TCRAP_Public/041228.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

             Tuesday, December 28, 2004, Vol. 7, No. 256

                            Headlines

A U S T R A L I A

AIR SCREEN: Sets January 10 as Date of Final Meeting
BARRON PTY: To Hold Final Meeting on January 12
BAUHAUS BUILDING: Enters Winding Up Proceedings
CAMILLE ENTERPRISES: To Convene Final Meeting January 12
E.KATZ MANUFACTURING: Court Appoints Provisional Liquidator

FIRST NETCOM: Joint Meeting Slated for December 29
GHATTAS CONCRETE: Court Issues Winding Up Order
I&H PTY: Court Names Provisional Liquidator
JAMES HARDIE: Attempts to Raise U.S. Prices
MARR'S SERVICE: Final Meeting Scheduled January 18

MYAL INVESTMENTS: Meeting Slated for January 4
PROVADO PTY: Sets January 12 as Date of Final Meeting
PRUDENTIAL AUSTRALIA: Members Resolve to Voluntarily Wind Up
SANTOS LIMITED: Sells Carpentaria Stake for AU$59 Mln
SANTOS LIMITED: Releases First Sustainability Review

STEWART BRADBURY: To Convene Final Meeting on December 29
VSA GROUP: To Declare Final Dividend January 12
WESTMOUNT PTY: Appoints Evan Groombridge as Liquidator


C H I N A  &  H O N G  K O N G

CHARTER LANE: Receiving Proofs of Debts Until January 17
FREELAND HOLDINGS: Creditors to Prove Claims by January 17
G&G HONGKONG: Court Issues Winding Up Order
GREAT CHINA: To Hold Creditors Meeting on December 30
HEROPLAN GARMENTS: Enters Bankruptcy Proceedings

HONGKONG CONSTRUCTION: Winding Up Hearing Set January 19
HONGKONG PROPERTY: Creditors Must Submit Claims by January 17
RUSHMORE ENTERPRISES: Creditors to Prove Debts by January 17
TRUMP HARVEST: Receiving Proofs of Claims Until January 17
WAH LEE: Creditors to Meet December 30


I N D O N E S I A

GARUDA INDONESIA: Sets Aside US$110 Mln to Pay Debt
INDOFOOD SUKSES: Buyback Proposal Fails to Gain Approval
PERTAMINA: KAHMI Urges Government to Revise LPG Price Hike


J A P A N

DAIEI INCORPORATED: Chairman To Step Down Today
DAIKYO INCORPORATED: To Dispose Of Seven Noncore Assets
FUJITSU LIMITED: Moody's Raises Debt Rating to Baa1
JAPAN AIRLINES: Replaces Medium-size Jets with Boeing 7E7s
MISAWA HOMES: May Drop Resorts in JPY200-Bln Aid

MITSUBISHI MOTORS: Unveils November Production, Sales, Exports
MITSUBISHI MOTORS: To Compensate Family of Truck Defect Victim
MITSUBISHI MOTORS: Corrects H1 Loss Figure
SEIBU RAILWAY: Prince Hotels to Exit Kitakyushu, Singapore Ops
TAMANO CONSULTANTS: To Receive Financial Aid from UFJ Bank

UFJ HOLDINGS: Unit Subscribes Shares Issued by Daikyo


K O R E A

ANAM ELECTRONICS: In Talks with Potential Buyers of TV Business
JINRO LIMITED: Wins Best Restructuring Award
KOLON INDUSTRIES: Offers Another Round of Voluntary Retirement
LG CARD: LG Group Agrees to Back KRW1.2 Rescue Package


M A L A Y S I A

ACTACORP HOLDINGS: Unit Faces Winding Up Petition
ANTAH HOLDINGS: Updates on Default Status
FORESWOOD GROUP: Details Delisting Of Securities
GOLDEN FRONTIER: Buys Back 3,000 Shares
GULA PERAK: RAM Reaffirms Rating, Outlook Negative

KEMAYAN CORPORATION: Posts Restructuring Scheme Update
K.P. KENINGAU: Default Status Unchanged
KUMPULAN BELTON: Releases Default Status Update
MCSB SYSTEMS: SC Rejects Restructuring Appeal
METROPLEX BERHAD: Discloses Unaudited Quarterly Results

METROPLEX BERHAD: Unit Appoints Rehabilitation Receiver
OCEAN CAPITAL: Seeks Potential White Knight
OLYMPIA INDUSTRIES: Extends Sale, Purchase Deal
PAN PACIFIC: Submits Restructuring Proposal to SC
PUNCAK NIAGA: Unit Enters Into Second Collective Agreement

TENAGA NASIONAL: Shareholders OK AGM Resolutions


P H I L I P P I N E S

COLLEGE ASSURANCE: Seeks SEC OK for US$300-Mln Loan
MANILA ELECTRIC: Set to Bring Tax Rebate Case to High Court
MAYNILAD WATER: US$120-Mln Bond Draw Not Enough
METRO PACIFIC: Pangilinan Raps PSE on Insider Trading Probe


S I N G A P O R E

GLOBAL FISHERIES: Winding Up Hearing Set January 14
M.E.I. PROJECT: Receiving Proofs Until January 7
SIFORTEL SOLUTIONS: Posts Notice Of Creditors' Meeting
SIN TONG HOLDING: Faces Bankruptcy Proceedings
SIN TONG PRIVATE: Court to Hear Winding Up Petition January 14


T H A I L A N D

JASMINE INTERNATIONAL: SET Allows Trading of Securities
PACIFIC ASSETS: Reveals Impact of Tsunami on Properties
SYNTEC CONSTRUCTION: Unveils Resolution of Board Meeting
THAI NAM: Appoints KPMG as Financial Advisor
TONGKAH HARBOUR: Says Tsunami Did Not Affect Properties

BOND PRICING: For the Week 27 December to 31 December 2004

     -  -  -  -  -  -  -  -      

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


AIR SCREEN: Sets January 10 as Date of Final Meeting
----------------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Air Screen Pty Limited A.C.N./A.R.B.N. 001 960 470 be held as
follows at 229 Pacific Highway, Hornsby NSW 2077 on January 10,
2005 at 10:00 a.m.

BUSINESS

The purpose of this meeting is to consider the following
resolution(s):

(1) To receive and adopt the report of the liquidator's act and
dealings during the conduct of the winding up.

(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statement by a Liquidator.

(3) To transact any other business which may properly be brought
forward at the meeting.

Dated this 17th day of November 2004

Stephen Peter Murray
Liquidator


BARRON PTY: To Hold Final Meeting on January 12
-----------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Barron Pty Limited (In Liquidation) A.C.N. 062 106 601 will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Wednesday, 12 January 2005 at 10:10 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 22nd day of November 2004

P. Ngan
Liquidator


BAUHAUS BUILDING: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Bauhaus Building Group Pty Limited (In Liquidation) A.C.N.
087 981 388, held on 18 November 2004, it was resolved that the
company be wound up voluntarily and that William Balfour Rangott
of Rangott & Slaven, Unit 12, Level 3 Engineering House, 11
National Circuit, Barton, ACT be appointed Liquidator.

Dated this 18th day of November 2004

Zvonko Novak
Secretary


CAMILLE ENTERPRISES: To Convene Final Meeting January 12
--------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Camille Enterprises Pty Limited (In Liquidation) A.C.N. 077 827
117 will be held at Ngan & Co, Level 5, 49 Market Street, Sydney
NSW 2000 on Wednesday, 12 January 2005 at 10:20 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 22nd day of November 2004

P. Ngan
Liquidator


E.KATZ MANUFACTURING: Court Appoints Provisional Liquidator
-----------------------------------------------------------
On the 15th of November 2004, the Supreme Court of New South
Wales, Equity Division, made an Order that Christopher J. Palmer
be appointed Provisional Liquidator of E.Katz Manufacturing
Jewellers (A.C.T.) Pty Limited (Provisional Liquidator
Appointed) A.C.N. 008 529 182.

Dated this 30th day of November 2004

Christopher J. Palmer
Provisional Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


FIRST NETCOM: Joint Meeting Slated for December 29
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of First
Netcom Pty Ltd (In Liquidation) A.C.N. 067 043 145 will be held
at the offices of Armstrong Wily, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 on 29 December 2004, at 10:30 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 15th day of November 2004

A.H.J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


GHATTAS CONCRETE: Court Issues Winding Up Order
-----------------------------------------------
On 11 November 2004, the Supreme Court of NSW made an order that
Ghattas Concrete Pumping Pty Limited (In Liquidation) A.C.N. 079
108 517 be wound up in insolvency under the provisions of the
Corporations Act 2001, and appointed, Geoffrey McDonald as
official liquidator of the Company.

Geoffrey Mcdonald
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


I&H PTY: Court Names Provisional Liquidator
-------------------------------------------
On the 11th of November 2004, the Supreme Court of New South
Wales, Equity Division, made an Order that Christopher J. Palmer
be appointed Official Liquidator of I&H Pty Limited (In
Liquidation) A.C.N. 066 880 420.

Dated this 30th day of November 2004

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


JAMES HARDIE: Attempts to Raise U.S. Prices
-------------------------------------------
In a bid to boost profits and offset its asbestos liabilities,
James Hardie Industries will try to raise its prices of building
products in the U.S., according to the Sydney Morning Herald.

Following the signing of an in-principle agreement last week to
pay AU$1.5 billion in compensation to asbestos victims, the
embattled building products maker is set to stage a 10-percent
price hike of its U.S. fiber cement products.

After a 24-percent slump in second-quarter net profits to
US$24.8 million (AU$32.4 million) last month, Hardie said that
it would push for an average 6 percent price increase for its
products next month.

