TCRAP_Public/041220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, December 20, 2004, Vol. 7, No. 251

                            Headlines

A U S T R A L I A

AUSTRALIAN GAS: IPART Issues Draft Determination on Gas Network
AW SANDFORD: Final Meeting Slated for December 23
BECKFORD PTY: Set Final Meeting on January 11
BOUNTY INVESTMENTS: To Convene Final Meeting on December 23
BP & JA: To Hold Final Meeting on December 21

CENTURION INVESTMENTS: Schedules Final Meeting on December 23
CLIPPER INVESTMENTS: Sets December 23 as Date of Final Meeting
CO-DEVELOP AUSTRALIA: Property Schemes Face Winding Up
GC UPTON: To Declare Final Dividend on January 5
GRIBBLES GROUP: Healthscope Raises AU$168-Mln to Fund Purchase

HARTS AUSTRALASIA: Former Executive Jailed for Insider Trading
ION LIMITED: Informs Shareholders of Status
LIQUIDATION MITIAMO: Enters Winding Up Proceedings
NELSON TRADERS: Final Meeting Slated for December 23
PERSONAL TRAVEL: Members Resolve to Voluntarily Wind Up

SANTOS LIMITED: Casino Gas Project Gets Environmental Approval
TR CORPORATION: To Hold Final Meeting on December 23
TRIS INTERNET: Faces Voluntary Winding Up Process
TURNERS PTY: Sets December 23 as Date of Final Meeting
WAKEFIELD INVESTMENTS: To Hold Final Meeting on December 23

WATERVALE PTY: Members Resolve to Wind Up Voluntarily


C H I N A  &  H O N G  K O N G

CHINA GAS: Details Sales, Purchase Agreement
EVER WEALTH: Court To Hear Liquidator's Application Feb. 1
FOREFRONT MOTORS: Sets Creditors, Contributories Meetings Jan. 7
FOREGROUND SECURITIES: Creditors to Prove Debts by Dec. 24
GOLD PAK: Winding Up Petition Slated for January 5

SHAKHAL PUN'S: Court Orders Petition Copy Submission
TOPHILL CONSTRUCTION: Faces Bankruptcy Proceedings
WANCHAI BIERKELLER: Creditors Meeting Set January 4


I N D O N E S I A

BANK GLOBAL: Bondholders Face Huge Losses
DIRGANTARA INDONESIA: President Banned from Overseas Travel
SEMEN GRESIK: Cemex Dispute May Be Resolved Next Month
SEMEN GRESIK: Government Works to Retain 51% Shareholding


J A P A N

ASAHI SERATEKKU: Enters Bankruptcy
DAIEI INCORPORATED: Could Fall Into Huge Negative Net Worth
DAIEI INCORPORATED: IRCJ To Call for US$5.7-Bln Rehab Aid
FUJI KANTORI: Declared Bankrupt
MITSUBISHI MOTORS: Mulls Sale of HQ Tower to Morgan Stanley

SANKO TEXTILE: METI OKs Management Resources Re-utilization Plan
SUMITOMO METAL: METI Allows Changes to Restructuring Scheme
UFJ HOLDINGS: Updates Shareholders on Significant Issues
* Issues Corporate Performance Outlook for Fiscal 2004


K O R E A

HYUNDAI MERCHANT: FSS to Impose Sanction on December 22
KOREA EXCHANGE: Sells KRW50.24 Bln Worth of Doosan Shares
KOOKMIN BANK: To Hold Final Meeting on December 31


M A L A Y S I A

AMSTEEL CORPORATION: Details Debt Restructuring Exercise
AOKAM PERDANA: Exits PN4 Condition
AYER HITAM: Shareholders OK AGM Resolutions
KEMAYAN CORPORATION: Unit Receives Summons from BICL
KSU HOLDINGS: Appeal Against Bursa Malaysia Decision Rejected

KUALA LUMPUR KEPONG: Unit Enters Liquidation Proceedings
LION CORPORATION: Details Restructuring Exercise
METROPLEX BERHAD: Adjourns Winding Up Hearing to January 12
PSC INDUSTRIES: Danaharta Demands RM39.8M Debt Payment
PWE INDUSTRIES: Enters Into Fourth Supplemental Agreement

SILVERSTONE CORPORATION: Proposed Variations Resolutions Passed
TALAM CORPORATION: Lists Additional Shares
UMW HOLDINGS: To Wind Up Chinese Unit
UNITED CHEMICAL: SC OKs Restructuring Scheme Extension


P H I L I P P I N E S

BENPRES HOLDINGS: Narrows 2Q04 Net Loss To Php292 Mln
MAYNILAD WATER: Rehab Plan May Delay Service For 4-6 Years
MAYNILAD WATER: Files For Revised Rehab Plan
NATIONAL POWER: ERC Delays Rate Hike Decision
UNIVERSAL RIGHTFIELD: SEC Revokes Registration


S I N G A P O R E

CHINA AVIATION (S): Creditors Trust Restructuring Scheme
CHINA AVIATION (S): Gets Support from Parent Firm
CHINA AVIATION (S): MAS Awaits Probe Results
CHINA AVIATION (S): May Implement New Rules
CHINA AVIATION (S): To Challenge SPC Lawsuit

I-ENABLE HOLDINGS: Winding Up Order Filed


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils BOD Meeting Results
JASMINE INTERNATIONAL: Unveils Warrant Conversion Results
NFC FERTILIZER: Details Change in Par Value

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: IPART Issues Draft Determination on Gas Network
---------------------------------------------------------------
The Australian Gas Light Company (AGL) noted Friday's release of
the Independent Pricing and Regulatory Tribunal's (IPART) draft
determination on the AGL Gas Networks access arrangement for
2005-2010.

AGL has identified a number of points of difference in IPART's
draft determination which the Company intends to pursue through
further discussions with the regulator prior to its final
determination in April 2005 which would take effect on 1 July
2005.

To view the IPART Report, visit http://www.ipart.nsw.gov.au/.

Further Enquiries:

Contact: Jane Counsel, Media Relations Manager
Direct: (02) 9921 2352
Mobile: 0416 275 273


AW SANDFORD: Final Meeting Slated for December 23
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of AW Sandford & Co Pty Ltd (In
Voluntary Liquidation) A.C.N. 007 869 981 will be held at 248
Flinders Street, Adelaide on 23 December 2004 at 9:00 a.m. for
the purpose of laying before the meeting an account showing how
the winding up of the Company has been conducted, and how the
assets have been disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


BECKFORD PTY: Set Final Meeting on January 11
---------------------------------------------
Notice is hereby given that a Meeting of Members of Beckford Pty
Limited (In Voluntary Liquidation) will be held at the offices
of the Liquidator, c/- Genders & Wishart, Third Floor, 27 Leigh
Street Adelaide 5000 in the State of South Australia, on Monday
the 11th of January 2005 at 10:00 o'clock in the morning for the
purpose of laying before the meeting an account showing how the
winding up has been conducted and the property of the Company
has been disposed of, and giving an explanation of the account.

Dated this 16th day of November 2004

R.J. Wishart
Liquidator


BOUNTY INVESTMENTS: To Convene Final Meeting on December 23
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Bounty Investments Limited
(In Voluntary Liquidation) A.C.N. 007 594 345 will be held at
248 Flinders Street, Adelaide on 23 December 2004 at 9:00 a.m.
for the purpose of laying before the meeting an account showing
how the winding up of the Company has been conducted, and how
the assets have been disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


BP & JA: To Hold Final Meeting on December 21
---------------------------------------------
Notice is given pursuant to section 509 of the Corporations Act
that a final meeting of the members and creditors of BP & JA
Khan Pty Ltd (In Liquidation) A.C.N. 009 533 162 will be held at
the offices of B.K. Hamilton & Associates, Level 2/171 Macquarie
Street, Hobart Tasmania on Tuesday the 21st day of December 2004
at 11:00 a.m.

The purpose of the meeting is to have an account laid before the
members showing the manner in which the winding up has been
conducted and the property of the Company disposed of, and of
hearing any explanation that may be given by the liquidator.

Dated this 15th day of November 2004

B.K. Hamilton
Liquidator
Level 2/171 Macquarie Street,
Hobart Tas 7000
Telephone: (03) 6224 4660,
Facsimile: (03) 6224 0545


CENTURION INVESTMENTS: Schedules Final Meeting on December 23
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Centurion Investments Pty
Limited (In Voluntary Liquidation) A.C.N. 007 568 336 will be
held at 248 Flinders Street, Adelaide on 23 December 2004 at
9:00 a.m. for the purpose of laying before the meeting an
account showing how the winding up of the Company has been
conducted, and how the assets have been disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


CLIPPER INVESTMENTS: Sets December 23 as Date of Final Meeting
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Clipper Investments Limited
(In Voluntary Liquidation) A.C.N. 008 468 120 will be held at
248 Flinders Street, Adelaide on 23 December 2004 at 9:00 a.m.
for the purpose of laying before the meeting an account showing
how the winding up of the Company has been conducted, and how
the assets have been disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


CO-DEVELOP AUSTRALIA: Property Schemes Face Winding Up
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland to wind up
managed investment schemes operated by the Brisbane-based
property developer, Co-Develop Australia Pty Ltd and eight
related companies (the Co-Develop Group).

The Court ordered that each scheme be wound up, and appointed
Mr. Lachlan Stuart McIntosh and Mr. John Richard Park of
KordaMentha to supervise the winding up. Mr. McIntosh will also
assume control of the Co-Develop Group.

The Co-Develop Group, the sole director, Mrs. Kylie Jane Freeman
and Chief Executive Officer, Mr. Leslie Raymond Freeman, also
undertook not to seek any further money from investors for the
schemes. They also undertook to refrain from declaring that
sophisticated investors, joint venture agreements and promissory
notes were exempt from regulation under the Corporations Act
2001.

Furthermore, as part of the order, the Co-Develop Group, Mrs.
Freeman and Mr. Freeman undertook not to seek to recover
management fees until investors had been re-paid their principal
investments and interest.

