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        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

             Wednesday, December 15, 2004, Vol. 7, No. 248

                            Headlines

A U S T R A L I A

AAP NOMINEES: Final Meeting Slated for December 17
ALTEON WEBSYSTEMS: Sets Final Meeting on December 17
AUSTRALIAN GAS: Completes Divestment of NGC Stake
DORSET FURNITURE: Sets December 16 as Date of Final Meeting
DRM VIDEO: To Hold Final Meeting on December 17

DUNEHEM PTY: Final Meeting Slated for December 20
GRIBBLES GROUP: Healthscope Raises Equity to Fund Acquisition
HAPP'S RADIO: Enters Voluntary Winding Up Process
HEFF'S PTY: To Declare Dividend on December 21
INTEGRATED CABLING: Final Meeting Set December 17

JANETTE FISCHER: To Declare Final Dividend on December 16
MOOLA FIVE: Sets Final Meeting on December 14
NATIONAL AUSTRALIA: Sells Two Irish Arms for AU$2.5 Bln
NATIONAL AUSTRALIA: Former Financial Planner Charged With Fraud
OSWALD PARK: Members Resolve to Voluntarily Wind Up

PERBAC PTY: Court Appoints Stephen Jay as Liquidator
QANTAS AIRWAYS: Retains Fuel Surcharge on Tickets
S.C.E. BUILDING: Final Meeting Slated for December 21
SONS OF GWALIA: Administrators Work to Revive Tantalum Business
TERRY DEANE: Final Dividend to be Declared on December 16

WINSYSTEMS GROUP: Members Resolve to Wind Up Voluntarily


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Identifies, Shuts Down Bogus Web Site
CHINA CONSTRUCTION: Silver Grant Sells NPL Acquired from Cinda
CHINA SPECIALISED: Receiver's Application Hearing Set Dec. 23
CRYSTALTECH ELECTRONICS: Creditors to Prove Claims by Jan. 10
FAI KEE: Court Issues Bankruptcy Order

SHEEN WEST: To Undergo Winding Up Proceedings
TAI-AO ALUMINIUM: Court to Hear Bankruptcy Petition on Dec. 22
WINNING CONCEPT: Enters Winding Up Proceedings


I N D O N E S I A

BANK GLOBAL: Central Bank Freezes Operations
GARUDA INDONESIA: To Resume, Boost Flights to Japan
SEMEN GRESIK: Government Wants To Settle Cemex Row in 42 Days


J A P A N

COSMO OIL: JCR Affirms BBB/J-2 on LTD/CP
DAIEI INCORPORATED: To Decide on Rehab Aid by Dec. 28
KOKUDO CORPORATION: Halves Year-end Bonuses
MITSUBISHI MOTORS: May Delay Revival Plan Until January
MITSUI CHEMICALS: METI Authorizes Business Restructuring Plan

UFJ HOLDINGS: Contests Sumitomo Trust Bid to Scrap MTFG Merger


K O R E A

LG CARD: May Liquidate Should LG Group Fail to Infuse Aid
THRUNET COMPANY: Hanaro, Dacom Submit Final Bid


M A L A Y S I A

AMSTEEL CORPORATION: Updates LIPSB Disposal
AVANGARDE RESOURCES: Winding Up Hearing Set December 10
GADANG HOLDINGS: Notes Amended Loan Stock Interest
GOLDEN FRONTIER: Releases Shares Buy Back Notice
I-BERHAD: Buys Back 2,000 Shares

JIN LIN: Discloses Unaudited Quarterly Results
JIN LIN: Details FY04 Financial Statements
MBF HOLDINGS: Unit Enters Winding Up Proceedings
MENTIGA CORPORATION: To Submit Revised Restructuring Proposal
PADIBERAS NASIONAL: Named First Respondent of Sec. 181 Petition

TENCO BERHAD: Extends Restructuring Period
WCT ENGINEERING: To List Additional Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Elects New Committee Members
COLLEGE ASSURANCE: Congress Grills SEC on Delayed License
PHILIPPINE TELEGRAPH: PSE Suspends Trading of Shares
VICTORIAS MILLING: Names New Board Member
NATIONAL POWER: BSP Says Keep Masinloc Sale


S I N G A P O R E

CHINA AVIATION(S): Unit Begins Jet Fuel Procurement Business
CHINA AVIATION(S): CEO Ready to Face Punishment
EDSAMAIL HOLDINGS: Posts Notice of Winding Up Order
PANPAC MEDIA: Notes Change in Director's Interest Level
PANPAC MEDIA: Shareholder's Interest Changes

PANPAC MEDIA: Reveals Change in Shareholding
WINDSOR NURSING: Receiving Proofs of Claim Until Dec. 24


T H A I L A N D

JASMINE INTERNATIONAL: Unveils 2005 Public Holidays
NATURAL PARK: Details Acquisition, Disposal of Assets
SIAM AGRO: SET Lifts Trading of Securities
THAI GERMAN: Releases List of Public Holidays for Year 2005

     -  -  -  -  -  -  -  -

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


AAP NOMINEES: Final Meeting Slated for December 17
--------------------------------------------------
Notice is given that a final meeting of members of AAP Nominees
Pty Limited A.C.N. 002 879 432 (In Liquidation) will be held at
the offices of Ernst & Young, Level 16, 321 Kent Street, Sydney
NSW 2000 on 17 December 2004 at 9:30 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 16th day of November 2004

John Gibbons
Liquidator
Ernst & Young
Level 16, 321 Kent Street,
Sydney NSW 2000
Telephone: (02) 9248 5194


ALTEON WEBSYSTEMS: Sets Final Meeting on December 17
----------------------------------------------------
Notice is given that the final meeting of the members of Alteon
Websystems Pty Limited (In Liquidation) A.C.N. 071 576 504 will
be held at the offices of PDY Partners Pty Limited, Level 6, 54
Miller Street, North Sydney, 2060 on the 17th day of December
2004 at 10:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and how the property of the Company has been
disposed of and giving any explanation of the account.

Dated this 4th day of November 2004
R.N. Yabsley
Liquidator
c/- PDY Partners Pty Limited
54 Miller Street, North Sydney NSW 2060


AUSTRALIAN GAS: Completes Divestment of NGC Stake
-------------------------------------------------
The Australian Gas Light Company (AGL) advised the Australian
Stock Exchange that it has completed Tuesday the divestment of
its 66.05 percent shareholding in NGC Holdings Limited (NGC)
following the receipt of proceeds from Vector Limited (Vector).

Net proceeds of approximately AU$780 million (after transaction
costs) are expected.

The completion of this transaction is in accordance with the
timetable previously outlined to the market.

CONTACT:

The Australian Gas Light Company
AGL Centre
Cnr Pacific Highway and Walker Street
North Sydney NSW 2060
Telephone: (02) 9922  0101
Fax: (02) 9957 3671
Web site: http://www.agl.com.au/


DORSET FURNITURE: Sets December 16 as Date of Final Meeting
-----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Dorset
Furniture Pty Limited (In Liquidation) A.C.N. 002 783 833 will
be held at the offices of Smith Hancock, Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta, NSW 2150, on Thursday,
16 December 2004, at 9:00 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 5th day of November 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


DRM VIDEO: To Hold Final Meeting on December 17
-----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of the members of DRM
Video Broking Pty Ltd (In Liquidation) A.C.N. 000 269 410 will
be held at the offices of Partlett, Chave & Rowland, Suite 7,
170 George Street, Liverpool NSW 2170 on the 17th day of
December 2004 at 10:00 o'clock in the forenoon for the purpose
of laying before the meeting the liquidators' final account and
report and giving any explanation thereof.

Dated this 2nd day of November 2004

Henry Ratajczak
Liquidator
7/170 George Street,
Liverpool NSW 2170


DUNEHEM PTY: Final Meeting Slated for December 20
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Dunehem Pty Ltd (In Liquidation) A.C.N. 093 882 645
will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Monday the 20th day of December 2004, 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 3rd day of November 2004

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


GRIBBLES GROUP: Healthscope Raises Equity to Fund Acquisition
-------------------------------------------------------------
On the 20th October of 2004, Healthscope Limited announced its
intention to make a takeover offer for The Gribbles Group
Limited and now, having reached more than 90 percent of
Gribbles, has announced the equity raising which will, in part,
fund the offer.

The Healthscope Board and management team is excited by the
prospects of the acquisition of Gribbles, which will transform
Healthscope into a diversified healthcare services Company and
is expected to be strongly accretive for Healthscope's earnings
per share from and including the year commencing June 2005.  

In order to fund the acquisition, Healthscope is proposing to
raise approximately $207.9 million by way of an entitlement
offer of Healthscope shares to all eligible Healthscope
shareholders.

Under the entitlement offer, eligible Healthscope shareholders
are entitled to apply for three new Healthscope shares for every
four Healthscope shares held as at 7:00 p.m. on December 16,
2004 at a price of $3.10 per share, which represents a 16.2
percent discount to the closing market price of the shares on
December 10, 2004, the last day of trading before Healthscope
announced that it would conduct the entitlement offer.

Only Healthscope shareholders with a registered address in
Australia or New Zealand will be entitled to participate in the
entitlement offer.

To view a full copy of the document, click on:
http://bankrupt.com/misc/GRIBBLES121404.pdf

CONTACT:

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


HAPP'S RADIO: Enters Voluntary Winding Up Process
-------------------------------------------------
At a general meeting of the members of Happ's Radio Pty Limited
A.C.N. 003 833 494 duly convened and held at 103-105 Northbourne
Avenue, Turner ACT on the 29th day of October 2004, the special
resolution set out below was duly passed:

That the Company be wound up voluntarily.

