TCRAP_Public/050117.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 17, 2005, Vol. 8, No. 11

                            Headlines

A U S T R A L I A

ADPRING PTY: Appoints Nicholas Martin as Liquidator
ALLBRYTE SMASH: Members Agree to Wind Up Company
ASONBRA PTY: To Convene Final Meeting on February 14
BATTLESTAR LASER: To Declare Final Dividend January 28
BUNDALONG PASTORAL: Sets February 4 as Date of Final Meeting

CHEMEQ LIMITED: New Management Consulting Team Marches In
CUT PRICE: Appoints Liquidators for Winding Up Purposes
DR VISION: Court Issues Winding Up Order
EACI PTY: Lays Out Agenda for Feb. 4 Meeting
EAST WONGA: Appoints Liquidator for Winding Up Purposes

FOYLE ELECTRICS: Names Greg Lawrence as Liquidator
FULLER FIREARMS: EGM Ends in Resolution to Wind Up Company
GLOBE PRODUCTS: Final Dividend to be Declared January 26
KHS HOMECARE: Court Appoints Christopher J. Palmer as Liquidator
K&T FOODS: Taps M.F. Cooper to Liquidate Company

KYNATE PTY: Members Agree to Wind Up Company
MARINE INDUSTRIAL: To Declare Final Dividend January 18
M&J HOUSTON: Members Agree to Wind Up Company
NATIONAL AUSTRALIA: Turnaround Hits Another Snag
QANTAS AIRWAYS: Group Traffic Falls in November

SULLGLEN PTY: To Convene Final Meeting January 28
TANJII PTY: Sets January 20 as Date of Final Meeting
TOMLINSON MEN: To Convene Final Meeting February 4
* Bankruptcies Fall 2.2% in December Quarter


C H I N A  &  H O N G  K O N G

DAIRY HOLDINGS: Receiving Proofs of Claims Until Feb. 2
GREEN PEAK: Creditors to Submit Claims by Jan. 31
HIGHWAY TECHNOLOGY: Court to Hear Bankruptcy Petition on Feb. 2
IASIK PRODUCTION: Sets Winding Up Hearing on Feb. 2
LEADER PACIFIC: Creditors Must Prove Claims by Feb. 7

MASHREQ ASIA: Creditors Have Until Feb.7 to Submit Debt Claims
SPIKE PUBLICATIONS: Creditors to Meet Jan. 28
SUN HONEST: Enters Winding Up Proceedings


I N D O N E S I A

BANK GLOBAL: Finally Closes Despite Revival Efforts
INTI FASINDO: Pefindo Downgrades Ratings to "idBB+"
PERTAMINA: Buys 8 Asian Crude Oil Cargoes for March
PERTAMINA: Clinches US$310 Mln Syndicated Loan Deal


J A P A N

AOYAMAJISHO K.K.: Declared Bankrupt
CECILE COMPANY: JCR Affirms BB on Bonds
HIGASHICHICHIBU KANTORIH: Falls Into Bankruptcy
KOBE STEEL: Malaysian Steel-maker to Acquire Iron Plant
MITSUBISHI FUSO: DaimlerChrysler Takes Over Malaysian Ops

NAGOYA RAILROAD: JCR Affirms BBB+ on Long Term Debt
OH SII: Enters Bankruptcy
SEIBU RAILWAY: Mizuho Exec Tapped to Head New Holding Company


K O R E A

DONG AH: Kumho Bids KRW1.2 Trillion for Nonperforming Loans
HANARO TELECOM: S&P Assigns 'BB' Rating on Long-term Credit
HYNIX SEMICONDUCTOR: Forges Alliance with ProMOS
KOOKMIN BANK: Books KRW170.3Bln Net Profit in 2004


M A L A Y S I A

FURQAN BUSINESS: Unit Enters Alliance With PLV
GOLDEN FRONTIER: Issues Shares Buy Back Notice
I-BERHAD: Buys Back 8,000 Shares
JASATERA BERHAD: SC Rejects Recapitalization Extension
KEMAYAN CORPORATION: Court Hearing Set for January 19

NAUTICALINK BERHAD: Court Grants Restraining Order
OLYMPIA INDUSTRIES: Dissolves U.K. Subsidiary
PANTAI HOLDINGS: Issues Shares Buy Back Notice
PETALING TIN: Updates Practice Note No. 17/2005
SAFEGUARDS CORPORATION: Terminates JV Deal with JR Logistics

SUGARBUN CORPORATION: Unveils Securities Disposal, Acquisition
TRADEWINDS CORPORATION: Extends Property Disposal Date


P H I L I P P I N E S

APC GROUP: Sells Losing Subsidiary to Cut Losses
COLLEGE ASSURANCE: SEC to Allow Capital Increase in Stock
MANILA ELECTRIC: Receives ERC Order to Refund Customers
PHILIPPINE LONG: Clarifies Profit Target Report


S I N G A P O R E

APEX INTERNATIONAL: Court to Hear Winding Up Petition on Jan.28
CHINA AVIATION (S): To Present Rehab Scheme to Creditors
COTAN PETROLEUM: Posts Notice of Dividend
DIGILAND INTERNATIONAL: Subsidiary Wins Appeal
DOWFLECT TRADING: Issues Intended Dividend Notice

MEASUREX ENGINEERING: Receiving Proofs Until Jan. 24
NIPPECRAFT LIMITED: Posts List of Staff in Managerial Positions
SIFRINA TRADING: Creditors to Prove Claims by Jan. 28


T H A I L A N D

EMC: Discloses Additional Information on ESOP
THAI WAH: Details Amendment of Business Reorganization Plan

     -  -  -  -  -  -  -  -

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


ADPRING PTY: Appoints Nicholas Martin as Liquidator
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Adpring (Aust) Pty Ltd (In Liquidation) A.C.N. 076
742 768, held on December 6, 2004, it was resolved that the
Company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Mr. Nicholas Martin of PPB, Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
be appointed Liquidator.

Dated this 6th day of December 2004

Nicholas Martin
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


ALLBRYTE SMASH: Members Agree to Wind Up Company
------------------------------------------------
Notice is hereby given that at a Meeting of Members of Allbryte
Smash Repairs Pty Ltd (In Liquidation) A.C.N. 098 567 385 held
on December 1, 2004 it was resolved that the Company be wound up
voluntarily.

At a Meeting of the Creditors held on the same day pursuant to
Section 497 it was resolved that for such purpose, Paul
Vartelas, of B.K. Taylor & Co., 8th Floor, 608 St Kilda Road,
Melbourne be appointed Liquidator.

Dated this 1st day of December 2004

Paul Vartelas
Liquidator


ASONBRA PTY: To Convene Final Meeting on February 14
----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of the members of
Asonbra Pty Ltd (In Liquidation) (Members Voluntary Winding Up)
A.C.N. 001 612 095 will be held at the offices of Dowdle McLean,
Certified Practising Accounts, 146 Sanger Street, Corowa NSW
2646 on Friday, February 4, 2005 at 3:30 p.m.

AGENDA

(1) To receive the liquidator's account showing how the winding
up has been conducted and the property of the Company has been
disposed of, and giving any explanation of the account.

(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 9th day of December 2004

P.J. Dowdle
Liquidator
Asonbra Pty Ltd (In Liquidation)
c/- Dowdle McLean
146 Sanger Street, Corowa NSW 2646


BATTLESTAR LASER: To Declare Final Dividend January 28
------------------------------------------------------
A first and final priority dividend is to be declared on January
28, 2005 for Battlestar Laser Centre Pty Ltd (In Liquidation)
previously trading as Zone 3 Coolangatta A.C.N. 091 398 819.

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

Dated this 2nd day of December 2004

Ann Fordyce
Bradley Hellen
Joint & Several Liquidators
c/- Pilot Partners
Level 5, 175 Eagle Street,
Brisbane Qld 4000


BUNDALONG PASTORAL: Sets February 4 as Date of Final Meeting
------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of the members of
Bundalong Pastoral Co Pty Ltd (In Liquidation) (Members
Voluntary Winding Up) A.C.N. 001 233 236 will be held at the
offices of Dowdle McLean, Certified Practising Accounts, 146
Sanger Street, Corowa NSW 2646 on Friday, February 4, 2005 at
11:30 a.m.

AGENDA

(1) To receive the liquidator's account showing how the winding
up has been conducted and the property of the Company has been
disposed of, and giving any explanation of the account.

(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 9th day of December 2004

P.J. Dowdle
Liquidator
Bundalong Pastoral Co Pty Ltd (In Liquidation)
c/- Dowdle McLean
146 Sanger Street, Corowa NSW 2646


CHEMEQ LIMITED: New Management Consulting Team Marches In
---------------------------------------------------------
A new interim management consulting team will join Chemeq
Limited to advise the veterinary drug firm on operational and
financial matters, reports Asia Pulse.

The team, which is expected to stay for at least six months,
will specifically offer assistance with the management and
marketing of Chemeq's goods.

Chemeq was facing a tough year in 2004 after it lost 77 percent
of its market capitalization resulting from problems surrounding
the commissioning of its production plant in Western Australia.

Earlier this month, the Company was infused with AU$60 million
(US$45.91 million) in aid from London-based Mizuho
International.

As part of the conditions attached to Mizuho's funding
agreement, Chemeq agreed to appoint an interim management
consulting team led by John Nicholls.

Mr. Nicholls has experience in manufacturing, distribution and
investment banking in Australia and throughout Asia and will
report direct to Chemeq chairman and chief executive Graham
Melrose and Mizuho.

Chemeq said the team would draw on a variety of backgrounds
including manufacturing, operations, sales & marketing and
finance.

