TCRAP_Public/041227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, December 27, 2004, Vol. 7, No. 255

                            Headlines


A U S T R A L I A

AWAHOU PTY: Gregory Arthur Hayes Appointed as Liquidator
BALATOX PTY: Sets December 31 As Date Of Final Meeting
BALRANALD HOLDINGS: Final Meeting Slated For January 4
CHEMEQ LIMITED: ASIC Issues Details On Legal Proceedings Filed
CLARKE'S OF LEEDERVILLE: Winds Up Voluntarily

CLOCOURT INVESTMENTS: Enters Voluntary Winding Up Process
DAVPAC HOLDINGS: Final Dividend To Be Declared On January 7
DENHAM PROPERTY: Receivers And Managers Appointed
EMPAC GROUP: Jason Bettles And Susan Carter Named As Liquidators
EMPLEX PTY: To Declare Dividend On January 5

EX HART: To Convene Final Meeting On January 5
GOLDBRITE PTY: Final Dividend To Be Declared on January 23
GOLD STATE: Sets January 6 As Date Of Final Meeting
INDUSTRY AND COMMERCE: To Declare Dividend On January 23
IVYBAY HOLDINGS: Joint Final Meeting Slated For January 6

NATIONAL AUSTRALIA: Issues Statement On Theft At Northern Bank
ONE REALTY: Faces Voluntary Winding Up Proceedings
PET'S TUCKER: To Declare Fifth Final Dividend On December 30
PLANDOME HOTEL: To Declare Final Dividend On January 11
TK SOLUTIONS: Final Meeting Slated For January 5

WATERFRONT BUSINESS: Final Dividend To Be Declared On January 6
WORKING METALS: Members Resolve to Voluntary Winding Up


C H I N A  &  H O N G  K O N G

ARTEK ELECTRONIC: Creditors Meeting Set On January 10
BANK OF CHINA: Individual Gold Trading Plans Approved
CAMINA COLLECTIONS: Enters Bankruptcy Proceedings
CH CONSERVATION: Posts HK$24.7M 1H Net Loss
FULLWAY PACIFIC: Faces Winding Up Proceedings

GIWA FASHION: Winding Up Hearing Set On January 19
GOLD CAMEL: Schedules Winding Up Hearing On February 16


I N D O N E S I A

BANK PERSYARIKATAN: Avoids Suspension Due to Islamic Benefactors  
MERPATI AIRLINES: Needs to Secure IDR400Bln to Stay Afloat


J A P A N

DAIEI INC.: All Board Members To Resign By End-March
DAIEI INC.: Creditors Meeting Set January 11
KUKO ENTA: Enters Bankruptcy
MISAWA HOMES: Creditors Agree On JPY100-Bln Assistance
MITSUBISHI MOTORS: Unveils Ethics Committee Meeting Topics

MITSUBISHI MOTORS: To Sell Shinagawa Head Office For JPY30-Bln
MITSUI MINING: Sumitomo Corp. Mulls Acquisition
NIKO KIZAI: Declares Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: WTO Says U.S. Tariffs Violate Provisions
HYUNDAI MERCHANT: Slapped With KRW2Bln Fine For Accounting Fraud
LG CARD: Inks Deal To Sell US$400Mln In ABS To Merrill Lynch


M A L A Y S I A

AYER HITAM: Issues Litigation Update
GOLDEN FRONTIER: Issues Shares Buy Back Notice
GULA PERAK: Unveils Additional Listing Of Shares
MALAYSIAN BULK: Units Face Winding Up Proceedings
METROPLEX BERHAD: Adjourns Winding Up Hearing to December 28

METROPLEX BERHAD: Updates Winding Up Petition
OCEAN CAPITAL: Updates Restructuring Scheme
OCEAN CAPITAL: Answers Bursa Malaysia Query
PADIBERAS NASIONAL: Issues Additional Listing of Shares
TENAGA NASIONAL: Details Share Option Scheme


P H I L I P P I N E S

MANILA ELECTRIC: ERC Allows To Amend Power Deal With Duracom
MAYNILAD WATER: Full Bond Draw Cannot Cover Concession Fee
NATIONAL POWER: Masinloc Formally Handed To YNN Pacific
PILIPINO TELEPHONE: OKs Changes To Agreement With Smart
PILIPINO TELEPHONE: Regulator OKs Transfer Of Shares To Smart


S I N G A P O R E

CHINA AVIATION: Unit Receives Jet Fuel Offers
ELITE MANAGEMENT: Releases Notice Of Intended Dividend
GOODMAN MARINE: Posts Notice Of Intended Dividend
HILUCK TECHNOLOGY: Issues Intended Preferential Dividend
HTI EDUCATION: Complaints Against School Prompts Probe

IMDEX TECHNOLOGIES: Issues Winding Up Order
QUANTUM M&E: Releases Notice Of Intended Dividend
ZIV ZERA: Appoint Liquidators


T H A I L A N D

ADVANCE PAINT: Completes Legal Process To Decrease Capital
TANAYONG: Fixes February 7 as Rehab Plan Consideration Date
TONGKAH HARBOUR: Board Approves Loan Facilities for Project

     -  -  -  -  -  -  -  -

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


AWAHOU PTY: Gregory Arthur Hayes Appointed as Liquidator
--------------------------------------------------------
Notice is hereby given that at a General Meeting of Awahou Pty
Ltd (In Liquidation) A.C.N. 053 951 161 held on 18 November 2004
it was resolved that the Company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose,
Gregory Arthur Hayes be appointed liquidator.

Dated this 18th day of November 2004
Gregory Arthur Hayes
Liquidator
16 Rymill Road,
Somerton Park SA 5044


BALATOX PTY: Sets December 31 As Date Of Final Meeting
------------------------------------------------------
Notice is hereby given that, pursuant to Section 509 of the
Corporations Law, a final meeting of members of Balatox Pty
Limited (In Liquidation) A.C.N. 010 697 088 will be held at
Level 4, 29 Elkhorn Avenue, Surfers Paradise Qld 4217 on Friday
31 December 2004 at 10:00 a.m. for the purpose of receiving the
liquidator's final account and report and giving any explanation
thereof.

Dated this 22nd day of November 2004

Neville John Douglas Whiley
Liquidator
c/- N.J.D. Whiley & Partners
Chartered Accountants
Level 4, 29 Elkhorn Avenue,
Surfers Paradise Qld 4217


BALRANALD HOLDINGS: Final Meeting Slated For January 4
------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Balranald Holdings Pty Ltd (In Liquidation) A.C.N. 010 098 281
will be held at the offices of Lucas & Currie, of Level 8, ING
Building, 100 Edward Street in Brisbane on Tuesday 4 January
2004 at 10:00 a.m. for the purpose of laying before the meeting
an account showing how the winding up has been conducted and the
property of the Company have been disposed of and giving any
explanation thereof.

Dated this 23rd day of November 2004

Graham L. Starkey
Liquidator
Graham L. Starkey & Associates
c/- Lucas & Currie
Chartered Accountants
Level 8 ING Building, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200,
Facsimile: (07) 3003 0334


CHEMEQ LIMITED: ASIC Issues Details On Legal Proceedings Filed
--------------------------------------------------------------
The Chairman of the Australian Securities and Investments
Commission (ASIC), Mr. Jeffrey Lucy, announced Thursday that
ASIC had filed proceedings in the Federal Court in Perth against
listed Company Chemeq Ltd.