Dated this 29th day of October 2004

Diane Happ-Dwyer
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2611
Telephone: (02) 6247 5988


HEFF'S PTY: To Declare Dividend on December 21
----------------------------------------------
A first and final dividend is to be declared to priority
creditors in respect of annual leave and pay in lieu of notice
on 21 December 2004 for Heff's Pty Limited (In Liquidation)
formerly trading as S.U.M.M.S. A.C.N. 072 585 703.

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

Dated this 3rd day of November 2004

David G. Young
Liquidator
William Buck
Chartered Accountants
Level 24, 201 Elizabeth Street,
Sydney NSW 2000


INTEGRATED CABLING: Final Meeting Set December 17
-------------------------------------------------
Notice is given that a final meeting of members of Integrated
Cabling Systems Pty Limited A.C.N. 054 309 947 (In Liquidation)
will be held at the offices of Ernst & Young, Level 16, 321 Kent
Street, Sydney NSW 2000 on 17 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 16th day of November 2004

John Gibbons
Liquidator
Ernst & Young
Level 16, 321 Kent Street,
Sydney NSW 2000
Telephone: (02) 9248 5194


JANETTE FISCHER: To Declare Final Dividend on December 16
---------------------------------------------------------
A first and final priority dividend is to be declared on 16
December 2004 in respect of Janette Fischer Pty Limited (In
Liquidation) A.C.N. 099 964 164.

Priority creditors were required to formally prove their debt or
claim on 9 December 2004 otherwise they would be excluded from
the benefit of the dividend.

Dated this 1st day of November 2004

Henry Kazar
Liquidator
c/- Sims Partners
Suite 5, 32 Thesiger Court,
Deakin ACT 2600
Telephone: 02 6285 1310,
Facsimile: 02 6285 4623


MOOLA FIVE: Sets Final Meeting on December 14
---------------------------------------------
Notice is given that a final meeting of the members and
creditors of Moola Five Pty Limited (In Liquidation) A.C.N. 000
784 681 will be held at Rodgers Reidy, Level 8, 333 George
Street, Sydney on Tuesday, the 14th of December 2004 at 3:15
p.m.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.
(b) A resolution to destroy the books & records of the Company.
(c) To consider any other business.

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


NATIONAL AUSTRALIA: Sells Two Irish Arms for AU$2.5 Bln
-------------------------------------------------------
National Australia Bank (NAB) has finally decided to divest its
two Irish banks to Denmark's Danske Bank for EUR1.43 billion
(AU$2.5 billion), according to The Australian Financial Review.

The reported price tag was in line with NAB's target for Dublin-
based National Irish Bank and Belfast-based Northern Bank, which
were put up for sale in October through its investment bankers,
Lazard.

National Irish has 59 branches and 3 percent of the market in
the Republic of Ireland, while Northern Bank has 95 branches and
30 percent of the market in Northern Ireland, a province of the
U.K.

NAB is expected to use the proceeds of the sale to beef up its
capital and to invest in its remaining U.K. assets, Clydesdale
Bank and Yorkshire Bank. But speculations arise that NAB could
use some of the funds to finance a share buyback or some other
form of capital return.

CONTACT:

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


NATIONAL AUSTRALIA: Former Financial Planner Charged With Fraud
---------------------------------------------------------------
Mr. Paul Drakos, from the Central Coast in New South Wales,
appeared in the Downing Centre Local Court in Sydney today on 14
criminal charges brought by the Australian Securities and
Investments Commission (ASIC).

Mr. Drakos, 52, was an authorized representative of the National
Australia Bank Limited (NAB) from October 1994 until August
2001.

Mr. Drakos was charged with eight counts of obtaining a
financial advantage by deception, two counts of fraudulent
misappropriation and four counts of making and using false
documents. The charges related to transactions totaling more
than $7 million.

An ASIC investigation found that between 1997 and 2001, Mr.
Drakos made recommendations to a number of his former NAB
clients to invest in BSI Corp, an entity based in the Bahamas.
BSI Corp was not an NAB approved investment product. Investments
valued at more than $4.7 million were lost.

NAB has made restitutions to most of the former clients of Mr.
Drakos who lost their investments.

ASIC permanently banned Mr. Drakos from acting as a
representative of a dealer or investment adviser in January this
year.

Mr. Drakos, who was not required to enter a plea, was released
on bail on condition that he surrender his passport to ASIC,
undertake not to apply for a new passport or travel documents
and not approach points of overseas departure or leave
Australia. Mr. Drakos was also ordered to report to the Gosford
Police Station each week and reside at his current address and
report any change of address to ASIC.

Mr. Drakos will reappear in Court on 1 March 2005.


OSWALD PARK: Members Resolve to Voluntarily Wind Up
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Oswald Park Pty Ltd A.C.N. 000 984 252 held on Wednesday 27
October 2004, it was resolved that the Company be wound up
voluntarily and that, Kevin Richard Shirlaw, Chartered
Accountant, of Level 10, 1 Market Street, Sydney New South Wales
2000 be nominated to act as Liquidator for the purpose of the
winding up.

Dated this 2nd day of November 2004

Kevin R. Shirlaw
Liquidator
Level 10, 1 Market Street,
Sydney NSW 2000
Telephone: (02) 9372 0777,
Facsimile: (02) 9372 0606


PERBAC PTY: Court Appoints Stephen Jay as Liquidator
----------------------------------------------------
On the 1st of November 2004, the Supreme Court of New South
Wales made an Order that Perbac Pty Ltd (In Liquidation) be
wound up by the Court and appointed Stephen Jay to be
Liquidator.

Stephen Jay
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 103, 1st Floor,
Wollundry Chambers,
Johnston Street,
Wagga Wagga NSW 2650


QANTAS AIRWAYS: Retains Fuel Surcharge on Tickets
-------------------------------------------------
Qantas Airways Limited is not lifting the fuel surcharge on its
tickets although oil prices have dropped, Dow Jones reports.

The airline's Chief Financial Officer Peter Gregg said Qantas is
not ready to lower fuel surcharge on tickets as its fuel costs
were still AU$150 million higher than last year, even after the
fuel surcharges and the effects of hedging were included.

Qantas first introduced the fuel surcharge in May and raise it
subsequently in August. The surcharge was again increased in
October when average oil prices climbed above US$60 a barrel.

From those levels, oil prices have currently retreated to around
US$40/bbl.

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


S.C.E. BUILDING: Final Meeting Slated for December 21
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members & creditors of
S.C.E. Building Constructions Pty Limited (In Liquidation)
A.C.N. 003 622 624 will be held at Suite 67, Level 14/88 Pitt
Street, Sydney NSW 2000 on Tuesday, 21 December 2004 at 10:00
a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Monday, 20 December 2004.

Dated this 5th day of November 2004

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


SONS OF GWALIA: Administrators Work to Revive Tantalum Business
---------------------------------------------------------------
Rumors that the administrators of collapsed miner Sons of Gwalia
are keen on reviving the Company has gained support with news of
supply arrangements being clinched until September next year,
The Australian relates.

Gwalia has informed tantalum producer Haddington Resources it
will be required to supply 150,000 pounds of mineral between
Jan. 1 and Sept. 30 next year.

The news came after it was announced last week that
administrators Ferrier Hodgson are allocating AU$18 million for
the expansion of Gwalia's Greenbushes and Wodgina mines.

Ferrier Hodgson's Garry Trevor and SoG's chief executive John
Leevers also signed off on a new contract with Bayer subsidiary
HCStarck to supply 800,000lbs a year between 2006 and 2008.

Speculations arose that the administrators will recapitalize
Gwalia's tantalum operations once they sell off the troubled
gold assets, in bid to preserve existing shareholder value.

Gwalia fell into administration in August with debts of AU$862
million due to hedging and technical issues with its gold
production.

CONTACT:

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


TERRY DEANE: Final Dividend to be Declared on December 16
---------------------------------------------------------
A first and final priority dividend is to be declared on 16
December 2004 in respect of Terry Deane Consulting Pty Limited
(In Liquidation) A.C.N. 099 964 075 Formerly trading as the
partnership known as Newton Realty.

Priority creditors must formally prove their debt or claim on 9
December 2004 otherwise they will be excluded from the benefit
of the dividend.

Dated this 1st day of November 2004

Henry Kazar
Liquidator
c/- Sims Partners
Suite 5, 32 Thesiger Court,
Deakin ACT 2600
Telephone: 02 6285 1310,
Facsimile: 02 6285 4623


WINSYSTEMS GROUP: Members Resolve to Wind Up Voluntarily
--------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Winsystems Group Pty Limited (In Liquidation) A.C.N. 096 427 431
duly convened and held at Shop C, 113 Greville Street, Chatswood
NSW on 2067 on Wednesday 3 November 2004 at 8:30 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 4th day of November 2004

Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street,
Sydney NSW 2000


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C H I N A  &  H O N G  K O N G
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BANK OF CHINA: Identifies, Shuts Down Bogus Web Site
----------------------------------------------------
Bank of China assured its clientele that it had reached the
national bank's true website, adding that the bogus web site is
now shut down, China tech News reports.

The bank issued the statement as the Public Security Bureau
recently shut down an unidentified bogus website that claimed to
Bank of China. The false site intended to steal usernames and
passwords from unsuspecting users through an illegal method
called "phishing".

