TCRAP_Public/041229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, December 29, 2004, Vol. 7, No. 257

                            Headlines


A U S T R A L I A

ANSA CONSTRUCTION: To Convene Joint Meeting on January 6
ART BY: Court Issues Winding Up Order
AUSCAB NETWORK: Court Appoints Steven Nicols as Liquidator
AUSTRALIAN MICROELECTRONICS: Names Wayne Price as Liquidator
BIDWELL HOLDINGS: To Declare Final Dividend on January 13

CEL DEVELOPMENTS: Members' Meeting Slated for January 7
CLYBEAU PTY: Enters Winding Up Process
FFC REALISATIONS: Final Meeting Scheduled January 7
HENRY WALKER: To Get AU$100-Mln Aid from Swiss Firm
JOHN JOHNSON: Faces Voluntary Winding Up

JONES HAULAGE: To Declare Final Dividend on January 18
M&A VEIRA: Sets January 7 as Date of General Meeting
NATIONAL AUSTRALIA: Hurt by Irish Bank Robbery
POPWING PTY: To Convene Final Meeting December 30
SONS OF GWALIA: Administration Fees Running at AU40,000/day

STONEPET PTY: Sets Final Meeting January 10
SUKARI INVESTMENTS: Members Resolve to Wind Up Voluntarily
WALSH BROS.: Enters Winding Up Proceedings


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: To Enlist Shares Next Year
GOLD WO MELAMINE: Court Appoints Liquidators
GOLD WO INTERNATIONAL: Joint Liquidators Named
HIH HOLDINGS: Creditors Must Prove Debts by January 3
HILLWELL LIMITED: Faces Bankruptcy Proceedings

KIT PO: Court Issues Winding Up Order
RAINBOW JEWELLERY: Receives Winding Up Order
RICHLINK ASIA: Appoints New Liquidators
RISO CHINA: Receiving Proofs of Claims Until January 10
TOP PEACE: Court Issues Winding Up Notice

WISE APEX: Winding Up Order Served


I N D O N E S I A

GARUDA INDONESIA: Suspends Aceh Services After Quake
PERTAMINA: Checking Oil Activities After Disaster
SEMEN GRESIK: Cemex Agrees to Settle Dispute with Government
* State Budget Deficit Could Swell to US$3.5 Bln This Year
* S&P Raises FC Rating on Indonesia, Outlook Positive


J A P A N

ALL NIPPON: To Expand Code-share Agreement with Air China
JAPAN AIRLINES: To Impose Fuel Surcharge on Overseas Flights
MITSUBISHI MOTORS: Signs MOU with CMC Taiwan for China Venture
MITSUI MINING: ISG Withdraws from Acquisition Talks
RESONA HOLDINGS: To Render RTB a Fully Owned Subsidiary

SOJITZ HOLDINGS: Gets Distribution Rights for Business Aircraft
UFJ HOLDINGS: Submits Report on Management Revitalization Plan
UFJ HOLDINGS: In Talks with MTFG to Set Up System After Merger


K O R E A

LG CARD: Creditors Delay Deadline for LG Group
SSANGYONG MOTOR: Debt Workout Program Nears End


M A L A Y S I A

DAI HWA: Submission of Regularization Plan Extended
GENERAL SOIL: Explains Delisting Of Securities
INTAN UTILITIES: Updates on Default Status
INTAN UTILITIES: AGM Set January 19
JASATERA BERHAD: Appoints New Executive Director

MANGIUM INDUSTRIES: Unveils Production Figure For November 2004
MANGIUM INDUSTRIES: Unit Defaults in Debt Payments
NAIM INDAH: Discloses Timber Log Production Figures
OMEGA HOLDINGS: Details Restructuring Scheme
PANTAI HOLDINGS: Details Loan Stock Interest Payment

PARK MAY: Changes Registered Address, Contact Numbers
SRIWANI HOLDINGS: Director Goh Seng Choon Resigns
TAKASO RESOURCES: Reveals Unaudited Quarterly Results


P H I L I P P I N E S

METRO PACIFIC: Unveils Substantial Debt Reduction Scheme
PILIPINO TELEPHONE: Clarifies Capital Hike Report
REYNOLDS PHILIPPINES: To Wind Up for Poor Capital
UNIWIDE HOLDINGS: Shareholders' Meeting Set February 4


S I N G A P O R E

CHINA AVIATION: Air China May Take a Stake
GRID TECHNOLOGIES: Creditors to Prove Claims by January 24
HONG LEONG: Posts Change in Shareholder's Interest
LENNY GARMENT: Receiving Proofs of Claims Until January 24


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolution
MDX: Clarifies Item on Q3 2004 Financial Statement
THAI WAH: Details Debt to Equity Conversion

     -  -  -  -  -  -  -  -

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


ANSA CONSTRUCTION: To Convene Joint Meeting on January 6
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Ansa
Construction Services Pty Ltd (In Liquidation) formerly trading
as Emerton Newsagency A.C.N. 002 652 164 will be held at the
offices of Smith Hancock Office, Level 4, 88 Phillip Street,
Parramatta NSW 2150 on 6 January 2005, at 10:00 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 12th day of November 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


ART BY: Court Issues Winding Up Order
-------------------------------------
On the 18th and 19th of November 2004 respectively, the Supreme
Court of New South Wales, Equity Division, made an order that
Art By Tiles Australasia Pty Ltd (In Liquidation) A.C.N. 096 602
809 be wound up by the Court and appointed Steven Nicols to be
Liquidator.

Dated this 22nd day of November 2004

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


AUSCAB NETWORK: Court Appoints Steven Nicols as Liquidator
----------------------------------------------------------
On the 18th and 19th of November 2004 respectively, the Supreme
Court of New South Wales, Equity Division, made an order that
Auscab Network Pty Ltd (In Liquidation) A.C.N. 092 050 881 be
wound up by the Court and appointed Steven Nicols to be
Liquidator.

Dated this 22nd day of November 2004

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


AUSTRALIAN MICROELECTRONICS: Names Wayne Price as Liquidator
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Australian
Microelectronics Network Limited A.C.N. 096 993 681 held on 3
November 2004 it was resolved that the company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
a purpose, Wayne Harry Price be appointed the liquidator.

Dated this 15th day of November 2004

Wayne Harry Price
Liquidator
Suite 1, Level 4, 3 Carlingford Road,
Epping NSW 2121


BIDWELL HOLDINGS: To Declare Final Dividend on January 13
---------------------------------------------------------
A first and final dividend is to be declared on 13 January 2005
for Bidwell Holdings Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 071 790 228.

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

Dated this 22nd day of November 2004

I.J. Purchas
Deed Administrator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000


CEL DEVELOPMENTS: Members' Meeting Slated for January 7
-------------------------------------------------------
Notice is hereby given that a meeting of the Members of CEL
Developments Pty Limited (In Liquidation) A.C.N. 001 031 429
will be held at Hall Chadwick Level 29, 31 Market Street, Sydney
NSW on Friday the 7th of 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 the 7th of
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.
Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


CLYBEAU PTY: Enters Winding Up Process
--------------------------------------
On 19 November 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Clybeau Pty Limited (In
Liquidation) A.C.N. 091 203 897 be wound up and appointed R.J.
Porter as Official Liquidator.

R.J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


FFC REALISATIONS: Final Meeting Scheduled January 7
---------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of FFC Realisations Pty Limited (In Liquidation)
A.C.N. 003 689 478 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW on Friday 7th January 2005 at 12:00
noon.

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 7th 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 companies on completion of all duties.

(3) Any other business.

Robert Elliott
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


HENRY WALKER: To Get AU$100-Mln Aid from Swiss Firm
---------------------------------------------------
Swiss commodities firm Glencore Finance AG is poised to infuse
AU$100 million (US$76.4 million) into ailing mining-engineering
company Henry Walker Eltin Group Limited, Dow Jones reports.

According to Henry Walker Eltin, the recapitalization plan best
addresses the firm's future funding requirements and its
viability as a going concern.

Glencore is planning to subscribe five-year convertible
preference shares worth AU$60 million, which will be offered by
Henry Walker through private placement. The shares are
convertible into Henry Walker ordinary shares at 40 Australian
cents a share. The convertible preference shares will be
entitled to a preferential cumulative cash dividend of 6.5
percent a year.

Glencore will also underwrite an AU$40 million pro rata
renounceable rights issue to shareholders of Henry Walker Eltin
at 40 Australian cents a share at a ratio of one for about every
2.18 shares held.

If shareholders approve the recapitalization, Glencore will be
entitled to nominate three new members to a seven-member board
of Henry Walker Eltin and will be involved in selecting the
company's new chief executive.

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

CONTACT:

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


JOHN JOHNSON: Faces Voluntary Winding Up
----------------------------------------
Notice is hereby given that at a general meeting of members of
John Johnson Pty Limited (In Liquidation) A.C.N. 098 557 398,
held on 15 November 2004, it was resolved that the company be
wound up voluntarily and that Schon G Condon and Bruce Gleeson,
of Jones Condon Chartered Accountants, Level 1, 34 Charles
Street Parramatta NSW, be appointed Joint Liquidators for the
purposes of such winding up.

Dated this 17th day of November 2004

Schon G. Condon Rfd
Joint Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


JONES HAULAGE: To Declare Final Dividend on January 18
------------------------------------------------------
A First and Final Dividend to Employees, granted priority
pursuant to Section 556(1)(e), 556(1)(g) and 556(1)(h) of the
Corporations Act, is to be declared on 18 January 2005 for Jones
Haulage Pty Limited (In Liquidation) A.C.N. 058 469 542.

