TCRAP_Public/041207.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

             Tuesday, December 7, 2004, Vol. 7, No. 242

                            Headlines

A U S T R A L I A

BLUE SEA: Court Issues Winding Up Order
CAMPERDOWN COMMERCIAL: To Declare Final Dividend on December 14
CLEARTECH TRADING: Final Meeting Set December 10
COASTWIDE LANDSCAPING: Final Meeting Slated for December 10
COLONIAL UNITED: To Undergo Winding Up Proceedings

ENTERAM PTY: Joint Meeting Set December 10
GANNON ESP: Members Resolve to Wind Up Voluntarily
GL & DH: To Declare Final Dividend Today
GOLDBOUND SHOP: To Hold Final Meeting on December 10
JAMES HARDIE: Faces Investigation by ACCC

JOYCE CORPORATION: PacBrands May Buy Operations for AU$35 Mln
LONHRO DEVELOPMENTS: Receivers and Managers Appointed
MCE GROUP: Placed Under Voluntary Winding Up
MITSUBISHI AUSTRALIA: Works to Win Back Customers
NATIONAL AUSTRALIA: Close to Deal for Irish Operations

PILOT DEVELOPMENT: Court Appoints Steven Nicols as Liquidator
PRIMELIFE CORPORATION: Posts Notice of Discontinuance
ROCK FORWARD: Supreme Court Issues Winding Up Order
SECURITY SCREEN.COM: Sets December 10 as Date of Final Meeting
S-MOST CARPENTRY: Court Issues Winding Up Order


C H I N A  &  H O N G  K O N G

ENGLONG INTERNATIONAL: Creditors to Prove Claims by December 20
HANG FUNG: Court Issues Winding Up Petition
HOMEFIELD INTERNATIONAL: Issues Notice of Intended Dividend
PRICESMART CHINA: Offshore Firms Agree to Take Over Stores
VINCENT OFFICE: Annual Meeting Set Dec. 22

WAH HIP: To Hold First Meeting January 4
* Big Four Banks' IPO May Face Delay


I N D O N E S I A

BANK MANDIRI: Forecasts 20% Lending Growth in 2005
BANK PERMATA: Government to Sell 20% Stake This Week
DIRGANTARA INDONESIA: Delivers CN-235 to Pakistan Air Force
SEMEN GRESIK: Union Asks Government to Keep 51% Stake


J A P A N

MATSUSHITA ELECTRIC: Seeking to Buy Back 150 Mln Shares
MITSUBISHI MOTORS: To Unveil All-New Model Vehicles
MITSUBISHI MOTORS: Nissan Denies Talks on Broad Alliance
SAPPOROBEIKAIHATSU K.K.: Enters Bankruptcy
SEIBU GROUP: Mulls End of U.S. Business

SOJITZ HOLDINGS: Files Shelf Registration at MOF
TAKENAKA KOGYO: Declared Bankrupt


K O R E A

KOLON INDUSTRIES: Offers Honorary Retirement
KOOKMIN BANK: Chief Proposes Cost Cutting Measures


M A L A Y S I A

AOKAM PERDANA: AGM Set for December 31
AOKAM PERDANA: Unveils Monthly Update On Practice Notice 1/2001
CONSOLIDATED FARMS: Issues Monthly Status Update
KSU HOLDINGS: Financial Condition Unchanged
MECHMAR CORPORATION: Updates Default Status

MERCES HOLDINGS: Releases Default Status Update
NAIM INDAH: Lists Additional Shares
PILECON ENGINEERING: Releases Default Status Update
SATERAS RESOURCES: Reschedules Court Hearing to January 28
SETEGAP BERHAD: Discloses FY04 Unaudited Quarterly Results

SILVERSTONE CORPORATION: Mulls Disposal of 98% Interest in HRD
SRI HARTAMAS: Details Delisting of Securities
TRADEWINDS CORPORATION: Details Proposed Surrender of Lease
TRADEWINDS CORPORATION: Completes UM Land Disposal on January 5
UNITED CHEMICAL: Default Status Unchanged

WEMBLEY INDUSTRIES: Issues Practice Note 4/2001 Update


P H I L I P P I N E S

MANILA ELECTRIC: BIR Set to Rule on Tax Rebate Plea
MANILA ELECTRIC: Releases Refund Status For October 2004
MANILA ELECTRIC: Approves Open Access Scheme
METRO PACIFIC: MRO Probe Shows Signs of Insider Trading


S I N G A P O R E

BIONAX SINGAPORE: Creditors to Prove Debts by January 3
CHINA AVIATION(S): CAD Launches Probe
CHINA AVIATION(S): Seeking Temasek Bailout
CCS TRADING: Court to Hear Winding Up Petition
PANPAC MEDIA: Details Conversion of Notes

PHILLIPS SINGAPORE: Issues Notice to Creditors


T H A I L A N D

NATURAL PARK: Unveils Schedule of Par Reduction
NFC FERTILIZER: Unveils Appointment of Audit Committee
THAI ELECTRONIC: Explains Delayed Filing
* BOND PRICING: For the Week 6 December to 10 December 2004

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BLUE SEA: Court Issues Winding Up Order
---------------------------------------
On the 25th day of October 2004 the Supreme Court ordered that
the Blue Sea Trading Pty Ltd A.C.N. 104 916 010 be wound up by
the Court and appointed Pino Fiorentino to be Liquidator.

Pino Fiorentino
Official Liquidator
c/- Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2000
Telephone: 9232 6611
Facsimile: 9232 6166, DX 1208


CAMPERDOWN COMMERCIAL: To Declare Final Dividend on December 14
---------------------------------------------------------------
A first and final dividend to priority creditors is to be
declared on the 14 December 2004 for Camperdown Commercial
Kitchens Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N.
100 591 517.

Priority creditors whose debts or claims have not already been
admitted were required on 24 November 2004 to formally prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.

Dated this 25th day of October 2004

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


CLEARTECH TRADING: Final Meeting Set December 10
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Cleartech Trading Pty Ltd will be held at the offices of
Senatore Brennan Rashid, Chartered Accountants Suite 1, Level
11, 139 Macquarie Street, Sydney, NSW on Friday, 10 December
2004 at 12 noon, for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 25th day of October 2004

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Chartered Accountants
Suite 1, Level 11, 139 Macquarie Street,
Sydney NSW 2000


COASTWIDE LANDSCAPING: Final Meeting Slated for December 10
-----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Coastwide Landscaping Irrigation And Nursery Services Pty
Limited (In Liquidation) A.C.N. 082 826 435 will be held at the
offices of Senatore Brennan Rashid, Chartered Accountants Suite
1, Level 11, 139 Macquarie Street, Sydney, NSW on Friday, 10
December 2004 at 11:30 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 25th day of October 2004

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Chartered Accountants
Suite 1, Level 11, 139 Macquarie Street,
Sydney NSW 2000


COLONIAL UNITED: To Undergo Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Colonial United Real Estate Pty Limited (In
Liquidation) A.C.N. 085 776 656 held on 13 October 2004, it was
resolved that the company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Peter Paul Krejci of GHK Green Krejci Pty
Limited, Level 9, 179 Elizabeth Street, Sydney, NSW 2000, be
appointed Liquidator.

Dated this 19th day of October 2004

Peter P. Krejci
Liquidator
GHK Green Krejci Pty Limited
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


ENTERAM PTY: Joint Meeting Set December 10
------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Enteram Pty Limited (In Liquidation) A.C.N. 082 826 435 will be
held at the offices of Senatore Brennan Rashid, Chartered
Accountants Suite 1, Level 11, 139 Macquarie Street, Sydney, NSW
on Friday, 10 December 2004 at 11.00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Liquidator.

Dated this 25th day of October 2004
E.M. Senatore
Liquidator
Senatore Brennan Rashid
Chartered Accountants
Suite 1, Level 11, 139 Macquarie Street,
Sydney NSW 2000


GANNON ESP: Members Resolve to Wind Up Voluntarily
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
Gannon ESP Pty Limited (In Liquidation) A.C.N. 074 571 387 held
on 19 October 2004, it was resolved that the company be wound up
voluntarily and that for such purpose, Sule Arnautovic was
appointed Liquidator of the company.

Dated this 11th day of October 2004

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


GL & DH: To Declare Final Dividend Today
----------------------------------------
A final dividend is to be declared on the 7th of December 2004,
for GL & DH Bayes Investments Pty Limited (In Liquidation)
A.C.N. 001 752 003.