Meanwhile another website with the URL address of
http://www.1cbc.com.cnclaims to be that of the Industry &  
Commercial Bank of China (ICBC), the said website has not yet
been shutdown. ICBC'c official website is www.icbc.com.cn

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


CHINA CONSTRUCTION: Silver Grant Sells NPL Acquired from Cinda
--------------------------------------------------------------
Silver Grant International Industries Limited announced at the
Hong Kong Stock Exchange the Sale Of Interest in non-performing
loans of China Construction Bank acquired from China's Cinda.

The Board is pleased to announce that the Participation
Agreement was entered into between the Seller (being a wholly
owned subsidiary of the Company) and CFPI on 10 December, 2004
pursuant to which CFPI will purchase from the Seller the
Participation (being a 20% undivided beneficial participation
interest in the Debt Portfolio which the Seller acquired from
China Cinda pursuant to the NPL Acquisition Agreement dated 17
September, 2004 between the Seller and China Cinda) for a total
consideration in US Dollars which amount is equivalent to
CNY227,600,000, on the terms and subject to the terms and
conditions set forth in the Participation Agreement.

At the request of the Company, the Shares have been suspended
from trading on the Stock Exchange from 9:30 a.m. on 10 December
2004 pending the release of this announcement. Application has
been made to the Stock Exchange for resumption of trading from
9:30 a.m. on 13 December 2004.

The Board wishes to announce that on 10 December, 2004, the
Seller entered into the Participation Agreement with CFPI.

(I) Participation Agreement

(1) Date of Agreement: 10 December 2004

(2) Parties: the Seller as seller and CFPI as buyer

CFPI is not connected with the chief executive, directors or
substantial Shareholders of the Company or its subsidiaries
or their respective associates (as defined in the Listing Rules)
and CFPI is not a connected person of the Company.

(3) Participation:
On 17 September 2004, the Seller and China Cinda entered into
the NPL Acquisition Agreement, pursuant to which the Seller
agreed to purchase and China Cinda agreed to sell the Debt
Portfolio comprising certain non-performing loans previously
owned by China Construction Bank in the aggregate principal
amount of CNY56.9 billion as at 31 December, 2003.

Any amount recovered under the Debt Portfolio subsequent to 31
December 2003 shall be for the account of, and shall be
transferred to, the Seller after the NPL Acquisition Agreement
becomes effective. Details of the NPL Acquisition Agreement were
disclosed in the Company's announcement dated 21 September 2004.

Pursuant to the Participation Agreement, CFPI agreed to purchase
and the Seller agreed to sell the Participation representing a
20% undivided beneficial participation interest in the Debt
Portfolio, on the terms and subject to the terms and conditions
set forth in the Participation Agreement.

(4) Consideration:
The total consideration payable for the Participation equal to
an amount in US dollar which is equivalent to CNY227,600,000,
being two per cent (2%) of a sum which is equal to twenty per
cent. (20%) of CNY56,900,000,000 (being the aggregate principal
amount of the Debt Portfolio as at 31 December, 2003),
calculated using the US dollar buying rate announced by the
People's Bank of China on the Settlement Date.

The Purchase Price is to be paid in cash on the Settlement Date.
The Settlement Date will be a date falling within 3 Business
Days after the Seller has provided CFPI with a copy of the
approval by SAFE for the sale and purchase of the NPLs
constituting the Debt Portfolio as contemplated under the NPL
Acquisition Agreement (or such later date as shall be mutually
agreed by the Seller and CFPI).

(5) Conditions Precedent to the Participation Agreement
Completion of the Participation Agreement is subject to
conditions that:

(i) the Seller's representations and warranties in the
Participation Agreement shall have been true and correct on the
date of the Participation Agreement and on the Settlement Date,

(ii) the Seller shall have complied in all material respects
with all covenants required by the Participation Agreement to be
complied with by it on or before the Settlement Date,

(iii) CFPI shall have received copies of the Participation
Agreement duly executed by the Seller and true, correct and
complete copies of the NPL Acquisition Agreement, the NPL
Management Agreement and of any transfer agreement in respect of
the NPLs to which the Seller is a party; and

(iv) all relevant consents required under the documents in
respect of the NPLs and the relevant governmental authorities
having been obtained.

(6) Principal terms of the Participation Agreement:
The terms of the Participation Agreement were negotiated between
the Seller, the Company and CFPI on an arm's length basis; the
principal terms of which are summarized below:

(A) Payments on Participation:
The Net Distributions shall be distributed by or on behalf of
the Seller at least semi-annually in the following manner and
order of priority:
(i) firstly, to pay CFPI until CFPI has received an aggregate
amount (in US dollars) equal to the Purchase Price;

(ii) secondly, to pay to the Seller until the Seller has
received an aggregate amount equal to RMB625,900,000 (being the
consideration in the sum of CNY853,500,000 payable by the Seller
under the NPL Acquisition Agreement less the Purchase Price to
be received by the Seller in an amount in US dollars equivalent
to CNY227,600,000); and

(iii) thirdly, to pay to the Seller and CFPI their respective
proportionate shares of the Net Distributions based on their
respective holdings of the undivided beneficial interest in the
Debt Portfolio.

(B) Right of First Refusal:
Each of CFPI and the Seller has given to the other party the
right of first refusal to acquire the other party's interests in
the Debt Portfolio in the event that such party proposes to
dispose of the same.

(C) Management of the Debt Portfolio:
The Seller will notify CFPI on a weekly basis of, among other
matters, any decision and/or any agreement entered into in
connection with the Debt Portfolio which may have an adverse
effect on the Participation and the Seller and CFPI will meet on
a monthly basis to discuss any matters in relation to the
performance of the Debt Portfolio.

Subject to the terms of the NPL Management Agreement, any
enforcement or non-enforcement of the Seller's right under any
credit documents in relation to the Debt Portfolio should be
jointly decided by the Seller and CFPI until such time as CFPI
has received an aggregate amount equal to the Purchase Price.
Subject to the terms of the NPL Management Agreement, once CFPI
has received the Purchase Price, any enforcement or non-
enforcement of the Seller's right under any credit documents in
relation to the top 98 loans under the Debt Portfolio should be
jointly decided by the Seller and CFPI provided however that if
CFPI fails to respond to any request from the Seller for
direction in relation to the enforcement or non-enforcement in
relation to such top 98 loans under the Debt Portfolio within 24
hours of CFPI's receipt of such request, the Seller shall be
entitled to decide upon such enforcement or non-enforcement in
its sole discretion.

(II) Management of the non-performing loans

Pursuant to the NPL Management Agreement, China Cinda has been
appointed to manage the NPLs after the NPL Acquisition Agreement
becomes effective and China Cinda shall deduct the management
fees from the gross proceeds recovered from the NPLs.

The proceeds recovered from the NPLs, after deduction of the
management fee by China Cinda, will be transferred to the Seller
and the Seller will pay the Net Distributions to CFPI based
on its holding of undivided beneficial interest in the Debt
Portfolio.

(III) Reasons For The Disposal
The Company and its subsidiaries are principally engaged in
properties and infrastructure project investments and the
participation in acquisition of non-performing loans.

On 5 November, 2004, the Company entered into (1) a Subscription
Agreement with CGML and (ii) a MOU with CFPI. CGML is a
shareholder holding approximately 9.75% of the total issued
share capital of the Company and noteholder of the Company. Up
to the date of this announcement, the Company has not received
any request for issue of shares to CGML upon the exercise of its
rights attaching to the convertible note under the Subscription
Agreement dated 5 November, 2004.

Details of these transactions can be found in the Company's
announcement dated 5 November, 2004.

Each of CGML and CFPI is an indirect wholly owned subsidiary of
Citigroup Inc., which entity, together with its subsidiaries, is
a diversified global financial services Company whose businesses
provide a broad range of financial services to consumer and
corporate customers.

Neither CGML nor CFPI are connected with the chief executive,
Directors or substantial Shareholders of the Company or its
subsidiaries or their respective associates (as defined in the
Listing Rules) and both CGML and CFPI are not connected persons
of the Company.

The Purchase Price in the amount equivalent to CNY227,600,000
represents 2% of CNY11,380,000,000 (being 20% of aggregate
principal amount of the Debt Portfolio as at 31 December, 2003)
and as disclosed in the announcement of the Company dated 21
September, 2004 and the circular of the Company dated 13
October, 2004, the rate of the consideration for the acquisition
of the Debt Portfolio payable by the Seller to China Cinda
represents 1.5% of the aggregate principal amount of the Debt
Portfolio. It is expected that the Company will have a gain of
approximately CNY56,900,000 (being the difference of 0.5% of the
20% of the principal amount of the Debt Portfolio).

Therefore, the Directors are of the view that the Participation
Agreement is on normal commercial terms and the terms thereof
(including the consideration for the Participation) are fair and
reasonable and in the best interests of the Company and its
Shareholders as a whole.  In addition, the Company may minimize
its risk in any non-recovery of the NPLs by disposing of a 20%
undivided beneficial participation interest in the Debt
Portfolio to a third party.

It is the intention of the Company to use all proceeds from the
Participation Agreement to further develop its business in
dealing with NPLs by making further non-performing loan
acquisitions. As disclosed in the announcement of the Company
dated 27 September, 2004, purchase of non-performing loans from
China Cinda and China Oriental Asset Management Corporation is
one of the targets of the Company to expand its business in
dealing in non-performing loans.

Given that the Purchase Price does not exceed 5% of any of the
Percentage Ratios and neither CGML nor CFPI are connected with
the chief executive, Directors or substantial Shareholders of
the Company or its subsidiaries or their respective associates
(as defined in the Listing Rules) and both CGML and CFPI are not
connected persons of the Company, the transaction contemplated
under the Participation Agreement will not constitute a
notifiable transaction or a connected transaction of the
Company.


