TCRAP_Public/041213.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

             Monday, December 13, 2004, Vol. 7, No. 246

                            Headlines

A U S T R A L I A

A&H DEVELOPMENT: Court Appoints Neil Cussen as Liquidator
ADSTEAM MARINE: Snags Towage Contract for Darwin LNG Facility
AQUAMAN (WA) PTY: To Wind Up Voluntarily
ASSET EVALLUATION: Court Issues Winding Up Order
BOWLINE HOLDINGS: Winds Up Voluntarily

CORLEONE PTY: Members Resolve to Wind Up Voluntarily
DIGITAL DIAGNOSTIC: Final Dividend to be Declared December 14
FINANCIAL OPTIONS: Ex-Director Sentenced to Seven-year Jail Term
FOSTSTOCK PTY: Members Resolve to Wind Up Voluntarily
GLASS SECURITY: Creditors Approve Voluntary Winding Up

GOODOOGA BOWLING: Sets December 14 as Date of Final Meeting
HOLLYWOOD CONSTRUCTION: Court Issues Winding Up Order
LEON S. SNIDER: Final Meeting Slated for December 15
MAGISTER INVESTMENTS: To Hold Final Meeting on December 15
MANEROO INVESTMENTS: Members Resolve to Wind up Voluntarily

MIDDENBURY PTY: Catherine Sexton Appointed as Liquidator
NORTH SHORE: Final Meeting Slated for December 14
QANTAS AIRWAYS: Forms Joint Venture for New Cargo Airline
QANTAS AIRWAYS: October Domestic Traffic Climbs Almost 9%

QUEANBEYAN TYRES: To Hold Final Meeting on December 14
SEAWOLF AUSTRALIA: Enters Voluntary Winding Up Proceedings
STOKES CONTRACTORS: To Declare Final Dividend on December 16
WIS AUSTRALIA: Sets Final Meeting Today
WURTH HOLDINGS: To Face Voluntary Winding Up Process

* CALDB Reprimands Sydney Liquidator


C H I N A  &  H O N G  K O N G

CHINA GAS: Resolution for New Shares Placement Passed at SGM
DESK STRONG: Creditors Meeting Set December 10
GRAND COSMOS: Enters Winding Up Proceedings
KEPO DISPLAY: To Hold Annual Meetings on Dec. 16
KESSEL ELECTRONICS: Annual Meetings Slated for Dec. 16

KESSEL TELECOM: Sets Creditors, Members Meetings on Dec. 16


I N D O N E S I A

BANK GLOBAL: JSX Suspends Shares Trading
SEMEN GRESIK: Workers Protest Over Government Divestment
* State Budget Deficit Could Rise


J A P A N

DAIEI INCORPORATED: IRCJ Asks Banks to Retire Preferred Shares
JAPAN TOBACCO: Seeks Law Change to Cut Government Ownership
KOBE STEEL: Mulls Sale of Furnace in China
MITSUBISHI MOTORS: To Request JPY200-Bln Aid from Group Firms
RESONA HOLDINGS: Wants 10% of Branch Chiefs to be Female


K O R E A

LG CARD: Nonghyup Mulls a Takeover


M A L A Y S I A

AMSTEEL CORPORATION: Details Proposed Disposal of LIPSB
CEPATWAWASAN GROUP: Issues Production Figures For November
FABER GROUP: Selling Off Properties For RM450 Mln
GOLDEN FRONTIER: Issues Shares Buy Back Notice
NAIM INDAH: Appoints New Secretary

NALURI BERHAD: Names New Audit Committee Member
PAN MALAYSIA: Issues Litigation Update
PAN PACIFIC: Posts Default Status Notice
SRIWANI HOLDINGS: Details Property Disposals


P H I L I P P I N E S

COLLEGE ASSURANCE: Seeks SEC Nod To Draw Php100M From Trust Fund
MANILA ELECTRIC: BDO To Buy Out Rebel Creditor
NATIONAL POWER: SEC May Grant Only 45-cent Rate Hike
NATIONAL POWER: PSALM Defends Power Plant's Bidding
PHILIPINE LONG: Appoints Menardo Jimenez to Senior VP

PHILIPPINE TELEGRAPH: SEC Orders Submission of Annual Report


S I N G A P O R E

CHINA AVIATION(S): Acquires Wholly Owned Subsidiary
CHINA AVIATION(S): Clarifies Lianhe Zaobao Article
CHINA AVIATION: Details Corporate Update
CHINA AVIATION(S): To Create New Jet Fuel Unit
FAIRDON ENTERPRISES: Posts Notice Of Dividend

KESFORD PRIVATE: Discloses Intended Dividend Notice
KLW HOLDINGS: Unit Disposes of Property
LIFETIME OF HOLIDAYS: Receiving Proofs of Debts Until Dec. 17
PANPAC MEDIA: Strengthens Position for NASDAQ Listing
UNITED CONSOLIDATORS: Asks Creditors to Submit Proofs of Debt


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolutions
* JCR Upgrades FC of Thailand; First "A-" in Post Crisis Era

     -  -  -  -  -  -  -  -   
  

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


A&H DEVELOPMENT: Court Appoints Neil Cussen as Liquidator
---------------------------------------------------------
On 19 October 2004 the Supreme Court of New South Wales in
Proceeding Number 5117 of 2004, ordered the winding up of A&H
Development & Construction Pty Ltd and Neil Robert Cussen was
appointed liquidator of the Company.

Dated this 25th day of October 2004

Neil Robert Cussen
Liquidator
Horwath Sydney Partnership
10th Floor, 1 Market Street,
Sydney NSW 2000
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


ADSTEAM MARINE: Snags Towage Contract for Darwin LNG Facility
-------------------------------------------------------------
Adsteam Marine Limited has secured a long-term contract to
provide towage services for the Darwin LNG facility, a move that
represents a major step in its organic growth strategy of
focusing on new terminals and ports, according to Egoli News.

It follows closely on the announcement of the Company as the
preferred towage contractor status for the BP-Sonatrach Isle of
Grain LNG terminal on the Medway River in the U.K.

Adsteam Managing Director John Moller said the term contracts
with the oil industry are exactly the growth opportunities the
Company planned to concentrate on when it began its reform
program in May 2003.

The Darwin LNG facility will start operations early in 2006, at
the same time the construction of two new tugs will begin to
meet service requirement of the terminal operator.

According to Mr. Moller, the new tugs, with AZT propulsion, 55
tonne bollard pull and fire fighting capability, will all
bolster the Adsteam Marine fleet.

CONTACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


AQUAMAN (WA) PTY: To Wind Up Voluntarily
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Aquaman (Wa) Pty Ltd A.C.N. 072 589 765 held on the 15th of
October 2004 the following special resolution was passed:

That the Company be wound up voluntarily.

Dated this 15th day of October 2004

K.E. Scells
Liquidator
c/- Sothertons
Chartered Accountants
10 Market Street, Brisbane Qld 4000


ASSET EVALLUATION: Court Issues Winding Up Order
------------------------------------------------
On 25 October 2004, the Supreme Court of New South Wales, Equity
Division, made an Order that Asset Evalluation Pty Limited
A.C.N. 006 536 330 be wound up and appointed R.J. Porter as
Official Liquidator.

R.J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


BOWLINE HOLDINGS: Winds Up Voluntarily
--------------------------------------
At a general meeting of Bowline Holdings Pty Ltd (In
Liquidation) A.C.N. 009 355 444, duly convened and held on 20
October 2004, the following special resolution was passed:

That the Company be wound up voluntarily and that Oren Zohar and
Brian McMaster, of KordaMentha, Level 11, 37 St George's
Terrace, Perth, be appointed as joint and several liquidators
for the purposes of the winding up.

Dated this 22nd day of October 2004

Brian Mcmaster
Liquidator for Bowline Holdings Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


CORLEONE PTY: Members Resolve to Wind Up Voluntarily
----------------------------------------------------
Take notice that at a meeting of members of Corleone Pty Ltd
held 24th October 2004, a special resolution was passed in
accordance with Section 491(1) of the Corporations Law that
Corleone Pty Ltd be wound up voluntarily.

Dated this 24th day of October 2004

Geoffrey Francis Price
Director


DIGITAL DIAGNOSTIC: Final Dividend to be Declared December 14
-------------------------------------------------------------
A First and Final Dividend for Unsecured Creditors is to be
declared on 14 December 2004 for Digital Diagnostic Ultrasound
Pty Limited (In Liquidation) A.C.N. 101 169 822.

Creditors whose debts or claims have not already been admitted
were required on 7 December 2004 formally to prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 29th day of October 2004
Henry Kazar
Official Liquidator
SimsPartners
Suite 5, 32 Thesiger Court,
Deakin West ACT 2600


FINANCIAL OPTIONS: Ex-Director Sentenced to Seven-year Jail Term
----------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission noted the sentencing of Mr. Robert
Geoffrey Walker, the former managing director of Financial
Options Group Incorporated (FOGI), to seven years' imprisonment,
with a non-parole period of four-and-a-half years, after
pleading guilty to charges brought by ASIC.

