TCRAP_Public/050103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, January 3, 2005, Vol. 8, No. 1

                            Headlines

A U S T R A L I A

AEROTIER: To Declare Final Dividend on January 7
COMMERCE ONE: Sets January 10 as Date of Final Meeting
G.J. WHITE: Members Resolve to Voluntarily Wind Up
GO 4 IT: Schedules Final Meeting on January 10
GRIBBLES GROUP: Healthscope Cleans Out Upper Ranks

HAROLD SYMES: To Convene General Meeting on January 6
IAN MCGUFFIE: Final Meeting Slated for January 14
KINARRA PTY: Names P.L. Whiteman as Liquidator
LAKE EILDON: Joint Meeting Set January 7
LODEN PEAK: Members to Meet January 10

LOUKARI CORPORATION: Faces Voluntary Winding Up Proceedings
MANSION KITCHENS: Dividend to be Declared on January 18
MORDIALLOC EXHAUST: Final Meeting Slated for January 10
PERPETUAL PLANTATIONS: Winds Up Pistachio Plantation Scheme
STEPCO & SONS: To Undergo Voluntary Winding Up Process

TOMORROW'S APPAREL: To Declare Final Dividend on January 21
VALENNE PTY: To Voluntarily Wind Up


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Issues US$2Bln Bonds Before IPO
CHAN WAH: Creditors Meeting Set January 5
CHIEFUND INVESTMENT: Schedules Creditors, Members Meetings
GAIN TALENT: Annual Meetings Slated for January 11
GUANG XIN: To Convene Creditors, Members Meetings January 11

GUANGDONG INTERNATIONAL: Annual Meetings Set January 11
INCORPORATED OWNERS: Court to Hear Liquidator's Application
MASS WINNER: Sets Creditors Meeting on January 3
STANDARD CAPITAL: Creditors Must Prove Claims by January 31
STAR WORLD: Receiving Proofs of Debts Until January 21

SYNERGY FINANCE: Court Issues Winding Up Notice
SYNERGY PROPERTY: Enters Bankruptcy Proceedings


I N D O N E S I A

BANK GLOBAL: Management Staff Blamed for Woes
MERPATI NUSANTARA: Government Works to Save Business
PERTAMINA: To Deliver LNG to Japan, South Korea Soon
* Tsunami Insurance Losses at IDR16.8 Tln


J A P A N

MISAWA HOMES: Toyota May Heed Call for Aid
MITSUBISHI FUSO: Asked to Rewrite Safety Plan
RESONA HOLDINGS: Corrects Consolidated Financial Results Report
RESONA HOLDINGS: Unit's Client Files for Civil Rehab Proceedings
TAKARA COMPANY: JCR Downgrades Bonds to BBB

TOWA REAL: Mitsubishi Estate to Take 33.4% Stake
UFJ HOLDINGS: Extends Rehab Aid to Daiei
UFJ HOLDINGS: Supports Revitalization of Misawa Homes
* Banks Cut Employee Numbers to Below 300,000


K O R E A

DAEWOO ENGINEERING: Wins US$179.3-Mln Worth of Nigerian Orders
LG CARD: LG Group Proposes KRW264.3Bln Debt-to-Equity Conversion
SK NETWORKS: Acquires US$22.6-Bln Stake in SK Securities


M A L A Y S I A

ARTWRIGHT HOLDINGS: SC OKs Settlement Proposal
BOUSTEAD HOLDINGS: Units Face Voluntary Liquidation
BUKIT KATIL: Unveils Production Figures for November
CHG INDUSTRIES: Securities Reclassified to PN17 Condition
CME GROUP: Cuts Ties with Dormant Unit

FORESWOOD GROUP: Securities Reclassified To PN17 Sector
JASATERA BERHAD: Finalizing Debt Settlement Agreement
MENTIGA CORPORATION: Exits PN4 Condition
NALURI BERHAD: Appoints New Director
NAUTICALINK BERHAD: Reclassifies Securities to PN17 Condition

OCEAN CAPITAL: Bourse Craps PN4 Provision
PARK MAY: Enters Into Supplemental Definitive Agreement
SRI HARTAMAS: Resolutions Duly Passed at AGM
SRI HARTAMAS: Bursa Malaysia May Delist Securities


P H I L I P P I N E S

METRO PACIFIC: Issues Preferred Shares
PHILIPPINE LONG: Delays Restructuring Scheme
PILIPINO TELEPHONE: Ups Smart Stake to 85.6%
PUYAT STEEL: SEC OKs Reorganization Plan


S I N G A P O R E

BRASSTEEL INTERNATIONAL: Court Set to Hear Winding Up Petition
CAPITALAND LIMITED: Establishes Indirect Wholly Owned Subsidiary
FOODBEST.COM PRIVATE: Winding Up Hearing Slated for January 14
LIM HONG: Receiving Proofs Until January 7


T H A I L A N D

CAPETRONIC INTERNATIONAL: SET Suspends Trading of Securities
SIAM AGRO: Unveils Preliminary Tender Offer Result

     -  -  -  -  -  -  -  -

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


AEROTIER: To Declare Final Dividend on January 7
------------------------------------------------
A final dividend is to be declared on 7 January 2005 for
Aerotier (In Liquidation) formerly trading as Hazlec Electrical
Contractors A.C.N. 071 601 084.

Creditors whose debts or claims have not already been admitted
were required on 13 December 2004 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 18th day of November 2004

P.D. Mccluskey
Official Liquidator
Ferrier Hodgson
600 Bourke Street, Melbourne Vic 3000


COMMERCE ONE: Sets January 10 as Date of Final Meeting
------------------------------------------------------
Notice is given that the final meeting of the members of
Commerce One Australia Pty Ltd (In Liquidation) A.C.N. 095 654
194 will be held at the offices of Deloitte Touche Tohmatsu,
Level 14, QV Building, 180 Lonsdale Street, Melbourne on the
10th of January 2005 at 11:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and the property of the Company has been
disposed of and giving any explanation of the account.

Dated this 23rd day of November 2004

Salvatore Algeri
Andrew W. Beck
Liquidators
c/- Deloitte Touche Tohmatsu
Level 15, 505 Bourke Street,
Melbourne Vic 3000


G.J. WHITE: Members Resolve to Voluntarily Wind Up
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
G.J. White & Sons Pty. Ltd. (In Liquidation) A.C.N. 004 575 768
held on 15 November 2004, it was resolved that the Company be
wound up voluntarily and that for such purpose Adrian Douglas
Cran, Registered Liquidator, of INPACT McDonald Carter, Level 6,
31 Queen Street, Melbourne be appointed liquidator.

Dated this 15th day of November 2004

Adrian Douglas Cran
Liquidator


GO 4 IT: Schedules Final Meeting on January 10
----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of the members of Go 4 It
Fast Food Pty Ltd (In Liquidation) A.C.N. 006 472 582 will be
held in the Meeting Room, HLB Mann Judd, Chartered Accountants,
1st Floor 160 Queen Street, Melbourne on the 10th day of January
2005 at 10:00 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator.

Dated this 16th day of November 2004

C.P. White
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


GRIBBLES GROUP: Healthscope Cleans Out Upper Ranks
--------------------------------------------------
Hospital developer Healthscope has axed several Gribbles Group
executives after it took over the ailing pathology group,
according to The Age.

While Healthscope has warned it will cut staff to cut costs, it
is believed that some redundancies have come as a surprise.

High-profile executive Judith Slocombe was one of the Gribbles
officials to lose their jobs. The news came as a shock, as it
has been widely assumed that Dr. Slocombe's role as manager of
pathology would have given her a key task in integrating the
Company's operations into the Healthscope business.

Other members of the group's executive committee to be ousted
include its interim chief executive, Andre Carstens, chief
financial officer Chris Lloyd and human resources manager Faye
Shelton.

Rumors have spread that Dr. Slocombe, who was the Gribbles'
fourth highest paid executive earning AU$245,000 in 2003, was
told by Healthscope management that her services were no longer
needed. She was offered a redundancy package in line with her
minimum entitlements.

Redundancies in Gribbles had been limited to the executive
committee and several contractors.

