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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, January 25, 2005, Vol. 8, No. 17

                            Headlines

A U S T R A L I A

ABERDEEN LEADERS: Shareholder Quits as Liquidation Plan Fails
A.J. YOUNG: Members to Hear Liquidator's Report on Jan. 31
BAYSHAR PTY: To Convene Final Meeting Jan. 31
CARLOVERS CARWASH: Creditors Given Until Feb. 23 to Prove Claims
EROLFLAME PTY: Members Agree to Wind Up Company

E.R. BLADWELL: To Declare Final Dividend Feb. 1
FYSHWICK MALL: Members to Meet Feb. 14
GERWYN PTY: Members Opt to Wind Up Company
HELISPRAY NQ: Appoints Liquidator to Wind Up Company
MILLER'S RETAIL: Moving Toward Major Restructuring

MOUNTAIN TIMBER: Lays Out Agenda for Final Meeting
NATIONAL AUSTRALIA: Needs AU$500 Mln to Turn Around
NORTH WEST UTILITIES: Members to Hear Liquidator's Report Feb. 4
NILSEE PTY: Members Meeting Slated for Feb. 14
PAAN INVESTMENTS: Picks Liquidator for Winding Up Purposes

PALM MANAGEMENT: To Hold Meeting Feb. 14
PAYNE STREET: Sets February 14 as Date of Final Meeting
PROPERTY & EQUITY: Court Issues Winding Up Order
R&F MANAGEMENT: Voluntarily Winds Up
SANTOS LIMITED: Posts Record AU$1.5-Bln Revenue

SOFTWOOD FORESTS: Creditors Should Prove Claims by Feb. 4
STURT INVESTMENTS: Final General Meeting Slated for Feb. 11
TELSIDE INVESTMENTS: Appoints Liquidator for Winding Up Purposes
THOLOO PTY: Unveils Resolutions Passed During Meeting


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Employees Escape Embezzlement Case
BONG KEE: Receives Bankruptcy Order
C&D CORPORATION: Court Issues Bankruptcy Order
CHINA CONSTRUCTION: Ex-director to Serve Life for Embezzlement
MANHOKO LIMITED: Creditors to Prove Debt by Jan. 31

RICH TRUTH: Winding Up Petition Hearing Fixed on Feb. 2
SILVER EAGLE: Members, Creditors Meetings Set Feb. 1
STERLING SOFTWARE: Schedules Annual General Meeting on Feb. 1
YORKSHIRE HONGKONG: Creditors Meeting Slated for Feb. 1


I N D O N E S I A

GARUDA INDONESIA: Inks MoU on Code Share With Gulf Air
MERPATI NUSANTARA: Creditors Propose to Sell Aircrafts


J A P A N

DAIEI INCORPORATED: Foreign Firms Fail in Sponsorship Race
FUJIEKUSERENTOKURABU K.K.: Enters Bankruptcy
MITSUBISHI MOTORS: Three Top Executives Set to Step Down
MITSUBISHI MOTORS: Three Group Firms to Buy One-third of Shares
NIPPON KOEI: R&I Downgrades L-T Debt Rating to BBB-

RESONA HOLDINGS: Credit Agricole to Aid Shares Buyback
SEIBU RAILWAY: Kokudo Repays Maeda JPY1 Bln for Stock
YASUBUN K.K.: Enters Bankruptcy
* Corporate Bankruptcies Down 16.8% in 2004


K O R E A

HYNIX SEMICONDUCTOR: Refutes Rambus' Victory in U.S. Patent Case
KOOKMIN BANK: To Downsize Workforce by 4,800 in 2007


M A L A Y S I A

AOKAM PERDANA: To Hold EGM on Jan. 28
FABER GROUP: Granted Listing of Additional Shares
GRAND-FLO SOLUTION: Discloses Unaudited Quarterly Results
MALAYSIAN INDUSTRIAL: To List Additional 509,000 Shares
MCSB SYSTEMS: Director to Deal in Securities

PNE PCB: To Convene 17th AGM on Feb. 24
SATERAS RESOURCES: Restraining Order Extension Ends Jan. 28
UMW HOLDINGS: Unveils Share Option Scheme
WEMBLEY INDUSTRIES: Restructuring Deadline Set Jan. 27


