TCRAP_Public/050119.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

             Wednesday, January 19, 2005, Vol. 8, No. 13

                            Headlines

A U S T R A L I A

AKDALE PASTORAL: Members to Hear Liquidator's Report
BALECA PTY: Members Agree to Wind Up Company
BELLSCAPE PTY: Final Dividend to be Declared January 25
BELTRAME BROS: Lays Out Final Meeting Agenda
BERRIMA DISTRICT: Members Agree to Wind Up Company

BLUESCOPE STEEL: AIRC Rules Industrial Action is Illegal
BLUNDELL INVESTMENTS: Appoints Liquidator to Wind Up Company
DANRON HOLDINGS: Members Agree to Wind Up Company
DIRECTIONAL SECURITY: Court Issues Winding Up Order
FLEXISHIELD AUSTRALIA: Members to Hear Liquidator's Report

HENRY WALKER: Taps Outsider to Help Revive Operations
HYDE PARK: Appoints Liquidator from Ferrier Hodgson
ILAUNCH AUSTRALIA: Members, Creditors to Meet January 21
ILAUNCH PTY: To Convene Meeting January 21
ITSG DATACOMMS: Members to Hear Liquidator's Report

JAG BRICK: Receives Winding Up Order
MATLOCK HOME: Court Appoints Mark Roufeil as Liquidator
NSW FOREST: To Declare Dividend January 25
PING-NAM & YOUNG: Members to Meet February 1
QANTAS AIRWAYS: CEO Sees Need to Outsource to Stay Competitive

QANTAS AIRWAYS: Union Raises Safety Concerns
THOMAS F. FITZPATRICK: Final Meeting Fixed January 21
TRAVTEC PTY: Appoints Liquidator for Winding Up Purposes
VOLVO CONSTRUCTION: Members Pass General Meeting Resolutions


C H I N A  &  H O N G  K O N G

JET UNITED: Court Appoints Liquidators
KIU KWONG: Creditors Meeting Set Today
PEREGRINE FIXED: Creditors to Declare Dividend by Jan. 28
REMEDY HK: Creditors Must Submit Claims by Feb. 7
SICHUAN CHANGHONG: Badly Hurt by Apex Fiasco

SLB INTERNATIONAL: Names Joint and Several Liquidators
TELLINK LIMITED: Schedules First Meetings on Jan. 27
THAI VILLAGE: Enters Into Franchise Agreement


I N D O N E S I A

BANK RAKYAT: Expects to Book KRW3.81 Trillion in 2005 Net Profit
CIPUTRA DEVELOPMENT: Hopes to Settle US$181 Mln Debt
PERTAMINA: Allocation for February Exports Fall 9%


J A P A N

ALL NIPPON: Moody's Revises Outlook to Stable from Negative
HEMINGU WEI: Enters Bankruptcy
HIRANOMACHIKAIHATSU K.K.: Enters Bankruptcy
JAPAN AIRLINES: Moody's Changes Rating Outlook to Stable
NETTO NAGANO: Declared Bankrupt

PAINTHOUSE COMPANY: To Sue UFJ on Default Claim
SEIBU RAILWAY: Creditors Call for Split of Kokudo
TOSHIBA CORPORATION: PC Venture to Bounce Back to Black


K O R E A

DAEWOO HEAVY: To Double Product Sales in China Unit
HANARO TELECOM: Awarded Stable Ratings
KOOKMIN BANK: To Lay Off 3,000 Employees


M A L A Y S I A

BUKIT KATIL: Releases Notice of EGM
CHEE WAH: Director Khor Say Beng to Deal in Securities
CONSOLIDATED FARMS: Unit Threatened with Dissolution
FABER GROUP: Notes Listing of Additional Shares
GULA PERAK: Director Datuk Rahim bin Raba to Deal in Securities

GULA PERAK: Director Elyas bin Omar to Deal in Securities
GULA PERAK: Notes Lim Bee Ling's Intention to Deal in Securities
GULA PERAK: Director Lim Cheng Pow to Deal in Securities
GULA PERAK: Director Lim Soo Ka to Deal in Securities
GULA PERAK: Director Lim Soo Kok to Deal in Securities

GULA PERAK: Director Lim Sue Beng to Deal in Securities
GULA PERAK: Director Low Siew Hoong to Deal in Securities
LANKHORST BERHAD: Discloses Amended Unaudited Quarterly Results
MTD CAPITAL: Posts Shares Buy Back Notice
NAIM INDAH: To List Additional Shares

NAM FATT: Discloses Additional Shares Listing
PANTAI HOLDINGS: Releases Notice of Shares Buy Back
RHB CAPITAL: Stockholders Approve Bonds Redemption
SANBUMI HOLDINGS: Unaware of Unusual Market Activity
TRU-TECH HOLDINGS: Issues Default Status Update

WEMBLEY INDUSTRIES: Seeking to Extend Rehab Implementation


P H I L I P P I N E S

MAYNILAD WATER: Government Eyes Ondeo's Holdings
METRO PACIFIC: SEC Urges Deeper Probe Into Insider Trading Issue
PHILIPPINE AIRLINES: To Fly to Nagoya by March
PHILIPPINE LONG: Boss Takes More Shares
PHILIPPINE LONG: Lists Additional Shares

UNIWIDE HOLDINGS: Provides PSE a Copy of SEC Form 20-IS
*  S&P Cuts RP Ratings on Budget Deficit Woes
* S&P Lowered Corporate Ratings in Line with Sovereign


S I N G A P O R E

CHINA AVIATION: Asks Creditors to Write Off Debts
CHINA AVIATION (S): Comes Up with Rehab Scheme
HO WAH: Incorporates New Subsidiary
L&M GROUP: To Hold 23rd Annual General Meeting on Jan. 31
LIFEXCHANGE ASIA: Court to Hear Winding Up Petition on Feb. 4

NEO CORPORATION: Schedules Court Hearing on Jan. 28
POWSEN ELECTRIC: Winding Up Hearing Fixed Jan. 28
SPH MEDIAWORKS: Faces Winding Up Proceedings
ZELTAND HOLDINGS: Faces Dissolution


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils EGM Resolutions
DATAMAT: Acquires EDP Project
EMC: Snags Instyle Estate Project
SIAM AGRO: Del Monte Cancels Tender Offer
THAI PETROCHEMICAL: Inks MoU with PTT

THAI WAH: Details Assets Disposal
TPI POLENE: Releases Operating Results as of December 31, 2004

     -  -  -  -  -  -  -  -

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


AKDALE PASTORAL: Members to Hear Liquidator's Report
----------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Akdale
Pastoral Pty Ltd (In Liquidation) A.C.N. 000 828 624 will be
held at the offices of Farrar & Wybenga Pty Limited of Level 9
51 Pitt Street, Sydney, on of January 21, 2005 at 10 o'clock in
the forenoon for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 13th day of December 2004

Chris Wybenga
Roger Potter
Joint and Several Liquidators
Farrar & Wybenga Pty Limited
Level 9, 51 Pitt Street, Sydney NSW 2000


BALECA PTY: Members Agree to Wind Up Company
--------------------------------------------
At a general meeting of the members of Baleca Pty Ltd (In
Liquidation) A.C.N. 003 882 460 held at Parklands Estate
Building 4B, 21 South Street, Rydalmere NSW 2116 on December 10,
2004 a special resolution that the Company be wound up
voluntarily was passed.

David Clement Pratt
Simon John Cathro
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


BELLSCAPE PTY: Final Dividend to be Declared January 25
-------------------------------------------------------
A first and final dividend is to be declared on January 25, 2005
for Bellscape Pty Limited (In Liquidation) A.C.N. 088 381 702.

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

Gavin Thomas
Liquidator
Level 9, 31 Market Street,
Sydney NSW 2000


BELTRAME BROS: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Beltrame Bros Pty Ltd (In Liquidation) A.C.N./A.R.B.N. 000 213
838 be held as follows:

Place: 147-153 Yambil Street, Griffith, NSW, 2680
Time: 10:00 a.m.
Date: January 21, 2005

BUSINESS

The purpose of this meeting is to consider the following
resolution(s):

(1) To receive and adopt the report of the liquidator's act and
dealings during the conduct of the winding up.

(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statement by a Liquidator.

(3) To transact any other business which may properly be brought
forward at the meeting.

Dated this 13th day of December 2004

Gary John Beltrame
Liquidator


BERRIMA DISTRICT: Members Agree to Wind Up Company
--------------------------------------------------
Notice is hereby given that, at a creditors meeting of Berrima
District Couriers Pty Limited (In Liquidation) A.C.N. 092 733
410 held on December 10, 2004 it was resolved that the Company
be wound up voluntarily and that for such purpose Danny Vrkic,
of Jirsch Sutherland & Co - Wollongong, Chartered Accountants be
appointed Liquidator.

Dated this 21st day of December 2004

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street, Wollongong NSW 2500.
Telephone: (02) 4225 2545
Facsimile: (02) 4225 2545


BLUESCOPE STEEL: AIRC Rules Industrial Action is Illegal
--------------------------------------------------------
The demonstration at BlueScope Steel's Western Port facility in
Victoria has finally ended, as any strike action at the plant
was deemed unlawful, reports The Advertiser.

The 58 electricians who participated in the industrial action
were ordered to go back to work during a hearing Monday night in
the Australian Industrial Relations Commission (AIRC).

In favor of BlueScope Steel, the AIRC ruled that any further
protest by the Electrical Trades Union (ETU) at Western Port
would not be legally protected.

Last week, BlueScope sought the orders amid a five-month
campaign of bans and more than 50 strikes carried out by the
Victorian ETU at Western Port.

The dispute centers on workplace agreement negotiations with the
union demanding for a 36-hour week and increased wages.

As a result, the Company is forecasting losses, saying the
industrial action has severely affected its ability to supply
steel products to its customers.

BlueScope presented evidence to the commission from a number of
companies, which claimed they had been affected by the strike
action. The companies included Visy Industries, Rheem,
Electrolux and OneSteel.

BlueScope President of Western Port Greg Waters welcomed the
AIRC ruling. He, however, pointed out that the supply damage
remained critical and customers could still "experience
considerable difficulty and inconvenience".

