TCRAP_Public/050105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, January 5, 2005, Vol. 8, No. 3

                            Headlines


A U S T R A L I A

AUSASEAN SERVICES: To Declare Final Dividend on January 20
AUSTRALIA FUND: Final Dividend to be Declared on January 31
CHAMELEON MINING: Falls Into Liquidation
CHEMEQ LIMITED: Shares Halted Pending Announcement
DAVID BARLOW: Completes Winding Up Process

DOMOSO PTY: Names Geoffrey McDonald as Liquidator
E.M. MACTEC: Joint Annual Meeting Set Today
EURO WELDING: Final Meeting Slated for January 18
GREEN GRO: To Hold Joint Meeting on January 12
JPPS PTY: Faces Voluntary Winding Up Process

PRIMELIFE CORPORATION: To Send Info to Aevum Securities Holders
RANARIA PTY: Schedules Final Meeting on January 17
SANTOS LIMITED: Advises Change of Address
SUMMERLAND ENVIRONMENTAL: To Declare Dividend on January 6
TOTAL TEMPS: Final Meeting Slated for January 14

VITAL GROUP: Final Dividend to be Declared on February 1
WESTLAKE SECURITY: Final Meeting Set January 14
W GUTHRIE: To Declare Final Dividend on January 7
WOOZ PTY: Members, Creditors to Meet January 13



C H I N A  &  H O N G  K O N G

DBS VICKERS: Creditors Must Prove Debt by January 24
KENWELD INTERNATIONAL: Winding Up Hearing Set February 2
KONG SUN: Creditors to Meet January 7
ON GAIN: Court to Hear Winding-Up Petition on January 19
OPUS FASHION: Winding Up Hearing Fixed on January 26


I N D O N E S I A

ASEAN ACEH: Incurs US$30 Mln Loss in 18 Months
PERTAMINA: Retains Fuel Prices for January
* Banks Earmark IDR1.23 Tln for Tsunami Losses
* Central Bank Sees Minor Tsunami Impact on Economy


J A P A N

DAIEI INCORPORATED: Rehab Involves New Strategy for Supermarkets
KANEBO LIMITED: Special Ice Cream May Help Avert Drastic Rehab
MITSUBISHI MOTORS: To Acquire Stakes in Chinese Car Maker
MITSUBISHI MOTORS: Unit Unveils 2005 Lancer
RESONA HOLDINGS: Banking Unit Pitches Better Service

SEIBU RAILWAY: Probe Sheds Light on Share Scam
SEIBU RAILWAY: Taps Outsider as Management Chief


K O R E A

LG CARD: To Impose Equal Treatment During Sale
LG CARD: Shares Dive 15% Share Cancellation News
* Survey Shows South Korean Business Condition Could be Gloomier


M A L A Y S I A

ACTACORP HOLDINGS: Still Exploring Restructuring Options
AKTIF LIFESTYLE: Details Debt Restructuring Developments
ANTAH HOLDINGS: Extends Purchase Deal to March 30
AVANGARDE RESOURCES: Receives Public Reprimand from Bourse
AYER HITAM: Updates on Regularization Plan

BUKIT KATIL: Clarifies December 30 AGM Resolutions
CYGAL BERHAD: Releases Restructuring Scheme Update
FORESWOOD GROUP: Financial Condition Unchanged
INNOVEST BERHAD: Aims to Regularize Financial Status
JIN LIN: SC Evaluates Debt Restructuring Plan

JIN LIN: 6th AGM Set for January 26
JIN LIN: Seeking Approval of Proposed Shareholders' Mandate
KILANG PAPAN: Seeks Restructuring Scheme Support
K.P. KENINGAU: Issues Monthly Status Update
LANKHORST BERHAD: Answers Winding Up Petition Query

LITYAN HOLDINGS: Issues Default Status Update
MENTIGA CORPORATION: Finalizing Terms of Shares Disposal
MERCES HOLDINGS: Default Status Remains Unchanged
MYCOM BERHAD: Restructuring Plan Status Unchanged
NAUTICALINK BERHAD: Details Restructuring Scheme Updates

NORTH BORNEO: Submits Revised Regularization Plan


P H I L I P P I N E S

METRO PACIFIC: OKs Reverse Stock Split
METRO PACIFIC: Gives Up Prime Media Stake
NATIONAL POWER: PSALM Rules Out Transfer to YNN Pacific


S I N G A P O R E

CHINA AVIATION (S): In Rehab Talks with Temasek Only
CAPITALAND LIMITED: Creates Indirect Wholly Owned Subsidiary
CAPITALAND LIMITED: Establishes Second Wholly Owned Unit
CLEANROOM RESOURCES: Posts Notice Of Dividend
GINE FASHION: Creditors May Prove Claims Until January 31

LIANG HUAT: Company Secretary Resigns
LIANG HUAT: Still in Talks on Scheme of Arrangement Terms
SIERAD FOOD: Winding Up Hearing Set January 14
TOAGOSEI ASIA: Court to Hear Winding Up Petition on January 14


T H A I L A N D

ADVANCE PAINT: Notification of Warrant Exercising Results
JASMINE INTERNATIONAL: Details Warrant Conversion

     -  -  -  -  -  -  -  -

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


AUSASEAN SERVICES: To Declare Final Dividend on January 20
----------------------------------------------------------
A final dividend is to be declared on January 20, 2005 for
Ausasean Services Limited (Subject To Deed Of Company
Arrangement) A.C.N. 002 438 191.

Creditors whose debts or claims have not already been admitted
were required on January 4, 2005 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 6th day of December 2004

Roderick Mackay Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney 2001
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


AUSTRALIA FUND: Final Dividend to be Declared on January 31
-----------------------------------------------------------
A final dividend is to be declared on January 31, 2005 for
Australia Fund Limited (In Liquidation) A.C.N. 092 530 035.

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

Dated this 14th day of December 2004

P.M. Walker
Official Liquidator
c/- Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


CHAMELEON MINING: Falls Into Liquidation
----------------------------------------
South Perth-based Chameleon Mining has recently fallen into
liquidation in the wake of a dispute with is major shareholder,
says The West Australian.

The NSW Supreme Court placed the company under liquidation after
a private company of major shareholder and former Chameleon
consultant Robert McLennan filed the petition. Mr. McLennan also
claimed he was owed AU$200,000 by the miner.

The firm's liquidation came amid doubts on a delayed deal for it
to acquire a copper project in Chile, and the fate of an AU$3
million deposit it paid to financier Zenith group.

Chameleon booked the AU$3 million it had deposited with Zenith
Group as a receivable in its accounts for the half year to
December 31, 2003.

Auditor Jackson Greeve said in a review of Chameleon's accounts
in March that the recovery of the AU$3 million was necessary for
the company to continue as a going concern.

Chameleon is not connected to Republic Gold, whose directors
include the former high profile republican campaigner Greg
Barns.

CONTACT:

Chameleon Mining NL
47 Labouchere Road
Perth, Wat
Australia, 6051
Phone: +61 8 9367 6855
Fax: +61 8 9367 3038
Web site: http://www.chameleonminingnl.com.au/


CHEMEQ LIMITED: Shares Halted Pending Announcement
--------------------------------------------------
The securities of Chemeq Limited will be placed in pre-open at
the Company's request, pending the release of an announcement by
the company.

Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Thursday, January 6, 2005 or when the announcement is released
to the market.

To view a full copy of the news release, click
http://bankrupt.com/misc/CHEMEQLIMITED010405.pdf

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102  
Head Office Telephone 08 9362 0100  
Head Office Fax 08 9355 0199  
Web site: http://www.chemeq.com.au/


DAVID BARLOW: Completes Winding Up Process
------------------------------------------
Take note that the affairs of David Barlow Enterprises Pty
Limited (In Liquidation) A.C.N. 001 943 200 are now fully wound
up and pursuant to Section 509(1) of the Corporations Act, a
meeting of the Company and its creditors will be held at the
offices of Burton Glenn Allen, Chartered Accountants, Level 2,
57 Grosvenor Street, Neutral Bay NSW 2089 at 10:00 a.m. on the
14th of January 2005.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.

Dated this 1st day of December 2004

Brian H. Allen
Peter G. Burton
Liquidators
Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089


DOMOSO PTY: Names Geoffrey McDonald as Liquidator
-------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Domoso Pty Limited (In Liquidation) A.C.N. 093 498 125 duly
convened and held on 25 November 2004, the following Special
Resolution was passed:

That the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

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


E.M. MACTEC: Joint Annual Meeting Set Today
-------------------------------------------
Notice is given that a joint annual meeting of members and
creditors of E.M. Mactec Pty Limited (In Liquidation) A.C.N. 069
272 135 will be held at the offices of Ferrier Hodgson, Level
17, 2 Market Street, Sydney today, Wednesday the 5th of January
2005 at 10:00 a.m.

AGENDA

(i) To receive an account of the Liquidator's acts and dealings
and the conduct of the winding up during the year.

Dated this 3rd day of December 2004

John Melluish
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 17, 2 Market Street,
Sydney NSW 2000
Telephone: (02) 9286 9999


EURO WELDING: Final Meeting Slated for January 18
-------------------------------------------------
Notice is hereby given that the final meeting of Creditors of
Euro Welding & Hydraulics Pty Limited (In Liquidation) A.C.N.
002 085 181 will be held at the office of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, New South Wales on 18 January 2005 at 10:00 a.m.