ASIC alleged that the Co-Develop Group operated an unregistered
managed investment scheme, carried on a financial services
business without holding an Australian financial services
license, offered securities without a current disclosure
document, and engaged in conduct that was misleading and
deceptive or likely to mislead and deceive.

"ASIC has a structure in place to regulate managed investment
schemes that aims to ensure that investor's money is protected.
Those who invest in schemes that aren't registered are not
provided with these protections," ASIC's Executive Director of
Enforcement, Ms. Jan Redfern said.

"While we will take action to protect the interests of
investors, consumers need to be vigilant, and always check their
money is invested with responsible and compliant operators," Ms.
Redfern added.

The final hearing of the matter was adjourned to a date to be
fixed.

Background

ASIC alleged that in the course of financing various property
developments, the Co-Develop Group sought and obtained money
from the public through the use of promissory notes, joint
venture agreements and debentures. The funds are used as
mezzanine finance, that is, as additional funds to finance
obtained by the Co-Develop Group from a financial institution.

There are at least nine schemes where the money invested by
members of the public are used in connection with the property
developments being undertaken by the Co-Develop Group. The
property developments are located in Toowoomba, Beaudesert,
Redbank Plains, Coombabah, Morayfield, Margate, St Lucia and
Westbrook in Queensland and Evans Head in Northern NSW. Each
scheme has up to 17 investors and funds invested in the schemes
total AU$28.8 million. Returns between 35 per cent and 100 per
cent per annum were offered to investors.


GC UPTON: To Declare Final Dividend on January 5
------------------------------------------------
A first and final dividend is to be declared on the 5th day of
January 2004 in respect of GC Upton Pty Limited (In Liquidation)
formerly trading as Quadrant Electrical Services A.C.N. 069 621
978.

Unsecured creditors whose debts or claims have not already been
admitted were required on or before the 14th day of December
2004 formally to prove their debts or claims. In default, they
would be excluded from the benefit of the dividend.

Dated this 23rd day of November 2004

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601


GRIBBLES GROUP: Healthscope Raises AU$168-Mln to Fund Purchase
--------------------------------------------------------------
Hospital operator Healthscope Limited has generated AU$168
million from financial institutions to help finance its recent
acquisition of pathology firm Gribbles Group Limited, according
to Dow Jones.

Healthscope said it raised AU$158.2 million under the
institutional component of the entitlement offer, which will
involve the issue of about 51 million new shares.

Under the offer, Healthscope shareholders will be allowed to buy
three new fully paid shares for every four existing ordinary
shares they own at AU$3.10 apiece.

The hospital owner raised another AU$9.6 million through the
placement of 2.7 million new shares to institutional investors
at AU$3.50 per piece.

Healthscope's other smaller retail shareholders can buy shares
under the entitlement offer, which is expected to close Jan. 12.
The Company said it wanted to raise AU$207.9 million from the
entitlement offer.

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/


HARTS AUSTRALASIA: Former Executive Jailed for Insider Trading
--------------------------------------------------------------
The Chairman of the Australian Securities and Investments
Commission (ASIC), Mr. Jeffrey Lucy noted that Mr. Maxwell John
Sweetman, former Executive Director of Harts Australasia Limited
(Harts Australasia), had been sentenced to 18 months in prison
for insider trading.

ASIC's investigation of Harts Australasia followed a referral by
the Australian Stock Exchange (ASX).

Mr. Sweetman was sentenced today by Judge Shanahan in the
Brisbane District Court after pleading guilty to two charges of
insider trading in the shares of Harts Australasia. Mr. Sweetman
was sentenced to 18 months imprisonment on each charge to be
served concurrently, to be released after serving 3 months on a
recognizance in the sum of AU$5,000 and to be of good behavior
for two years.

Mr. Sweetman was responsible for the finance and administration-
related activities of Harts Australasia, a publicly listed
financial services and accounting group, until his resignation
as a director on 22 December 2000.

On 8 and 9 January 2001, Mr. Sweetman sold 416,000 Harts
Australasia shares for AU$364,259.05. The shares were sold at
AU$1.02 and AU$1.04. At the time of these sales, Mr. Sweetman
was in possession of information that was not generally
available. The information showed the extent of Harts
Australasia's financial underperformance compared to the
forecast profit set out in the prospectus. The information also
revealed that the Company would report a large loss for the
first half of the year ending 30 June 2001.

On 25 January 2001, Harts Australasia announced to the
Australian Stock Exchange (ASX) an anticipated loss before tax
of AU$9.7 million. On the day after this announcement, Harts
Australasia shares opened at 54 cents and closed at 38 cents.

ASIC's Executive Director of Enforcement, Ms. Jan Redfern said
the jailing of Mr. Sweetman sent a message to the community that
insider trading was a serious offense.

"Mr. Sweetman has engaged in a criminal activity that has
undermined the fairness and integrity of the stock market. In
order to maintain investor confidence in the market, ASIC will
not hesitate to investigate and prosecute those suspected of
insider trading," Ms. Redfern said.

"Investors have the right to expect fair dealing and proper
disclosure in stock market transactions and ASIC will continue
to pursue those who compromise these expectations and disregard
the law. ASIC will always seek to make the market fairer for
investors," Ms. Redfern added.

In sentencing Mr. Sweetman, Judge Shanahan said that this case
was a clear example of a serious breach of the prohibition
against trading on inside information and that the conduct had
'clear impact on the integrity of the market'. Judge Shanahan
also commented on the difficulty of detecting offences of
insider trading.

In April 2004, the District Court of Queensland attached
restraining orders to property owned by Mr. Sweetman under the
Proceeds of Crime Act 2002 (Cth) on an application by the
Commonwealth Director of Public Prosecutions, which was
supported by ASIC.

On Friday, Judge Shanahan ordered that a pecuniary penalty order
of AU$280,349.54 be paid by Mr. Sweetman. This amount was the
benefit gained by Mr. Sweetman through avoiding a personal loss
by selling his shares in an uninformed market prior to the
Company announcement about the anticipated Group loss.

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

Background

Harts Australasia listed on the Australian Stock Exchange
Limited on 22 May 2000 after raising AU$30 million from a
prospectus dated 27 March 2000. The prospectus forecast a net
profit after tax for the year ended 30 June 2001 of AU$12.281
million.

In October 2001, ASIC successfully applied to the Supreme Court
of Queensland to have liquidators appointed to Harts
Australasia. The liquidators, Mr. John Greig and Mr. Robert Duff
of Deloitte Touche Tohmatsu reported a shortfall of AU$60.8
million.


ION LIMITED: Informs Shareholders of Status
-------------------------------------------
ION Limited, the listed Australian industrial Company, was
placed into voluntary administration on Tuesday, December 7 by
its creditors together with all of its Australian subsidiaries.

Colin Nicol and Peter Anderson of McGrathNicol+Partners were
appointed as joint and several administrators to the group, and
trading in its shares was suspended.

Upon appointment the Administrators took management control of
ION Limited and its Australian subsidiaries (the ION Group).

The first statutory meeting of creditors of each Company in the
Ion Group was held on Monday, December 13.  The administrators
briefed creditors at the meetings on the background to the
appointment and the strategy for the administration.

Creditors that the ION Group's cash funding requirements had
proved to be significantly more than forecast at the time the
ION Group put new bank facilities in place in September 2004.

The ION Group notified its banks in November 2004 of the need
for accelerated and increased funding.  The banks agreed to
increase the funding cap in place at that time by AU$20 million
to AU$305 million but required that an independent review of the
ION Group's financial position be undertaken.  This review
commenced in late November 2004.

To view a full copy of the notice, click
http://bankrupt.com/misc/IONLIMITED121704.pdf

CONTACT:

Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
Email: info@ionlimited.com
Web site: http://www.ionlimited.com/


LIQUIDATION MITIAMO: Enters Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
Liquidation Mitiamo Lands Pty Ltd A.C.N. 000 638 611, held on 2
November 2004 it was resolved that the Company be wound up
voluntarily and that John Donald McRae of Cameron Kirk Rose
Chartered Accountants, 3 Glen Innes Road, Inverell be appointed
Liquidator.

Dated this 9th day of November 2004

John Donald Mcrae
Liquidator
Cameron Kirk Rose
3 Glen Innes Road, Inverell NSW 2360


NELSON TRADERS: Final Meeting Slated for December 23
----------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Nelson Traders Pty Ltd (In Liquidation) A.C.N. 007
614 806 will be held at the offices of mhm - a personal approach
to business, Level 1, 121 Greenhill Road, Unley, South Australia
on Thursday 23rd of December 2004 at 9:00 a.m.

AGENDA

(1) To receive a report from the Liquidator of the conduct of
the liquidation.

(2) To consider any other business.

Dated this 15th day of November 2004

M.O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road, Unley SA 5061
Telephone: (08) 8373 4877,
Facsimile: (08) 8373 5075


PERSONAL TRAVEL: Members Resolve to Voluntarily Wind Up
-------------------------------------------------------
On 11 November 2004 a special resolution was passed by the
members of Personal Travel Pty Ltd (In Liquidation) A.C.N. 087
575 193 that the Company be wound up voluntarily as a members'
voluntary winding up (that is, solvent Company winding up).

Dated this 11th day of November 2004

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


SANTOS LIMITED: Casino Gas Project Gets Environmental Approval
--------------------------------------------------------------
Santos Limited, on behalf of the VIC/P44 joint venture, has
announced that the AU$200 million Casino development, offshore
Victoria, has been granted formal environmental approval by the
Commonwealth Government.

Approval was granted under the Environment Protection and
Biodiversity Conservation Act 1999 by the Commonwealth
Department of Environment and Heritage to develop the Casino gas
field and associated marine and terrestrial facilities in the
Otway Basin, southwest of Port Campbell.

"The approval is an important milestone and means the project
remains on track to meet expected initial production in the
first quarter of 2006", Santos' Managing Director, Mr John
Ellice-Flint said.

The approval does not impose any unexpected conditions that
could have affected the development cost or timing.

