TCRAP_Public/041223.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

             Thursday, December 23, 2004, Vol. 7, No. 254

                            Headlines

A U S T R A L I A

AQUATREND AUSTRALIA: Court Issues Winding Up Order
CDK EMPLOYMENT: To Declare Final Dividend on January 7
CHEMEQ LIMITED: Issues Response to ASX Query
COOPER & COOKE: Final Meeting Slated for December 24
DALCOURT PTY: Members Resolve to Voluntarily Wind Up

EWELL INVESTMENTS: Members Meeting Scheduled January 6
GREAVES CONSTRUCTION: Faces Voluntary Winding Up Process
HEYDON PARK: ASIC Appoints Provisional Liquidator
JAYNIK PTY: Voluntarily Winds Up
K&J WHOLESALE: Joint and Several Liquidators Appointed

LINTHAL PTY: To Declare Final Dividend on January 7
MAYNE GROUP: Steps Up Operations in India
MEDICAL APPLICATIONS: Enters Voluntary Winding Up Proceedings
NATIONAL AUSTRALIA: Confirms Robbery at Subsidiary
ONDIEKI PTY: To Declare Final Dividend on January 21

P&L NANCARROW: Christopher James Fawcett Appointed as Liquidator
PRIMELIFE CORPORATION: Aevum Rejects Takeover Bid
QANTAS AIRWAYS: In Talks with Air NZ to Boost Cargo Operations
R.G. WITHERS: To Convene Members Meeting on January 6
RIVERTREE HOLDINGS: Appoints Dino Travaglini as Liquidator

STOCKFORD GROUP: FC Rules on Fees Paid to Administrators
TURFGRASS TECHNOLOGY: Members Resolve To Wind Up Voluntarily
VILLAGE ROADSHOW: Settles Tax Office Assessments


C H I N A  &  H O N G  K O N G

ARROW COMPANY: Winding Up Hearing Slated for January 19
ARROW HONGKONG: Court To Hear Winding Up Petition
HOLDER LINK: Sets Winding Up Hearing February 2
MAXWAY HONGKONG: Faces Bankruptcy Proceedings
RADIER LIMITED: Posts Notice Of Preferential Payments


I N D O N E S I A

BANK PERSYARIKATAN: Faces Suspension Over Capital Deadline
INDOFOOD SUKSES: Unit Aims to Redeem US$280 Mln in Bonds
MODERN PHOTO: Seeks Restructuring of US$44 Mln, JPY520 Mln Debts


J A P A N

ALL NIPPON: To Start Code-sharing Agreement with Qatar Airways
DAIEI INCORPORATED: Founder to Liquidate Personal Assets
KOKUSAI KOGYO: Cerebrus to Buy UFJ Loans
MARUHA GROUP: Sees US$144-Mln Net Loss on Property Liquidation
MITSUBISHI MOTORS: Markets Grandis Minivan in China

SANKYO KIKAKU: Enters Bankruptcy
TANAGURA KAIHATSU: Declared Bankrupt
TOSHIBA CORPORATION: To Quit Philippine Notebook PC Production
UFJ HOLDINGS: Unit Begins Portuguese Remittance Service
UFJ HOLDINGS: Unit's Former Execs Prosecuted


K O R E A

HANARO TELECOM: Details Designation on Thrunet Acquisition
HANARO TELECOM: Unveils Result of Extraordinary Meeting
KOOKMIN BANK: To Suspend Bancassurance From January 1
LG CARD: Creditors Eye Increase in Cash Buyout Offer


M A L A Y S I A

ADVANCE SYNERGY: Exits PN10 Sector
ADVANCE SYNERGY: Issues Shares Buy Back Notice
AVENUE CAPITAL: Units Enter Winding Up Proceedings
BESCORP INDUSTRIES: Updates Debt Restructuring Scheme
BOUSTEAD PROPERTIES: Units Fall Into Liquidation

DUNHAM-BUSH BERHAD: Liquidates Dormant Units
GOLDEN FRONTIER: Releases Shares Buy Back Notice
LANKHORST BERHAD: Tiong Nam Withdraws Winding Up Petition
MERCES HOLDINGS: Appoints New Director
PANGLOBAL BERHAD: Unveils Unit's Nov. 2004 Production Figures

TENAGA NASIONAL: Forges Alliance With Japanese Group
WCT ENGINEERING: Details Debt Securities Disposal


P H I L I P P I N E S

ATLAS CONSOLIDATED: Posts Board Meeting Attendance For 2004
COLLEGE ASSURANCE: SEC Junks Oversight Panel Ideas
MAYNILAD WATER: MWSS Gets US$120-Mln Performance Bond
MAYNILAD WATER: Receiver Batting For Longer Payment Period


S I N G A P O R E

CHINA AVIATION (S): CEO Urged to Return Salary
CHINA AVIATION (S): Inks Agreement with Parent, Unit
G3 TECHNOLOGIES: Winding Up Order Issued
IMDEX TECHNOLOGIES: Receives Winding Up Order
INTIQUA INTERNATIONAL: Posts Notice Of Intended Dividend

KLW HOLDINGS: Details Disposal, Leaseback Of Property
KOH BROTHERS: Enters Conditional Sale, Purchase Agreement
PANPAC MEDIA: Details Notes Conversion


T H A I L A N D

THAI PETROCHEMICAL: Projects 73% Rise in Total Sales This Year

     -  -  -  -  -  -  -  -

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


AQUATREND AUSTRALIA: Court Issues Winding Up Order
--------------------------------------------------
On the 4th day of November 2004 the Supreme Court of New South
Wales, Equity Division, made an Order that Aquatrend Australia
Pty Ltd (In Liquidation) A.C.N. 102 312 729 be wound up by the
Court and appointed me to be Official Liquidator.

Dated this 4th day of November 2004

Steven Nicols
Official Liquidator
c/- Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Web site: www.bankrupt.com.au


CDK EMPLOYMENT: To Declare Final Dividend on January 7
------------------------------------------------------
An unsecured creditor dividend is to be declared on January 7,
2005 for CDK Employment Services Pty Ltd (In Liquidation) A.C.N.
074 570 639.

Creditors whose debts or claims have not already been admitted
were required on or before December 21, 2004 to prove their
debts or claims. If they have not, they would be excluded from
the benefit of the dividend.

Dated this 2nd day of November 2004

M.C. Hall
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800


CHEMEQ LIMITED: Issues Response to ASX Query
--------------------------------------------
Chemeq Limited refers to its announcement released by the
Australian Stock Exchange Limited on Thursday, December 16,
2004.

In the interest of keeping the market fully informed and
pursuant to listing rule 18.7, ASX requests the Company to
provide the following information in a format suitable for
release to the market:

(1) Please provide the material aspects relating to the
production "issues" referred to in the announcement.

(2) Please confirm the dates of Mr. Grujic and Mr. Ian Purdy's
resignation.  We understand Mr. Purdy resigned on December 14,
2004.

(3) Please provide an explanation as to why the Company did not
make a market release concerning the resignation of the Chief
Financial Officer immediately the Company became aware of this
information.

Please confirm that the market is now fully informed and the
Company is now in compliance with listing rule 3.1.

Please provide the above information in a format suitable for
release to the market by no later than 12:30 p.m. WST, Friday,
December 17, 2004.  Please send your reply to ASX, Perth to
facsimile number: 9221 2020.

If you have any queries regarding any of the above, please
contact Jill Hewitt, Companies Adviser on 9224 0013.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CHEMEQLIMITED122004.pdf

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
BENTLEY, AUSTRALIA, 6102  
Head Office Telephone 08 9362 0100  
Head Office Fax 08 9355 0199  
Web site: http://www.chemeq.com.au/


COOPER & COOKE: Final Meeting Slated for December 24
----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Cooper & Cooke (Ceramics) Pty Ltd (In Voluntary
Liquidation) A.C.N. 004 828 871 will be held at the offices of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
East Hawthorn, 3123, on December 24, 2004 at 9:15 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 10th day of November 2004

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn Vic 3123
Telephone: 9882 6666


DALCOURT PTY: Members Resolve to Voluntarily Wind Up
----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of DalCourt Pty Ltd (In Voluntary Liquidation) A.C.N. 007 733
860 held on 28 October 2004, it was resolved that the Company be
wound up voluntarily and that Austin Robert Meerten Taylor of
Meertens, Chartered Accountants, Level 10, 68 Grenfell Street,
Adelaide, South Australia, be appointed liquidator.

