: Members Resolve to Wind Up Voluntarily
--------------------------------------------------------
Notice of hereby given that an extraordinary general meeting of
members of Majanma Holdings Pty Limited (In Liquidation) A.C.N.
001 706 850 held on the 13th day of October 2004, it was
resolved by special resolution that the Company be wound up
voluntarily and that Judith Love be appointed Liquidator for the
purpose of winding up the affairs and distributing the property
of the Company.

Judith Love
Liquidator


MINJARA INVESTMENTS: To Undergo Winding Up Proceedings
------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Minjara Investments Pty Ltd (In Liquidation) A.C.N. 056 092
105 duly convened and held on 18 October 2004, the following
Special Resolution was passed:

(1) That the Company be wound up voluntarily, and

(2) That Geoffrey McDonald be appointed Liquidator for the
purpose of such winding up.

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


NATIONAL AUSTRALIA: Seeks to Buy Back National Income Securities
----------------------------------------------------------------
The Board of National Australia Bank agreed to include a
resolution in the Notice of Annual General Meeting seeking the
approval of shareholders to allow the National to buy back the
National Income Securities (NIS).

The NIS were issued in 1999 (ASX Security Code NABHA) at a par
value of AU$100 with an interest coupon of the 90 Day Bank Bill
Rate plus 1.25% per annum paid quarterly.  They qualify as Tier
1 capital.

As disclosed in the prospectus and the related ASX filings, at
any time after 29 June 2004 the NIS can be bought back at their
par value of AU$100 plus any unpaid accrued interest to the date
of repayment.

As part of the National's ongoing capital management such a buy
back may enable the National to replace the National Income
Securities with a more efficient and cost-effective source of
capital.  This reflects developments in the capital markets, and
will be a benefit to all shareholders.

No decision to buy back the NIS has been taken, but this could
occur at any time after shareholder approval is obtained,
subject to obtaining the consent of the Australian Prudential
Regulation Authority (APRA).

View a copy of the National Income Securities Prospectus (PDF).

The Notice of Annual General Meeting will be posted to
shareholders in mid December 2004 and the meeting will be held
on 31 January 2005.

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/


PRIMELIFE CORPORATION: ASIC Extends Prospectus' Exposure Period
---------------------------------------------------------------
Further to the Company's lodgment of its prospectus and
announcement to the market on 24 November 2004, (the Prospectus)
the Company advised the market that ASIC has extended the
exposure period for the Prospectus for seven days to end on 8
December 2004.

In response to a request for clarification from ASIC, Primelife
proposes to make additional disclosure to address the following:

(1) To confirm that the converting notes have a term of 2 years
and bear interest at a rate of 9.5% per annum which may be
capitalized at the election of Primelife and if so capitalized,
will be paid by the issue of Primelife Shares on conversion;

(2) To clarify the treatment of converting notes on the
occurrence of an insolvency event;

(3) To clarify that advances made under the margin loan facility
made available by Tricom Equities Limited to Primelife will be
secured by shares in Aevum Limited acquired by Primelife; and

(4) To clarify the basis for movements in line items included in
the proforma summary statements of financial position included
in the prospectus.

These are straightforward issues that Primelife believes it will
deal with promptly.
The offer is now expected to close on 10 December 2004.

Yours faithfully
Primelife Corporation Limited
Gregory Flood
Company Secretary

CONTACT:

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


REEMO OFFICE: Enters Winding Up Process
---------------------------------------
At a General Meeting of Reemo Office Equipment Pty Limited
A.C.N. 001 630 593, duly convened and held at Unit 5, No. 4
Croydon Street, Cronulla in the State of NSW on the 16th of
October 2004 the following Special Resolution was passed:

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 16th day of October 2004

Michael Rex Cowan
5/4 Croydon Street,
Cronulla NSW 2230


SONS OF GWALIA: Convening Period of Creditors Meeting Extended
--------------------------------------------------------------
The Administrators advised that the Supreme Court of Western
Australia has made orders extending the statutory convening
period for the second (decision) meeting of creditors of the
Sons of Gwalia Limited (Administrators Appointed) Group until 30
April 2005, providing:

(a) If at any time before 7 April 2005, the Administrators form
the view that a further extension of the convening period of the
second meeting of creditors is in the best interests of the
creditors of the SOG Group and provided that the Committee of
Creditors agrees to the further extension, the date to convene
the second meeting of creditors be further extended until 30
June 2005; and

(b) The Administrators have leave to apply for an extension of
the convening period beyond 30 June 2005.

The orders were sought by the Administrators after detailed
consultation with the Committee of Creditors. The orders allow
the Administrators time to address the complexity and size of
the Group's operations and financial position, to seek and
progress the Group's options with respect to the possible sale
of certain assets with a view to reducing debt levels or the
sale and/or recapitalisation of the Group's remaining core
business, and discharge other statutory duties to creditors.

The Administrators will issue a written report to all creditors
prior to 17 December 2004, providing creditors with an update of
the Administration to date. The Administrators are focused on
the completion of their review of the Group's affairs and the
formulation of a proposal to be put forward to creditors within
the shortest timetable that is consistent with maximizing
outcomes for all stakeholders.

Garry Trevor, Andrew Love And Darren Weaver
Joint and Several Administrators of
Sons of Gwalia Ltd

CONTACT:

Sons of Gwalia Ltd
Locked Bag 16 West Perth
Western Australia 6872
Phone: (618) 9263 5555
Fax: (618) 9481 1271
Web site: http://www.sog.com.au


SPROKON PTY: To Wind Up Voluntarily
-----------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Sprokon Pty Ltd (In Liquidation) A.C.N. 001 763 364 duly
convened and held on 18 October 2004, the following Special
Resolution was passed:

That the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

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


STERLING MOTOR: Members Resolve to Wind Up Voluntarily
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Sterling Motor Sport Pty Limited (In Liquidation) A.C.N. 100 539
599 convened pursuant to Section 439A of the Corporations Act
2001 held on 12 October 2004, it was resolved that the Company
be wound up and pursuant to Section 446A(4) of the Corporations
Act 2001, Andrew H J Wily of Armstrong Wily & Co, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000 was
appointed Liquidator.

Dated this 13th day of October 2004

Andrew H.J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


STANWAY CABINET: To Face Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Stanway Cabinet Co Pty Limited A.C.N. 001 085 838, held on 15
October 2004 it was resolved that the Company be wound up
voluntarily and that John Christopher Burke of BDO Chartered
Accountants & Advisers, 2 Market Street, Sydney be appointed
liquidator.

Dated this 15th day of October 2004

John C. Burke
Liquidator
BDO Chartered Accouantnts & Advisers
Level 19, 2 Market Street,
Sydney NSW 2000


SUFIKE PTY: To Voluntarily Wind Up
----------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Sufike Pty Limited A.C.N. 002 895 730, held Nicholls & Co,
Tamworth NSW on the 1st day of November 2004 the following
Special Resolution was passed:

(1) That the Company be wound up voluntarily.

(2) That Alan Richard Nicholls of Nicholls & Co., Suite 6, 459
Peel Street, Tamworth, New South Wales be appointed Liquidator.

Dated this 20th day of October 2004

Alan Richard Nicholls
Liquidator
Suite 6, 459 Peel Street,
Tamworth NSW 2340


WIMERA ENTERPRISES: To Undergo Voluntary Winding Up
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Wimera Enterprises Pty Limited A.C.N. 002 043 094, held on 15
October 2004, it was resolved that the Company be wound up
voluntarily and that John Burke of BDO Chartered Accountants &
Advisers, 2 Market Street, Sydney be appointed liquidator.

Dated this 15th day of October 2004

John Burke
Liquidator
BDO Chartered Accountants & Advisers
Level 19, 2 Market Street,
Sydney NSW 2000


WORKMAN INDUSTRIES: To Declare Dividend on December 7
-----------------------------------------------------
A dividend is to be declared on the 7th of December 2004 for
Workman Industries Pty Limited (In Liquidation) A.C.N. 073 991
750.

Creditors whose debts or claims have not already been admitted
were required on the 23rd of November 2004 to formally prove
their debts or claims. If they have not, they will be excluded
from the benefit of the dividend.

Dated this 19th day of October 2004

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


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


B&S AIRCONDITIONING: Receives Winding Up Order
----------------------------------------------
B&S Airconditioning (H.K.) Limited of Unit 2144-2145, 5-15 Shan
Mei Street, Fo Tan, Nt has received a winding up order from the
Court on Nov. 17, 2004.