Employees were required to formally prove their debts of claims
on 22 December 2004. If they have not, they would be excluded
from the benefit of the 18 January 2005 first and final
dividend.

Dated this 19th day of November 2004

Daniel Ivan Cvitanovic
Liquidator
c/- Ferrier Hodgson
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


M&A VEIRA: Sets January 7 as Date of General Meeting
----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of M&A Veira Constructions Pty Ltd (In Liquidation)
A.C.N. 067 675 512 will be held at the offices of de Vries
Tayeh, Level 3, 95 Macquarie Street, Parramatta NSW 2150 on 7
January 2005 at 10:00 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 Joint
Liquidator.

Dated this 19th day of November 2004

Riad Tayen
Joint Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2160


NATIONAL AUSTRALIA: Hurt by Irish Bank Robbery
----------------------------------------------
The 2005 earnings forecasts for National Australia Bank was
revised downward following last week's robbery incident in its
Belfast-based Northern Bank, of which AU$55.6 million was
stolen, according to The Age.

Analyst cut their profit estimates by about AU$35 million since
the loss was uninsured, as NAB had opted to cover the risk
itself rather than take out a policy.

According to JP Morgan banking analyst Brian Johnson, NAB does
not have sufficient loss reserves for incidents of this
magnitude.

Goldman Sachs JBWere analysts reduced their earnings forecast by
AU$35 million to AU$3.2 billion for 2005. But they recommended
that investors with a long-term outlook should buy the stock.

Goldman Sachs JBWere reckons NAB will benefit in 2005 from a
likely share buyback and the potential earnings boost from its
restructuring program.

And there is always the possibility that NAB could get its
stolen money back.

CONTACT:

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


POPWING PTY: To Convene Final Meeting December 30
-------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a joint meeting of members and
creditors of Popwing Pty Ltd (In Liquidation) A.C.N. 003 481 516
will be held at the offices of Gould Ralph Pty Ltd, Level 42 AAP
Centre, 259 George Street, Sydney NSW on Thursday, 30 December,
2004 at 2:30 p.m. for the purpose of laying before the meeting
the liquidator's final account and report and giving any
explanation thereof.

The requirements of that Law in respect to finalizing the
liquidation can be satisfied without your attendance at the
above meeting and members will not prejudice their rights if
they do not so attend.

Dated this 30th day of November 2004

V.R. Gould
Liquidator
Level 42 AAP Centre,
259 George Street,
Sydney NSW 2000


SONS OF GWALIA: Administration Fees Running at AU40,000/day
-----------------------------------------------------------
Administrators Ferrier Hodgson are charging almost AU$40,000 a
day in fees to manage the affairs of collapsed miner Sons of
Gwalia, says The West Australian.

The administrators disclosed it had booked AU$2.48 million in
fees in just 64 days after they were appointed by Gwalia on
August 29 until October 31.

With Ferrier Hodgson set to remain as administrators until April
30, when the next creditors meeting is scheduled, the
administration is expected to cost another AU$7 million based on
the AU$38,775-a-day charge-out rate.

In its report, Ferrier Hodgson revealed over 30 of its staff,
headed by partners Garry Trevor, Andrew Love and Darren Weaver,
had clocked up 10,626 hours on the Gwalia administration up
until October 31.

While Ferrier Hodgson is hopeful of identifying a clear way
forward by the end of April, the administration could drag on
for months beyond that, given the scale and complexity of
Gwalia's business.

Macquarie Bank has been hired to sell Gwalia's struggling gold
division, while investment bank UBS is examining the options to
sell or re-float the more lucrative tantalum division.

CONTACT:

Sons Of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


STONEPET PTY: Sets Final Meeting January 10
-------------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Stonepet Pty Limited (In Liquidation) A.C.N. 004
000 659 will be held at the office of Ferrier Hodgson, Chartered
Accountants, Level 1, 121-123 Crown Street, Wollongong, New
South Wales on 10 January 2005 at 10:00 a.m.

The purpose of the meeting is to:

(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;

(ii) To consider any other matter properly brought before the
meeting.

Dated this 16th day of November 2004

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


SUKARI INVESTMENTS: Members Resolve to Wind Up Voluntarily
----------------------------------------------------------
At a general meeting of the members of the Company duly convened
and held at Levy Warren Associates, 24 Punch Street, Artarmon
NSW 2064, on 19 November 2004, the special resolution set out
below was duly passed:

That the Sukari Investments Pty Limited (In Liquidation) A.C.N.
080 270 766 be wound up voluntarily.

Dated this 19th day of November 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


WALSH BROS.: Enters Winding Up Proceedings
------------------------------------------
At a General Meeting of Walsh Bros. & Harris Pty. Ltd. (In
Liquidation) A.C.N. 004 746 543, duly convened and held at 23
Williams Road, Park Orchards on the 12th of November 2004 the
following Special Resolution was passed:

That the Company be wound up as Members Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the Liquidators so
desire.

Dated this 15th day of November 2004

B.A. Secatore
Liquidator
Bentleys MRI
114 William Street,
Melbourne Vic 3000


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


CHINA CONSTRUCTION: To Enlist Shares Next Year
----------------------------------------------
China Construction Bank (CCB) plans to enlist on a stock market
on the first half of next year, Xinhuanet reports, citing the
Securities Daily.

An unnamed official from China Banking Regulatory Commission
(CBRC) said that CCB plans to list its stock offering in the
first half of the year but it still has to decide where it will
enlist. Bank of China will follow an IPO after CCB's.

BOC and CCB were the two banks chosen as pilot banks by the
Central Government for reform in its bid to enter the World
Market. The two banks received funds injection into is coffers
in order to finish its restructuring process and are currently
introducing strategic investors.

No specific dates for listing for the two banks have been
released. Bank of China president Li Lihui announced last
November that BOC is expected to meet listing requirements next
year.

Construction Bank recorded an operating profit of CNY49.94
billion for nine months to September, up 21.5 percent from last
year.

CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn


GOLD WO MELAMINE: Court Appoints Liquidators
--------------------------------------------
By order of the Court of First Instance of the High Court of
Hong Kong dated 30 November 2004, Messrs. Gabriel Chi Kok Tam
and Jacky Chung Wing Muk, both of KPMG, 8th Floor, Prince's
building, 10 Chater Road, Central, Hong Kong have been appointed
as the Joint and Several Liquidators Gold Wo Melamine Product
Company Limited with a committee of inspection.

Dated this 16th day of December, 2004

Gabriel Chi Kok Tam
Jacky Chung Wing Muk
Joint and Several Liquidators


GOLD WO INTERNATIONAL: Joint Liquidators Named
----------------------------------------------
By order of the Court of First Instance of the High Court of
Hong Kong dated 30 November 2004, Messrs. Gabriel Chi Kok Tam
and Jacky Chung Wing Muk, both of KPMG, 8th Floor, Prince's
building, 10 Chater Road, Central, Hong Kong have been appointed
as the Joint and Several Liquidators Gold Wo International
Holdings Limited with a committee of inspection.

Dated this 16th day of December, 2004

Gabriel Chi Kok Tam
Jacky Chung Wing Muk
Joint and Several Liquidators


HIH HOLDINGS: Creditors Must Prove Debts by January 3
-----------------------------------------------------
Notice is hereby given that a first dividend to ordinary
unsecured creditors is intended to be declared by HIH Holdings
(Asia) Limited.

All Company creditors must prove their debts by 3 January 2005.
Any creditor who does not lodge a claim by that date will be
excluded from the benefit of any distribution made before such
debts are proved and from objecting to such distribution.

Dated this 17th day of December 2004

JAN G W BLAAUW
Joint and Several Provisional Liquidator
2/F., Chung Nam Building
1 Lockhart Road
Wanchai
Hong Kong


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

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

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

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

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

This notice is dated 17 December 2004.


KIT PO: Court Issues Winding Up Order
-------------------------------------
Kit Po Cleaning Supplies Limited with registered office at G/F,
65A, Tai Loong Street, Kwai Chung, Nt posts its court issued
winding up notice on Dec. 15, 2004.

Date of Presentation of Petition:

Lee Mei Yee May
Acting Official Receiver

This The Standard notice is dated 24 December 2004.


RAINBOW JEWELLERY: Receives Winding Up Order
--------------------------------------------
Rainbow Jewellery Company Limited with registered office at Shop
3, Level 3, Shatin Plaza, Nt received a winding up order on
December 15, 2004.

Date of Presentation: 25 December 2004

Lee Mei Yee May
Acting Official Receiver

This The Standard notice is dated 24 December 2004.


RICHLINK ASIA: Appoints New Liquidators
---------------------------------------
By order of the Court of First Instance of the High Court of
Hong Kong dated 30 November 2004, Messrs. Gabriel Chi Kok Tam
and Jacky Chung Wing Muk, both of KPMG, 8th Floor, Prince's
building, 10 Chater Road, Central, Hong Kong have been appointed
as the Joint and Several Liquidators Richlink Asia Limited
with a committee of inspection.

Dated this 16th day of December, 2004

Gabriel Chi Kok Tam
Jacky Chung Wing Muk
Joint and Several Liquidators

This notice is dated 17 December 2004.


RISO CHINA: Receiving Proofs of Claims Until January 10
-------------------------------------------------------
Notice is hereby given, that the preferential creditors and the
unsecured creditors Riso China Limited, which is being wound up
voluntarily, if they have not already done so, are required on
or before 5:30 p.m. on 10th day of January 2005 to prove their
debts or claims by sending particulars of their debts or claims
and the names and addresses of their solicitors, if any, to the
undersigned.

In order to establish any title they may have to priority under
Section 265 of the Companies Ordinance or in default thereof
they will be excluded from the benefit of the distribution made
next after the 10th day of January 2005 or as the case may be
from objecting to such distribution.