Dated this 28th day of October 2004

A.R.M. Taylor
Liquidator
Meertens
Chartered Accountants
Level 10, 68 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8418 8900
Facsimile: (08) 8232 5077


EWELL INVESTMENTS: Members Meeting Scheduled January 6
------------------------------------------------------
Notice is given that a meeting of the members of Ewell
Investments Pty Ltd (In Liquidation) A.C.N. 004 785 326 A.B.N.
18 004 785 326 will be held at 215 Spring Street, Melbourne,
Vic, 3000 on January 6, 2005 at 10:30 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 10th day of November 2004

Stephen Graham Longley
Liquidator
PricewaterhouseCoopers
215 Spring Street, Melbourne Vic 3000


GREAVES CONSTRUCTION: Faces Voluntary Winding Up Process
--------------------------------------------------------
Notice is hereby given of a special resolution duly passed at a
meeting of members of Greaves Construction Pty Limited A.C.N.
000 265 341 on November 12, 2004 that the Company be voluntarily
wound up and that T.W. Cope of 27 Sale Street, Orange be hereby
appointed Liquidator of the Company.

T.W. Cope
Liquidator


HEYDON PARK: ASIC Appoints Provisional Liquidator
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Federal Court of Australia appointing Mr.
David John Frank Lombe, of Deloitte Touche Tohmatsu in Sydney,
as provisional liquidator to Heydon Park Limited (Heydon Park).

Mr. Lombe will provide a report to the Court and to ASIC
outlining the financial and trading position of Heydon Park by
14 February 2005. The matter will return to the Court on 11
March 2005.

Heydon Park is located in Homebush, NSW. It holds an Australian
Financial Services license and is the responsible entity for two
managed investment schemes, the Heydon Park Ginseng Project
(Ginseng Project) and Heydon Park Olive Project (Olive Project).
The schemes are located in Tasmania and north-east of Albury
NSW, respectively.

Heydon Park and a number of related companies, had been placed
into receivership by a secured creditor, who is allegedly owed
up to AU$6.3million.

"ASIC sought to appoint a provisional liquidator to ensure that
the interests of investors in the managed investment schemes are
protected as much as possible. The appointment of a provisional
liquidator will ensure that the true financial state of the
Company is revealed, and assist investors to take the most
appropriate course of action," ASIC Executive Director of
Enforcement, Ms. Jan Redfern, said.

Background

In May 2004, ASIC obtained interlocutory orders in the Federal
Court in Sydney against Heydon Park Ltd, preventing it
promoting, accepting or issuing interests in its managed
investment scheme for the growing and harvesting of ginseng in
Tasmania, due to concerns that three Product Disclosure
Statements and other promotional material issued by Heydon Park
contained misleading and deceptive statements.


JAYNIK PTY: Voluntarily Winds Up
--------------------------------
Notice is hereby given of a special resolution duly passed at a
meeting of members of Jaynik Pty Limited A.C.N. 000 265 341 on
November 12, 2004 that the Company be voluntarily wound up and
that T.W. Cope of 27 Sale Street, Orange be hereby appointed
Liquidator of the Company.

T.W. Cope
Liquidator


K&J WHOLESALE: Joint and Several Liquidators Appointed
------------------------------------------------------
Notice is hereby given that on November 9, 2004 the following
special resolution was passed for K&J Wholesale Blinds Pty Ltd
(In Liquidation) A.C.N. 006 631 045.

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K.L. Sutherland and Mr. H.A. MacKinnon,
Chartered Accountants, of 332 St Kilda Road, Melbourne be
appointed joint and several Liquidators.

Dated this 9th day of November 2004

H.A. Mackinnon
K.L. Sutherland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road,
Melbourne Vic 3004


LINTHAL PTY: To Declare Final Dividend on January 7
---------------------------------------------------
A creditor's dividend is to be declared on January 7, 2005 for
Linthal Pty Limited (In Liquidation) A.C.N. 076 365 092.

Creditors whose debts or claims have not already been admitted
were required on or before the 30 November 2004 formally to
prove their debts or claims. If they have not, they would be
excluded from the benefit of the dividend.

Dated this 22nd day of October 2004

P.I. Macks
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800


MAYNE GROUP: Steps Up Operations in India
-----------------------------------------
Mayne Group Limited announced that its Mayne Pharma business
unit has entered into an agreement with Strides Arcolab Limited,
a leading Indian developer and manufacturer of pharmaceuticals,
to develop and manufacture six specialized injectable, non-
cytotoxic products for Mayne to market and distribute in the US.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James, said the relationship with Strides would enable
Mayne to benefit from the lower research and development and
manufacturing costs in India and enable Mayne to get these
specialized products to market more efficiently than if the
products were sourced internally.

"These injectable drugs require specialized development and
manufacturing capabilities that would take Mayne some time and
investment to develop.  Strides has these competencies so we
will get to market more quickly with less cost than if we had
decided to proceed on our own", Mr. James said.

"The deal with Strides is consistent with our strategy of
marrying our broad international sales and marketing
capabilities for generic and specialty hospital pharmaceuticals
with a globally competitive supply chain", he said.

Based on IMS data, the products generated sales in the US in
excess of US$350 million in the 12 months to 30 June 2004.  It
is expected that development of the molecules will commence
early in the second half of fiscal 2005 and following US Food
and Drug Administration (USFDA) approval be launched into the US
market in fiscal 2007.

Mayne will make payments to Strides based on the successful
achievement of agreed development and commercial milestones.  

Arun Kumar, Strides Group CEO says "We are delighted to have
entered into this strategic relationship with Mayne for some of
our highly specialized range of injectable hospital products. We
are extremely confident that with Mayne's strong marketing and
Strides R&D and supply chain both companies could significantly
benefit".

He further commented that the relationship with Mayne further
consolidates Strides partnering philosophy for the US hospital
market.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the development and manufacture of injectable and oral
pharmaceuticals for distribution to more than 50 countries),
diagnostic services (pathology, diagnostic imaging and medical
centers), pharmacy, and health-related consumer products.  
Additional information is available at the Company's website at
www.maynegroup.com.  

Strides Arcolab Limited, listed on the Indian National Stock
Exchange (STAR) and Bombay Stock Exchange has a global presence
in more than 50 countries.  The Company has factories in India,
Brazil, Mexico and USA.  The Indian manufacturing facilities for
the regulated markets are approved by major regulatory bodies
such as MHRA, EU, TGA and MCC.  Additional information is
available at the Company's website at www.stridesarco.com.

CONTACT:

Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MEDICAL APPLICATIONS: Enters Voluntary Winding Up Proceedings
-------------------------------------------------------------
At a general meeting of the members of Medical Applications Pty
Limited A.C.N. 004 140 925 held at 65 Epping Road, North Ryde
NSW 2113 on November 9, 2004, a special resolution that the
Company be wound up voluntarily was passed.

David Clement Pratt
Stephen Graham Longley
Liquidator
215 Spring Street,
Melbourne Vic 3000


NATIONAL AUSTRALIA: Confirms Robbery at Subsidiary
--------------------------------------------------
Northern Bank, a unit of National Australia Bank Limited (NAB)
in Belfast Northern Island, has been robbed, according to Egoli
News.

NAB refused to disclose how much money was stolen. However,
Belfast authorities said the robbers stole more than US$39
million after kidnapping two senior Northern Bank employees.

NAB said the police are investigating the theft and it cannot
discuss details further.

Despite the incident, it is business as usual for Northern Bank
and its clients.

Earlier this month, NAB has agreed to sell Northern Bank and
National Irish Bank to Danske Bank. The buyer has been informed
of the incident.

CONTACT:

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


ONDIEKI PTY: To Declare Final Dividend on January 21
----------------------------------------------------
A first and final dividend is to be declared on the 21st day of
January 2005 in respect of creditors of Ondieki Pty Ltd (In
Liquidation) A.C.N. 059 340 939.