Hardie has already managed to boost the average selling price of
its products by 24 percent since 1999.

Meanwhile, the besieged firm has attempted to put its recent
poor second-quarter profit slump behind it, which it blamed on
higher raw material and freight costs associated with
operational problems at three of its US plants. At the Orlando
briefing, Hardie reiterated its plans to increase its share of
the U.S. exterior siding market from 12 to 35 percent.

For corporate and media enquiries only, please contact:

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

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

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

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

All other enquires to CustomerLink Service Centre on 13 1103.


MARR'S SERVICE: Final Meeting Scheduled January 18
--------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Marr's Service
Centre Pty. Limited (In Voluntary Liquidation) A.C.N. 000 636
608 will be held at Ruwald & Evans, Level 1, 1 Alfred Street,
Sydney on the 18th of January 2005 at 10:00 a.m. for the purpose
of laying before the meeting the liquidators' final account and
report and giving any explanation thereof.

Dated this 19th day of November 2004


MYAL INVESTMENTS: Meeting Slated for January 4
----------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Myal Investments Pty Limited (In Liquidation)
A.C.N. 096 149 763 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW 2000 on 4 January 2005 at 11:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

Business

(1) To receive a report from the liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 4 January 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the company on completion of all duties.

(3) Any other business.

Dated this 22nd day of November 2004

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


PROVADO PTY: Sets January 12 as Date of Final Meeting
-----------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Provado Pty Limited (In Liquidation) A.C.N. 078 500 688 will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Wednesday, 12 January 2005 at 10:00 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 22nd day of November 2004

P. Ngan
Liquidator


PRUDENTIAL AUSTRALIA: Members Resolve to Voluntarily Wind Up
------------------------------------------------------------
At a general meeting of the members of Prudential Australia
Holdings One Pty Limited (In Liquidation) A.C.N. 103 020 453
held at Level 3, Tower 2 Darling Park, 201 Sussex Street,
Sydney, 2000 on 12 November 2004 a special resolution that the
company be wound up voluntarily was passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


SANTOS LIMITED: Sells Carpentaria Stake for AU$59 Mln
-----------------------------------------------------
Santos Limited, in conjunction with Origin Energy and Delhi
Petroleum, announced that they had entered into an agreement
with Australian Pipelines Trust (APT) to sell their combined 30
percent interest in the Carpentaria Gas Pipeline (CGP) for total
cash consideration of AU$98 million.

Santos' interest in the CGP is approximately 18 percent and its
share of the total cash consideration is AU$59 million. This is
expected to result in Santos being able to book a profit in the
current financial year ending 31 December 2004.

The CGP is a 840-km sales gas trunk pipeline from the South West
Queensland Producers' (Producers) Ballera gas processing plant
in south west Queensland to Mt. Isa.

The sale does not affect the existing shipping rights of Santos
and the other Producers on the CGP.

APT and the Producers have also agreed to hold future
discussions concerning a new delivery point into the CGP which
may assist in commercializing a number of smaller gas fields to
the north of the Ballera gas plant.

"This sale represents a continuation of Santos' strategy top
dispose on non core assets said Santos' Managing Director, Mr.
John Ellice-Flint.

"Notwithstanding the sale, Santos will continue to maintain a
close relationship with APT on the CGP and in other APT gas
pipelines transporting gas produced by Santos."

Participating interests in the Carpentaria Gas Pipeline Joint
Venture are:

                                   New        Old
Australian Pipeline Trust          100%       70%
Santos Group                       -          18.02%
Delhi Petroleum                    -           6.96%
Origin Energy                      -           5.02%

Fact Sheet of Carpentaria Gas Pipeline
- Commissioned in 1998
- 12-inch (305 millimeters) diameter pipeline
- 840 kilometers
- Transports sales gas to commercial and industrial customers in
Mt. Isa, one of Australia's key resource provinces
- Pipeline currently running close to capacity at 30 PJ per
annum
- Gas transportation agreements in place with Zinifex, SWQ
Producers and BHP Billiton.
- Gas used for electricity generation, mineral processing and
extraction, and fertilizer production.

CONTACT:

Santos Limited
91 King William Street
Adelaide, South Australia 5000
Australia
Phone: +61 8 8218 5111
Fax: +61 8 8218 5274


SANTOS LIMITED: Releases First Sustainability Review
----------------------------------------------------
Santos Limited (Santos) has released its first public review,
which provides details of the social, environmental and economic
impacts, or "sustainability factors", of its day-to-day
operations.

Titled First Steps, Sustainability Review 2004, the review
outlines a framework by which Santos will measure its future
sustainability performance.

As the basis for its maiden review, Santos used the United
Nations Environment Programmme's Global Reporting Initiative
criteria to provide a framework of relevant issues for
consideration, identifying areas of good performance and areas
for improvement.

"This first Sustainability Review illustrates our commitment to
operating on a sustainable basis and to continually strive to
improve practices and procedures as they affect the communities
in which we work and the interests of all of our stakeholders,"
Santos' Managing Director, Mr. John Ellice-Flint, said.

"Importantly, it sets a line in the sand as a starting point for
the collection of sustainability data so that we can measure on
an annual basis, and progressively improve, Santos' overall
performance in this regard," Mr. Ellice-Flint said.

"Our environmental and social goals at Santos are inherently
linked to our financial and operating targets.

"Operating in a sustainable manner makes good business and
economic sense and keeps our accountability transparent."

On top of Santos' financial contribution, a recently
commissioned study found that the Company contributes $1.6
billion per annum to South Australia's gross state product.

Such contributions comprise the value of employment, purchase of
goods and services, state taxes and royalties, donations and
sponsorships.

Some of Santos' key sustainability achievements discussed in the
Sustainability Review include:

(1) Being recognized with a maximum five star rating for
corporate governance by Howarth and the University of Newcastle
in 2002, 2003 and 2004;

(2) Reducing greenhouse gas emissions through the introduction
of solar powered air compressors at well sites;

(3) Leading the campaign to have the world-renowned Coongie
Lakes wetlands area in northern South Australia declared a
National Park;

(4) Participating in Clean Up Australia Day with more than 300
Santos staff participating in the program around Australia; and

(5) Committing $25 million over 10 years towards the Australian
School of Petroleum at the University of Adelaide.

Mr. Ellice-Flint said some of Santos' future commitments to
operating in a sustainable manner included:

(1) Reporting annually on sustainability performance;

(2) Pursuing a greenhouse emission intensity reduction target
(greenhouse emissions/unit of production) of 20% from 2002 to
2008;

(3) Implementing strategies to reduce and prevent pollution,
manage waste, use water efficiently and address cultural
heritage and biodiversity issues;

(4) Implementing a program to measure and report the volume of
produced formation water discharged from each site to identify
minimization strategies;

(5) Reviewing environmental impact of goods and services
provided by suppliers

(6) Implementing strategies to continue to reduce the frequency
and severity of injuries;

(7) Developing a strategy to improve organizational culture in
support of business performance;

(8) Ensuring the company's sponsorship program reflects the
geographic spread of Santos' interests and priorities; and

(9) Continuing to review existing policies and codes of conduct
to ensure compliance with changes in legislation and community
expectations and compatibility with Australian Stock Exchange
Corporate Governance Best Practice Recommendations.


STEWART BRADBURY: To Convene Final Meeting on December 29
---------------------------------------------------------
Notice is hereby given that a meeting of the members of Stewart
Bradbury Holdings Pty Ltd (In Liquidation) A.C.N. 000 862 126
will be held at Gerrard & Associates, 38 Edgeworth David Avenue,
Waitara NSW 2077, on Wednesday 29th of December, 2004, at 10:00
a.m.

The meeting will be a final meeting in accordance with section
509 of the Corporations Law.

BUSINESS

To receive a report from the liquidators, being an account of
their acts and dealings and of the conduct of the winding up
during the period of the liquidation.

Dated this 19th day of November 2004

Tony R. Gerrard
Liquidator
c/- Gerrard & Associates
38 Edgeworth David Avenue
Waitara NSW 2077
Telephone: (02) 9477 6044
Facsimile: (02) 9987 4784


VSA GROUP: To Declare Final Dividend January 12
-----------------------------------------------
A first and final dividend is to be declared on 12 January 2004
for VSA Group Pty Limited (In Creditors' Voluntary Liquidation)
A.C.N. 097 855 742.

Creditors whose debts or claims have not been admitted were
required on or before 22 December 2004 formally to prove their
debts or claims. If they have not, they would be excluded from
the benefit of the dividend.

Dated this 30th day of November 2004

G.G. Woodgate
Liquidator
Woodgate & Co
Telephone (02) 9233 6088
Facsimile (02) 9233 1616


WESTMOUNT PTY: Appoints Evan Groombridge as Liquidator
------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Members of Westmount Pty Limited (In Liquidation) A.B.N. 14 000
412 831 held on the 16th November 2004, it was resolved that the
Company be wound up voluntarily and that for such purposes Evan
Philip Groombridge, Chartered Accountant, 21 Cornwall Avenue,
Turramurra in the State of New South Wales be appointed
Liquidator.

Dated this 16th day of November 2004

Sue Dearin
Director


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


CHARTER LANE: Receiving Proofs of Debts Until January 17
--------------------------------------------------------
Notice is hereby given that the Creditors of Charter Lane
Development Limited, which is being voluntarily liquidated, are
required to send in, on or before the 17th day of January 2005
to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the undersigned and
Mr. John James Toohey, the Joint and Several Liquidators of the
above company.

