TCRAP_Public/050118.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

             Tuesday, January 18, 2005, Vol. 8, No. 12

                            Headlines


A U S T R A L I A

AROUND THE WORLD: Creditors Vote to Sink Cruise Venture
B. THOMAS: Court Appoints Steven Nicols as Liquidator
BLUESCOPE STEEL: Warns of Industrial Action's Effects
CEEJAA CONTRACTING: Sets January 21 Meeting
DEVAUGH PTY: Collapse Wrecks Founder

ELAP PTY: Members Agree to Wind Up Company
FLYON PTY: Court Issues Winding Up Order
GUTHREYS TOURS: Court Issues Winding Up Petition
HAWKESBURY VALLEY: Faces Voluntary Winding Up Process
HUNTER VINEYARD: Members Resolve to Wind Up Company

JAMOSS PTY: Creditors, Members to Meet January 21
JOSEPH PROPERTIES: Lays Out Agenda for January 21 Meeting
K.C. LOGISTICS: Appoints Liquidator for Winding Up Purposes
LIMABELLE PTY: Names David Levi and Riad Tayeh as Liquidators
MACKANESS AND AVERY: Members Pass Meeting Resolutions

M&M HIRE: Lays Out Agenda for January 21 Meeting
MULTIACTIVE SOFTWARE: To Declare Final Dividend February 8
MYTH PTY: Court Appoints Steven Nicols as Liquidator
OXTON CUSTODIANS: Members to Hear Liquidator's Report
PRIMO SPORTS: Members Agree to Wind Up Company

QANTAS AIRWAYS: Unit Refuses to Pursue Talks with Union
STAR AUTO: Final Meeting Fixed January 24
STOCKBROKING PLACEMENTS: Court Issues Winding Up Order
T.J.T. PLASTERERS: Court Appoints Steven Nicols as Liquidator


C H I N A  &  H O N G  K O N G

AMARIL ESTATES: To Receive Creditors' Claims Before Feb. 7
BANK OF CHINA: R&I Affirms A- on FCLT Debt
BIG RESOURCES: Court to Hear Liquidator's Application Feb. 3
C&J ASSOCIATES: Court Issues Winding Up Notice
EC STREET: Creditors Meeting Slated for Feb. 1

WELL WINNER: Enters Winding Up Proceedings


I N D O N E S I A

BANK GLOBAL: To Repay Depositors Starting Next Month
BANK RAKYAT: Eyes IDR410 Bln in Potential Losses From Tsunami
SEMEN GRESIK: Labor Union Plans Strike Against Cemex


J A P A N

DAIEI INCORPORATED: IRCJ Closes 2nd Round of Sponsorship Bids
HANSHIN SEIWATOCHI: Enters Bankruptcy
MITSUBISHI MOTORS: Expands OEM Supply Deal with Nissan Motor
MITSUBISHI MOTORS: To Unveil New Colt Concept at Geneva Show
MIZUNORIZOTO GASSAN: Enters Bankruptcy

PAINTHOUSE COMPANY: JCR Downgrades Bonds from CCC to D
PAINTHOUSE COMPANY: Defaults on Huge Debt
RESONA HOLDINGS: Shinsei Bank Mulls Acquisition of Affiliate
SHIKOKUKANTORI K.K.: Declared Bankrupt


K O R E A

CJ CORPORATION: Weak Demand Drives Plunging Profit
DAEWOO HEAVY: Expects High Sales Percentage in 2005
HYNIX SEMICONDUCTOR: To Exceed Analysts' Sales Forecast


M A L A Y S I A

BRIGHT PACKAGING: Discloses Unaudited Quarterly Results
BRIGHT PACKAGING: Unaware of Unusual Market Activity
FARLIM GROUP: Details Financial Aid Rendered
GOLDEN FRONTIER: Posts Shares Buy Back Notice
GOPENG BERHAD: Rejects YTL's Takeover Bid

MALAYSIA PACIFIC: Changes Company Name
MAXIS COMMUNICATIONS: Lists Additional Shares
MMC CORPORATION: Seeks to Renew Shareholders' Mandate
NAUTICALINK BERHAD: Court Grants Restructuring Extension
PANTAI HOLDINGS: Releases Notice of Shares Buy Back

PUTERA CAPITAL: Granted Listing of Additional Shares
TELEKOM MALAYSIA: To List Additional Shares
TIMBERWELL BERHAD: Unveils Share Option Scheme
UMW HOLDINGS: Notes Additional Listing of Shares
WCT ENGINEERING: Lists Additional Shares

WEMBLEY INDUSTRIES: SC OKs Restructuring Extension


P H I L I P P I N E S

COLLEGE ASSURANCE: Pursues Cap Injection Talks with U.S. Firm
COLLEGE ASSURANCE: SEC Warns Trustee Bank of US$300-Mln Loan
NATIONAL BANK: BDR Executive Steps Down
NATIONAL POWER: May Reap Php30-Mln Monthly Revenue from 5 Firms
PHILIPPINE LONG: Clarifies "NTC OK's Globe, PLDT plans" Report


S I N G A P O R E

AXA HOLDINGS: Creditors to Submit Claims by Feb. 11
CHINA AVIATION (S): Defends Itself From Satya's Accusations
CHON HWA: Posts Intended Dividend Notice
EXTROPIA.COM PRIVATE: Issues First and Final Dividend Notice
HOOKED ON STEAMBOAT: Court to Hear Winding Up Petition Jan. 28

PANPAC MEDIA: To Hold EGM on Feb. 7


T H A I L A N D

KHAOLAK MERLIN: Faces Worst Crisis Yet
NATURAL PARK: Issues Additional Information on Share Swap Ratio
SIAM AGRO: Court Accepts Petition for Joint Filing of Rehab
THAI PETROCHEMICAL: Senate Sends Out Warning to Finance Ministry
THAI WAH: Details Current Payables to Everen

BOND PRICING: For the Week 17 January to 21 January 2005

     -  -  -  -  -  -  -  -  

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


AROUND THE WORLD: Creditors Vote to Sink Cruise Venture
-------------------------------------------------------
Travel operator Around the World Cruises entered liquidation on
Wednesday last week, reports The West Australian.

Disgruntled creditors of the failed firm unanimously voted to
send the Company into liquidation, ignoring a plea from its
founder to give it another chance.

Kim Wallman, the firm's former administrator and presently the
liquidator, is now liaising with the Australian Securities and
Investments Commission (ASIC) and would send the corporate
watchdog a report of his investigation.

The Company has liabilities of AU$2.5 million, shared between
about 1000 creditors.

If found to have committed wrongdoing, the firm's directors
could be liable for its debts.


B. THOMAS: Court Appoints Steven Nicols as Liquidator
-----------------------------------------------------
On December 9, 2004, the Supreme Court of New South Wales,
Equity Division, made an order that B. Thomas Pty Ltd (In
Liquidation) A.C.N. 096 568 759 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


BLUESCOPE STEEL: Warns of Industrial Action's Effects
-----------------------------------------------------
BlueScope Steel is almost certain its manufacturing operations
may be badly hurt by continuing strikes and bans at its Western
Port facility in Victoria, Asia Pulse says.

The Company has hinted at the possibility of shutting down the
automotive industry, as workers are unable to go to work because
of the industrial action at its steel plant by the Victorian
branch of the Electrical Trades Union (ETU).

Aside from the estimated AU$3 million (US$2.28 million) in daily
losses for BlueScope, the protest is also causing significant
damage to other manufacturers.

For the six months ending December 2004, a combination of
factors, including the industrial action, has caused the Western
Port operation to be unprofitable.   

Bluescope last Friday called on the Australian Industrial
Relations Commission (AIRC) to terminate the capacity of the ETU
to take protected industrial action at Western Port.

The Company argued that the ETU has caused substantial damage to
important parts of the Australian economy.

The hearing before AIRC resumes today.

CONTACT:

BlueScope Steel Limited
Mailing address:
GPO Box 1736P
Melbourne VIC 3001
Street Address:
Level 4
333 Collins Street
Melbourne VIC 3000
Australia
Phone: 1300 855 998
Fax: +61 3 9615 9900
Overseas
Phone: +61 3 9615 9620
Fax: +61 3 9615 9900
Email: bluescopesteel@asxperpetual.com.au
Web site: http://bluescopesteel.com


CEEJAA CONTRACTING: Sets January 21 Meeting
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Ceejaa Contracting Pty Limited (In Liquidation) A.C.N. 093
711 847 will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Friday, January 21, 2005 at 10:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Thursday, January 20,
2005.

Dated this 8th day of December 2004

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


DEVAUGH PTY: Collapse Wrecks Founder
------------------------------------
The head of Devaugh Pty Ltd has publicly apologized to creditors
for placing the firm in voluntary administration on New Year's
Eve, relates ABC News.