The purpose of the meeting is to:

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

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

Dated this 30th day of November 2004

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


GREEN GRO: To Hold Joint Meeting on January 12
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Green
GRO Pty Limited (In Liquidation) A.C.N. 050 037 968 will be held
at the offices of Ferrier Hodgson, Level 17, 2 Market Street,
Sydney NSW 2000 on Wednesday 12 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.

Proxies to be used at this meeting must be lodged with the
undersigned no later than 5:00 p.m. on Tuesday 11 January 2005.

Dated this 6th day of December 2004

Brian Silvia
Liquidator
Ferrier Hodgson
Chartered Accountants
GPO Box 4114, Sydney NSW 2001


JPPS PTY: Faces Voluntary Winding Up Process
--------------------------------------------
Notice is hereby given that at a meeting of JPPS Pty Limited (In
Liquidation) A.C.N. 003 815 058 held on 29 November 2004, the
following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Moodie be appointed Liquidator for the purpose of such winding
up.

Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


PRIMELIFE CORPORATION: To Send Info to Aevum Securities Holders
---------------------------------------------------------------
Primelife Corporation Limited gave notice under Section
633(2)(b) of the Corporations Act that the persons to whom
Primelife will send information under Item 6 of Section 633 (1)
of the Corporations Act, namely the Bidder's Statement issued by
Primelife (Bidder's Statement) and the Offer in relation to its
off-market takeover bid for all of the ordinary shares in Aevum
(Aevum Securities), are the holders of Aevum Securities as at
December 30, 2004.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599  
Web site: http://www.primelife.com.au/


RANARIA PTY: Schedules Final Meeting on January 17
--------------------------------------------------
Take note that a final meeting of the creditors and members of
Ranaria Pty Ltd (In Liquidation) A.C.N. 001 429 527 for the
purposes of Section 509 of the Corporations Act is to be held on
Monday, 17th January 2005 at the hour of 10:00 a.m. in the
forenoon at the offices of Hamiltons Chartered Accountants,
Level 17, 25 Bligh Street, Sydney, New South Wales.

The purpose of the meeting is to lay before it an account
showing how the winding up has been conducted and the Company
property has been disposed of and for giving any explanation
thereon.

Dated this 3rd day of December 2004

W.J. Hamilton
Liquidator
c/- Hamiltons Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166, DX 1208


SANTOS LIMITED: Advises Change of Address
-----------------------------------------
Pursuant to Listing Rule 3.14, Santos Limited advised that with
effect on and from January 2005, the address of the registered
office of Santos Limited is changed to Ground Floor, Santos
House, 91 King William Street, Adelaide, S.A. 5000.

The address at which the register of securities is kept remains
at Level 29, Santos House, 91 King William Street, Adelaide,
S.A. 5000.


SUMMERLAND ENVIRONMENTAL: To Declare Dividend on January 6
----------------------------------------------------------
A First and Final dividend is to be declared on the 6th of
January 2005 in respect of Summerland Environmental Pty Ltd (In
Liquidation) A.C.N. 098 894 583.

Creditors whose debts or claims have not already been admitted
are required on or before the 6th of January 2005 formally to
prove their debts or claims. In default, they will be excluded
from the benefit of the dividend.

Dated this 6th day of December 2004

A.R. Nicholls
Liquidator
c/- Nichols & Co
Chartered Accountants
PO Box 22, Lismore NSW 2480


TOTAL TEMPS: Final Meeting Slated for January 14
------------------------------------------------
Notice is hereby given that the final meeting of the members of
Total Temps Pty Limited (In Voluntary Liquidation) will be held
at Level 6, 8 West Street, North Sydney, New South Wales on 14
January 2005 at 9.30 a.m. for the purpose of laying before the
members the Liquidator's Statement of Account and the giving by
the Liquidator of any explanation of the Account to the members.

Dated this 6th day of December 2004

G.D.D. Raffan
Liquidator
Foster Raffan
Level 6, 8 West Street
North Sydney NSW 2060


VITAL GROUP: Final Dividend to be Declared on February 1
--------------------------------------------------------
A first and final dividend is to be declared on 1 February 2005
for Vital Group Pty Ltd (Subject To Deed Of Company Arrangement)
A.C.N. 088 182 085.

Creditors are required to formally prove your debt or claim on
or before 7 January 2005.  If they do not, the deed
administrator will exclude their claim from participation, and
will proceed to make a first and final dividend without having
regard to it.

Dated this 3rd day of December 2004

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


WESTLAKE SECURITY: Final Meeting Set January 14
-----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Westlake Security Pty Limited (In Liquidation) A.C.N. 061 486
511 will be held at the offices of Jirsch Sutherland & Co -
Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW on 14
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, the property of the company disposed of and of
hearing any explanations that may be given by Liquidator.

Dated this 14th day of December 2004

R.M. Sutherland
Liquidator
c/- Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: (02) 4225 2545
Facsimile: (02) 4225 2546


W GUTHRIE: To Declare Final Dividend on January 7
-------------------------------------------------
A first and final dividend is to be declared on 7 January 2005
for W Guthrie Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 002 111 051.

Creditors whose debts or claims have not already been admitted
were required on or before 19 October 2004 formally to prove
their debts or claims.  If they have not, they would be excluded
from the benefit of the dividend.

Dated this 6th day of December 2004

Brian Silvia
Deed Administrator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000
Telephone: (02) 9286 9967


WOOZ PTY: Members, Creditors to Meet January 13
-----------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Wooz Pty Limited (In Liquidation) A.C.N. 063 938
938 will be held at Hall Chadwick Level 29, 31 Market Street,
Sydney NSW 2000 on 13 January 2005 at 11:30 a.m.

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

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


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C H I N A  &  H O N G  K O N G
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DBS VICKERS: Creditors Must Prove Debt by January 24
----------------------------------------------------
Notice is hereby given that the creditors of DBS Vickers
Securities Online Trading (Hk) Limited, which is being
voluntarily wound up, are required on or before 24th January
2005 to send their names, addresses and descriptions, full
particulars of their debt or claims, as well as the names and
addresses of their solicitors (if any) to the undersigned and
Ms. Joanne Oswin, the Joint and Several Liquidators of the said
Company.

If so required by notice in writing from the said liquidators,
they are to prove their debt or claims at such time and place as
shall be specified in such notice.

In default thereof, such creditors will be excluded form the
benefit of any distribution made before such debts are proved.

Dated this 24th day of December 2004

Rainier Hok Chung Lam
Joint and Several Liquidator
22nd Floor, Prince's Building
Central Hong Kong


KENWELD INTERNATIONAL: Winding Up Hearing Set February 2
--------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Kenweld International Industrial Limited by the High Court of
Hong Kong Special Administrative Region was on the 8th 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 a.m. 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.

Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
No. 10 Des Voeux 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 1st day of
February 2005.

This notice is dated 24 December 2004.


KONG SUN: Creditors to Meet January 7
-------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, a meeting of the creditors of Kong Sun
Engineering & Construction Co. Limited will be held at 8th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong on 7th day of January 2005 at 10:15 a.m. to appoint a
Liquidator and to consider further matters relevant to the
creditors' voluntary winding-up of the above named company
pursuant to Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong not later than 4:00 p.m.
on 6 January 2005.

Dated this 24th day of December 2004

Arthur Lam
Director


ON GAIN: Court to Hear Winding-Up Petition on January 19
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of On
Gain Industries Limited by the High Court of Hong Kong Special
Administrative Region was on the 26th day of November 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 19th day of January 2005.

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

Kao, Lee & Yip
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18th day of
January 2005.

This Singapore Government Gazette notice is dated 31 December
2004.


OPUS FASHION: Winding Up Hearing Fixed on January 26
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Opus Fashion 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 Lee Ka Ming of Room 9, 26th
Floor, Block B, Hung Chak House, Hung Fuk Court, 2 Tin Wan New
Street, Tin Wan, Aberdeen, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
the 26th day of January 2005.

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

Eli K. K. Tsui & Co.
Solicitors for the Petitioner
Room 1202A, 12th Floor, Ginza Square
Nos. 565-567 Nathan Road
Kowloon, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 25th day of
January 2005.

This notice is dated 24 December 2004.


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ASEAN ACEH: Incurs US$30 Mln Loss in 18 Months
----------------------------------------------
PT Asean Aceh Fertilizer (AFF) has incurred a loss of US$30
million in the past 18 months of non-operation, according to
Asia Pulse.

The cash-strapped fertilizer factory, which is jointly owned by
the founding members of ASEAN, Indonesian, Malaysia, Singapore,
Thailand and the Philippines, suspended its operations for the
past months for shortage in gas feedstock supply in Aceh.

U.S.-based ExxonMobil Oil Indonesia (EMOI), which supplied gas
from its Arun gas fields to AFF, was forced to cut supplies to
the fertilizer firm due to dwindling gas reserves as it is bound
by contract with the Arun liquefied natural gas (LNG) plant.