Creditors whose debts or claims have not already been admitted
were required on or before the 14th day of December 2004 to
formally prove their debts or claims. If they have not, they
would be excluded from the benefit of the dividend. Creditors
are advised that they are required to provide documentary
evidence to substantiate their debt or claim.

Dated this 10th day of November 2004

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666


P&L NANCARROW: Christopher James Fawcett Appointed as Liquidator
----------------------------------------------------------------
Notice is hereby given that a General Meeting of P&L Nancarrow
Pty Ltd A.C.N. 069 556 065 held on 9 November 2004 it was
resolved that the Company be wound up voluntarily as a Members'
Voluntary Winding up and that for such a purpose, Christopher
James Fawcett be appointed liquidator.

Dated this 9th day of November 2004

Christopher James Fawcett
Liquidator
31 Grey Street, Traralgon Vic 3844


PRIMELIFE CORPORATION: Aevum Rejects Takeover Bid
-------------------------------------------------
Takeover target Aevum has refused an AU$1.30 takeover bid by
Primelife Corporation, its suitor and rival in the aged-care
business, reports The Age.

Aevum's board rejected the bid, saying it was too low, fails to
provide cash option and is too risky given Primelife's current
woes.

On top of that, Aevum also warned shareholders to be cautious of
the precarious future of beleaguered Primelife, which had
reported two net losses totaling AU$107.3 million.

According to Aevum Chairman Allen Kavanagh, Primelife's Bidder's
Statement reported net losses of AU$29.1 million and AU$78.2
million, debts of AU$189 million and cash of AU101 million as of
June 30, and a requirement to raise AU$72.1 million in equity by
2006.

On the other hand, Primelife chief executive Jim Hazel declined
to say if the Company would up its offer, saying only that the
takeover bid was "a marathon, no a sprint".

To date Primelife is still struggling to satisfy the Australian
Securities and Investments Commission over the financial
arrangements of 37 retirement village investment syndicates.

One, Cresthaven Village Partnership, confirmed it had issued a
writ for AU$6.8 million after the Company failed to complete
settlement on a 120-unit village at Mount Evelyn on the due date
last Wednesday. In October, Primelife said it had reached an
agreement to take over development and operation of the 120-unit
village.

The syndicates issue was scheduled to return to the Federal
Court on February 11.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, VICTORIA 3000
Australia  
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599  
Web site: http://www.primelife.com.au/


QANTAS AIRWAYS: In Talks with Air NZ to Boost Cargo Operations
--------------------------------------------------------------
In line with measures to cut their exposure to tourism peaks and
troughs, Qantas Airways and Air New Zealand are discussing
cooperation on cargo operations, Egoli News reveals.

The talks focused on code-sharing arrangements for cargo to take
advantage of Air NZ's wide U.S. cargo network and Qantas'
popularity in Asia and Europe.

The imminent alliance will also benefit Air NZ by fending off
growing competition from Emirates for the freight market between
Australia and New Zealand. The move also aims to try to regain
market share from Emirates, which has been struggling to find
passengers on the trans-Tasman route.

These latest talks strengthen Qantas' strategic position in
terms of long-term growth and it's ability to maximize
opportunities as the global market continues to improve.

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


R.G. WITHERS: To Convene Members Meeting on January 6
-----------------------------------------------------
Notice is given that a meeting of the members of R.G. Withers
Australia Pty Ltd (In Liquidation) A.C.N. 005 620 842 will be
held at 215 Spring Street, Melbourne, Vic, 3000 on January 6,
2005 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 12th day of November 2004

Stephen Graham Longley
David Clement Pratt
Liquidator
PricewaterhouseCoopers
215 Spring Street, Melbourne Vic 3000


RIVERTREE HOLDINGS: Appoints Dino Travaglini as Liquidator
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Rivertree
Holdings Pty Ltd (In Liquidation) formerly trading as Gull
Jandakot (The Company) A.C.N. 096 239 888 duly convened and held
on 1 November 2004, the following resolutions were passed:

(1) That the Company be wound up voluntarily, and

(2) That Dino Travaglini be appointed Liquidator for the purpose
of the winding up.

At a subsequent meeting of creditors held on the same day the
appointment of the liquidator was confirmed.

Dated this 1st day of November 2004

Dino Travaglini
Liquidator
c/- Moore Stephens BG
Level 3, 12 Saint Georges Terrace,
Perth WA 6000
Telephone: (08) 9225 5355


STOCKFORD GROUP: FC Rules on Fees Paid to Administrators
--------------------------------------------------------
The Federal Court of Australia on Tuesday refused an application
by Mark Korda and Mark Mentha of KordaMentha as the
administrators of the Stockford Group of Companies concerning
the payment of over AU$2 million in fees charged by them
following submissions made by the Australian Securities and
Investments Commission (ASIC).

As the voluntary administrators of Stockford Limited and 82
subsidiaries, Messrs Korda and Mentha have been paid
AU$2,421,175.50 on account of their fees. After concerns raised
by ASIC, they commenced Federal Court proceedings to confirm
these fees. ASIC made submissions to the Court that the fees had
been taken without authority and contrary to the Corporations
Act 2001 (the Act).

In particular, ASIC contended:

(1) KordaMentha have drawn AU$2,421,175.50 in fees from the
administration of the Stockford Group companies, when not
permitted to do so under the Act;

(2) The fees were drawn by KordaMentha without proper approval
by the Court or the Stockford Group companies' creditors, as
required by the Act; and

(3) The fees were drawn by KordaMentha in reliance on an invalid
authorisation granted by the creditors to a Committee of
Creditors, and approval granted by that committee.

In declining KordaMentha's application, Justice Finkelstein of
the Federal Court of Australia found, amongst other things,
that:

(1) KordaMentha's fees had not been validly fixed under the Act;

(2) Resolutions of creditors of the Stockford Group Companies
were not legally effective because reports sent to creditors by
KordaMentha were misleading in several important respects,
notably by implying that communications from ASIC to KordaMentha
were (incorrectly) wrong in law; and

(3) A report compiled by KordaMentha in accordance with the Act
for consideration of creditors at the second meeting of the
Stockord Group Companies creditors, did not adequately explain
the rates charged by KordaMentha, nor provided any information
which would enable the creditors to determine the reasonableness
or otherwise of the proposed KordaMentha rates.

The Court gave KordaMentha until 14 January 2005 to indicate how
they proposed to remedy the fact that they had drawn their fees
without ensuring they had been validly fixed as required under
the Act.

The Court made it clear this decision should not be regarded as
reflecting adversely on the administrators or as suggesting
their fees had been excessive or unwarranted.

"This judgment outlines important principles for the fixing of
practitioners' remuneration in future administrations. ASIC will
continue to examine the conduct of administrators to ensure they
comply with their obligations under the Corporations Act, and to
protect the interests of creditors," ASIC's Deputy Executive
Director of Enforcement, Mr. Mark Steward said.

Background

On 23 February 2003, the Stockford Group companies were placed
into voluntary administration.

On 20 May 2003, creditors of the Stockford Group companies
resolved that the Stockford Group companies should execute a
Deed of Company Arrangement.

On 26 May 2003, the Administrators executed a Deed of Company
Arrangement on behalf of each of the Stockford Group Companies.


TURFGRASS TECHNOLOGY: Members Resolve To Wind Up Voluntarily
------------------------------------------------------------
Notice is hereby given that at a general meeting of Turfgrass
Technology Pty Ltd (In Liquidation) A.C.N. 060 688 913 held on
11 November 2004, it was resolved that the Company be wound up
voluntarily and that Robyn Erskine & Peter Goodin, of Brooke
Bird & Co, Chartered Accountants, 471 Riversdale Road, Hawthorn
East, 3123, be appointed Liquidators.

David Mclaren
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Telephone: 9882 6666


VILLAGE ROADSHOW: Settles Tax Office Assessments
------------------------------------------------
Village Roadshow Limited advised the Australian Stock Exchange
that the disputed Australian Tax Office adjustments involving
alternative assessments of AU$101.9 million and AU$132.0 million
have now been settled with the Commissioner of Taxation.  These
assessments, which included General Interest Charges, are
referred to in the Contingent Liability notes in the Company's
2004 Annual Report.