Merv Waugh, the founder and head of the failed regional building
firm, told some 120 creditors he was sorry to see the Company he
started in 1975 fall down.

At this stage, the Bunbury-based firm had unsecured debts of
AU$9 million and assets between AU$3 million and AU$10 million.

"I've done probably somewhere in the order of AU$600 or AU$700
million worth of work in the south-west over... that period,
it's so devastating to me... to attend a meeting here where I
owe people money, I just feel devastated," he said.

CONTACT:

Devaugh Pty Ltd
12 Hale St Bunbury 6230
Phone: 08 9721 3433


ELAP PTY: Members Agree to Wind Up Company
------------------------------------------
The following Special Resolution was passed by all the members
at a General Meeting of Elap Pty Limited (In Liquidation) A.C.N.
000 532 641 on December 2, 2004:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 10th day of December 2004

Vincent Choy
Auswild & Co
1st Floor, 50 Montgomery Street,
Kogarah NSW 2217


FLYON PTY: Court Issues Winding Up Order
----------------------------------------
On December 9, 2004 the Supreme Court of New South Wales made an
Order that Flyon Pty Limited (In Liquidation) A.C.N. 085 998 116
be wound up by the Court and appointed Peter George Burton to be
Liquidator.

Peter George Burton
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9903 4644
Facsimile: (02) 9904 9644


GUTHREYS TOURS: Court Issues Winding Up Petition
------------------------------------------------
On December 9, 2004, the Supreme Court of New South Wales,
Equity Division, made an order that Guthreys Tours Pty Ltd (In
Liquidation) A.C.N. 103 042 379 be wound up by the Court and
Appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


HAWKESBURY VALLEY: Faces Voluntary Winding Up Process
-----------------------------------------------------
The following Special Resolution was passed by all the members
at a General Meeting of Hawkesbury Valley Motors Investments Pty
Limited (In Liquidation) A.C.N. 000 076 871 on December 2, 2004:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 10th day of December 2004

Vincent Choy
Auswild & Co
1st Floor, 50 Montgomery Street,
Kogarah NSW 2217


HUNTER VINEYARD: Members Resolve to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a meeting of members of Hunter
Vineyard Services Pty Ltd (In Liquidation) A.C.N. 064 860 902
held on December 3, 2004 it was resolved that the Company be
wound up voluntarily and Nicholas Crouch of Crouch Insolvency,
Chartered Accountants, Level 5, 82 Elizabeth Street, Sydney NSW
2000 be appointed Liquidator.

Dated this 24th day of November 2004


JAMOSS PTY: Creditors, Members to Meet January 21
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Jamoss Pty
Limited (In Liquidation) A.C.N. 092 810 145 will be held at the
offices of Lawler Financial Services, Level 1, 1 National Park
Street Newcastle West on Friday, January 21, 2004 at 10:00 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and hearing any explanations
that may be given by the Liquidator.

Dated this 13th day of December 2004

R.G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


JOSEPH PROPERTIES: Lays Out Agenda for January 21 Meeting
---------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Joseph Properties Pty Ltd (In Liquidation) A.C.N. 000 260 186
will be held at the offices of Knights Insolvency
Administration, Level 27, The Chifley Tower, 2 Chifley Square,
Sydney on January 21, 2005 10:00 a.m.

AGENDA

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

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 13th day of December 2004

Bill Cotter
Joint and Several Liquidator
c/- Knights Insolvency Administration
Level 27, The Chifley Tower, 2 Chifley Square,
Sydney NSW 2000


K.C. LOGISTICS: Appoints Liquidator for Winding Up Purposes
-----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of K.C. Logistics Pty Limited (In Liquidation) A.C.N.
077 523 963 held on December 2, 2004, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 6th day of December 2004

Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


LIMABELLE PTY: Names David Levi and Riad Tayeh as Liquidators
-------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Limabelle Pty Limited (In Liquidation) A.C.N. 076 823 491 duly
convened and held on December 6, 2004, a Special Resolution that
the Company be wound up voluntarily was passed by members and
David Levi and Riad Tayeh were appointed joint and several
Liquidators.  Our appointment was confirmed at a subsequent
meeting of creditors held on December 6, 2004.

Dated this 6th day of December 2004

David Levi
Riad Tayeh
Joint and Several Liquidators
c/- de Vries Tayeh
Level 7, 33 Bligh Street, Sydney NSW 2001


MACKANESS AND AVERY: Members Pass Meeting Resolutions
-----------------------------------------------------
The following Special Resolution was passed by all the members
at a General Meeting of Mackaness And Avery Pty Limited (In
Liquidation) A.C.N. 000 040 880 on December 2, 2004:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 10th day of December 2004

Vincent Choy
Auswild & Co
1st Floor, 50 Montgomery Street,
Kogarah NSW 2217


M&M HIRE: Lays Out Agenda for January 21 Meeting
------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of M&M Hire Pty Limited (In Liquidation) A.C.N. 086
913 493 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW 2000 on Friday, January 21, 2005 at 10:00
a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on Friday, January
21, 2005.

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

(3) Any other business.

Dated this 10th day of December 2004

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


MULTIACTIVE SOFTWARE: To Declare Final Dividend February 8
----------------------------------------------------------
A final dividend is to be declared February 8, 2004 for the
creditors of Multiactive Software Pty Limited (Subject To Deed
Of Company Arrangement) A.C.N. 078 675 082.

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

Dated this 21st day of December 2004

Geoffrey Mcdonald
Deed Administrator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


MYTH PTY: Court Appoints Steven Nicols as Liquidator
----------------------------------------------------
On December 9, 2004, the Supreme Court of New South Wales,
Equity Division, made an order that Myth Pty Ltd (In
Liquidation) A.C.N. 081 352 810 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


OXTON CUSTODIANS: Members to Hear Liquidator's Report
-----------------------------------------------------
Notice is given that a final meeting of members of Oxton
Custodians Pty Limited (In Liquidation) A.C.N. 083 039 061 will
be held at the offices of Ernst & Young, Level 16, 321 Kent
Street, Sydney NSW 2000 on January 24, 2005 at 10:00 a.m. The
purpose of the meeting is to lay an account before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 21st day of December 2004

John Gibbons
Liquidator
Oxton Custodians Pty Limited (in liquidation)
Ernst & Young
Level 16, 321 Kent Street,
Sydney NSW 2000
Telephone: (02) 9248 4563


PRIMO SPORTS: Members Agree to Wind Up Company
----------------------------------------------
At a General Meeting of Members of Primo Sports Pty Ltd (In
Liquidation) A.C.N. 103 312 563 duly convened and held at the
offices of the BKR Walker Wayland, Chartered Accountants, 8th
Floor, 55 Hunter Street, Sydney on December 13, 2004 a Special
Resolution was passed that the Company be wound up and Mr. Hugh
C. Thomas be appointed Liquidator. The appointment was
subsequently confirmed at a Meeting of Creditors held the same
day.

Hugh C. Thomas
Liquidator
BKR Walker Wayland
8th Floor, 55 Hunter Street, Sydney


QANTAS AIRWAYS: Unit Refuses to Pursue Talks with Union
-------------------------------------------------------
Australian Airlines, Qantas Airways' budget liner, announced it
would not negotiate any further with the Flight Attendants
Association of Australia (FAAA) International Division on a new
enterprise agreement until the union withdrew its threat to take
industrial action.

Qantas Executive General Manager People, Kevin Brown, said: "The
claim by the union for a 17 per cent wage increase cannot be
taken seriously and is completely out of step with conditions in
the airline industry, where many major carriers are agreeing
wage reductions with their staff.

"Both the claim and the threat to take strike action are highly
irresponsible in an industry that is still reeling from repeated
international shocks.

"Australian Airlines is a small leisure based carrier that faces
significant commercial challenges. It is only marginally
profitable and the claims being pursued by the union are simply
undeliverable."

Mr. Brown said Qantas understands the union applied for
conciliation by the Australian Industrial Relations Commission.
This would provide an opportunity for Australian Airlines to
outline to the Commission the fair and comprehensive offer
Australian Airlines had made to its cabin crew. This offer
included wage increases of three per cent a year for three years
and other benefits.

"Australian Airlines has asked the union to agree to lift the
current restriction in the EBA on flying to destinations with a
time zone change of more than four hours from eastern standard
time.

"While there are no current plans to use this change, with the
EBA running for three years, we must be in a position to take
advantage of new market opportunities that may arise.

"Such opportunities are the way for crew to ensure a more secure
future for themselves and the airline. By using this change as a
bargaining chip the union is simply limiting opportunities for
Australian Airlines to grow and succeed."

Mr. Brown also said Australian Airlines would not be increasing
its offer for wage rises or doing anything else that undermined
the airline's future as a viable international leisure carrier.

"In the meantime, we will be taking steps to ensure that our
passengers' travel plans are not disrupted," Mr Brown said.