CONTACT:

The Gribbles Group Ltd
1868 Princes Highway
Clayton
Victoria 3168
Australia
Phone:  +61 3 9538 6777  
Fax:  +61 3 9538 6778  
Web site: http://www.gribbles.com.au


HAROLD SYMES: To Convene General Meeting on January 6
-----------------------------------------------------
Notice is given that a general meeting of members of Harold
Symes & Sons Pty Ltd (In Liquidation) will be held at the
offices of AFS & Associates Pty Ltd, Chartered Accountants, 61
Bull Street, Bendigo 3550 on the 6th of January 2005 at 10:30
a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 18th day of November 2004

D.C. Hutchings
Liquidator
AFS & Associates Pty Ltd
61 Bull Street, Bendigo 3550


IAN MCGUFFIE: Final Meeting Slated for January 14
-------------------------------------------------
Notice is given that a Final Meeting of the Members of Ian
McGuffie Pty Limited (In Voluntary Liquidation) will be held at
the offices of Nicholls & Co., Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, New
South Wales on the 14th of January 2005 at 10:00 a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 19th day of November 2004

Chris Chamberlain
Liquidator
Nicholls & Co
Chartered Accountants
PO Box 182, Wagga Wagga NSW 2650


KINARRA PTY: Names P.L. Whiteman as Liquidator
----------------------------------------------
Notice is hereby given that, at an Extraordinary General Meeting
of Kinarra Pty Limited A.C.N. 010 160 068 held on 10 November
2004, the following Resolution was passed as a Special
Resolution:

That pursuant to the provisions of Section 495 of the
Corporations Act 2001, Peter Leonard Whiteman of Thomas Davis &
Co, 68 Pitt Street, Sydney, in the State of New South Wales
having consented to act, be and is hereby appointed Liquidator
of the Company, for the purpose of winding up the affairs and
distributing the property of the Company.

Dated this 10th day of November 2004

P.L. Whiteman
Liquidator
Thomas Davis & Co
68 Pitt Street, Sydney NSW 2000


LAKE EILDON: Joint Meeting Set January 7
----------------------------------------
Notice is given pursuant to Section 508 & 509 of the
Corporations Act 2001, that a joint meeting of members and
creditors of Lake Eildon Holiday Boats Pty Ltd (In Liquidation)
A.C.N. 005 187 539 will be held at the offices of D'Aloia
Handberg, Chartered Accountants, Level 10, 200 Queen Street,
Melbourne, 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 Liquidator.

Dated this 15th day of November 2004

A. D'Aloia
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


LODEN PEAK: Members to Meet January 10
--------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of the members of Loden
Peak Pty Ltd (In Liquidation) will be held in the Meeting Room,
HLB Mann Judd, Chartered Accountants, 1st Floor, 160 Queen
Street, Melbourne on the 10th day of January 2005 at 10:30 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator.

Dated this 16th day of November 2004

C.P. White
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


LOUKARI CORPORATION: Faces Voluntary Winding Up Proceedings
-----------------------------------------------------------
At a general meeting of the members of Loukari Corporation Pty
Limited (In Liquidation) A.C.N. 001 860 966 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 Company 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


MANSION KITCHENS: Dividend to be Declared on January 18
-------------------------------------------------------
A first and final dividend is to be declared in favor of
priority creditors on the 18th day of January 2005 for Mansion
Kitchens (Aust) Pty Ltd (In Liquidation) A.C.N. 074 316 920.

Creditors whose debts or claims have not already been admitted
are required on or before the 11th day of January 2005 formally
to prove their debts or claims. If they do not, they would be
excluded from the benefit of the dividend.

Dated this 17th day of November 2004

C.P. White
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


MORDIALLOC EXHAUST: Final Meeting Slated for January 10
-------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Mordialloc Exhaust Pty Ltd (In Liquidation) A.C.N.
099 915 750 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on Monday, 10 January 2005 at 9:30 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 Liquidators.

Dated this 16th day of November 2004

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


PERPETUAL PLANTATIONS: Winds Up Pistachio Plantation Scheme
-----------------------------------------------------------
An unregistered South Australian managed investment scheme will
be wound up following submissions made to the Australian
Securities and Investments Commission (ASIC).

Perpetual Plantations of Australia Pty Ltd (Perpetual
Plantations) recently wrote to ASIC proposing to wind up the
Peebinga Pistachio Plantation scheme which it has managed since
the mid-1990s. The scheme is not registered with ASIC and has
been operated in contravention of the Corporations Act 2001.

The pistachio plantation is located near Pinnaroo in South
Australia.

Perpetual Plantations is proposing to wind up the scheme in May
2005. Prior to commencing winding up proceedings, Perpetual
Plantations will contact each investor in the scheme with an
offer to purchase the individual investor's interest. This offer
will be open to all investors, who number approximately 400,
from February 2005 until 18 March 2005.

Previous attempts to resolve the issues surrounding the non-
compliance of the scheme with the law have failed. In February
2003, ASIC accepted an enforceable undertaking from Perpetual
Plantations and its directors, Ms Dee Dee Fleming and Mr Donald
Brownlie Fleming. Perpetual Plantations has been unable to meet
the conditions of the enforceable undertaking. As a result the
scheme will be wound up.

In order to receive a copy of the offer, investors in the
Peebinga Pistachio scheme should ensure Perpetual Plantations
has their current contact details.

"SIC warns all investors to check that any schemes they are
considering investing in are registered, as required under the
Corporations Act. People who invest in unregistered schemes are
not protected by the law in the way that they would be if the
scheme was registered," ASIC's Executive Director of
Enforcement, Ms. Redfern said.


STEPCO & SONS: To Undergo Voluntary Winding Up Process
------------------------------------------------------
Notice is hereby given that at meetings of member and creditors
of Stepco & Sons Pty Ltd (In Liquidation) A.C.N. 088 211 205
A.B.N. 14 088 211 205 held on 16 November 2004, it was resolved
that the Company be wound up, and that for such purpose, Gideon
Isaac Rathner of Lowe Lippmann, 5 St Kilda Road, St Kilda,
Victoria, 3182 is the appointed liquidator.

Dated this 16th day of November 2004

Gideon Isaac Rathner
Liquidator


TOMORROW'S APPAREL: To Declare Final Dividend on January 21
-----------------------------------------------------------
A first and final dividend is to be declared on 21 January 2005
for Tomorrow's Apparel Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 096 228 956.

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

Dated this 18th day of November 2004

M.W. Prentice
M.J. Robinson
Deed Administrators
c/- PPB
Chartered Accountants
Level 15, 25 Bligh Street,
Sydney NSW 2000
Telephone: 02 9233 4955
Facsimile: 02 9221 1310


VALENNE PTY: To Voluntarily Wind Up
-----------------------------------
Notice is hereby given that at a general meeting of the members
of Valenne Pty Limited (In Liquidation) A.C.N. 099 343 905, held
on 18 November 2004, it was resolved that the Company be wound
up voluntarily and that William Balfour Rangott of Rangott &
Slaven, Unit 12, Level 3 Engineering House, 11 National Circuit,
Barton, ACT be appointed Liquidator.

Dated this 18th day of November 2004

Sophie Novak
Secretary


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


CHINA CONSTRUCTION: Issues US$2Bln Bonds Before IPO
---------------------------------------------------
China Construction Bank (CCB) has issued CNY16.7 billion or US$2
billion in bonds in preparation for its forthcoming market
listing, Xinhuanet reports.

Some CNY10.62 billion (approximately US$1.3 billion) in ten-year
fixed rate bonds and CNY6.08 billion (US$734 million) in ten
year floating rate debt were sold just recently to institutional
investors through China's inter-bank market.

The bonds issued would be the third installment of bonds form
CCB within the year after the bank's bond issuance in July and
September.

CCB's bond issuance raised its capital adequacy ratio to 9.39%
by September's end, higher than the 8% level set by Basel Accord
for commercial banks.

CCB, along with Bank of China (BOC), received an injection into
its coffers from the government in its banking reform program
that began late last year.

The Chinese government is in a race to overhaul its banking
system in order to compete with foreign investors based upon its
WTO agreement to grant unrestricted market access to overseas
banks by 2006.

CCB has already been divided into a holding Company and a join-
stock firm.

Its joint stock firm,China Construction Bank Corporation, has
set up a board of directors, a share-holders' meeting, a board
of supervisors and senior management to start real corporate
governance and help cut off government-ordered lending.

CONTACT:

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


CHAN WAH: Creditors Meeting Set January 5
-----------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Chan Wah Real Estate, Decoration & Development Limited will be
held at Room 1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan
Chai, Hong Kong on 5 January 2005 at 9:30 a.m. for the purposes
mentioned in sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Dated 24 December 2004

By Order of the Board of
Chan Wah Real Estate, Decoration & Development Limited
Tam Chan Fai
Director


CHIEFUND INVESTMENT: Schedules Creditors, Members Meetings
----------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the members
and creditors of Chiefund Investment Company Limited will be
held at 8th Floor, Prince's Building, 10 Chater Road, Central,
Hong Kong on 11th day of January 2005 at 2:15 p.m. and 3:00
p.m., respectively for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the Company during the preceding year.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 24
hours before the time for holding the members' meeting and
creditors' proxies not later than 4:00 p.m. on the day before
the meetings.