The settlement terms are confidential, however the Company
advises that the settlement will have no material impact on the
Company's financial position, net profit after tax for the year
ended June 30, 2005 nor a material effect on its forecast cash
flows.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


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


ARROW COMPANY: Winding Up Hearing Slated for January 19
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Arrow Company Limited by the High Court of Hong Kong Special
Administrative Region was on the 30th day of November 2004
present 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.

Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 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.


ARROW HONGKONG: Court To Hear Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Arrow HongKong Company Limited by the High Court of Hong Kong
Special Administrative Region was on the 30th 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.

Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 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.


HOLDER LINK: Sets Winding Up Hearing February 2
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Holder Link Knitting Factory Limited by the High Court of Hong
Kong Special Administrative Region was on the 26th 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 2nd day of February 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.

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1st day of
February 2005.


MAXWAY HONGKONG: Faces Bankruptcy Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Maxway HongKong Limited by the High Court of Hong Kong Special
Administrative Region was on the 2nd day of December 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 26th day of January 2005. Any creditor or contributory of
the said Company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
Company requiring the same by the undersigned on payment of the
regulated charge for the same.

Ford, Kwan & Company
Solicitors for the Petitioner
Suites 1505-1508, Chinachem Golden Plaza
77 Mody Road
Tsimshatsui, Kowloon
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 25th day of
January 2005.

This notice is dated 17 December 2004.


RADIER LIMITED: Posts Notice Of Preferential Payments
-----------------------------------------------------
Radier Limited posted its notice of intended preferential
payments.

Liquidators' Name and Address:
Stephen LIU Yiu Keung and YEO Boon Ann
17th Floor, Hutchison House, 10 HarCourt Road, Central, Hong
Kong

First Preferential Payments: 50%

When Payable: on or after 17 December 2004

Where Payable:
17th Floor, Hutchison House, 10 HarCourt Road, Central, Hong
Kong

Dated this 17th day of December 2004

Stephen Liu Yiu Keung
Joint and Several Liquidator


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


BANK PERSYARIKATAN: Faces Suspension Over Capital Deadline
----------------------------------------------------------
Bank Indonesia (BI), the central bank, has placed Bank
Persyarikatan Indonesia (BPI) under special surveillance for
failing to meet a deadline to improve its conditions, according
to Asia Pulse.

The embattled bank will be given another three months to infuse
fresh funds or it will face suspension, which will most likely
lead to liquidation.

BPI reportedly suffered a sharp decline in capital adequacy
ratio (CAR) to less than zero percent. The central bank requires
commercial banks to maintain a CAR of at least 8 percent.

As of September, BPI reported a CAR of 8.82 percent. However,
the CAR rapidly plunged after it has to write off large
productive assets in the form of credits and securities.

Earlier this month, BI suspended operations of Bank Global
Internasional for the same reason and in 2003 liquidated Bank
Dagang Bali and Bank Asia.


INDOFOOD SUKSES: Unit Aims to Redeem US$280 Mln in Bonds
--------------------------------------------------------
A wholly owned unit of embattled food giant PT Indofood Sukses
Makmur is considering buying back US$280 million in bonds it
issued in 2002, in a bid to slash tax payments on the debt, The
Jakarta Post reports.

Mauritius-based Indofood International Finance Limited is set to
present the buy back proposal at a bondholder's meeting today.

Indofood sold the bonds on June 2002 at a discount price of
99.05 cents to the dollar, but it will offer to pay 102 cent to
a dollar, plus the interest from Dec. 18 to January 6, 2005.

The decision to repurchase came after the government announced a
scheme canceling a tax treaty with Mauritius and increase the
tax on the local bonds to about 20 percent from the current 10
percent from January next year.

If Indofood fails to get bondholders' approval to repurchase the
debt at the offered prices, the Company "will proceed to ask the
English Court for a declaration that it is entitled to redeem
the bonds at par."

Indofood's foreign-currency debt is rated B2 by Moody's
Investors Service and B by Standard & Poor's.

CONTACT:

PT. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
Web site: http://www.indofood.co.id


MODERN PHOTO: Seeks Restructuring of US$44 Mln, JPY520 Mln Debts
----------------------------------------------------------------
Amid slumping camera sales in the export market, struggling PT
Modern Photo is seeking to restructure its US$44-million and
JPY520-million debts maturing in January 2006, according to Asia
Pulse.

The distributor of photographic films and equipment is believed
to be in talks with nine creditors represented by SNBC Sumitomo
Mitsui of Singapore regarding its restructuring proposal.

According to the firm's finance director Ahmad Fauzi, Modern
Photo is asking to roll over the debt maturity to 2010. If the
rollover proposal failed, the Company will look for investors
agreeing to refinance the debt.

The debts date back to early 1997 used as working capital. The
debt in foreign currency swelled in term of rupiah as a result
of the financial crisis toward the end of that year.

CONTACT:

PT Modern Photo Terbuka
Jl Matraman Raya No 12
Jakarta 13150
Indonesia  
Phone: +62 21 280 1000
Fax: +62 21 858 2347


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


ALL NIPPON: To Start Code-sharing Agreement with Qatar Airways
--------------------------------------------------------------
All Nippon Airways (ANA) on Tuesday applied to the Japanese
government for approval to code-share with Qatar Airways on
flights between Bangkok and Doha, the capital of Qatar.

ANA will place its two-letter code, NH, on Qatar Airways
operated flights from February 1, 2005, in what constitutes the
first step of a code-sharing agreement that both airlines hope
to extend to other routes in the future.
  
Qatar Airways operates Airbus A330-200 aircraft in a two-class
configuration three times per week between the capital cities of
Qatar and Thailand. From the start of the summer schedule, March
31, 2005, flights will depart on a daily basis.
  
The code-share agreement will increase convenience for
passengers traveling between Japan and Qatar, as from February
they will be able to do so under one airline code. ANA and Qatar
Airways also started a reciprocal Frequent Flyer Programme
agreement on December 1 this year, further increasing benefits
to members of ANA Mileage Club and Qatar Airways' Privilege Club
who can accrue and redeem mileage on flights by both airlines.
  
Qatar Airways is the national carrier of Qatar and one of the
fastest growing airlines in the world. Serving Europe, the
Middle East, North Africa and the Far East with one of the
world's youngest fleets, it aims to extend its network from the
present 56 destinations to 70 by the end of next year, including
Osaka (Kansai).
  
ANA came into existence in 1952, and over 50 years later is now
one of the 10 largest airlines in the world, carrying with its
sister companies almost 50 million passengers every year to 49
destinations in Japan, and to 22 overseas cities in Asia, Europe
and the United States. As a member of Star Alliance, the world's
foremost airline alliance, ANA passengers enjoy access to a
network of over 770 airport destinations in 133 countries, and
reciprocal benefits such as mileage accrual and redemption, and
lounge access.

CONTACT:

All Nippon Airways Co Ltd  
5-10 Hanedakuko 3-Chome
Ohta-Ku 144-0041, Tokyo 100-6027
Japan  
Phone: +81 3 5756 5665
Fax: +81 3 5756 5679  
Web site: http://www.ana.co.jp/eng/index.html


DAIEI INCORPORATED: Founder to Liquidate Personal Assets
--------------------------------------------------------
The founder of Daiei Incorporated has decided to liquidate his
assets, including his Daiei shares and personal property,
reports The Yomiuri Shimbun.

Isao Nakauchi has begun making arrangements with prospective
buyers of his assets expected to be worth JPY20 billion to JPY30
billion. The proceeds from the deals would be used to repay his
own debts, which are believed to be larger than his assets.

The assets for the sell-off include some 30 million Daiei
shares, or around 7 percent of the outstanding shares, and other
shares in such Daiei group firms as OMC Card Inc.

Also to be sold are his homes in Ashiya, Hyogo Prefecture,
western Japan, and in Tokyo's Denenchofu area, both upscale
residential areas in Japan.

Mr. Nakauchi founded Daiei Yakuhin Kogyo, the forerunner of
Daiei, in 1957 and established the Daiei group.

He served as president of Daiei until 1999. He stepped down from
his management positions, including the position of top adviser,
in 2001 after Daiei began receiving assistance from financial
institutions. He also will resign from his honorary post as the
"founder" of Daiei.