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

Dated this 17th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building, Central
Hong Kong


FREELAND HOLDINGS: Creditors to Prove Claims by January 17
----------------------------------------------------------
Notice is hereby given that the Creditors of Freeland Holdings
Limited, which is being voluntarily liquidated, are required to
send in, on or before the 17th day of January 2005 to send their
names, addresses and descriptions, full particulars of their
debts or claims, as well as the names and addresses of their
solicitors (if any) to the undersigned and Mr. John James
Toohey, the Joint and Several Liquidators of the above company.

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

Dated this 17th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building, Central
Hong Kong


G&G HONGKONG: Court Issues Winding Up Order
-------------------------------------------
G&G HongKong Limited with registered office at A23, 3/F, Shatin
Industrial Centre, 5 Yuen Shun Circuit, Siu Lek Yuen, Shatin, NT
has received a winding up order on 13 December 2004.

The winding up petition was presented to the court on 28 July
2004.

Lee Mei Yee May
Acting Official Reciever

This The Standard notice is dated 24 December 2004.


GREAT CHINA: To Hold Creditors Meeting on December 30
-----------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Great
China Net Company Limited will be held at 26th Floor, Wing On
Center, 111 Connaught Road Central, Hong Kong on 30th day of
December 2004 at 3:30 p.m. for the purposes mentioned in
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 26th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong not later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which they
are to be used.

Dated this 17th day of December 2004

By Order Of The Boards Of
Great China Net Company Limited
Qian Guo Wan
Director


HEROPLAN GARMENTS: Enters Bankruptcy Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Heroplan Garments 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.


HONGKONG CONSTRUCTION: Winding Up Hearing Set January 19
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
HongKong Construction (Nanchang) 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 Hong Kong
Construction Company Limited of 13/F., Yardley Commercial
Building, 3 Connaught Road West, 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.

Fung, Wong, Ng & Lam
Solicitors for the Petitioner
Room 8, 4th Floor, New Henry House
No. 10 Ice House Street
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.


HONGKONG PROPERTY: Creditors Must Submit Claims by January 17
-------------------------------------------------------------
Notice is hereby given that HongKong Property Co. Limited was
wound up voluntarily on 7 December 2004 and that Mr. Rainier Hok
Chung Lam and Mr. John James Toohey both of
PricewaterhouseCoopers, 22/F., Prince's Building, Central, Hong
Kong was appointed Joint and Several Liquidators of the above
company for the purpose of such winding up.

Creditors of the above-named company are to prove their debts or
claims on or before 17 January 2004 and to establish any title
they may have under the Cayman Islands Companies Law (2003
Revision), or to be excluded form the benefit of any
distribution made before the debts are proved or from objection
to the distribution.

Dated this 17th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building, Central
Hong Kong

This notice is dated 17 December 2004.


RUSHMORE ENTERPRISES: Creditors to Prove Debts by January 17
------------------------------------------------------------
Notice is hereby given that the Creditors of Rushmore
Enterprises Limited, which is being voluntarily liquidated, are
required to send in, on or before the 17th day of January 2005
to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the undersigned and
Mr. John James Toohey, the Joint and Several Liquidators of the
above company.

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

Dated this 17th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building, Central
Hong Kong


TRUMP HARVEST: Receiving Proofs of Claims Until January 17
----------------------------------------------------------
Notice is hereby given that the Creditors of Trump Harvest
Limited, which is being voluntarily liquidated, are required to
send in, on or before the 17th day of January 2005 to send their
names, addresses and descriptions, full particulars of their
debts or claims, as well as the names and addresses of their
solicitors (if any) to the undersigned and Mr. John James
Toohey, the Joint and Several Liquidators of the above company.

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

Dated this 17th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building, Central
Hong Kong


WAH LEE: Creditors to Meet December 30
--------------------------------------
Notice is hereby given pursuant to Section 241 of the Companies
Ordinance that a meeting of the creditors of Wah Lee Resources
Investments (China) Limited will be held at 26th Floor, Wing On
Center, 111 Connaught Road Central, Hong Kong on 30th day of
December 2004 at 4:30 p.m.for the purposes mentioned in 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 26th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong not later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which they
are to be used.

Dated this 17th day of December 2004

By Order Of The Boards Of
Wah Lee Resources Investments (China) Limited
Qian Guo Wan
Director


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


GARUDA INDONESIA: Sets Aside US$110 Mln to Pay Debt
---------------------------------------------------
National flag carrier PT Garuda Indonesia has allocated US$110
million to refinance its annual debt installment with interest,
according to Asia Pulse.

Garuda, which has never delayed payment of its debt mainly to
Export Credit Agency and holders of its promissory notes, will
make the payment before the end of this year. The payment will
reduce the airline's debt to US$838 million.

Refinancing the installment is part of the a deal in 2001 with
its creditors to restructure around US$1.1 billion in debts.

CONTACT:

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


INDOFOOD SUKSES: Buyback Proposal Fails to Gain Approval
--------------------------------------------------------
Due to a low turnout, PT Indofood Sukses Makmur failed Thursday
to obtain the approval of international bondholders for its
proposal to repurchase US$280 million in bonds, says Dow Jones.

The beleaguered instant noodle giant, which needed approval from
bondholders holding at least 75 percent of the bonds, was
dismayed when only those with a total of 68.6 percent attended
the meeting.

Earlier last week, Indofood announced it would propose to buy
back the notes at 102 percent of the principal amount should it
gain approval from bondholders at the first meeting convened
Thursday.

Indofood will meet with bondholders again on Jan. 7, when it
will propose to buy back the bonds at 101 percent of the
principal amount on Jan. 13, 2005, together with interest
accrued from Dec. 18, 2004.

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."

The Company said it will abandon the buyback plan if the court
refuses to give a declaration in its favor.

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


PERTAMINA: KAHMI Urges Government to Revise LPG Price Hike
---------------------------------------------------------
The National Council of Islamic Students Association (KAHMI) has
advised the Indonesian government to revise the price of
liquefied petroleum gas (LPG), which was increased by 42 percent
by state oil and gas firm PT Pertamina on Dec. 19, relates Asia
Pulse.

According to KAHMI, the price hike worsened the burden of the
consumers, as it was too high.

The public had staged demonstrations to protest the fuel price
hike in a number of provinces. In big cities such as Jakarta,
Serang, Solo and Makassar, the demonstrators took hostage fuel
container trucks.

KAHMI said it had the impression that the government had
increased the prices without considering the currently low
purchasing power of the people.

"It's OK the Pertamax has been raised, the consumers are middle-
income people, but LPG is for the ordinary people," it said.

CONTACT:

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


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


DAIEI INCORPORATED: Chairman To Step Down Today
-----------------------------------------------
Chairman Kunio Takagi of the ailing Daiei Incorporated is set to
step down today when a bailout scheme for the giant retailer is
formally approved, says Agence France Presse.

Mr. Takagi's resignation is scheduled to take effect today when
the state-backed Industrial Revitalization Corporation of Japan
(IRCJ) announces the final rescue plan involving Daiei's three
main lenders namely UFJ Bank, Mizuho Corporate Bank and Sumitomo
Mitsui Banking Corporation.

The IRCJ reportedly reached a basic agreement with Daiei's
creditor banks last week to provide Japan's third-biggest
supermarket chain with financial assistance worth JPY597 billion
(US$5.7 billion).

Under the package, the three banks will write off JPY405 billion
in debt and resign their preferred stocks in the company worth
JPY192 billion.

Meanwhile, most of Daiei's current management, including
president Toshio Hasumi, is also expected to resign at the end
of March when the current business year ends.

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


DAIKYO INCORPORATED: To Dispose Of Seven Noncore Assets
-------------------------------------------------------
Daikyo Incorporated will sell seven of its noncore properties
for about JPY80 billion, according to The Japan Times.

The embattled condominium builder will divest the assets to
seven firms, including a special purpose company established by
the U.S.-based Morgan Stanley group.

Properties covered by the deals include 24 office buildings, 16
commercial established, some 2,000 rental condominiums and a
golf course.

The divestment is part of Daikyo's efforts to focus on core
operations under a rehabilitation scheme handled by the state-
backed Industrial Revitalization Corporation of Japan (IRCJ).

The IRCJ is set to name a sponsor for Daikyo's restructuring in
January.

Aside from the recent move, Daikyo also intends to withdraw from
overseas ventures. It was, likewise, planning to slash its
capital to JPY500 million from JPY65 billion on March 8.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21 Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475 3803  
Web site: http://www.daikyo.co.jp/


FUJITSU LIMITED: Moody's Raises Debt Rating to Baa1
---------------------------------------------------
Moody's Investors Service has upgraded to Baa1 from Baa2 the
senior unsecured long-term debt ratings of Fujitsu, Ltd.
(Fujitsu) and its supported subsidiary. The rating outlook is
stable.

The rating action reflects ongoing improvements in Fujitsu's
financial stability, supported by the Company's refocusing of
its business portfolio. This concludes the review initiated on
September 29, 2004.

Fujitsu's hardware manufacturing divisions suffered from the
global IT market downturn, resulting in consecutive heavy net
losses in the fiscal years ended March 2002 and March 2003.

The Company countered this trend by significantly restructuring
its hardware manufacturing divisions, including hard disk drives
(HDD) for desktop PCs, commodity-type semiconductors and
telecommunications equipment.

Meanwhile, Fujitsu's IT software/solution providing division has
posted stable profits. Moody's believes that the Company has
established a strong presence in this market and will be able to
sustain current profitability levels. This is because the
domestic market, particularly large customers such as government
offices, is dominated by a limited number of suppliers -
including Fujitsu.

