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        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

             Friday, January 7, 2005, Vol. 8, No. 5

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: In Legal Brawl with Bondholders
AUSASEAN MANAGEMENT: To Declare Final Dividend on January 20
BUILDX CONSTRUCTION: Court Issues Winding Up Order
BYVAN PARKING: Sets Final Meeting January 14
CHEMEQ LIMITED: Signs Term sheet to raise up to $60 million

CHIRM PTY: Members to Meet January 14
D.A.M. SYSTEMS: Court Names Christopher J. Palmer as Liquidator
DPF PTY: To Hold Meeting January 14
DON PITKIN: General Meeting Slated for January 21
GISBORNE MANUFACTURING: Sets January 7 as Date of Final Meeting

HARRINGTON STREET: To Convene Final Meeting on January 14
HOUSDEN PLASTERING: Members Resolve to Voluntarily Wind Up
JAMES HARDIE: Draws ASIC's Attention
OPAL HOME: Enters Winding Up Proceedings
PROTECH INFRASTRUCTURE: Final Meeting Set January 14

PROTECH PTY: Sets January 14 as Date of Final Meeting
RHI PTY: Schedules Final Meeting on January 14
RISING STAR: Creditors, Members to Meet January 19


C H I N A  &  H O N G  K O N G

CHEERY CITY: Court to Hear Liquidators' Application January 10
FENG MEI: Winding Up Hearing Set January 12
INDUSTRIAL AND COMMERCIAL: Cap Infusion Still Unclear
JOYFUL CONSTRUCTION: Appoints New Liquidators
KING TAT: Creditors to Meet February 3

KWONG YEONG: Creditors to Prove Debt by January 31
TREASURE COLD: Court to Hear Winding Up Petition on January 19


I N D O N E S I A

GARUDA INDONESIA: May Book First Losses in 6 Years
GARUDA INDONESIA: Mulls Additional Planes to Boost Revenue
KIANI KERTAS: Mandiri Agrees to Settle Debt Restructuring
* S&P Says Debt Relief Not to Affect Indonesia Ratings


J A P A N

ALL NIPPON: To Create Joint Customer Loyalty Program with Mizuho
FUJITSU LIMITED: Partners with Staccato to Offer New Technology
FURUKAWA ELECTRIC: METI OKs Changes to Reorganization Plan
ISHIKAWAJIMA-HARIMA HEAVY: R&I Downgrades to L-T Debt to BBB
JAPAN AIRLINES: Claims Japan Post Abused Monopoly

KIKUNAN KAIHATSU: Enters Bankruptcy
MITSUBISHI MOTORS: New Auto Sales Plunge 40.6% in December
MITSUBISHI MOTORS: Gilligan Takes Top Seat at U.S. Unit


K O R E A

HYNIX SEMICONDUCTOR: Judge Denies Request for Pre-trial
LG CARD: Fresh Funds Pave Way to Speedy Sale


M A L A Y S I A

ANCOM BERHAD: Details Proposed Reorganization Scheme
AOKAM PERDANA: Proposes New Corporate Name
BUKIT KATIL: Discloses Retirement of Director
GULA PERAK: Lists Additional Shares
FABER GROUP: Granted Listing of Additional Shares

GENERAL SOIL: Tries to Avert Delisting of Securities
I-BERHAD: Releases Notice of Shares Buy Back
LION CORPORATION: Clarifies Shares Option Scheme
LITYAN HOLDINGS: Unit Receives Writ of Summons from RHB
MANGIUM INDUSTRIES: MITI OKs Debt Settlement Proposal

MERCES HOLDINGS: Resumes Trading of Shares
MTD CAPITAL BHD: Posts Shares Buy Back Notice
NAIM INDAH: Unveils Additional Shares Listing
NALURI BERHAD: Updates Shares Acquisition
PSC INDUSTRIES BERHAD: Applies for Deadline Extension

SAFEGUARDS CORPORATION: Court Strikes Out Winding Up Petition
TAP RESOURCES: Discloses Unaudited Quarterly Results
TRADEWINDS CORPORATION: Completes Shares Disposal
TT RESOURCES: Notes Internal Restructuring Exercise
YCS CORPORATION: Aims to Regularize Financial Condition


P H I L I P P I N E S

BENPRES HOLDINGS: Unveils FY04 Board Meeting Attendance
COLLEGE ASSURANCE: Customers May Not Get Immediate Payment
NATIONAL POWER: Blamed for State's Fiscal Troubles
NATIONAL POWER: Sale of Idle Power Plants Kicks Off
PHILIPPINE AIRLINES: Needs US$2-Mln for E-ticketing System

PHILIPPINE LONG: Post Changes in Beneficial Securities
PILIPINO TELEPHONE: Shareholder Furnishes SEC Form 18-A
VICTORIAS MILLING: Notes Corporate Governance Changes


S I N G A P O R E

CAPITALAND LIMITED: Posts Notice of Cessation of Shareholding
CAPITALAND LIMITED: Unit Answers SGX Query
CAPITALAND LIMITED: Ascott Group Responds to SGX Queries
CHINA AVIATION (S): Satya Ordered to Attend Pre-trial on Jan. 14
CHINA AVIATION (S): Urges Creditors to Take 60% Cut

CREDIT INSURANCE: Receiving Proofs of Debt Until January 31
KOH BROTHERS: Hearing to Confirm Cap Reduction Fixed
KPIC SINGAPORE: Creditors to Submit Claims by January 31
MAJULAH INVESTMENTS: Requests Creditors to Submit Claims
PANPAC MEDIA: Appoints CEO, Executive Director


T H A I L A N D

THAI PETROCHEMICAL: Committee to Meet with Plan Administrators
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ARISTOCRAT LEISURE: In Legal Brawl with Bondholders
---------------------------------------------------
Poker machine maker Aristocrat Leisure is embroiled in a legal
dispute with investors holding US$130 million in convertible
bonds that it plans to redeem, according to the Sydney Morning
Herald.

The tussle is about whether Aristocrat has the capacity to
purchase the bonds at face value of about AU$170 million, or
whether the holders can convert the bonds into shares with a
current value of AU$307 million.

Aristocrat refutes the bondholders' claim that they are entitled
to the AU$137 million difference between the two figures. The
firm reiterated that its early redemption of the bonds had
terminated the bondholder's right to convert them into shares.

Anticipating any legal action by the bondholders, the Company
then sought a declaration of its rights from the U.S. District
Court in New York.

The early redemption was triggered late last year after
Aristocrat's stock reversed 2003's plunge to record a near 600
percent increase for 2004.

The bonds, which were issued in 2001, were due to mature in May
2006 but could be redeemed early if Aristocrat's share price
traded at a 140 percent premium to the bond's redemption price
for more than 20 days in a 30-day period. This condition was met
in late November last year.

The 10 bondholders, which include KBC Financial Products,
Alexandra Global Master Fund, UFJ International, Calamos and
CQS, have launched a counter-claim saying Aristocrat's move was
unprecedented.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


AUSASEAN MANAGEMENT: To Declare Final Dividend on January 20
------------------------------------------------------------
A final dividend is to be declared on 20 January 2005 for
Ausasean Management Limited (Subject To Deed Of Company
Arrangement) A.C.N. 002 866 971.

Creditors whose debts or claims have not already been admitted
were required on 4 January 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


BUILDX CONSTRUCTION: Court Issues Winding Up Order
--------------------------------------------------
On 30 November 2004, the Supreme Court of Queensland in
Proceeding No BS 9419 of 2004 ordered the winding up of Buildx
Construction & Building Group Pty Limited and A.W. Butterell was
appointed as official liquidator of Buildx Construction &
Building Group Pty Limited (In Official Liquidation) A.C.N. 090
623 304.

Dated this 1st day of December 2004

A.W. Butterell
Official Liquidator


BYVAN PARKING: Sets Final Meeting January 14
--------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Byvan
Parking Pty Limited (In Liquidation) A.C.N. 003 618 862 will be
held at The Conference Room, Level 14, 25 Bligh Street, Sydney,
New South Wales on Friday, 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 and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 14th day of December 2004

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


CHEMEQ LIMITED: Signs Term sheet to raise up to $60 million
-----------------------------------------------------------
Veterinary pharmaceutical Company Chemeq Limited (Chemeq:
ASX:CMQ) announced that it had signed a Term Sheet with Mizuho
International Plc (MHI) for MHI or its nominees to invest up to
AU$60 million in Chemeq.

MHI is part of the Mizuho Financial Group (MFG) which is one of
the world's largest financial institutions with assets of over
US$1.1 trillion and a capital base in excess of US$30.0 billion.
MHI is a subsidiary of Mizuho Securities Co. Ltd. and is based
in London. Through the Global Special Situations Group, MHI has
made a variety of investments around the world, including more
recently in Australia in turnaround opportunities.  To date,
investments have been made in the mining, telecommunications,
cable television, airline, property, specialty chemical and
specialist engineering sectors.

The Term Sheet provides for Chemeq to issue to MHI 40,000
convertible bonds with a face value of AU$1,000 per bond for an
initial investment of AU$40 million.  The conversion price
(exercisable between March 31, 2008) is the lower of AU$1.10 per
Chemeq share or the volume weighted average price of Chemeq
shares for the 30 ASX trading days prior to conversion.

