TCRAP_Public/041222.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

             Wednesday, December 22, 2004, Vol. 7, No. 253

                            Headlines

A U S T R A L I A

AG&A PTY: To Declare Final Dividend on January 16
AQTIF TECHNOLOGIES: Joint and Several Receivers Appointed
ARISTOCRAT LEISURE: Redeems Convertible Bonds
ARISTOCRAT LEISURE: Unveils Results of Special General Meeting
BARRAMAY PTY: Final Meeting Slated for December 20

COMMERCIAL IBT: ASIC Obtains Orders to Investigate Affairs
DRAGON SEAFOOD: Sets December 21 as Date of Final Meeting
G&C HOMES: To Convene Final Meeting on December 20
HAWKER DE HAVILLAND: Members Resolve to Wind Up Voluntarily
HENRY WALKER: Mulls Capital Restructure

JAMES HARDIE: Inks 40-year Compensation Deal
KANGACOVE PTY: Michael Peldan Appointed as Liquidator
MATCHAM PTY: Members Resolve to Wind Up Voluntarily
M&J CONSTRUCTION: Enters Winding Up Process
MURDOCH LAKEVIEW: To Declare Final Dividend on December 20

ORB ENTERPRISES: Final Dividend to be Declared by January 23
PASTEK PTY: Receivers and Managers Cease to Act
QANTAS AIRWAYS: Offers Interline E-Ticketing With Oneworld Group
RAVAR PTY: To Declare Final Dividend on January 10
S&T WHOLESALE: To Convene Final Meeting on December 23

SQUIRE CONSULTING: Final Meeting Slated for January 5


C H I N A  &  H O N G  K O N G

ATEX GARMENTS: Court to Hear Winding Up Petition January 5
BRILLIANCE CHINA: Appoints New Auditors After PwC's Exit
EVEREST INTERNATIONAL: 1H Net Loss Shrinks to HK$1.8 Mln
POLY INVESTMENTS: Faces Winding Up Petition
SAGGIO ASIA: Sets First Creditors, Contributories Meetings

SHUN DA: Schedules Winding Up Hearing on January 19
SUPER FINANCE: Enters Bankruptcy Proceedings
TAK HING: Winding Up Hearing Set January 19


I N D O N E S I A

BANK GLOBAL: Police Arrest One More Official
BANK GLOBAL: Bapepam To Probe Firms Likely Involved in Scandal
BANK PERMATA: PPA Asking to Sell More Stakes
PERTAMINA: Imposes LPG Hike to Prepare Public for Fuel Rise
SEMEN GRESIK: Government Makes Headway in Cemex Row


J A P A N

DAIEI INCORPORATED: IRCJ Eyes Larger Food Store Network
JAPAN BROADCASTING: Aims to Restore Public Trust
MITSUBISHI FUSO: Submits Business Improvement Report
TOSHIBA CORPORATION: Develops New CMOS Fabrication Technology
UFJ HOLDINGS: Unit Allegedly Blocked FSA Probes Since 2002

* METI to Establish Study Group on Post-IRCJ Rehabilitation


K O R E A

HANARO TELECOM: Changes Corporate Name
HANARO TELECOM: Unveils Grant of Stock Option Rights
LG CARD: LG Group Formally Rejects Bailout Proposal


M A L A Y S I A

AOKAM PERDANA: Completes Rescue Scheme
ARTWRIGHT HOLDINGS: Shareholders OK AGM Resolutions
BOUSTEAD HOLDINGS: Units Face Winding Up Proceedings
DAI HWA: Applies for Extension of Regularization Plan Submission
GOLDEN FRONTIER: Issues Notice of Shares Buy Back

KUMPULAN HARTANAH: Answers Bursa Malaysia Query
MYCOM BERHAD: OCBC Withdraws Suit
NALURI BERHAD: Releases Appointment of Special Administrators
NALURI BERHAD: Appoints New Chairman
OCEAN CAPITAL: Hwang-DBS Resigns as Advisor

OMEGA HOLDINGS: Details Delisting of Securities
PASARAYA HIONG: RAM Downgrades CP/MTN Ratings
TENAGA NASIONAL: Names New Director
YCS CORPORATION: Details Delisting of Securities


P H I L I P P I N E S

ATLAS CONSOLIDATED: Updates Transfer Of Properties
MAYNILAD WATER: Court Decides On Rehab Plan This Month
METRO PACIFIC: Settles Penalties On Revised Disclosure Rules
NATIONAL POWER: New President Takes Seat By End-March
NATIONAL POWER: Sets To Bid Out Fuel Logistic Contracts

PILIPINO TELEPHONE: NTC OKs Piltel Sale To Smart


S I N G A P O R E

AJ UNISSON: Receiving Proofs of Debts Unitl January 18
CAPITALAND LIMITED: Retains Partnership with Link REIT
CHINA AVIATION: Unit Delays Jet Fuel Import Tender Award
CHINA AVIATION: SIAS Forum Briefs Investors on Legal Actions
EXCEL LEATHER: Undergoes Voluntary Liquidation

OSCELSING PRIVATE: Issues Notice Of Dividend
SILKROUTE E-COMMERCE: Creditors to Prove Claims by January 17
U NEED: Sets Winding Up Hearing on December 31


T H A I L A N D

ADVANCE PAINT: Decreases Registered Capital to THB418,980,025
NATURAL PARK: Postpones Shareholders' Meeting

     -  -  -  -  -  -  -  -

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


AG&A PTY: To Declare Final Dividend on January 16
-------------------------------------------------
A first and final dividend is to be declared on or before 16
January 2005 for AG&A Pty Ltd (In Liquidation) A.C.N. 060 404
033.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 16th day of November 2004

Tracy J. Dare
Liquidator
c/- Level 32, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3333 9836.
Web site: www.mcgrathnicol.com.au


AQTIF TECHNOLOGIES: Joint and Several Receivers Appointed
---------------------------------------------------------
Notice is hereby given that Aqtif Technologies Pty Ltd A.C.N.
103 879 296 on 12 November 2004 duly resolved by special
resolution that it be wound up voluntarily, and that the
creditors of the Company resolved by ordinary resolution that
Mr. John William Cunningham and Mr. John Richard Park of Ramsay
Clout, Level 1, 37 The Esplanade, Maroochydore, be and are
appointed Joint and Several Liquidators for the purposes of such
winding up.

Dated this 12th day of November 2004

Julian Darwin Bell
Director


ARISTOCRAT LEISURE: Redeems Convertible Bonds
---------------------------------------------
The Board of Aristocrat Leisure announced that the Company has
called for redemption of the US$130,000,000 5 percent
convertible subordinated bonds issued in 2001.

Aristocrat's Chairman, David Simpson, said, "the bond indenture
documentation permits Aristocrat to call for redemption of the
bonds after Aristocrat's shares have traded for a period of more
than 20 trading days during a period of 30 consecutive trading
days at a price exceeding 140 percent of the conversion price".

"This condition has been met and, in accordance with the
indenture, Aristocrat has now called the bonds thereby
terminating the bondholders' rights to convert the bonds.
Unfortunately, however, the indenture contains an error (in the
form of a transposed exchange rate which currently prejudices
the rights of both Aristocrat and the bondholders) which must be
corrected before the redemption can be affected."

Mr. Simpson added that " based on prior conversations with the
Trustee, Aristocrat expects that the bondholders will resist the
correction of the error and the contemporaneous redemption of
the bonds by Aristocrat".

"For this reason", he said, "Aristocrat expects that the
parties' rights in this regard will have to be adjudicated in
court. Aristocrat has accordingly sought a declaration of its
rights from the United States District Court for the Southern
District of New York, in accordance with procedures agreed by
the parties in the indenture."

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066  
Head Office Telephone: (02) 9413 6300  
Head Office Fax: (02) 9420 1352  
Web site: http://www.aristocratgaming.com


ARISTOCRAT LEISURE: Unveils Results of Special General Meeting
--------------------------------------------------------------
Aristocrat Leisure Limited advised the Australian Stock Exchange
that at a Special General Meeting held Tuesday at Star City,
Sydney at 10 a.m. the resolution put to the meeting was passed
on a show of hands. The proxy votes exercisable on this
resolution were as follows:

Resolution- Mr. Paul Oneile, CEO, be allocated 380,000
performance share rights pursuant to Aristocrat's Long Term
Performance Share Plan in the manner set out in the Notice of
Meeting dated November 19, 2004.

For           Against        Abstain       Discretionary
115,998,786   47,503,789     33,398,809    931,480

The total number of shares in respect of which proxies were
given was 164,434,055, which represented 34.48 percent of the
capital.


BARRAMAY PTY: Final Meeting Slated for December 20
--------------------------------------------------
Notice is given that a final meeting of Barramay Pty Ltd (In
Voluntary Liquidation) A.C.N. 009 756 030 will be held at the
offices of Allens Australia Pty Ltd, Chartered Accountants, 1st
Floor, 1925 Logan Road, Upper Mt Gravatt Qld on Monday, 20
December 2004 at 10:30 a.m.

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

Dated this 12th day of November 2004

Terrence J. Smith
Liquidator


COMMERCIAL IBT: ASIC Obtains Orders to Investigate Affairs
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Victoria appointing Mr.
Robert Michael Scales of Ernst and Young as liquidator to the
Australian shareholders of Commercial IBT and its subsidiary,
Commercial IBT Australia Pty Ltd (Commercial IBT Australia).