Australian Airlines is a Cairns based airline, with five
aircraft and 450 staff, including 320 cabin crew.

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


STAR AUTO: Final Meeting Fixed January 24
-----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Star Auto
Detailing & Car Rentals Pty Ltd (In Liquidation) formerly
trading as Simpson Smash Repairs A.C.N. 066 126 467 will be held
at the offices of Smith Hancock, Chartered Accountants, Level 4,
88 Phillip Street, Parramatta, NSW 2150, on January 24, 2005, at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 10th day of December 2004

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


STOCKBROKING PLACEMENTS: Court Issues Winding Up Order
------------------------------------------------------
On December 9, 2004 the Supreme Court of New South Wales, Equity
Division, made an order that Stockbroking Placements Pty Ltd (In
Liquidation) A.C.N. 079 627 651 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


T.J.T. PLASTERERS: Court Appoints Steven Nicols as Liquidator
-------------------------------------------------------------
On December 9, 2004 the Supreme Court of New South Wales, Equity
Division, made an order that T.J.T. Plasterers Pty Ltd (In
Liquidation) A.C.N. 084 428 142 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


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


AMARIL ESTATES: To Receive Creditors' Claims Before Feb. 7
----------------------------------------------------------
Notice is hereby given that the creditors of Amaril Estates
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,
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 Jan. 7, 2005.


BANK OF CHINA: R&I Affirms A- on FCLT Debt
------------------------------------------
Rating and Investment Information, Inc. (R&I), has affirmed the
following ratings on Bank of China (BOC).

Foreign Currency Senior Long-term Credit Rating
R&I RATING: A- (Affirmed)

Foreign Currency Short-term Credit Rating
R&I RATING: a-1 (Affirmed)

RATIONALE:

Bank of China (BOC) is a commercial bank wholly owned by China's
central government. In December 2003, BOC received an injection
of public funds and sharply reduced its problem loans. The
probability the government will continue to provide direct and
indirect support is high.

BOC's rating continues to strongly reflect the creditworthiness
of China's central government, and R&I has affirmed BOC's
Foreign Currency Senior Long-term Credit Rating at A- and the
Foreign Currency Short-term Credit Rating at a-1.

Since the second half of the 1990s, China's four large state-
owned commercial banks including BOC have suffered from problem
loans to state-owned enterprises. In December 2003,
China's government injected fresh capital of US$22.5 billion
into two banks respectively, including BOC. Because BOC also
authorized allocating existing equity capital to the disposal of
problem loans, its ratio of non-performing loans (domestic
standard) had fallen to the 5% level by the end of September
2004, substantially below the 13% average for all Chinese banks.
Given that the government has not yet decided whether to provide
public support for the remaining two of the four large banks,
the government's intention to support BOC can be judged to be
strong.

China's rapid economic growth, however, has aspects that were
being supported by firms' excessive investment. If the
government mismanages its response, the possibility of another
badloan problem in China is undeniable. BOC's loan assets
increased rapidly over the past several years under improved
credit risk management. Although BOC has diversified its
domestic loans from state-owned enterprises, R&I considers that
more time will probably be required to ascertain the asset
quality.

Over the long term, strengthening corporate governance in areas
such as prevention of business irregularities is a key issue.
BOC converted to a joint-stock Company in August 2004, and has
accelerated management reforms with the goal of listing its
shares. Although BOC's business in Hong Kong generates stable
earnings, the potential for growth is minimal, and the bank
appears determined to improve earnings in its domestic
activities such as fee-based business. In addition to these
issues, BOC will require a further significant enhancement of
its equity capital.

ISSUER: Bank of China (BOC)
Foreign Currency Senior Long-term Credit Rating: A- (Affirmed)
Foreign Currency Short-term Credit Rating: a-1 (Affirmed)

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

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


BIG RESOURCES: Court to Hear Liquidator's Application Feb. 3
------------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Big Resources Industries Limited will be heard
before Master S. Kwang of the High Court on Feb. 3, 2005
(Thursday) at 9:30 a.m. at the High Court Building, No. 38
Queensway, Hong Kong for the consideration of the resolutions
and determinations (if any) of the adjourned first meetings of
creditors and the adjourned first meeting of contributories both
held on Oct. 19, 2004 deciding the differences (if any), and
making such order of appointments as the court may think fit.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

E T O'CONNELL
Official Receiver & Provisional Liquidator

This notice is dated Jan. 7, 2005


C&J ASSOCIATES: Court Issues Winding Up Notice
----------------------------------------------
C&J Associates Limited of Shop No 81, 1/F, Blk 13, City Garden
Shopping Arcade, 233 Electric Rd, North Point, Hk has received a
winding up order from the High Court on Jan. 3, 2005.

The winding-up petition was presented in October 27, 2004.

E T O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 14, 2005.


EC STREET: Creditors Meeting Slated for Feb. 1
----------------------------------------------
Notice is hereby given that a meeting of the creditors of ec
Street Limited will be held at Novotel Century Hong Kong Hotel
on the Lower Lobby, Board Room, 238 Jaffe Road, Wanchai, Hong
Kong on Feb. 1, 2005 at 3:00 p.m. for the purposes provided for
in Sections 241 of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room 1101, 11th Floor, Tai Yau
Building, 181 Johnston Road, Wanchai, Hong Kong not later than
4:00 p.m. on Jan. 31, 2005.

Dated this 7th day of January 2005

By Order Of The Board Of
Paul Hsu
Director


WELL WINNER: Enters Winding Up Proceedings
------------------------------------------
Well Winner Development Limited of Unit 907, 9/F, Lemmi Centre,
50 Hoi Yuen Rd, Kwun Tong, Kln has received a winding up order
from the High Court on Jan. 5, 2005.

The winding-up petition was presented in November 10, 2004.

E T O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 14, 2005.


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


BANK GLOBAL: To Repay Depositors Starting Next Month
----------------------------------------------------
Depositors of Bank Global will be repaid first week of February
in accordance with the bank's blanket guarantee program,
according to the Jakarta Post.

The bank guarantee implementation unit (UP3) of the Ministry of
Finance headed by Isa Rahmatawarta stressed in a public
announcement that the guarantee program covers Bank Global and
all depositors would be honored.

Depositors can claim their repayment at the branches of
designated banks by filling out an application form accompanied
by bankbooks and other official documents from the closed bank.  
All documentation will be verified by the UP3 prior to releasing
repayment.

Bank Global was shut down Thursday, January 13 after the
management failed to improve its financial condition.  

Bank Indonesia (BI) said Bank Global's third-party liabilities
amounted to IDR759 billion (US$84.3 million), of which IDR723
billion was in time deposits and IDR36 billion in savings
accounts. However, dozens of depositors trooped down to Bank
Global central branch Friday, questioning BI's assessment of
Bank Global's liabilities. The depositors claimed their deposits
alone reach IDR200 billion.

The government is likely to cover losses of up to IDR300
billion, as Bank Global has IDR400 billion in assets and only
IDR30 billion in cash reserves.

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: http://www.bankglobalinternasional.com


BANK RAKYAT: Eyes IDR410 Bln in Potential Losses From Tsunami
-------------------------------------------------------------
Bank Rakyat Indonesia (BRI) is expected to book IDR410 billion
in potential losses as a result of the recent tsunami that hit
parts of Aceh province on December 26 of last year, reports
Antara.

Unrepayable lending worth IDR400 billion and damaged fixed
assets worth IDR10 billion based on their book value constitute
the potential loss, chief of the bank's corporate secretariat
division Y. Supriatno told the Surabaya Stock Exchange (BES) on
Friday.

Aside from 47 of the bank's employees who died in the tsunami,
145 of the employees' relatives were also reported to have died
in the recent catastrophe.

Around 18 of the bank's offices were seriously destroyed
consisting of 1 regional office, 3 branch offices and 14 sub
branch offices. Mr. Supriatno said the reconstruction of the
fixed assets would cost around IDR40 billion.

CONTACT:

Bank Rakyat Indonesia
Jl. Jend Sudirman No. 44-46
P.O. Box 1094
Jakarta, Indonesia
Phone: (62) 21-575-1015
Fax: (62) 21-250-0071
Web site: http://www.bri.co.id


SEMEN GRESIK: Labor Union Plans Strike Against Cemex
----------------------------------------------------
The labor union of PT Semen Gresik threatens to stage a
demonstration if Cemex Asia succeeds in gaining a controlling
stake in the Company, relates Dow Jones, citing the Jakarta
Post.

According to Zubeir Halim, the union is preparing for a strike
at three of Semen Gresik's plant in Java city of Tuban.  The
protest aims to prevent the possibility that ""foreigners would
dominate the cement market" on the Indonesian islands of Java,
Bali and Kalimantan.