A copy of the approval and conditions is available on the
Department of
Environment and Heritage's website at http://www.deh.gov.au

Participants in VIC P/44 are:

Santos Limited (Operator)                 50.0%
Peedamullah Petroleum Pty Ltd
(wholly-owned subsidiary of AWE)          25.0%
Mittwell Energy Resources Pty Ltd
(wholly owned subsidiary of Mitsui)       25.0%

CONTACT:

Santos Ltd (NASDAQ (SC)
Level 29, Santos House,
91 King William St.
Adelaide, 5000, Australia
Phone: +61-8-8218-5111
Fax: +61-8-8218-5476
Web site: http://www.santos.com.au


TR CORPORATION: To Hold Final Meeting on December 23
----------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of TR Corporation Pty Ltd (In Liquidation) A.C.N. 089
384 341 will be held at the offices of mhm - a personal approach
to business, Level 1, 121 Greenhill Road, Unley, South Australia
on Thursday 23rd December 2004 at 9:00 a.m.

AGENDA

(1) To receive a report from the Liquidator of the conduct of
the liquidation.

(2) To consider any other business.

Dated this 15th day of November 2004

M.O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road, Unley SA 5061
Telephone: (08) 8373 4877,
Facsimile: (08) 8373 5075


TRIS INTERNET: Faces Voluntary Winding Up Process
-------------------------------------------------
At a meeting of the members of TRIS Internet Australia Pty Ltd
duly convened and held in the offices of PPB, Level 10, 26
Flinders Street, Adelaide on the 12th of November 2004 the
special resolution set out below was duly passed.

SPECIAL RESOLUTION

(1) That the Company in view of its inability to continue in
business by reason of its liabilities, be wound up voluntarily;
and

(2) That Mark Christopher Hall and Timothy James Clifton,
Chartered Accountants, Level 10, 26 Flinders Street, Adelaide,
SA be appointed joint and several liquidators for the purpose of
such winding up.

J.A. Stitt
Director


TURNERS PTY: Sets December 23 as Date of Final Meeting
------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Turners Pty Ltd (In
Voluntary Liquidation) A.C.N. 007 870 288 will be held at 248
Flinders Street, Adelaide on 23 December 2004 at 10:00 a.m. for
the purpose of laying before the meeting an account showing how
the winding up has been conducted, and how the assets have been
disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


WAKEFIELD INVESTMENTS: To Hold Final Meeting on December 23
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Wakefield Investments
(Australia) Limited (In Voluntary Liquidation) A.C.N. 007 533
495 will be held at 248 Flinders Street, Adelaide on 23 December
2004 at 9:00 a.m. for the purpose of laying before the meeting
an account showing how the winding up of the Company has been
conducted, and how the assets have been disposed of.

Dated this 15th day of November 2004

Russell Heywood-Smith
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


WATERVALE PTY: Members Resolve to Wind Up Voluntarily
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Watervale Pty Ltd (In Liquidation) A.C.N. 009 528 090 held on
the 9th day of November, 2004, it was resolved that the Company
be wound up voluntarily and that for such purpose Peter Clem
Dixon, Chartered Accountant, of Davern Dixon, Chartered
Accountants, 26 Elizabeth Street, Launceston, Tas 7250 be
appointed liquidator.

Dated this 11th day of November 2004

Peter Clem Dixon
Liquidator


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


CHINA GAS: Details Sales, Purchase Agreement
--------------------------------------------
China Gas Holdings Limited disclosed its sales and purchase
agreement, in which it will sell shares the represented 82% of
the issued share capital of China Gas pipeline and the Sale Loan
of aggregate cash consideration.

To view the entire article click on:
http://bankrupt.com/misc/tcrap_chinagas121704.pdf


EVER WEALTH: Court To Hear Liquidator's Application Feb. 1
----------------------------------------------------------
Pursuant to a direction given by Master S. Kwang of the High
Court a hearing has been fixed on 1 February 2005 at 9:30 a.m.
at the High Court, High Court Building, 38 Queensway, Hong Kong
for the High Court to consider the application made by the
Provisional Liquidator of Ever Wealth Management Limited
pursuant to Section 194 of the Companies Ordinance for the
appointment of Kelvin Edward Flynn and Cosimo Borrelli as Joint
and Several Liquidators of the above-named Company.

Copies of the Provisional Liquidator's reports of the First
meetings of Creditors and Contributories can be obtained from
the Provisional Liquidator alt the address below.

Dated this 10th day of December 2004

Kelvin Edward Flynn
Provisional Liquidator
RSM Nelson Wheeler Corporate Advisory Services Limited
7/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Phone: (852) 2598 5123
Fax: (852) 2598 0060


FOREFRONT MOTORS: Sets Creditors, Contributories Meetings Jan. 7
----------------------------------------------------------------
Forefront Motors (Hong Kong) Limited with registered office at
7th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong issued a notice of first meetings for its creditors
and contributories.

Meeting of Contributories: 11:00 a.m. on 7 January 2005

Meeting of Creditors: 11:30 a.m. on 7 January 2005

Address: 7th Floor, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong

Dated this 10th day of December, 2004

Kelvin Edward Flynn
Joint and Several Provisional Liquidator
Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited


FOREGROUND SECURITIES: Creditors to Prove Debts by Dec. 24
----------------------------------------------------------
Notice is hereby given that the creditors of Foreground
Securities Company Limited, which is being wound up by the
Court, (if they have not already done so), are required on or
before 4:30 p.m. on 24th December 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the Official
Receiver's Offices, 66 Queensway, Hong Kong to establish any
title they may have to priority under Section 265 of the
Companies Ordinance.

In default thereof, they will be excluded from the benefit of
the distribution made next after 24th December 2004 as the case
may be from objecting to such distribution.

Dated this 3rd day of December 2004

Dermot Agnew
Joseph K. C. Lo
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


GOLD PAK: Winding Up Petition Slated for January 5
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold Pak Trading (Hong Kong) Limited by the High Court of Hong
Kong Special Administrative Region was on the 15th day of
November 2004 presented to the said Court by 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 5th day of January 2005.

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

Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

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

This notice is dated 10 December 2004.


SHAKHAL PUN'S: Court Orders Petition Copy Submission
----------------------------------------------------
A bankruptcy petition has been presented against Pun Pitambar
trading as Shakhal Pun's Construction Company presented by Thapa
Suraj of Flat D, 9/F., Sing Kong Building, 233-243 Lockhart
Road, Wan Chao Hong Kong.

The Court has ordered that the sending of a sealed copy of the
petition together with a sealed copy of the order for
substituted service by prepaid ordinary post addressed to
Shakhal Pun's Construction Company of (1) Blk B, 7/F., Thomson
Building, 93-103 Thomson Road, Wan Chai Hong Kong and (2) 3/F.,
110 Shau Kei Wan Road, Hong Kong.

The publication of this notice in The Standard, an English
language newspaper circulating in Hong Kong shall be deemed to
be service of the petition will be heard at the High Court on 22
December 2004 at 11:00 a.m., on which day you are required to
appear.

Failure to appear will allow the Court to make a bankruptcy on
the Company's behalf. The petition may be inspected by the
Company on application at the High Court.

Dated this 10 December 2004.


TOPHILL CONSTRUCTION: Faces Bankruptcy Proceedings
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Tophill Construction Engineering Limited by the High Court of
Hong Kong was on the 10th day of November 2004 presented to the
said Court by Wong Kwai Sau of Room 1510. Fuk on House, Ka Fuk
Estate, Fanling, New Territories.

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

Any creditor or contributory of the said Company desirous to
support or oppose the making of an Order on the said petition
may appear at the time of the 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.

Batty Chan
for Director of Legal Aid
34/F, 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, and must
be signed by the person or 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.

This The Standard notice is dated 10 December 2004.


WANCHAI BIERKELLER: Creditors Meeting Set January 4
---------------------------------------------------
Notice is hereby given pursuant to section 241 of the Hong Kong
Companies Ordinance, that a meeting of the creditors of Wanchai
Bierkeller Limited, trading as Wanchai Bierkeller, will be held
at 3:30 pm on 4 January 2005 at the office of Baker Tilly Hong
Kong, 12/F, China Merchants Tower, Shun Tak Centre, 168
Connaught Road Central, Hong Kong to appoint a Liquidator and to
consider further matters relevant to the creditors' voluntary
winding-up of the above named Company pursuant to sections 241,
242, 243, 244 of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at the office of Baker Tilly Hong
Kong, 12/F, China Merchants Tower, Shun Tak Centre, 168
Connaught Road Central, Hong Kong not later than 24 hours before
the time appointed for the holding of the meeting.

Dated this 10th day of December 2004

Roland John Jeans
Director


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


BANK GLOBAL: Bondholders Face Huge Losses
-----------------------------------------
Bondholders of the stricken Bank Global Internasional are likely
to incur hefty losses if the central bank decides to permanently
shut the bank down, reveals Dow Jones.

The investors will lose billions of dollars if Bank Global
liquidates, as the bank failed to allocate a required IDR20
billion to guarantee bondholders would recover 5 percent of the
IDR400 billion they invested.

The bank reportedly issued the bonds last June to state-owned
pension company PT Jamsostek (JAM.YY), pension units of the
state oil and gas firm PT Pertamina (PTM.YY), state-owned
insurer PT Jiwasraya and the state-owned mining firm PT Aneka
Tambang (ANTM.JK).

If Bank Global goes out of business bondholders will be the last
to get hold of its assets, as the bonds were "sub-debt" notes
unsecured by the government.

Last week, the central bank suspended Bank Global's operations
for one month due to its unhealthy balanced sheet and alleged
fraudulent activities.

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


DIRGANTARA INDONESIA: President Banned from Overseas Travel
-----------------------------------------------------------
PT Dirgantara Indonesia President Edwin Sudarmo has been banned
from leaving the country, reports Asia Pulse.

The Director General of Labor Development and Supervision at the
Manpower and Transmigration Ministry has issued a letter
specifying the ban in a bid to settle the row between the
aircraft maker and its employees.

To back the letter, the West Java Manpower and Transmigration
Office decided to take several steps, which will be carried out
under coordination with the police and the immigration
authorities.

In the meantime, Senior Commissioner Sulistyono said his side
could only facilitate a meeting between Edwin's lawyer and the
provincial manpower and transmigration office chief.