ASIC alleges that Chemeq, a pharmaceutical Company based in
Bentley, Western Australia contravened the continuous disclosure
provisions of the Corporations Act 2001 (the Act) on seven
occasions between February 2003 and 6 October 2004.

In particular, ASIC alleges that Chemeq:

- Failed to inform the market of the increased costs of
constructing and commissioning its manufacturing facility at
East Rockingham in Western Australia from February 2003 to
August 2004;

- Failed to inform the market that purchase orders it received
from South Africa were subject to a 'sunset' condition that they
must be filled by 30 June 2004, and failed to inform the market
that the orders would not be filled by this time prior to 30
July 2004;

- Failed to inform the market of its further funding
requirements from 8 June 2004, when it announced it had raised
$10m from an issue of shares, to 27 August 2004; and

- Failed to inform the market that a US patent had been granted
during the period 28 September 2004 to 6 October 2004.

ASIC is seeking court declarations that Chemeq failed to comply
with its continuous disclosure obligations in accordance with
the Corporations Act 2001 (the Act) and the Australian Stock
Exchange (ASX) listing rules.

ASIC is also seeking pecuniary penalties against Chemeq. Under
the Act, the court may impose a penalty of up to $200,000 for
each contravention prior to 1 July 2004. Following the
commencement of the CLERP 9 legislation, this penalty has
increased to $1 million for a contravention by a body corporate
that occurs after 1 July 2004.

'The CLERP 9 law reforms demonstrate that a Company's continuous
disclosure obligations are significant. ASIC is committed to
taking action, where appropriate, when it considers that a
listed entity has not complied with its continuous disclosure
obligations', Ms Jan Redfern, Executive Director of Enforcement
said.

ASIC commenced an investigation following referrals made by the
ASX.

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  
Website: http://www.chemeq.com.au/


CLARKE'S OF LEEDERVILLE: Winds Up Voluntarily
---------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Clarke's Of Leederville Pty Ltd (In Liquidation) A.C.N. 008
682 915 held on 16 November 2004, it was resolved that the
Company be wound up voluntarily and that James Richard
O'Shannessy of 56 Henning Crescent, Manning WA be appointed
liquidator for the purpose of the winding up.

Dated this 16th day of November 2004

James Richard O'shannessy
Liquidator
56 Henning Crescent,
Manning WA 6152


CLOCOURT INVESTMENTS: Enters Voluntary Winding Up Process
---------------------------------------------------------
At a general meeting of Clocourt Investments Pty Ltd (In
Liquidation) A.C.N. 099 736 802, duly convened and held on 19
November 2004, the following was resolved:

That the Company be wound up voluntarily and that Kim David
Holbrook of Holbrook & Associates, Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator of the Company for the purposes of the winding up.

Dated this 19th day of November 2004

Steve Johnathan Lassam
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street, GPO Box M925,
Perth WA 6001


DAVPAC HOLDINGS: Final Dividend To Be Declared On January 7
-----------------------------------------------------------
A first and final dividend is to be declared on the 7th day of
January 2005 in respect of Davpac Holdings Pty Ltd (In
Liquidation) A.C.N. 009 338 130.

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

Dated this 22nd day of November 2004

Cliff Rocke
Liquidator
c/- PPB
Chartered Accountants
Level 1, 5 Mill Street,
Perth WA 6000


DENHAM PROPERTY: Receivers And Managers Appointed
-------------------------------------------------
Notice is hereby given pursuant to Section 427(4)(b) of the
Corporations Act 2001 (Cth) that Lachlan McIntosh and John Park
have ceased to act as Joint and Several Receivers and Managers
of Denham Property Group Pty Ltd (Receivers & Managers
Appointed) A.C.N. 069 576 834.

Dated this 22nd day of November 2004

L.S. Mcintosh
J.R. Park
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


EMPAC GROUP: Jason Bettles And Susan Carter Named As Liquidators
----------------------------------------------------------------
Notice is given that Jason Bettles and Susan Carter, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of The
Empac Group Pty Ltd (In Liquidation) A.C.N. 101 468 400 at a
meeting of the Company's shareholders on 11 November 2004.

Dated this 19th day of November 2004

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


EMPLEX PTY: To Declare Dividend On January 5
--------------------------------------------
A fourth and final dividend is to be declared on 5 January 2005
for Emplex Pty Ltd (In Liquidation) A.C.N. 010 971 490.

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

Dated this 19th day of November 2004

David Clout
Liquidator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


EX HART: To Convene Final Meeting On January 5
----------------------------------------------
Notice is hereby given that a final meeting of creditors of EX
Hart Pty Limited (In Liquidation) A.C.N. 007 652 744 will be
held at Bernardi Martin, Level 1, 195 Victoria Square, Adelaide
on 5 January 2005 at 4:00 p.m.

AGENDA

To consider how the winding up of the Company has been
conducted, how the property of the Company has been disposed of
and the destruction of the Company's books & records after 6
months.

Dated this 18th day of November 2004

Hugh Martin
Liquidator


GOLDBRITE PTY: Final Dividend To Be Declared on January 23
----------------------------------------------------------
A First and final dividend is to be declared on or before 23
January 2005 for Goldbrite Pty Ltd (In Liquidation) A.C.N. 010
870 470.

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

Dated this 23rd day of November 2004

Tracy J. Dare
Liquidator
c/- Level 32, Central Plaza One,
345 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3333 9832


GOLD STATE: Sets January 6 As Date Of Final Meeting
---------------------------------------------------
Notice is hereby given that a joint final meeting of the
creditors and members of Gold State N.L. (In Liquidation) A.C.N.
060 921 217 will be held at the offices of BDO Chartered
Accountants & Advisers, 8th Floor, 256 St Georges Terrace, Perth
on 6 January 2005 at 11:00 a.m.

AGENDA

(1) To receive the liquidator's account of his acts and dealings
and of the conduct of the winding up and the hearing of any
explanations thereof.

(2) To authorize the liquidators to destroy, at their
discretion, the Company's books and records within a period of 5
years after dissolution of the Company, subject to obtaining
prior approval from the Australian Securities & Investments
Commission.

(3) To seek the approval of the liquidator's remuneration.

(4) Any other business.

Dated this 18th day of November 2004

Ron Gamble
Liquidator
c/- BDO
Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9360 4200


INDUSTRY AND COMMERCE: To Declare Dividend On January 23
--------------------------------------------------------
A first and final dividend is to be declared on 23 January 2005
for Industry And Commerce Employment And Training Group Limited
(In Liquidation) trading as Icet Group A.C.N. 078 716 748.

Creditors whose debts or claims have not already been admitted
were required on 24 December 2004 formally to prove their debts
or claims. If they have not, they will be excluded from the
benefit of the dividend.

Dated this 21st day of November 2004

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


IVYBAY HOLDINGS: Joint Final Meeting Slated For January 6
---------------------------------------------------------
Notice is hereby given that a joint final meeting of the
creditors and members of Ivybay Holdings Pty Ltd (In
Liquidation) A.C.N. 087 846 366 will be held at the offices of
BDO Chartered Accountants & Advisers, 8th Floor, 256 St Georges
Terrace, Perth on 6 January 2005 at 10:00 a.m.