CONTACT:

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


CUT PRICE: Appoints Liquidators for Winding Up Purposes
-------------------------------------------------------
Notice is given that at an extraordinary general meeting of
members of Cut Price Travel Pty Ltd (In Liquidation) A.B.N. 83
007 437 158 held on December 3, 2004 it was resolved that the
Company be wound up voluntarily and that Andrew Leonard Dunner,
Chartered Accountant, 23 Erin Street, Richmond Victoria 3121 be
appointed liquidator of the Company for the purposes of the
winding up.

Dated this 3rd day of December 2004

A.L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond Vic 3121
Telephone: (03) 9428 1888


DR VISION: Court Issues Winding Up Order
----------------------------------------
On December 9, 2004, the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator for DR Vision Electronics Pty
Limited (In Liquidation) A.C.N. 074 451 273.

Dated this 21st day of December 2004

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


EACI PTY: Lays Out Agenda for Feb. 4 Meeting
--------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of the members of
EACI Pty Ltd (In Liquidation) (Members Voluntary Winding Up)
A.C.N. 001 309 619 will be held at the offices of Dowdle McLean,
Certified Practising Accounts, 146 Sanger Street, Corowa NSW
2646 on Friday, February 4, 2005 at 9:30 a.m.

AGENDA

(1) To receive the liquidator's account showing how the winding
up has been conducted and the property of the Company has been
disposed of, and giving any explanation of the account.

(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 9th day of December 2004

P.J. Dowdle
Liquidator
Eaci Pty Ltd (In Liquidation)
c/- Dowdle McLean
146 Sanger Street, Corowa NSW 2646


EAST WONGA: Appoints Liquidator for Winding Up Purposes
-------------------------------------------------------
Notice is hereby given that at a General Meeting of East Wonga
Pty Ltd A.C.N. 001 480 048 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


FOYLE ELECTRICS: Names Greg Lawrence as Liquidator
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Foyle Electrics Pty Limited (In Voluntary Liquidation) A.C.N.
002 780 341 duly convened and held at 93a Young Street
Carrington NSW 2294 on December 13, 2004 at 10:00 a.m., a
Special Resolution was passed that the Company be wound up
voluntarily and Greg Lawrence was appointed Liquidator.

Dated this 13th day of December 2004

G.A. Lawrence
Liquidator
Lawrence Rundle
Accountants & Business Advisers
93a Young Street, Carrington NSW 2294


FULLER FIREARMS: EGM Ends in Resolution to Wind Up Company
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Fuller Firearms Group Pty Limited (In Voluntary
Liquidation) A.C.N. 001 812 595 held at Level 29, 264 George
Street Sydney NSW 2000 on December 6, 2004, the following
resolutions were passed:

Special Resolution

The Company be wound up voluntarily.

Ordinary Resolutions

That Mr. Stuart Cameron of Nexia Court & Co, Chartered
Accountants, Level 29, Australia Square, 264 George Street,
Sydney NSW 2000, be and is hereby nominated liquidator of the
Company for the purpose of the winding up.

Stuart Cameron
Liquidator


GLOBE PRODUCTS: Final Dividend to be Declared January 26
--------------------------------------------------------
A first and final dividend is to be declared on January 26, 2005
for Globe Products Pty Ltd (In Liquidation) A.C.N. 061 204 028.

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

Dated this 6th day of December 2004

Ginette Muller
Liquidator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


KHS HOMECARE: Court Appoints Christopher J. Palmer as Liquidator
----------------------------------------------------------------
On December 9, 2004, the Supreme Court of New South Wales,
Equity Division, made Orders that KHS Homecare Services Pty
Limited (In Liquidation) A.C.N. 098 283 151 Christopher J.
Palmer be appointed Official Liquidator for the Company.

Dated this 21st day of December 2004

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


K&T FOODS: Taps M.F. Cooper to Liquidate Company
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
K&T Foods Pty Limited (In Liquidation) A.C.N. 091 287 339 duly
convened and held at Level 12, 37 Bligh Street Sydney NSW on
Wednesday, December 8, 2004 at 2:00 p.m. a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 9th day of December 2004

M.F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


KYNATE PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Kynate Pty Limited (In Liquidation) A.C.N. 003 847 596 duly
convened and held at 5 Claremont Crescent, Hinchinbrook NSW 2168
on Tuesday, December 7, 2004 at 9:00 a.m. a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 13th day of December 2004

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


MARINE INDUSTRIAL: To Declare Final Dividend January 18
-------------------------------------------------------
A second and final dividend is to be declared on January 18,
2005 for Marine Industrial Insulation & Sheetmetal Pty Ltd (In
Liquidation) as trustee for The Stillaway Family Trust A.C.N.
085 413 89.

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

Dated this 1st day of December 2004

C.M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower, 108 St George's Terrace,
Perth WA 6000


M&J HOUSTON: Members Agree to Wind Up Company
---------------------------------------------
At a General Meeting of members of M&J Houston Pty Limited
A.C.N. 074 412 196 held at RMB 3240 Wisemans Ferry Road, Central
Mangrove, New South Wales on Tuesday, December 7, 2004 the
following resolution was duly passed as a Special Resolution:

That the Company be wound up voluntarily and that John Greer, of
Level 7, 276 Pitt Street Sydney, be hereby appointed liquidator
for the purpose of winding up of the Company.

Dated this 8th day of December 2004

John Greer
Liquidator


NATIONAL AUSTRALIA: Turnaround Hits Another Snag
------------------------------------------------
The lackluster performance of National Australia Bank's New
Zealand arm could impede NAB's revival and may even dampen
investor confidence, The Age reports.

NAB's earnings is expected to be hurt by dwindling operations of
the Bank of New Zealand (BoNZ), which has lost market share and
the earnings of which have been hit by rising regulatory costs
and a fall in revenue.

BoNZ's dilemma's started when it carried out a mortgage discount
promotion to rebuild customer numbers. Last year, BoNZ
contributed only 12 percent of NAB's earnings.

The NZ issue has been overlooked by investors because of bigger
problems such as the AU$360 million forex scandal in Australia
and the sale of the two Irish banks.

Investment bank Credit Suisse First Boston believes BoNZ will
eventually recover but that it may take longer than expected.

Analysts have been raising concerns about NAB's ability to
maintain its dividend, reinvestment costs, market loss in
Australia, mortgage discounting in New Zealand and margin
compression in Britain.

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/


QANTAS AIRWAYS: Group Traffic Falls in November
-----------------------------------------------
Qantas Airways Limited disclosed its total group traffic dropped
in November from the previous month, according to Asia Pulse.

In its preliminary monthly traffic statistics for the month, the
airline reported the traffic measured in revenue passenger
kilometers (RPKs) was down by 357,000 to 7.115 million in
November.

On the other hand, total domestic RPKs dropped 232,000 to 2.291
million while international RPKs fell to 4.824 million, from
4.949 million in October.

RPKs measures the number of revenue paying passengers carried
times the distance flown.

The airline said over the year to November group RPKs had risen
5.2 percent while available seat kilometers climbed 7.8 percent.

This resulted in a revenue seat factor of 75.8 percent, down 1.9
percentage points from the same period a year earlier.  

The month-to-month total group number of passengers carried by
the airline was also down, to 271,300 in November from 284,300
in October.

Over the year to November, however, Qantas carried 8.7 per cent
more passengers compared to the previous corresponding period.

Total domestic passenger numbers had risen by 12 per cent to
192,500 in the year to November while international passenger
numbers were up 1.4 per cent to 788,000

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


SULLGLEN PTY: To Convene Final Meeting January 28
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members and
Creditors of Sullglen Pty Limited (In Liquidation) A.C.N. 003
433 261 will be held at the offices of William Buck, Chartered
Accountants, Level 24, 201 Elizabeth Street, Sydney on January
28, 2005 at 10:30 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 the
termination of the administration.

Dated this 9th day of December 2004

David G. Young
Liquidator
Sullglen Pty Limited (In Liquidation)


TANJII PTY: Sets January 20 as Date of Final Meeting
----------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Tanjii Pty Ltd (In Liquidation) A.C.N. 006 008 966,
will be held at the offices of O'Keeffe Walton Richwol, on
January 20, 2005 at 10:00 a.m. for the purpose of laying before
the meeting an account of the liquidator's costs and dealings
and the conduct of the winding up.

Dated this 6th day of December 2004

Samuel Richwol
Liquidator
c/- O'Keeffe Walton Richwol
Suite 3, 431 Burke Road, Glen Iris
Telephone: (03) 9822 9823


TOMLINSON MEN: To Convene Final Meeting February 4
--------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of the members of
Tomlinson Men Ctj Pty Ltd (In Liquidation) (Members Voluntary
Winding Up) A.C.N. 008 534 094 will be held at the offices of
Dowdle McLean, Certified Practising Accounts, 146 Sanger Street,
Corowa NSW 2646 on Friday, February 4, 2005 at 1:30 p.m.

AGENDA

(1) To receive the liquidator's account showing how the winding
up has been conducted and the property of the Company has been
disposed of, and giving any explanation of the account.

(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 9th day of December 2004

P.J. Dowdle
Liquidator
Tomlinson Men CTJ Pty Ltd (In Liquidation)
c/- Dowdle McLean
146 Sanger Street, Corowa NSW 2646


* Bankruptcies Fall 2.2% in December Quarter
--------------------------------------------
A bankruptcy official said the number of Australian bankruptcies
fell in the December quarter compared to the previous year,
relates the Australian Associated Press.

Inspector-general Terry Gallagher confirmed the number of new
bankruptcies fell to 4,767, sliding 2.2 percent from the
December 2003 quarter.