Dated this 24th day of December 2004

Gabriel Ck Tam
Jacky Cw Muk
Joint and Several Liquidators


GAIN TALENT: Annual Meetings Slated for January 11
--------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meeting of the members
and creditors of Gain Talent Development Limited will be held at
8th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong
on 11th day of January 2005 at 2:00 p.m. and 2:30 p.m.,
respectively for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the Company during the preceding year.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 24
hours before the time for holding the members' meeting and
creditors' proxies not later than 4:00 p.m. on the day before
the meetings.

Dated this 24th day of December 2004

Gabriel Ck Tam
Jacky Cw Muk
Joint and Several Liquidators


GUANG XIN: To Convene Creditors, Members Meetings January 11
------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meeting of the members
and creditors of Guang Xin Enterprises Limited will be held at
8th Floor, Prince's Building, 10 Chater Road, Central, Hong Kong
on 11th day of January 2005 at 2:00 p.m. and 11:30 p.m.,
respectively for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the Company during the preceding year.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 24
hours before the time for holding the members' meeting and
creditors' proxies not later than 4:00 p.m. on the day before
the meetings.

Dated this 24th day of December 2004

Gabriel Ck Tam
Jacky Cw Muk
Joint and Several Liquidators


GUANGDONG INTERNATIONAL: Annual Meetings Set January 11
-------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the members
and creditors of Guangdong International Trust & Investment
Corporation Hong Kong will be held at 8th Floor, Prince's
Building, 10 Chater Road, Central, Hong Kong on 11th day of
January 2005 at 9:00 a.m. and 11:30 a.m., respectively for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the Company
during the preceding year.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 24
hours before the time for holding the members' meeting and
creditors' proxies not later than 4:00 p.m. on the day before
the meetings.

Dated this 24th day of December 2004

Gabriel Ck Tam
Jacky Cw Muk
Joint and Several Liquidators


INCORPORATED OWNERS: Court to Hear Liquidator's Application
-----------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of The Incorporated Owners of Albert House (also
known as The Owners Incorporation Of Albert House) will be heard
before Master S. Kwang of the High Court for consideration of
the resolutions and determinations (if any) of the first
meetings of creditors held on 29th November 2004 and the first
meeting of contributories held on 30th November 2004, deciding
the differences (if any), and making such order of appointments
as the court may think fit.

Date and Time of Hearing:
11th January 2005 (Tuesday) at 12:00 noon

Place of Hearing:
High Court Building, No. 38 Queensway, Hong Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 24th day of December 2004

Lee Mei Yee May
Acting Official Receiver & Provisional Liquidator


MASS WINNER: Sets Creditors Meeting on January 3
------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that meeting of the creditors of Mass
Winner Investment 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 11:00 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


STANDARD CAPITAL: Creditors Must Prove Claims by January 31
-----------------------------------------------------------
Notice is hereby given that the creditors of Standard Capital
Precious Metals Limited, whose debts or claims have not already
been admitted, are required on or before 31st day of January,
2005 to send in their names and addresses, full particulars of
their debts and claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their solicitors (if any) to the
Liquidators of the Company.

If so required by notice in writing from the said Joint and
Several Liquidators, they are to come in either by themselves or
by their solicitors and to prove their said 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 before such debts are proved and /or from objecting
to any distribution made before such priorities are established.

Dated this 23rd day of December 2004

(Sd.) Natalia K M Seng
(Sd.) Susan Y H Lo
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai Hong Kong


STAR WORLD: Receiving Proofs of Debts Until January 21
------------------------------------------------------
Notice is hereby given that the creditors of Star World
International Limited, which is being compulsorily wound up, are
required on or before 21 January, 2005 to send in their names
and addresses, full particulars of their debts and claims, and
the names and addresses of their solicitors (if any) to the
Liquidators of the Company at 7/F., Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong.

If so required by notice in writing from the said Joint and
Several Liquidators, they are to come in either by themselves or
by their solicitors and to prove their said 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 before such debts are proved.

Dated this 24th day of December 2004

N T C HILL
Joint and Several Liquidator


SYNERGY FINANCE: Court Issues Winding Up Notice
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Synergy Finance Limited by the High Court of Hong Kong Special
Administrative Region was on the 24th day of November 2004
presented to the said Court by China Everbright Holdings Company
Limited whose registered office is situate at Room 3001, 30th
Floor, Far East Finance Centre, 16 Harcourt road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am 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.

Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong

Note: Any person who intends to appear on 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 24 December 2004.


SYNERGY PROPERTY: Enters Bankruptcy Proceedings
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Synergy Property Development Co. Limited by the High Court of
Hong Kong Special Administrative Region was on the 24th day of
November 2004 presented to the said Court by China Everbright
Holdings Company Limited whose registered office is situate at
Room 3001, 30th Floor, Far East Finance Centre, 16 Harcourt
road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am 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.

Johnson Stokes & Master
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong

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

This notice is dated 24 December 2004.


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


BANK GLOBAL: Management Staff Blamed for Woes
---------------------------------------------
The problems which have dragged Bank Global Internasional into
the verge of liquidation may have been caused by the management
individuals rather than the banking system, according to Asia
Pulse.

Senior Deputy Governor of Bank Indonesia (central bank) Miranda
S. Goeltom claimed the Bank Global's financial plight began as a
result of the management by individuals, not by the bank or its
system.

However, Ms. Goeltom was hesitant to comment further, and asked
the public to wait for an official clarification on Bank Global
and other banks that are facing similar problems.

She emphasized that without any clear information, a bank may
face more serious problems as a result of unclear information.

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: Government Works to Save Business
----------------------------------------------------
The government is intent to rescue troubled state-owned carrier
Merpati Nusantara Airlines from collapse, according to Asia
Pulse.

Minister for State Enterprises Sugiharto declared Merpati will
not be closed during his term. He, however, did not elaborate on
how he intends to keep the Company afloat.

The minister's assertion refutes an earlier statement by his
deputy Ferdinand Nainggolan that Merpati could not last past
this month unless it could raise IDR400 billion (US$44.4
million) to fund its operations.

"The Company did not even have the money to pay its workers,"
Mr. Nainggolan revealed.

Merpati has a total debt of around US$144 million, which is owed
to the finance ministry, state-owned Bank Mandiri and state-
owned carrier Garuda Indonesia.

CONTACT:

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


PERTAMINA: To Deliver LNG to Japan, South Korea Soon
----------------------------------------------------
Japan and South Korea will soon take delivery of liquefied
natural gas (LNG) from PT Pertamina's Arun field in Lhokseumawe,
Aceh province, reports Asia Pulse.

"Barring any disturbances, cargo ships will soon carry the LNG
to export destination countries, namely Japan and South Korea,"
Pertamina Deputy President Director Mustiko Saleh told the
media.

According to Mr. Saleh, two cargo ships, the Echico Maru for
delivery to Japan and the Aquarius for delivery to South Korea,
had arrived in Lhokseumawe to take in the LNG. The job was
expected to take two to three days.

Despite the disaster in Aceh that killed more than 4,000 people
in the province and amid predictions of possible aftershocks in
the region, Pertamina is set to carry on shipping the LNG as
scheduled.

However, if the situation made it impossible for the Company to
meet its commitments, it would declare a force majeure and
inform its foreign customers accordingly.

An expert team of the Energy and Mineral Resources Ministry
warned that the region could experience aftershocks and more
tsunamis that may disrupt the LNG shipments, especially to Japan
and South Korea.

Meanwhile, Pertamina said that LNG production was not disrupted
by the quake with production of the Arun LNG facilities reaching
1.2 billion cubic feet per day, and activities in fields
operated by 11 production sharing contractors continuing
normally.

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


* Tsunami Insurance Losses at IDR16.8 Tln
-----------------------------------------
Last week's massive earthquake and tsunamis on Sumatra Island
will likely mean hefty losses for the country's insurance
companies, Dow Jones relates, citing Bisnis Indonesia.

Insurance firms are expected to cover around IDR16.8 trillion in
insurance liabilities from the disaster.

Indonesian Insurance Companies Association representative Frans
Y. Sahusilawane affirmed companies such as PT Telekomunikasi
Indonesia, PT Aceh Fertilizer and PT Pupuk Iskandar Muda are
among the largest insurance policy holders in devastated areas.

As of Thursday, Indonesia's official death toll stood at 45,268,
with 1,240 still missing. Authorities, however, said the figure
does not include a full count from Sumatra's west coast, where
another 10,000 deaths are feared.