The previous government decided to close down AFF but the new
administration reversed the resolution. But recently, the
government and the House of Representatives agreed to cut gas
supply to the LNG plant in favor of the fertilizer plants in
Aceh.

The fertilizer plants need only 180 million metric standard
cubic feet per day (MMSCFD) of gas as against 1,500 MMSCFD for
the LNG plant.

CONTACT:

Pt. Asean Aceh Fertilizer
Jl. Medan Banda Aceh
Krueng Geukueh PO. BOX No. 09
Lhokseumawe, Aceh Utara
Indonesia
Phone: 0645-56933
Fax: 0645-56660
E-mail: aaf@aaf.co.id
Web site: http://www.aaf.co.id/company_e.html


PERTAMINA: Retains Fuel Prices for January
------------------------------------------
State oil and gas firm PT Pertamina has kept retail prices of
regular gasoline, diesel and kerosene unchanged for the 12th
consecutive month in January, reports Bloomberg.

In an e-mailed statement, the Company said it slashed the price
that international shipping companies pay for auto diesel by 7.8
percent and marine diesel by 7.9 percent to adopt to the fall in
crude oil prices. It also reduced the price of fuel oil by 10.6
percent.

Each month, Pertamina revises most fuel prices. Kerosene for
households and small-scale businesses is sold at a subsidized
price of IDR700 (7.7 cents) a liter, while the prices of its
high-grade gasoline products Pertamax plus and Pertamax was
raised to as much as 60 percent on Dec. 18.

The government plans to increase retail fuel prices in February
to cut subsidies and help cover the budget deficit.

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


* Banks Earmark IDR1.23 Tln for Tsunami Losses
-----------------------------------------------
Four Indonesian banks will set aside reserves totaling IDR1.23
trillion (US$132 million) to cover losses incurred from the
Asian quake and tsunami, Dow Jones reports.

The estimated amount are from four state-owned banks that have
seen their assets badly damaged and which have loans that are
likely to turn doubtful in the devastated areas.

PT Bank Negara Indonesia (BNI) will allocate IDR553.1 billion in
reserves, PT Bank Rakyat Indonesia around IDR633.4 billion, PT
Bank Mandiri some IDR32.5 billion and unlisted PT Bank Tabungan
Negara will earmark IDR24.9 billion.

BNI president director Sigit Pramono affirmed the bank's
branches in Banda Aceh and Meulaboh have been heavily damaged
which will likely cost the bank IDR10.7 billion in fixed assets
terms.

Shares in banks have recently come under pressure as investors
expect them to suffer losses stemming the disaster.


* Central Bank Sees Minor Tsunami Impact on Economy
---------------------------------------------------
Despite the devastation that the tsunami brought to the
northwestern Aceh province, the Indonesian central bank or Bank
Indonesia declared the disaster will not have a serious impact
on the country's economic growth this year, according to Dow
Jones.

Bank Indonesia Director of Economic Research and Monetary Policy
Halim Alamsyah said Indonesia's targeted economic expansion this
year won't be affected if aids from donors arrive in the
country.

As of now, the country is receiving relief cash and supplies
from local and international relief organizations to assist
emergency operations in Aceh. The government is expecting around
US$3 billion in reconstruction aid from the World Bank and the
Asian Development Bank alone.

Indonesia is also likely to get extra funds from an
international tsunami relief summit in Jakarta next week, as
well as from a previously scheduled meeting in January of
international donor countries that constitute the Consultative
Group on Indonesia.


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


DAIEI INCORPORATED: Rehab Involves New Strategy for Supermarkets
----------------------------------------------------------------
Ailing retailer Daiei Incorporated said it will introduce new
services for the elderly, a home delivery system and around-the-
clock operations as part of its new strategy for supermarkets it
plans to open soon, reports The Yomiuri Shimbun.

Under a restructuring scheme designed by the Industrial
Revitalization Corporation of Japan (IRCJ), Daiei will open 100
supermarkets in the next five years in large cities in Japan, in
a move that will require an estimated capital investment of
JPY39.4 billion.

The troubled retailer is aiming to create a new type of
supermarket that will cater to the needs of the aged, accept
orders over the internet, start a home delivery operation,
operate 24 hours and sell a complete line of prepared foods.

Under the IRCJ's revival plan, a sponsor company that invests
one-third of the total stake needed for the rehabilitation will
have the right to hold more than 50 percent of Daiei shares two
years after the investment by obtaining 17 percent of shares
from the IRCJ. The IRCJ is to have a 33.4 percent stake in the
retailer.

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


KANEBO LIMITED: Special Ice Cream May Help Avert Drastic Rehab
--------------------------------------------------------------
A special soybean-milk ice cream is likely to help Kanebo
Limited's frozen confectionary division survive a drastic
restructuring by the state-owned Industrial Revitalization
Corporation of Japan (IRCJ), says Kyodo News.

The very popular ice cream product could make the division the
sole survivor of the restructuring, which has cost tens of
thousands of Japanese their jobs over the past decade.

Since the test marketing that begun in November, Kanebo's
cholesterol-free ice cream received very positive consumer
reaction that prompted its developers to aim for first-year
sales of JPY2 billion.

It took the development team nearly four years to perfect the
special ice cream production technology. However, the division
learned it had been earmarked by the IRCJ for possible
termination just when the product was ready to be test-marketed.

Nevertheless, the I.V. project team in September last year
presented the product to top managers of the group, including
those who had been sent by the IRCJ to supervise its
restructuring. The I.V. ice cream passed the taste test.

The product was put on trial through February, when the managers
will decide the fate of the frozen confectionary division.

With very favorable market reaction, the development team is
optimistic the product will be given wider distribution in the
future. When that happens, the division will be assured it will
not fall into a group-wide restructuring.


MITSUBISHI MOTORS: To Acquire Stakes in Chinese Car Maker
---------------------------------------------------------
In line with its goal to revive its business in the fast growing
Chinese market, Mitsubishi Motors Corporation (MMC) said it
would begin negotiations over the possible acquisition of stakes
in Southeast Fujian Motor (Southeast), reports Sinocast.

The ailing carmaker had also earlier signed with Taiwan's China
Motor a memorandum of understanding, which has something to do
with business expansion of Southeast.

MMC currently holds a 13.9-percent stake in China Motor, which
has a 50-percent stake in Southeast.

MMC has high hopes in its Chinese ventures. Just recently, it
not only re-integrated auto import business in China, but
introduced a new model of auto Grandis as well.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MITSUBISHI MOTORS: Unit Unveils 2005 Lancer
-------------------------------------------
Mitsubishi Motors Philippines, a subsidiary of Mitsubishi Motors
Corporation, has launched the 2005 Lancer 1.8 MX Limited, the
latest variant in the Lancer lineup. It is equipped with a new
EURO-2 compliant 4G93, 16-valve, 1834-cubic centimeter (cc)
engine producing 123 PS at 6,000 revolutions per minute (rpm)
and 16.5 kilogram per meter (Kg-m) of torque at 4,500 rpm.

The Lancer 1.8 MX Limited's transmission is the highly efficient
and responsive INVECS-III CVT with six-speed Sportronic. The
continuously variable transmission (CVT) is a revolutionary
technology in automobile transmissions that transfers engine
output to the drivetrain via a steel belt and pulleys rather
than gears of fixed ratios.

The belt moves up and down from the narrow and wide ends of the
cone- shaped pulleys that allow for the seamless movement of the
continuously variable gear ratios. With the "infinite" gear
ratios on hand, the engine revs only to the needed rpm.

Additionally, the Sportronic feature allows the driver to
upshift and downshift on demand by just tilting the shift lever
to the "+" and "-" zones, giving one the performance of a close-
ratio six-speed manual transmission without the need for a
clutch.

And because of the INVECS-III CVT with six-speed Sportronic, the
conservatively rated engine is able to move the Lancer 1.8 MX
Limited to high velocity comparable to that of two-liter
equipped sedans but with the fuel efficiency of a 1.6-liter
engine.

The new 2005 Lancer 1.8 MX Limited incorporates significant
improvements in its exterior and interior appointments. What
sets it apart from the Lancer 1.6 MX are the new 15-inch wheel
design, a clear lens treatment, front airdam, rear skirts, and a
lip spoiler.

On the inside, the new 2005 Lancer 1.8 MX Limited has a two-tone
interior. The upper surface of the dashboard and door trims are
bluish gray and the mid- to lower portion sports a beige tone.
The cabin is surprisingly expansive, which translates to
generous amount of legroom.

Controls and gauges are all in exactly the right place, while
the wood grain trim on dashboard provides a touch of elegance to
the cabin. Dealer option includes a DVD/CD/MP3 player and tuner
with touchscreen LCD monitor and sounding off through six-
speakers.

Another key feature of the 2005 Lancer 1.8 MX Limited is NVH
management (noise, vibration, and harshness). The stiffer body
shell, retuned suspension, and extensive use of sound and
vibration insulators results in a smoother, quieter, and stress-
free ride.

The 2005 Lancer 1.8 MX Limited has an all-wheel independent
suspension setup found only on more expensive sedans. The sure-
footed independent multi-link rear suspension is equipped with a
front and rear stabilizer bar to lessen body roll during
cornering.


