TCRAP_Public/050121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, January 21, 2005, Vol. 8, No. 15

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Unit Receives AU$2-Mln Funding Package
AINTREE FURNISHINGS: To Declare Final Dividend January 28
AMITY FINANCIAL: To Convene Final Meeting January 22
BINELEC ELECTRICAL: Members Resolve to Wind Up Company
CABRIOLET ROYALE: Founder Faces Court for Insolvent Trading

CALL CENTRE: To Hold Final Meeting January 24
CAMPING EQUIPMENT: Sets January 25 as Date of Final Meeting
CCW INVESTMENTS: Final Dividend to be Declared February 21
DEBETTE PTY: Lays Out Agenda for Final Combined Meeting
DJ SUBSCRIPTIONS: Enters Winding Up Proceedings

GLOBAL AUCTIONS: Members Agree to Wind Up Company
HE MITCHELL: Members to Hear Liquidator's Report January 27
MALBARRI PTY: Members to Meet February 1
MILLER'S RETAIL: Investec Acquires Strategic Stake
MOREDUN CATTLE: Appoints Liquidator for Winding Up Purposes

PENNY ENTERPRISES: Picks Liquidator for Winding Up Purposes
PUNCH HOLDINGS: Members Resolve to Wind Up Company
Q&T STEEL: Dividend to be Declared February 5
QANTAS AIRWAYS: Expects Pre-tax Profit to Exceed Record Figures
REDBANK TRANSPORT: Members, Creditors to Meet February 4

STAFF PARKS: To Hold Final Meeting January 25
T.J. TRANSPORT: Members Opts to Wind Up Voluntarily
YANDAL PTY: Members to Hear Liquidator's Report January 25
YANDAL RESOURCES: To Convene General Meeting on January 25


C H I N A  &  H O N G  K O N G

ARTS & SALES: Appoints Joint and Several Liquidators
ART WEALTH: Court to Hear Winding Up Petition on Feb. 16
CONVEN CORPORATION: Schedules Creditors Meeting on Feb. 1
FABQUIP HONGKONG: Creditors to Prove Claims by Feb. 14
YORKSHIRE HONGKONG: Schedules Creditors Meeting on Feb. 1

WIN-UP INDUSTRIAL: Faces Winding Up Proceedings


I N D O N E S I A

BARITO PACIFIC: Postpones January Bond Payment Until July
* Indonesia to Propose US$3.4-Bln Loan for 2005 State Budget


J A P A N

DAIKYO INCORPORATED: Orix Tapped to Sponsor Rehabilitation
HOTERU KANSAI: Enters Bankruptcy
JAPAN TOBACCO: Closes Plants, Cuts Payroll to Survive
MITSUBISHI FUSO: Supports Post-disaster Reconstruction in Asia
MITSUBISHI FUSO: Joins Forces with DaimlerChrysler Malaysia

MITSUBISHI MOTORS: Second Bailout Could Hurt Global Market
MITSUBISHI MOTORS: Nissan Boss Wants to Advance Tie-up
TOSHIBA CORPORATION: Develops Software to Access PCs from Phones


K O R E A

DONG AH: World Star Fails to Buy Loans
KOLON INDUSTRIESA: To Cut More Jobs Next Month
JINRO INDUSTRIES: Taihan Wire Appeals Takeover Decision


M A L A Y S I A

AOKAM PERDANA: Public Spread Falls Below 25% Requirement
GOLDEN FRONTIER: Posts Notice of Shares Buy Back
LION CORPORATION: Details Conditional Takeover
MENTIGA CORPORATION: Unit Details Shares Disposal
MENTIGA CORPORATION: Works to Avert Delisting

MTD CAPITAL: Issues Shares Buy Back Notice
PAN MALAYSIA: Discloses Notice of Shares Buy Back
PAN MALAYSIA: Unit Extends Completion of Sale, Purchase Deal
PANTAI HOLDINGS: Buys Back 106,000 Shares
PANTAI HOLDINGS: Posts Notice of Shares Buy Back

POS MALAYSIA: Notes Resale, Cancellation of Treasury Shares
PUNCAK NIAGA: Obtains RM1.2 Billion Loans to Boost Capital
PUNCAK NIAGA: Units Agree to Privatization of Water Supply
PWE INDUSTRIES: Court Approves Meeting for Restructuring
RHB CAPITAL: Fully Redeems RM200 Mln in Bonds

SETEGAP BERHAD: Trading of Shares Resumes
UMW HOLDINGS: To List Additional Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Gives Beneficial Ownership Statement Copy
MANILA ELECTRIC: Projects 4.4% Sales Growth
NATIONAL POWER: Delays Retirement of Power Plants to Meet Demand
PILIPINO TELEPHONE: Refuses to Confirm Potential Earnings Report
PRICESMART INCORPORATED: Anticipates Closure in 4 Months

PRYCE CORPORATION: Stock Trading Resumes
* SEC Approves Guidelines for Rehabilitating Companies


S I N G A P O R E

CCS TRADING: Court Issues Winding Up Notice
CHINA AVIATION (S): Creditors May Recover Debt Under Rehab Plan
EXTROPIA.COM LIMITED: Details Winding-up Developments
GLENN INDUSTRIES: Posts Notice of Intended Dividend
RACHIN IMPEX: Receiving Proofs Until Jan. 28

TIAN HOE: Issues Intended Dividend Notice


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils Result of Meetings
K.C. PROPERTY: Unveils Independent Financial Advisor's Report
NATURAL PARK: Cancels Share Swap with CRC
NATURAL PARK: SET Halts Trading of Securities
SAFARI WORLD: Phuket FantaSea Operations Closes for 11 More Days

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ADSTEAM MARINE: Unit Receives AU$2-Mln Funding Package
------------------------------------------------------
The Deputy Prime Minister and Minister for Transport and
Regional Services, the Hon. John Anderson MP, announced
Wednesday a one-off funding package of up to a maximum of AU$2
million to United Salvage, a subsidiary Company of Adsteam
Marine Limited.

The funding package is to enable Adsteam Marine to maintain its
salvage capability until a longer term and financially
sustainable arrangement can be put in place.

Adsteam is pleased with the interim funding announced by the
Government and is looking forward to working closely with a
working party from the Australian Maritime Group to develop a
long term solution to ensure national salvage capability.

It is expected that the interim funding package will ensure the
Company meets its budgeted earnings from salvage in FY2005.

Click to view a full copy of the Government announcement.
http://bankrupt.com/misc/ADSTEAMMARINE011905.pdf

CONTRACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


AINTREE FURNISHINGS: To Declare Final Dividend January 28
---------------------------------------------------------
A final dividend is to be declared on January 28, 2005 for
Aintree Furnishings Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 085 070 382.

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

Dated this 10th day of December 2004

Paul Sweeney
Terry Van Der Velde
Joint and Several Administrators
SV Partners
Level 16, 120 Edward Street,
Brisbane Qld 4000


AMITY FINANCIAL: To Convene Final Meeting January 22
----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meetings of members of Amity
Financial Services Pty Ltd (In Liquidation) A.C.N. 065 161 462
will be held at 70-74 Frederick Street, Albany, Western
Australia, 6330 on January 22, 2005 at 10:30 a.m., for the
purpose of laying before the meeting the liquidator's final
account and report and give an explanation thereof.

Dated this 10th day of December 2004

Philip Leslie Wyatt
Liquidator
Haynes Robinson Barrister & Solicitors
70-74 Frederick Street, PO Box 485,
Albany WA 6331


BINELEC ELECTRICAL: Members Resolve to Wind Up Company
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Binelec Electrical Contracting Service Pty Ltd (In
Liquidation) A.C.N. 081 808 522 held on December 6, 2004, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Kimberley Andrew Strickland and Christopher
Michael Williamson of Hall Chadwick, Chartered Accountants,
Level 40, BankWest Tower, 108 St George's Terrace, Perth WA 6000
be appointed Joint and Several Voluntary Liquidators.

At a meeting of creditors held on the same day the appointment
of the liquidators was ratified.

Dated this 6th day of December 2004

K.A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000


CABRIOLET ROYALE: Founder Faces Court for Insolvent Trading
-----------------------------------------------------------
Mr. Marcel Ivan Shears, a Gold Coast boat builder, has appeared
in the Southport Magistrates Court charged with eight counts of
insolvent trading and five counts of managing a corporation
while disqualified.

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC).

ASIC alleges that Mr. Shears dishonestly allowed his Company,
Cabriolet Royale Pty Ltd (Cabriolet) to incur debts in relation
to the construction of luxury pleasure boats for the American
market at a time when Cabriolet was insolvent.

Cabriolet was wound up in August 2003 with substantial debts.

It is further alleged that between 18 November 1999 and 25
October 2003, Mr. Shears managed the companies Ozeshop.com.au
Pty Ltd and Cabriolet despite being previously disqualified from
acting in this capacity.

The criminal charges follow previous civil proceedings taken by
ASIC in March 2004 in the Queensland Supreme Court when
liquidators were appointed to Ozeshop.com.au. Mr Shears was also
disqualified from the management of companies for five years.

The magistrate adjourned the case to 2 March 2005 and released
Mr. Shears on bail.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


CALL CENTRE: To Hold Final Meeting January 24
---------------------------------------------
Notice is hereby given that a final meeting of creditors held
pursuant to Section 509 of the Corporations Act 2001 (Cth) of
Call Centre Consultancy Pty Ltd (In Liquidation) A.C.N. 074 245
217 will be held at KordaMentha, Level 2, Corporate Centre One,
2 Corporate Court, (Corner Bundall Road & Slatyer Avenue),
Bundall, Qld, on Monday, January 24, 2005 at 11:00 a.m.

AGENDA

(a) To submit an account of winding up;
(b) Any other business; and
(c) Closure of meeting.

Dated this 13th day of December 2004

Lachlan Mcintosh
John Park
Joint & Several Liquidators


CAMPING EQUIPMENT: Sets January 25 as Date of Final Meeting
-----------------------------------------------------------
Notice is given that a final meeting of the members of Camping
Equipment Pty Ltd (In Voluntary Liquidation) A.C.N. 008 713 522
will be held at the office of KordaMentha (WA), Level 11, 37 St
Georges Terrace, Perth, Western Australia on Tuesday, January
25, 2005 at 3:00 p.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the liquidators.

Dated this 10th day of December 2004

Oren Zohar
Liquidator for Camping Equipment Pty Ltd
KordaMentha (WA)
Telephone: (08) 9221 6999


CCW INVESTMENTS: Final Dividend to be Declared February 21
----------------------------------------------------------
A second and final dividend is to be declared on or before
February 21, 2005 for CCW Investments Pty Ltd (In Liquidation)
as trustee for CCW Unit Trust A.C.N. 079 717 418.

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

Dated this 21st day of December 2004

Tony Jonsson
Liquidator
c/- KPMG
Level 13, Cairns Corporate Tower, 15 Lake Street,
Cairns Qld 4870


DEBETTE PTY: Lays Out Agenda for Final Combined Meeting
-------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Debette Pty. Ltd. (In Liquidation) as
trustee for The Grantwood Management Trust formerly trading as
Just Vacuums A.C.N. 059 344 044 will be held at the offices of
Jessup & Partners, Accountants & Business Advisors, St James
Place, Level 3, 155-157 Denham Street, Townsville, Queensland
4810 on Thursday, January 27, 2005 at 3:00 p.m.