A recent TCR-Asia Pacific report states that the long dispute
started when the government has denied Cemex its call option
under the contract to acquire more stakes in state-owned Semen
Gresik.

Cemex then accused the Indonesian government of breaching its
contract and has lodged a suit with the International Center for
the Settlement of Investment dispute in Washington.

CONTACT:

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


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


DAIEI INCORPORATED: IRCJ Closes 2nd Round of Sponsorship Bids
-------------------------------------------------------------
The second round of applications for candidates to sponsor the
rehabilitation of embattled Daiei Incorporated was closed Monday
by the state corporate turnaround body, according to Kyodo News.

The Industrial Revitalization Corporate of Japan (IRCJ), which
currently handles Daiei's restructuring, has identified seven
consortiums that have applied for the rehab sponsorship. Among
the seven are those led by Japanese supermarket chain Ito-Yokado
Co., Aeon Co. and U.S. retail giant Wal-Mart Stores
Incorporated.

Based on further proposals, the IRCJ will shortlist three
candidates and will finally select the final sponsor in March.

The IRCJ plans to have Daiei restructure operations to focus on
three core businesses such as general merchandise stores,
groceries and credit card operations. Daiei is also expected to
withdraw from its non-core ventures such as leisure-related
assets and restaurants.  

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: http://www.daiei.co.jp


HANSHIN SEIWATOCHI: Enters Bankruptcy
-------------------------------------
Hanshin Seiwatochi K.K., a firm engaged in real estate
management, has entered bankruptcy, says Teikoku Databank
America.

The firm, based in 1-2-16 Chuo-ku, Tokyo 103-0028, has total
liabilities of US$150.88 million.

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


MITSUBISHI MOTORS: Expands OEM Supply Deal with Nissan Motor
------------------------------------------------------------
Mitsubishi Motors Corp. and Nissan Motor Co., Ltd. announced
that Mitsubishi would supply Nissan with an additional mini-
vehicle on an OEM basis starting in the first half of fiscal
year 2005. As a result, Mitsubishi will raise its annual mini-
vehicle supply to Nissan to 56,000 units, from 20,000 units at
present.

Under the expanded OEM agreement, Mitsubishi will supply Nissan
with a total of 36,000 eK series mini-passenger cars, in
addition to the 20,000 Minicab mini-commercial vehicles it
currently supplies to the Company. Nissan has been selling the
Minicab, which features both a truck and van version, under the
Clipper name since October 2003. Nissan will receive two
versions of the eK series from Mitsubishi: the eK WAGON and the
eK SPORT.

With the eK addition, Nissan, which also sells the Moco mini-
passenger car, will now have three mini-vehicle models in its
product lineup, allowing the Company to broaden its new customer
base. Mitsubishi Motors, by increasing the types of models it
supplies on an OEM basis, will be able to raise the number of
mini-vehicles that it produces and enhance productivity.

Mitsubishi has supplied Nissan with a total of 33,300 Minicabs
between October 2003 and December 2004.

Mitsubishi released the eK WAGON in October 2001 and the eK
SPORT in September 2002. The eK WAGON has sold a total of
301,700 units as of December 2004 and the eK SPORT has sold a
total of 55,700 units.

CONTACT:

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


MITSUBISHI MOTORS: To Unveil New Colt Concept at Geneva Show
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) disclosed that it would
unveil a coupe-cabriolet concept of the New Colt - jointly
developed with Pininfarina S.p.A of Italy - at the 75th Geneva
International Motor Show on March 1.

Based on the European Colt, the open car has a design crafted by
Mitsubishi Design Europe (MDE) and Pininfarina S.p.A. and is
based on the CZ2 Cabriolet concept displayed at the 2003 Geneva
Motor Show.

The Colt coupe-cabriolet concept is a preview of the car that
will be assembled at Pininfarina, with some of the stampings
sourced from MMC's NedCar plant in The Netherlands. Reflecting
market trends in Europe, the production car will replace the
soft top of the CZ2 Cabriolet with a retractable hard top.

The European Colt has won critical accolades in several
countries since its market introduction in May 2004, including
the coveted "Das Goldene Lenkrad" (Golden Steering Wheel)
presented by the German Sunday newspaper "Bild am Sonntag"
published by Axel Springer AG.

Also on the MMC stands will be the new diesel version of the
Grandis minivan, powered by a 2.0-liter turbocharged unit
supplied by Volkswagen AG and featuring a sophisticated pump-jet
injection system. The Grandis Diesel will go on sale in Europe
during the 3rd quarter of 2005.

The Geneva Motor Show runs from March 1 to 13. Public days will
start on March 3.


MIZUNORIZOTO GASSAN: Enters Bankruptcy
--------------------------------------
Golf course operator Mizunorizoto Gassan K.K. has fallen into
bankruptcy, according to Teikoku Databank America.

The firm, based in Higashitagawa-gun, Yamagata 999-6600, left
total liabilities US$96.58 million.

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


PAINTHOUSE COMPANY: JCR Downgrades Bonds from CCC to D
------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has downgraded the
rating on the bonds of Painthouse Co., Ltd. from CCC to D.

Issues        Amount(bln) Issue Date     Due Date       Coupon
callable
convertible
bonds no.1    JPY13       Mar. 25, 2002  Aug. 31, 2006  0.30%

Rationale:

Painthouse was noticed by the commissioned Company, UFJ Bank,
that the maturity of the bonds had been accelerated on the
ground of acceleration of the maturity of the loans extended
from UFJ.

JCR came to conclusion that Painthouse is in default, given its
financial conditions.


PAINTHOUSE COMPANY: Defaults on Huge Debt
-----------------------------------------
Painthouse Company Limited has received a notice from UFJ Bank
that it has defaulted on debt worth JPY7.127 billion, reports
The Japan Times.

Following the announcement, the besieged house refurbishment
service firm was transferred to Jasdaq's monitoring post to
gauge whether the firm will run counter to listing requirements.

The default notification, which came Thursday, also indicated
Painthouse defaulted on convertible bonds worth JPY13 billion.


RESONA HOLDINGS: Shinsei Bank Mulls Acquisition of Affiliate
------------------------------------------------------------
In a bid to enhance its non-bank financial services, Shinsei
Bank is considering buying an affiliate of the Resona Holdings
Inc. banking group, according to Japan Today.

Shinsei Bank said it will acquire Showa Leasing in March for
JPY65-70 billion. It said it will buy new common shares to be
issued by Showa Leasing for its capital boost in March.

In addition, the bank is planning to purchase the firm's shares
from existing shareholders, bringing its total equity stake in
the Resona affiliate to above 90 percent.

CONTACT:

Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


SHIKOKUKANTORI K.K.: Declared Bankrupt
--------------------------------------
Shikokukantori K.K. has been declared bankrupt, says Teikoku
Databank America.

The golf course operator, headquartered in Mima-gun, Tokushima
777-0005, has total liabilities of US$42.16 million.

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


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


CJ CORPORATION: Weak Demand Drives Plunging Profit
--------------------------------------------------
Processed foods giant CJ Corporation said operating profit in
the fourth quarter of 2004 plunged 93 percent due to feeble
domestic demand, the Korea Herald reports.

The Company's fourth-quarter earnings report showed sales
totaling KRW585 billion, a 2.8 percent increase from 2004, but
operating profit took a heavy hit to KRW2.1 billion, down 93
percent year-on-year.

CJ Corp.'s performance fell short of analysts' expectations and
triggered mixed reactions.

Song Ji-hyun of Goodmorning Shinhan Securities Co. downgraded
the Company's rating to "neutral" from "buy," and lowered the
one-year target share price to KRW68,000 from KRW82,000, saying
that "the Company depended on restructuring and marketing to
improve sales, but despite all the effort, its performance fell
short." She added that the sluggish Korean economy has also
contributed in the Company's decreased sales, because they are
considered premium products, not staples.

CJ Corp. has been undergoing restructuring to improve its
profitability by selling its under performing operations and
focusing on its core businesses. The Company's four key
divisions are food and food services, bio pharma (biotechnology
and pharmaceuticals), entertainment and media, home shopping and
logistics.

In June 2004, CJ Corp. strengthened its bio pharma unit by
acquiring 49.3 percent of Hanil Pharmaceutical Ind. Co. for
KRW23.2 billion. As part of the Company's plan to sell its
movie-related units, CJ Internet Co. sold its movie production
and production unit Cinema Service last August.

Ms. Song lowered her expectations for the Company this year,
adjusting her previous 2005 revenue forecast by 5.3 percent, to
KRW2.59 trillion. Net profit for this year was also scaled back
11.3 percent to KRW165.8 billion.

Other credit rating agencies, however, have more positive
expectations for the Company. Samsung Securities Company and
Daishin Economic Research Institute have maintained their "buy"
recommendation for CJ Corporation.