The shareholders of Commercial IBT include RG Investments
Management Pty Ltd (RGIM), Royal Corporation Pty Ltd (Royal
Corporation), Value Fund International Pty Ltd (Value Fund) and
Lulumar Pty Ltd (Lulumar).

ASIC sought to have a liquidator appointed to further
investigate the affairs of Commercial IBT and Commercial IBT
Australia so that their true financial position, and nature of
their business activities, can be substantiated.

Mr. Scales was previously appointed provisional liquidator of
the companies by the Supreme Court of Victoria on 12 November
2004.

ASIC alleges that:

(1) RGIM, Value Fund, Royal Corporation, Lulumar, and Commercial
IBT Australia, their directors, officers or employees breached
various provisions of the Corporations Act 2001 during the
period 1 July 2000 to 18 October 2004 and thereafter;

(2) The actions of Commercial IBT, conducted through its
directors and shareholders in the period between the filing and
hearing of the Interlocutory Process, were intended to avoid the
scrutiny of ASIC over their financial affairs;

(3) Dr. Ong, Director of Commercial IBT, RGIM and Value Fund
International, has endeavoured to cloak the activities of CIBT
and its shareholders from proper scrutiny; and

(4) The actions of Commercial IBT and its shareholders may
possibly have been designed to, or have the result of,
preventing any of the Australian Taxation Office, ASIC, the
Provisional Liquidator, foreign regulatory authorities and/or
any current or contingent creditors from properly reviewing the
affairs of Commercial IBT and its shareholders, and making
appropriate claims.

Background

Commercial IBT is also registered in Labuan, Malaysia, under the
name Commercial IBT Bank, and was issued an offshore banking
license on 1 April 2003 by the Labuan Offshore Financial
Services Authority. Commercial IBT maintains offices in both
Labuan and Melbourne.

Documents lodged with ASIC as at 30 July 2004 disclose that
Commercial IBT's purported issued and paid up capital was
AU$2,209,930,550 (AU$2.2 billion).

ASIC alleges that Commercial IBT has not provided accurate and
consistent information to Australian regulators. In support of
this, ASIC submitted that Commercial IBT had provided or
reported inconsistent financial data and reports to ASIC, the
Australian Prudential Regulation Authority (APRA), the ATO, an
Australian bank, and foreign regulatory authorities and rating
agencies.

In addition, ASIC is concerned that Commercial IBT has
inadequate accounting and financial reporting measures in place
and has failed to keep proper books and records.  

CONTACT:

Commercial IBT Australia Pty Ltd
Level 28, 303 Collins Street
Melbourne, Victoria 3000
Australia
Phone: (03) 9678 9208/ +(613) 9678 9208  
Facsimile: (03) 9678 9207/ +(613) 9678 9207     
Web site: http://www.cibt.com.au
  

DRAGON SEAFOOD: Sets December 21 as Date of Final Meeting
---------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Dragon Seafood Exports Pty Ltd (In Liquidation)
A.C.N. 080 115 920 is to be held at the offices of Messrs SV
Partners, Level 16, 120 Edward Street, Brisbane, in the State of
Queensland on Tuesday, 21 December 2004 at 10:00 a.m.

AGENDA

(1) Receive an account by the liquidators.

(2) To consider and if thought fit pass the following
resolution:

That the books and records of the Company be destroyed.

(3) General business.

Dated this 10th day of November 2004
Paul Sweeney
Terry Van Der Velde
Joint and Several Liquidators


G&C HOMES: To Convene Final Meeting on December 20
--------------------------------------------------
Notice is given that a final meeting of G&C Homes Pty Ltd (In
Voluntary Liquidation) A.C.N. 009 768 192 will be held at the
offices of Allens Australia Pty Ltd, Chartered Accountants, 1st
Floor, 1925 Logan Road, Upper Mt Gravatt Qld on Monday, 20
December 2004 at 10:00 a.m.

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

Dated this 12th day of November 2004

Terrence J. Smith
Liquidator


HAWKER DE HAVILLAND: Members Resolve to Wind Up Voluntarily
-----------------------------------------------------------
At a general meeting of the members of Hawker De Havilland
Holdings Pty Ltd (In Liquidation) A.C.N. 072 909 589 held at
Level 33 Chifley Towers, 2 Chifley Square, Sydney NSW on 29
October 2004 a special resolution that the Company be wound up
voluntarily was passed.

Ian Richard Hall
Liquidator
PricewaterhouseCoopers
Waterfront Place, 1 Eagle Street,
Brisbane Qld 4001


HENRY WALKER: Mulls Capital Restructure
---------------------------------------
Ailing mining contractor Henry Walker Eltin Group Limited said
it is keen on recapitalization, Reuters reveals.

The move, which followed two months of speculation regarding the
firm's outlook, was triggered by a profit warning and the
ousting of its chief executive in October after the Company
suffered massive losses in Indonesia.

Last month, Henry Walker Eltin held talks with bankers to extend
its existing short-term credit facilities and to secure long-
term funding.

Henry Walker Eltin Group Limited's principal activities are the
contracting includes operations in surface and underground
mining; minerals processing and handling; civil, electrical,
mechanical and process engineering; maintenance services; waste
and wastewater treatment infrastructure; waste management; site
remediation and rehabilitation; motor vehicle retailing; and
land development.

The contracting operations are conducted in Australia and New
Zealand, South East Asia, the Americas and Africa. The motor
vehicle retailing and service activities are conducted in
Australia and South East Asia. The other activities are
conducted exclusively in Australia.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


JAMES HARDIE: Inks 40-year Compensation Deal
--------------------------------------------
Embattled James Hardie Industries finally signed an agreement
detailing the manner by which it will honor asbestos claims for
at least 40 years, reports The Australian Financial Review.

The building products manufacturer on Tuesday clinched a heads
of agreement with the Australian Council of Trade Unions (ACTU),
Unions NSW, asbestos support groups and the NSW government to
provide long-term funding for victims of asbestos-related
diseases.

Under the agreement, James Hardie will provide annual payments
to a special purpose fund, capped at 35 percent of its free cash
flow. The special fund will initially receive three years worth
of funding. A tw0-year funding buffer will also be maintained by
yearly contributions.

James Hardie will start injecting the funds in mid-2005.

Meanwhile, the NSW government has called for the lifting of all
bans and boycotts of James Hardie products following the signing
of the accord.

For corporate and media enquiries only, please contact:

James Hardie Industries  
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street  
Sydney NSW 2000           
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other inquiries to CustomerLink Service Centre on 13 1103.


KANGACOVE PTY: Michael Peldan Appointed as Liquidator
-----------------------------------------------------
Notice is given that Michael Peldan and Morgan Lane, Registered
Liquidators, of Worrells, 8th Floor 102 Adelaide Street Brisbane
Qld 4000, were appointed Liquidators of Kangacove Pty Ltd (In
Liquidation) A.C.N. 077 094 001 at a general meeting of the
Company's members on 4 November 2004.

Dated this 8th day of November 2004

Michael Peldan
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: www.worrells.net.au


MATCHAM PTY: Members Resolve to Wind Up Voluntarily
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Matcham Pty Ltd (In Liquidation) A.C.N. 053 123 381 held on the
3 November 2004, it was duly resolved that the Company be wound
up voluntarily and that Justin Sheldrake and Dennis Offermans of
Knights Insolvency Administration, Level 1, 36 Grafton Street,
Cairns, be appointed Joint and Several Liquidators for the
purposes of such winding up.

Dated this 10th day of November 2004

J.P. Sheldrake
Joint and Several Liquidator


M&J CONSTRUCTION: Enters Winding Up Process
-------------------------------------------
Notice is hereby given that at a general meeting of members of
M&J Construction Group Pty Ltd (In Voluntary Liquidation) A.C.N.
079 226 369 held on 3 November 2004 it was resolved that the
Company be wound up voluntarily and that for such purpose Susan
Ruth Carter be appointed Liquidator.

Susan Carter
Liquidator
Level 5, Fifty Cavill Avenue,
Surfers Paradise Qld 4217


MURDOCH LAKEVIEW: To Declare Final Dividend on December 20
----------------------------------------------------------
A first and final dividend is to be declared on 20 December 2004
for Murdoch Lakeview Apartments Limited (Subject To A Deed Of
Company Arrangement) A.C.N. 082 749 111.

Creditors whose debts or claims have not already been admitted
were required on or before 3 December 2004 to formally prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.

Dated this 12th day of November 2004

Vincent Smith
Joint and Several Deed Administrator
Pitcher Partners
10 Ord Street, West Perth WA 6005
Telephone: (08) 9322 2022,
Facsimile: (08) 9322 1262


ORB ENTERPRISES: Final Dividend to be Declared by January 23
------------------------------------------------------------
A first and final dividend is to be declared on or before 23
January 2005 for ORB Enterprises Pty Ltd (In Liquidation) A.C.N.
083 412 757.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 23rd day of November 2004

Tony Jonsson
Liquidator
c/- KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street,
Cairns Qld 4870


PASTEK PTY: Receivers and Managers Cease to Act
-----------------------------------------------
Notice is hereby given that on 8 November 2004, Justin Denis
Walsh and John Georgakis of Ernst & Young, 120 Collins Street,
Melbourne ceased as Receivers and Managers of the assets and
undertakings of Pastek Pty. Ltd A.C.N. 082 644 193.