Mr. Nakauchi's financial relations with the Daiei group will end
with the selling of his Daiei shares.

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


KOKUSAI KOGYO: Cerebrus to Buy UFJ Loans
----------------------------------------
U.S. investment fund Cerebrus Group said it will buy some JPY500
billion worth of loans from UFJ Holdings Incorporated and other
lenders to stricken Kokusai Kogyo Company for JPY250 billion,
reports Japan Today.

Sources said that the purchase, combined with UFJ's planned
waiver of the remaining JPY250 billion debt, will complete the
write-offs of bad loans held by Kokusai Kugyo.

Earlier this month, Cerebrus Group has agreed to purchase a 65-
percent stake in Kokusai Kogyo, in a deal that would enable the
U.S. fund to acquire the largest shareholding of the Japanese
firm.

Kokusai, which operates a range of businesses including
management of world-class hotels, plunged deep into debt as it
expanded various fields over the years.

But despite mounting debts, the firm was able to post a net
profit of JPY2.9 billion and operating revenue of JPY49 billion
for the current business year ended March 31.

Kokusai Kogyo, set up by late political fixer Kenji Osano in
1940, is not related to aerial survey contractor Kokusai Kogyo
Co., listed on the Tokyo Stock Exchange's first section.


MARUHA GROUP: Sees US$144-Mln Net Loss on Property Liquidation
--------------------------------------------------------------
Maruha Group Incorporated is expecting to post a group net loss
of JPY15 billion (US$144 million) for the year ending March 31,
according to Asia Pulse.

The Company had earlier forecast a net profit of JPY5.5 billion.
However, it was forced to tally JPY28 billion in extraordinary
losses due to aggressive selling of undesired real estate
buildings and liquidating unprofitable businesses.

Maruha is expected record JPY20 billion in losses from sales of
a golf course and for-rent properties with latent losses. It
will also book a JPY8 billion loss related to liquidating loss-
making operations.

The projected net loss is expected to reduce shareholders'
equity to just over JPY20 billion from JPY36 billion as of Sept.
30. To beef up its capital, the group plans to issue around
JPY20 billion yen in preferred shares in a private deal.

CONTACT:

Maruha Group Incorporated
1-2, 1-chome Ohtemachi, Chiyoda-ku
Tokyo 100-8608, Japan  
Phone: +81-3-3216-0821
Fax: +81-3-3216-0342


MITSUBISHI MOTORS: Markets Grandis Minivan in China
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) officially launched on
Tuesday the sales of its Grandis minivan in China, in a bid to
strengthen sales in the market and to rebuild its ailing
business, reports Kyodo News.

The sale of Grandis, which is imported from Japan and sold for
about CNY300,000 or JPY3.8 million in China, targets high-income
families for buyers.

In 2003, sales of MMC vehicles in China totaled about 150,000
units, accounting for about 13 percent of its global production.

Its current share of the Chinese auto market stands at around 3
percent, but the Company aims to raise it to 5 percent.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


SANKYO KIKAKU: Enters Bankruptcy
--------------------------------
Golf course operator K.K. Sankyo Kikaku has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Shibukawa-Shi, Gunma 377-0007, left a total
of US$148.08 million in liabilities.

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


TANAGURA KAIHATSU: Declared Bankrupt
------------------------------------
Tanagura Kaihatsu K.K. has been declared bankrupt with total
liabilities of US$59.62 million, Teikoku Databank America says.

The firm, engaged in the management of golf courses, is located
in Higashishirakawa-Gun, Fukushima 963-6122.

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


TOSHIBA CORPORATION: To Quit Philippine Notebook PC Production
--------------------------------------------------------------
As part of its restructuring efforts, Toshiba Corporation plans
to terminate its notebook manufacturing operations in the
Philippines by the end of the year, Reuters reports.

The Japanese firm will shut down its Philippine plant and shift
production to its PC factory in Hangzhou, China, in a bid to cut
costs.

Toshiba, which is hit by fierce competition with Hewlett-Packard
Co. and Dell Inc., lowered its earnings forecast for its PC and
PC peripherals divisions three times as it continues to
restructure its business.

The latest move underscores mounting pressure to cut costs and
streamline operations to survive the intense competition in the
global PC market.

Toshiba's Philippine plant, which employs around 6,500 people,
currently manufactures 100,000 notebook PCs a month. The firm
aims to double annual PC production at the Hangzhou plant to 3
million units by the year ending March 2006.

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  
E-mail: http://www.toshiba.com


UFJ HOLDINGS: Unit Begins Portuguese Remittance Service
-------------------------------------------------------
UFJ Bank, the core unit of embattled UFJ Holdings Incorporated,
has on Monday launched a joint service with a top private
financial institution in Brazil, according to Japan Today,
citing Kyodo News.

The joint service with Banco Bradesco S.A. will allow Brazilian
residents in Japan to make remittances in Portuguese.

Some ten braches of UFJ bank in the Chubu region have opened
counters with videophones through which customers can place
remittance instructions in Portuguese via a relay station in
Tokyo.

CONTACT:

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


UFJ HOLDINGS: Unit's Former Execs Prosecuted
--------------------------------------------
The Financial Services Agency filed criminal indictments against
UFJ Holdings Incorporated's core unit, UFJ Bank Limited (UFJ
bank), its former executive officers and its former employee in
regard to evasion of inspection in October.

In conjunction with the matter, UFJ Bank, its former executive
officers and its former employee have been prosecuted on
Wednesday by the Tokyo District Public Prosecutors Office on
suspicion of breaches of Japan's Banking Law.

The UFJ Group takes this matter very seriously. The group
commits itself to improve its compliance and internal control
system continuously in order to restore trust and confidence as
soon as possible.

The group regrettably apologizes to its customers, shareholders
and other interested parties for any concern and worry that the
situation may have caused.


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


HANARO TELECOM: Details Designation on Thrunet Acquisition
----------------------------------------------------------
Hanaro Telecom Inc. disclosed in a U.S. Securities and Exchange
Commission filing the details of it's Designation as the
Preferred bidder for Thrunet Acquisition

(1) Information on Thrunet

(a) Corporate Name: Korea Thrunet Co., Ltd. (Receiver: Seong-won
Park)

(b) Establishment Date: July 30, 1996

(c) Objectives

- High-speed telecommunication network

- Value-added telecommunication services such as data
collection, processing, supply, exchange, transmission;
multimedia services, etc.

- Integrated wired broadcasting services, telecommunication
network services, distribution network services and
telecommunication services using integrated wired broadcasting
network

- Sales of telecommunication equipment and supplies related to
telecommunication business

- Research and development related to telecommunications
businesses
- Facility installation, operation and maintenance for the above
businesses

- Services and construction for the above businesses

- Overseas businesses related to the above businesses

- Investment for carrying out the above businesses

- Lease land and telecommunication bureau buildings pursuant to
applicable Telecommunications Law in Korea

- Other businesses licensed or commissioned by the government

- Other incidental services necessary for carrying out the above
businesses

- Manufacturing and selling of nonferrous metal products

(d) Location: 1338-5, Seocho 2-dong, Seocho-gu, Seoul, Korea

(e) Financial highlights (as of September 2004)

(Unit: KRW million)

Total Assets                         458,355
Total Liabilities                    448,541
Paid-in Capital                       19,505
Total Shareholders' Equity             9,814
043Q Accumulated Revenues            268,421
043Q Accumulated Operating Profits     4,611
043Q Accumulated Net Income          170,537

(2) Announcement of a selected preferred bidder: December 15,
2004

(3) As a result of evaluation of a proposed bid price,
transparency of a financing plan and financial soundness in
relation to the acquisition of Thrunet, a major broadband
Internet service provider in Korea, the Company was selected as
a preferred bidder.

(4) Timeline

(a) MOU signing (scheduled on December 21)

- Processes and others required for signing of a definitive
agreement would be stipulated in the MOU.

(b) Payment of performance guarantee (scheduled on December 21)

- Performance guarantee: 5% of a bid price

(c) Detailed due diligence and agreeing on conditions for the
definitive agreement (prior to singing of a definitive agreement
in 2005)

(d) Others

- MOU signing, payment of performance guarantee, negotiations
with Thrunet receiver, and any other decisions and execution for
equity acquisition of Thrunet leading up to signing of the
definitive contract will be delegated to the representative
director.

