TCRAP_Public/050114.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

             Friday, January 14, 2005, Vol. 8, No. 10

                            Headlines

A U S T R A L I A

AMCOR LIMITED: Supplier's Lackluster Ops May Hurt Earnings
AUSTRALIAN GAS: Wraps Up Flashy Acquisition
AUSTRALIAN TIMBER: To Declare Final Dividend Today
AUTO-GAR PTY: Final Dividend to be Declared January 26
BERNARD KNIGHT: Final Meeting Slated for January 24

BIG SKY: Members, Creditors to Meet January 21
CANBERRA COACH: To Face Winding Up Proceedings
D&K STAIT: Appoints Liquidator for Winding Up Purposes
DYASON HOLDINGS: Joint Meeting Set January 31
JINFA PTY: Members, Creditors Meeting Fixed February 1

J.W. O'SULLIVAN: Members Agree to Wind Up Company
KILDARE INVESTMENTS: Sets January 17 as Date of Final Meeting
NATIONAL AUSTRALIA: Still Solving Systemic Problems After a Year
NATIONAL AUSTRALIA: To Sponsor 2005 Victorian PGA Championship
PN SORENSEN: Sets Final Meeting on January 31

PRIMELIFE CORPORATION: Aevum Urges Shareholders to Snub Bid
QANTAS AIRWAYS: To Acquire 7 New Bombardier Q400 Aircraft
ROMANSHA PTY: Schedules Members, Creditors Meeting on January 24
SOUTHAMPTON PASTORAL: Members to Hear Liquidator's Report
VAPUZO PTY: To Convene Final Meeting on January 14

WEST WONGA: Names Robert Bruce Turner as Liquidator


C H I N A  &  H O N G  K O N G

HIGH POLYMERS: Faces Winding Up Proceedings
INTERACT CONTRACTING: Liquidators' Appointment Hearing Set
JDH CHINA: Creditors Have Until Feb.7 to Submit Claims
LONG CHUEN: Winding Up Petition Hearing Fixed Feb. 2
SUN FOOK: Court Schedules Feb. 2 for Petition Hearing

WELLSUN INTERNATIONAL: Court Set to Hear Winding Up Petition
* State Inquiry Reveals Troubles at Giant Firms


I N D O N E S I A

INDOFOOD SUKSES: Aims to Raise Wheat Flour Output
MERPATI NUSANTARA: Closes Unprofitable Palu-Jakarta Route
PERTAMINA: President Orders Construction of Depot in Simeulue
SEMEN GRESIK: Sees 31.98% Rise in 2004 Net Profit
* Central Bank Shuts Down 6 More BPR Branches


J A P A N

KAGINOKYUKYUSHA K.K.: Declared Bankrupt
KOBE STEEL: To Halt Production of Hot Dip Galvanized Steel Sheet
MATSUSHITA INVESTMENT: Daiwa House Says it is Not Keen on Tie-up
MISUZU SANGYO: Falls Into Bankruptcy
MITSUBISHI MOTORS: Tie-ups May Fall Below Expectations

MITSUBISHI MOTORS: Sales Looking Good in Russia
NINOMIYA K.K.: Enters Bankruptcy
* Total Bankruptcies Drop 17.9% in 1H/FY04


K O R E A

DONG AH: KEB Dismisses Claim by Spec Watch
JINRO COMPANY: Bidders Swarm to Takeover


M A L A Y S I A

AVENUE CAPITAL: Dissolves Dormant Subsidiary
AYER HITAM: Releases Default Status Update
HARVEST COURT: Updates Debt Settlement Proposal
KUMPULAN HARTANAH: Answers Winding Up Petition Query
LANKHORST BERHAD: Notes Unusual Market Activity

MERCES HOLDINGS: Details Conditional Mandatory Takeover
METROPLEX BERHAD: Morgan Stanley Withdraws Winding Up Petition
OLYMPIA INDUSTRIES: Releases Quarterly Update on MOU
PAN MALAYSIA: Granted Additional Listing of Shares
PANTAI HOLDINGS: To Finalize Property Sale

PSC INDUSTRIES: SC Rejects Extension Application
PUNCAK NIAGA: Unveils Share Option Scheme
WOO HING: Details Kamdar Proposals


P H I L I P P I N E S

COLLEGE ASSURANCE: US$300-Mln Loan Not Enough for New License
COLLEGE ASSURANCE: To Issue Official Statement to Holders Soon
MANILA ELECTRIC: Government OKs New Power Rate Setting Formula
MANILA ELECTRIC: Discloses ERC Copy of Rate Schedule Order
PHILIPPINE LONG: Exceeds 2004 Profit Target of Php24 Bln

SANITARY WARES: Clarifies Third Quarter Results
VICTORIAS MILLING: Postpones Stockholders' Meeting Until March 1


S I N G A P O R E

CAPITALAND LIMITED: Subsidiary Inks Deal to Manage Deluxe Hotel
CAPITALAND LIMITED: Subsidiary Responds to SGX Query
CEP INSTRUMENTS: Issues Intended Dividend Notice
CHINA AVIATION (S): Mary Wilson Burke Files Suit
IVERSON TRAINING: Posts Notice of Intended Preferential Dividend

LIM NAM: Receives Winding Up Order
POH KONG: Clearance Sale Draws Huge Crowds
U NEED: Court Orders Winding Up


T H A I L A N D

MANAGER MEDIA: SET Allows Listing of Securities
NATURAL PARK: Notifies SET on IFA's Latest Opinion
SIAM AGRO: Files Petition for Rehabilitation
SIAM AGRO: Discloses Resignation of Directors
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AMCOR LIMITED: Supplier's Lackluster Ops May Hurt Earnings
----------------------------------------------------------
The earnings of global packager Amcor Limited could get hurt by
a profit warning issued by a major U.K. food supplier, The Age
reports.

Northern Foods, which supplies branded and label fresh and
processed foods to U.K. supermarkets has issued a profit warning
indicating a difficult Christmas trading period and a continuing
tough business environment.

The profit warning indicates that there is a risk of Amcor's
recent trading of processed food packages in Europe to
deteriorate quite fast. Processed foods account for some 40
percent of Amcor's Flexible sales.

Analysts said there is potential for further downturn in Europe
for Amcor, which has been besieged by problems such as the
recent departure of its chief executive Russel Jones and an
investigation by the Australian Competition and Consumer
Commission over an alleged price-fixing.

CONTACT:

Amcor Limited
679 Victoria Street
Abbotsford, Victoria 3067
Australia
Phone: +61 3 9226 9000
Fax: +61 3 9226 9050
Web site: http://www.amcor.com/


AUSTRALIAN GAS: Wraps Up Flashy Acquisition
-------------------------------------------
The Australian Gas Light Company has added Tarong Energy's Terra
Gas Trader business to its wholesale gas portfolio and gas
transportation arrangements, relates Egoli News.

The Company shelled out AU$5.7 million for Terra Gas Trader,
which supplies around 25 petajoules per year of South
Australia's wholesale gas requirements to power generation
customers through a portfolio of gas and transportation
contracts.

AGL managing director Greg Martin said Terra Gas was a strategic
bolt-on acquisition that would complement AGL's wholesale gas
arrangements and provide an additional revenue stream for the
Company.

"Terra Gas Trader's portfolio of gas and transportation
contracts enhances AGL's existing wholesale gas arrangements
creating additional opportunities to supply gas to South
Australia and New South Wales," Mr. Martin said.

The acquisition would add to AGL's presence as both an
electricity and gas supplier in the South Australian energy
market.

AGL was selected as the preferred bidder for Terra Gas after the
Queensland Government-owned Tarong Energy sought expressions of
interest for the business.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


AUSTRALIAN TIMBER: To Declare Final Dividend Today
--------------------------------------------------
A first and final dividend to priority creditors is to be
declared today January 14, 2005 for Australian Timber Laminators
Pty Limited (Subject To A Deed Of Company Arrangement) A.C.N.
086 332 023.

Priority creditors who were not able to formally prove their
debt or claims will be excluded from the benefit of the
dividend.

Dated this 3rd day of December 2004

Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Sydney NSW
Telephone: (02) 9251 5222


AUTO-GAR PTY: Final Dividend to be Declared January 26
------------------------------------------------------
A first and final dividend is to be declared on January 26, 2005
for Auto-Gar Pty Limited (In Liquidation) A.C.N. 002 578 869.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.

