TCRAP_Public/041210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, December 10, 2004, Vol. 7, No. 245

                            Headlines

A U S T R A L I A

42 PTY: Sets December 14 as Date of Final Meeting
ADVANCED SERVICES: To Undergo Winding Up Proceedings
AUSTRALIAN PHARMACEUTICAL: To Shut Down Sydney Operations
BARRETT DEVELOPMENTS: To Hold Final Meeting on December 14
BEACON CORPORATION: R.A. Sutcliffe Appointed as Liquidator

CAIRNS JET: Creditors Meeting Slated for December 13
CONTROLLED BUILDING: Members Resolve to Wind Up Voluntarily
COSTER DEVELOPMENTS: To Undergo Winding Up Proceedings
CRESSIDA PTY: Final Meeting Slated for December 15
EAGLE CARPENTRY: To Undergo Winding Up Proceedings

FASANA PTY: Enters Voluntary Winding Up Procedures
GEEROSE PTY: To Declare Final Dividend on December 20
GROOTE EYLANDT: Faces Winding Up Process
ION LIMITED: Calls in Administrators
JAMES HARDIE: Could Reach Asbestos Deal with Unions Soon

KOCKUMS PACIFIC: Members Resolve to Wind Up Voluntarily
MARINA TOWN: Appoints Richard Judson as Liquidator
ONEWORLD SEMINARS: ASIC Acts Against Promoter of Wealth Seminars
QUEENSLAND WROUGHT: Members Resolve to Voluntarily Wind Up
STEELE DEVELOPMENTS: Appoints Richard Judson as Liquidator

SUTHERLAND DEVELOPMENTS: Richard Judson Appointed as Liquidator
WERLEMAN REAL: Faces Voluntary Winding Up Process
WHITEBREAD DEVELOPMENTS: Members Resolve to Voluntarily Wind Up
WHITEHORN DEVELOPMENTS: Enters Voluntary Winding Up Proceedings


C H I N A  &  H O N G  K O N G

INCOMEFINE BAGS: Winding Up Petition Hearing Set Jan. 12
JOYCA DEVELOPMENT: Notes Bankruptcy Petition Hearing Date
KENIC HOLDINGS: Court To Hear Winding Up Petition Dec. 22
LANDUNE INTERNATIONAL: Bankruptcy Petition Hearing Set Dec. 29
LAW WONG: Court Appoints Joint And Several Liquidators

LEE SHING: Creditors To Submit Claims by Dec. 17
TEAM Z: Creditors Meeting Slated for Dec. 13
WING HING: To Hold Winding Up Hearing on Dec. 29
YUE MAN: Enters Bankruptcy Proceedings


I N D O N E S I A

BIMANTARA CITRA: Shareholders Ok Restructuring, Interim Dividend
PERTAMINA: Still In Talks With ExxonMobil on Cepu Field


J A P A N

DAIEI INCORPORATED: IRCJ Demands Closure of 53 Stores
MISAWA HOMES: Corrects H1 Earnings Report
MITSUBISHI FUSO: Replaces Lawyers Investigating Defects
RESONA HOLDINGS: R&I Assigns BBB- to SB No. 2
RESONA HOLDINGS: Details Change in Conversion Price

SEIBU RAILWAY: To Prepare Kokudo's Financial Reports
UFJ HOLDINGS: CEO Apologizes for Criminal Indictments


K O R E A

KOOKMIN BANK: Issues Subordinated Bonds Worth US$658 Mln
LG CARD: Creditors Agree to KRW1.2 Trillion Bailout


M A L A Y S I A

ACTACORP HOLDINGS: AGM Set for December 31
BTM RESOURCES: Unveils Unaudited Quarterly Results
CEPATWAWASAN GROUP: Posts Litigation Update
KAI PENG: Discloses Amended Quarterly Results
KILANG PAPAN: Posts Production Figures for October

KRAMAT TIN: Issues Practice Note No. 10/2001 Update
MAXIS COMMUNICATIONS: Court Fixes Case Management Dates
OCEAN CAPITAL: Details Corporate Restructuring Exercise
PILECON ENGINEERING: Unit Faces Winding Up Proceedings
UNITED CHEMICAL: Court Oks Restraining Order Extension

WOO HING: Details Regularization Plan


P H I L I P P I N E S

ABS-CBN BROADCASTING: S&P Withdraws "B+/Stable/B" Rating
COLLEGE ASSURANCE: SEC Orders Submission of Clean Land Titles
COLLEGE ASSURANCE: Plans to Refund Bacolod Plan Holders
MANILA ELECTRIC: Reviewing Anew Refund Mode for Industry
PHILIPPINE LONG: Declares Cash Dividends


S I N G A P O R E

CHINA AVIATION(S): Chairman Regrets Oil Trading Fiasco
CHINA AVIATION(S)  Scandal Drives Shake-up
CHINA AVIATION: CEO Arrested Over SG$550Mln Debacle
PANPAC MEDIA: Unit Misstate's Financial Report
TONSBERG ENGINEERING: Posts Notice Of Intended Dividend

WAH ENG: Issues Notice Of Intended Preferential Dividend


T H A I L A N D

ADVANCE PAINT: Notifies SET of Warrant Exercise Date
NATURAL PARK: Posts Additional Information on Joint Venture
POWER-P: Enters Into Joint Venture Agreement
POWER-P: Changes Official Registered Address
TONGKAH HARBOUR: Unit Completes Capital Increase Registration

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


42 PTY: Sets December 14 as Date of Final Meeting
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of 42 Pty Ltd (In Liquidation) A.C.N. 065 114 543 will
be held at PPB Chartered Accountants, Level 4, 31 Sherwood Road,
Toowong Qld at 11:00 a.m. on Tuesday, 14 December 2004.

The purpose of the meeting is to:

(a) Show the manner in which the property of the Company has
been disposed of;

(b) Lay the accounts before the meeting;

(c) Hearing any explanation that may be given by the Liquidator;
and

(d) Approve the destruction of the books and records of the
Company upon approval by the Australian Securities and
Investment Commission.

Dated this 25th day of October 2004

Andrew Fielding
Liquidator
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road,
Toowong Qld 4066


ADVANCED SERVICES: To Undergo Winding Up Proceedings
----------------------------------------------------
Notice is hereby given that at general meetings of the members
of Advanced Services Pty Ltd A.C.N. 001 141 626 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


AUSTRALIAN PHARMACEUTICAL: To Shut Down Sydney Operations
---------------------------------------------------------
Australian Pharmaceutical Industries Limited (API) will
terminate operations of its troubled manufacturing facility in
Sydney, Asia Pulse says.

The decision is part of the Company's plan to divest under-
performing businesses as it focuses on its new retail-led
strategy.

Due to hefty losses from its Sydney plant, API recorded a 5.3-
percent drop in first-half net profit to AU$11.9 million (US$9.1
million).

API group leader Jeff Sher confirmed the Sydney plant would be
closed in April 2005, with the loss of another 82 jobs on top of
about 50 redundancies.

The manufacturing would then be shifted to API's two factories
in Auckland, New Zealand.

The move to close the Kingsgrove plant was part of API's new
retail-led strategy, which began in September with the AU$112.4
million acquisition of health and beauty retailer New Price
Retail-owner of the Priceline and Price Attack stores.

The projected earnings before interest, tax, depreciation and
amortization (EBITDA) trading loss for Kingsgrove in the second
half until its closure in April 2005 was AU$3 million, compared
to AU$7.9 million in the first half.