(5) The information hereof describes the current status of the
Company's being designated as a preferred bidder for Thrunet
takeover, and the timeline is subject to changes according to
progresses made.

(6) Date of a relevant disclosure: December 6, 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 Result of Extraordinary Meeting
-------------------------------------------------------
In a U.S. Securities and Exchange Commission filing, Hanaro
Telecom Inc. disclosed the results of its extraordinary
shareholders' meeting.

(1) AGENDA

Agendum 1: Amendment of the Articles of Incorporation

- Changing the Company's corporate name into hanarotelecom
incorporated- Approved as proposed

Agendum 2: Approval of granting the Stock Option Rights

- Grantees: A total of 1,451 persons
- Type and number of shares to be delivered: A total of
19,772,890 registered common shares
- 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.
- Exercise price (KRW): 5,000 for each registered common share-
Approved as proposed

(2) RESOLUTION DATE: December 16, 2004

(3) DATE OF RELEVANT DISCLOSURE: October 29, 2004


KOOKMIN BANK: To Suspend Bancassurance From January 1
-----------------------------------------------------
Kookmin Bank has decided to stop selling bancassurance at its
corporate banking branches starting from January 1, The Korea
Times relates.

The bank has 1,140 branches across the country, which include
the 136 units in exclusive charge of dealing with corporate
customers.

"We made the decision to preclude any suspicion that we force
corporate customers to buy insurance policies in return for
loans."

Bancassurance has put banks and insurance companies at odds with
each other since September last year when banks began to sell
policies.

Kookmin will resume its sale of bancassurance once the
government allows banks to sell more profitable bancassurance
products such as automobile insurance and protection-type
insurance next April.

CONTACT:

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


LG CARD: Creditors Eye Increase in Cash Buyout Offer
----------------------------------------------------
Following the decision of LG Group to reject the proposed KRW1.2
trillion bailout for LG Card Co., creditors mulled to increase
their cash buyout offer as one of its various possibilities,
reports The Korea Herald.

The buyout was among the options to be considered aside from the
liquidation of the firm.

"But we still believe there's room for LG Group to reconsider
the debt-for-equity proposal, as it should be a better choice
than anything else," the creditors said.

Initially the creditors proposed to buy the KRW500 billion for
free the remaining KRW675 billion for KRW260 billion, or 38.8
percent of face value.  But the 38.8 percent discount may now be
applied to the total amount.  The buy out scheme would allow LG
Group to recover some KRW450 billion.

The buyout and other ideas will be discussed during a meeting of
main lenders which include the Industrial Bank of Korea, Woori
Bank and the National Agricultural Cooperative Federation,
scheduled Wednesday.

To pressure LG Group, creditors are considering seizing back
Chairman Koo's 5.46 percent stake in LG Corp., the group's
holding Company, as collateral for additional aid.  Before the
January bailout, Mr. Koo put up the stake as collateral.  But
after providing financial assistance, Mr. Koo took back the
stake on the condition that KRW500 billion in commercial paper
would be converted into subordinated bonds.

In the event of LG Card liquidation and bringing suspicions
about the stock trading of the group's family owners to the
Public Prosecution Office, a financial sanction and other
options will be imposed.

Industry analyst predict that creditors and the group will
eventually reach a compromise to avoid liquidating LG Card.

"Korea has never liquidated such a big financial institution
yet, and nobody can tell how disastrous the impact will be. This
must be burdening both creditors and LG Group a lot," said Jun
Jae-gon, a financial sector analyst at Daishin Economic Research
Institute.

In a recent TCR-Asia Pacific report, LG Card President, Park
Hae-choon warned that failure to increase its capital would pose
a threat to the domestic financial market as well as to LG Card.

LG Group's affiliates, controlling family and other main
shareholders hold a combined KRW1.175 trillion of LG Card debt -
KRW300 billion in corporate bonds and the remainder in
commercial paper. Of the total debt, the group earlier promised
to convert KRW500 billion into subordinated bonds, which cannot
be recouped in case of liquidation.

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


ADVANCE SYNERGY: Exits PN10 Sector
----------------------------------
Advance Synergy Capital Berhad announced that the Bursa Malaysia
Securities Berhad had, via its letter dated 21 December 2004,
noted that the Company has achieved an adequate level of
operations pursuant to the Practice Note No. 10/2001 (PN10) and
no longer triggers any of the criteria under Paragraph 2.0 of
PN10.

Therefore, the Company is no longer required to comply with the
obligations under PN10 of the Listing Requirements.

CONTACT:

Advance Synergy Capital Berhad
Level 3A (Tower Block)
Menara Milenium
8 Jalan Damanlela
Bukit Damansara
50490 Kuala Lumpur
Phone: 03-20948828
Fax: 03-20948848

This announcement is dated 21 December 2004.


ADVANCE SYNERGY: Issues Shares Buy Back Notice
----------------------------------------------
Advance Synergy issued a notice of shares buy back on December
21, 2004.
   
Date of buy back: 21/12/2004

Description of shares purchased:  Ordinary Shares of RM1.00

Total number of shares purchased (units): 40,000

Minimum price paid for each share purchased (RM): 0.565

Maximum price paid for each share purchased (RM): 0.565

Total consideration paid (RM): 22,767.64

Number of shares purchased retained in treasury (units): 40,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,012,845

Adjusted issued capital after cancellation (no. of shares)
(units): 0


AVENUE CAPITAL: Units Enter Winding Up Proceedings
--------------------------------------------------
On 1 August 2003 and 3 October 2003, Avenue Capital Resources
Berhad announced that Medan Ria Sdn. Bhd. (MRSB) and Banjaran
Untung Sdn. Bhd. (BUSB) respectively, both wholly owned sub-
subsidiaries of Avenue, had commenced member's voluntary
winding-up.

Both units had on 13 September 2004 convened the Final Meetings
of Member and subsequently, a copy each of the Form 69 (Return
by liquidator relating to final meeting) together with the
Liquidators' statement of account of the respective companies
were lodged with the Registrar of Companies and the Official
Receiver on 21 September 2004.

The Board of Directors announced that on the expiration of three
months after the lodging of the return with the Registrar of
Companies and the Official Receiver, MRSB and BUSB are deemed to
be dissolved and accordingly ceased to be sub-subsidiaries of
Avenue on 21 December 2004.

CONTACT:

Avenue Capital Resources Berhad
Level 12
Menara Phileo
189 Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-2166 2828;
Fax: 03-2166 2826
Web site: http://www.avenue-capital.com


BESCORP INDUSTRIES: Updates Debt Restructuring Scheme
-----------------------------------------------------
Pursuant to the corporate and debt restructuring scheme of
Bescorp Industries Berhad (BIB), the Board of Directors of WCT
Land Berhad (WCTL) had on 20 December 2004 disposed the entire
issued and paid-up share capital held in BIB comprising
19,000,000 ordinary shares of RM1.00 each in BIB to Gorgeous
Spirit Sdn Bhd, a Company nominated and controlled by the
Special Administrators of BIB for a total cash consideration of
Ringgit Malaysia One (RM1.00) only, for the liquidation of BIB.

CONTACT:

Bescorp Industries Berhad
7th Floor, Centrel Tower
Wisma Consplant, 2 Jalan SS16/4
Subang Jaya
47500 Petaling Jaya, Selangor
Malaysia
Telephone: 603-7327988
Fax: 603-7349967

This announcement is dated 20 December 2004.


BOUSTEAD PROPERTIES: Units Fall Into Liquidation
------------------------------------------------
Boustead Properties Berhad announced that two of its wholly
owned subsidiaries namely Luboh Anak Batu Estate Sdn Bhd and Eng
Han Sdn Bhd, have passed a special resolution for Members'
Voluntary Winding-Up at their respective Extraordinary General
Meetings held on 14 December 2004.

Messrs. Folks Corporate Services Sdn Bhd has been appointed as
liquidators.

The winding-up will not have any material impact on the earnings
and net tangible assets of Boustead Properties Berhad.

None of the directors and substantial shareholders of Boustead
Properties Berhad has any interest in the transaction.

