TCRAP_Public/050110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, January 10, 2005, Vol. 8, No. 6

                            Headlines

A U S T R A L I A

ANN HOWARD: Faces Voluntary Winding Up Proceedings
BECSTORM PTY: Sets Final Meeting January 24
COUNTRYWIDE BUILDING: To Declare Dividend on February 8
CRISTALLO ENTERPRISES: Joint Meeting Slated for February 19
DD&f HOLDINGS: General Meeting Fixed January 21

EASTERN HERALD: Members, Creditors to Meet on January 24
GUPTA TECHNOLOGIES: Names Peter Campbell as Liquidator
JEWISH MUTUAL: Sets Final General Meeting on January 19
KEARNEY BOWEN: To Convene Meeting on January 24
KEENAN DONNELLY: Sets January 24 as Date of Meeting

MILLS DYE: D.C. Shedden Appointed as Liquidator
OAK VALE: Members Resolve to Voluntarily Wind Up
PARMALAT AUSTRALIA: Parent Owes Aussie Banks AU$358 Mln
PERSONAL ACTION: Members, Creditors Meeting Set January 14
RENOUF INDUSTRIES: Members to Meet January 17

SANTOS LIMITED: Recommences Dividend Reinvestment Plan
TIMBER ENGINEERING: Sets January 17 as Date of Meeting
* MP Demands Insolvency Laws Change


C H I N A  &  H O N G  K O N G

INDUSTRIAL AND COMMERCIAL: Profits Drive Bad Loan Write-offs
BALLINGTON INTERNATIONAL: Annual Meeting Set January 20
CHUN SHING: Winding Up Hearing Slated for January 19
EAST MERIT: Court to Hear Winding Up Petition
JENION TRADING: Schedules Winding Up Hearing February 2

SURELIGHT HOLDINGS: To Convene Meeting January 20
TIN YIK: Creditors Meeting Set January 11
* Chinese Lenders in Talks with JCB


I N D O N E S I A

INDOFOOD SUKSES: Obtains US$280 Mln Loan to Buy Back Bonds
KIANI KERTAS: JP Morgan Eyes Assets
PERTAMINA: Opts to Cut LNG Exports to Japan, Korea by 30 Cargoes
PUTRA SUMBER: Pefindo Upgrades Ratings to BB+
* BI Says Unrecoverable Bank Loans in Aceh May Hit IDR1.6 Tln


J A P A N

FUJIKURA LIMITED: METI Approves Changes to Reorganization Scheme
JAPAN AIRLINES: Gets 2 More Bombardier Jets
JAPAN BROADCASTING: Boss Hints at Resignation Plan
MITSUBISHI FUSO: Drops to 3rd Place in Local Truck Market
MITSUBISHI MOTORS: U.S. Unit Names New Director for Retail Ops

MITSUBISHI MOTORS: Former CEO Says He Did Not Abandon Firm
MITSUBISHI MOTORS: Chinese Partner Aims for Stronger Ties


K O R E A

ASIANA AIRLINES: Offers Illegal Aliens 75% Discount on Air Fare


M A L A Y S I A

AOKAM PERDANA: Appoints New Director
AOKAM PERDANA: EGM Set for January 28
CHG INDUSTRIES: Reveals Audit Committee Changes
FORESWOOD GROUP: Tries to Avert Delisting of Securities
GOLDEN FRONTIER: Posts Notice of Shares Buy Back

LAFARGE MALAYAN: Unit Falls Into Liquidation
MECHMAR CORPORATION: Issues Default Status Update
MENTIGA CORPORATION: Begins Delisting Procedures
NAIM INDAH: Unveils Production Figures for December
PADIBERAS NASIONAL: Winding Up Hearing Fixed March 24

PADIBERAS NASIONAL: Notes Share Option Scheme
NALURI BERHAD: Updates Takeover Offer For Securities


P H I L I P P I N E S

LEGEND INTERNATIONAL: Updates Rehabilitation Petition
METRO PACIFIC: Urges SEC To Finish Probe Before Making Comments
NATIONAL POWER: Issues Invitation to Bid
NATIONAL POWER: Discloses Asset Disposal
PRICESMART INCORPORATED: Notes Rights Offering Period

PRICESMART INCORPORATED: Parent Firm in Tussle with Shareholders
* Fitch Downgrades 3 Banks; Puts 2 On Negative Outlook


S I N G A P O R E

BLASTECH INTERNATIONAL: Creditors to Prove Debt by February 4
CDIB VENTURE: Receiving Proofs of Claims Until January 31
CHINA AVIATION (S): Faces U.S. Class Action Suit
EXPLORATION PNG: Posts Notice of Intended Dividend
HOYA PHOTONICS: Creditors Must Submit Claims by January 31

KM FACTORS: Creditors to Prove Claim by February 4


T H A I L A N D

ADVANCE PAINT: Appoints New Accounting and Finance Manager
KRUNG THAI: Tsunami Affects THB7Bln of Loans
KRUNG THAI: Issues Additional Information on Shares' Sale
THAI WAH: SET Allows Trading of Securities Starting January 10

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANN HOWARD: Faces Voluntary Winding Up Proceedings
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
Ann Howard Pty Ltd (In Liquidation) A.C.N. 000 344 445 held on
the 26 November 2004, it was duly resolved that the Company be
wound up voluntarily and that William Paul Cotter and Robert
William Whitton of Knights Insolvency Administration, Level 27
The Chifley Tower, 2 Chifley Square, Sydney be and are appointed
Joint & Several Liquidators for the purposes of such winding up.

Dated this 1st day of December 2004

Bill Cotter
Joint and Several Liquidator


BECSTORM PTY: Sets Final Meeting January 24
-------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Becstorm Pty
Limited (In Liquidation) A.C.N. 092 690 634 will be held at the
office of the Liquidator, c/- Moore Stephens PMN, Chartered
Accountants, Level 6, 460 Church Street, North Parramatta NSW on
Monday, 24 January 2005 commencing at 10:00 a.m. for the purpose
of having accounts laid before the meeting showing the manner in
which the winding up was conducted and the property of the
Company disposed of, and of hearing any explanations that may be
given by the Liquidator and also of determining the manner in
which the books, accounts and documents of the Company and of
the Liquidator thereof shall be disposed of.

Dated this 14th day of December 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


COUNTRYWIDE BUILDING: To Declare Dividend on February 8
-------------------------------------------------------
A ninth dividend is to be declared on 8 February 2005 for
Countrywide Building Society Limited (In Liquidation) A.C.N. 087
822 222.

Creditors whose debts or claims have not already been admitted
were required on 7 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 2nd day of December 2004

G.P. Meredith
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


CRISTALLO ENTERPRISES: Joint Meeting Slated for February 19
-----------------------------------------------------------
Notice is given that a joint meeting of members and creditors of
Cristallo Enterprises Pty Ltd (In Liquidation) trading as Alpine
Concepts A.C.N. 054 914 279 will be held at the offices of
Foremans Business Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham on 19 February 2005 at 10:00 a.m.

AGENDA

To receive an account of the Liquidator's acts and dealings and
the conduct of the winding up during the period ended 26th
November 2004.

Dated this 26th day of November 2004

Dean Royston Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham Vic 3191
Telephone: (03) 9521 6662


DD&f HOLDINGS: General Meeting Fixed January 21
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a general meeting of the members of DD&f Holdings Pty
Limited (In Liquidation) A.C.N. 000 947 428 will be held at the
offices of SimsPartners, Suite 6A, Ground Floor, 10-12 Short
Street, Port Macquarie, NSW on 21 January 2005, at 11:30 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


EASTERN HERALD: Members, Creditors to Meet on January 24
--------------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Eastern Herald
Publishing Company Pty Limited (In Liquidation) A.C.N. 094 919
392 will be held at the office of the Liquidator, c/- Moore
Stephens PMN, Chartered Accountants, Level 6, 460 Church Street,
North Parramatta NSW on Monday, 24 January 2005 commencing at
10:00 a.m. for the purpose of having accounts laid before the
meeting showing the manner in which the winding up was conducted
and the property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator and also of
determining the manner in which the books, accounts and  
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 21st day of December 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


GUPTA TECHNOLOGIES: Names Peter Campbell as Liquidator
------------------------------------------------------
Notice is hereby given that at a General Meeting of Gupta
Technologies Australia Pty Limited A.C.N. 095 831 968 held on
25th November 2004, it was resolved that the Company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
purpose, Peter Campbell be appointed liquidator.