Fujitsu's IT software/service subsidiaries in the US and the UK
have also improved profitability.

The rating agency expects Fujitsu to generate stable profit and
cash flows thanks to a refocusing of its business portfolio that
has significantly reduced profitability fluctuations.

During the fiscal year to March 2004, Fujitsu significantly
reduced its debts by selling shares of its related companies,
such as Fanuc Ltd., and increased profitability. Total debt to
total capitalization ratio was improved from 65.5 percent at
March 2003 end to 55.5 percent at March 2004 end.

Fujitsu Ltd., headquartered in Kanagawa, is a leading integrated
electronics company in Japan.

CONTACT:

Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211, JAPAN  
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/


JAPAN AIRLINES: Replaces Medium-size Jets with Boeing 7E7s
----------------------------------------------------------
Japan Airlines (JAL) has decided to select the Boeing 7E7
"Dreamliner" as the replacement aircraft for medium size jet
airliners.

The decision calls for 30 aircraft with options for 20 more in a
combination of two types of the new generation aircraft, the
long range 7E7-8 and the short to medium range 7E7-3.
Introduction to the JAL fleet is planned from 2008 and JAL
intends to use the aircraft on domestic and international
routes.

As a 7E7 launch customer, JAL will participate in the future
development of the aircraft.

(1) Passenger friendly features

The new generation 7E7 offers a wider cabin than competing
models, larger passenger windows and a new interior environment
with improved cabin altitude pressurization, higher humidity,
improved air quality and temperature, better sound and ride
quality and improved lighting. The aircraft will have lower fuel
consumption than present generation aircraft. New technology
engines will be quieter and will produce lower exhaust
emissions. JAL has not decided its choice of engine.

(2) Medium size aircraft renewal policy

As of December 1st, 2004, JAL's medium size jet fleet includes
36 Boeing B767s and 22 A300-600 types. From 2008 JAL plans to
start retiring these aircraft, replacing them with the more
efficient, economical and environment-friendly 7E7 Dreamliner.

Currently the air transport industry in Japan faces an
environment of major change, focused on the expansion of Tokyo's
Haneda Airport which is due to have a fourth runway by 2009.
This presents a major new business opportunity through an
expected 40% total increase in take off and landing slots. By
the introduction of this new aircraft timed with the airport
expansion, JAL will improve customer convenience, enhance
operational efficiency through a better match of supply to
demand and expand its network.

Introduction of the new generation jet also complies with JAL's
overall fleet management policy of reducing the number of
different aircraft types in the airline's fleet. Following the
completion of the merger with Japan Air System in April 2004,
JAL has 14 types in current service and plans to reduce this to
11 by FY2006.

              7E7 TYPES vs. B767 AIRCRAFT COMPARISON

                     7E7-8       7E7-3      B767

Length               56.3m       56.3m      54.9m
Wing span            60.1m       51.7m      47.6m
Height               16.0m       16.8m      15.9m
Speed (mach)          0.85        0.85       0.80
Seats
(JAL configurations) about 250   about 300  about240-290
Range                14,000 km   3,600 km   9,200 km

CO2 emission rate    more than 10% less       -
                            than 767

NOx emission rate   more 12% less then 767    -

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome, Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp


MISAWA HOMES: May Drop Resorts in JPY200-Bln Aid
------------------------------------------------
Misawa Homes Holdings is planning to quit its leisure and resort
business under a restructuring program, which is expected to
include over JPY200 billion (US$1.93 billion) in aid, Reuters
reports, citing the Nihon Keizai daily.

The paper reported last week that Misawa's main lender UFJ Bank
and the state-backed Industrial Revitalization Corporation of
Japan (IRCJ) would forgive some JPY120-billion debt and provide
around JPY20 billion in debt-for-equity swaps.

According to the news article, the firm's creditors and the IRCJ
will require Misawa to focus on its main home-building business
to ensure rehabilitation of the company, which will also be
supported by Toyota Motor Corporation. Toyota is reportedly
planning to acquire more than 10 percent stake in Misawa.

Misawa, however, said that nothing had been decided on the
rehabilitation plan yet.

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 November Production, Sales, Exports
--------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced production,
domestic sales and export results for November 2004. Global
production in November totaled 112,877 units, a decrease of 4.2
percent compared to the same month last year.

Output in Japan slipped 13.7 percent to 53,668 units. Offshore
production reached 59,209 units, an increase of 6.3 percent. By
region, production in Asia increased 22 percent to 37,086
vehicles, North American output declined by 42.1 percent to
5,970 units, while European production inched up to 11,970
units, for an improvement of 9.6 percent.

Sales in Japan declined 33.5 percent on year to 17,638 units. Of
this, registrations, which exclude 660cc minicars, declined to
5,944 units, or a 27.7 percent decrease from the previous year.
Minicar sales also were down from last year to 11,694 units, or
36.1 percent less.

Exports from Japan dropped in November to 25,714 units or 30
percent below last year's figures. By region, exports to Europe
tumbled by 42.3 percent to 5,571 units, while exports to North
America declined sharply by 71.3 percent, for a total of 3,104
units. Shipments to Asia also slowed, 20 percent down on last
year at 3,447 units shipped.

To view the entire media release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS122704.pdf

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 Compensate Family of Truck Defect Victim
--------------------------------------------------------------
Scandal-hit Mitsubishi Motors Corporation (MMC) has agreed to
pay damages to the family of a man killed in a car crash caused
by a design flaw, relates the Associated Press.

The automaker will pay the family of Fumio Nishizaki an
unidentified amount in damages. The family, in turn, promised
not to file a civil suit against embattled MMC.

Mr. Nishizaki, 39, was killed in an accident triggered by a
clutch-design defect in a Mitsubishi truck he drove. The truck
collided into a concrete embankment in western Japan after its
brakes failed on Oct. 19, 2002.

MMC is now struggling to rebuild itself after it admitted early
this year that it had failed to disclose all the problems with
their vehicles in 2000 and continued to conceal design problems.

The defect cover-up scandals sent Mitsubishi vehicle sales
plummeting and MMC's business at a standstill.


MITSUBISHI MOTORS: Corrects H1 Loss Figure
------------------------------------------
Mitsubishi Motors Corporation (MMC) corrected its net loss
figure for the first half of the business year to include a
special loss of JPY32.6 billion and asset impairment charge at
its North American unit, Reuters reports.

While keeping its outlook unchanged, the struggling automaker
had revised a group net loss figure for the April-September
period to JPY178.79 billion (US$1.73 billion) from a net loss of
JPY146.16 billion reported last month.

MMC, which posted a net loss of JPY80.22 billion in the previous
term, said it had tallied a loss of JPY12.9 billion from the
sale of assets at its U.S. sales finance unit and took JPY19.7
billion asset impairment charge at a U.S. unit.

The Company retained JPY240-billion net loss forecast for the
year to next March.

Last month, MMC announced its plan to sell half of the assets
owned by its North American sales finance unit worth around US$2
billion to U.S. brokerage Merrill Lynch.


SEIBU RAILWAY: Prince Hotels to Exit Kitakyushu, Singapore Ops
--------------------------------------------------------------
Prince Hotels Co., a member of the controversial Seibu Railway
group, is considering withdrawing from the management of hotels
in Kitakyushu and Singapore, as its contracts with the hotel
owners will expire this month, reports Kyodo News.

Once the contracts are terminated, Kitakyushu Prince Hotel and
Crown Prince Hotel Singapore will no longer use the Prince Hotel
brand name.

The withdrawal will be part of restructuring efforts by the
Seibu Railway group following revelation of the scandal earlier
this year that hit the group's core firm, Kokudo Corporation.

Prince Hotels is a wholly owned subsidiary of Kokudo, which is
an unlisted company and the biggest shareholder in Seibu Railway
Co. It operates 22 hotels in Japan and nine hotels abroad and
annually posts about JPY100 billion in sales.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237  
Web site: http://www.seibu-group.co.jp/


TAMANO CONSULTANTS: To Receive Financial Aid from UFJ Bank
----------------------------------------------------------
UFJ Holdings, Inc. (UFJ) disclosed that UFJ Bank Limited (UFJ
Bank), a subsidiary of UFJ, and Tamano Consultants group have
jointly submitted an application for support of business
revitalization in respect to Tamano Consultants Co., Ltd.
(Tamano Consultants) and Tamano Toshi Kaihatsu K. K. to the
Industrial Revitalization Corporation of Japan (IRCJ) in
accordance with Article 22 of the Industrial Revitalization
Corporation Act and have received an approval for the support
from IRCJ Saturday.

UFJ Bank plans to extend financial support as set forth below to
Tamano Consultants, etc. on the condition that other financial
institutions shall agree to their business revitalization plan.
Hereafter, as a core bank, UFJ Bank will continue its support in
cooperation with IRCJ aiming to realize their revitalization
plan.

(1) Outline of Tamano Consultants Group

Trade Name: Tamano Consultants Co., Ltd.
Address: 4-5 Takebashi-cho, Nakamura-ku, Nagoya, Aichi
Representative: Hitoshi Sakaguchi
Capital: JPY 320 million
Business: Civil engineering consultation, etc.

Trade Name: Tamano Toshi Kaihatsu Kabushiki Kaisha
Address: 4-5 Takebashi-cho, Nakamura-ku, Nagoya, Aichi
Representative: Hitoshi Sakaguchi
Capital: JPY 50 million
Business: Real estate sales, etc.

