TCRAP_Public/041230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, December 30, 2004, Vol. 7, No. 258

                            Headlines

A U S T R A L I A

ABES GROUP: Final Meeting Slated for January 11
ADVANCED AUTOMOTIVE: Sets Final Meeting January 6
ALTAMAR NETWORKS: To Convene Final Meeting on January 10
CCS COMMUNICATIONS: Joint Meeting Set January 17
DM BUILDING: Sets January 4 as Date of General Meeting

DOMINION WINES: To Declare Final Dividend on January 19
FIRST CHOICE: To Hold Final Meeting on January 7
LANGTREE DEVELOPMENTS: Enters Winding Up Proceedings
L&K CUE: Members, Creditors to Meet January 7
LINK CONTAINER: Members Resolve to Voluntarily Wind Up

MAYNE GROUP: Unit Inks Co-operation Deal with Indian Drug Firm
MAYNE GROUP: Sells Hospital to NSW Government
MINE & QUARRY: To Declare Final Dividend on January 22
MORWELL CHAMBER: To Convene Final Meeting on January 5
M.W. GROUP: Joint Meeting Slated for January 6

NATIONAL AUSTRALIA: Sets Up Fund for Tsunami Victims
QANTAS AIRWAYS: Helps in Tsunami Relief Efforts
PANTHER SHIPPING: Final Dividend to be Declared on January 13
SONS OF GWALIA: Relieved from Complying with Part 2M.3 of Act
WILL WRITERS: Schedules Final Meeting on January 7


C H I N A  &  H O N G  K O N G

ANHON DEVELOPMENT: Creditors Meeting Set January 3
BANK OF CHINA: Gears for Initial Share Offerings
BANK OF CHINA: To Select Strategic Investors
CHARLES SCHMITT: Appoints Provisional Liquidators
CHINA GAS: Completes New Shares Placement

HOUSING MANAGEMENT: Winding Up Hearing Fixed on February 14
TECH UNIVERSAL: Posts Notice Of First Meeting Of Creditors
TWIN CREATIVE: Creditors to Prove Claims by January 24
WAI CHUN: Issues First and Final Dividend Notice
WAH FAI: Receives Bankruptcy Order

WING LEUNG: Enters Bankruptcy Proceedings


I N D O N E S I A

BANK GLOBAL: Auditors May Lose Licenses Over Cover-ups
MERPATI NUSANTARA: May be Transformed Into Budget Airline
PERTAMINA: Government Snubs Image-polishing Plan


J A P A N

DAIEI INCORPORATED: Gets Green Light for Restructuring Program
EMU ERU: Declared Bankrupt
JAPAN AIRLINES: Subsidiary to Carry JAL Flight Numbers
MISAWA HOMES: Gets IRCJ Bailout
MITSUBISHI FUSO: Says Dealers Failed to Fix Cars Properly

SAKURAI TEKKO: Enters Bankruptcy
SEIBU DEPARTMENT: May Conclude Rehab Ahead of Schedule


K O R E A

JINRO-CABLE: Court Approves Takeover by LG Cable
LG CARD: Government Could Intervene to Settle Row


M A L A Y S I A

DAI HWA: Revises Corporate Proposals
FURQAN BUSINESS: Unveils Disposal of Subsidiary Companies
GADANG HOLDINGS: Notes Additional Listing of Shares
GOLDEN FRONTIER: Buys Back 3,000 Shares
HAP SENG: Unit Enters Voluntary Winding Up Process

HIAP AIK: Bourse Delists Securities
KILANG PAPAN: Discloses Unaudited Quarterly Results
K.P. KENINGAU: Unveils Production Figures For November
LION CORPORATION: Notes Additional Listing of Shares
METROPLEX BERHAD: Unit Adjourns Winding Up to February 7

PASARAYA HIONG: Store Corporation Denies Acquisition Report
PILECON ENGINEERING: Releases Default Status Update
PPB GROUP: Dissolves Indirect Subsidiary
PUNCAK NIAGA: Issues Additional Listing Of Shares


P H I L I P P I N E S

ASIAN DIAMOND: Deadline Set to Find New Investor
ATLAS CONSOLIDATED: To Probe Fire Incident At Cebu Office
PILIPINO TELEPHONE: Board OK Changes in Management Deals


S I N G A P O R E

CHINA AVIATION (S): To Release Restructuring Plan by January 21
KAKI BUKIT: Winding Up Order Served
PANPAC MEDIA: Quantum Capital Converts Notes
TENBY INVESTMENTS: Court Issues Winding Up Order
THAKRAL CORPORATION: Completes Refinancing


T H A I L A N D

NATURAL PARK: Details Stock Subscription of BMCL Share
NATURAL PARK: Postpones Extraordinary Meeting to February 11
NATURAL PARK: Changes Name of Subsidiary
PREECHA GROUP: Unveils Result of Share Offering

     -  -  -  -  -  -  -  -

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


ABES GROUP: Final Meeting Slated for January 11
-----------------------------------------------
Notice is given that a final meeting of the creditors and
members of Abes Group Pty Ltd (In Liquidation) A.C.N. 005 843
523 will be held at Level 6, 161 Collins Street, Melbourne on 11
January 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Accounts have been compiled in accordance with Section 539(1)
and are available for inspection at Level 6, 161 Collins Street,
Melbourne during normal business hours.

Dated this 23rd day of November 2004

A.R. Yeo
Joint and Several Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


ADVANCED AUTOMOTIVE: Sets Final Meeting January 6
-------------------------------------------------
Notice is given that a final meeting of creditors and members of
Advanced Automotive Data Services (Wa) Pty Ltd (In Liquidation)
A.C.N. 088 630 111 will be held at the offices of Judge
Constable, Chartered Accountants, Burswood Chambers, 67 Burswood
Road, Burswood, WA, on Thursday the 13th day of January 2005 at
11:00 a.m.

AGENDA

(1) To receive a report from the Liquidator on the conduct of
the liquidation;

(2) To consider, and if thought fit, adopt the Liquidator's
account of Receipts and Payments for the period 23 May 2003 to
13 January 2005;

(3) To discuss the finalization of the liquidation and consider
the resignation of the Liquidator; and

(4) Any other business brought.

Dated this 19th day of November 2004

K.E. Judge
Liquidator
Judge Constable
67 Burswood Road,
Burswood WA 6100
Telephone: 08 9470 4100


ALTAMAR NETWORKS: To Convene Final Meeting on January 10
--------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001 the final meeting of members of Altamar
Networks Pty. Ltd. (In Liquidation) A.C.N. 095 854 783 will be
held at the offices of Bentleys MRI, Level 7, 114 William
Street, Melbourne on 10 January 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 23rd day of November 2004

P.R. Vince
Liquidator
Bentleys MRI
114 William Street,
Melbourne Vic 3000


CCS COMMUNICATIONS: Joint Meeting Set January 17
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of CCS
Communications Pty Ltd (In Liquidation) A.C.N. 093 335 338 will
be held at the offices of Horwath, Level 5, 114 William Street,
Melbourne, on 17 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 and Several Liquidator.

Dated this 22nd day of November 2004

Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


DM BUILDING: Sets January 4 as Date of General Meeting
------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a general meeting of the members of
DM Building Investments Company Ltd (In Liquidation) A.B.N. 61
007 684 568 will be held at the offices of PPB, Level 10, 90
Collins Street, Melbourne, Victoria 3000 on 4 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 hearing any
explanations that may be given by the liquidator.