G-force producing braking power can be attributed to 15-inch
ventilated disc up front and 14-inch solid discs at the rear
assisted by dual diaphragm brake boosters.

The 2005 Lancer 1.8 MX Limited is equipped with four-channel,
four- sensor anti-brake system (ABS) with electronic brakeforce
distribution (EBD). The 2005 Lancer also has an enhanced body
structure consisting of front and rear crushable zones that
effectively absorb the impact energy of front and rear
collisions.

Added to this is a deformation-resistant, highly rigid cabin
structure that features strategic reinforcements plus large
side-door impact bars. It is also equipped with a dual
supplemental restraint system (SRS) front airbags. Suggested
retail price of the 2005 Lancer 1.8 MX Limited is Php898,000.


RESONA HOLDINGS: Banking Unit Pitches Better Service
----------------------------------------------------
After its failure in the past, the banking unit of Resona
Holdings Incorporated is on its way to recovery as it transforms
itself into an institution providing better and brighter
service, The Japan Times reveals.

Resona Bank last month renovated two branches in Adachi Ward,
Tokyo, in a bid to attract more customers.

The bank was able to slash transaction times by redesigning the
teller counter and placing greater emphasis on consulting
services.

The branches also doubled the space of their glass-walled booths
where customers receive advice on asset management and mortgage
loans. The number of booths was increased to seven from six.

The white interior is intended to express that Resona, which is
in rehabilitation after being bailed out by the government in
2003, has been revived.

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


SEIBU RAILWAY: Probe Sheds Light on Share Scam
----------------------------------------------
A recent investigation commissioned by the Kyodo News Service
has finally revealed the answers to questions regarding the
Seibu Railway share shenanigans, relates The Japan Times.

Some 72 companies and two individuals who responded to the Kyodo
News inquiries admitted they purchased a combined JPY65 billion
in Seibu Railway shares in August and September.

According to buyer companies, former Kokudo Corp. Chairman
Yoshiaki Tsutsumi sold up to JPY3 billion in shares of
subsidiary Seibu Railway Co. to each of three buyers before a
report-falsification was revealed in October.

The probe also discovered that former Seibu Railway managing
director Toshiyuki Shirayagani disposed of JPY2.3 billion worth
of shares, while executives of Seibu group of companies sold
JPY100 million in shares to corporate buyers.

It is believed that Mr. Tsutsumi had instructed the senior
officials to get rid of Seibu Railway shares held by Seibu group
leader Kokudo Corporation, before the railway firm admitted in
public that it had underreported the ratio of stakes held by its
major shareholders.

Among the 72 companies, Odakyu Electric Railway Co., Suntory
Ltd., Oji Paper Co. and Hitachi Ltd. were approached by
Tsutsumi.

Sources said that Hitachi bought 2.4 million Seibu Railway
shares worth JPY2.6 billion, while the three others separately
bought 2.6 million shares worth JPY3 billion.

CONTACT:

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


SEIBU RAILWAY: Taps Outsider as Management Chief
------------------------------------------------
The embattled Seibu Railway Company group is planning to hire an
outsider to be the group's leader, according to Kyodo News.

The controversial group is considering the appointment after
longtime group chief Yoshiaki Tsutsumi left the group in October
last year.

The new group chief who will succeed Mr. Tsutsumi is expected to
promote reforms in group management.

Mr. Tsutsumi, who had headed the Seibu group for four decades,
stepped down as chairman of the group's core company Kokudo
Corporation in October following a scandal involving false
financial reports.


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


LG CARD: To Impose Equal Treatment During Sale
----------------------------------------------
In the event of its sale, LG Card Co. would be made available to
both domestic and foreign investors, reports The Korea Herald.

Creditors of the ailing card company have decided to give equal
opportunity to bidders and hopes to avoid being irrational
during negotiations for LG Card's sale.

"Regardless of the entity or nationality, or whether it is a
fund or a financial company, we could consider selling LG Card
to an investor as long as it abides by relevant laws," said Laah
Chong-gyu, an executive director at the Korea Development Bank
(KDB) in charge of the sale of LG Card.

Competitive potential investors include, Woori Financial Group,
Shinhan Bank, Hana Bank, HSBC and Citibank, according to
analysts. But they don't rule out the possibility that funds
such as Newbridge Capital, Lone Star and Temasek Holdings will
vie for the LG Card bidding.

"Considering that the issue of the nation's huge household
debts, LG Card should be sold to a healthy investor to block a
further increase in credit defaulters," a local stock analyst
said. "But I hope the government will not sell LG Card by
revising regulatory rules or singing dubious contracts with
global investors."

A KDB spokesman said it is most likely that creditors including
KDB would not allow the sale of LG Card unless it has normalized
operations.

The recent KRW1 trillion bailout package agreed upon by LG Card
creditors and LG Group would be considered a first step in its
aim to normalize management of the card issuer for it would help
the company stay afloat and avoid liquidation as well as retain
its status as a listed company in the Korea Stock Exchange.

CONTACT:

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


LG CARD: Shares Dive 15% Share Cancellation News
------------------------------------------------
The refusal of minority shareholders of LG Card Co. on the terms
of a US$960 million rescue agreed last week caused the firm's
shares to dive nearly 15 percent, wiping out more than US$1
billion of its market value, reports Reuters.

LG Card's announced it would cancel four-fifth of its shares in
a bigger writedown than expected, while creditors pledged to
sell a fifth of their 99 percent stake during 2005. The
announcement dragged down the credit card's shares late Friday.

Creditors said a five percent stake would be sold every quarter
to ensure it would meet stock exchange rules on the number of
shares available for trading.

LG Card's market capitalization dropped on Monday to KRW6.98
trillion from KRW8.20 trillion last week.

"This is bad news for LG Card shareholders," said Kim Hyun-tae,
a fund manager at Woori Investment Trust Management. "With the
capital reduction and shares rising so strongly recently, LG
card is trading at more than its value."

In late July, share price of LG Card tripled from a 52-week low
of KRW5,220 amid hopes that it would survive without a bailout
as its business improved.

But creditors and former parent LG Group had to agree on Friday
to a AU$960 million lifeline for the firm to avert a corporate
collapse that could have sent shockwaves through the economy.

Woori Financial Group expressed interest Friday to buy LG Card
if it was put up for sale.


* Survey Shows South Korean Business Condition Could be Gloomier
----------------------------------------------------------------
As domestic demands remain sluggish and local currency's
strength threatens exports, South Korean companies predict
business conditions would come to a worst in January from
December, Reuters reports, citing a central bank survey.

The survey said nearly half of the companies expect business
environment in 2005 would be similar to that in 2004, however
nearly 40 percent expected conditions would deteriorate further.

All-industry business survey index fell to 66 in January from 71
in December. Sub-index of manufacturing firms fell to 69 from
73, while non-manufacturing index fell to 62 from 69, the
central bank said.

A reading below 100 means more companies expect business
conditions to deteriorate than to improve.  In the fourth
quarter of 2002, the index last stood above 100 before the
central bank began releasing monthly findings from January 2003.

Some 39.1 percent of the 2,401 companies polled expect business
conditions in 2005 would be gloomier than in 2004, while only
10.2 percent are expecting improvement.  Others expect business
environment to be similar of that in 2004.

The Federation of Korean Industries (FKI) said its business
sentiment index hit its weakest level in 21 months in January
according to a survey published on Monday.

With the slow gain of the local currency against the U.S.
dollar, prospects for local exports gloomed.


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


ACTACORP HOLDINGS: Still Exploring Restructuring Options
--------------------------------------------------------
Actacorp Holdings Berhad is presently exploring the options
available towards restructuring of the Company. Any further
development will be announced in due course.

C.c : Securities Commission
Attn.: Datuk Kris Azman Abdullah

CONTACT:

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

This announcement is dated 3 January 2005.


AKTIF LIFESTYLE: Details Debt Restructuring Developments
--------------------------------------------------------
Aktif Lifestyle Corporation Berhad's disposal of its unit, Aktif
Lifestyle Stores Sdn Bhd (ALS), to CP Properties Sdn Bhd was
completed on 30 July 2004.

The Company announced the following developments:

1) OCBC Bank (Malaysia) Berhad, via its letter dated 27 December
2004, informed that in view that the term loan of RM10 million
owed by ALS had been successfully converted into a restructured
term loan on 24 December 2004, Aktif had been released and
discharged from its obligations and liabilities under its
corporate guarantee with effect from 27 December 2004.

2) Aktif is still waiting for CP Properties Sdn Bhd to complete
the necessary documentation with RHB Bank Berhad for the release
of the corporate guarantee given by Aktif.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Telephone:  (60) 3 2693 1828
Fax:  (60) 3 2691 2798

This announcement is dated 3 January 2005.


ANTAH HOLDINGS: Extends Purchase Deal to March 30
-------------------------------------------------
Antah Holdings Berhad refers to its announcements dated 23
August 2004 and 18 November 2004.

The Company and the vendors of Westform Far East Sdn Bhd (WFE),
namely Koh Tian Joo, Tan Hui Ken and Ngiow Lee Eng had on 31
December 2004 agreed in writing to further extend the period for
Antah to conduct the legal and/or financial due diligence on WFE
in accordance with the terms of the sale and purchase agreement
dated 23 August 2004 relating to the proposed acquisition for a
further sixty (60) business days to expire on 30 March 2005.