Dated this 8th day of November 2004

John Georgakis
Former Receiver and Manager
Ernst & Young
Chartered Accountants
Level 27, 120 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9288 8000


QANTAS AIRWAYS: Offers Interline E-Ticketing With Oneworld Group
----------------------------------------------------------------
Qantas Airways said it is now offering interline e-ticketing
(IET) with all seven of its "Oneworld" alliance partner
airlines.

Qantas Head of Sales and Distribution, Rob Gurney, said IET
allows customers to travel on multiple carriers with the
convenient use of just one electronic ticket.

"This is an important achievement for Qantas and for the
Oneworld alliance," Mr. Gurney said.

"Qantas finalized IET links with Cathay Pacific last week and
now, along with American Airlines and British Airways, offers
IET right across the Oneworld network."

E-tickets offer numerous customer benefits. They cannot be lost
or stolen, they make checking in for a flight faster and they
allow for easier changes to bookings. They also provide airlines
with significant cost savings compared to paper tickets.

Oneworld airlines are Aer Lingus, American Airlines, British
Airways, Cathay Pacific, Finnair, Iberia, LAN and Qantas.

The Oneworld network covers 135 countries and almost 600
destinations around the world.

CONTACT:

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


RAVAR PTY: To Declare Final Dividend on January 10
--------------------------------------------------
A first and final dividend for priority unsecured creditors
(employees) is to be declared on 10 January 2005 for Ravar Pty
Ltd (In Liquidation) A.C.N. 098 342 708.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 10th day of November 2004

Jonathan Paul Mcleod
Liquidator
c/- Knights Insolvency Administration
Level 14, Brisbane Club Tower,
241 Adelaide Street,
Brisbane Qld 4000


S&T WHOLESALE: To Convene Final Meeting on December 23
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members and creditors of S&T
Wholesale Cars Pty Ltd (In Liquidation) A.C.N. 102 258 088 will
be held at the office of Pearce & Heers, Level 8, 410 Queen
Street, Brisbane on Thursday, 23 December 2004 at 11:00 a.m. for
the purpose of receiving:

(1) An account from the Liquidator showing how the winding up
has been conducted and the property of the Company disposed of;
and

(2) An explanation of the account.

Dated this 10th day of November 2004

Mark Pearce
Liquidator
Pearce & Heers
Telephone: (07) 3221 0055,
Facsimile: (07) 3221


SQUIRE CONSULTING: Final Meeting Slated for January 5
-----------------------------------------------------
Notice is hereby given that a final meeting of the members of
Squire Consulting Engineering Pty. Ltd. (In Voluntary
Liquidation) A.C.N. 059 930 933 will be held at the offices of
Jessup & Partners, Third Floor, 155-157 Denham Street,
Townsville, Queensland 4810 on Wednesday 5 January 2005 at 3:30
p.m.

Members who wish to attend the meeting via teleconference are
requested to notify my office 48 hours before the meeting. The
telephone number for the teleconference will be (07) 4772 3515.

AGENDA

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

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 10th day of November 2004

Ian David Jessup
Jessup & Partners
3rd Floor, 155-157 Denham Street,
Townsville Qld 4810


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


ATEX GARMENTS: Court to Hear Winding Up Petition January 5
----------------------------------------------------------
Notice is hereby that a petition for the winding up of Atex
Garments Limited by the High Court of Hong Kong was on the 10th
day of November 2004, presented to the said Court by Cheung Yui
Bong Milton of Flat A, 4/F., Front Portion, 59 Percival Street
Causeway Bay, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 5th day of January 205.

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.

Betty Chan
Director for 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,
a notice of writing of his intention to do so. The notice must
state the name and address of the person, or if a firm, the name
and address of the firm, the name and address. It 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 2005.

This The Standard notice is dated 17 December 2004.  


BRILLIANCE CHINA: Appoints New Auditors After PwC's Exit
--------------------------------------------------------
Brilliance China Automotive Holdings Limited announced that it
has appointed new auditors after the firms' former auditor
PricewaterhouseCoopers (PwC) dumped the Shanghai-based carmaker.

The Board announces the appointment of Moores Rowland Mazars
(MRM) as auditors of the Group effective 20th December, 2004.
Further to the announcement made by the Company dated 19th
November, 2004 relating to proposed change of auditors, the
board of directors of Brilliance China Automotive
Holdings Limited announces that Moores Rowland Mazars has been
appointed as auditors of the Company and its subsidiaries
effective 20th December 2004 to fill the casual vacancy
following the vacation of the office of auditors on 20th
December 2004 resulting from the tender of resignation by
PricewaterhouseCoopers on 2nd November 2004.

MRM will hold the office of auditors until the conclusion of the
next annual general meeting of the Company. The Board is
authorized to appoint MRM as auditors of the Company pursuant to
a resolution passed by the shareholders at the annual general
meeting of the Company held on 25th June 2004.

MRM is a member of the Moores Rowland International and Mazars
(MRI), a worldwide association of independent accounting
practices and ranks 8th in size internationally.

Mazars is an auditing and business advisory organization
throughout the European Union as well as other locations
internationally.


EVEREST INTERNATIONAL: 1H Net Loss Shrinks to HK$1.8 Mln
--------------------------------------------------------
Everest International Investments Limited posted a net loss of
HK$1.751 million for the six months ended September 30, compared
to a net loss of HK$5.539 million a year ago. LPS was HK$0.0049.

No interim dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_everestinternational121204.pdf
  

POLY INVESTMENTS: Faces Winding Up Petition
-------------------------------------------
The Writ Action was discontinued on 13th December 2004 and the
Petition was issued against the Poly Investments Holdings
Limited on the 13th of December 2004.

The Company is seeking legal advice in respect of the Petition
and the Company will keep the public informed as to the
action(s) that it takes in the proceedings in respect of the
Petition and the progress of such legal proceedings. Further
announcement(s) will be made by the Company as and when
appropriate.

The Company has on 29th November 2004 filed a notice of
acknowledgment of service and intention to defend the Claim in
respect of the Writ Action. A notice of discontinuance was filed
with the High Court of the Hong Kong Special Administrative
Region by Asian Power in relation to the discontinuance of the
Writ Action on 13th December 2004. The Company was notified of
the Discontinuance on the same day.

A winding-up petition was issued against the Company by
Asian Power on 13th December 2004 in relation to the Claim. The
Petition was served on the Company on 13th December 2004 and is
scheduled to be heard on 16th February 2005 in the High Court.

The Company has on 16th December 2004 filed a notice of
intention to appear on petition in respect of the Petition and
intends to contest the Petition.

The Company is seeking legal advice in respect of the Petition
and the Company will keep the public informed as to the
action(s) that it takes in the proceedings in respect of the
Petition and the progress of such legal proceedings.

Further announcement(s) will be made by the Company as and when
appropriate. As disclosed in the condensed consolidated balance
sheet of the Company's interim report for the six months ended
30th June 2004:

(i) the First Convertible Bond was classified as current
liabilities, whilst the Second Convertible Bond was classified
as non-current liabilities and;

(ii) the consolidated net asset value of the Company and its
subsidiaries as at 30th June, 2004 amounted to approximately
HK$525 million.

Based on the information available at this stage, the Board
considers that the Company has a defense in the Claim. Further,
having considered that the consolidated net asset value of the
Group as at 30th June 2004, the Board considers that the
Petition would not have material adverse effect on the financial
position and operation of the Company.


SAGGIO ASIA: Sets First Creditors, Contributories Meetings
----------------------------------------------------------
Saggio Asia Pacific Company Limited will hold the first
meetings of its creditors and contributories on 7th January 2005
(Friday) at 2:30 p.m. and 3:30 p.m., respectively.

Place: The Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong

Dated this 17th day of December 2004

E T O'CONNELL
Official Receiver & Provisional Liquidator

      
SHUN DA: Schedules Winding Up Hearing on January 19
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Shun Da Container Services Company Limited by the High Court of
Hong Kong Special Administrative Region was on the 29th day of
November 2004 presented to the said Court by U-Drive Company
Limited whose registered office is situated at 1st Floor,
Forefront Cyber Centre, 9 Fui Sha Wai Lane, Tong Yan San Tsuen,
Yuen Long, New Territories, Hong Kong.

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

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

Dibb Lupton Alsop
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18th day of
January 2005.

This notice is dated 17 December 2004.


SUPER FINANCE: Enters Bankruptcy Proceedings
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Super Finance Limited by the High Court of Hong Kong Special
Administrative Region was on the 10th day of November 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

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

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

W. I. Cheung & Co.
Solicitors for the Petitioner
Rooms 2505-10 Wing On House
71 Des Voeux Road Central
Central, Hong Kong

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

This notice is dated 17 December 2004.


TAK HING: Winding Up Hearing Set January 19
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of Tak
Hing Lung Kin Kee Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 27th 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 19th day of January 2005.

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

Rowland Chow, Chan & Co.
Solicitors for the Petitioner
15th Floor, Wing Lung Bank Building
No. 45 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18th day of
January 2005.

This notice is dated 17 December 2004.


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


BANK GLOBAL: Police Arrest One More Official
--------------------------------------------
The Indonesian Police arrested one more executive of Bank Global
Internasional for alleged participation in the bank fiasco,
Antara reports.