The winding up petition was presented Sept. 17, 2004.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


BANK OF CHINA: Eyes Funds for Strategic Investors
-------------------------------------------------
Bank of China (BOC) is planning to tap fund management firms as
strategic investors, The Standard reports.

BOC President Li Lihui confirmed the bank is currently in talks
with such companies, the names of which will be divulged next
year.

BOC's operating profits have jumped to 22-percent year-on-year
to CNY53.55 billion (HK$50.32 billion) in the first 10 months.
While its capital adequacy ratio stood at 8.56 percent at the
end of October, its non-performing loans (NPL) accounted for 4.6
percent of the total loan lower by 0.6 percent from end-
September.

Mr. Li stated that emphasis is placed on improving the quality
of its assets rather than the quantity of its loan books. BOC is
building its risk management system to prevent a rebound in the
number of NPLs.

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


DAILY INTERNATIONAL: 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 Daily
International Limited will be held at Conference Room, 5/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong,
on 7 December 2004 at 11:15 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
Daily International Limited


KWONG HING: Court to Hear Bankruptcy Petition on Dec. 15
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kwong Hing International (Holdings) Limited (formerly known as
Kwong Sing Development Limited And Sinway Development 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 am on
the 15th day of December 2004.

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

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.


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

The said Petition will be heard before the Court at 9:30 am on
the 29th day of December 2004.

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

Ford, Kwan & Co
Solicitors for the Petitioner
Suites 1505-1508, Chinachem Golden Plaza
77 Mody Road, Tsimshatsui
Kowloon
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 28th day of
December 2004.


PLEASURE GROUP: Winding Up Hearing Set January 5
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Pleasure Group (Holdings) Limited by the High Court of Hong Kong
Special Administrative Region was on the 11th day of November
2004 presented to the said Court by Cydney Gail O'Sullivan of 8
Uralla Road, Dural, New South Wales, Australia.

The said Petition will be heard before the Court at 9:30 am on
the 5th day of January 2005.

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.

Minter Ellison
Solicitors for the Petitioner
911-918 Hutchison House
10 HarCourt Road
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 4th day of
January 2005.


SUN CHIU: Court Issues Bankruptcy Order
---------------------------------------
Sun Chiu Kee (Java Road) Limited of G/F, 86-88 Java Rd, North
Point, HK has received a bankruptcy order by the Court on Nov.
17, 2004.

The winding up petition was presented Oct. 11, 2004.

Dated this 26th day of November 2004

E T O'CONNELL
Official Receiver


* China Construction Bank, Bank of China May List in 2005
---------------------------------------------------------
China Construction Bank (CCB) and Bank of China (BOC), two of
China's Big Four banks may possibly list in 2005, Xinhuanet
reports.

BOC President Li Lihui said that quality is the objective of the
listing. The lender is optimistic that its financial indices
will be reached by the time of its initial public offering
(IPO).

Meanwhile, CCB President Chan Zhenming, said that the bank is
actively inviting major overseas agencies to aid in auditing its
business before its planned listing.

BOC and CCB are currently in talks with strategic negotiators
who would purchase their stakes to help them streamline
operations. Both banks have been chosen by China to helm the
pilot project for joint-stock reform and market listing
receiving US$44.5 billion into its coffers to replenish their
capital.

BOC and CCB became heavily indebted after handing out excessive
loans into money-losing companies. However, the two lenders have
reached certain progress, BOC and CCB are now joint stock banks
with comparatively standard corporate governance featured by a
shareholders' meeting, board of directors, board of supervisors
and senior management, which have all started operation.


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


PERTAMINA: Government Urges Resumption of Cepu Talks
----------------------------------------------------
The government is urging PT Pertamina to resume negotiations
with ExxonMobil, in a bid to reach a deal as soon as possible
for the operation of the Cepu oil field in Central Java,
according to Asia Pulse.

The state seeks to accelerate the Cepu Block's operation, as its
production of around 150,000 barrels of oil per day would help
secure the national oil stockpile.

Energy and Mineral Resources Minister Purnomo Yusgiantoro said
the coordinating minister for economic affairs has sent a letter
to the president director of the state oil and gas firm for the
speedy negotiations with ExxonMobil Oil Indonesia to reach an
accord regarding the continuation of the Block.

Negotiations for the continuation of oil production in the Cepu
Block met a deadlock after Pertamina refused to continue them
saying it would manage the block by itself.

Pertamina said it has not yet received any order from the state
to resume talks with Exxon, but declared its readiness to carry
out such an order.

On the other hand, ExxonMobil had said it was ready to invest
more than US$2 billion to continue operations in the Cepu block.

CONTACT:

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


SEMEN GRESIK: Sees Higher 2005 Profit, Sets Dividend
----------------------------------------------------
PT Semen Gresik projects between 11 and 25 percent rise in net
profit next year, aided by a possible hike in cement prices,
Reuters reports.

Company President Satriyo said net profit could exceed IDR00
billion (US$55.4 million) in 2005, against a projected IDR400
billion to IDR450 billion this year. Gresik posted a net profit
of IDR378.84 billion in 2003.

On Tuesday, Gresik's shareholders approved a total dividend of
45 percent of last year's profit, or IDR287.41.

Earlier this year, the firm distributed an interim dividend of
IDR174.68 per share, or 30 percent of last year's net profit
from Gresik and key unit Semen Tonasa.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.sggrp.com/


TELEKOMUNIKASI INDONESIA: S&P Raises LC Rating to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term local
currency rating on Indonesia's state-owned telecommunications
provider, PT Telekomunikasi Indonesia Tbk. (Telkom) to 'BB' from
'B+'. The outlook is stable. At the same time, Standard & Poor's
affirmed its long-term foreign currency rating on the Company at
'B+'. The outlook is positive.

"The upgrade in the local currency rating on Telkom is a result
of the Company's improving financial profile, as well as
improved economic environment in Indonesia," said Standard &
Poor's credit analyst Yasmin Wirjawan, associate director in the
Corporate & Infrastructure Ratings Group.

The rating reflects Telkom's strong market position, low
leverage and strong cash flow protection measures. These are
offset by its high exposure to foreign currency risk and
increasing competition in the fixed-line and cellular markets.

Telkom is exposed to the uncertainty of operating in Indonesia,
as its operations and assets are all located in the country.
Nevertheless, there is a degree of insulation from country risk.
The government has not interfered with local companies accessing
the foreign exchange markets to service their foreign currency
obligations.

Telkom directly controls about 99% of the country's fixed wire-
line market. It also has a leading cellular position in
Indonesia, operated under PT Telekomunikasi Selular (Telkomsel;
foreign currency B+/Positive/--; local currency BB/Stable/--),
with the most comprehensive network, covering more than 85% of
the population. In the third quarter of 2004, Telkomsel had 13.7
million subscribers, a market share of about 51%.

"Although competition in fixed line and cellular is expected to
increase in 2004, after the early termination of Telkom's
monopoly on local services and domestic long-distance (DLD)
services as well as aggressive expansions among cellular
operators, the Company will maintain its strong domestic market
position," said Ms. Wirjawan.

Telkom's leverage is low with debt to EBITDA of 1.3x as at Sept.
30, 2004. Given its high capital commitments, these ratios are
expected to rise moderately, but will remain relatively low for
the rating. Cash flow protection, measured by funds from
operations to debt, has been strong at an average of almost 60%
for the past three years, primarily due to steady cash flows,
particularly from its growing cellular segment.

However, Telkom remains highly exposed to foreign currency risk,
as debt and capital expenditures are largely denominated in U.S.
dollars, while revenues are in local currency. At Sept. 30,
2004, about 69% of its consolidated debt was denominated in
foreign currencies. Only about less than 10% of its U.S. debt is
hedged through U.S. dollar time deposits.

The positive outlook on the foreign currency rating reflects
that on the foreign currency sovereign rating for Indonesia. The
stable outlook on its local currency rating is based on the
expectation that the Company will maintain its dominant market
position and strong credit measures sufficiently to mitigate
potential pressure on profitability measures from intense
competition and high capital commitments.

CONTACT:

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


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


DAIEI INCORPORATED: IRCJ Extends Deadline for Sponsorship Bids
--------------------------------------------------------------
The state-backed Industrial Revitalization Corporation of Japan
(IRCJ) has extended the deadline for filing of bids to sponsor
the rehabilitation of embattled retailer Daiei Incorporated in
order to encourage potential bidders to form consortiums, says
Japan Today.

The IRCJ has set the new deadline for Dec. 7, representing a
weeklong extension.

CONTACT:

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


DAIEI INCORPORATED: Softbank Buys Hawks for JPY20 Bln
-----------------------------------------------------
Softbank Corporation has agreed to acquire the Daiei
Incorporated's professional baseball team for JPY20 billion,
according to The Japan Times.