Dated this 20th day of December 2004

Chan Sek Kwan
Liquidator
Unit G, 12th Floor, Seabright Plaza
9-23 Shell Street
North Point
Hong Kong

This notice is dated 22 December 2004.


TOP PEACE: Court Issues Winding Up Notice
-----------------------------------------
Top Peace Limited with registered office at G/F, 522 Jaffe Rd,
Causeway Bay, Hk, has issued a notice of winding up on Dec. 15,
2004.

Date of Presentation of Petition: 27 October 2004

Lee Mei Yee May
Acting Official Receiver

This The Standard notice is dated 24 December 2004.


WISE APEX: Winding Up Order Served
----------------------------------
Wise Apex Limited with registered office at Flat A, 15/F,
Greenland Court, 88 Matau Wai Road, Hung Hom, Kln posted its
notice of winding up order.

Date of Order: 15 December 2004

Date of Presentation of Petition: 29 October 2004

Lee Mei Yee May
Acting Official Receiver

This The Standard notice is dated 24 December 2004.



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


GARUDA INDONESIA: Suspends Aceh Services After Quake
----------------------------------------------------
National flag carrier Garuda Indonesia cancelled flights from
and to Aceh after a massive earthquake hit the province Sunday,
Asia Pulse reports.

Garuda needed to postpone regular flights and transport of haj
pilgrims from Aceh as the Banda Aceh airport was badly damaged.

Garuda spokesman Pudjobnroto said flights will resume once the
damage at the airport is fixed.

Garuda was to carry 328 haj pilgrims from Banda Aceh on Sunday
but they have to wait until the airport can function properly.

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


PERTAMINA: Checking Oil Activities After Disaster
-------------------------------------------------
Despite Sunday's strong earthquake and tsunamis, PT Pertamina's
oil exploration and production activities in Aceh have continued
without interruption, according to Asia Pulse.

But the state oil and gas firm is still awaiting information on
activities at its fuel oil depots in Meulaboh, Krueng, Banda
Aceh and Sabang, which are located in areas facing the Indian
Ocean. Communication with the three units has been cut.

In anticipation of likely disruptions at the three depots,
Pertamina is working to offset disturbances in domestic fuel oil
stockpile with supply from Medan, North Sumatra.

On Sunday, a devastating earthquake measuring 8.9 on the Ricther
scale hit South and Southeast Asia, giving rise to tsunamis that
have killed more than 15,000 people.

The quake was centered some 20 kilometers below the seabed and
around 149 kilometers south of Meulaboh, Aceh and triggered
massive tidal waves that slammed into coastlines across the
region.

CONTACT:

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


SEMEN GRESIK: Cemex Agrees to Settle Dispute with Government
------------------------------------------------------------
The Indonesian government and Mexican cement giant Cemex SA de
CV has reached an accord to settle a protracted dispute over PT
Semen Gresik out of court, Asia Pulse says.

Chief Economics Minister Aburizal Bakrie confirmed the
government has reached important agreements with Cemex, one of
which is not to seek a settlement through international
arbitration.

Earlier, the government has offered Cemex several options to
resolve the row including a license for Cemex to construct a new
cement plant in Indonesia.

The long dispute started when the government has denied Cemex
its call option under the contract to acquire more stakes in
state-owned Semen Gresik.

Cemex then accused the Indonesian government of breaching its
contract and has lodged a suit with the International Center for
the Settlement of Investment dispute in Washington.

CONTACT:

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


* State Budget Deficit Could Swell to US$3.5 Bln This Year
----------------------------------------------------------
Indonesia's state budget deficit in 2004 is expected to reach
IDR31.82 trillion (US$3.5 billion), says Asia Pulse.

The estimated shortfall represents 1.6 percent of the country's
Gross Domestic Products (GDP), up from a previous target of 1.3
percent.

According to State Minister for National Development and head of
the National Development Planning Board Sri Mulyani Indrawati,
the growing deficit resulted from an increase in fuel subsidies
to be paid by the state until the end of this year. Until the
end of 2004, the government has to pay IDR70 trillion.

In the first 11 months of this year, oil fuel subsidies reached
IDR59.2 trillion

The surge in subsidies was due to skyrocketing global oil
prices.


* S&P Raises FC Rating on Indonesia, Outlook Positive
-----------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
foreign currency sovereign credit rating on Indonesia to `B+'
from 'B'. At the same time, the rating agency raised its local
currency rating on Indonesia two notches to `BB' from 'B+'. Both
short-term ratings were affirmed at 'B'. The outlook is
positive.

The rating upgrades and positive outlook reflect ongoing
progress in Indonesia's macroeconomic stability, steadfast
fiscal management, declining debt and debt-servicing burden, and
favorable external liquidity.

Further progress in these areas could help reduce the
government's vulnerability to its substantial debt burden.

Despite a widening in the budget deficit to a projected 1.5% of
GDP for 2004 from the planned 1.2%, Standard & Poor's expects
the government to continue the overall direction of fiscal
consolidation, and that primary surpluses near 2% of GDP will be
maintained.

"Although government fuel subsidies were four times the budgeted
amount due to skyrocketing oil prices, the government responded
by cutting expenditure to limit the rise in the deficit, and
maintain a primary surplus at a projected 1.8% of GDP for this
year," said Standard & Poor's credit analyst Agost Benard,
associate director in the Sovereign & International Public
Finance Ratings Group.

"Although these cuts were at the expense of much-needed
development spending, the move sends a positive signal, as it
indicates commitment to fiscal consolidation despite difficult
conditions," said Mr. Benard.

"Nevertheless, the government's fuel subsidy policy needs to be
curtailed if it is not to become an even greater drag on the
country's finances, and to free up funds for other needs, such
as infrastructure."

In that regard, last week's 41% rise in the prices of high-
quality gasoline and liquefied petroleum gas (LPG) is an
encouraging development, and also prepares the public for higher
prices for gasoline and other widely used fuels.

Although deficit targets remain vulnerable to interest rates
and, in the absence of reform, to oil prices, continued primary
surpluses will aid further debt reduction, which has seen
significant advances over the past few years. The public sector
net debt burden, which includes domestic and external
liabilities of non-financial public sector enterprises, is
projected to fall to 72% of GDP by year-end 2005, after peaking
at about 130% in
2000.

The associated decline in the debt-servicing burden is similarly
impressive, with interest payments falling to a projected 17% of
general government revenues in 2005, from 30% in 2002. This
should enable a rise in development spending, which over the
past several years has fallen dramatically to about 2% of GDP,
from over 5% in 2000.

The upgrade also reflects Indonesia's improved external
liquidity, with close to US$36 billion in foreign exchange
reserves at year-end 2004. Despite lower projected current
account surpluses, Standard & Poor's expects the Republic to
maintain adequate external liquidity because of favorable
external conditions and better flows of investment after this
year's successful elections. As a result, Standard & Poor's
expects Indonesia to be able to meet its heavy external debt
amortization schedule, which amounts to about US$6.5 billion a
year over the next few years.

The main challenge facing the new administration is to breathe
life into Indonesia's economy, in which growth remains
relatively modest and narrowly based compared with its regional
peers. Moreover, growth is insufficient to reduce poverty and
unemployment.

"Indonesia's macroeconomic fundamentals put it in good stead to
achieve faster and more broad-based growth than the average 4.1%
of the past five years, which was heavily reliant on private
domestic consumption," said Mr. Benard.

"However, for the recent uptick in growth to take on a more
robust and sustained character, the authorities need to lift the
country's chronically low investment ratio, which has fallen to
less than 20% of GDP. That, in turn, hinges on implementing a
broad set of microeconomic reforms, particularly in the
judicial, legal, and labor market areas."
The new government is well positioned to build on economic and
political stability to confront these issues, but its aptitude
and resolve in pushing through and implementing reforms have yet
to be tested.

"If there is only slow improvement in these areas, it would
limit the country's trend growth," Mr. Benard said.

The new government's continued and timely implementation of
reforms, and continued fiscal consolidation would boost the
credit ratings on Indonesia. Conversely, the ratings could be at
risk if institutional weaknesses that hinder policy coordination
and impede timely response to political and external shocks are
not dealt with.

Also, if the government draws back from fiscal consolidation
because of political paralysis or the failure of economic
policy, the ratings could also come under stress.


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


ALL NIPPON: To Expand Code-share Agreement with Air China
---------------------------------------------------------
All Nippon Airways (ANA) and Air China has applied for
permission to expand their code-sharing agreement to flights
between Central Japan International Airport in Nagoya (Centrair)
and Beijing, from the day the new airport opens on February 17,
2005.

The Nagoya - Beijing route will be operated five times per week
by Air China using Boeing 737 aircraft in two classes and will
bring the total number of code-share flights operated jointly by
both airlines to 103 per week: 63 return flights operated by ANA
to China, and 40 by Air China to Japan.

ANA and Air China first began code-sharing on routes between
Japan and China on March 28 this year. Since that time ANA
Mileage Club members and members of Air China's Companion
Frequent Flyer Programme have also been eligible to accrue and
redeem mileage on the code-share flights. Customers using the
new code-share flights will also be able to take advantage of
mileage accrual and redemption.

"Our efforts to provide the highest quality and most convenient
services have been very well received by our passengers," said
Yoji Ohashi, President and CEO of ANA. "Centrair, with its
excellent international to domestic connectivity, is supremely
well positioned to serve Japan's manufacturing heartland and the
needs of Japanese and Chinese businesses. We shall continue to
work together with Air China wherever we can for the greater
satisfaction of all our customers, and for greater co-operation
between our two countries," he added.