AGENDA

(1) To receive the liquidator's account of his acts and dealings
and of the conduct of the winding up and the hearing of any
explanations thereof.

(2) Any other business.

Dated this 18th day of November 2004

Ron Gamble
Liquidator
c/- BDO
Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace,
Perth WA 6000
Telephone: (08) 9360 4200


NATIONAL AUSTRALIA: Issues Statement On Theft At Northern Bank
--------------------------------------------------------------
National Australia Bank (NAB), in a press release, announced
that approximately GBP20 million was stolen from Northern Bank
in Belfast on Monday evening 20 December 2004.

The theft is covered by self-insurance, and as such, National
Australian Bank, which currently owns Northern Bank, will bear
the impact of any losses arising from the theft.

The incident is not expected to have any material impact on the
sale of Northern Bank and National Irish Bank to the Danske Bank
Group announced on 14 December 2004.

Customer services at Northern Bank have been maintained
following the successful implementation of business continuity
plans.

Most importantly, all staff involved in the theft are safe and
are receiving appropriate care and support by Northern Bank and
the police in Northern Ireland.

Northern Bank is fully cooperating with the police in Northern
Ireland in their investigation into the theft.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations

038641 3857 work
0419 369 058 mobile

Hany Messieh
Investor Relations Manager
Group Investor Relations

03 8641 2312 work
0414 446 876 mobile

Or visit www.nabgroup.com


ONE REALTY: Faces Voluntary Winding Up Proceedings
--------------------------------------------------
Notice is given that on 11 November 2004 the creditors of One
Realty Pty Ltd (In Liquidation) A.C.N. 010 173 430 (Under
Administration) resolved that the Company be wound up under
subsection 439C(c) of the Corporations Act.

Accordingly, the Company is taken because of the application of
Section 446A and regulation 5.3A.07 to have passed a special
resolution on 11 November 2004 under Section 491 that the
Company be wound up voluntarily.

Dated this 23rd day of November 2004

R.E. Murphy
Liquidator
Level 9, 46 Edward Street,
Brisbane Qld 4000


PET'S TUCKER: To Declare Fifth Final Dividend On December 30
------------------------------------------------------------
A fifth dividend is to be declared on the 30th day of December
2004, for Pet's Tucker Time Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 080 893 401.

Creditors whose debts or claims have not already been admitted
were required on the 9th day of December 2004 to prove their
debts or claims.  If they have not, they will be excluded from
the benefit of the dividend.

Dated this 17th day of November 2004

G.A. Lopez
Administrator of the Deed of Company Arrangement


PLANDOME HOTEL: To Declare Final Dividend On January 11
-------------------------------------------------------
A first dividend is to be declared on 11 January 2005 for
Plandome Hotel Pty Ltd (In Liquidation) A.C.N. 009 490 608.

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

Dated this 30th day of November 2004

S.A. Hernyk
Official Liquidator
Deloitte Touche Tohmatsu
Chartered Accountants
49 Elizabeth Street,
Launceston Tas 7250
Telephone: 03 6337 7000


TK SOLUTIONS: Final Meeting Slated For January 5
------------------------------------------------
Notice is hereby given that a final meeting of creditors of TK
Solutions Pty Limited (In Liquidation) A.C.N. 105 729 904 will
be held at Bernardi Martin, Level 1, 195 Victoria Square,
Adelaide on 5 January 2005 at 3:00 p.m.

AGENDA

To consider how the winding up of the Company has been
conducted, how the property of the Company has been disposed of
and the destruction of the Company's books & records after 6
months.

Dated this 18th day of November 2004

Hugh Martin
Liquidator


WATERFRONT BUSINESS: Final Dividend To Be Declared On January 6
---------------------------------------------------------------
A dividend is to be declared on 6 January 2005 for Waterfront
Business Services Pty Ltd (Subject To Deed Of Company
Arrangement) formerly known as Disavia Business Services Pty Ltd
A.C.N. 091 538 877.

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

Dated this 19th day of November 2004

Jonathan Mcleod
Joint and Several Administrator
c/- Knights Insolvency Administration
Level 14, 241 Adelaide Street,
Brisbane Qld 4000
Telephone: (07) 3004 3200


WORKING METALS: Members Resolve to Voluntary Winding Up
-------------------------------------------------------
At a meeting of creditors of Working Metals Pty Ltd (In
Liquidation) A.C.N. 078 062 558, duly convened and held at the
offices of KordaMentha, Level 11, 37 St Georges Terrace, Perth
on Thursday, 11 November 2004 at 10:00 a.m., it was resolved:

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

Dated this 16th day of November 2004

Oren Zohar
Liquidator for Working Metals Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


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


ARTEK ELECTRONIC: Creditors Meeting Set On January 10
-----------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Artek
Electronic Company Limited will be held at P/F., Kowloon Central
Corps Hall, Salvation Army, 11 Wing Sing Lane, Kowloon, Hong
Kong on 10 January 2005 at 3 p.m. to appoint a Liquidator and to
consider further matters relevant to the creditors' voluntary
winding-up of the above named Company pursuant to Sections 241,
242, 243, 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room 1004, 10/Floor, Kowloon
Building, 555 Nathan Road, Mongkok, Kowloon, Hong Kong not later
than 4 p.m. on the day before the meeting or adjourned meeting
at which they are to be used.

Dated this 10th day of December 2004

By Order Of The Board Of Directors
Li Kwong Fai
Chairman

This notice is dated 17 December 2004.


BANK OF CHINA: Individual Gold Trading Plans Approved
-----------------------------------------------------
Bank of China (BOC), one of China's Big Four banks, has just
received full approval from the China Banking Regulatory
Commission (CBRC) to launch its gold trading for individual
clients, Interfax relates.

BOC, a sponsor for the Beijing 2008 Olympics, is planning to
sell Olympics-themed gold products in order "to promote the
Olympic spirit to the Chinese people" as well as provide an
opportunity for customers to collect and invest in gold
products, which can be considered as gold trading.
The bank's clients may also sell their purchased gold items back
to the bank, although BOC did not specify how to go about the
transaction.

CONTACT:

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


CAMINA COLLECTIONS: Enters Bankruptcy Proceedings
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
Camina Collections 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 (the successor banking corporation to Kincheng
Banking Corporation pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap.1167) 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 a.m. on
12 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.


CH CONSERVATION: Posts HK$24.7M 1H Net Loss
-------------------------------------------
China Conservational Power (0290) announced at the Hong Kong
Stock Exchange its net loss for the period ending 30 September.    
It posted a net loss of HK$24.708 million for the six months
ended September 30, compared to a net loss of HK$7.692 million a
year ago. LPS was HK$0.077. No interim dividend was declared.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_chconservation122304.txt


FULLWAY PACIFIC: Faces Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Fullway Pacific Limited by the High Court of Hong Kong Special
Administrative Region was on the 23rd day of November 2004
presented to the said Court by Vincent T. K. Cheung, Yap & Co.
of 15th Floor, Alexandra House, 16-20 Chater Road, Central, Hong
Kong.  