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


MISAWA HOMES: Toyota May Heed Call for Aid
------------------------------------------
Toyota Motor is likely to buy about 10 percent of Misawa Homes
Holdings, as a response to the government's call for help to
keep the house builder afloat, reports the International Herald
Tribune.

Giant carmaker Toyota, which also sells houses and offers
financial services, is reportedly in talks with a mystery
financial sponsor to purchase a combined 33.4 percent of Misawa.

In a statement, Toyota said it will build and sell houses with
Misawa and will also send an executive to help manage the
developer if a request is made.

The move by Toyota is part of a plan by the Industrial
Revitalization Corporation of Japan (IRCJ) to rescue ailing
Misawa.

The IRCJ on Tuesday agreed to handle Misawa's restructuring. It
has requested Japanese banks to allocate a total of JPY140
billion, or US$1.35 billion of aid for Misawa. UFJ Bank will
swap JPY20 billion of the homebuilder's debt for equity in the
developer, while other lenders pledged to waive JPY120 billion
of loans.

Misawa Homes was saddled with interest-bearing debts of JPY280
billion on a consolidated basis as of the end of September.

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: Asked to Rewrite Safety Plan
---------------------------------------------
Embattled Mitsubishi Fuso Truck and Bus Corporation was asked by
the Construction and Transport Ministry to rewrite a report the
truck maker submitted on measures to prevent future accidents
caused by defective parts, reports The Yomiuri Shimbun.

The Ministry, which deemed the report inadequate, may also renew
its demand for Fuso to explain further the cover-ups on faulty
parts.

Since June, the scandal-hit truck manufacturer has attempted to
formulate measures that the ministry's demand for greater
vehicle safety following a string of recalls and defect cover-up
scandals.

The Ministry's request for the reports to be revised indicates
that Fuso have failed to satisfy its requirements this year.

Fuso, on Dec. 17, submitted to the Ministry a 30-page report,
which focused on such measures as improving product quality and
reviewing corporate systems.

Based on the Road Vehicles Law, the Ministry required Fuso in
May to explain how such illicit actions could occur and to
submit report on possible preventive measures.

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


RESONA HOLDINGS: Corrects Consolidated Financial Results Report
---------------------------------------------------------------
Resona Holdings, Inc. hereby gave notice that the Consolidated
Financial Results Report for the First Half of FY 2004 (Tanshin
Report) and Reference Materials, which were announced on
November 25, 2004, contained the information that should be
corrected (as contained in the attachment).

Consolidated ordinary profit and net interim income are not
affected by these corrections.

To view the corrections, click on:
http://bankrupt.com/misc/TCRAP_RESONAHOLDINGS123004.pdf

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


RESONA HOLDINGS: Unit's Client Files for Civil Rehab Proceedings
----------------------------------------------------------------
Resona Holdings, Inc. hereby gave notice that Nishiyodo Kuchoki
Corporation which is a customer of its banking subsidiary,
Resona Bank, Ltd. and The Kinki Osaka Bank, Ltd., filed an
application for commencement of civil rehabilitation proceedings
with the Osaka District Court.

As a result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name: Nishiyodo Kuchoki Corporation
(2) Address: 21-13, Hanakawa 2-Chome, Nishiyodogawa-ku, Osaka-
shi, Osaka
(Registered address: 1-1, Iwata-Minamino, Yawata-shi Kyoto-fu)
(3) Representative: Toshiki Hiramatsu
(4) Amount of capital: JPY460 million
(5) Line of business: Manufacturing of air-conditioning
equipment

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
December 28, 2004.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: JPY54 million
Exposure of Kinki Osaka Bank Loans: JPY2, 477 million

Other banking subsidiaries of Resona HD, Saitama Resona Bank and
Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The aforementioned claims of Resona Bank and Kinki Osaka Bank
are substantially covered by collateral and loan loss reserves.
Therefore, the previous earnings forecasts of Resona HD for the
fiscal year ending March 31, 2005, which were announced on
November 25, 2004, remain the same.


TAKARA COMPANY: JCR Downgrades Bonds to BBB
-------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has downgraded the
rating on bonds of Takara Co., Ltd. from BBB+ to BBB, removing
it from Credit Monitor.

Issues      Amount(bln) Issue Date     Due Date       Coupon
bonds no.1  JPY7        Feb. 28, 2003  Feb. 28, 2006  1.20%

Rationale:

Takara had improved the revenue and earnings, generating hit
products such as e-kara and Beyblade since it restarted the
business under the new management system in February 2000. It is
expected to fall into the red for fiscal 2004 ending March 31,
2005 for the first time in 5 years since fiscal 1999.

The interest-bearing debt has been on the rise along with
expansion in the number of group companies. The ratio of capital
to total capital for the group as a whole dropped. JCR considers
it necessary for Takara to strengthen the financial structure.
Enhancement of the products and improvement in the group
management are overriding issues to be addressed to improve the
performance. JCR considers that it will take time for these
efforts to contribute to boosting the earnings.

CONTACT:

Takara Co., Ltd.
19-16 Aoto 4-Chome
Katsushika-Ku 125-8503, Tokyo 125-8503
Japan
Phone: +81 3 3603 2131
Fax: +81 3 3690 3720


TOWA REAL: Mitsubishi Estate to Take 33.4% Stake
------------------------------------------------
Mitsubishi Estate Company Limited is keen on rescuing troubled
Towa Real Estate Development Company, Reuters reports.

Mitsubishi Estate will form a strategic alliance with Towa that
will see the real estate firm take a 33.4-percent stake in the
cash-strapped condominium developer.

Towa will issue JPY25 billion (US$242.6 million) worth of new
shares in a third-party allocation to be purchased by Mitsubishi
Estate and joint investors. Mitsubishi will acquire a
controlling stake in Towa through the purchase of JPY8.92
billion worth at JPY240 each on March.

Mitsubishi Estate will also take over 51 percent of a wholly
owned real estate management unit of Towa Real Estate.

As part of Towa's restructuring plan, the Company's main
creditor UFJ Bank is set to transfer more than 38 million
preferred shares in Towa to Mitsubishi Estate. Towa will also
request other creditor banks to provide some JPY80 billion in
aid.

Previously, Towa was granted two financial aid packages worth a
total of more than JPY500 billion, but the Company, with JPY280
billion of debt as of March, is still embroiled in financial
difficulties.

CONTACT:

Towa Real Estate Development Company Limited
3-13 Yaesu 2-chome
Chuo-ku 104-8484, Tokyo 104-8484
Japan
Phone: +81 3 3272 6331
Fax: +81 3 3272 7180
Web site: http://www.towa-fudosan.co.jp/


UFJ HOLDINGS: Extends Rehab Aid to Daiei
----------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) gave notice that UFJ Bank
Limited (UFJ Bank), a subsidiary of UFJ Holdings, Sumitomo
Mitsui Banking Corporation, Mizuho Corporate, Ltd. and 12 Daiei
group companies as set forth below (collectively called the
Daiei Group) have jointly submitted an application for support
of business revitalization in respect to the Daiei Group to the
Industrial Revitalization Corporation of Japan ('IRCJ') in
accordance with Article 22 of the Industrial Revitalization
Corporation Act and have received an approval for the support
from IRCJ.

UFJ Bank plans to extend financial support to the Daiei Group on
the condition that other financial institutions shall agree to
their business revitalization plan.

(1) Outline of the Daiei Incorporated

Trade Name: The Daiei Incorporated
Address: 4-1-1, Minatojima Nakamachi, Chuo-ku, Kobe-shi, Hyogo
Representative: Toshio Hasumi

(2) Financial Support (Planned)

Debt forgiveness: Approximately JPY204.3 billion (total for 12
group companies)
Write-off of Preferred Shares: Approximately JPY96 billion
Execution Date: In the second half of fiscal year 2004

(3) Impact on Earnings of UFJ Holdings

UFJ Holdings does not change the current forecast of its non-
consolidated and consolidated financial results for the fiscal
year ending March 31, 2005.

CONTACT:

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


UFJ HOLDINGS: Supports Revitalization of Misawa Homes
-----------------------------------------------------
UFJ Holdings, Inc. (UFJ Holdings) hereby gives notice that UFJ
Bank Limited (UFJ Bank), a subsidiary of UFJ Holdings, and 31
companies as set forth below including Misawa Homes Holdings,
Inc. and Misawa Homes Co., Ltd. (collectively called the Misawa
Homes Group) have jointly submitted an application for support
of business revitalization in respect to the Misawa Homes Group
to the Industrial Revitalization Corporation of Japan (IRCJ) in
accordance with Article 22 of the Industrial Revitalization
Corporation Act and have received an approval for the support
from IRCJ today.