A senior official of the Bandung immigration office, Nana
Resmana, said his side had yet to receive a copy of the manpower
and transmigration ministry's letter on the ban.

He said his office was still awaiting an instruction from the
immigration office in Jakarta to carry out the ban.

CONTACT:

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


SEMEN GRESIK: Cemex Dispute May Be Resolved Next Month
------------------------------------------------------
The protracted dispute between the government and Mexico's Cemex
S.A. De C.V. regarding ownership in PT Semen Gresik will likely
be resolved late next month, Dow Jones reports.

The government is optimistic the case will be settled by Jan.
28, as the state and Cemex are actively discussing the case to
seek a resolution.

The Cemex dispute stemmed from efforts by local Sumatran
politicians to block the Mexican Company from taking over Semen
Gresik despite the central government's desire to complete the
sale.

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

If the deal with Cemex goes through, it would mark the first of
what the government hopes will be a series of steps to clear
away some high-profile disputes with foreign companies that have
tarnished Indonesia's reputation among overseas investors in
recent years.

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/


SEMEN GRESIK: Government Works to Retain 51% Shareholding
---------------------------------------------------------
The government vowed it would try to keep its 51-percent stake
in state cement maker PT Semen Gresik, according to Asia Pulse.

In deciding what option to take in the settlement of the Cemex
case, State Enterprises Minister Sugiharto stressed his intent
to retain the government's 51-percent stake in Gresik.

A meeting jointly held by the Economic Affairs Coordinating
Minister and the Finance Minister had produced seven options
that could be offered to Cemex of Mexico in a bid to settle the
dispute on shareholding in Semen Gresik.

A final meeting to decide what option to take to resolve the
Cemex dispute is scheduled December 18.

Meanwhile, Economic Affairs Coordinating Minister Aburizal
Bakrie declared that the government planned to settle the Cemex
case in the 100-day program of President Susilo Bambang
Yudhoyono's administration.


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


ASAHI SERATEKKU: Enters Bankruptcy
----------------------------------
Asahi Seratekku K.K., a firm engaged in asbestos product
manufacturing, has entered bankruptcy, according to Teikoku
Databank America.

The Company, based in Yatsushiro-Shi, Kumamoto 866-0034, left a
total of US$29.13 million in liabilities.

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


DAIEI INCORPORATED: Could Fall Into Huge Negative Net Worth
-----------------------------------------------------------
Struggling retailer Daiei Incorporated is expected to fall
deeper into red with a possible negative net worth of JPY558.4
billion as a result of restructuring, Kyodo News says.

Sources familiar with Daiei's assets forecast liabilities will
surpass assets by this huge margin, as losses will mount through
the closure of money-losing stores, liquidation of affiliates
and other restructuring measures.

The state backed Industrial Revitalization Corporation of Japan
(IRCJ), which is set to make a formal decision possibly on Dec.
28 to bail out the retailer giant, is reportedly asking a
JPY410-billion loan waiver from Daiei's major lenders in order
to cover the negative net worth.

On top of the debt waiver request, the IRCJ is urging Daiei's
three main creditor banks to give up most of their JPY232-
billion preferred shares in Daiei.

Daiei's rehabilitation plan under study by the IRCJ is expected
to call for the retailer to close 53 unprofitable stores among
its 263 outlets and sell or liquidate about 60 of its 110
affiliated units in order to focus on three core businesses such
as general merchandize supermarkets, food-centered supermarkets
and credit cards.

CONTACT:

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


DAIEI INCORPORATED: IRCJ To Call for US$5.7-Bln Rehab Aid
---------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) will
request financial institutions to extend JPY600 billion (US$5.7
billion) in financial aid to embattled retailer Daiei
Incorporated, reports Agence France Presse.

The state-backed IRCJ has on Wednesday drafted a restructuring
plan, which will include a JPY410 billion worth of debt write-
offs and a 99-percent reduction in common shares to clarify
shareholder responsibility.

IRCJ officials, however, declined to comment on the matter.

Ailing Daiei is currently struggling to turn its business around
under debts of about US$10 billion. It decided in October to
seek help from the state-backed bailout body after continuous
prodding from main creditors.

The IRCJ is expected to select a group of companies that would
sponsor the retailer's rehabilitation very soon.

Among the sponsorship candidates were three groups led by Ito-
Yokado, Aeon and US retail behemoth Wal-Mart Stores. Ito-Yokado
and Aeon are Japan's two largest retailers.


FUJI KANTORI: Declared Bankrupt
-------------------------------
Golf course operator Fuji Kantori K.K. has been declared
bankrupt with total liabilities of US$1,730.77 million, says
Teikoku Databank America.

The firm is based in Naka-Ku Nagoya-Shi, Aichi 460-0003.

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


MITSUBISHI MOTORS: Mulls Sale of HQ Tower to Morgan Stanley
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) and trading house Mitsubishi
Corporation are considering selling their headquarters building
in Tokyo to U.S.-based Morgan Stanley group for more than JPY100
billion, reports Kyodo News.

The two companies will dispose of the 32-story building in
Minato Ward, which houses the automaker's head office and one of
the trading house's two head offices.

Mitsubishi Corp. owns the building, while it and MMC jointly own
the land on which it is built.

The embattled automaker will then extract JPY30 billion from the
sales proceeds for use in its rehabilitation.

MMC has on Tuesday announced its decision to delay the release
of its new revival plan until the end of January "to refine
strategy related to corporate tie-ups and alliances and to give
further consideration to capital enhancement and other
initiatives designed to bolster the mid- and long-term financial
standing of the Company."

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


SANKO TEXTILE: METI OKs Management Resources Re-utilization Plan
----------------------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) disclosed
that the management resources re-utilization plan submitted
pursuant to Article 6, Paragraph 1 of the Law on Special
Measures for Industrial Revitalization by Sanko Textile Co.,
Ltd. (provisional translation) was examined pursuant to Article
6, Paragraph 5, and found to fulfill Article 2, Paragraph 4 of
the said law concerning management resource reutilization
stipulations.

The management resources re-utilization plan was consequently
approved on December 14, 2004.


SUMITOMO METAL: METI Allows Changes to Restructuring Scheme
-----------------------------------------------------------
Changes to the business restructuring plan submitted to the
Ministry of Economy, Trade and Industry (METI) by Sumitomo Metal
Industries, Ltd. were examined pursuant to Article 4, Paragraph
5 of Law on Special Measures for Industrial Revitalization, and
found to fulfill the requirements of Article 3, Paragraph 6,
which applies mutatis mutandis to Article 4, Paragraph 5, of the
said law.

Changes were consequently approved on December 15, 2004.

CONTACT:

Sumitomo Metal Industries Ltd.
8-11, Harumi 1-chome
Chuo-ku, Tokyo, Japan, 104-6111
Phone: +81 3 4416- 6111
Fax: +81 3 3355 8108
Web site: http://www.sumitomometals.co.jp/e/


UFJ HOLDINGS: Updates Shareholders on Significant Issues
--------------------------------------------------------
As part of its ongoing commitment to shareholder value, the
Board of UFJ Holdings, Inc. (UFJ) wishes to update shareholders
in respect of a number of important issues.

A. Enhanced Corporate Governance

UFJ has implemented a wide range of measures to enhance its
corporate governance and to make management more accountable and
transparent. These initiatives were taken after UFJ received
administrative actions from the Financial Services Agency (FSA)
concerning UFJ's responses to FSA inspections in June this year.
Specifically, the initiatives at UFJ Bank include:

(1) Strengthening management by appointing two new external
directors to the Board of the bank;

(2) Reorganizing the Audit and Compliance Committee so that it
now consists solely of two external directors and an external
attorney at law. The Committee independently reports on the
status of the bank's risk management, compliance, and internal
auditing to the Board and to the FSA;

(3) Establishing the Internal Audit Planning Department, which
is under the direct control of the Audit and Compliance
Committee and is completely independent from management;
Reinforcing the bank's compliance system; and

(4) Introducing a system that ensures appropriate control of
conduct related to FSA inspections.

B. Initiatives to Reduce Problem Loans

UFJ's greatest challenge continues to be the elimination of non-
performing loans (NPLs). The NPL ratio stood at 9.4% of the
total at the end of September 2004. The Board is confident that
a range of initiatives that it has put into place will start to
bear fruit in the second half of this financial year. These
include:

(1) Assisting major borrowers secure external sponsors to help
revamp their operations and finances;

(2) Upgrading loans with the help of external sponsors, such as
the Industrial Revitalization Corporation of Japan, which
ensures greater transparency and independence; and Disposing of
loans to outside parties.

C. Financial Highlights

UFJ posted a consolidated net loss of JPY674 billion in the
first half of the current financial year. The loss was largely
due to its efforts to recover the confidence of the market by
strengthening its balance sheet. Specifically, UFJ booked a
significant amount of credit related expenses, which greatly
exceeded initial forecasts; it booked revaluation losses on
holdings of preferred stock; it supplemented reserves for losses
on securities; and it reduced deferred tax assets. For the full
financial year, UFJ is forecasting a net loss.

As a result of these losses, the UFJ Board has decided not to
pay a dividend for the current financial year. Please accept
UFJ's sincere apologies.

D. Management Integration with Mitsubishi Tokyo Financial Group,
Inc.

In September of this year, UFJ Bank strengthened its capital
base by accepting 700 billion in funds from Mitsubishi Tokyo
Financial Group, Inc. (MTFG). This was after careful
consideration of all options, including a proposed capital
injection from Sumitomo Mitsui Financial Group, Inc.

In August 2004, the UFJ Group concluded a basic agreement with
MTFG regarding management integration. Discussions and
preparations are proceeding towards presenting an integration
proposal, which will maximize shareholders' interests, at UFJ's
annual general meeting in June 2005 and to complete the
integration on 1 October 2005.

The Board fully recognizes that the merger ratio is of great
importance in maximizing shareholder value and, hence, it is
committed to negotiating and achieving fair merger terms for the
consideration of its shareholders. The Board will also do its
best to ensure that UFJ resolves its financial issues and earns
an appropriate level of market recognition that truly reflects
its significant earnings potential and position as one of
Japan's leading global banking networks.