CONTACT:

Australian Pharmaceutical Industries Limited
11 Grand Ave, Camellia 2142
Locked Bag 5061, Parramatta 2142
Phone: (02) 8844 2000
Fax: (02) 8844 2400
Web site: http://www.api.net.au/


BARRETT DEVELOPMENTS: To Hold Final Meeting on December 14
----------------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act that a joint meeting of members and creditors
of Barrett Developments Pty Ltd (In Liquidation), will be held
at 10:30 a.m. on Tuesday, 14 December 2004 at Level 4, 18
Elizabeth Street, Hobart.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 19th day of October 2004

Paul Cook
Liquidator
Barrett Developments Pty Ltd (In Liquidation)
Level 4, CML Building, 18 Elizabeth Street,
Hobart Tas 7000
Telephone: 03 6223 2555,
Facsimile: 03 6223 2556,
Emai: info@pjc.com.au


BEACON CORPORATION: R.A. Sutcliffe Appointed as Liquidator
----------------------------------------------------------
Notice is now given that at meetings of members and creditors of
Beacon Corporation Pty Ltd (In Liquidation) A.C.N. 089 195 746
convened pursuant to Section 497(1)&(2) of the Corporations Act
2001 and held on 15th October 2004 creditors resolved that the
Company be wound up and pursuant to Section 491(1) of the
Corporations Act 2001 R.A. Sutcliffe was appointed liquidator.

Dated this 15th day of October 2004

R.A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street,
Northcote Vic 3070
Telephone: (03) 9482 6277


CAIRNS JET: Creditors Meeting Slated for December 13
----------------------------------------------------
Notice is given that an Annual Meeting of Members and Creditors
of Cairns Jet Centre Pty Ltd (In Liquidation) A.C.N. 011 070 885
will be held in the Boardroom of Jessup & Partners, 1st Floor
488 Mulgrave Road Earlville Qld on the 13th of December 2004 at
11:00 a.m.

AGENDA

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

(2) To approve the remuneration of the Liquidator.

(3) Any other business.

Dated this 21st day of October 2004

I.D. Jessup
Liquidator


CONTROLLED BUILDING: Members Resolve to Wind Up Voluntarily
-----------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Controlled Building Services Group Pty Ltd A.C.N. 097 369 732
held on 14 October 2004, it was resolved that the Company be
wound up voluntarily by the members and that, Richard Herbert
Judson of Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


COSTER DEVELOPMENTS: To Undergo Winding Up Proceedings
------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Coster Developments Pty Ltd A.C.N. 105 663 376 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


CRESSIDA PTY: Final Meeting Slated for December 15
--------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Cressida Pty
Ltd (In Liquidation) A.C.N. 010 846 161 will be held at Level 5,
545 Queen Street, Brisbane 4000 on 13 December 2004 at 10:00
a.m. An account of how the winding up has been conducted will be
presented.

R.C. Adrian
Liquidator


EAGLE CARPENTRY: To Undergo Winding Up Proceedings
--------------------------------------------------
Notice is now given that at meetings of members and creditors of
Eagle Carpentry Pty Ltd (In Liquidation) A.C.N. 083 113 599
convened pursuant to Section 497(1)&(2) of the Corporations Act
2001 and held on 19th October 2004 creditors resolved that the
Company be wound up and pursuant to Section 491(1) of the
Corporations Act 2001 R.A. Sutcliffe was appointed liquidator.

Dated this 19th day of October 2004

R.A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street,
Northcote Vic 3070
Telephone: (03) 9482 6277


FASANA PTY: Enters Voluntary Winding Up Procedures
--------------------------------------------------
Notice is hereby given that at general meetings of the members
of Fasana Pty Ltd A.C.N. 001 301 560 held on 14 October 2004, it
was resolved that the Company be wound up voluntarily by the
members and that, Richard Herbert Judson of Members Voluntarys
Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


GEEROSE PTY: To Declare Final Dividend on December 20
-----------------------------------------------------
A first and final dividend is to be declared on 20 December 2004
for Geerose Pty Ltd (In Liquidation) A.C.N. 088 962 387.

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

Dated this 20th day of October 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


GROOTE EYLANDT: Faces Winding Up Process
----------------------------------------
Notice is hereby given that at general meetings of the members
of Groote Eylandt Air Charter Pty Ltd A.C.N. 007 695 543 held on
14 October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


ION LIMITED: Calls in Administrators
------------------------------------
Stricken auto parts producer Ion Limited fell into
administration Monday after its five key bankers refused to come
to its aid, according to The Australian.

The Company called in administrators after losing the support of
its main creditors, mainly due to massive cost blowouts and
delays in the Company's expansion program in Australia and the
U.S.

Ion's shares were suspended from trading after the Company's
board called in McGrath + Nicol on Monday night.

Only six weeks ago, Ion was convinced its dismal share market
performance would recover. The Board believed in the long-term
prospects of the Company at that time.

The news regarding Ion's administration came as a blow to one of
its major creditors, National Australia Bank, which had an
AU$135-million exposure to the Company.

It is believed that the banks became impatient after Ion
recently warned the cost of building a wheel factory in
Kentucky, two engine component plants in Australia and expanding
its Albury transmission facility would rise 15 percent to more
than AU$400 million.

However, one of the major issues that triggered the banks' anger
was the fact that Ion continued to pay dividends to shareholder
as late as October despite its financial woes.

Ion also announced the sale of its fuel transport business,
Cootes, would not materialize.  After acquiring Cootes for AU$72
million in late 2000, Ion fanned market speculation it could get
up to AU$140 million for the business, noting the sale would
have made "a substantial profit to book value". The business is
valued at AU$99 million.

Ion's administrators are due to hold their first creditors'
meeting in Melbourne on Monday.

CONTACT:

Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999


JAMES HARDIE: Could Reach Asbestos Deal with Unions Soon
--------------------------------------------------------
Embattled building products manufacturer James Hardie Industries
N.V. and unions near an AU$2 billion (US$1.5 billion) agreement
to honor asbestos-related claims, Reuters reports, citing The
Australian newspaper.

According to the newspaper, both parties have approved a basic
structure of an AU$2 billion settlement to fund asbestos victims
over 50 years or more, after James Hardie's compensation fund
had revealed a massive funding shortfall.

James Hardie reportedly agreed to infuse AU$200 million into a
"buffer" fund to meet claims if Hardie fails to make a profit
for two to three years. Unions have also agreed to a cap on how
much of Hardie's annual cash flow would fill the compensation-
payout fund.

Hardie set up the Medical Research and Compensation Foundation
(MRCF) in 2001 to handle its asbestos liabilities, with AU$293
million in funding.

However, a government inquiry earlier this year found the MRCF
had been underfunded by up to AU$1.9 billion. The inquiry also
said Hardie broke the law by deliberately misleading the public
and investors about its compensation funding.

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


KOCKUMS PACIFIC: Members Resolve to Wind Up Voluntarily
-------------------------------------------------------
On 13 October 2004 a special resolution was passed by the sole
member of Kockums Pacific Technology Pty Ltd (In Liquidation)
(Members' Voluntary Winding Up) A.C.N. 054 643 337 that the
Company be wound up voluntarily as a members' voluntary winding
up.

Dated this 18th day of October 2004

R.A. Ferguson
Liquidator
c/- Fergusons
Level 8, 115 Grenfell Street,
Adelaide SA 5000


MARINA TOWN: Appoints Richard Judson as Liquidator
--------------------------------------------------
Notice is hereby given that at general meetings of the members
of Marina Town Houses Pty Ltd A.C.N. 010 639 826 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


ONEWORLD SEMINARS: ASIC Acts Against Promoter of Wealth Seminars
----------------------------------------------------------------
The Australian Securities and Investments Commission has
obtained declarations in the Supreme Court of Queensland against
Mr. Jack Weavers and his Company, Oneworld Seminars Pty Ltd, the
promoters of a wealth creation business based on the Gold Coast.