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


BLUNDELL INVESTMENTS: Appoints Liquidator to Wind Up Company
------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Blundell Investments Pty Limited (In Liquidation) A.C.N. 000 992
290 held on December 16, 2004, it was resolved that the Company
be wound up voluntarily and that for such purpose R.M.
Sutherland was appointed Liquidator of the Company.

Dated this 21st day of December 2004

R.M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


DANRON HOLDINGS: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Danron Holdings Pty Ltd (In Liquidation) A.C.N. 100 486 397 held
on December 3, 2004, it was duly resolved that the Company be
wound up voluntarily and that Antony de Vries and Riad Tayeh of
de Vries Tayeh, Level 3/95 Macquarie Street, Parramatta NSW 2150
be appointed Joint Liquidators.

Dated this 6th day of December 2004

Riad Tayeh
Joint Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


DIRECTIONAL SECURITY: Court Issues Winding Up Order
---------------------------------------------------
On December 7, 2004 the Supreme Court made Orders that
Directional Security Services Pty Limited (In Liquidation)
A.C.N. 101 826 199 be wound up and appointed Mark Roufeil to be
Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


FLEXISHIELD AUSTRALIA: Members to Hear Liquidator's Report
----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Flexishield
Australia Pty Ltd (In Liquidation) A.C.N. 086 878 453 will be
held at the offices of Smith Hancock, Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta, NSW 2150 on January 21,
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 13th day of December 2004

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


HENRY WALKER: Taps Outsider to Help Revive Operations
-----------------------------------------------------
Henry Walker Eltin Group Limited (HWE) announced the appointment
of Mr. Peter Housden to the position of Chief Financial Officer
during the recapitalization process and ensuing restructure of
the Company.

Effective from 12 March, Mr. Housden commenced with HWE
yesterday for a hand-over period and brings wide experience
having been a CFO of listed companies in the heavy industrial
and resources sectors among other sectors.

Chairman of HWE, Neville Walker, said the appointment of Mr
Housden as an experienced executive to the role would assist the
Company in this important stage, particularly during the
recapitalization by Glencore.

HWE also announced the resignation of Mr. Andrew Price as Chief
Financial Officer and Finance Director effective 11 March 2005.
Mr. Walker thanked Mr. Price for his dedication over the last
two and a half years and wished him well for the future.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


HYDE PARK: Appoints Liquidator from Ferrier Hodgson
---------------------------------------------------
Notice is hereby given that at a meeting of creditors of Hyde
Park Bar Pty Limited (In Liquidation) formerly trading as Hyde
Park Bar & The Sydney Globe Hotel A.C.N. 094 570 715 convened
pursuant to Section 439A of the Corporations Act 2001 held on
December 6, 2004, it was resolved that the Company be wound up.

Pursuant to Section 446A of the Corporations Act 2001, Max
Christopher Donnelly and Barry Taylor of Ferrier Hodgson,
Chartered Accountants, Level 17, 2 Market Street, Sydney NSW
were appointed Joint Liquidators on that date.

Dated this 13th day of December 2004

Barry Taylor
Joint Liquidator
Ferrier Hodgson
Chartered Accountants
Level 17, 2 Market Street,
Sydney NSW 2000


ILAUNCH AUSTRALIA: Members, Creditors to Meet January 21
--------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Ilaunch Australia Pty Limited (In Liquidation)
A.C.N. 091 514 608 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW 2000 on 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.

Robert Elliott
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


ILAUNCH PTY: To Convene Meeting January 21
------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Ilaunch Pty Limited (In Liquidation) A.C.N. 003 779
468 will be held at Hall Chadwick Level 29, 31 Market Street,
Sydney NSW 2000 on 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.

Robert Elliott
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


ITSG DATACOMMS: Members to Hear Liquidator's Report
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members & creditors of
ITSG Datacomms Pty Limited (In Liquidation) A.C.N. 092 111 147
will be held at the offices of Jirsch Sutherland & Co -
Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW on
January 21, 2005 at 10:30 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted, the property of the Company disposed of
and of hearing any explanations that may be given by Liquidator.

Dated this 21st day of December 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


JAG BRICK: Receives Winding Up Order
------------------------------------
On December 7, 2004 the Supreme Court made an Order that Jag
Brick & Blocklaying Contractor Pty Limited (In Liquidation)
A.C.N. 107 117 742 be wound up and appointed Mark Roufeil to be
Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


MATLOCK HOME: Court Appoints Mark Roufeil as Liquidator
-------------------------------------------------------
On December 7, 2004 the Supreme Court made Orders that Matlock
Home Security Pty Limited (In Liquidation) A.C.N. 085 555 942 be
wound up and appointed me to be Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


NSW FOREST: To Declare Dividend January 25
------------------------------------------
A First and Final dividend is to be declared on January 25, 2005
for NSW Forest Industries Training Board Limited (In
Liquidation) A.C.N. 001 893 803.

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

Gavin Thomas
Liquidator
Level 9, 31 Market Street,
Sydney NSW 2000


PING-NAM & YOUNG: Members to Meet February 1
--------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Ping-Nam &
Young Pty Limited (In Liquidation) A.C.N. 003 079 481 will be
held at the offices of Brodie Long & Grew Pty Limited of 63A
Market Street, Wollongong, on February 1, 2005 at 9:00 a.m. for
the purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 21st day of December 2004

Scott Brodie
Liquidator
Brodie Long & Grew Pty Limited
63A Market Street, Wollongong NSW 2500


QANTAS AIRWAYS: CEO Sees Need to Outsource to Stay Competitive
--------------------------------------------------------------
Qantas Airways' chief executive has hinted on plans to move
offshore in order to stay competitive, reports The Australian.

Geoff Dixon stressed that Qantas will lag behind cutthroat
competition in the airline market unless it sourced more staff
and services from overseas.

He added the airline could not afford to be all-Australian as
competitors have all been lowering costs by hiring up to 30
percent of staff overseas. If international benchmarks were
followed, more than 7,000 jobs would be moved offshore.

According to Mr. Dixon, Qantas has the highest percentage of
local staff compared to any international carrier, as 94 percent
of its 35,000 employees were Australian.

But the Flight Attendants Association of Australia (FAAA)
disagrees with Mr. Dixon, arguing that Qantas was one of the
world's most profitable airlines and jobs should stay in
Australia.

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


QANTAS AIRWAYS: Union Raises Safety Concerns
--------------------------------------------
A union has warned that Qantas Airways would risk its flawless
safety record once its plan to outsource craft maintenance
engineers materializes, reports The Advertiser.

The Australian Manufacturing Workers Union stressed that the
carrier's measure to replace its maintenance team with low-cost
maintenance operation in South East Asia would jeopardize
efforts to retain its reputation as one of the safest carriers
in the world. Qantas had one of the best engineering staff in
the global airline industry, responsible for its 75-year record
of operation without a fatal accident.

Earlier, Qantas chief executive Geoff Dixon said the airline
needed to hire more of its staff from overseas to cut costs and
remain competitive with other international carriers.

However, a secretary of the Flight Attendants Association of
Australia said the current workplace agreements would prevent
Qantas from shifting overseas any of its 8,000 cabin crew
positions until 2008.


THOMAS F. FITZPATRICK: Final Meeting Fixed January 21
-----------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Thomas F. Fitzpatrick & Associates Pty Limited (In
Liquidation) A.C.N. 002 232 957 be held at the offices of Jirsch
Sutherland, Level 2, 84 Pitt Street, Sydney NSW 2000 on January
21, 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, the property of the Company disposed and the hearing
of any explanations that may be given by the Liquidator.

Dated this 8th day of December 2004

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


TRAVTEC PTY: Appoints Liquidator for Winding Up Purposes
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Travtec Pty Ltd (In Liquidation) A.C.N. 081 728 547 held on
December 3, 2004, it was duly resolved that the Company be wound
up voluntarily and that Antony de Vries and Riad Tayeh of de
Vries Tayeh, Level 3/95 Macquarie Street, Parramatta NSW 2150 be
appointed Joint Liquidators.

Dated this 6th day of December 2004

Riad Tayeh
Joint Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


VOLVO CONSTRUCTION: Members Pass General Meeting Resolutions
------------------------------------------------------------
At a general meeting of the members of Volvo Construction
Equipment Australia Pty Limited (In Liquidation) A.C.N. 050 100
064 held at Level 2, 1 McLaren Street North Sydney NSW 2060 on
December 10, 2004 a special resolution that the Company be wound
up voluntarily was passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


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C H I N A  &  H O N G  K O N G
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JET UNITED: Court Appoints Liquidators
--------------------------------------
Notice is hereby given that by order of the Court of First
Instance of the High Court of Hong Kong dated Nov. 30, 2004,
Messrs. Lai Kar Yan (Derek) and Joseph K. C. Lo, both of
Deloitte Touche Tohmatsu, 26th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong have been appointed Joint and
Several Liquidators of Jet United Finance Company Limited
without a committee of inspection.

Joseph K.C. Lo
Lai Kar Yan (Derek)
Joint and Several Liquidators

This notice is dated Jan. 7, 2005.


KIU KWONG: Creditors Meeting Set Today
--------------------------------------
Notice is hereby given a meeting of creditors of Kiu Kwong
Investment Corporation Limited will held at Jardine House 5th
Floor, 1 Connaught Place, Hong Kong on Wednesday, Jan. 19, 2005
at 10:00 a.m.

Dated this 7th day of January 2005

By Order Of The Board
For and on behalf of
Ladonia Holdings Corporaton
Director


PEREGRINE FIXED: Creditors to Declare Dividend by Jan. 28
---------------------------------------------------------
Notice is hereby given that a fifth dividend is to be declared
with regard to Peregrine Fixed Income Limited.

Creditors of the Company must prove their debts by Jan. 28,
2005. Any creditor who does not lodge a claim by that date will
be excluded from the benefit of any distribution made before
such debts are proved and from objecting to such distribution.

Simon C Copley
Joint and Several Provisional Liquidator
Peregrine Fixed Income Limited
(In Compulsory Liquidation)
c/o PricewaterhouseCoopers
22/F., Prince's Building
Central Hong Kong
Phone: (852) 2289 8888
Fax: (852) 2890 8345

This notice is dated Jan. 14, 2005.