CHINA SPECIALISED: Receiver's Application Hearing Set Dec. 23
-------------------------------------------------------------
In the matter of China Specialised Fibre Holdings Limited, an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of High Court for
consideration of the resolutions and determinations of the First
Meeting of Creditors and the First Meeting of Contributories
both held on 17 November 2004 deciding the differences, and
making such order of appointments as the Court may think fit.

Date and Time of Hearing: Thursday, 23 December 2004 at 12:00
noon

Place of Hearing: High Court Building, 38 Queensway, Hong Kong

Any Creditor or Contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 10th December 2004.

E.T. O'Connell
Official Receiver & Provisional
Liquidator


CRYSTALTECH ELECTRONICS: Creditors to Prove Claims by Jan. 10
-------------------------------------------------------------
Notice is hereby given that the creditors of Crystaltech
Electronics Limited, which is being wound up voluntarily, are
required on or before 5:30 p.m. on the 10th day of January, 2005
to send particulars of their debts or claims and the names and
addresses of their solicitors, if any, to the undersigned.

If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the Notice.

In default thereof, they will be deemed to have waived all or
any of such debts or claims and the liquidators shall be
entitled seven days after the above date to distribute the funds
available or any part thereof to the members.

Dated this 10th day of December, 2004.  

Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong


FAI KEE: Court Issues Bankruptcy Order
--------------------------------------
Notice is hereby given that Bankruptcy Order against Tam Siu Fai
trading as Fai Kee Snack Shop was made on 1 December 2004.

All debts due to the estates should be paid to the undersigned.

Dated this 10th day of December 2004.

E T O'Connell
Official Reciever


SHEEN WEST: To Undergo Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sheen West International Limited by the High Court of Hong Kong
Special Administrative Region was on the 3rd day of December
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 26th 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.

Tong & Tsoi
Solicitors for the Petitioner
Room 3402, 34th Floor, Bank of America Tower
12 HarCourt 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 25th day of
January 2005.

This notice is dated December 10, 2004.


TAI-AO ALUMINIUM: Court to Hear Bankruptcy Petition on Dec. 22
--------------------------------------------------------------
Notice is hereby given that an amended Petition for an Order
that Tai-Ao Aluminium Group Limited may be wound up by the Court
under Section 168A and 177(1) (f) of the Companies Ordinance Cap
32 or Alternatively for an order:

(1) That the Petitioner Lei Zi Shen and the Respondents Tai-Ao
Aluminium Group Limited, Right Global Developments Limited, Asia
Management Group Limited and Ho Seong Peng deliver up to the
Petitioner for inspection all books and records of the said
Company.

(2) That the 4th Respondent be restrained from continuing to act
as chief executive officer of the said Company.

(3) That the shares of the 2nd respondent in the said Company be
purchased by the Petitioner on such terms as the Court thinks
just and equitable, or for such other order as shall be just,
has been presented the High Court of the Hong Kong Special
Administrative Region on the 21st day of October 2004 by Mr. Lei
Zi Shen of Unit C1, 1/F Greenwood Regency, No. 28 Chung Shan
Terrace, Kwai Chung, Hong Kong.

The said Petition as amended pursuant to the Order of Master J.
Wong dated the 1st day of December 2004 will be heard before the
Court at 9:30 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 such order as asked for in the
said Petition as amended may appear at the hearing by himself or
his Counsel for that purpose. A copy of the Amended Petition
will be furnished to any creditor or contributory of the said
Company upon his request and payment for such copy at the
regulated charge.

To, Lam & Co
Solicitors for the Petitioner
Rooms 1503B-04, Wing On House
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 10, 2004.


WINNING CONCEPT: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Winning Concept Limited by the High Court of Hong Kong was on
the 8th day of November, 2004 presented to the said Court by Ho
Chi Yip of Block B, 13th Floor, Lai To Building, 366 Shanghai
Street, Yaumatei, Kowloon, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 5th 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.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 4th day of
January 2005.

This notice is dated December 10, 2004.


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


BANK GLOBAL: Central Bank Freezes Operations
--------------------------------------------
Bank Indonesia (central bank) has suspended the activities of
Bank Global over the latter's inability to keep a normal capital
ratio, according to Asia Pulse.

Aside from its capital ratio dropping to the negative level,
Bank Global was found to have breached various laws by placing
fictitious securities and failing to meet reserve requirements.

The central bank's Senior Deputy Governor Miranda Goeltom
explained that the freeze, which will be effective for a month
as of Dec. 14, was imposed to protect the bank's customer and
assets, and to pare the possible loss to be incurred by the
state.

The central bank has also requested the police to prevent the
bank's executives from traveling abroad in order to make them
immediately available.

Bank Global was given until Dec. 13 to secure fresh capital from
its shareholders, but was unable to do so.

According to Ms. Goeltom, the bank's board of directors was
unwilling to cooperate by blocking the central bank's effort to
examine the bank and reneging on a commitment made in writing.  
The bank's directors and former executives were alleged to have
committed a crime by burning important bank documents.

Bank Indonesia and the police confirmed there were strong
indications that Bank Global had attempted to dispose of or
destroy data, an act violating the banking law.

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


GARUDA INDONESIA: To Resume, Boost Flights to Japan
---------------------------------------------------
National flag carrier Garuda Indonesia is poised to reopen a
route and increase flights frequencies to Japan next year,
reports Asia Pulse.

The embattled airline is almost certain it will resume flights
via the Densapar-Fukuoka route, which was closed in 1998 due to
the Asian economic crisis.

Garuda will, likewise, boost the frequency of flights on its
Jakarta-Tokyo and Jakarta-Osaka routes in March-April 2005. The
airline is considering increasing flights on the Jakarta-Osaka
routes to three to five times a week in March next year.

Garuda's Marketing Communication Chief Agus Asmayadinata said
the airline will probably reopen its routes to Europe earlier
than scheduled.

Originally, flights bound for Europe were to resume in the
winter of 2005, but now they are to be reopened before the
winter or in April 2005.

Depending on market developments, the European routes could
either be Jakarta-London or Jakarta-Frankfurt.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com


SEMEN GRESIK: Government Wants To Settle Cemex Row in 42 Days
-------------------------------------------------------------
The government is aiming to resolve in 42 days its protracted
dispute with Mexican cement Company Cemex S.A. De C.V. regarding
PT Semen Gresik's shares, reports The Jakarta Post.

Minister of State Enterprises Sugiharto said the government's
new time frame for the settlement of the dispute follows the
creation of a negotiation team last week.

The Cemex dispute stemmed from efforts by local Sumatran
politicians to block the Mexican Company from taking over the
state-owned cement maker, Semen Gresik.

According to Minister Sugiharto, resolution of the issue was
"crucial to show to the outside world that the new government is
determined to uphold legal certainty and sanctity of contract".

Last month, the government and Cemex reportedly signed a basic
agreement to resolve the dispute and were just working out the
details.

CONTACT:

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


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


COSMO OIL: JCR Affirms BBB/J-2 on LTD/CP
----------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
preliminary BBB, BBB and J-2 ratings on the shelf registration,
bonds and CP program of Cosmo Oil Company Limited, respectively.

Shelf Registration  Maximum                          Valid
                    JPY100 billion two years effective from
April 27, 2003

Issues       Amount(bln) Issue Date     Due Date       Coupon
convertible
bonds no.3  JPY30        Mar. 17, 1994  Mar. 31, 2005  1.10%
bonds no.2  JPY10        June 25, 1997  June 25, 2007  3.30%
bonds no.3  JPY10        Aug. 8, 1997   Aug. 8, 2007   3.15%
bonds no.7  JPY5         Sept. 20, 1999 Sept. 20, 2005 3.50%
bonds no.8  JPY5         Nov. 18, 1999  Nov. 18, 2005  3.10%
bonds no.11 JPY5         Feb. 16, 2000  Feb. 16, 2006  3.00%
bonds no.13 JPY5         Feb. 25, 2000  Feb. 25, 2005  2.83%
bonds no.14 JPY5         Mar. 7, 2000   Mar. 7, 2006   3.05%
bonds no.15 JPY5         Mar. 28, 2000  Mar. 28, 2005  2.86%
bonds no.17 JPY5         May 24, 2000   May 24, 2005   2.84%

CP Maximum         Backup Line
   JPY100 billion       0%

Rationale:

Cosmo Oil is a major oil distributor. The operating profit for
fiscal 2004 is expected to increase a year-on-year 30% thanks to
increase in earnings from petroleum development business as well
as cost reductions, although petroleum product margin will be
lowered due to delay in passing the more-than-expected rise in
crude oil price on to the price. Excess interest-bearing debt is
a pressing issue for Cosmo Oil to be addressed. The financial
health is poor.

Cosmo Oil reduced the net interest-bearing debt (interest-
bearing debt less cash and deposits) largely in fiscal 2003.
However, the net D/E ratio remains poor 2.25 times. JCR will pay
attention to the future developments as to impact of increase in
ratio of sales at the directly operated and subsidiary service
stations to the total sales on the earnings and the going of
cutback on the interest-bearing debt. Cosmo Oil plans to raise
the sales ratio to increase the earnings.

CONTACT:

Cosmo Oil Company
1-1-1, Shibaura, Minato-ku
Tokyo 105-8528, Japan  
Phone: +81-3-3798-3211
Fax: +81-3-3798-3237


DAIEI INCORPORATED: To Decide on Rehab Aid by Dec. 28
-----------------------------------------------------
The state-backed corporate turnaround body is considering making
a final decision this month to help ailing retailer Daiei
Incorporated, according to Jiji Press.