New debt agreements fell 11.6 percent to 1,202, while the number
of personal insolvency agreements dropped 52.8 percent to 34.

In NSW there were 1,472 bankrupts, an increase of 7.7 percent,
while in the ACT the figure was up 8.2 percent to 158.

There was a sharp drop in bankrupts in Queensland, down eight
per cent to 1,061 and in Victoria where they were down 3.4 per
cent to 1,044.

Debt agreements in NSW dropped 26.3 percent to 278 while they
dropped 11.3 percent in Victoria to 274.


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


DAIRY HOLDINGS: Receiving Proofs of Claims Until Feb. 2
-------------------------------------------------------
Notice is hereby given that the creditors of Dairy Holdings
(Hong Kong) 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 Liquidators of the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, such
creditors will be deemed to waive all of such debts or claims
and the Liquidators will be entitled seven days after the above
date, to distribute the funds available or any part thereof to
the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated January 7, 2005.


GREEN PEAK: Creditors to Submit Claims by Jan. 31
-------------------------------------------------
Notice is hereby given that the Creditors of Green Peak Limited,
which is being voluntarily wound up, are required on or before
Jan. 31, 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 Liquidators of
the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will be deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members.

Chiong Lai Lai
Liquidator
Room 1201, Dina House
Ruttonjee Centre
11 Duddell Street, Central
Hong Kong

This notice is dated Jan. 13, 2005


HIGHWAY TECHNOLOGY: Court to Hear Bankruptcy Petition on Feb. 2
---------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Highway Technology Development Limited by the High Court of Hong
Kong Special Administrative Region was on Dec. 8, 2004 presented
to the said Court by Messrs Wong & Poon on behalf of the
petitioner, Tse Wing Keung of Room 610-2, 6th Floor, Block 2,
Nan Fung Industrial City, 18 Tin Hau Road, Tuen Mun, New
Territories, 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.

Wong & Poon
Solicitors for the Petitioner
Room 1801-2, 18th Floor, Nan Fung Centre
264-298 Castle Peak Road
Tsuen Wan, New Territories,
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 January 7, 2005.


IASIK PRODUCTION: Sets Winding Up Hearing on Feb. 2
---------------------------------------------------
Notice is hereby given that a petition for the winding-up of
Iasik Production House Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 8, 2004 presented to
the said Court by Tsang Kin Chung of Flat H, 3rd Floor, Block 5,
Phase 1, Metro City, Tseung Kwan O, New Territories, 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; and a copy of the petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

Yu & Associates
Solicitors for the Petitioner
2nd Floor, Hing Yip Commercial Centre
272-284 Des Voeux Road Central
Hong Kong

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

This notice is dated Feb. 7, 2005.


LEADER PACIFIC: Creditors Must Prove Claims by Feb. 7
-----------------------------------------------------
Notice is hereby given that the Creditors of Leader Pacific
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
Liquidators of the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, such
creditors will be deemed to waive all of such debts or claims
and the Liquidators will be entitled seven days after the above
date, to distribute the funds available or any part thereof to
the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated January 7, 2005.


MASHREQ ASIA: Creditors Have Until Feb.7 to Submit Debt Claims
--------------------------------------------------------------
Notice is hereby given that the Creditors of Mashreq Asia
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
Liquidators of the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, such
creditors will be deemed to waive all of such debts or claims
and the Liquidators will be entitled seven days after the above
date, to distribute the funds available or any part thereof to
the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated January 7, 2005.


SPIKE PUBLICATIONS: Creditors to Meet Jan. 28
---------------------------------------------
A meeting of the creditors of Spike Publications Limited will be
held at 1403, 43-59 Queen's Road East, Hong Kong on Jan. 28,
2005 at 10:00 a.m. for the purposes provided for in Sections
241, 242, 243, 255A(2) and 283 of the Companies Ordinance.

Creditors may vote in person or by proxy. Proxies must be lodged
at the above address not later than 10:00 a.m. on Jan. 27, 2005.

This Quamnet notice is dated Jan. 4, 2005

Stephen Vines
Director


SUN HONEST: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of Sun
Honest Development (China) Limited by the High Court of Hong
Kong Special Administrative Region was on Dec. 16, 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
February 16, 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. 15, 2005.

This notice is dated January 7, 2005.

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


BANK GLOBAL: Finally Closes Despite Revival Efforts
---------------------------------------------------
Bank Indonesia, the central bank, has finally decided to close
down troubled Bank Global after several attempts to improve the
latter's condition, according to Dow Jones.

The central bank opted to revoke Bank Global's operating license
on Thursday due to concerns including a low capital adequacy
ratio (CRA) and illegal activities by the staff.

Bank Global reportedly had problems concerning its CAR that had
hit minus 39.11 percent, as well as criminal acts of employees
including loss of bank documents.

The central bank's decision followed a move in December to
suspend Bank Global's operations for a month due to concerns
that its CAR had sharply deteriorated.

Eight of the ailing bank's top executives were, likewise,
detained by the authorities and were banned from going abroad as
part of an investigation into the alleged criminal activity in
the bank.

Meanwhile, the government has vowed to extend a "blanket
guarantee" in order to protect Bank Global's depositors form
losses due to the closure. An official liquidation process will
verify clients' deposits and pave the way for their refund
within three weeks.

However, the government guarantees won't cover the deposits of
Bank Global management personnel nor the bank's mutual fund
clients and sub-debt bondholders.

That's unfortunate for state-owned pension firm PT Jamsostek
(JAM.YY) and other Bank Global bond holders, including state-
owned oil giant Pertamina (PTM.YY) and state-owned mining firm
PT Aneka Tambang (ANTM.JK), all of which reportedly face
billions of dollars in potential losses from the closure of Bank
Global.

CONTACT:

Bank Global Internasional Tbk (BGIN)
Menara Global,
Jl. Gatot Subroto Kav. 27, Jakarta 12950
Phone: (021)5270188
Fax: (021)5270288
E-mail: bglobal@cbn.net.id
Web site: www.bankglobalinternasional.com


INTI FASINDO: Pefindo Downgrades Ratings to "idBB+"
---------------------------------------------------
Pefindo downgraded the ratings of PT Inti Fasindo Internasional
(INFI or the Company) as well as its IDR100 billion Bond I/2002
due 2008 to "idBB+" from "idBBB-".

The lower ratings are triggered by INFI's weakening working
capital management in terms of lengthening days of receivables
and days of inventory as well as its marginal cash flow
coverage, which will further weaken when the Company realizes
its plan to get additional loans to support its sales growth.

Nevertheless, INFI's diversified renowned brands coverage and
its nationwide distribution network are positive factors. INFI
engages in trading and distribution of branded clothes and other
related accessories produced by its parent Company, PT Great
River International Tbk. (GRIV). As to date, GRIV is still a
market leader in the retail and production of fashion apparel in
Indonesia, which holds around 30 international brands.

Rating Period: December 15, 2004 - November 1, 2005
Contact Analyst: Vonny Widjaja
vonny.widjaja@pefindo.co.id

CONTACT:

PT Inti Fasindo Internasional
Plaza GRI Lt. 17
Jl. H.R. Rasuna Said Blok X-2 No. 1 , Jakarta 12950
Phone: 021 5262450, 5262452, 5262640
Fax: 021 5262468, 5262462


PERTAMINA: Buys 8 Asian Crude Oil Cargoes for March
---------------------------------------------------
PT Pertamina has purchased a total of eight Asian crude oil
cargoes in its monthly spot tender for March delivery, Dow Jones
reports.

The state oil and gas firm bought five 600,000-barrel cargoes on
a spot basis and three similar-sized cargoes, as well as 900,000
bbl of Nigerian crude through term contracts. The spot volume is
down one cargo from its purchases last month for February
delivery.

For the seventh straight month, Pertamina has skipped buying
spot crude from the Atlantic basin, including West African
grades.

A high premium of Brent futures on London's International
Petroleum Exchange to Dubai crude swaps is keeping Brent-linked
Atlantic basin crude too expensive for supply to Asia.

The March Brent-Dubai exchange-for-swaps was pegged by brokers
at US$5.78-US$5.88 a barrel, well above the US$2.50/bbl
threshold needed to reopen the arbitrage to Asia.

The following are Pertamina's purchases of March-delivery sweet
crude (600,000 bbl unless otherwise stated):

   Grade                   Origin     Seller
   
   Tapis                   Malaysia   Itochu Petroleum Corp.
   Seria Light             Brunei     Itochu Petroleum Corp.
   Champion                Brunei     Supreme Energy
   Wenchang                China      Supreme Energy
   Bach Ho                 Vietnam    BP PLC
   *Seria Light            Brunei     Kipco
   *Xijiang                China      Pacific Petroleum &
Trading
   *Benchamas              Thailand   Pacific Petroleum &
Trading
   *Bonny Light/Qua Iboe   Nigeria    Petral (900,000 bbl)

*Denotes term purchase

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


PERTAMINA: Clinches US$310 Mln Syndicated Loan Deal
---------------------------------------------------
A group of global investors and banks has agreed to extend
US$310 million in syndicated loans to PT Pertamina to finance
the development of the oil firm's gas plants in South Sumatra,
reports The Jakarta Post.

A Mitsubishi Corporation consortium provided around 70 percent
of the total loans, while the remaining 30 percent comes from a
group of commercial banks such as BNP Paribas, Bank of Tokyo-
Mitsubishi, Mizuno Corporate Banks and ING Bank NV.

The loans, signed on Jan.6, would be used to fund the completion
of a gas compression facility in the Musi Barat plant, the
construction of transmission pipelines from Musi Barat to the
Pagardewa facility, the construction of a gas compression
faility in the Merbau plant and transmission pipelines from
Merbau to Pagardewa.

