TCRAP_Public/050120.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

             Thursday, January 20, 2005, Vol. 8, No. 14

                            Headlines

A U S T R A L I A

AUSDEV INVESTMENTS: Members to Meet January 21
CHEMEQ LIMITED: Revises Term Sheet Timetable
DB MATTHEWS: Lays Out Agenda for Joint Meeting
GMK FINANCE: Appoints Ernst & Young Liquidators
JAMES HARDIE: Shares Recover as Asbestos Crisis Abates

KAREELA HOLDINGS: Members to Meet January 21
LEIGH PROPERTY: Members Agree to Wind Up Company
NEWMONT ACM: Members to Hear Liquidator's Report
NEWMONT GOLD: To Convene Members Meeting on January 21
NEWMONT MINERALS: Sets Final Meeting January 21

NEWMONT MINING: To Hold Final Meeting January 21
OREMET PTY: Members to Hear Liquidator's Report
P.A. MATHEWS: Appoints Liquidator for Winding Up Purposes
PLAYFORD VINEYARDS: To Convene Final Meeting January 25
POSDALE PTY: To Hold Final Meeting January 21

PEROOMBA COURT: Members Resolve to Wind Up Company
QANTAS AIRWAYS: Loads Fleet with 12 Airbus A380 Aircraft
QANTAS AIRWAYS: Confirms Job Outsourcing Reports
RED ROCK: Appoints Liquidator for Winding Up Purposes
RIVERLAND FRUIT: Final Dividend to be Declared January 27

SANTOS LIMITED: To Sell Gas Directly to Victorian Market
SATER PTY: Final Meeting Fixed January 21
SCOTT & SALLY: Lays Out Agenda for Final Meeting
S&S DIXON: Final Meeting Slated for January 21
TAGSYS AUSTRALIA: Members Resolve to Appoint Liquidator


C H I N A  &  H O N G  K O N G

FLOATA SEAFOOD: Sets Creditors, Contributories Meeting on Feb. 8
INDUSTRIAL AND COMMERCIAL: May Get Multi-billion-dollar Bailout
K VISION: Court to Hear Winding Up Petition on Feb. 16
KAMAYA ELECTRIC: Receiving Debt Particulars Until Feb. 7
TUNG YUEN: Creditors, Contributories Meetings Fixed Jan. 26

VINTAGE ASSOCIATES: Creditors Must Submit Claims by Feb. 16


I N D O N E S I A

PERTAMINA: Indonesia Delays Shipment of 51 LNG Cargoes
PERUSAHAAN LISTRIK: Awaits Approval of US$140Mln Loan Proposal
* Tsunami Claims US$4.5 Billion in Material Losses


J A P A N

ALL NIPPON: Picks Mineo Yamamoto as New Boss
AVIVA JAPAN: To Restructure Under IRCJ's Roof
CHIYODATOSHIKAIHATSU K.K.: Falls Into Bankruptcy
IZUMI SO: Enters Bankruptcy
JAPAN AIRLINES: To Participate in e-Passport Tests

MITSUBISHI MOTORS: To Get JPY300-Bln Aid from Group Firms
MITSUBISHI MOTORS: Allows Dealer to Sell Rival Cars in Kyushu
PAINTHOUSE COMPANY: In Operational Tie-up with Denki


K O R E A

DONG AH: European Bidder Withdraws Bid, Won't Pay Debts
KOOKMIN BANK: Discloses 3Q/2004 Financial Report
KOOKMIN BANK: Names Euro-Pacific as Largest Shareholder
LG CARD: Mulls Issuance of New Stocks


M A L A Y S I A

CHUAN HUAT: Unit Acquires 7-Story Shop Building
HAP SENG: Notes Resale, Cancellation of Treasury Shares
KAI PENG: SC Approves Extension on Corporate Exercises
MTD CAPITAL: Releases Shares Buy Back Notice
MULTI VEST: Unaware of Causes of Unusual Market Activity

MYCOM BERHAD: Details Unit's Sale, Purchase Deal
PAN MALAYSIA: Posts Notice of Shares Buy Back
PAN PACIFIC: Unit Enters Into Subscription Agreement
PANTAI HOLDINGS: Unveils Additional Shares Listing
PSC INDUSTRIES: Answers Bursa Malaysia Query

PWE INDUSTRIES: Details Restructuring Developments
SETEGAP BERHAD: Unit Receives Winding Up Petition Order
TALAM CORPORATION: Granted Listing of Additional Shares
TAP RESOURCES: Notes Listing of Additional Shares


P H I L I P P I N E S

COLLEGE ASSURANCE: Investor Ordered to Submit Appraisal Report
MAYNILAD WATER: Rehabilitation to Kick Off Next Month
METRO PACIFIC: Settles Penalty for Requirement Non-compliance
NATIONAL POWER: Power Rate Hike Faces Setback
PHILIPPINE LONG: Shrugs Off S&P Credit Ratings Downgrade

PILIPINO TELEPHONE: Chairman Takes Additional Stake
PRYCE CORPORATION: RTC Approves Petition for Corporate Rehab


S I N G A P O R E

CHINA AVIATION (S): Parent Firm Goes After US$108-Mln Debt
KOH BROTHERS: Seals Deal for Marina Barrage Project
PISCES LAND: Posts Notice to Declare Intended Dividend
STONEHENGE TELECOM: Receiving Proofs of Claims Until Jan. 28
WELLMAC INTERNATIONAL: Court Set to Hear Winding Up Petition

ZEN MARKETING: Winding Up Hearing Slated for Jan. 28


T H A I L A N D

DAIHATSU THAILAND: Faces Dissolution
K.C. PROPERTY: Unveils Extraordinary Shareholders' Meeting
THAI PETROCHEMICAL: Shares to be Priced THB1.50 to THB5 Apiece
TPI POLENE: Releases Unaudited, Consolidated Financial Statement

     -  -  -  -  -  -  -  -

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


AUSDEV INVESTMENTS: Members to Meet January 21
----------------------------------------------
Notice is given that a final meeting of members of Ausdev
Investments Pty Ltd (in liquidation) A.C.N. 007 702 525 will be
held at the offices of Newmont Australia Limited, 100 Hutt
Street, Adelaide, South Australia on January 21, 2005 at 11:00
a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Ausdev Investments Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


CHEMEQ LIMITED: Revises Term Sheet Timetable
--------------------------------------------
At the request of Mizuho International Plc (MHI), Chemeq Limited
has made the following changes to the previously announced Term
Sheet timetable:

(1) Completion of confirmatory due diligence by January 21, 2005
has been extended to January 28, 2005. This extension has been
agreed due to the complexity involved in coordinating the
schedules of various Mizuho team members and its advisors across
a number of time zones.

(2) The Extraordinary General Meeting of Chemeq shareholders
will be held approximately mid-March 2005. A notice of meeting
will be sent to shareholders advising of meeting particulars in
due course.

All other transaction related dates remain on target and Mizuho
continues to complete its confirmatory due diligence.

This announcement should be read in conjunction with an
announcement made to the Australian Stock Exchange by Chemeq
Limited on January 6, 2005.

CONTACT:

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


DB MATTHEWS: Lays Out Agenda for Joint Meeting
----------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act that a joint meeting of members and creditors
of DB Matthews (Colignan) Pty Ltd (In Liquidation) A.C.N. 004
729 757, will be held at 10:30 a.m. on Tuesday, January 25, 2005
at Level 4, 18 Elizabeth Street, Hobart.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

In accordance with Regulation 5.6.16 the meeting will be
adjourned to the same day in the next week at the same time and
place if, within 30 minutes after the time appointed,

(a) a quorum is not present; or

(b) the meeting is not otherwise sufficiently constituted.

Dated this 9th day of December 2004

Paul Cook
Liquidator
DB Matthews (Colignan) Pty Ltd (In Liquidation)
Level 4, CML Building, 18 Elizabeth Street,
Hobart Tas 7000
Telephone: (03) 6223 2555
Facsimile: (03) 6223 2556
E-mail: info@pjc.com.au


GMK FINANCE: Appoints Ernst & Young Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of GMK Finance Pty Ltd (In
Liquidation) previously known as GMK Finance Ltd, Thomco (No.
1015) Pty Ltd A.C.N. 064 452 160 held on December 7, 2004, the
Company members resolved to wind up the Company voluntarily and
to appoint Anthony Stevens Smith and Timothy Paul Burfield of
Ernst & Young, 91 King William Street, Adelaide, South
Australia, as joint and several Liquidators of the Company.

Dated this 13th day of December 2004

Anthony Stevens Smith
Timothy Paul Burfield
Joint and Several Liquidators
Ernst & Young
91 King William Street,
Adelaide SA 5000
Telephone: 8233 7111


JAMES HARDIE: Shares Recover as Asbestos Crisis Abates
------------------------------------------------------
Shares in scandal-hit James Hardie Industries NV continue to
trend upward as the firm's asbestos liabilities issue nears end,
reports The Sydney Morning Herald.

James Hardie's share price has speedily recovered after the
Company resolved the asbestos crisis just before Christmas, when
it agreed to pay around 35 percent of its operating cash flow
each year for asbestos compensation.

Analysts also expect James Hardie to benefit from an all-
inclusive 10 percent price hike on its products in the U.S.,
which was implemented last month.

Revenues from the robust U.S. market are also seen to help cover
the Company's legal fees associated with James Hardie's asbestos
woes.

Last year, the Company was severely hit with plunging shares as
its reputation was tarnished by a massive shortfall in its
funding for asbestos compensation.

At its half yearly results, the Company downgraded its full year
expectations, partly due to the impact of boycotts. But after
the resolution in December, unions called for all boycotts of
James Hardie products to cease.

The Company will provide a market update when it announces its
third quarter results on February 14.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquires to CustomerLink Service Centre on 13 1103.


KAREELA HOLDINGS: Members to Meet January 21
--------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a general meeting of the members of Kareela Holdings
Pty Ltd (In Voluntary Liquidation) A.C.N. 007 583 940 will be
held at the offices of Ferrier Hodgson, Level 6, 81 Flinders
Street, Adelaide on January 21, 2005 at 10:00 a.m., for the
purpose of having an account laid before it showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanation that may
be given by the Liquidator.

Dated this 9th day of December 2004

Martin David Lewis
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 6, 81 Flinders Street,
Adelaide SA 5000


LEIGH PROPERTY: Members Agree to Wind Up Company
------------------------------------------------
The members of Leigh Property Management Pty Ltd (Members'
Voluntary Winding Up) A.C.N. 008 631 472 passed a special
resolution on December 2, 2004 that the Company be wound up
voluntarily.