REMEDY HK: Creditors Must Submit Claims by Feb. 7
-------------------------------------------------
Notice is hereby given that the creditors of Remedy HK 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.


SICHUAN CHANGHONG: Badly Hurt by Apex Fiasco
--------------------------------------------
Sichuan Changhong Electric Company has been hurt by an emerging
scandal involving Apex Digital, reports The Australian.

Apex Digital has been identified as one of the causes for what
may be the year's first major Chinese corporate scandal
inflicting US$500 million (US$657 million) losses on Sichuan
Changhong, China's biggest television exporter.

The Shanghai Stock Exchange is conducting a probe into Sichuan
Changhong for failing to disclose the alleged debt problem and
looming loses sooner.

The Mianyang city government, which holds a controlling stake in
Sichuan Changhong, is very much concern as to the fate of the
Company since it is not only the city's biggest employer but its
biggest taxpayer as well. The tax the Company paid on revenue of
CNY14.1 billion (US$2.2 billion) in 2003 provided as much as the
city's income.

City officials fear the possibility of the collapse of Sichuan
Changhong, as it is certain to result to massive unemployment
and probably social unrest.

In order to remedy the situation, a consortium of China's big
four banks last week granted a new CNY10 billion line of credit
for Changhong.

Apex Digital was Changhong's biggest customer of cheap TV sets.
It sold the televisions in stores such as Wal-Mart and Kmart,
generating some US$600 million a year.

Apex's woes began when Changhong accused Apex avoided paying for
the TV sets by writing off bad checks. Apex denied the
accusations, arguing that it made regular payments to Changhong
totaling US$340 million in 2003. It said Changhong had not even
tried to present the checks to Apex'x bank.

Meanwhile, Changhong brushed off speculation that it is moving
to take over Apex assets, although it has declared its belief
that US$150 million of the US$468 million allegedly owed is
recoverable.

CONTACT:

Sichuan Changhong Electric Co., LTD
35 East Mianxing Road; Gaoxin District,
Mianyang City, Sichuan Province
Phone: (86) (816) 241-8486, 241-1486
Fax: (86) (816) 241-8401


SLB INTERNATIONAL: Names Joint and Several Liquidators
------------------------------------------------------
Notice is hereby given that Lo Siu Ki and Kong Chi How, Johnson
both of BDO McCabe Lo & Co, 8th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong, were appointed as the Joint
and Several Liquidators of the SLB International by an order
made by Master S. Kwang on 30th day of November, 2004.

Lo Siu Ki
Kong Chi How, Johnson
Joint and Several Liquidators

This notice is dated Jan. 7, 2005.


TELLINK LIMITED: Schedules First Meetings on Jan. 27
----------------------------------------------------
Tellink Limited has scheduled Jan. 27, 2005 (Thursday) for its
creditors and contributories meetings at 10:00 a.m. and 11:00
a.m. respectively.

The meeting will be held at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong.

E T O'CONNELL
Official Receiver & Provisional
Liquidator

This notice is dated Jan. 14, 2005.


THAI VILLAGE: Enters Into Franchise Agreement
---------------------------------------------
Thai Village Holdings Ltd entered into a franchise agreement
with Henan Xinghe Thai Village Hotel Management Co. Ltd in the
city of Zhengzhou in the Henan Province of the People's Republic
Of China.

The Board of Directors of Thai Village Holdings Ltd is pleased
to announce that the Company had on Jan. 12, 2005 entered into a
unit franchise agreement.

Thai Village Hotel Management Co. Ltd, pursuant to which, the
Company granted to the Franchisee a non-exclusive license to
operate restaurants serving Thai Teochew cuisine under the name
of "Thai Village" (the Thai Village Franchise Restaurants) in
the city of Zhengzhou in the Henan province of the PRC.

The salient terms of the Agreement are as follows:

(a) The term of the franchise granted under the Agreement is for
a period of 5 years from the date of the Agreement, renewable
for a further term of 5 years.

(b) The Franchisee shall, during the term of the Agreement, use
its best efforts to operate the Thai Village Franchise
Restaurants to be set up in the city of Zhengzhou in the Henan
province of the PRC.

(c) The Franchisee agrees to, among others, adhere to certain of
the Company's standards, procedures and requirements with
respect to the business of operating the Thai Village Franchise
Restaurants and be responsible for applying for the
authorizations, approvals, consents, licenses, permits and
exemptions necessary for the Business.

(d) Ownership of any intellectual property rights and know-how
related to the Business under the Agreement is retained by the
Company.

The Franchisee is expected to commence operations of its first
Thai Village Franchise Restaurant in the city of Zhengzhou in
the Henan province of the PRC in the second quarter of 2005,
with a floor area of 3,000 square meter and a seating capacity
of 500.

The subject matter of this announcement is not expected to have
any material effect on the net tangible assets and the earnings
per share of the Company for the current financial year.

None of the directors and substantial shareholders of the
Company has any direct or indirect interest in the subject
matter of this announcement.

Submitted by:
Lee Tong Soon
Chairman and Managing Director


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


BANK RAKYAT: Expects to Book KRW3.81 Trillion in 2005 Net Profit
----------------------------------------------------------------
PT Bank Rakyat Indonesia (BRI) sees an eight percent increase in
net profits this year compared from a year earlier, relates
Reuters, citing the bank's President Rudjito.

Analysts said net profit is expected to reach around KRW3.81
trillion this year, compared to last year's KRW3.45 trillion.

The bank is planning a KRW12 trillion (US$1.31 billion) credit
expansion, Mr. Rudjito said.  However, the bank declined to
comment on its performance considering it has yet to publish its
results for 2004.

According to a recent TCR-Asia Pacific report, 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.

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


CIPUTRA DEVELOPMENT: Hopes to Settle US$181 Mln Debt
----------------------------------------------------
PT Ciputra Development aims to repay its creditors a debt of
US$181 million in unsecured loans, relates Asia Pulse.

The shareholders approved the restructuring of foreign debts
after it was proposed in an extraordinary meeting in June 2004.
The proposal is manifested through a divestment of the Company's
assets including idle lands and through conversion of debt into
shares, said a Company statement.

Most creditors have agreed with the restructuring proposal. The
statement also cited a postponement of debt repayment through a
commercial court.

About PT Ciputra Development

The Group's principal activities are the development and sale of
real estate, including office spaces, shopping centers and
related facilities and industrial estates. Other activity
includes provision of various services related to the design,
development and maintenance of housing facilities, including but
not limited to golf courses, clubs, restaurants and other
recreation places and their related facilities.

CONTACT:

Pt Ciputra Development Terbuka
Jalan Prof Dr Satrio Kav 6
Jakarta 12940
Indonesia
Telephone: +62 21 522 5858
Fax: +62 21 520 5262
Web site: http://www.ciputra.com/


PERTAMINA: Allocation for February Exports Fall 9%
--------------------------------------------------
PT Pertamina's allocation of low-sulfur waxy residue for export
for the month of February decreased by nine percent to 1.935
million barrels compared to that of January, Dow Jones says.

Pertamina allocated seven 200,000-barrel mixed/cracked cargoes
of the total volume to be exported from its Balikpapan refinery.
A one 250,000-bbl cargo of straight-run LSWR will be exported
from Sungei Pakning, one 200,000-bbl cargo of mixed/cracked LSWR
will be exported from Dumai and one 85,000-bbl cargo of
mixed/cracked material is slated for lifting from Qasim next
month.

According to traders, the volume allocated is largely in line
with expectations, but the lower quantity and a slow pickup in
demand from Japanese power utilities are expected to help
support spot market prices. It has been reported that a few
traders are working to move LSWR to the U.S. or Europe, although
activities seem to have thinned.

But traders see an improvement in market sentiment, for February
LSWR cargoes have been offered around a US$1 a barrel premium
over the Pertamina price formula, versus a US$0.50/bbl premium
done for January cargoes.

CONTACT:

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


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


ALL NIPPON: Moody's Revises Outlook to Stable from Negative
-----------------------------------------------------------
Moody's Investors Service has changed to stable from negative
the rating outlook for the Ba3 long-term debt ratings of All
Nippon Airways Co., Ltd. (ANA). The outlook change reflects
Moody's view that ANA's earnings stability has improved due to
its cost-reduction efforts. It also incorporates the rating
agency's view that airline passenger demand has bottomed and
will gradually improve.

Under the difficult environment for the airline business caused
by the SARS virus and the war in Iraq, ANA has strengthened its
cost base by reforming its retirement program and drastically
reducing personnel costs. At the same time, it improved fleet
competitiveness through enhanced aircraft resource allocation.
As a result, the Company recorded net profit in the fiscal year
ended March 2004 for the first time in three years. In the
fiscal half-year ending September 2004, ANA further improved its
profitability and recorded an operating margin of 9.1%, its
highest half-year level in the last four years.

The recovery of profitability led to ANA's total debt to total
capitalization ratio improving to 83.4% at the end of September
2004 from 87.7% at the end of March 2003.

The situation for the airline business remains uncertain due to
continued anxiety regarding terrorism and repeated natural
disasters. In addition, the high price of aircraft fuel has been
a substantial obstacle to airline companies' profitability.
Nevertheless, Moody's believes that ANA will leverage its
improved cost structure and efficient aircraft operations to
further stabilize profitability. The Company's continuing strong
relationship with the Japanese government has been considered in
its rating as well.

All Nippon Airways Co., Ltd., headquartered in Tokyo, is Japan's
second largest airline in revenue terms.

CONTACT:

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


HEMINGU WEI: Enters Bankruptcy
------------------------------
K.K. Hemingu Wei has declared bankruptcy, as its total
liabilities have reached US$45.10 million, according to Teikoku
Databank America.

The super market operator is based in Sakai-Shi, Osaka 590-0103.

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


HIRANOMACHIKAIHATSU K.K.: Enters Bankruptcy
-------------------------------------------
Hiranomachikaihatsu K.K., a Company engaged in office space
leasing, has entered bankruptcy, according to Teikoku Databank
America.

The firm, based in Osaka-shi, Osaka 542-0081, left total
liabilities of US$264.71 million.