Mr. Walker, of Mosman in New South Wales, was convicted in the
Sydney District Court of 21 counts of deception under the Crimes
Act 1900 (NSW).

The Court found that Mr. Walker was involved in making false
statements to investors about the returns that investors could
expect to receive in relation to FOGI. It is estimated that the
loss to investors associated with the charges against Mr. Walker
approximates $1.9 million. Overall, investors in FOGI lost
approximately $11 million.

FOGI was a financial services business, which claimed to provide
professional investment management in non-regulated foreign
exchange bullion and base metal markets.

Potential investors were approached in various ways by
representatives of FOGI to invest. The investors were
predominantly based in Sydney, Byron Bay, the Gold Coast and
Brisbane, many investing and losing their superannuation
savings.

ASIC's investigation found that Mr. Walker, and a co-director of
FOGI, Mr. Robert Gary Johnstone, sent monthly report to
investors, together with an account statement showing their
cumulative balances after FOGI had supposedly produced a return
on their principal investment.

ASIC alleged that the statements each month were false, and
calculated to deceive investors. In fact, FOGI sustained
significant losses from the outset in its trading. In addition,
ASIC alleged that Mr. Walker was using part of the funds
invested by investors for his own use, including re-payment of
personal credit cards, discharging a mortgage and in consultancy
fees.

In sentencing Mr. Walker, the Court noted the defendant's vast
experience in the financial sector, including a period as an
executive director of the Macquarie Bank.

Mr. Lucy said the jailing of Mr. Walker indicated the serious
nature of his crimes.

"Mr. Walker has deliberately sought to mislead investors and in
doing so, compromised their financial positions. ASIC has acted
to remove Mr. Walker from the financial services industry and
his punishment should serve as a warning to others offering
advice," Mr. Lucy said.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Background

Mr. Johnstone, of Queens Park in New South Wales, a former co-
director of FOGI, was sentenced earlier this year to a maximum
of four years imprisonment over 18 counts of deception under the
Crimes Act (NSW), two counts of making false statements to
investors under the Corporations Act 2001 and a further two
counts of making false statements and providing false documents
to ASIC as the finance director of FOGI.

On 18 February 2002, ASIC successfully applied to the Supreme
Court of New South Wales to wind up FOGI and the Australia Fund
Limited, of which FOGI was the major shareholder.

ASIC had previously obtained interim orders freezing the assets
of Mr. Walker and Mr. Johnstone. Mr. Walker and Mr. Johnstone
are now bankrupt and the interim orders have been lifted.

The Commonwealth Director of Public Prosecutions prosecuted
these matters.


FOSTSTOCK PTY: Members Resolve to Wind Up Voluntarily
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Foststock Pty Ltd (In Voluntary Liquidation) A.C.N. 095 303 129
held on 14 October 2004 it was resolved that the Company be
wound up voluntarily and that Jason Betts and Susan Carter, of
Downie Insolvency, Level 6, 50 Cavill Avenue, Surfers Paradise,
Qld be appointed Liquidators for the purposes of such winding
up.

Dated this 25th day of October 2004

Jason Bettles
Liquidator
Downie Insolvency
Web site: www.downieinsolvency.com.au


GLASS SECURITY: Creditors Approve Voluntary Winding Up
------------------------------------------------------
At a meeting of creditors of Glass Security Services (Aust) Pty
Ltd (In Liquidation) A.C.N. 097 570 762, duly convened and held
at the offices of KordaMentha, Level 11, 37 St Georges Terrace,
Perth on Wednesday, 20 October 2004 at 10:00 a.m., it was
resolved:

That pursuant to Section 439C(c) of the Corporations Act 2001
the Company be wound up.

Dated this 20th day of October 2004

Brian Mcmaster
Liquidator for Glass Security Services (Aust) Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


GOODOOGA BOWLING: Sets December 14 as Date of Final Meeting
-----------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Goodooga Bowling Club Pty Ltd (In Liquidation)
A.C.N. 001 052 599 will be held at the office of Nicholls & Co.,
Chartered Accountants, Suite 6, 459 Peel Street Tamworth NSW
2340, on Tuesday 14th day of December at 11:00 a.m. for the
purpose of receiving the Liquidator's account showing how the
winding up has been conducted and the property of the Company
disposed of and hearing any explanation which may be given by
the Liquidator.

Dated this 26th day of October 2004

A.R. Nicholls
Liquidator
Nicholls & Co
Suite 6 459 Peel Street,
Tamworth NSW 2340


HOLLYWOOD CONSTRUCTION: Court Issues Winding Up Order
-----------------------------------------------------
On 25 October 2004, the Supreme Court of New South Wales, Equity
Division, made an Order that Hollywood Construction Co Pty
Limited A.C.N. 101 706 174 be wound up and appointed me as
Official Liquidator.

R.J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants, Level 6, 460 Church Street,
Parramatta NSW 2150


LEON S. SNIDER: Final Meeting Slated for December 15
----------------------------------------------------
Notice is hereby given that the final meeting of members of Leon
S. Snider (Australasia) Pty Ltd (In Liquidation) will be held on
15 December 2004 at Level 18, 55 Market Street, Sydney at 5.00
p.m. The purpose of the meeting shall be for the presentation of
the final liquidator's report on the conduct of the liquidation
to members.

Einfeld Symonds Vince
Chartered Accountants
Level 18, 55 Market Street,
Sydney NSW 2000


MAGISTER INVESTMENTS: To Hold Final Meeting on December 15
----------------------------------------------------------
Notice is hereby given that the final meeting of members of
Magister Investments Pty Ltd (In Liquidation) will be held on 15
December 2004 at Level 18, 55 Market Street, Sydney at 5:00 p.m.
The purpose of the meeting shall be for the presentation of the
final liquidator's report on the conduct of the liquidation to
members.

Einfeld Symonds Vince
Chartered Accountants
Level 18, 55 Market Street,
Sydney NSW 2000


MANEROO INVESTMENTS: Members Resolve to Wind up Voluntarily
-----------------------------------------------------------
At an Extraordinary Meeting of Maneroo Investments Pty Ltd (In
Liquidation) A.C.N. 007 678 506 held on the 18th of October
2004, the members of the Company resolved to wind up the Company
voluntarily and to appoint Anthony John Bedworth of Murray
Nankivell & Associates Pty, 172 Smith Street, Naracoorte SA 5271
as Liquidator of the Company.

Dated this 18th day of October 2004

Anthony John Bedworth
Murray Nankivell & Associates Pty
172 Smith Street, Naracoorte SA 5271
Telephone: (08) 8762 1544


MIDDENBURY PTY: Catherine Sexton Appointed as Liquidator
--------------------------------------------------------
Notice is hereby given that a general meeting of Middenbury Pty
Ltd (In Liquidation) A.C.N. 010 977 376 held on the 15 October
2004, it was resolved that the Company be wound up voluntarily,
and that Moira Catherine Sexton, Chartered Accountant, Level 4,
Grant Thornton House, 102 Adelaide Street, Brisbane, be
appointed Liquidator.

Dated this 15th day of October 2004

Therese Mary Glennon
Director


NORTH SHORE: Final Meeting Slated for December 14
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of North Shore Tile Market Pty Limited (In
Liquidation) A.C.N. 087 091 594 will be held at Rodgers Reidy,
Level 8, 333 George Street, Sydney on Tuesday, 14th of December
2004 at 10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Joint Liquidators.

(b) A resolution to destroy the books & records of the Company.

(c) To consider any other business.

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


QANTAS AIRWAYS: Forms Joint Venture for New Cargo Airline
---------------------------------------------------------
Qantas Airways Limited has on Friday signed a joint venture
agreement with CTI Holding of Thailand, giving rise to a new
Asian cargo airline based in Bangkok, Asia Pulse relates.

Qantas will hold 49 percent stake, while CTI owning the
remaining 51 percent of the new entity, Thai Air Cargo.

The new airline will primarily serve Asian sectors within five
to six hours of Bangkok and will operate aircraft capable of
carrying up to 86 tonnes of cargo.

The airline is expected to make its first flight in early 2005.

Qantas sees the new venture as an opportunity for the carrier to
participate in the fast-growing intra-Asia freight market.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, Nsw, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


QANTAS AIRWAYS: October Domestic Traffic Climbs Almost 9%
---------------------------------------------------------
Domestic traffic of Qantas Airways in October rose almost 9
percent while international traffic climbed over six percent
compared to the month last year, Asia Pulse reports.

Qantas domestic, QantasLink and Jetstar carried 2.033 million
passengers in October, up 8.9 percent on the same period last
year.

Traffic on the three services measured in Revenue Passenger
Kilometres (RPKs) increased by 9.1 percent in October while
capacity, measured in Available Seat Kilometres (ASKs), jumped
by 9.6 percent. This resulted in a revenue seat factor of 81.5
percent, 0.4 percentage points lower than for October 2003.