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

Dated this 2nd day of November 2004

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


GOLDBOUND SHOP: To Hold Final Meeting on December 10
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Goldbound Shop Front Pty Limited (In Liquidation) A.C.N. 101 740
827 will be held at the offices of Senatore Brennan Rashid,
Chartered Accountants Suite 1, Level 11, 139 Macquarie Street,
Sydney, NSW on Friday, 10 December 2004 at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 25th day of October 2004

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Chartered Accountants
Suite 1 Level 11, 139 Macquarie Street,
Sydney NSW 2000


JAMES HARDIE: Faces Investigation by ACCC
-----------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
commissioned a probe into James Hardie Industries and its former
actuaries, Throwbridge, reports The Australian.

The regulator will investigate into allegations that James
Hardie and Throwbridge engaged in deceptive and misleading
conduct in setting up a compensation trust for asbestos victims.

The Medical and Research Compensation Foundation was set up in
2001 with a shortfall of up to AU$2 billion to meet future
asbestos disease claims.

Legal sources suggested the ACCC could potentially mount a case
seeking to recoup the money from the company.

The ACCC refused to comment on the matter.

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


JOYCE CORPORATION: PacBrands May Buy Operations for AU$35 Mln
-------------------------------------------------------------
Less than four years after its collapse, Joyce Corporation is
ready to offload a big portion of its operations to Pacific
Brands (PacBrands) for around AU$35 million, according to The
West Australian.

The two companies admitted they were negotiating a possible sale
of Joyce's foam business to PacBrands. But they stressed that
there was no guarantee of the deal being agreed. It is believed
that an AU$30 million to AU$35 million sale could be finalized
in a matter of weeks.

Subject to a sale of PacBrands, Joyce is expected to either
reinvest the proceeds or return the cash to investors.

Joyce was forced into receivership and administration in May
2001 after falling into heavy debt and funding issues in its
agricultural chemicals division.

Asset sales and closures saw the group relist in March 2002 with
a sole focus on foam manufacturing. It now accounts for 40
percent of the national market, which is weighted towards
furniture and bedding.

The firm's core business Joyce Foam Products, which account for
almost all of the company's revenues, makes the biggest range of
polyurethane foam products in Australia from five plants for
customers in the furniture, bedding and consumer products
markets.

CONTACT:

Joyce Corporation Ltd
68 Forsyth St
Rose Bay 2029
Australia
Phone: +61 8 93374111
Fax: +61 8 93379077


LONHRO DEVELOPMENTS: Receivers and Managers Appointed
-----------------------------------------------------
Notice is hereby given that Messrs Maxwell William Prentice and
Andrew Leslie Smith of PPB, Chartered Accountants & Business
Reconstruction Specialists, Level 15, 25 Bligh Street, Sydney
NSW, were appointed Receivers and Managers of all and singular
Lonhro Developments Pty Limited A.C.N. 103 959 548 undertaking
property and all its assets whatsoever and wheresoever both
present and future including its uncalled capital on 20 October
2004 by the Commonwealth Bank of Australia pursuant to the
powers contained in a Registered Mortgage Debenture dated 24
October 2003.

Dated this 20th day of October 2004

M.W. Prentice
A.L. Smith
Receivers and Managers


MCE GROUP: Placed Under Voluntary Winding Up
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of MCE Group Pty Limited (In Liquidation) A.C.N. 067 063 870
held on 22 October 2004, it was resolved that the company be
wound up voluntarily and that, Paul William Gidley, Chartered
Accountant of Lawler Partners, Chartered Accountants, 763 Hunter
Street, Newcastle West NSW 2302 be nominated to act as
Liquidator for the purpose of the winding up.

Dated this 22nd day of October 2004

P.W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


MITSUBISHI AUSTRALIA: Works to Win Back Customers
-------------------------------------------------
Mitsubishi Motors is putting its money where its mouth is to
instill confidence among consumers, which includes launching a
new 5/10-year vehicle warranty, now the longest and most
generous offer in the industry.

Mitsubishi Motors Australia Limited (MMAL) announced that
commencing 1st December 2004, MMAL will embark on a major
corporate confidence initiative in Australia.

"We're going to peel away the layers over the next 12 months and
show Australians some of the exciting things that we are doing
at Mitsubishi," said Tom Phillips, President and CEO of MMAL.

"Over the past several months, there is no doubt that things
have been difficult. But I believe that from December 1, we will
be in a position where we can come out fighting and start the
process of returning Mitsubishi to a position of strength in the
Australian marketplace."

The company will invest in a comprehensive corporate credibility
marketing communications program, which will be underpinned by
the launch of a new extended warranty on all Mitsubishi Motors
vehicles.

Effective 1st December 2004, Mitsubishi is introducing a
standard, fully transferable 'bumper to bumper' 5 year/130,000km
warranty with a further 5 year/30,000km non-transferable drive-
train warranty extension.

The 5/10 warranty announcement, which was made as part of the
company's launch of its new 'Best-Built Best Backed Cars'
campaign to win back consumer confidence is now the best new
vehicle warranty on offer in Australia.

The 5-year /130,000km warranty will apply to all customers who
purchase a Mitsubishi vehicle retailed after 1st December, 2004
and includes original and subsequent owners during the warranty
period. Customers are required to register at participating
Mitsubishi Dealers in year 3 for the extended warranty (years 4
& 5). The ten-year / 160,000km warranty on the drive train will
apply to the original owner of the vehicle only.

The advertising campaign will operate under the banner -
'Mitsubishi - Better Built - Better Backed'. The first phase
over the next 4 months will feature a series of television and
press advertisements where Tom Phillips will explain directly to
consumers exactly why Australians can have confidence that
Mitsubishi Motors is here to stay.

The first of the press advertisements will appear on Saturday 4
December and will follow with the first of the TV spots going on
air Sunday 5 December.

The campaign will also build into the launch program for
Mitsubishi Motors' all new vehicle for launch late next year.

"We're doing this because we can,' said Tom Phillips, President
and CEO of Mitsubishi Motors Australia. 'You won't find another
car company so confident in its products and quality that it can
offer this kind of peace-of-mind package to customers."

"We now have the best-built and best-backed products in
Australia,' added Tom. 'We are confidently standing behind the
products we sell today and those we'll be selling well into the
future."

CONTACT:

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


NATIONAL AUSTRALIA: Close to Deal for Irish Operations
------------------------------------------------------
National Australia Bank has conducted exclusive negotiations
with an international institution on the sale of its two Irish
operations, reports The Sunday Times.

Senior executives of NAB's National Irish Bank (NIB) and
Northern Bank have carefully concealed the identity of the
buyer, which is still to complete a due diligence.

Due diligence is expected to be wound up quickly and an
agreement could be sealed before the year ends.

Contrary to some media reports, the prospective buyer is not
Irish Life & Permanent (IL&P) because IL&P is only interested in
NIB.

IL&P remained keen on NAB's Dublin arm despite NAB's
announcement that it intends to sell its two Irish banks as a
package.

Informed sources said the mystery buyer does not have a
significant presence in the Irish retail banking market, which
is good news for consumers since a sizable new player in the
Irish market could boost competition.

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/


PILOT DEVELOPMENT: Court Appoints Steven Nicols as Liquidator
-------------------------------------------------------------
On the 21st of October 2004 the Supreme Court of New South
Wales, Equity Division made an Order that Pilot Development Pty
Ltd (In Liquidation) A.C.N. 055 919 812 be wound up by the Court
and appointed Steven Nicols to be Liquidator.

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


PRIMELIFE CORPORATION: Posts Notice of Discontinuance
-----------------------------------------------------
Primelife Corporation Limited advised that Eduard Christiaan
Sent has on Friday lodged a Notice of Discontinuance in his
application to the Federal Court for leave to commence
proceedings in the Company's name against Primelife's Chairman
Robert Champion de Crespigny and Deputy Chairman Ron Walker.

In an announcement to the market on 3 August 2004 the Company
indicated its intention to oppose the application.

Mr. Sent has now discontinued the application and agreed to pay
the Company's costs.

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


ROCK FORWARD: Supreme Court Issues Winding Up Order
---------------------------------------------------
On the 21st of October 2004, the Supreme Court of New South
Wales, Equity Division, made an order that Rock Forward Pty Ltd
(In Liquidation) A.C.N. 093 093 782 be wound up by the Court and
appointed me to be Official Liquidator.