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


JAPAN AIRLINES: Moody's Changes Rating Outlook to Stable
--------------------------------------------------------
Moody's Investors Service has changed to stable from negative
the rating outlook for the Ba3 long-term debt ratings for Japan
Airlines International Co., Ltd. and its issuer rating of Ba3
for Japan Airlines Domestic Co., Ltd. The outlook change
reflects the gradual recovery of demand for passenger flights as
well as Moody's view that the Japan Airlines (JAL) group's
earnings stability has begun improve due to cost-reduction
efforts.

In the fiscal half-year ending September 2004, the JAL group's
total revenue jumped about 14% from a year earlier, mainly due
to increases in both passenger and cargo revenues in the
international business segment. The group also reduced operating
costs, mainly by cutting personnel expenses. This led to first-
half operating profit for the first time in two years. As a
result, the total debt to total capitalization ratio improved to
83.3% from 87.7% over the half-year.

The airline industry faces several uncertainties, such as
anxiety about terrorism and frequent natural calamities both in
and outside Japan. In addition, a rise in aircraft fuel oil
prices has been a major problem. However, Moody's believes that
the JAL group will use the synergistic benefits of group
integration to strengthen its cost structure and operating
efficiency, leading to further profitability improvement.

The rating further reflects Moody's view that the relationship
between the Japanese government and the JAL group, evidenced by
lending from government-related financial institutions, will
remain strong.

Japan Airlines International Co., Ltd., headquartered in Tokyo,
is the largest airline in Japan. Japan Airlines Domestic Co.,
Ltd., headquartered in Tokyo, is the third largest airline in
Japan. The two companies are fully owned subsidiaries of Japan
Airlines Corporation.

CONTACT:

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


NETTO NAGANO: Declared Bankrupt
-------------------------------
Drug wholesale trader Netto Nagano K.K. has been declared
bankrupt, Teikoku Databank America says.

The firm, located in Osaka-shi, Osaka 540-0039, has total
liabilities of US$29.41 million.

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


PAINTHOUSE COMPANY: To Sue UFJ on Default Claim
-----------------------------------------------
Painthouse Company will sue UFJ Bank after the creditor bank
announced that the housing exterior wall painter had defaulted
on JPY7.1 billion in debt, Jiji Press reports.

The controversial firm is planning to lodge the lawsuit with the
Tokyo District Court on Thursday.

In addition, Painthouse intends to notify UFJ Bank in writing
that it is capable of repaying its loans and that the bank's
claim is invalid.

The Company has also refuted the bank's claim that it defaulted
on convertible bonds worth JPY13 billion.


SEIBU RAILWAY: Creditors Call for Split of Kokudo
-------------------------------------------------
Creditors managing the reform of the Seibu Railway Company group
have proposed the division of the group's core Company, Kokudo
Corporation, according to The Asahi Shimbun.

The proposed split will give rise to one firm that would manage
the group's nonperforming assets and one that would oversee its
ongoing operations after merging with Seibu Railway.

A committee led by Ken Moroi will review the proposal along with
other rehabilitation plans that calls for the establishment of a
holding firm to manage both Kokudo and Seibu Railway. The
committee is expected to reach a decision by the end of the
month.

The committee has long considered maintaining the Kokudo and
Seibu under one holding Company. But the creditors' proposal
that the new Company managing Kokudo's operations be merged with
Seibu Railway after pruning the group of its unprofitable
operations is unforeseen.

The plan follows fierce criticism after Seibu's share price
plunged sharply in October in the wake of revelations it
underreported the number of shares held by major shareholders.

CONTACT:

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


TOSHIBA CORPORATION: PC Venture to Bounce Back to Black
-------------------------------------------------------
Toshiba Corporation's in-house personal computer business is
expected to return to profitability in fiscal 2004, relates AFX
News.

The Company's dismal PC division will finally recover after it
suffered an operating loss of JPY48.7 billion in fiscal 2003 due
to tight price competition with U.S. rivals Hewlett-Packard
Company and Dell Incorporated.

It was still losing money in the first half of fiscal 2004, with
an interim operating loss of JPY7.2 billion. However, the loss
was offset in the October-December quarter due to huge demand
for Qosmio, a new PC series that features rich audiovisual
functions. Cost-cutting measures, such as halving the number of
product development platforms from 24, also contributed to the
turnaround.

In order to revive the flagging PC business, Toshiba in Jan 2004
turned its PC division into an in-house firm and put Atsutoshi
Nishida in charge.

Under Mr. Nishida's lead, the Company has outsourced the design
and production of low-priced PCs to Taiwanese manufacturers and
consolidated output of other PCs in Hangzhou in the Chinese
province of Zhejiang.

The PC in-house Company had originally aimed to break even in
the current fiscal year.

CONTACT:

Toshiba Corporation
1-1 Kanda-Nishikicho
Chiyoda-Ku 101-8442, Tokyo 101-8442
Japan
Phone:  +81 3 3292 1011
Fax: +81 3 3292 6440
Web site: http://www.toshiba.com


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


DAEWOO HEAVY: To Double Product Sales in China Unit
---------------------------------------------------
Daewoo Heavy Industries & Machinery Ltd. said Sunday that it
plans to double the sale of forklifts to 3,000 this year, the
Korea Herald reports.

To help achieve that goal, the Company is introducing six types
of diesel engine forklifts strategically designed to compete
against low-cost Chinese forklifts. The new models generate less
noise and vibration, and are less expensive because it has low-
cost Chinese parts, said the construction equipment giant.

"We aim to become one of the top three forklift makers in China
by 2008," a Company official said.  The Company will also
intensify marketing to cover other promising sectors in China.

Daewoo Heavy will utilize its regional sales network and secure
local agents to bolster sales of forklifts needed for China's
increasing manufacturing sector and large-scale infrastructure
improvements.

Daewoo Heavy's export of forklifts, which began in 1994, reached
US$200 million in 2004. It forecasts an 11 percent increase to
US$224 million this year.

As for total sales this year, Daewoo expects an operating profit
of KRW163.4 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


HANARO TELECOM: Awarded Stable Ratings
--------------------------------------
Hanaro Telecom has gained a stable rating from the National
Information and Credit Evaluation (NICE).

The NICE raised the rating for Hanaro to ``BBB+'' in just seven
months after the carrier's rating was raised to ``BBB'' in last
June.

According to the rating agency, it enhanced the evaluation of
Hanaro because the Company improved its cash flow through US$600
million syndicated loans in 2003 and is estimated to reap a
surplus from last year.

CONTACT:

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


KOOKMIN BANK: To Lay Off 3,000 Employees
----------------------------------------
Kookmin Bank plans to cut its workforce by 10 percent, or some
3,000 employees, as part of its restructuring scheme, according
to the Korea Times.

According to financial industry sources on Sunday, the
commercial bank giant has decided to carry out an honorary
retirement program for about 3,000 employees, including 1,500 to
1,700 regular workers, by the end of this month and will soon
present the plan to its labor union by next week.

The bank is expected to offer employees a retirement
compensation package equal to some 24 to 30 months of their
salaries, although details are not yet fixed, sources said.

However, Kookmin Bank's labor union will surely oppose the
management's plan to scale down its workforce. The union has
consistently insisted that the management, not employees, should
be responsible for the bank's current difficulties.

Many local financial analysts forecasted that the bank would
reduce its workforce by as much as 7,000 within the first
quarter of 2005 to better prepare itself for stiff competition
with other banks since Mr. Kang Chung-won became its CEO late
last year.

CONTACT:

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


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


BUKIT KATIL: Releases Notice of EGM
-----------------------------------
Bukit Katil Resources Berhad (BKATIL) informed that the Company
had on Jan. 17, 2005 at around 9.45 a.m. received a copy each of
the following documents for the respective Meetings from both
AMSEC Nominees (Tempatan) Sdn Bhd and Mr. Lean Chee Seng,
shareholders of the Company collectively holding not less than
one-tenth of the issued and paid-up capital of BKATIL:-

Adjourned Extraordinary General Meeting

(a) Notice of Adjourned Extraordinary General Meeting dated Jan.
17, 2005.

Extraordinary General Meeting

(a) Special Notice on Removal of Director
(b) Notice for an Extraordinary General Meeting called pursuant
to Section 145 of the Companies Act, 1965 dated Jan. 17, 2005.

For further information on the report, click on:
http://bankrupt.com/misc/bukitkatil1011805.pdf
http://bankrupt.com/misc/bukitkatil2011805.pdf

CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur
50490 Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


CHEE WAH: Director Khor Say Beng to Deal in Securities
------------------------------------------------------
Chee Wah Corporation Berhad is now in the closed period for
dealing in its securities pending the announcement of its
results for Period Ended ended Dec. 31, 2004.

A Director of Chee Wah Corporation Berhad (CWCB) announced his
intention to deal in the ordinary shares of CWCB during this
closed period. The Director's current shareholding is
illustrated in the following table:

Name of Director: Mr. Khor Say Beng (Group Managing Director)

No. of Shares Held (Direct):        5,230,000

% of Issued and Paid-up Share Capital:     12.42

No. of Shares Held (indirect):      2,119,742

% of Issued and Paid-up Share Capital:      5.04

Inclusive of:

- 2,250,000 ordinary shares held through Affin-ACF Nominees
(Tempatan) Sdn Bhd and 2,950,000 ordinary shares held through
Kenanga Nominees (Tempatan) Sdn. Bhd.; and

- 2,119,742 ordinary shares in the name of Say Beng Holdings Sdn
Bhd., a Company in which he has substantial interest.

CONTACT:

Chee Wah Corporation Berhad
6428, Lorong Mak Mandin Tiga
Mak Mandin Industrial Estate
13400 Butterworth
Phone: 04-3329299
Fax:   04-3328607
Web site: http://www.cheewah.com

This announcement is dated Jan. 17, 2005.


CONSOLIDATED FARMS: Unit Threatened with Dissolution
----------------------------------------------------
Consolidated Farms Berhad (Confarm) announced that its
subsidiary Consolidated Liquid Eggs Sdn Berhad (CLESB) received
a Notice pursuant to Section 218 of the Companies Act, 1965
dated Jan. 13, 2005.