The Internet communications conglomerate will pay the troubled
retailer for the Fukuoka Daiei Hawks and its gaming rights.

The announcement came 1 1/2 months after Daiei finally decided
to seek rehabilitation under the state-backed Industrial
Revitalization Corporation of Japan (IRCJ).

Despite insistent efforts to keep the ball club, Daiei opted to
let go of the team after U.S. fund Colony Capital LLC, which
acquired the Hawks' home stadium and adjacent facilities last
year, endorsed Softbank's bid.

According to Softbank Chief Executive Masayoshi Son, Softbank
will allow the Daiei to use the Hawks for its sales campaigns
for three years. Under separate agreements, Softbank will pay
the retailer JPY5 billion for the team and Colony JPY15 billion
for ticket, broadcast and merchandising rights.

Softbank has already filed its application for membership to
Nippon Professional Baseball (NPB), which is scheduled to
confirm the deal on Dec. 24. Upon NPB's approval, the Hawks will
play under the ownership of Softbank Corporation starting next
season.


JAPAN AIRLINES: JCR Affirms BBB+ on Long-term Debt
--------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
BBB+ ratings on long-term debts of Japan Airlines Corporation
and Japan Airlines International Co., Ltd.

Issuer: Japan Airlines Corporation (securities code no.: 9205)
Shelf Registration:
Maximum: JPY150 billion
Valid: two years effective from November 13, 2003
Issues      Amount(bln) Issue Date     Due Date       Coupon
bonds no.1  JPY10       Dec. 18, 2003  Dec. 18, 2013  2.94%
bonds no.2  JPY10       Dec. 18, 2003  Dec. 18, 2008  1.49%
bonds no.3  JPY10       Feb. 4, 2004   Feb. 4, 2011   1.92%
(guaranteed by Japan Airlines International and Japan Airlines
Domestic Co., Ltd.)

Issuer: Japan Airlines International Co., Ltd.
Issues      Amount(bln) Issue Date     Due Date       Coupon
bonds no.13 JPY18       July 31, 1998  July 31, 2008  3.20%
bonds no.15 JPY15       Apr. 1, 1999   Apr. 1, 2005   2.45%
bonds no.16 JPY5        Apr. 7, 1999   Apr. 7, 2009   3.40%

Rationale:
The business environment warrants no optimism. JCR factored in
the business risk and financial risk in the downgrade of the
rating for the group to BBB+ made in July 2003. JCR considers it
necessary to examine carefully the effects of reform of earnings
structure as well as effects of measures to combat deterioration
in external factors being taken by the industry as a whole
concertedly.

JCR will also pay attention to the future developments as to
whether the group can improve the financial structure without
delay through improvement in earnings power and asset sales.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome,
Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp


MISAWA HOMES: UFJ Seeks Toyota's Aid for Rehabilitation
-------------------------------------------------------
UFJ Bank has requested Toyota Motor Corporation to support the
restructuring efforts of struggling homebuilder Misawa Homes
Holdings Incorporated, reports Dow Jones Newswires.

As Misawa Homes' main creditor, UFJ Bank hopes to receive a
positive reply from the Japanese maker as soon as possible.

Toyota Chairman Hiroshi Okuda confirmed the carmaker is
considering assisting Misawa Homes if the homebuilder turns to
the government turnaround body Industrial Revitalization
Corporation of Japan (IRCJ).

Restructuring under the IRCJ would make the revival process
smoother and more transparent, as banks are allowed to change
their loan classifications for firms being bailed out by the
IRCJ to "normal" loans from bad loans.

A spokesman for Misawa Homes said the Company had heard that UFJ
made such a request to Toyota. While the Company hopes to
continue with its restructuring efforts independently, the
emergence of a possible reform sponsor may be welcome, he said.

CONTACT:

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


MITSUBISHI MOTORS: Releases November U.S. Sales Report
------------------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported November
2004 U.S. sales of 8,301 units. Mitsubishi Motors has sold
150,458 units year to date in the United States.

"Our sales volume this month, while disappointing, is to be
expected while we are in the midst of a turnaround and focused
on internal restructuring and reducing fleet," said Michael
Tocci, senior vice president of sales, fleet and distribution at
Mitsubishi Motors North America.

"Regardless, we did see some bright spots this month, with
Outlander volume sales up 14 percent and Lancer volume sales up
13 percent over October. As our turnaround moves forward, we're
confident that 2005 will be a stronger sales year."

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 600 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

    Following is the sales breakdown for November 2004:

                    2004           2003             2004
                 NOV   CYTD     NOV    CYTD      NOV      CYTD
ECLIPSE COUPE     563   11,320  1,495  26,606   -62.3%   -57.5%
ECLIPSE SPYDER    175    7,166    386  10,363   -54.7%   -30.9%
LANCER           1,732  33,140  2,193  40,670   -21.0%   -18.5%
LANCER EVOLUTION  348    4,161    432   4,513   -19.4%    -7.8%
LANCER SPORTBACK  172    2,032   --       --     0.0%     0.0%
MIRAGE COUPE      --       --       1      173  -100.0%  -100.0%
MIRAGE SEDAN      --       --      --        1     0.0%     0.0%
GALANT           1,997   39,511   2,961  62,552  -32.6%   -36.8%
DIAMANTE           198    4,186     704   8,107   -71.9%  -48.4%
TOTAL CAR        5,185  101,516   8,172  152,985  -36.6%  -33.6%

OUTLANDER        1,059   16,806   1,606   31,912  -34.1%  -47.3%
MONTERO SPORT      257    6,654     911   18,471  -71.8%  -64.0%
ENDEAVOR         1,523   20,652   5,407   27,240  -71.8%  -24.2%
MONTERO            277    4,830     778    7,717  -64.4%  -37.4%
TOTAL SUV        3,116   48,942   8,702   85,340  -64.2%  -42.7%




TOTAL            8,301  150,458  16,874  238,325  -50.8%  -36.9%


US Assembled
Cars (1):        2,735  57,997   4,842   99,521  -43.5%   -41.7%
Imported
Cars (2):        2,450  43,519   3,330   53,464  -26.4%   -18.6%
US Assembled
Truck/SUV (3):   1,523   20,652   5,407   27,240  -71.8%  -24.2%
Imported
Truck/SUVs(4):   1,593   28,290   3,295   58,100  -51.7%  -51.3%
US Assembled
Vehicles:        4,258   78,649  10,249  126,761  -58.5%  -38.0%
Imported
Vehicles:        4,043   71,809   6,625  111,564  -39.0%  -35.6%
    ** Selling Days           MTD      YTD
    2004                       24      281
    2003                       25      281

   (1)  Galant, Eclipse, Eclipse Spyder
   (2)  Lancer, Lancer Sportback, Lancer Evolution, Diamante,
Mirage Coupe, Mirage Sedan
   (3)  Endeavor
   (4)  Montero, Montero Sport, Outlander

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020


SEIBU RAILWAY: TSE Probes Shares Trading
----------------------------------------
Scandal-hit Seibu Railway Company is under investigation by the
Tokyo Stock Exchange over an alleged insider trading, Japan
Today says, citing Kyodo News.

The bourse is currently probing the "erratic" movement that the
railway Company showed in September.

TSE President Takuo Tsurushima told a session of the House of
Councilors Committee on Financial Affairs that it will request
the Securities and Exchange Surveillance Commission to make
further probes should the bourse find any suspicious deals.

Seibu Railway has been embroiled in a string of scandals
following its revelation that it had underreported the
shareholding ratio of stakes held by major investors, including
Kokudo Corporation, a privately held firm that effectively
controls the Seibu Railway group.

CONTACT:

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


TONAMI ROIYARU: Enters Bankruptcy
---------------------------------
Golf course operator Tonami Roiyaru Gorufu K.K. has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Higashitonami-Gun, Toyama 939-1800, left a
total of US$48.25 million in liabilities.

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


UFJ HOLDINGS: Prosecutors Apprehend Unit's Former Execs
-------------------------------------------------------
As was announced in October, the Financial Services Agency has
filed criminal indictments against UFJ Bank, the core unit of
UFJ Holdings Inc., and some related personnel including former
executive officers for breaches of Japan's Banking Law in regard
to evasion of inspection for the fiscal year ended March 2004.

In conjunction with the matter, three former executive officers
of UFJ Bank Limited have been apprehended by the Tokyo District
Public Prosecutors Office on suspicion of breaches of Japan's
Banking Law today.