CONTACT:

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


DUNHAM-BUSH BERHAD: Liquidates Dormant Units
--------------------------------------------
The Board of Directors of Dunham-Bush (Malaysia) Berhad (DBMB)
announced that the following dormant companies (all incorporated
in Hong Kong) have ceased to exist pursuant to Members'
Voluntary Liquidation:

(a) Dunham-Bush Services Company Limited, a 90% owned subsidiary
of Dunham-Bush International Limited ("DBIL"), which is in turn,
a wholly owned subsidiary Company of DBMB; and

(b) Top-Aire Air-Conditioning (HK) Limited, a 30% associated
Company of DBIL.

CONTACT:

Dunham-Bush Malaysia Berhad
11th Floor
Menara Berjaya,
KL Plaza,
179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Phone: 03-29358888
Fax: 03-2935 8043


GOLDEN FRONTIER: Releases Shares Buy Back Notice
------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on December
21, 2004.
  
Date of buy back: 21/12/2004

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

Total number of shares purchased (units): 8,000

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

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

Total consideration paid (RM): 5,440.56

Number of shares purchased retained in treasury (units): 8,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,246,100

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


LANKHORST BERHAD: Tiong Nam Withdraws Winding Up Petition
---------------------------------------------------------
Lankhorst Berhad announced that Tiong Nam Trading &
Transportation (M) Sdn Bhd (Petitioner) has withdrawn its
winding up petition against its unit Lankhorst Pancabumi
Contractors Sdn Berhad on 6 December 2004.

CONTACT:

Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia

This announcement is dated 21 December 2004.


MERCES HOLDINGS: Appoints New Director
--------------------------------------
Merces Holdings Berhad announced the appointment of Merces
Holdings Berhad as its Director on December 21, 2004.          

Date of change: 20/12/2004  

Type of change: Appointment

Designation: Alternate Director

Directorate: Executive

Name: Lim Soon Teoh

Age: 49

Nationality: Malaysian

Qualifications: Holder of Master of Science in Business
Administration and Post Graduate Diploma in Accountancy

Working experience and occupation: He has more than 20 years of
experience in the corporate advisory and over 10 years of
experience in auditing profession

Directorship of public companies (if any): Nil

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
   
Remarks: Alternate Director to Gan Li Li

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Phone: 03-2919366
Fax: 03-2928773/2919901


PANGLOBAL BERHAD: Unveils Unit's Nov. 2004 Production Figures
-------------------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of November 2004 was 48,905.82mt.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977


TENAGA NASIONAL: Forges Alliance With Japanese Group
----------------------------------------------------
Tenaga Nasional Berhad (TNB) has entered into an agreement for
the award of contract (the Agreement) with the Consortium of
Companies consisting of Sumitomo Corporation, Toshiba
Corporation, General Electric Company (GE), General Electric
Power System Inc. (GEPSI), and General Electric Power System
(Malaysia) Sdn Bhd (GEPSM) for Phase 2 of the Rehabilitation
Project of TNB's Tuanku Jaafar Power Station in Port Dickson,
Negeri Sembilan.

The project will be divided into four (4) areas, which includes
Demolition Work & Site Preparation, Engineering, Procurement &
Construction (EPC) for the combined cycle power plant, the
development of 275kV Transmission Line & Olak Lempit Substation
and Consultancy Services. The Agreement will be on a full
turnkey basis.

The implementation of this project is aimed at improving the
overall efficiency of TNB generation system and strengthening
the national grid, by replacing the existing generating units
with environmentally clean and high efficiency gas turbine power
plant through the utilization of natural gas.

The project to be funded under the Official Development
Assistance (ODA) loan, carries a very favorable interest rate
from the Japan Bank of International Cooperation (JBIC). Both
the Government of Malaysia and the Government of Japan, under a
Special Yen Loan package to stimulate economic activities in
Malaysia, endorsed this proposal.

The JBIC-ODA loan will cover mainly the offshore portion of the
EPC and Consultancy Services packages subject to a ceiling of
75% of the total project cost. The remaining financial
requirement will be financed through TNB internal fund.

CONTACT:

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


WCT ENGINEERING: Details Debt Securities Disposal
-------------------------------------------------
WCT Engineering Berhad (WCT) issued an update on its proposed
disposal of RM60,000,000 nominal value of 5-year 3% convertible
redeemable debt securities A issued by its unit WCT Land Berhad
(WCTL) to United Overseas Bank (Malaysia) Berhad (UOB).

Further to the announcement in respect of the proposed disposal
as released to Bursa Malaysia Securities Berhad on 23 November
2004, WCT confirmed that the cash consideration for the above
disposal is RM48.3 million.

CONTACT:

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

This announcement is dated 20 December 2004.


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


ATLAS CONSOLIDATED: Posts Board Meeting Attendance For 2004
-----------------------------------------------------------
Noel T. Del Castillo, Corporate Secretary of Atlas Consolidated
Mining and Development Corporation, a corporation duly organized
and existing under and by virtue of the laws of the Philippines,
do hereby certify that the "Attendance of Directors in Board
Meetings" reflects the attendance record of all the Directors of
the Company for the calendar year 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_atlas122204.pdf

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.


COLLEGE ASSURANCE: SEC Junks Oversight Panel Ideas
--------------------------------------------------
A Securities and Exchange Commission-created oversight board has
recommended to place College Assurance Plan Inc. (CAP) under
receivership as early as May next year, ABS-CBN News reports.

However, the SEC, under then Chairman Lilia Bautista, did not
approve the oversight board's recommendation.

The oversight board cited that the pre-need firm is insolvent,
based on 2003 audited financial statements, where the Company
reported a capital deficiency of Php5.4 billion. Its assets
stood at Php18.5 billion against liabilities of Php23.4 billion.

Besides the creation of a receiver or management committee to
handle CAP, the oversight board also recommended:

(1) To determine a cut-off date for the equitable plan benefits
to be given to existing plan holders;

(2) To conduct an investigation into the serious infractions
committed by Company officials and expert professionals;

(3) To commission a study of the CAP's experience so the
industry can learn from the mistakes of CAP; and

(4) Seek financial assistance from the national government to
help the 780,000 plan holders of CAP to be affected.

At present, CAP is having difficulty servicing the claims of its
plan holders, although it recently got SEC approval to withdraw
Php110 million in cash from its trust fund to pay the tuition of
those who took educational plans.

The SEC earlier allowed CAP to pay its plan holders using its
trust fund. CAP can withdraw Php110 million from its cash
deposit with Veterans Bank in tranches and the pre-need firm has
worked out a scheme to draw the amount in five tranches.

The commission is still waiting for CAP to make good on its
commitment to bring in investors with fresh capital to improve
the Company's financial situation.

CONTACT:

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


MAYNILAD WATER: MWSS Gets US$120-Mln Performance Bond
-----------------------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) will draw
the full US$120-million performance bond of Maynilad Water
Services Inc. on January 3, the Business World reports, citing
the Department of Finance.

Banks issued the bond on behalf of Maynilad to guarantee its
payment of annual concession fees to MWSS, which has totaled
nearly PhP8 billion.

Under the terms of the performance bond, Maynilad's creditor
banks require 10-day prior notice to ready a standby letter of
credit and another three days to pool the funds.

Under its concession agreement with MWSS, Maynilad must pay
around PhP2 billion in fees yearly to the government, part of
which pays for MWSS debts.

Thirteen local and foreign banks and financial institutions, led
by Hong Kong-based Citicorp International Ltd., make up the
consortium that guaranteed payment of the US$120 million
performance bond.

The Manila offshore branch of Credit Lyonnais, recently renamed
Calyon Corporate and Investment Bank; the Singapore branch of
Credit Industriel et Commercial; Fortis Bank, and Rizal
Commercial Banking Corporation are also part of the consortium.

CONTACT:

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


MAYNILAD WATER: Receiver Batting For Longer Payment Period
----------------------------------------------------------
The Court-appointed rehabilitation receiver of Maynilad Water
Services, Inc. is pushing for a new payment scheme for the cash-
strapped water firm's creditors, reports the Business World.

Lawyer Rosario S. Bernaldo said she proposed the extension of
the seven-year payment period to eight years to accommodate
local banks that refused to convert the loans into equity.