The Court made declarations that in promoting the seminars and
associated investment schemes, Mr. Weavers, formerly known as
Hamid Alenaddaf, had provided financial advice without holding
an Australian Financial Services license, and had operated an
illegal managed investment scheme.

The Court also declared that Mr. Weavers had engaged in
misleading and deceptive conduct by publishing material on the
Oneworld Seminars website, which stated that his investment
scheme complied with the law. The declarations follow orders,
obtained by consent on 19 October 2004, which restrained Mr.
Weavers from certain conduct relating to the promotion and
operation of the seminars.

'ASIC will act against any promoters of wealth creation seminars
that provide financial advice without a license, or illegally
operate investment schemes', ASIC Executive Director of
Enforcement, Ms. Jan Redfern said.

'We urge consumers to make independent checks before accepting
investment advice, especially if the promoters make statements
that their products and services comply with the law. You can
visit the ASIC website to quickly check whether a person is
licensed at www.asic.gov.au , Ms. Redfern said.

Background

Mr. Weavers, controlled an extensive nation-wide wealth creation
business, involving the promotion and sale of financial seminars
for members of the public that run for up to three days. Topics
covered include moneymaking strategies in areas such as share
trading, foreign currency trading and the financing of luxury
cars.

The seminars are held in various locations throughout Australia,
including the Gold Coast, Sunshine Coast, Cairns and Perth.

For a fee, ongoing guidance and networking opportunities were
then provided in the form of a Graduate Program and a Mentoring
Program. Completion of the Programs allowed entry into certain
investment clubs and joint ventures organized by Mr. Weavers, as
well as entry to the Oneworld Seminars web site.

ASIC commenced an investigation into the seminar program, as
well as various investment clubs established by Mr. Weavers,
after receiving complaints from people who had attended the
seminars and members of the public.


QUEENSLAND WROUGHT: Members Resolve to Voluntarily Wind Up
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Queensland Wrought Iron Pty Ltd A.C.N. 094 594 216 duly
convened and held at 16 Clement Street, Aspley on the 20th day
of October 2004 the following resolutions were passed:

SPECIAL RESOLUTION:

That the Company be wound up as a Members Voluntary Winding Up.

ORDINARY RESOLUTION:

That Stephen Michael Wyness of 16 Clement Street, Aspley, be,
and is appointed Liquidator for the purpose of such winding up.

Dated this 20th day of October 2004

Stephen Michael Wyness
Liquidator
Cranstoun & Hussein
Chartered Accountants
Level 2, 102 Adelaide Street,
Brisbane Qld 4000
Agent for the Liquidator


STEELE DEVELOPMENTS: Appoints Richard Judson as Liquidator
----------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Steele Developments Pty Ltd A.C.N. 105 669 216 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


SUTHERLAND DEVELOPMENTS: Richard Judson Appointed as Liquidator
---------------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Sutherland Developments Pty Ltd A.C.N. 105 664 793 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


WERLEMAN REAL: Faces Voluntary Winding Up Process
-------------------------------------------------
Notice is hereby given that at general meetings of the members
of Werleman Real Estate Pty Ltd A.C.N. 000 937 191 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


WHITEBREAD DEVELOPMENTS: Members Resolve to Voluntarily Wind Up
---------------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Whitebread Developments Pty Ltd A.C.N. 105 664 800 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


WHITEHORN DEVELOPMENTS: Enters Voluntary Winding Up Proceedings
---------------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Whitehorn Developments Pty Ltd A.C.N. 105 664 784 held on 14
October 2004, it was resolved that the Company be wound up
voluntarily by the members and that, Richard Herbert Judson of
Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of October 2004

Richard Judson
Members Voluntarys Pty Ltd
PO Box 819, Moorabbin Vic 3189


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


INCOMEFINE BAGS: Winding Up Petition Hearing Set Jan. 12
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Incomefine Bags Manufacturing Limited by the High Court of Hong
Kong Special Administrative Region was on the 22nd day of
November 2004 presented to the said Court by Chan Ki Shing Joe
of Flat 7, 15th Floor, Block B, Hi-Tech Industrial Central, 491-
501 Castle Peak Road, Kowloon, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 12th day of January 2005.

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

Fung, Wong, Ng & Lam
Solicitors for the Petitioner
Room 8, 4th Floor, New Henry House
No. 10 Ice House Street
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 11th day of
January 2005.


JOYCA DEVELOPMENT: Notes Bankruptcy Petition Hearing Date
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Joyca Development Limited by the High Court of Hong Kong Special
Administrative Region was on the 10th day of November 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at the 14th Floor, Bank of
China Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 12th day of January 2005.

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

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Messrs. Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
16-20 Chater 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 11th day of
January 2005.

This notice is dated December 3, 2004.


KENIC HOLDINGS: Court To Hear Winding Up Petition Dec. 22
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kenic Holdings 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 Bank of China (Hong Kong) Limited
whose registered office is situated at the 14th Floor, Bank of
China Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 10:00 a.m.
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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux 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.

This notice is dated December 3, 2004.


LANDUNE INTERNATIONAL: Bankruptcy Petition Hearing Set Dec. 29
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Landune International Limited by the High Court of Hong Kong
Special Administrative Region was on the 15th day of November
2004 presented to the said Court by Cheung Chung Leung, Richard
of Unit 17D, Sing Teck Factory Building, 44 Wong Chuk Hang Road,
Hong Kong.  

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

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

Kenneth Sit
Solicitors for the Petitioner
Room 1203, 12th Floor, Euro Trade Centre
13-14 Connaught Road Central
Hong Kong

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

This notice is dated December 3, 2004.


LAW WONG: Court Appoints Joint And Several Liquidators
------------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated the 19th day of October 2004, David
John Kennedy and Stephen Briscoe of RSM Nelson Wheeler Corporate
Advisory Services Limited, 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong have been appointed as
Joint and Several Liquidators of Law Wong Kee Law's Construction
& Engineering Company Limited.

Dated this 3rd day of December 2004.
   
David John Kennedy
Stephen Briscoe
Joint and Several Liquidators
Law Wong Kee Law's Construction & Engineering Company Limited


LEE SHING: Creditors To Submit Claims by Dec. 17
------------------------------------------------
Notice is hereby given that the creditors of Lee Shing Yue
Construction Company Limited, which is being wound up
voluntarily, (if they have not already done so), are required on
or before 5:30 p.m. on 17th December 2004 to prove their debts
or claims by send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the joint and several liquidators.

In order to establish any title they may have to priority under
Section 265 of the Companies Ordinance or in default thereof
they will be excluded from the benefit of the distribution made
next after 17th December 2004 as the case may be from objecting
to such distribution.

Dated this 3rd day of December 2004

Darach E. Haughey
Lai Kar Yan (Derek)
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong

This notice is dated December 3, 2004.


TEAM Z: Creditors Meeting Slated for Dec. 13
--------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Team Z Technology Company Limited will be held at Room 1101,
11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong on
13 December 2004 at 11:30 a.m. for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Dated 3 December 2004

By Order of the Board of
Team Z Technology Company Limited
Cosfund Consultants Limited
Director


WING HING: To Hold Winding Up Hearing on Dec. 29
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Hing Hong Stationery And Sports Limited by the High Court
of Hong Kong Special Administrative Region was on the 18th day
of November 2004 presented to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.  

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

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

Gallant Y. T. Ho & Co
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 28th day of
December 2004.

This notice is dated December 3, 2004.


YUE MAN: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that a Petition for the Winding up of Yue
Man Food Wholesale Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 25th day of
November 2004 presented to the said Court by Fung Hoi Kune of
Ground Floor, 8 San Kan Street, Sheung Shui, New Territories,
Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 19th day of January 2005.