Expanded code-share agreement in outline

Start: February 17, 2005
Route:
Nagoya (Centrair) = Beijing, Air China operation only
Schedule:
NH 5743/ CA 160 dep Nagoya 13:00 arr Beijing 15:00
NH 5742/ CA 159 dep Beijing 08:25 arr Nagoya 12:00
Days of operation:
Mon, Tue, Thu, Fri, Sun
Aircraft:
Boeing 737 in Business Class and Economy Class configuration

Expanded code-share agreement in outline

Tokyo-Beijing: ANA 14 flights/ week, Air China 7 flights/ week
(21 total)
Tokyo-Shanghai: ANA 21 flights/ week, Air China 14 flights /
week (35 total)
Tokyo- Hangzhou: ANA 4 flights/ week, (ANA only route)
Osaka-Beijing: ANA 7 flights/ week, Air China 7 flights/ week
(14 total)
Osaka-Shanghai: ANA 14 flights/ week, Air China 7 flights/ week
(21 total)
Osaka-Hangzhou: ANA 3 flights /week, (ANA only route)

CONTACT:

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


JAPAN AIRLINES: To Impose Fuel Surcharge on Overseas Flights
------------------------------------------------------------
Japan Airlines Corporation (JAL) is considering imposing a fuel
surcharge on its international flights, in a bid to offset the
damage to its earnings from the rise the recent fuel price
hikes, according to Dow Jones.

JAL said it will add a fuel surcharge of JPY500 to JPY2,500 to
the fares of its international flights starting Jan. 20.

The national flag carrier decided on the move after five U.S.
and European airlines introduced fuel surcharges for flights
departing and arriving in Japan.

JAL said it will lift the surcharges on international flights
once the monthly average price of jet fuel in Singapore falls
below $40 per barrel. The benchmark fuel price has recently
stayed around $51 per barrel.

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


MITSUBISHI MOTORS: Signs MOU with CMC Taiwan for China Venture
--------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) disclosed that it had signed
a memorandum of understanding (MOU) with China Motor Corp.1
(CMC) of Taiwan in connection with expanding the business
operations of South East (Fujian) Motor Co., Ltd.2 (SEM), a
subsidiary of CMC based in Fujian Province.

The move is designed to build up MMC's production and sales
organization in China. MMC is planning to participate in the
management of SEM in the near future.

MMC already has equity shares in three enterprises in China: two
engine-manufacturing companies - Shenyang Aerospace Mitsubishi
Motors Engine Manufacturing Co., Ltd. and Harbin Dongan
Automotive Engine Manufacturing Co., Ltd. - and Hunan Changfeng
Motor Co., Ltd. The MOU with CMC opens the way for MMC to
further boost its operations in Mainland China in the event MMC
joins the management of SEM. The parties involved are due to
hold discussions covering the form management participation will
take, the scale of equity investment and other details.

The increase in private vehicle ownership in China today means
the country's automotive market offers considerable growth
potential. MMC is planning to both reorganize its operations and
to boost sales in China utilizing SEM as a key facility for the
production and sales of MMC-developed vehicles.

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


MITSUI MINING: ISG Withdraws from Acquisition Talks
---------------------------------------------------
The International Steel Group Inc. (ISG) has abandoned talks to
purchase a controlling stake in Mitsui Mining Co. Ltd., Reuters
relates.

ISG, headed by investor Wilbur Ross, has pulled out of
negotiations to acquire a 52-percent Mitsui Mining stake,
acquired by the state-backed Industrial Revitalization
Corporation of Japan (IRCJ) in September 2003. Mitsui Mining is
currently undergoing rehabilitation under the auspices of the
IRCJ.

ISG was believed to have offered more than JPY10 billion for the
stake, which has a total market value of about JPY63.4 billion
(US$615.6 million).

Mitsui Mining fell into the mire after its wholly owned
subsidiary Mitsui Coal Mining incurred massive debts. The mining
company is now attracting potential suitors amid a tight supply
of raw materials in the steel industry and strong demand from
China.

A Mitsui Mining spokesman said on Tuesday any decision on the
winning bidder would be made by the IRCJ. The IRCJ, on the other
hand, declined to comment.

CONTACT:

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


RESONA HOLDINGS: To Render RTB a Fully Owned Subsidiary
-------------------------------------------------------
Resona Holdings, Inc. has decided to acquire the minority shares
of Resona Trust & Banking Co., Ltd. (RTB) from its third party
shareholders with a view to having discretion and enabling
faster decision-makings in group management and maximizing the
group profits under the consolidated tax filing system.

Though such purchase is still contingent on the consents from
RTB's third-party shareholders, Resona Holdings intends to
acquire the minority shares to make RTB its fully owned
subsidiary.

In principle, Resona Holdings will purchase RTB's minority
shares with cash. However, vis--vis certain RTB's shareholders,
Resona Holdings plans to acquire the RTB's shares through
exchange of shares (simplified method stipulated in Article 358-
1 of the Japanese Commercial Code). To this effect, Resona
Holdings and RTB decided to conclude a memorandum concerning the
exchange of shares today.

Schedule for the Exchange of Shares:

December 27, 2004: Conclusion of a memorandum concerning the
exchange of shares
Late March 2005: Date of share exchange
(Planned)

Resona Holdings will announce other details of the share
exchange transaction such as share exchange ratio, date of share
exchange, date of general meeting of shareholders for approval
of share exchange contract, etc. soon after such details are
fixed.

CONTACT:

Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


SOJITZ HOLDINGS: Gets Distribution Rights for Business Aircraft
---------------------------------------------------------------
Sojitz Corporation has newly acquired distribution rights for
all of the business aircraft models manufactured by Canadian-
based Bombardier, the world's third-largest aircraft
manufacturer.

The Company will promote the domestic sale of a full lineup of
Bombardier planes, through this acquisition of distribution
rights for business aircraft, coupled with distribution rights
it has already acquired for regional aircraft (small aircraft
for local routes).

As an agent, Sojitz has already been conducting sales of the
Boeing Business Jet (BBJ) manufactured by Boeing of the US,
which boasts the largest size of all business jets. The Company
will introduce to the Japanese market, business aircraft to
which will be added each series of the Bombardier Global Express
(a long-range aircraft with seating for up to 19 passengers),
the Challenger (a mid-range aircraft with seating for 9 to 19
passengers) and the Learjet (a short-range aircraft with seating
for 7 to 9 passengers). Sojitz expects sales of over 10 billion
yen, with an annual sale of four to five units.

Sojitz established the business aircraft charter operator Share
Jet LLC in Guam, in partnership with ACI Pacific LLC in the US,
obtained a US license for the chartering business, and commenced
business aircraft chartering operations under the name Share
Jet, targeting VIPs in Asian countries, with BBJs playing a core
role. Further, Sojitz offers aircraft management and flight
operation outsourcing services for domestic business aircraft
owners, using Share Jet's facility in Guam as the operation
base.

Although it is not easy to maintain aircraft in Japan due to the
difficulty in securing aircraft parking space and to the fact
that the cost for flight operations and aircraft maintenance are
several times higher compared with those in Europe and the US,
the Sojitz Group provides corporations and individuals who are
considering the ownership of a business aircraft, with a
consistent service; from the sale and management of business
aircraft to flight operations.

Sojitz is the first Company in Japan to take such an approach,
and has gained very high regard from Bombardier, leading to
acquisition of the new distributorship rights for all Bombardier
business aircraft models.

Sojitz will continue to deepen cooperation with its users and to
utilize its own marketing channels, and will carry out further
development of its aviation business.

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com


UFJ HOLDINGS: Submits Report on Management Revitalization Plan
---------------------------------------------------------------
UFJ Holdings, Inc. submitted the progress report for the interim
period ended September 2004, regarding the plan to revitalize
management formulated according to the Law relating to Emergency
Measures for Early Reconstruction of Financial Systems, to the
Financial Services Agency.

To view the entire report, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS122804.pdf

CONTACT:

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


UFJ HOLDINGS: In Talks with MTFG to Set Up System After Merger
--------------------------------------------------------------
UFJ Holdings, Inc. and Mitsubishi Tokyo Financial Group, Inc.,
in anticipation of the management integration of the two groups,
which is subject to approval by shareholders and relevant
authorities, have been discussing the establishment of a system
which will be capable of providing customers with higher quality
asset management services following the merger.

As part of these efforts, the asset management companies of the
two groups, Mitsubishi Asset Management Co., Ltd., UFJ Partners
Asset Management Co., Ltd., and other relevant parties entered
into a "Memorandum of Understanding Concerning Merger" and
preparations and mutual consultations have commenced to prepare
for the merger.

(1) Purpose of Merger

While the market size of the asset management industry is
expected to expand, competition is also anticipated to
intensify, and we are seeking to strengthen the operational
capabilities and management efficiencies of our asset management
companies. In order to enhance the flexibility to respond to
these changing market conditions, MTFG and UFJ Group will merge
Mitsubishi Asset Management and UFJ Partners Asset Management in
conjunction with the management integration of the two groups.

As such, the new asset management company will utilize the
strength of the two asset management companies in an effort to
strengthen operational capabilities and increase the efficiency
of management, to build a system capable of providing high-
quality, high-value added asset management services that
customers demand.

(2) Post-Merger Asset Management Services

As of November 30, 2004, Mitsubishi Asset Management and UFJ
Partners Asset Management were ranked 6th and 5th respectively
in terms of publicly offered investment trusts in the Japanese
market, and are highly valued by customers in the asset
management industry.

Through this merger, we will provide a broad lineup of products
and otherwise tailor products to match a wide variety of
customer needs, and will strive to improve customer convenience
and enhance services by combining and complementing the sales
forces, product development capabilities and management
capabilities of the two companies.