Proof of Debt Form is available from SimsPartners.

Dated this 10th day of December 2004

N.G. Singlton
Official Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000


BERNARD KNIGHT: Final Meeting Slated for January 24
---------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Bernard Knight Concrete Services Pty Limited A.C.N.
003 608 562 will be held at Hall Chadwick Level 29, St Martins
Tower, 31 Market Street, Sydney on January 24, 2005 at 11:30
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 January 24, 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.

Dated this 8th day of December 2004

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


BIG SKY: Members, Creditors to Meet January 21
----------------------------------------------
Notice is given that the final meeting of members and creditors
of Big Sky Contracting Pty Limited (In Liquidation) A.C.N. 065
456 635 will be held at Level 1, 32 Martin Place, Sydney, NSW,
on Friday, January 21, 2005 at 11:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 8th day of December 2004

Nick Malanos
Joint Liquidator
Big Sky Contracting Pty Limited (In Liquidation)


CANBERRA COACH: To Face Winding Up Proceedings
----------------------------------------------
At a meeting of the creditors of Canberra Coach Pty Limited
A.C.N. 082 830 760 duly convened and held at 103-105 Northbourne
Avenue, Turner ACT on December 6, 2004, the special resolution
set out below was duly passed:

That the Company be wound up voluntarily.

Dated this 8th day of December 2004

Archibald Barry Shearer
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2611
Telephone: 6247 5988


D&K STAIT: Appoints Liquidator for Winding Up Purposes
------------------------------------------------------
At a General Meeting of Members of D&K Stait (Holdings) Pty Ltd
(In Voluntary Liquidation) A.C.N. 000 886 859 duly convened and
held at 34 Yanko Avenue, Waverley NSW 2024 on December 6, 2004
the following special resolution was passed:

That the Company be wound up voluntarily and that Gary Bruce
Holbrook of PKF, Chartered Accountants of Level 3, Suite 301,
304-318 Kingsway, Caringbah be and is hereby appointed the
Liquidator for the purpose of such winding up.

Dated this 8th day of December 2004

Donald Stait
Director


DYASON HOLDINGS: Joint Meeting Set January 31
---------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Dyason
Holdings Pty Ltd (In Liquidation) A.C.N. 070 559 714 will be
held at the offices of Smith Hancock, on January 31, 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 7th day of December 2004

M.J.M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


JINFA PTY: Members, Creditors Meeting Fixed February 1
------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Jinfa (Aust) Pty Limited (In Liquidation) A.C.N. 084 453 878
will be held at Parker Advisory, Level 5, 49 Market Street,
Sydney NSW 2000 on Tuesday, February 1, 2005 at 11:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 21st day of December 2004

G.J. Parker
Liquidator


J.W. O'SULLIVAN: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary meeting of the
members of J.W. O'Sullivan Pty Limited A.C.N. 008 426 506 held
on Wednesday, December 15, 2004, it was resolved that the
Company be wound up voluntarily and that for such purpose Mr.
Trevor Corver, Chartered Accountant of Corver & Co Pty Limited,
Level 1, 1 Woolley Street, Dickson ACT, be appointed Liquidator.

Dated this 15th day of December 2004

Trevor Corver
Liquidator
Level 1, 1 Woolley Street,
Dickson ACT 2602
Telephone: (02) 6248 0555


KILDARE INVESTMENTS: Sets January 17 as Date of Final Meeting
-------------------------------------------------------------
The Final Meeting of Kildare Investments Pty Ltd (In
Liquidation) A.C.N. 000 295 803 will be held at the office of
Truman & Co., 6th Floor, 7 Help Street, Chatswood, on January
17, 2005 at 10:00 a.m. An account of how the winding up has been
conducted will be presented.

R.B. Cox
Liquidator


NATIONAL AUSTRALIA: Still Solving Systemic Problems After a Year
----------------------------------------------------------------
One year after a scandal that scarred its reputation emerged,
the National Australia Bank (NAB) seems far from recovering and
was continuing to lose market shares to rivals, relates Asia
Pulse.

Twelve months ago, NAB announced it had identified losses of
AU$180 million (US$138.08 million) and had ousted foreign
exchange options dealers. The scandal led to the departure of
its chairman, chief executive and many of its officials.

The total loss then climbed to AU$360 million, an indication
that there was a systemic problem in the bank.

To date, NAB has only met barely half of the 81 requirements
laid down by the Australian Prudential Regulation Authority
(APRA) after its investigation on the bank's illicit trading.

The rouge traders involved in the unauthorized trades are set to
appear in court this month to answer charges brought by APRA.

Meanwhile, NAB's European operations boss John Stewart managed
to sell NAB's troublesome Irish arms to a Danish group for
AU$2.5 billion. Not long after the sale was completed, Belfast
Northern Bank was robbed of AU$51 million.

NAB is continuously working to overcome obstacles to achieve a
seemingly elusive goal.

At a general meeting on January 31, disgruntled shareholders
will finally get the chance to vent out their frustrations on
NAB.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NATIONAL AUSTRALIA: To Sponsor 2005 Victorian PGA Championship
--------------------------------------------------------------
One of Australia's big banks has signed on as the naming rights
sponsor of the 2005 Victorian PGA Championship.

The National Australia Bank has added its financial weight to
the prestigious event being played at Sanctuary Lakes Resort
from March 2 to 5.

"The Victorian PGA is delighted to have signed such a renowned
institution as the National Australia Bank as naming rights
sponsor for this event." said Andrew Lapthorne, PGA Victoria
Executive Officer.

"The National Australia Bank is an Australian icon brand and we
welcome their involvement in golf in Victoria."

The famous championship, which is part of the Von Nida Tour,
returns to Melbourne's western suburbs for only the second time
since its inception in 1922.

Past winners of the title include five-time British Open
champion Peter Thomson and modern great Stuart Appleby - winner
this week of the USPGA Tour Mercedes Championship in Hawaii.

David McKenzie, beaten in a three-way playoff for the Australian
Masters title by another western suburbs boy Richard Green,
regularly practices at Sanctuary Lakes and will certainly be a
favorite to take out the Victorian PGA Championship. His brother
Justin is the resort's golf coach.

The new sponsorship agreement with NAB is not without a touch of
irony, David McKenzie having worked as a bank teller in nearby
Werribee during his late teenage years.

Along with McKenzie, Peter Senior, one of only four
professionals to win all three Australian "majors", will also be
a favorite to win the 2005 National Bank Victorian PGA
Championship.


PN SORENSEN: Sets Final Meeting on January 31
---------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of PN Sorensen Pty Limited (In
Liquidation) A.C.N. 000 638 504 will be held at the offices of
Smith Hancock, Level 4, 88 Phillip Street, Parramatta, NSW 2150,
on January 31, 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 2nd day of December 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


PRIMELIFE CORPORATION: Aevum Urges Shareholders to Snub Bid
-----------------------------------------------------------
Retirement village operator Aevum is again trying to convince
its shareholders to reject a takeover bid from embattled health
care firm Primelife Corporation, according to The Age.

Aevum Chairman Allen Kavanagh explained that the all-scrip bid
is too low and does not take into account the Company's
potential for growth.

Aevum claimed Primelife's offer was not justified, as Aevum was
debt-free and posted an AU$5 million profit for the year to June
30, 2004. Primelife, on the other hand, had incurred an AU$78.2
million loss on top of an AU$189 million debt with a requirement
to raise AU$72.1 million in equity by 2006 to meet its business
plan.

"Your board believes strongly that the price, terms and timing
of the Primelife offer (announced the day before Aevum shares
started trading on the Australian Stock Exchange) are
opportunistic," Mr. Kavanagh told shareholders.

CONTACT:

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


QANTAS AIRWAYS: To Acquire 7 New Bombardier Q400 Aircraft
---------------------------------------------------------
Qantas Airways Ltd. advised the Australian Stock Exchange that
it would acquire seven new turboprop Bombardier Q400 aircraft,
and take options and purchase rights over an additional 10
aircraft, for use by QantasLink on regional routes.

Executive General Managers Regional Airlines, Narendra Kumar,
said the new aircraft would be delivered in the first half of
2006.

"This investment marks a new era in regional air travel, with
the Bombardier Q400 featuring improved passenger comfort, jet-
like speed and lower operating costs," Mr. Kumar said.

"The 72-seat Bombardier Q400 also delivers a 44 percent increase
in capacity over QantasLink's maintaining frequency," he said.