The UFJ Group takes this matter very seriously. The group
continues to cooperate fully and sincerely with the
investigation and improve its compliance and internal control
system in order to restore trust and confidence as soon as
possible.

The group regrettably apologizes to its customers, shareholders
and other interested parties for any concern and worry that this
may have caused.

CONTACT:

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


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


DAEWOO HEAVY: FTC Investigates Alleged Price Fixing
---------------------------------------------------
Daewoo Heavy Industries & Machinery along with Hyundai Heavy
Industries Co. are being investigated for price fixing, reports
Asia Pulse, citing Yonhap News.

Daewoo, Hyundai and two other construction equipment makers are
alleged to have colluded in setting prices for their excavators.

"We found that they have operated a cartel to set domestic
prices of excavators over the past few years," an official at
the anti-trust regulator said on condition of anonymity.

According to the official, the Fair Trade Commission (FTC) will
impose a punishment against the four excavator makers this
month.

The investigation is expected to have a negative impact on
Daewoo Heavy, which is currently in the sale process.

CONTACT:

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


DAEWOO INTERNATIONAL: KR Raises Rating to BBB
---------------------------------------------
As a result of Daewoo International Corp.'s continuous
improvement in financial status Korea Ratings (KR) raised its
credit rating by one notch to BBB, the lowest level of
investment grade, Korea Times reports.

Last year KR assigned a BBB- rating to Daewoo International
after the firm was freed from the government's workout programs.

"We have made stable growth in overseas sales. That has made our
financial status better and we could recover our credit in a
short period of time," Daewoo International CEO Lee Tae-yong
said.

Daewoo has expanded its trade business with a very bright
outlook on its export market.  Debts are continuously written
off by disposing unhealthy assets to improve financial
conditions.

The firm said it will draw more investment funds in the future
to support its trade business and increase investment in joint
corporations overseas.

In a recent TCR-Asia Pacific report, Daewoo International Corp.
said it aims to post KRW350 billion in operating profit on sales
of KRW10 trillion (US$9.5 billion) by 2010, with the vision to
enter Fortune Magazine's top 500 companies.

CONTACT:

Daewoo International Corporation (Korea: DWIC)
541 5-Ga Namdaemunno, Chung Gu, CPO Box 2810
Seoul, South Korea
Phone: +82-2-759-2114
Fax: +82-2-753-9489
Web site: http://www.daewoo.com


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


ACTACORP HOLDINGS: SC Rejects Restructuring Scheme
--------------------------------------------------
Actacorp Holdings Berhad is presently exploring its
restructuring options, following the Securities Commission's
decision not to approve the Proposed Restructuring Scheme of
AHB.

Any further development will be announced in due course.

C.c: Securities Commission
Attn.: Datuk Kris Azman Abdullah

CONTACT:

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

This announcement is dated 1 December 2004.


BESCORP INDUSTRIES: SC Approves Placement Of WCTL Shares
--------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad whereby Bescorp Industries Berhad is required to announce
the status of its plan to regularize its financial condition on
a monthly basis until further notice from Bursa Malaysia.

The Securities Commission, on behalf of the Foreign Investment
Committee, via its letter dated 24 November 2004, approved the
placement of up to 24,700,000 WCTL Shares into an escrow account
wherein such shares are to be placed out to Bumiputra investors
to be approved by the Ministry of International Trade and
Industry (MITI) within twelve (12) months from the listing date
of the WCTL Shares.

Barring unforeseen circumstances, the listing status of BIB is
scheduled to be transferred to WCTL on 2 December 2004 and the
entire issued and paid-up share capital of WCTL will be listed
on the Main Board of Bursa Malaysia on the same day.

Save for the above, there were no further developments since our
previous announcement with regards to this Practice Note.

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


BUKIT KATIL: Updates Regularization Plan
----------------------------------------
Pursuant to Paragraph 4.1(b) of the Practice Note No. 4/2001 of
the Bursa Malaysia Securities Berhad, Bukit Katil Resources
Berhad announced that there has been no material change in the
status of the Company's plan to regularize its financial
conditions since the last announcement dated 1 November 2004.

The Company is still in the midst of formulating a restructuring
plan to regularize its financial condition and is currently in
discussions with prospective investors on potential assets for
injection. The details of the restructuring plan will be
announced once it is finalized and agreed upon by all parties
concerned and in any event, not later than six months from the
date of the First Announcement.

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


CONSOLIDATED FARMS: To Finalize Restructuring Scheme
----------------------------------------------------
On 11 October, 2004, Consolidated Farms Berhad (Confarm) entered
into a heads of agreement with Wong Kian Teck, Wong Kin Sang,
Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap
Sun Hian (collectively, Bun Seng Group Shareholders) wherein
Confarm and the Bun Seng Group Shareholders have agreed in
principle to undertake a Proposed Restructuring Scheme with the
intention of restoring Confarm onto stronger financial footing
via an injection of new viable business.

The Company is currently working towards the implementation of
the Proposed Restructuring Scheme and as to date, there is no
material development since 11 October 2004. Further details of
the Proposed Restructuring Scheme will be announced once it is
finalized.

On 24 November, 2004, the Company announced that the application
for an extension of time for a period of three (3) months to 18
February, 2005 for Confarm to announce the detailed plan to
regularize its financial condition has been approved by Bursa
Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) vide its letter dated 23 November,
2004.

CONTACT:

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

This announcement is dated 1 December 2004.


FURQAN BUSINESS: Details Property Disposal
------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO) announced that FBO Land (Setapak) Sdn. Bhd. (FBOSetapak),
a wholly owned subsidiary, had on 1st December, 2004 entered
into a conditional Sale and Purchase Agreement (the Agreement)
with Kuntumas Sdn. Bhd. (Kuntumas or the Purchaser) to dispose
of several pieces of land situated at Taman Danau Kota, in the
Mukim of Kuala Lumpur, District of Kuala Lumpur, State of
Wilayah Persekutuan measuring approximately 26.0102 acres for a
total consideration of RM26,000,000.00 (Ringgit Malaysia Twenty
Six Million) only (the Consideration).

INFORMATION ON FBOSETAPAK

FBOSetapak is a wholly owned subsidiary of the Company and was
incorporated in Malaysia under the Companies Act, 1965, on 16
May 1984. The authorised and issued and paid up capital of
FBOSetapak is RM10,000,000.00 divided into 10,000,000 ordinary
shares of RM1.00 each.

FBOSetapak is a property development Company.

INFORMATION ON KUNTUMAS

Kuntumas was incorporated in Malaysia under the Companies Act,
1965, on 26 October 2004. The authorised capital of Kuntumas is
RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each
and the issued and paid up capital is RM500,000.00 divided into
500,000 ordinary shares of RM1.00 each.
Kuntumas is a property investment Company.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal is consistent with the on-going efforts of
the Group to reduce its borrowings.

SALIENT TERMS OF THE AGREEMENT

a. the Property free from all encumbrances

b. Kuntumas to pay a deposit of RM2,600,000.00 (Ringgit Malaysia
Two Million and Six Hundred Thousand) only upon execution of the
Agreement.

c. Balance of the Consideration of RM23,400,000.00 (Ringgit
Malaysia Twenty Three Million and Four Hundred Thousand) only
shall be paid within 90 days from the date of notification to
the Purchaser of the approval by the Foreign Investment
Committee (FIC) and the meeting/fulfillment of all Conditions
Precedents by FBOSetapak.

FINANCIAL EFFECT

The Proposed Disposal will have no material effect on the share
capital, net tangible assets for the year ending 31 December
2004.

APPROVAL

The Proposed Disposal is subject to the following conditions
precedent:

a. the procurement of the FIC by Kuntumas by One Hundred and
Twenty (120) days from date of Agreement; and

b. any other relevant authorities.
No shareholders approval is required however an information
circular in respect of the Proposed Disposal will be despatched
to shareholders in due course.

INTEREST OF DIRECTORS', SUBSTANTIAL SHAREHOLDERS' AND CONNECTED
PERSON

None of the Directors and Substantial Shareholders, persons
connected to the Directors or Substantial Shareholders of the
Company and its subsidiaries or persons connected thereto have
any interest, direct or indirect in the Proposed Disposal.

DIRECTORS' RECOMMENDATION

The Directors of the Company are of the opinion that the
Proposed Disposal is in the best interest of the Group.

DOCUMENTS FOR INSPECTION

The Agreement will be made available for inspection during
normal office hours from Monday to Friday at the registered
office of the Company at No. 70-2, Tingkat 2 (Room A), Wisma
Mahamewah, Jalan Sungai Besi, 57100 Kuala Lumpur.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur, KUALA LUMPUR 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


INNOVEST BERHAD: Regularization Plan Unchanged
----------------------------------------------
Innovest Berhad announced the status of its plan to regularize
its financial position (Proposed Restructuring Scheme) in
compliance with Practice Note No. 4/2001 and Practice Note No.
10/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad.