(2) Outline of the Financial Assistance (scheduled)

Debt Forgiveness: Approximately JPY8 billion
Execution Date: March 2005

(3) Impact on Earnings of UFJ

There is no change to the consolidated and non-consolidated
forecasts of the result for the fiscal year ending March 31,
2005 due to the above mentioned financial support.

CONTACT:

Tamano Consultants Co. Ltd.
4-5 Takehashi-cho, Nakamura-ku 453-0016  
Nagoya  Japan
Web site: http://www.tamano.co.jp


UFJ HOLDINGS: Unit Subscribes Shares Issued by Daikyo
-----------------------------------------------------
UFJ Holdings, Inc. (UFJ) hereby gives notice that UFJ Bank
Limited (UFJ Bank), a subsidiary of UFJ, has decided to
subscribe shares issued by Daikyo Incorporated (Daikyo) as part
of the financial assistance.

(1) Outline of the Subscription

Amount: JPY30 billion
Type of Shares: Preferred Shares
Form of Subscription: Debt-for-Equity swap for the loans
extended to Daikyo
Execution Date: Late March 2005

(2) Impact on Earnings of UFJ

There is no change to the consolidated and non-consolidated
forecasts of the result for the fiscal year ending March 31,
2005.

CONTACT:

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


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


ANAM ELECTRONICS: In Talks with Potential Buyers of TV Business
---------------------------------------------------------------
Anam Electronics Company Limited is currently in negotiations
with buyers for its loss-making television business, The Korea
Times relates citing an unnamed source at the company.

There are two potential buyers, one is from a local TV maker and
the other is from a Chinese company.

"We have decided to withdraw from the TV business because
there's no reason to accept losses for an operation of such
minor importance," the unnamed source said.

"This decision is consistent with our commitment to attain
profitability and carry through with our substantial audio
equipment market opportunities," the source added.

Another reason for the move to sell the TV business is the
mounting investment pressure with the onset of digital TV era.

CONTACT:

Anam Electronics Company Limited
645 Seonggok-dong
Ansan-Si, Gyeonggi 425-834
KOREA (SOUTH)
Telephone Numbers: +82 31 490 2000/ +82 31 495 0279  
Web site: http://www.aname.co.kr/


JINRO LIMITED: Wins Best Restructuring Award
--------------------------------------------
Jinro Limited bagged the International Financial Review Asia-
Pacific Debt Restructuring of the Year award, The Korea Herald
reports.   

The soju distiller was commended for the success of the
completion of its restructuring where creditors, management and
workers benefited.   

International Financial Review said: "Jinro's restructuring team
restored over $1 billion to the company's balance sheet through
a combination of uncovering hidden cash flows, unwinding or
renegotiating unprofitable transactions with affiliates and
recovering assets that had been carved out of the company before
it was placed in receivership."

IFR singled out Jinro because its Ebitda (earnings before
interest, taxes, depreciaition and amortization) more than
doubled to KRW300 billion per year.  The distillers' value rose
to a new level from the previous KRW2.5 trillion.

Quoting analysts' views, IFR projected: "Given that publicly
listed distillers are typically valued at 10-13 times Ebitda and
given that Jinro has amassed KRW500 billion in cash, the company
is expected to fetch KRW2.5 trillion to KRW3 trillion when it is
auctioned in 2005."

But unnamed people close to the situation questioned whether the
move was an attempt to raise the value of Jinro before it goes
on sale.  The lowest estimate is KRW1.7 trillion, which would
include both Jinro Korea and Jinro Japan. A big gap in valuation
is expected between financiers and the commercial sector.

The potential of Jinro to grow into a global brand and strong
cash flow has attracted a throng of influential bidders.  
Financial Times quoted one investment banker involved in the
deal as saying "This is going to be the deal of 2005 in South
Korea and possibly Asia."

The possible domestic bidders include Taihan Electric Wire, Co.,
the largest secured creditor of Jinro; Doosan Corp., a major
liquor distributor; Hite Brewery Co., Korea's largest beer
maker; Lotte Group, which holds a joint venture with Japan's
Asahi Breweries; and CJ Corp., a leading foodstuffs company.

Foreign interests include UBS, HSBC, Newbridge Capital, Allied
Domecq, Diageo, Kirin Group, Asahi Breweries and Suntory.

"If there is more redemption, I think companies would be more
aggressive in trying to acquire Jinro," said Song Ji-hyun, an
analyst at Goodmorning Shinhan Securities Co.

Jinro holds 55 to 57 percent of the soju market.  It was placed
in receivership on May of last year at the request of major
creditor Goldman Sachs.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453  
Web site: http://www.jinro.co.kr/


KOLON INDUSTRIES: Offers Another Round of Voluntary Retirement
--------------------------------------------------------------
Kolon Industries will offer another round of voluntary
retirement to its employees, reports Yonhap news.

Around 2,000 production workers mainly belonging to the labor
union will be offered the retirement package by December 31. The
announcement was posted in its Gumi Plant.  Unionized workers
are expected to resist the move.

Kolon Industries sustained a deficit of KRW68.3 billion last
year, and the Gumi strike last July and August cost the firm a
deficit of KRW23.2 billion, a recent TCR-Asia Pacific report
said.

CONTACT:

Kolon Industries Inc
Byeolyang-dong Gwacheon-si
Koachon-shin, Gyeonggi 427-709
KOREA (SOUTH)  
Telephone Numbers: +82 2 3677 3403/ +82 2 3677 3539  
Web site: http://www.kolon.co.kr/


LG CARD: LG Group Agrees to Back KRW1.2 Rescue Package
------------------------------------------------------
LG Group budged from its refusal to join the KRW1.2 trillion
bailout of LG Card Co., The Korea Herald relates.

LG Group said it would join the negotiations for the bailout
package of LG Card but stressed that it would not shoulder the
KRW770 billion proposed by creditors of the ailing card issuer.

Creditors said the group has already promised to change KRW500
billion in LG Card debt it holds into subordinated bonds, which
rank below other securities in claims and cannot be recouped in
case of liquidation.

The former affiliate said it would join the debt-for-equity swap
aimed at replenishing LG Card's capital, Korea Development Bank
(KDB), the card company's main creditor said.  

"LG Group said it would be difficult to provide all the KRW770
billion but this doesn't mean that it won't join the capital
increase plan at all," KDB's executive director Laah Chong-gyu
told reporters.

The creditors argue that Chairman Koo Bon-moo and other main
shareholders should take responsibility for another KRW270
billion as former managers of LG Card.

In another option, creditors have offered to buy all of KRW1.175
trillion in LG Card bonds and commercial paper held by group
affiliates and the owning family for just about 22 percent of
the total. They have said the percentage could be negotiated.

"If there's just a small difference between the creditors'
proposal and (the group's proposal), we will accept it, but
otherwise, the process of liquidating (LG Card) will begin," Mr.
Laah said.

Possible liquidation would cause the creditors at an estimated
combined loss of about KRW1.8 trillion.  But it is expected to
be covered by provisions they have set aside so far.  LG Group
is estimated to recover around KRW260 billion among the KRW1.175
trillion 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
===============


ACTACORP HOLDINGS: Unit Faces Winding Up Petition
-------------------------------------------------
Actacorp Holdings Berhad announced that the Kuala Lumpur High
Court case no. D2-28-719-2004 has ordered for the winding up of
its subsidiary Actacorp Manufacturing Services Sdn Bhd (AMSSB)
on 23 December 2004.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Telephone: +60 3 9282 1388
Fax: +60 3 9284 7133


ANTAH HOLDINGS: Updates on Default Status
-----------------------------------------
Antah Holdings Berhad announced that there are no further
developments of the default in payments of the various credit
facilities to the financial institutions and non-financial
institutions for the period from 26 November 2004 to 25 December
2004.

On 27 November 2004, the Company had obtained the approval of
its scheme creditors for the proposed debt restructuring
pursuant to Section 176(1) of the Companies Act, 1965.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940

This announcement is dated 24 December 2004.


FORESWOOD GROUP: Details Delisting Of Securities
------------------------------------------------
Foreswood Group Berhad has received a notice to show the cause
on the delisting of its securities from Bursa Malaysia dated 24
December 2004 as follows:

a) That the Company has been accorded 14 days by Bursa
Securities to make written representations to Bursa Securities
on why its securities should not be removed from the Official
List of Bursa Securities;

b) In the event Bursa Securities decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of Bursa Securities upon the expiry of 14 days from the
date of notification of the decision to de-list the Company or
upon such other date as may be specified by Bursa Securities;
and

c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
Requirements.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone no: 6082-428626
Fax no: 6082-423626


GOLDEN FRONTIER: Buys Back 3,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on December
12, 2004.
   
Date of buy back: 24/12/2004

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

Total number of shares purchased (units): 3,000

Minimum price paid for each share purchased (RM): 0.675

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

Total consideration paid (RM): 2,046.00

Number of shares purchased retained in treasury (units): 3,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,253,100

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: RAM Reaffirms Rating, Outlook Negative
--------------------------------------------------
The Rating Agency Malaysia (RAM) has reaffirmed the long-term
enhanced rating of Gula Perak Berhad's RM288.82 million
Redeemable Convertible Secured Notes (2003/2008) (RCSN) at
C2(s), with a negative outlook.

Of immediate concern are the Group's interest payments of more
than RM8 million that will be due in the next 12 months. Under
the Trust Deed for the RCSN, failure to pay interest on its
other loans will trigger a cross-default. In this respect, the
management plans to meet its future interest and principal
obligations via the sale of properties and several parcels of
land, as well as through the conversion of warrants. We also
understand that Gula Perak may seek approval to defer or
restructure some of its financial obligations that are coming
due in the immediate term, in view of the Group's tight
cashflow.