"For example, the larger Bombardier Q400 can replace Dash 8-
Q300s on certain routes and the displaced Dash 8 Q-300s can
replace smaller 36 seat Dash 8-100s and 200s."

Mr. Kumar said this substantial investment in the regional fleet
would continue Qantas' support for growth in Australia.

He said the seven new aircraft would cost about A$200 million,
the largest single investment Qantas had ever made in its
regional turboprop fleet.  Last year, the airline acquired seven
new Dash 8-Q300 aircraft for more than A$100 million.

"The Bombardier Q400 also offers improved operational
efficiency.  It is a new aircraft with new engine and propeller
systems.  It can also fly at 360 knots, allowing it to reduce
flight times and potentially operate additional frequencies on
some sectors."

Mr. Kumar said QantasLink would exercise the available options
and rights over the additional 10 aircraft only if market
conditions improved and the airline to achieve efficiency and
productivity gains.

He said the Bombardier Q Series/Dash 8 was a reliable and
comfortable aircraft and a key part of the QantasLink regional
fleet.  QantasLink currently operates 16 Dash 8-Q300s and 18
Dash 8-100s and 200s.

QantasLink offers more than 2,000 flights each week, serving 49
destinations throughout Australia and employing more than 1,000
people.

CONTACT:

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


ROMANSHA PTY: Schedules Members, Creditors Meeting on January 24
----------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Romansha Pty Limited (In Creditors' Voluntary Liquidation) as
trustee for The Romansha Family Trust formerly trading as
Bessemer Street Smash Repairs A.C.N. 081 679 987 will be held at
the Conference Room, Level 14, 25 Bligh Street, Sydney, New
South Wales on Monday, January 24, 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 21st day of December 2004

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


SOUTHAMPTON PASTORAL: Members to Hear Liquidator's Report
---------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Law, the final meeting of members of Southampton
Pastoral Co Pty. Limited (In Liquidation) A.C.N. 000 625 883
will be held at the office of Hudson Shepherd & Partners,
Accountants, of 82 Victoria Street, Grafton NSW on January 21,
2005 at 9:00 a.m. for the purpose of laying before the meeting
the liquidators' final account and report and giving any
explanation thereof.

Dated this 7th day of December 2004

Andrew Harry Hayes
Liquidator
Hudson Shepherd & Partners
82 Victoria Street, Grafton NSW 2460


VAPUZO PTY: To Convene Final Meeting on January 14
--------------------------------------------------
Notice is hereby given that the Final Meeting of members of
Vapuzo Pty Limited (in Members' Voluntary Liquidation) will be
held at the office of Allworths Chartered Accountants, Level 9
St Martins Tower, 31 Market Street, Sydney on January 14, 2004,
at 10.00 a.m.

BUSINESS

(1) Pursuant to Section 509(1) To receive and if thought fit,
adopt the liquidator's final account showing how the winding up
has been conducted and how the property of the Company has been
disposed of and of hearing any explanations of the account that
may be given by the liquidator.

(2) Pursuant to Section 542(3)(b) To consider and if thought fit
passing a resolution that all the books and records of the
Company and those of the liquidator be destroyed upon
dissolution of the Company.

Dated this 3rd day of December 2004

James Garnsey
Liquidator


WEST WONGA: Names Robert Bruce Turner as Liquidator
---------------------------------------------------
Notice is hereby given that at a General Meeting of West Wonga
Pty Ltd (In Liquidation) A.C.N. 001 480 039 Company held on
December 9, 2004 it was resolved that the Company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
a purpose, Robert Bruce Turner be appointed liquidator.

Dated this 9th day of December 2004

Robert Bruce Turner
Liquidator


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


HIGH POLYMERS: Faces Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a petition for the winding up of
High Polymers Pacific Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 2, 2004 presented to
the said Court by Liu Chong Hing Bank Limited whose registered
office is situated at Ground Floor, New World Tower 2, 16-18
Queen's Road Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
January 26, 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.

Kwan & Chow
Solicitors for the Petitioner
16th Floor, Sin Hau Bank Building
2-8 Wellington Street, Central
Hong Kong

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

This notice is dated Jan. 7, 2005.


INTERACT CONTRACTING: Liquidators' Appointment Hearing Set
----------------------------------------------------------
Take notice that pursuant to a direction given by Master Kwang
of the High Court a hearing has been fixed on Jan. 20, 2005 at
11:00 a.m. at the High Court, High Court Building, 38 Queensway,
Hong Kong for the High Court to consider the application made
pursuant to Section 194 of the Companies Ordinance by the
Provisional Liquidators for the appointment of Nicholas Timothy
Cornforth Hill and Stephen Briscoe as Joint and Several
Liquidators of Interact Contracting Company Limited.

Copies of the Provisional Liquidators' reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidators at the address below.

Stephen Briscoe
Joint and Several Provisional Liquidators
Interact Contracting Company Limited

RSM Nelson Wheeler Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Phone:  (852) 2598 5123
Fax: (852) 2598 0060

This Quamnet notice is dated Jan. 11, 2005.


JDH CHINA: Creditors Have Until Feb.7 to Submit Claims
------------------------------------------------------
Notice is hereby given that the Creditors of JDH China Limited,
which is being voluntarily wound up, are required on or before
Feb. 7, 2005 to send their names, addresses and descriptions,
full particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the undersigned,
the Joint and Several Liquidators of the said Company.

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

Rainier Hok Chung Lam
Mr. John Toohey
Joint and Several Liquidators
22nd Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated Jan. 7, 2005


LONG CHUEN: Winding Up Petition Hearing Fixed Feb. 2
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Long Chuen Company Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 6, 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
Feb. 2, 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.

Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

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

This notice is dated Jan. 7, 2005.


SUN FOOK: Court Schedules Feb. 2 for Petition Hearing
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Sun
Fook Jewellery Company Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 6, 2004 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) 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
Feb. 2, 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.

Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

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

This notice is dated Jan. 7, 2005.


WELLSUN INTERNATIONAL: Court Set to Hear Winding Up Petition
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Wellsun International Holdings Limited by the High Court of Hong
Kong Special Administrative Region was on Dec. 14, 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
Feb. 23, 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.

Messrs. T. H. Koo & Associates
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
95 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 Feb. 22, 2005.

This notice is dated Jan. 7, 2005.


* State Inquiry Reveals Troubles at Giant Firms
-----------------------------------------------
Audits commissioned by the central government unearthed rampant
cases of incomplete reporting, grave asset losses and
fabrications at more than 100 large state companies, The
Associated Press reports.

The inspection was implemented in line with the state's measures
to boost its supervision of state-owned firms in the wake of
scandals over unauthorized transactions, theft of state assets
and other matters.

Inspection results showed 13 firms falsified their financial
statements, while 120 turned in incomplete accounts.

Sixteen of China's leading state agencies, including state power
utility, the Company in charged of aircraft procurement, the
government's real estate developer and the state textiles import
and export Company, have been ordered by the state to undergo a
special audit by an accounting firm of their choice.

Scandals have continued to rock China's market.

An investigation was commissioned into China Aviation Oil (S)
Corp., the Singapore unit of Beijing-based China Aviation Oil
Holding Corp., after the firm divulged a loss of US$550 million
in oil trade derivatives.

Major dairy giant Inner Mongolia Yili Industrial, on the other
hand, reported Tuesday a loss of CNY12.2 million (HK$11.49
million) from sales of government bonds following a sharp fall
of prices.

Late last year, the government began requiring state-owned
companies' presidents to sign performance contracts with the
state assets agency as part of an effort to tighten controls on
inefficient managers.


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


INDOFOOD SUKSES: Aims to Raise Wheat Flour Output
-------------------------------------------------
Indofood Sukses Makmur targets to produce 6 percent more wheat
flour than last year's 2.3 million ton production in its
Bogasari Flour Mills, according to Asia Pulse.

The boost in production is aimed at meeting the robust market
demand both locally and internationally.

Indofood Senior Vice President Philips Purnama said the Company
will seek to expand its export market by increasing exports to
100,000 tons from 35,000 tons in fiscal 2004.

Around 50 percent of the exports will be in premix wheat flour
to be exported to Japan, which consumes an estimated 300,000
tons of premix flour a year.