Stevanus alias Steven was the 11th Bank Global official arrested
and detained by the police since the central bank suspended Bank
Global's activities on Dec. 14.

According to Polri' Deputy Chief Spokesman Brig. Gen. Soenarko
DA, Steven allegedly carried some IDR16.5 billion in cash to the
engine room at the 28th floor and helped count the money.

In the afternoon of Dec. 14, police arrested eight Bank Global
officials namely Director Budijono, Demitrius Nugraha Ramaun,
Popi Wimanjaya, Iwan Harsono, Lie Hadiyanto, Toni Simanjuntak,
Arief Kurniadi and Yupiter Budiman.

That night, the police detained two bank officials, Steven and
Maksun, for attempting to dispose of documents.

The central bank decided last week to freeze 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


BANK GLOBAL: Bapepam To Probe Firms Likely Involved in Scandal
--------------------------------------------------------------
Five securities allegedly involved in helping executives of Bank
Global Internasional to falsely inflate the bank's assets will
face an investigation by the Capital Market Supervisory Agency
(Bapepam), according to The Jakarta Post.

Bapepam would soon summon the five securities over strong
indications that they were involved in tampering with data
submitted to the central bank over the amount of securities
papers owned by Bank Global.

Bapepam, which has inspected the five securities firms in June,
is now planning to investigate them over an indication of their
involvement in fraud.

A source at Bapepam said the firms had been giving false reports
to Bank Indonesia by confirming that Bank Global securities
papers could be financial verified.  The securities certificates
were used by the bank to boost its capital adequacy ratio (CAR)
beyond the central bank's 8 percent minimum requirement.

Due partly to the problem, the central bank suspended Bank
Global's operations because of its deteriorating financial
condition, as indicated by its CAR plunging from 44 percent in
September to below the normal 8 percent level in October.


BANK PERMATA: PPA Asking to Sell More Stakes
--------------------------------------------
State asset management Company Perusahaan Pengelola Aset (PPA)
is seeking approval from the House of Representatives to sell
more stakes of the government in Bank Permata and in Bank Lippo,
according to Asia Pulse.

PPA President Muhammad Syahrial confirmed the PPA plans to
divest stakes in Bank Permata and Bank Lippo at a right time
when the price is good. The proceeds will then be used to help
plug the country's huge budget deficit.

For this year, the PPA is aiming to raise IDR5 trillion (US$89
billion) to narrow the deficit through privatization and
divestments of assets.

According to Mr. Syahrial, the PPA is still awaiting the finance
minister's endorsement to sell government stakes in a number of
other banks.

PPA hopes to be able to raise up to IDR6.5 trillion this year
including from the sales in November of 51 percent stake in Bank
Permata, 10 per cent stake in Bank Danamon, 16.2 percent stake
in Bank Niaga and proposed sales of 20 per cent more stake in
Bank Permata.

CONTACT:

PT Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Gedung Bank Bali
Jakarta 12920
Indonesia
Phone: +62 21 523 7899
Fax: +62 21 250 0680  


PERTAMINA: Imposes LPG Hike to Prepare Public for Fuel Rise
-----------------------------------------------------------
The Institute of Economic and Financial Development (INDEF)
believed PT Pertamina's decision to raise the price of liquefied
petroleum gas (LPG) and Pertamax and Pertamax Plus gasoline was
an attempt to prepare the public for price hike in other fuel
oils, reports Asia Pulse.

INDEF economic observer, Fadel Hasan, said the government as
trying to dampen possible strong reaction from the public to
skyrocketing fuel prices by first raising the prices of two
types of gasoline.

In order to adapt to rising global oil prices, Pertamina raised
the price of LPG by 41 percent, and Pertamax and Pertamax Plus
by 60 percent.

The price of LPG had been raised from IDR3,000 to IDR4,250 per
kg, and in Batam island from IDR3,500 to IDR4,800 per kg.

The price of Pertamax was raised from IDR2,450 to IDR4,000 per
liter, and Pertamax Plus from IDR2,750 to IDR4,200 per liter.

CONTACT:

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


SEMEN GRESIK: Government Makes Headway in Cemex Row
---------------------------------------------------
The government proposed six final options for an out-of-court
settlement over a protracted dispute in PT Semen Gresik, The
Jakarta Post says.

Aside from the six options, the government will also allow Cemex
to construct new cement plants in Indonesia in order to fulfill
the country's expected rise in cement demand next year.

Without disclosing what the options are, Minister of State
Enterprises Sugiharto, stressed that the government's main
parameter was to keep its 51 percent controlling stake in
Gresik.

Mr. Sugiharto explained that the government has created a five-
person team to negotiate the options with Cemex.

The Cemex case emerged after the management of Gresik's
subsidiary PT Semen Padang and local politicians opposed an
option to let Cemex increase its shares in Gresik to a majority
stake, as stipulated in a 1998 investment deal, on fears that
foreigners would dominate the country's cement industry. Cemex
then filed a lawsuit with the International Center for the
Settlement of Investment Disputes, demanding the government pay
damages.

Besides the risk of having to pay huge penalties, the government
is also under pressure to quickly settle the dispute to help
revive investor confidence in the country.

CONTACT:

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


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


DAIEI INCORPORATED: IRCJ Eyes Larger Food Store Network
-------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is
considering expanding Daiei Incorporated's network of profitable
food supermarkets to about 100 branches, Dow Jones reports.

Seeing that Daiei's food supermarket operations have been
performing relatively well, the state-backed corporate
turnaround body is drawing up the expansion plan.

However, the IRCJ still intends to close down 53 unprofitable
outlets while continuing to hold the remainder after
refurbishing floor spaces.

The IRCJ will make a final decision to support Daiei's
rehabilitation on Dec. 28 and shortlist two or three candidates
to sponsor the restructuring through bidding in mid-January. The
final candidate will be named by March.

CONTACT:

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


JAPAN BROADCASTING: Aims to Restore Public Trust
------------------------------------------------
Japan Broadcasting Corporation, better known as NHK, is aiming
to restore public trust following a series of embezzlement
scandals, according to Kyodo News.

NHK broadcasted a special show Sunday night, in a bid to win
back the confidence of the public, 113,000 of which have refused
to pay fees to the public broadcaster as a result of the
scandals.

Among the scandals, a former NHK TV producer was arrested
earlier this month for allegedly conspiring with the head of an
entertaining Company to defraud the broadcaster out of JPY2.7
million.

The Japan Broadcasting Workers Union, made up of about 8,500 NHK
employees, had demanded NHK to broadcast a special program to
address public concerns over the scandals.

CONTACT:

Japan Broadcasting Corporation
Address: 2-2-1 Jinnan, Shibuya-ku Tokyo 150-8001
Phone: 81-3-3465-1111
E-mail: webmaster@www.nhk.or.jp
Web site: http://www.nhk.or.jp/index-e.html


MITSUBISHI FUSO: Submits Business Improvement Report
----------------------------------------------------
The Ministry of Land, Infrastructure and Transport has on Friday
received from Mitsubishi Fuso Truck & Bus Corporation a report
containing proposed improvements for 40 items, says Asia Pulse.

The report was issued in response to the ministry's warning in
May about the truck maker's cover-up of faulty wheel hub
problems.

Aside from improvements in recall procedures and measures to
prevent the recurrence of cover-ups, Mitsubishi Fuso has also
pledged to conduct thorough internal audits on a regular basis.

Mitsubishi Motors Corporation, Mitsubishi Fuso's pre-spinoff
predecessor, had in 2000 received a warning from the former
Transport Ministry regarding its defect cover-ups. However, the
situation did not change.

At present, the Company is working to establish an oversight
division that overseas changes and provides progress reports to
the board of directors every three months.

The Land, Infrastructure and Transport Ministry had called for a
report from Mitsubishi Fuso as a precondition for grating safety
certification for a new model. The ministry will then assess the
contents of the report and decide whether to allow the Company
to unveil its new vehicle.

CONTACT:

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


TOSHIBA CORPORATION: Develops New CMOS Fabrication Technology
-------------------------------------------------------------
Toshiba Corporation has announced a new method for suppressing
thermal instability and current leakage in MOS transistors that
support advanced CMOS fabrication at 45-nanometer gate lengths
and beyond. The new technology will contribute to the continued
application of CMOS technology to future generations of LSI.

The conventional NiSi layer in a shallow junction is thermally
unstable; subjecting the layer to heat results in large current
leakage. Toshiba has developed a method to suppress this thermal
instability that is based on implanting fluorine ion into the
surface prior to the formation of the NiSi layer. This solution
directly addresses a significant problem in the LSI
manufacturing process, and offers a solution for advanced CMOS
fabrication with NiSi.

The new method also offers a cost-effective solution, since
implantation of fluorine ion can be done with current
manufacturing equipment and produces no adverse side effects in
the manufacturing process, such as sharp increase of sheet
resistance.

As lower power consumption while delivering greater performance
is a prerequisite for advanced MOS transistors, especially
process technology at 45 nanometer and beyond, Toshiba plans to
incorporate the new method into 45-nanometer LSI fabrication
process.

Full details of the new technology were presented on December 15
at the IEDM 2004 in San Francisco.