In addition, through the management integration of the two
groups, the new asset management company, together with other
group companies, will jointly utilize the management
infrastructure and resources of the new group's trust bank
(tentatively named Mitsubishi UFJ Trust and Banking), which will
have one of the largest amounts of management assets in Japan
(approximately JPY24 trillion as of September 30, 2004), in an
effort to strengthen operational capabilities and increase the
efficiency of management throughout the entire group.

As of November 30, 2004, the publicly offered investment trusts
of Mitsubishi Asset Management and UFJ Partners Asset Management
were ranked 5th in the industry on a simple combined basis, but
we are aspiring to become one of the top three after the merger.

(3) Timing of Merger

The merger of Mitsubishi Asset Management and UFJ Partners Asset
Management is scheduled to be completed as soon as possible
between October 1, 2005 and April 1, 2006. The relevant parties
will engage in discussions concerning the name, capital
contribution structure and personnel of the new asset management
company.

MTFG and UFJ Group will further maximize the synergy effect of
the high-quality products and services of the new asset
management company and the superior business bases of the banks,
trust banks and securities companies while also advancing the
efficiency of management, to firmly establish its position as
top-class asset management operations.


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


LG CARD: Creditors Delay Deadline for LG Group
----------------------------------------------
Creditors of LG Card Co. gave LG Group another day to decide
whether it would join the KRW1.2 trillion-bailout package for
the ailing card company, Reuters relates, citing a joint
creditors statement Tuesday.

Shares in LG Card rose nearly 10 percent on news of an extended
deadline, triggered by hopes that LG Card would be able to
escape liquidation as threatened by the creditors.  Aside from
the liquidation threat, the creditors said LG Group could also
face financial sanctions if it did not join the bailout.

"Creditors would seek strong financial sanctions against LG
Group if LG Card was liquidated," said Yoo Ji-chang, governor of
the Korea Development Bank.  Creditors are also hoping for the
government to mediate over the issue, Mr. Yoo said.

Analysts do not expect LG Card's creditors to allow liquidation
of the card issuer given that losses incurred could be greater.

This is the second time LG Card sought for a rescue package.
The first one was in January when it was in the brink of
bankruptcy, which it was able to surpass after LG Group and
creditors infused $4.5 billion in fresh funds.

CONTACT:

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


SSANGYONG MOTOR: Debt Workout Program Nears End
-----------------------------------------------
The successful sale of Ssangyong Motor Co.'s stake to Shanghai
Automotive Group Co. (SAIC) will end the five-year debt workout
program of the carmaker, reports Dow Jones, citing creditors of
Ssangyong.

Ssangyong's debt workout program will end January 27, 2005 upon
completion of the payment for the 48.9 percent stake SAIC
purchased from the Company, a creditors' resolution cited.

SAIC ended Ssangyong's years of search for a buyer of the stake
in October for KRW590.94 billion.

The debt workout program materialized in 1999 after Ssangyong
was separated from Daewoo Group which was dissolved under huge
debt.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax: +82 31 610 3739


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


DAI HWA: Submission of Regularization Plan Extended
---------------------------------------------------
Dai Hwa Holdings (M) Berhad announced that the Bursa Malaysia
Securities Berhad has approved an extension of nine (9) days
from 22 December 2004 to 31 December 2004 to enable the Company
to submit its regularization plan to the relevant authorities
for approval.

CONTACT:

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

This announcement is made on 27 December 2004.


GENERAL SOIL: Explains Delisting Of Securities
----------------------------------------------
General Soil Engineering Holdings Berhad announced that the
Bursa Malaysia Securities Berhad has issued a notice to show
cause as to why the securities of the Company should not be de-
listed from the Official List of the Exchange.

This was due to the fact that the Company has failed to
regularize its financial condition within the prescribed time
stipulated by Bursa Securities pursuant to paragraph 8.14 of the
Listing Requirements of Bursa Securities (LR) and paragraph 5.0
of Practice Note No. 4/2001 and no further extension of time has
been granted to the Company.

The Company wishes to inform on the following:

(a) The Company has been accorded fourteen (14) days by Bursa
Securities to make written representations to Bursa Securities
as to 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 fourteen
(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 LR.

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Phone: 03-2698 9888
Fax: 03-2693 8580/670

This announcement is dated 27 December 2004.


INTAN UTILITIES: Updates on Default Status
------------------------------------------
Further to the announcement dated 26 November 2004 and pursuant
to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements of
the Bursa Malaysia Securities Berhad and the Practice Note No.
1/2001, Intan Utilities Berhad announced the summary of the
borrowings in default and the steps taken to address the
defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn
Bhd, 70% effectively-owned subsidiaries of the Company.

For more details, go to
http://bankrupt.com/misc/tcrap_intan122804.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


INTAN UTILITIES: AGM Set January 19
-----------------------------------
Notice is hereby given that the Ninth Annual General Meeting
(AGM) of Intan Utilities Berhad will be held at Dewan Berjaya,
Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off
Jalan Damansara, 60000 Kuala Lumpur on 19 January 2005 at 10:30
a.m. for the following purposes:

AGENDA

1. To receive and adopt the audited financial statements of the
Company for the year ended 31 July 2004 and the Directors' and
Auditors' Reports thereon. Resolution 1

2.  To approve the payment of Directors' Fees amounting to
RM170,000 in respect of the year ended 31 July 2004. Resolution
2

3.  To re-elect the following Directors retiring pursuant to the
Company's Articles of Association:-

a)  Dato' Mohd Annuar Bin Zaini Resolution 3

b)  Low Ah Ha Resolution 4

c)  Mohd Khasan Bin Ahmad Resolution 5

d)  Chan Kien Sing Resolution 6

4. To re-appoint Messrs KPMG as Auditors and to authorise the
Directors to fix their remuneration. Resolution 7

5. As special business:

(a) To consider and, if thought fit, pass the following
Ordinary Resolutions:

(i)  Authority to allot and issue shares pursuant to Section
132D of the Companies Act, 1965

"That, subject always to the Companies Act, 1965, the Articles
of Association of the Company and the approvals of the relevant
governmental/regulatory authorities, the Directors be and are
hereby empowered, pursuant to Section 132D of the Companies Act,
1965, to issue shares in the Company from time to time and upon
such terms and conditions and for such purposes as the Directors
may deem fit provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the issued
share capital of the Company for the time being and that such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company. Resolution 8

(ii) Proposed Shareholders' Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature "That subject to the
Companies Act, 1965, the Memorandum and Articles of Association
of the Company, Bursa Securities Listing Requirements and all
other applicable laws, guidelines, rules and regulations,
approval be and is hereby given to the Company and/or its
subsidiaries to enter into recurrent related party transactions
of a revenue or trading nature from time to time, which are
necessary for day-to-day operations, as set out in Section 2.3
of the Circular to Shareholders dated 28 December 2004 and are
on terms not more favorable to the related parties than those
generally available to the public and are not detrimental to the
minority shareholders of the Company.

That such authority shall commence upon the passing of this
Ordinary Resolution and shall continue to be in force until:

(a) the conclusion of the next annual general meeting of the
Company following the general meeting at which such mandate was
passed, at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed; or

(b) the expiration of the period within which the next Annual
General Meeting after the date it is required to be held
pursuant to Section 143(1) of the Companies Act, 1965 but shall
not extend to such extension as may be allowed pursuant to
Section 143(2) of the Companies Act, 1965; or

(c) revoked or varied by resolution passed by the shareholders
in general meeting, whichever is the earlier. That disclosure
will be made in the annual report of the aggregate value of
recurrent related party transactions pursuant to the mandate
during the financial year. That authority be and is hereby given
to the Directors of the Company to complete and do all such acts
and things (including executing such documents as may be
required) to give effect to the transactions contemplated and/or
authorized by this Ordinary Resolution." Resolution 9

By Order of the Board,
SU SWEE HONG
Kuala Lumpur
Secretary
28 December 2004

NOTES:

A) APPOINTMENT OF PROXY

1) A member entitled to attend and vote at a meeting of the
Company is entitled to appoint one (1) proxy only to attend and
vote in his stead.  A proxy may but need not be a member of the
Company.

2) A member of the Company who is an authorized nominee as
defined under the Securities Industry (Central Depositories) Act
1991 may appoint one (1) proxy in respect of each securities
account.

3) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing, and in the case of a corporation, either under seal or
under the hand of an officer or attorney duly authorized.

4) The instrument appointing a proxy must be deposited at the
Company's Registered Office, 11th Floor, Menara Berjaya, KL
Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur not less than
forty-eight (48) hours before the time appointed for holding the
meeting or at any adjournment thereof.


JASATERA BERHAD: Appoints New Executive Director
------------------------------------------------
Jasatera Berhad announced the appointment of Ms. Datin Su Bee
Leng as its new Executive Director on December 27, 2004.

Date of change: 25/12/2004

Type of change: Appointment

Designation: Executive Director

Directorate: Executive

Name: Datin Su Bee Leng

Age: 38

Nationality: MALAYSIAN

Qualifications: STPM

Working experience and occupation: Datin Su has accumulated more
than 10 years working experience in trading and marketing
business.

Directorship of public companies (if any): NIL

Family relationship with any director and/or major shareholder
of the listed issuer: Wife of the Chairman, Dato' Koo Yuen Kim,
and is also the major shareholder in Jasatera Berhad

Details of any interest in the securities of the listed issuer
or its subsidiaries: Direct - 1,016,000 shares and indirect
interest via Influx Advance Sdn Bhd - 1,910,380 shares

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607


MANGIUM INDUSTRIES: Unveils Production Figure For November 2004
---------------------------------------------------------------
Mangium Industries Berhad announced the following monthly
production figure for the month of November 2004 in compliance
with Paragraph 9.29 of the Chapter 9 of the Bursa Malaysia
Securities Berhad Listing Requirements.