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


MERPATI NUSANTARA: Closes Unprofitable Palu-Jakarta Route
---------------------------------------------------------
Merpati Nusantara Airlines is set to close its Jakarta-Palu
flight route from January 16 due to increasing operational
costs, Antara says.

The route, which is served by Boeing 737s, would be closed since
it could no longer cover its operational costs as a result of
fuel oil price hike.

The Jakarta-Palu route, which opened just two months ago, will
be closed down for good.

CONTACT:

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


PERTAMINA: President Orders Construction of Depot in Simeulue
-------------------------------------------------------------
State oil and gas firm PT Pertamina received an order from the
president to construct a fuel oil depot in Semeulue, according
to Antara.

President Susilo Bambang Yudhoyono has instructed the oil
Company to build the oil depot in Semuelue as part of efforts to
overcome scarcity of fuel oil as it is the only island close to
the origin of the tectonic earthquake which triggered the
massive tsunami on Dec. 26.

The head of state, who recently visited the tsunami-devastated
Simeulue, said he had proposed the building of a fuel depot in
the island in the past while he was still the Political and
Security Affairs Coordinating Minister. However, its
implementation was not carried out due to certain matters.

During his visit to the island, the president assured the people
in the island that ships will come in the next few days to
distribute 100 tons of rice, eggs, medicine and biscuits.

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


SEMEN GRESIK: Sees 31.98% Rise in 2004 Net Profit
-------------------------------------------------
PT Semen Gresik expects its 2004 net profit to jump by 31.98
percent to IDR500 billion (US$55.55 million), Asia Pulse
relates.

The state-owned cement maker attributed the estimated increase
to growing demand for cement on the domestic market in 2004.

Gresik Finance Director Cholil Hasan said the Company's net
income was forecast to reach IDR4.9 trillion, down from IDR5.4
trillion in the previous year.

Meanwhile, the firm's cement exports in 2004 totaled 1.5 million
tons, up from last year's 1.25 million tons.

Semen Gresik is 25.5 percent owned by Mexican cement giant
Cemex.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264
Web site: http://www.sggrp.com/


* Central Bank Shuts Down 6 More BPR Branches
---------------------------------------------
Six more People's Credit Banks (BPR) units were closed down
after Bank Indonesia, the country's central bank, revoked their
licenses last year, Antara reports.

The six banks, including two in Jakarta, one in Yogyakarta, one
in Semarang, one in Surabaya and one in Kupang, brought the
number of BPRs shut down to 312 units since 1987.

The central bank explained the revocation was due to
mismanagement on top of deteriorating capital adequacy ratio
(CAR).

Meanwhile, around 34 new units and 34 other units of BPR were
recently issued licenses by BI.

The interest is high in opening BPRs, he said, pointing out in
2004 there were 142 license applications submitted to the
central bank.

By September 2004, the country's BPR units had combined assets
valued at IDR15.4 trillion (US$1.7 billion) or an increase of
33.5 percent in a year.


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


KAGINOKYUKYUSHA K.K.: Declared Bankrupt
---------------------------------------
Hardware wholesale trader Kaginokyukyusha K.K. has been declared
bankrupt, Teikoku Databank America says.

The firm, based in Fukuoka-shi, Fukuoka 812-0008, has total
liabilities of US$30.39 million.

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


KOBE STEEL: To Halt Production of Hot Dip Galvanized Steel Sheet
----------------------------------------------------------------
Kobe Steel, Ltd. announced that it has completed development of
hot dip galvanized (CG) steel sheet with no chromate layer and
has begun commercial production.

The new steel sheet will replace the current chromate-treated CG
steel sheet products. When production of chromate-treated CG
sheet ends in March 2006, Kobe Steel will be the first Japanese
steel maker whose coated sheet products will be entirely
chromate free.

The new CG sheet uses the Greencote GX-GC treatment, which coats
an inorganic composite film on the galvanized layer of the
steel. The coating contains no hexavalent chromium. The
Greencote GX-GC steel is noted for its corrosion resistance,
paintability and weldability, and has the same or higher
properties than conventional chromate-treated steel. The sheet
is used in construction, home appliances and office equipment.

Chromate treatment has been widely used for over 50 years as it
improves the corrosion resistance and paintability of coated
steel sheet. However, the EUfs RoHS (Restriction of Hazardous
Substances in Electrical and Electronic Equipment) Directive
bans the use of certain substances, including hexavalent
chromium, from July 2006. Numerous industries have been
undertaking measures to reduce the environmental burden, and an
important issue has been to make coated steel sheet with no
chromate layer.

In 1998, Kobe Steel became the first Japanese steelmaker to
commercialize chromate-free electrogalvanized (EG) steel sheet
called Zinkobella Greencote GX, noted for its high anti-
fingerprint resistance, and has been switching over to this
material. By the end of March 2005, it will cease production of
chromate-treated EG steel sheet.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is one of Japan's
leading steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
infrastructure and plant engineering, machinery, and real
estate.

CONTACT:

Kobe Steel, Ltd.
10-26, Wakinohama-Cho 2-Chome
Shinko Building
Chuo-Ku, Kobe 651-8585
Japan
Phone: +81 78 2615183
Fax: +81 78 2614123
Web site: http://www.kobelco.co.jp/indexe.htm


MATSUSHITA INVESTMENT: Daiwa House Says it is Not Keen on Tie-up
----------------------------------------------------------------
Daiwa House Industry Co. denied media reports that it is
considering creating a business and capital alliance with
Matsushita Investment and Development Co., Jiji Press reports.

Daiwa House confirmed there has been a tie-up offer through a
financial institution, but it has not considered accepting the
bid.

Matsushita Investment and Development is a heavily indebted real
estate arm of the Matsushita Electric Industrial Co. group.

The Matsushita group is keen on disposing of the real estate
firm as part of creditor Sumitomo Mitsui Banking Corp.'s efforts
to accelerate bad loan disposal.


MISUZU SANGYO: Falls Into Bankruptcy
------------------------------------
Misuzu Sangyo K.K., a firm engaged in miscellaneous wholesale
trading, has fallen into bankruptcy, reports Teikoku Databank
America.

The Company, based in   Minato-Ku, Tokyo 105-0004, left a total
of US$133.33 million in liabilities.

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


MITSUBISHI MOTORS: Tie-ups May Fall Below Expectations
------------------------------------------------------
A move by Mitsubishi Motors Corporation (MMC) to team up with
Nissan Motor Co. and PSA Peugeot Citreon for its new revival
plan may fall short of expectations, reports Kyodo News.

The troubled automaker has recently inked deals to supply
passenger cars with engine displacements of up to 660 cc to
Nissan, and sport utility vehicles to Peugeot as part of
measures to boost its sales.

MMC earlier announced it wants to integrate its minivehicle
business with Nissan, but the tie-up is expected to be limited
to the supply of the eK Wagon, Mitsubishi's main mini passenger
car model.

The Japanese carmaker is also expected to supply SUVs to French-
based Peugeot only for the European market.

MMC's plan to advance its partnership with the two firms is
still unclear. As a result, the Bank of Tokyo-Mitsubishi and
other Mitsubishi group companies were prompted to consider new
financial support, including loan forgiveness, for the stricken
automaker.

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: Sales Looking Good in Russia
-----------------------------------------------
Mitsubishi Motors Corporation's new vehicle sales in Russia
surged 70.4 percent to 30,097 last year, reports Interfax.

Rolf Holding, MMC's official distributor in Russia, saw its
sales climbing significantly in 2004 from 17,663 in 2003.

The Mitsubishi Lancer car model was a hot seller last year,
accounting for 58 percent (17,502 vehicles) of the Company's
overall sales in Russia.


NINOMIYA K.K.: Enters Bankruptcy
--------------------------------
Ninomiya K.K. has entered bankruptcy with total liabilities of
US$300 million, according to Teikoku Databank America.

The firm, which operated a chain of personal computer stores, is
based in Osaka-shi, Osaka 556-0005.

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


* Total Bankruptcies Drop 17.9% in 1H/FY04
------------------------------------------
Teikoku Databank America unveiled figures on the nationwide
corporate bankruptcy for the first half of the fiscal year in
2004 from April 1, 2004 through Sept. 30, 2004.

Data gathered by research agency showed 40% corporations made
downward revision on their year-beginning projections of sales
and ordinary income.