Conclusion

Through its enhanced corporate governance and improving asset
and financial position, the UFJ Board is laying the foundations
for future growth and placing the UFJ Group in a strong position
to take full advantage of new opportunities as they arise.
Together with everyone else within the Group, the Board will do
its very best to earn the continued support of you, its
shareholders.

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

To view the U.S. SEC filings, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS121704.pdf

CONTACT:

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


* Issues Corporate Performance Outlook for Fiscal 2004
------------------------------------------------------
Around 40% of corporations make downward revision on their year-
beginning projections of sales and ordinary income, according to
Teikoku Databank America.

Research Summary

Research Background: Overall corporations' first-half results
for fiscal 2004 revealed that many corporations-especially major
manufacturers-posted favorable performance in that period.
Behind this is booming digital and global demands. Meanwhile,
people are increasingly worried about future slowdown of
economy. Some corporations are concerned that sluggish private
consumption and deceleration of capital investment may give some
downward pressure on their performance results in the year-end.
So there are mixed feelings for hopes and fears.

Teikoku Databank conducted a survey on corporate performance
results for fiscal 2004 as part of our periodically issued "TDB
Economic Trends Research" (the Internet-based survey).

Research Period: October 21-31, 2004
Research Subject: 20,582 corporations across the nation
Valid Response: 9,796 corporations (response rate 47.6%)

Sales and Ordinary Income Projections for Fiscal 2004

Performance for fiscal 2004: about 40% are expecting year-on-
year growth in sales or profits.

Corporations expecting yearly growth in their sales or ordinary
income this term topped those expecting decline in each (31.3%
and 33.0%, respectively).

Annual Performance Outlook against Original Fiscal 2004 Forecast

About 40% corporations make downward adjustment on their year-
beginning projections of sales and ordinary income; downgrade
especially significant in Retail and Construction industries.

Sales Projection

1.8% (166 companies) expect that this year's sales to greatly
exceed the estimation made in the beginning of the year.

14.9% (1,391 companies) foresee that the year-end sales to
slightly top the original forecast.
A total of 1,557 corporations or 16.7% have upgraded their
original sales projections.

4.6% (432 companies) forecast their annual sales to fall
significantly below the original projection.
33.0% (3,077 companies) expect their actual sales to fall
slightly below the year-beginning forecast.

Companies having made downward adjustment on original sales
projection totaled 3,509 or 37.6%.

Ordinary Income Projection

1.9% (180 corporations) foresee that this year's ordinary income
to significantly exceed the projection made in the beginning of
the year.

13.1% (1,209 companies) expect that the year-end ordinary income
to slightly top the year-beginning forecast.

A total of 1,389 corporations or 15.0% have upwardly revised
their original ordinary income projection.

5.6% (520 companies) anticipate their ordinary income to fall
substantially below the original projection.

35.2% (3,254 companies) expect that the year-end ordinary income
to be somewhat below the year-beginning forecast.

A total of 3,774 corporations or 40.8% have made downward
adjustment on their year-beginning ordinary income projection.

Corporate performance as a whole in fiscal 2004 seems to be
improving compared with the last year, yet many corporations
plan to make downward adjustment on their original performance
projection.


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


HYUNDAI MERCHANT: FSS to Impose Sanction on December 22
-------------------------------------------------------
A disciplinary action will be taken against Hyundai Merchant
Marine Co. Ltd. (HMM) and some of its executives on December 22
over accounting irregularities amounting to KRW1.4 trillion,
reports The Korea Times.

The Financial Supervisory Service (FSS) announced Wednesday that
Hyundai Merchant Marine Co. is involved in an accounting fiasco
for the second time amounting to KRW624.4 billion, which are
fabricated as bad debts in March.

FSS uncovered the first accounting irregularities scandal
involving Hyundai Merchant in between fiscal years 2000 and 2003
amounting to KRW750 billion.

"We went through Hyundai Merchant Marines' financial books and
have found that in addition to the KRW624.4 billion reported
earlier, there was an additional KRW750 billion in accounting
fraud," the FSS had said.

Hyundai Merchant refused to comment on the issue until the
accounting violations are confirmed.

The Securities & Futures Commission is to deliver its final
decision on the case Wednesday. Punitive steps will also be
disclosed on the day if the accounting fraud is confirmed.

"We can't make any comment on the issue before the delivery of
the final decision," a Hyundai Merchant Marine spokesperson
said.

"With most of the management employees from the time having
resigned, it is difficult to confirm how the size of the
accounting irregularity turned out to be so much larger than we
first thought."

CONTACT:

Hyundai Merchant Marine Co., Ltd.
66 Chokson-dong Chongno-gu
Seoul, Seoul 110-052
KOREA (SOUTH)
Telephone: +82 2 3706 5114
Fax: +82  2 736  8517


KOREA EXCHANGE: Sells KRW50.24 Bln Worth of Doosan Shares
---------------------------------------------------------
Korea Exchange Bank (KEB) said Friday that it would sell part of
its shares in Doosan Heavy Industries and Construction Co. in
before-hours trading, reports Asia Pulse.

The 4 million shares would be sold at KRW50.24 billion won.
Following the sale, KEB will come to have 12.4 million shares in
Doosan Heavy.

In a recent TCR-Asia Pacific report, KEB said it is planning to
shed its workforce as part of restructuring plans brought in
since a takeover by U.S. private equity fund Lone Star last
year.

U.S.-based Lone Star bought a controlling stake in KEB for $1.2
billion and started absorbing KEB's credit card unit into the
bank this year to try and stem losses from the card business.

CONTACT:

Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax: +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


KOOKMIN BANK: To Hold Final Meeting on December 31
--------------------------------------------------
On December 16, 2004, Kookmin Bank announced that the record
date for the annual shareholders' meeting for the fiscal year
2004 would be December 31, 2004.

According to this announcement, common stock holders registered
in Kookmin Bank's shareholder registry as of December 31, 2004
will be entitled to exercise his or her voting right(s) in the
annual shareholders' meeting for the fiscal year 2004.

Accordingly, Kookmin Bank will close its shareholders' registry
book from January 1, 2005 to January 31, 2005. The date of the
annual shareholders' meeting for the fiscal year 2004 will be
determined at a later time.

CONTACT:

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


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


AMSTEEL CORPORATION: Details Debt Restructuring Exercise
--------------------------------------------------------
Reference is made to the announcement by Amsteel Corporation
Berhad (ACB) on 23 November 2004 regarding the issuance of
notices of meetings dated 22 November 2004 to the holders of the
Bonds (Bondholders) and holders of the secured U.S. dollar
denominated consolidated and reschedules debts (SPV Debt
Holders) to seek, amongst others, the approval of the relevant
Bondholders and relevant SPV Debt Holders to:

(1) Vary the redemption/repayment date for the Bonds/SPV Debts
on 31 December 2004 (Proposed Variation to Redemption/Repayment
Date); and

(2) Vary the calculation for the penalty interest (Proposed
Variation to the Calculation for Penalty Interest)

(the Proposed Variation to Redemption/Repayment Date and the
Proposed Variation to the Calculation for Penalty Interest shall
collectively be referred to as the "Proposed Variation).

The Board of Directors of ACB wishes to announce that at the
meetings of the Bondholders and SPV Debt Holders held earlier
today, all the resolutions tabled thereat in relation to the
Proposed Variation were duly passed. ACB has also obtained the
approval of Bank Negara Malaysia for the Proposed Variation.

The outstanding approval for the Proposed Variation is that of
the Securities Commission.

CONTACT:

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


AOKAM PERDANA: Exits PN4 Condition
----------------------------------
Aokam Perdana Berhad announced the following:

(i) that Aokam's 141,761,439 new ordinary shares of RM1.00 each
(Aokam Shares) issued as follows:

(a) 4,170,756 Aokam Shares issued pursuant to the Capital
Reduction and Consolidation

(b) 14,597,646 Aokam Shares issud pursuant to the Rights Issue
with Warrants

(c) 41,957,037 Aokam Shares issued pursuant to the Debt
Settlement

(d) 71,036000 Aokam Shares issued pursuant to the KHSB
Acquisition, and

(e) 10,000,000 Aokam Shares issued pursuant to the Special Issue
will be granted listing and quotation with effect from 9 a.m.
Monday, 20 December 2004

(ii) that Aokam's 23,500,000 ICCPS issued pursuant to the KHSB
Acquisition will be admitted to the Official List of Bursa
Securities under the "Industrial Products" sector on a "Ready"
basis pursuant to the Rules of Bursa Securities with effect from
9.00a.m. , Monday, 20 December 2004 , and

(iii) that Aokam's 24,597,646 Warrants 2004/2014 issued pursuant
to the Rights Issue with Warrants and Special Issue will be
admitted to the Official List of Bursa Securities under the
"Loans" sector on a "Ready" basis pursuant to the Rules of Bursa
Securities with effect from 9.00a.m. , Monday, 20 December 2004.

The Stock Short Name, Stock Number and ISIN Code for the ICCPS
are "AOKAM-PA", " 2747PA" and " MYL2747PAHC8" respectively

The Stock Short Name, Stock Number and ISIN Code for the
Warrants are "AOKAM-WA", "2747WA" and " MYL2747WAOB2 "
respectively.

Kindly be advised that the ICCPS and Warrants are prescribed
securities. Dealings in Aokam's ICCPS and Warrants should be
carried out in accordance with the Securities Industry (Central
Depositories) Act, 1991 and the Rules of Bursa Malaysia
Depository Sdn Bhd.

Please refer to the Company's announcements dated 29 November
2004 and 14 December 2004 with regards to the salient features
of the ICCPS and Warrants.

In view that Aokam has regularized its financial condition and
no longer triggers any of the criteria under paragraph 2.0 of PN
4/2001, Aokam will be reclassified from the "PN4Condition"
sector to the "Industrial Products" sector and the trade
suspension on the shares of Aokam will be uplifted with effect
from 9 a.m., Monday, 20 December 2004.