CONTACT:

CJ Corporation
500 Namdaemunro 5-Ga Jung-gu
Seoul, SEOUL 100-095
KOREA (SOUTH)
Phone: +82 2 726 8114
Fax:   +82 2 726 8219


DAEWOO HEAVY: Expects High Sales Percentage in 2005
---------------------------------------------------
Daewoo Heavy Industries & Machinery, which was sold to Doosan
Heavy Industries & Construction Co. this week, said Friday it
expects sales of KRW2.71 trillion (US$2.59 billion) this year,
according to Yonhap News.

In a filing with the Korea Stock Exchange, the construction
equipment giant said it forecasts an operating income of KRW163
billion.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: http://www.dhiltd.co.kr/eng/index.asp


HYNIX SEMICONDUCTOR: To Exceed Analysts' Sales Forecast
-------------------------------------------------------
Hynix Semiconductor Incorporated said yesterday it expects sales
of KRW5.3 trillion ($5.12 billion) in 2005, and it will raise
investment by 17 percent, the Korean Herald reports.

The sales forecast represents a 9.6 percent drop from analysts'
2004 revenues forecast, but beats their 2005 expectations of
KRW5.16 trillion, according to a Reuters estimate.

Analysts expect sales to fall after Hynix sold its non-memory
chip unit to a Citigroup fund for $830 million in October to pay
down debt and focus on its core memory business. Hynix did not
provide estimated sales figures for last year but analysts
expected on average KRW5.86 trillion in revenue and KRW1.89
trillion in net profit for 2004. Profit is seen falling to
KRW1.21 trillion in 2005.

Hynix also plans to invest KRW2.1 trillion this year, up from
KRW1.8 trillion last year, according to its filing in the local
stock exchange.

CONTACT:

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


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


BRIGHT PACKAGING: Discloses Unaudited Quarterly Results
-------------------------------------------------------
Bright Packaging Industry Berhad released its amended unaudited
quarterly report for the financial period ended Nov. 30, 2004.

1. Amendment was made in Notes No. 1.08 Part (B) of Segmental
Reporting in Photon Technologies Sdn Bhd's due to the omission
in the first quarter revenue of China and India. The change is
reflected in the figures in the consolidated revenue.

2. The revenue shown in the Notes No. 1.08 of Segmental
Reporting should be for the financial year ended 2005 instead of
financial year 2004.

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   To Date        Corresponding
                  Quarter                              Period
    30/11/2004 30/11/2003 30/11/2004 30/11/2003
    RM'000       RM'000   RM'000  RM'000

(1) Revenue
    13,218       7,271        13,218  7,271  
(2) Profit/(loss) before tax  
     133       -1,903     133     -1,903  

(3) Profit/(loss) after tax and minorityinterest  
    149       -1,798 149       -1,798  

(4) Net profit/(loss) for the period
    149       -1,798 149       -1,798  

(5) Basic earnings/(loss) per shares (sen)  
    0.34       -4.15       0.34       -4.15  

(6) Dividend per share (sen)
    0.00         0.00  0.00        0.00  

As at end of current quarter  As at preceding financial year end
  
(7) Net tangible assets per share (RM)
    0.4800                       0.3100
    
For More information on the report, click on:
http://bankrupt.com/misc/tcrap_brightpackaging011705.doc
http://bankrupt.com/misc/tcrap_brightpackaging2011705.xls
http://bankrupt.com/misc/tcrap_brightpackaging3011705.xls

CONTACT:

Bright Packaging Industry Berhad
23 Jalan Delima 1/3
Shah Alam, Selangor Darul Alam 40000
MALAYSIA
Phone: +60 3 5635 1949
Fax:   +60 3 5635 1984


BRIGHT PACKAGING: Unaware of Unusual Market Activity
----------------------------------------------------
Bright Packaging Industry Berhad refers to the query letter from
bursa Malaysia dated Jan. 14, 2005 on the sharp increase in
price and high trading volume in the Company's shares. Except
for the Company's recent disclosure on Jan. 10, 2005 of the
'Quarterly Report on consolidated results for the financial
period ended Nov. 30, 2004', the Company is unaware of any
circumstances for the cause of the unusual market activity in
the Company's security.

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

Yours faithfully

Fung Ru Huey
Sector Head, Listing Compliance
Group Regulations


FARLIM GROUP: Details Financial Aid Rendered
--------------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of Listing Requirements of
Bursa Malaysia Securities Berhad, Farlim Group (Malaysia) BHD
announced the financial assistance rendered on Jan. 14, 2005 as
set forth in the annexture.

http://bankrupt.com/misc/tcrap_farlimgroup011705.xls

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Phone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my

This announcement is dated Jan. 14, 2005


GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on Jan. 14,
2005.

Date of buy back : 14/01/2005

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

Total number of shares purchased (units)       :   2,000

Minimum price paid for each share purchased (RM):      0.680

Maximum price paid for each share purchased (RM):      0.685

Total consideration paid (RM)                   :   1,379.55

Number of shares purchased retained in treasury (units):2,000

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

Cumulative net outstanding treasury shares as at to-date (units)
: 1,276,000

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  


GOPENG BERHAD: Rejects YTL's Takeover Bid
-----------------------------------------
Gopeng Berhad disclosed that the Board decided not to accept the
takeover offer by YTL Cement.

Background

1) YTL Cement had on Dec. 23, 2004, completed its acquisitions
of 217,158,000 ordinary shares of RM1.00 each representing
64.84% of the issued and paid-up capital of Gopeng Berhad
subsidiary Perak Hanjoong Simen Sdn Bhd (PHS). Gopeng currently
holds the remaining 117,742,000 ordinary shares of RM1.00 each
representing 35.16% of the issued and paid-up share capital of
PHS.

2) Pursuant to Part II of the Malaysian Code on Take-Overs and
Mergers, 1998 (Code), YTL Cement is obliged to extend an
unconditional mandatory take-over offer to acquire all the
remaining 117,742,000 ordinary shares of RM1.000 each
representing 35.16% of the issued and paid-up share capital of
PHS not already owned by YTL Cement. YTL Cement had on Dec. 23,
2004 served a notice of take-over offer on the Board of
Directors of PHS in respect of the offer, which is in the form
of cash at RM1.00 per share.


Gopeng Board of Directors' Decision

3) The Board of Gopeng Berhad, at its meeting on Jan. 13, 2005,
decided to undertake irrevocably and unconditionally not to
accept the unconditional takeover offer.

4) The Board has no objection to:

a) YTL Cement's application to the Securities Commission to seek
approval for exemption from Section 15(1) of the Code which
requires the Board of PHS to appoint an independent adviser to
advise the shareholders of PHS in relation to the offer; and

b) YTL Cement's application to the Securities Commission to seek
approval for exemption from Section 7 of the Code which
prohibits YTL Cement from appointing any director to the Board
of PHS or exercise the voting rights attached to the voting
shares which had been acquired by YTL Cement before YTL Cement
sends an offer document to PHS's shareholders.

CONTACT:

Gopeng Berhad
Taman Seri Raia
31300 Kampung Kepayang, Perak Darul Ridzuan 31300
MALAYSIA
Phone: +60 5 357 5110
Fax:   +60 5 357 5145


MALAYSIA PACIFIC: Changes Company Name
--------------------------------------
Malaysia Pacific Land Berhad has changed its name to "MALAYSIA
PACIFIC CORPORATION BERHAD".

As such, the Company's securities will be traded and quoted
under the new names with effect from 9.00 a.m., Tuesday, Jan.
18, 2005.

The Stock Short Names will be changed as follows:

Securities            Old Stock Short Name  New Stock Short Name
(a) Ordinary Shares      MPLAND                   MPCORP
(b) Warrants             MPLAND-WA                MPCORP-WA

However, the Stock Numbers remain unchanged.

CONTACT:

Malaysia Pacific Corporation Berhad
21st Floor, Wisma HLA
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20704488  
Fax:   03-20704489


MAXIS COMMUNICATIONS: Lists Additional Shares
---------------------------------------------
Maxis Communications Berhad's additional 108,000 new ordinary
shares of RM0.10 each issued pursuant the Maxis-Employee Share
Option Scheme will be granted listing and quotation with effect
from 9.00 a.m., Tuesday, Jan. 18, 2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Phone: 03-23307000
Fax:   03-2330059


MMC CORPORATION: Seeks to Renew Shareholders' Mandate
-----------------------------------------------------
MMC Corporation Berhad (MMC) announced that the Company proposes
to seek a renewal of the general mandate from its shareholders
for recurrent related party transactions of revenue or trading
nature, which are necessary for the day-to-day operations and
are in the ordinary course of business of the Company and its
subsidiaries (Proposed General Mandate), pursuant to Paragraph
10.09 and Practice Note No. 12/2001 of the Listing Requirements
of Bursa Malaysia Securities Berhad (Listing Requirements).