Dated this 23rd day of November 2004

Wayne Benton
Liquidator
DM Building Investments Company Ltd
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000


DOMINION WINES: To Declare Final Dividend on January 19
-------------------------------------------------------
A first and final dividend is to be declared on 19 January 2005
for Dominion Wines Ltd (Subject To Deed Of Company Arrangement)
(The Company) A.C.N. 087 183 739.

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 30th day of November 2004

Craig P. Shepard
Deed Administrator
KordaMentha
Level 24, 333 Collins Street,
Melbourne Vic 3000


FIRST CHOICE: To Hold Final Meeting on January 7
------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of First Choice Corporation Pty Ltd (In Liquidation)
A.C.N. 068 550 327 is to be held at the office of SV Partners,
Level 16, William Buck Centre, 120 Edward Street, Brisbane, in
the State of Queensland on 7 January 2005 at 11:00 a.m.

AGENDA

(1) Receive an account by the liquidators.

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

That the books and records of the Company be destroyed.

(3) General business.

Dated this 16th day of November 2004

Paul Sweeney
Terry Van Der Velde
Liquidators


LANGTREE DEVELOPMENTS: Enters Winding Up Proceedings
----------------------------------------------------
Notice is hereby given that at an extraordinary General Meeting
of Members of Langtree Developments Pty Ltd (In Liquidation)
A.C.N. 004 929 864 held on November 18 2004, it was Resolved
that the Company be wound up voluntarily and it was resolved for
such purpose, Charles Henry Watson be appointed Liquidator.

Dated this 22nd day of November 2004

C.H. Watson
Liquidator
c/- Pendleburys
Level 3, 416 Collins Street,
Melbourne 3000


L&K CUE: Members, Creditors to Meet January 7
---------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of L&K Cue Holdings Pty Ltd (In
Liquidation) A.C.N. 092 777 047 will be held at the offices of
Knights Insolvency Administration, 14th Floor, Brisbane Club
Tower, 241 Adelaide Street, Brisbane Qld 4001 on Friday, 7
January 2004 at 3:00 p.m., to receive an account made up by the
Liquidator showing how the winding up has been conducted, how
the property of the Company has been disposed of, to receive any
explanation required thereof and any other business.

Dated this 18th day of November 2004

T.J. Schmierer
Liquidator


LINK CONTAINER: Members Resolve to Voluntarily Wind Up
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Link Container Services Pty. Ltd. (In Liquidation) A.C.N. 097
618 301 held on 19th November, 2004 a special resolution was
passed that the Company be wound up voluntarily and that Gregory
Stuart Andrews, 22 Drummond Street, Carlton 3053 be appointed
Liquidator.

Dated this 22nd day of November 2004

G.S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


MAYNE GROUP: Unit Inks Co-operation Deal with Indian Drug Firm
--------------------------------------------------------------
Mayne Group Limited revealed that its Mayne Pharma business unit
has entered into an agreement with Strides Arcolab Limited, a
leading Indian developer and manufacturer of pharmaceuticals, to
develop and manufacture six specialized injectable, non-
cytotoxic products for Mayne to market and distribute in the US.

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

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

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

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

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

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

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

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

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

CONTACT:

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


MAYNE GROUP: Sells Hospital to NSW Government
---------------------------------------------
Mayne Group Limited disclosed that it had entered into an
agreement to sell Port Macquarie Base Hospital to the State
Government of New South Wales. Under the arrangement, ownership
and operation of the hospital is expected to transfer by mid-
February 2005.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James, said that the agreement provided certainty to
doctors and staff at the hospital as well as to the Hastings
community.

"The doctors and staff at Port Macquarie Base Hospital have
continued to provide the high levels of care and service that
the community has come to expect and this agreement resolves
uncertainty regarding the hospital's future," he said.

The agreement has secured the employment for all staff at the
hospital under terms no less favorable than those which
currently exist, and will facilitate a smooth transfer of
hospital's operations to the NSW public health system.

Under the agreement, the NSW government will discontinue the
legal action it brought against Mayne earlier this year in
relation to the proposed transfer of Port Macquarie Base
Hospital to Affinity Health.

The sale will not have a material impact on Mayne's financial
results in the2005 financial year. Mayne will have no
liabilities with respect to the historical or future operation
of the hospital.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centers), pharmacy,
and health-related consumer products.


MINE & QUARRY: To Declare Final Dividend on January 22
------------------------------------------------------
A final dividend is to be declared on 22 January 2005 for Mine &
Quarry Equipment Pty Ltd (In Liquidation) A.C.N. 011 012 561.

Creditors whose debts or claims have not already been admitted
were required on 11 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 16th day of November 2004

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


MORWELL CHAMBER: To Convene Final Meeting on January 5
------------------------------------------------------
Notice is hereby given that a final meeting of members of
Morwell Chamber of Commerce and Industry Inc (In Liquidation)
will be held at 126 George Street, Morwell on the 5th day of
January 2005 at 11:00 a.m. for the purposes of laying before the
meeting the account of the liquidator's acts and dealings and
the conduct of the winding up.

Dated this 18th day of November 2004

R.D.M. Smith
Liquidator
126 George Street,
Morwell Vic 3840


M.W. GROUP: Joint Meeting Slated for January 6
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of M.W.
Group Pty Ltd (In Liquidation) A.C.N. 088 165 191 will be held
at Level 40, BankWest Tower, 108 St George's Terrace, Perth WA
6000 on 6 January 2005 at 10:30 a.m., for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Joint and Several Voluntary Liquidators.

Dated this 17th day of November 2004

K.A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000


NATIONAL AUSTRALIA: Sets Up Fund for Tsunami Victims
----------------------------------------------------
The National Australia Bank announced it would establish a fund
to help victims of the Asian earthquake and tsunami.  The
National will also donate the first AU$100,000 to the fund.

When the National re-opens following the Christmas break, a
National Australia Bank fund will be established with proceeds
provided to World Vision for distribution to victims and their
families.

People wishing to donate to the relief fund will be able to do
so through any National Australia Bank branch or by calling 13
22 65.

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/


QANTAS AIRWAYS: Helps in Tsunami Relief Efforts
-----------------------------------------------
Qantas Airways said that in the wake of the earthquake and
series of tsunamis that have devastated South East Asia, it had:

(1) Continued to operate its daily 747 services to Bangkok, and
its regular services to Indonesia and India;

(2) Sent Qantas staff to Phuket to assist with relief efforts;

(3) Operated a special 767 flight to Phuket at 1100 today, to
bring travelers home to Australia. This flight will accept
customers holding any ticket, regardless of which airline they
have booked with, and will depart Phuket at 1840 local time,
flying non-stop to Sydney and arriving at 0745 tomorrow. Qantas
General Manager of Aviation Health Services, Dr Ion Morrison,
and Qantas Nurse Robyn Noble traveled on today's flight to
Phuket to assist the injured on the ground and on the return
flight;

(4) Arranged to operate a special relief flight to Male in The
Maldives and Colombo in Sri Lanka tomorrow, carrying medical
teams and equipment to both Male and Colombo and carrying
passengers back to Australia from Colombo;

(5) Offered free of charge travel to a team of volunteer doctors
from Melbourne to Colombo on tomorrow's flight;

(6) Provided full refunds without penalty for customers booked
on Qantas flights and/or traveling on Qantas Holidays packages
to the affected areas departing up to 31 January, as well as
offering the option of deferring travel or changing to an
alternative destination without penalty;

(7) Flown medical and charitable supplies free of charge; and
(8) Announced that it would donate a total of AU$1 million to
UNICEF, CARE Australia, Oxfam and World Vision to assist with
their disaster relief efforts.