In addition, MHI commits to underwrite an additional AU$20
million investment in Chemeq to the extent Chemeq's listed
options exercisable at AU$2.40 on or before June 30, 2005 (June
2005 Options) do not generate AU$20 million of capital for
Chemeq.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CHEMEQLIMITED.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/


CHIRM PTY: Members to Meet January 14
-------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Chirm Pty
Limited formerly Fpdsavills (Vic) Pty Limited (In Liquidation)
A.C.N. 069 272 420 will be held at The Conference Room, Level
14, 25 Bligh Street, Sydney, New South Wales on Friday, 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 and the property of the Company disposed of and
hearing any explanations that may be given by the Liquidator.

Dated this 14th day of December 2004

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


D.A.M. SYSTEMS: Court Names Christopher J. Palmer as Liquidator
---------------------------------------------------------------
On the 29 November 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Christopher J. Palmer be
appointed Official Liquidator of D.A.M. Systems Consultants Pty
Limited (In Liquidation) A.C.N. 062 420 795.

Dated this 14th day of December 2004

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


DPF PTY: To Hold Meeting January 14
-----------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of DPF Pty
Limited formerly FPD Professional Services Pty Limited (In
Liquidation) A.C.N. 078 845 673 will be held at The Conference
Room, Level 14, 25 Bligh Street, Sydney, New South Wales on
Friday, 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 and the property of the Company
disposed of and hearing any explanations that may be given by
the Liquidator.

Dated this 14th day of December 2004

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


DON PITKIN: General Meeting Slated for January 21
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a general meeting of the members of Don Pitkin Pty Limited
(In Liquidation) A.C.N. 000 949 904 will be held at the offices
of SimsPartners, Suite 6A, Ground Floor, 10-12 Short Street,
Port Macquarie, NSW on 21 January 2005, at 11:00 a.m., for the
purpose of having an account laid before it showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanation that may
be given by the Liquidator.

Dated this 14th day of December 2004

David Leigh
Liquidator
SimsPartners
Chartered Accountants
Suite 6A, Ground Floor, 10-12 Short Street,
Port Macquarie
NSW 2444


GISBORNE MANUFACTURING: Sets January 7 as Date of Final Meeting
---------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a general meeting of the members of
Gisborne Manufacturing Company Pty Ltd (In Liquidation) A.C.N.
004 309 595 will be held at the office of PPB, Level 10, 90
Collins Street, Melbourne, Vic, 3000, on 7 January 2005 at 10:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and hearing any
explanation that may be given by the liquidator.

Dated this 2nd day of December 2004

Ian Carson
Liquidator
Gisborne Manufacturing Company Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


HARRINGTON STREET: To Convene Final Meeting on January 14
---------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Harrington
Street Rent Admin Pty Limited (In Liquidation) A.C.N. 069 692
244 will be held at The Conference Room, Level 14, 25 Bligh
Street, Sydney, New South Wales on Friday, 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
and the property of the Company disposed of and hearing any
explanations that may be given by the Liquidator.

Dated this 14th day of December 2004

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


HOUSDEN PLASTERING: Members Resolve to Voluntarily Wind Up
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
the above Company held on 30 November 2004, it was resolved that
Housden Plastering Pty Ltd (In Liquidation) A.C.N. 006 932 047
be wound up voluntarily and that Gregory Stuart Andrews of G S
Andrews & Associates, 22 Drummond Street, Carlton 3053 be
appointed Liquidator of the Company for the purpose of such
winding up.

Dated this 2nd day of December 2004

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


JAMES HARDIE: Draws ASIC's Attention
------------------------------------
Before the start of the New Year, the Australian Securities and
Investments Commission (ASIC) has turn its eye on embattled
James Hardie Industries NV, relates the Herald Sun.

The corporate regulator has already sent subpoenas to entities
and individuals connected to the James Hardie asbestos fiasco.
It has advised numerous parties it intends to subpoena documents
and other evidence.

Currently, ASIC is looking into potential violations of the
corporations law following an special inquiry into the Medical
Research and Compensation Foundation (MRCF). MRCF was
established by James Hardie to handle its asbestos liabilities.

The inquiry was commissioned after MRCF directors advised the
Carr Governments in 2002 that the funds James Hardie provided
the foundation to pay asbestos claims were insufficient, with
shortfalls pegged at more than AU$1.5 billion.

Just before Christmas, James Hardie entered into a non-binding
heads of agreement, which will see asbestos victims being paid a
total of AU$4 billion over the next 50 years.

James Hardie shareholders will have the final decision on the
matter. They are expected to vote on a funding package around
the middle of the year.

Among the matters ASIC is investigating is whether James Hardie
misled the NSW Supreme Court when applying to move offshore.

For corporate and media enquiries only, please contact:

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

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

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

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

All other enquires to CustomerLink Service Centre on 13 1103.


OPAL HOME: Enters Winding Up Proceedings
----------------------------------------
On the 2 December 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Christopher J. Palmer be
appointed Official Liquidator of OPAL Home Improvements (NSW)
Pty Limited (In Liquidation) A.C.N. 079 559 603.

Dated this 14th day of December 2004

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


PROTECH INFRASTRUCTURE: Final Meeting Set January 14
----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Protech
Infrastructure Management Pty Limited formerly Proteck Pty
Limited (In Liquidation) A.C.N. 091 970 053 will be held at The
Conference Room, Level 14, 25 Bligh Street, Sydney, New South
Wales on Friday, 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 and the property of the
Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 14th day of December 2004

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


PROTECH PTY: Sets January 14 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of Protech
(Aust) Pty Limited (In Liquidation) A.C.N. 055 543 069 will be
held at The Conference Room, Level 14, 25 Bligh Street, Sydney,
New South Wales on Friday, 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 and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 14th day of December 2004

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


RHI PTY: Schedules Final Meeting on January 14
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of RHI Pty
Limited (In Liquidation) A.C.N. 003 622 919 will be held at The
Conference Room, Level 14, 25 Bligh Street, Sydney, New South
Wales on Friday, 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 and the property of the
Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 14th day of December 2004

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


RISING STAR: Creditors, Members to Meet January 19
--------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Rising Star Trading Pty Ltd (In
Liquidation) A.C.N. 083 660 619 will be held at the offices of
PPB, Level 10, 90 Collins Street, Melbourne 3000 on 19 January
2005 at 10:00 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and
hearing any explanations that may be given by the liquidator.

Dated this 3rd day of December 2004

Warren White
Liquidator
Rising Star Trading Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


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C H I N A  &  H O N G  K O N G
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CHEERY CITY: Court to Hear Liquidators' Application January 10
--------------------------------------------------------------
Pursuant to Rule 45 (2) of the Companies (Winding-up) Rules the
Court hearing of the application of the joint and several
provisional liquidators of Cheery City Contractors Limited will
be held at the High Court, High Court Building, 38 Queensway,
Hong Kong by 10:00 a.m. on the 10th of January 2005.

Dated this 29th day of December 2004

Ip Kwun Ting
Cho Yim Kan
Joint and Several Provisional Liquidators


FENG MEI: Winding Up Hearing Set January 12
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Feng Mei Machinery (H.K.) Limited by the High Court of Hong Kong
was on the 22nd day of November 2004 presented to the said Court
by Kwan Kwok Man of Room 1425, King Lui House, King Lam Estate,
Tseung Kwan O, New Territories, Hong Kong.

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

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

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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

This notice is dated 28 December 2004.


INDUSTRIAL AND COMMERCIAL: Cap Infusion Still Unclear
-----------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) has brushed
off reports that the central government is close to approving a
capital infusion of US$45 billion, reports Xinhua.

Sources said the details of media reports were incorrect.

The fund injection was expected to allow the bank to prepare for
a planned initial public offering (IPO) either in Hong Kong or
New York, which will value it at more than US$10 billion.

Earlier, ICBC announced it was keen on a joint-stock
restructuring that would lead to floatation on the stock market
and was reportedly expecting approval from the China Banking
Regulatory Commission (CBRC) by the end of last year.

CBRC declined to comment on the said report but an unnamed
official from the Ministry of Finance has said "no decision has
been reached" on the bank's plans.

CONTACT:

Industrial and Commercial Bank of China
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: www.icbc.com.cn/


JOYFUL CONSTRUCTION: Appoints New Liquidators
---------------------------------------------
That by an Order of the High Court dated 11 December 2004, the
resignation of Mr. Richard Edmund Blaksley and Ms. Chan Wai Hing
as Joint and Several Liquidators of Joyful Construction Company
Limited was accepted and Mr. Roderick John Sutton and Mr.
Desmond Chung Seng Chiong of Ferrier Hodgson Limited, 14th
Floor, Hong Kong Club Building, 3A Chater Road, Central, Hong
Kong was appointed as joint and Several Liquidators.

Dated this 30th day of December, 2004

Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Liquidators


KING TAT: Creditors to Meet February 3
--------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of King Tat
Lee (Group) Limited will be held at 2201, Tung Wai Commercial
Building, 111 Gloucester Road, Wanchai, Hong Kong on the 3rd day
of February 2005 at 3:00 p.m. in order to consider its Statement
of Affairs, 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 duly completed and lodged at the aforesaid
address not later than 3:00 p.m. on 1st day of February 2005.