Dated this 8th day of December 2004

D.D. Whitbread
Liquidator


NEWMONT ACM: Members to Hear Liquidator's Report
------------------------------------------------
Notice is given that a final meeting of members of Newmont ACM
Management Pty Ltd (In Liquidation) A.C.N. 009 232 704 will be
held at the offices of Newmont Australia Limited, 100 Hutt
Street, Adelaide, South Australia on January 21, 2005 at 10:30
a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Newmont ACM Management Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


NEWMONT GOLD: To Convene Members Meeting on January 21
------------------------------------------------------
Notice is given that a final meeting of members of Newmont Gold
Services Pty Ltd (in liquidation) A.C.N. 050 736 135 will be
held at the offices of Newmont Australia Limited, 100 Hutt
Street, Adelaide, South Australia on January 21, 2005 at 11:30
a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Newmont Gold Services Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


NEWMONT MINERALS: Sets Final Meeting January 21
-----------------------------------------------
Notice is given that a final meeting of members of Newmont
Minerals Pty Ltd (In Liquidation) A.C.N. 007 693 601 will be
held at the offices of Newmont Australia Limited, 100 Hutt
Street, Adelaide, South Australia on January 21, 2005 at 10:00
a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Newmont Minerals Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


NEWMONT MINING: To Hold Final Meeting January 21
------------------------------------------------
Notice is given that a final meeting of members of Newmont
Mining Kazakstan Pty Ltd (In Liquidation) A.C.N. 007 048 956
will be held at the offices of Newmont Australia Limited, 100
Hutt Street, Adelaide, South Australia on January 21, 2005 at
10:45 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Newmont Mining Kazakstan Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


OREMET PTY: Members to Hear Liquidator's Report
------------------------------------------------
Notice is given that a final meeting of members of Oremet Pty
Ltd (in liquidation) A.C.N. 003 295 609 will be held at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide,
South Australia on January 21, 2005 at 11:45 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Oremet Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


P.A. MATHEWS: Appoints Liquidator for Winding Up Purposes
---------------------------------------------------------
Notice is given that the final meeting of P.A. Mathews Pty Ltd
(In Liquidation) A.C.N. 007 746 714 will be held at the offices
of PPB, 10th Floor, 26 Flinders Street, Adelaide South Australia
on January 25, 2005 at 10:00 a.m. for the purpose of receiving
an account of how the winding up has been conducted and the
property of the Company disposed of.

Dated this 21st day of December 2004

Timothy J. Clifton
Liquidator
c/- PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000


PLAYFORD VINEYARDS: To Convene Final Meeting January 25
-------------------------------------------------------
Notice is given that the final meeting of Playford Vineyards Pty
Ltd (In Liquidation) A.C.N. 094 864 749 will be held at the
offices of PPB, 10th Floor, 26 Flinders Street, Adelaide South
Australia on January 25, 2005 at 10:30 a.m. for the purpose of
receiving an account of how the winding up has been conducted
and the property of the Company disposed of.

Dated this 13th day of December 2004

Timothy J. Clifton
Liquidator
c/- PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000


POSDALE PTY: To Hold Final Meeting January 21
---------------------------------------------
Notice is given that a final meeting of members of Posdale Pty
Ltd (In Liquidation) A.C.N. 059 788 180 will be held at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide,
South Australia on January 21, 2005 at 10:15 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Posdale Pty Ltd (In Liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


PEROOMBA COURT: Members Resolve to Wind Up Company
--------------------------------------------------
At a General Meeting of Peroomba Court Proprietary Limited (In
Liquidation) A.C.N. 007 609 083, duly convened and held at 42
Brighton Road, Glenelg on December 13, 2004 the following
Special Resolution was passed:

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

Dated this 13th day of December 2004

G.N. Huddleston
Liquidator
Grant Thornton
67 Greenhill Road, Wayville SA 5034


QANTAS AIRWAYS: Loads Fleet with 12 Airbus A380 Aircraft
--------------------------------------------------------
Qantas Airways declared on Tuesday it would make aviation
history with its first A380 aircraft by operating the longest
500-passenger service in the world, flying between Melbourne and
Los Angeles.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
Qantas would deploy its first four Airbus A380 aircraft, seating
501 passengers, on services between Australia and the United
States of America, including both Melbourne-Los Angeles (12,749
km) and Sydney-Los Angeles (12,052).

"No aircraft in the history of commercial aviation has been able
to carry as many passengers over such a distance on regular
scheduled services.

"To put it simply, the A380 will enable Qantas to carry more
people, further, than ever before.

"The A380 with its size and technical capabilities will change
the way predominantly long haul airlines such as Qantas conduct
their business," Mr. Dixon said.

Qantas has ordered 12 A380 aircraft with options for 10 more,
with the first aircraft being delivered in October 2006.

"The purchase of the A380 continues Qantas' multi-billion dollar
program to provide the most up-to-date and efficient fleet," Mr.
Dixon said.

Speaking at the first public viewing of the A380 in Toulouse,
France, today, Mr. Dixon said Qantas' first 12 A380s would
enable the airline to fly at least 17 weekly services between
Australia and Los Angeles and 14 weekly services between
Australia and London via Bangkok, Hong Kong and Singapore.

He said Qantas' capacity on both routes would continue to be
bolstered by the use of long-range Boeing 747-400 aircraft.

Mr. Dixon said Qantas and Airbus had been in constant
discussions with authorities in Los Angeles and at Los Angeles
International Airport, and were confident that the airport would
be ready to receive the A380.

"Despite its size, the A380 will be one of the quietest aircraft
flying, as well as offering other obvious benefits such as
capacity and operating savings."

Mr. Dixon said the Qantas interior design for its A380 aircraft
would provide new levels of comfort for its passengers and would
feature, among other things:

- special lounge areas in the First, Business and Economy
sections;
- facilities for business meetings and business presentations;
and
- video on demand, internet capability and larger entertainment
screens in all seats.

He said the A380 interior cabin design was being coordinated by
Paris-based Australian designer Marc Newson, who had designed
the airline's multi-award winning Business Class sleeper seat,
Skybed.

The design for the Qantas A380 First Class cabin had been
completed,  with Business and Economy Class cabin designs
nearing completion.

Mr. Dixon said the A380 First Class provided passengers with
greater space, comfort and privacy.

He said Business Class would feature an enhanced version of
Skybed, and the design work was being carried out with the aim
of installing it progressively on Qantas' other international
aircraft.

Economy Class would also be substantially improved in terms of
space for passengers, entertainment and seating.

Mr. Dixon said Qantas was working with a variety of
international suppliers on its interiors, including Panasonic
for the new entertainment system and B&B Italia on furniture
detailing.

First Class seating is being manufactured by BE Aerospace in the
United States, as is Skybed, and the new Economy Class seats are
being produced by German Company, Recaro.

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: Confirms Job Outsourcing Reports
------------------------------------------------
Qantas on Tuesday confirmed that it was reviewing the
opportunities to source some jobs, products and services
overseas.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
that Qantas had made no secret of its need to compete
effectively and that moving to more overseas-based services was
always under consideration.

"This was first mooted quite clearly in the speech I made to the
National Press Club in Canberra in May 2004, and in other
previous speeches," he said.

"As a matter of fact, we have said for the past three years that
we must source more people overseas, and that our continued
growth of jobs in Australia depended on that.

"No one should be in any doubt that we are a major Australian
employer, we intend to remain a major Australian employer, and
by far the majority of our staff will remain employed in
Australia.

"While almost every single full service airline has reduced
staffing in numbers that total hundreds of thousands, Qantas has
substantially grown its staff numbers.

"We have created 10,000 new jobs over the past 10 years, almost
every one of those jobs in Australia.

"We have also grown jobs offshore - for instance with the
establishment of the new London base, and not a single
Australian has been made redundant as a result.

"While we reserve the right to make the necessary decisions to
source the best possible locations for people, services and
products, we are totally committed to continuing to grow jobs in
Australia," he said.

"We are, however, operating in a global market and there is no
room for complacency simply because we are currently profitable
and successful.

"There are three major reasons for this - our close and constant
attention to efficiencies, our decision to invest billions of
dollars in new product and equipment, and the support of our
staff for continued workplace change.

"It is very important for people to realize that unless Qantas
is profitable and efficient it will be unable to continue to
make major investments in aircraft and product and as a result
create more jobs."

Mr. Dixon confirmed that the airline was looking at a range of
possibilities including joint ventures which would, if they came
to fruition, involve new jobs being created in both Australia
and other countries."

Mr. Dixon reiterated that regardless of any decision regarding
growth overseas, the airline had no plans for wholesale
redundancies.


RED ROCK: Appoints Liquidator for Winding Up Purposes
-----------------------------------------------------
The following special resolution was passed in accordance with
Section 249B(1) of the Corporations Act 2001, that Red Rock
Mining Corporation Ltd (In Voluntary Liquidation) A.C.N. 000 062
448 be wound up voluntarily and that Brian McMaster, of
KordaMentha (WA), Level 11, 37 St George's Terrace, Perth, be
appointed as liquidator for the purposes of the winding up.

Dated this 13th day of December 2004

Brian Mcmaster
Liquidator for Red Rock Mining Corporation Ltd
KordaMentha (WA)
Telephone: (08) 9221 6999


RIVERLAND FRUIT: Final Dividend to be Declared January 27
---------------------------------------------------------
An interim dividend is to be declared on January 27, 2005 for
Riverland Fruit Co-Operative Limited (In Liquidation).

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

Dated this 14th day of December 2004

George Divitkos
Liquidator
c/- BDO
Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000
Telephone: 8223 1066


SANTOS LIMITED: To Sell Gas Directly to Victorian Market
--------------------------------------------------------
Santos Limited disclosed that its wholly owned subsidiary,
Santos Direct Pty Ltd, would market gas directly into the
Victorian market for the first time using its recently awarded
retail gas license. This follows production start-up from the
Minerva gas field in the offshore Otway Basin, Victoria, earlier
this week.

The retail gas license, which was awarded by the Victorian
government in 2004, allows Santos to fully participate in the
Victorian gas market.

Santos proposes to sell its 10% share of gas production from the
Minerva field through Santos Direct to industrial customers and
into the Victorian spot market.

Marketing and selling gas directly into the retail market is a
first for Santos, which is already one of Australia's largest
gas producers supplying gas at the wholesale level to major
industrial customers and specialist marketers in all mainland
Australian states under long-term contracts.

"The Minerva gas project is an important project for Santos as
it continues to build our interests in the highly competitive
Victorian gas market," Santos Managing Director, Mr. John
Ellice-Flint, said.

"The retail gas license expands Santos' marketing options by
giving us another channel for selling gas directly to industrial
customers and into the spot market.

"Having greater flexibility and the option to market separately
from the joint venture builds on Santos' commercialization and
marketing expertise to deliver better returns for our
shareholders," Mr. Ellice-Flint said.

The Minerva project will provide sales gas to the South
Australian and Victorian gas markets.

When full design rate is reached shortly, the new development
will produce up to a maximum gross production rate of 150
terajoules of sales gas per day (TJ/d) and up to 500 barrels per
day (gross) of stabilized condensate.

The project consists of two sub-sea well completions in 60
meters of water, approximately 10 kilometers offshore from the
township of Port Campbell.