The Chief Executive Officer of Qantas, Geoff Dixon, said Qantas
had been in close contact with the Australian Government since
the disaster occurred to offer assistance, and the airline
remained in constant contact to provide whatever capacity and
help is required.

"We will continue to monitor the situation closely and stand
ready to provide any additional assistance required." Mr. Dixon
said.

CONTACT:

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


PANTHER SHIPPING: Final Dividend to be Declared on January 13
-------------------------------------------------------------
A dividend is to be declared on 13 January 2005 for Panther
Shipping Services Pty Ltd (In Liquidation) A.C.N. 086 203 287.

Creditors whose debts or claims have not already been admitted
were required on 9 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 16th day of November 2004

J.W. Cunningham
J.R. Park
Joint & Several Liquidators
Ramsay Clout
Chartered Accountants
Level 1, 37 The Esplanade,
Maroochydore Qld 4558
Telephone: (07) 5479 6411
Facsimile: (07) 5479 6350


SONS OF GWALIA: Relieved from Complying with Part 2M.3 of Act
-------------------------------------------------------------
The Administrators of Sons of Gwalia Ltd advised that the
Australian Securities and Investments Commission (ASIC) has
provided an order pursuant to section 340 of the Corporations
Act 2001 (the Act) relieving the Company and a number of its
subsidiaries (collectively the Group) from the requirement to
comply with Part 2M.3 of the Act in relation to the financial
reports for the year ending 30 June 2004 and all financial years
and half years ending between 23 December 2004 and the earlier
of:

(1) 23 December 2005;

(2) The date of the end of the administration of the Group or;

(3) A time when the Administrators reasonably form the opinion
that the members have an ongoing economic interest in the Group
(of which the Administrators must notify ASIC immediately under
the terms of the order).

ASIC has also notified the Administrators that it does not
intend to take any regulatory action in respect of failure by
the Company to hold an AGM within 5 months after the end of the
financial year ending 30 June 2004 or subsequent financial years
ending within the period described above.

The effect of this notification is to bring reporting
requirements to members in line with the voluntary
administration process as set out in ASX announcement dated 1
December 2004.

GARRY TREVOR, DARREN WEAVER and ANDREW LOVE
Joint and Several Administrator of
Sons of Gwalia Ltd

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/


WILL WRITERS: Schedules Final Meeting on January 7
--------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Will Writers Guild Pty Ltd (In Liquidation) A.C.N.
086 203 929 is to be held at the office of SV Partners, Level
16, William Buck Centre, 120 Edward Street, Brisbane, in the
State of Queensland on 7 January 2005 at 10:00 a.m.

AGENDA

(1) Receive an account by the liquidators.

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

That the books and records of the Company be destroyed.

(3) General business.

Dated this 16th day of November 2004

Paul Sweeney
Terry Van Der Velde
Liquidators


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


ANHON DEVELOPMENT: Creditors Meeting Set January 3
--------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that meeting of the creditors of Anhon
Development Limited will be held at Room C, 2nd Floor, Wing Tat
Commercial Building, 121-125, Wing Lok Street, Central, Hong
Kong on 3rd day of January 2005 at 10:00 a.m. for the purposes
provided for in Sections 241, 242, 243, 244 , 255A (2) and 283
of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room C, 2/Floor, Wing Tat
Commercial Building, 121-125, Wing Lok Street, Central, Hong
Kong not later than 4:00 p.m. on 31st December 2004.

Dated this 22nd day of December 2004

Cheung Kwok Yiu
Director


BANK OF CHINA: Gears for Initial Share Offerings
------------------------------------------------
The Bank of China (BOC) is preparing for its initial share
offerings in the first quarter of next year by finalizing its
list of investors, The Standard reports.

BOC President Li Lihui stressed that a final decision will be
made in the first quarter of next year, as negotiations are
still being made.

Some 15 to 20 percent of BOC's shares will be issued to
strategic investors while one-10th of its shares will be sold to
the public before its initial public offering (IPO). However,
the terms for investment proportion and price have yet to be
settled.

Meanwhile, BOC is set to appoint Gao Yingxin, the operating
chief of BOC's sister firm BOC (HK), as vice-president of
corporate banking business. Mr. Gao will be replacing Man-ah who
retired last June 2003 after a questionable loan to Shanghai
property tycoon Chau Ching-ngai.

BOC (HK) spokesman Clarina Man will release a detailed
announcement after the work of global recruitment is over.

CONTACT:

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


BANK OF CHINA: To Select Strategic Investors
--------------------------------------------
Bank of China (BOC) is considering choosing strategic investors
probably in the first quarter of 2005, Reuters reports.

Bank President Li Lihui has told reporters that no decisions
have been reached as to who its strategic investors will be,
since negotiations are still underway.

The Beijing-based bank initially intended to choose major
investors months ago but announced last October that it was
aiming to sign up investors by the end of this year or early
next year, in 2005. Market analysts believe the delay was due to
the price or potential risks at hand.

BOC earlier denounced reports that it had already agreed to sell
a 10 percent stake to Germany's Germany's Deutsche Bank and that
it also intended to sell nearly a quarter of its shares to three
foreign investors this year.

BOC had overhauled its operations and wrote off billions of bad
loans after it received an injection of HK$22.5 billion into its
coffers.


CHARLES SCHMITT: Appoints Provisional Liquidators
-------------------------------------------------
Charles Schmitt & Associates Limited with registered office at
1904 Hong Kong Club Bldg 3A Chater Rd Central HK has on Dec. 6
appointed Mr. John Robert Lees of John Lees & Associates Limited
of 19/F, Hong Kong Club Building, 3A Chater Road, Hong Kong of
the Company.

Dated this 24th day of December 2004

Lee Mei Yee May
Acting Official Receiver


CHINA GAS: Completes New Shares Placement
-----------------------------------------
The directors of China Gas Holdings Limited announced that all
the conditions stated in the Subscription Agreement have been
fulfilled and the Subscription accordingly was completed on 28
December 2004.

Reference is made to the announcement of the Company dated 1
November 2004 and the circular of the Company dated 23 November
2004 in relation to the placing of new Shares to Sinopec Corp.

By Order of the Board
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong, 28 December 2004


HOUSING MANAGEMENT: Winding Up Hearing Fixed on February 14
-----------------------------------------------------------
Pursuant to Rule 45 (2) of the Companies (Winding-up) Rules and
according to the instruction of Master S. Kwang of the High
Court of the Hong Kong Special Administration Region, a hearing
for Housing Management Agency Limited has been fixed on 14
February 2005 at 2:30 p.m. at High Court, High Court Building,
38 Queensway, Hong Kong for Court to consider the application
for appointment of Mr. Stephen Briscoe and Mr. Nicholas Timothy
Cornforth Hill as joint and several liquidators and other
applications.

Ms. Chua Suk Lin, Ivy
Joint and Several Provisional Liquidator
Dated this 22 December 2004

Paul Chan & Partners
Suited 2205, Island Place Tower
510 King's Road, North Point
Hong Kong


TECH UNIVERSAL: Posts Notice Of First Meeting Of Creditors
-----------------------------------------------------------
Tech Universal (Hk-Macau) Development Limited will hold the
first meetings of creditors and contributories on Jan. 20, 2005
at 2:00 p.m. and 2:30 p.m., respectively at The official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.