                    First Half     Last Half    The Same Term Of
                                                The Previous
Year
Total Bankruptcies  6,847          7,453        8,337
                                  (down 8.1%)   (down 17.9%)

Total Liabilities
(million)          JPY3,141,163  JPY5,164,831   JPY5,523,008
                                  (down 39.2%)   (down 43.1%)


Research Summary

The number of total bankruptcies during the first half-year was
6,847, a 17.9-percent decrease from the same period in 2003. It
is the 24th highest number of bankruptcies during the first half
year and 48th highest on a half-year basis after World War II.
It clearly shows the trend of decline in the number of
bankruptcies. Increase use of the government's support policies
for small business such as the "Safety-net Loan Programs" as
well as decreased transaction and dishonor of bill are
speculated to prevent the companies from failing. Therefore, it
is far from the end of the bankruptcy crisis due to
corporations' self-support recovery.

Total liabilities during this period were JPY3,141,163 million
down 43.1 percent from the same period in 2003, under JPY4
trillion for the first time in the past 8 years. During this
period, there were only one large-sized bankruptcy with more
than JPY100 billion liabilities and 52 bankruptcies with more
than 10 billion yen liabilities, resulting in a 40.9 percent
significant decrease from the same term in 2003. It is
noteworthy that the size of companies filing for bankruptcy is
reducing.

The decrease of bankruptcies is noticeable in the construction
sector (21.1% down from the same term in 2003 = 555 cases down)
and Kanto area (13.0% down from the same term in 2003 = 365
cases down).

As to causes of bankruptcy, "Insolvency" (2,554 cases) set the
3rd worst record during the first half year. "Voluntary
Reorganization" dropped below 4,000 (3,871 cases) during the
first half-year period for the first time since 1990 during the
bubble period. A decrease of the number of bankruptcies due to
dishonor and an increase of those due to legal re-organization
is noticeable.

Seven listed companies filed for bankruptcy, remaining one-digit
during the first half period, after a 3-year absence.

Recession-related bankruptcies accounted for 5,136 or 75.0
percent of the total, persistently high at a more than 75
percent level for five consecutive first half year periods.

Some 1913 cases were filed by long-established companies with
more than 30 years of history (27.9%), setting a historically
worst record on a half-year basis.


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


DONG AH: KEB Dismisses Claim by Spec Watch
------------------------------------------
The Korea Exchange Bank (KEB) denied claims by a civic group
that it is involved in an insider deal with Lone Star to buy bad
debts of Dong Ah Construction Industrial Co. Ltd., reports The
Korea Times.

KEB said the deal was transparent and fair to all participants,
so there is no basis for the claims.

But according to Spec Watch Korea, a local group that monitors
the activities of speculative funds, KEB as the largest creditor
of bank of Dong-Ah has access to important Company information
which Lone Star could exploit during the bidding for Dong Ah's
bad debts, thus the filing of petition to the Fair Trade
Commission against KEB and Lone Star.

"It is like Lone Star selling the debts of Dong Ah to no one
else other than Lone Star. And during this process, it is
abusing its preferential position as the largest shareholder of
KEB while preventing other potential buyers from having access
to important information," The Korea Times quoted Spec Watch as
saying.

According to KEB, both the bank and the creditors only have to
decide whether to sell the debts of the construction firm that
they hold.

"We follow directions given by Samil Accounting, the lead
manager of the sale and there has not been any discussion
between us and the creditors involved in the sale," KEB added.

Ever since Dong Ah went bankrupt in 2001, all important due
diligence information was handed down to Samil Accounting and is
readily accessible, since then KEB was no longer a creditor of
Dong Ah.

"There cannot be any deal where we can provide anyone with
information about the Company and its debts. KEB has no
additional information about the bidding price or any other
relevant materials about the sale," the bank said.

Spec Watch also claimed that Lone Star may want to buy Dong Ah
in order to take control of its lucrative affiliate Korea
Express as part of Dong Ah's debts are expected to be swapped
into Korea Express' equities.

"If a bidder buys all of the debts during this sale and
purchases additional debts held by KAMCO, it can acquire a stake
of as high as 32 percent in Korea Express," Spec Watch claimed.

KEB does not understand why Spec Watch would connect them with
Korea Express.  The bank said it would pursue legal action, if
Spec Watch would send out further baseless claims.

CONTACT:

Dong Ah Construction Industrial Co., Ltd.
120-23 Sosomun-dong
Chung-gu, Seoul 100-110
Korea (South)
Telephone: +82 2 3709 2114
Fax: +82 2 3709 0000
Web site: http://www.dongah.co.kr/


JINRO COMPANY: Bidders Swarm to Takeover
----------------------------------------
A few interested bidders have expressed interest for Jinro Co.,
The Korea Herald relates.

CJ Corp. disclosed Monday of its interest to acquire the soju
maker.  CJ is Korea's largest processed food Company.  It is
considering a consortium to acquire Jinro, and plans to make
Kirin Brewery Co. as one of its partners. The acquisition of
Jinro is in line with its plan to strengthen its food business
line aside from its movie and entertainment sector.

"We are now planning to form a consortium with both domestic and
foreign companies, but nothing has been formalized yet," CJ
Corp. spokesman Kim Tae-sung said, declining to give the exact
number of partners.

Another interested bidder is Hite Brewery Co., which is, also
wants to form a consortium to acquire Jinro saying it is the
only way possible given the value placed on Jinro.

According to Hite Chairman Park Moon-deok, he would be able to
create synergy in the industry by joining together a beer
business with a soju distiller.

"A joint acquisition would be the most sensible way. If Jinro is
worth more than KRW2 trillion, it would be very difficult for
one Company to fork over that much money," said a spokesman for
Hite Brewery Co.

Lotte Group is also considered a possible domestic bidder, which
has a joint venture with Japan's Asahi Breweries Ltd.  Possible
interest from abroad includes Affinity Partners, HSBC, Newbridge
Capital, Allied Domecq, Diageo, Asahi Breweries and Suntory

Doosan Corp. also reiterated its interest in Jinro and stressed
that it is in the middle of working out an acquisition plan.

Jinro with a strong cash flow and potential to grow into a
global Company made its sale one of the most high-profile
takeovers in Asia. It is valued at around KRW1.7 trillion to
KRW3 trillion, considered a big gap in valuation assigned by the
commercial and financial sectors.  It aims to find a new owner
with the ability and interest in normalizing operations and
further growing the Company.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/


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


AVENUE CAPITAL: Dissolves Dormant Subsidiary
--------------------------------------------
Avenue Capital Resources Berhad (Avenue) announced that its
dormant subsidiary Kestrel Securities Nominees (Tempatan) Sdn.
Bhd. (KSNT) has been dissolved.

According to the Company, the dissolution of KSNT will not have
any material impact on the Group's earnings for the year ending
January 31, 2005.

CONTACT:

Avenue Capital Resources Berhad
Level 12
Menara Phileo
189 Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-2166 2828;
Fax: 03-2166 2826
Web site: http://www.avenue-capital.com


AYER HITAM: Releases Default Status Update
------------------------------------------
Pursuant to Practice Note 1/2001, Ayer Hitam Tin Dredging
Malaysia Berhad issued an update on its default in payments as
at December 31, 2004.

The total default by the Group on the principal sum plus
interests as at December 31, 2004 amounted to RM40,033,772.00.
The defaulted payments owing to the lenders are in respect of
the term loan and syndicated term loan as per the previous
announcement made on August 27, 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_ayer011305.doc

CONTACT:

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

This announcement is dated January 12, 2005.


HARVEST COURT: Updates Debt Settlement Proposal
-----------------------------------------------
Harvest Court Industries Berhad (HCIB) refers to its
announcement made on 23 July 2004 wherein it was announced,
inter-alia, that the Company is proposing to undertake a
settlement of debts owing to the bank lenders of HCIB and its
subsidiaries (HCIB Group) as at 30 September 2003 together with
interests accrued from 1 October 2003 to 30 September 2004
totaling RM27,947,074 via issuance of RM27,947,074 nominal value
of redeemable convertible secured loan stock (RCSLS).

The Company announced that the proposed settlement of debts
owing by the HCIB Group to the bank lenders is RM27,965,872
instead of RM27,947,074. Further, the said debts owing to the
bank lenders of RM27,965,872 is to be settled via issuance of
RM27,964,000 nominal value of RCSLS and the remaining balance of
RM1,872 by cash.