Dated this 31st day of December 2004

By Order Of The Board
Cheng Kwok Fai
Director


KWONG YEONG: Creditors to Prove Debt by January 31
--------------------------------------------------
Notice is hereby given that the creditors of Kwong Yeong Company
Limited, which is being wound up voluntarily, are required on or
before 5:30 p.m. on the 31st day of January 2005 to send in the
particulars of their debts or claims and the names and addresses
of their solicitors, if any, to the undersigned.

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

In default thereof, creditors will be deemed to have waived all
or any such of such debts or claims and the liquidators shall be
entitled seven days after the above date to distribute the funds
available or any part thereof to the members.

Dated this 31 December 2004.

Natalie Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong


TREASURE COLD: Court to Hear Winding Up Petition on January 19
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Treasure Cold Meat Products Company Limited by the High Court of
Hong Kong was on the 1st day of December, 2004 present to the
said Court by Yeung Sau Hei of Room 617, Ying Ma House, Ma Hang
Estate, Stanley, Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
the 19th 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; and 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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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

This notice is dated 30 December 2004.


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GARUDA INDONESIA: May Book First Losses in 6 Years
--------------------------------------------------
Garuda Indonesia expects to record losses in 2004 for the first
time since the Asian financial crisis in 1998, The Jakarta Post
reports.

The estimated losses may be attributed to skyrocketing oil
prices, as well as cutthroat competition last year.

Garuda strategies, planning and finance director Wiradharma B.
Oka said the airline's revenue, which is projected to be higher
than in 22003, would not be enough to cover the soaring price of
fuel.

He added the official estimate would be announced sometime next
month.

Due to higher passenger load of about eight million, Garuda is
expected to book revenue of IDR10 trillion (US$1.1 billion) in
2004. But with an additional spending of IDR7000 billion on fuel
costs last year, the carrier is likely to plunge into the red.

On top of that, tougher competition has also contributed to the
airline's losses, as many of the new carriers are offering lower
fares on local and international routes.

Garuda, which nearly fell into bankruptcy in 1998, underwent
debt restructuring in 2001 with creditors agreeing to extend the
payment period of its massive debt by five years until 2010.

CONTACT:

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


GARUDA INDONESIA: Mulls Additional Planes to Boost Revenue
----------------------------------------------------------
National flag carrier PT Garuda Indonesia is targeting an
increased in its revenue this year through the addition of ten
aircraft on its fleet, according to Dow Jones.

In line with Garuda's goal to service more destinations and beef
up the number of international flights, the airline will lease a
total of ten Boeing 747 and Airbus 330 planes this year. Garuda
is looking to fly to more destinations in Vietnam, India, China,
as well as various cities in Europe.

The move is expected to drive the targeted 15-percent revenue
growth this year to IDR12 trillion.

Despite projected losses due to higher oil prices, the airline
is confident it will still be able to repay a US$110 million
debt maturing this year using internal funds. To date, Garuda
has an outstanding debt of US$825 million.


KIANI KERTAS: Mandiri Agrees to Settle Debt Restructuring
---------------------------------------------------------
State-owned Bank Mandiri has finally agreed to sign a
restructuring deal for ailing pulp and paper producer Kiani
Kertas, according to The Jakarta Post.

After protracted negotiations, Bank Mandiri had on Dec. 27 inked
a restructuring agreement with Kiani after Singapore's Novela
International infused US$50 million working capital into the
firm to beef up its operations.

The capital injection is essential to help revive Kiani's
business so it can pay its US$201 million debt to Mandiri.

Under the deal, Kiani is given three another three years to
settle its entire debt to Mandiri, with an interest of 6.5
percent annually. The accord would also allow Kiani to pay the
entire principal on the last year of the deal,

However, if Kiani failed to meet its obligations by the given
deadline, it would be forced to dispose of its assets or
authorize Mandiri to sell them to cover the debt.


* S&P Says Debt Relief Not to Affect Indonesia Ratings
------------------------------------------------------
International ratings agency Standard & Poor's (S&P) said the
offer of debt relief by rich nations to tsunami-hit Indonesia is
unlikely to impact the country's sovereign ratings, Reuters
reports.

"The gesture, if approved during the Paris Club forum or in
another approach, will largely reflect the magnanimity of
developed countries," S&P said.

"At this stage, Indonesia has the capability to service its
domestic and foreign debt. The devastation of outlying provinces
by the Indian Ocean tsunami did little to detract its debt-
servicing ability," the rating agency added.

The December 26 tsunami, which was triggered by a massive
earthquake off the Indonesian island of Sumatra, has killed more
than 145,000 people across South Asia.


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


ALL NIPPON: To Create Joint Customer Loyalty Program with Mizuho
----------------------------------------------------------------
All Nippon Airways (ANA) revealed plans to create a joint
customer program with Mizuho Bank Limited, Bloomberg says.

ANA spokesman Katsuyuki Wakatsuki said the two companies will on
mid-January ink an official agreement that will see bank
customers with redeem their loyalty points from mortgages or
time deposits for plane tickets.

The plan would also allow 800 Mizuho Bank points to be exchanged
for 2,400 Air Nippon Miles this year, but the details of the
agreement have not yet been decided.

Mizuho Bank, a unit of Mizuho Financial Group Inc., has 26
million retail customer accounts, the largest amount among
Japanese banks. There are about 12 million members of Air
Nippon's mileage club.

CONTACT:

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


FUJITSU LIMITED: Partners with Staccato to Offer New Technology
---------------------------------------------------------------
Fujitsu Limited and Staccato Communications, Inc. announced a
partnership under which they will provide all-CMOS, single-chip
wireless universal serial bus (USB) and ultra-wideband (UWB)
solutions for the global marketplace.

CMOS single-chip wireless USB products are compliant with
Multiband OFDM Alliance (MBOA) UWB specifications. Sampling of
these chips from Fujitsu and Staccato Communications is
scheduled for 2005, moving the companies closer to volume
production and commercialization of these chips, targeting the
consumer PC, digital home appliance, and mobile phone markets.

"Integration is the key to competitive products. Having chosen
Fujitsu's advanced process CMOS technology from the outset,
Staccato Communications is leading the industry with single-chip
wireless USB solutions," said Joji Murakami, Group Senior Vice
President, LSI Group of Fujitsu Limited.

"Fujitsu aims to achieve further integration of wireless USB
functionality into ASIC system-on-chips (SoC), utilizing its
design capabilities. By partnering with Staccato Communications,
our goal is to provide customers with optimal wireless USB/UWB
technology-based solutions."

Fujitsu will offer its SoC/ASSP together with Staccato
Communication's UWB products as part of its next-generation
wireless USB/UWB technology-based solutions to its customers,
enabling them to develop state-of-the-art products with wireless
USB capabilities.

"Perhaps one of the best decisions we have made at Staccato was
our choice of Fujitsu's process technology," said Roberto
Aiello, founder and CTO, Staccato Communications.

"For digital-centric designs like wireless USB, Fujitsu's
process technologies and a rich set of libraries and IPs have
tremendous advantages, and the real benefit is in how well
Fujitsu's process technology and libraries are optimized to
handle high-speed RF circuit designs embedded along with the
digital."

Fujitsu and Staccato Communications will leverage the
partnership to deliver to their customers value-added, next-
generation wireless USB/UWB technology-based solutions that
comply with MBOA UWB specifications to mutually grow and promote
the companies' business in the wireless USB/UWB global markets.

CONTACT:

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


FURUKAWA ELECTRIC: METI OKs Changes to Reorganization Plan
----------------------------------------------------------
Changes to cooperative business reorganization plan submitted to
the Ministry of Economy, Trade and Industry (METI) by Furukawa
Electric Co., Ltd. was examined pursuant to Article 5.2,
Paragraph 1 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill each requirement of Article
5, Paragraph 4, which applies mutatis mutandis to Article 5.2 of
the said law.

The changes were consequently approved on December 28, 2004.

CONTACT:

The Furukawa Electric Co., Ltd.
6-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo, 100-8322, Japan
Phone: +81-3-3286-3001
Fax: +81-3-3286-3747
Web site: http://www.furukawa.co.jp


ISHIKAWAJIMA-HARIMA HEAVY: R&I Downgrades to L-T Debt to BBB
------------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has removed the
following ratings of Ishikawajima-Harima Heavy Industries Co.,
Ltd from the Rating Monitor scheme and has downgraded them as
follows:

Senior Long-term Credit Rating; Long-term Bonds (9 Series)
R&I RATING: BBB
(Downgraded from BBB+ ;Removed from the Rating Monitor scheme)

Domestic Commercial Paper Programme
R&I RATING: a-2 (Affirmed)

RATIONALE:

Ishikawajima-Harima Heavy Industries Co., Ltd. (IHI) is one of
Japan's major manufacturers of heavy industrial equipment. It
has an extensive track record and a high level of technological
expertise in distribution, steel structures, machinery, energy
plants, aerospace, shipping, and marine engineering. However, a
worsening in profits on major projects obtained under highly
competitive conditions for orders in Japan and overseas has
become conspicuous, and weak earnings and deterioration in
financial composition continue.