The gas is being piped to an onshore gas processing facility
near Port Campbell.

The Minerva gas field, located in permit VIC/L22, is a natural
gas field with a small amount of liquid condensate. It contains
estimated Proven and Probable gas reserves of 301 billion cubic
feet (BCF) of gas (Santos share 30 BCF). The field also contains
1.24 million barrels of liquids (Santos share 0.13 million
barrels).

Interests in the Minerva gas field are:

Santos Limited:          10%
BHP Billiton (operator): 90%

CONTACT:

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


SATER PTY: Final Meeting Fixed January 21
-----------------------------------------
Notice is given that a final meeting of members of Sater Pty Ltd
(in liquidation) A.C.N. 008 274 593 will be held at the offices
of Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on January 21, 2005 at 11:15 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 13th day of December 2004

Timothy Paul Burfield
Liquidator
Sater Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


SCOTT & SALLY: Lays Out Agenda for Final Meeting
------------------------------------------------
Notice is hereby given that a final meeting of creditors of
Scott & Sally Dixon Investment Co Pty Limited (In Liquidation)
A.C.N. 008 221 234 will be held at Bernardi Martin, Level 1, 195
Victoria Square, Adelaide on January 21, 2005 at 9:00 a.m.

AGENDA

To consider how the winding up of the Company has been
conducted, how the property of the Company has been disposed of
and the destruction of the Company's books & records after 6
months.

Dated this 9th day of December 2004

Hugh Martin
Liquidator


S&S DIXON: Final Meeting Slated for January 21
----------------------------------------------
Notice is hereby given that a final meeting of creditors of S&S
Dixon Sawmilling Pty Limited (In Liquidation) A.C.N. 069 587 140
will be held at Bernardi Martin, Level 1, 195 Victoria Square,
Adelaide on January 21, 2005 at 9:30 a.m.

AGENDA

To consider how the winding up of the Company has been
conducted, how the property of the Company has been disposed of
and the destruction of the Company's books and records after 6
months.

Dated this 8th day of December 2004

Hugh Martin
Liquidator

Accounts in the form prescribed by section 539 of the
Corporations Act have been made up and have been filed with the
Australian Securities and Investments Commission.


TAGSYS AUSTRALIA: Members Resolve to Appoint Liquidator
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Tagsys Australia Pty Ltd (In Voluntary Liquidation) A.C.N.
008 031 945 held on December 7, 2004, it was resolved that the
Company be wound up voluntarily and that Austin Robert Meerten
Taylor of Meertens, Chartered Accountants, Level 10, 68 Grenfell
Street, Adelaide, South Australia, be appointed liquidator.

Dated this 13th day of December 2004

A.R.M. Taylor
Liquidator
Meertens
Chartered Accountants
Level 10, 68 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8418 8900
Facsimile: (08) 8232


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


FLOATA SEAFOOD: Sets Creditors, Contributories Meeting on Feb. 8
----------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, a meeting of the members of Floata Seafood
Restaurant Limited will be held at Room 802, Shiu Lam Building,
23 Luard Riad, Wan Chai, Hong Kong on Feb. 8, 2005 at 10:00 a.m.
and will be followed by a meeting of the creditors of the
Company to be held at the same place at 10:30 a.m.

For the purpose of receiving an account of the liquidator's act
and dealings and of the conduct of the winding up of the Company
during the year ended Nov. 14, 2004 laid before them.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at Rooms 801-2, Shiu
Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later than
4:00 p.m. on the day before the meetings.

Cho Yim Kan
Liquidator

This notice is dated Jan. 14, 2005


INDUSTRIAL AND COMMERCIAL: May Get Multi-billion-dollar Bailout
---------------------------------------------------------------
The government is considering bailing out Industrial and
Commercial Bank (ICBC), in a bid to reform the bank's system,
reveals Xinhua News.

The debt-laden state bank may be infused with hefty funds in
another aggressive bailout by the state.

Considering the bank's size and its bad loan ratio, a capital
injection is estimated to be around US$30-50 billion. If the
capital injection is approved, ICBC would be the third bank to
receive help from the state after China Construction Bank (CCB)
and Bank of China (BOC).

The capital injection will help bring ICBC's capital adequacy
ratio (CAR) closer to the 8 percent minimum level set by the
Basel Accord for commercial banks that has been accepted in
principle by China's banking regulators. The state is in the
midst of revamping its banking sector ahead of opening up its
market in 2006.

The state is expected to start ICBC's financial reform after it
has allocated money into it and has cut the bank's non-
performing loans (NPLs).

ICBC is one of China's big four state banks. But it was left
behind smaller but financially healthier BOC and CCB in the
government bailout move aiming to bolster the banks' balance
sheets.

CONTACT:

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


K VISION: Court to Hear Winding Up Petition on Feb. 16
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of K
Vision International Investment (Hk) Limited by the High Court
of Hong Kong Special Administrative Region was on Dec. 17, 2004
presented to the said Court by Zhang Hongxin of 4th Floor, 3B
Wang Fung Terrace, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
Feb. 16, 2005.

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

Siao, Wen And Leung
Solicitors for the Petitioner
15th Floor, Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of Feb. 15, 2005.

This notice is dated Jan. 7, 2005.


KAMAYA ELECTRIC: Receiving Debt Particulars Until Feb. 7
--------------------------------------------------------
Notice is hereby given that the Creditors of Kamaya Electric
(H.K.) Limited, which is being voluntarily wound up, are
required on or before Feb. 7, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned and Mr. John Toohey, the Joint and
Several Liquidators of the said Company.

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

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

This notice is dated Jan. 7, 2005.


TUNG YUEN: Creditors, Contributories Meetings Fixed Jan. 26
-----------------------------------------------------------
Tung Yuen Hong Electrical Company Limited has scheduled its
creditors and contributories meetings on Jan. 26, 2005
(Wednesday) at 10:30 a.m. and 11:30 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.


VINTAGE ASSOCIATES: Creditors Must Submit Claims by Feb. 16
-----------------------------------------------------------
Notice is hereby given that the Creditors of Vintage Associates
Limited, which is being voluntarily wound up, are required on or
before Feb. 16, 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
undersigned.

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

Lo Wai Tsun
Joint and Several Liquidators
27th Floor, Chater House
8 Connaught Road, Central
Hong Kong

This notice is dated Dec. 31, 2004.


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


PERTAMINA: Indonesia Delays Shipment of 51 LNG Cargoes
------------------------------------------------------
PT Pertamina said the country would reschedule the shipment of
51 cargoes of liquefied natural gas to buyers in Japan, South
Korea and Taiwan this year, relates The Jakarta Post, citing a
top executive at the Company.

The shipment consists of 42 cargoes from the Bontang plant in
East Kalimantan and the remaining nine were from Arun in Aceh.

Chairman of the Oil and Gas Implementing Body (BP Migas) Rachmat
Sudibyo said the problem in Bontang was primarily centered on
one of the Attaka fields.   Bontang has committed to export 335
cargoes this year, already factoring in the rescheduled ones, in
addition to 45 cargoes from the Arun plant.

"The fewer LNG shipments sought by buyers this year is timely
since Indonesia had to reallocate some of its gas output to
fertilizer producers, while the output capacity of certain
fields had also been on the decline Pertamina's trading and
marketing director," Ari Soemarno said.

There is still no definite date on when the customers will
receive the orders.  The buyers include, Kansai Electric Power
Co., Chubu Electric Power Co., Tokyo Gas Co., and Korea Gas
Corp.

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


PERUSAHAAN LISTRIK: Awaits Approval of US$140Mln Loan Proposal
--------------------------------------------------------------
PT Perusahaan Listrik Negara's (PLN) Batam office hopes to
clinch its proposed US$140 million loan to the Industrial
Commercial Bank of China (ICBC) to finance the construction of
two-Megawatt coal-fired power plants, The Korea Herald says.

It is essential to construct the power plants in order to supply
electricity to the islands of Batam, Rempang and Galang.  The
islands are currently served with diesel power plants.

"We really hope the loan can be disbursed soon so that we can
start with the planned construction of the Tanjung Kasam coal-
fired power plants, which are scheduled for operation in 2008,"
PLN Batam corporate secretary Binarto said.

Due to lack of supply customers in Batam experienced power
crisis for two months last year.  The Batam plants could only
produce 197.10 Megawatts for its 126,441 customers, while demand
is increasing at the rate of 1.5 megawatts per month.

"The project for the construction of the Tanjung Kasam coal-
fired power plants is also to convert the current diesel power
plant, which needs huge maintenance fees, and to anticipate the
government's planned hike in fuel prices, including for diesel
fuel," Binarto said. "Should that happen, we won't have to
increase electricity prices."

Power in the provinces of West Sumatra, Jambi and Riau, which
also covers Batam was shut down in rotation in June and July of
2004 resulting from water scarcity in several reservoirs due to
a prolonged dry season.  Several power plants in the provinces
make use of water reservoirs to generate electricity.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id


* Tsunami Claims US$4.5 Billion in Material Losses
--------------------------------------------------
The recent tsunami has inflicted a US$4.5 billion in material
losses to Indonesia, Asia Pulse says, citing State Minister for
National Development Planning Sri Mulyani Idrawati.

Around 110,000 souls vanished in Aceh and North Sumatra and the
tsunami caused extensive damage to infrastructure, houses and
other public facilities.

A meeting was scheduled Tuesday by members of the country's
donor consortium, the Consultative Group on Indonesia to discuss
the reconstruction cost for the two provinces.  The government
hopes to acquire a US$3.3 billion in new loans from CGI, which
meets every year to discuss new loans for the country.

A new loan of US$3.4 billion was pledged by a World Bank-chaired
consortium of rich western countries, Japan and international
monetary agencies last year.


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


ALL NIPPON: Picks Mineo Yamamoto as New Boss
--------------------------------------------
At a meeting of the All Nippon Airways (ANA) Board of Directors
Tuesday, ANA Senior Executive Vice President Mineo Yamamoto was
named as President and CEO of ANA with effect from April 1 this
year.

An ANA veteran of 35 years, Mr. Yamamoto's career has spanned
senior appointments in Inflight Services, Corporate Planning,
Legal Affairs and Personnel, amongst others. His roles have
brought him to the forefront of issues facing employees and the
airline industry, and as such he has been a key figure in cost
reduction initiatives and union negotiations crucial to ANA's
recent financial turnaround.

While continuing to guide ANA through its restructuring efforts,
his vision is to secure a stronger competitive base and seize
developments in Japan's airport infrastructure, such as the 2009
expansion and internationalization of Haneda airport, to spring-
board ANA into a period of growth on both international and
domestic fronts.

Mr. Yamamoto will succeed Yoji Ohashi, who has led ANA since
April 1, 2001. Mr. Ohashi's Presidency encompassed the four most
turbulent years in aviation history, through which he
successfully led a turnaround of ANA's fortunes. Mr. Yamamoto
has been widely credited with the implementation and realization
of Mr. Ohashi's policies.