Qantas and Australian Airlines carried 810,000 international
passengers in October, a rise of 6.4 percent last year.

International RPKs increased by 10.1 percent in October 2004,
while ASKs increased by 13.5 percent over the same period.

The resulting revenue seat factor of 75.6 percent was 2.3
percentage points lower than the previous year.

Overall passengers who flew the group's five services numbered
2.843 million in October, a rise of 8.2 percent over the
previous year.

RPKs increased by 9.8 percent, while ASKs were up 12.2 percent,
resulting in a revenue seat factor of 77.5 percent, which was
1.7 percentage points lower than the previous year.


QUEANBEYAN TYRES: To Hold Final Meeting on December 14
------------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001, that a joint meeting of members and
creditors of Queanbeyan Tyres Pty Ltd (In Liquidation) will be
held at the offices of R. A. Dawson & Associates, Chartered
Accountants, Suite 2, 82 Wentworth Avenue, Kingston, ACT, on the
14th day of December, 2004, at 10:00 a.m.

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 2nd day of October 2004

R.A. Dawson
Liquidator
Queanbeyan Tyres Pty Ltd (In Liquidation)
Suite 2, 82 Wentworth Avenue,
Kingston ACT 2604


SEAWOLF AUSTRALIA: Enters Voluntary Winding Up Proceedings
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Seawolf
Australia Pty Ltd A.C.N. 096 619 402 held on 15 October 2004 it
was resolved that the Company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose,
Dudley James Elliott be appointed liquidator.

Dated this 15th day of October 2004

Dudley James Elliott
Liquidator
2 Longreef Place, Hillarys, WA 6025


STOKES CONTRACTORS: To Declare Final Dividend on December 16
------------------------------------------------------------
A final dividend is to be declared on Thursday, 16 December 2004
for Stokes Contractors Pty Limited (In Liquidation) A.C.N. 076
354 928.

Creditors whose debts or claims have not already been admitted
are required on Wednesday 1 December 2004 to formally prove
their debts or claims. If they have not, they will be excluded
from the benefit of the dividend.

Dated this 9th day of November 2004

M.E. Slaven
Liquidator
Rangott & Slaven
Level 3, Engineering House,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430,
Facsimile: (02) 6281 1966


WIS AUSTRALIA: Sets Final Meeting Today
---------------------------------------
Notice is given that a final meeting of members of WIS Australia
Pty Limited (in liquidation) will be held at the offices of
Ernst & Young, 321 Kent Street, Sydney, NSW 2000 today, 13
December 2004 at 10:00 a.m.

The purpose of the meeting is to lay an account 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 Liquidators.

Dated this 5th day of November 2004

John Gibbons
Liquidator
WIS Australia Pty Limited (in liquidation)
Ernst & Young
321 Kent Street, Sydney NSW 2000
Telephone: (02) 9248 5005


WURTH HOLDINGS: To Face Voluntary Winding Up Process
----------------------------------------------------
The following resolutions were passed at a general meeting of
members held on 23 October 2004:

That Wurth Holdings Pty Limited (In Liquidation) A.C.N. 000 239
136 be wound up voluntarily and that Vincent James Collins,
Chartered Accountant, be appointed liquidator.

Dated this 25th day of October 2004

Vincent James Collins
Liquidator
29-31 Croydon Street, Cronulla NSW 2230


* CALDB Reprimands Sydney Liquidator
------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Companies Auditors and
Liquidators Disciplinary Board (CALDB) has reprimanded Ms.
Elizabeth Occleshaw, of Sydney accounting firm, Horwath, for
submitting a false and misleading statement, without taking
reasonable steps to ensure that the statement was accurate.

In making its orders, the CALDB found that Ms. Occleshaw failed
to carry out or perform adequately and properly the duties of a
liquidator.

The CALDB found that Ms. Occleshaw provided false and misleading
information to ASIC in material provided for ASIC's waiver of
security deposit requirements, under ASIC Policy Statement 33.
Under this policy, liquidators are required to provide an
undertaking to maintain a public practising certificate,
maintain professional indemnity insurance and comply with the
requirements for a member in practice of the ICAA, CPA Australia
or the NIA.

'ASIC expects the highest degree of accuracy in documents
submitted in connection with the administration of its
registered professionals', ASIC's Deputy Executive Director of
Enforcement, Mr. Mark Steward, said.


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


CHINA GAS: Resolution for New Shares Placement Passed at SGM
------------------------------------------------------------
The Directors of the China Gas Holdings Limited were pleased to
announce that the ordinary resolution for the placing of new
shares of China Gas Holdings Limited to Sinopec Corp as set out
in the notice dated 23 November 2004 of the special general
meeting of China Gas, was duly passed at the SGM held on 9
December 2004.

Results of SGM:

Reference is made to the circular of the Company dated 23
November 2004regarding the placing of new Shares. Defined terms
and expressions herein shall have the same meanings as defined
in the Circular unless otherwise stated.

The Directors are pleased to announce that the ordinary
resolution relating to the placing of new Shares was duly passed
at the SGM held on 9 December 2004.

By Order of the Board
China Gas Holdings Limited
Liu Ming Hui
Managing Director


DESK STRONG: Creditors Meeting Set December 10
----------------------------------------------
Notice is hereby given, pursuant to Section 241 of the Companies
Ordinance, that a meeting of the creditors of Desk Strong
Limited will be held at 3:00 pm on 10th day of December 2004 at
16B EIB Centre, 40 Bonham Strand, Hong Kong.

In order to appoint a Liquidator and to consider further matters
relevant to the creditors' voluntary winding-up of Desk Strong
Limited pursuant to Sections 241, 242, 243 and 244 of the
Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at 16B EIB Centre, 40 Bonham Strand,
Hong Kong not later than 4:00 p.m. on the day before the time
appointed for the holding of the meeting.

Dated this 12th day of November 2004

Mr. Motonobu Yanai
Director


GRAND COSMOS: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Grand Cosmos International Limited by the High Court of Hong
Kong Special Administrative Region was on the 11th day of
November 2004 presented to the said Court by Grand Monrovia
Enterprises Limited whose registered office is situated at Top
Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.  

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

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

Ford, Kwan & Co.
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder 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 4th day of
January 2005.


KEPO DISPLAY: To Hold Annual Meetings on Dec. 16
------------------------------------------------
Notice is hereby given that, pursuant to Section 247 of the
Companies Ordinance (chapter 32), that the Annual Meetings of
the members and of the creditors of Kepo Display Technology
Limited will be held at Room 103, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong on 16th day of
December 2004 at the following times:

Annual Meeting of Creditors                          Time
Kepo Display Technology Limited (In Liquidation)      10:15 a.m.

Annual Meeting of Memebers                           Time   
Kepo Display Technology Limited (In Liquidation)      11:45 a.m.
                                                    
A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
on a poll, vote instead of him. A proxy need not be a member or
creditor of the above named Companies.

Proxies used at the meeting must be lodged at the offices of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on 15 December 2004.

Dated this 3rd day of December 2004

Kennic Lai Hang Lui
Joint and Several Liquidator


KESSEL ELECTRONICS: Annual Meetings Slated for Dec. 16
------------------------------------------------------
Notice is hereby given that, pursuant to Section 247 of the
Companies Ordinance (chapter 32), that the Annual Meetings of
the members and of the creditors of Kessel Electronic (HK)
Limited (In Liquidation) will be held at Room 103, Duke of
Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong on 16th day of December 2004 at the following times:

Annual Meeting of Creditors                          Time
Kessel Electronic (HK) Limited (In Liquidation)     10:45 a.m.

Annual Meeting of Memebers                           Time   
Kessel Electronic (HK) Limited (In Liquidation)     12:15 p.m.
                                                    
A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
on a poll, vote instead of him. A proxy need not be a member or
creditor of the above named Companies.

Proxies used at the meeting must be lodged at the offices of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on 15 December 2004.

Dated this 3rd day of December 2004

Kennic Lai Hang Lui
Joint and Several Liquidator


KESSEL TELECOM: Sets Creditors, Members Meetings on Dec. 16
-----------------------------------------------------------
Notice is hereby given that, pursuant to Section 247 of the
Companies Ordinance (chapter 32), that the Annual Meetings of
the members and of the creditors of Kessel Telecom Limited will
be held at Room 103, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on 16th day of December 2004
at the following times:

Annual Meeting of Creditors                          Time
Kessel Telecom Limited (In Liquidation)             09:45 a.m.

Annual Meeting of Memebers                           Time   
Kessel Telecom Limited (In Liquidation)             11:15 a.m.
                                                    
A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
on a poll, vote instead of him. A proxy need not be a member or
creditor of the above named Companies.

Proxies used at the meeting must be lodged at the offices of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on 15 December 2004.