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

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

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 18th day of
January 2005.

This notice is dated December 3, 2004.


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


BIMANTARA CITRA: Shareholders Ok Restructuring, Interim Dividend
----------------------------------------------------------------
Shareholders of PT Bimantara Citra Tbk on Monday agreed to a  
restructuring proposal for some affiliates as well as the
payment of an interim dividend, relates Indoexchange.

In an extraordinary meeting of shareholders, the Company
approved a loan restructuring of its unit PT Usaha Gedung
Bimantara (UGB) for additional investment of US$15 million of
Mobile-8 and the financial restructuring of PT Media Nusantara
Citra (MNC) for the issuance of conversion bond.

Bimantara Citra also approved an interim dividend of maximal
IDR162 billion in forms of Mobile-8 shares and cash. Any
shareholder who owns 500 shares will receive 25 Mobil-8 shares
of A series at nominal IDR1, 000 each. The dividend in cash is
IDR18.72 per share.

Meanwhile, shareholders also favored the Company's change in
corporate management. Djoko Leksono Sugiarto, who had been the
corporation independent commissioner, joined the board of
directors. Dandy Rukmana and Jhon Aristianto filled the post of
independent commissioners. Bambang Trihatmodjo has replaced
Shadiq Wahono in the board of commissioners.

CONTACT:

Pt Bimantara Citra
17-19 Jalan Kebon Sirih
Menarah Kebon Sirih 24th-29th Floor
Jakarta 10340
Indonesia
Phone: +62 21 390 9211/390 0310
Fax: +62 21 390 9207
Web site: http://www.bimantara.co.id/


PERTAMINA: Still In Talks With ExxonMobil on Cepu Field
-------------------------------------------------------
State oil and gas firm PT Pertamina and ExxonMobil Corporation
are still negotiating on the development of the Cepu oil and gas
field in Central Java, according to Asia Pulse.

ExxonMobil international relations manager confirmed the U.S.-
based gas firm, through ExxonMobil Oil Indonesia, is continuing
talks with Pertamina on the matter.

Mr. Haines, however, clarified he had not come to Indonesia to
handle negotiations with Pertamina but to lead a U.S.-Asean
Business Council (UABC) delegation.

The delegation consisted of more than 50 executives from a
number of US companies and officials from the US Department of
Energy and the US Chamber of Commerce and Industry.

CONTACT:

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


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


DAIEI INCORPORATED: IRCJ Demands Closure of 53 Stores
-----------------------------------------------------
The state-backed Industrial Revitalization Corporation of Japan
(IRCJ) calls for the closure of Daiei Incorporated's 53 outlets
and debt-forgiveness of JPY410 billion (US$3.99 billion) by the
retailer's main creditor banks, Reuters reports.

A plan designed by the IRCJ requires the closure of 53 of
Daiei's 263 stores, with a possible loss of more than 2,000
jobs.

Sources said that the state turnaround body has shelved plans to
let the ailing retailer focus on the food business. Instead,
IRCJ has decided to let Daiei remain a general merchandise
supermarket that also sells clothes and household goods.

Daiei is also likely to retain its credit card operations and
supermarket chain Maruetsu Incorporated. However, other non-core
holdings such as its stake restaurant Volks Incorporated will be
divested.

Daiei, which in October reported a 49-percent plunge in first-
half profits, had been unable to rebuild itself despite the
closing of nearly half of its stores since 2001.

The IRCJ announced that more than 10 groups of foreign and
domestic investors are keen on supporting Daiei's
rehabilitation.

Among the leading candidates are Wal-Mart Stores Inc., Aeon
Company and Ito-Yokado.

CONTACT:

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


MISAWA HOMES: Corrects H1 Earnings Report
-----------------------------------------
Misawa Homes Holdings Incorporated has corrected its earnings
report for the first half of the current business year after
allocating JPY20.4 billion in loan-loss reserves in line with
its auditor's recommendation, according to Japan Today.

In its revised financial statement for the six months ended
Sept. 30, the ailing homebuilder said it fell into the red with
a group net loss of JPY16.40 billion, instead of the JPY4.06
billion it reported last month.

CONTACT:

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


MITSUBISHI FUSO: Replaces Lawyers Investigating Defects
-------------------------------------------------------
Two of Mitsubishi Fuso Truck & Bus Corporation's lawyers who
have been investigating the causes of defects in its wheel hubs
and clutch housings were replaced Wednesday, according to Japan
Today, citing Kyodo News.

The ailing truck maker said it made the decision in a bid to
improve the impartiality and objectivity on the investigation.

The Company said it will release the investigation results next
March, far later than the initially planned year-end.

Mitsubishi Fuso, mainly owned by DaimlerChrysler AG and
Mitsubishi Motors Corporation, has recalled a total of 168,000
vehicles in March and April this year due to a defect in its
previous wheel hub model.

CONTACT:

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


RESONA HOLDINGS: R&I Assigns BBB- to SB No. 2
---------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating to Resona Holdings, Inc.

Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
R&I RATING: BBB-

RATIONALE:
The subsidiaries of bank holding Company Resona Holdings, Inc.
are Resona Bank Ltd., Saitama Resona Bank Ltd., The Kinki Osaka
Bank Ltd., The Nara Bank Ltd., and Resona Trust & Banking Co.,
Ltd. R&I has assigned a Senior Long-term Credit Rating of BBB-
to Resona Holdings.

This is one notch lower than the BBB Senior Long-term Credit
Rating for Resona Bank, the group's core bank, reflecting the
financial composition of the holding Company. Resona Holdings'
double leverage ratio indicated as investment in affiliates
divided by shareholder's equity was 147.3% at the end of
September 2004. The funds to be raised through the bonds rated
here, the preceeds will be allocated as debt payment to Resona
Bank.

R&I RATINGS:
ISSUER: Resona Holdings, Inc. (Sec. Code: 8308)
        Long-term Debt
        New Issue (Issued under the Shelf Registration scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 2 Dec 17, 2004 Dec 17, 2009 Yen 30,000

Notes/Financial covenants:
1) Negative pledge clause, which covers other unsecured domestic
bonds the firm may issue in the future

R&I RATING: BBB-

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

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

CONTACT:

Resona Holdings, Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka, 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


RESONA HOLDINGS: Details Change in Conversion Price
---------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that the conversion
price for its Class C First Series Preferred Share has been
changed as shown below.

(1) Conversion Price

Revised conversion price for Class C First Series Preferred
Share: JPY180.90
(Conversion price before the revision: JPY166.70)

(2) Date of Application

The new conversion price will become effective on January 1,
2005.

(3) Reason for the Revision

The conversion price has been revised in accordance with the
pre-determined terms and conditions stipulated in the conversion
clause for the Class C First Series Preferred Share.


SEIBU RAILWAY: To Prepare Kokudo's Financial Reports
----------------------------------------------------
The Seibu Railway Co. group will prepare consolidated financial
reports of its core Company, the unlisted Kokudo Corporation,
for the past five years in a bid to provide transparency on
complicated equity and business relations within the group, says
Japan Today.

The Seibu group reform committee, which was established after
stock exchanges opted to delist the scandal-hit railway Company
on Dec. 17, came up with the plan following the Company's
admission in October that it had tampered shares-ownership
documents.

Seibu Railway is also under investigation by the Tokyo Stock
Exchange over an alleged insider trading. The bourse has begun
probing the "erratic" movement that the railway Company showed
in September.