A summary of the revised proposed settlement of debts for the
respective bank lenders is set out in Table 1 at
http://bankrupt.com/misc/tcrap_harvestcourt.doc

CONTACT:

Harvest Court Industries Bhd
Lot 450, Jalan Papan Pandamaran Industrial Area
42000 Port Klang, Selangor Darul Ehsan, Malaysia.
Phone: 603-3165 2218, 603-3165 2517
Fax: 603-3168 1336
E-mail: harvest@harvestcourt.com


KUMPULAN HARTANAH: Answers Winding Up Petition Query
----------------------------------------------------
Kumpulan Hartanah Selangor Berhad refers to the Bursa Malaysia
Securities Berhad (Bursa Securities)'s query letter dated 12
January 2005 pertaining to the winding-up petition appearing in
The New Straits Times, Notices Section, page 6 on Wednesday, 12
January 2005.

The Company hereby furnishes the information as requested by the
Bursa Securities for public release:

1. A winding-up petition has been served on Brisdale Development
Sdn Bhd (BDSB), a 65% owned subsidiary Company of Pembangunan
Brisdale Sdn Bhd (PBSB) which is a wholly-owned subsidiary of
Brisdale Holdings Berhad (BHB) which in turn is a 100% owned
subsidiary of Kumpulan Hartanah Selangor Berhad (KHSB) on 9
December 2004 vide Johor Bahru High Court Companies Winding-Up
Petition No. MT3-28-259-2004 dated 19 November 2004 by the
Petitioners, Low Moh Sing & Tung Yoke Fong at the former
registered office of Tingkat 17, Block B, Menara PKNS-PJ, No.
17, Jalan Yong Shook Lin, 46050 Petaling Jaya, Selangor Darul
Ehsan.

2. The total amount claimed under the petition is RM23,646-17
being 70% from the total amount claimed with no order as to
costs or interests pursuant to the Johor Bahru Sessions Court
Summons No. 52-4354-2003 (2) dated 25 July 2003. The petitioners
have by a Sale & Purchase Agreement dated 13 September 1996
brought an action against BDSB for rescission of contract,
refund all monies and damages alleging that BDSB has breached
the contract for not delivering the property known as Parcel A-
705, Sri Impian Apartment, Larkin Perdana, Johor Bahru on the
date specified in the Sale & Purchase Agreement.

3. The Petitioners have on 7 April 2004 obtained a Consent
Judgment against BDSB for the liquidated ascertained damages
(LAD) claim in respect of the aforesaid property in the sum of
RM23,646-17 being 70% from the total amount claimed with no
order as to costs or interests. The said sum was to be paid by
four (4) monthly installments but before the payment was
delivered to the solicitors of the Petitioners, the Petitioners
have on 24 June 2004 sent a statutory notice pursuant to Section
218 of the Companies Act, 1965 dated 19 June 2004 at BDSB's
former registered address in Petaling Jaya. As we did not have
any knowledge on the notice, no further negotiation had taken
place. The winding-up petition was also served at the former
registered address in Petaling Jaya.

4. The total cost of investment in BDSB by KHSB through PBSB is
RM162,500-00.

5. We do not foresee the amount claimed to have any financial
nor operational impact on the Group.

6. Apart from the amount claimed, we do not foresee any further
losses except for legal cost in which we need to pay the
Petitioners' solicitors as well as ours.

7. The Company has reached an agreement with the solicitors of
the Petitioners for an immediate full and final settlement of
the claim and the Petitioners's solicitors have also agreed to
withdraw the Petition.

8. The Petition will be heard on 10 March 2005.

Bursa Malaysia Query Letter content:

We refer to the advertisement on winding-up petition appearing
in The New Straits Times, Notices Section, page 6 on Wednesday,
January 12, 2005, a copy of which is enclosed for your
reference.

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

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

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;

The details of the default or circumstances leading to the
filing of the winding-up petition; The total cost of investment
in BDSB;

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

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

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

The date of hearing:

Where BDSB is a major subsidiary, a statement whether Kumpulan
Hartanah Selangor Berhad (Company) and its group of companies
(Group) is solvent i.e. that no contingent or other liability
has become or is likely to become enforceable within the period
of twelve (12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet their
obligations as and when they fall due; and 10. Where BDSB is a
major subsidiary, an undertaking to provide Bursa Securities a
solvency declaration executed by the directors of the Company
within seven (7) days (where such declaration can be made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully,

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
IS/KHB
Copy to: Securities Commission (via fax) (En Onn Ismail)

CONTACT:

Kumpulan Hartanah Selangor Bhd
Lot 1A, Level 1A, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Selangor Darul Ehsan
Phone: 03-55223888
Fax: 03-55105188


LANKHORST BERHAD: Notes Unusual Market Activity
-----------------------------------------------
Aside from the change in the substantial shareholders with the
acquisition of 10,000,000 and 3,422,000 shares by Larutmas Sdn.
Bhd. and Cabaran Cendawan Sdn. Bhd. respectively, as announced
to the Bursa Malaysia Securities Berhad on January 5, 2005,
Lankhorst Berhad announced that it is not aware of any material
situation or event that has not been previously disclosed, that
may have led to the unusual market activity to the Company's
securities recently.

Bursa Malaysia's Query Letter content:

"We draw your attention to the high trading volume in your
Company's shares recently. In accordance with the Corporate
Disclosure Policy on Response To Unusual Market Activity
pursuant to paragraph 9.11 of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Securities LR), you are
requested to furnish Bursa Securities with an announcement for
public release after a due enquiry seeking the cause of the
unusual market activity in the Company's securities. When
considering your response and when making the required
announcement, your attention is particularly drawn to the
continuing disclosure requirements set out in Chapter 9 of the
Bursa Securities LR."

Yours faithfully,
FUNG RU HUEY
Sector Head, Listing Compliance
Group Regulations

CONTACT:

Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia

This announcement is dated January 12, 2005


MERCES HOLDINGS: Details Conditional Mandatory Takeover
-------------------------------------------------------
Merces Holdings Berhad (MHB) announced that it has received a
notice on January 12, 2005 from Malaysian International Merchant
Bankers Berhad (MIMB), on behalf of Cekap Asia Sdn. Bhd. and
Persons Acting in Concert clarifying on paragraph 5.2 of the
Notice of Conditional Mandatory Take-Over dated January 4, 2005.

A copy of the Notice is enclosed hereto.

http://bankrupt.com/misc/tcrap_mercesholdings1.pdf

http://bankrupt.com/misc/tcrap_mercesholdings2.pdf

http://bankrupt.com/misc/tcrap_mercesholdings3.pdf

CONTACT:

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


METROPLEX BERHAD: Morgan Stanley Withdraws Winding Up Petition
--------------------------------------------------------------
Metroplex Berhad announced that Morgan Stanley Emerging Markets
Incorporated has withdrawn its winding up petition against the
Company, and that no order was made in respect of MB's
application to strike out the winding-up petition.

This announcement is dated January 12, 2005.

CONTACT:

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


OLYMPIA INDUSTRIES: Releases Quarterly Update on MOU
----------------------------------------------------
The Board of Olympia Industries Berhad (OIB) announced that
there has been no major development on the Memorandum of
Understanding (MOU) between OIB, Vinci Construction Grand
Projects and Invescor-Dumez Jaya-Woh Hup JV since the last
update on October 12, 2004.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011


PAN MALAYSIA: Granted Additional Listing of Shares
--------------------------------------------------
Pan Malaysia Capital Berhad's additional 562,221,711 new
ordinary shares of RM1.00 each arising from the automatic
conversion of 562,221,711 irredeemable convertible preference
shares of RM1.00 each into new ordinary shares of RM1.00 each
will be granted listing and quotation with effect from 9.00
a.m., Friday, January 14, 2005.

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Telephone: (60) 3244-1470
Fax: (60) 3244-7789


PANTAI HOLDINGS: To Finalize Property Sale
------------------------------------------
Pantai Holdings Berhad announced that the memorandum of transfer
of a piece of freehold land held under title no. hs(d) 98726,
pt4820, Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah
Persekutuan, measuring approximately 4,607 square metres,
together with a 5-storey hospital building with one basement
level erected thereon in favor of Cheras Medical Centre (CMC)
has been presented at the Pejabat Tanah & Galian Wilayah
Persekutuan, Kuala Lumpur on January 10, 2005.

Pursuant to the terms of the Sale and Purchase Agreement dated
January 16, 2004, upon presentation of the Transfer at the Land
Registry, the Agreement is deemed completed. The presentation is
currently pending registration by the Land Registry.