AGENDA

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

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

Dated this 13th day of December 2004

Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile: (07) 4721 4513


DJ SUBSCRIPTIONS: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of DJ Subscriptions Pty Ltd (In Liquidation) A.C.N. 064 422 822,
held on December 8, 2004 it was resolved that the Company be
wound up voluntarily and that, K. S. Wallman of PO Box 4055,
Wembley, WA, be appointed Liquidator.

Dated this 8th day of December 2004

K.S. Wallman
Liquidator
PO Box 4055, Wembley WA


GLOBAL AUCTIONS: Members Agree to Wind Up Company
-------------------------------------------------
At a meeting of creditors of Global Auctions Pty Ltd (In
Liquidation) formerly trading as Bells Auctions A.C.N. 097 675
780, duly convened and held at the offices of KordaMentha, Level
11, 37 St Georges Terrace, Perth on Monday, December 6, 2004 at
10:00 a.m., it was resolved:

That pursuant to Section 439C(c) of the Corporations Act 2001
the Company be wound up.

Dated this 7th day of December 2004

Brian Mcmaster
Liquidator for Global Auctions Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


HE MITCHELL: Members to Hear Liquidator's Report January 27
-----------------------------------------------------------
Take note that the affairs of HE Mitchell Investment Company Pty
Ltd (In Liquidation) A.C.N. 009 907 804 are now finalized, and
pursuant to Section 509(1) of the Corporations Act, 2001, a
final meeting of members of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on January 27, 2005 at 10
o'clock in the forenoon.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of, and giving explanations thereof.

Dated this 13th day of December 2004

P.A. Lucas
I.A. Currie
Liquidators
Lucas & Currie
Chartered Accountants
Level 8, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200,
Facsimile: (07) 3003 0334


MALBARRI PTY: Members to Meet February 1
----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members of Malbarri Pty
Ltd (In Liquidation) A.C.N. 008 725 924 will be held at 813
Wellington Street, West Perth, WA 6005 on February 1, 2005 at
10:00 a.m., for the purpose of laying before the meeting the
liquidator's final account and report and giving an explanation
thereof.

Dated this 10th day of December 2004

Christopher Gordon Hardie Higham
Liquidator
Abbott's Pty Ltd
813 Wellington Street, West Perth WA 6005


MILLER'S RETAIL: Investec Acquires Strategic Stake
--------------------------------------------------
The mystery buyer of a strategic stake in besieged discount and
variety retailer Miller's retail was finally revealed, according
to The Advertiser.

Miller's Retail has reportedly inked an agreement with
investment bank Investec under which the parties would consult
on share purchases and on how to vote their combined stake.

Under the deal, Investec will grant Miller's chief executive
Gary Perlstein a call option to buy shares in the retailer it
acquired.

Miller's has been in the red for a couple years due to poor and
continuously dropping margins. The variety discount business,
which it acquired in an attempt to diversify, has turned out to
be a failure.

But despite lackluster operations in some of its ventures,
Miller's still has confidence in its clothing business, which
remained good and valuable because of its brands and market
position.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


MOREDUN CATTLE: Appoints Liquidator for Winding Up Purposes
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Moredun
Cattle Company Pty Ltd (In Voluntary Liquidation) A.C.N. 097 676
876 held on December 9, 2004 it was resolved that the Company be
wound up voluntarily as a Members' Voluntary Winding up and that
for such a purpose, David Harland be appointed liquidator.

Dated this 9th day of December 2004

David Harland
Liquidator
FINH Pty Ltd
Liquidator
Level 3, 349 Queen Street, Brisbane Qld 4000


PENNY ENTERPRISES: Picks Liquidator for Winding Up Purposes
-----------------------------------------------------------
At a general meeting of Penny Enterprises Pty Ltd (In
Liquidation) A.C.N. 002 305 964, duly convened and held on
December 9, 2004, the following special resolution was passed:

That the Company be wound up voluntarily and that Oren Zohar and
Brian McMaster, of KordaMentha, Level 11, 37 St George's
Terrace, Perth, be appointed as joint and several liquidators
for the purposes of the winding up.

Dated this 10th day of December 2004

Oren Zohar
Liquidator for Penny Enterprises Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


PUNCH HOLDINGS: Members Resolve to Wind Up Company
--------------------------------------------------
Notice is given that at a general meeting of members of Punch
Holdings Pty Ltd (In Liquidation) formerly trading as Punch
Technology A.C.N. 099 824 503 held on Thursday, December 9,
2004, it was resolved that the Company be wound up voluntarily
and that for such purpose Robert Eugene Murphy, Chartered
Accountant, of RE Murphy & Co, Chartered Accountants, Level 9,
46 Edward Street, Brisbane, Qld 4000 be appointed Liquidator.

Dated this 13th day of December 2004

R.E. Murphy
Liquidator


Q&T STEEL: Dividend to be Declared February 5
---------------------------------------------
A Second and Final dividend is to be declared on February 5,
2005 for Q&T Steel Pty Ltd (In Liquidation) A.C.N. 085 934 416.

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

Dated this 9th day of December 2004

Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Telephone: (08) 9486 7822
Facsimile: (08) 9226 4250
E-mail: garya@iinet.net.au


QANTAS AIRWAYS: Expects Pre-tax Profit to Exceed Record Figures
---------------------------------------------------------------
Qantas Airways expects its pre-tax profits in the year to June
2005 to exceed last year's record results, relates Agence France
Presse.

Given its noteworthy performance this fiscal year, the national
flag carrier forecast profits for the year to June to surpass
the previous pre-tax profit of AU$964 million.

Qantas is due to report its half-year results on Feb. 17.

Qantas' statement follows an announcement by low-cost rival
Virgin Blue Holdings Ltd. that it expects year to March net
profit to be 10 to 15 percent below the AU$158.5 million it
reported last year.

The two airlines have been at loggerheads since Qantas launched
a low-cost domestic subsidiary, Jetstar, in direct competition
with Virgin Blue.

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


REDBANK TRANSPORT: Members, Creditors to Meet February 4
--------------------------------------------------------
Notice is given that the final meeting of the members and
creditors of Redbank Transport Pty Ltd (In Liquidation) as
trustee for Hansen Family Trust trading as Redbank Transport at
13 Harrier Close, Huntingdale WA 6110 (The Company) will be held
at the offices of Holbrook & Associates, Chartered Accountants,
Level 2, 19 Pier Street (Corner Hay Street), Perth WA on Friday,
February 4, 2005 at 9:30 a.m.

AGENDA

(1) To receive the Liquidator's final report as to the winding
up.

(2) Any other business.

Dated this 10th day of December 2004

Kim D. Holbrook
Liquidator
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street, (GPO Box M925),
Perth WA 6001


STAFF PARKS: To Hold Final Meeting January 25
---------------------------------------------
Notice is given that pursuant to section 509 of the Corporations
Act 2001 a general meeting of the members and creditors of Staff
Parks Management Pty Ltd (In Liquidation) A.C.N. 053 676 645
will be held at the offices of Bentleys MRI Perth, Level 1, 10
Kings Park Road, West Perth on Tuesday, January 25, 2005 at
12:00 p.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 13th day of December 2004

A.H. Douglas-Brown
Liquidator
Bentleys MRI Perth
1st Floor, 10 Kings Park Road,
West Perth WA 6005
Telephone: (08) 9480 2000


T.J. TRANSPORT: Members Opts to Wind Up Voluntarily
---------------------------------------------------
At a meeting of creditors of The T.J. Transport Company Pty Ltd
(In Liquidation) formerly trading as Perth Mandurah Transport
A.C.N. 098 699 702, duly convened and held at the offices of
KordaMentha, Level 11, 37 St Georges Terrace, Perth on Monday,
December 6, 2004 at 10:00 a.m., it was resolved:

That pursuant to Section 439C(c) of the Corporations Act 2001
the Company be wound up.

Dated this 7th day of December 2004

Oren Zohar
Liquidator for The T.J. Transport Company Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


YANDAL PTY: Members to Hear Liquidator's Report January 25
----------------------------------------------------------
Notice is given that pursuant to section 509 of the Corporations
Act 2001 a general meeting of the members and creditors of
Yandal Pty Ltd (In Liquidation) A.C.N. 074 872 665 will be held
at the offices of Bentleys MRI Perth, Level 1, 10 Kings Park
Road, West Perth on Tuesday, January 25, 2005 at 11:00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 13th day of December 2004

A.H. Douglas-Brown
Liquidator
Bentleys MRI Perth
1st Floor, 10 Kings Park Road,
West Perth WA 6005
Telephone: (08) 9480 2000


YANDAL RESOURCES: To Convene General Meeting on January 25
----------------------------------------------------------
Notice is given that pursuant to section 509 of the Corporations
Act 2001 a general meeting of the members and creditors of
Yandal Resources NL (In Liquidation) A.C.N. 074 872 665 will be
held at the offices of Bentleys MRI Perth, Level 1, 10 Kings
Park Road, West Perth on Tuesday, January 25, 2005 at 11:00 a.m.
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 13th day of December 2004

A.H. Douglas-Brown
Liquidator
Bentleys MRI Perth
1st Floor, 10 Kings Park Road,
West Perth WA 6005
Telephone: (08) 9480 2000


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


ARTS & SALES: Appoints Joint and Several Liquidators
----------------------------------------------------
By order of the High Court dated Dec. 28, 2004, Mr. Roderick
John Sutton and Mr. Desmond Chung Seng Chiong of Ferrier Hodgson
Limited, 14th Floor, Hong Kong Club Building, 3A Chater Road
Central, Hong Kong, have been appointed as the Joint and Several
Liquidators of Arts & Sales (Hong Kong) Limited with a committee
of inspection.

Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Liquidators

This notice is dated Jan. 14, 2005.


ART WEALTH: Court to Hear Winding Up Petition on Feb. 16
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Art
Wealth Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 16, 2004 presented to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at the 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

Or, Ng & Chan
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 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. 14, 2005.


CONVEN CORPORATION: Schedules Creditors Meeting on Feb. 1
---------------------------------------------------------
Notice is hereby given that pursuant to Section 228 (A) and 241
of the Companies Ordinance, that a meeting of the creditors of
Conven Corporation Limited will be held at Room 1617-18, Star
House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong on Feb.
1, 2005 at 11:15 a.m., an Extraordinary General Meeting of the
Company having been called for the same day to consider.

If thought fit, pass a special resolution for the creditors'
voluntary winding up of the Company and to nominate the
liquidator to wind up the Company.

Creditors may vote either in person or by proxy. Proxies must be
lodged at the office of Room 1617-18, Star House, 3 Salisbury
Road, Tsimshatsui, Kowloon, Hong Kong not later than 48 hours
before the meeting or adjourned meeting at which they are to be
used.

By Order Of The Board Of
Conven Corporation Limited
Law Ka Hung
Director

This notice is dated Jan. 14, 2005.


FABQUIP HONGKONG: Creditors to Prove Claims by Feb. 14
------------------------------------------------------
Notice is hereby given that the creditors of Fabquip HongKong
Limited, which is being wound up voluntarily are required on or
before 5:30 p.m. on Feb. 14, 2005 to send particulars of their
debts or claims and the names and addresses of their solicitors,
if any to the undersigned.

If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the notice.

In default thereof, creditors will be deemed to have waived all
or any of such debt or claims. The liquidators shall be entitled
seven days after the above date to distribute the funds
available or any part thereof to the members.

Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28th Floor, Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai Hong Kong

This Quamnet notice is dated Jan. 14, 2004.


YORKSHIRE HONGKONG: Schedules Creditors Meeting on Feb. 1
---------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, a meeting of the creditors of Yorkshire
HongKong Limited will be held at 20th Floor, Prince's Building,
Central, Hong Kong on Feb. 1, 2005 at 11:00 a.m. for the
purposes mentioned in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxy forms may
be obtained from the above-named Company, 15th Floor, No. 3
Lockhart Road, Hong Kong and must be lodged at the above address
not later than 4:00 p.m. on the day before the meeting or
adjourned meeting at which they are to be used.

By Order Of The Board Of
Gary John Nicholson
Director

This notice is dated Jan. 5, 2005.


WIN-UP INDUSTRIAL: Faces Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Win-Up Industrial Co., Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 29, 2004 presented to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at the 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
Mar. 2, 2005.

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

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 Mar. 1, 2005.

This notice is dated Jan. 14, 2005.


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


BARITO PACIFIC: Postpones January Bond Payment Until July
---------------------------------------------------------
PT Barito Pacific Timber reschedules the January payment of its
overdue fourth coupon bond worth IDR33 billion until July in
order not to disturb its working capital, relates The Jakarta
Post, citing the Company's top executives.

According to the plywood producer's President Director Juhannes
Djamilin, Barito will combine the January payment with that of
the fifth payment in July worth another IDR33 billion, which
includes a 1.5 percent interest fine.

The default in payment resulted from the decline of the
international plywood price in the fourth quarter of last year
and a change in its export payment mechanism, Mr. Djamilin said.

Unlike traditional customers like Japan, which execute a letter
of credit (L/C) when the plywood reached the ship, a L/C used in
exports to North African countries, such as Algeria and Libya,
can only be executed after the goods have been received at the
ports.

"There can be a delay of between one and two months," Mr.
Djamilin added.

Although the Company defaulted in payment it is still optimistic
that it will be able to meet obligations to bondholders in July,
due to the increasing price and the cash it will receive from
its shipments in the last few months of 2004.

The bonds were issued in 1997 worth IDR400 billion, which were
supposed to mature in 2002.  The Company underwent restructuring
of the bonds and postponed the maturity period to 2007.


* Indonesia to Propose US$3.4-Bln Loan for 2005 State Budget
------------------------------------------------------------
Indonesia will seek for US$3.3 billion to US$3.4 billion in
loans respectively to cover for the 2005 State Budget, Asia
Pulse says.

According to Coordinating Minister for Economic Affairs Aburizal
Bakrie, they will send out a proposal to the CGI (Consultative
Group on Indonesia) for the planned loan.

The loan will be allocated for the 2005 State Budget which
constitutes US$2.8 billion of the whole amount and US$500 or
US$600 million for non-State Budget purposes.

National Development Planning State Minister Sri Mulyani said
they will hold the discussions for the new loan Friday during
the 14th meeting with CGI (Consultative Group on Indonesia)
scheduled January 19 to 20, while discussions on the conditions
in Indonesia including those in Aceh province took place
Wednesday.

President Susilo Bambang Yudhoyono opened the CGI meeting at the
State Palace.  Some 32 delegates from 21 donor countries, 13
representatives of non-governmental organizations and 13
international financial institutes are taking part in the
meeting.

Ms. Mulyani said the proposed amount does not include the
desired amount to rebuild Aceh which is accounted by the finance
ministry to be around IDR5 trillion (US$545.9 million).

"The finance ministry figure is still a preliminary one and may
eventually be drawn from the State Budget," Ms. Mulyani added.

The House of Representatives (DPR still has to hold discussions
on the exact and detailed calculation of the amount.


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


DAIKYO INCORPORATED: Orix Tapped to Sponsor Rehabilitation
----------------------------------------------------------
The state corporate turnaround body is expected to choose leasing
Company Orix Corporation to sponsor the rehabilitation of
beleaguered condominium builder Daikyo Incorporated, Kyodo News
says.

The Industrial Revitalization Corporation of Japan (IRCJ) may
reach a decision early next week if Orix, one of Daikyo's major
shareholders, sends a senior manager to condominium builder.

Among the four shortlisted candidates to sponsor Daikyo's
restructuring, the IRCJ has narrowed the list to Orix and
Merrill Lynch Inc., a large U.S. investment bank.

But the IRCJ prefers Orix, as it has experience turning around
businesses and owns a subsidiary for condominium development.

However, should negotiations with Orix fail, the IRCJ plans to
pursue talks with Merrill Lynch.

The two other groups were an alliance between Haseko Corp. and
Citigroup Inc. of the United States, and a consortium of Mori
Trust Co. and Morgan Stanley Inc., also a U.S. investment bank.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21 Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475 3803
Web site: http://www.daikyo.co.jp/


HOTERU KANSAI: Enters Bankruptcy
--------------------------------
Hotel operator Hoteru Kansai K.K. has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Osaka-Shi, Osaka 530-0056, has total
liabilities of US$57.84 million.

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


JAPAN TOBACCO: Closes Plants, Cuts Payroll to Survive
-----------------------------------------------------
In line with measures to survive the harsh business climate,
Japan Tobacco (JT) is working to close down some of its
facilities, slash workforce and introduce new products to the
market, reports The Asahi Shimbun.

The tobacco manufacturing giant is preparing to shield itself
from the impact of anti-smoking restrictions to be imposed by
the WHO's Framework Convention on Tobacco Control  (FCTC)
starting next month. The goal of the pact is to reduce the
number of tobacco-related deaths and diseases around the world.

The Company has already shut down seven of the 25 domestic
plants in 2002 and is set to close down seven more plants in
March. At around the same time, 10 percent of its workforce or
4,000 employees will be laid off.

In response to FCTC restrictions on tobacco advertising,
sponsorship and promotion, JT will end its sponsorship of
Formula One auto races after the fall of 2006. A self-imposed
ban on all outdoor advertising to take effect on April 1 is
expected to help knock down domestic demand for tobacco by about
3 percent a year. Advertising on public transportation was
suspended in September.

In order to cover the loss, JT plans to focus on higher-priced
products and effort to expand market share, which currently
stands at 73 percent. In addition, the Company will try to
venture into the medicine and food business.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com/


MITSUBISHI FUSO: Supports Post-disaster Reconstruction in Asia
--------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) will support
the reconstruction after the natural disaster in South and
Southeast Asia.

MFTBC will provide an immediate donation of 10 million yen to
the Japan Red Cross Society (JRC) that has been active in the
recent Niigata prefecture earthquake and that is currently
active in Southeast Asia. Also, the management and the trade
unions at MFTBC readily have agreed to support individual
employees desire to help. Hence, MFTBC is additionally
organizing the collection of donations for the JRC to reduce the
suffering of victims. MFTBC employees thereby join similar
initiatives among MFTBC's parent Company DaimlerChrysler
employees in Germany and in North America.

As a market leader in Asia with deep roots in the economies and
societies of affected countries, MFTBC seeks to contribute to
the reconstruction efforts. It therefore will make available 25
vehicles to relief organizations, local initiatives, communities
and governmental organizations through business partners in
Indonesia, Thailand, Sri Lanka and Malaysia. Servicing of the
vehicles will be accomplished through MFTBC's extensive service
network in the region.

This initiative complements concrete help extended in the first
days after the disaster by DaimlerChrysler and local business
partners.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI FUSO: Joins Forces with DaimlerChrysler Malaysia
-----------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and
DaimlerChrysler Malaysia (DCM) have joined forces in Malaysia.

Effective January 1, 2005, DCM has assumed full responsibility
for the wholesale distribution of MFTBC trucks and buses in
Malaysia. The previous distributor USF-HICOM will continue to
play a major role in retail functions in recognition of its
tremendous efforts in the past for building up the Mitsubishi
Fuso network throughout Malaysia. As announced in October 2004,
Malaysian Truck and Bus Sdn Bhd (MTB), a subsidiary of DRB-
HICOM, will continue to assemble Mitsubishi Fuso Trucks in
Pekan, Malaysia.

The wholesale agreement is another step in MFTBC's strategy to
bolster its leading position in Asia. As a consequence of the
agreement, the sales and service network offering Mitsubishi
Fuso products in Malaysia will be greatly expanded making it
easier for MFTBC to expand sales and satisfy customers. At the
same time, DCM will be able to expand the product portfolio in
Malaysia where it already offers Mercedes-Benz commercial
vehicles.

In fiscal year 2003, MFTBC sold a total of more than 1,100
vehicles in Malaysia. With about 1,050 units, the Canter light-
duty truck is particularly popular in the country. The Company's
market share reached about 8% in 2003.

MFTBC's global sales of trucks and buses in fiscal year 2003
reached 193,000 units. In March 2004, MFTBC became a fully
consolidated subsidiary of DaimlerChrysler AG. By raising its
share to 65%, DaimlerChrysler expressed its full long-term
commitment to Mitsubishi Fuso. As an integral part of the
largest commercial vehicle manufacturer in the world, MFTBC is
better positioned than ever to master its current challenges in
Japan and to compete in the increasingly competitive global
truck and bus market.


MITSUBISHI MOTORS: Second Bailout Could Hurt Global Market
----------------------------------------------------------
The multibillion-dollar rescue package for ailing Mitsubishi
Motors Corporation (MMC) is not expected to help the global auto
market, which has been suffering from too much production
capacity, according to Dow Jones.

The US$3-billion bailout that Mitsubishi group firms are
allotting for MMC is seen to hurt the world auto markets from
Japan to China and even to the U.S.

The capital infusion would enable the stricken MMC to continue
to compete in the U.S. The bailout means large automakers in the
U.S. will face relentless competition not only from strong
Japanese car manufacturers like Toyota Motor Corporation and
Honda Motor Co., but also from Japan's weakest.

Observers believe that the rescue will only add to the burden of
the overpopulated global auto market, which has trouble
consolidating and reducing capacity.

MMC, which many feared would file for bankruptcy, has been
struggling to turn its business around following a series of
scandals.

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

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: Nissan Boss Wants to Advance Tie-up
-----------------------------------------------------
The head of Nissan Motor Co. expressed his intention to advance
its minivehicle operational tie-up with Mitsubishi Motors
Corporation (MMC) after the two parties sealed an accord on
passenger minicars this week, Reuters reports.

Nissan Chief Executive Officer Carlos Ghosn declared his Company
has never eliminated the possibility of more collaboration with
embattled MMC on minicars.

At present, the two automakers are still talking about how they
could make further use of MMC's excess capacity and cooperate in
the development and engineering fields.

MMC announced earlier this week it would supply 36,000 passenger
minicars a year to Nissan on top of the 20,000 commercial
minivehicles it already provides on original equipment
manufacturing (OEM) basis.

Mr. Ghosn added that if a good opportunity arose, the OEM
agreement could go beyond the 660cc minivehicles.


TOSHIBA CORPORATION: Develops Software to Access PCs from Phones
----------------------------------------------------------------
Toshiba Corporation has announced the development of software
supporting remote operation of a personal computer from a mobile
phone.

The new product, Ubiquitous Viewer, provides access to any
Windows-OS-based home or office computer and allows users to
open productivity software, such as the MS Office suite, and to
read and modify files. Ubiquitous Viewer also supports access to
PC-based e-mail, Internet browser and other PC applications,
providing users with groundbreaking access to PC-based resources
at any time, wherever they are.