Dated this 25th day of October 2004

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


SECURITY SCREEN.COM: Sets December 10 as Date of Final Meeting
--------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Security Screen.Com Pty Limited (In Liquidation) A.C.N. 101 740
836 will be held at the offices of Senatore Brennan Rashid,
Chartered Accountants Suite 1, Level 11, 139 Macquarie Street,
Sydney, NSW on Friday, 10 December 2004 at 10:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 25th day of October 2004

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Chartered Accountants
Suite 1, Level 11, 139 Macquarie Street,
Sydney NSW 2000


S-MOST CARPENTRY: Court Issues Winding Up Order
------------------------------------------------
On the 19th of October 2004 the Supreme Court made an Order that
S-Most Carpentry & Construction Pty Limited (In Liquidation)
A.C.N. 063 920 865 be wound up and appointed Mark Roufeil to be
Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


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C H I N A  &  H O N G  K O N G
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ENGLONG INTERNATIONAL: Creditors to Prove Claims by December 20
---------------------------------------------------------------
Notice is hereby given that the creditors of Englong
International Limited, which is being wound by the Court, are
required on or before 4:00 p.m. on 20 December 2004, if they
have not already done so, to prove their debts or claims by
filing a proof of debt at the Official Receiver's office at 10th
Floor, Queensway Government Offices, 66 Queensway Hong Kong to
establish any title that they may have to prioritize under
section 265 of the Companies Ordinance.

In default thereof, they will be excluded from the benefit of
distribution made next after that date and from the benefit of
any previous distribution or as the case maybe from objecting to
such distribution.

Dated this 3rd day of December 2004.

Wong Kwok Man
Joint and Several Liquidators
13th Floor, Glocester Tower
The Landmark
11 Pedder Street Central
Hong Kong


HANG FUNG: Court Issues Winding Up Petition
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hang Fung Shing International Limited by the High Court of Hong
Kong Special Administrative Region was on the 8th day of
November 2004 presented to the said Court by Lam Shun Yee of
Room 402, Tung Yu House, Tai Hang Tung Estate, Kowloon, Hong
Kong.

The said Petition will be heard before the Court at 9:30 am on
the 22nd 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. Y. LO & CO.
Solicitors for the Petitioner
Units 2513-14, Cosco Tower
181 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 21st day of
December 2004.


HOMEFIELD INTERNATIONAL: Issues Notice of Intended Dividend
-----------------------------------------------------------
Homefield International Development Limited posted at The
Standard a notice of intended dividend on December 3, 2004.

Name of Liquidator: The Official Receiver

Registered Office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

Last Day for Receiving Proofs: 18 December 2004

E T O'CONNELL
Official Receiver & Liquidator


PRICESMART CHINA: Offshore Firms Agree to Take Over Stores
-----------------------------------------------------------
Beleaguered leading membership supermarket PriceSmart China is
seeing a bright future ahead, as Britain's B&Q and Taiwan-based
President have agreed to take over five PriceSmart outlets or
inject funds into its affiliated brand N-mart shops, China Daily
reports.

PriceSmart declined to comment on the alleged deal, saying it is
still in talks with possible partners.

However, B&Q officials and top Taiwan retailer President claimed
that they have reached agreements with PriceSmart.

The deal for the Harbin outlet has been sealed by B&Q but no
word ahs been released on the other outlets it plans to acquire
but it is likely that it will be the stores in Sichuan and the
rest in Tianjin, Shandong Province and Harbin in Heilongjiang
Province respectively. The PriceSmart outlets will be converted
into B&Q improvement supermarkets.

PriceSmart is believed to benefit from the B&Q acquisition since
the funds will help solve its debt problems.


VINCENT OFFICE: Annual Meeting Set Dec. 22
------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance Annual Meeting of the members of Vincent
Office Supplies Company Limited will be held at 21st Floor,
Chinachem Tower, 34-37 Connaught Road Central, Hong Kong on 22nd
day of December 2004 at 3:00 p.m.

The meeting will be followed by a meeting of the creditors of
the company to be held at the same place at 3:30 p.m. for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the preceding year.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 21st Floor,
Chinachem Tower, 34-37 Connaught Road Central, Hong Kong.

Members' proxies should be lodged at the above address not later
than 24 hours before the time for holding of the members meeting
and creditors proxies not later 4:00 p.m. on the day before the
meetings.

Dated this 3rd day of December 2004

Kong Tak Wing, Robert
Joint and Several Liquidator


WAH HIP: To Hold First Meeting January 4
----------------------------------------
Wah Hip Engineering Company Limited will hold its first meetings
of its creditors and contributories at the Official Receiver's
Office, 10th floor, Queensway Government Offices, 66 Queensway,
Hong Kong on Jan. 4, 2005 at 2:30p.m. and 3:30 p.m.,
respectively.

Dated this 3rd day of December 2004

E T O'CONNELL
Official Receiver & Provisional Liquidator


* Big Four Banks' IPO May Face Delay
------------------------------------
The initial public offering (IPO) for the China's big four banks
namely, Bank of China, China Construction Bank, Industrial &
Commercial Bank and Agricultural bank, may not be possible in
the near future, says The Standard, citing Phillip Straley of
Ernst & Young.

Bank of China (BOC) and China Construction Bank (CCB) hoped to
sell its shares next year.

Meanwhile, Industrial & Commercial Bank, which has chosen Ernst
& Young to audit its financial figures nationwide, will also be
undergoing restructuring similar to BOC and CCB. BOC and CCB
became joint stock banks with primary stake by Central Huijin.

Mr. Straley cited four major blocks that the big four banks
face. China's banks badly need to improve on its corporate
governance, as well have strategic clarity. Aside from this, he
added mainland banks needed to supply qualitative and
quantitative disclosure, as financial transparency was
essential. Lastly, risk management has to be improved to allow
loans to be made on a more quantifiably justified basis.

Mr. Straley also pointed out that the toughest challenge is to
change the culture of banks specifically at branch levels.


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BANK MANDIRI: Forecasts 20% Lending Growth in 2005
--------------------------------------------------
Bank Mandiri projects at least 20 percent growth in lending next
year driven by rising business confidence and improving security
and political conditions, according to The Jakarta Post.

According to Mandiri President Director E.C.W. Neloe, the state-
owned bank is bullish the lending growth in 2005 might exceed
its forecast, following the government's requests to the banking
sector to help channel the loans to fund huge infrastructure
projects at home.

Mr. Neloe estimated the bank's 20-percent lending growth to
equal some IDR18 trillion (about US$2 billion), as it announced
previously its lending this year might grow by 20 percent.

In the first nine months ending September this year, Mandiri has
channeled around IDR12 trillion in loans. It's consolidated
lending as of September stands at IDR87.03 trillion compared to
IDR75.9 trillion in December last year.

Meanwhile, the bank is expected to sign this month a
restructuring agreement with embattled pulp and paper producer
PT Kiani Kertas. The agreement would also include an extension
to seven years for Kiani to settle its debts to Mandiri.

Due primarily to Kiani's bad loans, Mandiri's gross non-
performing loans (NPL) ratio remains high at 7.2 percent as of
September this year, compared to the central bank's 5 percent
limit.

CONTACT:

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


BANK PERMATA: Government to Sell 20% Stake This Week
----------------------------------------------------
As part of efforts to help plug the country's huge budget
deficit, the government will sell its 20-percent stake in PT
Bank Permata later this week, Dow Jones reports.

Finance Minister Jusuf Anwar said the ministry is continuously
monitoring the market "to get the best timing and the best
pricing for the government".

Mr. Anwar declared last week that the government hopes to raise
IDR1.1 trillion from the sale.

A consortium of Standard Chartered PLC and PT Astra
International, which acquired in October the government's 51-
percent stake for US$300 million, is also keen on buying the 20-
percent stake.

Currently, the government controls a 46-percent stake in the
bank, while public investors hold the remaining 3 percent.

The recent sale of the government's minority stakes in several
local banks attracted strong interest from foreign investors
amid an improvement in perception of the country's political
situation following the election of ex-general Susilo Bambang
Yudhoyono as president in late October.

CONTACT:

PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8


DIRGANTARA INDONESIA: Delivers CN-235 to Pakistan Air Force
-----------------------------------------------------------
State-owned aircraft manufacturer Pt Dirgantara Indonesia (PTDI)
has recently delivered a CN-235 aircraft to the Pakistan Air
Force (PAF), relates Asia Pulse.

The 40-seater airplane is the third of the four airplanes
ordered by the PAF. Under the US$54 million contract sealed this
year, PTDI delivered the first of the four airplanes to PAF in
February this year and the second last September.

Dirgantara, formerly known as PT Industri Pesawat Terbang
Nusantara, made headlines mid-last year when it suspended 9,670
workers due to financial constraints as the Company had been
facing difficulties in selling its aircraft.

CONTACT:

Pt Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com


SEMEN GRESIK: Union Asks Government to Keep 51% Stake
-----------------------------------------------------
PT Semen Gresik's trade union has requested the government to
keep its 51-percent stake in the company, instead of selling it
to Mexican firm Cemex Asia Holdings, Asia Pulse says.

The Semen Gresik Trade Union is urging the state to retain the
stake for fear that an international cartel will eventually take
over the industry and dictate the cement price is Cemex controls
the Indonesian cement-maker.