The Notice was issued by Iglo (M) Sdn. Bhd. (Iglo) demanding
payment for a sum of RM1,198,740.52, the outstanding storage
rental payable by CLESB. Pursuant to the Notice, in the event
CLESB fails and/or refuses to make payment for the aforesaid
debt within twenty-one (21) days from the date of service of the
Notice, CLESB shall be deemed to be unable to pay its debts
within the meaning of Section 218 of the Companies Act, 1965 and
winding-up proceedings shall thereafter be instituted against
CLESB.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax:   03-23002299

This announcement is dated 17 January, 2005.


FABER GROUP: Notes Listing of Additional Shares
-----------------------------------------------
Faber Group Berhad's additional 247,000 new ordinary shares of
RM1.00 each arising from the Conversion of RM494,000 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks will be granted listing and quotation with effect from
9.00 a.m., Wednesday, Jan. 19, 2005.

CONTACT:

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


GULA PERAK: Director Datuk Rahim bin Raba to Deal in Securities
---------------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director of his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Datuk Rahim bin Baba

Securities: Ordinary Shares at RM1.00

Indirect Interest:   2,514,000 (Kesenta Development Sdn Bhd)

% of Shares:                 0.97

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.

CONTACT:

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


GULA PERAK: Director Elyas bin Omar to Deal in Securities
---------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Tan Sri Dato (Dr.) Elyas bin Omar

Securities: Ordinary Shares at RM1.00

Direct interest:   5,282,000

% of Shares:               2.04

Indirect Interest: 1,000,000 (Juta Piramid (m) Sdn Bhd)

% of Shares:               0.39

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Notes Lim Bee Ling's Intention to Deal in Securities
----------------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on her intention to deal in the securities of GPB
during this closed period. The details of her current interests
in the securities of the Company are set out in the table below:

Name of Director: Ms. Lim Bee Ling

Securities: Ordinary Shares at RM1.00

Direct Interest:   21,362,000

% of Shares:                8.26

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Director Lim Cheng Pow to Deal in Securities
--------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Tan Sri Dato Lim Cheng Pow

Securities: Ordinary Shares at RM1.00

Direct Interest:   31,098,000

% of Shares:               12.03

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Director Lim Soo Ka to Deal in Securities
-----------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Mr. Lim Soo Ka

Securities: Ordinary shares at RM1.00

Direct interest:  14,379,000

% of Shares:               5.56

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Director Lim Soo Kok to Deal in Securities
------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Mr. Lim Soo Kok

Securities: Ordinary Shares at RM1.00

Direct Interest: 2,810,000

% of Shares:             1.09

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Director Lim Sue Beng to Deal in Securities
-------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on his intention to deal in the securities of GPB
during this closed period. The details of his current interests
in the securities of the Company are set out in the table below:

Name of Director: Mr. Lim Sue Beng

Securities: Ordinary Shares at RM1.00

Direct Interest:   7,995,000

% of Shares:               3.09

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


GULA PERAK: Director Low Siew Hoong to Deal in Securities
---------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received notification from a GPB
Director on her intention to deal in the securities of GPB
during this closed period. The details of her current interests
in the securities of the Company are set out in the table below:

Name of Director: Puan Sri Datin Low Siew Hoong

Securities: Ordinary Shares at RM1.00

Direct Interest:  444,000

% of Shares:            0.17

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.


LANKHORST BERHAD: Discloses Amended Unaudited Quarterly Results
---------------------------------------------------------------
Lankhorst Berhad posted an amendment to the announcement
released on November 30, 2004.

                SUMMARY OF KEY FINANCIAL INFORMATION
                           30/09/2004

               INDIVIDUAL PERIOD          CUMULATIVE PERIOD
        CURRENT YEAR PRECEDING YEAR  CURRENT YEAR PRECEDING YEAR
         QUARTER    CORRESPONDING       TO DATE    CORRESPONDING
                       QUARTER                         PERIOD
        30/09/2004    30/09/2003      30/09/2004      30/09/2003

         RM'000         RM'000          RM'000         RM'000

(1) Revenue    9,327        18,877          34,603        67,082

(2) Profit/(loss)
  before tax  -3,467            60          -4,029         1,533

(3) Profit/(loss)
after tax and minority
interest      -3,467           366          -4,037         1,288

(4) Net profit/(loss) for
the period    -3,467           366          -4,037         1,288

(5) Basic earnings/(loss) per shares (sen)
                  -8.40          0.90           -9.80       3.20

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


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

(7) Net tangible assets per share (RM)
                               0.1576                0.4282

For more information on the report, go to:

http://bankrupt.com/misc/tcrap_lankhorst011805.doc

CONTACT:

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


MTD CAPITAL: Posts Shares Buy Back Notice
-----------------------------------------
MTD Capital BHD disclosed to the Bursa Securities Malaysia
Berhad the details of its shares buy back on Jan. 17, 2005.

Date of buy back : 17/01/2005

Description of shares purchased : Ordinary shares of RM1/-
each

Total number of shares purchased (units)       : 281,500

Minimum price paid for each share purchased (RM):   2.570

Maximum price paid for each share purchased (RM):   2.630

Total consideration paid (RM) :                730,211.00

Number of shares purchased retained in treasury (units):
281,500

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

Cumulative net outstanding treasury shares as at to-date (units)
: 9,029,900

Adjusted issued capital after cancellation
(no. of shares) (units) : 0

CONTACT:

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


NAIM INDAH: To List Additional Shares
-------------------------------------
Naim Indah Corporation Berhad's additional 380,600 new ordinary
shares of RM0.20 each arising from the Conversion of RM380,600
nominal value of RMO.20 irredeemable convertible unsecured loan
stocks 2003/2006 will be granted listing and quotation with
effect from 9.00 a.m., Wednesday, Jan. 19, 2005.

CONTACT:

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


NAM FATT: Discloses Additional Shares Listing
---------------------------------------------
Nam Fatt Corporation Berhad's additional 155,000 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of RM
155,000 irredeemable convertible unsecured loan stocks 2003/2011
will be granted listing and quotation with effect from 9.00
a.m., Wednesday, Jan. 19, 2005.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax:   +60 3342 7830


PANTAI HOLDINGS: Releases Notice of Shares Buy Back
---------------------------------------------------
Pantai Holdings Berhad discolosed the details of its shares buy
back to the Bursa Malaysia Securities Berhad on Jan.17, 2005.

Date of buy back : 17/01/2005

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

Total number of shares purchased (units) :       73,900

Minimum price paid for each share purchased (RM):      0.905

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

Total consideration paid (RM) :                   68,611.13

Number of shares purchased retained in treasury (units):73,900

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

Cumulative net outstanding treasury shares as at to-date (units)
: 25,227,800

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/


RHB CAPITAL: Stockholders Approve Bonds Redemption
--------------------------------------------------
RHB Capital Berhad announced that it has on Jan. 14, 2005
obtained the requisite approval by Special Resolution in writing
from the holders of RHB Capital Bonds 03/09 for the early full
redemption of the said RHB Capital Bonds 03/09 and accordingly
the same were fully redeemed earlier yesterday at the price of
RM104.36 per RM100.00 nominal value.

The said full redemption was effected by utilising part of the
proceeds from the RHB Capital RM600 Million Serial Fixed Rate
Bonds.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Phone: +60 3 9287 8888
Fax: +60 3 9280 6507

This announcement is dated Jan. 17, 2005.


SANBUMI HOLDINGS: Unaware of Unusual Market Activity
----------------------------------------------------
Sanbumi Holdings Berhad advised that after having made due
enquiry, a substantial shareholder Equal Accord Sdn Bhd is in
preliminary negotiation to dispose of a block of shares in the
Company.

Saved as the above, they are not aware of any material situation
or event that has not been previously disclosed, of any rumor or
report (true or false) or any other reasons that could have
contributed to the high trading volume in the Company's shares
recently.

Bursa Malaysia Securities Berhad's Query Letter content :

We draw your attention to the high trading volume in your
Company's shares recently.

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

The announcement is to reach Bursa Securities by today via Bursa
Link.

Yours faithfully

CH'NG BOON HUAT
Development & Sector Head
Listing Compliance
Group Regulations

CONTACT:

Sanbumi Holdings Berhad
Wisma EMC
972 Jalan Baru
13700 Prai, Penang
MALAYSIA
Phone: 04-3903699
Fax :  04-3903636


TRU-TECH HOLDINGS: Issues Default Status Update
-----------------------------------------------
Tru-Tech Holdings Berhad announced that there has been no
material development in respect of the Default pursuant to
Practice Note 1/2001.

For further information on the report, go to:

http://bankrupt.com/misc/tcrap_tru-tech011805.xls

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972

This announcement is dated Jan. 17, 2005.


WEMBLEY INDUSTRIES: Seeking to Extend Rehab Implementation
----------------------------------------------------------
Reference is made to the announcement dated Jan. 19, 2004
whereby Wembley Industries Holdings Berhad (WIHB) announced that
the Securities Commission (SC) has via its letter dated 16
January 2004, granted its approval to for an extension period of
one (1) year up to Jan. 27. 2005 to complete the implementation
of the Company's Restructuring Proposals.

The Company announced that it had on Jan. 13 2005 sought for an
extension of time of one (1) year from the SC until Jan. 27,
2006 to complete the implementation of the Proposals. The
application for the extension of time is currently pending the
approval of the SC.

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


MAYNILAD WATER: Government Eyes Ondeo's Holdings
------------------------------------------------
The government has offered to pay US$27 million for a portion of
the stake of France's Suez Lyonnaise des Eaux in Maynilad Water
Services Inc., says The Philippine Star.

Finance Secretary Juanita Amatong confirmed the government is
spending part of Maynila's US$120-million performance bond to
purchase part of the holdings of Ondeo Waters, the affiliate of
Suez Lyonnaise that holds the group's interest in Maynilad.

Ondeo is reportedly seeking to reduce its holdings after
Maynilad's debt restructuring agreement with creditors was
finalized, converting some of the loans into equity in the
troubled utility firm.

The French group earlier threatened to withdraw from Maynilad
but it later decided to remain in the consortium to see the
rehabilitation through.

Ondeo will immediately receive the US$27 million payment for the
stake as soon as the bond is cashed in.