Dated this 26th day of November 2004

Peter Campbell
Liquidator
Level 14, 25 Bligh Street,
Sydney NSW 2000


JEWISH MUTUAL: Sets Final General Meeting on January 19
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of members of
Jewish Mutual Loan Company Pty Ltd (In Liquidation) A.C.N. 004
332 325 will be held at Level 1 619 St Kilda Road Melbourne on
19 January 2005 at 11:00 a.m. for the purpose of laying before
it a Final Account showing how 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 and to
determine the manner in which the books, accounts and documents
of the Company and of the liquidator thereof shall be disposed.

Dated this 29th day of November 2004

A.K. Kempton
Liquidator


KEARNEY BOWEN: To Convene Meeting on January 24
-----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Kearney Bowen
Corporation Pty Limited (In Liquidation) A.C.N. 003 471 341 will
be held at the office of the Liquidator, c/- Moore Stephens PMN,
Chartered Accountants, Level 6, 460 Church Street, North
Parramatta NSW on Monday, 24 January 2005 commencing at 10:00
a.m. for the purpose of having accounts laid before the meeting
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator and also of
determining the manner in which the books, accounts and
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 21st day of December 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


KEENAN DONNELLY: Sets January 24 as Date of Meeting
---------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Keenan Donnelly
& Smith Pty Limited (In Liquidation) A.C.N. 001 571 857 will be
held at the office of the Liquidator, c/- Moore Stephens PMN,
Chartered Accountants, Level 6, 460 Church Street, North
Parramatta NSW on Monday, 24 January 2005 commencing at 10:00
a.m. for the purpose of having accounts laid before the meeting
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator and also of
determining the manner in which the books, accounts and
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 14th day of December 2004

R.J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


MILLS DYE: D.C. Shedden Appointed as Liquidator
-----------------------------------------------
Notice is hereby given that at a special general meeting of
members of Mills Dye Works Pty Limited (In Liquidation) A.B.N.
82 000 049 052 held on 29th November 2004, it was resolved that
the Company be wound up voluntarily and that for such purpose
David Colin Shedden, Chartered Accountant of 28/19-21 Central
Road, Miranda NSW be appointed Liquidator.

Dated this 29th day of November 2004

D.C. Shedden
Liquidator
28/19-21 Central Road,
Miranda NSW 2228


OAK VALE: Members Resolve to Voluntarily Wind Up
------------------------------------------------
Take notice that Oak Vale (Galong) Pty. Ltd. A.C.N. 008 416 920
on the 30 day of November, 2004 duly resolved by Special
Resolution that it be wound up voluntarily, and resolved by
ordinary resolution that Rodney Francis Mullavey be appointed
Liquidator for the purpose of the winding up.

R.F. Mullavey
Liquidator


PARMALAT AUSTRALIA: Parent Owes Aussie Banks AU$358 Mln
-------------------------------------------------------
The troubled parent of Parmalat Australia has owed Australian
Banks some $358 million as a result of a milk scandal in Italy,
according to the Herald Sun.

The Italian milk group, which has processing plants in Melbourne
and Brisbane, has secured loans from ANZ, National Australia
Bank and Commonwealth Bank.

Details of the Australian debts came out after the judge
overseeing the dairy firm's bankruptcy issued a final ruling on
more than AU$44 billion in creditors claims.

ANZ, Parmalat's largest Australian Bank creditor is owed $135.4
million. NAB, on the other hand, has a $135.4 million exposure.
Commonwealth Bank, meanwhile, was listed with $64 million
outstanding.

News of the funds owed to Australian banks will add to
speculation that Parmalat Australia could get gobbled up in any
future rationalization of the home-based dairy industry.

CONTACT:

Parmalat Australia Ltd  
South Brisbane, Queensland,
Australia


PERSONAL ACTION: Members, Creditors Meeting Set January 14
----------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Personal Action Pty Limited (In Liquidation) A.C.N.
057 308 433 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW 2000 on 14 January 2005 at 10:00 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 14 January 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

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


RENOUF INDUSTRIES: Members to Meet January 17
---------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Renouf Industries Pty.
Ltd. (In Liquidation) A.C.N. 004 714 041 will be held at the
offices of Cole Downey & Co, Chartered Accountants, Level 1, 22
William Street, Melbourne, Victoria, 3000 on 17 January 2005 at
9:30 a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 1st day of December 2004

J.P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000


SANTOS LIMITED: Recommences Dividend Reinvestment Plan
------------------------------------------------------
Santos Limited advised that the Company's Dividend Reinvestment
Plan (DRP) has been recommenced as of 1 January 2005.

The plan enables investors to increase their shareholdings in
the Company without brokerage.

Santos' Chairman Stephen Gerlach said the reintroduction of the
DRP reflected demand from shareholders generally.

"The recommencement has seen Santos join 33 of Australia's top
50 companies in offering a DRP," Mr. Gerlach said.

The Santos DRP will apply to dividends commencing with the 2004
final dividend, payable on 31 March 2005. There will be no share
price discount, maintaining equity between participants and non-
participants.

The Board has adopted new rules for the recommenced DRP, to
reflect changes to the law and practice since the DRP was last
operative in 1995.

All relevant documentation, including a full copy of the revised
rules will be sent to eligible shareholders shortly. A copy of
the revised DRP rules will be provided to the ASX at that time.

As well as being available to Australian shareholders,
shareholders in a number of overseas countries will also be able
to participate in the Santos DRP.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


TIMBER ENGINEERING: Sets January 17 as Date of Meeting
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Timber Engineering
Associates Pty. Limited (In Liquidation) A.C.N. 004 679 592 will
be held at the offices of Cole Downey & Co, Chartered
Accountants, Level 1, 22 William Street, Melbourne, Victoria,
3000 on 17 January 2005 at 10:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidator.

Dated this 1st day of December 2004

J.P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000


* MP Demands Insolvency Laws Change
-----------------------------------
One Western Australia's Member of Parliament (MP) is urging the
Federal Government to bring receivership and insolvency
administration under its control, reports ABC News.

Mr. John Bowler is calling for a change in insolvency
legislations, stressing the "current system is a failure".

He pointed out that creditors are missing out on dividends
because of high administration fees.

"I've got companies in the Goldfields in the case of Sons of
Gwalia's administration that are owed millions of dollars,
smaller firms that are owed hundreds of thousands of dollars and
as each day goes by they're seeing more and more of their
prospect of getting a good return in the dollar disappear with
administration fees which seem to be exorbitant," he said.


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


INDUSTRIAL AND COMMERCIAL: Profits Drive Bad Loan Write-offs
------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) has taken
advantaged of its profit rise to write off bad loans and
reinforce its provisioning ahead of capital injection this year,
reports Financial Times.

In 2004, ICBC's operating profits grew climbed 18 percent to
CNY74.7 billion, CNY70 billion of which will be used to make
provisions and write off debt. New loans in the previous year
rose 9 percent year-on-year to CNY288.9 billion at a
significantly lower growth rate compared to the overall market.
Its non-performing loan ration (NPL) dropped 2 percent, 19.1
percent lower than the previous year.

A cash injection of about US$30 billion from the central
government is expected for ICBC to coincide with a forthcoming
invitation from the government for investment banks to bid to
underwrite its initial public offering (IPO).

CONTACT:

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


BALLINGTON INTERNATIONAL: Annual Meeting Set January 20
-------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, annual meeting of the members of Ballington
International Limited will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on 20th day of
January 2005 at 9:45 a.m. 12:15 a.m., for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the companies during the year
to 24 November 2004.  

A member or creditor entitled to attend the vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

Members' proxies should be lodged at the above address not less
than 24 hours before the time for holding the members' meeting
and creditors' proxies not later than 4:00 p.m. on the day
before the meetings.