Chairman of the Semen Gresik Trade Union, Zubeir Halim,
confirmed the union would continue its efforts to prevent Semen
Gresik from being taken over by foreign companies.

Cemex had filed a lawsuit against Indonesia with the Washington-
based International Centre for Settlement of Investment Disputes
(ICSID) for having reneged its obligation to execute its put
option to sell its 51 percent stake in Semen Gresik to Cemex.

Cemex had offered three alternative solutions. First, the
government buys back 25 per cent of Semen Gresik shares from
Cemex; second, Cemex buys the government's 51 per cent stake in
Semen Gresik, and third, Cemex makes new investments in Semen
Gresik thus reducing the government's shares in the company.

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/


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


MATSUSHITA ELECTRIC: Seeking to Buy Back 150 Mln Shares
-------------------------------------------------------
Matsushita Electric Industrial Limited is seeking to repurchase
on March 2007 some 150 million of its own shares worth JPY230
billion (US$2.23 billion) at current levels, Reuters says,
citing the Nihon Keizai Shimbun newspaper.

Matsushita was aiming to return the amount of its outstanding
shares to the same level as before a group reorganization two
years ago in which it issued new shares.

The company, which has been buying back its own stock from the
market to boost share value, did not comment on the reported buy
back scheme.

The said buy back would equal about 6 percent of the company's
2.453 billion shares outstanding, including 148.53 million
shares held as a treasury stock.

If Matsushita repurchases another 150 million shares from the
market, it would bring the number of outstanding shares down to
about 2.15 billion, excluding treasury stock, or roughly the
same amount as prior to the group reorganization.

CONTACT:

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


MITSUBISHI MOTORS: To Unveil All-New Model Vehicles
---------------------------------------------------
Mitsubishi Motors Corporation and Mitsubishi Motors North
America Inc. (MMNA) will give the all-new Raider pickup and the
latest Eclipse sporty coupe their world premiere at the 2005
North American International Auto Show (the Detroit Motor Show)
to be held January 9-23, 2005 at the Cobo Center in Detroit.

The show opens to the general public on January 15. Both new
vehicles feature interior and exterior designs created by
Mitsubishi Motors Cypress, California design studio.

The Raider pickup is crafted using forceful and striking lines
that derive from the basic concept and styling of the Sport
Truck Concept the company displayed at the 2004 Detroit Motor
Show. Powered by 3.7-litre V6 and 4.7-litre V8 engines, the
Raider lineup is due to make its market debut in North America
in the fall of 2005 and will be built at the DaimlerChrysler
plant in Warren, Michigan.

The latest Eclipse sporty coupe represents the fourth generation
in the series. Distinguished by dynamic lines and muscular
styling and powered by 2.4-litre inline 4-cylinder and 3.8-litre
V6 engines, Eclipse offers exhilarating performance that fully
embodies Mitsubishi's Sporty DNA. To be manufactured at MMNA's
production plant in Normal, Illinois, Eclipse is due to be
placed on the North American market in the summer of 2005.

Raider available feature highlights include:

(1) 4.7L V8 and 3.7L V6 engines
(2) 4-speed automatic or 6-speed manual transmission for certain
trim levels
(3) Fully boxed steel frame ideally suited to pickup use
(4) Independent front suspension with coil-over shocks and live
axle and multi-leaf rear        suspension that gives excellent
road performance while matching pickup requirements
(5) Extended cab, features a center-hinge rear door for
occasional use, or double cab
(6) Two- and four-wheel drive
(7) BluetoothR technology for interior communications use such
as hands-free operations for     cellular phones

Eclipse available feature highlights include:

(1) 3.8L V6 engine with available 5-speed automatic transmission
with sport mode or standard     6-speed manual transmission
(2) 2.4L inline 4-cylinder engine with 5-speed manual or
automatic transmission
(3) 18-inch alloy wheels for certain trim level
(4) 650-watt Rockford FosgateR audio system with 6-CD in-dash
changer, MP3 playback, nine speakers with a 10-inch subwoofer
available

CONTACT:

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


MITSUBISHI MOTORS: Nissan Denies Talks on Broad Alliance
--------------------------------------------------------
Nissan Motor Co. denied media reports that it was discussing a
wide-ranging alliance with Mitsubishi Motors Corporation (MMC)
in areas other than the minivehicle segment, Reuters reports.

The Nihon Keizai Shimbun reported that the two carmakers were
negotiating a broad-based alliance in their passenger car
operations beyond a possible strengthening of their ties in the
660 minivehicle sector.

An MMC spokesman disclosed it was in talks with Nissan but no
decisions had been made.

Last week, Japanese media have reported that the two firms would
forge an alliance to make and develop vehicles, in which Nissan
would acquire a majority stake.

According to the Mainichi Shimbun newspaper, a joint company
would be set up as early as next spring. It said MMC will
include the tie-up in a revival plan to be compiled in mid-
December and hopes it will lead to further tie-ups with Nissan
in areas such as joint car development and joint procurement of
auto parts.

MMC is struggling to revamp its business following a string of
defect cover-up scandals, which led to plunging sales and
dwindling profits.


SAPPOROBEIKAIHATSU K.K.: Enters Bankruptcy
------------------------------------------
Golf course operator Sapporobeikaihatsu K.K. has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Ishikari-shi, Hokkaido 061-3378, left a total
of US$121.67 million.

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


SEIBU GROUP: Mulls End of U.S. Business
---------------------------------------
Scandal-hit Seibu Group is considering terminating its
unprofitable operations in Hawaii and North America, relates The
Japan Times.

The embattled group has acknowledged that its businesses in
Canada and Alaska are failing, as are the hotel business and
realty sales operations in Hawaii.

The Seibu business group, led by Seibu Railway Company, has been
embroiled by a scandal over the railway firm's long-running
practice of underreporting the ratio of stakes held by its
unlisted parent, Kokudo Corporation, in a bid to maintain its
listing on the Tokyo Stock Exchange (TSE).

Seibu Railway is set for delisting from the TSE on Dec. 17, but
hopes to get listed on the Jasdaq stock market by the end of the
current fiscal year.


SOJITZ HOLDINGS: Files Shelf Registration at MOF
------------------------------------------------
Sojitz Holdings Incorporated has last week filed a shelf
registration at the Ministry of Finance to issue around JPY500
billion domestic bonds, Dow Jones reports.

The Company's shelf is effective Dec. 8, 2005 to Dec. 7, 2006.

CONTACT:

Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com


TAKENAKA KOGYO: Declared Bankrupt
---------------------------------
Takenaka Kogyo K.K. has been declared bankrupt with total
liabilities of US$92.76 million, says Teikoku Databank America.

The firm, engaged in wholesale trading of ceramic, stone and
clay products, is located in Kisarazu-shi, Chiba 292-0815.

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


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


KOLON INDUSTRIES: Offers Honorary Retirement
--------------------------------------------
Kolon Industries Inc. are accepting applications for honorary
retirements starting Friday, Digital Chosunilbo reports.

"Specific conditions like retirement allowances will be
determined after applications are received," a firm official
said.

The Gumi plant trade union of Kolon Corp. rejected the moves,
saying, "The firm called for sharing the pain in the name of a
voluntary retirement plan that is in fact targeting midlevel
managers who used to work at the union."

Kolon Industries sustained a deficit of KRW68.3 billion last
year, and the Gumi strike last July and August cost the firm a
deficit of KRW23.2 billion.


KOOKMIN BANK: Chief Proposes Cost Cutting Measures
--------------------------------------------------
Kookmin Bank Chief Executive Kang Chung-won, in a speech
addressed to employees, said that it must cut costs and improve
its corporate culture next year to weather a "tough" business
environment, reports The Korea Herald.

To fend off competition from Citigroup Inc. and other rivals in
Asia, the bank needs to improve client services and make better
its marketing.

"Kookmin needs a complete overhaul to win the war of banks," Mr.
Kang said.

"The key is gathering the bank's internal forces into one." Mr.
Kang, who previously worked at Citigroup Inc. and headed
Deutsche Bank AG in Seoul, needs to find ways to expand lending
without taking on too much risk amid a slowing economy.

A survey of analysts reveals that Kookmin faces deteriorating
asset quality, weakness in corporate banking and an outdated
corporate culture stemming from the bank's creation after a
series of mergers.

CONTACT:

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


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


AOKAM PERDANA: AGM Set for December 31
--------------------------------------
Notice is hereby given that the Fiftieth Annual General Meeting
(AGM) of Aokam Perdana Berhad will be held at Dewan Berjaya,
Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off
Jalan Damansara, 60000 Kuala Lumpur on Friday, 31 December 2004
at 10 a.m. for the following purposes:

AS ORDINARY BUSINESS

(1) To receive and adopt the Audited Consolidated Financial
Statements of the Group and of the Company for the year ended 30
June 2004 together with the Reports of the Directors and the
Auditors.