The Company has on 1 December 2004, made an application to the
High Court of Malaya under Section 176 of the Companies Act,
1965 for an order to convene a scheme meeting of the
shareholders to consider, and if thought fit, to approve the
proposed composite scheme of arrangement with the members of
Innovest.

Save as disclosed, there are no major changes to the plan to
regularize the financial position of the Company.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
MALAYSIA
Phone: +60 3 2093 3373
Fax: +60 3 2094 3733

This announcement is dated 1 December 2004.


K.P. KENINGAU: Unveils Audited Financial Statements
---------------------------------------------------
The Board of Directors of K.P. Keningau Berhad disclosed to the
Bursa Malaysia Securities Berhad its audited financial
statements for the year ended 31 July 2004.

A) Explanations on variances in Interim Results and Final
Audited Results

K.P.Keningau Bhd's group results as per the Audited Financial
Statements (Financial Statements) for the financial year ended
31 July 2004 recorded as net loss of RM57.913 million as
compared to a net loss of RM36.639 million as per the Interim
Results Announcement made on 22 September 2004. The difference
between the interim results as reported and the audited
financial statements amounting to RM21.274 million comprise of
the followings:

1. Additional doubtful debts of RM18.6 million were provided in
the Financial Statements.

The slowing down of the global economy in the past years and
frequent changes of regulatory policy have placed the timber
logs suppliers in an adverse market scenario and under poor
timber operating conditions. The unexpected difficult operating
conditions have caused the debtors' inability to fulfill and
discharge their supplies obligations as agreed. The Group had
failed to recover the debts despite numerous efforts made, and
further recovery actions made more difficult on account of the
Group being in a PN4 situation. The Board of Directors, at the
advice of the Auditors therefore, considered it prudent to make
this provision in the accounts.

2. Additional impairment losses and write-off of property, plant
and equipment of RM2.9 million; and

3. Reversal of deferred taxation of RM0.688 million, and the
remaining difference being accruals of additional expenses for
the current financial year under review.

B) Auditors Report on Financial Statements for Year ended 31
July 2004

The Auditors in their Audit Report for the Audited Financial
Statements for the year ended 31 July 2004, have qualified their
report, arising from substantial doubt about the Group and the
Company's ability as a going concern, tabled as follows:

As stated in notes to the accounts, the Financial Statements
have been prepared under the going concern assumption. This is
notwithstanding the following factors disclosed namely:

1) The Group and Company had deficits in shareholders' equity as
at 31 July 2004 amounting to RM26.3 million and RM10.3 million
respectively;

2) Current liabilities exceeded current assets by RM38.6 million
for the Group, and RM10.5 million for the Company as at 31 July
2004;

3) The Group and Company have been unable to service their loan
obligations and defaulted in repayments of bank borrowings
totaling RM37.2 million and RM6.8 million respectively; resulted
in total recall of all loans extended to the Group and Company;

4) The Company has been declared as an affected issuer under
PN1/2001 and PN4/2001 of the listing requirements of Bursa
Malaysia.

Due to the significance of the factors described above and of
amounts involved, the Auditors have not been able to satisfy
themselves as to the appropriateness of the going concern
assumption used in the preparation of the financial statements.

However, all recorded assets amounts have been written down to
their approximate realizable values. Also, all material known
liabilities and provisions have been recognized except for
provision for any additional expenses that may be required to be
made should the financial statements be prepared on the
realization basis.

Except for the effects of such adjustments to recognize
provision for additional expenses that may be required to be
made, should the financial statements be prepared on the
realization basis, and the effects of reclassifications of
assets and liabilities, in their opinion, the financial
statements have been properly drawn up:

(i) so as to give a true and fair view of the matters required
by Section 169 of the Companies Act, 1965 to be dealt with in
the financial statements of the Group
and of the Company;

(ii) in accordance with the provisions of the Act so as to give
a true and fair view of the state of affairs of the Group and of
the Company at 31 July 2004 and of their results and cash flows
for the year ended on that date;

(iii) in accordance with applicable approved accounting
standards.

In other respects, in their opinion, the accounting and other
records and registers required, to be kept by the Company and
subsidiary companies have been properly kept in accordance with
the provisions of the Act.

The Audit Reports on the financial statements of 3 subsidiary
companies were also subject to qualifications arising from
substantial doubt about the ability of these subsidiaries to
continue as going concerns.

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 1 December 2004.


NALURI BERHAD: Enters Tenancy Agreement With KMSB
-------------------------------------------------
Naluri Berhad has on 1 December 2004 entered into a tenancy
agreement (Tenancy Agreement) and a Deed of Assignment (DOA)
with Kelana Megah Sdn Bhd (KMSB) and in connection therewith
executed a Power of Attorney in favor of KMSB (KMSB PA). As per
the terms of the KMSB SPA, the Duty Free Complex will be leased
back to KMSB upon completion of the SHB Property Acquisition.

The salient terms of the Tenancy Agreement are as follows:

(a) Duration and rental payable

Naluri shall let to KMSB the Duty Free Complex for a period of
three (3) terms of three (3) years each and a final term of one
(1) year (with automatic renewal for each term except for the
final term) at an annual rental of RM10 million for the first
term of three (3) years and for subsequent terms, the rental to
be payable shall be increased by 10% from the previous term or
based on the prevailing market rate, whichever is higher
(hereinafter referred to as (the Rent). The Rent shall be
payable quarterly in advance to Naluri in the following manner:

(i) Within sixty (60) days from the completion of the Exercises,
KMSB shall pay the security deposit of RM2.5 million and a
further sum of RM2.5 million as advance rental for the first
three (3) months of the tenancy; and
(ii) Thereafter and for the remaining period of the first term
of the tenancy, KMSB will pay quarterly in advance rental in the
sum of RM2.5 million and each payment is to be paid within the
first seven (7) days of the first month of each quarter. For the
subsequent two terms of the tenancy, KMSB shall pay the rental
on or before the 7th day of each month.

(b) Assignment and sub-letting

(i) KMSB is permitted to sub-let the Duty Free Complex or any
part thereof to store/shop operators for periods not exceeding
the above term (hereinafter referred to as "the sub-tenant) and
to determine the terms of any tenancy agreements to be entered
into between KMSB and any sub-tenants provided always that KMSB
shall make it a term of the sub-tenancy agreement that the
subsequent sub-tenant shall be bound to pay the rental directly
to Naluri in place of KMSB according to the sub-tenancy
agreement upon written notice being served by Naluri on the sub-
tenant without prejudice to its rights under the Tenancy
Agreement and provided however that such collection of rent and
other moneys as aforesaid shall not be deemed to be an
acceptance by Naluri of any such person or persons as tenants or
occupiers of the Duty Free Complex or any part thereof;

(ii) KMSB shall cause its sub-tenants at all times to comply
with all conditions and covenants of the Tenancy Agreement where
it may be applicable to them and shall not do or omit or suffer
to be done or omitted any act matter or thing in on or in
respect of the Duty Free Complex or part thereof, which
contravenes any provisions of any laws now or hereafter
affecting the same. KMSB shall at all times hereafter, indemnify
and keep indemnified Naluri against all actions, proceeding,
costs, expenses, claims and demands whatsoever in respect of any
such act matter or thing done or omitted to be done in
contravention of any of the said provisions; and

(iii) KMSB shall furnish to Naluri a stamped copy of the sub-
tenancy agreements entered into with its sub-tenants within
thirty (30) days of its execution.

(c) Power of Attorney

Pursuant to the terms of the Tenancy Agreement:

(i) Naluri has granted to KMSB a Power of Attorney authorizing
KMSB to, inter alia, collect rent and exercise all the rights
and entitlements pursuant to any sub-tenancies subsisting in
respect of the Duty Free Complex as at the date of the Tenancy
Agreement. The KMSB PA may be revoked by Naluri in any one or
more of the circumstances specified in Section 2.05(a)(II) of
the Tenancy Agreement including the occurrence of an event of
default resulting in the termination of the Tenancy Agreement;
and

(ii) KMSB has executed an irrevocable and unconditional Power of
Attorney (Naluri PA) in favour of Naluri authorising Naluri to,
inter alia, collect rent and exercise all of KMSB's rights and
entitlements under and pursuant to all sub-tenancies entered
into in the future and to execute an assignment of all KMSB's
rights and entitlements under and pursuant to all such sub-
tenancy agreements in any one or more of the circumstances
stated in Section 2.05(a)(II) of the Tenancy Agreement. The
powers under the Naluri PA may only be exercised by Naluri in
the event of the occurrence of any of the circumstances
specified in Section 2.05(a)(II) of the Tenancy Agreement and
provided that Naluri shall have first given written notice to
KMSB of KMSB's breach and KMSB shall have failed to remedy such
breach within 30 days of its receipt of such notice.