UFJ Bank plans to extend financial support to the Misawa Homes
Group on the condition that other financial institutions shall
agree to their business revitalization plan. Hereafter, as a
core bank, UFJ Bank will continue its support to the Misawa
Homes Group in cooperation with IRCJ aiming to realize their
revitalization plan.

(1) Outline of MISAWA HOMES HOLDINGS, INC. and MISAWA HOMES CO.,
LTD.

Trade Name: Misawa Homes Holdings, Inc.  
Address: 2-4-1, Nishishinjuku,         
                Shinjuku-ku, Tokyo           
Representative: Kazuo Mizutani               
Capital: JPY45,249 million            

Trade Name: Misawa Homes Co., Ltd.
Address: 2-4-5, Takaidohigashi, Suginami-ku, Tokyo
Representative: Haruo Sato
Capital: JPY24,000 million

(2) Financial Support (Planned)

Debt forgiveness: Approximately JPY85 billion
Capital Injection: Approximately JPY20 billion

(Subscription of preferred shares issued by MISAWA

HOMES HOLDINGS, INC. by debt-for-equity swap)

Write-off of Preferred Shares: Approximately JPY108 billion

(Expected loss with regard to write-off of preferred shares
which MISAWA HOMES HOLDINGS, INC. plans to request in the first
half of FY 2005)

Execution Date: In the first half of fiscal year 2005

(3) Impact on Earnings of UFJ Holdings

UFJ Holdings does not change the current forecast of its non-
consolidated and consolidated financial results for the fiscal
year ending March 31, 2005.


* Banks Cut Employee Numbers to Below 300,000
---------------------------------------------
Restructuring efforts of Japanese Banks have lowered the number
of employees in the industry at the end of September to 299,400,
Asia Pulse reports.

The figure represents two-thirds of the peak employment recorded
at the end of March 1994.

A data compiled by the Japanese Banker's Association showed a
number of full-time employees at 130 city, regional and
secondary regional banks plunged to less than 300,000 for the
first time since March 1970, dropping for a 10th consecutive
year after hitting a peak of 462,700 in 1994.


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


DAEWOO ENGINEERING: Wins US$179.3-Mln Worth of Nigerian Orders
--------------------------------------------------------------
Daewoo Engineering & Construction Co. (KSE:047040) nailed down
two orders to build a gas plant in Nigeria worth US$179.3
million, reports Asia Pulse.

An order worth US$117 million includes construction of a
liquefied natural gas plant with an annual capacity of 4.8
million tons in Nigeria. Construction will commence in April and
targets May 2007 as Date of completion.

The other one worth AU$62.3 million involves building a natural
gas liquids plant in the country between January and September
2007. It will have a daily capacity of 65,000 barrels.

Japan's JGC Corp. and three other companies, Daewoo said.


LG CARD: LG Group Proposes KRW264.3Bln Debt-to-Equity Conversion
----------------------------------------------------------------
LG Group has finally attempted to revive the ailing LG Card Co.
through the conversion of up to KRW264.3 billion of the card-
issuer's debt into equity, Digital Chosunilbo relates.

LG Group commissioned third-party legal and accounting firms to
draw up the proposal. The plan resulted from a report done by
Deloitte Consulting with the assessment on the burden the group
could reasonably be expected to bear.

Following the fresh proposal, creditors of LG Card have softened
on the ultimatum it gave LG Group.

According to Financial Supervisory Service Governor Yoon Jeung-
hyun the best way to resolve the problem would be to strike a
deal between the parties involved in accordance with market
principles, adding that he believed these would help guide them
to a peaceful resolution.

On its viewpoint in giving LG Group a Wednesday deadline, the
creditors of LG Card said it does not intend to arrange the
liquidation of the card issuer but rather the firm would go
bankrupt if LG Group did not change its position Wednesday, the
deadline given for infusion of new capital.

The former offer of LG Group was too small to consider, the
official added.  Creditors were believed to renegotiate with LG
Group on how much debt should be converted into equity, a
financial circle forecasted.

CONTACT:

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


SK NETWORKS: Acquires US$22.6-Bln Stake in SK Securities
--------------------------------------------------------
SK Networks Co. bought a 14.3 percent stake worth US$22.6
billion in SK Securities Co. from an affiliate to facilitate the
sale of the brokerage Company, The Korea Herald relates, citing
a regulatory filing.

Proceeds from the sale will be used to repay SK Networks' debts
and improve its financial status.  With the purchase, SK
Networks now holds 28.6 percent in SK Securities making it the
brokerage firm's biggest shareholder.

As the biggest shareholder, SK Networks will lead the talks with
potential buyers for the sale of SK Securities.

Differences on sale terms prompted SK Networks to end talks with
Seoul Securities in August.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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


ARTWRIGHT HOLDINGS: SC OKs Settlement Proposal
----------------------------------------------
Artwright Holdings Berhad refers to its announcement made on 15
December 2004 in relation to the approval of the Securities
Commission (SC) on the proposed settlement of shortfall in
profit guarantee.

The Company announced that the SC had also approved the Proposed
Settlement under the Guideline on the Acquisition of Interests,
Mergers and Takeovers by Local and Foreign Interests on the same
date.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia

This announcement is dated 29 December 2004.


BOUSTEAD HOLDINGS: Units Face Voluntary Liquidation
---------------------------------------------------
Boustead Holdings Berhad (BHB) announced that four of its
indirect subsidiaries, which are subsidiaries of Boustead
Plantations Berhad, in which BHB have 100% equity interest have
passed a special resolution for members' voluntary winding-up at
their respective Extraordinary General Meetings held on 27
December 2004.

The following indirect subsidiaries are:

(1) Syarikat Kemajuan Bumi-Daya (Sabah) Sdn Bhd
(2) Syarikat Hing Lee Plantations Sdn Bhd
(3) Segamaha Development Sdn Bhd
(4) Gradient Holdings Sdn Bhd

Messrs. Gan Ah Tee (NRIC No: 560422-01-6033) and Ong Hock An
(NRIC No: 580913-08-5859) of KPMG Corporate Services Sdn Bhd
have been appointed as liquidators of the indirect subsidiaries.

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

None of the directors and substantial shareholders of BHB has
any interest in the transactions.

CONTACT:

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


BUKIT KATIL: Unveils Production Figures for November
----------------------------------------------------
Bukit Katil Resources Berhad announced the production figures
for the month of November 2004 in respect of the Group's
plantation production are as follows:

Current Month: November 2004
FFB (mt): 460.03

Preceeding Year Corresponding Month: November 2003
FFB (mt): 569.42

Current Year to date: November 2004
FFB (mt): 2,707.50

Preceedings Year Corresponding Period: November 2003
FFB (mt): 3,898.54

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 MALAYSIA
Telephone: +60 3 2095 7077
Fax: +60 3 2094 9940


CHG INDUSTRIES: Securities Reclassified to PN17 Condition
---------------------------------------------------------
In conjunction with the repeal of the Practice Note No. 4/2001
(PN4) and the introduction of Practice Note No. 17/2005
effective from 3 January 2005, the classification of PN4-
Condition sector will be removed and all existing PN4 Companies
are to be reclassified back to their original sectors.

In view of the above, the securities of CHG Industries Berhad
will be reclassified from the PN4-Condition sector to PN17
Condition to the Industrial Products sector with effect from
9.00 a.m., Monday, 3 January 2005.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215


CME GROUP: Cuts Ties with Dormant Unit
--------------------------------------
The Board of Directors of CME Group Berhad (CME) has on 28
December 2004 disposed of 2,000,000 ordinary shares of RM1.00
each held in the dormant subsidiary, CME Construction Sdn Bhd
representing 100% of the total issued and paid-up capital of CME
Construction Sdn Bhd for a cash consideration of RM11,000.00 to
Bayu Biru Sdn Bhd, Haji Abdullah Bin Mohd Mahyudin and Dato'
Zolkapli @ Zulkifi Bin Sharif.

Accordingly, CME Construction Sdn Bhd has ceased to be a
subsidiary of CME.

The above disposal will not have any material effect on the
earnings and net tangible assets of CME for the financial year
ending 31 December 2004.

None of the directors or substantial shareholders of CME or
persons connected to them has any interest, direct or indirect,
in the above disposal.

CONTACT:

CME Group Berhad
Lot 19, Jalan Delima 1/1
Subang Hi-Tech Industrial Park
Batu Tiga
40000 Shah Alam,
Selangor
Phone: (03) 56331188
Fax: (03) 56343838


FORESWOOD GROUP: Securities Reclassified To PN17 Sector
-------------------------------------------------------
In conjunction with the repeal of Practice Note No. 4/2001 (PN4)
and the introduction of Practice Note No. 17/2005 (PN17)
effective from 3 January 2005, the classification of PN4-
Condition sector will be removed and all existing PN4 Companies
are to be reclassified back to their original sectors.