CONTACT:

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


AYER HITAM: Shareholders OK AGM Resolutions
-------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad (AHTIN) announced that the shareholders of the Company
have approved all the resolutions set out in the Notice of AGM
dated 24 November 2004 at the AGM held on 16 December 2004.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
Phone: +60 3 2031 9633
Fax: +60 3 2031 6920


KEMAYAN CORPORATION: Unit Receives Summons from BICL
----------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad disclosed
to the Bursa Malaysia Securities Berhad that its subsidiary,
Kemayan Resources Sdn Bhd (KRSB) had on 14th December 2004
received an Originating Summons from BI Credit & Leasing Berhad
(formerly known as Kewangan Industri Berhad) (BICL) seeking,
inter alia, an order for sale and the subsequent disposal of all
the following lands held under Mukim Rasah, District of
Seremban, Negeri Sembilan by public auction to be held on or
after such date (not being less than one month from the date of
the Order for sale) as the High Court of Malaya at Seremban may
direct:

1. H.S. (D) 95417 for P.T. No. 8264;
2. H.S. (D) 95561 for P.T. No. 8408;
3. H.S. (D) 95888 for P.T. No. 8735;
4. H.S. (D) 95925 for P.T. No. 8772;
5. H.S. (D) 96760 for P.T. No. 9637;
6. H.S. (D) 96791 for P.T. No. 9638;
7. H.S. (D) 97549 for P.T. No. 10396; and
8. H.S. (D) 97550 for P.T. No. 10397

(hereinafter referred to as "the said lands).

The said lands were charged to BICL as security for the
Revolving Loan Facility of RM11.0 million granted by BICL to
KRSB as per Letter of Offer dated 13th December 1996.

BICL alleges that KRSB failed to settle the outstanding amount
of RM18,459,453.09 as at 30th April 2004 demanded by BICL
pursuant to the Letter of Demand dated 28th July 2004.

KRSB is engaging the solicitor to defend the said action.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307


KSU HOLDINGS: Appeal Against Bursa Malaysia Decision Rejected
-------------------------------------------------------------
Further to its announcement on 14 December 2004, KSU Holdings
Berhad announced that its appeal against the decision of Bursa
Malaysia Securities Berhad (Bursa Securities) to remove the
securities of the Company from the Official List of Bursa
Securities at 9 a.m. on Tuesday, 21 December 2004 was rejected.

CONTACT:

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


KUALA LUMPUR KEPONG: Unit Enters Liquidation Proceedings
--------------------------------------------------------
Kepong Plantations Berhad (KPB) (in Members' Voluntary Winding-
up), a wholly owned subsidiary of Kuala Lumpur Kepong Berhad
(KLK) was dissolved pursuant to Section 272(5) of the Companies
Act, 1965 and ceases to be a subsidiary of KLK on 16 December
2004.


LION CORPORATION: Details Restructuring Exercise
------------------------------------------------
Reference is made to the announcement by Lion Corporation Berhad
(LCB) on 23 November 2004 regarding the issuance of notices of
meetings dated 22 November 2004 to the holders of the Bonds
(Bondholders) and holder of the LCB Debts (Lender) to seek,
amongst others, the approval of the relevant Bondholders and
Lender to:

(1) Vary the redemption/repayment date for the Bonds/LCB Debts
on 31 December 2004 (Proposed Variation to Redemption/Repayment
Date); and

(2) Vary the calculation for the penalty interest (Proposed
Variation to the Calculation for Penalty Interest)

(The Proposed Variation to Redemption/Repayment Date and the
Proposed Variation to the Calculation for Penalty Interest shall
collectively be referred to as the "Proposed Variation).

The Board of Directors of LCB wishes to announce that at the
meetings of the Bondholders and Lender held earlier today, all
the resolutions tabled thereat in relation to the Proposed
Variation were duly passed. LCB has also obtained the approval
of Bank Negara Malaysia for the Proposed Variation.

The outstanding approval for the Proposed Variation is that of
the Securities Commission.

CONTACT:

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


METROPLEX BERHAD: Adjourns Winding Up Hearing to January 12
-----------------------------------------------------------
Further to its announcement made on 2 December 2004, Metroplex
Berhad (MB) was advised by its solicitors that the High Court of
Malaya at Kuala Lumpur has at the request of counsel for the
Petitioner, Morgan Stanley Emerging Markets Inc., adjourned the
hearing of the application for the appointment of a provisional
liquidator and the application by the Company to strike out the
winding-up petition from 16 December 2004 to 12 January 2005.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911

This announcement is dated 16 December 2004.


PSC INDUSTRIES: Danaharta Demands RM39.8M Debt Payment
------------------------------------------------------
PSC Industries Berhad received on 14 December 2004 a letter of
demand from Danaharta Managers Sdn Bhd (Danaharta) demanding the
full repayment of aggregate amount of RM39,802,687.54 pursuant
to a term loan facility.

In the same letter, Danaharta had stated that it will exercise
its right to sell the mortgage securities comprising PSCI's 20%
equity interest in its wholly owned subsidiary, Penang
Shipbuilding & Construction Sdn Bhd pursuant to a Negative
Pledge Agreement dated 27 April 1994 and 22 July 1996 and Power
of Attorney dated 27 April 1994 and 22 July 1996 for full
recovery of the whole outstanding sum.

PSCI will reply to Danaharta to dispute the said demand.

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax: +60 3 232 6214

The announcement is dated 16 December 2004.


PWE INDUSTRIES: Enters Into Fourth Supplemental Agreement
---------------------------------------------------------
PWE Industries Berhad had on 19 November 2004 entered into the
following agreements:

(i) Fourth Supplemental Agreement between PWE, Bintang Mover
Berhad (BMB), Mr Yap Hock Sing and Mr Yap Hock Tian in relation
to the Proposed Acquisition of Bintang Bulk Mover Sdn Bhd
(BBMSB);

(ii) Fourth Supplemental Agreement between PWE, BMB, Encik Ahmad
Shalimin bin Ahmad Shafie and Encik Shahrill Sharwani bin Ahmad
Fuaad in relation to the Proposed Acquisition of Agenda Wira Sdn
Bhd (AWSB);

(iii) Fourth Supplemental Agreement between PWE, BMB and Encik
Mohammed Ridzal bin Ahmed Rasiddi in relation to the Proposed
Acquisition of Jitu Transport Sdn Bhd (JTSB); and

(iv) Fourth Supplemental Agreement between PWE, BMB and Encik
Mohammed Ridzal bin Ahmed Rasiddi in relation to the Proposed
Acquisition of Panglima Klasik Sdn Bhd (PKSB).

The abovementioned Fourth Supplemental Agreements supplement the
respective Principal Sale and Purchase Agreements dated 16 July
2003, First Supplemental Agreements dated 10 October 2003,
Second Supplemental Agreements dated 20 January 2004 and Third
Supplemental Agreements dated 22 September 2004.

Under aforesaid Fourth Supplemental Agreements, the parties to
the agreements have mutually agreed that the fulfillment of the
conditions precedent (as stated in the respective Principal Sale
and Purchase Agreements) of six (6) months and as extended for
three (3) months pursuant to the respective Second Supplemental
Agreements dated 20 January 2004 and as extended for six (6)
months pursuant to the respective Third Supplemental Agreements
dated 22 September 2004 shall be further extended for another
six (6) months commencing from the expiry of the aforesaid six
(6) months period, ie. twenty one (21) months from the date of
the Principal Sale and Purchase Agreements.

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

CONTACT:

PWE Industries Berhad
Level 16, Wisma Ting Pek Khiing
No. 1 Jalan Padungan
93100 Kuching, Sarawak
Phone: 082-236908
Fax: 082-236922

This announcement is dated 16 December 2004.


SILVERSTONE CORPORATION: Proposed Variations Resolutions Passed
---------------------------------------------------------------
Reference is made to its announcement by Silverstone Corporation
Berhad (SCB) on 23 November 2004 regarding the issuance of
notices of meetings dated 22 November 2004 to the holders of the
Bonds (Bondholders) and holders of the SPV Debts (SPV Debt
Holders) to seek, amongst others, the approval of the relevant
Bondholders and relevant SPV Debt Holders to:

(1) Vary the redemption/repayment date for the Bonds/SPV Debts
on 31 December 2004 (Proposed Variation to Redemption/Repayment
Date);

(2) Vary the calculation for the penalty interest (Proposed
Variation to the Calculation for Penalty Interest); and

(3) Waive the early payment of redemption/repayment amounting to
RM4.78 million due on 31 December 2005 (Proposed Waiver of Early
Payment)

(The Proposed Variation to Redemption/Repayment Date, the
Proposed Variation to the Calculation for Penalty Interest and
the Proposed Waiver of Early Payment shall collectively be
referred to as the Proposed Variation).

The Board of Directors of SCB announced that at the meetings of
the Bondholders and SPV Debt Holders held earlier today, all the
resolutions tabled thereat in relation to the Proposed Variation
were duly passed. SCB has also obtained the approval of Bank
Negara Malaysia for the Proposed Variation.

The outstanding approval for the Proposed Variation is that of
the Securities Commission.

CONTACT:

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


TALAM CORPORATION: Lists Additional Shares
------------------------------------------
Talam Corporation Berhad's additional 22,000 new ordinary shares
of RM1.00 each issued pursuant to the conversion of 20,000
irredeemable convertible preference shares 2004/2009 into 2,000
new ordinary shares and the conversion of RM20,000 irredeemable
convertible unsecured loan stocks 2003/2005 into 20,000 new
ordinary shares will be granted listing and quotation with
effect from 9 a.m., Monday, 20 December 2004.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Telephone number: 603-2732222
Fax number: 603-2731439


UMW HOLDINGS: To Wind Up Chinese Unit
-------------------------------------
UMW Holdings Berhad announced that its 100%-owned subsidiary
Company incorporated in the People's Republic of China, i.e.,
UMW Equipment Systems (Changshu) Co., Ltd. (UMW Changshu), held
through UMW Equipment Systems Pte. Ltd., a wholly owned
subsidiary Company incorporated in Singapore, has received
notification of approval from the Changshu Foreign Economic and
Trade Committee to commence the process of winding-up of UMW
Changshu's operations.