The software, developed in collaboration between content and
service providers, was created by devising a mobile phone menu
to facilitate remote access and use of the PC, and applying an
advanced data compression technology to support rapid transfer
of vast amounts of information between the PC and mobile phone.
Secure data transfers are achieved by secure socket layer (SSL)
encryption and by use of a one-time password for opening the
link between the mobile phone and PC.

Ubiquitous Viewer will debut in CDMA1X mobile phones from KDDI's
au, and Toshiba plans to extend application to other carriers in
the near future, in Japan and overseas. Subscribers of au will
be able to access the service by the end of March 2005.

CONTACT:

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


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


DONG AH: World Star Fails to Buy Loans
--------------------------------------
World Star failed to pay a deposit to buy Dong Ah Construction
Industrial Co.'s bad loans by yesterday's deadline, making way
for Goldman Sachs Group Inc. to purchase the Korean Company's
nonperforming loans, the Korea Herald reports.

The investment group didn't pay the 20 percent deposit on time,
meaning it lost its preferred bidder status for the bad loans,
Samil Accounting Corp. said yesterday.

Goldman Sachs, chosen as the second preferred bidder by
creditors, will win the exclusive right to buy the bad loans
unless creditors object under terms of the auction. Samil will
discuss the preferred bidder status with creditors "sooner or
later," the arranger said.

The delay in naming the next preferred bidder prompted a
complaint from Goldman Sachs, the world's third-largest
securities firm.

The firm said in a statement yesterday that its affiliate,
Triumph Investments (Ireland) Ltd., "should be declared the new
preferred negotiator" at 4:30 p.m. in Seoul time under the
auction protocol as agreed by selling creditors and Samil.
Goldman believes "there have been multiple attempts to undermine
a fair auction process on several fronts."

The winner of the Dong Ah auction gets the right to convert some
of Dong Ah's debt into a stake in Seoul-based Korea Express Co.
in 2006. Korea Express has kept its top ranking among Korean
delivery companies, though it went bankrupt in 2001 because of
debt guarantees owed by parent Dong Ah.

CONTACT:

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


KOLON INDUSTRIESA: To Cut More Jobs Next Month
----------------------------------------------
Labor tension is rising at Kolon Industries Incorporated as the
country's leading textile maker has asked the government to
approve its plan to cut more than 300 jobs next month, relates
The Korea Herald.

The Kolon labor union renewed a threat to go on strike yesterday
after management filed a request for additional job cuts with
the Labor Ministry, even as some 400 workers had already agreed
to voluntary retirements over the past month.

"We need to slash at least 690 jobs in order to keep the Company
afloat amid increasingly harsh industry conditions, and about
400 applied for our early retirement program last month," Kolon
public relations director Bae Jin-hwan said.

"We will try to cut 304 more jobs by encouraging voluntary
retirements or transferring employees to other firms. As
unionized workers also understand the Company's poor business
conditions, we expect to reach an agreement with them," he said.

The layoff plan can be executed Feb. 17. Labor laws require
companies to notify the government of large layoff plans, and
impose a 30-day ban on dismissals after notification to
facilitate further labor-management negotiations.

Kolon Industries' latest restructuring plan came after its
parent Kolon Group dismissed 34 top executives in November to
reduce costs and improve performance. The conglomerate also sold
its entire stake in Hana Bank worth KRW134 billion last month to
increase liquidity.

Kolon Industries posted a loss of 27 billion won in the January-
September period of 2004, following a full-year loss of 60
billion won in 2003.

Faced with falling profits and sluggish business, Kolon Group is
shifting its core businesses from textiles to film, information
technology-related materials and chemical products.

CONTACT:

Kolon Industries Inc
Byeolyang-dong Gwacheon-si
Koachon-shin, Gyeonggi 427-709
KOREA (SOUTH)
Phone: +82 2 3677 3403
Fax: +82 2 3677 3539
Web site: http://www.kolon.co.kr


JINRO INDUSTRIES: Taihan Wire Appeals Takeover Decision
-------------------------------------------------------
Taihan Electric Wire Co., a leading cable producer, said on
Jan.19 it applied for a court injunction to prevent the
acquisition of Jinro Industries Co. by rival LG Cable Ltd.,
Yonhap News reports.

"We submitted the application to the Seoul High Court
challenging the December decision by a lower court to allow LG
Cable to acquire Jinro Industries," said Kim Young-hwan,
planning team manager of Taihan.

If LG Cable, the nation's leading cable producer, succeeds in
acquiring Jinro Industries, it will have more than half of the
domestic wire market, restricting fair competition, another
Taihan official claimed.

Though LG Cable and Taihan Wire were chosen as preferred bidders
for Jinro Industries in August, LG Cable was selected as the
prime bidder in October. LG Cable's bid price was KRW80 billion.
LG Cable originally planned to complete the takeover by March
through a capital reduction of Jinro Industries this month by
issuing new shares, and repaying debts in early March.

Jinro Industries, a mid-sized cable maker, was placed under
court receivership in 2003 in the wake of a debt crisis at its
former parent Company Jinro Co. Taihan is the Company's largest
secured creditor and holds more than 70 percent of its secured
debt.

The High Court is scheduled to pass judgment on Taihan's request
after about a week, Company officials said.

CONTACT:

Jinro Industries Co., Ltd.
#917-1, 16F CBS B/D, Mok-Dong, YangChun-Ku
Seoul, 158-701
Korea, South
Contact person: Young, Chee
Phone:  +82 2 580 4543
Fax:    +82 2 587 1108
Web site: http://www.jinro-cable.co.kr


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


AOKAM PERDANA: Public Spread Falls Below 25% Requirement
--------------------------------------------------------
Aokam Perdana Berhad announced that pursuant to paragraph
8.15(1) of the Bursa Securities LR, the public shareholding
spread of the Company has fallen below the 25% public spread
requirement.

The public shareholding spread of the Company according to the
Record of Depositors as at Jan. 12, 2005, which was received by
the Company on Jan. 18, 2005, is 24.26%.

Pursuant to Bursa Securities letter dated Dec. 31, 2003 on the
public shareholding spread, the Company is automatically granted
an extension of time of 6 months from the date of this
announcement and expiring on July 18, 2005 to ratify its public
shareholding spread.

The Company will in its endeavor take necessary steps to ratify
its public shareholding spread within the 6 months period.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 3466
Fax:   +60 3 2166 3455

This announcement is dated Jan. 19, 2005.


GOLDEN FRONTIER: Posts Notice of Shares Buy Back
------------------------------------------------
Golden Frontier disclosed details of its shares buy back on Jan.
19, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 19/01/2005

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

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

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

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

Total consideration paid (RM):                      693.28

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,277,000

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

CONTACT:

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

This announcement is dated Jan. 19, 2005.


LION CORPORATION: Details Conditional Takeover
----------------------------------------------
Pursuant to Section 32 of the Code, in reference to the
conditional voluntary offer by Lion Corporation Berhad (LCB) to
acquire the remaining shares of Amalgated Containers Berhad
(ACB), the Company announced its dealings in the ordinary shares
in LCB and ACB as well as warrants of LCB (Affected Securities)
by LCB, persons acting in concert with LCB and/or the persons
connected to them as set out in Section 32 of the Code (the
Parties).

The details of the dealings in the Affected Securities by the
Parties are set out in Table 1.

Any disclosures made pursuant to Section 32 of the Code, on
behalf of the relevant Parties, are based on the disclosures as
furnished by LCB.

To view Table 1, click
http://bankrupt.com/misc/tcrap_lion012005.doc

CONTACT:

Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my

This announcement is dated Jan. 20, 2005.


MENTIGA CORPORATION: Unit Details Shares Disposal
-------------------------------------------------
Mentiga Corporation Berhad announced that SBSB, a 56%-owned
subsidiary of the Company and Mr Karli Boenjamin (Vendors), have
on Jan. 18, 2005 entered into a Sale and Purchase Agreement
(SPA) with Delloyd Plantation Sdn Bhd (DPSB) and Taipan Hectares
Sdn Bhd (THSB) (Purchasers) for the proposed disposal of the
following:

(i) 18,900 PT Rebinmas Jaya (PTRJ) Shares representing SBSB's
entire 90% equity interest in PTRJ to the Purchasers for a cash
consideration of RM61,200,000; and

(ii) 1,050 PTRJ Shares representing Mr. Karli Boenjamin's 5%
equity interest in PTRJ to THSB for a cash consideration of
RM6,800,000.

PTRJ is the registered and beneficial owner of 3 oil palm
plantations totaling 12,002.366 hectares situated in Pulau
Belitung, South of Sumatera, Indonesia together with plants,
machinery and buildings situated thereto (Plantations) for which
documents of title in the form of Hak Guna Usaha within the
meaning of Indonesia's Basic Agrarian Law, 1960 (HGU) and
supporting regulations have been issued in favour of PTRJ. PTRJ
also operates and manages other oil palm plantations measuring
approximately 1,947.12 hectares situated in the same location
for which document(s) of title has yet to be issued (Non HGU
Plantation).

2. DETAILS OF THE PROPOSED DISPOSAL

2.1 Salient terms of the SPA

The salient terms and conditions of the SPA include, inter-alia,
the following:

2.1.1 The Vendors shall dispose of an aggregate of 19,950 PTRJ
Shares (Sale Shares) comprising 18,900 PTRJ Shares held by SBSB
and 1,050 PTRJ Shares held by Mr. Karli Boenjamin, representing
a total of 95% equity interest in PTRJ for a total cash
consideration of RM68,000,000 (Total Consideration). The Total
Consideration shall be satisfied by DPSB and THSB in proportions
of 60% and 35% respectively, based on the following:

(i) upon the execution of the SPA, the sum of RM6,800,000
representing 10% of the Total Consideration (Deposit Sum) is to
be paid by the Purchasers to the Vendors' solicitors (with
SBSB's portion amounting to RM6,120,000), subject to the
retention of RM1,000,000 from the Deposit Sum which shall be
utilized by the Purchasers to manage and rehabilitate the
Plantations pursuant to a management agreement to be executed
between the Company and the Purchasers or their nominees,
pending completion of the SPA;

(ii) the Vendors' solicitors shall deal with the balance Deposit
Sum of RM5,800,000 in the following manner:

(a) to release a sum of RM2,500,000 to the Vendors upon
receiving all relevant documents required by the Vendors'
solicitors as stakeholders no later than 30 days after the
execution of the SPA;

(b) to place the balance thereof amounting to RM3,300,000 in an
interest bearing account and to release the said sum together
with interest accrued thereon to the Vendors on the date on
which all the conditions precedent to the SPA are satisfied
(Unconditional Date); and

(iii) subject to such adjustments, retention or deduction of the
Total Consideration set out below, the balance of the Total
Consideration amounting to RM61,200,000 (Balance Consideration)
shall be paid by the Purchasers to the Vendors' solicitors as
stakeholders (with SBSB's portion amounting to RM55,080,000)
within 30 days from the Unconditional Date (Completion Date)
provided always that the Purchasers shall be entitled to a
further extension of 1 month (Extended Completion Date) to
settle the Balance Consideration or any part thereof subject to
payment of interest thereon calculated on a daily basis at the
rate of 8% per annum from the due date to the date of actual
payment.