Dated this 24th day of December 2004

Lee Mei Yee May
Acting Official Receiver & Provisional Liquidator


TWIN CREATIVE: Creditors to Prove Claims by January 24
------------------------------------------------------
Notice is hereby given that the Creditors of Twin Creative
Limited, which is being voluntarily wound up, are required on or
before 24 January 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members.

Dated this 24th day of December 2004

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


WAI CHUN: Issues First and Final Dividend Notice
------------------------------------------------
Wai Chun Construction Co., Limited with registered office &
liquidators' address at 22nd Floor, Prince's Building, Central,
Hong Kong issued its notice of first and final preferential
dividend.

Amount of Dividend: 50 cents in the dollar

Date of Dividend Distribution: 28 December 2004

Dated this 24th day of December 2004

John J. Toohey
Joint and Several Provisional Liquidator
Wai Chun Construction Co., Limited
(In Liquidation)


WAH FAI: Receives Bankruptcy Order
----------------------------------
Notice is hereby given that Bankruptcy Order against Wong Yiu
Fai Trading as Wah Fai Engineering Co. was made on 15 December
2004.

All debts due to the estates should be paid to the undersigned.

Dated this 24th day of December 2004

Lee Mei Yee May
Acting Official Receiver


WING LEUNG: Enters Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Leung Jewellery Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 3rd day of
December 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 2nd day of February 2005.

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

Ford Kwan And Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder Street
Central, Hong Kong

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

This notice is dated 24 December 2004.


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


BANK GLOBAL: Auditors May Lose Licenses Over Cover-ups
------------------------------------------------------
Accounting firms that audited the financial accounts of
beleaguered Bank Global Internasional are likely to lose their
licenses over improper practices, according to The Jakarta Post.

The government may revoke the accounting firms' licenses if they
are proven to have committed irregularities in the auditing
process.

An investigation into auditor Joseph Susilo Accountant is
reportedly commissioned by the government over claims that the
office had covered irregularities in Bank Global's 2003
financial account.

Director general of financial institutions Darmin Nasution
alleged the auditor passed Bank Global's financial accounts
despite the existence of dubious securities in the bank last
year.

Since September, the accounting firm has been probed by the
Directorate General of Financial Institutions. The result of the
probe will be announced in mid-January.

In addition, the directorate might also investigate Thomas,
Trisno, the Hendang & Partners accounting firm, which audited
Bank Global's 2002 financial account. The agency might alos lose
its operating license if proved to have participated in the
crime.

Earlier this month, the central bank temporarily suspended Bank
Global's operations due to its unhealthy balanced sheet, as
indicated by its CAR plunging from 44 percent in
September to below the normal 8 percent level in October.

The government is, likewise, investigating five securities
houses over allegations they were involved in making false
statements to the central bank over the amount of securities
papers owned by the publicly listed bank.

The police have also arrested 11 Bank Global employees for
trying to destroy documents related to the case.

CONTACT:

Bank Global Internasional Tbk (BGIN)
Menara Global,
Jl. Gatot Subroto Kav. 27, Jakarta 12950
Phone: (021)5270188
Fax: (021)5270288
E-mail: bglobal@cbn.net.id
Web site: www.bankglobalinternasional.com


MERPATI NUSANTARA: May be Transformed Into Budget Airline
---------------------------------------------------------
State-owned PT Merpati Nusantara Airlines may be transformed
into a budget airline in order to avert bankruptcy, The Jakarta
Post reports.

The Indonesian government is considering transforming Merpati
into a low budget airline in order to rescue the ailing carrier
and make it more competitive with other domestic and
international airlines.

As part of several life-saving options for Merpati, the
government has assigned the airline to serve remote areas in the
country, which are typically avoided by private airlines because
of their low profitability. It is, likewise, tasked to serve
remote but feasible routes, such as from Densapar to Dili in
east Timor and from Densapar to Lombok.

Meanwhile, Minister for State Enterprises Sugiharto brushed off
speculations that Merpati was likely to halt operations starting
next month due to its financial woes and the state's futile
restructuring efforts.

The minister explained his department was still looking at the
best option to save Merpati by negotiating with the airline's
creditors for a conversion of their debts into equity in the
airline, and to a number of financial institutions to gain fresh
funds to help the airline expand.

To date, Merpati has IDR1.3 trillion (US$144 million) in debts
and assets worth about IDR775 billion. Its major creditors
include the government (IDR225 billion), Bank Mandiri (IDR230
billion) and Garuda (IDR246 billion).

CONTACT:

Merpati Nusantara Airlines
Telephone: +61 (0) 8 8941 1606
Web site: http://www.merpati.co.id


PERTAMINA: Government Snubs Image-polishing Plan
------------------------------------------------
PT Pertamina's proposal to change its outdated logo has been
rejected by the government, says The Jakarta Post.

The Office of the Minister for State Enterprises has shelved the
state oil and gas firm's plan to spend a hefty amount for the
logo-changing plan, as it was deemed unnecessary amid the
financial crisis the firm is currently in.

"Their plan does not make sense," said Minister for State
Enterprises Sugiharto stressed.

Sources said that Pertamina has already presented the proposal,
that will cost the troubled firm around IDR100 billion (US$11
million).

Pertamina President Director Widja Purnama also ruled out the
plan, which was aimed at rebuilding the Company's tarnished
image and to help it revitalize its performance.

Muhammad Harun, a Pertamina spokesman, confirmed that there was
indeed a plan to change the Company logo. However, it was still
being discussed internally and had not as yet been submitted to
the government for approval.

CONTACT:

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


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


DAIEI INCORPORATED: Gets Green Light for Restructuring Program
--------------------------------------------------------------
The state-backed corporate turnaround body has finally agreed to
orchestrate the rehabilitation of struggling retailer Daiei
Incorporated, Reuters reports.

The Industrial Revitalization Corporation of Japan (IRCJ) has
approved a restructuring plan for Daiei that will see the
retailer's main creditor banks provide JPY597 billion (US$5.80
billion) in aid.

Under the plan, the IRCJ will acquire one-third stake in Daiei.
Another third would be taken by outside sponsors, which are
being sought by the bailout agency.

The retailer's three main lenders, led by UFJ Holdings
Incorporated, will be requested to waive JPY405 billion of
Daiei's JPY1 trillion worth of loans. The banks will also write
off an additional JPY192 billion of preferred shares.

In addition, Daiei will have the value of its outstanding common
shares by 99.6 percent and be combined at a ratio of ten to one.

CONTACT:

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


EMU ERU: Declared Bankrupt
--------------------------
Golf course operator K.K. Emu Eru Shii has been declared
bankrupt with total liabilities of US$282.46 million, says
Teikoku Databank America.

The firm is based in Suginami-Ku, Tokyo 168-8533.

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


JAPAN AIRLINES: Subsidiary to Carry JAL Flight Numbers
------------------------------------------------------
The JAL Group announced that flights by domestic subsidiary
commuter airline J-Air will carry JAL flight numbers from April
1st 2005. Additionally, the commuter airline will take delivery
of two more CRJ-200 aircraft during FY2005 to meet the needs of
the airline's expanding route network.

With the opening of Chubu International Airport (Centrair)
serving the Nagoya area in February 2005 the JAL Group will move
international operations and most domestic flights to the new
facility from the present Nagoya Airport at Komaki. However J-
Air will continue to base its domestic commuter services at
Komaki.