Dated this 3rd day of December 2004

Kennic Lai Hang Lui
Joint and Several Liquidator


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


BANK GLOBAL: JSX Suspends Shares Trading
----------------------------------------
Trading in the shares of Bank Global Internasional was suspended
from the Jakarta Stock Exchange (JSX) Thursday over reports that
the bank's capital adequacy ratio (CAR) has plummeted sharply
due to mutual fund products issues, says The Jakarta Post.

The bourse halted shares trading in its early session in order
to avoid irregular fluctuations in the bank's shares. The move
followed reports over the bank's present status and over
unanswered queries requested by the JSX.

Bank Global was reportedly placed under the central bank's
special surveillance unit since Oct. 27, following a sharp
decline in its CAR to below the minimum requirement of 8 percent
from 44.84 percent in September.

It is believed that the bank's sliding CAR resulted from
mismanagement of its so-called "Prudence" mutual funds and the
unilateral conversion of the funds into deposits without the
consent of its customers.

Media reports revealed several of the bank's mutual fund
customers were unable to withdraw their money since the money
had been kept as deposits in the bank.

However, bank officials have denied the reports, saying the bank
never launched any mutual fund products.

CONTACT:

Bank Global Internasional Tbk ( BGIN )
Menara Global,
Jl. Gatot Subroto Kav. 27,
Jakarta 12950
Phone: (021)5270188
Fax: (021)5270288
E-mail: bglobal@cbn.net.id  
Web site: www.bankglobalinternasional.com


SEMEN GRESIK: Workers Protest Over Government Divestment
--------------------------------------------------------
Employees of state cement firm PT Semen Gresik protested against
the government's plan to divest its 51-percent share in the
Company to Mexican cement giant Cemex, Asia Pulse says.

Around 1,000 workers staged a demonstration Thursday to voice
their demand for the government to retain its shareholding in
Semen Gresik. They later marched to the provincial legislative
assembly.

"If the government sells its 51 percent stake in Semen Gresik to
Cemex, it means 92.5 percent of the total 47.72 tons of cement
production in Indonesia will be controlled by a foreign party,"
Zubair Halim of the Company's labor union said.

The price of cement will rise, he said, calling on the
government to buy back the shares that have been sold to Cemex.

Cemex currently holds more than 25 percent of the shares of the
Semen Gresik Group, which consists of Semen Gresik in East Java
province, Semen Padang in West Sumatra province, and Semen
Tonasa in Sulawesi.

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/


* State Budget Deficit Could Rise
---------------------------------
Indonesia's state budget deficit this year is expected to
increase by IDR11.8 trillion (US$1.3 billion), according to Asia
Pulse.

Finance Minister Yusuf Anwar said the changes in prices of the
commodities, the amount of oil production and oil prices would
likely cause a deficit of IDR38.1 trillion, or IDR11.8 trillion
more than the initial forecast of IDR26.3 trillion.

Mr. Anwar added that until the year-end, the price of Indonesian
crude is predicted to climb to US$37.17 per barrel, while crude
production is expected to drop to 1.040 million barrels per day
(bpd) from the targeted 1.072 million bpd.

The changes have caused state revenues from the oil and non-oil
sectors to fall by IDR1 trillion.

On the other hand, inflation rate is predicted to be below the
targeted 6.5 percent, and that the average value of the rupiah
would be IDR8,900 to the U.S. dollar.


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


DAIEI INCORPORATED: IRCJ Asks Banks to Retire Preferred Shares
--------------------------------------------------------------
As part of efforts to revive Daiei Incorporated, the state-
backed corporate turnaround body has asked the ailing retailer's
three main creditors to retire all of their outstanding
preferred shares worth JPY230 billion, according to Jiji Press.

The Industrial Revitalization Corporation of Japan (IRCJ) is
also requesting all Daiei's creditors to surrender their claims
to refinance loans reaching JPY410 billion. The financial aid to
Daiei would come to JPY640 billion.

However, the plan faces rejection, as Daiei's three major
lenders expressed strong opposition to the proposed cancellation
of all the preferred shares they hold. As a result, the IRCJ and
the creditor banks are expected to face an uphill battle to
settle their differences before IRCJ finalizes its
rehabilitation plan for Daiei later this month.

In its draft rehabilitation plan for Daiei presented to the
major creditors, the IRCJ outlined the request on preferred
shares, along with that on debt waivers.

Also included in the draft, is a scheme to reduce common shares
of Daiei. The IRCJ is due to discuss the size of the capital
reduction with the creditor banks.

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


JAPAN TOBACCO: Seeks Law Change to Cut Government Ownership
-----------------------------------------------------------
Japan Tobacco Incorporated (JT) wishes to scrap a law that
requires the government to control a third of the cigarette firm
to make it easier to make strategic decisions such as
acquisitions, Bloomberg reveals.

JT President Katsuhiko Honda explained the government holding
hinders the Company, as it can dissuade employees from pushing
for change.

"In order for the government to change the law and make us free
from its control, we need to make them feel they need the
money," Mr. Honda, 62 told reporters.

The Ministry of Finance in June raised JPY244 billion (US$2.4
billion) selling 289,334 shares in Japan Tobacco, cutting its
stake to 50 percent from 66 percent. The ministry can reduce
that to one third under the current law.

The government used the money raised from selling JT shares to
refinance national debt.

CONTACT:

Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo, 105-8422, Japan
Phone: +81-3-3582-3111
Fax: +81-3-5572-1441
Web site: http://www.jti.co.jp


KOBE STEEL: Mulls Sale of Furnace in China
------------------------------------------
Kobe Steel Limited is considering selling in China a new type of
rotary furnace it recently developed for the production of cheap
and clean steel, relates The Daily Yomiuri.

The system allows steel makers to pare production costs, as it
achieves a high degree of efficiency by not using coke.

The Japanese firm is aiming to reap JPY25 billion in China sales
by 2006 for the new furnace.

The furnace can manufacture about 500,000 tons of crude steel
per year, using a steel production method of combining iron ore
and coal into a donut-shaped rotary furnace.

Conventionally, it takes eight hours to produce pig iron with a
blast furnace but the new type only takes about and hour and 10
minutes to produce pig iron of the same quality as that made in
blast furnaces.

Once in operation, blast furnaces cannot be completely shut down
before more than 20 years of operation, but the new furnace can
be halted for a short period of time, allowing production to be
adjusted in line with market demand.

The new furnace also is more energy-efficient, releasing 20
percent less CO2 emissions per unit than blast furnaces, thereby
helping to curb global warming.

CONTACT:

Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm


MITSUBISHI MOTORS: To Request JPY200-Bln Aid from Group Firms
-------------------------------------------------------------
Embattled Mitsubishi Motors Corporation (MMC) is likely to ask
up to JPY200 billion (US$1.92 billion) in aid from sister firms
in the Mitsubishi group and others, Reuters reports.

The amount would be double the figure MMC was reportedly seeking
earlier, and would come on top of the US$4.5 billion it has
already received to fund a restructuring scheme planned earlier
this year.

Previous media reports said the struggling car maker will ask
the Japan Development Bank for JPY30 billion in addition to
tapping MTFG, its unit Mitsubishi Trust & Banking Corp. and
regional banks with close ties to MTFG, for funds and a credit
line.

The money will then be used to slash the number of its directly
owned dealerships and for research and development on new cars
as well as for further rehabilitation measures.

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


RESONA HOLDINGS: Wants 10% of Branch Chiefs to be Female
--------------------------------------------------------
Resona Holdings Incorporated plans to hire more female branch
managers to 10 percent of its total number, reports Japan Times.

Resona Chairman Eiji Hosoya said the Company hopes to increase
the number of female branch managers at the banking group from
the current six to 50, in order to make the bank stand out.

Mr. Hosoya also revealed Resona's plan to tie up with child-and
nursing-care services Company Poppins Corporation to set up
small bank outlets at nursery schools.

The banking group will trim the number of personnel in its
administrative divisions by transferring employees to sales and
marketing sections as early as next fall.

In line with its goal to boost its marketing operations, Resona
will employ some 50 experienced workers next fiscal year,
starting April.

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


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


LG CARD: Nonghyup Mulls a Takeover
----------------------------------
LG Card shares jumped 9 percent following Nonghyup's statement
that it was studying the feasibility of buying the biggest
credit card firm, reports Reuters.

Nonghyup or the National Agricultural Cooperative Federation has
no concrete plans to buy LG Card.  The creditor said the
takeover was just one of the various options it was considering
to minimize losses from its exposure to the troubled card
issuer.

LG Cards share rose 7.26 at KRW16,250 by 0052 GMT after a rise
of as much as 8.9 percent.