2.1.2 The sale and purchase of the Sale Shares is premised on
the basis that all liabilities of PTRJ are settled and
accordingly on the Completion Date, PTRJ shall be free from all
liabilities or obligations of any nature whatsoever whether
absolute, accrued, present or contingent including liabilities
and obligations incurred in the ordinary course of business and
consistent with past practice.

2.1.3 Accordingly, on or before 14 days from the Unconditional
Date, the Vendors shall fully repay and settle and/or cause PTRJ
to fully repay and settle all its current and long term
liabilities (if any) such that PTRJ shall be free from all
liabilities on the Completion Date.

2.1.4 The Vendors also agree, undertake and covenant to procure
the issuance of the document(s) of title in respect of the Non
HGU Plantations in the form of HGU and in the name of PTRJ (Non
HGU Plantations Title) for a period of no less than 30 years and
containing terms and conditions no less favorable than the HGU
for the Plantations on or before the Completion Date or the
Extended Completion Date as the case may be, failing which:

(i) the Purchasers shall automatically grant to the Vendors a
further period of 12 months from the Extended Completion Date
(Further Extension Date) to obtain the issuance of the Non HGU
Plantations Title;

(ii) the Vendors irrevocably agree and undertake that the
Purchasers shall be allowed to retain an agreed sum of
RM23,364,000 (Agreed Sum) from the Balance Consideration to be
paid to the Purchasers' Solicitors as stakeholders. The
Purchasers' solicitors shall place the Agreed Sum in an interest
bearing account and shall only release the Agreed Sum together
with interest accrued thereon to the Vendors upon the issuance
and delivery of the Non HGU Plantations Title within the Further
Extension Date; and

(iii) in the event that the Vendors fail to obtain the issuance
of the Non HGU Plantations Title within the Further Extension
Date, the Vendors irrevocably and unconditionally agree and
undertake that the Total Consideration shall be reduced by a sum
equivalent to the Agreed Sum. Accordingly, the Purchasers shall
be entitled to deduct the Agreed Sum from the Balance
Consideration and the Purchasers' Solicitors shall be
irrevocably authorized and directed to refund the Agreed Sum
together with interest accrued thereon to the Purchasers.

2.1.5 Further, in the event that the terms and conditions of the
Non HGU Plantations Title are less favorable than the terms and
conditions of the HGU for the Plantations, or the Non HGU
Plantations Title are for a period of less than 30 years, then
the Purchasers shall be entitled to a fair and reasonable
reduction to the Total Consideration.

2.1.6 The Total Consideration is also based on the assumption
that the total hectare of the Plantations and the Non HGU
Plantations shall be no less than 12,002.366 hectares and
1,947.12 hectares respectively. In the event that the actual
surveyed area of both the Plantations and Non HGU Plantations is
less than their respective hectare by more than 5%, the Vendors
shall obtain in favor of PTRJ a replacement plantation of
substantially the same conditions as the Non HGU Plantations to
make up for the shortfall and further procure the issuance of
HGU for a period of no less than 30 years and containing terms
and conditions no less favorable than that of the HGU for the
Plantations. Pending fulfillment of the same by the Vendors, the
Purchasers shall be entitled to withhold and retain a
proportionate amount of the Total Consideration to be determined
by dividing the hectare of the shortfall, if any, by 9,400 and
multiplying the result thereof by the amount of the Total
Consideration. The cost of carrying out the survey shall be
borne by the Purchasers.

2.1.7 The PTRJ Shares shall be disposed free from all charges,
pledges, liens and any other encumbrances of whatsoever nature
and with all rights, benefits and advantages attaching thereto
(including but not limited to all bonus and rights, dividends,
and other distributions which may be declared, paid or made in
respect thereof) on or after the date of the SPA.

2.1.8 The Purchasers shall not be obliged to complete the
purchase of any of the Sale Shares unless the purchase of all
the Sale Shares are completed simultaneously.

2.1.9 There are no liabilities to be assumed by the Purchasers
pursuant to the Proposed Disposal.

2.1.10 The original cost of investment by Mentiga in PTRJ,
through SBSB, was RM22,007,434 which was incurred on June 3,
1997.

2.2 Basis of arriving at the Total Consideration

The Total Consideration for the Proposed Disposal was arrived at
based on a willing buyer-willing seller basis after taking into
consideration the adjusted NTA of PTRJ of approximately RM98.440
million arising from the following:

(i) the audited net assets of PTRJ after settlement of all
current and long term liabilities as at Dec. 31, 2003 amounting
to approximately RM18.727 million (based on the exchange rate of
RM1.00: Rp2,227.64) pursuant to Section 2.1.3 above;

(ii) the revaluation surplus of RM56.349 million arising from
the revaluation of the Plantations using the comparison method
of valuation as appraised by Rahim & Co., an independent
registered valuer, on Aug. 28, 2003 amounting to RM68.440
million.

(iii) the estimated total open market value of the Non HGU
Plantations based on comparable transactions of approximately
RM12,000 per hectare amounting to approximately RM23.364
million.

Notwithstanding that the Total Consideration represents a
discount of approximately 30.92% over the adjusted NTA of PTRJ,
the Proposed Disposal is deemed to have met the immediate
objectives of Mentiga to improve its cashflow position by
reducing the borrowings of Mentiga and its subsidiaries (Mentiga
Group) (thus resulting in interest savings) as well as to
provide additional funding for its working capital requirements.

However, in the event that the Non HGU Plantations Title is not
issued within the Further Extended Date and/or the terms and
conditions of the Non HGU Plantations Title is less favourable
than the terms and conditions of the HGU for the Plantations,
the Total Consideration shall be adjusted in accordance with
Sections 2.1.4 and 2.1.5 above.

2.3 Information on PTRJ

PTRJ was registered in Jakarta in the Republic of Indonesia and
established by Notary Deed No. 12 dated Sept. 14, 1993 and
amended deed dated Feb. 13, 1995 of Public Notary Milly Karmila
Sareal, S.H. The authorized and issued and paid-up share capital
of PTRJ is Rp21,000,000,000 comprising 21,000 ordinary shares of
Rp1,000,000 each, all of which have been issued and fully paid-
up. PTRJ is a foreign capital investment Company within the
meaning of the Indonesian Foreign Capital Investment Law No.
1/1967 as amended by Law No. 11/1970.

PTRJ is principally involved in palm oil plantation.

The shareholders of PTRJ are SBSB and Mr. Karli Boenjamin, who
hold 90% and 10% equity interest in PTRJ respectively as at the
date hereof.

A summary of the financial information on PTRJ for the financial
years ended Dec. 31, 2002 and Dec. 31, 2003 is set out in Table
1.

2.4 Information on the Purchasers
2.4.1 Information on DPSB

DPSB was incorporated in Malaysia on March 22, 1995 as a private
limited Company under the Companies Act, 1965. The present
authorized share capital of DPSB is 25,000,000 comprising
25,000,000 ordinary shares of RM1.00 each, of which 20,000,000
ordinary shares of RM1.00 have been issued and fully paid-up as
at the date hereof. DPSB is a 90%-owned subsidiary of Delloyd
Ventures Berhad, a Company listed on the Main Board of Bursa
Malaysia Securities Berhad (Bursa Securities).

DPSB is principally involved in the cultivation of palm oil.

2.4.2 Information on THSB

THSB was incorporated in Malaysia on Oct. 21, 2004 as a private
limited Company under the Companies Act, 1965. The present
authorized share capital of THSB is RM5,000,000 comprising
5,000,000 ordinary shares of RM1.00 each, of which 2,800,000
ordinary shares of RM1.00 have been issued and fully paid-up as
at the date hereof.

THSB is an investment holding Company that includes purchase or
otherwise acquire for investment or resale land, houses,
buildings, plantations and other properties of any tenure.

3. RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal will enable the Company to realize its
investment in PTRJ and raise proceeds to partially settle
Mentiga's borrowings and for the working capital requirements of
the Mentiga Group. It will also enable Mentiga to strengthen its
financial position in its quest to avoid a potential de-listing
from Bursa Securities.

4. UTILIZATION OF PROCEEDS FROM THE PROPOSED DISPOSAL

The proceeds from the Proposed Disposal will be utilized for the
repayment of borrowings of Mentiga, as well as for working
capital requirements of the Mentiga Group. It is expected to be
utilized within 6 months from the Completion Date.

5. EFFECTS OF THE PROPOSED DISPOSAL

5.1 Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of Mentiga.

5.2 Net tangible liabilities (NTL)

The proforma effects of the Proposed Disposal on the
consolidated NTL of Mentiga based on the audited consolidated
financial statements of Mentiga as at 31 December 2003 are set
out in Table 2.

5.3 Earnings

Based on the consolidated audited financial statements of
Mentiga as at Dec. 31, 2003, the Proposed Disposal, which is
expected to be completed in the third quarter of the financial
year ending Dec. 31, 2005, is expected to realize an estimated
net gain on disposal of approximately RM26,569,580 at Mentiga
Group level.

Save for the aforesaid exceptional gain, the Proposed Disposal
is not expected to have any material effect on the earnings of
the Mentiga Group for the financial year ending Dec. 31, 2005.

5.4 Substantial shareholders' shareholdings

The Proposed Disposal will not have any effect on the
shareholdings of the substantial shareholders of Mentiga.

6. APPROVALS REQUIRED FOR THE PROPOSED DISPOSAL

The Proposed Disposal is subject to the approval of the
following being obtained within 6 months from the date of the
SPA or such other period as the parties may mutually agree:

(i) Securities Commission (SC);

(ii) shareholders of the Purchasers and/or their holding
companies for the purchase of the Sale Shares;

(iii) shareholders of SBSB;

(iv) shareholders of Mentiga at an Extraordinary General Meeting
to be convened;

(v) Capital Investment Co-ordinating Board of Indonesia;

(vi) Bank Negara Malaysia (if applicable); and

(vii) any relevant authority in Indonesia required under the
laws of Indonesia.

The Proposed Disposal is not conditional to any other corporate
proposals of Mentiga.

7. 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 Proposed Disposal.

8. STATEMENT BY THE DIRECTORS

The Directors of Mentiga, having considered all aspects of the
Proposed Disposal, are of the opinion that the Proposed Disposal
is in the best interest of the Company.

9. ADVISER

Commercial International Merchant Bankers Berhad (CIMB) has been
appointed by Mentiga as Adviser for the Proposed Disposal.

10. ESTIMATED TIMEFRAME FOR COMPLETION OF THE PROPOSED DISPOSAL

Barring unforeseen circumstances and subject to all the required
approvals being obtained, the Proposed Disposal is expected to
be completed by the third quarter of 2005.

11. DEPARTURE FROM THE POLICIES AND GUIDELINES ON ISSUE/OFFER OF
SECURITIES BY THE Securities Commission (SC GUIDELINES)

There is no departure from the SC Guidelines in respect of the
Proposed Disposal.

12. DOCUMENTS AVAILABLE FOR INSPECTION

The SPA and the valuation report in respect of the Plantations
are available for inspection at the registered Company office
during normal business hours from Mondays to Fridays (except for
public holidays) for 3 months from the date of this
announcement.

To view the tables, click on

http://bankrupt.com/misc/tcap_mentiga012005.doc

CONTACT:

Mentiga Corporation Berhad
20th Floor, East Wing
Plaza Permata
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233

This announcement is dated Jan. 19, 2005.