Under Mr. Ohashi, the Company underwent a wide-ranging
restructuring programme that incorporated sweeping cost-cutting
measures, rationalization of the ANA fleet, and large investment
in new aircraft and airport facilities. The fruits of his tenure
include a return to profit in fiscal 2003, the resumption of
dividend payments to shareholders for the first time in seven
years, and ANA's first profitable operations on international
routes. The decision to become the launch customer of the Boeing
7E7 Dreamliner was also made under Mr. Ohashi.

Mr. Ohashi will become ANA Chairman from April 1, succeeding
Kichisaburo Nomura, who in turn will be appointed Executive
Advisor

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


AVIVA JAPAN: To Restructure Under IRCJ's Roof
---------------------------------------------
The state corporate turnaround body has decided to aid the
rehabilitation of embattled computer school operator Aviva Japan
Incorporated, Asia Pulse says.

The Industrial Revitalization Corporation of Japan agreed to
handle Aviva's restructuring efforts after deciding that the
firm has a viable prospect of recovery.

Benesse Corporation, a major provider of correspondence courses,
has been appointed to sponsor Aviva's reorganization.

Aviva, which had attempted to expand in the past years, suffered
from business slump after the government cut grants for students
taking computer classes. From then on, the Company has been
unable to maintain its expansion policy.

During the course of the restructuring, Aviva will continue to
offer computer courses for its member students, and already-paid
tuition will be fully guaranteed.


CHIYODATOSHIKAIHATSU K.K.: Falls Into Bankruptcy
------------------------------------------------
Chiyodatoshikaihatsu K.K. has fallen into bankruptcy with total
liabilities of US$137.25 million, says Teikoku Databank America.

The golf course operator is headquartered in Annaka-shi, Gumma
379-0103.

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


IZUMI SO: Enters Bankruptcy
---------------------------
Hotel operator Izumi So K.K. has entered bankruptcy, according
to Teikoku Databank America.

The firm, based in Ito-shi, Shizuoka 414-0016, has total
liabilities of US$39.22 million.

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


JAPAN AIRLINES: To Participate in e-Passport Tests
--------------------------------------------------
The Japan Airlines International (JAL) Group will participate in
e-Passport Tests containing passengers' biometric data in
cooperation with relevant Japanese ministries from February 2005
to March 2005.

The Ministry of Land, Infrastructure and Transport (MLIT) and
the JAL Group will carry out tests of secure and smooth flight
airport procedures at Tokyo's Narita Airport.

Participants will be able to experience smooth check-in and
immigration control procedures in an upgraded version of e-
check-in tests that took place last year. In the latest tests,
passengers taking part will be issued with a SPT Card (SPT =
simplifying passenger travel) embedded with an IC (integrated
circuit) chip containing the holder's biometric data to use at
verification machines for check-in, security checks and
immigration control, thus shortening the time waiting in queues.

Relevant Japanese ministries include: Cabin Secretariat,
Ministry of Land, Infrastructure and Transport, Ministry of
Justice, Ministry of Foreign Affairs and the Ministry of
Economy, Trade and Industry.

JAL will also participate in tests using experimental IC bio-
passports containing the holder's facial image that will be
issued by the Ministry of Foreign Affairs for use by diplomatic
passport holders.

Outline details of the test programme:

(1) Length or period: the test period planned for the e-Passport
tests is from early February to late March 2005

(2) Participants will be selected from JAL Global Club members
and JAL Mileage Bank members, etc. JAL plans to request the
cooperation of those customers who took part in the earlier e-
check-in tests. The targeted number of participants will be
about 500 persons.

(3) Test procedure content: evaluation of practical use of
biometrics, i.e. facial, iris and fingerprint authentication
technology for check-in, security checks and immigration
control.

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


MITSUBISHI MOTORS: To Get JPY300-Bln Aid from Group Firms
---------------------------------------------------------
Struggling Mitsubishi Motors Corporation is about to receive
JPY300 billion (US$2.93 billion) in additional financial aid
from Mitsubishi group companies, Reuters reports.

The group firms, which include machinery maker Mitsubishi Heavy
Industries Co., trading Company Mitsubishi Corp. and Mitsubishi
Tokyo Financial Group, are considering providing the extra
monetary support to help accelerate the embattled automaker's
restructuring.

The fresh aid comes on top of a JPY496 billion aid package MMC
received in May from its sister firms in the Mitsubishi group.

MMC fell into deep financial trouble after it revealed last year
that it continued to cover up vehicle defects after they have
come to light in 2000. Its woes further deepened when majority
shareholder, DaimlerChrysler AG, refused to infuse more funds
into the Japanese carmaker.

MMC will formally announce on Jan. 28 a revival plan, which will
highlight the fresh aid and a strategy of providing vehicles to
other markets.

Earlier, MMC disclosed it would supply 36,000 small passenger
cars a year to rival Nissan Motor Co. Media reports have,
likewise, said it is in similar talks with PSA Peugeot Citroen,
Europe's second-biggest carmaker.

The Jan. 28 announcement is expected to include a deal with the
French car firm.

CONTACT:

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


MITSUBISHI MOTORS: Allows Dealer to Sell Rival Cars in Kyushu
-------------------------------------------------------------
A Mitsubishi Motors Corporation dealership in Kyushu decided to
start selling Nissan Cars to help pull up slumping sales,
reports The Asahi Shimbun.

The move is not ordinary as dealers usually specialize in
products manufactured by an affiliated carmaker.

However, Kyushu Mitsubishi Motors Corp. has seen the need to
ease the financial burden it suffered because of sluggish demand
for Mitsubishi vehicles.

The unit, which has a sales network in five regions in northern
Kyushu, is looking to remodel its closed outlets so they can
handle Nissan models. The Fukuoka-based dealer intends to sell a
few hundred Nissan vehicles annually.

Struggling to recover after being dragged down by a string of
defect cover-up scandals, MMC decided to allow its dealers to
earn from Nissan in order to reduce expenses.

The automaker has been extending financial assistance, estimated
at billions of yen a month, into affiliated dealers to cover
expenses for free inspections and other services in a bid to win
back customers.


PAINTHOUSE COMPANY: In Operational Tie-up with Denki
----------------------------------------------------
Housing refurbishment firm Painthouse Company has inked an
operational tie-up deal with home electronics retailer Yamada
Denki Co., according to Dow Jones.

The partnership centers on jointly run showrooms. Debt-ridden
Painthouse plans to promote services offered together with
electronic products supplied by Yamada Denki.

The announcement follows a declaration by UFJ Bank that
Painthouse was found to be in default. The bank fears that a
total of JPY7.56 billion in loans extended to the struggling
firm will be unrecoverable.

Painthouse, on the other hand, is considering filing a lawsuit
against UFJ for the default claim. The Company argued that it is
still financially stable.

The Company and the bank had been negotiating over Painthouse's
request for debt forgiveness, but the talks broke down without
agreement.

The house reform service Company fell into negative net worth
after posting a group net loss of over JPY5.3 billion for the
year ended Aug. 31.


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


DONG AH: European Bidder Withdraws Bid, Won't Pay Debts
-------------------------------------------------------
World Star Holding, a European consortium, has withdrawn its bid
to buy KRW1.2 trillion (US$1.15 billion) of bad loans owed by
Dong Ah Construction Industrial Co., the Korea Herald reports.

World Star was picked as the preferred bidder on Jan. 14 to buy
the debts of the insolvent builder. But it has notified Dong
Ah's creditors that it can't make a guarantee payment for the
deal. The World Star investment group had to pay 20 percent of
the price it bid (KRW590 billion) as a guarantee by Jan. 18
under the auction's terms.

Accordingly, Goldman Sachs and affiliate Triumph Investments
(Ireland) Ltd., the second preferred bidder, is likely to become
the preferred negotiator to purchase the debts of Dong Ah.

A source close to the deal said some creditor banks and other
bidders might demand that Samil Accounting Corporation (which
arranged the sale) reopen its tender because there was no
statement in the agreement for the reserve bidder to
automatically become the preferred bidder.

Other sources say that creditor banks, including main creditor
Korea Exchange Bank (KEB), are struggling to sell the bad loans
at the highest price possible, but they are cynical about
selling the loans to Goldman Sachs.

CONTACT:

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


KOOKMIN BANK: Discloses 3Q/2004 Financial Report
------------------------------------------------
Kookmin Bank filed its business report for the third quarter of
2004 with the Financial Supervisory Commission of Korea on Jan.
18, 2005, pursuant to the Securities and Exchange Act of Korea.

Click on http://bankrupt.com/misc/tcrap_kookmin011905.pdfto
view the summary of the business report.

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


KOOKMIN BANK: Names Euro-Pacific as Largest Shareholder
-------------------------------------------------------
Kookmin Bank confirmed and released on Jan. 18, 2005, the change
in the largest shareholder of the bank in accordance with the
shareholders' registry book, which was closed for the general
shareholders' meeting for the fiscal year 2004.

As of Dec. 31, 2004, the latest record date for the general
shareholders' meeting, Euro-Pacific Growth Fund is the largest
shareholder of the bank, holding 14,326,220 shares,
approximately 4.26% of its common stocks.

The fund had a record for holding 10,682,290 shares, about 3.18%
stake, on Dec. 31, 2003.  The former largest shareholder of
Kookmin Bank, ING Bank N.V. Amsterdam, continues to hold 4.06%
stake in Kookmin Bank as of Dec. 31, 2004.


LG CARD: Mulls Issuance of New Stocks
-------------------------------------
LG Card Co., Korea's second-largest credit card issuer, said on
Jan. 18 it set the price for its new shares at KRW5,800 per
share, according to Yonhap News.

The Company plans to sell 240 million new shares and reduce its
capital as part of a bailout plan with creditors to keep itself
afloat. Subscription for the new share offering will begin on
Jan. 25, according to a statement made to the Korea Stock
Exchange.

LG Card issuer's stock has fallen 60 percent this year, closing
at KRW6,400 at the market's 3 p.m. close in Seoul.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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


CHUAN HUAT: Unit Acquires 7-Story Shop Building
-----------------------------------------------
Chuan Huat Resources Berhad announced that its wholly owned
subsidiary CHRB Properties Sdn Bhd had on Jan. 17, 2005, entered
into a Sale and Purchase Agreement (SPA) with Seri Tegamas Sdn
Bhd to acquire a 7 storeys shop offices known as Lot A12, Three
Two Square and bearing postal address of No. 2, Jalan 19/1,
Petaling Jaya, Selangor Darul Ehsan, and having an area of
approximately 12,530 square feet for a cash consideration of
Ringgit Malaysia Four Million and Sixty Six Thousand
(RM4,066,000.00) only (the "Consideration) in accordance with
the terms and conditions of the SPA.