Dated this 31st day of December 2004

Jacky Cw Muk
Joint and Several Liquidator


CHUN SHING: Winding Up Hearing Slated for January 19
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Chun Shing Holdings Limited by the High Court of Hong Kong was
on the 26th day of November 2004 presented to the said Court by
Fung Yun Po, Legal Aid Counsel for Director of Legal Aid of 27th
Floor, Queensway Government Offices, 66 Queensway, 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. 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.

Thomas E Kwong
For Director of Legal Aid
27th Floor, Queensway Government Office
66 Queensway
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 31 December 2004.


EAST MERIT: Court to Hear Winding Up Petition
---------------------------------------------
Notice is hereby given that a petition for the winding up of
East Merit International Limited by the High Court of Hong Kong
was on the 1st day of December, 2004 presented to the said Court
by Man Chiu Mo of Room 10, 11/F., Block E, San Woon House, San
Wai Court, Tuen Mun, New Territories, 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. 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 31 December 2004.


JENION TRADING: Schedules Winding Up Hearing February 2
-------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Jenion Trading Limited by the High Court of Hong Kong Special
Administrative Region was on the 8th day of December 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

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

Ford, Kwan & Company
Solicitors for the Petitioner
Suite 1505-1508, Chinachem Golden Plaza
77 Mody Road
Tsimshatsui, Kowloon
Hong Kong

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

This notice is dated 31 December 2004.


SURELIGHT HOLDINGS: To Convene Meeting January 20
-------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meeting of the members
of Surelight Holdings Limited will be held at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong on 20th
day of January 2005 at 9:30 a.m. 11:15 a.m., for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the companies during the year
to 24 November 2004.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

Members' proxies should be lodged at the above address not less
than 24 hours before the time for holding the members' meeting
and creditors' proxies not later than 4:00 p.m. on the day
before the meetings.

Dated this 31st day of December 2004

Jacky Cw Muk
Joint and Several Liquidator


TIN YIK: Creditors Meeting Set January 11
-----------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance, a meeting of the creditors of Tin Yik and
Company Limited will be held at Room 1101, 11/F., Shiu Lam
Building, 23 Luard Road, Wan Chai, Hong Kong on 11 January 2005
at 11:30 a.m. for the purposes mentioned in sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

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

Dated 31 December 2004

By Order of the Board of
Tin Yik and Company Limited
Leung Ching Kong
Director

This Quamnet notice is dated 31 December 2004.


* Chinese Lenders in Talks with JCB
-----------------------------------
Japan's JCB Co. is in talks with as many as eight lenders
including major lenders Industrial and Commercial Bank and Bank
of China, in a bid to increase fees from outside its home market
where competition is growing, Bloomberg reports.

JCB believes that expanding in China will help it compete better
with credit card giants Visa International Inc. and MasterCard
International Inc.

JCB Executive Vice President Masahiro Omoto said the Company had
already signed a preliminary agreement with Bank of China in
September.

JCB will offer the banks its brand name on the yuan-denominated
cards, enabling customers to use them at about 11.7 million
restaurants and stores worldwide, including 50,000 in China,
that accept the Japanese Company's card, in return for a fee.


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I N D O N E S I A
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INDOFOOD SUKSES: Obtains US$280 Mln Loan to Buy Back Bonds
----------------------------------------------------------
Five banks have granted PT Indofood Sukses Makmur US$280 million
in loans to buy back similar amount of bonds issued in 2002 by
an overseas unit, Dow Jones says.

The loan, extended by ABN Amro Bank, Citibank, Sumitomo Mitsui
Banking Corp., Rabobank and PT Bank Mandiri, has a 6-month
maturity and 4.05 percent interest.

State-owned Bank Mandiri will lend US$100 million, half in
rupiah, while Rabobank will lend US$30 million. ABN Amro,
Citibank, and Sumitomo Mitsui will each provide US$50 million.

In order to pay the bridging financial facility provided by the
five banks, Indofood plans to issue bonds worth around IDR1.8
trillion.

Meanwhile, Indofood is trying to get bondholders' approval to
repurchase US$280 million of five-year notes issued by a
Mauritius-based unit in a response to the revocation of a tax
treaty between Indonesia and Mauritius on Jan. 1.

CONTACT:

PT Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
Web site: http://www.indofood.co.id


KIANI KERTAS: JP Morgan Eyes Assets
-----------------------------------
JP Morgan has expressed interest to purchase the troubled pulp
and paper maker PT Kiani Kertas for US$200 million, according to
Asia Pulse.

Kiani confirmed JP Morgan recently agreed to buy its assets and
takeover the firm's IDR1.7 trillion (US$188.9 million) debt owed
to state-owned Bank Mandiri.

However, the ailing Indonesian firm said divestment of its
assets to JP Morgan is the last alternative.

JP Morgan is the largest provider of a syndicated credit of
US$120 million arranged by Japan's Sumitomo Mitsui Banking Corp.


PERTAMINA: Opts to Cut LNG Exports to Japan, Korea by 30 Cargoes
----------------------------------------------------------------
State oil and gas firm has opted to cut shipments of liquefied
natural gas (LNG) by 30 cargoes to Japan and South Korea this
year, Asia Pulse reports.

The decision was vital to securing the stockpile of gas for
local urea fertilizer plants, which have suffered shortage in
supply of the feedstock.

Pertamina executive Ari Soemarno said Japan and Korea have
agreed to that arrangement. He added shipments will be based on
a yearly agreement.

Japanese buyers have been reported to turn to Russia for gas
supply, as they could no longer rely on supply from Indonesia.

CONTACT:

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


PUTRA SUMBER: Pefindo Upgrades Ratings to BB+
---------------------------------------------
Pefindo upgraded the ratings for PT Putra Sumber Utama Timber
(PSUT or the Company) and its Bond I/2003 of IDR200 bn to
"idBB+" from "idCCC". The rating upgrade is mainly supported by
bondholders' approval on the rescheduling of sinking fund
payment, improved productivity along with favorable trend on
product selling prices.

However, the upgrades are still constrained by concerns over
production stability, as it is very sensitive to some external
factors such as weather, working capital supports from
creditors, and the insurance claim timely payments.

Currently, PSUT operates two production facilities in Jambi
(Sumatera) and Asam-Asam (South Kalimantan) with total
production capacity of 400,000 cubic meter (m3) p.a. PSUT is a
subsidiary of HASKO group, a group of companies focusing on
timber related products.


* BI Says Unrecoverable Bank Loans in Aceh May Hit IDR1.6 Tln
-------------------------------------------------------------
An official at the central bank or Bank Indonesia (BI) said
local banks are likely to suffer around 50 percent of the total
lending channeled to the disaster-stricken areas of Aceh and
North Sumatra, The Jakarta Post reveals.

According to BI Governor Burhanuddin Abdullah, the unrecoverable
loans in those areas are expected to reach between IDR1.6
trillion (US$177 million) and IDR2 trillion of the total IDR4
trillion loans channeled by local banks.

The central bank is currently working on the settlement options
for the loans. Mr. Abdullah said BI was considering whether to
entirely or partly write off the unrecoverable loans for
humanitarian reasons, or to extend the payment of the lending
period.

The loans cannot be easily recovered either because the debtors
were killed in the disaster, or the assets used as collateral
for the loans were destroyed.

No specific details are available as to which banks were damaged
in the disaster.

Bank Mandiri disclosed its unrecoverable loans in Aceh might
reach IDR35 billion. Bank Negara said it may not be able to
recover some IDR11 billion of its lending. Bank Rakyat reported
some IDR23.6 billion of potential unrecoverable loans in the
tsunami-hit areas.

Aside from the three banks, there are other six banks that
operate in Aceh.

They are Bank Danamon, Bank Internasional Indonesia (BII), Bank
Central Asia (BCA), Bank Bukopin, Bank Syariah Mandiri and Bank
BPD Nanggroe Aceh Darussalam.

Only Bank Danamon, BII and BCA have yet to fully resume their
operations in Aceh since the tragedy.