(2) To re-elect Tan Sri Dato' Samshuri Bin Hj. Arshad, the
Director who is retiring pursuant to Article 76 of the Company's
Articles of Association.

(3) To re-elect Encik Mohd Zulkhairis Bin Mohd Zain, the
Director who is retiring pursuant to Article 83 of the Company's
Articles of Association.

(4) To approved the Directors' fee for the year ended 30 June
2004.

(5) To appoint Messrs. Monteiro & Heng as Auditors of the
Company in place of KPMG who have indicated their intention not
to seek re-appointment and to authorized the Directors to fix
their remuneration.

AS SPECIAL BUSINESS

(6) To consider and, if thought fit, to pass the following
resolution as Ordinary Resolution 1:

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time until the conclusion of the next Annual
General Meeting and upon such terms and conditions and for such
purposes as the Directors may, in their absolute discretion,
deem fit provided that the aggregate number of shares to be
issued does not exceed 10% of the issued share capital of the
Company for the time being, subject always to the approval of
the relevant regulatory bodies being obtained for such allotment
and issue."

(7) To transact any other ordinary business for which due notice
has been given.

By order of the Board,
NG SEE YEN
Secretary
Kuala Lumpur
6 December 2004

NOTES:

(1) A Member of the Company entitled to attend and vote at the
Meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy may but need not be a member of the Company and a
member may appoint any person to be his proxy without limitation
and the provisions of Section 149(1)(b) of the Act shall not
apply to the Company.

(2) In the case of a corporate member, the instrument appointing
a proxy shall be under its Common Seal or under the hand of an
officer or attorney, duly authorized in that behalf.

(3) Where a member appoints more than one proxy, the appointment
shall be invalid unless he specifies the proportion of his
holding to be represented by each proxy.

(4) The instrument appointing a proxy must be deposited at the
Registered Office of the Company at Suite M.02 Mezzanine Floor,
Wisma E & C, No. 2, Lorong Dungun Kiri, Damansara, 50490 Kuala
Lumpur, Malaysia not less than 48 hours before the time for
holding the Meeting.

CONTACT:

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


AOKAM PERDANA: Unveils Monthly Update On Practice Notice 1/2001
---------------------------------------------------------------
Aokam Perdana Berhad refers to its Practice Note 1/2001 (PN1)
announcement dated 1 November 2004 and wishes to announce that
the Company is in the final stages of implementing the Corporate
Rescue Scheme of Aokam.

Apart from the above, the issue of continual default remains
unchanged.


CONSOLIDATED FARMS: Issues Monthly Status Update
------------------------------------------------
Further to the monthly status announcement under Practice Note
No. 1/2001 on 2 December 2004, the Board of Consolidated Farms
Berhad announced that it is unable to pay the additional
principal and/or interest in respect of its credit facilities as
set out in Table 1.

The Company and its financial advisors, Ernst & Young
Transaction Advisory Services, have met with the respective
lenders to apprise them on Confarm Group's current financial
condition and have sought their indulgence and consideration to
provide a standstill period in respect of the Group's credit
facilities for it to carry out a financial review and, if
appropriate, formulate a restructuring/workout scheme.

This announcement is dated 3 December 2004.

TABLE I

Additional Amount of Principal and/or Interest Due from 1
December 2004 to 3 December 2004

1) Lender: Bank Pertanian Malaysia
Borrower: Confarm
Additional Amount Due from 1 December 2004 to 3 December 2004
(RM'000)
266.9
Type of Facilities: Term Loan (TL)

2) Lender: Malayan Banking Berhad
Borrower: Confarm
Additional Amount Due from 1 December 2004 to 3 December 2004
(RM'000): 121.2
Type of Facilities: TL

3) Lender: BPM
Borrower: Consolidated Organic Fertiliser Sdn Bhd
Additional Amount Due from 1 December 2004 to 3 December 2004
(RM000): 42.4
Type of Facilities: TL

4) Lender: BPM
Borrower: Consolidated Liquid Eggs Sdn Bhd
Additional Amount Due from 1 December 2004 to 3 December 2004
(RM000): 38.5
Type of Facilities:

Total:     469.0

Note: The above figures are based on the respective companies'
records and exclude any penalty interest that may be charged by
the respective lenders.

CONTACT:

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


KSU HOLDINGS: Financial Condition Unchanged
-------------------------------------------
Further to KSU Holdings Berhad's announcement dated 5 November
2004, the Company wishes to inform that as of 3 December 2004,
there has been no further development on its plan to regularize
its financial condition.

CONTACT:

KSU Holdings Berhad
No. 1116B & C, 2nd & 3rd Floor
Persiaran Raja Muda Musa
41100 Klang
Selangor Darul Ehsan
Phone: 03-33739191
Fax: 03-33747763


MECHMAR CORPORATION: Updates Default Status
-------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that there is no
change in the repayment schedules agreed with respective lenders
to repay outstanding loans.

For a copy of the list of loans in default as at 30 November
2004 for reference, go to
http://bankrupt.com/misc/tcrap_mechmar120604.xls

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
MALAYSIA
Phone: +60 3 5569 2828
Fax: +60 5569 1316


MERCES HOLDINGS: Releases Default Status Update
-----------------------------------------------
The Board of Directors of Merces Holdings Berhad (MHB) announced
that further to the announcement made on 3 November 2004, there
is no new development in relation to the defaults in payment by
the Company to Southern Bank Berhad.

Details of the default in payments of the principal and interest
indicated in Table A previously announced on 4 October 2004
remained unchanged.

The Company will keep Bursa Malaysia Securities Berhad informed
of any further development on the above matter.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Phone: 03-2919366
Fax: 03-2928773/2919901


NAIM INDAH: Lists Additional Shares
-----------------------------------
Naim Indah Corporation Berhad's additional 282,600 new ordinary
shares of RM0.20 each arising from the conversion of 282,600
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks 2003/2006 into 282,600 new ordinary shares will be
granted listing and quotation with effect from 9 a.m., Tuesday,
7 December 2004.

CONTACT:

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


PILECON ENGINEERING: Releases Default Status Update
---------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on 5 November 2004 with regards to the status of default
in payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB announced that there have
not been any changes to the status of default since then.

CONTACT:

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


SATERAS RESOURCES: Reschedules Court Hearing to January 28
----------------------------------------------------------
Further to the announcement made on 1st November 2004 pursuant
to paragraph 4.1b of the Practice Note 4/2001 of the Listing
requirements, the Board of Directors of Sateras Resources
(Malaysia) Berhad announced that with respect of the company's
application for sanction, the Court had on the rescheduled
mention date of 3rd November 2004 fixed 28th January 2005 as the
date for decision.

CONTACT:

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


SETEGAP BERHAD: Discloses FY04 Unaudited Quarterly Results
----------------------------------------------------------
Setegap Berhad released its unaudited quarterly report for the
financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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

1  Revenue
          27,773        25,715          78,729     108,118

2  Profit/(loss) before tax
           -1,512        -6,453         -8,553      -12,773

3  Profit/(loss) after tax and minority interest
           -955          -5,007         -7,728      -9,862

4  Net profit/(loss) for the period
           -955           -5,007        -7,728      -9,862

5  Basic earnings/(loss) per shares (sen)
           -1.92          -10.07       -15.55       -19.84

6  Dividend per share (sen)
            0.00           0.00         0.00        0.00

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

7  Net tangible assets per share (RM)

        -0.1100           0.0400

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Phone: 03-77297009
Fax: 03-77271555
Website: http://www.setegap.com.my


SILVERSTONE CORPORATION: Mulls Disposal of 98% Interest in HRD
--------------------------------------------------------------
The Board of Directors of Silverstone Corporation Berhad (SCB)
announced that the Investment Commission under the Ministry of
Economy of Taiwan had approved the proposed disposal of 98
percent equity interest in Hamba Research & Development Co. Ltd.
(HRD) by SCB for a cash consideration of RM1.00 on 1 December
2004.

Accordingly, the Proposed Disposal was completed on 1 December
2004.

CONTACT:

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


SRI HARTAMAS: Details Delisting of Securities
---------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements of the
Bursa Malaysia Securities Berhad.

The Company hereby set out below the monthly report for the
month of November 2004 for your kind attention:

"The Special Administrators of SHB had announced on 4 November
2004 that they had received a notice from Bursa Malaysia
Securities Berhad (Bursa Securities) dated 3 November 2004 to
show cause on the de-listing of the securities of SHB (Show
Cause Notice). The Show Cause Notice requires SHB to make
written representations to Bursa Securities, within fourteen
(14) days commencing from the date of receipt of the Show Cause
Notice as to why the securities of SHB should not be de-listed
from the Official List of Bursa Securities.