The shareholders of the Company had on May 28, 2004 approved the
Proposed General Mandate, details of which are set out in the
Circular to shareholders dated May 14, 2004.

The authority to undertake the Proposed General Mandate will
lapse at the conclusion of the next Annual General Meeting of
the Company, unless the authority is renewed. The Board
therefore proposes to seek a renewal of the approval from the
shareholders of the Company for the Proposed General Mandate to
comply with Paragraph 10.09 and Practice Note No. 12/2001 of the
Listing Requirements at the forthcoming Annual General Meeting
of the Company to be convened.

A Circular containing the details of the renewal of the Proposed
General Mandate will be dispatched to the shareholders of MMC in
due course.

CONTACT:

MMC Corporation Berhad
10th Floor, Block B, HP Towers
No. 12, Jalan Gelenggang, Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: +603 2092 5588
Fax:   +603 2093 9917

This announcement is dated Jan. 14, 2005.


NAUTICALINK BERHAD: Court Grants Restructuring Extension
--------------------------------------------------------
Nauticalink Berhad (NB) announced that the High Court of Malaya
has, on Jan. 12, 2005, 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 Jan. 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 Jan. 14, 2005.


PANTAI HOLDINGS: Releases Notice of Shares Buy Back
---------------------------------------------------
Pantai Holdings Berhad announced the details of its shares buy
back on Jan. 14, 2005.
  
Date of buy back : 14/01/2005

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

Total number of shares purchased (units)       : 32,600

Minimum price paid for each share purchased (RM): 0.910

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

Total consideration paid (RM)                   : 30,131.93

Number of shares purchased retained in treasury (units): 32,600

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

Cumulative net outstanding treasury shares as at to-date (units)
: 25,153,900

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/


PUTERA CAPITAL: Granted Listing of Additional Shares
----------------------------------------------------
Putera Capital Berhad's additional 7,000 new ordinary shares of
RM1.00 each issued pursuant to the PUTERA-Executive Share Option
Scheme will be granted listing and quotation with effect from
9.00 a.m., Wednesday, Jan. 19, 2005.

CONTACT:

Putera Capital Berhad
Kawasan Perindustrian Kamunting,
Lot 3545,
Peti Surat No. 18,
34600 Kamunting,
Taiping, Perak
Phone: 05-8914155
Fax: :05-8914145
Web site: http://www.putera.biz/


TELEKOM MALAYSIA: To List Additional Shares
-------------------------------------------
Telekom Malaysia Berhad's additional 255,000 new ordinary shares
of RM1.00 each issued pursuant the Telekom-Employee Share Option
Scheme will be granted listing and quotation with effect from
9.00 a.m., Tuesday, Jan. 18, 2005.


TIMBERWELL BERHAD: Unveils Share Option Scheme
----------------------------------------------
Timberwell Berhad's additional 5,500,000 new ordinary shares of
RM1.00 each issued pursuant to the Timberwell-Private Placement
of 5,500,000 new ordinary shares of RM1.00 each will be granted
listing and quotation with effect from 9.00 a.m., Tuesday, Jan.
18, 2005.


UMW HOLDINGS: Notes Additional Listing of Shares
------------------------------------------------
UMW Holdings Berhad's additional 244,131 new ordinary shares of
RM1.00 each arising from the UMW-Exercise of 244,131 Warrants
1995/2005 will be granted listing and quotation with effect from
9.00 a.m., Wednesday, Jan. 19, 2005.

CONTACT:

UMW Holdings Berhad
3rd Floor The Corporate
No. 10 Jalan Utas (15/7)
Batu Tiga Industrial Estate
40200 Shah Alam
Selangor
Phone: 03-55191911
Fax:   03-55193890


WCT ENGINEERING: Lists Additional Shares
----------------------------------------
WCT Engineering Berhad's additional 40,600 new ordinary shares
of RM1.00 each issued pursuant to the WCT-Exercise of 40,600
warrants 2000/2005 will be granted listing and quotation with
effect from 9.00 a.m., Tuesday, Jan. 18, 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Phone: 603-7805 2266


WEMBLEY INDUSTRIES: SC OKs Restructuring Extension
--------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) announced that the
Securities Commission (SC) via its letter dated Jan. 16, 2004,
granted its approval to WIHB an extension of time for a period
of one (1) year up to Jan. 27, 2005 to complete the
implementation of the Proposed Capital Reduction and
Consolidation, Proposed Debt Restructuring, and Proposed Rights
Issue.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922

This announcement is dated Jan. 14, 2005.


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


COLLEGE ASSURANCE: Pursues Cap Injection Talks with U.S. Firm
-------------------------------------------------------------
College Assurance Plan Phils. Inc. (CAP) has resumed
negotiations with a U.S.-based marketing firm for the possible
infusion of US$100 million in fresh funds into the troubled pre-
need firm, according to The Philippine Star.

In line with its goal to pursue strategic partnerships with
institutional groups to boost its operations and improve its
financial health, CAP is revisiting talks with the unnamed North
American firm.

Last year, the investor group indicated its interest to come in
as a strategic partner. It offered to inject US$100 million in
exchange for equity in CAP. It said it wants to tap CAP's
nationwide network of 60,000 agents, as it plans to bring in its
products in order to gain a foothold in the Philippines.

Meanwhile, CAP obtained a US$300-million loan from The First
American Investment Limited to cover the pre-need firm's
maturing educational plans.  

The loan package will be repaid over 10 years with a grace
period of four years. If not paid, the loan will be converted
into CAP equity.

The capital infusion is part of an asset build-up program CAP is
undertaking to meet the anticipated shortfall in its trust fund
with the growth of its assets.  

Presently, the embattled CAP is still banned from selling new
pre-need plans since its dealer's license has not been renewed.

CONTACT:

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


COLLEGE ASSURANCE: SEC Warns Trustee Bank of US$300-Mln Loan
------------------------------------------------------------
Bank of Commerce BOC), the trustee bank of College Assurance
Plans Philippines (CAP), was advised by the Securities and
Exchange Commission  (SEC) to take "prudent steps" in reviewing
the US$300-million loan deal with U.S.-based First American
Investment Ltd., relates Today.

The SEC is urging BOC to look into the matter carefully, as it
would be compelled to commit a significant amount from the trust
funds being CAP's escrow and trustee bank for the loan.

Last week, CAP met with BOC and SEC officials to explain and
clarify certain provisions of the loan agreement of which BOC is
expected to render commitments afterward.

Under the contract, CAP will get US$300 million in loans from
First American. The said loans will be used to refinance
maturing educational plans and remedy its trust fund deficit.


NATIONAL BANK: BDR Executive Steps Down
---------------------------------------
The Philippine National Bank (PNB) advised the Philippine Stock
Exchange that during the Executive Session of the Board of
Directors held Friday, January 14, 2005, the Board approved and
confirmed the resignation from the service of the bank of Mr.
Jose Vicente M. Cuizon, Special Assistant to the President on
Business Development on Remittances (BDR) effective January 31,
2005.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187  
Web site: http://www.pnb.com.ph/


NATIONAL POWER: May Reap Php30-Mln Monthly Revenue from 5 Firms
---------------------------------------------------------------
The state-backed National Power Corporation (Napocor) expects to
rake Php30 million a month in additional revenues from five
major local firms, reports Business World.

The power supply contracts that were signed last year by the
five firms indicate "continued confidence of the industrial
sector in Napocor's ability to provide reliable and affordable
electricity supply".

Based on data from Napocor's Sales & Services Group, among the
new industrial customers are Beverage Packaging Specialists
Inc., a subsidiary of food and beverage conglomerate San Miguel
Corp., and the Bataan Economic Zone in Mariveles, one of the
public industrial estates under the Philippine Economic Zone
Authority.

Bataan Ecozone started drawing power from Napocor on Aug. 13
last year, while the contract with Beverage Packaging
Specialists took effect on Oct. 25.

Other new customers which were energized in 2004 were Specialty
Pulp Manufacturing Inc. in Baybay, Leyte; ECSCO Inc. in Bauan,
Batangas; and Dynasty Management Development Corp. in Bacolod
City.

The five new customers are seen to bring in Php30 million a
month in additional revenues for Napocor, based on estimated
energy sales of close to eight million kilowatt-hours per month.

CONTACT:

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


PHILIPPINE LONG: Clarifies "NTC OK's Globe, PLDT plans" Report
--------------------------------------------------------------
In reference to the news article entitled "NTC OK's Globe, PLDT
plans" published in the January 17, 2005 issue of Today
(Internet Edition), Philippine Long Distance Telephone Company
(PLDT) has issued a clarification on the report.

The article reported "The National Telecommunications Commission
(NTC) lifted on Friday the cease and desist order (CDO) on
Innove Communications Inc., the fixed line arm of Globe Telecom,
and Philippine Long Distance Telephone Co. (PLDT), thereby
allowing them to offer to their subscribers unlimited national
domestic distance (NDD) calls for a prescribed period.