In addition to emergency measures including cuts in personnel
costs that are already underway, the Company has formulated an
earnings improvement plan based on various measures including a
drastic reduction in variable costs. However, taking into
consideration factors such as the strong yen and the rise in
steel prices, R&I still has concerns as to whether IHI can
achieve adequate outcomes in the short term.

Furthermore, equity capital cannot be said to be at a favorable
level. Deferred tax assets at the end of the March 2004 period
reached 50% of equity capital and net losses carried forward on
taxes reached JPY18 billion.

Consequently, the Company does not have an adequate risk buffer
in the event of large unexpected losses on a major project. R&I
has therefore downgraded the Senior Long-term Credit Rating to
BBB. The Company's credit rating prospects are negative.

However, judging from factors such as the level of cash on hand
and the ratios of operating capital and debt, R&I believes that
there is little likelihood of a significant deterioration in the
balance of financial operations in the short term. There is a
cushion of assets in real estate and securities holdings and a
certain level of durability exists.

In recognition of IHI's sweeping review of profits and
completion of disposal of provisions for large-scale
construction as well as initiatives in establishing a risk
management system for large scale projects, R&I has removed
IHI's ratings from the Rating Monitor scheme. The rating for the
Commercial Paper Programme has been maintained at a-2.
Alternative liquidity has been secured at a sufficient level.

R&I RATINGS:

ISSUER: Ishikawajima-Harima Heavy Industries Co., Ltd. (Sec.
Code: 7013)
Senior Long-term Credit Rating: BBB (Downgraded from BBB+ ;
Removed from the Rating Monitor scheme)

ISSUE: Bonds Rated       Issue Date   Redemption    Issue Amount
(mln)
Unsec. Str. Bonds No. 22 Nov 18, 1999 Nov 18, 2005    JPY15,000
Unsec. Str. Bonds No. 23 May 25, 2000 May 25, 2005    JPY10,000
Unsec. Str. Bonds No. 24 May 25, 2000 May 25, 2007    JPY10,000
Unsec. Str. Bonds No. 25 May 16, 2002 May 16, 2006    JPY20,000
Unsec. Str. Bonds No. 26 Sep 27, 2002 Sep 27, 2007    JPY10,000
Unsec. Str. Bonds No. 27 Jun 06, 2003 Jun 06, 2008    JPY15,000
Unsec. Str. Bonds No. 28 Oct 30, 2003 Oct 30, 2008    JPY13,000
Unsec. Str. Bonds No. 29 Oct 30, 2003 Oct 29, 2010    JPY5,000
Unsec. Str. Bonds No. 30 Jun 03, 2004 Jun 03, 2009    JPY15,000

R&I RATING: BBB (Downgraded from BBB+ ; Removed from the Rating
Monitor scheme)
ISSUE: Domestic Commercial Paper Programme
Issue Limit: JPY70,000 million
R&I RATING: a-2 (Affirmed)

An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.

A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.

CONTACT:

Ishikawajima-Harima Heavy Industries Co Ltd (IHI)
IHI Environment and Energy
Shin-Otemachi Bldg
2-1, Ohtemachi 2-chome
Chiyoda-ku, 100-8182    Tokyo
Japan
Telephone: (+81) 3 - 3244 5111
Facsimile: (+81) 3 - 3244 5131
E-mail: webmaster@ihi.co.jp
Web site: www.ihi.co.jp/ihi/products/ene-env-e/index.htm


JAPAN AIRLINES: Claims Japan Post Abused Monopoly
-------------------------------------------------
Japan Airlines (JAL) has accused Japan Post of using its
monopoly bargaining power to squeeze airline fees amid
revelations that it and rival All Nippon Airways offered
identical bids for mail delivery last year, reports the
Financial Times.

JAL claimed that Japan Post has pressured it and ANA to slash
prices.

Last year, the two Japanese carriers reportedly submitted
identical bids to Japan Post in 115 cases, more than 80 percent
of the bidding rounds in which they participated for the fiscal
year to March 2005.

The submission of identical bids stirred memories of the
notorious practice of dango, an institutionalized form of bid-
rigging in which companies exchange information through industry
groups before jointly determining the price and winner of each
contract.

But JAL and ANA firmly denied that they had colluded on the bids
or manipulated the outcome in any way.

Japan's regulatory watchdog, the Fair Trade Commission, has not
yet made a decision on whether it would investigate the two
carriers for possible collusion.

CONTACT:

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


KIKUNAN KAIHATSU: Enters Bankruptcy
-----------------------------------
Hotel operator Kikunan Kaihatsu K.K. has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Kumamoto-shi, Kumamoto 861-5513, has total
liabilities of US$66.02 million.

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


MITSUBISHI MOTORS: New Auto Sales Plunge 40.6% in December
----------------------------------------------------------
Sales of new cars by Mitsubishi Motors Corporation in Japan
plummeted 40.6 percent to 6,427 units from a year earlier,
reports Jiji Press.

Data gathered by Japan Automobile Dealers Association revealed
the automaker was suffering from slumping sales for 12 straight
months.

For 2004, Mitsubishi's sales totaled only 82,174, down 40.9
percent. Including minivehicles, sales sagged 30.5 percent to
255,065 units.

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: Gilligan Takes Top Seat at U.S. Unit
-------------------------------------------------------
Rich Gilligan has taken his seat as the president of Mitsubishi
Motors North America (MMNA) after the Company accepted Finbarr
O'neil's resignation, relates Pantagraph.

Mr. Gilligan, the former chief of MMNA's manufacturing division,
was appointed Tuesday to oversee the automaker's U.S. and
Canadian operations.

It was not immediately known how Gilligan's new role would
affect the Normal auto plant.

Mr. Gilligan, who is tasked to manage all manufacturing,
finance, sales, marketing, and research and development
operations of U.S. unit, will report to the North America
Department of Mitsubishi Motors Corporation in Tokyo.

MMNA's parent Company has been struggling to rebuild itself
following a string of problems that have greatly affected its
financial health.

In the U.S., those struggles included massive layoffs of nearly
40 percent of its workforce as slumping demands for Mitsubishi
cars forced the Normal plant to cut back from two shifts to one.

Mitsubishi Motors is expected to unveil its latest
revitalization plan later this month.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


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


HYNIX SEMICONDUCTOR: Judge Denies Request for Pre-trial
-------------------------------------------------------
A U.S. District judge denied Hynix Semiconductor Incorporated's
request for pre-trial ruling that states it did not infringe
patents owned by Rambus Inc., The Korea Herald reports.

Judge Ronald Whyte's decision would enable Rambus to pursue the
patent infringement case filed against Hynix.

"What this decision says is that the Rambus infringement claims
can go forward," said Jim Pooley, an intellectual property
lawyer in Palo Alto, California, who is not involved in the
case. "It doesn't mean that Rambus has established infringement
yet. Rambus can establish that with its own motions or by taking
this to trial and proving it to a jury."

Hynix sued Rambus in 2000 seeking for a court ruling that it did
not engage in patent infringement of any valid Rambus patents.
Rambus countersued for patent infringement.

Rambus and Hynix requested Judge Whyte to issue rulings on the
patents before a trial scheduled for March.  Lawyers can request
such rulings, called summary judgment rulings, by arguing that
the lawsuit does not raise questions of fact, only questions of
law, and should not be sent to a jury.

According to an analyst from American Technology Research, Erach
Desai a ruling in favor of Rambus summary judgment claim that
Hynix is infringing its patents would be a "historic event" and
a "psychological boost" for Rambus.

John Danforth, Rambus general counsel said Rambus is "pleased
with the outcome so far." Judge Whyte has not ruled on Rambus's
summary judgment motions in the case.

Rambus designs chips made by other companies that increase the
speed and efficiency of memory devices in computers. The Los
Altos, California-based Company claims its patents cover aspects
of all memory chips made in the $16.7 billion industry.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


LG CARD: Fresh Funds Pave Way to Speedy Sale
--------------------------------------------
HSBC, Citigroup and Woori Financial Group have expressed
interest to buy struggling card issuer, LG Card Co., according
to The Australian, citing the Korea Development Bank (KDB).

Although no formal negotiations have taken place yet, KDB
Director, Laah Chong-Gyu said.  LG Card still has to normalize
operations before entering into real negotiations with
interested investors.

With the infusion of a KRW1 trillion in fresh capital, LG Card
will be able to remain listed in the Korea Stock Exchange and
avoid liquidation.  The fresh funds were the second bailout for
LG Card.  In January of last year, creditors injected US$4.2
billion to the card issuer following its failure to find a buyer
for the debt-laden Company.

Meanwhile, shares of affiliate companies in LG Group gained
ground as they were contributing less than expected to the
rescue package.

LG Group units will provide their former affiliate with KRW264.3
billion, which includes KRW67.4 billion from LG Corp, KRW33.7
billion from LG Electronics, KRW22 billion from LG Chem and
KRW235.7 billion from the owner family.

To meet stock distribution regulations, creditors will sell five
percent of LG Card each quarter this year.  It also has to
increase holdings of minority shareholders from 0.7 percent to
more than 10 percent by year-end to avoid delisting.