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


FUJIKURA LIMITED: METI Approves Changes to Reorganization Scheme
----------------------------------------------------------------
Changes to cooperative business reorganization plan submitted to
The Ministry of Economy, Trade and Industry (METI) by Fujikura
Ltd. were 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.

These changes were consequently approved on December 28, 2004.

CONTACT:

Fujikura Ltd.
1-5-1 Kiba
Kouto-ku, TKY 135-8512
Phone: 3.560.6103
Fax: 3.560.6150


JAPAN AIRLINES: Gets 2 More Bombardier Jets
-------------------------------------------
Bombardier Aerospace confirmed that Japan Airlines International
Co. Ltd. has signed a contract to acquire two Bombardier CRJ200
50-seat regional jets on behalf of its wholly owned subsidiary,
J-AIR.

"Based on the strong performance of the Bombardier CRJ200
aircraft in their fleet, its passenger appeal and outstanding
economics, we are delighted to see Japan Airlines placing a
repeat order for the Bombardier CRJ200," said Steven A. Ridolfi,
President, Bombardier Regional Aircraft.

This transaction raises to eight the number of Bombardier CRJ200
aircraft ordered by JAL on behalf of J-AIR since its initial
order for two aircraft in January 2000. J-AIR provides domestic
services in southwestern Japan from its base at Komaki.

"Bombardier's regional aircraft, both CRJ jets and Q Series
turboprops, are now in service with eight operators in Japan.
Those eight airlines have placed firm orders for a total of 45
aircraft, including 10 CRJ200 and 35 Q Series turboprops, making
Bombardier Aerospace the market leader for regional aircraft in
Japan," added Mr. Ridolfi.

About Bombardier

A world-leading manufacturer of innovative transportation
solutions, from regional aircraft and business jets to rail
transportation equipment, Bombardier Inc. is a global
corporation headquartered in Canada. Its revenues for the fiscal
year ended Jan. 31, 2004 were $15.5 billion US and its shares
are traded on the Toronto and Frankfurt stock exchanges (BBD and
BBDd.F). News and information are available at
http://www.bombardier.com.  

Bombardier, CRJ200 and Q Series are trademarks of Bombardier
Inc. or its subsidiaries.
  
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


JAPAN BROADCASTING: Boss Hints at Resignation Plan
--------------------------------------------------
The president of the Japan Broadcasting Corporation, otherwise
known as NHK, has hinted at his intention to step down in March
after the broadcaster's budget is approved, reports The Daily
Yomiuri.

Katsuji Ebisawa admitted he plans to resign after sorting out
NHK's business program and budget for fiscal 2005.

It is believed that Mr. Ebisawa was pressured by the Japan
Broadcasting Workers Union, which demanded the president to
resign before the end of his term to take responsibility for
NHK's scandals.

NHK has been hit by a series of embezzlement scandals involving
its employees. As a result, about 113,000 households had refused
to pay viewing fees as of the end of November last year.

In a mea culpa program aired on Dec. 19, Mr. Ebisawa raised the
possibility of NHK failing to meet its operating costs due to
the growing number of people who were refusing to pay fees.

About 27,000 people who watched program sent comments to the
broadcaster, some of which called for Mr. Ebisawa's resignation.

CONTACT:

Japan Broadcasting Corporation (Nippon Hoso Kyokai)
2-2-1, Jinnan, Shibuya-ku
Tokyo, 150-8001, Japan
Phone: +81-3-3465-1111
Fax: +81-3-3469-8110
Web site: http://www.nhk.or.jp


MITSUBISHI FUSO: Drops to 3rd Place in Local Truck Market
---------------------------------------------------------
Embattled Mitsubishi Fuso Truck and Bus Corporation has slid to
the third rank in the Japanese truck market, according to Jiji
Press.

Beaten by Isuzu Motors Limited, Mitsubishi Fuso left the top
rank for the first time in 2004.

Industry data revealed that the struggling truck maker suffered
a 3.9 percent fall in its domestic market share for trucks with
a loading capacity of 4 tons or more to 24.5 percent.

The figure an all-time low for Mitsubishi Fuso brand trucks
since 1972, when the first comparable records were available.

Overall sales of Mitsubishi Fuso's ordinary trucks in 2004
decreased 18.7 pct from the previous year to 25,448 units.

CONTACT:

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


MITSUBISHI MOTORS: U.S. Unit Names New Director for Retail Ops
--------------------------------------------------------------
Doug Klee has joined Mitsubishi Motors North America (MMNA) as
director for regional retail operations, responsible for the
Northeast region.

Mr. Klee comes to MMNA from American Isuzu Motors, where he
served as executive manager, national sales operations. He
brings with him more than 25 years of automotive industry
experience and a full set of managerial, marketing, sales and
service skills. He has had extensive experience in personnel
management, strengthening dealer focus and developing
improvement programs to reach corporate goals.

"We are extremely pleased to have Mr. Klee on board with us,"
said Michael Tocci, senior vice president of sales, distribution
and fleet. "His extensive national and regional experience in
the industry will help promote our stellar product lineup."

As executive manager, national sales operations, for American
Isuzu Motors, Mr. Klee was responsible for all retail and
wholesale corporate sales operations, national regional and
dealer sales development, vehicle distribution, marketing, sales
support programs, incentive program development and
implementation, monthly forecasting, dealer development and
monthly management reviews for Japan.

Prior to becoming executive manager, national sales operations,
at American Isuzu Motors, Mr. Klee held a number of other
positions, including executive manager, regional operations;
executive manager, regional operations for the West, Northeast,
Mid-Atlantic and Chicago regions, respectively.

Prior to American Isuzu Motors, Mr. Klee was the dealer
principal of a Saab dealership in Atlanta and worked three years
for Volvo of America as manpower development coordinator and
regional sales manager, Southeast region. He also worked for the
Chrysler Corporation in its Field Sales Organization as a
district manager.

Mr. Klee is a graduate of Michigan State University.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit www.media.mitsubishicars.com.

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


MITSUBISHI MOTORS: Former CEO Says He Did Not Abandon Firm
----------------------------------------------------------
The former CEO of Mitsubishi Motors North America (MMNA)
insisted he did not abandon the ailing automaker after 16 months
of managing the operations of the U.S. unit, reports The Chicago
Tribune.

However, speculations still abound that Mr. Finbarr O'Neill has
bailed out over concerns with Mitsubishi following his
resignation early last week.

His resignation came at a time when rumors are rampant about the
automaker's chances for survival in the U.S. and fears that its
only U.S. plant in Normal might close.

Mr. O'Neill, who stepped down from MMNA to become president and
CEO of Reynolds & Reynolds in Ohio, insisted he wasn't forced
out. He said an executive recruiter contacted him in November,
offered him the position on Christmas Eve, which he accepted on
Monday last week.

The 52-year-old executive also brushed off rumors that the plant
in Normal was headed for closure despite the firm's move in
October to cut its workforce by 1,200.

But Mr. O'Neill still believes that despite the automaker
selling only 161,609 cars in the U.S. last year, and cutting
back production at the Normal plant, the Company is still poised
for a rebound.

Still, some observers remain skeptical.


MITSUBISHI MOTORS: Chinese Partner Aims for Stronger Ties
---------------------------------------------------------
Hunan Changfeng Motor Company has indicated its intention to
strengthen its ties with troubled Mitsubishi Motors Corporation
(MMC), Kyodo News reports.

Hunan, MMC's Chinese partner, said it wants to bring further its
relationship with the Japanese automaker in the field of
production technology and capital.

Last month, Hunan started the manufacture and sales of the
latest models of the Pajero sports utility vehicle. The firm
hopes to beef up its domestic Pajero sales, as the sports
vehicle is popular among Chinese customers.

Hunan Chairman Li Jianxin declared Hunan has reached the same
level of quality as imported ones and is eager to produce more
MMC models in the future.

Meanwhile, Hunan said it would welcome MMC's plan to raise its
stake in the Chinese carmaker, as such a move will help
strengthen their capital ties.

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


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


ASIANA AIRLINES: Offers Illegal Aliens 75% Discount on Air Fare
---------------------------------------------------------------
Asiana Airlines is offering a cheaper ticket price to the
country's illegal immigrants from South Asian countries hit by
the massive tsunami, reports Asia Pulse.