In view of the above, the securities of Foreswood Group Berhad
will be reclassified from the PN4-Condition sector to the
Industrial Products sector with effect from 9 a.m., Monday, 3
January 2005.

CONTACT:

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


JASATERA BERHAD: Finalizing Debt Settlement Agreement
-----------------------------------------------------
Reference is made to the announcement dated 15 December 2004 and
paragraph 4.1(b) of the PN 4/2001 wherein the listed issuer is
required to announce the status of its financial position on a
monthly basis until further notice from the Bursa Malaysia
Securities Berhad.

Presently, Jasatera Berhad and the bank lenders are still in the
midst of finalizing the terms of the new supplemental debt
settlement agreement (Supplemental DSA) to be entered into
between them, which will be announced in due course.

In addition, it was mentioned in the announcement dated 15
December 2004 that the decision of the Bank Lenders to sign the
Supplemental DSA was premised on the decision by Dato' Koo Yuen
Kim, through his wholly-owned Company, Honourwin Investment
Limited (HIL), agreeing to enter into separate put and call
option agreements (Put and Call Option Agreements) with the
relevant Bank Lenders (Participating Bank Lenders) to acquire
the irredeemable convertible preference shares to be issued to
these Participating Bank Lenders pursuant to the proposed debt
settlement .

The Put and Call Option Agreements shall be supported with a
standby letter of credit provided by a bank (Issuance Bank)
acceptable to the Participating Bank Lenders. The Issuance Bank
had on 17th November 2004 informed in writing to Dato' Koo Yuen
Kim that his application for the standby letter of credit is
currently under reviewed and shall revert to him with a formal
letter of offer once the Issuance Bank has approved his
application.

Pursuant to the announcement made on 15 December 2004, the
Securities Commission decisions on the variations to the Revised
Proposed Recapitalization Exercise (Exercise) and further
granting an extension of time to 31 August 2005 to allow
Jasatera for completing the implementation of the Exercise are
still pending. The Company will now proceed to take the
necessary steps to implement the Revised Proposed
Recapitalization Exercise, including preparing the necessary
documents to obtain approvals from the shareholders of Jasatera
at forthcoming Extraordinary General Meeting to be convened.

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


MENTIGA CORPORATION: Exits PN4 Condition
----------------------------------------
In conjunction with the repeal of Practice Note No. 4/2001 (PN4)
and the introduction of Practice Note No. 17/2005 effective from
3 January 2005, the classification of PN4-Condition sector will
be removed and all existing PN4 Companies are to be reclassified
back to their original sectors.

In view of the above, the securities of Mentiga Corporation
Berhad will be reclassified from the PN4-Condition sector to the
Industrial Product sector with effect from 9 a.m., Monday, 3
January 2005.

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax: +60 3 40431233


NALURI BERHAD: Appoints New Director
------------------------------------
Naluri Berhad announced the appointment of Mr. Peng Yew as its
new Director on December 29, 2004.

Date of change: 29/12/2004  

Type of change: Appointment

Designation: Director

Directorate: Non Independent & Non Executive

Name: Wong Peng Yew

Age: 38

Nationality: Malaysian

Qualifications: Graduated in 1993 with a Bachelor of Economics
degree majoring in Accounting from the Monash University,
Australia.

Obtained a Diploma in Business Information System.

A Chartered Accountant of the Malaysian Institute of
Accountants.

Working experience and occupation: 1993: Audit Assistant, Price
Waterhouse.

1993 - 1994: Senior CIS Audit Supervisor/Analyst Programmer of
Ban Hin Lee Bank Berhad.

1994: Joined Sriwani Group of Companies as Chief Internal
Auditor. Currently, he is the Corporate Affairs and Finance
Director of Sriwani Holdings Berhad.

Directorship of public companies (if any): Sriwani Holdings
Berhad

Family relationship with any director and/or major shareholder
of the listed issuer: None

Details of any interest in the securities of the listed issuer
or its subsidiaries: None

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676


NAUTICALINK BERHAD: Reclassifies Securities to PN17 Condition
-------------------------------------------------------------
In conjunction with the repeal of Practice Note No. 4/2001 (PN4)
and the introduction of Practice Note No. 17/2005 effective from
3 January 2005, the classification of PN4-Condition sector will
be removed and all existing PN4 Companies are to be reclassified
back to their original sectors.

In view of the above, the securities of Nauticalink Berhad will
be reclassified from the PN4-Condition sector to the
Trading/Services sector with effect from 9 a.m., Monday, 3
January 2005.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058


OCEAN CAPITAL: Bourse Craps PN4 Provision
-----------------------------------------
Ocean Capital Berhad would be allowed on Monday to be traded on
the Bursa Malaysia Securities Berhad under the trading/services
sector following the revocation of the Practice Note. No. 4/2001
(PN4) condition, the Star Online reports.

The PN4 provision, which was created to assist the
rehabilitation of distressed listed companies, would be scrapped
from January 1, 2005.

CONTACT:

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


PARK MAY: Enters Into Supplemental Definitive Agreement
-------------------------------------------------------
On 11 March 2004, on behalf of the Company, AmMerchant Bank
Berhad (AmMerchant Bank) announced that Park May Berhad,
Konsortium Transnasional Berhad (KTB) and Kumpulan Kenderaan
Malaysia Berhad (KKMB) (Parties) had on even date entered into
an agreement setting out the details of the Proposed
Restructuring Scheme and also the undertakings and obligations
of the Parties thereto (Definitive Agreement), for the purposes
of, inter-alia, giving effect to and implementing the Proposed
Restructuring Scheme.

In the same announcement, it was also disclosed that KTB had on
even date entered into a conditional share sale agreement with
Perak Roadways Berhad (Perak Roadways) (Conditional Perak
Roadways SPA) to acquire 80,000 ordinary shares of RM1.00 each
held by Perak Roadways in Transnasional Express Sdn Bhd,
representing 0.9% of its equity interest, for a purchase
consideration of RM320,000 to be satisfied by the issuance of
640,000 new Shares in KTB at an issue price of RM0.50 per Share.

In this respect, on behalf of the Company, AmMerchant Bank would
like to announce that the Parties have today entered into a
supplemental agreement (Supplemental Definitive Agreement) for
the purpose of varying some of the terms and conditions of the
Definitive Agreement.

In addition, KTB has on 29 December 2004 entered into a
conditional share sale agreement with KKMB (Conditional KKMB
SPA) for the proposed acquisition by KTB of all of KKMB's legal
and beneficial interests in the Six Bus Companies (Sale Shares)
for a total purchase consideration of RM84,735,614.50 (Purchase
Consideration) to be satisfied by the issuance of 169,471,229
new Shares in KTB (Consideration Shares).

(The Supplemental Definitive Agreement and Conditional KKMB SPA
are to be collectively referred to as Agreements)

SALIENT TERMS OF THE AGREEMENTS

Supplemental Definitive Agreement

(i) The period to fulfill the conditions precedent of the
Definitive Agreement (Approval Period) is extended from 31
December 2004 to 30 June 2005;

(ii) As Park May is proposing to redeem RM12.0 million of the
outstanding CP from the proceeds arising from the proposed
disposal of two (2) properties by Landvest Sdn Bhd (Landvest), a
wholly-owned subsidiary of Park May to MHSB Development Sdn Bhd,
a wholly-owned subsidiary of KKMB (MHSB) pursuant to a
conditional sale and purchase agreement dated 6 December 2004,
the Proposed Debt Restructuring will only involve the
restructuring and settlement of RM63.0 million of the
outstanding CP currently held by Affin Discount Berhad (Affin
Discount) by the cancellation of the same and in consideration
of Affin Discount agreeing to the cancellation, KTB shall issue
an equivalent nominal value of ICSLS to Affin Discount; and

(iii) Subject only to the amendments, variations and/or
modifications contained in the Supplemental Definitive
Agreement, the terms, conditions and stipulations of the
Definitive Agreement shall remain valid and binding on the
Parties and shall apply in full force and effect to such Parties
as if the amendments, variations, substitutions and/or
modifications provided were originally incorporated into the
Definitive Agreement by way of amendment, variation,
substitution and/or modification, as the case may be, of the
Definitive Agreement.