During the period under review, Gula Perak's business and
financial profiles remained weak. For the fiscal year ending 31
March 2004 (FY 2004), the Group suffered a pre-tax loss of
RM65.84 million, mainly attributable to a one-off restructuring
cost of RM54.19 million. At the operational level, however, the
Group recorded an operating profit of RM20.01 million in FY
2004, underpinned by higher contributions from its plantations
following more robust crude palm oil prices as well as the sale
of 22 acres of land in Cheras. As the land forms part of the
collateral for the RCSN, 70% of the net proceeds from this sale
will be channeled to a sinking fund for the redemption of the
notes. While we expect some profits from its hotels and
plantations in FY 2005, we do not envisage the Group being able
to generate a net profit of more than RM1 million.

Meanwhile, the enhanced rating reflects the underlying
securities pledged against the Group's RCSN via the first legal
charge on Dynasty Hotel, Empress Hotel and its development land
bank; the market values of these assets amount to RM756.7
million. According to the terms and conditions of the RCSN, Gula
Perak is not permitted to sell these assets below their forced-
sale values. Furthermore, 70% of the net proceeds from the sale
of the pledged assets must be routed to a sinking fund
specifically for the redemption of the RCSN, whilst the
remaining 30% can be utilized as working capital or for other
purposes.

Analyst
Lee Wei Kwang
(603) 7628 1021
weikwang@ram.com.my

CONTACT:

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


KEMAYAN CORPORATION: Posts Restructuring Scheme Update
------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
announced that the Datuk Bandar Kuala Lumpur (DBKL) has approved
the application by Amber Resources Sdn Bhd (Amber) for the
proposed disposal of shares held by the vendors of Amber to
Jawira Holdings Berhad (Jawira) pursuant to the proposed
acquisition of Amber under the proposed restructuring scheme of
KCB, subject to the following conditions:

(i) To provide corporate guarantee to ensure that all
obligations and commitment under the joint venture agreement
dated 23 July 1991 (JV Agreement) and supplemental agreement
dated 13 October 2000 (Supplemental Agreement) between DBKL and
Amber are complied;

(ii) To obtain prior approval from DBKL for any change to the
development component, costing and matters relevant to the
project particularly for undeveloped phases;

(iii) Returns and share of profits to DBKL is maintained as
stipulated in the JV Agreement and Supplemental Agreement;

(iv) To ensure that Amber remains as a subsidiary company of
Jawira until the project is fully completed;

(v) To inform DBKL of any change to the structure of the
management and ownership of shares in Amber in the future (is
any);

(vi) DBKL has the right to withdraw the abovementioned approval
immediately without giving notice to any party if Amber or
Jawira has been found to have given false information; and

(vii) Any cost involved in the restructuring process is to be
borne by Amber and Jawira only without involving DBKL.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Bursa Malaysia Securities Berhad in
due course.

CONTACT:

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

This announcement is dated 24 December 2004.


K.P. KENINGAU: Default Status Unchanged
---------------------------------------
As required by Bursa Malaysia Securities Berhad Practice Note
1/2001, K.P. Keningau Bhd. (KPK) hereby provides an update on
its default in payments status as at 30 November 2004.

The total default by KPK on principal sums plus interest as at
30 November 2004 amounted to RM38,199,678.10. The defaulted
payments owing to financial institutions are in respect of trade
financing term loan, revolving credit and overdraft facilities.
Details of security cover thereof, are as per announcement made
on 19 January 2004.

There is no new development on the default of payments since the
previous announcement with regard to this Practice Note.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


KUMPULAN BELTON: Releases Default Status Update
-----------------------------------------------
The Board of Directors of Kumpulan Belton Berhad (Belton)
announced the following updates on the status of the Company's
default in payment and involvement in litigation for the period
from 24 November 2004 to 24 December 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_kumpulan122704.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
MALAYSIA
Phone: +60 3 6257 2233
Fax: +60 3 6257 8989


MCSB SYSTEMS: SC Rejects Restructuring Appeal
---------------------------------------------
Further to MCSB Systems (M) Berhad's announcement dated 29
October 2004, the Company had submitted an appeal on 24 November
2004 to the Securities Commission (SC) to seek reconsideration
of the SC's decision on its proposed restructuring scheme.

MCSB announced that the commission, via its letter dated 22
December 2004 rejected the appeal because the grounds of appeal
did not satisfactorily address the issues relating to the
Proposed Restructuring Scheme that were raised in the SC's
letter dated 26 October 2004.

CONTACT:

MCSB SYSTEMS (M) BERHAD
Jalan Wisma Putra
Kuala Lumpur, 50460
Malaysia
Phone: +60 3 2141 7400
Fax: +60 3 2148 8010

This announcement is dated 24 December 2004.


METROPLEX BERHAD: Discloses Unaudited Quarterly Results
-------------------------------------------------------
Metroplex Berhad released its unaudited quarterly report for the
financial period ended October 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/10/2004

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

         31/10/2004    31/10/2003    31/10/2004     31/10/2003
          RM'000         RM'000        RM'000        RM'000

1  Revenue  
         64,973          75,082        205,446       200,181

2  Profit/(loss) before tax  
        -23,038          -23,344       -47,654        -84,002

3  Profit/(loss) after tax and minority interest  
       -20,545           -17,326       -50,657        -66,551

4  Net profit/(loss) for the period
       -20,545            -17,326      -50,657        -66,551

5  Basic earnings/(loss) per shares (sen)  
        -2.28             -1.92        -5.62          -7.38

6  Dividend per share (sen)  
         0.00              0.00         0.00          0.00

        AS AT END OF       AS AT PRECEDING
      CURRENT QUARTER     FINANCIAL YEAR END

7  Net tangible assets per share (RM)  

         0.1400             0.2000

For a copy of its financial results, go to
http://bankrupt.com/misc/tcrap_metroplex122704.xls

CONTACT:

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


METROPLEX BERHAD: Unit Appoints Rehabilitation Receiver
-------------------------------------------------------
The Board of Directors of Metroplex Berhad announced that by an
order granted on 21 December 2004 by the Republic of the
Philippines Regional Trial Court, Third Judicial Region Branch
72, Olongapo City (the RTC), Ms. Cynthia L. Picazo was appointed
as Rehabilitation Receiver for its 59.99% owned subsidiary,
Legend International Resorts Limited (LIR). The details of the
appointment are as follows:

1.0 Date of Appointment of Rehabilitation Receiver

LIR had filed a Corporate Rehabilitation Plan with the RTC on 5
November 2004. On 21 December 2004, Ms Cynthia L. Picazo was
appointed the Rehabilitation Receiver pursuant to an Order
granted by the RTC on the application of LIR.

2.0 Details of LIR

LIR is a private company limited by shares and incorporated in
Hong Kong on 25 May 1990 under the Companies Ordinance of Hong
Kong. The authorized share capital of LIR is HKD120,000,000
comprising 120,000,000 ordinary shares of HKD1.00 each of which
115,954,000 ordinary shares of HKD1.00 each have been issued and
fully paid-up.

The shareholders of LIR are MB holding 69,562,400 shares
(59.99%), Sinophil Corporation holding 46,381,600 shares
(40.00%) and Metroplex Administration Sdn Bhd holding 10,000
shares (0.01%).

Sinophil Corporation is a 21.9% associated company of MB while
Metroplex Administration Sdn Bhd is a wholly owned subsidiary of
MB.

LIR is principally an investment holding company with its
registered branch in Philippines, which is principally involved
in resort, hotel and casino operations. The subsidiaries of LIR
are currently dormant/ceased operations.

3.0 Net Book Value of the Affected Assets

The unaudited net book value of the total assets of LIR as at 31
August 2004 is approximately Peso 4,839,916,000 (equivalent to
RM322,333,000).

4.0 Details of Events Leading to the Appointment of
Rehabilitation Receiver

4.1 LIR begun operations in August 1993 as an operator of a
hotel/resort/casino complex within the Subic Special Economic
Zone (SSEZ), Philippines. In the course of its operations, LIR
obtained various loans and credit accommodations from local and
foreign banks, to fund its investments and other capital
expenditures.

4.2 During the initial years of its operations from 1995 to
1998, LIR was operating profitably. The Asian financial crisis
resulted in a slowdown in economic activities during the ensuing
years and a decline in revenues and financial losses sustained
by LIR has resulted in LIR being unable to service its debts
obligations.

4.3 Given its financial condition, LIR embarked on a debt
restructuring exercise with its bank lenders which comprised
local Philippine lenders and two Syndicated loans out of
Singapore (Singapore lenders).

4.4 After protracted discussions for a period of more than two
years with the Singapore lenders, a majority of the Philippine
lenders who were supportive of the scheme, which was presented
to them, were of the view that it is beneficial for LIR to
pursue a Corporate Rehabilitation Plan in the Philippines to
restructure LIR's bank borrowings.

4.5 After due and careful consideration and upon legal advice,
LIR filed the Rehabilitation Plan with the RTC on 5 November
2004 which was prepared by the Company's scheme advisers Ernst &
Young.

4.6 The Rehabilitation Plan involves the following:

a) reduction of deficit by creating surplus through reduction of
capital and offsetting it against the deficit;

b) freezing LIR's debt to the 31 January 2004 level;

c) reduction of debt through:-

i) waiver of past due interest, penalty charges and part of
principal;

ii) conversion of part of the debt into equity in the form of
preferred shares;

iii) conversion of parent company advances into equity;

iv) disposition of non-operating assets and applying the bulk of
the disposition proceeds against debt; and

d) conversion of the remaining debt into long term loans.