This announcement is dated 12 January 2005.

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Phone: 03-22879822
Fax: 03-22873822
Web site: http://www.pantai.com.my/


PSC INDUSTRIES: SC Rejects Extension Application
------------------------------------------------
PSC Industries Berhad (PSCI) announced that the Securities
Commission had via its letter dated January 10, 2005 (received
on January 11, 2005) rejected the Company's application for an
extension of the deadline to complete the Revised Proposals from
December 31, 2004 up to June 30, 2005.

The Board of Directors of PSCI will deliberate on the next
course of action to be taken.

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 January 12, 2005.


PUNCAK NIAGA: Unveils Share Option Scheme
-----------------------------------------
Puncak Niaga Holdings Berhad's additional 136,000 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., Friday, January 14, 2005.

CONTACT:

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


WOO HING: Details Kamdar Proposals
----------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad
announced that the Securities Commission has, via its letter
dated 10 January 2005 (which we received on 12 January 2005),
approved a fourth extension of time of four (4) months up to 6
May 2005 to complete the implementation of the Kamdar Proposals.

HEREINAFTER REFERRED TO AS THE "KAMDAR PROPOSALS"

1) Proposed Acquisitions;
2) Proposed Share Swap;
3) Proposed Restricted Offer For Sale;
4) Proposed Placement;
5) Proposed Listing Transfer;
6) Proposed Main Board Transfer; And
7) Proposed Disposal Of WHB

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
Phone: +60 3 2144 1233
Fax: +60 3 2142 2228

This announcement is dated January 12, 2005.


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


COLLEGE ASSURANCE: US$300-Mln Loan Not Enough for New License
-------------------------------------------------------------
Embattled educational plan provider College Assurance Plans
Philippines Inc. (CAP) will need more than the US$300 million
loan it is getting from a foreign Company to have its selling
license renewed, the Business World reports.

The Securities and Exchange Commission (SEC) said CAP need to
resolve issues on its liquidity, capitalization and actuarial
reserve liability (ARL) to get its license renewed.

"If all these things are addressed, maybe CAP will get its
dealer's license," SEC Chairman Fe B. Barin said.

Ms. Barin noted the US$300 million loan from U.S.-based First
American Investment Ltd would settle only its liquidity problem.

CAP has reported a Php17-billion deficiency in its reserves or
trust assets as of end-2003, as its actuarial reserve liability
of P25.5 billion exceeded its Php8.4 billion in trust assets.

CONTACT:

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


COLLEGE ASSURANCE: To Issue Official Statement to Holders Soon
--------------------------------------------------------------
A top official of the College Assurance Plan (CAP) Philippines
Inc. refused to issue an official statement regarding the
Company's financial condition, reports The Sun Star Pampanga.

Cesar M. David, College Assurance Plan (CAP) Senior Assistant
Vice President, said during Tuesday's committee en banc hearing
in Pampanga that he is "not in the position to comment on the
issues surrounding the Company.

Mr. David, however, said the CAP main office in Manila would
release an official statement a few days from now.

Provincial Board Member Aurelio "Dong" Gonzales Jr., initiated
the committee hearing, Chaired by Board Member Nestor Tolentino
- to look into the financial position of the pre-need firm.

Mr. Gonzales challenged CAP officials to "bare the truth" and to
explain to the public if the Company would be able to provide
the benefits to plan holders.


MANILA ELECTRIC: Government OKs New Power Rate Setting Formula
--------------------------------------------------------------
The Energy Regulatory Commission (ERC) recently approved a new
formula for electric utilities like power distributor Manila
Electric Co. (MERB.PH) to compute electricity prices,
BusinessWorld reports.

The new methodology will base electricity prices on a utility's
efficiency, as determined by its performance, and no longer on
the value of its assets or its total investment in delivering
electricity.

With the Distribution Wheeling Rates Guidelines (DWRG),
utilities like Meralco can choose not to use the return on rate
base methodology, the ERC said.

"The RORB methodology allows a distribution utility to set rates
or charges for regulated activities to recover costs plus a
reasonable rate of return on rate base. DWRG is a performance-
based rate-setting approach that employs incentives to induce
cost-cutting that is expected to result in lower electricity
rates in the long term," ERC Chairman Rodolfo Albano said.

The commission adopted the DWRG as an alternative to the rate-
setting formula under Republic Act No. 9136, the Electric Power
Industry Reform Act.

With the RORB methodology, regulatory reviews use
straightforward accounting every time a utility applies for a
rate increase. The BWRG will require fewer but more detailed
reviews of forecasts and performance, ERC said.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  633-4553 (Corp. Sec.)
Fax Number:  631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Discloses ERC Copy of Rate Schedule Order
----------------------------------------------------------
The Manila Electric Company (Meralco) disclosed a copy of the
Energy Regulatory Commission (ERC) Order in ERC Case No. 2001-
243 entitled "In re: Application For Approval of Revision of
rate schedules and appraisal of properties with provision
authority."

The Manila Electric Company
Issuer
Gil S. San Diego
Vice President, Assistance
Corporate Secretary and
Information Disclosure Offer

For a copy of the said disclosure, go to
http://bankrupt.com/misc/tcrap_meralco011305.pdf


PHILIPPINE LONG: Exceeds 2004 Profit Target of Php24 Bln
--------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has exceeded its
Php24-billion profit target in 2004 with increased recurring
income and one-time gains from the consolidation of its wireless
business, the Philippine Daily Inquirer reports.

The Company's affiliate Pilipino Telephone Corp. (Piltel)
reported an exceptional gain of about Php3.7 billion last year.
Analysts said the market had priced in a Php25-billion 2004 net
income into PLDT's share price.

PLDT'S wholly owned wireless unit Smart Communications Inc.
accounted for Php18 billion of the profit in the January-
September 2004 period. At the end of the year, Smart's
subsidiary Piltel reported more than Php7.0 billion in net
income following changes in its revenue-sharing deal with Smart.

The TCR-AP reported earlier that PLDT plans to reduce its debt
by US$540 million this year as part of its continued efforts to
clean up its books. The Company will settle US$370 million in
debt incurred by its fixed-line business, and another US$170
million of the wireless units' obligations.

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


SANITARY WARES: Clarifies Third Quarter Results
-----------------------------------------------
This is in reference to the news article entitled "Saniwares
asked to explain failure to report problems" published in the
January 12, 2005 issue of The Philippine Star.

The article reported that "The Securities and Exchange
Commission (SEC) has asked ceramics maker Sanitary Wares
Manufacturing Corp. to explain its alleged failure to disclose
its liquidity problem in its third quarter report."

Sanitary Wares Manufacturing Corporation (SWM), in its letter to
the Philippine Stock Exchange, dated January 12, 2005, disclosed
that:

"As of today, the Company has not received any communication
from the Securities and Exchange Commission (SEC) requiring the
Company to explain its alleged failure to disclose its liquidity
problem in its 2004 third quarter report. The only
communications (sic) received from the SEC are letters dated
Sept. 24, 2004 and December 2, 2004 xxx, in respect of the
second quarter and the 2003 annual reports, respectively. In
both cases, the Company has already submitted amended reports to
address the findings of the SEC."

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

CONTACT:

Sanitary Wares Manufacturing Corporation
Concha Cruz Drive
Barrio Almanza, Las Pinas City
Tel. No: 842-8950 to 55; 842-8738 to 40
Fax No: 809-3617
E-mail Address: asi.ph@amstd.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Bank of the Philippine Islands


VICTORIAS MILLING: Postpones Stockholders' Meeting Until March 1
----------------------------------------------------------------
Victorias Milling Company, Inc. (VMC), in its SEC Form 17-C
dated December 15, 2004, which the Philippine Stock Exchange
received on January 12, 2005, disclosed that:

"The Board of Board of Victorias Milling Company, Inc. during
its meeting on December 10, 2004 held at Makati City, resolved
to postpone the Annual Stockholders' Meeting of the Corporation
to March 1, 2005."

Ma. Pamela D. Quizon-Labayen
Head, Disclosure Department
Noted By:
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: Subsidiary Inks Deal to Manage Deluxe Hotel
---------------------------------------------------------------
Capitaland Limited announced at the Singapore Stock Exchange
that its subsidiary, Raffles International Limited, has inked a
deal to manage new deluxe hotel in Shanghai.