1. INFORMATION ON THE ACQUISITION

1.1 Details of the Property

The property is located at Lot A12, Three Two Square and bearing
postal address of No. 2, Jalan 19/1, Petaling Jaya, Selangor
Darul Ehsan.

1.2 Information on Seri Tegamas Sdn Bhd

Seri Tegamas Sdn Bhd, the developer of the Three Two Square
project, is a wholly-owned subsidiary of Crest Builder Holdings
Berhad, one of the main customers in the Company.

2. RATIONALE FOR THE ACQUISITION


The Board is of the opinion that the concept and locality of the
said project is and will be a good investment and it is expected
to generate sales profit or good rental income in foreseeable
future.

3. PURCHASE CONSIDERATION

The cash consideration of RM4,066,000.00 for the Acquisition was
arrived at on a willing buyer and willing seller basis.


4. FINANCIAL EFFECTS OF THE ACQUISITION

5.1 On issued and paid-up share capital

The Acquisition will not have any effect on the issued and paid-
up share capital of the Company as it does not involve any
allotment or issue of new CHRB shares.

5.2 On major shareholding

The Acquisition will not have any effect on the major
shareholders' shareholdings in CHRB as it does not involve any
allotment or issue of new CHRB shares.

5.3 On earnings per share and net tangible assets per share

The Acquisition is not expected to have any significant effect
on the net tangible assets per share and earnings per share of
the Company for the current financial year.

5. APPROVAL OF SHAREHOLDERS AND RELEVANT GOVERNMENT AUTHORITIES

The Acquisition is not subject to approval of any authorities or
the Company's shareholders.

6. PROSPECTS AND RISK FACTORS OF THE ACQUISITION

There are no foreseeable additional risk factors deriving from
the Acquisition other than the business risk normally associated
with the acquisition of properties.

7. DEPARTURE FROM THE SECURITIES COMMISSION'S (SC) POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES [HEREINAFTER REFERRED TO
AS "SC GUIDELINES"]

The Acquisition does not involve any departure from the SC's
Guidelines.

8. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or Major Shareholders of the Company or
persons connected to them has any interest, direct or indirect
in the Acquisition.


9. DIRECTORS' STATEMENT ON THE ACQUISITION

The Board, having considered all aspects of the Acquisition, is
of the opinion that the Acquisition is in the best interest of
CHRB and its shareholders.

This amended announcement is made to rectify Paragraph 9 of the
earlier announcement made on the Jan. 17, 2005, in which the
words "Saved as disclosed below," has now been removed.

CONTACT:

Chuan Huat Resoures Berhad
Wisma Lim Kim Chuan
Lot 50A, Section 92A
3 1/2 Miles off Jalan Sungai Besi
57100 Kuala Lumpur
Malaysia
Phone: 03-7983 3333
Fax: 03-7980 3333
Web site: http://www.chuanhuat.com


HAP SENG: Notes Resale, Cancellation of Treasury Shares
-------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Hap Seng
Consolidated Berhad issued a notice of resale and cancellation
of treasury shares on January 18, 2005.

Date of transaction: 18/01/2005

Total number of treasury shares sold (units):

Total number of treasury shares cancelled (units): 50,000

Minimum price paid for each share sold (RM):

Maximum price paid for each share sold (RM):

Total amount received for treasury shares sold (RM):
Cumulative net outstanding treasury shares as at to-date
(units): 32,584,100

Adjusted issued capital after cancellation/resale
(no. of shares) (units) : 590,075,900

CONTACT:

Hap Seng Consolidated Berhad
No 1A Jalan 205
Petaling Jaya, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 7783 9888
Fax:   +60 3 7781 6305


KAI PENG: SC Approves Extension on Corporate Exercises
------------------------------------------------------
Kai Peng Berhad (KPB) announced that the Securities Commission
(SC) has granted its approval for an extension of time up to
Feb. 15, 2005 for the Company to complete the following
Corporate Exercises:

(i) Compensation of the shortfall in respect of the guaranteed
consolidated profit before taxation (PBT) of Maju Steel Sdn Bhd
(MSSB) and guaranteed PBT of Maju Egatt (M) Sdn Bhd (MESB) for
the financial year ended Dec. 31,1998;

(ii) Acquisition by KPB of 18 units of 1 storey terraced
factories and 1 unit of 1 storey semi-detached factory located
on Lots 366 to 371 and Lots 373 to 400 (Chan Sow Lin Industrial
Area), Section 92, Town of Kuala Lumpur, Wilayah Persekutuan for
an aggregate consideration of RM11.170 million to be satisfied
by the issuance of 11.170 million new ordinary shares of RM1.00
each in KPB at par; and

(iii) Variations to the terms of the guaranteed consolidated PBT
of MSSB and guaranteed PBT of MESB for the financial year ended
Dec. 31, 1999.

CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Phone: 03-55685000
Fax: 03-55685027
Web site: http://www.kaipeng.com

This announcement is dated Jan. 18, 2005.


MTD CAPITAL: Releases Shares Buy Back Notice
--------------------------------------------
MTD Capital Berhad disclosed the details of its shares buy back
on Jan. 18, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 18/01/2005

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

Total number of shares purchased (units):       68,000

Minimum price paid for each share purchased (RM):      2.600

Maximum price paid for each share purchased (RM):      2.600

Total consideration paid (RM):               176,800.00

Number of shares purchased retained in treasury (units): 68,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,097,900

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
Phone: +60 3 6189 9022
Fax:   +60 3 6187 7898
Web site: http://www.mtdcap.com/


MULTI VEST: Unaware of Causes of Unusual Market Activity
--------------------------------------------------------
Multi Vest Resources Berhad (MVEST) advised that the Board of
Directors, after having made due enquiries and to the best of
their knowledge are not aware of any of the following:

a) Any material development in MVEST's business and affairs that
has not been previously disclosed to Bursa Securities; and

b) Any reason that would account for the high trading volume of
MVEST's shares.

Bursa Malaysia's Query Letter content:

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

Multi Vest Resources Berhad
Level 8, Wisma Integrated
Persiaran Kewajipan, USJ1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 03-76508099
Fax:   03-76508088/9


MYCOM BERHAD: Details Unit's Sale, Purchase Deal
------------------------------------------------
Mycom Berhad (Mycom) announced that its wholly owned sub
subsidiary, Tingkayu Plantation Sdn Bhd has on Jan. 18, 2005
signed a Sale and Purchase Agreement (Agreement) with Seraya
Asia Sdn Bhd (SASB), a private limited Company incorporated in
Malaysia and having its registered office at 27-A, Jalan Jugra,
47200 Banting, Selangor Darul Ehsan, to dispose to SASB,
leasehold oil palm estate measuring approximately 446.81
hectares in the District of Kunak, Sabah,(subject lands) for a
total cash consideration of RM9,000,000 (Proposed Disposal).

Background

Tingkayu Plantation Sdn Bhd (TPSB) is a wholly-owned subsidiary
of Duta Plantations Sdn Bhd(DPSB) which in turn is wholly owned
by Mycom. TPSB has an authorised share capital of RM10,000,000
with an issued and paid up share capital of RM10,000,000 only.

TPSB principal activity is oil palm cultivation. The subject
lands formed part of the total plantation lands of approximately
4,500 hectares located in the District of Kunak, State of Sabah
owned by TPSB.

Consideration and Salient Terms of Agreement

The consideration price of RM9,000,000 is arrived at based on a
valuation carried out on the subject lands by Messrs CH William
Talhar & Wong dated 30 December 2004 with a market value of
RM8,850,000.

The subject lands will be sold on an 'as is where is" basis free
from all claims, charges, liens, encumbrances and equities
whatsoever with vacant possession subject to all conditions and
restrictions in the document of titles. Under the Agreement, a
sum of RM1,000,000 was payable to a stakeholder upon execution
and the balance of RM8,000,000 to be paid in two (2) tranches in
the manner stipulated and set out in the Agreement.

The terms of the Agreement also provide for TPSB to sell a
balance of its total plantations lands totaling 3888.05 hectares
(balance land) to SASB and/or its nominees in the event that
TPSB desires to sell or dispose of all those pieces of lands by
31 December 2005 by first making an offer in writing to SASB at
a fair market price to be determined by a registered valuer
appointed by TPSB.

In addition, the Agreement also provides for Mycom to dispose of
all its shareholdings in TPSB to SASB at any time within six (6)
months from the completion of the sale of the balance lands (if
any) at a price to be determined by the Company.


Rationale for the Proposed Disposal

The Proposed Disposal is considered timely in view of the
following reasons:

i) the age profile of about 80% of the oil palm estates
cultivated on the subject lands are about 20 years. This means
they have surpassed its peak productivity years and is
approaching the end of its useful economic life. In order to
improve production, an intensive replanting programme has to be
implemented and this would incur much capital expenditure which
is not provided in the Proposed Restructuring Scheme of Mycom.

ii) the Proposed Disposal is in line with the Proposed
Restructuring Scheme whereby the said subject lands formed part
of the total lands earmarked for disposal.

The proceeds are expected to be utilised towards repayment of
its borrowings/liabilities of TPSB.

Financial Effects

The expected gains from the Proposed Disposal is approximately
RM2.3 million after accounting for the net book value of RM6.3
million as at 30 June 2004 and the expenses incurred in
connection with the transaction.

The Proposed Disposal will not have any effect on the share
capital of the Company as the transaction does not involve any
issuance of new Mycom shares.

In addition, the Proposed Disposal is not expected to have a
material effect on the net tangible liabilities and loss per
share of Mycom Group for the financial year ending 30 June 2005.

Approvals required

Approval for the Proposed Disposal is required to be obtained
from the Securities Commission. However the approval from Mycom
shareholders is not required. Nevertheless, Mycom will be
issuing an information circular to its shareholders in due
course.

Directors and Major Shareholders' Interest

None of the Directors and/or major shareholders and/or persons
connecting to the Directors and/or major shareholders are
interested in the Proposed Disposal.

Statement By the Board

The Board is of the opinion that the Proposed Disposal is in the
best interests of TPSB and the Company.


Departure from the Policies and Guidelines of the Securities
Commission

The Directors of Mycom do not expect any departure from the
Policies and Guidelines of the Securities Commission.

Inspection of Documents
The Agreement and Valuation Letter are available for inspection
at the Company's registered office. at Level 23, Menara Olympia,
Jalan Raja Chulan, 50250 Kuala Lumpur during normal office hours
from 9.00 am to 6.00 pm from Mondays to Fridays only.

CONTACT:

Mycom Berhad
Level 23
Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad the details of its shares buy back on Jan. 18,
2005.

Date of buy back: 18/01/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 3,350,000

Minimum price paid for each share purchased (RM): 0.430

Maximum price paid for each share purchased (RM): 0.445

Total consideration paid (RM): 1,474,443.68

Number of shares purchased retained in treasury (units):
3,350,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 0

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

CONTACT:

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


PAN PACIFIC: Unit Enters Into Subscription Agreement
----------------------------------------------------
Pan Pacific Asia Berhad (PPAB) announced that DT Pac Sdn Bhd has
subscribed up to 1,000,000 new ordinary shares of PPAB
subsidiary Green Packaging Sdn Bhd.