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

CONTACT:

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


UFJ HOLDINGS: CEO Apologizes for Criminal Indictments
-----------------------------------------------------
UFJ Holdings Incorporated President and Chief Executive Officer
Ryosuke Tamakoshi has issued a statement to customers,
shareholders, investors and interested parties regarding
criminal indictments and an administrative order, reprinted as
follows:

"It is my duty to inform you that UFJ Bank and some related
personnel have been subjected to criminal indictments by the
Financial Services Agency (FSA) related to breaches of Japan's
Banking Law in regard to evasion of inspection for the fiscal
year ended March 2004. At the same time, UFJ Bank has received
an administrative order from the FSA.

"Please accept my apologies for any concern and worry that this
may have caused.

"The UFJ Group takes this matter very seriously. As stipulated
in the Business Improvement Plan announced on July 28, we are
doing our best to strengthen compliance measures and internal
control systems to prevent any recurrence.

"We know it is important to act quickly to retain your trust and
all staff at UFJ will work to achieve that purpose. Thank you
for your support, now and in the future."

Yours sincerely,

Ryosuke Tamakoshi
President and Chief Executive Officer
UFJ Holdings, Inc.

CONTACT:

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


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


KOOKMIN BANK: Issues Subordinated Bonds Worth US$658 Mln
--------------------------------------------------------
South Korea's Kookmin Bank said it would sell subordinated bonds
worth KRW700 billion (US$658M), but did not elaborate where the
proceeds will be used, reports Asia Pulse

The bonds, which carry a coupon rate of 4.20 percent, will
mature in 5.5 years. The minimum subscription amount is KRW10
million. The sale is expected to be completed on Dec. 27.

In the event of liquidation, payment of depositors and senior
creditors' claims take precedence over subordinated bonds.

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


LG CARD: Creditors Agree to KRW1.2 Trillion Bailout
---------------------------------------------------
Korea Development Bank (KDB) said creditors have agreed to help
LG Card Co. continue its reemergence from bankruptcy by
injecting financial aid of KRW1.2 trillion (US$1.2 billion),
relates Asia Pulse.

LG Card's losses plunged from KRW270 million last year to
KRW46.8 billion after a series of debt-equity swaps early this
year, although it turned a profit for the third succeeding month
in November.

As a result, creditors, who now own 99.3 per cent of LG Card,
want the shares converted into equity.

To do this, LG Card needs new capital and high capital write-
down to avoid delisting. In addition, KDB Governor Yoo Ji-Chang
said creditors have been in talks to discuss the injection of
capital, in a bid to keep the Company afloat.

But Mr. Yoo also stated that if they fail to reach a decision on
the additional aid by the end of the year, LG Card will be
delisted and credit ratings will fall.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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


ACTACORP HOLDINGS: AGM Set for December 31
------------------------------------------
Actacorp Holdings Berhad will hold its Sixteenth
(16th) AGM at Mezzanine Floor, Cempaka-Raya Room, Hotel
Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur
on Friday, 31st December 2004 at 9.30 a.m. for the following
purposes:

AGENDA AS ORDINARY BUSINESS

1. To receive and adopt the Audited Financial Statements for the
financial year ended 30th June 2004 together with the Reports of
the Directors and Auditors thereon. (RESOLUTION 1)

2. To approve the payment of Directors' fees for the financial
year ended 30th June 2004. (RESOLUTION 2)

3. To re-elect the following Directors retiring in accordance
with Article 143 of the Company's Articles of Association:

i) Dato' R. Rajakumaran a/l M. Rajadurai
ii) Azlan Shah Bin Haji Omar Shah (RESOLUTION 3)
(RESOLUTION 4)

4. To re-appoint Messrs Ernst & Young as Auditors and to
authorise the Board of Directors to fix their remuneration.
(RESOLUTION 5)

AS SPECIAL BUSINESS

To consider and, if thought fit, to pass the following
resolution: -

5. ORDINARY RESOLUTION - AUTHORITY TO ISSUE SHARES

THAT pursuant to Section 132D of the Companies Act, 1965, and
subject to the approval from the relevant governmental/
regulatory authorities, the Directors be and are hereby
empowered to issue shares in the Company from time to time and
upon such terms and conditions and for such purposes as the
Directors may deem fit provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company. (RESOLUTION 6)

6. To transact any other business which may properly be
transacted at an Annual General Meeting for which due notice
shall have been given.

By Order of the Board,
LIM SECK WAH (MAICSA 0799845)
M. CHANDRASEGARAN A/L S. MURUGASU (MAICSA 0781031)
Company Secretaries
Dated this 9 December 2004 at Kuala Lumpur.

CONTACT:

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


BTM RESOURCES: Unveils Unaudited Quarterly Results
--------------------------------------------------
BTM Resources Berhad released its unaudited quarterly report for
the financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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

1  Revenue  
          7,725         8,777         21,264      22,295

2  Profit/(loss) before tax  
         -1,539         -200          -4,461      -3,349

3  Profit/(loss) after tax and minority interest  
         -1,539         -200          -4,461      -3,326

4  Net profit/(loss) for the period
         -1,539         -200          -4,461      -3,326

5  Basic earnings/(loss) per shares (sen)  
         -5.67         -1.00          -18.30      -16.63

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)  

            0.7000        0.7300

CONTACT:

BTM Resources Berhad
22-2, Jalan Tun Sambantan 3,
50470 Kuala Lumpur
Phone: 03-22748980
Fax: 03-22721864


CEPATWAWASAN GROUP: Posts Litigation Update
-------------------------------------------
Further to the announcement dated 23 November 2004, Cepatwawasan
Group Berhad and its subsidiary, Prolific Yield Sdn. Bhd. issued
the following updates on the civil suit no. D3-22-1168-2004

(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant

(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant

(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant

(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant

(5) Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant

(6) Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant

(7) Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant

(8) Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133)
- 8th Defendant

(9) Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant

(10) Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant

(11) Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant

(12) Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant

(13) Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant for recovery of :

RM13 million which was wrongfully and fraudulently paid out by
the former directors of Prolific Yield Sdn. Bhd. to Opti Temasek
Sdn. Bhd. as advance; and

RM3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment, the
Board of Directors of the Company wishes to announce that the
Company has been allowed by the Court on 7 December 2004 to
join:

i. Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179)

ii. Dato Chua Tiong Moon (NRIC: 590831-06-5179)

iii. Chai Kim Chong (NRIC: 620118-06-5035)

iv. Chai Woon Chet (also known as Eddie Chai)

v. Tan Kok Aun (NRIC: 580522-08-5907) as the 14th, 15th, 16th,
17th and 18th Defendants to the suit respectively.

CONTACT:

Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road
P O Box 1562
90717 Sandakan
Sabah
Phone: 089-271775/ 089-221569
Fax: 089-220881

Dated this 7th day of December 2004


KAI PENG: Discloses Amended Quarterly Results
---------------------------------------------
Kai Peng Berhad announced that its amended first quarterly
report for the financial period ended 30 September 2004
supercede the first quarterly report announced on 30 November
2004. The figures were inadvertently stated as audited instead
of unaudited.

                 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  
           27,050       22,305         27,050      22,305

2  Profit/(loss) before tax  
           -2,063       -1,552         -2,063      -1,552

3  Profit/(loss) after tax and minority interest  
           -2,273       -1,628         -2,273      -1,628

4  Net profit/(loss) for the period
           -2,273       -1,628         -2,273      -1,628

5  Basic earnings/(loss) per shares (sen)   
           -2.53        -1.83          -2.53       -1.83

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)  

              0.2700             0.2900

CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Phone: 03-55685000
Fax: 03-55685027
Web site: http://www.kaipeng.com


KILANG PAPAN: Posts Production Figures for October
--------------------------------------------------
In compliance with paragraph 9.29 of the Bursa Malaysia Listing
requirements, Kilang Papan Seribu Daya Berhad disclosed that its
production of sawn timber for October 2004 was 224 M3.