CONTACT:

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

This announcement is dated 3 January 2005.


AVANGARDE RESOURCES: Receives Public Reprimand from Bourse
----------------------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of RM325,000 on Avangarde Resources Berhad
for breach of Paragraph 9.23 of the Bursa Malaysia Securities
Berhad's Listing Requirements (LR). The said fine of RM325,000
comprised of RM165,000 for breach of Paragraph 9.23(a) of the
Bursa Securities LR and RM160,000 for breach of Paragraph
9.23(b) of the Bursa Securities LR.

Paragraph 9.23(a) of the Bursa Securities LR states that a
listed issuer must ensure that the annual report shall be issued
to the listed issuer's shareholders and given to Bursa
Securities within a period not exceeding six (6) months from the
close of the financial year of the listed issuer.

Paragraph 9.23(b) of the Bursa Securities LR states that a
listed issuer must ensure that the issuance of the annual
audited accounts shall be given to Bursa Securities for public
release, within a period not exceeding 4 months from the close
of the financial year of the listed issuer unless the annual
report is issued within a period of 4 months from the close of
the financial year of the listed issuer.

The Company has breached Paragraph 9.23 of the Bursa Securities
LR for failure to submit its annual audited accounts and annual
report for the financial years ended 31 December 2002 and 31
December 2003 (collectively "the Financial Statements") within
the stipulated timeframe.

Until to date, Avangarde has not submitted the Financial
Statements to Bursa Securities for public release. In this
respect, Avangarde was further directed to furnish the Financial
Statements to Bursa Securities for public release within one (1)
month from the date hereof, failing which further action may be
taken against the Company.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all relevant factors.

CONTACT:

Avangarde Resources Berhad
No. 16-2 & 16-3
Jalan USJ 21/6
47630 UEP Subang Jaya
Selangor
Phone: 03-80249970
Fax: 03-80249831


AYER HITAM: Updates on Regularization Plan
------------------------------------------
Further to the announcements made to the Bursa Malaysia
Securities Berhad on 28 October 2004, 1 November 2004 and 1
December 2004, the Board of Directors of Ayer Hitam Ten Dredging
Malaysia Berhad announced that it is still in the midst of
assessing various options available to regularize its financial
condition. Since then, there has been no new development on the
status of the Company.

CONTACT:

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

This announcement is dated 3 January 2005.


BUKIT KATIL: Clarifies December 30 AGM Resolutions
--------------------------------------------------
Bukit Katil Resources Berhad clarified its announcement dated 30
December 2004 in relation to its 89th Annual General Meeting.

The Company wishes to inform that all resolutions (under Agenda
3, 4 and 5) with the exception of the resolutions under Agenda
2, as set out in the Notice of the Eighty-Ninth Annual General
Meeting (89th AGM) of BKATIL dated 8 December 2004, were duly
passed at the 89th AGM of BKATIL held on Thursday, 30 December
2004 at Sultan Ballroom 1, Le Meridien Kuala Lumpur, No. 2,
Jalan Stesen Sentral, Kuala Lumpur Sentral, 50470 Kuala Lumpur.

As for Agenda 1 of the Notice of the 89th AGM of BKATIL which
stipulated as follows:

"To receive the Audited Financial Statements for the financial
year ended 30 June 2003 together with the Directors' Report and
Auditors' Report thereon", the Shareholders noted during the
89th AGM that the Directors have laid the Audited Financial
Statements for the financial year ended 30 June 2003 together
with the Directors' Report and Auditors' Report to the
Shareholders as required pursuant to the Companies Act, 1965.

The resolutions under Agenda 2 of the Notice of the 89th AGM of
BKATIL were as follows:

"To re-elect the following Directors who shall retire in
accordance with Article 90 of the Company's Articles of
Association and who being eligible, offered themselves for re-
election:

(a) Datuk Dr. Haji Sallehuddin bin Kassim
(b) Encik Mohammad Siva bin Abdullah
(c) Mr. Alegesam Thangiah
(d) Mr. Lam Yik Meng "

In view of the retirement and non-re-election of the
abovementioned Directors pursuant to resolutions under Agenda 2
at BKATIL's 89th AGM, the following Directors shall
automatically cease to hold the following respective positions
in the following committees of BKATIL:-

Name of Director Committee of Company

Mr. Alegesam Thangiah Audit Committee

Mr. Lam Yik Meng Audit Committee
Nomination/Remuneration Committee

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


CYGAL BERHAD: Releases Restructuring Scheme Update
--------------------------------------------------
Cygal Berhad refers to the announcement made by Commerce
International Merchant Bankers Berhad on the Company's behalf
dated 6 December 2004.

The Company hereby announced that, other than previously
announced, there has been no further development on the status
of its restructuring plan.

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Phone: 03-7983 9099
Fax: 03-7981 7629


FORESWOOD GROUP: Financial Condition Unchanged
----------------------------------------------
In line with Practice Note No.4/2001 of the Listing Requirements
of the Bursa Malaysia Securities Berhad (Bursa), Foreswood Group
Berhad announced that there is no significant development in
respect of its plan to regularize its financial condition other
than those has been publicly announced since the last monthly
status announcement pursuant to PN4 announced on 1 December
2004.

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

This announcement is dated 3rd January 2005.


INNOVEST BERHAD: Aims to Regularize Financial Status
----------------------------------------------------
Further to the announcement made on 1 December 2004, Innovest
Berhad announced the status of its plan to regularize its
financial position (Proposed Restructuring Scheme).

The Company, via Originating Summons No. D4-24-361-2004, made an
application to the High Court of Malaya (Court) pursuant to
Section 176 of the Companies Act, 1965 for leave to convene a
scheme meeting for its shareholders for the purpose of
considering, and if thought fit, to approve with or without
modification the proposed composite scheme of arrangement with
the members of Innovest.

Via an order dated 10 December 2004 (Order), the Court has
granted leave to the Company to convene a Scheme Meeting within
nine (9) months from the date of the Order. Innovest will send
out the explanatory statement to the shareholders in due course.

Save as disclosed above, there have been no major developments
to the plan to regularize the financial position of the Company.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
MALAYSIA
Phone: +60 3 2093 3373
Fax: +60 3 2094 3733

This announcement is dated 3 January 2005.


JIN LIN: SC Evaluates Debt Restructuring Plan
---------------------------------------------
In compliance with Practice Note No. 4/2001 (PN4), paragraph
4.1(b), of the Bursa Securities Listing Requirements, Jin Lin
Wood Industries Berhad (JLWIB) announced that the proposed
restructuring scheme of the Company submitted to the Securities
Commission (SC) on 30 June 2004 is still in the process of being
evaluated by the SC.

The SC is also evaluating on behalf of the Foreign Investment
Committee.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Phone: 086-334661/335570
Fax: 086-330866/334808

This announcement is dated 3 January 2005.


JIN LIN: 6th AGM Set for January 26
-----------------------------------
Notice is hereby given that the Sixth Annual General Meeting
(AGM) of Jin Lin Wood Industries Berhad (JLWIB) will be held at
Dewan Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan
Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on
Wednesday, 26 January 2005 at 10 a.m. for the purpose of
transacting the following businesses:

AGENDA

As Ordinary Business

1. To receive the Audited Financial Statements of the Company
for the financial year ended 30 June 2004 together with the
Directors' and Auditors' reports therein.
Ordinary Resolution 1

2. To re-elect the following Directors retiring in accordance
with Article 90 of the Company's Articles of Association and
being eligible, they offer themselves for re-election:-

(i) Mr Cheng Yang Poh Ordinary Resolution 2
(ii) Mr Ko Kung Hai Ordinary Resolution 3

3. To re-appoint Messrs Ernst & Young as Auditors of the Company
and to authorize the Directors to fix their remuneration.
Ordinary Resolution 4
As Special Business

To consider and, if thought fit, to pass the following
resolutions:-

4. Authority to Directors under Section 132D of the Companies
Act, 1965 to allot and issue shares in the Company

"THAT the Directors be and are hereby empowered, pursuant to
Section 132D of the Companies Act, 1965, to issue shares in the
Company at any time and upon such terms and conditions and for
such purposes as the Directors may, in their absolute discretion
deem fit, provided that the aggregate number of shares issued
pursuant to this resolution does not exceed 10% of the issued
share capital of the Company as at the date of this Annual
General Meeting and that the Directors be and are also empowered
to obtain the approval for the listing of and quotation for the
additional shares so issued on Bursa Malaysia Securities Berhad
and that such authority shall continue to be in force until the
conclusion of the next annual general meeting of the Company."
Ordinary Resolution 5

5. Proposed Shareholders' Mandate for Jin Lin Wood Industries
Berhad and its subsidiaries to enter into recurrent related
party transactions of revenue or trading nature with the
Mandated Party (the Proposed Mandate)

"THAT pursuant to paragraph 10.09 of the Listing Requirements of
Bursa Malaysia Securities Berhad, a mandate be and is hereby
granted to the Company and its subsidiaries ("the JLWIB Group")
to enter into the recurrent transactions of a revenue or trading
nature which are necessary for the JLWIB Group's day-to-day
operations as set out in paragraph 2.6 of the Circular to
Shareholders dated 4 January 2005, with the Mandated Party
mentioned in paragraph 2.3 therein, provided that:

(i) The transactions are in the ordinary course of business and
on normal commercial terms which are not more favorable to the
Mandated Party than those generally available to the public and
are not to the detriment of the minority shareholders of the
Company; and

(ii) The disclosure of the aggregate value of the transactions
conducted during a financial year will be disclosed in the
annual report for the said financial year,

AND THAT the authority conferred by such mandate shall continue
to be in force until:

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

(ii) The expiration of the period within which the next AGM is
required to be held pursuant to Section 143(1) of the Companies
Act, 1965 (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Companies Act, 1965);
or

(iii) Revoked or varied by resolution passed by shareholders in
general meeting; whichever is the earlier.