Asiana wants to help the illegal immigrants in South Korea who
are not able to fly back to their home countries because of
expensive airfares.  Prices of tickets to Bangkok, Singapore,
Jakarta and Delhi will be reduced by 75 percent.

Illegal immigrants in South Korea, wishing to enjoy the price
benefits, which will be applied to both one-way and roundtrip
tickets, will have to depart from Incheon International Airport
between Friday and Monday, Asiana said.

The airline delivered Monday free of charge fresh water provided
by the Pacific Asia Travel Association to tsunami-hit countries.

Some 150,000 people have been confirmed killed in the
catastrophe that swept 10 South Asian countries on December 26.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone:  +82 2 669 3114
Fax: +82 2 669 3170


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


AOKAM PERDANA: Appoints New Director
------------------------------------
Aokam Perdana Berhad announced the appointment of Mr. Tunku
Mahmood Bin Tunku Mohammed on January 6, 2005.

Date of change: 06/01/2005  

Type of change: Appointment

Designation: Director

Directorate: Independent & Non Executive

Name: Tunku Mahmood Bin Tunku Mohammed

Age: 59

Nationality: Malaysian

Qualifications: Royal Military College, 1966

Working experience and occupation: He served the military for
many years and currently run a holiday resort in Johore. He also
sits on the board of several private limited companies. He was
appointed as Director of Sin Heng Chan (Malaya) Berhad on 11
January 1999.

Directorship of public companies (if any): Sin Heng Chan
(Malaya) Berhad

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

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

CONTACT:

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


AOKAM PERDANA: EGM Set for January 28
-------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Aokam Perdana Berhad will be held at Dewan Berjaya,
Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off
Jalan Damansara, 60000 Kuala Lumpur on Friday, 28th January 2005
at 10 a.m. for the purpose of considering and, if thought fit,
passing the special resolution with or without modification:

SPECIAL RESOLUTION - PROPOSED NAME CHANGE

"THAT, the name of the Company be changed from Aokam Perdana
Berhad to Java Incorporated Berhad with effect from the date of
the Certificate of Incorporation on Change of Name of Company
issued by the Companies Commission of Malaysia and by
substituting the name of Aokam Perdana Berhad to Java
Incorporated Berhad in the Company's Memorandum and Articles of
Association and wherever the name of the Company appears AND
THAT the Directors and Company Secretary be and are hereby
authorized to carry out all necessary formalities in effecting
the change of name."

BY ORDER OF THE BOARD,
NG SEE YEN (MAICSA 0729161)
Company Secretary
Kuala Lumpur
7th January 2005

Notes:   

1. A member of the Company entitled to attend and vote at the
meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy may but need not be a member of the Company and a
member may appoint any person to be his proxy without limitation
and the provisions of Section 149(1)(b) of the Act shall not
apply to the Company.

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

3. Where a member appoints more than one proxy, the appointment
shall be invalid unless he specifies the proportion of his
holding to be represented by each proxy.

4. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at Suite M.02, Mezzanine Floor,
Wisma E&C, No.2 Lorong Dungun Kiri, Damansara Heights, 50490
Kuala Lumpur not less than 48 hours before the time for holding
the meeting.


CHG INDUSTRIES: Reveals Audit Committee Changes
-----------------------------------------------
CHG Industries Berhad announced the resignation of Mr. Chuah
Seong Phaik as the Chairman of its Audit Committee on January 6,
2005.

Date of change: 05/01/2005  

Type of change: Resignation

Designation: Chairman of Audit Committee

Directorate: Independent & Non Executive

Name: CHUAH SEONG PHAIK

Age: 57

Nationality: Malaysian

Qualifications:  

Working experience and occupation:  

Directorship of public companies (if any):

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

Details of any interest in the securities of the listed issuer
or its subsidiaries: 65,000 ordinary shares (indirect) Deemed
interested by virtue of spouse's direct interest
   
Composition of Audit Committee (Name and Directorate of members
after change): YAM Tunku Tan Sri Dato' Osman Ahmad
Francis Foo See Yuan

CONTACT:

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


FORESWOOD GROUP: Tries to Avert Delisting of Securities
-------------------------------------------------------
Further to the announcement dated 24th December 2004, Foreswood
Group Berhad announced that it has made a written representation
on 6 January 2005 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 Securities.

CONTACT:

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

Dated this 6th January 2005.


GOLDEN FRONTIER: Posts Notice of Shares Buy Back
------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on January
5, 2005.
  
Date of buy back from : 23/12/2004

Date of buy back to: 05/01/2005

Total number of shares purchased (units) : 21,900

Minimum price paid for each share purchased (RM) : 0.665

Maximum price paid for each share purchased (RM) : 0.690

Total amount paid for shares purchased (RM) : 14,946.03

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

Number of shares purchased retained in treasury (units) : 21,900

Total number of shares retained in treasury (units)  : 1,272,000

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  : Secretarialmasters Sdn Bhd

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890
  
This announcement is dated 6 January 2005.


LAFARGE MALAYAN: Unit Falls Into Liquidation
--------------------------------------------
Simen Angkut Sdn Berhad, a unit of Lafarge Malayan Cement
Berhad, has obtained the approval of its shareholder for a
member's voluntary winding-up on December 31, 2004.

In connection with the above, Messrs Mak Kum Choon and Kek Ah
Fong were appointed to act jointly and severally as Liquidators
of the subsidiary.

This announcement is dated 6 January 2005.


MECHMAR CORPORATION: Issues Default Status Update
-------------------------------------------------
Mechmar Corporation (Malaysia) Berhad & Group announced that
there is no change in the arrangement to repay default loans as
per agreed loans repayment schemes.

For a copy of the status of repayment of loans in default as at
31 December 2004, go to
http://bankrupt.com/misc/tcrap_mechmar110705.xls

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
MALAYSIA
Phone: +60 3 5569 2828
Fax: +60 5569 1316


MENTIGA CORPORATION: Begins Delisting Procedures
------------------------------------------------
Bursa Malaysia Securities Berhad announced that it has commenced
the delisting procedures against a Practice Note 4/2001 (PN4) of
Mentiga Corporation Berhad.

Mentiga has failed to regularize its financial condition within
the prescribed time frame pursuant to Paragraph 8.14 of the
Listing Requirements and Paragraph 5.0 of PN4 and no further
extension of time has been granted to the Company.

In this respect, the Securities Commission, via its letter dated
10 December 2004 returned the Company's application to the
Securities Commission dated 26 February 2004 in respect of the
Company's proposed restructuring scheme. The Securities
Commission was of the view that the Company should re-submit a
comprehensive / thorough application encompassing its proposed
restructuring scheme and the Company's proposed disposal of PT
Rebinmas Jaya as announced on 17 August 2004 and 1 November
2004. Hence, the Company has failed to obtain all approval
necessary for the implementation of its proposed restructuring
scheme.

Mentiga has been served with a notice by Bursa Securities on 6
January 2005 to make representations to Bursa Securities, within
a period of 14 days from the date of the receipt of the notice,
as to why their securities should not be delisted from the
Official List of Bursa Securities. Due process is therefore
accorded to the Company prior to making a decision on whether to
de-list its securities from the Official List of Bursa
Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to delist the Company. Where a decision is made to de-
list Mentiga, the Company will be notified of the same
accordingly. Upon receipt of the notification of the decision by
Bursa Securities to remove the securities of Mentiga from the
Official List of Bursa Securities, the Company will be required
to make an immediate announcement. Thereafter, the securities of
the Company will be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

Status of PN4 Companies

As at 6 January 2005, there are a total of 37 PN4 Companies,
which represents 3.85% of the total number of 962 companies
listed on Bursa Securities. A total of 16 PN4 Companies have
obtained all relevant regulatory approvals necessary for the
implementation of their restructuring plans.