Below are the details of the subscription agreement:

Introduction

The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announces that its subsidiary, Green Packaging Sdn Bhd (GPSB)
had on Jan. 18, 2005 entered into a subscription agreement
(Subscription Agreement) with DT Pac Sdn Bhd (DT Pac) whereby DT
Pac has agreed to subscribe for up to 1,000,000 new ordinary
shares of RM1.00 each at par in GPSB, representing 4% of the
enlarged share capital of GPSB (the Subscription Shares). The
Subscription Shares shall be subscribed for in tranches of not
less than 100,000 ordinary shares per tranche (Subscription).

Arising from the Subscription Agreement, PPAB had on even date
also entered into a joint venture agreement (the JVA) with DT
Pac to govern their relationship inter se as shareholders of
GPSB.

Information on GPSB

GPSB was incorporated in Malaysia under the Companies Act, 1965
as a private limited Company on June 28, 2001. The authorized
share capital of GPSB is RM25,000,000 comprising of 25,000,000
ordinary shares of RM1.00 each, of which RM24,000,000 comprising
of 24,000,000 ordinary shares of RM1.00 each are issued and
fully paid-up.

GPSB is currently a wholly owned subsidiary of PPAB. However,
PPAB's 100% interest in GPSB is held in trust by I-Automation
Sdn Bhd for PPAB pursuant to a Trust Deed dated Nov. 28, 2001
entered into between PPAB and I-Automation Sdn Bhd. GPSB is
principally involved in the manufacturing and marketing of
biodegradable packaging materials (the Products). GPSB is in the
final stage of setting up a manufacturing facility in Shah Alam
to manufacture the Products.

Consideration for the Subscription

The Subscription Shares at par of RM1.00 each was arrived at
after taking into consideration the underlying net liabilities
position of GPSB as at June 30, 2004.

Rationale for the Subscription

DT Pac, through one of its existing shareholders possesses
considerable experience in the business of international food
and food packaging distribution, particularly to establish food
retail outlets in the United Kingdom and the Republic of
Ireland. The rationale for a tie up with DT Pac is for GPSB to
secure the goodwill and a well-established international
network, which would otherwise take many years to build.

Financial effect of the Subscription

The Subscription will not have any effect on the issued and
paid-up share capital and current earnings of PPAB but is
expected to contribute positively to the future earnings of
PPAB, via GPSB.

Conditions of the Subscription

The completion of the Subscription is conditional upon the
fulfillment of the following conditions precedent:

(a) the completion of a satisfactory due diligence exercise on
GPSB;

(b) PPAB and DT Pac entering into a joint venture agreement in
relation of GPSB; and

(c) DT Pac setting forth a marketing strategy/plan in respect of
the Products.

Directors and Substantial Shareholders' interests

None of the Directors or substantial shareholders has any
interest, direct or indirect, in the Subscription.

Documents for inspection

The Subscription Agreement and the JVA are available for
inspection during office hours at its registered office.
CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor Malaysia
Phone: 03-77278168
Fax:   03-77271622


PANTAI HOLDINGS: Unveils Additional Shares Listing
--------------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on Jan. 18,
2005.

Date of buy back: 18/01/2005

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

Total number of shares purchased (units): 44,000

Minimum price paid for each share purchased (RM): 0.915

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

Total consideration paid (RM): 40,762.36

Number of shares purchased retained in treasury (units): 44,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 25,271,800

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/


PSC INDUSTRIES: Answers Bursa Malaysia Query
--------------------------------------------
PSC Industries refers to the query letter received from the
Bursa Malaysia Securities Berhad on Jan. 17, 2005 with regards
to the article "Telling It as It Happens" appearing in the Edge,
page 70 on Monday, Jan. 17, 2005 and in particular to the
following:

(1) "...Business Focus Capital had filed a writ of summons
against Affin Bank for RM416 million, for the termination of an
agreement involving redeemable unsecured loan stocks."

(2) "...a writ dated Dec. 8, 2004 was served on Affin Bank on
Jan. 11, 2005."

After making due enquiries, the Company confirms the following:

1) Business Focus Capital (BF Capital) had filed a Writ of
Summons (Writ) against Affin Bank Berhad (ABB) for the
termination of a Sale Agreement (for the purchase by BF Capital
of PSCI group's debt with ABB) and the Facility Agreement (for
facility of RM140 million loan given by ABB to BF Capital to
part finance the purchase under the Sale Agreement) and claiming
the following:

a) A specific performance on the part of ABB of its obligations
pursuant to the Sale Agreement and the Facility Documents;

b) Further and/or in the alternative a declaration that the
Termination Notice by ABB in respect of:

(i) Sale Agreement; and
(ii) Facility Documents are null and void;

c) Further and/or in the alternative:

(i) Special damages of RM116,068,153.44;
(ii) General damages;

d) Interest at 8% per annum on the judgment sum calculated from
Sept. 7, 2004 until full realization;

e) Costs; and

f) Such further and/or other relief as the Court deems fit.

2) The Writ dated Dec. 8, 2004 was served on ABB on Jan. 11,
2005

Furthermore, the Company informs the Exchange that the Company
had, via its announcement dated Oct. 15, 2004, highlighted the
status on its Proposed Debt Restructuring exercise involving BF
Capital and ABB.

Query Letter content:

We refer to the above news article appearing in The Edge, page
70 on Monday, January 2005, a copy of which is enclosed for your
reference. In particular, we would like to draw your attention
to the underlined sentences, which are reproduced as follows:
(1) " ... Business Focus Capital had filed a writ of summons
against Affin Bank for RM416 million, for the termination of an
agreement involving redeemable unsecured loan stocks."
(2) " ... a writ dated Dec. 8, 2004 was served on Affin Bank on
Jan. 11, 2005."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully

LISA LAM
Sector Head
Issues & Listing
Group Regulations
KLL/WCY
c.c. Encik Onn Ismail, Securities Commission (via fax)

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax:   +60 3 232 6214


PWE INDUSTRIES: Details Restructuring Developments
--------------------------------------------------
PWE Industries Berhad (PWE) announced the following developments
in its restructuring program.

(i) PM Securities has resigned as the Adviser to the Proposed
Corporate Restructuring of PWE effective immediately. Malaysian
International Merchant Bankers Berhad has been appointed as the
Adviser for the Proposed Corporate Restructuring of PWE on Jan.
17, 2005;

(ii) Kuala Lumpur City Securities Sdn Bhd (KLCS) has effectively
become a subsidiary of Alliance Merchant Bank Berhad (Alliance)
and effective Jan. 1, 2005 all corporate finance activities of
KLCS will be assumed by Alliance. As such Alliance shall act as
the Independent Adviser to advise the Minority Shareholders of
PWE in relation to the Proposed Settlement; and

(iii) Messrs. Horwath has been appointed as the investigative
auditors to undertake an investigative audit into PWE's
historical losses pursuant to the conditions imposed by the
Securities Commission (SC) via SC's letter of approval dated
Dec. 1, 2004.

CONTACT:

PWE Industries Berhad
Level 16, Wisma Ting Pek Khiing
No. 1 Jalan Padungan
93100 Kuching, Sarawak
Malaysia
Phone: 082-236908
Fax: 082-236922

This announcement is dated Jan. 18, 2005.


SETEGAP BERHAD: Unit Receives Winding Up Petition Order
-------------------------------------------------------
Setegap Berhad furnished the following information for immediate
public release:

(a) The date of the presentation of the winding-up petition and
the date the winding-up petition was served on the listed
issuer, its subsidiary or major associated Company, as the case
may be;

The Company subsidiary Tekun Bina Sdn. Bhd. (TBSB) was served a
winding up petition by Drexel Bakti Sdn. Bhd. (DBSB) on Jan. 17,
2005.

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

The claim under the notice was for late payment interest of 1.5%
per month amounting to a total of Ringgit Malaysia Two Hundred
Fifty Three Thousand Fifty Four and Sen Fifty Four Only
(RM253,054.54).

(c) The details of the default or circumstances leading to the
filing of the winding-up petition against the listed issuer, its
subsidiary or major associated Company, as the case may be;

Under the Consent Judgement dated March 14, 2004, the Kuala
Terengganu Writ of Summons No. 22-46-2003, Drexel Bakti Sdn.
Bhd. was awarded a judgement sum of RM401,053.64 of which the
Company has fully settled on Oct. 25, 2004. The amount now
claimed by DBSB was for the late payment interest.

(d) Where winding-up is commenced against a subsidiary or major
associated Company, the total cost of investment in such
subsidiary or major associated Company;

The total cost of investment in TBSB to the Company is
RM1,400,100.00 i.e. the issued and paid up capital of TBSB.

(e) The financial and operational impact of the winding-up
proceedings on the group;

The claim will not materially affect the operational and
financial position of the Group.

(f) The expected losses, if any arising from the winding-up
proceedings; and

Should the applicant be successful in its claim, it will not
materially affect the operational and financial position of the
Group.

(g) the steps taken and proposed to be taken by the listed
issuer in respect of the winding-up proceedings.

We have instructed our solicitors to mediate the case.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax:03-77271555
Web site: http://www.setegap.com.my


TALAM CORPORATION: Granted Listing of Additional Shares
-------------------------------------------------------
Talam Corporation Berhad's additional 3,640,072 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
1,329,000 irredeemable convertible preference shares 2004/2009
will be granted listing and quotation with effect from 9.00
a.m., Thursday, Jan. 20, 2005.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Phone: 603-2732222
Fax: 603-2731439


TAP RESOURCES: Notes Listing of Additional Shares
-------------------------------------------------
Tap Resources Berhad's additional 52,000 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of RM52,000
nominal value of 2% irredeemable convertible unsecured loan
stocks 2003/2006 will be granted listing and quotation effective
9:00 a.m., Thursday, Jan. 20, 2005.

CONTACT:

TAP Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Phone: 03-79823388
Fax: 03-79811329


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


COLLEGE ASSURANCE: Investor Ordered to Submit Appraisal Report
--------------------------------------------------------------
An investor of College Assurance Plans Philippines, Inc. (CAP)
was requested by the Securities and Exchange Commission (SEC) to
submit a revised property appraisal report, according to
Business World.

Businessman Romeo Roxas was verbally told by a SEC official to
hand in an updated appraisal report for a 3,000-hectare property
in Quezon, which is set to be transferred to the troubled pre-
need firm.

Mr. Roxas has agreed to transfer the Quezon City property to CAP
in exchange for shares in the Company. CAP, on the other hand,
wants to acquire the land for its application to increase its
capital stock to Php8 billion from Php300 million.

The latest appraisal report on the property, which was done by
Cuervo Appraisers, Inc., valued the property at Php6 billion.