The Directors of the Company be and are hereby authorized to
complete and do all such acts and things as they may consider
expedient or necessary to give effect to the Proposed Mandate."
Ordinary Resolution 6

6. To transact any other business for which due Notice shall
have been given.

By Order Of The Board

GWEE OOI TENG
(MAICSA 0794701)
Company Secretary

Kuala Lumpur
4 January 2005

Note 1

A member of the Company who is entitled to attend and vote at
this Meeting is entitled to appoint a proxy to attend and vote
on a show of hands or on a poll in his stead. A proxy may but
need not be a member of the Company.

In the case of a corporate member, the instrument appointing a
proxy shall be either under its Common Seal or under the hand of
its attorney duly authorized in that behalf.

Where a member appoints more than one (1) proxy, the appointment
shall be invalid unless he/she specifies the proportion of
his/her shareholdings to be represented by each proxy.

The instrument appointing a proxy must be deposited at the
Company's Registered Office situated at Level 13, Menara
Milenium, 8 Jalan Damanlela, Damansara Heights, 50490 Kuala
Lumpur not less than forty eight (48) hours before the time
appointed for holding the Meeting or any adjournment thereof.

Note 2

Resolution pursuant to Section 132D of the Companies Act, 1965

The proposed Resolution 5, if passed, would enable the Directors
to issue up to a maximum of 10% of the issued and paid up share
capital of the Company as at the date of this Annual General
Meeting for such purposes as the Directors consider would be in
the best interest of the Company. This authority unless revoked
or varied by the Company at a general meeting will expire at the
next annual general meeting.

Note 3

Resolution for the proposed Shareholders' Mandate for Jin Lin
Wood Industries Berhad and its subsidiaries (the JLWIB Group) to
enter into recurrent related party transactions of a revenue or
trading nature with the Mandated Party (the Proposed Mandate)

The proposed Ordinary Resolution 6 is to seek and obtain a
general mandate from the Shareholders to enable the JLWIB Group
to enter and/or continue to enter into recurrent related party
transactions of a revenue or trading nature with the Mandated
Party, which are necessary for the JLWIB Group's day-to-day
operations subject to the transactions being in the ordinary
course of business and on normal commercial terms which are not
more favorable to the Mandated Party than those generally
available to the public and are not to the detriment of the
minority shareholders of the Company. The detailed information
on the Proposed Mandate are set out in the Circular to
Shareholders of the Company dated 4 January 2005 which was
circulated together with the Annual Report.


JIN LIN: Seeking Approval of Proposed Shareholders' Mandate
-----------------------------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) announced that it would
be seeking the approval of its Shareholders on the proposed
shareholders' mandate for recurrent related party transactions
(the Shareholders' Mandate) at the Sixth Annual General Meeting
(Sixth AGM) of the Company.

The Shareholders' Mandate, if approved by the shareholders at
the Sixth AGM, shall take effect from and including the date of
the passing of the ordinary resolution at the Sixth AGM and
shall continue to be in force until:

(a) The conclusion of the first AGM of the Company following the
Sixth AGM, at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed; or

(b) The expiration of the period within which the next AGM is
required to be held pursuant to Section 143(1) of the Act but
shall not extend to such extension as may be allowed pursuant to
Section 143(2) of the Act; or

(c) Revoked or varied by a resolution passed by Shareholders at
a general meeting, whichever is the earlier.

A circular containing the details of the Proposal will be
dispatched to the Shareholders in due course.

This announcement is dated 3 January 2005.


KILANG PAPAN: Seeks Restructuring Scheme Support
------------------------------------------------
Kilang Papan Seribu Daya Berhad is currently waiting for
approvals from the Securities Commission and Foreign Investment
Committee on its revised Proposed Restructuring Scheme.

The Company announced that there is no material change to the
Company's plan to regularize its financial condition.

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

This announcement is dated 3 January 2005.


K.P. KENINGAU: Issues Monthly Status Update
-------------------------------------------
The Board of Directors of K. P. Keningau Berhad announced that
there is no new development since the date of the last
announcement and, the Company is still in the midst of assessing
various options to regularize its financial condition.

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

This announcement is dated 3 January 2005.


LANKHORST BERHAD: Answers Winding Up Petition Query
---------------------------------------------------
In reply to the letter query from the Bursa Malaysia Securities
Berhad, regarding the winding-up petition served on its unit
Lankhorst Pancabumi Contractors Sdn Berhad (LPCSB), Lankhorst
Berhad announced the following additional information requested
for public release:

As requested, the following information are furnished for public
release:

1. The name of the Petitioner is YWC Engineers & Constructors
Sdn. Bhd. Until to date we have not been served with the
Winding-up Petition. We became aware of the Petition upon seeing
the advertisement in the Star newspaper today.

2. The claim by the Petitioner is for the balance sum of
RM173,398.30 with interests at 8% p.a. from the date of
Judgement (20-08-02) till full settlement and costs of
RM2,026.00. This is in respect of sub-contract works for Water
Reticulation for our Main Infrastructure Works for Zone C
(Precinct 3,4,5 and 11) at Bandar Sungai Buaya, Mukim Serendah,
Daerah Hulu Selangor, Selangor Darul Ehsan.

3. On 9-07-03 LPCSB had entered into a Settlement Agreement with
the Petitioner whereby the aforesaid outstanding amount is to be
paid by way of contra of a shop office unit at Bandar Sungai
Buaya. The keys to the shop office have been handed over and the
Petitioner has in fact taken possession of the said property.

The Petitioner subsequently went back on their promise in the
Settlement Agreement indicating that they are unable to sell off
the said property and demanded for the settlement to be made in
cash. The keys to the said property are still in their
possession and as such LPCSB disputes that there is any amount
still owing to the Petitioner.

4. To total cost of investment in LPCSB is RM25,000,000.00.

5. The claim and proceedings will not have any significant
financial and operational impact on the Company or on the Group.

6. There are no expected losses arising out of the winding-up
proceedings.

7. LPCSB is of the view that the Settlement Agreement is still
subsisting and will negotiate with the Petitioner to resolve the
matter and withdraw the Petition.

8. The date of the hearing of the Petition is on 6th May 2005.

9. Lankhorst Berhad and its group of companies (Group) is
solvent i.e. there is no contingent or other liability that has
become or likely to become enforceable within the period of 12
month from the date hereof which will or may affect the ability
of the Group or the Company to meet their obligations as and
when they fall due.

10. The Company will provide Bursa Securities with a solvency
declaration executed by the directors of the Company within
seven (7) days from the date hereof.

The Board has endorsed the contents of this announcement.

By Order of the Board,

This announcement is dated 3rd January 2005.

Query Letter content:

We refer to the advertisement on winding-up petition appearing
in the Star, Star Notices, page 10 on Monday, 3 January 2005.

In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:

The name of the petitioner and date the winding-up petition was
served on LPCSB;

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;
The details of the default or circumstances leading to the
filing of the winding-up petition;

The total cost of investment in LPCSB;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any arise from the winding-up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;

The date of hearing;

8. A statement whether Lankhorst Berhad and its group of
companies (Group) is solvent i.e. that no contingent or other
liability has become or is likely to become enforceable within
the period of twelve (12) months from the date thereof which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due; and

9. An undertaking to provide Bursa Securities a solvency
declaration executed by the directors of the Company within
seven (7) days (where such declaration can be made).

Please note that the board of directors of the Company must
endorse the contents of the announcement.

Yours faithfully,

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to: Securities Commission (via fax)


LITYAN HOLDINGS: Issues Default Status Update
---------------------------------------------
Lityan Holdings Berhad (LHB) issued an update on the details of
the various credit facilities in default by its subsidiaries to
the financial institutions as at 31 December 2004.

The Company is actively taking steps to dispose off the Group's
non-core investments and non-operating assets to generate cash
flow for settlement of defaults and redemption of the loans.

For more information, go to
http://bankrupt.com/misc/tcrap_lityan010405.doc

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2
40150 Shah Alam
Selangor Darul Ehsan Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MENTIGA CORPORATION: Finalizing Terms of Shares Disposal
--------------------------------------------------------
Mentiga Corporation Berhad is still in the process of finalizing
the terms of the proposed disposal of 9,450 ordinary shares
representing 90% of the total issued and paid up share capital
of its unit PT Rebinmas Jaya.