4.7 A Stay Order was also issued by the RTC on 9 November 2004
to suspend payment of its liabilities (excluding liabilities
arising from urgent and necessary expenditures for its continued
operations) pending approval of LIR's Rehabilitation Plan, to
avoid undue dissipation of LIR's assets.

5.0 Financial and Operational Impact of the Appointment of
Rehabilitation Receiver on MB Group

With the appointment of the Rehabilitation Receiver on 21
December 2004, LIR ceased to be a subsidiary of MB from the date
thereon in accordance with the requirements of Malaysian
Accounting Standards Board Standard No. 11 (MASB 11).

The role of the Rehabilitation Receiver inter alia is to monitor
and ensure compliance with the terms of the Rehabilitation Plan
as approved by the Court.

6.0 Expected losses arising from the Appointment of
Rehabilitation Receiver

There are no expected losses on MB arising from the appointment
of the Rehabilitation Receiver save and except for the
Receiver's fees and other legal fees, which may be incurred.

7.0 Steps Taken or Proposed to be Taken by MB in respect of the
Appointment of Rehabilitation Receiver

7.1 About fifty-eight percent (58%) of LIR's total debts consist
of advances from MB. MB has approved the Rehabilitation Plan in
its entirety while the local bank creditors constituting
majority have accepted in principle the Rehabilitation Plan.
7.2 Accordingly, MB will provide full cooperation with the
Rehabilitation Receiver for the successful implementation of the
Rehabilitation Plan for the best interests of the creditors and
shareholders.

This announcement is dated 23 December 2004.


OCEAN CAPITAL: Seeks Potential White Knight
-------------------------------------------
Further to our announcement on 22 December 2004, the Board of
Directors of Ocean Capital Berhad announced that the proposed
corporate restructuring exercise (Proposal) was terminated as a
consequence of the termination of the Conditional Sales And
Purchases Agreement.

The Board of Directors of the Company is currently looking for
another potential "White Knight" and shall make the relevant
announcement in due course.

CONTACT:

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

This announcement is dated 23 December 2004


OLYMPIA INDUSTRIES: Extends Sale, Purchase Deal
-----------------------------------------------
Olympia Industries Berhad (OIB) has entered into three (3)
agreements for the extension of time (Extension Agreements) for
fulfillment of conditions precedent on the following conditional
sale and purchase agreements (SPAs):

a) A conditional restructuring and acquisition agreement dated
19 March 2003 and its extensions dated 23 September 2003 and 28
April 2004 between OIB, Ashak bin Hassan and Hadijah bt Ali
Budin for the proposed acquisition by OIB of 119,100,000
existing ordinary shares of RM1.00 each in MA Realty Sdn Bhd
(MAR) representing approximately 66.2% equity interest in MAR
for a purchase consideration of RM79,440,000 to be satisfied by
the issuance of 75,657,143 new ordinary shares of RM1.00 each in
OIB (OIB Shares) at an issue price of RM1.05 per OIB Share;

b) A conditional restructuring and acquisition agreement dated
19 March 2003 and its extensions dated 23 September 2003 and 28
April 2004 between OIB, Lim Kee Seng and Chong Mee Onn for the
proposed acquisition by OIB of 79,553,000 existing ordinary
shares of RM1.00 each in Naturelle Sdn Bhd (NSB) representing
approximately 37.9% equity interest in NSB for a purchase
consideration of RM41,690,000 to be satisfied by the issuance of
41,690,000 new OIB Shares at an issue price of RM1.00 per OIB
Share; and

c) A conditional restructuring and acquisition agreement dated
19 March 2003 and its extensions dated 23 September 2003 and 28
April 2004 between OIB and Bukit Seremban Jaya Sdn Bhd for the
proposed acquisition by OIB of 100,000 existing ordinary shares
of RM1.00 each in Harta Sekata Sdn Bhd (HSSB) representing
approximately 78.0% equity interest in HSSB for a purchase
consideration of RM48,360,000 to be satisfied by the issuance of
48,360,000 new OIB Shares at an issue price of RM1.00 per OIB
Share.

The date for fulfillment of the conditions precedent of the
above three (3) conditional SPAs has been extended for a further
period of six (6) months from 19 December 2004 or to such later
date as the parties may agree.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011

This announcement is dated 23 December 2004


PAN PACIFIC: Submits Restructuring Proposal to SC
-------------------------------------------------
Further to the announcements on 27 July 2004 and 15 December
2004, the Board of Directors of Pan Pacific Asia Berhad (PPAB)
disclosed that the applications in relation to its proposed
restructuring scheme have been submitted to the Securities
Commission (SC) on 24 December 2004, as follows:

The proposed restructuring plan is as follows:

1) Proposed Scheme Or Arrangement With Creditors;
2) Proposed Acquisition;
3) Proposed Exemption;
4) Proposed Private Placement;
5) Proposed Listing Transfer; And
6) Proposed Disposal/Liquidation

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Phone: 03-77278168
Fax: 03-77271622

This announcement is dated 24 December 2004.


PUNCAK NIAGA: Unit Enters Into Second Collective Agreement
----------------------------------------------------------
Puncak Niaga Holdings Berhad announced that its wholly owned
subsidiary, Puncak Niaga (M) Sdn Bhd (PNSB), had on 23 December
2004 entered into a Collective Agreement (the Second Collective
Agreement) with the Non-Executive Employees Union of PNSB (Non-
Executive Union).

(1) INFORMATION ON THE SECOND COLLECTIVE AGREEMENT

The Second Collective Agreement which is to be effective for a
period of three (3) years, commencing from 1 January 2004 to 31
December 2006, sets out the agreement between PNSB and the Non-
Executive Union on all matters pertaining to the terms and
conditions of service of all former employees of Jabatan Bekalan
Air Selangor who were absorbed by PNSB on 16th January 1995 and
remain in PNSB's employment on or after the date of the Second
Collective Agreement came into effect on 1st January 2004.

The First Collective Agreement was signed on 15th May 2002 and
expired on 31st December 2003.

(2) FINANCIAL EFFECT

The Second Collective Agreement is not expected to have any
material impact on the share capital, retained earnings and the
net tangible assets of the Group for the financial year ending
31st December 2004.

(3) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders and/or
persons connected with a Director or substantial shareholder has
any interest, direct or indirect, in the Second Collective
Agreement.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my

This announcement is dated 23rd December 2004.


TENAGA NASIONAL: Shareholders OK AGM Resolutions
------------------------------------------------
The Board of Directors of Tenaga Nasional Berhad announced that
its shareholders have unanimously approved all the Resolutions
tabled at the Company's Fourteenth Annual General Meeting (AGM)
held on Thursday, 23 December 2004 at 10 o'clock in the morning.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


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


COLLEGE ASSURANCE: Seeks SEC OK for US$300-Mln Loan
---------------------------------------------------
Pre-need firm College Assurance Plans Philippines, Inc. (CAP) is
seeking the approval of the Securities and Exchange Commission
(SEC) for a loan from a U.S.-based investor, reports the ABS-CBN
News.

CAP is currently in talks with a U.S.-based financier, who is
represented by a certain J. Baron Alzate of United Gains, for a
loan of up to US$300 million.

The loan is expected to provide much-needed liquidity for CAP,
which is having difficulty in servicing the maturing plans.

SEC Chairman Fe S. Barin said CAP told the commission it would
avail of a 10-year loan from the investor, who also expressed
willingness to give CAP a grace period on the principal and
interest payments on the loan. The loan would carry the option
of being converted into shares of CAP.

A May 31 report by the SEC--created oversight board noted CAP is
insolvent, based on 2003 audited financial statements, where the
company reported a capital deficiency of Php5.4 billion.

The Company has total assets of Php18.5 billion versus
liabilities of Php23.4 billion. CAP's trust fund, which stood at
Php8.5 billion as of end-2003, also has a "seemingly
insurmountable" deficit of Php17.2 billion.

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


MANILA ELECTRIC: Set to Bring Tax Rebate Case to High Court
-------------------------------------------------------------
The Manila Electric Co. (Meralco) is ready to go to the Supreme
Court to pursue a tax rebate from the government for the excess
taxes it paid from 1994 to 2003, citing Meralco Vice-President
Elpi O. Cuna.

The Company said since it was ordered to refund its overcharges
from February 1994 to May 2003, it should also get a refund for
the excess income taxes estimated at Php8.9 billion during the
period.

Meralco maintains that as a result of the customer refunds it
has to implement in line with the Supreme Court ruling which
ordered the firm to return to its customers some Php30 billion,
it effectively overpaid income taxes estimated at Php8.9
billion.

"That [tax refund] is a big thing for Meralco. We will go all
the way to the Supreme Court for that," Meralco Vice-President
Elpi O. Cuna said.

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: US$120-Mln Bond Draw Not Enough
-----------------------------------------------
The Maynilad Water Services Incorporated's US$120-million
performance bond is not enough to cover the payments on the
concession fee it owes the Metropolitan Waterworks Sewerage
Systems (MWSS), according to the Asia Intelligence Wire.

The performance bond will only amount to Php7.2 billion, roughly
Php2 billion short of the estimated Php9 billion the Company
owes 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.

Owing to Maynilad's failure to remit concession fees since March
2001, the MWSS has been forced to borrow US$150 million to cover
debts falling due.

In a recent TCR-AP report, the MWSS will draw the full US$120-
million performance bond of Maynilad Water Services Inc. on
January 3.