To view the entire document click on:
http://bankrupt.com/misc/tcrap_capitaland01105.pdf

Submitted by:
Ng Chooi Peng
Assistant Company Secretary


CAPITALAND LIMITED: Subsidiary Responds to SGX Query
----------------------------------------------------
Capitaland Limited's subsidiary, Raffles Holdings Limited,
responded to the query by the Singapore Stock Exchange.

Raffles Holdings Limited refers to the Singapore Exchange
Securities Trading Limited's query this morning.

The Company's responses are as follows:

(1) Query - In the 5 January announcement, the issuer did not
highlight the agreement stated in the January 11 announcement.
Kindly provide an explanation / clarification on this matter.
Response - In the Company's announcement to SGX-ST on Jan. 5,
2005, it was stated that the "Company in its ordinary course of
business would from time to time consider proposals regarding
opportunities in the hotel sector."

In this respect, the Company in its ordinary course of business
explores various opportunities and when they result in
definitive documentation being executed, the Company makes
appropriate announcements accordingly.

(2) Query - Are there any other material disclosures, which the
issuer would like to provide with regards to the 5 January
query?

Response - No.

(3) Query - Any further clarification of the 11 January
announcement?

Response - The press release by the Company's subsidiary,
Raffles International Limited on Jan. 11, 2005, was an
opportunity that was explored in the ordinary course of
business; it resulted in the signing of the Management Contract
with Jing An City Construction Fitting Development Company to
manage a new hotel development in Shanghai.

As stated in the press release, the contract entered into is for
the management of a hotel, which is slated to open in 2007.
Hence, this Management Contract will have no material impact on
the net tangible assets or earnings per share of the Raffles
Holdings' Group for the financial year 2005.

On behalf of the Board:
Emily Chin
Company Secretary
Jan. 12, 2005


CEP INSTRUMENTS: Issues Intended Dividend Notice
------------------------------------------------
Cep Instruments Pte Ltd posted its notice of intended dividend
at the Singapore Government Gazette on Jan.7, 2005.

Address of registered office: 18 Cross Street #08-03 Marsh &
McLennan Centre Singapore 048423

Court: High Court of the Republic of Singapore

Matter: Companies Winding Up No. 112 of 2002/H

Last day of receiving proofs: Jan. 22, 2005

Address of liquidators: 18 Cross Street #08-01 Marsh & McLennan
Centre Singapore 048423

Chee Yoh Chuang
Lim Lee Meng
Liquidators


CHINA AVIATION (S): Mary Wilson Burke Files Suit
------------------------------------------------
Mary Wilson Burke along with other aggrieved individuals slapped
beleaguered China Aviation Oil (S) Corp (CAO) with a lawsuit.
The class action states that CAO issued false and misleading
statements pertaining to its business, which resulted in its
shares being traded at inflated levels.

Plaintiffs also stressed that China Aviation Oil Holding Corp
(CAOHC) was aware of the true situation but had helped in
concealing the facts when it sold SG$120 million worth of its
shares.

CAO is currently embroiled in scandal involving a reported loss
of a staggering US$550 million in oil trade derivatives. It has
sought court protection from creditors and has been given until
Jan. 21 by the Singapore High Court to present its restructuring
scheme.

To view the entire class action lawsuit click on:
http://bankrupt.com/misc/tcrap_china


IVERSON TRAINING: Posts Notice of Intended Preferential Dividend
----------------------------------------------------------------
Iverson Training Pte Ltd. with address of registered office at
c/o Kong, Lim & Partners 98A Amoy Street Singapore 069918
scheduled Jan. 21, 2005 as the last day for receiving proofs.

Lim Yeong Seng
Liquidator
c/o KONG, LIM & PARTNERS
98A Amoy Street
Singapore 069918.

This Singapore Government Gazette notice is dated Jan. 7, 2005.


LIM NAM: Receives Winding Up Order
----------------------------------
In the matter of Lim Nam Yong Trading Pte Ltd., a Winding Up
Order was made on Dec. 31, 2004.

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Messrs Peter Chua & Partners
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated Jan. 7, 2005.


POH KONG: Clearance Sale Draws Huge Crowds
------------------------------------------
Poh Kong Chye has been drawing in huge crowds with its clearance
sale which started last week, reveals Channel News Asia.

People scrambled for diamonds, precious stones, pearls and gold
items, which were sold at less than 80 percent of their original
price.

Receivers from accounting firm Chio Lim & Associates handled the
final clearance sale.

Poh Kong, located at 268 South Bridge Road is Singapore's oldest
goldsmith. It went into receivership last Dec. 14 with debts
amounting to less than SG$5 million.

To date, about 40 percent of the gold pieces have been sold.
Overall, between 20 and 30 percent of the stock has been
cleared.

Poh Kong will conclude the sale on Feb. 5.


U NEED: Court Orders Winding Up
-------------------------------
In the matter of U Need Clothing Pte Ltd., a winding up order
was made on Dec. 31, 2004.

Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing)
Singapore 069118.

This Singapore Government Gazette notice is dated Jan. 4, 2005.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.


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


MANAGER MEDIA: SET Allows Listing of Securities
-----------------------------------------------
Starting January 14, 2005, the Stock Exchange of Thailand (SET)
would allow the securities of Manager Media Group Public Company
Limited (MGR) to be listed on the SET after finishing capital
increase procedures.

However, MGR is a listed Company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of MGR until the causes of
delisting are eliminated.

Name: MGR

Issued and Paid up Capital

Old: THB102,500,000 (Common Stock 102,500,000 shares)

New: THB599,979,084 (Common Stock 599,979,084 shares)

Par Value: THB1

Allocate to: Financial creditors and Trade creditors for
debt/equity conversion and debenture right conversion (CD1)
total 497,479,084 shares- Debt/equity conversion

Ratio: Debt THB2.80 per Common Stock 1 share total 322,733,617
shares- Debenture right conversion (CD1)

Ratio: CD1 THB2.80 per Common Stock 1 share total 174,745,467
shares

Conversion date: December 20, 2004

CONTACT:

Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: www.manager.co.th


NATURAL PARK: Notifies SET on IFA's Latest Opinion
--------------------------------------------------
Reference is made to Natural Park Public Co. Ltd.'s notification
disseminated through SETSMART on December 14, 2004 that N-Park's
Board of Directors held a meeting on December 13, 2004 to
consider the opinion of the independent financial advisor (Siam
City Securities Co. Ltd.) (IFA) concerning price, transaction
appropriateness and share swap rate between N-Park and City
Realty.

The Board of Directors reported the same opinion as IFA that
share swap rate of 1 share of City Realty to 55.91 shares of N-
Park is considered appropriate.

On January 12,2005, N-Park notified SET that the Board of
Directors opinion relied on IFA's latest opinion on January 11,
2005 that the mentioned share swap rate is not fair and
inappropriate.

SET then requests N-Park to clarify the rational of changing in
share swap rate from 1 share of City Realty to 55.91 shares of
N-Park to 1 share of City Realty to 30.28-41.95 shares of N-Park
and N-Park's Board of Directors opinion in relation to that
change.

CONTACT:

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


SIAM AGRO: Files Petition for Rehabilitation
--------------------------------------------
Regarding the information sent to The Stock Exchange of Thailand
that Siam Agro Industry Pineapple and Others Public Company
Limited has agreed to the proposals by the Company's major
creditor in jointly filing a rehabilitation program for the
Company.

The Company would like to inform that together with the major
creditor it has jointly filed a petition for rehabilitation to
the Central Bankruptcy Court on January 11, 2005.  And the Court
has advised the trial date to be on 7 February 2005. If the
Court rules to allow or disallow the Company to undergo
rehabilitation process, the Company shall inform accordingly.

Please be informed accordingly and disclose to the shareholders
and the general investor.

Yours sincerely,
Mr. Praful Shah
Managing Director

CONTACT:

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


SIAM AGRO: Discloses Resignation of Directors
---------------------------------------------
Siam Agro Industry Pineapple and Others Public Company Limited
informed the Stock Exchange of Thailand (SET) of the resignation
of Mr. Hani El-Naffy as the Chairman and Director of the Company
and Mr. David J. Anderson as Vice-Chairman No.1 and Director as
from December 11, 2005, the date of the receipt of their
resignation letters by the Company.

Please be informed accordingly.

Yours faithfully
(Praful Shah)
Managing Director




* 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







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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.

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