The said Petition will be heard before the Court at 9:30 a.m. on
the 12 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.

Vincent T. K. Cheung, Yap & Co.
Solicitors for the Petitioner
15th Floor, Alexandra House
16-20 Chater 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 11th day of
January 2005.

This notice is dated 17 December 2004.


GIWA FASHION: Winding Up Hearing Set On January 19
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Giwa Fashion 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 Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) 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 a.m. on
19 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 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 18th day of
January 2005.

This notice is dated 17 December 2004.


GOLD CAMEL: Schedules Winding Up Hearing On February 16
-------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Gold Camel Limited by the High Court of Hong Kong Special
Administrative Region was on the 3rd day of December 2004
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) 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 16th 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 15th day of
February 2005.

This notice is dated 17 December 2004.


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


BANK PERSYARIKATAN: Avoids Suspension Due to Islamic Benefactors  
----------------------------------------------------------------
Bank Persyarikatan Indonesia (BPI) will not be facing
suspension, as Islamic organizations have agreed to save the
ailing bank, Asia Pulse reported.

According to BPI Chief Commissioner Hajriyanto Y Thohari, Bank
Bukopin and PT Eurocapital Peregrine Securities and Muhammadiyah
have agreed to inject IDR200 billion (US$21.4 million) in fresh
capital enough to lift BPI's capital adequacy ratio (ADR) to
more than eight percent, which is the minimum level set by the
central bank.  

Mr. Thohari said BPI would be able to meet the three-month
deadline set by the central bank to improve its condition.


MERPATI AIRLINES: Needs to Secure IDR400Bln to Stay Afloat
----------------------------------------------------------
PT Merpati Nusantara Airlines (MNA) should secure IDR400 billion
(US$44.44 million) by January next year to prevent its aircraft
from being grounded, Asia Pulse reported.

The funds will be used in order for Merpati to cope up with its
financial problems.  The absence of the fund would result to a
halt in the operations of the airline Company for it may not be
able to pay its workers, Ferdinand Nainggolan, a deputy of the
state minister for state enterprises, said.

State Minister for State Enterprises Sugiharto has failed to
come up with a solution to the problem faced by Merpati after
four meetings.

Despite support from the House of Representatives, Merpati
failed in its attempt to restructure a large portion of its
debts.  

Merpati President Hotasi Nababan said he was not in a position
to make demandS in connection with the proposed restructuring.  
Mr. Nababan said Merpati is aiming to reach a break-even point
until the end of this year.  

The hopes to earn IDR1.4 trillion in operating income will be
less significant with the soaring fuel prices.  The fuel price
increase propped up the airlines' operating cost to 45 percent
from the previous 27 to 28 percent.

Merpati has proposed to the finance ministry to restructure
IDR812 billion of the debt through capital participation by the
government.

Merpati's debts amount to IDR1.5 trillion, including IDR225
billion to the finance ministry and IDR689 billion to Garuda
Indonesia and state-owned Bank Mandiri.


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


DAIEI INC.: All Board Members To Resign By End-March
----------------------------------------------------
The entire board of directors at Daiei Inc. will resign by the
end of next March to take responsibility for the poor management
that led the retail firm to seek a huge amount of debt
forgiveness from creditors, Kyodo News reports.

In a recent TCR-AP report, the Industrial Revitalization
Corporation of Japan (IRCJ) will make a final decision to
support Daiei's rehabilitation on December 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


DAIEI INC.: Creditors Meeting Set January 11
--------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is
likely to hold a meeting on January 11 for creditors of Daiei
Inc., according to Kyodo News.

Thirty financial institutions will join in the meeting, where
the IRCJ will explain its plan to provide the struggling
retailer with JPY597 billion in assistance.


KUKO ENTA: Enters Bankruptcy
----------------------------
Golf course operator Kuko Enta Puraizu K.K. has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Narita-shi, Chiba  286-0811, left a total of
US$74.04 million in liabilities.

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


MISAWA HOMES: Creditors Agree On JPY100-Bln Assistance
------------------------------------------------------
Creditors of Misawa Homes Holdings Inc. will provide more than
JPY100 billion to the ailing homebuilder as part of its
reconstruction plan, Kyodo News reports.

Misawa and UFJ Bank are expected to apply Tuesday to the
Industrial Revitalization Corporation of Japan (IRCJ) for its
aid in rebuilding the Misawa group business.

CONTACT:

Misawa Homes Co Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MITSUBISHI MOTORS: Unveils Ethics Committee Meeting Topics
----------------------------------------------------------
Mitsubishi Motors Corporation announced that its Business Ethics
Committee held its tenth meeting on 21 December 2004 at the
Shinagawa headquarters (Commissioner Fujimoto was absent and
professional counselor Yamamoto was in attendance).

The topics for discussion were the following:

1) The explanation of the response to the warning received from
the Ministry of Land, Infrastructure and Transport.

2) The progress of the internal investigation into the causes of
the emergence of the past recalls and process problems.

3) The progress of the Action Program for Company ethics and
reforming of corporate culture.

The explanations from the Company as well as the opinions of the
commissioners are as follows.

The explanation of the response to the warning received from the
Ministry of Land, Infrastructure and Transport.

The Company explained the answer that it has internally
prepared, and presented it to each commissioner before
submitting it to the Ministry.

In terms of the contents of the response, in the case of judging
recalls, it is not only product information reports, but phone
calls from dealers, and defect information received from
customers, is the appropriate direction for you to study
incorporating. Listening sincerely to the real voice of
customers is the key to quality improvement, and listening to
these voices, you must carry through on making safe vehicles
without exception.

The progress of the internal investigation into the causes of
the emergence of the past recalls and process problems.

The team of outside lawyers explained the additional hearings
that are currently being held and the progress of the outline of
the report.

After the recommendation made by the committee at the 8th
meeting to reinforce the investigation, it was confirmed that
more hearings were held with managers and regular employees.
Although there is a time restriction, we believe these hearings
to be necessary and ask that you put them into effect by
whatever means.

The description of the process of concealment of recalls in
2000, the perceptions of persons involved and the processes by
which this happened has been enriched. We ask that the team of
outside lawyers, who have increased the proportion of
information, that they conclude the investigation as quickly as
possible.

The team of outside lawyers, who were originally commissioned to
investigate the 2000 recall problem, are also requested to
investigate those who came after 2000, and we ask that you do so
immediately.

Also, the committee, with regard to the report to be submitted,
had originally appointed a professional counselor who would
inspect the report from the point of view of compliance, but at
this time, we have decided to appoint Professor Nobuyuki
Yamamoto, a lecturer from the Toin Yokohama University
Compliance Research Center.

The progress of the Action Program for Company ethics and
reforming of corporate culture.

The Company explained the progress of the currently advancing
"For compliance first Action Program", the investigation into
the degree of understanding of corporate ethics, the Q&A manual
on corporate ethics, and the progress of the written pledge.

There is no meaning to the Mitsubishi Motors newly started
compliance system if it does not take root in one site and
continue as a chain of actions. You must be sure to continue
steadily and see that it spreads through the organization.
At present, a system to have all employees sign a pledge of
corporate ethics is being implemented, but accordingly, the
Company must not oblige those employees who do not wish to sign.
As a Company, an effort should be made to obtain the person's
consent, even if they refuse to sign, it is also rather
important to respect individual judgment.