Those projects, first started in 2002, are expected to enable
Pertamina to supply gas to West Java of up to 250 million cubic
feet per day.


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


AOYAMAJISHO K.K.: Declared Bankrupt
-----------------------------------
Aoyamajisho K.K., a firm engaged in office space leasing, has
been declared bankrupt, says Teikoku Databank America.

The Company, headquartered in Minato-ku, Tokyo 107-0061, has
total liabilities of US$60.78 million.

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


CECILE COMPANY: JCR Affirms BB on Bonds
---------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the BB
rating on the bonds of Cecile Co., Ltd.

Issues      Amount(bln) Issue Date     Due Date       Coupon
bonds no.1  JPY10       July 19, 2000  July 19, 2005  2.00%

Rationale:

Cecile reswitched its principal policy to the quality-based one
to recover the client confidence in the Company from sales
expansion policy based on low price when the president was
changed in March 2004 in the face of deterioration in
performance. It has made the DM strategy more efficient, revised
catalog production and diversified the distribution channels
including Internet. It is now restructuring the business,
cutting back the jobs. However, it is uncertain that these
restructuring efforts will pay off, given the severe business
environment.

While the total assets were reduced, net worth declined due to
loss arising from deterioration in earnings. As a result, the
financial health is lowering.

Cecile has entered into a syndicated loan contract for JPY13
billion to be used for redemption of the bonds and funds for
severance payments for the retired employees.

JCR affirmed the BB rating for Cecile, taking into account the
above as a whole.

CONTACT:

Cecile Co., Ltd.
10-20 Tagacho 2-Chome
Takamatsu 760-0063, Kagawa 760-0063
Japan
Phone: +81 87 863 0707
Fax: +81 87 835 4432


HIGASHICHICHIBU KANTORIH: Falls Into Bankruptcy
-----------------------------------------------
Golf course operator K.K. Higashichichibu Kantorih Kurabu has
fallen into bankruptcy leaving total liabilities of US$166.13
million, Teikoku Databank America reports.

The firm is based in Shinjuku-ku, Tokyo 162-0814.

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


KOBE STEEL: Malaysian Steel-maker to Acquire Iron Plant
-------------------------------------------------------
Lion Diversified Holdings Bhd has agreed to pay RM309.6 million
for an iron plant owned by Kobe Steel, Dow Jones reports.

Lion, Malaysia's largest steel-maker, will also allocate RM24.7
million for a licensing fee for Kobe Steel's Midrex Process, a
technique to be used in the plant.

The plant has a capacity of 1.54 million metric tons a year and
can produce hot direct reduced iron and hot briquetted iron.

Lion will use internal funds and borrowings to fund the
acquisition.

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


MITSUBISHI FUSO: DaimlerChrysler Takes Over Malaysian Ops
---------------------------------------------------------
DaimlerChrysler Malaysia Sdn Bhd has added Mitsubishi Fuso to
its portfolio, according to The Edge Daily.

The German carmaker confirmed that it has taken over the
Malaysian wholesale functions of Mitsubishi Fuso Truck and Bus
Corporation from ISF-Hicom (M) Sdn Bhd.

With the addition of the Mitsubishi Fuso brand to its portfolio,
DaimlerChrysler Malaysia said USF-Hicom would get to continue
its major role in retail functions in recognition of its efforts
in building up the Mitsubishi Fuso network throughout Malaysia.

DaimlerChrysler Malaysia, the wholesale distributor of Mercedes-
Benz vehicles in Malaysia, believes that the two vehicle brands
would complement each other very well and would certainly
benefit customers.

The German automaker would be the first in Asia to enjoy the
synergies of combining the strength of Mercedes-Benz and
Mitsubishi Fuso commercial vehicles.

The Company had increased its stake in Mitsubishi Fuso to 65
percent in 2004.

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


NAGOYA RAILROAD: JCR Affirms BBB+ on Long Term Debt
---------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
BBB+ rating on the shelf registration and outstanding bonds of
Nagoya Railroad Co., Ltd.

Issues         Amount(bln) Issue Date    Due Date       Coupon
cv.bonds no.7  JPY20       Dec. 12, 1996 Mar. 31, 2006  1.05%
bonds no.24    JPY15       May 23, 2000  May 23, 2007   1.70%
bonds no.27    JPY10       Aug. 27, 2002 Aug. 27, 2007  0.94%
bonds no.25    JPY15       May 23, 2001  May 23, 2008   1.15%
bonds no.31    JPY10       Sep. 11, 2003 Sep. 11, 2008  1.33%
bonds no.28    JPY15       Aug. 27, 2002 Aug. 27, 2009  1.40%
bonds no.26    JPY10       May 23, 2001  May 23, 2011   1.71%
cv.bonds no.8  JPY10       Dec. 8, 2004  Mar. 31, 2010  0.00%
cv.bonds no.9  JPY10       Dec. 8, 2004  Mar. 30, 2012  0.00%

Shelf Registration   Maximum        Valid
                     JPY50 billion  two years effective from
August 6, 2004

Rationale:

The earnings power of Nagoya Railroad is on the rise thanks to
the restructuring. The leisure and service business is expected
to turn into the black for the current fiscal year.
Nagoya Railroad has been burdened with write-offs and
restructuring charges. It applied the accounting for impairment
of fixed assets for the first half of fiscal 2004 ended
September 30, 2004. Liquidation and integration of the
affiliated businesses has been made.

Thus, it is unlikely that Nagoya Railroad will record large loss
in the future. However, there remain businesses requiring
careful examination for profitability. Openings of Chubu
International Airport and Exposition will have significantly
good impact on railway operations. The revenue from the railway
operations is expected to increase in and after fiscal 2005.
Other businesses will also benefit from the openings. It spun
off the parent bus operation last fall.

Nagoya Railroad achieved the numerical target for the reduction
in the interest-bearing debt one and a half year earlier than
the scheduled time. Improvement in the earnings power has been
made through primarily withdrawal from the money-losing
businesses. Issues for Nagoya Railroad in the future are
enhancement of competitive strength of the remaining businesses
and recovery of the capital impaired in the recent years.

CONTACT:

Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501, Aichi 450-8501
JAPAN  
Phone: +81 52 571 2111
Fax: +81 52 588 0823  
Web site: http://www.meitetsu.co.jp/


OH SII: Enters Bankruptcy
-------------------------
Computer wholesaler K.K. Oh Sii Sii has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Minato-ku, Tokyo 106-0032, left a total of
US$60.78 million in liabilities.

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


SEIBU RAILWAY: Mizuho Exec Tapped to Head New Holding Company
-------------------------------------------------------------
An executive of Mizuho Corporate Bank is being considered to
lead a planned holding Company of the Seibu Railway Co. group,
according to Kyodo News.

A panel for reforming the Seibu group has hinted the possibility
of Mizuho Bank Vice President Takashi Goto being appointed head
of the new arm of the scandal-tainted group.

Mr. Goto is presently a member of the panel that has been
mapping out a scheme to reform the Seibu group since former
Chairman Yoshiaki Tsutsumi resigned following revelation of the
railway operator's falsification of its share-ownership
statements.

The panel believes that Mr. Goto should become its leader to
help secure the transparency of the group for which Mizuho
Corporate has been a main bank.

Although Kokudo has so far led the Seibu group, the panel is
planning to establish a holding Company to control Kokudo, Seibu
Railway and other group firms.

Meanwhile, lawyers representing a group of individual
shareholder in Seibu Railway are set to file a suit with the
Tokyo District Court on Feb. 1 to seek compensation from Mr.
Tsutsumi and others in connection with Seibu Railway's false
financial accounts.

In December, Tokyo Stock Exchange delisted Seibu Railway because
the Company violated the listing requirements by underreporting
stakes held in it by major shareholders, including Kokudo.

CONTACT:

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


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


DONG AH: Kumho Bids KRW1.2 Trillion for Nonperforming Loans
-----------------------------------------------------------
Dong Ah Construction Industrial Co. received a bid from Kumho-
Asiana Group for KRW1.2 trillion of nonperforming loans owed by
parent firm Korea Express Co., relates The Korea Times.

Samil Accounting Corp. handles the auction and has received
final bids Thursday for bankrupt Dong Ah.  The winner for the
bid has the right to convert some of Dong-Ah's debt into a stake
in Korea Express in 2006.

The original schedule for the auction was December 2, but was
delayed due to the controversy that sparked over fairness on
Lone Star's participation.  A civic group filed Tuesday a
complaint against 13 Lone Star executives and Korea Exchange
Bank for breach of trust.

However, Lone Star stated that it decided to drop out from the
auction without revealing the reason.

Dong-Ah Construction & Industrial, saddled with debts of KRW4.1
trillion, went bankrupt in May 2001.

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/


HANARO TELECOM: S&P Assigns 'BB' Rating on Long-term Credit
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB' long-term
corporate credit rating with a stable outlook to Hanaro Telecom
Incorporated Wednesday.

Hanaro's proposed issuance of up to US$500 million of five- or
seven-year global notes was also rated 'BB'. The rating on the
unsecured debt is subject to final documentation.

"The rating on Hanaro reflects the Company's position as the
second-largest Korean fixed-line and broadband service provider,
although well behind leader KT Corp.," said Standard & Poor's
credit analyst Eun Jin Kim.

Hanaro benefits from a favorable regulatory environment but has
mediocre growth prospects in an already saturated broadband and
fixed-line industry.

The Company also suffers from weak profitability, and its
balance sheet is still leveraged after the Company's 2003
recapitalization by a group of investors led by AIG, Newbridge,
and TVG.