The JAL Group will add two more CRJ-200 aircraft to the J-Air
fleet during 2005 increasing the fleet from the present six
aircraft to eight in line with J-Air route network expansion.
The change of J-Air flight numbering to JAL is aimed at
improving customer convenience by strengthening the recognition
of the JAL brand on domestic commuter flights operated by JAL
Group subsidiary carriers.

(1) J-Air route network as of February 17 2005 (Opening of Chubu
International Airport-Centrair)

Nagoya (Komaki)-Obihiro         One round trip flight daily
Nagoya (Komaki)-Yamagata        One flight daily
Nagoya (Komaki)-Matsuyama       3 flights daily
Nagoya (Komaki)-Niigata         3 flights daily
Nagoya (Komaki)-Kochi           3 flights daily
Nagoya (Komaki)-Akita           2 flights daily
Sapporo-Yamagata                One flight daily
Itami (Osaka) - Sapporo         One flight daily
Itami-Hanamaki                  One flight daily
Kochi-Miyazaki                  One flight daily
Itami-Fukushima                 One flight daily
Itami-Yamagata                  4 flights daily
Hiroshima Nishi(West)-Miyazaki  One flight daily

Total J-AIR network: 13 routes, 23 round trip flights

(2) CRJ-Specification

Maker: Bombardier (Ontario, Canada)
Seat capacity: 50 passengers
Engine type: GE CF34-3B1

CONTACT:

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


MISAWA HOMES: Gets IRCJ Bailout
-------------------------------
Troubled housing builder Misawa Homes Holding Incorporated will
receive financial support from the government-backed Industrial
Revitalization Corporation of Japan (IRCJ), according to The
Japan Times.

The IRCJ said it will ask creditors to extend a total of JPY140
billion in aid, including JPY120 billion in debt waivers from a
group of lenders and JPY20 billion in debt-for-equity swaps from
Miwaswa's main lender UFJ Bank.

In addition, UFJ Bank will be requested to give up JPY180
billion or 80 percent of its preferred shares in the stricken
home builder.

UFJ Holdings, Sumitomo Mitsui Financial Group and Mizuho
Financial said they will implement the requests, which won't
affect earnings estimates for the fiscal year ending in March
because they already have set aside a large amount of loan-loss
reserves.

CONTACT:

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


MITSUBISHI FUSO: Says Dealers Failed to Fix Cars Properly
---------------------------------------------------------
Mitsubishi Fuso Truck & Bus Co. has recently admitted that
dealers in five regions were not able to carry out provisional
repairs properly on some of the 2,600 Fuso trucks that were
recalled for defective clutches in May, reports The Yomiuri
Shimbun.

While there were no resulting problems and safety was
guaranteed, the embattled truck maker vowed to make permanent
repairs using stronger auto parts by the end of next month.

According to the Company, dealerships in Osaka, Saitama,
Shizuoka, Ishikawa and Aomori prefectures merely shook the axles
by hand when they are supposed to be tightened to avoid
rattling.

To date, the Company has provisionally fixed 94 percent of about
70,000 vehicles recalled. Permanent repairs have been carried
out on 3 percent of the vehicles.

CONTACT:

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


SAKURAI TEKKO: Enters Bankruptcy
--------------------------------
Sakurai Tekko K.K., a firm engaged in building metallic product
manufacturing, has entered bankruptcy, according to Teikoku
Databank America.

The firm, based in Sapporo-Shi, Hokkaido 004-0872, left a total
of US$58.25 million.

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


SEIBU DEPARTMENT: May Conclude Rehab Ahead of Schedule
------------------------------------------------------
Seibu Department Stores Limited is poised to exit its business
revitalization program ahead of schedule, reports Kyodo News,
citing Nihon Keizai Shimbun.

The recovering department store chain is set to complete its
creditor-led rehabilitation a year earlier than planned, as it
has shown indications of improved profitability.

Mizhuho Corporate Bank and other lenders reported that Seibu is
expected to eliminate as early as next month accumulated losses
of JPY66.08 billion.

Some 30 creditor banks are reportedly determined to conclude the
firm's restructuring at the end of Seibu's business year on Feb.
28, 2005.

One of the top department store chains in Japan, the once-
glamorous The Seibu Department Stores has floundered under
crushing debt and Japan's economic woes.

In the 1970s and 1980s, the chain was among the most profitable
and avant-garde in Japan, filled with French designer clothes,
art exhibits, and theaters, and run by the artistic Seiji
Tsutsumi, son of a Japanese tycoon.

In 2003, in return for nearly $2 billion in debt forgiveness
from Japanese banks, Seibu agreed to close or revamp seven of
its 20-plus stores over the next five years and to cut 3,700
jobs. Seibu has merged with rival Sogo Co. (the operator of 11
stores) to form holding Company Millennium Retailing, which owns
the majority of Seibu.

CONTACT:

Seibu Department Stores Ltd.
Seibu Ikebukuro Bldg.,
1-16-15 Minami-Ikebukuro, Toshima-ku
Tokyo 171-8530, Japan
Phone: +81-3-3989-0111
Fax: +81-3-5396-5285


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


JINRO-CABLE: Court Approves Takeover by LG Cable
------------------------------------------------
Despite a contested takeover, a Daejeon District Court judge
gave a go signal for the sale of Jinro-Cable Industries Co. to
LG Cable Ltd., reports The Korea Herald.

With the Court's decision, industry observers believe Taihan
Electric Wire Co. will seek an appeal.

Taihan, Jinro-Cable's largest creditor challenged the takeover
citing a disruption in fair competition, as LG Cable and its
affiliates would claim more than 60 percent of the market share.
But LG Cable claimed that the sale was done in a fair manner.

"We've gone through the M&A procedures in a fair manner. It was
the most reasonable decision that could have been made.  Taihan
could have given a higher bidding price than us, and now it has
lost its chance," said Heo Yeong-kil, a spokesman for LG Cable
Co.

Judge Seo Ki-suk said the liquidation and sale of Jinro-Cable
would not pay all of its creditors but was in the best interest
of stabilizing the Company.

According to the disposal plan, the debt-ridden company is to
undergo a capital reduction in January 2005 and allot new stocks
by early March.  Within the same month, LG Cable is expected to
fully take over Jinro-Cable, which has been under Court
receivership since August 2003 and put up for sale on July 12.

Jinro-Cable changed its name to Jinro Industries Co. Ltd. in
1996 after Jinro Group became major shareholder.  The group ran
into trouble after it diversified into non-core operations such
as construction, finance, retail and machinery.  The group faced
larger problems during the Asian financial crisis in 1997.

CONTACT:

Jinro Industries Co., Ltd.
569 Boseong-Ri Pungse-Myeon Cheonan-Si
Chungnam 330-912
Korea (South)
Telephone: +82 41 559 4800/ +82 41 566 7919
Web Site: http://www.jinro-cable.co.kr/


LG CARD: Government Could Intervene to Settle Row
-------------------------------------------------
The government is likely to get involved in LG Card Company's
issues should the firm be liquidated, according to Dow Jones,
citing a senior official at the Ministry of Finance and Economy.

According to Kim Suk-Dong, the government as the third party has
no right or authority to interfere but with the given
repercussions it may step in to help resolve the matter.

"There's still a chance for the parties to iron out differences
this week," he said, without elaborating.

Despite statement that LG Card creditors headed by Korea
Development Bank, would seek the mediation of the government of
the bailout, the latter has not received a formal request from
the creditors.

Aside from the effect of LG Card's collapse to creditors, it
would also result to a surge in consumer defaults, analysts
said.