UMW Changshu was set up in July 1998 to undertake the
distribution and sale of material handling equipment and related
spare parts and provision of maintenance and repair services in
the Changshu Province. As UMW Changshu's level of business has
been insufficient in recent years, the liquidation of the
Company has been initiated as a cost-saving measure.

The Board of Directors of UMW Changshu has appointed a working
group and liquidation committee for purposes of the above
liquidation.

Other than the liquidation expenses, there is no material impact
on the net tangible assets and earnings per share of the UMW
Group arising from the liquidation.

cc - Securities Commission
(Issues & Investment Division)

CONTACT:

UMW Holdings Berhad
3rd Floor The Corporate
No. 10 Jalan Utas (15/7)
Batu Tiga Industrial Estate
40200 Shah Alam
Selangor
Phone: 03-55191911
Fax: 03-55193890


UNITED CHEMICAL: SC OKs Restructuring Scheme Extension
------------------------------------------------------
The Securities Commission has approved United Chemical
Industries Berhad's application for an extension of time of six
months, from 31 December 2004 to 30 June 2005, for the Company
to complete its proposed restructuring scheme.

CONTACT:

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

This announcement is dated 16 December 2004.


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


BENPRES HOLDINGS: Narrows 2Q04 Net Loss To Php292 Mln
-----------------------------------------------------
Benpres Holdings Corporation incurred a net loss of Php292
million for the year ended September 30, versus a net loss of
Php1.14 billion in the same period a year earlier, the
Philippine Daily Inquirer reports.

The Company said its equity in net earnings of investors
declined by 33 percent year-on-year to 1.14 billion pesos,
mainly owing to lower earnings at its unit First Philippine
Holdings.

Benpres said interest and other expenses were down by 35 percent
to 2.07 billion pesos owing to the slower depreciation of the
peso against the U.S. dollar during the nine-month period.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


MAYNILAD WATER: Rehab Plan May Delay Service For 4-6 Years
----------------------------------------------------------
The approval of Maynilad Water Services Inc.'s rehabilitation
plan by the Quezon City Court may suspend the utility's service
coverage to customers in the Metro Manila's west zone for four
to six year, the Manila Times reports, citing Jude Esguerra, a
member of Bantay Tubig.

"Five hundred sixty thousand people will experience a
postponement of service coverage of four to six years," Jude
Esguerra, a member of Bantay Tubig, said citing figures from
Manila Water Sewerage System (MWSS) Regulatory Office documents.

He said Maynilad's 2002 rate rebasing exercise [to determine
appropriate water rates] already provided for two to four years'
delay of service coverage.

Maynilad President Fiorello Estuar contested Esguerra's claims,
adding that the rehabilitation plan postponed the sewer targets,
not the service expansion targets.

"There's no such thing," Mr. Estuar told The Times, indicating
the Company even underestimated its projections for next year.

While initially projecting an additional 25,000 service
connections for Tondo, Manila, area next year, the Company needs
60,000 service connections for the same area, Mr. Estuar added.

CONTACT:

Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines


MAYNILAD WATER: Files For Revised Rehab Plan
--------------------------------------------
The cash-strapped Maynilad Water Services Inc. was expected to
file its revised rehabilitation scheme on Friday, reports the
Business World.

Last week, the Quezon City Regional Trial Court approved a
petition to extend to December 15 the deadline for the
submission of the new rehabilitation strategy but Court-
appointed rehabilitation receiver, lawyer Rosario S. Bernaldo,
said they asked for another two-day extension.

The lower Court has allowed Ms. Bernaldo to come up with a new
rehabilitation strategy that would be acceptable to the water
firm as well as the creditors. Ms. Bernaldo earlier expressed
optimism they can devise a new rehabilitation strategy for the
water firm and its creditors.

Based on the Company's revised rehabilitation plan, the creditor
banks will be paid in two tranches.

Those who extended a syndicated loan of US$43 million will be
reimbursed based on cash flow over seven years with a one-year
grace period, while pure bridge lenders that extended a US$3-
million loan will be paid only within one year starting 2004.

Maynilad's parent, Benpres Holdings Corporation, will still exit
from Maynilad to make way for a new operator. It will also write
off its entire paid-in capital and advances to Maynilad totaling
PhP3.4 billion as it relinquishes 60 percent control of the
Company.


NATIONAL POWER: ERC Delays Rate Hike Decision
---------------------------------------------
The Energy Regulatory Commission (ERC) is not yet ready to
render its decision on the National Power Corporation's petition
to raise rates by Php0.90, the Manila Times reports.

ERC Chairman Rodolfo B. Albano Jr. said the ERC would hold a
public hearing on the petition on December 22, and another on
January 10. The December 22 hearing will be a continuation of a
hearing the commission conducted Thursday, Mr. Albano said.

In the hearing, the ERC examined documents submitted by Lucio P.
Estangco, who is in charge of the financial documents of
Napocor. Estangco, in a statement, said that the ERC has
excluded provisions for Napocor's bad debts.

In a 2002 financial statement submitted to the Commission on
Audit, Napocor claims that its bad debt grew 350 percent to
Php2.634 billion from Php585 million in 2001. The bulk of the
liabilities are receivables from the Manila Electric Co.
(Meralco), Napocor's biggest customer.

CONTACT:

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


UNIVERSAL RIGHTFIELD: SEC Revokes Registration
----------------------------------------------
Further to Circular for Brokers No. 5279-2004 dated December 7,
2004, Universal Rightfield Property Holdings, Inc. (UP), in its
letter dated December 16, 2004, disclosed that:

"Universal Rightfield Property Holdings, Inc. is in receipt on
16 December 2004 of the Order of Revocation from the Securities
and Exchange Commission dated December 8, 2004, a copy of which
is hereto attached for your immediate reference."

In view thereof, trading of the Corporation's shares shall
remain suspended.

The Trading Participants and the investing public shall be
advised 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

For a copy of the revocation notice, go to
http://bankrupt.com/misc/tcrap_universalrightfield121704.pdf

CONTACT:

Universal Rightfield Holdings Inc.
Unit 713-714 Pioneer Corporate Center
Pioneer Highlands, Pioneer St.
Corner Madison St., Mandaluyong City
Telephone No/s: 637-0977 to 82
Fax No/s: 637-2437
Email Address: urphi@pworld.net.ph


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


CHINA AVIATION (S): Creditors Trust Restructuring Scheme
--------------------------------------------------------
A majority of the creditors of troubled China Aviation Oil (S)
Co. Ltd. (CAO) has placed their confidence in the restructuring
plan by its parent Company China Aviation oil Holding Company
(CAOH), reports the Asia Intelligence Wire.

CAO, which just suffered a major loss in oil derivative
products, is teetering on bankruptcy. It is currently working to
restructure its business in order to avert bankruptcy.

The Company has established a wholly owned subsidiary in order
to maintain its operations.

Its China-based parent will continue to purchase jet fuel oil in
the international market and allocate a share of its profit as
revenue of the subsidiary. The allocated share will allow the
use of the equipment, buildings and employees of CAO in its
operation but some payment fees are to be made.


CHINA AVIATION (S): Gets Support from Parent Firm
-------------------------------------------------
Beleaguered China Aviation Oil (S) Corp (CAO) announced on
Tuesday that its receiving support from its parent company China
Aviation Oil Holding Co (CAOHC), according to Xinhuanet.

CAOHC's aid would enable its Singapore-listed CAO to maintain
normal operations, allowing its shares to resume trading.

However, CAOHC earlier released a statement, stating that its
support depends upon sufficient resolution of the legal and
regulatory issue concerning its subsidiary.

Aside from its restructuring plans, CAO has assured creditor
that it will be giving its full cooperation to investigating
parties to allow speedy investigation.


CHINA AVIATION (S): MAS Awaits Probe Results
--------------------------------------------
Despite the pressure on Monetary Authority of Singapore (MAS) to
tighten its regulation rules, it is awaiting the results of the
probe into the financially troubled China Aviation Oil (S) Corp.
(CAO) before it would completely decide on its course of action,
Channel News Asia reports.

On Thursday, MAS released an update of CAO's present development
and the steps undertaken by the relevant authorities after the
CAO fiasco. The nature of CAO's collapse and its inability to
disclose its massive trading losses has caused queries into the
Singapore's regulatory system.

MAS, along with other government agencies, will perform a review
of its regulation. It pointed out that no amount of regulation
enforcement could assure that companies would always comply with
the disclosure rules and corporate governance standards of the
state.

The authorities' speedy response to the CAO debacle has gained
admiration form analysts, since the speedy response meant that
Singapore's regulatory environment is far from weak. If trouble
occurs, the business sector is assured that authorities would
act hastily.

Aside from the probe conducted by the government agencies a
criminal investigation is also being performed by the Commercial
Affairs Department on the trading scandal. Appropriate action
will be enforced if any laws and regulations are found to have
been breached.

PricewaterhouseCoopers (PwC), the special auditing firm, is
focusing on five key points namely:

(1) How CAO lost more than SG$900m from trading oil derivatives.

(2) Whether all trading losses have been properly accounted for
based on generally accepted accounting principles.

(3) Why CAO failed to disclose its trading losses promptly to
the market.

(4) Why its internal financial controls didn't work.

(5) Lastly, who is ultimately responsible for the incident.

PwC's investigations will take a few weeks but it is expected
that finding will be released before the year is out or in the
early part of 2005.

While PwC's investigation is ongoing, Securities Investors
Association of Singapore (SAIC) will continue meeting CAO's
Restructuring Task Force, in order to clarify matters pertaining
to CAO's minority shareholders.


CHINA AVIATION (S): May Implement New Rules
-------------------------------------------
The state asset regulator may tighten its risk management system
for state-owned companies due the losses experienced by China
Aviation Oil (S) Corp (CAO), the International Herald Tribune
reports.

According to Su Guifeng, deputy director of the news office at
the State-owned Assets Supervision and Administration
Commission, the regulator's main concern is the states' risk
management.

CAO, which is 60% percent owned by state run China Aviation Oil
Holding Limited (CAOH), is being investigated by Singapore
authorities after its US$550 million loss in trading oil
derivatives.