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
===============


AMSTEEL CORPORATION: Details Proposed Disposal of LIPSB
-------------------------------------------------------
Amsteel Corporation Berhad announced that the Foreign Investment
Committee (FIC) has no objections to the Company's proposed
disposals of equity interests in Lion Ipoh Parade Sdn Bhd
(LIPSB):

1) The proposed disposal of 100% equity interest comprising
10,000,000 ordinary shares of RM1.00 each in Lion Ipoh Parade
Sdn Bhd (LIPSB) for a cash consideration of rm1.00 and the
settlement of inter-Company balances based on the property asset
value to be adjusted for the net trade assets/ liabilities to be
taken over by TMW Lion Gmbh (purchaser) on completion (Proposed
Disposal of LIPSB);

2) The proposed disposal of 70% equity interest comprising 7,000
ordinary shares of rm1.00 each in Lion Seremban Parade Sdn Bhd
(LSPSB) for a cash consideration of rm0.70 and the settlement of
inter-Company balances based on the property asset value to be
adjusted for the net trade assets/ liabilities to be taken over
by the purchaser on completion (Proposed Disposal of LSPSB).  

The proposals are subject to the following conditions:

(a) LIPSB and LSPSB increasing their respective Bumiputera
equity interest to at least 30% by 31 December 2006; and

(b) LSPSB increasing its paid-up capital to at least RM250,000
within six (6) months from the date of the FIC's approval.

The parties are agreeable to condition (a) above pursuant to the
terms of the sale and purchase agreements dated 8 November 2004
in respect of the Proposed Disposals.

As at the date of this Announcement, the Proposed Disposals are
subject to the approvals being received from:

(i) the shareholders of Ayer Keroh Resort Sdn Bhd, Masbeef Sdn
Bhd and their ultimate holding Company, Amsteel;

(ii) the Securities Commission;

(iii) the endorsement by the land authorities;

(iv) Bank Negara Malaysia; and

(v) The security trustee of Amsteel Group's lenders, the
facility agent and/or holders of the bonds and debts issued by
Amsteel pursuant to the group wide restructuring scheme
affecting the Amsteel group of companies.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
MALAYSIA
Phone: +60 3 2162 2155/2161 3166
Fax: +60 3 2162 3448

This announcement is dated 9 December 2004.


CEPATWAWASAN GROUP: Issues Production Figures For November
----------------------------------------------------------
The Board of Directors of Cepatwawasan Group Berhad disclosed to
the Bursa Malaysia Securities Berhad that the production figures
of the Group for November 2004 are as follows:

FFB - 11,456.14 MT
Crude Palm Oil - 7,313.863 MT
Palm Kernel - 1,777.03 MT

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


FABER GROUP: Selling Off Properties For RM450 Mln
-------------------------------------------------
As part of its debt-restructuring scheme, Faber Group Berhad
plans to sell off seven hotels and one commercial complex for a
total value of RM450 million, Jakarta Post reports, citing Zerin
Properties CEO Previndran Singhe.

Mr. Zerin is the exclusive agent for the restructuring plan.

The properties for sale are five Sheraton hotels, two Merlin Inn
resorts and the Penang Plaza.

Managed by Jeram Bintang Sdn Bhd, the tenders started on
November 29 and the bidding will close on January 10, 2005.

The properties are being offered individually or on a partial or
whole portfolio basis.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on 9
December 2004.

Date of buy back: 09/12/2004

Description of shares purchased:  Ordinary Shares of RM1.00 Each

Total number of shares purchased (units): 7,500

Minimum price paid for each share purchased (RM): 0.670

Maximum price paid for each share purchased (RM): 0.690

Total consideration paid (RM): 5,142.75

Number of shares purchased retained in treasury (units): 7,500

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 1,228,100

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
   
This announcement is dated 9 December 2004.


NAIM INDAH: Appoints New Secretary
----------------------------------
Naim Indah Corporation Berhad announced the appointment Hap Wai
Bing as its new Secretary on 9 December 2004.

Date of change: 09/12/2004  

Type of change: Appointment

Designation: Secretary

License no.: MAICSA NO.: 7023640

Name: Yap Wai Bing

CONTACT:

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


NALURI BERHAD: Names New Audit Committee Member
-----------------------------------------------
Naluri Berhad disclosed to the Bursa Malaysia Securities Berhad
the appointment of Lee Sze Siang as a new member of its Audit
Committee.

Date of change: 08/12/2004  

Type of change: Appointment

Designation: Member of Audit Committee

Directorate: Executive

Name: Lee Sze Siang

Age: 34

Nationality: Malaysian

Qualifications: (a) Member of the Australian Society of
Certified Practicing Accountants

(b) Member of the Malaysian Institute of Accountants
Working experience and occupation: Mr Lee Sze Siang is an
Executive Director with Atlan Holdings Bhd. He joined Atlan
Holdings Bhd in year 2000. Prior to joining Atlan Holdings Bhd,
Mr Lee was with a public accountant firm.

Directorship of public companies (if any): Atlan Holdings Bhd

Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil
   
Composition of Audit Committee (Name and Directorate of members
after change): Haji Mohd Radzuan Bin Abdullah

Chairman of Audit Committee

Independent Non-Executive Director

Peter Madhavan
Independent Non-Executive Director

Lee Sze Siang
Executive Director
   
CONTACT:

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


PAN MALAYSIA: Issues Litigation Update
--------------------------------------
Reference is made to Pan Malaysia Holdings Berhad's announcement
on 29 September 2004 concerning the suit filed on 17 May 1996 in
the High Court of Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a
wholly-owned subsidiary of Malayan United Industries Berhad
(MUI), against the Company and all its then existing directors
for breach of directors' duties in conducting the affairs of the
Company during the period involved with the takeover offer by
MUI through LDSB in respect of the Company.

The suit also seeks to declare, inter-alia, that various options
granted by the Company under the Company's Executive Share
Option Scheme are void.

Pan Malayisa Holdings Berhad wishes to inform Bursa Securities
that the matter has now been fixed for further case management
on 4 February 2005.

CONTACT:

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


PAN PACIFIC: Posts Default Status Notice
----------------------------------------
Pan Pacific Asia Berhad (PPAB) announced the status of the
Company's default in payments as at 30 November 2004 in
accordance with the Practice Note 1/2001.

The Company disclosed that there are no material changes in the
Company's status of default from the date of the last
announcement until 30 November 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_panpacific121304.xls

CONTACT:

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


SRIWANI HOLDINGS: Details Property Disposals
--------------------------------------------
Sriwani Holdings Berhad (SHB) announced the following
development with regards to the property disposals and the
alternative-restructuring plan:

(a) On 30 November 2004, SHB completed its capital reduction and
consolidation exercise, involving the cancellation of RM0.98
from every then existing ordinary shares of RM1.00 each in SHB
(SHB Shares) and thereafter, the consolidation of the issued and
paid-up share capital of SHB such that every resultant fifty
(50) ordinary shares of RM0.02 each constitute one (1) SHB Share
(Capital Reduction and Consolidation);

(b) Following the completion of the Capital Reduction and
Consolidation, on 30 November 2004, SHB further completed the
restricted issue of 7,272,847 new SHB Shares at an issue price
of RM1.00 per SHB Share to Multi-Esprit Sdn Bhd;

(c) On 7 December 2004, SHB completed the acquisition of the
entire equity interest in Winner Prompt Sdn Bhd (WPSB) for a
purchase consideration RM8.0 million via the issuance of
7,272,727 new SHB Shares to the vendors of WPSB at an issue
price of RM1.10 per SHB Share;

(d) On 7 December 2004, SHB completed the acquisition of the
entire equity interest in Selasih Ekslusif Sdn Bhd (SESB) for a
purchase consideration RM12.0 million via the issuance of
10,909,091 new SHB Shares to the vendors of SESB at an issue
price of RM1.10 per SHB Share;

(e) On 7 December 2004, SHB issued 31,208,315 new SHB Shares to
Naluri Berhad (Naluri), and on 9 December 2004, SHB further
issued to Naluri 36,409,703 five (5)-year 1.26 sen new
irredeemable preference shares of RM0.10 each in SHB (SHB ICPS)
with three (3) years of moratorium on conversion (SHB ICPS-B1)
and 36,409,703 five (5)-year 1.26 sen new SHB ICPS with four (4)
years of moratorium on conversion (SHB ICPS-B2). Further to the
above, on 9 December 2004, SHB also issued 13,792,794 five (5)-
year new SHB ICPS with four (4) years of moratorium on
conversion (SHB ICPS-C) to certain of its scheme creditors and
821,038 new SHB ICPS-C to Naluri. All the abovesaid SHB Shares
and SHB ICPS were issued pursuant to the debt restructuring
exercise of SHB and the share sale agreements between Naluri and
certain scheme creditors of SHB;

(f) On 9 December 2004, SHB also issued 7,808,742 new SHB ICPS-C
to Naluri. Such SHB ICPS-C were issued pursuant to the
settlement of debts owing by Syarikat Sriwani (M) Sdn Bhd, a
wholly-owned subsidiary of SHB, to Malaysia Airports (Sepang)
Sdn Bhd (MA Sepang), and the share sale agreements between
Naluri and MA Sepang; and

(g) The Property Disposals comprise four (4) separate sale and
purchase transactions between certain subsidiaries of SHB and
Naluri Berhad (Naluri), wherein the subsidiaries of SHB shall
dispose certain of its properties (SHB Properties) to Naluri for
a total cash consideration of approximately RM191.018 million.
On 1 December 2004, Naluri has paid the total purchase
consideration of approximately RM191.018 million for the SHB
Properties, out of which the purchase consideration of
approximately RM27.481 million which relates to three (3) pieces
of leasehold development land comprising a golf and country club
and vacant land held under Lot 2501 H.S. (D) 888/97, Lot 2209
H.S. (D) 28/93 and Lot 2502 H.S. (D) 889/97, Mukim Sungai Laka,
Daerah Kubang Pasu, Kedah Darul Aman (CPSB Land) has been paid
by Naluri to a stakeholder pursuant to the terms of the sale and
purchase agreement for the CPSB Land. The sale and purchase of
the CPSB Land shall only be completed upon Naluri being
registered as proprietors for the leases of the CPSB Land.