Support from the Ministry of Information and Communications
(MIC) is a key rating factor. The MIC closely regulates the
industry, providing a favorable environment for smaller, non-
incumbent players. With the government's emphasis on preserving
some degree of competition, Hanaro benefits from having complete
access to the network of KT Corp., which is the leading operator
in the fixed-line and broadband market.
     
The pending acquisition of Thrunet, currently under court
receivership, will cost Hanaro not more than Korean won (W) 500
billion, a portion of which will be financed in the debt market,
adding to the Company's debt. Although Thrunet's operating
profitability has been very weak recently, estimated at 0.1%
(after depreciation) in 2004, some benefits should result from
the acquisition. Hanaro's share of the broadband market should
improve to about 34% from its current 23%, while the elimination
of overlap in the two networks should help lower costs for the
combined entity.
    
Hanaro also has shown interest in bidding for a wireless
broadband (WiBro) license, which would initially cost W117
billion. Capital investment in the development of the WiBro
network is expected to be manageable, as Hanaro plans to share
the investment burden with SK Telecom (A-/Stable/--).

Hanaro's financial profile remains weak, though it has improved
noticeably after the 2003 recapitalization. Profitability
measures, such as interest coverage ratios, are low. EBIT to
interest coverage stood at 1.2x, and return on capital 4.1% for
the nine-month period ending Sept. 30, 2004. Operating profit
margins (before depreciation and amortization) are acceptable at
39% for the same period, an improvement from 36% recorded in the
same period the previous year. However, depreciation--a non-cash
expense--accounts for a considerable portion of EBITDA,
reflecting large capital investments for network expansions
during the 1999-2001 period.

The covenants in the offering circular for the scheduled bond
issue include a problematic ratings downgrade trigger: If the
Company's rating is lowered from the initial rating of 'BB' as a
result of a "consolidation, merger, or sale of assets", a rating
trigger event would occur and an event of default could arise if
Hanaro is unable to purchase all outstanding notes.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com
     

HYNIX SEMICONDUCTOR: Forges Alliance with ProMOS
------------------------------------------------
In a press release, Hynix Semiconductor Inc. and ProMOS
Technologies Inc., the high quality DRAM manufacturer announced
Wednesday the signing of a definitive agreement for a long-term
strategic alliance will further enhance the competitiveness of
the two companies and contribute to the mutual profits. It
creates approximately one quarter of world's second-largest DRAM
output.

The alliance between Hynix and ProMOS is forged to bring a
levered growth to both companies on a long-term basis. The
partnership is combining Hynix' advanced DRAM manufacturing
technology and ProMOS's 300mm wafer processing competence. Under
the agreement, the two companies would also undertake certain
future joint development activities.

Through the alliance, Hynix will be able to secure additional
300mm wafer processing capacity without its own investments.
Hynix also expects to diversify its business infrastructure to
cope with the rapidly changing market demand and secure the
effective solutions for the current trade issues by signing this
agreement.

During the 1st half of this year, Hynix will ramp up the volume
production of 300mm wafers in its own Ichon site. ProMOS will
use Hynix' memory semiconductor technology to run the 300mm
foundry service and it will begin at the end of this year. The
other 300mm wafer fab for the Company will be built in China
under the joint investment with Europe's biggest chipmaker
STMicroelectronics. With such strategic moves, that are believed
to be essential for a long-term viability of the Company, Hynix
will keep maintaining its competences in the coming era of the
300mm wafer production.

Founded in 1996, ProMOS was the only Taiwan DRAM companies to
self develop 0.12-micron process and 0.11 shrink technology, and
since 2004 has branded products with high ranking of quality in
tier-1 OEM customers. Meanwhile, ProMOS was the only Taiwan DRAM
manufacturer to design and test 256M and 512M DDR2 mainstream
products.

According to iSuppli figures for 2004, the combined branding
based 256Mb Eq. DRAM unit market share of Hynix and ProMOS is
approximately 23 percent. The alliance will dramatically
strength both sides' presence in the fast-growing information
marketplace.

"This is a winning transaction for customers and both
companies," said Min-liang Chen, Chairman & President of ProMOS.
"Our two companies are a perfect fit sharing a common cultural
commitment to innovation, customer service and shareholder
value. ProMOS will pursue an aggressive yet prudent growth
strategy to become a full-blown memory solution provider.
Today's announcement further strengthens our focus on the
enterprise, while creating a new global business collaboration
model that is better positioned to capture the opportunities in
the information industry going forward."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is the world's
top tier memory semiconductor supplier offering Dynamic Random
Access Memory chips (DRAMs), Static Random Access Memory chips
(SRAMs) and Flash memory chips to a wide range of established
international customers. The Company's shares are traded on the
Korea Stock Exchange, and the Global Depository shares are
listed on the Luxemburg Stock Exchange. Further information
about Hynix is available at http://www.hynix.com.

About ProMOS Technologies

ProMOS Technologies, Hsin-chu, Taiwan, is a full-blown memory
solution provider and is renowned in the global DRAM industry
for its outstanding performance in manufacturing excellence and
technology advancement. The Company manufactures high-
performance and high-density commodity DRAM memory chips as well
as pseudo-SRAM, lower power SDRAM and MCM products. ProMOS is
listed on Taiwan GreTai Securities Market. For more information,
please visit http://www.promos.com.tw.

CONTACT:

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


KOOKMIN BANK: Books KRW170.3Bln Net Profit in 2004
--------------------------------------------------
Kookmin Bank returns to black in 2004 with a bottom line of
slightly over KRW170 billion, reveals Asia Pulse.

The bank is estimated to have booked a net profit of KRW170.3
billion last year while it posted a KRW512.2 billion in net loss
in the fourth quarter.  The credit card bubble pushed the bank
to a KRW753.3 billion in losses in 2003, a sharp turnaround from
a net profit of KRW1.3 trillion a year.

"Due to big credit-card losses, Kookmin is expected to put up
more than KRW1 trillion in loss reserves for the October-
December period, eroding its bottom line," analyst Sung Byung-
soo said.

The bank's improvement pace will be slower than expected this
year because of an increase in the ratio of overdue loans to
smaller firms and increased loss provisioning.

Kookmin is scheduled to announce its fourth-quarter and 2004
earnings reports on February 3.

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Fax: +82 2 776 5637


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


FURQAN BUSINESS: Unit Enters Alliance With PLV
----------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO) announces that its wholly owned subsidiary FBO Land
(Setapak) Sdn. Bhd. (FBO Setapak or Landowner), had on January
13, 2005 entered into a Joint Venture Agreement with Platinum
Victory Development Sdn. Bhd. (PLV or the Developer) to joint
venture with each other for the development of all those pieces
of land along Jalan Genting Kelang in Mukim Setapak, Daerah
Kuala Lumpur, Negeri Wilayah Persekutuan K.L. measuring an area
of approximately 360,000 sq metres (the Land) of which FBO
Setapak is the registered and beneficial landowner.

INFORMATION ON FBO SETAPAK

FBO Setapak is a wholly owned subsidiary of the Company and was
incorporated in Malaysia under the Companies Act, 1965, on 16
May 1984. The authorized and issued and paid up capital of FBO
Setapak is RM10,000,000.00 divided into 10,000,000 ordinary
shares of RM1.00 each.

FBO Setapak is a property development Company.

INFORMATION ON PLV

PLV was incorporated in Malaysia under the Companies Act, 1965,
on 28 September 2004. The authorized capital of PLV is
RM10,000,000.00 divided into 10,000,000 ordinary shares of
RM1.00 each and the issued and paid up capital is
RM10,000,000.00 divided into 10,000,000 ordinary shares of
RM1.00 each.

PLV is a Company engaged in property management, housing
development and building construction. It is a sister Company of
Platinum Victory Sdn Bhd. with common Shareholders and directors
and currently developing some 2,500 units of condominium at
Taman Melati, Ulu Kelang.

RATIONALE FOR THE JOINT VENTURE

In light of PLV's success in its development within the vicinity
of FBO Setapak's land, and after careful review and
consideration of the experience and resource expertise of PLV,
the Board is of the opinion that this Joint Venture would
provide the Group with the optimum development returns within a
determined time frame. In addition, the Landowner's Guaranteed
Entitlement would also ensure that the future debt repayment
obligations of FBO Setapak could be met.

SALIENT TERMS OF THE AGREEMENT

a. FBO Setapak hereby grants unto PLV the exclusive right to
carry out and implement the development of the Project on the
Land in accordance with the Layout Plan, in consideration
thereof, FBO Setapak shall be entitled, subject to the terms and
conditions of the Agreement, to receive the Landowner's
Guaranteed Entitlement (refer Appendix I attached);

b. PLV hereby agrees to undertake, implement and complete the
development of the Project on the Land in accordance with the
Layout Plan, and to solely bear the development costs of the
Project, and in consideration thereof, the Developer shall be
entitled to the entire proceeds from the development of the
project and the sale of the units of the Project; and

c. PLV hereby further agrees to undertake the Administration and
Management of the Project, which include but not limited to,
carrying out the marketing and selling or otherwise disposal of
the units.

d. PLV shall be entitled to such units, which remain unsold at
the completion of the Project PROVIDED THAT PLV has fulfilled or
paid the Landowner's Guaranteed Entitlement.

e. In the event of PLV failure to pay FBO Setapak the
Landowner's Guaranteed Entitlement in accordance with the
schedule of payment set in the Agreement, the same shall
constitute an event of default on the part of PLV entitling FBO
Setapak to terminate the Agreement. Upon the occurrence of the
termination event, PLV shall pay to FBO Setapak the entire
amount of the Parcel Entitlement for the respective Parcel, less
such amount(s) already paid by PLV to FBO Setapak towards part
payment of the respective Parcel Entitlement; and without
prejudice to the other rights of FBO Setapak under the
provisions of the Agreement;

FINANCIAL EFFECT

The Joint Venture will have no material effect on the share
capital, net tangible assets of the Company for the year ending
December 2005 but is expected to contribute positively to the
future earnings.