CONTACT:

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


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


ANCOM BERHAD: Details Proposed Reorganization Scheme
----------------------------------------------------
Ancom Berhad refers to its announcements dated 9 July 2003 and 4
June 2004 in relation to its proposed reorganization scheme.

The Company announced that the Securities Commission had vide
its letter dated 27 December 2004, which was received on 30
December 2004, approved amongst others, Synergy Trans-Link Sdn
Bhd (STL)'s application for an extension of time for additional
three (3) months from 1 December 2004 to 1 March 2005 to
complete the proposed issuance of 117,406,544 zero coupon of
RM0.10 nominal value of irredeemable convertible unsecured loan
stocks 2004/2009 to partly satisfy the proposed acquisitions and
pursuant to the proposed capitalization of debts (Proposed
Issuance).

The aforementioned SC's approval is subject to the following
conditions:

(i) Aseambankers and STL are required to complete the Proposed
Issuance within the extended timeframe;

(ii) To inform all parties involved in the Proposed Issuance of
the extension of time and to obtain their approval, if required;

(iii) Aseambankers and STL are required to obtain the relevant
authorities'approval to extend the time frame for completion of
the Proposed Issuance by 1 March 2005; and

(iv) Aseambankers is required to provide a written confirmation
on the compliance with all the terms and conditions imposed
pursuant to the above approval.

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


AOKAM PERDANA: Proposes New Corporate Name
------------------------------------------
The Board of Directors of Aokam Perdana Berhad proposes that the
Company's name be changed from Aokam Perdana Berhad to Java
Incorporated Berhad, subject to obtaining the shareholders
approval at an Extraordinary General Meeting to be convened.

The rationale for the proposed change of the Company's name is
to reflect the new corporate identity of the Company after the
completion of the restructuring scheme.

A Circular to Shareholders in relation to the proposed change of
Company's name will be circulated to shareholders of the Company
in due course.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 3466
Fax: +60 3 2166 3455


BUKIT KATIL: Discloses Retirement of Director
---------------------------------------------
Bukit Katil Resources Berhad announced the retirement of Mr. Lam
Yik Meng as its Director on December 30, 2004.

Date of change: 30/12/2004

Type of change: Retirement

Designation: Director

Directorate: Independent & Non Executive

Name: Lam Yik Meng

Age: 61

Nationality: Malaysian

Qualifications: N/A

Working experience and occupation: N/A

Directorship of public companies (if any): Nil

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

Details of any interest in the securities of the listed issuer
or its subsidiaries: N/A

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


GULA PERAK: Lists Additional Shares
-----------------------------------
Gula Perak Berhad's additional 21,700 new ordinary shares of
RM1.00 each issued pursuant to the conversion of 21,700
irredeemable convertible secured loan stocks 2000/2005 into
21,700 new ordinary shares was granted listing and quotation on
5 January 2005.

CONTACT:

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


FABER GROUP: Granted Listing of Additional Shares
-------------------------------------------------
Faber Group Berhad's additional 274,500 new ordinary shares of
RM1.00 each arising from the conversion of RM549,000 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks into 274,500 new ordinary shares will be granted listing
and quotation with effect from 9 a.m., Friday, 7 January 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


GENERAL SOIL: Tries to Avert Delisting of Securities
----------------------------------------------------
General Soil Engineering Holdings Berhad had on 5 January 2005
made a written representation to Bursa Malaysia Securities
Berhad (Bursa Securities) as to why the securities of the
Company should not be de-listed from the Official List of Bursa
Malaysia Securities Berhad.

CONTACT:

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

This announcement is dated 5 January 2005.


I-BERHAD: Releases Notice of Shares Buy Back
--------------------------------------------
I-Berhad announced the details of its shares buy back on January
5, 2005.

Date of buy back from : 23/12/2004

Date of buy back to : 29/12/2004

Total number of shares purchased (units)         : 61,200

Minimum price paid for each share purchased (RM) : 0.840

Maximum price paid for each share purchased (RM) : 0.840

Total amount paid for shares purchased (RM)      : 51,796.89

The name of the stock exchange through which the shares were
purchased  : Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 61,200

Total number of shares retained in treasury (units     : 585,200

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished                 : 0

Date lodged with registrar of companies            : 05/01/2005

Lodged by  : Company Secretary

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com

This announcement is dated 5 January 2005.


LION CORPORATION: Clarifies Shares Option Scheme
------------------------------------------------
Further to Listing Circular No. 28824 of 2005, Lion Corporation
Berhad's additional 912,000 new ordinary shares (instead of
192,000 new ordinary shares as stated earlier) of RM1.00 each
issued pursuant to the executive shares option scheme will be
granted listing and quotation with effect from 9 a.m., Friday, 7
January 2005.

CONTACT:

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


LITYAN HOLDINGS: Unit Receives Writ of Summons from RHB
-------------------------------------------------------
With reference to its monthly default announcement dated 3
January 2005, Lityan Holdings Berhad (LHB) announced that its
unit, Digital Transmission Systems Sdn Bhd (DTS), had received a
Writ of Summons and Statement of Claim (Shah Alam Sessions Court
Summons No. 4-52-5300-04), from RHB Bank Berhad (RHB) for
default in payment of the overdraft facility granted by RHB to
DTS.

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

This announcement is dated 4 January 2005.


MANGIUM INDUSTRIES: MITI OKs Debt Settlement Proposal
-----------------------------------------------------
The Board of Directors of Mangium Industries Berhad (MIB) refers
to its announcements dated on 22 December 2003, 19 March 2004,
18 June 2004 and 21 September 2004 in relation to the following
proposals:

I - Proposed debt settlement of MIB amounting to approximately
RM58.52 million up to 31 December 2004 (including accrued
interest up to 31 December 2004) between the Company and certain
of its subsidiaries and the secured and unsecured creditors to
be settled by a combination of new ordinary shares of RM1.00
each in MIB (MIB Shares), irredeemable convertible unsecured
loan stocks (ICULS), redeemable convertible secured loan stocks
(RCSLS) and cash payment (Proposed Debt Settlement);

II - Proposed renounceable rights issue of up to RM16.0 million
nominal value 5-year ICULS together with up to 16.0 million free
detachable warrants (Warrants) attached on the basis of RM1.00
nominal value ICULS with one (1) free detachable warrant
attached for every two (2) existing MIB Shares (Proposed Rights
Issue Of ICULS);

III - Proposed joint-venture between MIB and Telaga Chipmill Sdn
Bhd (TCSB) (Proposed Joint-Venture)

IV - Proposed Employee Share Option Scheme for Executive
Directors and eligible employees Of MIB and its subsidiaries
(Proposed ESOS); and

V - Proposed increase in the authorized share capital of MIB
from RM50,000,000 comprising 50,000,000 MIB Shares to
RM200,000,000 comprising 200,000,000 MIB Shares (Proposed
Capital Increase)

The Company announced that the Ministry of International Trade
and Industry, Malaysia (MITI) has no objections to the Proposed
Debt Settlement and Proposed Rights Issue of ICULS subject to
the condition of MIB obtaining the approval of the Securities
Commission (SC).

In addition, Mangium Sawmill Sdn Bhd, a wholly owned subsidiary
of MIB, is required to comply with the equity structure in the
Manufacturing License within three (3) years from the date of
the said MITI's approval letter.

MIB is to inform the MITI when the aforementioned are completed.

The Board of Directors of MIB are considering the terms and
conditions as imposed by the MITI.

The terms used herein shall, unless the context otherwise
stated, bear the same meaning as those defined in the previous
announcements in relation to the Proposals.

CONTACT:

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

This announcement is dated 4 January 2005.


MERCES HOLDINGS: Resumes Trading of Shares
------------------------------------------
The trading in Merces Holdings Berhad's shares was suspended
with effect from 11:12 a.m., Wednesday, 5 January 2005 and
resumed with effect from 9.00 a.m., Thursday, 6 January 2005.

Your attention is drawn to the announcement by Malaysian
International Merchant Bankers Berhad on behalf of Cekap Asia
Sdn Bhd in respect of the Notice of Conditional Mandatory Take-
Over Offer.

CONTACT:

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


MTD CAPITAL BHD: Posts Shares Buy Back Notice
---------------------------------------------
MTD Capital Berhad announced the details of its shares buy back
on January 5, 2005.

Date of buy back from : 31/12/2004

Date of buy back to : 31/12/2004

Total number of shares purchased (units) : 503,600

Minimum price paid for each share purchased (RM) : 2.750

Maximum price paid for each share purchased (RM) : 2.810

Total amount paid for shares purchased (RM) : 1,408,216.68

The name of the stock exchange through which the shares were
purchased  : Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury(units) : 503,600

Total number of shares retained in treasury(units) : 8,748,400

Number of shares purchased which were cancelled (units) : 0

Total issued capital as diminished : 0

Date lodged with registrar of companies : 05/01/2005

Lodged by  : MTD Capital Bhd

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022
Fax: +60 3 6187 7898
Web site: http://www.mtdcap.com/


NAIM INDAH: Unveils Additional Shares Listing
---------------------------------------------
Naim Indah Corporation Berhad's additional 80,000 new ordinary
shares of RM0.20 each arising from the conversion of 80,000
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks 2003/2006 into 80,000 new ordinary shares was granted
listing and quotation with effect from 9.00 a.m., Thursday, 6
January 2005.