The total cash consideration of approximately RM191.018 million
for the Property Disposals has been/shall be utilized to repay
the financial institution lenders of SHB, such payment of which
shall be deemed as full and final settlement in respect of the
restructured term loan under the debt restructuring exercise of
SHB to which the SHB Properties have been charged.

CONTACT:

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

This announcement is dated 8 December 2004.


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


COLLEGE ASSURANCE: Seeks SEC Nod To Draw Php100M From Trust Fund
----------------------------------------------------------------
College Assurance Plan Philippines Inc. (CAP) is seeking the
Securities and Exchange Commission's permission to withdraw
around Php100 million from its trust fund to pay the tuition
fees of its scholars, reports the Philippine Daily Inquirer,
citing CAP First Vice President Bobby Cafe.

The pre-need firm came up with the proposal to settle its claims
by using its trust fund after the commission barred the Company
from selling additional education and pension plans.

To preserve its trust fund, CAP would have to replace the amount
to be withdrawn or substitute it with a portion of its Metro
Rail Transit bonds.

To date, the trust fund is worth around Php3.1 billion, down
from Php3.4 billion after the SEC allowed CAP some months back
to use some of its MRT bond holdings to settle tuition claims of
pre-need plan holders.

Before the SEC can allow CAP to draw again on its trust fund,
CAP has to show that the funds have been used to settle tuition
claims.

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


MANILA ELECTRIC: BDO To Buy Out Rebel Creditor
----------------------------------------------
Manila Electric Co (Meralco) can finally move ahead with its
debt-restructuring plan, with Banco de Oro (BDO) buying out one
of the electric firm's creditors who was opposed to the plan,
reports The Philippine Star.

According to sources, BDO bought out the unidentified creditor's
Php200-million loan to Meralco with interest.

Following a Supreme Court order to refund its subscribers,
Meralco sought for an extension on its loan repayments. The
Company's short-term loan amounting to Php4.7 billion was
originally due on July 21, 2003, but was extended to January
2004.

The Company has secured a second extension for the loan until
March 2004 with its short-term creditors namely BDO, Bank of the
Philippine Islands, Citibank, and Equitable-PCI Bank.
The short-term loan represents 16 percent of the Company's
outstanding debt, which amounts to Php30 billion.

The Company's negotiations for extension of repayment to
creditors are part of its comprehensive liability management
plan.

In addition, the Company was also able to secure its other
US$200-million long-term obligations with Asian Development
Bank, World Bank, Overseas Economic Cooperation Fund, and KFW
(Kreditanstalt fur Wiederhaufbau) of Germany.

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  


NATIONAL POWER: SEC May Grant Only 45-cent Rate Hike
----------------------------------------------------
The Energy Regulatory Commission (ERC) is expected to approve
only about 45 centavos of the 98-centavo power rate adjustment
applied for by the National Power Corporation (Napocor), just
enough to allow to plug its operating losses, the Philippine
Star reports.

Earlier this year, the commission approved only half of
Napocor's request for a total of Php1.87 per kilowatt-hour
increase in power rate, not nearly enough to plug its annual
operating deficit of about Php50 billion.

Finance Secretary and Napocor Chairman Juanita Amatong said that
even the 45-centavo second tranche of power rate adjustment
would alleviate Napocor's operating deficit but it would not
meet the eight percent RORB required of Napocor by its
creditors.

At P1.45 per kwh adjustment, the rate hike would still leave
Napocor with financing losses of about US$900 million to US$1
billion that the National Government (NG) would have to borrow
on behalf of the state-owned power utility.

CONTACT:

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


NATIONAL POWER: PSALM Defends Power Plant's Bidding
---------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) insisted that it did well in the selling of the National
Power Corporation (Napocor)'s power plant in Masinloc Zambales
for US$561.7 million, despite questions on the identity of its
"mysterious" buyer as well as the firm's financial capacity to
pay for the purchase, the Business World reports.

Australian firm YNN Pacific Consortium Inc won the bidding for
the plant.

On Thursday, Senator Joker P. Arroyo even expressed doubt
whether the firm could pay PhP30 billion for the Masinloc plant.

Citing documents from the Securities and Exchange Commission, he
noted that YNN Pacific's authorized capital stock was only PhP10
million, and its paid up capital, PhP1 million.

PSALM President Raphael Perpetuo M. Lotilla said, as part of its
post-bidding procedures, PSALM was validating and confirming the
documents submitted by YNN during the bidding.

"YNN has committed to pay a good price for a valuable asset. It
is the first major investor following the passage of EPIRA
[power industry reform law], and government is not providing it
a long-term supply contract to provide security for its
investment. We should cheer on the YNN consortium, wish it every
success, for its success will provide true momentum to our power
privatization process," Mr. Lotilla said.


PHILIPINE LONG: Appoints Menardo Jimenez to Senior VP
-----------------------------------------------------
In compliance with the disclosure requirements of the Securities
and Exchange Commission (SEC), the Philippine Long Distance and
Telephone Co. announced that the Board of Directors has approved
the promotion of Mr. Menardo G. Jimenez from First Vice
President - Retail Business Group to Senior Vice President -
Retail Business Group effective December 9, 2004.

Pursuant to the requirements of the Securities Regulation Code,
the Company has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.

By:
Ma. Lourdes C. Rausa-Chan
Corporate Secretary
December 9, 2004

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


PHILIPPINE TELEGRAPH: SEC Orders Submission of Annual Report
------------------------------------------------------------
Philippine Telegraph And Telephone Corporation (PT&T) received a
letter from the Securities and Exchange Commission dated
November 24, 2004 signed by Atty. Justina F. Callangan allowing
the Company to submit its Annual report on or before January 14,
2005.

A copy of the letter can be accessed at
http://bankrupt.com/misc/tcrap_pt&T121004.pdf

By: Elvira C. Garcia
Asst. Corporate Secretary
9 December 2004

CONTACT:

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


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


CHINA AVIATION(S): Acquires Wholly Owned Subsidiary
---------------------------------------------------
China Aviation Oil (S)Corp Ltd announced on 9 December at the
Singapore Stock Exchange its acquisition of a subsidiary.  

Further to the Company's announcement dated 8 December 2004, the
Company wishes to announce that it has acquired the entire
issued and paid up capital of CAOT Pte Ltd (comprising one
ordinary share of par value SG$1.00) for the purchase
consideration of SG$1.00 for the purpose of carrying on the
business of jet fuel procurement on an agency basis.

In the circumstance, CAOT Pte Ltd has become a wholly owned
subsidiary of the Company with effect from 9 December 2004.

Submitted by:
Adrian Chang   
Company Secretary   


CHINA AVIATION(S): Clarifies Lianhe Zaobao Article
--------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited released a
statement on the Singapore Stock Exchange clarifying the Lianhe
Zaobao article.

The Company would like to clarify the articles in Lianhe Zaobao
on 9 December 2004.

The article "Chen Jiulin has been arrested" mentioned that Mr.
Jia Changbin, the Chairman of the Board, has surrendered his
passport to the Commercial Affairs Department (CAD). This is
incorrect - Mr. Jia Changbin still holds his passport and has
not surrendered it to the CAD.

Submitted by:Adrian Chang   
Company Secretary   


CHINA AVIATION: Details Corporate Update
----------------------------------------
China Aviation Oil (Singapore) Corporation Ltd released a
corporate update at the Singapore Stock Exchange.

(1) Cessation of Oil Derivatives

Since its announcement on 30 November 2004, the Company has
ceased all oil derivative-trading activities. There are no open
positions in respect of futures and options oil trading
activities as at 7th December 2004, except for back-to-back oil
option trades with three counter-parties.

With regard to swap derivative trading activities, as of 7th
December 2004, 25 counter-parties have unilaterally terminated
their trades with the Company based on their contractual rights.
There are 35 counter parties where their respective trades are
still subject to market fluctuations. The Company has informed
all the counter-parties for the remaining back-to-back option
trades and swaps derivatives that the Company intends to
terminate these trades immediately. The Company is monitoring
the situation very closely to find a solution to close out these
open positions with the respective counter parties.