In a recent TCR-AP report, Kilang Papan is currently waiting for
approvals from the Securities Commission and Foreign Investment
Committee on its revised Proposed Restructuring Scheme.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax: +60 88 423 287


KRAMAT TIN: Issues Practice Note No. 10/2001 Update
---------------------------------------------------
The Board of Directors of Kramat Tin Dredging Berhad (KTD)
announced that the status of the Company's plan remains
unchanged from what had been announced on 8 November 2004.

On behalf of KTD, Commerce International Merchant Bankers Berhad
announced that the Bursa Malaysia Securities Berhad has vide its
letter dated 8 November 2004, granted an extension of time up to
6 October 2004 for KTD to submit its Proposals to the relevant
authorities for approvals.

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2092 5588
Fax: +60 3 2093 9917

This announcement is dated 1 December 2004.


MAXIS COMMUNICATIONS: Court Fixes Case Management Dates
-------------------------------------------------------
Maxis Communications Berhad announced the following update in
relation to the Company's announcements on 11 September 2003, 29
September 2003, 17 March 2004 and 29 July 2004 in relation to
the suit (the Suit) commenced by Maxis Sdn Bhd (the Plaintiff)
against the Company and 6 of its subsidiaries (collectively the
Maxis Group) vide Kuala Lumpur High Court Civil Suit No: S6-22-
728-2002.

The Case Management, which was held on 29 November 2004, was
adjourned to 6 December 2004. On 6 December 2004, the Court
vacated the trial dates fixed for 18, 19 and 20 January 2005 and
set the matter down for further Case Management on 6 September
2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Phone: 03-23307000
Fax: 03-23300590

This Announcement is dated 7 December 2004.


OCEAN CAPITAL: Details Corporate Restructuring Exercise
-------------------------------------------------------
Ocean Capital Berhad informed the Bursa Malaysia Securities
Berhad that since its announcement on 1 November 2004 in
relation to the Proposed Corporate Restructuring Exercise of
Ocean, there has been no change in the status of the plan.

CONTACT:

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

This announcement is dated 1 December 2004.


PILECON ENGINEERING: Unit Faces Winding Up Proceedings
------------------------------------------------------
Pilecon Engineering Berhad disclosed that a winding-up petition
had been presented at the Kuala Lumpur High Court on 1 November
2004 against Johor Coastal Development Sdn Bhd (JCD), a 56%-
owned subsidiary of the Company and served onto JCD on 8
December 2004, for a claim of RM190,766.79.

(1) The Details of default or circumstances leading to the
filing of the winding-up petition against JCD:

Arkitek MAA Sdn Bhd filed the petition against JCD. Arkitek MAA
was appointed by JCD as the Architect to provide professional
services for the Proposed Condominium Development on Lot 6
(Parcel C) at JB Waterfront City, Johor Bahru. Arkitek MAA
alleged that a sum of RM190,766.79 is due and owing by JCD.

(2) The total cost of investment in JCD: RM14.6 million

(3) The financial and operational impact on the Group: There
would not be any operational impact. In the event the winding-up
petition succeeded, there would be an estimated exceptional loss
of RM113.5 million.

(4) The expected losses: JCD is expected to incur legal fees of
approximately RM15,000.00.

(5) The amount of interest claimed: RM60,676.79

(6) The date of hearing of the winding-up petition:16 February
2005

(7) The steps taken and proposed to be taken by JCD in respect
of the winding-up proceedings:

JCD will take necessary actions to contest the winding-up
petition served.

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


UNITED CHEMICAL: Court Oks Restraining Order Extension
------------------------------------------------------
In respect of the Proposed Restructuring of United Chemical
Industries Berhad (UCI), Alliance Merchant Bank Berhad, on
behalf of the Board of Directors of UCI, announced that:

(i) The High Court of Malaya in Ipoh (the Court) has, on 8
December 2004, granted UCI an extension to the Order for the
Company to hold Court convened meetings, separately between:

(a) the shareholders of UCI;
(b) the secured creditors of UCI; and
(c) the unsecured creditors of UCI,

pursuant to Section 176(1) of the Companies Act, 1965. The said
Order expired on 3 December 2004, and the Court granted UCI an
extension for a period of six (6) months from 3 December 2004 to
3 June 2005;

(ii) The Court also, has on the same day (in a separate
application by UCI to the Court), granted UCI a nine (9) months
extension to the existing Restraining Order from 9 December 2004
to 9 September 2005.

CONTACT:

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

This announcement is dated 8 December 2004.


WOO HING: Details Regularization Plan
-------------------------------------
Woo Hing Brothers (Malaya) Berhad issued an update on the status
of the Company's plan to regularize its financial position for
November 2004.

The Company announced that the proposed acquisitions as defined
in its Information Circular to shareholders dated 8 July 2004
were completed on 10 November 2004.

Yours faithfully,
HENG JI KENG
Special Administrator
Date: 2 December 2004

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
+60 3 2144 1233
+60 3 2142 2228


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


ABS-CBN BROADCASTING: S&P Withdraws "B+/Stable/B" Rating
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its
'B+/Stable/B' corporate credit rating on ABS-CBN Broadcasting
Corporation at the Company's request.

ABS-CBN Broadcasting Corp. is a leading television broadcasting
Company in the Philippines. The Company's corporate credit
rating reflected its strong market position in the industry,
good growth potential in the international program exporting
market, and moderate financial profile after extending its debt
maturity through a syndicated loan.

The Company's credit profile was partly weakened by the
distressed financial profile of Benpres, its parent, and
intensifying competition.

CONTACT:

ABS-CBN Broadcasting Centre Complex
Mother Ignacia St. cor. Sgt. Esguerra Ave.
Quezon City
Phone No:  924-4101 to 4122; 415-2272
Fax No:  431-9368
E-mail Address:  oliver_calma@abs.pinoycentral.com
URL:  http://www.abscbn-ir.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


COLLEGE ASSURANCE: SEC Orders Submission of Clean Land Titles
-------------------------------------------------------------
The Securities and Exchange Commission (SEC) will not approve
College Assurance Plan's (CAP) application to increase its
capital stock if the firm does not submit unencumbered titles
for the property that businessman Romeo Roxas wants to transfer
to the pre-need firm, the Business World reports.

CAP wants to increase its capital stock to PhP8 billion from
PhP330 million to accommodate the investment of Mr. Roxas.

Mr. Roxas wants to put a 3,000-hectare property in Aurora, which
is valued at PhP6 billion in CAP's trust fund. In exchange for
the property, he will get one of the 11 board seats in the
Company.

"Until they submit a clean title, the application cannot be
acted on. There is no basis to approve it. We can't approve the
request if there are claims for the property which CAP wants to
put in," a SEC source said.

Some parcels of land in Mr. Roxas's property, however, are
encumbered as these are allocated for land reform.

CAP continues to operate to service school tuition of plan
holders. The Company, however, is no longer authorized to sell
additional securities, since its dealer's license, which it
needs to sell plans, expired on September 30. The Company also
already used up its authority to sell PhP5 billion worth of
plans.

CONTACT:

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


COLLEGE ASSURANCE: Plans to Refund Bacolod Plan Holders
-------------------------------------------------------
The cash-strapped College Assurance Plan Incorporated (CAP) in
Bacolod City plans to refund their educational plan holders of
only half the amount they contributed, reports Sun Star Bacolod.

In another development, CAP-Bacolod has not yet settled their
bounced checks in almost all private colleges and universities
in payment for the tuition of their thousands of scholars.