CONTACT:

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


METRO PACIFIC: Pangilinan Raps PSE on Insider Trading Probe
-----------------------------------------------------------
Metro Pacific Corporation Chairman Manuel V. Pangilinan lashed
at the Philippine Stock Exchange (PSE) over the uncertainties it
caused the market during the course of the insider-trading probe
on the firm's shares, reports the Business World.

The investigation stemmed from stockbrokers' concern about Metro
Pacific Corp.'s heavy selling of shares prior to the sale by
parent firm First Pacific of a five-percent stake in Metro
Pacific, equivalent to 930.2 million shares. Mr. Pangilinan is
the Managing Director of Hong Kong-based First Pacific.

The investigation started in October, but the PSE exonerated
Metro Pacific on the allegation just last week when its Market
Integrity Board (MIB) declared that the firm did not violate
disclosure rules.

"The regulators should stand up and say there's no wrongdoing
here. They better stop speculation. If we're guilty, then say
so. Fine or sanction us. If not, then say so," Mr. Pangilinan
said.

He added that the speculation over insider trading was baseless
since Metro Pacific followed disclosure rules as required by the
PSE.

CONTACTS:

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


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


GLOBAL FISHERIES: Winding Up Hearing Set January 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Global Fisheries Pte Ltd by the High Court was, on the 20th day
of December 2004 presented by Ibromar B.V. (Chamber of Commerce
Rotterdam No. 258894) of Max Euwelaan 57, 3062 MA Rotterdam, The
Netherlands, a creditor.

The Petition will be heard before the Court sitting at
Singapore, at 10:00 a.m. on Friday, the 14th day of January
2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is Max Euwelaan 57, 3062 MA Rotterdam,
The Netherlands.

The Petitioner's solicitors are LEGAL21 LLC of 4 Robinson Road
#10-01, Singapore 048543.

Dated this 24th day of December 2004.

LEGAL21 LLC
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
LEGAL21 LLC, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon of
the 13th day of January 2005.


M.E.I. PROJECT: Receiving Proofs Until January 7
------------------------------------------------
M.E.I. Project Engineers Pte Ltd intends to declare dividend and
will be receiving proofs at the liquidator's office until
January 7.

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
Phone: 6532 0320 (8 lines)
Fax: 6532 0331.

Dated this 22nd December 2004.


SIFORTEL SOLUTIONS: Posts Notice Of Creditors' Meeting
------------------------------------------------------
Notice is hereby given that a Meeting of the Creditors of
Sifortel Solutions Pte. Ltd. will be held on Thursday, the 30th
day of December 2004 at 11:30 a.m. at 101A Upper Cross Street,
#11-22 People's Park Centre, Singapore 058358 for the following
purposes:

(a) To lay before the creditors a full statement of the affairs
of the Company together with a list of creditors and the
estimated amounts of their claims.

(b) To nominate liquidators or confirm members' nomination of Ms
Lo Wei Min and Ms Lo Wei Shih as liquidators.

(c) To consider and if thought fit, to appoint a Committee of
Inspection consisting of not more than 5 persons.

(Note: Particulars of the claims of any creditors wishing to
attend and vote at the Meeting shall be lodged at the office of
the proposed liquidators at 101A Upper Cross Street, #11-22
People's Park Centre, Singapore 058358 no less than 48 hours
before the time of the Meeting.

A creditor may appoint a proxy to attend and vote instead of him
and that proxy need not be a creditor. Forms of General and
Special Proxy are enclosed which, if intended to be used, must
be duly completed and lodged at the office of the proposed
liquidators no less than 48 hours before the time for holding
the Meeting.)

Dated this 17th day of December 2004.

Andrew Teo Ban Seng
Director


SIN TONG HOLDING: Faces Bankruptcy Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Sin
Tong Lee Holding Private Limited Company by the High Court was
on the 15th day of December 2004 presented by Bank Of China
Limited (formerly known as Bank of China), a bank incorporated
in The People's Republic of China and having a place of business
at 4 Battery Road, Bank of China Building, Singapore 049908, a
creditor.

The Petition will be heard before the Court sitting at Singapore
at 10:00 o'clock in the forenoon on the 14th day of January
2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

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

Dated this 21st day of December 2004.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitors (if any) and must be served, or, if posted must be
sent by post in sufficient time to reach the Petitioner's
solicitors not later than twelve o'clock noon of 13th January
2005.


SIN TONG PRIVATE: Court to Hear Winding Up Petition January 14
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Sin
Tong Lee Company (Private) Limited Company by the High Court was
on the 15th day of December 2004 presented by Bank Of China
Limited (formerly known as Bank of China), a bank incorporated
in The People's Republic of China and having a place of business
at 4 Battery Road, Bank of China Building, Singapore 049908,a
creditor.

The Petition will be heard before the Court sitting at Singapore
at 10:00 o'clock in the forenoon on the 14th day of January
2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Dated this 21st day of December 2004.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank
of China Building, Singapore 049908, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitors (if any) and must be served, or, if posted must be
sent by post in sufficient time to reach the Petitioner's
solicitors not later than twelve o'clock noon of 13th January
2005.


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


JASMINE INTERNATIONAL: SET Allows Trading of Securities
-------------------------------------------------------
Starting 28 December 2004, the Stock Exchange of Thailand (SET)
allowed the securities of Jasmine International Public Company
Limited (JAS) to be traded on the SET after finishing capital
increase procedures.
         
Name: JAS
Issued and Paid up Capital

Old: THB8,318,338,800

New: THB8,318,393,300  

Par Value: THB1

Allocate to: 54,500 warrants of existing shareholders (JAS-W)
exercise to 54,500 common shares                       

Ratio: 1:1

Exercise Price: THB0.334

Exercise Date: 15 December 2004

CONTACT:

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


PACIFIC ASSETS: Reveals Impact of Tsunami on Properties
-------------------------------------------------------
Pacific Assets Public Company Limited advised to the Stock
Exchange of Thailand (SET) the impacts caused by the huge waves
in the South of Thailand on December 26, 2004 on its 2 hotels in
Samui and Phuket.

(1) Le Royal Meridien Baan Taling Ngam in Samui, Suratthani
Province, has not received any effect from the waves and its
business can proceed as normal.

(2) Le Royal Meridien Phuket Yacht Club in Phuket has received
only minor damages to one of its restaurants and some flooding
as results of the tidal waves.  The hotel encountered
electricity blackout throughout Sunday but it is able to
continue operations with back up generator.  No guests were
displaced and no casualty was reported on guests or staff.

Please be informed accordingly.
Sincerely yours,
Pacific Assets Public Company Limited
Mr. Alex Te-Heng Ho
Chief Executive Officer

CONTACT:

Pacific Assets Public Company Limited   
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok  
Telephone: 0-2254-9900   
Fax: 0-2254-9909, 0-2254-9287


SYNTEC CONSTRUCTION: Unveils Resolution of Board Meeting
--------------------------------------------------------
Syntec Construction Public Company Limited, notified the Stock
Exchange of Thailand the resolutions of the Board of Directors'
Meeting No. 17/2004, held on 23 December 2004.

(1) The appointment of Mr. Somchai Sirilertpanich, Director of
the company, as the Vice Chairman of the Board and the Managing
Director of the company effective 23 December 2004.

(2) Approval of Mr.Thongchai Jira-arongkorn's resignation as the
Director of the company effective 23 December 2004.

(3) The company will not subscribe for the capital increase of
ordinary shares in Bangkok Metro Public Company Limited (which
the company holds a 5.07 percent shares of the paid-up capital)
in the amount of 5,073,529 shares, priced at THB3 per share,
totaling THB15,220,587, for the subscription price will give a
lesser return on investment than the company's business.

Please be informed accordingly.

Sincerely yours,
(Mr.Somchai Sirilertpanich)
Director

CONTACT:

Syntec Construction Public Company Limited   
555/7-11 Sukhumvit 63 Road,
Khlong Ton Nua, Wattana, Bangkok    
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339   
Fax: 0-2381-6330   


THAI NAM: Appoints KPMG as Financial Advisor
--------------------------------------------
The Board of Directors of Thai Nam Plastic Public Company
Limited at a meeting No. 11/2004 held on December 24, 2004 had
resolved to appoint KPMG Phoomchai Business Advisory Ltd. to be
the financial advisor which would revise the existing debt-
restructuring plan of the Company and its subsidiary in
conformity with the present business environment and their
financial status.
   
Please be informed accordingly.

Sincerely Yours
Mrs. Siriphorn Mangkornkarn
Deputy Managing Director

CONTACT:

Thai Nam Plastic Public Company Limited   
40 Moo 7 Petchkasem Road, Km 23, Krathum Baen Samut Sakhon    
Telephone: 0-2420-9968-74, 0-2810-3000 (40 Lines)   
Fax: 0-2420-1827, 0-2420-9967   
Web site: www.thainam.com


TONGKAH HARBOUR: Says Tsunami Did Not Affect Properties
-------------------------------------------------------
Tongkah Harbour Public Company Limited informed the Stock
Exchange of Thailand (SET) that the Tsunami, or giant wave,
devastating the Phuket ocean front area caused only minor damage
to the office building and that the Company's assets are fully
intact.  Also the mining contractor's offshore dredge is
operational and not damaged.

Yours Sincerely,
(Dr. J.P. Mills, Mr. Somsak Ruamkid)

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   



BOND PRICING: For the Week 27 December to 31 December 2004
------------------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    2
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   11
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Powerco Ltd                           8.150%     9/01/07    8
Powerco Ltd                           8.400%     5/22/07   10
Sapphire Securities                   9.160%     9/20/35    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.900%    5/24/32    66


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   69


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lebar Daun Bhd                         2.000%       1/6/07    6
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   75
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1



                            *********


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 ***