MENTIGA CORPORATION: Works to Avert Delisting
---------------------------------------------
Further to the announcement made by Mentiga Corporation Berhad
on Jan. 6, 2005, the Company announced that it made a written
representation to Bursa Malaysia Securities Berhad (Bursa
Securities) as to why the securities of the Company should not
be de-listed from the Official List of Bursa Securities.


MTD CAPITAL: Issues Shares Buy Back Notice
------------------------------------------
MTD Capital Berhad disclosed details of its shares buy back on
Jan. 19, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 19/01/2005

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

Total number of shares purchased (units): 48,200

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

Maximum price paid for each share purchased (RM): 2.690

Total consideration paid (RM): 128,067.40

Number of shares purchased retained in treasury (units): 48,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,146,100

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


PAN MALAYSIA: Discloses Notice of Shares Buy Back
-------------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 19,
2005.

Date of buy back: 19/01/2005

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

Total number of shares purchased (units): 3,500,000

Minimum price paid for each share purchased (RM): 0.440

Maximum price paid for each share purchased (RM): 0.460

Total consideration paid (RM): 1,572,317.62

Number of shares purchased retained in treasury (units):
3,500,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 6,850,000

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 MALAYSIA: Unit Extends Completion of Sale, Purchase Deal
------------------------------------------------------------
Pan Malaysia Holdings Berhad informed Bursa Securities that the
parties to the sale and purchase agreement dated Oct. 18, 2004,
namely, Company subsidiary Kayangan Makmur Sdn Bhd and Dato'
Syed Yusof Tun Syed Nasir have mutually agreed to extend the
completion date of the agreement for a further period of one (1)
month from Jan. 18, 2005 to Feb. 18, 2005. All other terms and
conditions as set out in the agreement remain unchanged.


PANTAI HOLDINGS: Buys Back 106,000 Shares
-----------------------------------------
Pantai Holdings Berhad disclosed details of its shares buy back
on Jan. 19, 2005 to the bursa Malaysia Securities Berhad.

Date of buy back: 19/01/2005

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

Total number of shares purchased (units): 106,000

Minimum price paid for each share purchased (RM): 0.890

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

Total consideration paid (RM): 96,800.97

Number of shares purchased retained in treasury (units): 106,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 25,377,800

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


PANTAI HOLDINGS: Posts Notice of Shares Buy Back
------------------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on Jan. 14, 2005, to the Bursa Malaysia Securities Berhad.

Date of buy back from: 11/01/2005

Date of buy back to: 14/01/2005

Total number of shares purchased (units): 445,400

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

Maximum price paid for each share purchased (RM): 0.950

Total amount paid for shares purchased (RM): 422,225.69

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 445,400

Total number of shares retained in treasury (units): 25,153,900

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 19/01/2005

Lodged by: Pantai Management Resources Sdn Bhd

Phone: 03-2287 9822 Fax:03-2287 3822


POS MALAYSIA: Notes Resale, Cancellation of Treasury Shares
-----------------------------------------------------------
POS Malaysia & Services Holdings Berhad disclosed to the Bursa
Malaysia Securities Berhad details of its shares buy back on
Jan. 19, 2005.

Date of transaction: 19/01/2005

Total number of treasury shares sold (units): 160,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM): 2.700

Maximum price paid for each share sold (RM): 2.720

Total amount received for treasury shares sold (RM): 433,056.00

Cumulative net outstanding treasury shares as at to-date
(units): 36,198,000

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

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


PUNCAK NIAGA: Obtains RM1.2 Billion Loans to Boost Capital
----------------------------------------------------------
Puncak Niaga Holdings Bhd has managed to obtain RM1.16bil in
bank loans to finance its capital expansion and boost its
working capital, according to the Star Online.

In a statement to Bursa Malaysia yesterday, Puncak Niaga said it
had secured a total of RM1.16bil in loans from five banks for
its unit, Syarikat Bekalan Air Selangor Bhd (Syabas).

The loans will allow Syabas to undertake the privatization of
the water supply operations in Selangor, Kuala Lumpur and
Putrajaya, as provided under the project awarded to the Company
effective Jan 1.

The Puncak Niaga statement said Syabas had obtained two loans
from Bank Pembangunan and Infrastruktur Malaysia Bhd, comprising
RM410 million for capital expenditure and RM250 million to
improve the non-revenue water (NRW) situation in the state. Both
loans would be used over the 30-year privatization period.
Syabas had also obtained an Islamic loan of RM485 million from
four banks - Bank Islam (M) Bhd, Bumiputra-Commerce Bank Bhd
(BCB), CIMB Bhd and HSBC Bank Malaysia Bhd. CIMB also acted as
agent for the Islamic loan syndication.

These loans would be used for specific purposes in relation to
Syabas' plans to upgrade the water supply operations in the
state. They were also part of the RM10bil required by Syabas for
its future expansion.

As of Sept. 30, 2004, Puncak Niaga had cash and cash equivalent
of RM68.4 million, while its receivables stood at RM1.4 billion.
Its net tangible assets per share was RM2.62.

CONTACT:

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


PUNCAK NIAGA: Units Agree to Privatization of Water Supply
----------------------------------------------------------
Puncak Niaga Holdings Berhad announced that its subsidiaries,
Puncak Niaga (M) Sdn Bhd (PNSB), Syarikat Bekalan Air Selangor
Sdn Bhd (SYABAS) and Perbadanan Urus Air Selangor Berhad (PUAS)
have on Jan. 19, 2005 executed various agreements in relation to
the financing of the privatizations of the water supply services
in the State of Selangor and the Federal Territories of Kuala
Lumpur and Putrajaya which had been awarded to SYABAS, namely:

1. RM410 Million Term Loan Agreement entered into by SYABAS with
Bank Pembangunan dan Infrastruktur Malaysia Berhad;

2. RM250 Million Term Loan Agreement entered into by SYABAS with
Bank Pembangunan dan Infrastruktur Malaysia Berhad;

3. Master BBA Facility Agreement and all related ancillary
agreements in relation to the RM485 Million Bai' Bithaman Ajil
Facility entered into by SYABAS with the following parties:

* The Facility Agent namely, Commerce International Merchant
Bankers Berhad (Company No. 18417-M);

* The Joint Arrangers and Financiers namely, Bank Islam Malaysia
Berhad, Bumiputra-Commerce Bank Berhad, Commerce International
Merchant Bankers Berhad and HSBC Bank Malaysia Berhad;

4. Facility Agreement in relation to the RM15 Million Al-Kafalah
Facility entered into between SYABAS and Bumiputra-Commerce Bank
Berhad;

5. Security Agency Agreement entered into by SYABAS and PUAS
with the following parties:

* The Security Agent namely, Commerce International Merchant
Bankers Berhad;

* Bank Pembangunan dan Infrastruktur (Malaysia) Berhad; and

* Bumiputra-Commerce Bank Berhad and all other security
documents as required for the purposes of the financing
arrangement as entered into between SYABAS and the Security
Agent, Commerce International Merchant Bankers Berhad;

6. Debt Settlement & Restructuring Agreement entered into by
PNSB with the State Government of Selangor;

7. Novation Agreement entered into by PNSB with the State
Government of Selangor and Tekal Tiasa Sdn Bhd.

A. SALIENT INFORMATION ON THE FACILITIES AGREEMENTS

The RM410 Million Term Loan Agreement (CAPEX Term Loan Facility)
and RM250 Million Term Loan Agreement (NRW Term Loan Facility)
entered into by SYABAS with Bank Pembangunan dan Infrastruktur
Malaysia Berhad (BPIMB) forms part of the RM2.9 billion
financial support provided by the Government of Malaysia (the
Federal Government) for purpose of the Privatization which had
been awarded to SYABAS. The CAPEX Term Loan Facility will be
utilized to part finance the capital expenditure whilst the NRW
Term Loan Facility will be utilized to part finance the Non
Revenue Water (NRW) reduction program, all under the
Privatization which include the operation, maintenance,
development and upgrading of the water distribution system over
a period of 30 years.

SYABAS had on Jan. 27, 2004 mandated Commerce International
Merchant Bankers Berhad, Bumiputra-Commerce Bank Berhad, HSBC
Bank Malaysia Berhad and Bank Islam Malaysia Berhad (the
Consortium of Lenders) to arrange the financing facilities for
SYABAS comprising an Islamic Short Term Revolving Financing
Facility of up to RM500 million under the concept of Al-Bai
Bithaman Ajil for RM485 million (BBA Facility) and Al-Khafalah
for RM15 million (BG Facility). The BBA Facility was granted by
the Consortium of Lenders under the Master BBA Facility
Agreement whilst the BG Facility was granted by Bumiputra-
Commerce Bank Berhad under the Facility Agreement.

Pursuant to the terms of the Debt Settlement and Restructuring
Agreement (DSRA) entered into by PNSB with the State Government
of Selangor, PNSB shall accept payment of the Scheduled Amounts
(as defined in the DSRA) of RM710.34 million by the State
Government as full and final satisfaction of the WTP
Indebtedness (as defined in the DSRA) of RM787.65 Million which
represents a portion of the debt due to PNSB by the State
Government as at Dec. 31, 2004. The first tranche of the
Scheduled Amounts amounting to RM427.2 million was deemed paid
on Oct. 25, 2004. The balance amounting to RM283.13 million
representing the Net Scheduled Amounts (as defined in the DSRA)
shall be paid on Jan. 25, 2005.

Under the Novation Agreement, the State Government requests
Tekal Tiasa Sdn Bhd (SPV) to assume and take over the State
Government's obligations to pay the Net Scheduled Amounts to
PNSB. Taking into consideration that the SPV has incurred cost
in connection with the Novation, PNSB agreed to accept payment
in cash by SPV amounting to RM272.4 million as full and final
satisfaction of the Net Scheduled Amounts.

B. FINANCIAL EFFECTS

SYABAS with its first year of operations in 2005 will gradually
utilise the loan facilities to finance its activities in
connection with the Privatisation. The loan facilities as such
is not expected to have an adverse effect on the PNHB Group for
the year ending Dec. 31, 2005 mainly because they are secured on
competitive borrowing costs.

The completion of the DSRA and the Novation Agreement would
substantially and positively improve the cashflow position of
the PNHB Group. Notwithstanding the said improvement, PNSB would
have to forgo receivables of approximately RM88 million being
amount unrecoverable from the said debt. Accordingly, the
earnings and net tangible assets of the PNHB Group for the
financial year ended Dec. 31, 2004 are reduced to this extent.

C. EFFECT ON SHARE CAPITAL AND SUBSTANTIAL SHAREHOLDERS'
SHAREHOLDING
There is no effect on the share capital and substantial
shareholders' shareholding in PNHB.

D. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

YBhg. Tan Sri Dato' (Dr) Rozali Bin Ismail is a substantial
shareholder of PNHB and SYABAS by virtue of his shareholding in
Central Plus (M) Sdn Bhd and Corporate Line (M) Sdn Bhd which
holds 41.64% in PNHB.

YBhg Tan Sri Dato' (Dr) Rozali Bin Ismail and En. Ruslan Bin
Hassan are also common Directors of PNHB, SYABAS and PUAS.

Save as disclosed above, none of the Directors and/or
substantial shareholders and/or persons connected with a
Director or a substantial shareholder of PNHB have any interest,
direct or indirect, in the Facilities Agreements.

This announcement is dated Jan. 19, 2005.