Until CAP-Bacolod can settle the mess, their scholars may not be
allowed to take the prelim exams for the second semester.


MANILA ELECTRIC: Reviewing Anew Refund Mode for Industry
--------------------------------------------------------
Manila Electric Co. (Meralco) is evaluating the feasibility of
servicing the fourth phase of refund for its large industrial
and commercial clients through the use of debt instruments other
than the refund notes it had proposed, according to the Business
World.

Meralco refund management task force project manager Rosario
Torres declined to say what kind of debt instruments Meralco is
evaluating, saying only financial institutions have submitted
several proposals, which the distribution utility is now
studying. She said the instrument will still be liquid and will
still be non-interest bearing.

Ms. Torres added that the possible change in the refund scheme
for the large customers would not affect the timetable of the
firm for servicing the refund.

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


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
Philippine Long Distance Telephone Company (TEL) submitted to
the Philippine Stock Exchange the disclosure pertaining to the
cash dividends declared by its Board of Directors during its
meeting held on December 9, 2004.

Please take note of the following details of the cash dividends
declared for shares listed with the Philippine Stock Exchange:

During the meeting of the Board of Directors of the Philippine
Long Distance and Telephone Co. on December 9, 2004, the
following cash dividends were declared:

(1) US$1.029412 per outstanding share of the Company's Series
III Convertible Preferred Stock, for the quarter ending January
15, 2005, payable on January 15, 2005 to the holders of record
on December 23, 2004.

(2) Php4.675 per outstanding share of the Company's Series V
Convertible Preferred Stock, for the quarter ending January 15,
2005, payable on January 15, 2005 to the holders of record on
December 23, 2004.

(3) US$.09925 per outstanding share of the Company's Series, VI
Convertible Preferred Stock, for the quarter ending January 15,
2005, payable on January 15, 2005 to the holders of record on
December 23, 2004.

(4) JY10.179725 per outstanding share of the Company's Series
VII Convertible Preferred Stock, for the quarter ending January
15, 2005, payable on January 15, 2005 to the holders of record
on December 23, 2004.

(5) Php1.00 per outstanding share of the Company's Series H 10%
Cumulative Convertible Preferred Stock for the annual period
ending December 31, 2004, payable on January 31, 2005 to the
holders of record on December 29, 2004.

(6) Php1.00 per outstanding share of the Company's Series L 10%
Cumulative Convertible Preferred Stock, for the annual period
ending December 3, 2004, payable on January 31, 2005 to the
holders of record on December 29, 2004.

(7) Php1.00 per outstanding share of the Company's Series M 10%
Cumulative Convertible Preferred Stock, for the annual period
ending December 31, 2004, payable on January 31, 2005 to the
holders of record on December 29, 2004.

(8) Php1.00 per outstanding share of the Company's Series Y 10%
Cumulative Convertible Preferred Stock, for the annual period
ending December 31, 2004, payable on January 31, 2005 to the
holders of record on December 29, 2004.

Very truly yours,
Ma. Lourdes C. Rausa-Chan
Corporate Secretary

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


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


CHINA AVIATION(S): Chairman Regrets Oil Trading Fiasco
------------------------------------------------------
China Aviation Oil Singapore Corp (CAO) chairman Jia Changbin  
is regretful about the Company's US$550-million oil derivatives
trading loss, Channel News Asia says.

In order to reassure the Singapore Stock Exchange and its
investors, Mr. Jia added that its parent Company China Aviation
Oil Holdings (CAOH) fully supports its restructuring plans.

Mr. Jia, who is also CAOH's president, met with SGX chief
executive Hsieh Fu Hua and Yeo Lian Sim, head of risk
management, last Tuesday.

The Singapore-listed jet fuel supplier is under investigation by
the Commercial Affairs Department, SGX and the Monetary
Authority of Singapore for the oil-trading debacle. Aside from
the investigation, CAO may face fine for non-disclosure.


CHINA AVIATION(S)  Scandal Drives Shake-up
------------------------------------------
The Chinese government is contemplating restructuring state-
owned China Aviation Oil Holding Company (CAOH) after its
subsidiary, China Aviation Oil Singapore (CAO), became embroiled
in a scandal, The Standard reports.

A possible restructuring could lead to the demotion or revamp of
several top executive positions in the Company, as well as the
sale of its additional shares in the Company to its competitors
Sinopec or PetroChina. The restructuring could also mean the
closure of its Singapore affiliate CAO.

The overhaul will depend on the results on the investigations by
Singapore's white-collar investigator Commercial Affairs
Department and by Beijing's State-owned Assets Supervision and
Administration Commission (Sasac).

Sasac is determined to find out whether any executives of CAOH
knew or approved of the oil futures trading that cost the
Singapore arm some US$550 million. Upon completion of the probe,
Beijing will make decision on whether to bailout the Company
directly with government funds or sell part of its 60% stake in
the parent, to its existing shareholders like PetroChina and
Sinopec.

The oil scam is most likely to set the tone for increased effort
by Beijing officials to make transactions of state-owned firms
more obvious and to tighten control over the relationship
between unlisted state-owned companies and their listed
affiliates.

Beijing officials have said that the CAO incident is an isolated
event. Sasac official stated that CAO not only traded heavily in
a market it didn't fully understand but also because its parent
dreamed of becoming a bigger player in the oil business than its
current role of middleman between refiners and airlines.

CAO began as a jet fuel importer, which later increased its
scope to importing other oil products and making infrastructure
investments. Most recently, it planned to buy a 20.6 stake in
Singapore Refining Company.

Once issues are resolved, it is likely that the government will
sell its CAOH shares to fund the restructuring of CAO, but it
will retain possibly a minimum of 51% stake in CAOH. It may also
be possible that the state will sell its shares in the firm to
outside investors.



CHINA AVIATION: CEO Arrested Over SG$550Mln Debacle
---------------------------------------------------
Suspended chief executive of China Aviation Oil (CAO), Chen Jui
Lin, was arrested upon his return to Singapore due to his
involvement in the financial loss of SG$550 million (HK$4.29
billion) after trading oil derivatives in Singapore's worst
financial scandal since Barings Bank collapsed in 1995, The
Independent relates.

Mr. Chen, who returned to Singapore from China last Wednesday
morning, was later released on bail.

CAO, which sought Court protection from creditors last week, is
under the parent Company China Aviation Oil Holding, owned by
the Chinese government who had near monopoly on the export of
jet fuel to mainland.

CAO repeatedly bet on oil price that would fall from SG$50 a
barrel. When the bet fell flat, its parent Company covered the
growing losses by selling 15% of its 75% stake in CAO to Temasek
Holdings SG$120 million, without disclosing any problems.

CAO will be facing penalties for not disclosing their losses
until November 30. In an affidavit filed by Mr. Chen, its state-
owned parent was aware of its losses 10 days before the sale
without informing its buyers.

Just like other CAO shareholder's whose shares are now deemed
worthless, Temasek had no knowledge about its financial loss on
October 20.

Singapore Stock Exchange released a statement saying that China
Aviation Oil Holdings president and CAO chairman, Jia Changbin
met with SGX's management and regulation group. Mr. Jia conveyed
their regret and its Company support on its restructuring
proposal.

Its restructuring proposal centers on CAO's bid to fend off
creditors who bankrolled the speculative gambles, which became
untenable when oil prices hit record highs in October. CAO has
already applied for protection from its creditors and it has
also requested for a six-week extension to file its
restructuring plan.

The High Court is reportedly due to hear the application on
Friday.