Pursuant to the Show Cause Notice, the Company announced:

a) that the Company has been accorded 14 days by Bursa
Securities to make written representations to Bursa Securities
on why its securities should not be removed from the Official
List of Bursa Securities;

b) that in the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of 14 days
from the date of notification of the decision to de-list the
Company or upon such other date as may be specified by Bursa
Securities; and

c) that in the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
Requirements.


In this connection, the Special Administrators of SHB wish to
announce that they had replied to the Show Cause Notice on 17
November 2004 and had submitted on behalf of SHB the said
written representations to Bursa Securities.

This announcement is dated 1 December 2004."

Should you require any further information or explanation,
please do not hesitate to contact the undersigned at 03-2095
3388 (ext. 8002) or Tan Kim Chuan (ext. 8101).

Yours faithfully,
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed
Ooi Woon Chee
Special Administrator

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Phone: +60 3 2167 0600
Fax: +60 3 2162 0212


TRADEWINDS CORPORATION: Details Proposed Surrender of Lease
-----------------------------------------------------------
Tradewinds Corporation Berhad (TCB) announced the proposed
surrender of lease by Sovereign Place Sdn Bhd (SPSB) (a wholly
owned subsidiary of Tradewinds (M) Berhad) on approximately
20,697 sq. metres of land identified as Geran 30000 Lot 1724,
Geran 7162 Lot 1512, Geran 7158 Lot 1508 and Geran 7157 Lot 1507
all located in Seksyen 46, Bandar Kuala Lumpur, Daerah Kuala
Lumpur, Negeri Wilayah Persekutuan (KL Land) to Tradewinds
Properties Sdn Bhd (TPSB) (formerly known as Pernas Properties
Sdn Bhd), (a wholly owned subsidiary of Tradewinds Corporation
Berhad (TCB) (formerly known as Pernas International Holdings
Berhad)) and the subsequent disposal of the KL Land to IJM
Properties Sdn Bhd (IJMP) (a wholly owned subsidiary of IJM
Corporation Berhad) for a total cash consideration of RM100
million (Proposed Surrender of Lease and Disposal)

TCB announced that the date for the fulfillment of the
conditions precedent set out in the sale and purchase cum
surrender of lease agreement dated 20 January 2004 as amended by
TPSB and SPSB's letters dated 13 September 2004 and IJMP's
letters dated 11 August 2004 and 23 August 2004 (Letters) has
been extended further from 17 November 2004 to 31 December 2004
pursuant to the letters from SPSB's solicitors dated 5 November
2004 and 24 November 2004 and IJMP's solicitors dated 10
November 2004 and 30 November 2004 (Extension Letters).

All the other terms and conditions in the Agreement remain
unchanged.

The Letters and the Extension Letters will be available for
inspection at the registered office of the Company at 21st
Floor, Wisma Zelan, No. 1, Jalan Tasik Permaisuri 2, Bandar Tun
Razak, Cheras, Kuala Lumpur between 9 a.m. to 5 p.m. from Monday
to Friday for a period of one (1) month from the date of this
announcement.

CONTACT:

Tradewinds Corporation Berhad
21st Floor, Wisma Zelan
No. 1, Jalan Tasik Permaisuri 2
Bandar Tun Razak
56000 Kuala Lumpur
Telephone: 03-91730177
Fax: 03-91734996
Web site: http://www.tradewindscorp.com/

This announcement is dated 2 December 2004.


TRADEWINDS CORPORATION: Completes UM Land Disposal on January 5
---------------------------------------------------------------
Tradewinds Corporation Berhad (TCB) refers to the announcements
dated 6 November 2003, 21 May 2004 and 2 September 2004 in
relation to the proposed disposal by TCB of 57,153,500 Ordinary
Shares Of RM1.00 each in United Malayan Land Bhd (UM Land),
representing approximately 24.63% equity interest in the issued
and paid-up share capital of UM Land as at 15 June 2004, to
Wawasan Perangsang Mewah Sdn Bhd (WPM) for a total cash
consideration of RM131.453,000.

Tradewinds Corporation Berhad, at WPM's request, had agreed to
extend the date for the completion of the Proposed Disposal to 5
January 2005.

All conditions precedent, as set out in the conditional share
sale agreement dated 6 November 2003 have been met.

CONTACT:

Tradewinds Corporation Berhad
21st Floor, Wisma Zelan
No. 1, Jalan Tasik Permaisuri 2
Bandar Tun Razak
56000 Kuala Lumpur
Telephone: 03-91730177
Fax: 03-91734996
Web site: http://www.tradewindscorp.com/

This announcement is dated 3 December 2004.


UNITED CHEMICAL: Default Status Unchanged
-----------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that there are no new significant developments
in relation to the various default in payment pursuant to the
Practice Note No. 1/2001 of the Listing Requirements of the
Bursa Malaysia Securities Berhad.

The Company would like to further provide an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note No.1/2001.

For more information, go to
http://bankrupt.com/misc/tcrap_unitedchemical120304.xls

This announcement is dated 2 December 2004.


WEMBLEY INDUSTRIES: Issues Practice Note 4/2001 Update
------------------------------------------------------
Wembley Industries Holdings Berhad announced the status of
Practice Note 4/2001 (PN4) of the Bursa Malaysia Securities
Berhad listing requirements for December 2004.

1. PN4

1.1 On 23 February 2001, the Company announced to Bursa Malaysia
Securities Berhad (the Exchange) that the Company is an affected
listed issuer pursuant to Practice Note No. 4/2001 (PN4) as the
Auditors of the Company had expressed a disclaimer opinion of
the going concern of the Company and its subsidiaries. As an
affected listed issuer, the Company has its obligations under
PN4.

1.2 The Requisite Announcement as required under PN4 was made to
the Exchange on 31 July 2002.

1.3 The applications for its regularisation plan were submitted
to the Securities Commission (SC) and Foreign Investment
Committee (FIC) on 29 October 2002.

On 7 January 2003, the FIC approved the Company's regularization
plan. Subsequently, on 7 April 2003 the FIC revised its approval
to include the possible participation of Daewoo Corporation, the
former turnkey contractor of Plaza Rakyat Project in the
Proposed Debt Restructuring. As a result, the approval of FIC
now includes the approval for the additional RM112 million ICULS
and 11.2 million warrants to be issued to Daewoo Corporation (in
the event Daewoo participates in the Proposed Debt
Restructuring). The condition that the FIC would review the
equity structure of the WIHB shares 3 year after the completion
of the proposals remains the same. The revised approval
supercedes the approval dated 7 January 2003.

On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.

On 13 January 2004, Alliance Merchant Bank Berhad (Alliance)
announced on behalf of the Company certain revisions to the
Company's regularization plan. The application to the SC for the
said revisions will be made within two (2) months from 13
January 2004.

On 16 January 2004, the SC further approved an extension of time
of one (1) year to 27 January 2005 for the Company to complete
the implementation of its regularization plan following an
application made by Alliance.

On 12 March 2004, Alliance announced on behalf of the Company
further revisions to the Company's regularization plan. The
application to the SC for the said revisions will be made by
within one (1) month from 12 March 2004. On 12 April 2004,
Alliance announced on behalf of the Company that the Company
intends to submit the application to the SC within one (1) month
from 12 April 2004, after incorporating its latest audited
results for the financial year ended 31 December 2003. On 13 May
2004, the Company further announced that the terms and
conditions of the Debt Restructuring Agreement (DRA) have been
agreed upon and signed by all the financial institutions and
creditors participating in the Proposed Debt Restructuring
except for one creditor. On 18 October 2004, the Company
announced that the Company and its subsidiary, Plaza Rakyat Sdn
Bhd had entered into a Debt Restructuring Agreement on 15
October 2004 with parties who are participating in the Proposed
Debt Restructuring Scheme except for Daewoo Engineering and
Construction Co Ltd. The Company's application to the SC in
respect of the proposed revision to the Company's regularization
plan will be submitted within one month from the date of
completion of the preparation of the revised profit and cash
flow forecasts and projections of the Company.

1.4 The regularization plan is also pending the approvals of the
shareholders of the Company and other relevant authorities.
1.5 The Company has received a notice dated 2 January 2003 from
the Exchange noting that the Company has failed to obtain all
regulatory approvals necessary for the implementation of its
regularization plan by 31 December 2002 pursuant to paragraph
5.0 of PN4.

Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9.00 a.m., Friday,
10 January 2003 until further notice.

1.6 On 14 October 2004, the Exchange issued a tenth reminder
pursuant to PN4 to the Company to remind the Company to
implement its regularization plan within the timeframe or
extended timeframe prescribed by the Securities Commission
failing which the Exchange will commence de-listing procedures
against the Company.