CONDITIONAL KKMB SPA

(a) In consideration of the Purchase Consideration which shall
be satisfied by the issuance and allotment of the Consideration
Shares by KTB in favor of KKMB pursuant to the terms of the
Conditional KKMB SPA, KKMB as legal and beneficial owner shall
sell and KTB relying on the warranties and representations by
KKMB contained in the Conditional KKMB SPA shall purchase the
Sale Shares free from all charges, liens, encumbrances and all
liabilities and with all rights, benefits and advantages now or
hereafter attaching thereto, including all bonuses, rights,
dividends and distributions declared made and paid as from the
date of the Conditional KKMB SPA upon the terms and subject to
the conditions therein contained.

(b) Completion of the Conditional KKMB SPA is conditional on:

(i) the approval of the board of directors and shareholders of
KKMB for the sale of the Sale Shares upon the terms and
conditions therein, including the approval of the shareholders
of KKMB pursuant to Section 132C of the Companies Act, 1965
(Act);

(ii) the approval of the board of directors and shareholders of
KTB for the purchase of the Sale Shares in exchange for the
Consideration Shares upon the terms and conditions therein,
including the approval of the shareholders of KTB pursuant to
Section 132C of the Act;

(iii) KKMB having obtained or caused to be obtained, to the
satisfaction of KTB, consent of third party as may be required
under any license obtained or any agreement entered into by KTB
to complete the sale; and

(iv) the Conditional Perak Roadways SPA becoming unconditional
save for the condition which requires the Conditional KKMB SPA
to become unconditional.

(c) The conditions precedent of the Conditional KKMB SPA shall
be satisfied on or before 30 June 2005 (Cut-Off Date).
Thereafter, both parties may (before or on expiry of the Cut-Off
Date) have an extension(s) of time as may be agreed between the
parties to comply with the conditions precedent. If the
conditions precedent has not been fulfilled on the expiry of the
Cut-Off Date or such extension of time agreed between the
parties, the Conditional KKMB SPA shall lapse and cease to have
any further force or effect and thereafter, none of the parties
shall have any further rights against the other(s).

(d) if KTB fails to complete the sale and purchase of the Sale
Shares in accordance with the Conditional KKMB SPA on Completion
Date, being a day falling within fourteen (14) Business Days
after the date of the last of the conditions precedent is
satisfied or such other date as the parties may agree in writing
(Completion Date) and/or breaches any of the terms and/or
warranties set out in the Conditional KKMB SPA, then KKMB shall
be entitled to either:

(i) claim for specific performance of the Conditional KKMB SPA;
or

(ii) terminate the Conditional KKMB SPA and upon such
termination, KTB shall pay to KKMB all reasonable costs and
expense incurred by KKMB pursuant to the negotiation and
preparation of the Conditional KKMB SPA and any incidental costs
thereto, after which KKMB shall have no other claims whatsoever
against KTB.

(e) if KKMB fails to complete the sale and purchase of the Sale
Shares in accordance with the Conditional KKMB SPA on Completion
Date and/or breaches any of the terms and/or warranties set out
in the Conditional KKMB SPA, then KTB shall be entitled to
either:

(i) claim for specific performance of the Conditional KKMB SPA;
or

(ii) terminate the Conditional KKMB SPA and upon such
termination, KKMB shall pay to KTB all reasonable costs and
expenses incurred by KTB pursuant to the negotiation and
preparation of the Conditional KKMB SPA and any incidental costs
thereto, after which KTB shall have no other claims whatsoever
against KKMB.

The proposed restructuring scheme of Park May Berhad comprised
of the following:

(a) proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB), namely Kenderaaan Langkasuka
Sdn Bhd, Kenderaan Klang Banting Berhad, Kenderaan Labu Sendayan
Sdn Bhd, Starise Sdn Bhd, Syarikat Rembau Tampin Sdn Bhd and
Transnasional Express Sdn Bhd (to be collectively referred to as
"Six Bus Companies), by Konsortium Transnasional Berhad (KTB),
the Company which will assume the listing status of Park May
pursuant to the Proposed Restructuring Scheme, for a total
purchase consideration of RM85,055,614.50 to be satisfied by the
issuance of 170,111,229 new ordinary shares of RM0.50 each
(Shares) in KTB (Proposed Acquisitions);

(b) proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Syarikat Kenderaan
Melayu Kelantan Berhad (SKMK), a subsidiary of KKMB, comprising
7,250,620 ordinary shares of RM1.00 each to be satisfied by the
issuance of 72,506,200 new Shares in KTB at an issue price of
RM0.50 per Share on the basis of ten (10) new Shares in KTB for
every one (1) existing ordinary share of RM1.00 each held in
SKMK;

(c) proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Tanjong Keramat Temerloh
Utara Omnibus Berhad (Keramat), a subsidiary of KKMB, comprising
1,054,653 ordinary shares of RM1.00 each to be satisfied by the
issuance of 7,382,571 new Shares in KTB at an issue price of
RM0.50 per Share on the basis of seven (7) new Shares in KTB for
every one (1) existing ordinary share of RM1.00 each held in
Keramat;

(Items (a), (b) and (c) to be collectively referred to as
"Proposed Acquisitions Of Bus Companies)

(d) proposed exchange of all the existing ordinary shares of
RM1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares of RM1.00 each held in Park May prior to the Proposed
Shares Cancellation (Proposed Share Exchange);

(e) proposed cancellation of the entire issued and paid-up share
capital of Park May and the issuance of new ordinary shares of
RM1.00 each in Park May to KTB (Proposed Shares Cancellation);

(f) proposed debt restructuring of RM63.0 million of the
outstanding Commercial Papers (CP) of Park May by way of
canceling RM63.0 million of the outstanding CP and the issuance
of an equivalent nominal value of Irredeemable Convertible
Secured Loan Stocks (ICSLS) by KTB (Proposed Debt
Restructuring);

(g) proposed waiver to KKMB and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in KTB after the Proposed Acquisitions Of Bus Companies and
Proposed Share Exchange;

(h) proposed offer for sale / placement of the Shares in KTB
held by KKMB to the Malaysian public / investors to comply with
the minimum 25% public shareholding spread requirement; and

(i) proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Bursa Malaysia
Securities Berhad (formerly known as Malaysia Securities
Exchange Berhad) and proposed delisting of Park May.

(Items (a) to (i) to be collectively referred to as "Proposed
Restructuring Scheme)

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax: +60 3 7625 4987

The announcement is dated 29 December 2004.


SRI HARTAMAS: Resolutions Duly Passed at AGM
--------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that all the Ordinary Resolutions as set out in the
notice of its Annual General Meeting (AGM) dated 7 December 2004
have been duly passed at the 34 AGM of the Company held on 29th
December 2004.

Yours faithfully,
Sri Hartamas Berhad - Special Administrators Appointed
Ooi Woon Chee
Special Administrator

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Phone: +60 3 2167 0600
Fax: +60 3 2162 0212

This announcement is dated 29th December 2004.


SRI HARTAMAS: Bursa Malaysia May Delist Securities
--------------------------------------------------
Property developer Sri Hartamas Berhad may be delisted from the
Bursa Malaysia Securities Berhad (Exchange) as it has yet to
find a white knight to rescue it from its financial woes, the
Star Online reports.

Sri Hartamas' Special Administrator Ooi Woon Chee said the
Company had on Nov 17 replied to a show cause notice from Bursa
Malaysia on the de-listing of its securities and was currently
waiting for a decision from the Exchange.

Trading in the PN4 Company's shares has been suspended since
June 16, 2000.

The Company had a net liability or negative shareholders' funds
of RM492.13 million as at June 30, 2004. It recorded a pretax
loss of RM6.63 million for the year ended June 30, 2004,
compared with a pretax loss of RM105.3 million in the preceding
financial year.


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


METRO PACIFIC: Issues Preferred Shares
--------------------------------------
This is in reference to Circular for Brokers No. 5517-2004 dated
December 28, 2004, pertaining to the issuance by Metro Pacific
Corporation (MPC) of Series I-C Preferred Shares to First
Pacific Company Limited (FPC) and by entities related to FPC.

In relation thereto, the Company, in its letter dated December
29, 2004, informed the Exchange that:

"Full disclosure of the terms and features of the sub series I-C
preferred shares of the Capital Stock of Metro Pacific
Corporation (MPC), and the Enabling Resolution authorizing such
issuance, shall be made soon after approval by the Board of MPC
on December 31, 2004."

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

CONTACTS:

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


PHILIPPINE LONG: Delays Restructuring Scheme
--------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) Chairman Manuel V.
Pangilinan said the reversal of the roles of parent firm PLDT
and its cash-rich unit Smart Communications Inc. will have to
wait until 2007 at the earliest, reports the Inquirer News
Service

Mr. Pangilinan said that the restructuring had to be put off, as
PLDT must first reduce its debt and increase profits.