CONTACT:

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


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


DAI HWA: Revises Corporate Proposals
------------------------------------
Dai Hwa Holdings (M) Berhad announced the revisions to its
corporate proposals under Practice Note No. 10/20001 (PN10) of
the Bursa Malaysia Securities Berhad as follows:

(i) The Company will not be proceeding with the proposed
acquisition of the assets and business of Eternal Merge (M) Sdn
Bhd as well as the proposed acquisition of the plant and
machinery of Polywell Adhesives Sdn Bhd due to unsatisfactory
due diligence findings on certain of these assets. Accordingly,
the Company has terminated the sale and purchase agreements
relating to these assets.

(ii) The Company has decided not to proceed with the proposed
disposals of its subsidiaries, Industri Kotakayu Sdn Bhd, Dai
Hwa Electronics (Malaysia) Sdn Bhd and Daimik Electronics
Industrial Co Sdn Bhd.

(iii) The proposed acquisitions of 2 additional new companies by
DAIHWA under the Proposals namely Various Resources (M) Sdn Bhd
(VAR) and Soon Ye Plastic Resin Manufacturing Sdn Bhd (SY) which
will further widen the Company's range of products after
completion of the Proposals.

(iv) Revisions to the purchase consideration and the other terms
of the acquisition of ST Polymer Industries (M) Sdn Bhd (STPI)
and Richbox Paper Products (M) Sdn Bhd (RPP), the details of
which are set out below.

(v) The Company proposes the acquisition of an additional 40%
equity interest in Multi Assembly Corporation Sdn Bhd (MAC),
bringing the total equity interest to be acquired to 100%
(Revised Proposed Acquisition of MAC) upon revised terms.

(vi) Replacement of the proposed public issue/placement of 170
million DAIHWA warrants with the proposed private placement of
20,000,000 new DAIHWA ordinary shares of RM1.00 each (Shares) at
a placement price of RM1.00 per Share.

(vii) The proposed placement by the vendors of the new business
of 11 million DAIHWA Shares will not be part of these Proposals.

CURRENT PROPOSALS

Accordingly, DAIHWA's revised Proposals to comply with PN10 will
now comprise:

(a) The proposed acquisitions of the entire equity interest in
STPI, MAC, RPP, SY and VAR (collectively the "Proposed
Acquisitions); and

(b) The proposed private placement of 20,000,000 new DAIHWA
Shares.

The Company has revised its applications to the various
authorities and accordingly, the Company had on 20 December 2004
applied to Bursa Securities for an extension of time to submit
the relevant applications to the authorities to up to 31
December 2004. Bursa Securities has accordingly on 27 December
2004 approved the said extension of time.

Further details on the Proposals are set out in
http://bankrupt.com/misc/tcrap_daihwa122804.doc

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 dated 28 December 2004.


FURQAN BUSINESS: Unveils Disposal of Subsidiary Companies
---------------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO) announced that its wholly owned subsidiary Company,
Austral Amalgamated Berhad and indirect subsidiary Company,
Profound Schemes Sdn. Bhd., had entered into the Agreements to
dispose of the entire shareholdings in the following companies
for a total cash consideration of RM3.00 (Ringgit Malaysia
Three) only:

1. Austral Amal Trading Sdn. Bhd. (AAT)
2. BZ Enterprise Sdn. Bhd. (BZE) [hereinafter collectively
referred to as the Disposal]

2. DETAILS OF THE DISPOSAL

The details of the Disposal are summarized as follows:

Subsidiary Company:  AAT
Purchaser: Mohd Nasharudin bin Che Dan and Salihin bin Aban
No. of Share Disposed: 500,000 ordinary shares of RM1.00 each
Consideration: RM2.00

Subsidiary Company: BZE
Purchaser: Mohd Nasharudin bin Che Dan
No. of Share Disposed: 765,000 ordinary shares of RM1.00 each
Consideration: RM1.00

The Disposal of shares was arrived on "willing buyer and willing
seller" basis.

3. INFORMATION ON SUBSIDIARIES

The details of the subsidiary companies are as follows:

Subsidiary Company: AAT
Authorised Capital:RM500,000.00 divided into 500,000 ordinary
shares of RM1.00 each
Paid-up Capital: RM500,000.00 divided into 500,000 ordinary
shares of RM1.00 each
Business Status: Dormant

Subsidiary Company: BZE
Authorized Capital: RM5,000,000.00 divided into 5,000,000
ordinary shares of RM1.00 each
Paid-up Capital: RM1,500,000.00 divided into 1,500,000 ordinary
shares of RM1.00 each
Business Status: Dormant

4. RATIONALE FOR THE DISPOSAL

The Disposal is part of the Group's exercise to dispose dormant
or non-operating companies.

5. FINANCIAL EFFECT

The Disposal will have no material effect on the share capital,
net tangible assets and substantial shareholders' shareholdings
of FBO.

6. APPROVAL

No shareholders approval is required.

7. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND CONNECT
PERSONS

None of the Directors and Substantial Shareholders, persons
connected to the Directors or substantial Shareholders of the
Company and its subsidiaries or persons connected thereto have
any interest, direct or indirect in the Disposal.

8. DIRECTORS' RECOMMENDATION

The Directors of the Company are of the opinion that the
Disposal is in the best interest of the Group.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur, KUALA LUMPUR 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GADANG HOLDINGS: Notes Additional Listing of Shares
---------------------------------------------------
Gadang Holdings Berhad's additional 4,647,200 new ordinary
shares of RM1.00 each issued pursuant to the conversion of
RM5,900,000 nominal value of 2% irredeemable convertible
unsecured loan stocks into 4,647,200 new ordinary was granted
listing and quotation on 29 December 2004.

CONTACT:

Gadang Holdings Berhad
52, Jalan Tago 2
Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur, WP
Malaysia
Phone: 603-6356888
Fax: 603-6365560


GOLDEN FRONTIER: Buys Back 3,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on December 28, 2004.

Date of buy back: 28/12/2004

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

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

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

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

Total consideration paid (RM): 2,046.00

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,256,100

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

CONTACT:

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

This announcement is dated 28 December 2004.


HAP SENG: Unit Enters Voluntary Winding Up Process
--------------------------------------------------
Hap Seng Consolidated Berhad (HSCB) announced that the final
meeting of its wholly owned subsidiary Forward Supreme Sdn Bhd
[FSSB] was held on 22 December 2004.

The final meeting and liquidators' statement of final account
were lodged with the Companies Commission of Malaysia (CCM) on
28 December 2004.

On the expiration of three months from the date of lodgment of
the said forms with the CCM; i.e. 28 March 2005, FSSB shall be
dissolved.

CONTACT:

Hap Seng Consolidated Berhad
No 1A Jalan 205
Petaling Jaya, Selangor Darul Ehsan 46050
MALAYSIA
Phone: +60 3 7783 9888
Fax: +60 3 7781 6305

This announcement is dated 28 December 2004.


HIAP AIK: Bourse Delists Securities
-----------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed)
(HACB) has been de-listed from the Official List of the Second
Board of the Bursa Malaysia Securities Berhad.

HACB is required to release an announcement on the findings of
the investigative audit on the Company in accordance with the
conditions imposed by the Securities Commission (SC) vide its
approval letter dated 7 August 2003 on the Restructuring Scheme
of HACB which includes, inter-alia, the transferring of HACB's
listing status to LDAUN.