CONTACT:

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


NALURI BERHAD: Updates Shares Acquisition
-----------------------------------------
Atlan Holdings Berhad (AHB) refers to its previous announcement
dated 1 December 2004 in relation to, inter-alia, the motion
filed by Shahidan bin Shafie seeking an injunction to restrain
AHB and Atlan Properties Sdn Bhd from proceeding with or
completing the acquisition of 220,965,222 ordinary shares of
RM1.00 each in Naluri Berhad, representing 32% equity interest
in Naluri from Pengurusan Danaharta Nasional Berhad (Danaharta),
for a cash consideration of RM437,511,139.56 representing RM1.98
per Naluri share (Naluri Shares Acquisition).

Commerce International Merchant Bankers Berhad (CIMB) announced
that the hearing date for the Motion has been postponed to 10
January 2005.

CONTACT:

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

This announcement is dated 5 January 2005.


PSC INDUSTRIES BERHAD: Applies for Deadline Extension
-----------------------------------------------------
PSC Industries Berhad announced that the Securities Commission
has yet to revert with its decision on the Company's application
for an extension of the deadline to complete the revised
proposals from 31 December 2004 up to 30 June 2005.

Hereinafter referred to as the Revised Proposals.

- Proposed Debt Restructuring; and
- Proposed Restricted Offer for Sale.

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax: +60 3 232 6214

This announcement is dated 5 January 2005.


SAFEGUARDS CORPORATION: Court Strikes Out Winding Up Petition
-------------------------------------------------------------
Safeguards Corporation Berhad announced that the High Court of
Malaya at Shah Alam has on 4 January 2005 ordered the winding-up
Petition against the Company dated 8 October 2004 be struck out
with no order as to costs.

Consequently, there is no longer any winding-up petition against
Safeguards in existence.

Accordingly, the Court has vacated the hearing date of the
winding-up Petition fixed on 27 June 2005.

CONTACT:

Safeguards Corporation Berhad
Unit A-3-1,
Wisma HB,
Megan Phileo Avenue,
No. 12, Jalan Yap Kwan Seng,
50450 Kuala Lumpur
Phone: 03-21613633
Fax: 03-21625633

This announcement is dated 4 January 2005.


TAP RESOURCES: Discloses Unaudited Quarterly Results
----------------------------------------------------
Tap Resources Berhad released its unaudited quarterly report for
the financial period ended October 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/10/2004

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

1  Revenue
          1,623          519          3,924         1,149

2  Profit/(loss) before tax
         -1,106        -3,185         -2,645        -3,772

3  Profit/(loss) after tax and minority interest
         -1,106       -2,952          -2,645        -3,539

4  Net profit/(loss) for the period
        -1,106        -2,952           2,645        -3,539

5  Basic earnings/(loss) per shares (sen)
         -1.13         -4.16          -2.71          -5.71

6  Dividend per share (sen)
         0.00            0.00          0.00           0.00

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

7  Net tangible assets per share (RM)

             0.2487             0.2694

CONTACT:

TAP Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Phone: 03-79823388
Fax: 03-79811329


TRADEWINDS CORPORATION: Completes Shares Disposal
-------------------------------------------------
Tradewinds Corporation Berhad announced that its proposed
disposal of 16,200,000 ordinary shares of RM1.00 each in United
Malayan Flour (1996) Snd Bhd (UMF) representing 45% equity
interest in Padiberas Nasional Berhad (Bernas) for a cash
consideration of RM25,000,000 has been completed.

CONTACT:

Tradewinds Corporation Berhad
21st Floor Wisma Zelan
No. 1 Jalan Tasik Permaisuri
2 Bandar Tun Razak
Cheras, 56000 Kuala Lumpur

This announcement is dated 5 January 2005.


TT RESOURCES: Notes Internal Restructuring Exercise
---------------------------------------------------
The Board of Directors of TT Resources Bhd (TTRB) announced that
its various wholly owned subsidiaries will be undertaking an
internal restructuring exercise involving the transfer of the
business operations of its twelve wholly owned subsidiaries
which are primarily engaged in the restaurant business
(Restaurant Companies) to another existing wholly owned
subsidiary namely TT Resources Food & Services Sdn Bhd (formerly
known as Chopstik Noodle House Sdn Bhd) (TTRFS) which is also a
restaurant operator (Internal Restructuring Exercise). The list
of Restaurant Companies is illustrated in Table 1.

The Internal Restructuring Exercise forms part of TTRB Group's
ongoing process in reducing costs, improving operational
efficiency, enhancing management control and effectiveness.

The said exercise shall commence from 1st January 2005 in stages
and will be completed by 31st December 2005. The Internal
Restructuring Exercise is not subject to the approval of the
Company's shareholders nor any regulatory authorities. Upon
completion, TTRFS shall directly own and control the restaurant
businesses concerned.

Pursuant to the exercise, TTRFS shall acquire principally the
fixed assets of the said business and other relevant assets,
where appropriate, from the Restaurant Companies for a
consideration based on their audited net book value as at 31st
December 2004.

The Internal Restructuring Exercise is not expected to have any
material effect on the net tangible assets and earnings of the
TTRB Group for the current financial year.

None of the Directors, major shareholders of the Company and
persons connected to them has any interests, direct or indirect,
in the Internal Restructuring Exercise.

Table 1

Restaurant Companies


1. Tai Thong Grand Restaurant Sdn Bhd

2. Tai Thong Restaurant (Selangor) Sdn Bhd

3. Tai Thong Clubs & Hotel Catering Sdn Bhd

4. Tai Thong Dragon Court Sdn Bhd

5. Mega Valley Chinese Restaurant Sdn Bhd

6. TT Happy Valley Sdn Bhd

7. Spring Court Restaurant Sdn Bhd

8. Full Season Chinese Restaurant Sdn Bhd

9. Shrooms Fusion Restaurant Sdn Bhd

10. D'Fisherman Seafood Restaurant Sdn Bhd

11. TT Santini Italian Restaurant Sdn Bhd

12. San Francisco Steak House Sdn Bhd

CONTACT:

TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama
47400 Petaling Jaya
Selangor Darul Ehsan
Phone: 03-77268297
Fax: 03-77268076
Web site: http://www.ttrb.com.my


YCS CORPORATION: Aims to Regularize Financial Condition
-------------------------------------------------------
Further to its announcement on December 7 and December 21, 2004,
YCS Corporation Berhad announced that it is still in the midst
of negotiations to regularize its financial condition.

Further progress will be announced accordingly.

CONTACT:

YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax: +60 3 80242911


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


BENPRES HOLDINGS: Unveils FY04 Board Meeting Attendance
-------------------------------------------------------
Benpres Holdings Corporation (BPC) submitted to the Philippine
Stock Exchange a copy of its Secretary's certification on the
attendance of the members of the Board of Directors during
meetings for the year 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_benpres010605.pdf

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


COLLEGE ASSURANCE: Customers May Not Get Immediate Payment
----------------------------------------------------------
Complaints against the College Assurance Plan (CAP) are rising
as the pre-need firm's voucher payment system cannot assure the
immediate return of plan holders' tuition fees, reports the
Manila Times.

When schools and universities began rejecting CAP checks several
months ago, plan holders had to claim tuitions by themselves and
subscribe to the preneed's new voucher program.

Subscribers must line up at the CAP main office in Makati. When
they have submitted the proper documents, CAP officials will
give them a voucher indicating a sum equivalent to the
semester's tuition fee; but this payment cannot be claimed
immediately.

Parents are worried about having to wait to claim their tuition
fees. One father of a student plan holder will have to bear the
accumulated interest on a loan he took out to finance his son's
tuition last semester. Another parent had to wait in line to
claim her daughter's tuition, only to be told to come back at a
later period to get the voucher to claim the payment.

Both parents said this is the first time that plan holders,
instead of the schools, will deal directly with CAP.

CAP has been barred in many major universities such as Ateneo de
Manila and De La Salle.

In response to complaints, CAP's First Vice President, Mr. Bobby
Caf‚, told The Times that no advance payment was indicated in
the contract between the pre-need Company and the plan holder.
"It just means that CAP will pay the plan holder the legitimate
tuition fees," he said.

According to Mr. Cafe', CAP can settle vouchers before final
exams this semester, but the parents must shoulder the tuition
fees, as with other pre-need companies. He is denying any delay
in the Company's payments to plan holders.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


NATIONAL POWER: Blamed for State's Fiscal Troubles
--------------------------------------------------
Philippine senators on Wednesday criticized the National Power
Corporation (Napocor) for further adding to the government's
financial troubles by awarding a privatization contract to a
Masinloc power plant, reports The Business World.

According to Senator Joker P. Arroyo, Napocor and Power Sector
Assets and Liabilities Management Corporation (PSALM) were
"unabatedly treacherous" in their awarding of the contract to
the Masinloc plant. This is not the first time these companies
have acted in such a way, with Sen. Arroyo indicating Napocor
and PSALM's past financial transactions with "fly-by-night,
undercapitalized companies" such as YNN Pacific Consortium Inc.,
who won the bid for the Masinloc power plant.