PLDT earlier aired plans to make its cash-rich subsidiary Smart
Communications Inc. the parent firm, and PLDT the subsidiary, to
bring down operating costs and avoid having to list Smart at the
stock market.

Mr. Pangilinan said PLDT could revisit the corporate reversal
with Smart by 2007.

PLDT is anticipating a Php24-billion profit this year, against
Php11.2 billion in 2003. The bulk of the profits will still come
from the wireless group, which integrated the books of Smart and
Talk N' Text operator Pilipino Telephone Corp.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PILIPINO TELEPHONE: Ups Smart Stake to 85.6%
--------------------------------------------
The Philippine Stock Exchange disclosed that the Pilipino
Telephone Corporation (Piltel) on 29 December 2004 issued an
additional 9,259,512,400 shares of its authorized common stock
in connection with the conversion of 54,467,720 Series K
convertible preferred shares held by Smart Communications, Inc.
(Smart).

The Series K preferred shares had a conversion ratio of 170:1.
This represents 78.7% of the total outstanding shares of common
stock of Piltel after such conversion and increases Smart's
aggregate ownership in Piltel to 85.6%.

Deborah Anne N. Tan
Piltel Corporate Information Officer

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


PUYAT STEEL: SEC OKs Reorganization Plan
----------------------------------------
The Securities and Exchange Commission (SEC) recently approved
the quasi reorganization plan of Puyat Steel Corporation, ABS-
CBN News reports.

The Company had asked the commission for approval of its quasi
reorganization plan, which would reduce the Company's deficit of
1.19 billion to Php7.4 million. The move will help improve the
Company's solvency and current financial situation.

After the quasi reorganization is implemented, the Company is
required to disclose the quasi reorganization plan and its
effects in its financial statements for the next three years.

The steel firm was registered in August 1984 with the purpose of
producing, manufacturing, selling, exporting and importing
galvanized iron sheet, all kinds of steel products, hardware and
construction materials.

CONTACT:

Puyat Steel Corporation
Puyat Steel Plant, EDSA
Mandaluyong City, Philippines  
Telephone: (632) 631 8316 - 19/636 5307  
Fax: (632) 631 5228/636 5304  
Web site: www.puyatsteel.net.ph


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


BRASSTEEL INTERNATIONAL: Court Set to Hear Winding Up Petition
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Brassteel International Pte Ltd by the High Court was, on the
22nd day of December 2004, presented by BP Singapore Pte Ltd of
No. 396, Alexandra Road #01-01, BP Tower, Singapore 119954, a
Judgment Creditor.

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

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

The Petitioners' address is No. 396, Alexandra Road #01-01, BP
Tower, Singapore 119954.

The Petitioners' solicitors are Messrs Gurbani & Co. of No. 9,
Temasek Boulevard #17-01, Suntec Tower 2, Singapore 038989.

Dated this 27th day of December 2004.

Gurbani & Co
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
solicitors Messrs Gurbani & Co, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person, 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 twelve o'clock noon of the 13th day of January 2005.


CAPITALAND LIMITED: Establishes Indirect Wholly Owned Subsidiary
----------------------------------------------------------------
The Board of Directors of Capitaland Limited announced the
establishment of an indirect wholly owned subsidiary
incorporated in Singapore.

Name: CapitaRetail IH Investment Pte Ltd (CRIHIPL)

Principal Activity: Investment in Retail Property in Japan

Authorized Share Capital: SG$100,00 divided into 100,000
ordinary shares of SG$1 each

Issued and Paid-up Share Capital: SG$2 divided into ordinary
shares of SG$1 each

CRIHIPL is a wholly owned subsidiary of CapitaRetail Japan Fund
Private Limited, itself an indirect wholly-owned subsidiary of
CapitaLand.

By Order of the Board:
Ng Chooi Peng
Assistant Company Secretary
29 December 2004


FOODBEST.COM PRIVATE: Winding Up Hearing Slated for January 14
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Foodbest.Com Private Ltd by the High Court was, on the 22nd day
of December 2004, presented by BP Singapore Pte Ltd of No. 396,
Alexandra Road #01-01, BP Tower, Singapore 119954, a Judgement
Creditor.

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

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

The Petitioners' address is No. 396, Alexandra Road #01-01, BP
Tower, Singapore 119954.

The Petitioners' solicitors are Messrs Gurbani & Co. of No. 9,
Temasek Boulevard #17-01, Suntec Tower 2, Singapore 038989.

Dated this 27th day of December 2004.

Gurbani & Co
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named
solicitors Messrs Gurbani & Co, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person, 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 twelve o'clock noon of the 13th day of January 2005.


LIM HONG: Receiving Proofs Until January 7
------------------------------------------
Lim Hong Seng Contractor Pte Ltd. with its registered office
formerly at of 531 Upper Cross Street #04-58 Hong Lim Complex
Singapore 050531 has issued a notice of preferential dividend
and will be receiving proofs of claims until January 7, 2005.

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

Dated: 24 December 2004

Kamala Ponnampalam
Assistant Official Receiver


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


CAPETRONIC INTERNATIONAL: SET Suspends Trading of Securities
------------------------------------------------------------
The Stock Exchange of Thailand (SET) has posted an NR (Notice
received) sign on the securities of Capetronic International
(Thailand) Public Company Limited (CAPE) effective from the
second trading session of 29 December 2004 to announce that the
SET has received the SEC's conclusion that it is not necessary
to amend CAPE's financial statements on the issues so stated by
the Company's auditor.

However, the SET has still suspended trading on the securities
of CAPE until the causes of delisting are eliminated.

Previously, the SET had posted an SP (Suspension) sign on CAPE
effective from the first trading session of 30 November 2004 and
posted the NP (Notice pending) on 13 December 2004.

This is because CAPE submitted the financial statements for the
period ending 31 March 2004, 30 June 2004 and 30 September 2004
which the Company's auditor was unable to reach any conclusion
on the captioned financial statement on the financial statements
and the SET was waiting for the SEC's conclusion on this matter.

CONTACT:

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


SIAM AGRO: Unveils Preliminary Tender Offer Result
--------------------------------------------------
Siam Agro Industry Pineapple and Others Public Company Limited
(SAICO) disclosed to the Stock Exchange of Thailand the details
of the Company's Preliminary Tender Offer Result Report.

(1) Date of submission: 28 December 2004

(2) Name of securities being offered: Ordinary shares of Siam
Agro-Industry Pineapple and Others Public Company Limited
(SAICO).

(3) Name of the Offeror: Del Monte Fresh Produce (Thailand)
Inc., a limited Company incorporated in the Cayman Islands

(4) Name of the financial advisor: Bualuang Securities Public
Company Limited

(5) Tender offer period: A total of 45 business days from 8
November 2004 to 13 January 2005, both days inclusive during the
hours of 9:00 a.m. to 4:30 p.m. Such tender offer period is:

( ) the final period which will not be extended
( ) not the final period and the Offeror may extend the period

(6) Amount and percentage of securities held by the Offeror
prior to the tender offer and the tendered securities as of 27
December 2004.

(6.1) Ordinary Shares

Type of      Number of        % of the total  % of the total
Securities  Securities issued shares         Voting Rights of
the                                                   Business

- Shares
held by
the
Offeror
and Ordinary  15,000,001       50.00       50.00

Persons
under
Section 258
prior Shares
to the Tender
Offer

Tendered Shares

Ordinary         48,262         0.16        0.16
Shares

Shares held
prior to
the Tender
Ordinary        15,048,263      50.16       50.16
Shares

Offer and Tendered shares     

(6.2) Share Warrants*

Type of     Number of   Units Amount of   % of the total
Securities  Underlying  Issued Shares        Shares

- Securities held by the Offeror

Warrants    26,645,704   26,645,704         88.82

and Persons under Section 258 prior to the Tender Offer

Tendered Securities

Warrants       -            -         -

- Securities held prior to the Warrants
            26,645,704   26,645,704          88.82

Tender Offer and Tendered shares

*All share warrants of SAICO is held by Del Monte Fresh Produce
(Thailand) Inc.

The Company hereby certify that the above statements are true
and accurate with no misleading information, and no concealment
is made on any material information, which should be disclosed.

(Mr. Bruce Jordan, Esq.)
Vice President and General Counsel
Del Monte Fresh Produce (Thailand) Inc.
Tender Offeror

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl   
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok    
Telephone: 0-2661-7878   
Fax: 0-2661-7865   
Web site: www.saico.co.th
  






                            *********


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

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

Copyright 2005.  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 ***