The eleventh meeting of the Business Ethics Committee is
scheduled on January 24, 2005.

Noboru Matsuda
Mitsubishi Motors Corporation
Business Ethics Committee Chairman

This Company press release is dated 21 December 2004.

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


MITSUBISHI MOTORS: To Sell Shinagawa Head Office For JPY30-Bln
--------------------------------------------------------------
Mitsubishi Motors Corporation and Mitsubishi Corporation
recently exchanged contracts with a special purpose Company,
established with capital from a real estate investment fund run
by a Company affiliated with the Morgan Stanley Securities
group, to sell the trust beneficiary rights pertaining to the
Shinagawa Mitsubishi Building that includes the MMC Head Office
real estate in Shinagawa, Tokyo.

MMC will use the proceeds, realized from converting the
Shinagawa Mitsubishi Building and its property into a real
estate trust parcel and selling off all trust beneficiary rights
thereof, to reduce asset costs and improve its cash flow in line
with the Company's Business Revitalization Plan. The sale will
bring in around JPY30 billion and is expected to go through at
the end of January 2005.

MMC, Mitsubishi Corporation and Mitsubishi Heavy Industries
acquired the property in question from the JNR Settlement
Corporation in March 1999. MMC leased its Shinagawa Head Offices
(in the Shinagawa Mitsubishi Building) after Mitsubishi
Corporation constructed the building. MMC is selling its
holding, which is approximately 35.8% of the total of 20,476.14
square meters of land acquired by the three companies and will
re-lease it from a Morgan Stanley Securities group Company.

This Company press release is dated 17 December 2004.


MITSUI MINING: Sumitomo Corp. Mulls Acquisition
-----------------------------------------------
Sumitomo Corporation plans to acquire debt-laden Mitsui Mining
Co., which is rehabilitating its businesses with government
support, reports the Jiji Press.

Mitsui Mining is undergoing rehabilitation under the supervision
of Industrial Revitalization Corporation of Japan (IRCJ), its
largest shareholder, with a 52 percent stake.

The IRCJ is expected to put Mitsui Mining to tender in January,
to select a buyer. The Company is part of the Mitsui group of
companies.

CONTACT:

Mitsui Mining Co.
3-3-3, Toyosu, Koto-ku
Tokyo 135-6007, Japan  
Phone: +81-3-5560-1311
Fax: +81-3-5560-1994


NIKO KIZAI: Declares Bankruptcy
-------------------------------
Niko Kizai K.K. has been declared bankrupt with total
liabilities of US$90.38 million, says Teikoku Databank America.

The firm, engaged in wholesale trade of pipes, heating and
freezing devices, is located in Nagano-shi, Nagano 380-0813.

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


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


HYNIX SEMICONDUCTOR: WTO Says U.S. Tariffs Violate Provisions
-------------------------------------------------------------
A final decision on the U.S. Department of Commerce
countervailing tariffs on Hynix Semiconductor has been released
by the World Trade Organization (WTO) Dispute Settlement Body
Sunday, Digital Chosunilbo relates.

In a final ruling sent to Korea and the United States, WTO
arbitrators reaffirmed that the Korean government and financial
institution's bailout packages to Hynix did not constitute
subsidiaries.  The ruling cited that the U.S. Department of
Commerce violated the Trade Organization's subsidy-related
provisions.

Hynix was accused of receiving subsidies from the Korean
government and financial institutions. The U.S. then imposed
countervailing duties of 44.29 percent on the Korean chipmaker
in August last year.

An appeal is expected by the U.S. Department of Commerce, and a
final report is expected to come out in April or May of next
year once the appeal trial is concluded.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470   
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


HYUNDAI MERCHANT: Slapped With KRW2Bln Fine For Accounting Fraud
----------------------------------------------------------------
The Financial Supervisory Services and Futures Commission has
imposed KRW2 billion and KRW20 million in fines on Hyundai
Merchant Marine (HMM) and its CEO respectively, reports the
Digital Chosunilbo.

The fine was slapped on HMM for fabricating more than KRW1.45
trillion of its accounts since 2000 when it transferred cash to
North Korea, just ahead of the historic inter-Korean summit.

A KRW625.1 billion of HMM's accounting irregularities was added
to the previous KRW622.4 billion that the Company voluntarily
admitted.

HMM said it would record KRW205.3 billion on its 2004 accounting
books to compensate for the previous financial
misrepresentation.  

CONTACT:

Hyundai Merchant Marine Co. Ltd.
66 Chokson-dong Chongno-gu
Seoul, Seoul 110-052
KOREA (SOUTH)
Telephone: +82 2 3706 5114
           +82 2 736 8517  
Web site: http://www.hmm.co.kr/


LG CARD: Inks Deal To Sell US$400Mln In ABS To Merrill Lynch
------------------------------------------------------------
LG Card Co. has forged a deal to sell US$400 million in asset-
backed securities (ABS) to Merrill Lynch, according to Asia
Pulse.

The ABS will be backed by card bills, cash advances and
rescheduled card loans at LG Card.  The two-year debt will carry
a coupon rate of 4.87 percent. The U.S. investment bank will
underwrite the entire amount of the issue.

Creditors of LG Card has been unsuccessful in convincing LG
Group to support the proposed KRW1.2 trillion in rescue package
to keep the Company afloat.

LG Card will face de-listing and liquidation unless the board of
directors come out with solutions by December 29, according to a
recent TCR Asia-Pacific report.

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


AYER HITAM: Issues Litigation Update
------------------------------------
A writ of summons dated 29 November 2004 and the statement of
claim dated 26 November 2004 from the Kuala Lumpur High Court,
was on 22 December 2004 served on Ayer Hitam Tin Dredging
Malaysia Berhad (AHTIN) and its subsidiary Motif Harta Sdn Bhd
(MHSB) by the solicitors of Alliance Bank Malaysia Berhad as the
Lead Arranger and Agent for Alliance Bank Malaysia Berhad, EON
Bank Berhad, Malayan Banking Berhad and Kewangan Bersatu Berhad
(the Plaintiffs). The amount claimed is RM23,870,518.32 together
with interest and cost thereon.

The claim was filed against AHTIN and MHSB for the defaulted
principal sum due and interest accrued up to 30 September 2004
in respect of a syndicated term loan granted by the Plaintiffs
to MHSB. Announcement of the above default in payment had been
made to the Bursa Malaysia Securities Berhad on 27 August 2004
pursuant to Practice Note 1/2001.

There are no further financial and operations impact on the
AHTIN Group as the said amount demanded had been fully provided
in the accounts of MHSB.

The Company has instructed its solicitors to file an appearance
on its behalf.

CONTACT:

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


GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on December
22, 2004.