Suspended Chief Executive Chen Jui Lin, disclosed the incurred
losses on November 30, the day he left for China. By December 8
ha was arrested by authorities and is currently out on bail. Mr.
Chen alleged in a November 29 affidavit that the parent Company
knew about the loss when it sold its 15% percent stake.

China has allowed its companies more freedom in making
investments in the recent years in its efforts to reform the
country's economy.

The risk management system is vital to plans that assets
regulator has in store for the next year, when it will
accelerate the listing of many of the major state-owned
companies, since the risk management system can prevent cases
such us CAO fiasco from occurring again.


CHINA AVIATION (S): To Challenge SPC Lawsuit
--------------------------------------------
China Aviation Oil (S) Corp (CAO) is planning to contest the
lawsuit that Satya Capital is filing against them, Channel News
Asia says.

CAO has already filed memorandum at the High Court so it can
defend itself against Satya, a consortium of Indonesian
investors.

Satya filed a legal action more than a week ago, suing the
Singapore listed CAO for backing out of its December 8 take over
deal of the consortiums' 20% stake in the Singapore Petroleum
Company.

Satya is seeking SG$47 million in damages for the terminated
deal.

CAO has two weeks to file its defense against the charges. After
the December 30 deadline Satya is most likely to file its
counter claim to CAO.

China Aviation Oil Holding Limited (CAOH), who is also named in
the lawsuit, does not have any plans to contest the lawsuit,
which means Satya can apply for default judgment against CAOH.
However, the default judgment is still pending the Court's
approval.

CAO has an estimated debt of US$152 million after its huge
trading loss of US$550 million in wrong oil derivative trading.
The Singapore listed subsidiary has been given a six-week
extension from December 10 by the Court, setting the deadline on
January 21, to present debt-restructuring scheme and identify
all its creditors.

Aside from the six-week extension, CAO has been given six months
by the Court to call a creditors meeting in order to decide ho
to repay its debts.


I-ENABLE HOLDINGS: Winding Up Order Filed
-----------------------------------------
In the matter of I-Enable Holdings Pte Ltd., a Winding Up Order
was made on the 3rd day of December 2004.

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

Dated this 13th day of December 2004.
Messrs ROBERT WANG & WOO LLC

Solicitors for the Petitioners

Note:
(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.

This Singapore Government Gazette notice is dated 13 December
2004.


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


CAPETRONIC INTERNATIONAL: Unveils BOD Meeting Results
-----------------------------------------------------
Capetronic International (Thailand) Plc. (CAPE) disclosed to the
Stock Exchange of Thailand that during the board of directors'
meeting held on December 15, 2004 from 8:00 a.m. to 11:00 a.m.,
the following were resolved:

(1) Certified minutes of the board of directors' meeting no.
10/2004 held on December 8, 2004.

(2) Approved resignation of directors whose name as follows:

Mr. Chalit Jariyatham, Independent Director
Ms. Chayapa Wongsawat, Director

(3) Approved the appointment of directors replacing the
directors resigning and also approve amendments in the Affidavit
regarding the director appointment.  The names of new directors
are as follows:

Ms. Bunthita Na Songkhla, Independent Director
General Wicha Techawanich, Director

(4) Approved to amend the Article of Association under the
Director section by assigning the Managing Director to finalize
the details.  They recommended that, once having finalized the
details, the Managing Director will submit the details to the
shareholder's meeting for approval.

(5) Approved the appointment of Audit committee members, naming
as follows:

Mr. Surachai Kositsareewong, Chairman of the Audit Committee
Mr. Nit Ampaijit, Audit Committee
Ms. Bunthita Na Songkhla, Audit Committee

The authority of the Audit Committee will be the same as the
previous committee's according to the rules and regulations of
SET and SEC and other relevant laws.

(6) Approved in principal the business plan for new business

- Approve the business plan to sell or rent space in Free Zone

- The BOD gives authority to the Managing Director to finalize
the detailed projections and relevant operation issues regarding
the implementation of Free Zone project to fully comply with SET
and SEC requirements.

- They recommended that, once having finalized the projections
and the details of the business plan, the Managing Director will
submit the detailed plan to BOD and shareholder's meeting to
seek for approval.

(7) Approved the change in name of the Company from Capetronic
International Public Co. Ltd. to Wyncoast Industrial Park Public
Co. Ltd. and also approve the amendment in Affidavit, Memorandum
of Association, Articles of Association regarding the name
change, and the Company's seal.

(8) Approved the amendment and/or adding in the Company's

Articles of Association (Business objective) to comply with new
business plan.

(9) Agreed to propose the shareholder's meeting to approve a
reduction in registered capital by writing down the unissued
shares, reducing the excess share allocated for warrant
exercising, changing the par value, and writing down the legal
reserve in order to reduce the discount on share capital and
retained losses as follows:

- Approved to reduce the excess shares allocated for warrant
exercising from 109,570,781 shares to 67,898,280 shares.

- Approved to write down the legal reserve of THB3,843,000 in
order to reduce the retained losses.

- Approved to write down the unissued share of THB5,468,036,180
which causes registered capital change from THB20,156,392,580 to
THB14,688,356,400.8

- Approved to reduce the registered capital by changing par
value (from THB10 to THB1 per share) which causes the Company's
registered capital reducing from THB14,688,356,400 to
THB1,468,835,640

(10) Agreed to propose the shareholder's meeting to approve the
change in the par value from THB10 to THB1 per share and approve
to amend clause 4 of the Company's Memorandum of Association.

(11) Agreed to propose the shareholder's meeting to approve
adjustment in the exercise price of Warrant from THB10 to THB1
per share as per change in par value with effective for warrant
exercising from the first quarter of year 2005 onwards.

(12) Approved the set up the extraordinary shareholder meeting
2/2004 will be held on January 17, 2005 (time and place will be
informed later) in order to approve agenda listed bellows:

(A) To ratify minutes of the extraordinary shareholder meeting
no. 1/2004.

(B) To ratify the resignation of directors, the appointment of
directors, and the appointment of Audit committee members.

(C) To approve the amendment in the Article of Association under
the Director section.

(D) To approve the new business plan.

(E) To approve the change in name of the Company from Capetronic
International Public Co., Ltd. to Wyncoast Industrial Park
Public Co.,Ltd.

(F) To approve the amendment and/or adding in the Company's
Articles of Association (Business objective).

(F) To approve a reduction in registered capital by writing down
the unissued shares, changing in par value, reducing the excess
shares allocated for warrant exercising, and writing down the
legal reserve in order to reduce the discount on share capital
and retained losses.

(G) To approve the adjustment of the exercise price of Warrant
from 10 to 1 Baht per share as per change in par value with
effective for warrant exercising from the first quarter of year
2005 onwards.

(H) To approve amendment and/or adding the Company's Affidavit,
the Article of Association, and the Memorandum of Association to
comply with agenda 2, 3, 5, 6 and 7

(I) Other (if any)
(J) Announced that the registration shareholder book will be
closed at noon on December 30, 2004 for counting number of
attendance of the extraordinary shareholder meeting 2/2004.

Please be advised accordingly.
Sincerely yours,
(Pathrlap Davivongsa)
Managing Director
Capetronic International (Thailand) Public Co., Ltd.

CONTACT:

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


JASMINE INTERNATIONAL: Unveils Warrant Conversion Results
---------------------------------------------------------
As Jasmine International Public Company Limited has issued and
offered warrants to purchase new shares to the existing
shareholders and the directors and/or employees of the Company
and its subsidiaries, the Company disclosed to the Stock
Exchange of Thailand (SET) the results of warrant conversion to
common shares as follows:

(1) Warrants offered to the existing shareholders (JAS-W)

The Company has set the date for converting the Company's
warrants at the ratio of 1 right warrant into 1 common share at
THB0.334 per share.  Date to notify the intention to exercise is
1 to 14 December 2004.  The exercise date is on 15 December
2004.  The results of the conversion are as follows:

No. of warrant       No. of warrants     No. of common shares
holders

(1) Thai national

1 Person            50,000 Units          50,000 Shares

(2) Foreign national

1 Person             4,500 Units           4,500 Shares

Total:

2 Persons           54,500 Units          54,500 Shares

After this conversion, there are 1,156,203,100 remaining
warrants.

(2) Warrants offered to directors and/or employees of the
Company and its subsidiaries (ESOP)

The exercise date is on 15 December 2004 date to notify the
intention to exercise is 1-14 December 2004.  The ratio to
exercise for every warrant class is 1 warrant unit per 1 common
share at the following exercise prices.

Warrant Class    Issue No.       Exercise Price per share (Baht)

1                 1-3                         0.668
2                  1                          1.002
                   2                          1.336
3
                   4                          1.469
                   5                          1.212
6                          1.616
                   7                          1.334
                   8                          1.778
3                 1-2                         1.002

The Company would like to report the results of the conversion
as follows:

- No warrant holder exercises his right -

After this conversion, there will be remaining warrants as
follows:

Warrant Class   Issue No.            Remaining warrants
                               after exercise date (Units)*

   1               1                        12,326,920
                   2                        13,052,460
                   3                        19,165,130
   2               1                         4,994,620
                   2                         6,809,930
                   3                         4,994,620
                   4                         6,926,660
                   5                         9,159,720
                   6                         6,926,660
                   7                         9,159,720
                   8                         6,926,660
                   9                         9,315,370
                  10                         6,926,690
3                  1                         4,489,950
                   2                         4,489,950

Remark: Calculated from total number of warrants of the project
subtract with exercised warrants.

Therefore, the Company will have a paid-up capital occurring
from warrant conversion increased from THB8,318,338,800 to
THB8,318,393,300.

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


NFC FERTILIZER: Details Change in Par Value
-------------------------------------------
NFC Fertilizer Public Company Limited (NFC) has informed the
Stock Exchange of Thailand (SET) that it has completed the legal
process required for splitting the par value of its stocks from
THB10 to THB1.

As a result of all actions taken, effective from December
21,2004 onwards, the par value of the NFC securities in the
trading system will be adjusted as stated above.

Remark: As NFC stocks are still suspended from trading, the
stocks can be traded under the new par value of THB1 when the
stocks are allowed to resume for trading.

CONTACT:

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






                            *********


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