(2) On-going Discussions with Creditors

Members of the Special Task Force together with the Company's
financial and legal advisers have been meeting with several of
the Company's creditors to explain the Company's financial
situation and to garner support for the Company's proposed
Scheme of Arrangement.

The support for the restructuring exercise by the Company's
parent Company, China Aviation Oil Holdings Company, has been
reassuring for the creditors. The creditors that the Company
have met so far expressed support to give the Company a  
reasonable time to restructure itself. These creditors
understand that winding up or judicial management proceedings
would undermine the restructuring exercise and scuttle the
negotiations for support from CAOHC.

(3) Co-Signing of Bank Account

The Special Task Force has put in place appropriate control
mechanism and a daily reporting structure. As part of these
control mechanisms, the Company has taken steps to appoint 2
authorized representatives from Deloitte & Touche Financial
Advisory Services Pte Ltd to be co-signatories to the Company's
bank accounts to control the outflow of cash.

(4) Continuation of Core Business

The Special Task Force recognizes that it is in the interest of
the Company to carry on the core business of jet fuel
procurement. Having considered the options available, the
Company has taken steps to set up a new subsidiary Company
wholly owned by the Company to carry on the jet fuel procurement
business.

The new subsidiary will receive financial support from CAOHC by
way of injection of new funding into a trust account to enable
the subsidiary to continue its jet fuel procurement business on
an agency basis. The subsidiary Company will receive income from
the agency commissions to be chargeable on the sale of the jet
fuel to the Buyers.

The subsidiary Company will also receive support from the
Company by way of use of the Company's equipment, premises and
personnel for an agreed fee.

(5) Involvement of Independent Directors

The Independent Directors who are also members of the Company's
audit committee have been monitoring closely and are continuing
to monitor closely developments in the Company. Several
measures, forming part of the control mechanism put in place by
the Special Task Force, had been recommended by them. They have
been and are in constant interaction with the Special Task Force
and the Company's advisers. They have also asked for and are
being given daily briefings by the Special Task Force and the
Company's advisers on developments in relation to the affairs of
the Company (including the proposed scheme of arrangement).

(6) Claim against the Company by Satya Capital Limited

The Company has on 8th December 2004 received a Writ of Summons
in which Satya Capital Limited has commenced a legal suit
against the Company and its Holding Company, China Aviation Oil
Holding Company.

The claim against the Company is for an alleged breach of a
Share Purchase Agreement dated 18 August 2004 between Satya and
the Company in which the Company had agreed to acquire 88
million shares in Singapore Petroleum Company Ltd. The claim
against CAOHC is for alleged conspiracy with the Company to
break the Share Purchase Agreement.

The amount of the claim against the Company and CAOHC is
SG$47,160,000 and damages. The amount of S$47,160,000 is
allegedly computed on the basis of the difference between the
contract price and the best price that might have been obtained
if the SPC shares had been sold on the open market on 29
November 2004. The Company is presently seeking legal advice on
the matter.

(7) Return of Suspended CEO, Mr. Chen Jiulin

The Company wishes to inform shareholders that Mr. Chen Jiulin
has returned to Singapore today. He has been placed under arrest
and is currently assisting the Commercial Affairs Department in
their investigations. The Company understands that Mr. Chen is
currently out on bail.

By Order of the Board
Adrian Chang
Company Secretary
8 December 2004


CHINA AVIATION(S): To Create New Jet Fuel Unit
----------------------------------------------
Singapore listed China Aviation Oil (CAO) (Singapore) Corp. Ltd,
who has sought Court protection its creditors after the loss of
SG$550 million in oil derivatives trade, stated on Wednesday
that its was planning to create a new unit that will handle its
core jet fuel business, according to Dow Jones Newswires.

The Singapore's stock exchange, central bank and white-collar
crime division is investigating CAO for its announcement on
November 30 on its losses, which has forced it to seek Court
protection.

Suspended Chief Chen Jiu Lin, claimed in an affidavit he filed
at the Singapore High Court last November 29 that its Beijing-
based parent sold shares in CAO Singapore to cover SG$550
million in derivatives trading losses.

Oil traders and oil firms are on a stand-by in order to snap up
shares of the SG$1 billion jet fuel import business.  


FAIRDON ENTERPRISES: Posts Notice Of Dividend
---------------------------------------------
Fairdon Enterprises (Pte) Ltd. made an intended dividend notice
at the Singapore Stock Exchange on December 3, 2004.

Address of Registered Office: Formerly of 33A Hong Kong Street
Singapore 059672

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 99 of 1992

Amount Per Centum: 1.274%

First and Final or otherwise: First & Final Dividend

When Payable: 22nd November 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Sunari Bin Kateni
Assistant Official Receiver


KESFORD PRIVATE: Discloses Intended Dividend Notice
---------------------------------------------------
Kesford Private Ltd unveiled at the Singapore Government Gazette
on December 3, 2004 a notice of intended dividend.

Address of Registered Office: c/o 61 Club Street, Singapore
069436.

Amount per centum: 3.4%

First and final or otherwise: First and final

When Payable: 7 January 2005

Where Payable: c/o 61 Club Street, Singapore 069436

Dated this 8th day of December 2004.

Robert Tan Ban Seng
Liquidator


KLW HOLDINGS: Unit Disposes of Property
---------------------------------------
KLW Holdings Limited at the Singapore Stock Exchange clarified
among others the disposal and leaseback of Property by
Subsidiary.

Further to our announcements dated 1 December 2004 and 6
December 2004, the Board of Directors of KLW Holdings Limited
wishes to clarify as follows:

The sum of SG$767,666.63 which was paid by Mapletree to KLWS
pursuant to the 1st Supplementary Agreement does not reflect the
costs of the rectification works required to be conducted in
relation to the Property and the Mechanical Equipment
(Rectification Works).

As announced on 6 December 2004, a deed of undertaking was
entered into between Mapletree and KLWS whereby a sum of
SG$800,000 was paid by KLWS to Mapletree to be held by Mapletree
as security for the completion of the Rectification Works. For
the purposes of ascertaining the security amount to be paid by
KLWS to Mapletree, the costs of the Rectification Works had been
estimated to be SG$840,750.00.

The Board is unable to ascertain the actual total costs of the
Rectification Works, as the Rectification Works is currently
ongoing and have not been completed. The Board is however of the
view that the total costs of the Rectification Works will not
exceed SG$840,750.00. The costs of the Rectification Works will
be fully borne by KLWS.

By Order of the Board
Mr. Lee Boon Teck
Director
KLW Holdings Limited
8 December 2004


LIFETIME OF HOLIDAYS: Receiving Proofs of Debts Until Dec. 17
-------------------------------------------------------------
Take notice that the Liquidator of Lifetime Of Holidays (S.E.A.)
Pte Ltd intends to declare dividend to its creditors.

If creditors have not filed a proof of debt, please do so to the
satisfaction of the Liquidator at the under-mentioned address by
5 p.m. on 17th December 2004, or such later date as the
Liquidator may fix.

Failing to file one's claim will be expunged and payment shall
be made to all creditors without regard to your claim.

Dated this 3rd day of December 2004.

Mr. Lau Chin Huat
Liquidator
Lifetime of Holidays (S.E.A.) Pte Ltd
c/o Lau Chin Huat & Co
150A Mei Chin Road #02-00
Singapore 140150


PANPAC MEDIA: Strengthens Position for NASDAQ Listing
-----------------------------------------------------
Panpac Media announced its plans to strengthen its position in
the international arena with CMPN's proposed NASDAQ listing.

SGX-Sesdaq listed Panpac Media Group Limited, is pleased to
announce that China Multi-Media Private Network Ltd (CMPN),
which will be its associated Company upon the completion of a
strategic agreement, has engaged Capital Alliance Group (CAG), a
Canada-based investment firm, to act as CMPN's agent and advisor
for its proposed listing on the NASDAQ senior market

In an earlier announcement dated 1 December 2004, Panpac Media
announced that it has entered into a strategic agreement with
fibre-optic Company CMPN. Under the agreement, Panpac Media will
sell its 25 percent stake in Internet financial portal
Shareinvestor.com Holdings Pte Ltd (Shareinvestor.com) to CMPN.

At the same time, Panpac Media will grant CMPN a worldwide
exclusive license and rights to reproduce, publish, sell and
distribute selected content from its Wide Angle magazine and its
Singapore publications.

The total purchase consideration of Panpac Media's stake in
Shareinvestor.com and grant of license is S$8 million and will
be satisfied through the issue of 131.2 million shares in CMPN
to Panpac Media. Upon completion of the strategic agreement,
Panpac Media will hold a 20.5 percent stake in CMPN. CMPN
represents and warrants to Panpac Media that the Net Tangible
Assets of CMPN will not be less than CNY2.6 billion
(approximately SG$522.6 million) as at the completion of the
strategic agreement.