CONTACT:

Toshiba Corporation
1-1 Kanda-Nishikicho
Chiyoda-Ku 101-8442, Tokyo 101-8442
Japan
Phone: +81 3 3292 1011
Fax: +81 3 3292 6440
Web site: http://www.toshiba.co.jp/


UFJ HOLDINGS: Unit Allegedly Blocked FSA Probes Since 2002
----------------------------------------------------------
UFJ Bank, the core banking unit of troubled UFJ Holdings
Incorporated, had allegedly concealed documents since 2002 on
the financial conditions of large corporate borrowers during
inspections by the Financial Services Agency (FSA), reports The
Daily Yomiuri.

The recent discovery came on top of the October 2003 case where
the bank is accused of illegally obstructing government probes.

Sources confirmed that from 2002 and early 2003, UFJ bank hid
important documents not only during special inspections focusing
on large borrowers, but also during regular checks on overall
management.

On Dec. 1 last year, UFJ Bank's former vice president and two
other former executives were arrested for allegedly blocking FSA
inspections in October last year.

According to prosecutors, the three admitted they ordered bank
employees to move 110 items, including cardboard boxes
containing financial documents on UFJ borrowers, to other rooms
to hide them from FSA officers during the inspections.

CONTACT:

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


* METI to Establish Study Group on Post-IRCJ Rehabilitation
-----------------------------------------------------------
The Ministry of Economy, Trade and Industry will set up a study
group to prepare a legal system for corporate rehabilitation
after the Industrial Revitalization Corporation of Japan (IRCJ)
stops buying debts from troubled firms in March next year,
according to Jiji Press.

Hideaki Sudo will lead the study group, which will consist of 18
members including public accountants and bankers. FSA officials,
the Bank of Japan and the IRCJ will join the group as observers.

The IRCJ, which was set up in April 2003 to aid struggling but
viable firms, will stop purchasing debts from target firms at
the end of March 2005. The corporate turnaround body will
complete its reconstruction work with target companies before it
ends its mission in 2008.

The study group, which will start discussions Thursday, will
focus measures to encourage private companies to engage in
corporate rehabilitation, as private firms are expected to start
playing major roles in turning around ailing companies after the
IRCJ stops buying debts.

Concretely, the group will discuss how to prevent the erosion of
the value of a target Company in the course of legal bankruptcy
procedures, as well as measures to smooth negotiations between
creditors.


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


HANARO TELECOM: Changes Corporate Name
--------------------------------------
In a U.S. Securities and Exchange Commission filing, Hanaro
Telecom Inc. disclosed the details in the change of the
Company's corporate name.

(1) DETAILS OF THE CHANGE

(A) Prior to change
- Hanaro Tongshin Chushik Hoesa in Korean
- HANARO TELECOM INCORPORATED In English B. After The Change
- Hanarotelecom Chushik Hoesa in Korean
- hanarotelecom incorporated in English

(2) REASON FOR THE CHANGE: to conform the Company's corporate
name with its corporate identity (CI)

(3) RESOLUTION DATE: December 16, 2004

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


HANARO TELECOM: Unveils Grant of Stock Option Rights
----------------------------------------------------
Hanaro Telecom Inc. disclosed to the U.S. Securities and
Exchange Commission the Resolutions for granting the stock
option rights in extraordinary general meeting of shareholders.

(1) DETAILS OF GRANTING THE STOCK OPTION RIGHTS

- Resolution date: December 16, 2004
- Granting date: December 16, 2004
- Grantees: A total of 1,451 persons
- Limits of the Company's granting the stock option rights
(share):
69,320,277
- Type and number of shares that were previously granted:
1,721,153 registered common shares
- Type and number of shares to be delivered: A total of
19,772,890 registered common shares
- Method of granting: issue of new shares, transfer of treasury
stock or the compensation of difference

(2) CONDITIONS FOR EXERCISE

- Exercise Period: from December 17, 2006 to December 16, 2011
- Exercise price (KRW): 5,000 for each registered common share

(3) OTHERS

- Method of Granting:

Method of granting shall be resolved by the Company among issue
of new shares, transfer of treasury stock or the compensation of
difference at the time of exercising the rights.

- Adjustment of exercise price:

In case of capital increase, stock dividend, conversion of
reserve into capital, conversion of convertible bonds, capital
increase through the exercise of preemptive rights, stock split
or consolidation of shares, or the occurrence of merger, the
exercise price shall be adjusted and details thereof shall be
resolved by the Board of Directors.

- Exercise period

- Grantees shall be entitled to exercise the amount of up to 60%
of their respective stock option rights after 2 years from the
granting date and up to additional 40% after 3 years from the
granting date. The outside directors in office as of the
granting date are entitled to exercise 100% of the stock option
right after 2 years from the granting date.

- However, in the event of death, ordinary retirement, the
involuntary termination of employment contracts, reorganization,
change of control, or any other events provided for under the
stock option agreements, the Representative Director, CCO, COO,
CTO, CSO, CFO and CMO as of the granting date shall be vested
with 100% of their respective granted stock option rights and be
entitled to exercise the respective unexercised stock option
rights upon the occurrence of such an event to the extent
permitted by the relevant Korean laws regulations.

- The procedures for the exercise of a stock option right and
the special treatment applicable to death, ordinary retirement,
etc. shall be subject to the relevant Korean laws and
regulations, and the Company's internal regulations.

- The Representative Director shall be authorized to finalize
and execute stock option agreements in accordance with the above
and the relevant Korean laws and regulations.

(4) DATE OF RELEVANT DISCLOSURE

- October 29, 2004

(5) STOCK OPTION RIGHTS TO BE GRANTED IN DETAIL

Grantee   Relations with the    Number of shares
          Company               to be delivered

                                  Remarks  Common  Preferred
                                               Stock   Stock

YOON,
CHANG
BUN    Registered Officer 5,776,690   - Representative Director
PARK,

SUNG
KYOU   Registered Officer  50,000     -      Outside Director

KIM,
SUN
WOO   Registered Officer   50,000     -     Outside Director

KWON,
SOON
YUB   Non-registered Officer 500,000   -      CCO

OH,
JUNG
TAIK   Non-registered Officer  500,000  -     COO

RHEE,
JONG
MYUNG  Non-registered Officer  500,000  -     CTO

JANICE
LEE     Non-registered Officer 1,000,000  -   CFO

YUN,
KYOUNG
LIM     Non-registered Officer   500,000  -   CMO

OH,
GYU
SEOK    Non-registered Officer   500,000  -   CSO

SUH,
JUNG
SIK
&
Non-
registered -   1,441
Persons Officers & Employees 10,396,200

* Refer to "Reference Material for Extraordinary General Meeting
of Shareholders" for details of the stock option rights to be
granted to each of the grantees.


LG CARD: LG Group Formally Rejects Bailout Proposal
---------------------------------------------------
LG Group presented to the Korea Development Bank (KDB) a written
letter Monday citing formal rejection for a call to bailout the
ailing card Company LG Card, reports The Korea Times.

The move raises the possibility of liquidation for LG Card.  But
the final decision on the credit card issuer will be made on
December 29 during the meeting of creditors and board of
directors.

The liquidation would have 25 percent of the effect that the
dissolution of the Daewoo Group had on the country's economy six
years ago.  LG Card has KRW20 trillion (US$18.2 billion) in
bonds.

Some KRW1.2 trillion in rescue funds in order to keep the
Company afloat is needed by LG Card. KDB calls LG Card's former
parent group to shoulder the KRW770 billion.  

The main creditor bank KDB and other creditors gave LG Group the
deadline of Monday for the decision. The KDB holds a 26 percent
stake in LG Card.

"We will not go against market principles to rescue the debt-
ridden card firm. If we did, chances are that our management
transparency and creditability would be seriously damaged," an
LG Group spokesman said.

LG Card did not gain a single support from LG Group for the
controversial bailout plan after the November 25 ultimatum given
by creditors.

"It's too early to talk about the liquidation of LG Card because
we have nine more days before creditors make a final decision on
our fate," an LG Card spokesman said.

LG Card will face de-listing and liquidation unless the board of
directors come out with solutions by December 29.

CONTACT:

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


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


AOKAM PERDANA: Completes Rescue Scheme
--------------------------------------
On behalf of the Board of Directors of Aokam Perdana Berhad,
Southern Investment Bank Berhad announced that the Company has
completed the proposed rescue scheme on 20 December 2004 with
the re-quotation/listing of Aokam's securities on the same date.

CONTACT:

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

This announcement is dated 20 December 2004.


ARTWRIGHT HOLDINGS: Shareholders OK AGM Resolutions
---------------------------------------------------
The Board of Directors of Artwright Holdings Berhad announced
that at its Eleventh Annual General Meeting (AGM) held on 20
December 2004, the shareholders of the Company have approved all
the ordinary resolutions as set out in the Notice convening the
AGM dated 26 November 2004 contained in the 2004 Annual Report.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


BOUSTEAD HOLDINGS: Units Face Winding Up Proceedings
----------------------------------------------------
Boustead Holdings Berhad (BHB) announced that its wholly owned
subsidiaries namely the Holiday Bath Sdn Bhd and Progress
Casting (1982) Sdn Bhd have passed a special resolution for
members' voluntary winding-up at their respective Extraordinary
General Meetings (EGM) held on 14 December 2004.

The Company also announced that three of its indirect
subsidiaries namely Ladang Segaria Sdn Bhd, Kedah Oil Palms
Berhad and Yaw Lim Plantations Sdn Bhd, which are wholly owned
subsidiaries of Boustead Plantations Berhad (Formerly known as
Kuala Sidim Berhad), have passed a special resolution for
members' voluntary winding up at their respective Extraordinary
Meeting held on 15 December 2004.