Citing documents from the Securities and Exchange Commission
(SEC), Mr. Arroyo earlier said YNN Pacific Consortium Inc. had
no track record in the energy sector since it was incorporated
only on July 19, 2004 or five months before the contract was
awarded by PSALM. The Australian firm has an office building at
1122 Perez St., Paco, Manila, according to its General
Information Sheet filed with the Securities and Exchange
Commission (SEC) last year, but it has no telephone number and
corporate tax identification number.

Mr. Arroyo noted that the asset should have been sold on cash
basis and not on deferred basis, given the volatile fiscal
position of the national government.

Senator Miriam Defensor Santiago raised the possibility of
citing Psalm officials for contempt, for awarding the contract
after they were ordered not to do so by the Joint Congressional
Power Commission (JCPC).

During the recent Senate hearing on Napocor privatization, PSALM
President Mr. Raphael Lotilla noted that it has letter of credit
worth Php500 million or US$9 million which will stand even if
YNN Pacific will back out from the deal.

Mr. Lotilla hoped that they would be able to sell 70% of
Napocor's power plants by end-2005. It expects to make between
US$4 billion and US$5 billion from the sale of power plants.

CONTACT:

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


NATIONAL POWER: Sale of Idle Power Plants Kicks Off
---------------------------------------------------
The government on Wednesday began the sale of National Power
Corp.'s (Napocor) decommissioned plants with the publication of
the invitation to bid for the 200-megawatt (MW) Manila Thermal
Power Plant, reports the Manila Times, citing the Power Sector
Assets and Liabilities Management Corp. (PSALM).

The 200-MW Manila Thermal Power Plant is located at Isla de
Provisor in Paco, Manila.

The invitation said that interested parties are required to
submit letters of intent to the PSALM not later than January 14,
as prerequisite parties shall execute a Confidentiality
Agreement and an Under-taking in the forms provided by the PSALM
and pay a nonrefundable fee of US$500 on or before January 17.

The PSALM added that interested parties can conduct due
diligence from January 10 to February 14, while its pre-bid
conference is set on January 19 and the deadline for receipt of
bids by the PSALM is at 12 p.m. of February 18.

Mr. Raphael P.M. Lotilla, PSALM president and chief executive,
said that they are auctioning off their decommissioned plants,
capitalizing on last year's success with the sales of its other
plants. He added that Manila Thermal's components are still in
good condition, but they are also "taking advantage of the good
market for scrap metal to obtain optimal value for the
government."

The PSALM is also set to bid out the 54-MW Cebu II plant in
March, the 22.3-MW Ge-neral Santos plant in April, and the 104-
MW Aplaya plant in May this year. All the plants are
decommissioned.

In 2004 the PSALM has bid out the 3.5-MW Talomo Hydroelectric
Plant (HEP) for US$1.37 million, the 1.6-MW Agusan HEP for
US$1.528 million, the 1.8-MW Barit HEP for US$480,000, the 0.4-
MW Cawayan HEP for US$410,410, the 1.2-MW Loboc HEP for US$1.420
million, and the 600-MW Masinloc Coal-Fired Power Plant for
US$561 million or total bid offers of $566 million.

CONTACT:

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


PHILIPPINE AIRLINES: Needs US$2-Mln for E-ticketing System
----------------------------------------------------------
Philippine Airlines, Inc. (PAL) needs US$2 million to set up its
electronic ticketing services by 2007, a global requirement set
by the biggest international association of airlines, reports
the Business World.

In June 2004, Switzerland-based International Air Transport
Association (IATA) agreed to abolish paper tickets issued by
airlines before January 1, 2008.

IATA said that individual moves of airlines towards e-ticketing
had saved them US$30 billion since 2001 and has lessen direct
costs of processing tickets.

Airlines that would fail to comply with the agreement stand to
lose interline agreements with other carriers, and thus lose out
on competition as they suffer from lower sales and high costs of
processing paper tickets.

"Locally, the problem that we are seeing is the absence of
reliable infrastructure. In key areas like Kalibo, there is no
steady supply of electricity. In Palawan, broadband connection,
DSL [digital subscriber line], cannot support huge data," PAL
Senior Assistant Vice-President for Corporate E-business Roberto
B. Diaz De Rivera said.

"But we would like to believe that we can meet the IATA standard
by 2007 because we are seeing that the telcos are trying to
compete among each other to provide communications services even
in remote areas. Still, we think that the phases in [deploying]
e-ticketing will be difficult locally," Mr. Diaz De Rivera
added.

CONTACT:

Philippine Airlines
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Phone: (632) 817-1234
Phone: (632) 892-4856
Fax: (632) 813-6715
E-mail: chris_cardiente@pal.com.ph


PHILIPPINE LONG: Post Changes in Beneficial Securities
------------------------------------------------------
In compliance with Section 13 of the revised disclosure rules of
the Philippine Stock Exchange, Philippine Long Distance and
Telephone Company (PLDT) announced the changes that have taken
place in the shareholdings of Mr. Ricardo M. Sison.

Statement of Changes in Beneficial Ownership of Securities

Name: Ricardo M. Sison
Position: First Vice-President

Date of       No. of    No. of     Price  No. of shares
Transaction   shares    shares            Beneficially
              acquired  disposed          owned

January 4, 2005         200       Php1,390.  800
                        (shares)

CONTACT:

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


PILIPINO TELEPHONE: Shareholder Furnishes SEC Form 18-A
-------------------------------------------------------
A shareholder of Pilipino Telephone Corporation (PLTL) furnished
the Philippine Stock Exchange a copy of its SEC Form 18-A
(Report By Owner of More Than Five Percent).

A copy of the said document shall be made available for
downloading at the PSE website: http://www.pse.com.ph(under
Listed Companies).

JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


VICTORIAS MILLING: Notes Corporate Governance Changes
-----------------------------------------------------
Victorias Milling Company, Inc. (VMC), in a letter dated
December 16, 2004, which was received by the Philippine Stock
Exchange on January 3, 2005, disclosed:

"We wish to inform your Honorable Office that the Victorias
Milling Company, Inc. (VMC) Board of Directors during its
regular meeting last November 19, 2004 approved the proposed
amendments in our Code of Corporate Governance.

The aforesaid approval of our Amended Code of Corporate
Governance (Code) has been duly disclosed with the Securities
and Exchange Commission on November 24, 2004, furnishing the
Philippine Stock Exchange, Inc. a copy of the said disclosure
together with the said amended Code."

For your information,
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Tel. No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.


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


CAPITALAND LIMITED: Posts Notice of Cessation of Shareholding
-------------------------------------------------------------
Capitaland Limited released a notice on January 4, 2005 at the
Singapore Stock Exchange, pertaining the change in the
percentage Level of a Substantial Interest of Singapore
Technologies Pte Ltd

PART I

(1) Date of notice to issuer: 04 January2005

(2) Name of Substantial Shareholder: Singapore Technologies Pte
Ltd

(3) Please tick one or more appropriate box(es):*
Notice of a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Part III and IV]

Part II

(1) Date of change of [Select Option]

(2) Name of Registered Holder

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

(4) Information relating to shares held in the name of the
Registered Holder

No. of [Select Option] held before the change
As a percentage of issued share capital %

No. of N.A. which are subject of this notice
As a percentage of issued share capital %

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

No. of N.A. held after the change
As a percentage of issued share capital %

Part III

(1) Date of change of Interest 31 December 2004

(2) The change in the percentage level from 60.42% to 0%

(3) Circumstance(s) giving rise to the interest or change in
interest: Others
- Please specify details Pursuant to a Sale and Purchase
Agreement dated 15 December 2004, Temasek Holdings (Private)
Limited, on 31 December 2004, acquired substantially all of
STPL's shareholdings in listed and unlisted companies, including
STPL's shares in CapitaLand.

Accordingly, STPL no longer has any direct and deemed interest
(held through ST Property Investments Pte Ltd, Singapore
Technologies Aerospace Ltd) in CapitaLand and has ceased to be a
substantial shareholder of CapitaLand.

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions: Not
applicable.

Part IV

(1) Holdings of Substantial Shareholder, including direct and
deemed interest:
                                            Direct   Deemed
No. of shares held before the change 1,197,123,933   328,537,838
As a percentage of issued share capital     47.41%   13.01%
No. of shares held after the change             0    0
As a percentage of issued share capital         0%   0%


CAPITALAND LIMITED: Unit Answers SGX Query
------------------------------------------
Capitaland Limited's subsidiary, Raffles Holdings, answered
Singapore Stock Exchnage's query pertaining to its trading
activity.

Raffles Holdings Limited refers to the query from Singapore
Exchange Securities Trading Limited regarding the increase in
the price and trading volume of shares in the Company today.

The Company understands that there has been speculation and
rumors regarding its involvement in the development of a casino
in Singapore. The Company wishes to clarify that it is not in
discussions with any party with regards participation in the
ongoing Request For Concepts for the development of an
integrated resort in Singapore.