"The commission, in its four-page memorandum to Innove, PLDT,
Philippine Association of Private Telephone Companies
(PAPTELCO), PT&T, Digital Telecommunications Co. Inc. (Digitel),
Bayan Telecommunications Inc. (BayanTel), and Smart
Communications Inc., said it will continue to evaluate the
various marketing activities being carried out by the phone
firms before it renders a resolution of all rate reduction
schemes.

"Innove was allowed by the commission to offer its `One Country
One Rate' (1C1R) for Php650 per month on a promotional basis not
longer than 30 days. Innove was supposed to implement 1C1R on
January 5, along with PLDT's NDD Plan 200, which offers
unlimited NDD calls to postpaid subscribers for Php200 on top of
the monthly bill, but was restrained by the NTC on grounds of
predatory pricing and discriminatory rates.

"A CDO was issued based on the letter complaints submitted by
PAPTELCO and PT&T. PLDT, on the other hand, was allowed to
continue with the research study on its NDD Plan 200 to
preselected residential postpaid customers only until the end of
this month.

"Philippine Long Distance Telephone Company (TEL), in its letter
dated January 17, 2005, advised the Exchange that:

'In an Order dated January 14, 2005 (NTC Order), the National
Telecommunications Commission (NTC) has allowed Philippine Long
Distance Company (PLDT) to continue with its earlier authorized
`research study' under NDD Plan 200 to preselected postpaid
customers until January 31, 2005.

'The NTC Order gave PLDT a period of 15 days to submit its
position paper on (i) the issue of whether the NTC must approve
or deny PLDT's NDD Plan 200 on grounds of predatory pricing and
discriminatory rates and (ii) INNOVE's assertion that PLDT's
other products/services are engaged in rate reduction services
which ought to be treated and/or scrutinized in the same manner
as that of INNOVE's toll free NDD services.

'The NTC Order stated that the NTC will render a resolution on
price or rate reduction schemes after receipt of submissions by
all parties.'"

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
=================


AXA HOLDINGS: Creditors to Submit Claims by Feb. 11
---------------------------------------------------
Notice is hereby given that the creditors of Axa Holdings Pte
Ltd, which is being wound up voluntarily, are required on or
before Feb. 11, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company.

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

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

This notice is dated Jan. 11, 2005.


CHINA AVIATION (S): Defends Itself From Satya's Accusations
-----------------------------------------------------------
Beleaguered China Aviation Oil (S) Corp (CAO) said in defense
against a lawsuit by Satya Capital Ltd that it was not given
sufficient time to enforce a clause in the Singapore Petroleum
Co. agreement, reports Bloomberg.  

CAO, which backed out of its agreement to purchase a stake of
Singapore Petroleum Co., is now facing a lawsuit from a
consortium of Indonesian businessmen, Satya Capital.

Satya, which claimed that CAO failed to guarantee that its
parent China Aviation Oil Holding Corp. (CAOH) ensure an
obligatory binding agreement not to block the purchase of the
20.6% stake, is demanding for more than SG$47.2 million in
damages.

In defense, CAO said in its courts documents filed last Thursday
that it was not given sufficient notice to seek advice from its
parent, thus its failure to honor the undertaking vote to
approve the transaction.  

Last August, CAO declared that it would purchase a stake in
Singapore Petroleum from the consortium. However, its parent
Company disapproved the proposal approximately a week after it
revealed its US$550 million oil derivatives loss.   

Satya has alleged that both China Aviation and CAOH lacked the
funds to make the purchase and have deemed the purchase price as
too high.

CONTACT:

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


CHON HWA: Posts Intended Dividend Notice
----------------------------------------
Chon Hwa Construction Pte Ltd posted at the Singapore Government
Gazette its intended preferential payment and intended dividend
notice on Jan. 11, 2005.

Co. Reg. No.: 198401190W

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

Number of Matter: Companies Winding Up No. 152 of 2002/E

Last day for receiving Proofs: Feb. 11, 2005

Name of Liquidator: Mr. Don M Ho, FCPA

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
#12-02 & 03 Equity Plaza
20 Cecil Street
Singapore 049705
Phone: 6532 0320 (8 lines)
Fax: 6532 0331


EXTROPIA.COM PRIVATE: Issues First and Final Dividend Notice
------------------------------------------------------------
Extropia.com Private Limited posted at the Singapore Stock
Exchange its first and final dividend notice on Jan. 12, 2004.

Address of former registered office: 2 Leng Kee Road
#06-04 Thye Hong Centre Singapore 159088

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng

Amount per centum: 50.88 per centum of all admitted ordinary
claims

First and final or otherwise: First and Final

When payable: Jan. 12, 2005

Where payable: Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 048423

Chee Yoh Chuang
Lim Lee Meng
Liquidators


HOOKED ON STEAMBOAT: Court to Hear Winding Up Petition Jan. 28
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Hooked On Steamboat Pte Ltd by the High Court was, on Jan. 4,
2005, presented by Downtown East Pte Ltd, a Company incorporated
in the Republic of Singapore and having its registered office at
1 Pasir Ris Close, Singapore 519599, 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 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 ay
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 1 Pasir Ris Close, Singapore 519599.

The Petitioner's solicitors are Ramdas & Wong of 9 Raffles
Place, #07-01 Republic Plaza, Singapore 048619.

Ramdas & Wong
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 day of
Jan. 27, 2005.

This Singapore Government Gazette notice is dated Jan. 11, 2005.


PANPAC MEDIA: To Hold EGM on Feb. 7
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Panpac Media Group will be held on Feb. 7, 2005 at 10:00 a.m. at
371 Beach Road #03-18 Keypoint Singapore 199597 for the purpose
of considering and, if thought fit, passing with or without any
modifications the following resolutions:

Special Resolution

That the Company's name be hereby changed to Sun Business
Network Ltd. and the Directors of the Company be and are hereby
authorized to do any and all such acts and things as they may,
in their absolute discretion deem fit, expedient or necessary to
give effect to the change of name.

Ordinary Resolution

That the Directors be and are hereby authorized pursuant to the
provisions of Section 161 of the Companies Act, Cap. 50 to allot
and issue such of the un-issued shares of the Company on such
terms and conditions and with such rights or restrictions as
they may deem fit provided always that the aggregate number of
shares to be issued pursuant to this resolution shall not exceed
fifty per cent (50%) of the issued share capital of the Company,
of which the aggregate number of shares to be issued other than
on a pro rata basis to existing shareholders shall not exceed
twenty per cent (20%) of the issued share capital of the Company
for the time being and that such authority shall continue in
force until the conclusion of the next Annual General Meeting or
the expiration of the period within which the next Annual
General Meeting of the Company is required by law to be held,
whichever is the earlier.

For the purposes of this resolution, the percentage of issued
share capital shall be based on the Company's issued share
capital at the time of the passing of this resolution after
adjusting for:

(a) new shares arising from the conversion or exercise of
convertible securities or share options outstanding or vesting
of share award which are outstanding or subsisting at the time
this Resolution is passed; and

(b) any subsequent consolidation or subdivision of shares.

By Order of the Board
Tan Min-Li
Company Secretary
Jan. 14, 2005

Notes:

(1) A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy or proxies (not
more than two) to attend and vote in his stead. A member of the
Company, which is a corporation, is entitled to appoint its
authorized representative or proxy to vote on its behalf. A
proxy need not be a member of the Company.

(2) If a Shareholder wishes to appoint a proxy/proxies to attend
and vote at the Extraordinary General Meeting on his behalf, the
Shareholder should complete and submit the form of proxy
dispatched to Shareholders (the "Shareholder Proxy Form").

(3) To be valid, the Shareholder Proxy Form must be signed and
together with the power of attorney or other authority, if any,
under which it is signed, or a notarized certified copy of such
power of authority, deposited at the office of the Company or
the Company's share registrar in Singapore, Barbinder & Co Pte
Ltd at 8 Cross Street #11-00 PWC Building Singapore 048424 not
less than 48 hours before the time appointed for holding the
Extraordinary General Meeting or at any adjournment thereof.

(4) A Depositor's name must appear on the Depository Register
maintained by CDP as at 48 hours before the time fixed for
holding the Extraordinary General Meeting in order to be
entitled to attend and vote at the Extraordinary General
Meeting.


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


KHAOLAK MERLIN: Faces Worst Crisis Yet
--------------------------------------
Some THB400 million was torn from the owners of the recently
inaugurated Khaolak Merlin Hotel in the islands of Khao Lak,
Phang Nga where the tsunami hit the hardest, The Nation reports.

The property was only one of the four Merlin hotels ravaged by
the catastrophe.  The Chirayus clan, the owner of Khaolak Merlin
Hotel took the biggest blow from the tsunami, compared to other
prominent families on the southern resort-island.