CONTACT:

Maynilad Water Services Inc.
Building G/F MWSI Building Street Katipunan Road
Area MWSS Compound, Balara
Town Quezon City
Philippines


METRO PACIFIC: SEC Urges Deeper Probe Into Insider Trading Issue
----------------------------------------------------------------
The surveillance unit of the Securities and Exchange Commission
(SEC) is calling for the Philippine Stock Exchange to scrutinize
the alleged insider trading case involving Metro Pacific
Corporation, reports The Philippine Star.

The SEC's Compliance and Enforcement Department (CED) has found
lapses in the PSE's investigation regarding First Pacific
Company Limited's sale of a five percent stake in Metro Pacific.

The bourse's Market Integrity Board (MIB) has cleared MPC of any
wrong doing, saying there is no rule that requires First Pacific
to disclose its planned divestment of shares prior to
implementing the same.

However, SEC believes MIB's decision on the matter was
premature, saying there were pending issues that still needed to
be addressed.

CONTACT:

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


PHILIPPINE AIRLINES: To Fly to Nagoya by March
----------------------------------------------
Philippine Airlines, Inc. (PAL) will serve the Nagoya route from
March to take advantage of the additional flight entitlements
recently granted by Tokyo, according to Business World.

The national flag carrier will start flying to Nagoya on March 1
four times a week.

In September, Tokyo granted 14 additional entitlements to PAL
and opened the Nagoya route for Philippine carriers. Of the 14
coefficients, seven would be exclusive for Osaka while the
remaining seven would be for any destination in Japan.

The Philippines can now fly with 61 coefficients to Japan. Japan
measures flight entitlements with coefficients, which is based
on the size of the aircraft. A small aircraft is equal to one
coefficient, medium-sized aircraft is 1.5, while a large
aircraft equals to two coefficients.

To date, PAL is the only Philippine carrier that flies to Japan.

CONTACT:

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


PHILIPPINE LONG: Boss Takes More Shares
---------------------------------------
The Chairman of Philippine Long Distance Telephone Company
(PLDT) has acquired additional Company shares, Doe Jones
relates.

Chairman Manuel Pangilinan has on Monday completed the purchase
of additional 1,000 shares in PLDT at Php1,395.50 each, bringing
his total holdings to 89,874.

No other details were disclosed.

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


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
The Philippine Stock Exchange on June 14, 2000 approved the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 6,597
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 6,597 common shares is set
for today, January 18, 2005. This brings the number of common
shares listed under the ESOP to a total of 343,663 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
MARIA ISABEL T. GARCIA
HEad, Listings Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


UNIWIDE HOLDINGS: Provides PSE a Copy of SEC Form 20-IS
-------------------------------------------------------
Further to Circular for Brokers No. 5523-2004 dated December 28,
2004, Uniwide Holdings, Inc. (UW) provided the Philippione Stock
Exchange a copy of its SEC Form 20-IS (Definitive Information
Statement) in connection with its Special Stockholder's Meeting
which will be held on February 11, 2005, at 8:00 a.m. at the
Uniwide Warehouse Club, Novaliches, Quezon City.

As previously announced, "only stockholders as of January 12,
2005 shall be entitled to notice and to vote at the said
meeting."

Attached is a copy of the Notice of Special Stockholders'
Meeting.

A copy of UW's Definitive Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries. The same shall likewise be made available at
http://bankrupt.com/misc/TCRAP_UNIWIDEHOLDINGSDIF011805.pdf.

For your information.

(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

To view the Special Stockholders' Meeting Notice, click on:
http://bankrupt.com/misc/TCRAP_UNIWIDEHOLDINGS011805.pdf

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


*  S&P Cuts RP Ratings on Budget Deficit Woes
---------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
foreign currency sovereign credit rating on the Republic of the
Philippines (RP) to 'BB-' from 'BB', and its long-term local
currency sovereign credit rating to 'BB+' from 'BBB-'. The
rating agency also lowered its short-term local currency
sovereign credit rating on the Philippines to 'B' from 'A-3',
and affirmed its short-term 'B' foreign currency sovereign
credit rating. The outlook is stable.

"The downgrades reflect the government's inadequate response to
its fiscal problems. With public sector debt at 110% of GDP and
government interest expense at nearly 40% of revenue, prompt
passage of the government's fiscal plan was necessary to support
the Philippines' ratings at their previous levels," said
Standard & Poor's credit analyst Agost Benard of the
Sovereign and International Public Finance Group.

"Standard & Poor's has now revised downward its expectations
that the government will be able to raise tax receipts
materially from their current low level of 12% of GDP and that
the government's debt trajectory will move to a clear downward
trend," Mr. Benard added.

Of the eight revenue measures proposed by the new Macapagal-
Arroyo administration inaugurated last summer, only one--
regarding excise taxes--had been passed (in a watered-down
version) by the end of the December legislative session.

Standard & Poor's highlighted the need for prompt fiscal action
in its report titled "Lagging Fiscal Reforms, Rising External
Vulnerabilities May Stress Ratings on the Philippines,"
published on RatingsDirect, Standard & Poor's Web-based credit
analysis system, on Oct. 6, 2004.

The Philippines' fiscal profile is also exposed to the
composition of its government debt, which is almost half
denominated in foreign currency. Rising global interest rates or
a weakening Philippine peso could sharply limit policymakers'
room to maneuver.

"The stable outlook, however, reflects the more comfortable
rating relativities at this lower rating level, at which the
Philippines' weak fiscal and debt profiles are balanced by the
country's external position," noted Mr. Benard.

"Total public and private sector external debt at year-end 2005
is projected to be less than 120% of current account receipts,
and the Philippines' 2005 gross external financing requirement
should equal only 77% of unencumbered net official reserves.
Coupled with modest success in enacting some of the government's
fiscal measures in the upcoming legislative session, Standard &
Poor's sees the upside and downside risks to the Philippines'
new ratings as balanced," Mr. Benard concluded.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.


* S&P Lowered Corporate Ratings in Line with Sovereign
------------------------------------------------------
Standard & Poor's Ratings Services revised its long-term foreign
currency corporate credit ratings on the following Philippine
corporates to 'BB-' from 'BB'. The outlook on these ratings is
stable:

(1) San Miguel Corp. (foreign currency BB-/Stable/--)

(2) Universal Robina Corp. (foreign currency BB-/Stable/--;
local currency BB/Stable)

(3) National Power Corp. (Napocor; foreign currency BB-/Stable/-
-; local currency BB+/Stable/--)

(4) Globe Telecom Inc. (foreign currency BB-/Stable/--; local
currency BB+/Stable/--)

(5) Philippine Long Distance Telephone Co. (foreign currency BB-
/Stable/--).

At the same time, Standard & Poor's lowered its long-term local
currency rating on Napocor to 'BB+' from 'BBB-' and the rating
on the US$85 million senior secured notes issued by Bauang
Private Power Corp. to 'BB-' from 'BB'. The outlook is stable.

These rating actions come after Standard & Poor's downgrades on
the local and foreign currency ratings on the Republic of
Philippines (foreign currency BB-/Stable/B; local currency
BB+/Stable/B; see "Research Update: Long-Term FC Rating on the
Philippines Lowered to 'BB-', LC Rating Cut to 'BB+'," published
on Jan. 17, 2005, on RatingsDirect, Standard & Poor's Web-based
credit analysis system, at www.Ratingsdirect.com).

The sovereign rating downgrades reflect the government's
inadequate response to its fiscal problems.


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


CHINA AVIATION: Asks Creditors to Write Off Debts
-------------------------------------------------
Troubled China Aviation Oil (S) Corp. (CAO) is requesting a debt
waiver from its creditors as part of rehabilitation efforts,
according to the Asia Intelligence Wire.

During preliminary negotiations to revive the Company, CAO is
working to let creditors waive its US$500 million debt.

Deloitte & Touche, the agency advising CAO on its debt-
restructuring plan, is initially proposing that creditors cancel
75 percent of its debt.

CAO, which lost US$550 million in oil trading derivates late
last year is set to unveil its restructuring plan on Jan. 24,
2005.

The major jet fuel trader is also besieged by legal woes as it
is facing lawsuit locally from Satya Capital and class action
lawsuits filed in the US, which is being handled by Lerach
Coughlin.

CONTACT:

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


CHINA AVIATION (S): Comes Up with Rehab Scheme
----------------------------------------------
China Aviation Oil (S) Company Limited has finally finished
formulating its rehabilitation scheme with the help of parent
Company China Aviation Oil Holding Company (CAOHC), reports
SinoCast.

Of the three firms rumored to be involved in CAO's
restructuring, only Singapore's Temasek Holdings will join the
revival efforts. The other two candidates were PetroChina and
Sinopec.

A source affirmed that the money invested and the stake held by
Temasek and CAO is not far from the original plan of investment
of US$50 million and a stake of 50 percent each.

The Company is expected to submit to the court its proposed
restructuring scheme on Jan. 24.  The Singapore High Court will
then make the final decision based on the restructuring plan.
Some creditors have got the restructuring plan, but it is still
unknown now whether the plan could win support from all the
creditors.


HO WAH: Incorporates New Subsidiary
-----------------------------------
The Board of Directors of Ho Wah Genting is pleased to announce
that it has incorporated a new subsidiary, the details of which
are as follows:

Name of Company: Ariel Engineering Pte. Ltd.

Country of Operation: Singapore

Authorized Capital Share: SG$5,000,000.00

Paid-up share capital: SG$2.00

Percentage of equity held by the Group: 100%

Principal activities: Investment holding and general engineering
works

Ariel Engineering Pte. Ltd will head the Company's investments
in the engineering industry, including without limitation, the
oil and gas industry.

The above was funded through internal resources and is not
expected to have any material impact on the consolidated net
tangible assets and earning per share of the Group for the
current financial year.

None of the directors or substantial shareholders of the Company
has any interest, direct or indirect, in the above transaction.

Submitted by:
Wong Chin Chong David
Director


L&M GROUP: To Hold 23rd Annual General Meeting on Jan. 31
---------------------------------------------------------
Notice is hereby given that the twenty-third annual general
meeting of L&M Group Investments will be held at No. 2 Tanjong
Penjuru Crescent, Singapore 608968 on Monday, Jan. 31, 2005 at
11:00 a.m. for the following purposes:

As Ordinary Business

(1) To receive and adopt the Audited Accounts of the Company for
the financial year ended Sept. 30 2004 together with the Reports
of the Directors and the Auditors.