PWE INDUSTRIES: Court Approves Meeting for Restructuring
--------------------------------------------------------
PWE Industries Berhad (PWE) announced that on Jan. 14, 2005, the
High Court of Sabah and Sarawak at Kuching  granted an order for
PWE to convene a meeting with its shareholders for the purposes
of considering and if thought fit approving, with or without
modifications, the Scheme of Arrangement to be made between the
Company and its shareholders pursuant to Section 176(1) of the
Companies Act, 1965 at a date not more than six (6) months from
the date of the order.

The Company is presently awaiting for the extraction of the said
order.

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. 19, 2005.


RHB CAPITAL: Fully Redeems RM200 Mln in Bonds
---------------------------------------------
According to the Rating Agency Malaysia (RAM), RHB Capital
Berhad (RHB Capital) fully redeemed its RM200 million Bonds
(2003/2009) on Jan. 17, 2005. As such, RAM no longer has any
rating obligation on this particular debt issue and the A2
rating, with a stable outlook, no longer applies.

Meanwhile, RAM continues its rating responsibilities vis--vis
RHB Capital's RM600 million Serial Fixed Rate Bonds and RM500
million Serial Fixed Rate Bonds. These 2 debt issues are rated
A2 and A1(s), respectively, with a stable outlook.
CONTACT:

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


SETEGAP BERHAD: Trading of Shares Resumes
-----------------------------------------
Further to Listing's Circular No. L/Q 29075 of 2005, and to the
announcement made by Setegap Berhad on Jan. 19, 2005,trading in
the Company's shares resumed with effect from 9.00 a.m.,
Thursday, Jan. 20, 2005.

CONTACT:

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


UMW HOLDINGS: To List Additional Shares
---------------------------------------
UMW Holdings Berhad's additional 496,340 new ordinary shares of
RM1.00 each arising from the Exercise of 496,340 will be granted
listing and quotation with effect from 9.00 a.m., Tuesday, Jan.
25, 2005.

CONTACT:

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


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


BACNOTAN CONSOLIDATED: Gives Beneficial Ownership Statement Copy
----------------------------------------------------------------
A director/officer of Bacnotan Consolidated Industries, In.
(BCI) furnished the Philippine Stock Exchange a copy of his SEC
Form 23-B (Statement of Changes in Beneficial Ownership of
Securities), pursuant to Section 13 of the Revised Disclosure
Rules pertaining to "Disclosure on Transactions of Directors and
Principal Officers in the Issuer's Securities."

A copy of the said document shall be made available for
reference at the PSE Center and PSE Plaza libraries. The same
shall likewise be made available at http://www.pse.org.ph/under
listed companies.

For your information.

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

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456
Web site: http://www.bonecare.com/


MANILA ELECTRIC: Projects 4.4% Sales Growth
-------------------------------------------
Private power distributor Manila Electric Co. (Meralco) expects
a 4.4 percent sales growth this year, higher than its 3.2-
percent target last year, The Philippine Star reports.

Based on assumptions that there would be a steady growth in the
country's gross domestic product, the Company has set an
internal target of 4.4 percent in sales.

In the third quarter of 2004, Meralco tallied a 3.8 percent
energy sales growth owing to its retail trade and business
services segments which climbed 59 percent and 17.8 percent,
respectively.

Meralco President Jesus Francisco has expressed optimism that
they would meet their sales target for 2004. The report on
Company's performance last year would be approved by its board
and released to the public soon.

CONTACT:

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


NATIONAL POWER: Delays Retirement of Power Plants to Meet Demand
----------------------------------------------------------------
The National Power Corporation (Napocor) has opted to postpone
the retirement of at least four diesel-fired power plants, in a
bid to avert an anticipated power supply shortage in Mindanao
starting this year, reports The Manila Bulletin.

Three of the four facilities will be transferred to Mindanao to
meet strong demand in the region.

The facilities of which operating lives were extended are the
22-megawatt Bohol diesel power plant, 43.8-MW Cebu diesel plant,
32MW Power Barge 103 and 32MW PB 104.

The PB 101, 102 and 103 lined up for transfer to Mindanao have a
combined capacity of 75MWs.

The government has reportedly been working out a remedial
solution for Mindanao grid with the assistance of the Asian
Development Bank (ADB). But to date, no concrete plans had been
presented yet.

At this point, the energy department said there is no any firm
commitment for a new power project for Mindanao aside from the
200-MW Mindanao coalfired power facility due for commercial
operation by the latter part of 2006.

CONTACT:

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


PILIPINO TELEPHONE: Refuses to Confirm Potential Earnings Report
----------------------------------------------------------------
This in reference to the news article entitled "Piltel eyes over
Php3-billion earnings this year" published in the January 20,
2005 issue of Today.

The article reported that "PILIPINO Telephone Corp. (Piltel),
the country's largest mobile-phone firm, is expected to post
more than Php3 billion in net profit this year. In 2004,
Piltel's recurring income stood at Php3.3 billion, a Company
official said. Given the strong performance of its 'Talk 'N
Text' brand, the official said Piltel is expected to sustain its
stellar performance.... In December last year, Piltel was
looking at Php7.74 billion in net profits brought about by the
Php3.7 billion extraordinary gain from the consolidation of its
business with that of Smart Communications Inc., as well as
Smart's absorption of Piltel's third party liabilities."

Pilipino Telephone, in its letter dated January 20, 2005,
advised the Philippine Stock Exchange that:

"... Piltel is currently finalizing its financial reports for
the year ended 2004 and expects to announce its 2004 audited
financial results on March 1, 2005. We also advise that we are
presently not in a position to comment on Piltel's potential
earnings in 2005."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


CONTACT:

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


PRICESMART INCORPORATED: Anticipates Closure in 4 Months
--------------------------------------------------------
The local arm of U.S.-based PriceSmart Inc. warned that it would
be forced to close down its four warehouses in the country
within two to four months due its financial woes, Business World
says.

PSMT Philippines Inc., the local unit of PriceSmart, will shut
down its remaining stores in Metro Manila if the courts force it
to stop all payments to its California  head office as well as
appoint a receiver to take over the Company.

In an affidavit dated January 13, 2005, PSMT President Benjamin
Woods disclosed that the parent Company will stop delivering
goods to its local unit if the Pasig Regional Trial Court "will
enjoin payments from being made by PSMT to PriceSamrt".

Mr. Woods was referring to the petition filed by the businessman
William Go and E-Class Corp., the minority shareholders of PSMT
Philippines for the court to appoint a receiver for the Company
assets.

Should the closure of these outlets push ahead, some 1,600 will
be displaced, on the assumption that each of Company's 400
employees has three other members in the household.

Mr. Woods said that closure of the four outlets will be
inevitable once PriceSmart stops delivering imported goods,
which accounted for 70 percent of PSMT's total products.

CONTACTS:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


PRYCE CORPORATION: Stock Trading Resumes
----------------------------------------
The Philippine Stock Exchange has lifted the trading halt on
shares of Pryce Corporation, which was imposed in July last
year, Dow Jones reports.

The trade resumption comes after Pryce submitted a comprehensive
disclosure on its court-approved rehabilitation plan and its
impact on financial health.

Pryce has been suffering financial woes and had been unable to
service or pay for maturing loans since the 1997-98 Asian
economic crisis.


* SEC Approves Guidelines for Rehabilitating Companies
------------------------------------------------------
The Securities and Exchange Commission, in its letter to the
Exchange dated December 23, 2004, which the Exchange received on
January 19, 2005, approved the Implementing Guidelines for
Companies Under Corporate Rehabilitation. The Implementing
Guidelines shall forthwith be applied to all listed companies
undergoing judicial proceedings for rehabilitation.

Implementing Guidelines for Companies Under Corporate
Rehabilitation

A. Issuance of Trading Suspension

As provided for in the Listing & Disclosure Rules, a trading
suspension shall immediately be issued upon receipt of the
initial disclosure on any planned or actual filing of a petition
for corporate rehabilitation. A circular is issued to Trading
Participants announcing the planned or actual filing, and the
trading suspension to be effected. Listed companies shall
likewise submit to the Commission and the Exchange a copy each
of the Petition and all the annexes including the Proposed
Rehabilitation Plans filed with the court having jurisdiction
over the rehabilitation proceedings, within twenty four (24)
hours from actual filing thereof.

B. Lifting of the Trading Suspension

The Exchange shall disseminate any approval of the
rehabilitation plan issued by the court. Upon approval of the
rehabilitation plan, the Issuer shall submit a comprehensive
corporate disclosure on the effects of the rehabilitation plan
on the capital structure of the Company, if any, within forty-
eight hours from receipt of the approval of the Rehabilitation
Plan. The disclosure shall then be released to Trading
Participants upon receipt of the same, with the corresponding
announcement on any changes to the capital structure of the
Company. The trading suspension shall be lifted five (5) trading
days from release of the comprehensive corporate disclosure.

The lifting of the trading suspension shall be effected whether
or not an appeal is filed by any of the Company's creditors,
unless the implementation of the plan is restrained by the
appellate court. In the event the appellate court restrains or
enjoins the RTC and the parties from implementing the
Rehabilitation Plan or reverses or sets aside the Order
approving the Rehabilitation Plan, the Exchange shall
immediately issue a trading suspension upon receipt of
disclosure of such restraining order, injunction or order of
reversal.

Issuer shall likewise submit to the Commission and the Exchange
a copy each of the Rehabilitation Plan as approved by the Court.

If a Company is suspended for grounds other than the pendency of
the proceedings for rehabilitation, trading suspension shall
only be lifted upon the submission of such requirements that
would entail lifting of the suspension, and/or removal from the
list of candidates for delisting.

C. Continued submission of Disclosure requirements

The pendency of corporate rehabilitation proceedings and the
suspension of trading of the Company's securities do not bar the
applicability of the Revised Disclosure Rules and the
reportorial requirements under the same. Material developments
on the judicial proceedings are required to be disclosed by the
Issuer, including any change or deviation from the approved
rehabilitation plan. The continued submission of disclosure
requirements remains the principal responsibility of the Issuer,
including any information submitted by the rehabilitation
receiver to the court.

While the Company is under Corporate Rehabilitation, the
Exchange shall post in the 'Message Window' of the Maktrade
System that the Company is under corporate rehabilitation.
Further, said reminder shall be included' in the daily quotation
that the Exchange distributes daily to the public. Any posting
of a disclosure about the Company into the PSE's website or
Online Disclosure System shall bear the same reminder. These
requirements shall remain in effect until such time that the
status of the Company warrants the removal or amendment of said
notice.

D. Delisting

When the court where the rehabilitation proceedings are pending
dismisses the petition by denying due course to the same, the
Exchange shall disseminate the information to the
Trading Participants and the general public.

Should a Company fail to implement the rehabilitation plan as
approved by the court and under the terms and conditions set
forth therein, or when rehabilitation proceedings are terminated
prior to full implementation of the approved rehabilitation
plan, the Exchange shall suspend the trading of the Company's
shares for the initiation of delisting procedures.

Delisting procedures under these Guidelines shall be without
prejudice to other grounds that may be applicable against a
listed Company.

E. Effectivity

These Guidelines shall take effect in accordance with Section
40.3 of the Securities
Regulation Code.


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


CCS TRADING: Court Issues Winding Up Notice
-------------------------------------------
In the matter of CCS Trading Pte Ltd., a Winding Up Order made
was on Dec. 31, 2004.