Maynilad is now awaiting a decision by the Quezon City Regional
Trial Court on the recommendation to its rehabilitation plan
filed by Ms. Bernaldo on Monday.

Should the Court approve the recommendations, Maynilad will be
ordered to make the necessary revisions to its rehabilitation
plan by January 14. The revised strategy to pay the water firm's
debts will have to be implemented by January 15 onwards.


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


CHINA AVIATION (S): CEO Urged to Return Salary
----------------------------------------------
China Aviation Oil (S) Corp (CAO) shareholders and The
Securities Investors Association of Singapore have asked
suspended Chief Executive Chen Jui Lin to return his salary,
after the Company incurred huge losses of US$550 million,
reports Xinhuanet.

Mr. Chen is one of the city-state's highest-paid executives with
an annual salary of SG$4.6 million (US$2.8 million).

Mr. Chen, who was alleged to have known of CAO's parent firm's
woes when he sold 15% of his stake, was arrested in Singapore
two weeks ago and is being investigated for suspected violations
of securities laws. Mr. Chen is currently out on bail.


CHINA AVIATION (S): Inks Agreement with Parent, Unit
----------------------------------------------------
Beleaguered Company China Aviation Oil (S) Corp (CAO) released
its latest developments to the Singapore Stock Exchange.

To enable China Aviation Oil Trading (CAOT), CAO to carry on the
business of jet fuel procurement on an agency basis, the Company
has signed a services agreement with its parent China Aviation
Oil Holding Company (CAOHC) and subsidiary CAOT for the
provision of certain services, namely, the use of CAO's
premises, including working space and facilities for a fee.

The Company has also agreed to second certain employees to CAOT
with costs to be borne by CAOT. In addition, CAO, CAOHC and CAOT
have also entered into a trust deed for CAOHC to provide
financial resources on a needs basis, which shall be held in
trust, for CAOT to carry on its business of Jet Fuel
procurement.

Agency Agreements

In addition, the Company also wishes to announce that CAOT has
also entered into separate agency agreements with CAOSC Aviation
Oil Co., Ltd, Shanghai Pudong International Airport Aviation
Fuel Supply Co., Ltd and South China Bluesky Aviation Oil Co.,
Ltd, respectively, for CAOT to be appointed as their agent for
jet fuel procurement. For its services, CAOT will be paid a
commission that is to be mutually agreed to between the parties.

Submitted by:
Adrian Chang
Company Secretary


G3 TECHNOLOGIES: Winding Up Order Issued
----------------------------------------
In the matter of G3 Technologies Pte Ltd., a Winding Up Order
was made on the 3rd day of December 2004.

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

Messrs Shook Lin & Bok
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated 17 December
2004.


IMDEX TECHNOLOGIES: Receives Winding Up Order
---------------------------------------------
In the matter of Imdex Technologies Pte Ltd., a Winding Up Order
was made on 10th day of December 2004.

Name and Address of Liquidator: Teh Tatt Wah
89 Short Street
#10-02 Golden Wall Centre
Singapore 188216

Messrs CH PARTNERS
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated 17 December
2004.


INTIQUA INTERNATIONAL: Posts Notice Of Intended Dividend
--------------------------------------------------------
Intiqua International Pte Ltd posted at the Singapore Stock
Exchange its notice of intended dividend on 21 December 2004.

Address of registered office: c/o 18 Cross Street #08-01 Marsh &
McLennan Centre Singapore 048423

Last day of receiving proofs: 31 December 2004

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

Address of liquidators: c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 17th day of December 2004.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


KLW HOLDINGS: Details Disposal, Leaseback Of Property
-----------------------------------------------------
KLW Holdings Ltd announced its disposal and leaseback of
property by subsidiary, (Transaction).

Further to our announcements dated 28 July 2004, 29 July 2004,
13 August 2004, 19 October 2004, 1 December 2004, 6 December
2004 and 8 December 2004, as well as the circular to
shareholders dated 20 September 2004, pursuant to which a
shareholders' resolution was passed (as announced on 8 October
2004), the Board of Directors of KLW Holdings Limited wishes to
announce that they have just discovered various computational
mistakes relating to the financial effects of the Transaction.
  
Submitted by:
Felicia Ngo   
Gp Accountant   

To view the entire document click on:
http://bankrupt.com/misc/tcrap_klwholdings122104.pdf


KOH BROTHERS: Enters Conditional Sale, Purchase Agreement
---------------------------------------------------------
The Board of Directors of Koh Brothers Group Limited announced
that Koh Brothers Development Pte Ltd, a wholly owned subsidiary
of the Company, has today entered into a conditional sale and
purchase agreement with Mr. Koh Tiat Meng for the purchase from
the Vendor of the Property at a total purchase consideration of
SG$7,200,000.00.

Submitted by:
Adrian Chang
Company Secretary


PANPAC MEDIA: Details Notes Conversion
--------------------------------------
Panpac Media Group refers to announcements dated 13 August 2004,
3 September 2004, 29 September 2004, 6 October 2004, 12 October
2004, 21 October 2004, 3 November 2004 and 3 December 2004 and
the Circular to shareholders dated 20 August 2004 relating to
the issue by the Company to Quantum Capital Asset Management
Limited of up to SG$10,000,000 in principal amount of unsecured
S$ notes due 2007.

The Board of Directors of the Company hereby announced that
Quantum Capital had on 17 December 2004 converted an aggregate
amount of SG$500,000 of Tranche 1 Notes, being the fifth
subtranche of Tranche 1 Notes, at SG$0.054 per share into an
aggregate number of 9,259,259 ordinary shares of SG$0.05 each in
the issued and paid-up share capital of the Company.

Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 557,536,080 ordinary shares of
SG$0.05 each.

The Company has utilized about SG$1.5 million from the fourth
and fifth sub-tranche of the Tranche 1 notes as working capital
for its China operations.

None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.

Submitted by Ricky Ang Gee Hing, Group MD and CEO, on behalf of
the Board of Directors on
21/12/2004 to the SGX


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


THAI PETROCHEMICAL: Projects 73% Rise in Total Sales This Year
--------------------------------------------------------------
Thai Petrochemical Industry Plc founder expects THB157 billion
in total sales this year, a 73 percent increase from THB81.6
billion last year driven by high world oil prices, reports
Bangkok Post.  

Earnings before interest, tax, depreciation and amortisation
(EBITDA) are expected to surge by 180 percent to THB24.5
billion.  In the 11 months to Nov 30, the Company posted sales
of THB141.3 billion, with EBITDA at 22 billion.

According to TPI founder Prachai Leophairatana both sales and
EBITDA were better than earlier estimates of THB115 billion and
THB18 billion respectively.

Another benefit TPI got from high oil prices was an improved
output at its oil refinery.  Mr. Prachai said TPI's current
production line could refine crude oil for use as raw materials
to serve both the petrochemical industry and oil products for
automobiles.

Continued high oil prices would bring sales and profit slightly
higher, Mr. Prachai forecasted.  The petrochemical industry up
cycle would continue until 2006 before starting to decline in
the following year, he added.

A positive prospect for the industry would most likely lift TPI
from the rehabilitation process within three to five years.  
TPI's total debts would stand at US$1.8 billion on the
completion of the planned debt restructuring process drafted by
planners appointed by the Finance Ministry.

Aside from the petition Mr. Prachail filed with the Central
Bankruptcy Court to force the Ministry of Finance to allow him
and other existing shareholders to buy all of the planned new
shares to be issued, followed by existing shares held by
creditors, Mr. Prachai also called on the Ministry to sell TPI's
49 percent stake in unit TPI Polene.  TPI holds some 249 million
shares in TPI Polene worth around $250 million.

Mr.Prachai would be required to pay some $900 million since
under the plan TPI is to raise $900 million through share issues
and the sale of TPIPL shares to repay its debt.

"Normally, when listed companies issue new shares at prices
lower than the market value, existing shareholders will be given
the first priority. So, I don't understand why the government
refused to give me the legitimate right," Mr. Prachai said.

Mr. Prachai said should the shares be sold at THB2.60 each,
money would not be a question for he could buy them all with the
aid of his partners.

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: www.tpigroup.co.th







                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Peachy Clare Arreglo, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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