Date of buy back: 22/12/2004

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

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

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

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

Total consideration paid (RM): 2,725.32

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,250,100

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


GULA PERAK: Unveils Additional Listing Of Shares
------------------------------------------------
Gula Perak Berhad's additional 55,000 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 55,000
irredeemable convertible secured loan stocks 2000/2005 into
55,000 new ordinary shares will be granted listing and quotation
with effect from 9 a.m., Friday, 24 December 2004.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


MALAYSIAN BULK: Units Face Winding Up Proceedings
-------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) announced that the
following dormant companies had ceased to be wholly-owned
subsidiaries of MBC's wholly-owned subsidiary, Brodsworth
Enterprises Limited, following the members' voluntary winding-up
on 19 January 2004 and 12 January 2004 respectively:

Name of Company: Aldgate Pte Ltd.
Company Number: 200207740M
Country Incorporation: Singapore
Authorized Share Capital: S$100,000
Paid Up Share Capital: S$2

Name of Company: Vitraux Pte Ltd.
Company Number: 200204019C
Country Incorporation: Singapore
Authorized Share Capital: S$100,000
Paid Up Share Capital: S$2

CONTACT:

Malaysian Bulk Carriers Berhad
Level 17 and 18
PJ Tower Jalan Persiaran Barat Off Jalan Timur
46050 Petaling Jaya
Tel: 03-79661688
Fax: 03-79661628

This announcement is dated 22 December 2004.


METROPLEX BERHAD: Adjourns Winding Up Hearing to December 28
------------------------------------------------------------
Metroplex Berhad refers to its announcements dated 5 November
2004 and 10 November 2004 in relation to the winding up petition
served on its unit Legend International Resorts Limited (LIR).

LIR was advised by its solicitors that in view of the
application by Morgan Stanley Emerging Markets, Inc. to
reinstate their application to appoint a provisional liquidator
and LIR's application to strike out the winding-up petition, the
winding up petition, which came up on 22 December in the High
Court of Hong Kong S.A.R was adjourned to 28 December 2004 for
directions before the Judge.

CONTACT:

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

This announcement is dated 22 December 2004.


METROPLEX BERHAD: Updates Winding Up Petition
---------------------------------------------
Accountant P.C. Chan & Partners refers to the Bursa Malaysia
Securities Berhad's letter to the Board of Directors of
Metroplex Berhad dated 15 December 2004, pertaining to the
notice of winding up petition.

P.C. Chan announced that the Company has applied to strike out
the winding up petition and that the matter has been adjourned
for hearing to 12 January 2005.

As announced to Bursa Malaysia on 24 November 2004, the Board of
Directors of the Company are unable to provide a solvency
declaration because the Company and its subsidiaries are an
affected listed issuer pursuant to Practice Note No. 1/2001 of
the Listing Requirements of Bursa Malaysia.

Yours faithfully,
P.C. CHAN & PARTNERS
CHARTERED ACCOUNTANTS
3-2, Jalan 2/76C, Desa Pandan
55100 Kuala Lumpur
Tel: 03-92834104  
Fax: 03-92834046                                  

CONTACT:

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


OCEAN CAPITAL: Updates Restructuring Scheme
-------------------------------------------
Ocean Capital Berhad had on 22 December 2004 served the notice
of termination to the parties concerned to terminate the
following agreements:

i) Restructuring Agreement dated 22 April 2003 as amended by the
Supplementary Restructuring Agreement dated 19 November 2003 for
and in relation to the restructuring scheme of Ocean Capital
Berhad made between Ocean, PHK Superstore Berhad and Tat Seng
Fatt Holding Sdn. Bhd.

ii) Conditional Sales and Purchases Agreement dated 19 November
2003 made between Ocean and Industrial Metropal Sdn. Bhd. in
relation to the sale and purchase of the entire issued and paid-
up capital of the 18 subsidiaries of Ocean.

As a consequence of the termination of the abovementioned
agreements, the Proposal would be terminated.

CONTACT:

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

This announcement is dated 22 December 2004.


OCEAN CAPITAL: Answers Bursa Malaysia Query
-------------------------------------------
Ocean Capital Berhad refers to the query letter from Bursa
Malaysia dated 21 December 2004 pertaining to the article
appearing in The Sun, National, on 21 December 2004 which
reported that Pasaraya Hiong Kong Sdn Bhd (PHK) closed down all
its seven supermarket and departmental stores on Tuesday.

The Company announced that it is not aware that PHK would be
closing down its outlets. The Company is also alerted to the
matter through the newspaper article.

Ocean Capital is presently undertaking a proposed restructuring
exercise. The exercise, unveiled in April 2003, includes an
acquisition of Pasaraya Hiong Kong Sdn Bhd (PHK) and divestment
of non-core assets in order to concentrate on its supermarket
and departmental store retailing.

Bursa Malaysia Securities Berhad's query letter content:

The Exchange refer to the above article appearing in The Sun,
National, page 2, on Tuesday, 21 December 2004, a copy of which
is enclosed for your reference. In particular, we would like to
draw your attention to the underlined sentence, which is
reproduced as follows:

"PHK closed down all its seven supermarkets and department
stores on Tuesday..."

In accordance with Bursa Securities' Corporate Disclosure
Policy, you are requested to furnish Bursa Securities with an
announcement for public release confirming or denying the above
reported article in particular the underlined sentence after due
and diligent enquiry with all the directors, major shareholders
and all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above reported sentence or any other part of
the article, you are required to set forth facts sufficient to
clarify any misleading aspects of the same. In the event you
confirm the above reported sentence or any other part of the
article, you are required to set forth facts sufficient to
support the same.

Please furnish Bursa Securities with your reply within one (1)
market day from the date hereof.

Yours faithfully,
TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
cc: Encik Onn Ismail
Securities Commission (via fax)


PADIBERAS NASIONAL: Issues Additional Listing of Shares
-------------------------------------------------------
Padiberas Nasional Berhad's additional 508,500 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option scheme will be granted listing and quotation with effect
from 9 a.m. on 24 December 2004.

CONTACT:

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


TENAGA NASIONAL: Details Share Option Scheme
--------------------------------------------
The Bursa Malaysia Securities Berhad announced that Tenaga
Nasional Berhad's additional 9,739,100 new ordinary shares of
RM1.00 each issued pursuant to the employees' share option
scheme would be granted listing and quotation with effect from 9
a.m. on 24 December 2004.

CONTACT:

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


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


MANILA ELECTRIC: ERC Allows To Amend Power Deal With Duracom
------------------------------------------------------------
The Manila Electric Co.'s (Meralco) provisional authority to
amend the rates in its power supply agreement with independent
power producer Duracom Mobile Power Corp. has been made
permanent by the Energy Regulatory Commission (ERC), says
Businessworld.

The ERC advised both Meralco and Duracom in an order dated
December 16 to renegotiate the pricing scheme of the contract
taking into consideration Duracom's true cost as an embedded
generator as and when dispatched by Meralco. The renegotiated
contract shall then be submitted to the ERC for approval within
one year from Dec. 16.

The provisional authority granted on Nov. 21, 2003 pertained to
the weighted average of the prices of National Power Corp.
(Napocor) and Meralco's other independent power producers --
Quezon Power Philippines and First Gas Power Corp.