CONTACT:

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


NAIM INDAH: Unveils Production Figures for December
---------------------------------------------------
In accordance with Paragraph 9.29, of the Bursa Malaysia
Securities Berhad (BMSB) listing requirements, the Board of
Directors of Naim Indah Corporation Berhad announced that its
wholly owned subsidiary Jernih Makmur Sdn Bhd (which owns a
Timber Concession located at Hutan Simpanan Lebir, Mukim of
Relai, District of Chiku, Jajahan Gua Musang, Kelantan Darul
Naim) was not able to extract any round timber logs due to the
East Coast Monsoon Season. Thus, there were no log productions
for the month of December 2004.

CONTACT:

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


PADIBERAS NASIONAL: Winding Up Hearing Fixed March 24
-----------------------------------------------------
Padiberas Nasional Berhad refers to its announcement made on 10
December 2004.

The Company announced that on 6 January 2005, it was directed by
a Learned Judge that an application filed by the Company to
strike out the Petition dated 24 November 2004 should be heard
on 24 March 2005.

On the same date the Learned Judge shall also give further
direction as to the proceedings for the hearing of the Petition.

The Company will announce further developments on the above
matter as and when necessary.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11
Jalan Damansara
46350 Petaling Jaya
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/


PADIBERAS NASIONAL: Notes Share Option Scheme
---------------------------------------------
Padiberas Nasional Berhad's additional 560,000 new ordinary
shares of RM1.00 each issued pursuant to the employees share
option scheme will be granted listing and quotation with effect
from 9.00 a.m., Monday, 10 January 2005.


NALURI BERHAD: Updates Takeover Offer For Securities
----------------------------------------------------
On behalf of Naluri Berhad, Commerce International Merchant
Bankers Berhad (CIMB) announces that the takeover offer has
closed at 5 p.m. (Malaysian time) on 6 January 2005.

Collectively referred to as the takeover offer:

(I) The remaining ordinary shares of RM1.00 each in Sriwani
Holdings Berhad (SHB) (SHB shares) not already owned by Naluri
comprising up to 27,878,947 SHB shares (offer shares) at a cash
offer price of RM1.00 per SHB share;

(ii) Up to 8,383,811 new SHB shares to be issued pursuant to the
rights issue of SHB (SHB rights shares) at a cash offer price of
rm1.00 per new SHB rights share;

(iii) Up to 90,910,592 new irredeemable convertible preference
shares (SHB icps)-a of rm0.10 each in SHB (SHB rights icps-a) to
be issued pursuant to the rights issue of SHB at a cash offer
price of RM0.10 per new SHB rights icps-a; and

(iv) the remaining SHB ICPS-C not already owned by naluri
comprising up to 13,792,794 SHB ICPS-C (offer SHB ICPS-C) at a
cash offer price of rm0.28 per SHB ICPS-C

Pursuant to Section 2, Appendix III of the offer document dated
14 December 2004 (Offer Document) remittances will be dispatched
as follows:

(a) For holders of Offer Shares and Offer ICPS-C

Remittances in the form of cheques, banker's drafts or cashier's
orders will be dispatched by ordinary mail to accepting holders
or their designated agents at their own risk in respect of valid
acceptances received and complete in all respects not later than
twenty-one (21) days from 14 December 2004 provided that
acceptances which are valid and complete in all respects are
received on or before the seventh (7th) day from 14 December
2004.

For valid acceptances received and complete in all respects
after the seventh (7th) day from the 14 December 2004,
remittances will be dispatched to the relevant accepting holders
or their designated agents, within fourteen (14) days from the
date of receipt of such valid acceptances complete in all
respects.

(b) For holders of provisional allotment constituting the number
of provisionally allotted SHB Rights Shares and SHB Rights ICPS-
A

Remittance in the form of cheques, banker's drafts or cashier's
orders will be dispatched by ordinary mail to the accepting
holders or their designated agents at their own risk in respect
of valid acceptances received and complete in all respects not
later than fourteen (14) days from the issuance by SHB of the
SHB Rights Shares and/or SHB Rights ICPS-A to Naluri.

The position and level of acceptances of the Takeover Offer as
at the closing date can be accessed at
http://bankrupt.com/misc/tcrap_sriwani010705.doc

CONTACT:

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

This announcement is dated 6 January 2005.


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


LEGEND INTERNATIONAL: Updates Rehabilitation Petition
-----------------------------------------------------
Casino operator Legend International Resorts Ltd. (LIRL)
insisted that the regular courts have jurisdiction over its
petition for suspension of debt payments and rehabilitation even
if it is regulated by government agencies, the Philippine Star
reports.

LIRL issued this statement in response to moves being taken by
the Philippine Amusement and Gaming Corporation  (Pagcor) to
exercise its rights over businesses engaged in gambling.

Citing Presidential Decree 1869, Pagcor said it has jurisdiction
over changes in corporate term, structure, capitalization and
other matters concerning the operations of gaming firms.

LIRL was licensed by Pagcor to operate a casino at the Subic Bay
Metropolitan Authority in the early 1990's.

Last year, the Company filed a petition for suspension of debt
payments with the Olongapo Regional Trial Court to prevent
creditors from instituting foreclosure proceedings against its
assets. Its debts reportedly now amount to Php7.03 billion,
Php3.72 billion of which are owed to local creditor banks. It
also owes the government about Php1 billion, representing the
state's share in the firm's casino operations.

LIRL said it filed the petition pursuant to the Supreme Court-
approved Interim Rules of Procedure on Corporate Rehabilitation
that allows a "debtor" to file such petition with the proper
court, which in its case is the Olongapo City RTC.

CONTACT:

Legend International Resorts, Ltd.
Waterfront Road
Subic Bay Freeport Zone
Zambales


METRO PACIFIC: Urges SEC To Finish Probe Before Making Comments
---------------------------------------------------------------
Metro Pacific Corporation (MPC) has asked the Securities and
Exchange Commission (SEC) to refrain from making any comment to
the public until after it concludes an ongoing probe of alleged
insider trading, Philippine Star reports.

The investigation stemmed from stockbrokers' concern about Metro
Pacific Corp.'s heavy selling of shares prior to the sale by
parent firm First Pacific of a five-percent stake in Metro
Pacific, equivalent to 930.2 million shares. The investigation
started in October, but the PSE exonerated Metro Pacific on the
allegation last month when its Market Integrity Board (MIB)
declared that the firm did not violate disclosure rules.

MPC was reacting to comments from a SEC official a few days ago
who said that the basis for the PSE's Market Intelligence Board
(MIB) findings clearing MPC of insider trading might be
questionable.

MPC spokesman David Nugent noted that as a public Company, Metro
Pacific has long sought the objective oversight of the
regulatory authorities and believes that there should be no
aberration from this practice in this instance.  

CONTACTS:

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


NATIONAL POWER: Issues Invitation to Bid
----------------------------------------
The National Power Corporation (Napocor) will receive sealed
bids for the sale of its assets on January 20, 2005.

Item/Description:

Lot 1 - One (1) Unit, FUEL BARGE (Non-propelled), "T-228"
Material of Hull: Steel
Length Overall (LOA): 82.00 meters
Length between Perpendiculars (LWL) 81.26 meters
Breadth (Molded): 25.26 meters
Number of Deck: Single
Gross Tonnage (Approx): 2,610 tons
Net Tonnage (Approx): 2,591 tons
Fuel Barge Capacity: 40,000 barrels
Date Launched: July 17, 1993
Shipbuilder Hull No.: 63

Location: Batangas Coal-Fired Thermal Power Plant, Calaca,
Batangas

Minimum Bid Price: Php29,965,000.00

Interested eligible bidders may obtain bidding documents upon
payment of a non-refundable fee of PhP2,000.00 at the Materials
Management Department office, Ground Floor, Building No.1,
National Power Corporation, Quezon Avenue corner BIR Road,
Diliman, Quezon City, Philippines.

Bids will be opened in the presence of bidders' representatives
at 10 A.M. on January 20, 2005 at the NPC Solarium, NPC Head
Office. Bids shall be accompanied by a Bid Bond (Cash or
Manager's Check only) of not less that ten percent (10%) of the
total amount of bid.