The Industrial Revitalization Corporation of Japan (IRCJ), which
has already presented a draft of the revival program to Daiei's
three main lenders, will formally decide on the matter on Dec.
28.

The rehabilitation scheme is likely to focus on financial
assistance and closure of loss-making outlets.

It was reported last week that the IRCJ will request some 30
financial institutions to offer debt waivers amounting to JPY410
billion, and urged the retailer's major creditors to give up
their rights to a combined JPY230 billion worth of Daiei
preferred stock.

IRCJ closed the tender for the sponsorship of Daiei on Tuesday.
Five groups submitted bids, including major supermarket chains
Aeon Co. and Ito-Yokado Co., Wal-Mart Stores Inc. of the United
States, business turnaround fund manager Kiacon Corp. and
trading firm Marubeni Corporation.

IRCJ will hold a second round of bidding early next year. In
consultation with IRCJ, the winner will map out a specific
business reconstruction program for Daiei.

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


KOKUDO CORPORATION: Halves Year-end Bonuses
-------------------------------------------
Kokudo Corporation has halved the payment of year-end bonuses to
its employees from a year earlier, according to Japan Today.

Its subsidiary, Prince Hotels Company, is also considering
trimming sharply its bonuses, which are expected to be
distributed this week.

Unlisted Kokudo, leader of the scandal-tainted Seibu group,
became embroiled in a scandal involving Seibu Railway shares.

It earlier admitted it sold Seibu Railway shares to nearly 70
companies for JPY65 billion in August and September.

The group, as well as some Seibu group firms, purchased Seibu
railway shares at Kokudo's request before the Oct. 13 revelation
that the Company had underreported its shareholdings in the
railway firm.

Kokudo was believed to have breached the Securities and Exchange
Law, as its failure to explain about the equity ownership
conditions could be interpreted as insider trading.


MITSUBISHI MOTORS: May Delay Revival Plan Until January
-------------------------------------------------------
Mitsubishi Motors Corporation (MMC) is likely to postpone the
announcement of its second revival plan, expected to be unveiled
this week, until as late as January next year, Reuters reports.

According to The Asahi Shimbun, the postponement was due to
MMC's ongoing talks with Nissan Motor Co. Ltd. on a possible
business alliance.

The Yomiuri Shimbun, on the other hand, said the plan would be
delayed until late January while the struggling automaker
reviews the plan completely.

An MMC spokesman said the firm would release this week a
comment, which might include a deadline for the announcement of
the rehabilitation plan.

Earlier this week, Mitsubishi group firms Mitsubishi Heavy
Industries Ltd., Mitsubishi Corp. and the Bank of Tokyo-
Mitsubishi (BTM) are reportedly finalizing further aid plans for
the ailing carmaker, including as much as US$2 billion in
funding.

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


MITSUI CHEMICALS: METI Authorizes Business Restructuring Plan
-------------------------------------------------------------
The business-restructuring plan submitted by Mitsui Chemicals
Inc. to the Ministry of Economy, Trade and Industry was
evaluated under the Law on Special Measures for Industrial
Revitalization, and found to fulfill its requirements.

The plan was consequently approved on December 10.

CONTACT:

Mitsui Chemicals Incorporated
2-5 Kasumigaseki 3-Chome
Kasumigaseki Building
Chiyoda-Ku 100-6070, Tokyo 100-6070
Japan
Phone: +81 3 3592 4105
Fax: +81 3 3592 4213  
Web site: http://www.mitsui-chem.co.jp/english/index.htm


UFJ HOLDINGS: Contests Sumitomo Trust Bid to Scrap MTFG Merger
--------------------------------------------------------------
On the first Court hearing on Monday, UFJ Holdings Incorporated
disputed an argument by Sumitomo Trust & Banking Co. that a
Court should order suspension of merger negotiations between UFJ
and Mitsubishi Fuso Financial Group Inc. (MTFG), Dow Jones says,
citing Kyodo News.

Sumitomo Trust lodged the lawsuit with the Tokyo District Court
on Oct. 28 after UFJ decided to accept a merger proposal by
MTFG, shelving a basic deal with Sumitomo Trust to sell its
trust-banking unit to Sumitomo Trust.

During Monday's hearing, Sumitomo Trust claimed its initial
agreement with UFJ Holdings gave it the exclusive right to
conduct long-term negotiations on the acquisition of UFJ Trust
and that the deal has "a decisive binding power." It also
requested the Court to immediately hand down a ruling against
illegal actions committed by UFJ.

In defense, UFJ told the Court that the business community is
full of precedents in which agreements on mergers and
acquisitions were repealed after basic accords are signed. UFJ
stressed that the deal it made with Sumitomo in May had
effectively lost its validity.

On July 27, the Court issued a provisional injunction to halt
UFJ-MTFG merger talks, which was appealed by UFJ to the Tokyo
High Court. The high Court repealed the injunction on Aug.11.
UFJ and MTFG then inked a memorandum of understanding for the
merger the following day.

Although Sumitomo Trust sought a Supreme Court injunction on the
merger talks, the top Court endorsed the repeal by the high
Court on Aug. 30.

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
=========


LG CARD: May Liquidate Should LG Group Fail to Infuse Aid
---------------------------------------------------------
The main creditor of LG Card said in a statement that if LG
Group doesn't agree to inject additional financial assistance to
the ailing card issuer, they would be forced to liquidate,
reports Dow Jones.

The deadline for the need to have financial assistance is by
December 29.  If rescue funds are still not realized, the
creditors will propose buying out KRW1.2 trillion of LG Card's
debt exposure for KRW260 billion.

"If LG Group is reluctant to provide additional financial
assistance, then liquidation of the Company is inevitable," Choi
Yong Soon, an official in charge of LG Card's restructuring at
Korea Development Bank, said at a media briefing.

To keep LG Card afloat the creditors agreed in a meeting held
Monday that an additional debt-for-equity swap is necessary by
both creditors and LG Group.  Creditors want LG Group to swap as
much as KRW875 billion of debt into equity out of the KRW1.2
trillion.

Korea Development Bank governor urged LG Card's creditors and LG
Group last week to seek measures to help LG Card stay afloat.  
The bank's governor said both should agree on additional
financial aid to LG Card by year-end, or its credit ratings
would drop.  That would result in massive redemptions of its
asset-backed securities, which could place LG Card in another
financial crisis.

A government led bailout package worth KRW5 trillion in January
salvaged the credit-card issuer from bankruptcy.  The bailout
converted KRW3.5 trillion of debt into shares earlier this year.

CONTACT:

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


THRUNET COMPANY: Hanaro, Dacom Submit Final Bid
-----------------------------------------------
Hanaro Telecom Inc. and Dacom Corp. has submitted their bids for
Thrunet Company Ltd. in time with the deadline Monday, Dow Jones
relates, citing an official at Samjong KPMG, the lead manager
for the sale.

Dacom decided to submit a joint bid with Merrill Lynch LP
Holdings Inc. However, Merrill Lynch declined to comment.

A Hanaro spokesman confirmed the Company's submission of a
formal bid.  A preferred negotiator is expected to be selected
later this week.

The auction last year was unsuccessful for the value of the bids
was too low.  Thrunet's value is estimated to reach around
KRW450 billion to KRW500 billion.  

Thrunet's debt now stands at KRW448.5 billion.

CONTACT:

Thrunet Co. Ltd.
Address:  1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea  
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770


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


AMSTEEL CORPORATION: Updates LIPSB Disposal
-------------------------------------------
Amsteel Corporation Berhad had on 9 November 2004 and 9 December
2004 proposed the 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).

The Company also proposed the 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).

On behalf of the Board of Amsteel, OSK Securities Berhad is
announced that the land authorities had, on 23 November 2004 and
9 December 2004, endorsed the title of Ipoh Parade and Seremban
Parade for commercial use respectively.

As at the date of this Announcement, the Proposed Disposal of
LIPSB and the Proposed Disposal of LSPSB 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) Bank Negara Malaysia; and

(iv) 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.

Unless otherwise stated, defined terms used in this Announcement
shall carry the same meaning as defined in the previous
announcements.

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 13 December 2004.


AVANGARDE RESOURCES: Winding Up Hearing Set December 10
-------------------------------------------------------
Further to the Avangarde Resources Berhad's (ARB) announcement
on 29th July 2004, the petition by Woodlandor Wood Products Sdn
Bhd to wind up the Company has been fixed for hearing on 28
January 2005 and not 22 October 2004.

CONTACT:

Avangarde Resources Berhad
No. 16-2 & 16-3
Jalan USJ 21/6
47630 UEP Subang Jaya
Selangor
Phone: 03-80249970
Fax: 03-80249831


GADANG HOLDINGS: Notes Amended Loan Stock Interest
--------------------------------------------------
Gadang Holdings Berhad announced its amended loan stock interest
with regards to its first interest payment on the RM38,000,000
nominal amount of 2% Irredeemable Convertible Unsecured Loan
Stocks 2003/2008.

EX-date: 13/12/2004  

Entitlement date: 15/12/2004  

Entitlement time: 04:00:00 PM  

Period of interest payment: 24/12/2003 to 23/12/2004

Financial Year End:

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: to  

Registrar's name, address, telephone no:

Tenaga Koperat Sdn Bhd
20th Floor, Plaza Permata
Jalan Kampar, Off Jalan Tun Razak
50400 Kuala Lumpur
Tel No.: 03-40412188

Payment date: 24/12/2004

a) Securities transferred into the Depositor's Securities
Account before 4 p.m. in respect of transfers: 15/12/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit:

c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):  

Entitlement indicator: Percentage

Entitlement in percentage (%): 2

Remarks:

The period of interest payment should be from 24/12/2003 to
23/12/2004 instead of from 24/12/2003 to 24/12/2004

CONTACT:

Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Phone: 603-6356888
Fax: 603-6365560


GOLDEN FRONTIER: Releases Shares Buy Back Notice
------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on December
13, 2004.
   