(2) (a) To re-elect Directors retiring by rotation pursuant to
Article 98 of the Articles of Association of the Company:

    (i) Mr. Husni Heron

   (ii) Mr. Tay Yew Beng Peter

(b) To pass the following resolution under Section 153(6) of the
Companies Act, Cap. 50:

That pursuant to Section 153(6) of the Companies Act, Cap. 50,
the following directors who are over 70 years of age, be and are
hereby authorised to continue in office as Directors of the
Company until the next annual general meeting of the Company:

   (i) Mr. William Soeryadjaya

  (ii) Mr. Lee Khoon Choy

(3) To approve Directors' fees of S$68,275 for the financial
year ended Sept. 30, 2004 (SG$80,771 for the financial period
ended Sept. 30, 2003).

(4) To appoint Auditors and authorize the Directors to fix their
remuneration.

(5) To transact any other business that may properly be
transacted at an Annual General Meeting.

As Special Business
To consider and, if thought fit, pass the following resolutions
as Ordinary Resolutions:

(6) That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time and upon such terms and conditions
and for such purposes and to such persons as the Directors may
in their absolute discretion deem fit provided that the
aggregate number of shares to be issued pursuant to this
resolution does not exceed 50 per cent. (50%) of the issued
share capital of the Company for the time being and that the
aggregate number of shares issued other than on a pro rata basis
to existing shareholders does not exceed 20 per cent. (20%) of
the Company's issued share capital for the time being.

Dated this 15th day of January 2005
By Order of the Board,
Attlee Hue Kuan Yew
Company Secretary

Notes:

(1) A member entitled to attend and vote at the Annual General
Meeting is entitled to appoint not more than two proxies to
attend and vote in his stead. A proxy need not be a member of
the Company.

(2) The instrument appointing a proxy must be lodged at the
registered office of the Company not less than 48 hours before
the time fixed for the Annual General Meeting.

(3) Subject to such manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited, for the
purpose of determining the aggregate number of shares that may
be issued under the ordinary resolution proposed in resolution
(6) above, the percentage of issued share capital shall be based
on the issued share capital of the Company at the time
resolution (6) is passed, after adjusting for any subsequent
consolidation or subdivision of shares, and the authority
conferred by this resolution (6) shall continue in force until
the conclusion of the next Annual General Meeting of the
Company or the date by which the next Annual General Meeting of
the Company is required by law to be held, whichever is the
earlier.


LIFEXCHANGE ASIA: Court to Hear Winding Up Petition on Feb. 4
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Lifexchange Asia Pacific Pte Ltd by the High Court was on Jan.
10, 2005, presented by Holinone International Pte Ltd.

The said Petition will be heard before the Court sitting at
10:00 o'clock in the forenoon, on Friday, Feb. 4, 2005.

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

The Petitioner's address is 3A Joo Koon Circle, Singapore
629033.

The Petitioner's Solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Messrs Rajah & Tann
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Rajah & Tann 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 or firm, or his or their Solicitors (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 twelve o'clock noon of
Feb. 3, 2005.

This Singapore Government Gazette notice is dated Jan. 14, 2005.


NEO CORPORATION: Schedules Court Hearing on Jan. 28
---------------------------------------------------
Notice is hereby given that a petition for the winding up of Neo
Corporation Pte Ltd by the High Court was, on Jan. 4, 2005,
presented by Mr. Chee Yoh Chuang and Mr. Lim Lee Meng care of
Messrs Chio Lim & Associates, 18 Cross Street, #08-01 Marsh &
McLennan Centre, Singapore 048423, the Judicial Managers.

The said Petition will be heard before the Court sitting on
Friday at 10:00 a.m., on Jan. 28, 2005.

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

The Petitioner's address is care of Messrs Chio Lim &
Associates, 18 Cross Street, #08-01 Marsh & McLennan Centre,
Singapore 048423.

The Petitioner's solicitors are Messrs Tan Peng Chin LLC of 9
Battery Road, #18-08 Straits Trading Building, Singapore 049910.

Tan Peng Chin LLC
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Tan Peng Chin LLC, 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 or 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 twelve
o'clock noon Jan. 27 2005.

This Singapore Government Gazette notice is dated Jan. 14, 2005.


POWSEN ELECTRIC: Winding Up Hearing Fixed Jan. 28
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Powsen Electric (S) Pte Ltd by the High Court was on Dec. 30,
2004, presented (and amended on Jan. 5, 2005) by United Overseas
Bank Limited (RC No. 193500026Z) the successor-in-title to Chung
Khiaw Bank Limited now known as CKB (2000) Limited of 80 Raffles
Place, UOB Plaza 1, Singapore 048624, a creditor.

The said Amended Petition will be heard before the Court sitting
at 10:00 o'clock in the forenoon, on Friday, Jan. 28, 2005.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Amended
Petition may appear at the time of the hearing by himself or his
Counsel for that purpose, and a copy of the said Amended
Petition will be furnished to any creditor or contributory of
the said Company requiring the same by the undersigned on
payment of the regulated charge for the same.

The Petitioner's address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier LLC
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Amended Petition must serve on or send by post to Drew &
Napier LLC a 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 or firm, or his or their Solicitors (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 twelve o'clock noon of
Jan. 27, 2005.

This Singapore Government Gazette notice is dated Jan. 14, 2005.


SPH MEDIAWORKS: Faces Winding Up Proceedings
--------------------------------------------
Notice is hereby given that a petition for the winding up of SPH
Mediaworks Ltd by the High Court was, on Jan. 10, 2005,
presented by SPH Mediaworks Ltd of 1000 Toa Payoh North, News
Centre, Singapore 318994.

The petition will be heard before the Court sitting at Singapore
at 10:00 a.m. on Feb. 4, 2005.

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

The Petitioner's address is 1000 Toa Payoh North, News Centre,
Singapore 318994.

The Petitioner's solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.

Allen & Gledhill
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named Allen
& Gledhill, Solicitors for the Petitioner, 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 or 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 twelve o'clock noon of Feb. 3, 2005.

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


ZELTAND HOLDINGS: Faces Dissolution
-----------------------------------
Zeltand Holdings Limited, a wholly owned subsidiary of Guocoland
Limited, which was incorporated in the British Virgin Islands
had been dissolved.

Submitted by:
Dawn Pamela Lum
Group Company Secretary


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


CAPETRONIC INTERNATIONAL: Unveils EGM Resolutions
-------------------------------------------------
Capetronic International (Thailand) Public Company Limited
notified the Stock Exchange of Thailand (SET) on the resolutions
of the Extraordinary General Meeting of Shareholders No. 2/2004
which was held on 17 January, 2005, at 01:30 P.M., at Sky
Ballroom, Alexander Hotel, 3303 Ramkamhaeng Road ,Huamark,
Bangkapi, Bangkok, 10240.

The following agendas were resolved during the Extraordinary
General Meeting of Shareholders:

(1) Ratified the minutes of the Extraordinary General Meeting of
Shareholders No. 1/2004

(2) Approved the resignation of directors whose names are

Mr. Chalit Jariyatham and Ms. Chayapa Wongsawat, and appointed
new directors whose names are Ms. Bunthita Na Songkhla,
Independent Director, and General Wicha Techawancih, Director.

Moreover, the meeting approved the appointment of the Audit
Committee members and named Mr. Surachai Kositsareewong the
Chairman of the Audit Committee with Mr. Nit Ampaijit and
Ms. Bunthita Na Songkhla as the members.

(3) Resolved that the Article of Association is suitable and no
amendment or modification is needed under the Director section.

(4) Approved the new business plan to sell or rent spaces in the
Free Zone according to the proposal.

(5) Approved the change of the name of the Company from
Capetronic International (Thailand) Public Co., Ltd. to
Wyncoast Industrial Park Public Co., Ltd. and also approved the
amendment in Affidavit, Memorandum of Association, Articles of
Association, and the Company's seal, regarding the name change.

(6) Approved the amendment and/or adding in the Company's
Objectives according to the proposal.

(7) Approved the reduction in the Company's registered capital
by reducing the excess ordinary shares allocated for warrant
exercising by converting to ordinary shares, writing down the
un-issued shares, changing in par value, and writing down the
legal reserve in order to reduce the discount on share capital
and retained losses.

(a) Approved to reduce the excess shares allocated for warrant
exercising from 109,570,781 shares to 67,898,280 shares.

(b) Approved to write down the un-issued share of
THB5,468,036,180 which causes registered capital change from
THB20,156,392,580 to THB14,688,356,400.

(c) Approved to write down the legal reserve of THB3,843,000 in
order to reduce the retained losses.

(d) Approved to reduce the registered capital by changing par
value (from 10 to 1 Baht per share) which causes the Company's
registered capital reducing from THB14,688,356,400 to
THB1,468,835,640.

(8) Approved the adjustment of the exercise price of Warrant
from 10 to 1 Baht per share as per change in par value with the
effective date for warrant exercising from the first quarter of
year 2005 onwards.

(9) Approved the amendment and/or adding the Company's
Affidavit, the Articles of Association, and the Memorandum of
Association to comply with agendas 2, 3, 5, 6 and 7 as follows:

(9.1) The Article of Association

Approved to amend the Article No. 4 and to add the Article No.
47 to match with the changed par value of ordinary shares and
the regulation of The Stock Exchange of Thailand, stipulating
that the Article of Association must have the rule regarding the
related transactions. Moreover, obtaining or disposing of the
Company's properties or subsidiaries' properties shall relate to
the principle of the security market as follows:

Clause 4

The Shares of the Company shall be ordinary shares with the same
price and be paid in full at once.  The Company may issue
preference shares, debentures, convertible bonds and other
securities under the law of capital market and securitization.
In the case that the preference shares (if any) convert to
ordinary shares, shareholders shall submit an application to
convert his shares according to forms stipulated by the Company
and return the share to the Company.

Clause 47

In the case that the Company or subsidiaries agree to enter into
the related transactions or the transactions obtaining or
disposing of main properties of Company or subsidiaries
according to the meaning and the principle stipulated by the
announcement of the Stock Exchange of Thailand for the related
transactions of the listed companies, obtaining or disposing of
the main properties of the Company, the Company shall comply
with such regulations.