The Tenancy Agreement, DOA, KMSB PA and Naluri PA are available
for inspection at the registered office of Naluri at 8th Floor,
Menara TR, 161B Jalan Ampang, 50450 Kuala Lumpur.

HEREINAFTER, THE ABOVEMENTIONED EXERCISES SHALL BE COLLECTIVELY
REFERRED TO AS "EXERCISES"

(I) Capital restructuring comprising a capital repayment, share
premium account utilisation And Share Premium Set-Off (Naluri
Capital Restructuring Scheme)

(Ii) Subscription of new ordinary shares of RM1.00 each in
Sriwani Holdings Berhad (Shb) and certain new Irredeemable
Convertible Preference Shares known as ICPS-A (SHB Subscription)

(Iii) Acquisition of certain ordinary shares of RM1.00 each in
SHB (Shb Shares) and certain irredeemable convertible preference
shares of RM0.10 each in SHB from certain financial
institutions, certain trade creditors of SHB And Malaysia
Airports (Sepang) Sdn Bhd (Shb Securities Acquisition)

(Iv) Acquisition of certain properties from certain subsidiaries
of SHB (Shb Property Acquisition)

(V) Acquisition by Naluri of 100% equity interest in united
industries sdn bhd (uisb), 100% effective equity interest in
United Vehicle Industries Sdn Bhd (UVISB), 92.772% Effective
equity interest in United Filter Sdn Bhd (Ufsb) and 70% equity
interest in United Sanoh Industries Sdn Bhd (Usisb) (UI Group
Acquisition)

CONTACT:

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


OCEAN CAPITAL: To Complete Investigative Audit
----------------------------------------------
Ocean Capital Berhad announced that an application for an
extension of time for the completion of the investigative audit
has been made to the Securities Commission (SC) for a period of
six (6) months from 16 December 2004 to 15 June 2005 in order
for Messrs BDO Binder to complete and submit the investigative
audit report to the commission.

CONTACT:

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

This announcement is dated 1 December 2004.


OLYMPIA INDUSTRIES: Releases Restructuring Status
-------------------------------------------------
Olympia Industries Berhad (OIB) announced that under the
Petition No. D8-26-32-2004, in the matter of an application to
approve the Proposed Capital Reduction and Proposed Capital
Consolidation and the Proposed Share Premium Account Reduction
pursuant to section 64 of the Companies Act, 1965.

The High Court of Malaya at Kuala Lumpur on 30 November 2004,
had sanctioned and confirmed the Proposed Capital Reduction,
Proposed Capital Consolidation and Proposed Share Premium
Account Reduction under the Proposed Restructuring Scheme of the
Company as contained in the Circular to Shareholders dated 29
September 2003 which had been duly approved by the shareholders
of the Company on 30 October 2003.

Save as above, there is no major development to the Proposed
Restructuring Scheme of OIB.

c.c. Securities Commission

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 1 December 2004.


OMEGA HOLDINGS: Aims to Regularize Financial Condition
------------------------------------------------------
Omega Holdings Berhad has filed an application by way of
originating summons to the High Court of Malaya to rectify the
Register of Shareholders of Energro Berhad, which would result
in the consequential rectification of the Register of
Shareholders of Omega.

The Company added that there have been no material developments
in respect of the Company's plan to regularize its financial
position pursuant to the Practice Note 4/2001 of the Bursa
Malaysia Securities Berhad.

CONTACT:

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

This announcement is dated 1 December 2004.


PAN PACIFIC: In Talks With Creditors
------------------------------------
Pan Pacific Asia Berhad disclosed its monthly status pursuant to
the Practice Note 4/2001 of the Bursa Malaysia Securities
Berhad.

The Board of Directors of Pan Pacific announced that the Company
through its advisor has met the lenders and is awaiting an
agreement in principle from the lenders.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Phone: 03-77278168
Fax: 03-77271622


PARK MAY: Releases Debt Restructuring Scheme
--------------------------------------------
In line with the Practice Note No. 4/2001 (PN4) of the Bursa
Malaysia Securities Behad, Park May Berhad announced that it is
currently in the midst of preparing the Explanatory Statement /
Circular to be dispatched to the shareholders of the Company for
the purposes of the Company's plan to regularize the Park May
group of companies' financial position (Proposed Restructuring
Scheme).

The Company had obtained a direction from the High Court of
Malaya on 9 November 2004 for Park May to hold a Court convened
meeting of its shareholders for the purposes of considering and,
if thought fit, approving with or without modification a
proposed shareholders' scheme, which forms an integral part of
the Proposed Restructuring Scheme, pursuant to Section 176 (1)
of the Companies Act, 1965 by 31 January 2005.

CONTACT:

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

This announcement is dated 1 December 2004.


REKAPACIFIC BERHAD: Posts Restructuring Scheme Update
-----------------------------------------------------
Pursuant to the Practice Note 4/2001 issued in relation to
paragraph 8.14 of the listing requirements of the Bursa Malaysia
Securities Berhad, RekaPacific Berhad announced that there is no
change in the status of the Restructuring Proposal as the
Company's listed status remains uncertain.

CONTACT:

RekaPacific Berhad
77-1 Jl Setiabakti Bukit Damansara
Kuala Lumpur, 50490
MALAYSIA
Phone: +60 3 2094 2260
Fax: +60 3 2094 2335


SRIWANI HOLDINGS: Details Regularization Plan
---------------------------------------------
In compliance with the requirements of Paragraph 4.1 (b) of the
Practice Note 4/2001 (PN4), Sriwani Holdings Berhad announced
the following development since the last announcement on 1
November 2004 pertaining to its plan to regularize its financial
condition.

The books closure date for the capital reduction and
consolidation exercise and rights issue of SHB, which are being
implemented as part of the restructuring plan of SHB to
regularize its financial condition, took place on 30 November
2004.

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 1 December 2004.


SRIWANI HOLDINGS: Details Leaseback Agreement
---------------------------------------------
Sriwani Holdings Berhad announced that the tenancy agreement
(Tenancy Agreement) and two unit documents, namely the Deed of
Assignment (DOA) and Power of Attorney (PA) between Kelana Megah
Sdn Bhd, a 85.3%-owned subsidiary of SHB, and Naluri Berhad in
respect of the leaseback of the duty free complex comprising a
7-level podium block (accommodating a 4-level shopping complex
with a basement floor, 3-level hotel facilities and 6-level
carpark) and a 9-level hotel tower block together with the
reclaimed land comprising a 3-level customs and immigration cum
office complex, jetty, a floating restaurant bay cum kitchen and
free standing customs and immigration checkpoint, has come into
effect on 1 December 2004. (Proposed Leaseback Arrangement).

The Tenancy Agreement together with the DOA and PA encompasses
the salient terms, conditions and arrangements of the Proposed
Leaseback Arrangement, which were set out in the circular to
shareholders dated 27 August 2004 and for which shareholders of
SHB had approved at the extraordinary general meeting held on 21
September 2004.

The Tenancy Agreement, DOA and PA are available for inspection
at the Registered Office of SHB at 418, Chulia Street, 10200
Pulau Pinang during normal office hours from Monday to Friday
(except on public holidays).

This announcement is dated 1 December 2004.


TRU-TECH HOLDINGS: Updates Regularization Development
-----------------------------------------------------
Further to the Requisite Announcement dated 10 November 2004,
Tru-Tech Holdings Berhad announced that there has been no
material development in respect of the Company's plan to
regularize its financial position.

The Company is in the midst of finalizing the details of the
submission to the Securities Commission and other relevant
authorities in due course.

CONTACT:

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

This announcement is dated 1 December 2004.


UNITED CHEMICAL: To Release Summary of Audit Report
---------------------------------------------------
United Chemical Industries Berhad (UCI) announced that Messrs
AljeffriDean & Co. had on 24 November 2004 submitted the
Investigative Audit Report on its past losses to the Securities
Commission. The Company will announce the summary of the audit
findings set out in the report in due course.

Save for the above, there is no other major development to the
Proposed Restructuring of UCI.

CONTACT:

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

This announcement is dated 1 December 2004.