However, the Company in its ordinary course of its business
would from time to time consider proposals regarding
opportunities in the hotel sector.

The Company confirms compliance with the SGX-ST listing rules
and in particular listing Rule 703.

By Order Of The Board
Emily Chin
Company Secretary
Singapore, 5 January 2005


CAPITALAND LIMITED: Ascott Group Responds to SGX Queries
--------------------------------------------------------
Capitaland Limited disclosed that its subsidiary,The Ascott
Group Limited, has replied to queries by the Singapore Stock
Exchange regarding its trading activity.

The Board of Directors refers to the following queries from the
Singapore Exchange Securities Trading Limited, which was
released via SGXNET today, regarding the substantial increase in
the trading volume of the shares of The Ascott Group Limited.

Q1. Are you aware of any information not previously announced
concerning you (the issuer), your subsidiaries or associated
companies that, if known, might explain the trading? If yes, the
information must be announced immediately.

The Company is not aware of any information not previously
announced concerning the Company, its subsidiaries or associated
companies that, if known, might explain the increase in the
trading volume of its shares today.

The Company however wishes to point out that in the ordinary
course of its business, it actively considers possible new
investments and other business opportunities in line with its
strategy to grow its core business in the serviced residence
industry and improve shareholders' returns. In this connection,
the Company from time to time reviews various proposals, and in
the event that it does enter into any definitive agreements,
which are material, it will promptly issue the necessary
announcements.

Q2. Are you aware of any other possible explanation for the
trading?

The Company is not aware of any other possible explanation for
the increase in the trading volume of its shares today.

Q3. Can you confirm your compliance with the listing rules and
in particular, listing rule 703.

The Company confirms that it has complied with the listing rules
of the SGX-ST and, in particular, listing rule 703.

By order of the Board
Shan Tjio
Company Secretary
5 January 2005


CHINA AVIATION (S): Satya Ordered to Attend Pre-trial on Jan. 14
----------------------------------------------------------------
The High Court of Singapore has ordered the lawyers representing
China Aviation Oil (Singapore) Corporation (CAO) and Satya
Capital Limited to attend a pre-trial conference on Jan. 14,
according to Dow Jones Newswires.

Representatives of both parties are required to present updates
of the lawsuit filed by Satya against CAO.

Satya, a consortium of Indonesian businessmen, is seeking
SG$47.16 million from CAO and its parent China Aviation Holding
Co. (CAOHC) for failing to honor an agreement to purchase a
stake in Singapore Petroleum Company (SPC).

Satya had agreed in August to sell a 20.6 percent stake in SPC
to CAO for SG$362.2 million.

The consortium attained court approval to summon CAOHC in China
after it failed to do so in the Singapore court. The primary
defendant, CAO, has yet to file its defense but has been given
an extension.

CONTACT:
China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


CHINA AVIATION (S): Urges Creditors to Take 60% Cut
---------------------------------------------------
Embattled China Aviation Oil (Singapore) Corporation (CAO) has
requested its creditors to write off a portion of its debt
before a payment proposal is submitted to the Singapore High
Court on January 24, Bloomberg reports.

CAO creditors were asked to slash 60 percent of around US$530
million to US$648 million worth of debt owed to them by the
failed Company.

The dominant jet fuel importer reportedly owed some 80 creditors
more than US$500 million. CAO owed Mitsui & Co. some US$143.7
million, Fortis N.V. US$33.1 million, Barclay's Capital around
US$26.5 million and J Aron & Co. about US$15.9 million.

CAO's survival is dependent upon the creditors approval on its
proposed 60 percent debt write-off.

Likewise, the proposed US$100 million bailout by Chinese and
Singapore state-owned companies will not push trough if the
proposal will not gain creditors' approval.

On November 29 last year, CAO filed for bankruptcy protection in
Singapore after losing US$550 million in speculative oil trades.
The Company's net assets were US$137 million at the end of 2003.

The divestment of assets is expected to generate about US$100
million. On top of that, CAO's parent China Aviation Oil Holding
Corp (CAOHC) and Singapore's Temasek Holdings mull a US$100
million bailout. In October, CAO borrowed US$108 million from
its parent in order to meet margin calls on derivatives trades.
CAOHC raised the amount by selling a 15 percent stake in CAO,
leaving it with 60-percent shareholding in the unit.


CREDIT INSURANCE: Receiving Proofs of Debt Until January 31
-----------------------------------------------------------
Notice is hereby given that the creditors of The Credit
Insurance Association (S) Pte Ltd, whose debts or claims have
not already been admitted, are required on or before the 31st of
January 2005 to submit particulars of their debts or claims and
any security held by them to the undersigned.

This should be done by delivering or sending through the post to
the undersigned at the address below a formal Proof of Debt in
accordance with Form 77 containing their respective debts or
claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 31st day of December 2004.

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


KOH BROTHERS: Hearing to Confirm Cap Reduction Fixed
----------------------------------------------------
Further to the announcement made by Koh Brothers Group on 26
November 2004, the Board would like to inform the Shareholders
that the hearing by the High Court to confirm the Capital
Reduction has been fixed on 24 January 2005 at 10.00 a.m.

The Company will release a further announcement upon the High
Court's confirmation of the Capital Reduction.

The Capital Distribution will become effective when a copy of
the order of Court confirming the Capital Distribution is lodged
with the Accounting and Corporate Regulatory Authority.

By order of the Board
Koh Brothers Group Limited
Koh Tiak Chye
Chief Executive Officer and Managing Director


KPIC SINGAPORE: Creditors to Submit Claims by January 31
--------------------------------------------------------
Notice is hereby given that the creditors of Kpic Singapore Pte
Ltd, whose debts or claims have not already been admitted, are
required on or before 31st January 2005 to submit particulars of
their debts or claims and any security held by them to me.

This should be done by delivering or sending through the post to
the undersigned at the address below a formal Proof of Debt in
accordance with Form 77 containing their respective debts or
claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 31st day of December 2004.

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


MAJULAH INVESTMENTS: Requests Creditors to Submit Claims
--------------------------------------------------------
Notice is hereby given that the creditors of Majulah Investments
Pte. Ltd., which is being wound up voluntarily, are required on
or before 10th February 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
Liquidator at 300 Beach Road, #38-05 The Concourse, Singapore
199555.

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.

Heng Lee Seng
Liquidator

This Singapore Government Gazette notice is dated 31 December
2004.


PANPAC MEDIA: Appoints CEO, Executive Director
----------------------------------------------
The Board of Directors of Panpac Media Group Limited announced
the appointment of Mr. Chen Xiaotao as an Executive Director and
Chief Executive Officer of the Company with effect from 3
January 2005.

He will be in charge of and oversee the day-to-day operations of
the Group. Mr. Chen Xiaotao, aged 49, is currently a Director of
China Cable Media Group Ltd, China Cable Network Co. Ltd. and
Sina Corporation.

Mr. Chen holds a Bachelor's degree from the then Nanyang
University, a Master's degree in Nuclear Engineering from
Massachusetts Institute of Technology and a Master of Business
Administration degree from the University of San Francisco.

Mr. Chen brings with him extensive experience in the financial
and business environments in the U.S. and Asia Pacific region.
Before joining the Group, Mr. Chen has been active in the U.S.
venture capital industry since 1982. In 1986, he introduced and
pioneered the U.S. venture capital investment concept in Asia
and has continued his involvement in the Asia-Pacific region.
During the last decade, Mr. Chen has successfully built WIIG
into an international venture capital firm with a strong local
presence in both the U.S. and Asia. Mr. Chen has also served as
a Director of Creative Technology. Ltd., Premisys
Communications, Inc., Integrated Silicon Solutions, Inc. and
several other public and private companies.

The appointment of Mr. Chen will further strengthen the
Company's management team; especially in PRC as the Company
moves to further expand our business in the PRC.

Following Mr. Chen's appointment as Chief Executive Officer, Mr.
Ricky Ang is promoted to Executive Vice-Chairman and will remain
as Managing Director of the Company. The details and declaration
of Mr. Chen as required under Rule 704(7) of the Listing Manual
of the Singapore Exchange Securities Trading Limited are
contained in a separate announcement.


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


THAI PETROCHEMICAL: Committee to Meet with Plan Administrators
--------------------------------------------------------------
The plan administrator of Thai Petrochemical Industry Plc (TPI)
was asked to explain the details of its plan to allocate TPI's
new shares to potential partners to the senate administrative
committee Wednesday, reports Business Day.

The committee pointed out that TPI should offer the allocation
of new shares to its existing shareholders first.  The committee
also wants to ensure that the plan is fair to all concerned
parties and transparency should reign in order to avoid any
conflict between the plan administrator and TPI.

TPI plan administrator team, chaired by Mongkol Ampornpisit, was
appointed by the Ministry of Finance, which was authorized to
act as TPI's plan administrator by the Central Bankruptcy Court.

CONTACT:

Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                              Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

  CHINA & HONG KONG
  -----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16

  INDONESIA
  ---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

Kemayan Corp Bhd                KOP      (-353.12)     84.89
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB       (-138.37      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91



  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.17)     166.46
Thai Wah Public
Company Limited-F               TWC/F      (-47.17)     166.46
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25





                            *********


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

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

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***