APPROVAL

No shareholders approval is required.

INTEREST OF DIRECTORS', SUBSTANTIAL SHAREHOLDERS' AND CONNECTED
PERSON

None of the Directors and Substantial Shareholders, persons
connected to the Directors or Substantial Shareholders of the
Company and its subsidiaries or persons connected thereto have
any interest, direct or indirect in the Joint Venture.

DIRECTORS' RECOMMENDATION

The Directors of the Company are of the opinion that the Joint
Venture is in the best interest of the Group.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GOLDEN FRONTIER: Issues Shares Buy Back Notice
----------------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on January 13, 2004.
   
Date of buy back: 13/01/2005

Description of shares purchased:  Ordinary Shares of RM1.00 Each  

Total number of shares purchased (units): 1,000

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

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

Total consideration paid (RM): 703.28

Number of shares purchased retained in treasury (units): 1,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 1,274,000

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890


I-BERHAD: Buys Back 8,000 Shares
--------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on January 13, 2004.

Date of buy back: 13/01/2005

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 8,000

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

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

Total consideration paid (RM): 6,770.01

Number of shares purchased retained in treasury (units): 8,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 593,200

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

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

JASATERA BERHAD: SC Rejects Recapitalization Extension
------------------------------------------------------
The Board of Directors of Jasatera Berhad announced that the
Hong Leong Bank Berhad (Issuance Bank) has approved to provide a
standby letter of credit (Letter of Credit) to Honourwin
Investment Limited (HIL), a wholly-owned Company by Dato' Koo
Yuen Kim, pursuant to the Put and Call Option Agreement
(Agreement) to be entered into. The Letter of Credit is to
support HIL pursuant to the Agreement.

Further, as set out in the announcement dated December 15, 2004,
wherein, it was announced that Jasatera, had on 14 December 2004
made an application to the Securities Commission (SC) to seek an
extension of time to enable Jasatera to complete the Revised
Proposed Recapitalization Exercise (Extension Sought).

In connection to the above, PMBB, on behalf of Jasatera, regrets
to inform that the SC had rejected the Extension Sought via its
letter dated 11 January 2005, which was received on even date.

Jasatera is considering the next course of action to be taken.

An announcement will be made once a decision has been made.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax: 603-7332607


KEMAYAN CORPORATION: Court Hearing Set for January 19
-----------------------------------------------------
Kemayan Corporation Berhad (KCB) had on January 11, 2005
received the summons in chambers dated December 15, 2004 that
Mr. Manhore Singh A/L Jagat Singh and thirty four (34) others
(the Purchasers) had applied to the High Court of Malaya, Kuala
Lumpur for leave of court to commence action against its
subsidiary, Kemayan Resources Sdn Bhd (KRSB) on the ground that
they are the purchasers of the double story office lot at 1388
Rasah Kemayan Golf & Country Township project.

The hearing is fixed on January 19, 2005.

KRSB will engage a solicitor to defend the matter.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax: +60 7 236 5307


NAUTICALINK BERHAD: Court Grants Restraining Order
--------------------------------------------------
The Board of Directors of Nauticalink Berhad (NB) announced that
the High Court of Malaya has extended the Order which inter-
alia, granted a restraining order in favor of NB and leave to
convene scheme meetings for the shareholders and scheme
creditors pursuant to Section 176 of the Companies Act, 1965 for
a period of three (3) months from January 16, 2005 until April
15, 2005.

CONTACT:

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

This announcement is dated January 14, 2005.


OLYMPIA INDUSTRIES: Dissolves U.K. Subsidiary
---------------------------------------------
The Board of Olympia Industries Berhad (OIB) announced that its
wholly owned subsidiary, Jupiter Capital (UK) Limited (JCUKL),
has filed an application to the Registrar of the Companies House
in United Kingdom to strike off the Company from the register.

JCUKL has an authorized and issued share capital of GBP2.00
comprising 2 ordinary shares of GBP1.00 each. JCUKL has not
commenced operations since the date of incorporation. The
proposed dissolution has no material financial effect on the OIB
Group.

CONTACT:

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


PANTAI HOLDINGS: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad announced the details of its shares buy
back on January 13, 2005.
   
Date of buy back: 13/01/2005

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 33,000

Minimum price paid for each share purchased (RM): 0.930

Maximum price paid for each share purchased (RM): 0.935

Total consideration paid (RM): 30,924.06

Number of shares purchased retained in treasury (units): 33,000

Number of shares purchased which are proposed to be cancelled
(units):  

Cumulative net outstanding treasury shares as at to-date
(units): 25,121,300

Adjusted issued capital after cancellation (no. of shares)
(units):  

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/


PETALING TIN: Updates Practice Note No. 17/2005
-----------------------------------------------
In compliance with Paragraph 2 & 3 of Practice Note 17/2005
(PN17/2005) which sets out the criteria and obligations pursuant
to Paragraph 8.14C of the Listing Requirements (the LR) of the
Bursa Malaysia Securities Berhad, the Board of Directors of
Petaling Tin Berhad (PTB) announced that based on the latest un-
audited accounts of the Company and its subsidiary companies
(PTB Group) for the financial year ended 31 October 2004, it has
an insignificant business or operations which generated a
revenue on a consolidated basis of RM3.701 million. The drop in
revenue was due to PTB Group's rationalization of its property
development projects. As such, there were no new launches of
projects during the financial year ended 31 October 2004.

OBLIGATIONS OF PTB PURSUANT TO PN17/2005

Pursuant to PN17/2005, PTB as an affected listed issuer is
required to comply with the following:

(a) Submit a regularization plan to the relevant authorities for
approval or, where the relevant authorities approvals are not
required, obtain all other approvals necessary for the
implementation of the Regularization Plan within 8 months from
the date of the First Announcement (i.e. Submission Timeframe);

(b) Announce its compliance or non-compliance with a particular
obligation imposed pursuant to PN17/2005 on an immediate basis;

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Malaysia; and

(d) Implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe as imposed by Bursa Malaysia (i.e. Implementation
Timeframe).

CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS

In the event PTB fails to comply with the obligation to
regularize its condition, it shall have all its listed
securities suspended from trading on the 5th market day after
expiry of the Submission Timeframe or Implementation Timeframe,
as the case may be, and de-listing procedures shall be commenced
against PTB.

STATUS OF PLAN TO REGULARISE CONDITION

The Board of Directors of PTB is currently deliberating on the
Regularization Plan. Once completed, the requisite announcement
outlining the Regularization Plan shall be made to Bursa
Malaysia.

CONTACT:

Petaling Tin Berhad
Level 19, Menara PanGlobal,
No. 8, Lorong P Ramlee, 50250 Kuala Lumpur.  
Phone: 03 - 20312377
Fax: 03 - 20312263

This announcement is dated January 13, 2005.


SAFEGUARDS CORPORATION: Terminates JV Deal with JR Logistics
------------------------------------------------------------
Safeguards Corporation Berhad and JR Logistics Sdn Bhd (JR)
recently agreed to terminate the Joint Venture Agreement
(Agreement) entered into on July 14, 2004, without claim for any
damages by either of the parties.

Accordingly, all other agreements or arrangements that
Safeguards and JR hereto have previously entered in connection
with the Agreement and the joint venture Company is also
terminated without any claim for any damages.

CONTACT:

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


SUGARBUN CORPORATION: Unveils Securities Disposal, Acquisition
--------------------------------------------------------------
Pursuant to paragraph 9.21 of the Listing Requirements of Bursa
Malaysia Berhad, the Board of Directors of Sugarbun Corporation
Berhad announced that the aggregate value of quoted securities
purchased and sold for the preceding 12 months to-date amounted
to RM3,023 million and RM4,348 million respectively. As at to-
date, the Company has no more investments in any of the quoted
securities.

CONTACT:

Sugarbun Corporation Berhad
Level 10 Wisma Oceanic
Jalan OKK Awang Besar
87007 Wilayah Persekutuan Labuan
Phone: 087-410511
Fax: 087-410515


TRADEWINDS CORPORATION: Extends Property Disposal Date
------------------------------------------------------
Tradewinds Corporation Berhad (TCB) refers to its announcements
dated 6 November 2003, 21 May 2004, 2 September 2004 and 3
December 2004 in relation to the proposed disposal of the
Company's 57,153,500 ordinary shares of RM1.00 each in United
Malayan Land Bhd (UM Land), representing approximately 24.63%
equity interest in the issued and paid-up share capital of UM
Land as at June 15, 2004, to Wawasan Perangsang Mewah Sdn Bhd
(WPM) for a total cash consideration of RM131,453,050.

The Company announced that it has agreed to extend the date for
the completion of the Proposed Disposal to 28 February 2005.

CONTACT:

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

This announcement is dated January 13, 2005.


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


APC GROUP: Sells Losing Subsidiary to Cut Losses
------------------------------------------------
Holding firm APC Group Incorporated is selling its
telecommunications subsidiary Philippine Global Communications
Incorporated (Philcom) after years of continued losses, ABS-CBN
News reports.

According to the Company, Philcom's losses since 1999 have
amounted to Php6.85 billion, resulting in negative stockholder's
equity to date. Philcom went into debt after reporting high
levels of receivables and prepayments.