Date of buy back: 13/12/2004

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

Total number of shares purchased (units): 4,000

Minimum price paid for each share purchased (RM): 0.680

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

Total consideration paid (RM): 2,765.07

Number of shares purchased retained in treasury (units): 4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,237,100

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


I-BERHAD: Buys Back 2,000 Shares
--------------------------------
I-Berhad announced the details of its shares buy back on
December 13, 2004.

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 2,000

Minimum price paid for each share purchased (RM): 0.840

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM): 1,694.68

Number of shares purchased retained in treasury (units): 2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 487,500

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

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com
   

JIN LIN: Discloses Unaudited Quarterly Results
----------------------------------------------
Jin Lin Wood Industries Berhad released its unaudited quarterly
report for the financial period ended September 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

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


1 Revenue  
          1,471        2,999         1,471        2,999

2 Profit/(loss) before tax  
         -2,484       -3,172         -2,484      -3,172

3  Profit/(loss) after tax and minority interest  
         -2,484       -3,172         -2,484      -3,172

4  Net profit/(loss) for the period  
         -2,484       -3,172         -2,484      -3,172

5  Basic earnings/(loss) per shares (sen)  
         -5.65        -7.21          -5.65       -7.21

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)  

        -0.2100        -1.5000

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Phone: 086-334661/335570
Fax: 086-330866/334808


JIN LIN: Details FY04 Financial Statements
------------------------------------------
In accordance with the Listing Requirements of Bursa Malaysia
Securities Berhad, Chapter 9, Part J, Para 9.19 (35), Jin Lin
Wood Industries Berhad announced that its audited financial
statements for the financial year ended 30 June 2004 (the
Audited Financial Statements) was qualified as a result of the
qualification on the accounts of Syarikat Mustapha & Ngu Timber
Sdn Bhd (SMNT), a wholly owned subsidiary of JLWIB.

In the previous financial year, the landed properties of SMNT
were revalued to RM45,265,000 based upon independent valuation.
However, in arriving at the valuation, it has been assumed that
the land is categorized as industrial. As at balance sheet date
of 30 June 2004, the land has yet to be converted from
agricultural to industrial pending the payment of conversion
premium.

SMNT has been given time until 23 February 2005 to pay the
outstanding premium. In the Auditors' opinion, it is
inappropriate for the carrying value of the land to be stated at
valuation amount based on it being categorized as industrial.
Had the carrying amount been determined based on the assumption
that the land is agricultural, it would have been stated at
RM6,305,000 and the Capital Reserve of the Group would have been
reduced by RM9,492,682 after related tax effects, and
shareholders' equity would be a deficit of RM16,107,895.

As such, the Auditors have qualified the audited financial
statements of SMNT and advised that the Audited Financial
Statements of JLWIB are similarly qualified.

This announcement is dated 13 December 2004.


MBF HOLDINGS: Unit Enters Winding Up Proceedings
------------------------------------------------
MBf Holdings Berhad disclosed to the Bursa Malaysia Securities
Berhad that its wholly owned subsidiary, Advacare Sdn Bhd, has
been placed under creditors' voluntary winding up and that Tam
Kok Meng c/o Messrs Tam & Associates Corporate Services Sdn Bhd,
D-8-3, Level 10, Block D, Menara Uncang Emas, 85 Jln Loke Yew,
55200 Kuala Lumpur has been appointed the Liquidator of Advacare
on 13 December 2004.

Advacare was incorporated on 13 January 1989 and was formerly
engaged in the sale of consumer goods under the multi level
marketing concept. The authorized share capital of Advacare is
RM2,500,000 comprising 2,500,000 ordinary shares of RM1.00 each
of which 2,100,000 ordinary shares have been issued and fully
paid-up.

As at 30 September 2004, Advacare shareholders' deficit is
RM2,717,019.

Advacare ceased its operations since 1997 and become dormant
thereafter.

The winding up exercise of Advacare is part of the
rationalisation and streamlining exercise of MBfH Group.

The winding up of Advacare is expected to result in a gain
arising from deconsolidation of approximately RM2.7 million to
MBfH Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
have any interest, direct and indirect in the said exercise.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad

Ding Lien Bing
Company Secretary
Date: 13 December 2004

CONTACT:

MBF Holdings Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com


MENTIGA CORPORATION: To Submit Revised Restructuring Proposal
-------------------------------------------------------------
Mentiga Corporation Berhad refers to its announcement dated 25
February 2004 in relation to the following proposals.

(I) Proposed revaluation of the property assets of Mentiga and
its subsidiaries;

(ii) Proposed debt settlement via the issuance of new ordinary
shares of rm1.00 each in mentiga as settlement of an amount
owing by Mentiga to its shareholder, Amanah Saham Pahang
Berhad (Aspa); and

(iii) Proposed restricted issue of 20,000,000 redeemable
convertible preference shares of RM1.00 each in Mentiga to
Aspa.

Mentiga announced that the Securities Commission (SC) has via
its letter dated 10 December 2004 informed that the Proposals
and the proposal disposal of 9,450 ordinary shares representing
90% of the total issued and paid up share capital of PT Rebinmas
Jaya via Mentiga's 56% owned subsidiary, Selat Bersatu Sdn Bhd
(Proposed Disposal), will be jointly considered by the SC and
not on a standalone basis, in view that the Proposals and the
Proposed Disposal are inter-related.

Mentiga set out further details of the Proposed Disposal in the
earlier announcements dated 17 August 2004 and 1 November 2004.

Premised on the aforesaid, the SC is of the view that Mentiga
should re-submit a comprehensive/thorough application,
encompassing the Proposals and the Proposed Disposal.

Accordingly, Mentiga's application to the SC dated 26 February
2004 for the Proposals has been returned on 10 December 2004.

The Company will be submitting to the SC a revised comprehensive
proposal encompassing the Proposals and the Proposed Disposal
after the terms of the Proposed Disposal have been finalized.
Details of the Proposed Disposal will also be announced to Bursa
Malaysia Securities Berhad in due course.

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax: +60 3 40431233

This announcement is dated 13 December 2004.


PADIBERAS NASIONAL: Named First Respondent of Sec. 181 Petition
---------------------------------------------------------------
Padiberas Nasional Berhad announced that it has been named as
first respondent in a Section 181 Petition dated 26 November
2004 issued by Konsortium Pemborong Beras Melayu (Kelantan) Sdn
Bhd (the Petitioner) on 9 December 2004.

The Petitioner in their Petition is seeking, inter alia, the
following relief:

i. A declaration that the Company is conducting itself and the
affairs of Formula Timur Sdn Bhd in a manner that is oppressive,
discriminatory and prejudicial to the Petitioner and/or in
disregard to the interests of the Petitioner;

ii. A declaration that the Company's action in stopping the
supply of rice to the 2nd Respondent and instead appointing
Consolidated Bernas United Distributor Sdn Bhd as its "marketing
arm" is contrary to the provisions of the JV Agreement;

iii. Damages in the sum of RM32 million and further damages for
future loss of business and earnings.

The Petitioner is not seeking the winding up of the Company as
one of its relief. The Company does not admit and intends to
strongly resist the allegations and claims in the Section 181
Petition. The Section 181 Petition has been fixed for hearing on
6 January 2005 and the Company will announce further
developments on the above matter as and when it becomes
necessary.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11
Jalan Damansara
46350 Petaling Jaya
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/


TENCO BERHAD: Extends Restructuring Period
------------------------------------------
Tenco Berhad refers to its announcements dated 10 March 2004, 6
July 2004 and 10 September 2004 in relation to the following
proposals:

(i) The proposed acquisition of DISB;

(ii) The proposed acquisition of TCSB;

(iii) The proposed acquisition of TENCO;

(iv) The proposed debts restructuring of TENCO;

(v) The proposed placement; and

(vi) The proposed transfer of listing status

Tenco Berhad, Tanigra Sdn Bhd, and the vendors of Damansara
Indah Sdn Bhd and Tanigra Construction Sdn Bhd had mutually
agreed, via an exchange of letters between their respective
solicitors, to extend the date of fulfillment of all conditions
precedent of the Restructuring Agreement dated 8 March 2004 by a
further period of three (3) months from 8 December 2004.

The application to the Securities Commission for the Proposals
will be made within three (3) months from the date of this
announcement.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Telephone: (60) 3 541 0612
Fax: (60) 3 541 0132

This announcement is dated 13 December 2004.


WCT ENGINEERING: To List Additional Shares
------------------------------------------
WCT Engineering Berhad's additional 40,000 new ordinary shares
of RM1.00 each issued pursuant to the exercise of 40,000
warrants 2000-2005 will be granted listing and quotation with
effect from 9 a.m., Wednesday, 15 December 2004.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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


ATLAS CONSOLIDATED: Elects New Committee Members
------------------------------------------------
At the recent meeting of the Board of Directors of Atlas
Development Mining and Development Corporation, the following
were elected members to the various committees:

Audit Committee

(1) Mr. Jose P. de Guzman
(2) Mr. Noel T. del Castillo
(3) Mr. Alfredo R. Rosal

Remuneration Committee

(1) Mr. Felipe R. Relucio, Jr.
(2) Mr. Noel T. del Castillo
(3) Mr. Martin C. Buckingham

Nomination Commitee

(1) Mr. Alfredo C. Ramos
(2) Mr. Frank N. Lubbock
(3) Mr. Reginald Hare

By: Noel T. del Castillo
Corporate Secretary and Treasurer
Date: December 13, 2004

For more information, go to
http://bankrupt.com/misc/tcrap_atlas121404.pdf


COLLEGE ASSURANCE: Congress Grills SEC on Delayed License
---------------------------------------------------------
Securities and Exchange Commission (SEC) Chairperson Fe Barin
found herself being grilled by congressmen for satisfactory
answers as to the SEC delaying the renewal of College Assurance
Plans Inc.'s license to sell more plans, the Philippine Star
reports.