Details of the Proposed Disposal will be announced to Bursa
Malaysia Securities Berhad in due course.

CONTACT:

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


MERCES HOLDINGS: Default Status Remains Unchanged
-------------------------------------------------
The Board of Directors of Merces Holdings Berhad (MHB) announced
that there is no new development in relation to the defaults in
payment by the Company to Southern Bank Berhad.

Details of the default in payments of the principal and interest
indicated in Table A previously announced on 4 October 2004
remained unchanged.

The Company will keep Bursa Malaysia Securities Berhad informed
of any further development on the above matter.

For a copy of its outstanding credit facilities due to Southern
Bank Berhad, go to
http://bankrupt.com/misc/tcrap_merces010405.xls

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Phone: 03-2919366
Fax: 03-2928773/2919901


MYCOM BERHAD: Restructuring Plan Status Unchanged
-------------------------------------------------
Mycom Berhad announced that there is no new development since
the last announcements made on 1 December 2004 and 15 December
2004 in relation to the implementation of the proposed
restructuring scheme of the Company.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996

The announcement is dated 3 January 2005.


NAUTICALINK BERHAD: Details Restructuring Scheme Updates
--------------------------------------------------------
Further to the announcements made on 10 June 2003, 8 August
2003, 15 April 2004 and 8 June 2004, Nauticalink Berhad
announced the execution of the following:

(i) An extension letter dated 31 December 2004, between NB,
Orion Unggul Sdn Bhd (Orion) and Kosmo Seraya Sdn Bhd (Kosmo) to
further extend the Extended Conditions Cut-Off Date to fulfil
certain conditions as specified in the Corporate Restructuring
Agreement dated 6 June 2003, as varied by the Supplemental
Corporate Restructuring Agreement dated 7 August 2003, the
Second Supplemental Corporate Restructuring Agreement dated 13
April 2004 and the Third Supplemental Corporate Restructuring
Agreement dated 4 June 2004, entered into between NB, Orion and
Kosmo to 31 May 2005;

(ii) An extension letter duly executed on 31 December 2004
between Orion and Kosmo to extend cut-off date for the
satisfaction of the conditions as set out in the Share Sale
Agreement dated 6 June 2003, as amended by the Supplemental
Share Sale Agreement dated 7 August 2003, the Second
Supplemental Share Sale Agreement dated 13 April 2004 and the
Third Supplemental Share Sale Agreement dated 4 June 2004
between Orion and Kosmo to 31 March 2005;

(iii) An extension letter duly executed on 31 December 2004
between Cadpro Classic Sdn Bhd (CCSB) and Hexariang Sdn Bhd
(Hexariang) to extend the cut-off date for the satisfaction of
the conditions as set out in the Disposal Agreement dated 7
August 2003 and as amended by the Supplemental Disposal
Agreement dated 4 June 2004 entered into between Hexariang and
CCSB for the proposed disposal of Nagatrend Plastics Painting
Services Sdn Bhd to 31 March 2005; and

(iv) An extension letter duly executed on 31 December 2004
between Manis Resort Sdn Bhd (MRSB) and Nagatrend Plastic Sdn
Bhd (NPSB) to extend the cut-off date for the satisfaction of
the conditions as set out in the Sale and Purchase Agreement
dated 7 August 2003 and as amended by the Supplemental Sale and
Purchase Agreement dated 17 August 2004 entered into between
MRSB and NPSB for the proposed acquisition of property by NPSB
from MRSB to 31 March 2005.

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

CONTACT:

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

This announcement is dated 3 January 2005.


NORTH BORNEO: Submits Revised Regularization Plan
-------------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
disclosed to the Bursa Malaysia Securities Berhad that there are
no changes to the status of its plan to regularize its financial
position since the last announcement on the revised scheme that
was released by Southern Investment Bank Berhad on 1 September
2004.

The revised scheme submitted to the Securities Commission and
the Foreign Investment Committee is now pending approval by the
relevant authorities.

CONTACT:

North Borneo Corporation Berhad (the)
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
MALAYSIA
Phone: +60 87 263232
Fax: +60 87 234363

This announcement is dated 3 January 2005


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


METRO PACIFIC: OKs Reverse Stock Split
--------------------------------------
At a special meeting of the Board of Directors of Metro Pacific
Corporation (MPC) held on December 31, 2004, the Board approved
the issuance to Metro Pacific Resources, Inc. (MPRI) of up to
450 million new series I-C preferred shares at an issue price
equivalent to the par value thereof of Pesos 1.00 per share.

The Board at the same meeting also approved a reverse stock
split of the shares of MPC by increasing its par value from
Pesos 1.00 to Pesos P10.00 per share. The change in the par
value is subject to stockholders' approval and will take effect
only after the Securities and Exchange Commission (SEC) shall
have approved the same.

Immediately after the same Board meeting, MPC and MPRI executed
a subscription agreement, which provided for an initial
subscription payment by MPRI of Pesos 278.9 million and the
payment of the balance on or before June 30, 2005. The
effectiveness of said subscription agreement is subject to SEC
approval of the Enabling Resolution. A copy of the Enabling
Resolution passed by the MPC Board is set out below.

ENABLING RESOLUTION

"RESOLVED, AS IT IS HEREBY RESOLVED, to authorize the issuance
of up to Four Hundred Fifty Million (450,000,000) Series 1
Preferred Shares, to be designated as Sub-Series 1-C, at the
issue price of One Peso (PhP1.00) per share, to Metro Pacific
Resources, Inc.;

"RESOLVED, FURTHER, that the Sub-Series 1-C Preferred Shares
shall have the following terms and features:

DIVIDEND ENTITLEMENT

The Sub-Series 1-C Preferred Shares shall be entitled to
cumulative preferential dividends at the rate of 10% per annum.
Such dividends shall be cumulative from and after the issue date
of the Sub-Series 1-C Preferred Shares, whether or not in any
period the amount thereof is covered by available unrestricted
retained earnings. No dividends shall be declared or paid on the
common shares unless the full accumulated dividends on the Sub-
Series 1-C Preferred Shares for all past dividend periods and
for the then current dividend period shall have been declared
and paid by the Corporation.

The holder(s) of the Sub-Series 1-C Preferred Shares shall not
be entitled to any participation or share in the retained
earnings remaining after dividend payments shall have been made
thereon.

VOTING RIGHTS

The holders of the Sub-Series 1-C Preferred Shares shall not be
entitled to vote except (a) in those cases expressly provided by
law, and (b) in the event that as of the date of the notice
convening a meeting of the stockholders of the Corporation the
cumulative preferential dividend referred to above is six months
or more in arrears.

CONVERTIBILITY

At the option of the holder(s), exercisable at anytime from and
after the issue date thereof, the Sub-Series 1-C Preferred
Shares, together with any accrued and unpaid dividends thereon,
shall be convertible to common shares, at a conversion price per
share which shall be equivalent to the par value of each common
share.

On the fifth anniversary of the issue date thereof, all
outstanding Sub-Series 1-C Preferred Shares, together with any
accrued and unpaid dividends thereon, shall be, subject to the
redemption option exercisable by the Corporation, mandatorily
converted into common shares at a conversion price per share,
which shall be equivalent to the par value of each common share.

REDEEMABILITY

At the option of the Corporation, the Sub-Series 1-C Preferred
Shares may be redeemed on the fifth anniversary of the issue
date thereof, at a price equivalent to the total par value
thereof plus any accrued and unpaid dividends thereon plus a
redemption premium which will provide the holder of Preferred
Share with an effective yield of 15% p.a. received from the
subscription payment date.

Any and all Sub-Series 1-C Preferred Shares redeemed, whether
pursuant to a share conversion or otherwise, shall not be
considered retired and may be re-issued by the Corporation.

PREFERENCE UPON LIQUIDATION

In the event of liquidation, dissolution, bankruptcy or winding
up of the affairs of the Corporation, the holder(s) of the Sub-
Series 1-C Preferred Shares shall be entitled to be paid in full
or ratably to the extent that the remaining assets of the
Corporation will permit an amount equivalent to the issue price
thereof plus all accumulated and unpaid dividends up to the then
current dividend period, before any assets of the Corporation
shall be paid or distributed to any other holders of any other
class of shares of the Corporation.

"RESOLVED, FURTHERMORE, to authorize and direct the Corporate
Secretary and other appropriate officers of the Corporation to
cause the filing of these Enabling Resolutions with the
Securities and Exchange Commission, and to execute, sign and
deliver any and all certifications and other instruments that
may be required, necessary or appropriate in the premises;

"RESOLVED, FINALLY, to authorize and empower the President, the
Chief Financial Officer, or any other appropriate officer of the
Corporation to execute, sign and deliver such subscription
agreement and any and all other agreements as may be necessary
or appropriate to implement the foregoing share issuance."

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

This Company press release is dated 31 December 2004.


METRO PACIFIC: Gives Up Prime Media Stake
-----------------------------------------
Metro Pacific Corporation (MPC) sold a portion of its
shareholdings in Prime Media Holdings, Inc. for Php2.5 million.

In a press release, the Company said the stake represents 34
percent of the outstanding common shares sold to Alcion
Resources, Inc.