Mangium Sawmill Sdn. Bhd.  M3

(1) Production of sawn timber         -
(2) Production of finger joint timber -

TOTAL                                -

Mangium Plantations Sdn. Bhd.        M3
(1) Production of logs             20,799-77

TOTAL                             20,799-77

CONTACT:

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah
Phone: 6088-315000
Fax: 6088-312213


MANGIUM INDUSTRIES: Unit Defaults in Debt Payments
--------------------------------------------------
Mangium Industries Berhad (MIB) announced that its wholly owned
subsidiary, Mangium Sawmill Sdn Bhd (MSSB) has not paid, and is
deemed to have defaulted in its repayments on facilities granted
by Standard Chartered Bank Malaysia Berhad (SCB) and Southern
Bank Berhad (SBB), which are unsecured.

The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are tabulated in Table
1 http://bankrupt.com/misc/tcrap_mangium122804.doc.

A) Reason for default in payments

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cash flow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) Measures by the listed issuer to address the default in
payments

Both SCB and SBB have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on 22 December 2003.

C) Financial and legal implications in respect of the default in
payments including the extent of the listed issuer's liability
in respect of the obligations incurred under the agreements for
the indebtedness

The estimated total outstanding as at 30 November 2004, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to RM10,871,521.04.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) In the event the default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer
Not applicable.

E) In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager
Not applicable.

F) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (cross
default) and the details thereof, where applicable

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.

For more information, go to
http://bankrupt.com/misc/tcrap_mangium122804.doc


NAIM INDAH: Discloses Timber Log Production Figures
---------------------------------------------------
The Board of Directors of Naim Indah Corporation Berhad
(formerly known as Arus Murni Corporation Berhad) announced that
the timber logs production of its wholly owned subsidiary Jernih
Makmur Sdn Bhd (which owns a Timber Concession located at Hutan
Simpanan Lebir, Mukim of Relai, District of Chiku, Jajahan Gua
Musang, Kelantan Darul Naim) for the month of November 2004 was
961.61M3.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


OMEGA HOLDINGS: Details Restructuring Scheme
--------------------------------------------
Omega Holdings Berhad has entered into a conditional
restructuring agreement with Dato' Yap Suan Chee and Alpine
Equity (M) Sdn Bhd (collectively, the Melati Principal
Shareholders) whereby Omega and the Melati Principal
Shareholders agreed to undertake the Proposed New Restructuring
Scheme to regularize the financial condition of Omega and its
subsidiaries (Omega Group).

The Company announced that Zejora Ehsan Sdn Bhd (ZESB) (a
company incorporated to facilitate the implementation of the
Proposed New Restructuring Scheme) and the Vendors of the Melati
Group (as defined hereunder) have entered into three (3)
conditional share sale agreements on 24 December 2004 (Share
Sale Agreements) for the proposed acquisition of Melati Ehsan
(M) Sdn Bhd (Melati Ehsan), Bayu Melati Sdn Bhd (Bayu Melati)
and Pembinaan Kery Sdn Bhd (Kery). In addition, on the same date
Omega, the Melati Principal Shareholders and ZESB entered into
the supplemental restructuring agreement (Supplemental RA) to
finalise certain terms and conditions of the Proposed New
Restructuring Scheme.

Pursuant to the Proposed New Restructuring Scheme, an
application by way of originating summons to the High Court of
Malaya was made on 27 November 2004 to rectify the Register of
Shareholders of Energro Berhad (Energro), which, if granted by
the court, will result in the consequential rectification of the
Register of Shareholders of Omega (Proposed Rectification of
Register).

The Proposed Rectification of Register will result in the
reversal of the shareholdings of certain shareholders of Energro
and Omega to their original position prior to the implementation
of the previous restructuring scheme involving Omega with Milan
Auto (M) Sdn Bhd and Energro Berhad to regularise the financial
condition of Omega Group which was announced by Affin Merchant
Bank Berhad on 31 December 2002.

Subsequent to the implementation of the Proposed Rectification
of Register, Omega will undertake the Proposed New Restructuring
Scheme, which entails the following:

(i) Proposed Scheme of Arrangement with the Previous Omega
Shareholders;

(ii) Proposed Scheme of Arrangement with the Previous Omega
Creditors;

(iii) Proposed Acquisition of the Melati Group;

(iv) Proposed Exemption;

(v) Proposed Offer for Sale;

(vi) Proposed Transfer of Listing Status; and

(vii) Proposed Disposal of Omega.

(the definitions of the above proposals are set out in Section 2
hereunder)

CONTACT:

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


PANTAI HOLDINGS: Details Loan Stock Interest Payment
----------------------------------------------------
Pantai Holdings Berhad announced its loan stock interest with
regards to its fifth interest payment on the RM66,991,467
nominal amount of 5 year 5% Irredeemable Convertible Unsecured
Loan Stock 2002/2007.

EX-date: 13/01/2005

Entitlement date:17/01/2005

Entitlement time :04:00:00 PM

Entitlement subject: Loan Stock Interest

Entitlement description: Fifth interest payment on RM66,991,467
nominal amount of 5 year 5% Irredeemable Convertible Unsecured
Loan Stock 2002/2007

Period of interest payment: 01/08/2004 to 31/01/2005

Financial Year End: Share transfer book & register of members
will be closed from (both dates inclusive) for the purpose of
determining the entitlements: to Registrar's name, address,
telephone no:

Signet Share Registration Services Sdn Bhd
Level 26, Menara Multi Purpose,
Capital Square,
No. 8, Jalan Munshi Abdullah,
50100 Kuala Lumpur
Tel: 03-2721 2222
Payment date: 31/01/2005

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 17/01/2005

b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit:

c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable) :
Entitlement indicator: Percentage

Entitlement in percentage (%): 5

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/


PARK MAY: Changes Registered Address, Contact Numbers
-----------------------------------------------------
Park May announced that with effect from 27 December 2004, the
address and contact numbers of the Company would be changed to
the following:

Change description: Registered

Old address: Lot 18115, Batu 5,Jalan Kelang Lama, 58100 Kuala
Lumpur.

New address: 38, Jalan Chow Kit, 50350, Kuala Lumpur

Name of Registrar:

Telephone no: 03-40477878

Facsimile no: 03-40445516/03-40446836

E-mail address: parkmayberhad.com

Effective date: 27/12/2004


SRIWANI HOLDINGS: Director Goh Seng Choon Resigns
-------------------------------------------------
Sriwani Holdings Berhad announced the resignation of its
Executive Director Goh Seng Choon effective 27 December 2004.

Date of change: 27/12/2004

Type of change: Resignation

Designation: Executive Director

Directorate: Executive

Name: Goh Seng Choon

Age: 42

Nationality: Malaysian

Qualifications: He holds a Bachelor of Economics from National
University of Malaysia.

Working experience and occupation: He was appointed as the Area
Manager in 1988 and became the Director for Sriwani Tours and
Travel Sdn Bhd and Sriwani Duty Free Centre (Langkawi) Sdn Bhd
in July 1994 and September 1999 respectively. Currently, he is
the Chief Operating Officer of Sriwani Trading Sdn. Bhd.

Directorship of public companies (if any): Nil

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

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

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my


TAKASO RESOURCES: Reveals Unaudited Quarterly Results
-----------------------------------------------------
Takaso Resources 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

1  Revenue
            7,584       7,026          7,584       7,026

2  Profit/(loss) before tax
             -253         -475          -253        -475

3  Profit/(loss) after tax and minority interest
             -415          -475         -415         -475

4  Net profit/(loss) for the period
             -415           -475         -415        -475

5  Basic earnings/(loss) per shares (sen)
            -1.00           -2.02        -1.00       -2.02

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)

            0.9000             0.9100

For a full copy of its quarterly report, go to
http://bankrupt.com/misc/tcrap_takasoresources122804.doc

CONTACT:

Takaso Resources Berhad
K55 Kawasan Perindustrian Tanjong Agas
84000 Muar Johor
Phone: 06-9510988
Fax: 06-9516333
Web site: http://www.takaso.com


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


METRO PACIFIC: Unveils Substantial Debt Reduction Scheme
--------------------------------------------------------
Metro Pacific Corporation (PSE: MPC) announced its first effort
at recapitalization in several years, designed to rebuild the
financial resources required for future growth.

Metro Pacific said that it will issue Series I-C Preferred
Shares with a par value of One Peso (P1.00) per share and
convertible into common shares on a one-for-one basis. For each
preferred share issued, this translates into a conversion price
of One Peso (P1.00) per common share. The issue size of the
Series I-C Preferred Shares is expected to be Php450 million,
and will be subscribed in full by First Pacific Company Limited
(FPC) and by entities related to FPC. The relevant subscription
agreements are expected to be signed by year-end 2004. Closing
will be contingent on, amongst others, procurement of the
relevant regulatory approvals.

In a related matter, Metro Pacific also today announced that it
has retired Pesos 2.1 billion in principal debts owed to
Metropolitan Bank and Trust Company (MetroBank) resulting from
the foreclosure by MetroBank of a 10.4 hectare property in the
northern portion of the Bonifacio Global City. In addition,
twelve (12) condominium units owned by Metro Pacific at its
Pacific Plaza Towers project were used to settle Pesos 0.3
billion in past due interest and penalties related to the
Metrobank debts.