The original power supply agreement for the purchase of the
electric power and energy by Meralco from Duracom was approved
by the now-defunct Energy Regulatory Board (ERB) in 2000.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  16220 (TL); 633-4553 (Corp. Sec.)
Fax Number:  631-5572
Email Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph  


MAYNILAD WATER: Full Bond Draw Cannot Cover Concession Fee
----------------------------------------------------------
Even if the peso-dollar exchange rate reaches PHP60 to US$1,
drawing the entire US$120-million performance bond of Maynilad
Water Services Inc. is not enough to fully pay what the Lopez-
controlled utility owes the Metropolitan Waterworks Sewerage
Systems (MWSS), reveals The Manila Times, citing various
sources.

The performance bond only translates to some PHP7.2 billion,
which cannot fully cover the PHP9 billion Maynilad has to pay
the MWSS in concession fees, which are used to pay for the
MWSS's pre-privatization dollar debts. The amount also excludes
penalties for failure to remit payments on time.

The MWSS has been forced to borrow US$150 million to cover debts
falling due mainly because of Maynilad's failure to remit
concession fees since March 2001.

CONTACT:

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


NATIONAL POWER: Masinloc Formally Handed To YNN Pacific
-------------------------------------------------------
Despite calls for a congressional probe, the Philippine
government formally awarded the Masinloc coal-fired power plant
deal Wednesday to the YNN Pacific Consortium, the Inquirer News
Service relates, citing Finance Secretary and chair of state-
owned power firm National Power Corp. (Napocor) Juanita Amatong.

The Filipino-Australian YNN Pacific consortium won the auction
for one of Napocor's biggest assets with a bid of US$561
million. The consortium is required to make a 40-percent down
payment, which Napocor would collect as soon as the
documentation of the sale is through, Ms. Amatong said.

Critics in Congress, however, say the government should not
immediately pursue the sale of Masinloc to YNN Pacific
Consortium, casting doubts on the financial capabilities of the
little-known group.

"There are questions from legislators on the capitalization of
the winning bidder," Ms. Amatong said. "But if they can really
give 40 percent, then it will show that they are really very
serious in their bid."

The Power Sector Assets and Liabilities Management Corp.
(PSALM), which handles the privatization of Napocor assets, said
the government would be at the losing end if the Masinloc sale
is cancelled because it would be prevented from drawing on a
US$9-million security bond posted by the winning bidder.

CONTACT:

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


PILIPINO TELEPHONE: OKs Changes To Agreement With Smart
-------------------------------------------------------
Pilipino Telephone Corporation (Piltel) (PSE:PLTL) announced on
December 22 that the Board of Directors of Piltel and Smart
Communications Inc. have approved amendments to their existing
management agreements. The agreements were entered into in 2000
to cover services outsourced by Piltel to Smart covering such
areas as network management, customer care and general
administration as well as a revenue-sharing arrangement to
compensate Smart for Piltel's use of Smart's GSM network for
Piltel's Talk 'N Text prepaid service.

Pursuant to the terms of the agreements which call for a
periodic review of the various terms and conditions contained
therein, Piltel and Smart undertook a review of the revenue
sharing agreement as well as other relevant fee structures after
Talk 'N Text surpassed the 3.5 subscriber million mark in June
2004. In August 2004, both companies approved the joint
engagement of an international, external telecommunications
consultant to provide a framework for considering the extent and
timing of any changes in order to protect both companies'
shareholders' interests.

In its review, the independent consultant noted that the
combined subscriber bases of Smart and Piltel have reached such
a level that the benefits of the resulting economies of scale
should be reflected in the management agreements.  The
consultant further noted that declining network and operating
costs per subscriber derived from improvements in productivity
and technology should also be taken into consideration in the
sharing of revenues. These factors, when taken into account,
will still allow Smart to largely recover its costs while
providing Smart and Piltel with a more equitable revenue-sharing
arrangement in the context of the changed circumstances.

Accordingly, the Boards of Directors of Smart and Piltel have
agreed to enter into a new omnibus agreement which shall
supersede and replace the existing Facilities Management
Agreement, Customer Service Management Agreement, Administrative
Support and Management Services Agreement as well as the
Facilities Service Agreement. The omnibus agreement will cover
the provision of all the services under the abovementioned
existing agreements, in consideration of a revenue sharing
agreement of 80-20 in favor of Piltel. This change will result
in the reflection of a positive PHP3.3 billion adjustment to
Piltel's operating results for the period January to September
2004. In addition, Smart shall recompensate Piltel for PHP3.7
billion representing Piltel's equitable share of revenues as a
result of Piltel having achieved a critical mass of subscribers
and the resultant "economies of scale" earlier than anticipated.

For further information, please contact:

Deborah Anne Tan
Corporate Information Officer
(632) 511-6121


PILIPINO TELEPHONE: Regulator OKs Transfer Of Shares To Smart
-------------------------------------------------------------
In a move that paves the way for the consolidation of telecom
giant Philippine Long Distance Telephone Co.'s (PLDT) mobile
assets, Pilipino Telephone Corp. (Piltel) announced that the
transfer of a majority of its shares to larger affiliate Smart
Communications Inc. has obtained the approval of the government
regulator, reports Businessworld.

"Piltel has received an order from the National
Telecommunications Commission dated December 13 approving the
authority to register the transfer of shares," the Company said
in a disclosure.

Smart Communications is set to acquire PLDT's 45.3% holding in
Piltel after a debt swap is completed with Piltel's creditors
for obligations worth PHP20.5 billion (US$366 million). Along
with a plan to acquire 59 million convertible preferred shares,
Smart would eventually end up owning 92% of Piltel.

As of end September, Piltel and Smart had a combined subscriber
base of more than 17 million, accounting for nearly 60% of the
country's cellular phone market. PLDT's chief rival, Globe
Telecom Inc., has 40% of the market.

Piltel, which sank into debt as it upgraded from analog to
digital technology, has been unprofitable for the past six
years.

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


CHINA AVIATION: Unit Receives Jet Fuel Offers
---------------------------------------------
China Aviation Oil (S) Corp (CAO) said that its new unit China
Aviation Oil Trading Pte (CAOT) has received offers from
suppliers for its first order of jet fuel, Bloomberg reported.

CAOT formed this month to obtain jet fuel in behalf of buyers
from China after its parent CAO sought protection from
creditors.

In a statement to the Singapore Stock Exchange, the firm said
that it has received offers for the entire 460,000 metric tons
of jet fuel available for tender and that the ultimate buyers
will proceed to enter into contracts with the successful
suppliers.

In order to ensure continued supplies for China's airlines and
airports, which import about a third of CAO's jet fuel, the
troubled firm's parent, Beijing-based China Aviation Oil
Holdings Ltd. has guaranteed payment for the cargo order, which
will be made through a letter of credit or telegraphic transfer.

The grade A1 jet fuel is set for delivery to Shanghai and
Tianjin.

Aside from airlines and airports, CAOT is also acting as an
agent for six possible buyers, which include Sinochem
International Oil Co. and China International United Petroleum &
Chemicals Co., or Unipec.

An accord between China Aviation Oil and its parent to provide
other services, including working space and employees to help it
continue supplying jet fuel through CAOT, was also forged, with
the CAOT shouldering its costs. In addition, both entities also
agreed to a trust deed for the parent to provide financing "for
CAOT to carry on its business of jet fuel procurement."

CAO, which used to supply almost 100 percent of China's jet fuel
imports, is currently the subject of an inquiry by Singapore
authorities over the US$550 million losses made on oil betting
derivatives.