The SEC claimed that the pre-need firm's capital is severely
impaired and needs a fresh injection of cash. CAP has begged to
differ, and backed its arguments with financial statements, but
the commission appeared not to be moved.

As a result, a U.S. based trust fund waiting in the wings to
infuse up to US$300 million in fresh capital into CAP is holding
back until such time as the SEC renews its dealer's license,
which expired last September.

But the SEC keeps insisting it will not do so until new capital
has been infused.

Once the money is infused, CAP's liquidity and capital
deficiency problems can then be addressed, and its application
for the registration of additional plans to sell could then be
granted.

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


PHILIPPINE TELEGRAPH: PSE Suspends Trading of Shares
----------------------------------------------------
As of date hereof, Philippine Telegraph and Telephone
Corporation (PTT) is not in compliance with the structured
reportorial requirements of the Philippine Stock Exchange for
non-submission of its Annual Report, using SEC Form 17-A for the
fiscal year ended June 30, 2004, and non-payment of the
attendant daily fines.

In relation thereto, the Company, in its letter to the
Philippine Stock Exchange dated December 10, 2004, stated that:

" As the Exchange has been previously informed, the inability of
the Company to submit its Annual Report is due to the following
pending issues that, to date, has not yet been resolved which
could affect the Company's financial standing, namely:

a. On-going negotiations with the creditors

b. On-going discussions with prospective investors for new
funding

c. Manner of settlement of liabilities with government entities.

PT&T's restructuring efforts involve 34 foreign and local
lenders, of which 12 have yet to execute the Master
Restructuring Agreement dated 26 November 2002 (the MRA) despite
the continuing efforts of the Company to convince them to join
the debt restructuring. Unfortunately, at least 4 of the said
non-signatory lenders have pursued legal action and these cases
are currently in various stages, including the Court-imposed
mediation proceedings.

The Company is likewise currently pursuing prospective investors
to support its major project involving the upgrading of its
backbone facility. As expected, arrangements for major project
financing normally takes time (6 months or more).

Forming part of this major project are action plans addressing
the settlement of PT&T's obligations to the government entities
notwithstanding the current efforts of restructuring the same
under more liberal terms such as but not limited to: waiver of
all interests and penalties; compromise or abatement whenever
applicable; ex-deal or offset arrangements; stretched payment
terms, etc.

It is in light of the above that the Company's Audit Committee
and the Board of Directors during a Special Meeting on December
10, 2004, decided to apply for a voluntary suspension of trading
of its shares."

In this regard, please be informed that the Philippine Stock
Exchange approved the Company's request for voluntary trading
suspension effective on December 13, 2004, until compliance with
the aforementioned requirements is made.

The Exchange shall inform the Trading Participants and the
investing public of further developments on the matter.

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

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


VICTORIAS MILLING: Names New Board Member
-----------------------------------------
Victorias Milling Company, Inc. (VMC), in its SEC Form 17-C
dated November 23, 2004, which the Philippine Stock Exchange
received on December 10, 2004, disclosed that:

"The VMC Board of Directors during its regular meeting on
November 19, 2004 elected Mr. Hubert D. Tubio to occupy the
Board seat vacated by Mr. Aristotle L. Villaraza who resigned on
September 22, 2004."

For your information,
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Tel. No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com  
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_vmc121404.pdf


NATIONAL POWER: BSP Says Keep Masinloc Sale
-------------------------------------------
The Bangko Sentral ng Pilipinas (BSP) has warned that the
termination of the sale of the National Power Corporation
(Napocor)'s power plant in Masinloc Zambales may lead to a
downgrade in the country's debt rating, The Malaya Newspaper
reports, citing BSP Deputy Governor Amando Tetangcof Jr.

The Senate wants the Department of Energy to halt the sale
alleging that the winning bidder, Australian-led consortium YNN
Pacific, lacks the financial muscle, with a paid-up capital of
Php1 million and a maximum capitalization of Php10 million.

The Senate also claims the bidder lacks operational knowledge to
run the power plant. YNN Pacific won in the long-awaited bidding
with a price of US$561.7 million.

Power Sector Assets and Liabilities Management Corp. President
and Chief Executive Officer Raphael Lotilla argued that as been
explained by PSALM's financial advisor, Credit Suisse First
Boston that it is typical for bidders in any privatization in
the world to bring their capital only when they have won the
bid.

CONTACT:

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


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


CHINA AVIATION(S): Unit Begins Jet Fuel Procurement Business
------------------------------------------------------------
China Aviation Oil (S) Corp Ltd reported to the Singapore Stock
Exchange that its subsidiary CAOT, has began its jet fuel
procurement business.

Further to the Company's announcement dated 9 December 2004,
China Aviation Oil (S) Corp Ltd announced that its newly
acquired wholly owned subsidiary CAOT Pte Ltd will be commencing
its jet fuel procurement business starting Monday.

CAOT Pte Ltd, on behalf of its ultimate buyers in China, has
already sent out tender documents to the Company's previous
suppliers inviting them to bid for the jet fuel requirements of
the ultimate buyers for January and February 2005.


CHINA AVIATION(S): CEO Ready to Face Punishment
-----------------------------------------------
Ex-chief of China Aviation Oil (S) Corp., Chen Jiu Lin, said he
is prepared to face punishment should he be convicted of any
crime following the firm's hefty lossed in risky oil trades,
reports Channel News Asia.

Mr. Chen was arrested last Wednesday and was later questioned by
the police after CAO reported a loss of US$550 million by
betting on the future price of oil. Singapore's Securities and
Commissions Act is currently investigating on unspecified
violations but has not been charged.   

Lawyers explained Mr. Chen could be prosecuted for various
offenses under the Companies Act and that the aggrieved
shareholders have a legal recourse to bring civil suits against
Chen or possibly against the Company.

But until the full facts of the case are revealed, pre-judgment
of CAO is not possible. Preliminary investigation currently
points to involvement by the senior managers.

The vital issue in the CAO debacle was its trading activities
that were not consistent with the risk management policies.

Under the Securities and Futures Act, if a Singapore-listed
Company intentionally, recklessly, or negligently fails to
notify the SGX of information as it arises could be penalized of
a seven year jail term and fined SG$25,000.  

But CAO has argued that its delayed disclosure of trading losses
was needed to buy time for a viable rescue plan.

The Companies Act states that Company directors have the duty to
exercise good faith and reasonable diligence, in which directors
are barred from making improper use of information gathered due
to their positions. A violation will result in criminal sanction
as well as civil liability for damages.


EDSAMAIL HOLDINGS: Posts Notice of Winding Up Order
---------------------------------------------------
In the matter of Edsamail Holdings Pte Ltd., a Winding Up Order
was made on 3rd day of December 2004.

Name and address of Liquidator: The Official Receiver, The
Insolvency & Public Trustee's Office, 45 Maxwell Road #05-11 &
#06-11, URA Centre (East Wing), Singapore 069118

Dated this 3rd day of December 2004.

Messrs Joseph Tan Jude Benny
Solicitors for the Petitioner


PANPAC MEDIA: Notes Change in Director's Interest Level
-------------------------------------------------------
Panpac Media Group Limited released a notice on December 13,
2004 at the Singapore Stock Exchange pertaining to the change in
the Percentage Level of the Interest of Low Ka Choon Kevin.  

Part I

(1) Date of notice to issuer: 13 December 2004   

(2) Name of Director: Low Ka Choon Kevin  

(3) Please tick one or more appropriate box(es):  
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
(Please complete Part II and IV)
  
Part II  

(1) Date of change of Deemed Interest 13 December 2004   

(2) Name of Registered Holder: International Press Holdings Pte
Ltd   

(3) Circumstance(s) giving rise to the interest or change in
interest : Others   
- Please specify details purchase pursuant to a married deal.    

(4) Information relating to shares held in the name of the
Registered Holder

No. of Shares held before the change 66,962,588   
As a percentage of issued share capital 12.2133 %  

No. of Shares which are subject of this notice 10,000,000   
As a percentage of issued share capital 1.8239 %  


Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.065   

No. of Shares held after the change 76,962,588   
As a percentage of issued share capital 14.0372%  

Part III  

(1) Date of change of Interest   

(2) The change in the percentage level From % To %  

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]   
- Please specify details      

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:      
  
Part IV  

(1) Holdings of Director, including direct and deemed interest:  

                                         Direct         Deemed
No. of shares held before the change     2,600,000   66,962,588   
As a percentage of issued share capital  0.4742%        12.2133%  
No. of shares held after the change      2,600,000   76,962,588   
As a percentage of issued share capital    0.4742%      14.0372%  

Submitted by:
Ricky Ang Gee Hing   
Group Md And Ceo   


PANPAC MEDIA: Shareholder's Interest Changes
--------------------------------------------
Panpac Media Group Limited released a notice on December 13,
2004, at the Singapore Stock Exchange pertaining to the change
in the Percentage Level of Interest of Low Song Take.