In connection with the subsidiaries above, Messrs. Folks
Corporate Services Sdn Bhd has been appointed as the
liquidators, whereas Messrs. KPMG Malaysia has been appointed as
liquidators of the indirect subsidiaries.

The Winding-Up will not have any material impact on the earnings
and net tangible assets of Boustead Holdings Berhad.

None of the directors and substantial shareholders of BHB has
any interest in the transactions.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my


DAI HWA: Applies for Extension of Regularization Plan Submission
----------------------------------------------------------------
Dai Hwa Holdings (M) Berhad refers to its requisite
announcements dated 14 October 2004 and 27 August 2004.

The Company has applied for a further nine (9) days from 22
December 2004 to up to 31 December 2004 to submit its
regularization proposals to the relevant authorities for
approval due to certain developments to its proposals, which
will be announced in due course.

CONTACT:

Dai Hwa Holdings (M) Berhad
Suite 14A2,
Level 14,
Menara Ansar,
65 Jalan Trus,
80000 Johor Bahru,
Johor
Phone: 07-2241035
Fax: 07-2210891
Web site: http://www.dahw.com.my

This announcement is made on 20 December 2004.


GOLDEN FRONTIER: Issues Notice of Shares Buy Back
-------------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on December 20, 2004.

Date of buy back: 20/12/2004

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

Total number of shares purchased (units): 1,000

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

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

Total consideration paid (RM): 693.28

Number of shares purchased retained in treasury (units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,238,100

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

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890

This announcement is dated 20 December 2004.


KUMPULAN HARTANAH: Answers Bursa Malaysia Query
-----------------------------------------------
Kumpulan Hartanah Selangor Berhad replied to the Bursa Malaysia
Securities Berhad's query letter dated 20 December 2004
pertaining to the notice of winding up petition, appearing in
The Star, Star Notices, Page 6 on Monday, 20 December 2004.

The Company furnished the following information as requested by
the Bursa Securities for public release:

(1) Kumpulan Hartanah received a Winding-Up Petition, which was
served on Brisdale Holdings Berhad (Brisdale), a wholly-owned
subsidiary of Kumpulan Hartanah Selangor Berhad (KHSB) on 25
November 2004 vide Shah Alam High Court Companies Winding-Up
Petition No. MT1-28-279-2004 dated 19/10/2004 by the Petitioner,
Lee Thian Lye at the registered office of Lot 1A, Level 1A,
Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam,
Selangor Darul Ehsan.

(2) The total amount claimed under the petition is RM61,368.44
being final judgment sum together with an interest at the rate
of 8% per annum calculated from 20/8/2004 to the date of
realization and the total costs of RM1,256.00 pursuant to the
Shah Alam Sessions Court Summon No. 3-52-104-2004 dated
20/8/2004. The Petitioner has by two (2) Sale &Purchase
Agreements dated 17/10/1997 and 24/10/1997 respectively brought
an action against Brisdale for rescission of contract, refund
all monies and damages alleging that Brisdale has breached the
contract for not delivering the properties known as Lot 250-G,
Ground Floor & Lot 250-3A, 3rd floor, West Port Tech Zone, Pulau
Indah, Selangor on the date specified in the Sale & Purchase
Agreements

(3) The Petitioner has on 20/8/2004 obtained a judgment against
Brisdale for the liquidated ascertained damages (LAD) claim in
respect of the aforesaid properties in the sum of RM61,368.44
together with interest at the rate of 8% per annum calculated
from 20 August 2004 until full realization and the costs of
RM1,256.00. Subsequently, a series of negotiation had taken
place but the Petitioner had rejected our proposals for
settlement. On 27 August 2004, a statutory notice pursuant to
Section 218 (2) (a) of the Companies Act, 1965 was served on
Brisdale and the Petitioner has agreed to waive all interests
and cost. We have replied to the said notice informing the
Petitioner that our records shows that the Petitioner still owes
Brisdale late payment progress interest (calculated until
20/8/2004) for the sum of RM6,485.57. We have proposed to pay
RM54,882.87 in twelve (12) monthly installments but was rejected
by the Petitioner and the Petitioner insisted that we comply
with the Judgment dated 20/8/2004. Consequently, we made an
arrangement to comply with the Judgment Sum but before the
payment was delivered to the solicitors of the Petitioner, the
Petitioner has advertised the Petition in the media.

(4) The total cost of investment in Brisdale by KHSB is
RM181,715,189.00 .

(5) We do not foresee the amount claimed to have any financial
nor operational impact on the Group.

(6) Apart from the amount claimed, we do not foresee any further
losses except for legal cost in which we need to pay the
Petitioner's solicitors as well as ours.

(7) The Company has reached an agreement with the solicitors of
the Petitioner for an immediate settlement of the claim.

(8) The Petition will be heard on 15 February 2005.

Query Letter content:

The Bursa Malaysia Securities Berhad refer to the advertisement
on winding-up petition appearing in Star, Star Notices, page 6
on Monday, 20 December 2004, a copy of which is enclosed for
your reference.

In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:

The name of the petitioner and date the winding-up petition was
served on Brisdale;

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition;

The total cost of investment in Brisdale;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any arising from the winding-up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;

The date of hearing;

8. Where Brisdale is a major subsidiary, a statement whether
Kumpulan Hartanah Selangor Berhad (Company) and its group of
companies (Group) is solvent i.e. that no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due; and

9. Where Brisdale is a major subsidiary, an undertaking to
provide Bursa Securities a solvency declaration executed by the
directors of the Company within seven (7) days (where such
declaration can be made).

Please note that the board of directors of the Company must
endorse the contents of the announcement.

Yours faithfully,
CHEE KAI MUN
Manager
Issues & Listing
Group Regulations
CKM
Copy to: Securities Commission (via fax)

CONTACT:

Kumpulan Hartanah Selangor Bhd
Lot 1A, Level 1A, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Selangor Darul Ehsan
Phone: 03-55223888  
Fax: 03-55105188  


MYCOM BERHAD: OCBC Withdraws Suit
---------------------------------
Mycom Berhad refers to the announcement dated 17 September 2004
as regards to the writ of summons filed by OCBC (Malaysia)
Berhad (OCBC). The Company announced that OCBC has agreed to
withdraw the suit against the Company.

In addition, OCBC has also agreed to participate in the proposed
debt restructuring under the Proposed Restructuring Scheme
(Scheme) of the Company. Mycom has now received full approval
from all lenders in its debt restructuring exercise under the
scheme.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996


NALURI BERHAD: Releases Appointment of Special Administrators
-------------------------------------------------------------
Pursuant to section 28(2) of the Pengurusan Danaharta Nasional
Berhad Act 1998, the Oversight Committee, on the recommendation
of Pengurusan Danaharta Nasional Berhad, has approved the
termination of the Special Administrators of Naluri Berhad.

In view of the above, notice is hereby given that the Special
Administrators of the Company have been released from their
appointment with effect from 18 December 2004. The Special
Administration of Naluri and the moratorium in respect of Naluri
is terminated with effect from 18 December 2004.

Mohamed Raslan bin Abdul Rahman
Gan Ah Tee
Ooi Woon Chee
c/o KPMG Corporate Services Sdn Bhd (462265-P)
8th Floor, Wisma KPMG
Jalan Dungun, Damansara Heights, 50490 Kuala Lumpur
Phone: 03-2095 3388 Fax: 03-2094 7005

CONTACT:

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


NALURI BERHAD: Appoints New Chairman
------------------------------------
Naluri Berhad announced the appointment of Dato' Sri Adam Sani
Abdullah as its new Chairman on December 20, 2004.

Date of change: 20/12/2004  

Type of change: Appointment

Designation: Chairman

Directorate: Executive

Name: Dato' Sri Adam Sani Abdullah (formerly Maung Ng We @ Lim
Yong Tong)

Age: 48

Nationality: Malaysian

Qualifications: Mid Cornwall College of Further Education,
United Kingdom

Working experience and occupation: 1979-1980

Worked with the Bank of China in London, United Kingdom.

1980-1986

Managed his family's Malaysian business in stock-broking,
leasing, manufacturing and commodity trading.

1987-1999

Invested in residential properties and hotels in London, New
York, Hong Kong and Singapore and was involved in the stock-
broking and other business.

2000-present

Chairman and Non-Executive Director of Atlan Holdings Bhd.
Directorship of public companies (if any) : Atlan Holdings Bhd
Family relationship with any director and/or major shareholder
of the listed issuer: Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries: He is indirectly interested in 220,965,222
ordinary shares of RM1.00 each in Naluri Bhd representing 32% of
equity interest in Naluri Bhd by Atlan Properties Sdn Bhd by
virtue of his deemed substantial shareholding in Atlan Holdings
Bhd. Atlan Holdings Bhd in turn holds 70% equity interest in
Atlan Properties Sdn Bhd.


OCEAN CAPITAL: Hwang-DBS Resigns as Advisor
-------------------------------------------
Ocean Capital Berhad announced that Hwang-DBS Securities Berhad
has resigned as the advisors for the proposed corporate
restructuring exercise of the Company with immediate effect via
their letter dated 17 December 2004.

CONTACT:

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

This announcement is dated 20 December 2004.