WEMBLEY INDUSTRIES: Unveils Amended Quarterly Report
----------------------------------------------------
Wembley Industries Holdings Berhad released its amended
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        -43,018       -39,154

3  Profit/(loss) after tax and minority interest
         -14,426       -13,205       -43,018       -39,154

4  Net profit/(loss) for the period
          -14,426      -13,205       -43,018       -39,154

5  Basic earnings/(loss) per shares (sen)
            -9.99        -9.14        -29.78       -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_wembley120204.xls

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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


BANK OF SAN ANTONIO: Issues Notice To Creditors
-----------------------------------------------
Please take notice that on October 28, 2004, Regional Trial
Court of Gapan City, Branch 34, approved the Project of
Distribution of the Assets of Rural Bank of San Antonio (Nueva
Ecija), Inc.

Check payments for approved claims will be released starting on
December 13, 2004 from Monday to Friday, 8:00 a.m. to 5:00 p.m.
at the Claims Settlement Department, 6th Floor, SSS Building,
corner Herrera and Ayala Avenue, Makati City.

For inquiries and assistance, creditors/claimants may contact
Ms. Thelma M. Tabugader at Telephone No. 841-4778.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


COLLEGE ASSURANCE: Prospective Investor Pulls Out
-------------------------------------------------
College Assurance Plan Philippines Inc. is in talks with a new
group of foreign investors as talks with Worthing Investments, a
New York-based fund manager, had collapsed, the Philippine Star
reports.

The Securities and Exchange Commission (SEC) said on Thursday
that the foreign fund manager had backed out of a deal that
would have allowed it to acquire four board seats in the pre-
need firm in exchange for the infusion of US$227 million in loan
and equity.

Nevertheless, CAP is now holding talks with another group of
foreign investors to infuse the needed capital to jack up its
trust fund, SEC Chairman Fe B. Barin said.

CAP is undertaking an asset build-up program to match the
anticipated deficiency in its trust fund with the growth of its
assets.

According to a previous TCR-AP report, CAP reported a PhP17-
billion deficiency in its trust assets as of end-2003. During
the period, CAP had PhP8.4 billion in trust assets, compared
with an actuarial reserve liability, or projected future
obligations, of PhP25.5 billion.

CONTACT:

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


EVER DEVELOPMENT: Issues Notice To Depositors
---------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) started its
operations for the servicing of claims for insured deposits in
the closed Ever Development Bank (EDB) on 1 December 2004.

Depositors are requested to proceed directly to the premises of
the closed EDB, the designated payoff site. PDIC representatives
are stationed at the premises of the closed bank from December 1
to 9, 2004 to accept claims and entertain queries of depositors
during office hours Monday to Friday.

After the said date, all depositors can file their claims
personally at the PDIC Claims Counter, 6th Floor, SSS BLDG,
Ayala Avenue corner V.A. Rufino St., Makati City from Monday to
Friday, 8 A.M. to 5 P.M. or by mail to:

The Officer-In-Charge
Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City

Depositors are advised to present the following requirements to
the PDIC representatives when filing their claims:

a. Original evidence of deposit such as Savings Passbook and/or
Certificate of Time Deposit.

b. Two (2) latest identification cards/documents (IDs) with
depositor's signature.

Other documents maybe required by the PDIC representatives in
the course of their processing of claims filed.

Pursuant to the provision of R.A. 3591, as amended by R.A. 9302,
the prescriptive date (last day) for filing claims for insured
deposits in the closed Ever Development Bank is November 25,
2006.  After November 25, 2006, PDIC as insurer shall no longer
accept any claim for insured deposits maintained with the said
closed bank.


NATIONAL POWER: YNN Wins Masinloc for US$562-Mln
------------------------------------------------
YNN Pacific Consortium Inc. of Australia has won the bidding for
the National Power Corporation's Masinloc power plant with an
offer of US$561.74 million (P31.5 billion), the Malaya reports,
citing Energy Secretary Vincent Perez.

Masinloc, the 600-megawatt coal power plant in Zambales, is the
first large power plant to be bid out by the government's power
privatization arm, the Power Sector Assets and Liabilities
Management Corporation (PSALM).

Finance Secretary and PSALM Board Chairperson Juanita Amatong,
said she has high hopes that the National Power Corporation will
make a financial turn around soon with the help of proceeds from
the sale of power assets.

CONTACT:

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


NEGROS NAVIGATION: Intends to Acquire Remaining Shares
------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Metro Pacific
Corporation (The Bidder) intends to acquire 100% of the fully
diluted share capital of Negros Navigation Co. Inc.

As of the date hereof, the Bidder owns 2,940,798,748 shares or
97.19% of the outstanding capital stock of the Company.

The Bidder intends to acquire the remaining 2.81% of the fully
diluted share capital of the Subject Company or 84.934,375
common shares (The Subject Shares) from the owners thereof. The
Tender Offer is being made in compliance with the requirements
for delisting of the Subject Company and is subject to the Terms
of the Tender Offer. The Subject Shares to be tendered are
intended to be crossed on the Philippine Stock Exchange (PSE) on
November 30, 2004 subject to the approval by the PSE.

The tender Offer was terminated last November 18, 2004.

The number of shares, which the Bidder intended to acquire under
the Terms of the Tender Offer was 84,934,375. The number of
shares actually tendered was 53,541,317, representing 63.04% of
the Subject Shares or 1.77% of the total outstanding capital
stock of the Subject Company (the "Tendered Subject Shares) all
of which have been accepted for payment by the Bidder. Payment
is to be effected on December 3, 2004 in accordance with the
Terms of the Tender Offer.

As a result of the Tender Offer and after the Tender Subject
Shares shall have been crossed with the PSE on November 30, 2004
in accordance with the Terms of the Tender Offer, the Bidder's
shareholding in the Subject Company will increase to
2,994,340,065 common shares, representing 98.96% of the
outstanding capital stock of the Subject Company.

Negros Navigation Co. Inc.
Willard G. Mosquito
Compliance Officer
30 November 2004

CONTACT:

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


PHILIPPINE AIRLINES: Turns Around with Php1.44-Bln Earnings
-----------------------------------------------------------
After a series of crisis pushed it to the brink of liquidation
in 1999, Philippine Airlines has turned around under a
rehabilitation scheme, the Philippine Star reports.

The airline posted earnings of Php1.44 billion for the period
March to September this year versus the Php1.09 billion loss
registered in the previous year. The deficit was caused mainly
by the fallout from the September 11 U.S. terror attacks in the
U.S. in 2001.

In the second quarter of its fiscal year, PAL incurred a net
income of Php204.1 million compared with a net loss of Php383.8
million a year earlier. PAL's fiscal year begins April 1 and
ends March 31 the following year.

Under its approved rehabilitation plan, PAL had to scale down
its manpower, reduce the number of operating divisions into
three: commercial group, finance and operations, and cut down
its international routes mainly only those with the highest load
factors.

The airline also reduced its fleet from 56 aircraft to 22. At
present, the carrier has a total of 30 aircraft and expects to
buy 13 new ones to replace the old Boeing planes whose lease
will be expiring later this year and next year.

CONTACT:

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


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


CAPITALAND LIMITED: Officially Launches Athenee Residence
---------------------------------------------------------
Capitaland Limited, in behalf of TCC Capital Land, issued a
press release on the official launching of Athenee Residence in
Bangkok.

TCC Capital Land officially launched Athenee Residence in
Bangkok Singapore, 1 December 2004 - CapitaLand's joint venture
in Thailand with TCC Land, TCC Capital Land, will officially
launch its first luxury residential project, Athenee Residence,
on the evening of December 1 in a gala event in the country's
capital, Bangkok.

TCC Capital Land, formed in September 2003 to invest, develop
and manage properties in the residential, office and retail
sectors in Thailand. The event launched the 219-unit freehold
condominium, which is targeted at the high-end homebuyer market.

More than 80 units have already been booked prior to the
official launch. The units are being sold at an average price of
THB105,000 (SG$4,200) per square meter.

Said Khun Charoen, Chairman of TCC Group and TCC Capital Land,
"Athenee Residence is located at the prestigious address of
Wireless Road, Bangkok's "embassy row" and adjacent to the 5-
star Plaza Athenee Hotel. Given the excellent location and the
top quality of the project, we are delighted that our first
joint venture housing has received positive response. Most of
our initial buyers are from Thailand's high-end homebuyer
society. With TCC Group's experience in the Thai property market
and CapitaLand's expertise in international real estate, we are
confident of continuing to build homes that are distinctive and
appealing to our target groups."