Part I

(1) Date of notice to issuer: 13 December 2004   

(2) Name of Director: Low Song Take  

(3) Please tick one or more appropriate box(es):  
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
(Please complete Part II and IV)

Part II  

(1) Date of change of Deemed Interest 13 December 2004   

(2) Name of Registered Holder: International Press Holdings Pte
Ltd   

(3) Circumstance(s) giving rise to the interest or change in
interest: Others   
- Please specify details PURCHASE PURSUANT TO A MARRIED DEAL.    
  
(4) Information relating to shares held in the name of the
Registered Holder
No. of Shares held before the change 66,962,588   
As a percentage of issued share capital 12.2133 %  

No. of Shares which are subject of this notice 10,000,000   
As a percentage of issued share capital 1.8239 %  

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.065   

No. of Shares held after the change 76,962,588   
As a percentage of issued share capital 14.0372 %  

Part III  

(1) Date of change of Interest

(2) The change in the percentage level From % To %  

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]   
- Please specify details      

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:      

Part IV  

(1) Holdings of Director, including direct and deemed interest:  

                                           Direct        Deemed
No. of shares held before the change      6,117,647   66,962,588   
As a percentage of issued share capital      1.158%     12.2133%  
No. of shares held after the change       6,117,647   76,962,588   
As a percentage of issued share capital      1.158%     14.0372%  

Submitted by:
Ricky Anga Gee Hing   
Group Md And Ceo   


PANPAC MEDIA: Reveals Change in Shareholding
--------------------------------------------
Panpac Media Group Limited released a notice on December 13,
2004, at the Singapore Stock Exchange pertaining to the change
in the Percentage Level of the Interest of International Press
Holdings Pte Ltd.  
   
Part I

(1) Date of notice to issuer: 13 December 2004   

(2) Name of Substantial Shareholder: International Press
Holdings Pte Ltd  

(3) Please tick one or more appropriate box(es): *
Notice of a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. (Please
complete Part III and IV)

Part II  

(1) Date of change of Interest

(2) Name of Registered Holder   

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]   
- Please specify details      

(4) Information relating to shares held in the name of the
Registered Holder

No. of [Select Option] held before the change   
As a percentage of issued share capital %  

No. of N.A. which are subject of this notice   
As a percentage of issued share capital %  

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received   

No. of N.A. held after the change   
As a percentage of issued share capital %  

Part III  

(1) Date of change of Shareholding 13 December 2004   

(2 The change in the percentage level from 12.2133% To 14.0372%  

(3) Circumstance(s) giving rise to the interest or change in
interest:  Others   
- Please specify details Purchase Pursuant To A Married Deal.    

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions: The
change in percentage level is the result of a transaction.    

Part IV  

(1) Holdings of Substantial Shareholder , including direct and
deemed interest:  

                                                   Direct Deemed
No. of shares held before the change           66,962,588    0   
As a percentage of issued share capital           12.2133%    0%  
No. of shares held after the change            76,962,588     0   
As a percentage of issued share capital           14.0372%    0%  

Submitted by:
Ricky Ang Gee Hing   
Group Md And Ceo   


WINDSOR NURSING: Receiving Proofs of Claim Until Dec. 24
--------------------------------------------------------
Windsor Nursing Holding Pte Ltd issued to the Singapore
Government Gazette a notice of intention to declare dividend to
preferential creditors.

Address of Registered Office: c/o 6 Shenton Way #32-00 DBS
Building Tower Two Singapore 068809

Last day for receiving proofs: 24 December 2004

Name of Liquidators: Tam Chee Chong, Nicky Tan Ng Kuang and
Steven Lim Kok Hoong

Address: c/o Deloitte & Touche 6 Shenton Way #32-00 DBS Building
Tower Two Singapore 068809

Dated this 10th day of December 2004.

Tam Chee Chong
Liquidator


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


JASMINE INTERNATIONAL: Unveils 2005 Public Holidays
---------------------------------------------------
Jasmine International Public Company Limited advised the Stock
Exchange of Thailand (SET) on the Company's 2005 Public
Holidays.

(1) Monday       3 January    Substitution for New Year's Day
(2) Wednesday    23 February  Makha Bucha Day
(3) Wednesday    6 April      Chakri Day      
(4) Wednesday   13 April     Songkran Day
(5) Thursday    14 April     Songkran Day    
(6) Friday      15 April     Songkran Day
(7) Monday      2 May        Substitution for National Labor Day     
(8) Thursday    5 May        Coronation Day
(9) Monday      23 May       Substitution for Visakha Bucha Day
(10) Friday     22 July      Buddhist lent Day        
(11) Friday     12 August    H.M.The Queen's Birthday
(12) Monday     24 October   Substitution for Chulalongkorn Day
(13) Monday     5 December   H.M.The King's Birthday
(14) Monday     12 December  Substitution for Constitution Day

Please be informed accordingly.

Authorized director                
(Mr. Somboon  Patcharasopak)                               
Chaengwatana Planner Co., Ltd., Plan Administrator of                  
Jasmine International Public Company Limited                       

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: www.jasmine.co.th
  

NATURAL PARK: Details Acquisition, Disposal of Assets
-----------------------------------------------------
Natural Park Public Company Limited informed the Stock Exchange
of Thailand (SET) that the Board of Directors Meeting No.24/2004
on November 29, 2004 resolved as follows:
     
Subject to the Stock Exchange of Thailand's committee
Notification, Re: Disclosure and Procedure of Listed Companies
Regarding Acquisition or Disposal of Assets 2004, the Company
shall have the duty to provide such information to the
shareholders and get approval at the shareholders' meeting.  The
information according to schedule 2 is as follows:

(1) Information specified in schedule 1

(1.1) Date of transaction:

The Company shall proceed with the transaction after receiving
approval from the shareholders' meeting.

(1.2) Related parties and relationship with listed companies

Purchaser: The Company

Seller: A group of Shareholders of the City Realty Company
Limited led by Mr.Chalee Sophonpanich.

Relationship between the parties and listed companies:

The Seller is a group of Shareholders of City Realty who are not
connected persons under the notification of the Stock Exchange
of Thailand.

(1.3) Nature of Transaction:

The Company accepts the transfer of shares of the City Realty
from a group of Shareholders of City Realty.

This transaction is considered as a Type 1 Transaction under the
Stock Exchange of Thailand's committee Notification, Re:
Disclosure and Procedure of Listed Companies Regarding
Acquisition or Disposal of Assets 2004.

The type of transaction calculated from the financial statement
of the Company as of September 30, 2004 and the financial report
for management of City Realty as of September 30, 2004 as
follows:

(1) The value of assets acquired volume of transaction equals
80.48 percent.
                              
(2) The net profit after tax from the normal course of business
volume of transaction is not applicable due to net loss.
                                 
(3) The total value of consideration paid volume of transaction
equals 53.33 percent.

(4) The value of securities which are issued by the listed
Company as consideration for the assets acquired volume of
transaction equals 118.90 percent.

Although, the calculation of transaction volume for the highest
value is 118.90 percent, the transaction does not considered as
Class 4 transaction or backdoor listing with the Stock Exchange
of Thailand due to the Company has acquired 135.939 million
shares of City Realty or 33.90 percent of the paid-up capital of
City Realty not all or substantially all of assets of City
Realty.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/NATURALPARK121404.htm

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   


SIAM AGRO: SET Lifts Trading of Securities
------------------------------------------
Previously the Stock Exchange of Thailand (SET) posted the H
(Trading Halt) sign to temporarily halt the trading of Siam Agro
Industry Pineapple & Others Public Company Limited's (SAICO)
securities effective from the second trading session of 13
December 2004 because there is significant information
concerning the statement of additional information to make a
tender offer to purchase securities of SAICO (Form 247-6kor)
that might affect trading of its securities.

However, SAICO has disclosed the aforesaid information to the
SET.  Therefore, the SET has lifted H sign from SAICO's
securities effective from the first trading session of
14 December 2004 onward.

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl   
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok    
Telephone: 0-2661-7878   
Fax: 0-2661-7865   
Web site: www.saico.co.th


THAI GERMAN: Releases List of Public Holidays for Year 2005
-----------------------------------------------------------
Thai German Products Public Company Limited (TGPRO) disclosed to
the Stock Exchange of Thailand (SET) its Company and official
public holidays for year 2005.

Company and Official Public Holiday                              

(1) Substitute New Year's Day: Monday 3 January 2005

(2) Chinese New Year: Wednesday 9 February 2005 (Annual Leave)

(3) Macha Bucha Day: Wednesday 23 February 2005

(4) Chakri Day: Wednesday 6 April 2005

(5) Songkran Festival Day: Wednesday 13 April 2005

(6) Songkran Festival Day: Thursday 14 April 2005

(7) Songkran Festival Day: Friday 15 April 2005

(8) Substitute National Labour Day: Monday 2 May 2005

(9) Coronation Day: Thursday 5 May 2005

(10) Substitute Visakha Bucha Day: Monday 23 May 2005

(11) Buddhist Lent: Friday 22 July 2005

(12) H.M. The Queen's Birthday: Friday 12 August 2005

(13) Substitute King Chulalongkorn: Monday 24 October 2005          
                                    (Memorial Day)

(14) H.M. The King's Birthday: Monday 5 December 2005

Faithfully Yours,     
(Mr.Apinun Ratchatasombat)
        
CONTACT:

Thai-German Products Pcl   
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong    
Telephone: 0-3868-4901-5   
Fax: 0-3868-4906   
Web site: www.tgpro.co.th




                            *********


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
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Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***