The Power Sector Asset and Liabilities Management (PSALM)
Corporation have concurred with the bidding process and
clearance for the disposal was duly approved. NPC reserves the
right to reject any or all bids without offering any reason, to
waive any informality, and to accept such bids as may be deemed
most advantageous to the Government. Issuance of bidding
documents is on January 3-15, 2005. For additional information,
please call Asset Disposal Project at telephone nos. 922-3970,
and 921-3541 loc. 5582, or e-mail us at lcarabelo
@napocor.gov.ph

LEVI C. ARABELO
Manager, BNPP Preservation & Disposal Project
& Chairman, Task Force on the Disposal of Fuel Barge

CONTACT:

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


NATIONAL POWER: Discloses Asset Disposal
----------------------------------------
The National Power Corporation (Napocor) will receive sealed
bids for the sale of its asset on January 20, 2005.

ITEM/DESCRIPTION

Lot 1 - One (1) unit Unused Tugboat, 3000 PS (Tugboat No. 3)

Length (Overall, without rubber fender/sheat): 33.30 meter
(approx)
Breadth (molded): 9.20 meter
Depth (molded): 3.90 meter
Designed Load Draught (molded): 2.90 meter
Gross Tonnage: (International): 310.00 tons
Loading Capacity: 80.00 tons (approx.)

Main Diesel Engines

Make: Mitsubishi
No. of Units: 2 units
No. of Cylinder: 6 cylinders
Max. Continuous Output: 1500 PS @ 1150 rpm
Normal Output: 1350 PS @ 1110 rpm
Acquired: 1998
Location: Naga, Cebu

LOT 2: One (1) Unit Tugboat (Tugboat No. 2)

Length (Overall): 30.40 meters
Beam (Molded): 7.40 meters
Draft Maximum: 2.30 meters
Gross Tonnage: 180 tons
Main Diesel Engine, 2 Units: Detroit 16V-92N, 626 PS @ 1,800 RPM
Generator Engine, 2 Units: Detroit, Type 4-7IN, 70KW @ 1,800 RPM

Rated Output: 1,200 HP
Manufacturer: President Marine
Dated Manufactured: 1994
Location: Naga Cebu

Interested eligible bidders may obtain bidding documents upon
payment of a non-refundable fee of PhP 5,000.00 at the Materials
Management Department office, Ground Floor, Building No.1,
National Power Corporation, Quezon Avenue corner BIR Road,
Diliman, Quezon City, Philippines.

Bids will be opened in the presence of bidders' representatives
at 10:00 AM on January 20, 2005 at the NPC Solarium, NPC Head
Office. Bids shall be accompanied by a Bid Bond (Cash or
Manager's Check only) of not less that ten percent (10%) of the
total amount of bid. The Power Sector Asset and Liabilities
Management (PSALM) Corporation have concurred with the bidding
process and clearance for the disposal was duly approved.
                        
NPC reserves the right to reject any or all bids without
offering any reason, to waive any required informality, and to
accept such bids that is most advantageous to the Government.

Issuance of bidding documents is on January 3-15, 2005.
Additional information may be obtained from Asset Disposal
Project office at telephone nos. 922-3970, and 921-3541 loc.
5582, or email us at lcarabelo@napocor.gov.ph.

LEVI C. ARABELO
Manager, BNPP Preservation & Disposal Project
& Chairman, Task Force for the Disposal of Tugboats 2 & 3


PRICESMART INCORPORATED: Notes Rights Offering Period
-----------------------------------------------------
PriceSmart, Incorporated (NASDAQ:PSMT) announced on December 23
that it has no intention of terminating its previously announced
rights offering before the end of the rights offering
subscription period, but maintains the right to do so.  

PriceSmart also announced that in the event that its intentions
with respect to terminating the rights offering change, it will
promptly issue a press release announcing PriceSmart's plans in
advance of any such termination.

On December 20, 2004, PriceSmart, Inc. (NASDAQ:PSMT) announced
that it is distributing transferable subscription rights to
purchase shares of its common stock, par value $0.0001 per
share, to stockholders of record as of November 24, 2004. Each
stockholder of record will receive one right for each share of
PriceSmart common stock held by such stockholder as of the
record date. The rights are being distributed as part of
PriceSmart's previously announced rights offering.

Each right will entitle the holder thereof to purchase 1.5
shares of PriceSmart common stock at a price of $7 per share
until 5 p.m. New York City time, on Friday, January 21, 2005,
and at a price of $8 per share from such date and time until 5
p.m. New York City time, on Wednesday, December 21, 2005.

PriceSmart may terminate the rights offering for any reason
before the expiration of the $7 or $8 subscription period. The
rights will begin trading tomorrow on the Nasdaq National Market
under the symbol "PSMTR." PriceSmart's common stock will begin
trading "ex-rights" beginning tomorrow, meaning that the common
stock and the rights will trade separately.

ABOUT PRICESMART

PriceSmart, headquartered in San Diego, owns and operates U.S.-
style membership shopping warehouse clubs in Central America,
the Caribbean, and the Philippines, selling high quality
merchandise at low prices to PriceSmart members.  PriceSmart now
operates 26 warehouse clubs in 12 countries and one U.S.
territory (four each in Panama and the Philippines; three in
Costa Rica; two each in Dominican Republic, El Salvador,
Guatemala, Honduras, and Trinidad; and one each in Aruba,
Barbados, Jamaica, Nicaragua and the United States Virgin
Islands).

For further information, please contact Robert E. Price, Interim
Chief Executive Officer at (858) 551-2336; or John M. Heffner,
Executive Vice President and Chief Financial Officer at (858)
404-8826.

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com


PRICESMART INCORPORATED: Parent Firm in Tussle with Shareholders
----------------------------------------------------------------
The minority shareholders of California-based PriceSmart Inc.
sued their American partners and asked a Pasig court to appoint
a trustee and a management committee to protect Company assets,
reports ABS-CBN News.

In a suit filed last December 29 for accounting and damages, E-
Class Corp. and its owner, Mr. William S. Go, accused in
particular PriceSmart chief finance officer John Heffner, PSMT
president Benjamin Woods, PSMT vice president Robert Gans, and
PSMT treasurer James Cahill, of orchestrating "the systematic
siphoning of Company funds in favor of their foreign principal."
Mr. Go also asked the Pasig Regional Trial Court to issue a
temporary restraining order (TRO) or a writ of preliminary
injunction to prevent the respondents from unauthorized payments
to parent Company PriceSmart, and further dissipation of PSMT
assets, an article in Yehey Finance stated.

PriceSmart controls 52 percent of PSMT Philippines while Go's E-
Class Corp. owns 38 percent. The Company's liabilities amounted
to P2.96 billion of which P1.34 billion is current. Creditors of
PSMT Philippines include International Finance Corp.,
Metropolitan Bank and Trust Co., Banco de Oro and Equitable PCI
Bank.

It seems that despite consistent huge revenues posted over the
years, PSMT financial condition has worsened, concurring with
PriceSmart's own financial troubles. An audit report showed that
the supplies, furniture, and equipment provided by PriceSmart
for its shopping warehouses in the Philippines were overpriced.
This forced E-Class to hire an accounting firm to conduct a
special audit of PSMT's cash remittances for PriceSmart, as well
as interCompany transactions and equity contributions of PSMT
stockholders.

According to the complainants, the audit yielded several
questionable transactions and the respondents have yet to
account for these transactions for PriceSmart. The complainants
are also seeking P5 million in actual damages, P750,000 as
attorney's fees and litigation expenses and P1 million in
exemplary damages from each of the four American defendants.

Meanwhile, according to the Manila Times, a joint press
statement issued by PriceSmart Chair and Chief Executive Officer
Robert E. Price and President Jose Luis Laparte said that it
"has some business disputes with minority shareholders,
including William Go . . . but cannot discuss the details
because this matter is in a legal process."

"However," the statement continued, "we will do our best to
ensure that these disagreements do not interfere with PriceSmart
operations." The statement also said that PriceSmart is not
planning to close down its Philippine outlets anytime soon.