Mr. Liew Mun Leong, Vice Chairman of TCC Capital Land and
President & CEO of CapitaLand Group, said, "We are very pleased
to have launched our maiden residential project in Bangkok, of
which more than 80 of the 219 units have been booked even before
the launch. It augurs well for the future of our joint venture
with TCC Land. We have plans for another five more development
projects in 2005. Together, we will replicate in Thailand the
high quality of our projects found in other gateway cities, such
as in Shanghai and Beijing in China, Sydney and Melbourne in
Australia, and London in the United Kingdom."

Mr. Chen Lian Pang, CEO of TCC Capital Land, said, "Homebuyers
for the property will enjoy convenient access via Wireless Road
and Soi Ruam Rudee, and the Ploenchit Sky Train station, which
is a two-minute walk away. In designing Athenee Residence, we
have taken into consideration the increasingly sophisticated
needs of our target customers, who are most likely educated
overseas, well travelled and appreciate the finer things in
life. The favorable response we have received thus far is very
encouraging."

Buyers have a choice of two- to four-bedroom unit types, with
sizes ranging from 94 square meters to 294 square meters. The
40-storey condominium, which will be built on a site area of
approximately 6,700 square meters, offers a full range of
recreational facilities, including a swimming pool, a clubhouse
and a gymnasium. While all units will have Broadband Internet
connection, the pool and lobby areas will also boast Wi-Fi
connection.

The development is designed by Architects 49 (A49), an award
winning Thai firm, while the fa?ade is designed by New York-
based architect BBG-BBGM (Brennan Beer Gorman - Brennan Beer
Gorman Monk). The landscaping consultant is renowned multi-award
winning landscape architect, Bill Bensley, whose innovative
garden creations include the lush landscaping for resorts like
Bali Hyatt, Anantara Resort, Regent Chiang Mai and Rajvillas -
Jaipur.

About TCC Capital Land

TCC Capital Land, a joint venture Company formed in September
2003 by CapitaLand and TCC Land, will invest, develop and manage
properties in the residential, office and retail sectors in
Thailand. CapitaLand holds a 40 per cent stake in the joint
venture Company, while the remaining 60 per cent stake is held
by TCC Land.

About TCC Land

TCC Land is the property arm of the TCC group of companies, one
of Thailand's largest business conglomerates with a large
portfolio of land bank and commercial properties, and also owns
hospitality, conventions and leisure related properties in
Thailand. TCC Group's portfolio of properties includes prime
developments like North Park with the prestigious Rajpruek Golf
and Sports Club; Empire Tower which is the single largest
commercial building in Thailand; and Pantip Plaza, the highly
successful IT mall in Bangkok. The Group also manages 13 hotels
through its Imperial Hotel chain.

About CapitaLand

CapitaLand is one of the largest listed property companies in
Asia. Headquartered in Singapore, the multinational Company's
core businesses in property, hospitality, property services and
real estate financial services are focused in key cities in
Asia, Australia, Europe and the Americas.

The Company's property and hospitality portfolio spans more than
75 cities around the world. CapitaLand also leverages on its
significant real estate asset base and market knowledge to
develop fee-based products and services in Singapore and the
region.

The listed subsidiaries and associates of CapitaLand include
Raffles Holdings, The Ascott Group, CapitaMall Trust,
CapitaCommercial Trust and Australand Property Group, which is
listed both in Singapore and Australia. For more information on
CapitaLand, please visit www.capitaland.com.sg

Issued by CapitaLand Limited; 1 December 2004

For media enquiries, please contact:
In Bangkok:
Julie Ong
Mobile: +65 97340122
Email: julie.ong@capitaland.com.sg

In Singapore:
Mok Lai Siong
DID: +65 68233543
Email: mok.laisiong@capitaland.com.sg

For analyst enquiries, please contact:
Harold Woo
DID: +65 68233210
Email: harold.woo@capitaland.com.sg

FACTSHEET: ATHENEE RESIDENCE
Owner & Developer: TCC Capital Land Limited

Project Location: Wireless Rd., Pathumwan, Bangkok 10330

Architect: Architects 49 (A49)

Fa?ade Designer: BBG-BBGM
(Brennan Beer Gorman - Brennan Beer Gorman Monk)

Landscape Designer: Bensley Design Studios

Total Project Area: 4-0-95.2 Rai (6,700 square metres)

Residential: 40 Storeys, 219 units

Parking: 552 car park lots

Facilities: Concierge Counter, Private Lobby, Children

Playground, Library, Car parking
            BBQ and Pool Party Area, Multi Purpose Room,

Aerobics Room, Massage and Jacuzzi Sala, Sauna, Steam Room,
Fitness, Swimming Pool (Deep Pool and Child Pool), Separate
Male/Female Restrooms, Changing Rooms, Shower Rooms, Reflective
Ponds, Landscape & Garden, Games Room

Broadband Internet, UBC (ready to plug-in), Wi-Fi (in lobby and
pool area)

Construction start: December 2004

Construction Completion: December 2007

Submitted by:
Tan Wah Nam
Company Secretary


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


CAPETRONIC INTERNATIONAL: Unveils Meeting Resolution
----------------------------------------------------
Capetronic International (Thailand) Public Company Limited
advised the Stock Exchange of Thailand (SET) that during the
Board of Directors' Meeting No 9/2004 held on November 29, 2004
between 10:00 a.m. to 12:00 a.m. it has resolved:

(1) To confirm the Minutes of Board of Directors' Meeting No.
8/2004 held on October 19, 2004;

(2) To approve the Financial Statements for first quarter ended
March 31, 2004 and second quarter ended June 30, 2004.

Please be informed accordingly.
Yours sincerely,
(Mr. Pathrlap Davivongsa)
Director

CONTACT:

Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4


M.D.X.: SET Suspends Trading of Securities
------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of M.D.X. Pcl. (MDX) because there is news which stated
that the Securities and Exchange Commission (SEC.) has charged
with the MDX's director as the director of BSI that might affect
trading of its securities.

Now, MDX has completely clarified or disclosed the relevant
material information, which has been broadly disseminated
through the SET's disclosure systems.

Thus, the SET lifted H of MDX securities from afternoon trading
session of December 2,2004 onwards.

The SET has still suspended trading on the securities of MDX in
view of the fact that the Company must prepare a rehabilitation
plan.

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


T.C.J. ASIA: Issues Additional Info on Investment in Toyo
---------------------------------------------------------
T.C.J. Asia Public Company Limited (TCJ) reported to the Stock
Exchange of Thailand (SET) the additional information of
Investment in Toyo Millennium Co. Ltd. (Toyo) as follows:

(1) T.C.J. Asia Public Company Limited (TCJ) would like to
confirm that TCJ, TCJ's Executive, TCJ's Major Shareholders and
Toyo Millennium Co. Ltd. (Toyo), Toyo's Executive, Toyo's Major
Shareholders are not the connected persons as described in the
Notification of The Stock Exchange of Thailand.

(2) After investment in Toyo, the board of directors of Toyo
will be changed as follows;

Toyo's board of directors consists of:

(1) Ms. Srivilai Chatjuthamard, President
(2) Ms. Ananya Chatjuthamard, Director
(3) Mr. Suradej Sarntivoratham, Managing Director
(4) Mr. Bornpol Jintawutiphong, Director

The names of directors who are authorized to sign on behalf of
the Company:

Ms. Srivilai Chatjuthamard or Ms. Ananya Chatjuthamard will sign
jointly with Mr.Suradej Sarntivoratham or Mr.Bornpol
Jintawutiphong with the Company's seal.

(3) Toyo's Quarter 3 Reviewed Financial Statement ended
September 30, 2004 reviewed by Miss Susan Eiamvanicha, CPA
register No.4306 of Sam Nak- Ngan A.M.C. Co.,Ltd. as follows:

Unit: Baht

3-month periods ended    9-month periods ended
September 30, 2004       September 30, 2004

Total Assets

851,904,967.80           851,904,967.80

Total Liabilities

519,144,005.54           519,144,005.54

Shareholders' equity

332,760,962.26           332,760,962.26

Revenues

47,613,267.01           167,336,139.64

Net Profit

1,518,288.32            7,704,120.80

Earnings per share

0.51                    2.90

TCJ has enclosed the Affidavit with the new directors' list of
Shareholders and new Articles of Association, amendment of
connected transaction or the transaction in relation to
acquisition or the disposal of assets as described in the Stock
Exchange of Thailand Regulations.

Please be informed accordingly.

Yours faithfully,
Srivilai Chatjuthamard
Plan Administrator

CONTACT:

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



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

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

  CHINA & HONG KONG
  -----------------

Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16

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

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

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

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

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

  THAILAND
  --------

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***