Under the terms of this engagement, CAG will assist CMPN to seek
merger acquisition opportunity with a Company that is trading on
the NASDAQ or Over The Counter-Bulletin Board (OTC-BB). CMPN
would inject its assets, including its 32,440 km two-core
national Internet protocol fiber optic network into the
Candidate.

Commented Dr. Bruno Wu, Chairman of Panpac Media, "The deal with
CMPN is an affirmation of the market's recognition of our
leadership in content aggregation and technology utilization.
Such a strategic investment in CMPN is in line with our overall
strategy to transform Panpac Media into a leading business media
Company and information provider in Greater China. CMPN, by
combining exclusive content and owned network assets, is
expected to enjoy synergies and continued profitability,
securing a powerful niche as China's premium-content aggregator,
and enhanced voice protocol network service provider. CMPN's
listing on NASDAQ, once successfully completed, will enhance the
Group's shareholder value."


UNITED CONSOLIDATORS: Asks Creditors to Submit Proofs of Debt
-------------------------------------------------------------
Take notice that the Liquidator of United Consolidators Pte Ltd
intends to distribute the surplus funds of the Company to its
shareholders as there are no creditors according to the records
of the Company.

Nevertheless, if there are any claims on the Company a proof of
debt should be submitted to the satisfaction of the Liquidator
at the under-mentioned address by 5 p.m. on 17th December 2004,
or such later date as the Liquidator may fix.

Failure to submit claims will be expunged and payment shall be
made to all creditors, if any, and all shareholders without
regard to your claim.

Dated this 3rd day of December 2004.

Mr. Lau Chin Huat
Liquidator
United Consolidators Pte Ltd
c/o Lau Chin Huat & Co
150A Mei Chin Road #02-00
Singapore 140150


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


CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolutions
-----------------------------------------------------------
Capetronic International (Thailand) Public Company Limited
advised the Stock Exchange of Thailand (SET) that the Board of
Directors' Meeting No 10/2004 of held on December 8, 2004
between 2:00 p.m. to 4:30 p.m. has resolved to:

(1) Confirm the Minutes of Board of Directors' Meeting No.
9/2004 held on November 29, 2004.

(2) Approve the Financial Statements for third quarter ended
September 30, 2004.

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

CONTACT:

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


* JCR Upgrades FC of Thailand; First "A-" in Post Crisis Era
------------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has revised the
ratings on the bonds and local currency long-term senior debts
of The Kingdom of Thailand to A-/Stable from BBB+/Positive and
to A+/Stable from A/Positive, respectively.

Issues        Amount (bln) Issue Date     Due Date       Coupon
Yen Bonds
17th Series   JPY15        Dec. 17, 1996  Dec. 20, 2006  2.85%
Yen Bonds
18th Series   JPY9         Dec. 21, 2001  Dec. 21, 2004  0.80%
Yen Bonds
19th Series   JPY13        Dec. 21, 2001  Dec. 21, 2006  1.13%
Yen Bonds
20th Series   JPY13        Dec. 21, 2001  Dec. 19, 2008  1.70%

Rationale:

The upgrade, which has brought the foreign currency long term
debt rating to single A range for the first time in the post-
crisis era, reflects further consolidation of external position,
steady improvements in banking sector's balance sheets,
stabilized government finance position and gradually decreasing
government debt levels.

The country is now facing with uncertainty emanating from
various negative incidents, such as unrest in southern
provinces, outbreak of avian influenza and oil price hike.
However, with improved external position, banking sector's
financial standing and government finance position, it is more
resilient than before to any possible shocks.

Macroeconomic policy framework which was put in place after the
financial turmoil has proven sufficiently effective, and is
likely to contribute to stable and sustainable economic growth
in coming years.

The stable outlook on the ratings is based on JCR's view that
the government will manage to contain the size of the potential
fiscal cost stemming from off-budget spending and lending
activities, and that private banks will continue to clean up
their balance sheet under the guidance of the central bank.

Thailand's external position has showed a striking improvement
and is becoming increasingly resilient to external shocks.

Though the trade surplus is shrinking due to growing capital
goods imports and hike in import price of oil, current account
is expected to remain in surplus for 2004, making it seventh
year of consecutive surplus. Capital account structure remains
stable with continued net inflow of direct investments and net
repayment of external borrowing.

Consecutive current account surplus enabled rapid repayment by
both public and private sector of net external debts which once
was comparable to annual goods and service export at end-1997,
but was eliminated in the middle of 2003. At end-August 2004,
the country holds small net external assets amounting to 9.4% of
annual export for 2003.

International reserves net of forward position amounts to
US$48.4 billion, which is equivalent of 4.1 times of gross short
term external debts and 97% of gross total external debts. Solid
external position renders Thailand highly resilient to various
shocks, such as hike in primary commodity prices, wild swings in
the foreign exchange rates of its major trading partners, shift
in investors' sentiment incurred by negative incidents possibly
related to unrest in southern provinces.

While current account will be in balance or in slight deficit in
the medium term following a full-fledged recovery in domestic
investment, it is unlikely, under more flexible foreign exchange
rate regime, that the country will be in a vulnerable external
position like one seen in pre-crisis period.

While private banks are still saddled with non-performing loans
(NPLs), their vulnerability is slowly declining as their
profitability gradually recovers.

The headline NPLs in private banks is reported 14% of total
loans at end-September. But JCR believes the percentage would
actually be about 5% to 6% higher if including the loans re-
classified as "normal" by debt restructuring such as temporal
interest rate reduction or suspension of principal repayment.

Though the headline NPL ratio of private banks decreased only
gradually in past two years, JCR thinks that slow pace of
decline is partly due to the more realistic loan classification
by each banks under the guidance from the Bank of Thailand
(BOT). Private banking sector's NPL ratio on a globally
comparable basis estimated to decreased to around 20% from the
peak of about 50% in the early 1999. It is now easier for banks
to carry out such disposal than several years ago, with better
corporate sector earnings amidst robust economic expansion,
recovering asset prices, and improving profitability of
themselves after early redemption of high-cost hybrid capital
securities (such as CAPS and SLIPS) in the first half of 2004.
As balance sheets of banks continue to consolidate, their
vulnerability will gradually recede.

The biggest state owned commercial bank reported a substantial
increase in NPLs in the second quarter this year, after it was
advised by BOT to reclassify loans of dubious quality. JCR
thinks that a large scale reclassification was an isolated
incident at the state owned bank which has been expanding credit
to private sector aggressively in recent years, and is not
indicating system-wide deterioration of banking assets.*

Fiscal account of the government is improving.

Tax revenue is increasing on the backdrop of robust growth of
economy and corporate sector profits. The central government
fiscal account excluding financial restructuring cost (such as
FIDF recapitalization), which once was large as 2.8% of GDP in
FY1999, is likely to be balanced in FY2005. While the recent oil
price hike forces the oil fund, an off-budget fund included in
consolidated central government, to sharply increase energy
subsidy expenditure, such increase has not been big enough to
influence the fiscal position of consolidated central
government. The subsidy on diesel oil is to be eliminated in the
first half of 2005.

For the five years starting from 2004, the government plans
substantial infrastructure investment projects in view of
facilitating mid to long term economic development, of which
total cost amounts to THB1.4 trillion or 22% of GDP. However,
its impact on government's fiscal account will be rather
limited, as funding source will be diversified.

Current high level of government debt is likely to decrease
gradually in the medium term.

Debt of the general government including FIDF amounted to 32% of
GDP at end-August, 2004. While nominal amount of debts will
increase as the bulk of various guarantee made by FIDF in the
course of financial sector restructuring are due in 2005 and
2006, debts to GDP ratio will remain at current level with
commensurate growth of the economy. JCR expects the debt level
will be on the gradual declining path from 2007.

Rapid growth in off-budget spending and lending activities in
recent years, especially in the form of credit extended by state
owned financial institutions, pose some risk to the government
finance, as some of such credit could turn sour in the future.
However, given the relatively limited scale of such spending,
JCR thinks that potential government liabilities that could be
incurred will remain within manageable level.

The stable outlook on the ratings is based on JCR's view that
the government will restrain the size of the potential fiscal
cost emanating from off-budget activities, and that private
banks will continue to dispose NPLs from their balance sheet.

Contingent liabilities of the government stemming from its off-
budget spending and lending activities are currently within
manageable level.

However, they should be contained even after the general
election early next year. Also, asset quality of the Special
Financial Institutions (SFIs) should be prudently managed.
JCR believes that BOT has a strong resolve to clean up the
balance sheets of commercial banks, as indicated by its possibly
politically-sensitive guidance for a state owned commercial bank
to reclassify their loans. To further strengthen the banking
sector, it is imperative for the banks to accelerate the
disposal of NPLs on the back drop of improving profitability.
Thus, leadership of BOT should be preserved with careful
consideration by other parts of the government.




                            *********


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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