Nantana Wongsattayanont, head of marketing and customer services
for Merlin hotels said the tsunami disaster was this time the
worst crisis they have encountered.

The clan was faced with a problem some 18 years ago when an
angry mob rallying against a tantalum plant on the island sent
the Phuket Merlin on fire and it was burnt to the ground.  The
family suffered THB20 million in losses on the hotel but was
able to claim THB10 million in insurance.

The Merlin hotels had 1,200 guestrooms before the tsunami
struck, "Now we have only 200 rooms available, and most of them
are at the Phuket Merlin Hotel located in the city," she said.  
The other occupied rooms are at the Khaolak Merlin Hotel, which
Ms. Nantana opened for volunteers helping out tsunami victims.

The destruction of the THB700-million Merlin Hotel pains Ms.
Nantana for the hotel has cluster of villas which is rented for
THB20,000 per night, finely built to serve distinguished guests
and is considered as the most beautiful area of the hotel.  

To step up efforts in restoring her family's hotels, Ms. Nantana
has been busy negotiating with Bangkok Bank, the major creditor
about a rescheduling of debt.

Ms. Nantana is also seeking assistance from the government by
way of a sizeable, three-year soft loan package to be used for
refinancing existing loans.  The absence of immediate assistance
will be tough for its recovery.  January is considered the month
when they account for the quarter's revenues for the whole year,
the recent disaster will not let them achieve the same revenues
they posted last year.  

Not a single of the Khaolak's employee would be laid off since
they help save the lives of the hotel guests.  No hotel staff
died during the tsunami, but unfortunately five of the 370
guests died.

Upon confirmation of news that flights to the island will
resume, bringing tourists from Sweden and Germany to Phuket next
month, Ms. Nantana said it is good motivation for them to clean
up and repair the hotels.  She expects to reopen the Khaolak
Merlin Hotel March 1, the Patong Merlin Beach on March 20 and
the Merlin Beach Resort on April 1.

The Chirayus family has been involved in the hotel business for
more than 20 years, after branching out from mining. The first
hotel was downtown, but the second and third were located in
Patong, the busiest beach on the island. They were the Patong
Merlin Beach and the Merlin Beach Resort.

CONTACT:

Khao Lak Merlin Hotel
7/7 Moo 2, Petchkasem Road, Khao Lak Beach,
Lamkan, Taimuang, Phang-Nga 82210, Thailand
Temporary Telephone / Fax: Phuket Merlin Hotel
Telephone: (66 76) 428-300, 595-300, 443-300
Fax: (66 76) 443-200
E-mail: khaolakmerlin@merlinphuket.com


NATURAL PARK: Issues Additional Information on Share Swap Ratio
---------------------------------------------------------------
Natural Park Public Company Limited submitted to the Stock
Exchange of Thailand (SET) additional information on the share
swap ration of the Company and City Realty Company Limited (City
Realty).

In the Board of Directors meeting No. 24/2004 on December 13,
2004, the Independent Financial Advisor, Siam City Securities
Company Limited (Independent Financial Advisor), has presented
an opinion on the appropriateness of the investment transaction
between the Company and City Realty that the share swap ratio is
at 1 share of City Realty to 55.91 share of the Company is
appropriate.

The Board of Directors meeting has an opinion, in accordance
with the Independent Financial Advisor, that the share swap
ratio is appropriate.

Subsequently, in the Board of Directors meeting No. 1/2005 on 11
January 2005, the Independent Financial Advisor has presented
that an additional method in share valuation, Discounted Cash
Flow Approach, was included. Also, additional information and
the share swap ratio were revised to be more in detail.  Thus,
the Independent Financial Advisor has an opinion that the share
swap ratio should be at 1 share of City Realty to 30.28 - 41.95
share of the Company, hence, the offer of share swap ratio of 1
share of City Realty to 55.91 share of the Company is not fair
and appropriate.

Nonetheless, the offer of a group of shareholder of City Realty
has not been changed and the share swap ratio is still at 1
share of City Realty to 55.91 share of the Company.  The Board
of Directors would like the shareholders to carefully consider
the price and appropriateness of the transaction before
considering a group of shareholder of City Realty to invest in
the Company in the Extraordinary Shareholders Meeting No. 1/2005
to be held on February 11, 2005.

Please be informed accordingly.

Sincerely,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

CONTACT:

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


SIAM AGRO: Court Accepts Petition for Joint Filing of Rehab
-----------------------------------------------------------
Siam Agro Industry Pineapple and Others Public Company Limited
advised the Stock Exchange of Thailand (SET) regarding the joint
filing of the petition for rehabilitation to the Central
Bankruptcy Court on January 11, 2005, by the Company and it's
major creditor, Kasikornbank PCL.  The Company would like to
inform that the Court made an order accepting the petition on
January 11, 2005.  

If the Court rules to allow or disallow the Company to undergo
rehabilitation process, the Company shall inform accordingly.

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

Yours sincerely,
Mr. Praful Shah
Managing Director

CONTACT:

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


THAI PETROCHEMICAL: Senate Sends Out Warning to Finance Ministry
----------------------------------------------------------------
The Senate Administrative Committee sent out a "White Paper" to
the Ministry of Finance which serves as a warning signal if the
ministry pushes through with its plan to sign a memorandum of
understanding on the sale of shares of Thai Petrochemical
Industry Public Company Limited, Business Day relates.

If the ministry moves forward on with its plans it would be
considered against the law.  The "White Paper" is a document
issued mostly by senators or members of the House of
Representatives to express objections or to explain any specific
case or incident to the public.

Major Gen. Intarat Yodbangtei said, the existing TPI
shareholders sent out a petition to them claiming that TPI's
share allocation plan by the Ministry of Finance-appointed plan
administrator was unfair.  

The petition made the senate committee decide to intervene in
the case to find out related facts.  The committee also found
out that TPI's former plan administrator, Effective Planners
Limited (EP) and the current plan administrator of the
petrochemical firm had worked without transparency and good
corporate governance in many aspects.

"Regarding the move of the Ministry of Finance to sign TPI's
shares allocation MoU with PTT PLc (PTT), the Government Pension
Fund (GPF), the Government Savings Bank (GSB) and the Vayupak
Fund 1 on January 17 as earlier reported, in doing so it will be
considered an act against the Collusion Act of 1999," Major Gen.
Intarat said in a statement.

The Minister of Finance and the current TPI plan administrator
was invited to provide more information on the disputed case to
the committee, but no cooperation has been forthcoming.  Major
Gen. Intarat stressed that his committee has once again invited
the minister and plan administrator to appear before the
committee and give more information on January 20. A legal
action will be taken against them if they fail to explain the
disputed case.

TPI is currently restructuring a total of US$2.95 billion in
debt principal.  The finance ministry is acting as the
rehabilitation plan administrator of the heavily indebted
petrochemical firm.

CONTACT:

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


THAI WAH: Details Current Payables to Everen
--------------------------------------------
Thai Wah Public Company Limited refers to the letters sent to
the Stock Exchange of Thailand dated October 15 and 18, 2004
submitted by Class B Director of Thai Wah Group Planner Co Ltd
as a Plan Administrator of Thai Wah PCL in relation to the
transfer of the contingent claim to the Class 1 creditor.  

The Company would like to provide detailed information on the
current amount due to Everen Investment Pte Ltd to the Company
as shown in the table below:

                              Million US$   Baht Equivalent
                                            (at Bt40 / US$1)
Debt amount as per Supreme
Court Order                      19.05         762.1


Less:

Principal repayment from the
Reserve Account for Everen       (0.93)       (37.0)

Principal repayment on 30
September 2004                   (0.09)        (3.7)

Principal repayment on 30
December 2004                    (0.06)        (2.4)

Debt-to-equity conversion
on 21 December 2004              (0.52)       (20.7)

Debt written-off in accordance with
the Business Reorganisation Plan  (0.36)       (14.5)

Debt amount due to Everen as of
30 December 2004                   17.09        683.8

Yours sincerely,
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
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70   
Web site: http://www.thaiwah.com





BOND PRICING: For the Week 17 January to 21 January 2005
--------------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    2
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    3
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   11
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Powerco Ltd                           8.150%     9/01/07    8
Prime Life Corp.                      9.500%     12/8/06    1
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities                   9.160%     9/20/35    9
Sapphire Securities                   9.250%    12/20/06    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    7
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


CHINA
-----

China Government Bond                  2.900%    5/24/32    68


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   72


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          5.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lebar Daun Bhd                         2.000%       1/6/07    5
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     1.500%     6/30/07    75
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    4


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   75
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Ltd                             7.400%      6/13/11    1








                            *********


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, Faith Marie Bacatan, Reiza Dejito, Peachy Clare Arreglo
and Erica Fernando, 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 ***