As of Sept. 30 last year, APC had a capital deficiency of Php7.4
million, seven percent higher than the end-December 2003 level
of Php6.9 billion. The increase in capital deficiency was due to
the losses suffered by Philcom for the first three quarters of
2004 amounting to Php488.2 million.

According to the Philippine Star, APC appointed Gregorio Kilayko
of ABN-AMRO Bank as its financial adviser for the planned sale.
Philcom is 73.84 percent owned by APC.

APC said in a statement that the successful sale of its
subsidiary would allow both the corporation and the subsidiary
to "move forward."

CONTACT:

APC Group, Incorporated
10/F, PhilCom Building
8755 Paseo de Roxas, Makati City
Phone: 845-0614
Fax: 845-0259
E-mail Address: singsone@i-next.net, glory@philcom.com


COLLEGE ASSURANCE: SEC to Allow Capital Increase in Stock
---------------------------------------------------------
The Securities and Exchange Commission (SEC) has eased its
stance on College Assurance Plan Phils Inc.'s application for
increase in capital stock, a move seen to fast-track the
issuance of a new dealership license to the pre-need firm,
according to the Philippine Star.

A source said the SEC will now accept CAP's application even
without all the required documents, adding, however, that the
mere submission of its application doesn't mean that SEC would
issue the Company a new dealership license. CAP is now working
double time to comply with the remaining requirements imposed by
the commission to be issued the new license.

According to the commission, CAP's future depends on the firm's
compliance with all the requirements since it has no more
securities to sell to the public.

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


MANILA ELECTRIC: Receives ERC Order to Refund Customers
-------------------------------------------------------
The Manila Electric Company (Meralco) on January 13, 2005 said
that it has received an order from the Energy Regulatory
Commission (ERC) regarding its Phase 4A refund implementation.

Meralco said PhaseIVA, which has a gross refund amount (GRA) of
Php2.276 billion covers a total of 103,425 small commercial and
industrial customers, government hospitals and metered
streetlights (GHMS) customers with contracted demand of less
than 40 kW. Also included are flat streetlight customers.

In a statement released to media, Meralco Senior Assistant Vice
President and Refund Management Task Force Head Leo Mabale said
that the order states that the refund will be credited to future
billings over a specified period of 18 months starting January
2005. The order also directed Meralco to submit the details of
its Phase 4B refund proposal and provide the commission with a
refund implementation status.

"Although we recognize and adhere to ERC's order, we need to
inform the commission on the difficulties of starting the
implementation this month. We received the order only on January
6 and we cannot implement it midway in the billing cycle
(January billing cycle). In addition, the Bureau of Internal
Revenue (BIR) has notified us that it intends to tax the refund
of customers under Phase 4 and to designate Meralco as its
withholding agent. We hope to clarify with the BIR and ERC all
of these matters including the tax rules and mechanics at the
soonest possible time so we can hopefully implement the refund
by February at the earliest."

Mabale added that at the end of December 2004, Meralco completed
the processing of funds for active and terminated
residential/general service (R/GS) customers. This covers 5.1
million customers, representing 98% of customers entitled to a
refund. The amount processed for refund stands at P11.6 billion
or 38% of the total refundable amount.

For further details of the Company press release, refer to:
http://bankrupt.com/misc/tcrap_meralco011405.pdf

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
Email Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph    


PHILIPPINE LONG: Clarifies Profit Target Report
-----------------------------------------------
In reference to the news article entitled "PLDT exceeds 2004
profit target of PhP24B" published in the January 13, 2005 issue
of the Philippine Daily Inquirer (Internet Edition), the Company
stated:

The article reported that "Philippine Long Distance Telephone
Co. (PLDT) substantially exceeded its PhP24-billion profit
target in 2004 with increased recurring income and one-time
gains from the consolidation of its wireless business, its top
official said. PLDT's affiliate Pilipino Telephone Corp.
(Piltel) reported an exceptional gain of about PhP3.7 billion
last year.

Philippine Long Distance Telephone Company, in its letter dated
January 13, 2005, advised the Philippine Stock Exchange that:

"While the Company had previously articulated a profit target of
PhP24 billion for 2004 after having reported a net income of
PhP20 billion in the first nine months of 2004 inclusive of
exceptional gains and other non-recurring items, the actual
results for full year 2004 will depend on the group's financial
performance in the fourth quarter of 2004 plus other accounting
adjustments that may result from PLDT's early adoption of
International Accounting Standards (`IAS'). We are still
currently finalizing our financial reports for 2004 and expect
to announce our audited financial results for full year 2004 on
March 1, 2005."

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

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  (0632) 813-2292
Web site: http://www.pldt.com.ph


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


APEX INTERNATIONAL: Court to Hear Winding Up Petition on Jan.28
---------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Apex International (S) Pte Ltd by the High Court was, on Jan. 3,
2005, presented by Jotun (Singapore) Pte Ltd, a Company
incorporated in the Republic of Singapore with registered office
at 11-15 Sixth Lok Yang Road, Singapore 628111, a Creditor.

The said Petition will be heard before the Court sitting at the
High Court of Singapore at 10 o'clock in the forenoon on Friday,
Jan. 28, 2005.

Any creditor or contributor of the said Company desiring 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 Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge for the same.

The Petitioner's address is 11-15 Sixth Lok Yang Road, Singapore
628111.

The Petitioner's solicitors are Chan & Goh of 7 Temasek
Boulevard, #19-01B Suntec Tower 1, Singapore 038987.

Chan & Goh
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the solicitors for the
Petitioners, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, firm or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the above named not later than 12 o'clock noon of Jan.
27, 2005.

This Singapore Government Gazette notice is dated January 10,
2005.


CHINA AVIATION (S): To Present Rehab Scheme to Creditors
--------------------------------------------------------
A special unit commissioned to draft the restructuring program
for troubled China Aviation Oil (Singapore) Company Limited
(CAO) is poised to present the scheme to the firm's creditors,
reports Asia Pulse.

The group is currently contacting the oil trader's creditors to
show them the rehabilitation plan. It is also in talks with
legal advisors and a Singaporean organization for securities
investors on the issue.

Under the scheme, CAO's reorganization will be carried out
through commercial means based on international standards.

The special group sympathizes with the aggrieved small
investors. It is appealing for these investors not to file for
joint legal proceedings, unlike CAO's large overseas investors.

CAO, which lost US$550 million in oil trading derivatives, is
currenlty facing three class action suits in the U.S. for
issuing false and misleading statements regarding the firm's
business prospects.

Locally, CAO is facing a lawsuit by a consortium of Indonesian
businessmen, Satya Capital, for failing to honor an agreement to
purchase the 20.6 percent stake in Singapore Petroleum
Corporation it earlier pledged to acquire.

CONTACT:

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


COTAN PETROLEUM: Posts Notice of Dividend
-----------------------------------------
Cotan Petroleum Pte Ltd. posted at the Singapore Government
Gazette its notice of dividend on Jan. 7, 2005.

Address of Registered Office: Formerly of 207A Thomson Road
Singapore 307640

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 327 of 1999

Amount Per Centum: 51.310%

First and Final or otherwise: First & Final Dividend

When Payable: Dec. 31, 2004

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Chan Wang Ho
Assistant Official Receiver


DIGILAND INTERNATIONAL: Subsidiary Wins Appeal
----------------------------------------------
Further to the announcement made by Digiland International
Limited on Nov. 17, 2004, the Company is pleased to provide the
following updates in relation to the appeal by 6 individuals
against the Company's subsidiary, Digilandmall.com Pte Ltd.

(a) Digilandmall has on January 13, 2005 received the written
judgment of the Court of Appeal of Republic of Singapore. The
judgment was delivered by Justice of Appeal Chao Hick Tin, on
behalf of the Court of Appeal constituting, Chief Justice Yong
Pung How, himself and Justice Kan Ting Chiu.

(b) The Court of Appeal dismissed the 6 Appellants' claims and
found that Digilandmall did not breach any contract and was
accordingly not liable to pay them damages for breach of
contract or to deliver the Colour Laser printers that they had
purportedly ordered at SG$66.00 each.

By Order of the Board
Digiland International Limited

Lim Koon Hock
Company Secretary
Jan. 13, 2004    


DOWFLECT TRADING: Issues Intended Dividend Notice
-------------------------------------------------
Dowflect Trading Pte Ltd. posted its notice of intended dividend
notice at the Singapore Government Gazette on Jan. 7, 2004.

Address of Registered Office: Formerly of 1 Marine Parade
Central #07-06 Parkway Builders Centre Singapore 449408

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 265 of 1997

Last Day for Receiving Proofs: Jan. 20, 2005

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

Kamala Ponnampalam
Assistant Official Receiver


MEASUREX ENGINEERING: Receiving Proofs Until Jan. 24
----------------------------------------------------
Measurex Engineering Pte Ltd. with registered office at 994
Bendemeer Road #05-03 Kallang Basin Industrial Estate
Singapore 339943 posted a notice of intended dividend at the
Singapore Stock Exchange.

Court: High Court of Singapore

Number of Matter: No. 600074 of 2002

Last Day for Receiving Proofs: Jan. 24, 2005

Name of Liquidators: Ong Yew Huat and Nagaraj Sivaram.
Address: c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315

This Singapore Government Gazette notice is dated Jan. 10, 2005.


NIPPECRAFT LIMITED: Posts List of Staff in Managerial Positions
---------------------------------------------------------------
Nippecraft Limited is pleased to advise the list of persons
holding a managerial position and related to a director or
substantial shareholder of the Company and its subsidiaries.