For more information, go to
http://bankrupt.com/misc/tcrap_mpc010405.pdf

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


NATIONAL POWER: PSALM Rules Out Transfer to YNN Pacific
-------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) said that the National Power Corporation's Masinloc
power plant will be transferred to YNN Pacific Consortium Inc.
only upon payment of the US$223 million representing 40 percent
of the US$557 million bid price, the Philippine Star reports.

PSALM President Raphael P.M. Lotilla pointed out that they have
yet to finalize some details of the sale before the actual
transfer of the asset to the winning bidder could happen.

Mr. Lotilla said proceeds from the sale of the Zambales-based
power plant would help the national government reduce the debts
of the National Power Corporation (Napocor).

CONTACT:

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


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


CHINA AVIATION (S): In Rehab Talks with Temasek Only
----------------------------------------------------
Singapore's main investment arm Temasek Holdings is presently
the only firm that is in restructuring talks with beleaguered
China Aviation Oil Singapore Corp. (CAO), reports Channel News
Asia.

CAO has not received offers from its Chinese creditor banks to
write-off its debts and aid in its re-capitalization.

But a consortium of six Chinese banks was reportedly planning to
write off as much as US$120 million of the jet fuel trader's
debt. Air China may, likewise, possibly take a stake in CAO's
parent company, the Beijing-based China Aviation Oil Holdings
Corporation.

CAO, which under court protection after collapsing in November
from a half-billion dollars in losses from trading derivatives,
is expected to unveil its restructuring plan by January 21.

CONTACT:

China Aviation Oil Singapore Corporation
Phone: (65)6334 8979
Fax: (65)6333 5283
E-mail: http://www.caosco.com/


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

Name: CapitaRetail China (Alpha) Investments Pte. Ltd. (CRCAI)

Principal Activity: Investment Holding

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

Issued and Paid-up Share Capital: SG$1 comprising 1 ordinary
share of SG$1

CRCBI is a wholly owned subsidiary of CapitaLand Retail China
Pte. Ltd., itself a wholly owned subsidiary of CapitaLand.   


CAPITALAND LIMITED: Establishes Second Wholly Owned Unit
--------------------------------------------------------
The Board of Directors of Capitaland Limited disclosed the
establishment of the following indirect wholly owned subsidiary
incorporated in Singapore:

Name: CapitaRetail China (Beta) Investments Pte. Ltd. (CRCBI)

Principal Activity: Investment Holding

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

Issued and Paid-up Share Capital: SG$1 comprising 1 ordinary
share of SG$1

CRCBI is a wholly owned subsidiary of CapitaLand Retail China
Pte. Ltd., itself a wholly owned subsidiary of CapitaLand.   


CLEANROOM RESOURCES: Posts Notice Of Dividend
---------------------------------------------
Cleanroom Resources Pte Ltd. with an Address Of Registered
Office at 11 Collyer Quay #10-02 The Arcade Singapore 049317,
posted at the Singapore Government Gazette issued a notice of
dividend.

Amount per centum: 100%

First and final or otherwise: First and Final

When payable: 31 December 2004

Where payable: 11 Collyer Quay #10-02 The Arcade Singapore
049317

This notice is dated 31 December 2004.


GINE FASHION: Creditors May Prove Claims Until January 31
---------------------------------------------------------
Notice is hereby given that the creditors of Gine Fashion &
Trading Pte Ltd, which is being wound up voluntarily, are
required on or before 31st January 2005, to send in their names
and addresses and the particulars of their debts or claims and
the names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company.

If so required by notice in writing from the said Liquidator,
they are to come in personally or by their solicitors and 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 made before such
debts are proved.

Dated this 31st day of December 2004.

Patrick Tay Kim Chuan
Liquidator
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808


LIANG HUAT: Company Secretary Resigns
-------------------------------------
The Board of Directors of Liang Huat Aluminium Limited announced
the resignation of Ms. Foo Soon Soo as Company Secretary of the
Company with effect from 31 December 2004.

The Board wishes to thank Ms Foo for her past services to the
Company.

Submitted by:
Tan Yong Kee   
Group Managing Director   


LIANG HUAT: Still in Talks on Scheme of Arrangement Terms
---------------------------------------------------------
Liang Huat Aluminium Ltd released at the Singapore Stock
Exchange its monthly update on the group's financial position,
progress of the debt restructuring plan and negotiations with
its creditors.   

The Company is continuing to discuss with its major banks on the
proposed terms of the Scheme of Arrangement. The banks are
currently reviewing the terms proposed by the Company and have
not expressed any objections to being included in the proposed
Scheme.

The Company will make prompt and timely announcements of further
developments concerning its restructuring progress.    

Submitted by:
Tan Yong Kee   
Group Managing Director   


SIERAD FOOD: Winding Up Hearing Set January 14
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Sierad Food Pte Ltd by the High Court was on the 14th day of
October 2004 presented by Everasia Holdings Limited (ID No.
UF31930Z) of PO Box 957, Offshore Incorp TR, Rd Town, Tortola,
British Virgin Islands, a creditor.

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

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

The Petitioners' address is PO Box 957, Offshore Incorp TR, Rd
Town, Tortola, British Virgin Islands.

The Petitioners' Solicitors are Messrs Ang & Partners of 150
Beach Road, #32-00 The Gateway West, Singapore 189720.

Messrs Ang & Partners
Solicitors for the Petitioner

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
Messrs Ang & Partners, notice in writing of his intention to do
so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any). It must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than 12
o'clock noon of the 13th day of January 2005.

This Singapore Government Gazette notice is dated 31 December
2004.


TOAGOSEI ASIA: Court to Hear Winding Up Petition on January 14
--------------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Toagosei Asia Pte Ltd by the High Court was, on the 22nd day of
December 2004 presented by Toagosei Co., Ltd of 1-14-1 Nishi-
Shimbashi, Minato-ku, Tokyo 105-8419 Japan.

The Petition will be heard before the Court sitting at the High
Court at 10:00 o'clock 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is 1-14-1 Nishi-Shimbashi, Minato-ku,
Tokyo 105-8419, Japan.

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

Dated this 22nd day of December 2004.

Rajah & Tann
Petitioners' Solicitors

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Rajah
& Tann, the Petitioner's Solicitors, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
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 12 o'clock noon of the 13th day of January 2005 (the
day before the day appointed for the hearing of the Petition).


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


ADVANCE PAINT: Notification of Warrant Exercising Results
---------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Co. Ltd. advised the
Stock Exchange of Thailand that it has issued 167,453,025
warrants for right offering to existing shareholders whose names
appeared in the Shareholders Registered Book as of 27 December
2002.

The warrants can be exercised every quarter starting from
December 31, 2003 at the exercise ratio 1 warrant: 1 common
share.

Thus, Advance Paint & Chemical (Thailand) Public Co., Ltd. would
like to report the result of exercise of the warrant holders on
the date of December 30, 2004:

As of December 30, 2004

Beginning Balance of Warrants: 133,463,425 Units

Less Exercised Warrants to be common shares: 0 Units

Ending Balance of Warrants: 133,463,425 Units

Please be informed accordingly.

Yours faithfully,
(Mrs. Narumol Punnakitikashem)
Executive Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl   
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


JASMINE INTERNATIONAL: Details Warrant Conversion
-------------------------------------------------
Jasmine International Public Company Limited reported to the
Stock Exchange of Thailand (SET) the results of the warrant
conversion to common shares (JAS-W2).

The resolution of the Board of directors' meeting of Changwatana
Planner Co., Ltd. as the Plan Administrator of Jasmine
International Public Company Limited No. 12/2003 held on 25
September 2003 approved the issuance and offer warrants (JAS-W2)
at the number of 551,970,477 units to purchase new shares to the
existing shareholders, whose names appear on the registration
book at the closing date on 20 October 2003.

After that the Board of directors' meeting of the Plan
Administrator No. 19/2003 held on 24 December 2003 passed the
resolution to proceed changing the par value of shares of the
Company (par split) from the par value of THB10 (Ten Baht)
per share to be THB1 (One Baht) per share, so the number of JAS-
W2 was increased to be 5,519,704,770 units.  

The holders of JAS-W2 can exercise his/her right to purchase the
Company's common shares every three months during 8:30 A.M. to
3:30 P.M. on the 30th day of March, June, September and December
of each year through the maturity date.

The exercise date in this time is on 30 December 2004, the
holders of JAS-W2 can notify their intention to exercise during
16-29 December 2004 at the ratio of 1 right warrant into 1
common share at THB0.50 per share.  

The Company would like to report the results of warrant
conversion to common shares:

No. of warrant holders   No. of warrants  No. of common shares

(1) Thai national    

1 Person                1,000 Units           1,000 Shares

(2) Foreign national

2 Persons               53,000 Units          53,000 Shares

Total  

3 Persons         54,000 Units          54,000 Shares

After this conversion, there are 5,036,141,910 remaining
warrants and the Company will have a paid-up capital occurring
from warrant conversion increased from THB8,318,393,300 to
THB8,318,447,300.

Please be informed accordingly.
Authorized director
(Mr. Somboon Patcharasopak)
Chaengwatana Planner Co., Ltd., Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

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



                            *********


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
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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