Name and address of liquidator: Mr. Don Ho Mun-Tuke
Messrs Don Ho & Associates
20 Cecil Street #12-02
Singapore 049705.

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

Messrs Vijay And Co.
Solicitors for the Petitioner.
20 Upper Circular Road
#03-09 The Riverwalk
Singapore 058416.

Note:

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

(2) All debts due to the above named Company should be forwarded
to the Liquidator.


CHINA AVIATION (S): Creditors May Recover Debt Under Rehab Plan
---------------------------------------------------------------
A rescue plan for China Aviation Oil (Singapore) Corp. (CAO)
will see creditors being paid between US$180 million and US$240
million of CAO's more than US$600 million debt, reveals
Financial Times.

Scandal-tainted CAO, which collapsed last month under US$550
million in trading derivatives losses, is proposing to refinance
the debt over a ten-year period.

The proposal is expected to be included in a restructuring
scheme drafted being discussed by CAO's parent China Aviation
Oil Holding Corporation (CAOHC) and the Chinese regulators. The
plan will be presented to the Singapore High Curt next week.

Creditors, including Australia's Macquarie Bank, SG Asia and
Japan's Mitsui, are expected to vote on the plan on June 10. The
Company will be liquidated unless 50 percent of them,
representing 75 percent of the Company's debt, approve the
restructuring.

It is expected that creditors will oppose as part of
negotiations. CAO and its advisers Deloitte & Touche declined to
comment.

CONTACT:

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


EXTROPIA.COM LIMITED: Details Winding-up Developments
-----------------------------------------------------
Extropia.Com Limited, a subsidiary of Pktech International Ltd
now known as Plato Capital Ltd, released at the Singapore Stock
Exchange an update on its voluntary winding up.

Further to the announcement on Aug. 15, 2003 on the Voluntary
Winding up of Extropia, the Directors are pleased to announce
that the Liquidators of Extropia have declared a first and final
dividend of 50.88 percentum of all admitted ordinary claims.

Pursuant thereto, Plato has received an amount of SG$765,978.05
which will be written back to the financial accounts of Plato.
This write back is expected to have a positive financial impact
on Plato's net tangible assets and earnings per share for the
year ending Jun. 30, 2005.

Submitted by:
Oh Teik Khim


GLENN INDUSTRIES: Posts Notice of Intended Dividend
---------------------------------------------------
Glenn Industries (Asia) Pte Ltd., formerly of 138 Cecil Street
#15-00 Cecil Court Singapore 069538, posted at the Singapore
Government Gazette its notice of intended dividend.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 82 of 2000

Last Day for Receiving Proofs: Jan. 28, 2005

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

Toh Hwee Lian
Senior Assistant Official Receiver

This notice is dated Jan. 14, 2005.


RACHIN IMPEX: Receiving Proofs Until Jan. 28
--------------------------------------------
Rachin Impex Pte Ltd., formerly of 9 Battery Road #13-10 Straits
Trading Building Singapore 049910, has issued a notice of
intended dividend.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 356 of 2000

Last Day for Receiving Proofs: Jan. 28, 2005

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

Sunari Bin Kateni
Assistant Official Receiver

This notice is dated Jan. 14, 2005.


TIAN HOE: Issues Intended Dividend Notice
-----------------------------------------
Tian Hoe Contractors Co Pte Ltd, formerly of Blk 63 Jalan
Pemimpin #02-03 Singapore 577219, has issued a notice of
intended dividend.

Court: Supreme Court, Singapore

Number of Matter: Company in Defunct

Last Day for Receiving Proofs: Jan. 28, 2005

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

Toh Hwee Lian
Senior Assistant Official Receiver

This notice is dated Jan. 14, 2005.


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


CAPETRONIC INTERNATIONAL: Unveils Result of Meetings
----------------------------------------------------
The board of directors meeting and shareholders meeting of
Capetronic International (Thailand) Pubic Company Limited
No.11/2547 held on December 15, 2004 passed resolutions
appointing Chairman of the Audit Committee and Member of the
Audit Committee:

(1) Mr. Surachai Kositsareewong
(2) Mr. Nit Ampaijit
(3) Mrs.Bunthita Na Songkhla therefore, on December 15, 2004

(1) Names of members of the Audit Committee are:

                              Remaining terms of holding office

Chairman of the Audit Committee

Mr. Surachai Kositsareewong       1 year 5 months

Member of the Audit Committee

Mr. Nit Ampaijit                  1 year 5 months

Member of the Audit Committee

Mrs. Bunthita Na Songkhla         1 year 5 months


(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report the following to the
board of directors:

(i) To review the sufficiency and credibility of the financial
statements.

(ii) To oversea the adequacy and effectiveness of internal
control systems and internal audit functions.

(iii) To make sure that the internal auditors monitor the
compliance of the entity with legal requirements and all
relevant regulations.

(iv) To propose the external auditors including the audit fee to
the Board of Directors for an appointment by Annual General
Meeting of Shareholders and review the performance of external
auditors.

(v) To ensure that the Company does not inaccurately record any
entry as a result of a conflict of interests.

(vi) To produce an Audit Committee report to be included in the
Company's annual report.  The report must be signed by the
chairman of the audit committee.

(vii) To take care of any other matters assigned to it by the
Board of Directors.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

Director
(Mrs.Sunisa Pathompruek)
Director
(Mr.Pathrlap Davivongsa)

CONTACT:

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


K.C. PROPERTY: Unveils Independent Financial Advisor's Report
-------------------------------------------------------------
Mr. Thanom Angkanawatana established K.C. Property Public
Company Limited on June 15, 1987 under the name M. Housing
Supplies Company Limited.   Later, the Company changed its name
to Modern Home Development Public Company Limited and listed on
the Stock Exchange of Thailand on October 5, 1993.

The economic crisis in 1997 affected every business sector,
especially the property sector.  It caused the Company to slow
its projects and it later experienced financial problems.

In late 1999 the Company filed a petition with the Central
Bankruptcy Court and, on September 27, 2001, entered into the
rehabilitation plan under Modern Home Planner Company Limited as
the Plan Manager.

After the debt restructuring, as the first step in its
rehabilitation plan, the Company proceeded to the next step to
seek for new investors.

In October 2003, the contact was made with the owner of K.C.
Group.  Following the process in the Company's rehabilitation
plan, the owner of K.C. Group then bought 25.47 million common
shares of the Company at THB13.74 each, totaling the amount to
THB350 million.  Holding 75 percent of the Company's common
shares, the new investor then took-over the Company and changed
its name into K.C. Property Public Company Limited on January
14, 2004.

Since October 2003, the Company, under the management of K.C.
Group's owner has bought eight property development projects
from K.C. Group for the amount of THB1,725.91 million.

Continuing the projects development, the Company now has revenue
from sales of THB427 million and gross margin of THB140 million.

Although the transactions of acquiring the property projects
were done for the benefit of the Company and were made under the
rehabilitation plan, the Company has arranged to hold a
shareholder's meeting to explain the transaction to the minority
shareholders after the Central Bankruptcy Court orders the
Company to exit from rehabilitation plan, which is expected to
be in December 2004.

To facilitate the shareholders, the Company has appointed Apex
Securities Company Limited to be the independent financial
advisor to give its opinion on the acquisition of such property
projects.  After studying the information provided by the
Company, the Financial Advisor has arranged this report for the
shareholders.

To view a full copy of the report, click
http://bankrupt.com/misc/KCPROPERTY012005.pdf

CONTACT:

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


NATURAL PARK: Cancels Share Swap with CRC
-----------------------------------------
With reference to the opinion of the Independent Financial
Advisor, Siam City Securities Company Limited (Independent
Financial Advisor) advised the Stock Exchange of Thailand (SET)
regarding the appropriateness of the price of the share swap
ratio of Natural Park Public Company Limited (N-Park) and City
Realty Company Limited (CRC) to be unfair and inappropriate.

The Board of Directors of N-Park has resolved to confirm the
opinion of the Independent Financial Advisor that the
shareholders of CRC led by Mr. Chali Sophonpanich (Interested
Investors) has informed N-Park that the Interested Investors
will not change the share swap ratio from the existing offer.

Thus, resulted in different opinion on the share swap ratio
between the Board of Directors of N-Park and the Interested
Investors.

The Interested Investors had sent a letter notifying the
cancellation of the offer of the share swap dated January 19,
2005, where such letter including the following material
information:

"The Interested Investors who offered the share swap
(Interested Investors) has considered the resolution of Board of
Directors of N-Park on the unfair and inappropriateness of the
share swap ratio, and the appropriateness of the policy on
preventing the conflict of interest that may occur from the
shareholding of both N-Park shares and the shareholding of the
existing CRC shares, and other factors.

The Interested Investors would like to informed the Board of
Directors of N-Park that the Interested Investors do not intend
to pursue the offer of swap CRC shares for N-Park shares and the
purchase of the convertible debenture in accordance with the
previous plan, and informed the cancellation of such offer from
this time onwards."

Therefore, it is consider that there will be no further
investment from the Interested Investors of the CRC group.

Please be informed accordingly.

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

CONTACT:

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


NATURAL PARK: SET Halts Trading of Securities
---------------------------------------------
Reference is made to Natural Park Public Company Limited's (N-
Park) notification that the shareholders of City Realty (CRC)
led by Mr. Chali Sophonpanich (interested investor) will not
intend to pursue the offer to swap CRC shares for N-Park shares
and the purchase of the convertible debenture in accordance with
the previous plan, and informed the cancellation of such offer.

The reason behind the cancellation is that interested investors
considered the resolution of Board of Directors of N-Park on the
unfair and inappropriateness of the share swap ratio, and the
appropriateness of the policy on preventing the conflict of
interest that may occur from the shareholding of both N-Park
shares and the shareholding of the existing CRC shares, and
other factors.

SET then posts H sign to temporarily suspend trading on N-Park
securities from the first trading session of January 20, 2005 to
give investors and shareholders time to scrutinize such an
information and N-Park's procedure and policy towards this
matter is pending receipt.


SAFARI WORLD: Phuket FantaSea Operations Closes for 11 More Days
----------------------------------------------------------------
According to Phuket FantaSea Public Co., Ltd., the Company's
subsidiary of Safari World Public Co., Ltd., which was affected
by the Tsunami in Phuket, announced its temporary closure on
January 8 to 18, 2005 due to the situation that travel agents
were unable to send in their customers while the general
tourists had shown very small numbers.

The Company's subsidiary therefore will announce the additional
closing days from January 20 to 31, 2005, a total of 11 days
(with the exception on January 22, 2005, the park will open as
normal for 1 day).

The Company's subsidiary will resume its normal operation on
February 1, 2005.

Reporting to your for your information.

Sincerely yours,
Pin Kewkacha
(Pin Kewkacha)
President

CONTACT:

Safari World Public Company Limited
99 Moo 7, Liabkhlongsong Road,
Samwatawuntok,Min Buri, Bangkok
Telephone: 0-2518-1000-19
Fax: 0-2518-1022
Web site: http://www.safariworld.com




* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------
  CHINA & HONG KONG
  -----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Sunrise Co., Ltd.                4830    (-100.79)    130.2

   INDONESIA
   ---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99
  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91



  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)   1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.17)     166.46
Thai Wah Public
Company Limited-F               TWC/F      (-47.17)     166.46
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25









                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Faith Marie Bacatan, Reiza Dejito, Peachy Clare Arreglo
and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***