2.0 INVESTIGATIVE AUDIT

2.1 On 26 March 2003, the Company announced that it had on 22
March 2003 appointed Messrs Horwath, Kuala Lumpur Office as the
independent audit firm to carry out an investigative audit on
the previous losses incurred by the Company. The said
appointment is in compliance with one of the conditions imposed
by the SC in approving the Company's regularization plan. The
Investigative Audit is required to be completed within 6 months
from the date of appointment.

On 22 December 2003, Alliance announced that the Company had
sought for a further extension of time from the SC until 22 June
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The SC had vide its letter dated 7 January 2004 approved
the extension of time until 22 March 2004 to complete the
investigative audit. The said approval granted by the SC is
subject to the condition that Messrs Horwath is required to
furnish to the SC a monthly report in relation to the
development of the investigative audit on WIHB.

On 22 March 2004, Alliance announced that an application to the
SC was made for a further extension of time until 22 September
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The SC had vide its letter dated 2 June 2004 approved the
extension of time until 22 September 2004 to complete the
investigative audit. The said extension will be the final
extension of time for WIHB to complete its investigative audit.

On 23 September 2004, the Company announced that the
investigative audit of WIHB undertaken by Messrs Horwath, Kuala
Lumpur office has not been completed as at 22 September 2004. As
such, on 23 September 2004, Messrs Horwath had made an
application to SC to request for a further extension of time for
a period of six (6) months up to 22 March 2005 to complete the
Investigative Audit of WIHB. On 29 October 2004, the SC issued a
letter to WIHB requiring the Company to show cause why further
action should not be taken against WIHB for its failure to
complete the investigative audit within the extension of time
until 22 September 2004 granted by the SC. On 12 November 2004,
the Company submitted a written reply to the said letter of show
cause from the SC.

3.0 OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)

3.1 On 7 September 2001, the Company announced to the Exchange
that the Company is deemed an affected listed issuers pursuant
to paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5 % or
less of the issued and paid up share capital of the listed
issuer.

3.2 As an affected listed issuer under PN10, the Company must
comply with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of operations
(PN10) to warrant a continuing listing on the Official List.

CONTACT:

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

This announcement is dated 2 December 2004.


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


MANILA ELECTRIC: BIR Set to Rule on Tax Rebate Plea
---------------------------------------------------
The Bureau of Internal Revenue (BIR) will issue this month its
decision on the Manila Electric Co. (Meralco)'s tax rebate
petition for tax payments made during the years for which the
company is now giving refunds to customers, Business World
reports.

Meralco said since it was ordered to refund its overcharges from
February 1994 to May 2003, it should also get a refund for the
excess income taxes estimated at Php8.9 billion during the
period.

Internal Revenue Deputy Commissioner Kim J. Henares said the BIR
is set to serve the decision on Meralco's application for tax
rebates by mid-December.

CONTACT:

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


MANILA ELECTRIC: Releases Refund Status For October 2004
--------------------------------------------------------
As of October 31, 2004, the Manila Electric Co. has already
processed the refunds for 4.832 million Residential and General
Services (R/GS) customers under Phases I, II and III
representing 92.78% of services for refund. Total Gross Refund
Amount is at Php 9.744 billion or 32.35% of total refundable
amount.

In a press release, refund for active accounts under Phase I was
completed in August 2003, while that of active accounts under
Phase II, was completed in December 2003.

For Phase III, we have already completed processing the refunds
for services whose April 2003 billing consumption is from 301-
950 kWhs. This represents 88% of active services under Phase
III. The remaining customers who consumed more than 951 kWhs
will be processed in November and December 2004.

Refund for terminated accounts started in August 2003, and
claims of registered customers or their authorized
representatives are continuously being processed. All R/GS
customers with terminated accounts, covered by Phases I, II and
III are encouraged to visit the refund centers to claim their
refunds.

By the end of this year, the Company shall complete the refund
processing for all qualified residential and general service
customers. This represents 98% of total services for refund and
38% of the total refundable amount.

The proposed refund scheme for commercial and industrial
customers was submitted to the Energy Regulatory Commission last
September 3, 2004. This phase covers 128,216 services, which is
2% of total services qualified for the refund and accounts for
62% of the total refundable amount amounting to Php 18.650
billion.

ANNOUNCEMENT:

For Registered Customers:

One (1) valid ID
Old Meralco bill
Photocopy of the valid ID and old Meralco bill
For Authorized Representatives:

One (1) valid ID of the registered customer
One (1) valid ID of the authorized representative
Authorization letter
Old Meralco bill
Photocopy of the above-mentioned requirements
The following IDs are considered valid:

Driver's License
Passport
PRC License
SSS/GSIS/TIN
PhilHealth ID
Senior Citizen's ID
Postal ID
Firearms License
Original NBI Clearance
Credit Card
Meralco continues to release the refund of Residential and
General Service (R/GS) customers with terminated contracts. To
claim the refund, bring the following requirements to our
various Refund Centers:

Note: All the above mentioned must contain picture and signature

For inquiries or assistance, please do not hesitate to call us
at our Call Center no. (02) 16211 or refund hotline 632-8888 or
1622-8888 or email us at refund@meralco.com.ph.


MANILA ELECTRIC: Approves Open Access Scheme
--------------------------------------------
The Manila Electric Co. (Meralco) has accepted a plan to open up
its distribution lines to other power producers by October 2005,
upon removal of all cross-subsidies, except lifeline rates for
the very poor, reports the Manila Standard.

Lifeline rates pertain to the monthly consumption of 100
kilowatt-hours or less per month.

The power distributor said it would support the government's
implementation of the Electric Power Industry Reform Act of 2001
(Epira), especially with the start of retail competition and
open access.

Retail competition and open access will allow consumers to
choose their electricity source. This will require distribution
utilities like Meralco to allow any supplier of electricity to
use their lines to deliver power to the end-consumer.

Distributors like Meralco in return will receive a wheeling
charge approved by the Energy Regulatory Commission.

According to Meralco Chief Executive Officer Manuel Lopez, the
Company is ready to sign a transition supply contract with the
National Power Corporation (Napocor) as required by Epira.


METRO PACIFIC: MRO Probe Shows Signs of Insider Trading
-------------------------------------------------------
The investigation conducted by the Market Regulatory Office
(MRO) allegedly indicated hints of insider trading in the shares
of Metro Pacific Corporation (MetroPac), according to the
Philippine Star.

The probe showed there were signs of insider trading prior to
the disclosure of its parent company First Pacific Co. Ltd.'s
plan to divest its five percent shareholdings in the local
property holding company.

The investigation stemmed from stockbrokers' concern about Metro
Pacific Corp.'s heavy selling of shares prior to the sale by
First Pacific of a five-percent stake in the company, equivalent
to 930.2 million shares.

"The report is now with the Market Integrity Board which should
decide whether to concur or not with the findings of the MRO.
There's basis, but the MIB is confused as to what course of
action to take regarding the matter. It was a matter of
disclosure, you don't need to in the rules to be ethical," a
Philippine Stock Exchange source said.

The MIB is headed by retired Senior Associate Supreme Court
Justice Jose Vitug with former SEC Associate Commissioner and
PSE Independent Director Atty. Monico Jacob serving as Vice-
Chairman and Atty. Tadeo Hillado as alternate Vice-Chair. Other
members of the MIB are PSE Independent Director Peter Favila and
stockbrokers William Ang and Ignacio Jimenez.

The same source said the PSE board should be allowed to decide
on the matter to ensure that the erring parties would be held
liable for their actions.

CONTACTS:

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


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


BIONAX SINGAPORE: Creditors to Prove Debts by January 3
-------------------------------------------------------
Notice is hereby given that the creditors of Bionax Singapore
Pte Ltd, which is being wound up voluntarily, are required on or
before 3rd January 2005 to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the under-mentioned
liquidator at c/o 10 Collyer Quay, Ocean Building #21-01,
Singapore 049315.

If so required by the liquidators, they are to come in and prove
their debts or claims as shall be specified. In default, will be
excluded from the benefit of any distribution made before such
proof.

Dated this 3rd day of December 2004.

Ong Yew Huat
Liquidator


CHINA AVIATION(S): CAD Launches Probe
-------------------------------------
China Aviation Oil (S)Corp Ltd announced that the Commercial
Affairs Department (CAD) has on December 3, 2004 commenced its
investigations into the affairs of the Company.

The Company is currently assisting in the investigations of the
CAD, and will make such announcements of any development as
appropriate in due course.

Submitted by:
Adrian Chang
Company Secretary


CHINA AVIATION(S): Seeking Temasek Bailout
------------------------------------------
China Aviation Holding Company (CAOHC)is bullish Temasek
Holdings will bail its Singapore affiliate China Aviation Oil
Singapore from trading losses of nearly US$550 million (HK$4.29
billion), The Standard reports.