CONTACT:

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


MAYNILAD WATER: Rehabilitation to Kick Off Next Month
-----------------------------------------------------
The revised rehabilitation plan for ailing Maynilad Water
Services, Inc. is expected to be implemented by next month,
relates Business World.

Lawyer Rosario S. Bernaldo, the court-appointed receiver for
utility firm, confirmed the program will soon kick off once the
Quezon City Regional Trial Court approves her recommendations in
a public hearing set Jan. 31.

Should the trial court rule the receiver's recommendations are
feasible, the water firm will have to make the necessary
revisions to its rehabilitation plan. The revised strategy to
pay debts was supposed to be implemented by Jan. 14.

Ms. Bernaldo filed earlier this month her report and
recommendations to the revival scheme submitted by Maynilad in
September. In her report, Ms. Bernaldo said she pushed for a new
payment scheme for the water firm's creditors.

She proposed the extension of the seven-year payment period to
eight years to accommodate local banks that refused to convert
the loans into equity.

She further said that with the rehabilitation strategy and the
new tariff rates, Maynilad will be able to recover in time.

Ms. Bernaldo believes that Maynilad will draw in more investors
in three years after its partially completes its corporate
rehabilitation.

CONTACT:

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


METRO PACIFIC: Settles Penalty for Requirement Non-compliance
-------------------------------------------------------------
Pursuant to Section 4 of Penalties and Fines pertaining to
"Publication of Penalties Assessed", the Philippine Stock
Exchange hereby informs the Trading Participants and the
investing public that Metro Pacific Corporation (MPC) has
settled the corresponding penalty for non-compliance with the
requirement prescribed in Section 4.1 of the Revised Disclosure
Rules pertaining to "Disclosure of Material Information."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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


NATIONAL POWER: Power Rate Hike Faces Setback
---------------------------------------------
The power rate increase that the National Power Corporation
(Napocor) is proposing is facing further delays, reports The
Manila Times.

Napocor has asked the Energy Regulatory Commission for five days
before it formally presents evidence on an application to
increase tariffs. The Company has been asking for a Php1.8-per-
kilowatt-hour (kWh) rate hike, but has implemented a provisional
increase of Php0.9798/kWh in September.

With Napocor's request for postponement, it is possible that the
commission will still have to come up with one or two public
hearings once Napocor and its opponents submitted their
evidence.

The commission is expected to resolve the matter before the end
of the first quarter.

The Php0.9798-a-kWh provisional increase granted to Napocor will
allow it to raise its return-on-rate base by 8 percent.

Napocor, which booked Php113 billion losses in 2003, has been
granted a lower adjustment that what it applied for, as the
computation were based on a lower foreign exchange index.

The ERC-approved rate adjustment would deal with the Napocor's
financial difficulties and allow it to earn an additional Php2.9
billion a month.

CONTACT:

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


PHILIPPINE LONG: Shrugs Off S&P Credit Ratings Downgrade
--------------------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) said it is
not worried about Standard & Poor's downgrading of its credit
rating, as it has no plans to enter the international credit
market this year, reports The Philippine Daily Inquirer.

The telecommunications Company believes that a credit rating
downgrade would not affect its bottom line since it has no plans
to secure international loans in the near future.

Earlier this week, S&P announced that it has lowered its long-
term foreign currency credit rating on several Philippine
companies, including PLDT, to "BB-" from "BB". The downgrade was
in line with a cut in the country's sovereign credit ratings.

Meanwhile, PLDT expects to cut its debt by US$2 billion by end
of fiscal 2004. In fact, it has on Dec. 20 paid back early a
loan of US$106 million due in 2006, representing the remaining
balance of a US$145 million multi-currency loan.

This year, PLDT will slash a further US$500 million from its
debt after reducing it by US$450 million in 2004.

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


PILIPINO TELEPHONE: Chairman Takes Additional Stake
---------------------------------------------------
The Chairman of Pilipino Telephone Corporation (PilTel) has
acquired additional shares in the embattled telecommunications
firm, according to Dow Jones.

Mr. Manuel Pangilinan paid on Monday a total of Php1.63 million
for an additional 500,000 shares in the Company. The recent
acquisition brought Mr. Pangilinan's total holdings to 3.20
million shares.

No other details were disclosed.


CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PRYCE CORPORATION: RTC Approves Petition for Corporate Rehab
------------------------------------------------------------
Further to Circular for Brokers No. 3398-2004 dated July 28,
2004, Pryce Corporation (PPC), through its SEC Form 17-C dated
January 18, 2005, informed the Philippine Stock Exchange that:

"The Receiver, Gener Mendoza, has just advised petitioner Pryce
Corporation that the Regional Trial Court of Makati approved the
petition for corporate rehabilitation filed by Pryce Corporation
on July 9, 2004, based on the amended rehabilitation plan
submitted, as embodied in the Court's Order dated January 17,
2005.

A brief review of the said Court Order shows that the
implementation of the rehabilitation plan will not have an
impact on the capital structure of the Company. No new equity
shares will be subscribed or issued and no conversion of any
loan to equity will take place under the rehabilitation plan.
Neither is any revaluation of assets and remaining liabilities
or a quasi-financial reorganization contemplated under the
plan."

A copy of the Court Order shall be made available for reference
at the PSE Centre library.

The Exchange shall inform the Trading Participants and the
investing public of further developments with regard to the
aforementioned matter.

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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


CHINA AVIATION (S): Parent Firm Goes After US$108-Mln Debt
----------------------------------------------------------
The revival efforts of troubled China Aviation Oil (S)
Corporation (CAO) has faced another setback, as its parent
company China Aviation Oil Holding Corporation (CAOHC) has
started pursuing a US$108 million debt, reports China Online.

CAOHC surprised CAO when it announced it wants to receive an
equal proportion of the debt CAO owes it and other creditors.
The move, which caused uproar among other creditors, has
increased CAO's total debt to US$648 million from US$540
million.

The disgruntled creditors feared that they would not be able to
recover the entire amounts owed to them as CAO's parent has made
known its claims.

The debt was incurred when CAOHC granted loans to CAO to cover
margin calls on the oil futures market and repay some of its
debts in October. The loan was extended after CAOHC raised
US$117.3 million from the sale of a 15-percent stake in CAO.

As two companies are independent entities, the loan from the
parent Company was not a gift and should be treated as a debt,
just as those owed to other creditors.

Meanwhile, CAO's financial adviser, Deloitte Touche Tohmatsu,
has come up with a restructuring plan that would write off up to
75 percent of CAO's existing liabilities aside from allowing the
Company to pay off the remaining balance in the coming eight
years.

CONTACT:

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


KOH BROTHERS: Seals Deal for Marina Barrage Project
---------------------------------------------------
Construction firm Koh Brothers has inked a deal with the Public
Utilities Board for the Marina Barrage Project, Channel News
Asia says.

Under the SG$226-million agreement, Koh Brothers will build the
barrage at Marina Bay.

The Marina Bay barrage project will serve as a tidal barrier at
the said bay port. Aside from being a barrier, it will also
generate freshwater reservoir while offering a venue for leisure
activities like water sports.

The barrage is to be composed of nine steel gates that will be
built across Marina Channel to keep out seawater.

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
348639
Singapore
Phone: +65 6848 8889
Fax: +65 6841 5400
Web site: http://www.kohbrothers.com/profile.html


PISCES LAND: Posts Notice to Declare Intended Dividend
------------------------------------------------------
Pisces Land Pte Ltd of Sim Guan Seng & Co. 15 Beach Road #03-10
Beach Centre Singapore 189677 has made known to the Singapore
Government Gazette its intention to declare a dividend.

Court: High Court of Singapore

Number of Matter: Winding Up No. 291 of 1999

Last day for Receiving Proofs: Jan. 21, 2005

Name of Liquidator: Sim Guan Seng

Address of Liquidator: c/o Sim Guan Seng & Co.
15 Beach Road
#03-10 Beach Centre
Singapore 189677

Sim Guan Seng
Liquidator

This notice is dated Jan. 14, 2005.


STONEHENGE TELECOM: Receiving Proofs of Claims Until Jan. 28
------------------------------------------------------------
Stonehenge Telecom Singapore Pte Ltd with registered office at
c/o 10 Collyer Quay, #21-01 Ocean Building, has scheduled the
last day for receiving proofs on Jan. 28, 2005.

Ong Yew Huat
Liquidator
10 Collyer Quay,
#21-01 Ocean Building,
Singapore 049315

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


WELLMAC INTERNATIONAL: Court Set to Hear Winding Up Petition
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Wellmac International Pte Ltd by the High Court was, on Dec. 29,
2004 presented by Glory Metal Engineering Pte Ltd, a Company
incorporated in Singapore and having its registered office at 36
Tuas Avenue 9, Singapore 639186, a Creditor.

The said Petition will be heard before the Court sitting at the
High Court in Singapore at 10:00 a.m. in the morning on of 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 themselves or their 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 36 Tuas Avenue 9, Singapore 639186.

The Petitioner's Solicitors are Messrs Legiste Law Corporation
of
133 Cecil Street, #06-02 Keck Seng Tower, Singapore 069535.

Messrs Legiste Law Corporation
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 Messrs
Legiste Law Corporation, s notice in writing of his intention to
do so. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person, firm or his or their 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 12
o'clock noon of Jan. 27, 2005.

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


ZEN MARKETING: Winding Up Hearing Slated for Jan. 28
----------------------------------------------------
Notice is hereby given that a petition for the winding up of Zen
Marketing Pte Ltd by the High Court was, on Jan. 5, 2005
presented by Oversea-Chinese Banking Corporation Limited, a
creditor.

The petition will be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m. in the forenoon, on Jan. 28,
2005.

Any creditor or contributory of the Company 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;
and a copy of the petition will be furnished to any creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 65 Chulia Street, #29-02/04 OCBC
Centre,
Singapore 049513.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
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 Petitioner's
solicitors, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, firm, or his or their 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 12 o'clock noon of
Jan. 27, 2005.

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


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


DAIHATSU THAILAND: Faces Dissolution
------------------------------------
At the meeting of the Board of Directors of Daihatsu Motor Co.,
Ltd. (Daihatsu) held Tuesday, Daihatsu resolved to dissolve its
subsidiary, Daihatsu (Thailand) Limited, as described below.

(1) Facts about Daihatsu (Thailand) Limited

Location: 5/2289 Moo10, Tambol BangTalad, Amphur Pakkred,
Nonthaburi, Thailand

Name of representative: Nobuhiro Ueki

Capital: THB20,000,000

Shareholder: Daihatsu: 100 percent

(2) Reason for dissolution

As Daihatsu (Thailand) Limited is already in a dormant state and
there are no plans for resuming its business, we have resolved
to dissolve Daihatsu (Thailand) Limited.

(3) Schedule for liquidation

Scheduled to be liquidated in September 2006

(4) Future outlook

The anticipated effects of the liquidation on each of Daihatsu's
and Toyota Motor Corporation's business performances will be
minor.