Name: Choo Soo Eng

Age: 48

Family relationship with any director and/or substantial
shareholder: Sister-in-law of Executive
Director, Mr. Steven Lim Siang Huat

Current position and duties, and the year the position was first
held:

Accounts Manager since March 2003.
Duties include:
- Overseeing the whole finance department including the
completion of the full set of accounts,

- Variance analysis, trouble shooting,

- Insurance risk management,

- Liaison with banks and auditors.

Details of changes in duties and the year the position was first
held: No changes

Submitted by:
Tricia Lee
Chief Financial Officer


SIFRINA TRADING: Creditors to Prove Claims by Jan. 28
-----------------------------------------------------
Take notice that a final dividend is to be declared with regards
to Sifrina Trading Pte Ltd.

If no claim is to be established to the satisfaction of the
Court on or before Jan. 28, 2005 or such later day as the Court
may fix, the claim may be expunged, and the creditors shall
proceed to make a final dividend without regard to such claim.

Ewe Pang Kooi
Loke Poh Keun
Liquidators
c/o 8 Robinson Road
#08-00 ASO Building
Singapore 048544

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


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


EMC: Discloses Additional Information on ESOP
---------------------------------------------
EMC Public Company Limited (the Company) advised the Stock
Exchange of Thailand that during the meeting held on January 5,
it has resolved to proceed with the issuance and offering of
50,000,000 warrants to directors and/or employees of the Company
under the employee's stock option program (ESOP) Scheme and to
allocate 33,600,000 warrants to the Company's directors.

Set out below is a summary of additional clarification on the
Companys ESOP Scheme.

(1) Rational or purpose for the allocation and the determination
of the number of warrants to each director

The Remuneration Committee, under the authority of the Board, is
responsible for determining the eligibility for warrant
allocation favourable to the existing directors or employees.  
After due consideration, the Remuneration Committee sees it
reasonable to base the eligibility on the job titles and
responsibilities of those entitled to participate in this ESOP
Scheme - those having equivalent job titles and responsibilities
will be offered an equal number of allocated warrants as
follows:

Job title               Number of allocated warrants

Chairman                2,000,000 units
Managing Director       30,000,000 units
Authorised directors    500,000 units
Other directors         100,000 units

(2) Opinion of the Remuneration Committee on the allocation
method, reasons and necessity of the ESOP Scheme and the
benefits to the Company from the ESOP Scheme.

The main objective of the ESOP Scheme is to be consideration for
their commitment and contribution to the Company that then
resulted in the Central Bankruptcy Court to cancel the
rehabilitation of the Company.  Furthermore, it is to motivate
the employees so that they use their full capacity to make
benefits to the Company on a long-term basis.

While the Company was during the rehabilitation process, the
creditors would like to allocate warrants to Mr. Komol
Wongpornpenpap in consideration for Mr. Komol, who is also the
founder of the Company and the main management who led the
Company to pass the economic crisis since 1997 including the
rehabilitation.  He also give his full contribution to manage
the Company.

In order for Mr. Komol to continue working as a management of
the Company, the Company obtained approval to issue him
50,000,000 warrants as set out in the rehabilitation plan of the
Company approved by the Central Bankruptcy Court.

However, the rehabilitation order was cancelled by the Central
Bankruptcy Court on March 8, 2004 and those warrants have not
yet been issued to him.  Therefore, the Company would like to
compensate full commitment to the Company until the Company
could pass the rehabilitation process with an issuance of
warrants to directors and/or employees in lieu of salary
increase or bonus.  The Company will then have no need to use
cash for this.

In allocating warrants to directors and/or employees in this
occasion, the Remuneration Committee has considered to allocate
warrants to each director based on job titles and
responsibilities.  Those having equivalent job titles and
responsibilities will be offered an equal number of allocated
warrants.  However, the allocation of warrants to each employee
will vary depending on titles, experiences, years of service,
performance and capability including benefits to the Company.

In this allocation of warrants, the Company intends to allocate
warrants in consideration for commitment and contribution of
each person who makes good to the Company throughout the period.  
Each person who entitles to the allocation takes part to the
management of the Company until the present success.  It is not
a fund raising.  In addition, if directors and/or employees
exercise warrants, the Company will have working capital from
such exercise.

(3) Reasonableness of the differences on the terms and
conditions of warrants under the ESOP Scheme and those under the
rights offering

The terms and conditions of warrants under the ESOP Scheme are
different from those issued to existing shareholders.  The
reason of which is that the main objective of the ESOP Scheme is
to give incentives and to create working motivation.  As a
result, the terms and conditions of warrants under the ESOP
Scheme are different from those issued to existing shareholders
so that they are interested in subscribing them and it can show
the Company's clear intention that the Company would like to
compensate for their contribution.  

Additionally, warrants under the ESOP Scheme will not be listed
on the SET.  On the other hand, warrants issued to existing
shareholders can be traded on the SET with no necessity to
converting them into ordinary shares.

The right to exercise warrants under the ESOP Scheme is also
different from those issued to existing shareholders.  Warrants
under the ESOP Scheme can be exercised after the lapse of a six
month period after the issuing date of warrants and, at the time
the right is exercised, they must still be directors and/or
employees of the Company.

(4) Performance of the board of directors in the previous year
such as number of attendance and number of absence

In 2004, the Company held 10 meetings of the board of directors.

No.  Names of directors  Number of attendance   Number of
absence

(1) Mr. Suthisak lohsawat           10            -
(2) Mr. Komol Wongpornpenpap        10            -
(3) Lt. Gen Samang Thongpan         10            -
(4) Mrs. Sunee Somchaitanasukzx      9            1
(5) Mr. Prasert Kasemkomet           7            3
(6) Mr. Chaiyong Ratanacharoensiri  10            -
(7) *Mr. Chupong Tanasettakorn       1            -
(8) Mrs. Rasri Wipadapisut          10            -
(9) Pol.Maj.Gen. Panomsak Tungthong  6            4
(10) Lt.Gen. Werasak Phairach        9            1

* Has been appionted as a Director of Company on November 18,
2004.

(5) Remuneration paid to directors in 2004, both cash and
none-cash

Remuneration paid to directors were meeting allowances at the
rate of THB20,000 for the Chairman and THB10,000 for other
directors.

No.      Names of directors            Remuneration (Baht)

(1)      Mr. Suthisak lohsawat            200,000
(2)      Mr. Komol Wongpornpenpap         100,000
(3)      Lt. Gen Samang Thongpan          100,000
(4)      Mrs. Sunee Somchaitanasuk        90,000
(5)      Mr. Prasert Kasemkomet           70,000
(6)      Mr. Chaiyong Ratanacharoensiri   100,000
(7)      Mr. Chupong Tanasettakorn        10,000
(8)      Mrs. Rasri Wipadapisut           100,000
(9)      Pol.Maj.Gen. Panomsak Tungthong  60,000
(10)      Lt.Gen. Werasak Phairach        90,000

Please be informed accordingly.

Yours faithfully,
(Lt. Gen.Samang Thongpan)
Director

CONTACT:

Emc Public Company Limited   
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0333   
Fax: 0-2937-0329   
Web site: http://www.emc-group.co.th


THAI WAH: Details Amendment of Business Reorganization Plan
-----------------------------------------------------------
The Class B Director of Wah Group Planner Co Ltd, as the Plan
Administrator of Thai Wah Public Company Limited advised the
Stock Exchange of Thailand (SET) that on 27 December 2004 the
Central Bankruptcy approved an amendment to the Business
Reorganization Plan of Thai Wah pursuant to the resolution of
the creditors' meeting held on 20 December 2004.  A summary
of the amendment is shown below:

(1) Class B Directors of the Plan Administrator may sell the
following non-core assets:

(a) Shares held by the Company in Thai Wah Plaza Limited of
10,188,203 shares or 87.4% of total paid-up capital.

Investment in Thai Wah Plaza Limited has book value as of 30
September 2004 at a negative of THB666.8 million;

(b) Shares held by the Company in Thai Wah Tower (2) Co Ltd      
of 36,743 shares or 17.4% of total paid-up capital.

Investment in Thai Wah Tower (2) Co Ltd has book value as of 30
September 2004 at THB219.6 million; and

(c) The access road to Thai Wah Tower 2 building owned by the
Company with the area of 47 square wah.  The land has book value
of THB14.63 million.

(2) The buyer shall comply with the following terms and
conditions:

(a) Procure that Everen Investment Pte Ltd (Everen) shall
release all the claims against the Company.  The Company      
shall waive its right in respect of any claim and right of
subrogation against Thai Wah Plaza Ltd arising from the release
of debts.

As of 31 December 2004, the amount due to Everen by the
Company is US$17.09 million or at a Baht equivalent of
THB683.8 million;

(b) Procure that the Company shall be refunded in full any
amount which has been paid by the Company to Everen.

This is approximately THB47 million;

(c) Procure that the Company shall receive an amount of
THB21 million to compensate it for the shares of the Company
issued to Everen for the debt-to-equity conversion under the
amended Plan.

The Company shall waive its right in respect of any claim      
against Thai Wah Plaza Ltd;

(d) Procure that the Company shall receive debt repayment from
Thai Wah Plaza Ltd in an amount of Bt 251 million in full and
final settlement of any claim it may have against Thai Wah Plaza
Ltd.  Total debt owed to the Company by Thai Wah Plaza Ltd as of
30 September 2004 is THB331.5 million.

Total proceed from this transaction is approximately THB319
million.  The funds will be used to repay the creditors of the
Company as provided in the business reorganization plan.  We are
now in the process of finalizing the Sale and Purchase Agreement
with the buyer and expect that the transactions will be complete
within February 2004.

Please be informed accordingly.

Yours faithfully,
Ian Pascoe
Class B Director of Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.

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: http://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 ***