Upon completion of this transaction, and in line with various
debt reduction agreements that are now in various stages of
closing, Metro Pacific anticipates that its parent company bank
debts will be reduced to an aggregate amount of no more than
Pesos 350 million by early 2005. This is a substantial and
significant reduction from the Pesos 11.7 billion bank debts
outstanding at the parent company level three (3) years ago.

As reference, Metro Pacific had announced in December 2001, with
a further explanatory note in February 2002, that it entered
into a self-administered and voluntary debt reduction and
corporate rehabilitation program. The basis for this program
relied upon the use of Metro Pacific's property portfolio to
retire certain debts through "dacion-en-pago" arrangements and
to effect the sale of certain properties for debt repayment.

Metro Pacific closes 2004 and enters 2005 confident that the
arduous efforts it has taken in recent years have advanced Metro
Pacific's business transformation, and will increase its ability
to capitalize upon new growth opportunities as and when these
become available. As is its normal practice, Metro Pacific will
make full and accurate disclosures regarding these and other
initiatives, as material events should warrant.

For investor and media inquiries, contact:
David Nugent
Vice President
Metro Pacific Corporation
Phone:(63) (2) 888-0888
Fax: (63) 918-921-2797


PILIPINO TELEPHONE: Clarifies Capital Hike Report
-------------------------------------------------
This is in reference to the news article entitled "SEC approves
Piltel capital hike bid" published in the December 27, 2004
issue of The Manila Times.

The article reported that: "(t)he Securities and Exchange
Commission (SEC) has approved Pilipino Telephone Corp.'s
(Piltel) application for an increase in capital stock, thus,
allowing Smart Communications Inc. to take over 92 percent of
Piltel. Piltel's authorized increase in capital will consist of
12.06 billion common shares with a face value of Php1 each."

Pilipino Telephone Corporation (PLTL), in its letter to the
Exchange dated December 28, 2004, disclosed that:

"We confirm that the Securities and Exchange Commission has
approved amendments to the Articles of Incorporation of Pilipino
Telephone Corporation (Piltel) allowing Piltel to raise its
authorized capital stock to Twelve Billion Eight Hundred Million
Pesos (Php 12,800,000,000), divided into three classes: Twelve
Billion Sixty Million Pesos (Php 12,060,000,000) shares of
Common Stock with par value of One Peso (Php1.00) each; One
Hundred Twenty Million (120,000,000) shares of Class I Preferred
Stock with par value of Two Pesos (Php2.00) each; and Five
Hundred Million (500,000,000) shares of Class II Preferred Stock
with par value of One Peso (Php1.00) each."

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

CONTACT:

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


REYNOLDS PHILIPPINES: To Wind Up for Poor Capital
-------------------------------------------------
The Securities and Exchange Commission (SEC) has ordered the
dissolution of aluminum maker Reynolds Philippines Corporation
due to lack of working capital to support its operations, the
Philippine Star reports.

The SEC also appointed Mr. Danilo Concepcion as the interim
liquidator of the Company. Mr. Concepcion has been directed to
ensure an orderly winding up of the affairs of the corporation.

SEC General Counsel Vernette Umali Paco, in an order issued
recently, granted the petition of Land Bank of the Philippines,
one of RPC's creditor-banks, to dissolve and liquidate the
assets of the company.

The liquidation will pave the way for distribution of its
remaining assets, which may not be sufficient to cover all its
liabilities.

RPC shut down its manufacturing plant in Dasmarinas, Cavite in
May 2002 due to tight liquidity problems that limited its
ability to pay maturing debt obligations.


UNIWIDE HOLDINGS: Shareholders' Meeting Set February 4
------------------------------------------------------
Uniwide Holdings, Inc. (UW) provided the Philippine Stock
Exchange a copy of its SEC Form 20-IS (Preliminary Information
Statement) in connection with its Special Stockholders' Meeting,
which will be held on 4 February 2005, at 8 A.M, at the Uniwide
Warehouse Club, Novaliches, Quezon City.

As stated in the information statement, "Only stockholders as of
12 January 2005 shall be entitled to notice and to vote at the
said meeting."

For a copy of UW's Preliminary Information Statement, go to
http://bankrupt.com/misc/UnEncrypteduniwide.pdf

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

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


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


CHINA AVIATION: Air China May Take a Stake
------------------------------------------
Flag carrier Air China plans to take a stake in beleaguered
China Aviation Oil (S) Corp (CAO) as part of the government's
restructuring bid to rescue the company, reports the Associated
Press.

Under the restructuring scheme, six local commercial banks will
write-off the US$120 million oil derivative loss incurred by
CAO. Industrial and Commercial Bank of China is reportedly
leading the consortium of banks that will provide funds for the
ailing firm.

Despite the huge amount needed to rescue the oil procurement
firm, the Chinese government has decided to restructure the firm
in order to save the reputation of Chinese companies that are
listed overseas.

The Singapore listed unit China Aviation reported a loss of
US$550 million from oil trade derivatives. Details of its
restructuring plans will be released next month.


GRID TECHNOLOGIES: Creditors to Prove Claims by January 24
----------------------------------------------------------
Notice is hereby given that the creditors of Grid Technologies
Pte Ltd, which is being wound up voluntarily, are required on or
before the 24th day of January 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the liquidator of the said Company.

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

Dated this 24th day of December 2004.

Hamish Alexander Christie
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


HONG LEONG: Posts Change in Shareholder's Interest
--------------------------------------------------
Hong Leong Asia Ltd. released a notice on 24 December 2004, at
the Singapore Stock Exchange, pertaining the change in the
Percentage Level of the Interest of Ernest Colin Lee.

Part I

(1) Date of notice to issuer: 27 December 2004

(2) Name of Director: Ernest Colin Lee

(3) Please tick one or more appropriate box(es):
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
[Please complete Part II and IV]

Part II

(1) Date of change of Shareholding 24 December 2004

(2) Name of Registered Holder Ernest Colin Lee

(3) Circumstance(s) giving rise to the interest or change in
interest Sales in Open Market at Own Discretion
- Please specify details

(4) Information relating to shares held in the name of the
Registered Holder
No. of Shares held before the change 43,000
As a percentage of issued share capital 0.011%

No. of Shares which are subject of this notice 30,000
As a percentage of issued share capital 0.008%

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 1.33

No. of Shares held after the change 13,000
As a percentage of issued share capital 0.003%

Part III

(1) Date of change of [Select Option]

(2) The change in the percentage level From % To %

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:

Part IV

(1) Holdings of Director, including direct and deemed interest :

                                             Direct    Deemed
No. of shares held before the change         43,000       0
As a percentage of issued share capital       0.011%      0%
No. of shares held after the change          13,000       0
As a percentage of issued share capital       0.003%      0%

Footnotes Note: % of the issued share capital is based on the
Company's issued share capital of 378,720,318 shares of $0.20
each as at 27 December 2004.

Submitted by:
Ng Siew Ping, Jaslin
Company Secretary


LENNY GARMENT: Receiving Proofs of Claims Until January 24
----------------------------------------------------------
Notice is hereby given that the creditors of Lenny Garment
Manufacturing Singapore Pte Ltd, which is being wound up
voluntarily, are required on or before the 24th day of January
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

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

Dated this 24th day of December 2004.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


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


CAPETRONIC INTERNATIONAL: Unveils Board Meeting Resolution
----------------------------------------------------------
Capetronic International (Thailand) Public Company Limited (the
Company) advised the Stock Exchange of Thailand (SET) that the
Board of Director's Meeting No.12/2547 of the company held on
December 27, 2004 at 1:30 p.m. to 4:00 p.m. had the following
resolutions:

(1) Certifying the minutes of the Board of Directors Meeting
No.11/2547 dated December 15, 2004.

(2) Passed resolutions to amend and/or add objectives of the
Company and propose the amendments and additions to the
shareholders for approval.  The key amendments and additions
are:

"...57. Operating industrial estate, industrial estate area,
industrial community, and industrial park in order to service
every kind of industrial factory operators by ways of sale,
lease, rent, and utility service; such as, water, electricity,
cooling equipment, security, and pollution eliminating services
altogether with bonded warehouse and free-zone area..."

(3) Approving new business plan of the Company prepared by the
Board of Directors of the Company, independent financial
advisors, and auditors, and proposing to the Company's
shareholders for approval. The summary of the plan is as
follows:

"Capetronic International (Thailand) Public Company Limited (the
Company) is listed on The Stock Exchange of Thailand. At
present, the Company is under rehabilitation and the stock has
been suspended.  In June 2004, there was a major change in the
Company's shareholding structure, Board of Directors, and
Management post completion of the tender offer. The current
major shareholders consist of 2 major groups; Wongsawat group
and the group of Mr. Surasit Tiyavacharapong and Mr. Wisan
Neranartkomol.

The Company operates an assembly line for go-carts and bicycles
as per the orders placed by L.A. Bicycles (Thailand) Co., Ltd.
and will start the project of free zone business beginning 2005.

The industry of assembly of go-carts and bicycles does not
require complicated technology but the key factors are quality
control and on-time delivery. The market is quite limited; the
Company earns revenue only in the event the client's orders
exceed its production capacity. The Company expects by middle of
year 2005 there will be no sustainable revenue generation from
go-carts and bicycles business.

However the Company has a project to operate the free zone
business for sale or on rental basis beginning 2005. In early
stage, the Company will operate the free zone business only on
the rental basis, without any focus on sales. Location is key to
the industry of free zone business, especially a location that
facilitates the customers need to ship its products.

In addition the size of area has to meet the customer's needs in
order to utilize it effectively and efficiently. Most of the
clients are foreign corporate (currently under negotiation) that
would like to gain benefit from Free Trade Area (FTA) with
Thailand, i.e., China, German, United States, etc.