A summary of the findings of the said investigative audit can be
accessed at http://bankrupt.com/misc/tcrap_hiapaik122804.doc


KILANG PAPAN: Discloses Unaudited Quarterly Results
---------------------------------------------------
Kilang Papan Seribu Daya Berhad released its unaudited quarterly
report for the financial period ended October 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/10/2004

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

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

1  Revenue
            405           608           2,254         2,020

2  Profit/(loss) before tax
           -4,848       -21,240        -14,583       -30,808

3  Profit/(loss) after tax and minority interest
            -4,848      -21,240        -14,583       -30,808

4  Net profit/(loss) for the period
            -4,848      -21,240        -14,583       -30,808

5  Basic earnings/(loss) per shares (sen)
            -24.00      -106.00        -73.00        -154.00

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)

           -9.5800            -8.8500

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax: +60 88 423 287


K.P. KENINGAU: Unveils Production Figures For November
------------------------------------------------------
In accordance with Paragraph 9.29 of Chapter 9 of the Bursa
Malaysia Securities Berhad Listing Requirements, K.P. Keningau
Berhad announced that the log production figures of the Group
for the month of November 2004 were 312 M3.

CONTACT:

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


LION CORPORATION: Notes Additional Listing of Shares
----------------------------------------------------
Lion Corporation Berhad's additional 230,000 new ordinary shares
of RM1.00 each issued pursuant to the executive share option
scheme will be granted listing and quotation with effect from 9
a.m., Thursday, 30 December 2004.

CONTACT:

Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


METROPLEX BERHAD: Unit Adjourns Winding Up to February 7
--------------------------------------------------------
Metroplex Berhad announced that its unit Legend International
Resorts Limited (LIR) has been informed by its solicitors that
the Judge in the High Court of Hong Kong S.A.R has on 28
December 2004 gave the following directions for the filing of
evidence for the strike out application by LIR:

(1) Morgan Stanley Emerging Markets, Inc (the Petitioner) to
have 21 days to file evidence in opposition.

(2) LIR to have 14 days to file evidence in reply.

(3) A further hearing is fixed for 7 February 2005.

The Court has also adjourned the hearing of the winding-up
petition served on LIR to 7 February 2005.

CONTACT:

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

This announcement is dated 28 December 2004.


PASARAYA HIONG: Store Corporation Denies Acquisition Report
-----------------------------------------------------------
The Store Corporation Berhad refers to the Bursa Malaysia
Berhad's letter dated 21 December 2004 in reference to the
article entitled "Calm Down" in The Sun, page 2 on Tuesday, 21
December 2004, particularly the sentence " ... the outlets have
been taken over by The Store Supermarket chain".

The Store clarified that it is at present renting the retail
space at the outlets previously occupied by Pasaraya Hiong Kong
Sdn Bhd (PHK), as part of the expansion of The Store's ordinary
course of business in the operation of its supermarkets and
departmental stores. The Store also clarified that it has not
taken over PHK nor acquire any equity interest in PHK.

Bursa Malaysia Securities Berhad's Query Letter Content:

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

" ... the outlets have been taken over by The Store Supermarket
chain."

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

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

Yours faithfully,
KOAY LEAN LEE
Senior Manager
Issues & Listing
Group Regulations
KLL/WCY
c.c. Encik Onn Ismail, Securities Commission (via fax)


PILECON ENGINEERING: Releases Default Status Update
---------------------------------------------------
Pilecon Engineering Berhad announced that there have been no
changes to the status of default in payments since 30 November
2004.

The Company has revised its earlier Proposed Scheme of
Arrangement (Scheme) and has on 28 February 2004 submitted to
the Securities Commission an appeal against their decision in
rejecting the original Scheme.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Telephone: (603) 704-1888


PPB GROUP: Dissolves Indirect Subsidiary
----------------------------------------
Pursuant to the listing requirements of the Bursa Malaysia
Securities Berhad, PPB Group Berhad (PPB) announced that its
indirect subsidiary, Stenmark Investments Inc. (Stenmark) would
be dissolved before the year-end of 2004.

Stenmark is an indirect wholly owned subsidiary of Malayan Sugar
Manufacturing Co. Bhd. (MSM) held through Masuma Trading Company
Limited. MSM is a 100% subsidiary of PPB.

Stenmark was incorporated in Liberia on 4 April 1984 with an
issued and paid-up capital of USD1,000/- divided into 1 ordinary
share of USD1,000. The principal activity of Stenmark was the
placement of deposits to earn interest but it has become dormant
since January 2003 following the repatriation of its funds to
Malaysia.

The dissolution will not have any material impact on the net
tangible assets and earnings of PPB Group for the financial year
ending 31 December 2004.

Contact:

PPB Group Berhad
17th Floor Wisma Jerneh
38 Jalan Sultan Ismail
50250 Kuala Lumpur
Phone: 03-2141 2077
Fax: 03-2141 8242


PUNCAK NIAGA: Issues Additional Listing Of Shares
-------------------------------------------------
Puncak Niaga Holdings Berhad's additional 260,000 new ordinary
shares of RM1.00 each issued pursuant to the employees share
option scheme will be granted listing and quotation with effect
from 9 a.m., Friday, 31 December 2004.

CONTACT:

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


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


ASIAN DIAMOND: Deadline Set to Find New Investor
------------------------------------------------
The Securities and Exchange Commission has ordered pre-need firm
Asian Diamond Plans Inc. to find a new investor by the end of
this year or face liquidation, the Business World reports.

"They now have a deadline ... If they don't find an investor,
SEC may have no choice but to distribute the assets of the
Company to the plan holders," a SEC official said.

The SEC confirmed that two investors were interested in the
Company: one is reportedly based in the United Kingdom, while
the other is reportedly in touch with the Company's comptroller.

Its owner, Singapore-based Sovereign Group, failed to raise
enough capital to meet the SEC requirement for pre-need
companies. To date, it operates solely to pay its obligations to
an estimated 4,000 plan holders.

Asian Diamond sold pension, education and life plans until SEC
suspended its selling license last year after discovering a
PhP16 million deficiency in its trust fund.

CONTACT:

Asian Diamond Plans Inc.
Units 701-702
Pioneer Highlands
Pioneer Street
Mandaluyong City 1550


ATLAS CONSOLIDATED: To Probe Fire Incident At Cebu Office
---------------------------------------------------------
Atlas Consolidated Mining and Development Corporation announced
that a fire, which occurred on 27 December, gutted its
Administrative Building in Toledo, Cebu. Most technical and
accounting records were recovered or exist in duplicate form and
no injuries were incurred. The Company will conduct a full
investigative to establish the cause of the fire.

In a disclosure to the Philippine Stock Exchange, the mining
firm said the fire would not affect the planned rehabilitation
of the Company's 42,000 tpd copper mine starting in 2005.

CONTACT:

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


PILIPINO TELEPHONE: Board OK Changes in Management Deals
--------------------------------------------------------
The Board of Directors of Pilipino Telephone Corporation
(Piltel) and Smart Communications Inc. (Smart) have approved the
amendments to their existing management agreements, reports Sun
Star Cebu.

The agreements were entered into in 2000 to cover services
outsourced by Piltel to Smart covering such areas as network
management, customer care and general administration, as well as
a revenue sharing arrangement to compensate Smart for Piltel's
use of Smart's cellular network for the Talk n Text mobile
service of Piltel.

The two firms decided to review the management agreements after
Piltel's subscriber base surpassed the 3.5 million mark in June
of this year.

Piltel and Smart hired an independent consultant to provide a
framework for considering the extent and timing of any changes
in their management agreements.