* Fitch Downgrades 3 Banks; Puts 2 On Negative Outlook
------------------------------------------------------
Fitch Ratings, the international rating agency, has taken a
number of ratings actions on the Philippine banks detailed
below. The actions are based on the Negative Outlook recently
placed upon the Philippine sovereign's 'BB' Long-term foreign
currency rating and other concerns regarding the banks as per
Fitch's just-published report "A Worrisome Outlook: Impact on
Capital as Banks Crystallize Losses on Bad Assets". The rating
actions are as follows:

Metropolitan Bank & Trust Company: Long-term foreign currency
rating downgraded to 'BB-' (BB minus) with a Negative Outlook
from 'BB' with a Stable Outlook, Individual rating downgraded to
'D/E' from 'D', Short-term foreign currency rating affirmed at
'B' and Support rating affirmed at '3'.

Rizal Commercial Banking Corporation: Individual rating
downgraded to 'D/E' from 'D', Long-term foreign currency rating
of 'BB-' (BB minus) placed on Negative Outlook, Long-term local
currency rating affirmed at 'BB-' (BB minus), Support rating
affirmed at '3'.

Philippine National Bank: Individual rating downgraded to 'E'
from 'D/E', Support rating affirmed at '3'.

Equitable-PCI Bank: Long-term foreign currency rating of 'BB'
placed on Negative Outlook, Short-term foreign currency rating
affirmed at 'B', Support rating affirmed at '3' and Individual
rating affirmed at 'D'.

Security Bank Corporation: Long-term foreign currency rating of
'BB' placed on Negative Outlook, Short-term foreign currency
rating affirmed at 'B', Long-term local currency rating affirmed
at 'BB', Support rating affirmed at '4' and Individual rating
affirmed at 'D'.

A copy of the full report is available to subscribers on
www.fitchresearch.com

Contacts: Peter Tebbutt, Hong Kong, Tel: +852 2263 9966; Nazri
Muhammad, Singapore, Tel: +65 6337 5619.

Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301.


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


BLASTECH INTERNATIONAL: Creditors to Prove Debt by February 4
-------------------------------------------------------------
Notice is hereby given that the creditors of Blastech
International Pte Ltd, which are being wound up voluntarily are
required on or before the 4th day of February 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidators of the said Companies.

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

Dated this 4th day of January 2005.

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


CDIB VENTURE: Receiving Proofs of Claims Until January 31
---------------------------------------------------------
Notice is hereby given that the creditors of Cdib Venture
Investment (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 undersigned liquidator.

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 creditors respective debts or
claims.

In default of complying with this notice creditors 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


CHINA AVIATION (S): Faces U.S. Class Action Suit
------------------------------------------------
China Aviation Oil (Singapore) Corporation (CAO) is facing a
class action lawsuit lodged by U.S. law firm Lerach Coughlin,
according to Channel News Asia.

In behalf of shareholders who purchased CAO shares between Feb.
5 and Nov. 30, 2004, Lerach Coughlin filed the suit in New York
on Wednesday last week. The suit alleged that CAO had issued
false and misleading statements about its business, as well as
its prospects.

Unlike local shareholders who are hesitant to sue CAO, U.S.
investors made the first move. They claimed that CAO did not
have the necessary risk controls for hedging and trading. They
also alleged that, contrary to CAO's last private placement
offer documents, the funds generated were not used to fund
acquisition but rather to meet margin calls for derivative
losses.

On top of that, the U.S. investors argued that CAO had grossly
overstated its financial reports, while hiding liabilities in
excess of US$550 million in trading losses.

Lerach Coughlin is inviting other investors to join in its class
action lawsuit before March 6, 2005.

However a Singaporean lawyer stressed any U.S. judgment is not
enforceable in the Republic. This means that the plaintiffs will
only be able to seize any CAO's hard assets in the U.S., which
may come to nothing given the current state of the firm.

CONTACT:

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


EXPLORATION PNG: Posts Notice of Intended Dividend
--------------------------------------------------
Exploration PNG (S) Pte Ltd issued a notice of intended dividend
at the Singapore Government Gazette on 03 January 2005.

Address of Registered Office: c/o The Liquidator's Office

Nature of Matter: Companies Winding Up No. 368 of 2001

Amount Per Centum: 50.0%

First & Final or Otherwise: Second Interim Dividend

When Payable: 3 January 2005

Where Payable: Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705

Tel: 6532 0320 (8 lines)
Fax: 6532 0331

Name of Liquidator: Mr. Don M. Ho, FCPA.

Dated this 3rd January 2005.


HOYA PHOTONICS: Creditors Must Submit Claims by January 31
----------------------------------------------------------
Notice is hereby given that the creditors of Hoya Photonics
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 the undersigned liquidator.

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 creditors respective debts or
claims.

In default of complying with this notice creditors 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


KM FACTORS: Creditors to Prove Claim by February 4
--------------------------------------------------
Notice is hereby given that the creditors of KM Factors Pte Ltd,
which are being wound up voluntarily are required on or before
the 4th day of February 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Companies.

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

In default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 4th day of January 2005.

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


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


ADVANCE PAINT: Appoints New Accounting and Finance Manager
----------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
advised the Stock Exchange of Thailand that it unanimously
approved the appointment Mr. Jarin Jarusen as the new Accounting
and Finance Manager effective January 4, 2005 onwards:

Please be informed accordingly.

Yours sincerely,
(Mrs. Narumol Punnakitikashem)
Executive Director

CONTACT:

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


KRUNG THAI: Tsunami Affects THB7Bln of Loans
--------------------------------------------
Krung Thai Bank Pcl announced Tuesday that the recent Tsunami
affected a combined THB7 billion of loans from 41 of its
clients, Dow Jones reports.

According to the bank's President, Apisak Tantivorawong, some of
their clients were able to insure their properties, thus only
THB2 billion could be accounted as actual losses.

Mr. Apisak said the board has agreed to launch measures to aid
clients affected by the disaster.  Among the measures are a one-
year debt moratorium, provision of soft loans with a low
interest rate of two percent and debt restructuring.

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: www.ktb.co.th


KRUNG THAI: Issues Additional Information on Shares' Sale
---------------------------------------------------------
With reference to a letter dated January 5, 2005 regarding the
sale of 11,892,638 preferred shares of the Siam Steel Syndicate
Company Limited, Krung Thai Bank Public Company Limited issued
the following additional information on the sale.

Involved Parties:

Seller: Krung Thai Bank Public Company Limited

Buyer: Mr. Peeti Karnasuta
       Mr. Yuthachai Charanachitta

Number of shares held: 11,892,638 shares, or 25.18% of total
paid-up capital before the transaction

Number of shares sold: 11,892,638 shares

Number of shares held after the transaction: 0 shares

Total sale amount per Share: THB70,166,564.20 or THB5.90  

Profit from transaction: THB70,047,637.82

Accounting:  This transaction was recorded in 4thquarter2004.

Criteria for Selling Price: According to the rehabilitation plan

Siam Steel Syndicate Company Limited financial information:

                            2003              2002    
                           (Unit: Million Baht)

Asset                    1,530.11           1,596.97
Liability                1,272.09           2,150.40
Shareholder's Equity       258.02            (553.44)
Revenue                  1,945.45            1,427.73
Net Income                 424.08              (0.54)
Earning Per Share (Baht)    10.89              (0.01)
Book value Per Share (Baht)   5.90            (11.07)

Please be informed accordingly.

Sincerely Yours,
For Krung Thai Bank Public Company Limited
(Suwit Udomsab)
Senior Executive Vice President
International Business & Financial Markets Group
Capital Market Department
Telephone: 0-2208-3253 (Poksunart)


THAI WAH: SET Allows Trading of Securities Starting January 10
--------------------------------------------------------------
Starting 10 January 2005, the Stock Exchange of Thailand  (SET)
would allow the securities of Thai Wah Public Company Limited
(TWC) to be listed on the SET after finishing capital increase
procedures.
         
Name: TWC

Paid up Capital (par value 10 baht/share)

Issued and Paid up Capital

Old: THB750,762,440                             
New: THB785,360,380      

Allocate to: 26 Creditors whose debt is settled by means of debt
to equity conversion totaling to 3,459,794 common shares

Ratio: -

Price Per Share: THB7.62

Payment date: 21 December 2004

CONTACT:

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***