CAOHC is injecting US$100 million into its Singapore-based
subsidiary with hopes that Temasek will shoulder half the bill
in exchange for an equity stake in CAO.

CAO's long-term debt stands at SG$205.7 million (HK$974.2
million) and the huge trading losses swamp the company's equity
of SG$243 million.

However the reason on CAOHC insistence to save CAO is yet
unclear, as CAOHC is still capable of importing jet fuel on its
own or set up a new entity to do so. It is said that CAOHC is
concerned that would stay away from other foreign-listed
subsidiaries of mainland companies if CAO was allowed to
collapse.

CAO has suspended its trading at the Singapore Stock Exchange
since Tuesday and has filed for court protection from its
creditors. The firm has appointed PricewaterhouseCoopers to look
into its trading losses.


CCS TRADING: Court to Hear Winding Up Petition
----------------------------------------------
Notice is hereby given that a petition for the winding up of CCS
Trading Pte Ltd by the High Court was on the 19th day of
November 2004 presented by Tang Yoke Kheng (Nric No. S1534682E)
trading as Niklex Supply Company (RCB No. 27000900X) of 221
Henderson Road, #04-16 Henderson Building, Singapore 159557, a
creditor.

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

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

The Petitioner's address is 221 Henderson Road, #04-16 Henderson
Building, Singapore 159557.

The Petitioner's solicitor is Messrs Vijay and Co. of 20 Upper
Circular Road, #03-09 The Riverwalk, Singapore 058416.

Dated this 1st day of December 2004.

Messrs Vijay And Co.
Solicitors for the Petitioner

Note: Any person who intends to appear on the hearing of the
petition must serve on or send by post to the abov enamed
solicitor for the Petitioner, Messrs Vijay and Co. of 20 Upper
Circular Road, #03-09 The Riverwalk, Singapore 058416, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person firm, or
his or their solicitors (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
above named not later than 12 o'clock noon of the 9th day of
December 2004.


PANPAC MEDIA: Details Conversion of Notes
-----------------------------------------
Panpac Media Group Limited refers to its announcements dated 13
August 2004, 3 September 2004, 29 September 2004, 6 October
2004, 12 October 2004, 21 October 2004 and 3 November 2004 and
the Circular to shareholders dated 20 August 2004 relating to
the issue by the Company to Quantum Capital Asset Management
Limited of up to SG$10,000,000 in principal amount of unsecured
SG$ notes due 2007.

The Board of Directors of the Company hereby wishes to announce
that Quantum Capital had on 1 December 2004 converted an
aggregate amount of SG$500,000 of Tranche 1 Notes, being the
fifth sub-tranche of Tranche 1 Notes, at SG$0.0702 per share
into an aggregate number of 7,122,507 ordinary shares of $0.05
each in the issued and paid-up share capital of the Company.

Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 548,276,821 ordinary shares of
SG$0.05 each.

The Company has utilized about SG$1 million from the third sub-
tranche of the Tranche 1 notes as working capital for its China
operations.

None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.

Submitted by:
Tan Min-Li
Company Secretary


PHILLIPS SINGAPORE: Issues Notice to Creditors
----------------------------------------------
Notice is hereby given that the creditors of Phillips Singapore
Private Limited, which is being wound up voluntarily, are
required on or before 30th December 2004 to send their names and
addresses and the particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to the
undersigned Liquidator of the said Company.

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

Dated this 3rd day of December 2004.

Ms. Mazlita Binti Mohamad Ali
Liquidator
c/o 4 Battery Road
#15-01 Bank of China Building
Singapore 049908


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


NATURAL PARK: Unveils Schedule of Par Reduction
-----------------------------------------------
Natural Park Public Company Limited disclosed to the Stock
Exchange of Thailand (SET) the tables showing the schedule for
capital reduction by reducing the par value of the Company.

(1) The reduction of par value from THB10 per share to THB3 per
share

Procedure                              Time Period

(1) Board of Directors Meeting: 29 November 2004

(2) Closing the Share Register for exercising the right to
attend the
Extraordinary General Meeting of Shareholders: 22 December 2004

(3) Extraordinary General Meeting of Shareholders: 11 January
2005

(4) Resolution of the Capital Reduction (within 14 days from the
shareholders meeting): 11 to 25 January 2005

(5) Notification to creditors and advertise the Resolution of
the Capital Reduction in the newspaper (within 14 days from the
shareholders meeting): 11 to 25 January 2005

(6) Period for the creditors to object the reduction of the par
value
(2 months from the date that the Company has received the
notification)

Approximately 13 January 2005 to 13 March 2005.

(7) The Registration of Capital Reduction (14 days from the date
that no objection from creditors): 13 to 27 March 2005

(2) The reduction of par value from 3 Baht per share to 1 Baht
per share

Procedure                          Time Period

(1) Board of Directors Meeting: 28 March 2005

(2) Closing the Share Register for exercising the right to
attend the
Ordinary General Meeting of Shareholders: 18 April 2005

(3) Ordinary General Meeting of Shareholders: 29 April 2005

(4) Resolution of the Capital Reduction (within 14 days from the
shareholders meeting): 29 April to 12 May 2005

(5) Notification to creditors and advertise the Resolution of
the Capital Reduction in the newspaper (within 14 days from the
shareholders meeting): 29 April to 12 May 2005

(6) Period for the creditors to object the reduction of the par
value
(2 months from the date that the Company has received the
notification) (Approximately 3 May to 3 July 2005)

(7) The Registration of Capital Reduction (14 days from the date
that no objection from creditors): 3 to 17 July 2005

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


NFC FERTILIZER: Unveils Appointment of Audit Committee
------------------------------------------------------
NFC Fertilizer Public Company Limited advised the Stock Exchange
of Thailand that during its Board of Director Meeting No.1/2547
dated September 20, 2004, it has appointed the Audit Committee
with the period of 3 years:

(1) Mr.Chavalit Saleepol       Chairman of The Audit Committee
(2) Assoc. Prof. Dr. Seri Wongmonta    The Audit Committee
(3) Mrs.Sunee Sornchaitanasuk      The Audit Committee

For your acknowledgement
Respectfully yours,
(Mrs. Bongkot Rasmeepaisarn)
Vice President
(Office of the Chief Executive Officer)

CONTACT:

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


THAI ELECTRONIC: Explains Delayed Filing
----------------------------------------
Thai Electronic Industry Public Company Limited informed the
Stock Exchange of Thailand (SET) on the delay of filing for an
application for accepting the increased ordinary shares to be
the listed security as.

According to the increased shares, the Company has the duties to
filing the application for accepting the increased ordinary
shares to be the listed security within 30 days after the
allotment and payment of increased shares. But the Company can
not file the above application within such period. The delay on
filing an application for accepting the increased ordinary
shares to be the listed security was caused by the under
consideration of the application for increased of paid up
capital by the Registrar. Moreover, until the written
explanation regarding the payment for the increased shares from
a shareholder is submitted to the Registrar.

The Company has submitted such written explanation to the
Registrar on September 29, 2004. Now such explanation is under
the consideration by the Director General of the Business
Development Department. The Company believes that the Director
General of the Business Development Department will grant his
comment and order to the Company's application by this December
15, 2004, to which the Company shall keep you informed that
status.

For your kind acknowledgement

Yours faithfully,
(Mrs. Duangthip Earmrungroj)
Director
Thai Electronic Industry Public Company Limited

CONTACT:

Thai Electronic Industry Pcl
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471



* BOND PRICING: For the Week 6 December to 10 December 2004
-----------------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
Antares Energy                       10.000%    10/31/13    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    9
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    9
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    2
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    3
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    9
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    9
Nuplex Industries Ltd                 9.300%     9/15/07    8
Powerco Ltd                           8.150%     9/01/07    8
Powerco Ltd                           8.400%     5/22/07   10
Richmond Ltd                         10.750%    12/15/04   11
Salomon Smith Barney Australia        4.250%      2/1/09    8
Sapphire Securities                   7.410%     9/20/35    7
Sapphire Securities                   9.160%     9/20/35    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.900%    5/24/32    68


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   69


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lebar Daun Bhd                         2.000%       1/6/07    5
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corporation Bhd             0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/29/09    1
Wah Seong Corp                         3.000%      5/21/12    4
Yu Neh Huat Bhd                        3.000%       9/2/08    1


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   74
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd                    6.000%      12/7/06    1
Tincel Ltd                             5.000%     12/25/05    1
Tincel Ltd                             7.400%      6/13/11    1


THAILAND
--------
BANGKOK LAND                           3.125%       3/31/01  35


                            *********


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 ***