The consultant also said declining network and operating costs
per subscriber, due to improvements in productivity and
technology, should also be taken into consideration in the
sharing of revenue.

Piltel reported a third-quarter net profit of PHP232.6 million
from a PHP750.6 million loss in the year-ago period, on a steady
increase of subscribers to its mobile phone service.

CONTACT:

Pilipino Telephone Corporation
6799 Ayala Avenue
Makati City, 1200
PHILIPPINES
Phone: +63 2 511 6121
Fax: +63 2 817 6888


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


CHINA AVIATION (S): To Release Restructuring Plan by January 21
-----------------------------------------------------------
Beleaguered China Aviation Oil (S) Corp Ltd (CAO) is poised to
release its restructuring plans by January 21 of next year,
reports Xinhuanet.

CAO spokesperson Yun Dawei said that at least 20 people will be
involved in preparing its restructuring scheme including its
consultants Deloitte Touche Tohmatsu.

CAO was granted by the Singapore High Court a six-week extension
to submit its restructuring plans after it suffered a US$550
million loss in oil derivative trading.

Mr. Yun also said that Singapore's investment arm, Temasek
Holding, is to be CAO's most likely partner in restructuring.

Meanwhile, it is understood that CAO will also seek aid from oil
firms like China Petroleum and Chemical Corp. (Sinopec) and
China National Petroleum Corp. (CNPC) as well as the country's
leading airlines. But Air China has made it clear that it had no
plans to help in CAO's restructuring.


KAKI BUKIT: Winding Up Order Served
-----------------------------------
In the matter of Kaki Bukit Investments Pte Ltd. a Winding Up
Order was made on the 10th day of December 2004.

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

Messrs Shook Lin & Bok
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated 24 December
2004.


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

All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated 20 August 2004.

The Board of Directors of the Company hereby wishes to announce
that Quantum Capital had on 24 December 2004 converted an
aggregate amount of SG$1,000,000 of Tranche 2 Notes, being the
first subtranche of Tranche 2 Notes, at SG$0.054 per share into
an aggregate number of 18,518,518 ordinary shares of $0.05 each
in the issued and paid-up share capital of the Company.

Pursuant to the conversion, the total number of issued and paid
up shares in the Company is 576,054,598 ordinary shares of
SG$0.05 each.

The Company has utilized about SG$0.5 million from the fifth
sub-tranche of the Tranche 1 notes as working capital for its
China operations.

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


TENBY INVESTMENTS: Court Issues Winding Up Order
------------------------------------------------
In the matter of Tenby Investments Pte Ltd., a Winding Up Order
was made on the 10th day of December 2004.

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

Messrs Shook Lin & Bok
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated 24 December
2004.


THAKRAL CORPORATION: Completes Refinancing
------------------------------------------
The Directors of Thakral Corporation Ltd announced that on 27
December 2004 the Company has fully repaid its previous
borrowings.

Funds for this refinancing were arranged under a Facility
Agreement dated 15 December 2004 entered into by (a) Arab Bank
plc, Singapore Branch, Raiffeisen Zentralbank ™sterreich Ag
(RZB-Austria), Singapore Branch and Southern Bank Berhad,
Singapore Branch as Initial Lenders, (b) Arab Bank plc,
Singapore Branch as Arranger, Agent and Security Agent and (c)
the Company as Borrower.

Submitted by George Lau Kum Hon, Executive Vice President on
28/12/2004 to the Singapore Stock Exchange.


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


NATURAL PARK: Details Stock Subscription of BMCL Share
------------------------------------------------------
Natural Park Public Company Limited notified the Stock Exchange
of Thailand (SET) additional information regarding the
subscription of the capital increase ordinary shares in Bangkok
Metro Public Company Limited (BMCL) as follow:

The Board of Director of BMCL has resolved on 7 December 2004 to
allocate increase share capital of 100 million shares at the
price of THB3 per share by allocating to present shareholders
proportionately at 1 existing share for 0.01379 new share.

As a present shareholder, the Company will receive share
allocation of 24,705,109 shares at the price of THB3 per share,
totaling THB74,115,327. BMCL has informed the shareholder that
the share subscription and payment for shares is between 23 to
24 December 2004 from 9:00 to 15:00 a.m.

Since the Company is in the process of investing with the
shareholder of City Realty Company Limited, the Company has
informed BMCL to postpone the payment date until the investment
process has been completed.  The Company will notify the Stock
Exchange of Thailand on further progress.

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

CONTACT:

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


NATURAL PARK: Postpones Extraordinary Meeting to February 11
------------------------------------------------------------
With reference to Natural Park Public Company Limited's Board of
Directors Meeting No. 26/2004 dated 28 December 2004 on 11:00
a.m.  The Company would like to notify the following

(1) Unanimously resolved to approve the postponement of the date
of the Extraordinary Shareholders Meeting No. 1/2005 from 11
January 2005 to 11 February 2005 at 9:00 a.m.  The place of the
meeting will be notified in the Invitation Letter.  The agenda
of the meeting is in accordance with the notification to the
Stock Exchange of Thailand (SET) on 30 November 2004.

(2) Unanimously resolved to approve the closing of the Share
Register Book to suspend the transfer of shares of the Company
for exercising the right to attend the Extraordinary General
Meeting of Shareholders No. 1/2005, from 24 January 2005, at
noon, until the Extraordinary Meeting of Shareholders is duly
adjourned.

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


NATURAL PARK: Changes Name of Subsidiary
----------------------------------------
Natural Park Public Company Limited informed the Stock Exchange
of Thailand (SET) on the changes of the following subsidiary
Company's names:

(1) Panwa Hotel Co. Ltd. our subsidiary Company (in which the
Company holds shares at 99.9 percent of the total paid-up
registered capital) changed Company name to Natural Hotel Panwa
Co. Ltd.

(2) Modern Project Co. Ltd. its subsidiary Company (in which the
Company holds shares at 99.9 percent of the total paid-up
registered capital) changed Company name to Natural Project Chao
Phraya Co. Ltd.

Please be informed accordingly.

Sincerely yours,
Natural Park Public Company Limited
Mr.Thowthawal Subhavanich
Chief Financial Officer


PREECHA GROUP: Unveils Result of Share Offering
-----------------------------------------------
Preecha Group Public Company Limited advised the Stock Exchange
of Thailand on the result of share offering of the Company
dated, 27 December 2004.

(1) Information in relation to the share offering.

-  Class of shares offered: Ordinary Shares

-  Number of shares offered: 23,167,401

-  Offered to: The existing shareholders as of 24 November 2004

-  Price per share: THB2.25

-  Subscription and payment period: 13-17 December 2004

(2) Result of the share sale

(/) Totally sold
( ) Partly sold, with...Shares remaining.

The Company will deal with the remaining of shares as follows:

(3) Details of the sale

      Thai investors          Foreign investors
Juristic   Natural      Juristic    Natural       Total
persons    persons      persons     persons

Number of persons

    1         87          -            2            90

Number of shares
Subscribed

10,819,035  12,345,866    -        2,500     23,167,401



Percentage of
total shares for sale

46.70        53.29         0.01   100.00

(4) Amount of money received from the share sale

Total Amount: THB52,126,652.25

Less expenses: (None) Baht

Net Amount Received: THB52,126,652.25

The Company certifies that the information described in this
report is accurate and complete in all respects.

(Mr. Preecha Tirakijpong)
President

CONTACT:

Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: www.preecha.com









                            *********


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