OMEGA HOLDINGS: Details Delisting of Securities
-----------------------------------------------
Omega Holdings Berhad announced that the Bursa Securities has
vide their letter dated 20 December 2004, informed that the
removal of the securities of the Company from the Official List
of Bursa Securities on 21 December 2004 shall be deferred
pending the decision of an appeal, which was submitted by the
Company on 10 December 2004, to the Appeals Committee of Bursa
Securities.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax: +60 3 2713 2170

This announcement is dated 20 December 2004.


PASARAYA HIONG: RAM Downgrades CP/MTN Ratings
---------------------------------------------
Rating Agency Malaysia Berhad (RAM) has downgraded the
respective long- and short-term ratings of BBB3 and P3 of
Pasaraya Hiong Kong Sdn Bhd's (PHK) RM120 million Commercial
Papers / Medium-Term Notes (CP/MTN) to C3 and NP.

The immediate downgrade reflects the sudden and unexpected
closure of all PHK supermarket and departmental store outlets,
namely at Pudu Plaza, Pearl Point, Paragon Point, Pandan Kapital
and Kompleks Sungai Buloh, all of which are located within the
Klang Valley. The cessation of operations effectively leaves the
Company with virtually no source of operating cash flows from
which to support its financial obligations on the RM120 million
CP/MTN currently still outstanding. While PHK has yet to
actually default on its financial obligations towards the
CP/MTN, it nevertheless appears imminent.

Further details regarding the cessation of PHK's supermarket and
departmental store operations are not immediately known as all
attempts to contact the senior management of PHK have been
futile.

PHK's BBB3 and P3 ratings were last reaffirmed in November 2003
based on a stable credit profile that includes the strategic
locations of PHK's outlets, the non-cyclical demand for food and
refrigerated items that are its core products as well as a
steady operating cost structure. Prior to their reaffirmation,
the ratings had been placed on Rating Watch with a developing
outlook in April 2003, in view of PHK's participation in the
corporate restructuring exercise of supermarket and departmental
store operator, Ocean Capital Berhad (Ocean).

The Rating Watch on PHK's ratings was subsequently lifted in
conjunction with the latest annual rating review in November
last year, where it was assessed that the incorporation of
Ocean's 12 outlets across Peninsular Malaysia into PHK's
operations would result in potential synergistic gains in the
form of an extended market reach and an additional cash flow
contribution of RM9 million-RM12 million.  

However, a current assessment by RAM on the level of PHK's
credit worthiness is unavailable at this juncture as relevant
information from the Company has not been forthcoming. However,
we had earlier anticipated PHK to maintain respective gross and
operating profit before depreciation, interest and tax (OPBDIT)
margins at 13%-14% and 5% for its current financial year, i.e.
FYE 31 March 2005 (FY 2005). PHK registered a turnover of
RM198.7 million and an OPBDIT margin of 7.3% in FY 2003.

The rating agency highlighted that the note holders currently
have, among securities pledged for the CP/MTN, a third party
charge on 2 commercial lots and a 4-storey shopping complex in
Bandar Baru Sungai Buloh, Selangor, belonging to Tat Seng Fatt
Holding Sdn Bhd, the holding Company of PHK.

Analyst:

Karen Wan
Phone: (603) 7628 1032
Email: karen@ram.com.my


TENAGA NASIONAL: Names New Director
-----------------------------------
Tenaga Nasional Berhad announced the appointment of Mohammad
Zainal Bin Shaari as its Director on December 20, 2004.

Date of change: 20/12/2004  

Type of change: Appointment
Designation: Alternate Director

Directorate: Non Independent & Non Executive

Name: MOHAMMAD ZAINAL BIN SHAARI

Age: 41

Nationality: Malaysian

Qualifications: - Fellow of the Institute of Chartered
Accountants in England & Wales

Fellow of the Association of Chartered Certified Accountants
(UK)

Member of the Malaysian Institute of Accountants

Member of the Malaysian Institute of Certified Public
Accountants

Working experience and occupation: Oct 2004 - Present: Director
in Managing Director's Office, Khazanah Nasional Berhad

Jan 2003-October 2004: Principal in BinaFikir Sdn Bhd

1990-2002: Assistant Manager and Partner at
PricewaterhouseCoopers

1984-1990: spent 6 years with an international Accounting Firm
in United Kingdom

Directorship of public companies (if any): Proton Holding Berhad

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

Details of any interest in the securities of the listed issuer
or its subsidiaries: Nil

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax: +60 3 2283 3686


YCS CORPORATION: Details Delisting of Securities
------------------------------------------------
YCS Corporation Berhad was notified on 6 December 2004 that its
securities would be removed from the Official List of Bursa
Malaysia Securities Berhad (Bursa Securities) at 9 a.m. on
Tuesday, 21 December 2004.

The Company has up to seven (7) days from the date of
notification of the decision to de-list to submit an appeal to
Bursa Securities in relation to the decision of Bursa Securities
to de-list its securities from the Official List of Bursa
Securities.

YCS Corporation has submitted an appeal against the decision of
Bursa Securities to de-list its securities from the Official
List of Bursa Securities within the 7-day period (the Appeal).

In view of the Appeal, please be informed that the Appeals
Committee shall defer the removal of the securities of YCS from
the Official List of Bursa Securities on 21 December 2004
pending the decision on the Appeal.

CONTACT:

YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax: +60 3 80242911


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


ATLAS CONSOLIDATED: Updates Transfer Of Properties
--------------------------------------------------
Further to Circular for Brokers No. 5371-2004 dated December 14,
2004, Atlas Consolidated Mining & Development Corporation (AT),
furnished the Philippine Stock Exchange a copy of its amended
SEC Form 17-C dated December 17, 2004, containing the list of
properties to be transferred to the Toledo City government in
relation to the compromise agreement on the settling of the tax
liabilities of the Corporation to the City:

i. Land at Cambang-ug
Lot No. 384 (Tax Declaration No. 00529)
Land Area: 194,221 sq.m. P 13,595,470.00

ii. Land at Ilihan (net of tax warranty of P2,527,048.00)
Lot No. 538-P (Tax Declaration Nos. 00777 & 00776)
Land Area: 69,272 sq.m. 13,059,152.00

iii. Magdugo Lot
Lot No. 692 (Tax Declaration No. 01217)
Land Area: 96,622 sq.m. 31,402,150.00

iv. Dumlog Lot
Lot No. 4810-P (Tax Declaration No. 00263)
Land Area: 100,000 sq.m 17,500,000.00

v. Magdugo Lot
Lot No. 635 (Tax Declaration No. 00685)
Land Area:17,764 sq.m. 5,773,300.00
Total P81,330,072.00

For your information,
Ma. Pamela D. Quizon-Labayen
Head, Disclosure Department
Noted By:
Jurisita M. Quinto
Senior Vice President

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


MAYNILAD WATER: Court Decides On Rehab Plan This Month
------------------------------------------------------
A court decision whether to approve the recommendations to the
rehabilitation plan for Maynilad Water Services, Inc. is
expected to be out by the end of this year, Yehey Finance
reports, citing Maynilad receiver Lawyer Rosario S. Bernaldo.

Ms. Bernaldo and Maynilad creditors are reviewing the
rehabilitation plan of Maynilad submitted in court last
September. Ms. Bernaldo added that the revised strategy to pay
off the water firm's debts would have to be implemented by
January 14.

Based on the concessionaire'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.

CONTACT:

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


METRO PACIFIC: Settles Penalties On Revised Disclosure Rules
------------------------------------------------------------
Pursuant to Section 4 of the Revised Disclosure Rules pertaining
to "Publication of Penalties Assessed", the Philippine Stock
Exchange hereby informs the trading participants and the
investing public that Metro Pacific Corporation (MPC) has
settled the corresponding penalty for its non-compliance with
the requirement prescribed in Sections 4.1 and 4.4 (u) of the
Revised Disclosure Rules of the Exchange pertaining to the
Disclosure of Material Information and Events Mandating Prompt
Disclosure.

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

CONTACTS:

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


NATIONAL POWER: New President Takes Seat By End-March
-----------------------------------------------------
The Department of Energy (DOE) announced the appointment of
Energy Undersecretary Cyril Del Callar as President of National
Power Corporation (Napocor), effective March 31, the Philippine
Daily Inquirer reports.

Mr. Del Callar will replace the outgoing Napocor President
Rogelio Murga, who had earlier signified his intention to
retire. The energy department did not say whether Del Callar
would remain an undersecretary.

Next year, the government is to assume Php200 billion of the
power utility's debts of around Php500 billion to pave the way
for its sale to private investors.

CONTACT:

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


NATIONAL POWER: Sets To Bid Out Fuel Logistic Contracts
-------------------------------------------------------
The National Power Corporation (Napocor) is seeking tenders for
Php191 million worth of contracts for various fuel logistic
support services for 18 power plants being operated by its Small
Power Utilities Group (SPUG), in a bid to improve the delivery
of fuel supply to these facilities, ABS-CBN News reports.

The state-owned utility will bid out the construction of fuel-
storage facilities in four strategic locations, as well as the
hauling and delivery of diesel fuel to these storage areas over
a three-year period.

Napocor has grouped the 18 SPUG plants into four clusters based
on their general geographic location:

(1) Cluster 1 consists of four power plants in Northern Luzon:
Basco, Itbayat and Sabtang in Batanes and Calayan in Cagayan.
NAPOCOR has earmarked a budget of P42.44 million for this group.