ELITE MANAGEMENT: Releases Notice Of Intended Dividend
------------------------------------------------------
Elite Management Services Pte Ltd. released a notice of intended
dividend through the Singapore Government Gazette on 17 December
2004.

Address of Registered Office: Formerly of 51 Anson Road
#13-55 Anson Centre Singapore 079904

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 403 of 1999

Last Day for Receiving Proofs: 31 day of December 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 17 day of December 2004

Karen Loh
Assistant Official Receiver


GOODMAN MARINE: Posts Notice Of Intended Dividend
-------------------------------------------------
Goodman Marine International (Asia) Pte Ltd. posted its notice
of intended dividend at the Singapore Stock Exchange on 17
December 2004.

Address of Registered Office: Formerly of 3 Raffles Place
#09-01 Bharat Building Singapore 048617

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 317 of 2000

Last Day for Receiving Proofs: 31 December 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 17 December 2004

Chan Wang Ho
Assistant Official Receiver


HILUCK TECHNOLOGY: Issues Intended Preferential Dividend
--------------------------------------------------------
Hiluck Technology Pte Ltd. issued its intended preferential
dividend at the Singapore Stock Exchange.

Address of Registered Office: Formerly of 113 Bukit Merah View
#01-526 Singapore 150113

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 129 of 1997

Last Day for Receiving Proofs: 31 December 2004

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 17 December 2004

Sunari Bin Kateni
Assistant Official Receiver


HTI EDUCATION: Complaints Against School Prompts Probe
------------------------------------------------------
Complaints against I-Logics, a school that came under the wing
of the recently-liquidated HTI Education Group, has prompted
authorities to launch an investigation, reports Today Online.

The bulk of the complaints came from students who claimed that
the school did not issue them with professional IT certificates
despite completing their course in April this year. Each student
is believed to have paid about $4,500 for the course.

This comes after the Company's liquidation to cover its more
than $1.8 million in debt. Among its creditors are former
students, staff, banks, suppliers and the Singapore Tourism
Board (STB).

HTI has also been at the receiving end of complaints this year
from foreign students who paid about US$5,000 to US$6,500 each
for nursing courses that were never approved by authorities.


IMDEX TECHNOLOGIES: Issues Winding Up Order
-------------------------------------------
In the matter of Imdex Technologies Pte Ltd., a winding up order
was made on 10 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.


QUANTUM M&E: Releases Notice Of Intended Dividend
-------------------------------------------------
Quantum M & E Engineering Services Pte Ltd released its notice
of intended dividend at the Singapore Government Gazette.

Address of Registered Office: c/o The Liquidator's Office

Number of Matter: Companies Winding Up No. 284 of 2000

Last day for receiving Proofs: 6 January 2005

Name of Liquidator: Mr. Don M Ho, FCPA

Address: c/o Don Ho & Associates

Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705

Tel: 6532 0320 (8 lines)
Fax: 6532 0331

Dated this 18th December 2004.


ZIV ZERA: Appoint Liquidators
-----------------------------
At an Extraordinary General Meeting of Ziv Zera Advertising Pte
Ltd duly convened and held at 101A Upper Cross Street, #11-22
People's Park Centre, Singapore 058358 on Friday, the 17th day
of December 2004 at 10 a.m., the following Special Resolutions
were passed and duly confirmed, viz:

``That the Company be wound up voluntarily and that Ms. Lo Wei
Min and Ms. Lo Wei Shih, Certified Public Accountants, of 101A
Upper Cross Street, #11-22 People's Park Centre, Singapore
058358 be and are hereby appointed joint and several Liquidators
for the purpose of such winding up.

That the Liquidators be indemnified by the Company against all
costs, charges, losses, expenses and liabilities incurred or
sustained by them in the execution and discharge of their duties
in relation thereto.''

Dated at Singapore this 22nd day of December 2004.

Andrew Teo Ban Seng
Chairman of Meeting

This Singapore Government Gazette notice is dated 22 December
2004.


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


ADVANCE PAINT: Completes Legal Process To Decrease Capital
----------------------------------------------------------     
Advance Paint & Chemical (Thailand) Public Company Limited (APC)
informed the Stock Exchange of Thailand (SET) that it has
completed the legal process required for a decrease of the
Company's registered and paid-up capital, by reducing the par
value from THB10 to THB1 without having to change the number of
shares.

As a result of the actions taken, there will be a subsequent
decrease in the Company's registered and paid-up capital in the
trading system effective December 27, 2004 onwards.

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   


TANAYONG: Fixes February 7 as Rehab Plan Consideration Date
-----------------------------------------------------------
Pursuant to the order released by the Central Bankruptcy Court
on December 30, 2003 for the business reorganization of Tanayong
Public Company Limited and on March 15, 2004 to appoint Tanayong
Public Company Limited as the Planner, the Company advised the
Stock Exchange of Thailand (SET) that:

The Official Receiver then called for a meeting of creditors
with voting rights on November 16, 2004, but the creditor
requested that the meeting be postponed.  Thus, the Official
Receiver gave an order to postpone the meeting on December 21,
2004.

At the latest meeting convened to consider the plan, those
present at the creditors' meeting have passed a resolution to
approve the plan with total votes of 93.17 percent. Furthermore,
those at the meeting also passed a resolution appointing 7
persons as a committee of creditors to act on behalf of all the
creditors in monitoring the implementation of the plan.

Thus, the Central Bankruptcy Court has fixed the date to
consider the rehabilitation plan on February 7, 2005.

Please be informed accordingly.
Yours sincerely,
Mr.Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited   
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn    
Telephone: 0-2273-8511-15   
Fax: 0-2273-8516-17   
Website: www.tanayong.co.th
   

TONGKAH HARBOUR: Board Approves Loan Facilities for Project
-----------------------------------------------------------
Pursuant to the Board of Director's Meeting No. 7/2004 held on
22 December 2004, Tongkah Harbour Public Company Limited (THL)
hereby informs the Stock Exchange of Thailand (SET),
shareholders and investors regarding the following Board
resolution:

(1) Approved the loan facilities for the Loei Gold Project for
Tungkum Limited (TKL) as per the following terms and conditions:

Lender:

- Export-Import Bank of Thailand and
- BankThai Public Company Limited

Credit facilities: Approximately USD 13.1 million.

Term: 4 years (1 year grace period).

Securities:

Mortgage plant and machinery, assigning of mining rights, pledge
50 million shares of THL by THL main shareholders and 100
percent of TKL's shares, THL's corporate guarantee and Mr. Ng
Wai Choi's personal guarantee.

Condition precedent:

Increase capital of THB150 million in TKL and another increase
of THB70 million or bank guarantee or mortgage of Phuket land
totaling 18-3-43.8 rai.

Other condition:

Forward sale of 50,000 ounce of gold after plant commissioning.

(2) Approved the commencement of earthworks and the construction
and commissioning of the Loei Gold Plant.

Please be informed accordingly,
Yours Sincerely,
(Mr. Ronald Ng Wai Choi)
Managing Director

CONTACT:

Tongkah Harbour Public Company Limited   
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok    
Telephone: 0-2695-4912-28   
Fax: 0-2695-4901   



                            *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***