(9.2) The Company's Affidavit

Approved to the change in the Company's Affidavit according to
agendas 2, 5, 6 and 7.

(9.3) The Memorandum of Association

Approved the amendment and/or adding the memorandum of
Association according to agenda 5, 6 and 7 as follows:

Clause 1

The Company's name is Wyncoast Industrial Park Public Company
Limited.

Clause 3

The Company's objectives comprise of 58 items as according to
the attachment Bor.Mor.Jor 002.

Clause 4

The Company's registered capital is the amount of
THB1,468,835,640, dividing into 1,468,835,640 shares, with 1
baht per share.

No other agendas were proposed to consider in the meeting.

Please be informed accordingly.

Yours Sincerely,
(Mr. Pathrlap Davivongsa)
CEO

CONTACT:

Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4


DATAMAT: Acquires EDP Project
-----------------------------
Datamat Public Company Limited Company advised the Stock
Exchange of Thailand (SET) that New Maintenance & Engineering
System and Thai Airways International Public Company Limited
awarded them the Electronic Data Processing (EDP) Project dated
January 12, 2005.

In this respect, the Company hereby notified the SET the details
of such Project:

Project Description:

Implementation of a Maintenance, Repair and Overhaul System
consists of the SAP R/3 - Aerospace & Defense Industry Solution
and the Lufthansa Systems' Document Management System in order
to cover the required functionality for Maintenance, Repair and
Overhaul System and for the Technical Information Management
System.


Project Value (including 7% VAT):

Hardware- THB71,155,000.00
Software- THB593,883,212.80
Total- THB665,038,212.80

In addition, the Company has been awarded projects as from July
2004 onwards, the details are:

Client                  Project                     Value (MB)

Thai Airways        New Maintenance & Engineering System 665

GSE                 Maintenance Management System         34

Government Housing Bank      Core Bank                   631

National
Telecommunications
Commission
(former name: The
Post & Telegraph
Department)        Automated Spectrum Management System  122

Expressway &
Rapid Transit
Authority of
Thailand            Human Resource Management System       8

Sukhothaithammathirat
Open University      Enterprise Resource Planning         25

                                                 Total: 1,485

Note: Data from July 2004 onwards

Upon the above information, the Company's financial situation
progresses and the work procedure are efficient and developing
accordingly so as to ensure investors.

For your information

Sincerely yours,
Kusol Sangkananta
Director and Secretary to the Board

CONTACT:

Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: www.datamat.co.th


EMC: Snags Instyle Estate Project
---------------------------------
EMC Public Company Limited (EMC) informed the Stock Exchange of
Thailand (SET) that Instyle Estate Group Co., Ltd. has awarded
them the Colony Project for the structural and architectural
work.  The contract value of which is THB395,000,000, including
VAT. The project will be completed by June 30, 2006.

Please be informed accordingly.
Yours faithfully,
(Mr.Komol Wongpornpenpap)
Director

CONTACT:

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


SIAM AGRO: Del Monte Cancels Tender Offer
-----------------------------------------
Del Monte Fresh Produce (Thailand) Inc. informed the Stock
Exchange of Thailand (SET) that it cancelled the tender offer to
purchase all issued and outstanding ordinary shares of Siam
Agro-Industry Pineapple and Others Public Company Limited
(SAICO), which was effective January 12, 2005.

Due to the resolution of the Board of directors of SAICO made on
January 7, 2005 to agree to the proposals by the SAICO's major
creditor in jointly filing a rehabilitation program for SAICO,
which will file with the Center Bankruptcy Court.

On January 11, 2005, the Company submitted a letter to the
Securities and Exchange Commission to cancel the tender offer to
purchase all issued and outstanding ordinary shares of SAICO as
conditions for cancellation of the offer under Part 1, clause
9.1, in the tender offer dated 3 November 2004 and clause 46 of
the Securities and Exchange Commission Notification No. KorJor.
53/2545.

On January 12, 2005, the SEC acknowledged our cancellation of
the tender offer as referred by SEC's letter No. SEC.C. 53/2005

Re: Cancellation of tender offer for securities of Siam Agro
Industry Pineapple and Others Public Company Limited dated
January 12, 2005.

Sincerely Yours,
(Mr. Bruce Jordan, Esq.)
Vice President and General Counsel
Del Monte Fresh Produce (Thailand) Inc.
Tender Offeror

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: http://www.saico.co.th


THAI PETROCHEMICAL: Inks MoU with PTT
-------------------------------------
PTT Public Company Limited (PTT) informed the Stock Exchange of
Thailand (SET) that on January 17, 2005, PTT and the Ministry of
Finance (MOF), in its capacity of an agent authorized by the
Business Reorganization Plan of Thai Petrochemical Industry
Public Company Limited (TPI) to select and allocate TPI shares
to new qualified investors, have entered into a Memorandum of
Understanding (MOU) in order to record mutual understanding,
major principles and conditions of PTT's investment in TPI,
which in effect will enable PTT to conduct a detailed study and
extensive due diligence of TPI and its subsidiaries.

This MOU is not a definitive share purchase agreement and TPI
share price in the transaction has not been determined yet.  In
the evaluation of investment in TPI, PTT needs to study the
direction, strategy, business plan and also the returns to PTT
in the long run which has been set with the same required rate
of returns as other project investments.

In addition, PTT must obtain a management role in TPI and its
subsidiaries to ensure that the companies will be successfully
revived and become competitive after being released from the
reorganization process.

Provided that the outcomes of due diligence and all conditions
imposed by PTT are satisfactory, TPI share price in the
transaction is acceptable, and PTT receives necessary supports
from related parties in restructuring of TPI debts, PTT will
decide to make investment of approximately 30% ownership stake
in TPI.

Please note that the purchase of TPI share remains subject to
the execution of a definitive share purchase agreement once PTT
and MOF reach the agreement in the future.  PTT is committed to
evaluate this transaction with great care and full transparency
to ensure highest benefits to PTT's shareholders.

Please be informed accordingly.

Yours sincerely,
Prasert Bunsumpun
President
Corporate Funding and Financial Mgt. Dept.
Telephone: 02-537-2787-8
Fax: 02-537-2791

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: http://www.tpigroup.co.th


THAI WAH: Details Assets Disposal
---------------------------------
With reference to the letter sent to the Stock Exchange of
Thailand (SET) dated January 13, 2005.  Thai Wah Public Company
Limited would like to provide additional information in relation
to the disposal of assets of the Company as follows:

(1) Assets to be disposed

(a) Shares held by the Company in Thai Wah Plaza Limited of
10,188,203 shares or 87.4% of total paid-up capital.  Investment
in Thai Wah Plaza Limited has book value as of September 30,
2004 of negative THB666.8 million;

(b) Shares held by the Company in Thai Wah Tower (2) Co Ltd of
36,743 shares or 17.4% of total paid-up capital.  Investment in
Thai Wah Tower (2) Co Ltd has book value as of September 30,
2004 at THB219.6 million;

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

(d) All debt owed by Thai Wah Plaza Ltd to the Company.  As of
September 30, 2004 the outstanding balance is THB331.5 million.

(Note that long-term loan balance of THB185.3 million as shown
in the note to financial statement no.15 of the financial
statement for the 3rd quarter of 2004 has already been included
in THB331.5 million)

Total net book value of the above assets as of 30 September 2004
is negative THB101.1 million.

(2) Value of consideration

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

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

As previously reported in the letter dated 15 October 2004,
Everen is a contingent creditor of the Company.

The Supreme Court made an order that Everen is entitled to
receive US$ 19.05 million under the business reorganization of
the Company.  This relates to the guarantees of the obligation
of Thai Wah Tower (2) Co Ltd and Thai Wah Plaza Ltd under the
Option Agreement to sell the Promissory Note and Option
Agreement for Sale and Purchase of Condominium Unit
respectively.

This has been disclosed in the note to the financial statement
no. 17.1 of the financial statement for the 3rd quarter of 2004

(b) The buyer is to procure that the Company shall be refunded
in full any amount, which has been paid by the Company to
Everen.  This is approximately THB47 million;

(c) The buyer is to procure that the Company shall receive an
amount of Bt 21 million to compensate it for the shares of the
Company issued to Everen for the debt-to-equity conversion under
the amended Plan.

(d) The buyer is to procure that the Company shall receive debt
repayment from Thai Wah Plaza Ltd in an amount of THB251 million
in full and final settlement of any claim it may have against
Thai Wah Plaza Ltd.

Total proceed from this transaction is approximately THB319
million.  The funds will be used to repay the Classes 1, 2 and 5
creditors (excluding Everen).  The Company will no longer have
any obligation to Everen.

Please be informed accordingly.

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

CONTACT:

Thai Wah Public Company Limited
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


TPI POLENE: Releases Operating Result as of December 31, 2004
-------------------------------------------------------------
TPI Polene Public Company Limited (the Company), disclosed to
the Stock Exchange of Thailand (SET) the operating result for
the unaudited consolidated financial statements of the Company
for the year ended December 31, 2004 as follows:

Total consolidated sales revenues and total revenues from normal
operation in 2004 increased to THB20,843 million and THB22,395
million from THB19,016 million and THB20,700 million in 2003, an
increase of 9.61% and 8.19%, respectively.

Consolidated EBITDA for the year 2004 was THB5,900 million
compared to THB6,081 million in 2003, a slight decrease of
2.98%.  Normal operating profit in 2004 increased to THB3,052
million from THB2,812 million in the previous year or increased
by 8.53%.

In 2004, the Company and its subsidiaries registered net profit
of THB4,193 million (or earning per share of Baht 5.33) compared
to net profit of THB4,766 million in 2003 (or earning per share
of THB9.74) or decreased by 12.01%, which is due to the decrease
in the recognition of gain on extraordinary items by THB813
million, from 1,955 million in 2003 (comprising foreign exchange
gain of THB1,128 million and gain on reversal of loss on
impairment of assets of THB827 million) to THB1,142 million in
2004 (comprising foreign exchange loss of THB170 million, gain
on reversal of loss on impairment of assets of THB22 million and
gain on debt repurchase of THB1,290 million). As of December 31,
2004, the book value per share was THB44.76.

Please be informed accordingly.

Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com






                            *********


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

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