The Company provides full service facilities to ensure that the
customers can start operating their business immediately. The
minimum rental contract with the Company is for 3 years.

The Company, under the old management team, had changed their
businesses several times during 2002-2003 despite this the
Company is still recorded net loss. The Company recorded a net
loss of THB769.7 million and THB160.6 million in 2002 and 2003
respectively.

Nevertheless, after changing of the Management team, the Company
changed their business to assembly of go-carts and bicycles.
Besides the assembly business, the Company has a plan to operate
the free zone business, which is expected to generate net
profit.

According to financial forecast for year 2005 - 2006, the
Company is projected to record revenue of THB20.8 million for
the first quarter of 2005. Revenue is projected to increase to
THB33.1 million in the second quarter of 2005, and thereafter
stabilize at THB22.9 million in the following quarters until the
fourth quarter of 2006.

The Company is projected to achieve full occupancy in free zone
by the middle of year 2005.  The net profit is projected to be
THB2.3 million and THB14.5 million in the first and second
quarter of 2005, respectively, and THB5.1 million to THB6.9
million in following quarters."

The Company will send the detail of the above plan to the
shareholders of the Company according to the related rules,
regulations, and notification of the SET.

(4) Authorizing Mr. Pathrlap Davivongsa, C.E.O. of the Company
to sign the new business plan of the Company, and related
documents in order to comply with the laws, rules, regulations,
and notifications of the SET and related regulators.

Please be informed accordingly.
Yours Sincerely,
(Mr. Pathrlap Davivongsa)
Chief Executive Officer
Capetronic International (Thailand) Public Company Limited

CONTACT:

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


MDX: Clarifies Item on Q3 2004 Financial Statement
--------------------------------------------------
As the auditor did not express any opinion on the 3rd quarter
financial statements of MDX Public Company Limited and
consolidated financial statements of MDX Public Company Limited
and its subsidiaries, MDX Public Co. Ltd. (MDX) would like to
clarify:

(1) Liabilities shown in MDX's financial statements and MDX and
its subsidiaries' consolidated financial statements are higher
than its assets, together with a high level of deficit. Thus,
MDX's continued operation will depend on success of debt
restructuring according to the Rehabilitation Plan.

The financial statements are, then, prepared on going concern
basis.  MDX is under implementation of Rehabilitation Plan. Up
to present, the implementation process is considered successful
as stipulated in the Plan.

Consequently, MDX's total liabilities should reduce to roughly
about THB2,066 million and some deficit should be cleared off.

However, the auditor does not allow MDX to write down the
principal and accrued interest expense. So, total liabilities
shown in Q3/04 financial statements of MDX and MDX's
consolidated financial statements are still high.

(2) Financial statements of one associated company incorporated
by equity method in MDX's financial statements were not reviewed
by any other auditors.

The reasons is those associated company is foreign company which
is not listed in the Stock Exchange of Thailand. So, it is not
obliged to prepare quarterly financial statements as listed
company. Furthermore, MDX cannot participate in management
activities due to its limited shareholding.

Due to the above factors, the auditor is, then, unable to
express any opinion on the financial statements and consolidated
financial statements of MDX and its subsidiaries. However, MDX
has already disclosed all sufficient information in its notes of
financial statements.

Please be informed accordingly.

Yours sincerely,
(Songsri Kalyanamitr)
Director of Wittayu Planner Co. Ltd.
On behalf of the Plan Administrator of MDX Pcl

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


THAI WAH: Details Debt to Equity Conversion
-------------------------------------------
Thai Wah Public Company Limited advised the Stock Exchange of
Thailand (SET) that it converted its debt into equity for Class
1 and Class 2 Creditors in accordance with the amended business
reorganization plan of the Company (the Plan) on 26 and 29
September 2003.

The Company was then in the process of arranging the allocation
to the creditors under the Plan the shares reserved for
conversion of debt into equity.  The Company therefore wishes to
give additional explanation on its conversion of debt to equity
as follows:

(1) The conversion of debt into equity for Class 1 and Class 2
Creditors on 26 and 29 September 2003 was carried out in
accordance with the timeframe set out in the Plan, namely Clause
3.2.2

(a) (item E - Debt to be Converted into Equity) of the Plan
provides that the debt shall be converted into equity for Class
1 and Class 2 Creditors of Thai nationality within 90 days from
the date of the Court's approval of the Plan, and the conversion
of debt into equity for Class 1 and Class 2 Creditors of non-
Thai nationality shall be made within 91 days from the date of
the Court's approval of the Plan.

The Central Bankruptcy Court issued an order approving the Plan
on 30 June 2003.  Accordingly, the conversion of debt into
equity on 26 and 29 September 2003 was carried out within the
timeframe set out in the Plan, and was successfully completed.

(2) With regards to the progress in relation to the business
reorganization, the Company wishes to inform that after its
conversion of debt into equity for Class 1 and Class 2 Creditors
on 26 and 29 September 2003, it has proceeded according to the
Plan, namely repayment of the principal and interest under the
Plan, and the guarantee arrangement, etc.

In this regard, the Company already made reports dated 16 April
2004 and 15 October 2004 on the progress of its implementation
of the Plan to the Stock Exchange of Thailand.

(3) Other than the shares allocated by the Company to Class 1
and Class 2 Creditors by means of conversion of debt into
equity on 26 and 29 September 2003 as stated above, the Company
has reserved shares to support a conversion of debt into equity
for Class 5 Creditors, i.e. Everen Investment Pte. Ltd. and
Bangkok Bank Public Co., Ltd.

The allocation of the shares reserved for conversion of debt
into equity to Everen Investment Pte. Ltd. and Bangkok Bank
Public Co., Ltd. would be made after Everen Investment Pte. Ltd.
and Bangkok Bank Public Co., Ltd. have been converted into Class
1 or Class 2 Creditors (as the case may be).

For this purpose, the Company had reserved a total of 3,673,756
shares based on the calculation of the amount of debt that
Everen Investment Pte. Ltd. claimed for repayment, namely US$
22,950,000, and on the amount of debt that Bangkok Bank Public
Co., Ltd. claimed for repayment, namely THB60,000,000 (in
respect of the portion owed to Bangkok Bank PCL as Class 5
Creditor).

In this regard, the price of shares at which the debt would be
converted into equity was THB7.62 per share, based on the
exchange rate of US$ 1 to THB43.3039, and the rules for
calculating the number of shares for the purpose of debt to
equity conversion are set out in Clause 3.2.2 (a) (item E - Debt
to be Converted into Equity) of the Plan.

Subsequently, on 3 June 2004, there was a Supreme Court decision
No. 3121/2547 (which was read by the Central Bankruptcy Court on
17 August 2004) that Everen Investment Pte. Ltd. shall receive
repayment of debt under the Plan in the amount of US$19,052,843.

This rendered Everen Investment Pte. Ltd. to be transferred to a
Class 1 Creditor, and the Company was required to arrange for
the debt to equity conversion in respect of the shares reserved
for repayment of debt owed to Everen Investment Pte. Ltd. as
specified in the Plan.

The Supreme Court decision that Everen Investment Pte. Ltd.
shall receive repayment of debt in the amount of US$19,052,843
only rendered it to be entitled to receive shares less than the
reserved amount of 3,464,589 shares, i.e. it would be entitled
to receive only 2,942,206 shares.

Accordingly, the Company allocated the balance of 517,588 shares
remaining from the shares reserved for Everen Investment Pte.
Ltd. for repayment to other creditors in the Class 1 and Class 2
Creditors, and the amount of 4,795 shares were added to the
number of shares reserved for Bangkok Bank Public Co., Ltd.
according to the rules for calculating the number of shares to
be converted into equity as referred to above in accordance with
the provision of Clause 3.2.2 (a) (item E-Debt to be Converted
into Equity), sub-clause (9) of the Plan.

Details of the allocation of shares appear in the Particulars of
New Shares Allocation dated 21 December 2004 which was filed by
the Company with the Stock Exchange of Thailand.

(4) During a period of time following the Supreme Court's
reading of its decision on 17 August 2004, Everen Investment
Pte. Ltd. and Group B Directors of the administrator of the Plan
of the Company met several times to negotiate the purchase and
sale of the Company's assets and the method for payment of the
purchase price of the assets to be bought and sold to the
Company.

The issue of conversion of debt into equity for Everen
Investment Pte. Ltd. under the Plan is one of the topics
which are related to the method for payment of the purchase
price of the assets to be bought and sold.

The process of such negotiation took a long time until this
December when a conclusion thereof could be reached between
Everen Investment Pte. Ltd. and the Group B Directors of the
administrator of the Plan of the Company that Everen Investment
Pte. Ltd. would continue to receive debt repayment from the
Company by receiving shares arising from the conversion of debt
into equity under the Plan according to the existing
arrangement.

Accordingly, the conversion of debt into equity was prolonged
until this December.

(5) The allocation of shares for the conversion of debt into
equity this time is not subject to the restriction as to period
of time for debt to equity conversion, namely Clause 3.2.2 (a)
(item E-Debt to be Converted into Equity), sub-clause (9) of the
Plan provides that the conversion of debt into equity shall not
be subject to the restriction on the period of time, deduction
of debt amount and debt write-off.

Please be informed accordingly.

Yours respectfully,
(Miss Ornprapai Sukumalchan)
Thai Wah Public Company Limited
By Thai Wah Group Planner Company Limited
As Plan Administrator

CONTACT:

Thai Wah Public Company Limited
Thai Wah Tower, Floor 21-22, 21/63-66
South Sathon Road, Sathon Bangkok
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: www.thaiwah.com




                            *********


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 ***