(2) Cluster 2 covers five power plants in Northeastern Luzon,
including Jomalig, Patnanungan, and Polillo in Quezon, Casiguran
in Aurora and Palanan in Isabela. The approved budget for this
cluster is P48.79 million.

(3) Cluster 3 includes five power plants in the northern part of
Palawan, namely Busuanga, Culion, Linapacan, San Vicente and El
Nido. This group has the biggest share of the total budget at
P63.05 million.

(4) Cluster 4 consists of four power plants in the eastern
portion of Palawan, namely Agutaya, Araceli, Cuyo and
Cagayancillo. A budget of P36.52 million has been allocated for
this group.

At present, the fuel supply of these SPUG power plants is
delivered in drum containers. With the construction of storage
facilities in strategic locations, suppliers can reduce the
number of deliveries to these SPUG power plants and eliminate
additional costs attributed to drum containers.

Interested bidders can conduct site inspections starting
December 21, 2004 until February 8, 2005.

A prebid conference has been scheduled for January 17, 2005,
while the opening of bids will be on February 18, 2005.


PILIPINO TELEPHONE: NTC OKs Piltel Sale To Smart
------------------------------------------------
The National Telecommunications Commission (NTC) has approved
the transfer and issuance of shares of Pilipino Telephone Co.
(Piltel) to affiliate Smart Communications, Inc., reports the
Business World.

The application was approved as NTC sees that the transaction
has no adverse effect on the service Piltel provides.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


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


AJ UNISSON: Receiving Proofs of Debts Unitl January 18
------------------------------------------------------
Notice is hereby given that the creditors of AJ Unisson Pte Ltd,
which is being voluntarily wound up are required on or before
the 18th day of January 2005 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
undersigned Liquidator c/o Messrs Wee Seng Tiong & Co., 1
Coleman Street, #06-10 The Adelphi, Singapore 179803.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts and claims are proved.

Dated the 16th of December 2004.

Wee Hui Pheng
Liquidator


CAPITALAND LIMITED: Retains Partnership with Link REIT
------------------------------------------------------
CapitaLand Limited continues to be committed as a strategic
partner and as a cornerstone investor for The Link REIT. It will
work together with the parties concerned with regard to all
future initiatives to list The Link REIT.

The fact that The Link REIT listing did not proceed on 20
December 2004 is not expected to have any material impact on the
net tangible assets or earnings per share of the CapitaLand
group for its current financial year ending 31 December 2004.  


CHINA AVIATION: Unit Delays Jet Fuel Import Tender Award
--------------------------------------------------------
The auxiliary Company of financially troubled China Aviation Oil
(S) Corp, China Aviation Oil Trading Pte Ltd (CAOT),  has not
yet released an import tender for 460,000 tons of jet fuel
supply into China, reports Reuters.

CAOT, the only unit of CAO to deal with oil trading was
originally due to award the tender, which closed on December 15
and was valid until December 17, late on Friday. CAOT was
expected to issue a statement last Monday

Trader mistrust is being pegged as the reason for delay.

China Aviation Oil Holding Corp. (CAOHC), CAO's Beijing parent
has requested major state traders lie Unipec, Chinaoil and
Sinochem to temporarily take over as agents for China's jet fuel
imports, shortly after CAO revealed a US$550 million trading
loss in late November.


CHINA AVIATION: SIAS Forum Briefs Investors on Legal Actions
------------------------------------------------------------
Securities Investors Association (SIAS) conducted a forum for
minority shareholders of beleaguered Company China Aviation Oil
(S) Corp (CAO) on Monday, Channel News Asia reports.

A lawyer was present to give more legal counsel to more than 600
shareholders who showed up and are now in a bind after the oil
trade debacle was revealed.

According to the lawyer, the best option at the moment is for
investors to wait for CAO's restructuring plans. To a guarantee
a successful lawsuit against CAO, shareholders must first prove
that there was definitely a misrepresentation from CAO and it
merely acted on information and suffered losses as a result.

The unnamed legal counsel also explained that CAO's directors
owe fiduciary duty to the Company not to shareholders directly,
which means lawsuits against the directors can only be
instigated by CAO alone.


EXCEL LEATHER: Undergoes Voluntary Liquidation
----------------------------------------------
ABR Holdings Limited announced at the Singapore Stock Exchange
the voluntary winding up of its associated Company Excel Leather
Co., Ltd.

The Board of Directors of ABR Holdings Limited wishes to
announce that Excel Leather Co., Ltd, an associated Company of
ABR Holdings and is incorporated in Thailand, had on 16 December
2004 commenced member's voluntary liquidation.

Excel Leather is held through the Company's wholly owned
subsidiary Team-Up Overseas Investment Pte Ltd, which holds 50%
of the equity interest in Excel Leather. Jubicorp Investments
Pte Ltd, an unrelated party, holds the remaining 50% of the
equity interest.

Excel Leather is a dormant Company and the voluntary liquidation
of Excel Leather is not expected to have any material impact on
the tangible assets or earning per share of the Company for the
financial year ending 31 December 204.
    

OSCELSING PRIVATE: Issues Notice Of Dividend
--------------------------------------------
Oscelsing Pte Ltd issued its notice of intended dividend at the
Singapore Stock Exchange on 17 December 2004.

Address of Registered Office: 8 Cross Street
#11-00 PWC Building Singapore 048424

Court: High Court of the Republic of Singapore

Number of Matter: Companies Winding Up No. 131 of 1986

Amount per centum: 3.458 cents to a dollar

First and final or otherwise: First and final dividend

When payable: 20th December 2004

Where payable: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424

Dated this 17th day of December 2004.


SILKROUTE E-COMMERCE: Creditors to Prove Claims by January 17
-------------------------------------------------------------
Notice is hereby given that the creditors of Silkroute E-
Commerce Fund I Ltd, which is being wound up voluntarily, are
required on or before 17th January 2005 to send their names and
addresses and the particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to the
undersigned Liquidator of the said Company.

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

Dated this 17th day of December 2004.

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

This Singapore Government Gazette notice is dated 17 December
2004.


U NEED: Sets Winding Up Hearing on December 31
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of U
Need Clothing Pte Ltd by the High Court was, on the 8th day of
December 2004, presented by United Overseas Bank Limited, a
Company incorporated in Singapore and having its registered
office address at 80 Raffles Place, UOB Plaza, Singapore 048624,
Judgment Creditor.

The said Petition will be heard before the Court sitting at the
High Court at 10:00 a.m., on Friday the 31st day of December
2004.

Any creditor or contributory of the said Company desiring 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.

The Petitioner's address is at 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's Solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Dated this 17th day of December 2004.

Rajah & Tann
Solicitors for the Petitioner
4 Battery Road
#15-01 Bank of China Building
Singapore 049908
Tel: 6535 3600
Fax: 6438 4787

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
Rajah & Tann, the Petitioner's Solicitors notice in writing of
his intention to do so. The notice must state the name and
address of the persons, or, if a firm, the name and address of
the firm, and must be signed by the person or firm, or his or
their solicitors (if any) and must be served, or, if posted,
must be sent by post in sufficient time to reach the above named
not later then 12 o'clock noon of the 30th day of December 2004.


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


ADVANCE PAINT: Decreases Registered Capital to THB418,980,025
-------------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
advised the Stock Exchange of Thailand (SET) that during its
Extraordinary Shareholders' Meeting No. 1/2004 on September 15,
2004, the resolution of such meeting was to approve the decrease
of the registered capital from THB4,189,800,250 to
THB418,980,025 by reducing the par value of the shares from
THB10 per share to 1 Baht per share, which resulted in a
reduction of the Company's paid up capital from THB2,224,531,750
to 222,453,175.

All reduced paid-up capital shall be used to compensate the
discount on common shares of amount THB1,970,758,350 and the
accumulated loss of the Company of amount THB31,320,225.

In addition, the meeting has approved the amendment to Article 4
of the Company's Memorandum of Association to change the par
value of the shares from THB10 per share to THB1 per share to be
in line with the capital reduction.

Please be informed that the Company has already registered the
change in the Company's registered and paid up capital,
including the amendment of the Articles of Association with the
Ministry of Commerce on December 14, 2004.

Please be informed accordingly.
Yours sincerely,
(Mrs. Narumol  Punnakitikashem)
Director

CONTACT:

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


NATURAL PARK: Postpones Shareholders' Meeting
---------------------------------------------
Natural Park Public Company Limited notified the Stock Exchange
of Thailand (SET) that the Company is currently in the process
of preparing all the documents and information for the
shareholders to consider the agendas that were announced on
November 30, 2004.  

However, the preparation of documents and information involved
extensive information and many persons, thus, it requires a
great deal of time to prepare which resulted in the delay to
deliver such documents and information.

Therefore, the Company has to postpone the date of the
Extraordinary Shareholders Meeting No. 1/2005 by not more than
14 days.  The Company will hold a Board of Directors Meeting to
consider the date to close the register to suspend the share
transfer of the Company in order to determine the right to
participate in the Extraordinary Shareholders Meeting and the
date of the Extraordinary Shareholders Meeting No.1/2005.  

The Company will notify such information as soon as possible.  

Please be informed accordingly.

Sincerely Yours,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

CONTACT:

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






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S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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