PANPAC MEDIA: Unit Misstate's Financial Report
----------------------------------------------
Panpac Media Group Limited announced that following a Board
meeting on 7 December 2004, it has come to the Board's attention
that the financial statements of the its subsidiary, Auston
International Group Limited in respect of the financial year
ended 31 July 2002, financial period ended 31 December 2003 and
6-month period ended 30 June 2004 have been misstated, leading
to an overstatement of Auston's profits.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_panpacmedia120804.pdf


TONSBERG ENGINEERING: Posts Notice Of Intended Dividend
-------------------------------------------------------
Tonsberg Engineering Pte Ltd. posted a notice of intended
dividend notice at the Singapore Government Gazette on December
3, 2004.

Address of Registered Office: Formerly of 28 Joo Koon Circle
Singapore 629057

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 85 of 2002

Last Day for Receiving Proofs: 17 December 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Kamala Ponnampalam
Assistant Official Receiver


WAH ENG: Issues Notice Of Intended Preferential Dividend
--------------------------------------------------------
Wah Eng Construction Co. Pte Ltd. posted a notice of
preferential dividend notice at the Singapore Government Gazette
on December 3, 2004.

Address of Registered Office: Formerly of 7500A Beach Road
#14-303 The Plaza Singapore 199591

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 231 of 1998

Last Day for Receiving Proofs: 17 December 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Moey Weng Foo
Assistant Official Receiver


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


ADVANCE PAINT: Notifies SET of Warrant Exercise Date
----------------------------------------------------
During the Extraordinary General Meeting of Shareholders No.
1/2002 of Advance Paint & Chemical (Thailand) Public Co., Ltd.
on Dec. 9, 2002, there was a resolution on the Company's
issuance of Warrants, (APC-W1) and  (APC-W2) to the existing
shareholders whose names appeared on the Company's Register Book
on Dec. 27, 2002 with the exercise period every 3 months within
the last business day of March, June, September and December
during 9:00 a.m. to 4:00 a.m.

The 6th exercise process of APC-W1, APC-W2 will be as follows:

(1) The exercise date will be on the December 30, 2004 during
9:00 a.m. to 4:00 p.m. at the Advance Paint & Chemical
(Thailand) Public Co., Ltd.

(2) The warrant holders who wish to exercise the warrants can
submit the exercise notice to the Company on the business day of
December 23, 2004 to December 29th, 2004.

(3) Exercise Ratio is 1 warrant: 1 share at Baht 1 each.
    
(4) The warrant holders intend to exercise  submit the following
documents to the Company:

- Completion form of Exercise Notice.

- Warrant Certificate(s) or Certificate Receipt(s) in the form
prescribed by the SET.

- Cheque or Cashier Cheque payable to Advance Paint & Chemical
(Thailand) Public Co., Ltd. Within Bangkok Metropolitan.

- Copy of Identification Card or Passport with certified true
copy for individual Warrant holders.

- Copy of Affidavit or the Certificate of Incorporation
certified by notary public (less than 6 months) for Corporate
Warrant holders.

Yours sincerely,
(Mrs. Narumol Punnakitikashem)  
Executive Director   

CONTACT:

Advance Paint & Chemical (Thailand) Pcl   
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


NATURAL PARK: Posts Additional Information on Joint Venture
-----------------------------------------------------------
As the Stock Exchange of Thailand (SET) has asked for
information regarding the joint investment with City Realty
Company Limited (City Realty) from Natural Park Public Company
Limited, the Company hereby provides the SET additional
information on the Group of New Shareholders as follows:

(1) Who are the shareholders of City Realty that will invest in
the increase capital of the Company (because there are many
shareholders) indicate the names and number of shares for each
investor.

The group of shareholders of City Realty Company Limited (City
Realty) that will invest in the increased share capital of the
Company totaling 7,600,000,000 shares or 48.54 percent of the
registered share capital after capital increase includes Mr.
Chalee Sophonpanich in amount not less than 1,900,000,000 shares
or 25 percent of the increase share capital, while remaining
shares (not exceeding 5,700,000,000 shares) will be for other
shareholders of City Realty which is still under negotiation.
      
(2) The financial status of City Realty (Assets, Liabilities,
Shareholders Equity, Revenue, Expenses, Profit (Loss) of the
audited financial statements and current financial statements
(if the current financial statements is prepared by management,
please indicate).

The financial status of City Realty as presented in the audited
statements as of December 31, 2003 is as follows:

Detail                         Million Baht

Assets                               12,414
Liabilities                          3,178
Shareholders Equity                  9,236
Revenue                              1,911
Net Profit (Loss)                    1,520
      
(3) Who are the shareholders of City Realty that will purchase
the convertible debenture? Are they the same group that invests
in the increase share capital of the Company?
      
The group of shareholders of City Realty who will purchase the
convertible debenture is the same group that invests in the
increase share capital of the Company.
      
Please be informed accordingly.
Sincerely yours,
Natural Park Public Company Limited

(Mr. Thowthawal Subhavanich)
Chief Financial Officer

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   


POWER-P: Enters Into Joint Venture Agreement
--------------------------------------------
Power-P Public Company Limited advised the Stock Exchange of
Thailand that:

The Company has entered into a Joint Venture Agreement with
Union Infartech Co., Ltd., Bangkok Motor Equipment Co., Ltd.,
and China International Water & Electric Corporation
(hereinafter called JV UBCPOWER), in order to bid for the Kwai-
Noi Dam Construction Project according to the Royal Initiatives
with Royal Irrigation Department, Ministry of Agriculture and
Cooperatives.  

The project is located at Amphur Watbosth, Phitsanulok Province.

JV UBCPOWER won the bid for the project and the construction
contract was signed and executed November 26, 2004, at the value
of THB3.588 Billion approximately. The project will be completed
within 1,110 days from the signing date, or in 2007.

In addition, a Letter of Guarantee-Performance Bond of
approximately THB180 Million has been issued for the project by
the Bank of China, Bangkok Branch.

Please be informed accordingly.
Faithfully yours,
Power-P Public Company Limited
(Mr. Somchai Sakulsurarat and Mr. Ratchasak Susewi)
Authorized Director

CONTACT:

Power-P Public Company Limited   
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok    
Telephone: 0-2618-8555-7, 0-2618-8888   
Fax: 6188078, 6188140-2


POWER-P: Changes Official Registered Address
--------------------------------------------
Power-P Public Company Limited advised the Stock Exchange of
Thailand (SET) that it would relocate its head office on
December 15, 2004.  The official registered address is.

Power-P Public Company Limited   
900/7 and 900/16 Thanasin Tower, Floor 10th and 20th,
Rama III Road, Bangpongpang, Yannawa,
Bangkok 10120 Thailand
Telephone No.: (66)2 682 6404 - 9
Facsimile No.: (66)2 682 6306

Please be informed accordingly
Faithfully yours,
Power-P Public Company Limited
(Mr. Somchai Sakulsurarat  and Mr. Ratchasak Susewi)
Authorized Director


TONGKAH HARBOUR: Unit Completes Capital Increase Registration
-------------------------------------------------------------
In a disclosure to the Stock Exchange of Thailand (SET), Tongkah
Harbour Public Company Limited announced that pursuant to the
special resolution of Extraordinary General Meeting of its
subsidiary, Tungkum Limited held on 22 November 2001 and 13
December 2001 respectively, approval was given to increase the
Company's capital to THB500,000,000 with paid-up capital
THB346,954,100.

On 8 December 2004, the Company has completed registration of
the increase in paid-up capital to THB500,000,000.

The current paid up capital of Tungkum Limited is:

Capital registration: THB500,000,000

Paid-up capital: THB500,000,000

Please be informed
Sincerely yours,
(Mr. Ronald Ng Wai Choi)
Managing Director




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

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

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

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

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

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

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

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

  THAILAND
  --------

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





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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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