CONTACT:

Daihatsu (Thailand) Limited
5 Viphavadee-Rangsit Road, Lardyao,
Chatujak, Bangkok, 10900 THAILAND
Telephone: 66-2-690-0530
Fax: 66-2-691-5245


K.C. PROPERTY: Unveils Extraordinary Shareholders' Meeting
----------------------------------------------------------
K.C. Property Public Company Limited disclosed to the Stock
Exchange of Thailand (SET) the Resolutions of its Extraordinary
Shareholders' Meeting No.1/2005, which was held on January 17,
2005 at 02:15 p.m. at Radisson Hotel on Rama 9 Road.

There were 68 shareholders and proxy-holders all together
holding 78,477,030 shares, representing 89.69 percent and
constituted a quorum according to the Company's articles of
association. Mr. Apisit Ngamachariyakul was the Chairman of the
Meeting. The Meeting had considered and approved the following
resolutions:

Agenda 1: To consider appointing 11 new directors and to
consider the retirement of the existing 5 directors according to
the Company's articles of association No.17 (4) and No.20.

Resolution: The Meeting approved with unanimous votes retiring
the 5 existing directors, which are:

(1) Mr. Thawil Wongprom
(2) Mr. Sunan Suwanna
(3) Mr. Precha Sukhsamnieng
(4) Mr. Samran Anuwan
(5) Mr. Somboon Khongsinchai

and appointed 11 new directors which are:

(1) Mr. Ekkamol Kiriwat          Director,Chairman of the Board
(2) Mr. Apisit Ngamachariyakul   Director and President
(3) Mr. Somchai Vanavit          Director
(4) Mr. Sunthorn Artamnuayvipas  Director
(5) Mr. Panja Senadisai          Director
(6) Miss Wilaiporn Pansrimangkorn  Director
(7) Mr. Somsak Ngamachariyakul   Director
(8) Miss Piengjai Sae Ngow       Director
(9) Mr. Thanakit Ngamachariyakul Director
(10) Miss Kwanchit Udomsuknirundorn Director
(11) Mrs. Eakmanee  Kuljarunchai Director

Agenda 2: To consider appointing Audit Committee and its tenor
in office.

Resolution: The Meeting, with the exception of Thailand Assets
Management Corporation (TAMC), which holds 1,805,523 shares or
2.30 percent of total votes and abstained, approved the audit
committee and its tenor in office.

(1) Mr. Sunthorn Artamnuayvipas    Chairman of Audit Committee
(2) Mr. Panja Senadisai            Audit Committee
(3) Miss Wilaiporn Pansrimangkorn  Audit Committee

The tenor of the Audit Committee is 2 years.

Agenda 3: To consider remuneration/compensation of the Board of
Directors and the Audit Committee for the year 2005.

Resolution: The Meeting, with the exception of Thailand Assets
Management Corporation (TAMC), which holds 1,805,523 shares or
2.30 % of total votes and abstained, approved the
remunerations/compensations for
2005.

(1) The Board of Directors, Audit Committee excluded, will
receive THB1,080,000.

(2) Audit Committee will receive THB660,000.

Agenda 4: To consider the Company's performance from Q4/2003 to
Q3/2004.

Resolution: The Meeting acknowledged the Company's performance
for Q4/2003 and 9 months of 2004.

Agenda 5: To consider the report of Independent Financial
Advisor (IFA) regarding the fair value of the properties and the
appropriateness of the transfers.

Resolution: The Meeting acknowledged the Report of Independent
Financial Advisor.

Agenda 6: To consider business transactions involving
construction works, business consortiums and related contracts.

Resolution: The Meeting acknowledged the types of business
transactions and the benefits involved.

Agenda 7: To consider revising section 2, No.4 and No.8 and
section 4,No 29 of articles of association (attachment
enclosed).

Resolution: The Meeting, with the exception of Thailand Assets
Management Corporation (TAMC), which holds 1,805,523 shares or
2.30 percent of total votes and abstained, approved the revised
articles.

Article No.4: "The Company's share is a common share category
with shareholder's name. The Company may issue preferred shares,
debentures or any other securities according to the laws
governing securities and The Stock Exchange of Thailand. The
Company share must be fully paid up in cash or can be paid in
other forms other than cash but must be approved by the
shareholders' meeting.

In payment for the shares, subscribers or purchasers can not off
set their monetary claims against the Company in exchange for
the shares."

Article No.8: "The Company may buy back its own shares when

(1) The Company may buy back its own shares from shareholders
who disagree with the consensus of the meeting which revises the
articles of association regarding the right to vote and the
right to receive dividends of which the shareholders feel not
being treated fairly.

(2) The Company may buy back its own shares in order to manage
its financial position when the Company is profitable and has
excess liquidity and that the buy back will not affect the
financial position in anyway.

The Company's Board of Directors must approve the shares buy-
back of less than 10% of the paid up capital.  The buy-back
shares of higher than 10% of paid up capital must have the
approval of shareholders' meeting.

The buy-back shares (Treasury Stocks) will not be counted in the
shareholders' meeting and have no right to vote nor receive
dividends.

The Treasury Stocks purchased in paragraph one must be resold
within the time limit set by the Ministry Decree.  If not sold
or not completely sold within the time limit, the Company must
reduce its paid up capital by reducing the number of unsold
shares.

Buying the shares back according to paragraph one, the reselling
of the Treasury Stocks and reducing the number of unsold shares
according to paragraph four must be complied with the Ministry
Decree."

Article No. 29:  "In case the Company or its subsidiaries agreed
to do related transactions or to obtain or sell out important
assets of the Company or its subsidiaries as defined by the
announcement of The Stock Exchange of Thailand governing such
transactions, the Company must comply with the rules and
regulations set forth in such announcement."

Agenda 8: To consider changing the share par value from THB10
(ten) to THB5 (five).

Resolution: The Meeting approved with unanimous votes the change
of share par value from THB10 (ten) to THB5 (five).

Agenda 9: To consider revising No.4 of the Company's memorandum
to reflect the change of par value.

Resolution: The Meeting approved with unanimous votes the
revision of No.4 of the Company's memorandum to reflect the
change of par value.

Agenda 10: To consider increasing the registered capital of the
Company by another THB225,000,000 (Two Hundred Twenty-five
million) by issuing 45,000,000 (Forty-five million) new shares.
Total new registered capital will be THB1,100,000,000 (One
Thousand One Hundred million) by issuing 220,000,000 (Two
Hundred Twenty million) shares.

Resolution: The Meeting approved with unanimous votes the
increase of THB225,000,000 (Two Hundred Twenty-five million)
additional capital by issuing 45,000,000 (Forty-five million)
new shares.

Total new registered capital will be THB1,100,000,000 (One
Thousand One Hundred million) composing of 220,000,000 (Two
Hundred Twenty million) shares.

Agenda 11: To consider revising the Company's memorandum to
reflect the change of the increased capital.

Resolution: The Meeting approved with unanimous votes the
revision of the Company's memorandum to reflect the change of
the increased capital.

Agenda 12: To consider the offering of the 45,000,000 new shares
to the public.

Allocated methods, offered price for the shares and other
proposed conditions are to be considered by the Company's Board
of Directors.  Any unsold shares are also to be considered by
the Board under the practices of civil and commercial codes.

Resolution: The Meeting approved with unanimous votes to offer
the new 45,000,000 shares of THB5 par value to the public.  The
Company may offer the total issues to the public directly or to
appoint a security Company as its agent to offer to the public.

The offered issues may or may not include a "Greenshoe Option"
which does not exceed 15 % of total issues according to the
regulations of Security Exchange Commission. In any case, total
issues, including Greenshoe Option, will not exceed 45,000,000
(Forty-five million) shares.

Allocated methods, offered prices and other conditions are to be
considered by the Company's Board of Directors. Any unsold
shares are also to be considered by the Board under the
practices of civil and commercial codes. The Chairman has
assigned Mr.Apisit Ngamachariyakul to sign on the filing
documents and the Company's prospectus.

Agenda 13: To consider appointing the Company's auditor and its
remuneration for the year 2005.

Resolution: The Meeting, with the exception of Thailand Assets
Management Corporation (TAMC) which holds 1,805,523 shares or
2.30 % of total votes and abstained, approved Mr. Suppachai
Panyawattano whose CPA license No.3930 of Ernst & Young Office
Limited to be the   Company's auditor and fixed the remuneration
of THB770,000 (Seven Hundred Seventy Thousand) for the year
2005.

Agenda 14: To consider any other issues (if any).

Resolution: There was no other matter proposed by the
shareholders.

End of Meeting: 03:05 p.m.

Mr.Apisit Ngamachariyakul
Chairman of the Meeting

For your information

Yours sincerely,
Mr. Apisit Ngamachariyakul
(Authorized Director)

CONTACT:

K.C. Property Public Company Limited
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok
Telephone: 0-2373-7788
Fax: 0-2373-4965


THAI PETROCHEMICAL: Shares to be Priced THB1.50 to THB5 Apiece
--------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited will offer
its shares between THB1.50 to THB5 apiece to potential business
partners, reports Business Day.  The share price will be
finalized by June.

According to Nipat Pukkanasut, the share price is fair enough to
both seller and buyer.  The share price was based on the book
buildings in accordance with the Ministry of Finance's business
partners and TPI founder and chief officer, Prachai
Leophairatana's proposal.

Mr. Nipat added that the final price of TPI shares will be based
mainly on the Company's financial status, including its assets
and ability to generate income in the future.  The new shares
will be allocated to TPI's existing shareholders, retail
shareholders and Mr. Prachai himself at a combined ratio of 15
percent.

TPI's plan administrator committee Chairman GenMongkol
Ampornpisit said that there are a number of possible ways to
sell TPIPL's shares. The first is to offer TPIPL shares in
exchange for a low-density polyethylene production plant, which
is now owned by TPIPL. The second way is to sell TPIPL shares to
other investors.

Under TPI's business rehabilitation plan, the final selling
price of the shares will be set by April and the buying
agreement will be signed by June 20.  The shares cost payment is
scheduled to be made November 4, Pakorn Malakul Na Ayudhya, a
member of TPI's plan administrator team said.

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


TPI POLENE: Releases Unaudited, Consolidated Financial Statement
----------------------------------------------------------------
TPI Polene Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its unaudited yearly and consolidated
financial statements.

TPI Polene Public Company Limited
Unaudited (In thousands) Ending December 31

                       For year            Year
                       2004                2003

Net profit (loss)      4,193,450           4,765,624

EPS (baht)             5.33000             9.74000

Comment: Please see details in financial statements from SET
SMART

"The Company hereby certifies that the information above is
correct and complete."

To view a full copy of the financial statement, click
http://bankrupt.com/misc/TPIPLE2.xls

Mr.Prachai Leophairatana
Position Chief Executive Officer
Authorized to sign on behalf of the Company

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

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