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Revenue Up in 2004; Misses Target
MANILA ELECTRIC: Delays Payment of Refund
MAYNILAD WATER: Seeking Php2.733-Bln Debt Write-off
* 25 State Firms May Lose a Total of Php102.7 Bln in 2005


S I N G A P O R E

ASA PACIFIC: Issues Notice of Winding Up Order
CHINA AVIATION (S): To Receive Lifeline Cash Infusion
GLOBAL FISHERIES: Court Issues Winding Up Order
KLW HOLDINGS: Releases Profit Warning
POWSEN ELECTRIC: Winding Up Hearing Set Jan. 28

RMCA REINSURANCE: Creditors to Submit Proofs of Claims by Feb.21
SINGAPORE PRESS: Invests in Thai Media Companies
WEE POH: Unveils New Committee Appointments
WEE POH: Appoints Executive Director
WEE POH: Details Change in Shareholder's Interest


T H A I L A N D

CAPETRONIC INTERNATIONAL: Submits Projected FS to SET
INTER FAR EAST: Issues Progress Report on Reorganization
K.C. PROPERTY: Posts Notification on Submission of FS
SIAM AGRO: Unveils Resolutions Passed During Meeting
BOND PRICING: For the Week 24 January to 28 January 2005

     -  -  -  -  -  -  -  -

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


ABERDEEN LEADERS: Shareholder Quits as Liquidation Plan Fails
-------------------------------------------------------------
The second largest shareholder of Aberdeen Leaders has turned
its back on plans to force a liquidation of the investment
firm's undervalued portfolio and return the capital to
investors, reports the Australian Financial Review.

Wilson Leaders has sold its 10.3 percent stake in Aberdeen after
the latter dismissed calls to wind up or pay out large special
dividend to investors.

Geoff Wilson, the fund manager of Wilson Leaders, has proposed
to wind up Aberdeen's AU$80 million Australian equities
portfolio, pay a special dividend and distribute excess franking
credits, or increase the dividend pay out ratio. But the
proposal was rejected by Aberdeen's chairman and biggest
shareholder, Brian Sherman.

Initially, Mr. Wilson was prepared to force the issue by calling
a special shareholders' meeting to present his case. But he
eventually decided that the move would most likely fail because
of the costs involved and the lack of strategic support from Mr.
Sherman.

Aberdeen, whose biggest shareholders include ANZ, QBE Insurance,
Westpac and Telecom Corporation, is estimated to have AU$14
million in accumulated losses and AU$7 million in debt.

CONTACT:

Aberdeen Leaders Limited
Level 6, 201 Kent Street
Sydney, NSW 2000
Phone: 2 995 0288
Fax: 9 995 0280


A.J. YOUNG: Members to Hear Liquidator's Report on Jan. 31
----------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of A.J.
Young (Constructions) Pty Ltd (In Liquidation) A.C.N. 004 476
457 will be held at the offices of Barclay & Donaldson Services
Pty Ltd of 14 Chandos Street, Eden NSW 2551, on January 31, 2005
at 10:00 in the forenoon for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.

Dated this 16th day of December 2004

Sydney William Donaldson
Liquidator
Barclay & Donaldson Services Pty Ltd Accountants
14 Chandos Street, (PO Box 265), Eden NSW 2551


BAYSHAR PTY: To Convene Final Meeting Jan. 31
---------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Bayshar Pty Limited (In Liquidation) A.C.N. 073
713 176 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on
January 31, 2005 at 10:00 a.m., for the purpose of laying before
the meeting an account showing how the winding up has been
conducted and the property of the company has been disposed and
giving any explanation thereof.

Dated this 15th day of December 2004

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


CARLOVERS CARWASH: Creditors Given Until Feb. 23 to Prove Claims
----------------------------------------------------------------
Take notice that creditors of Carlovers Carwash (Aust) Pty
Limited (CCA) (Subject To Deed Of Company Arrangement) A.C.N.
060 059 449, whose debt or claims have not already been admitted
are required on or before February 23, 2005 to prove their debt
or claims and to establish any title they may have to priority
by delivering or posting to my address a Formal Proof of Debt or
Claim in accordance with Form 535 or 536 containing their
respective debts or claims. If they do not they will be excluded
from:

(a) The benefit of any distribution made before their debts or
claims approved or they priority as established; and

(b) Objecting to the distribution.

Please note creditors of CarLovers Carwash Limited (Subject to
Deed of Company Arrangement), CarLovers (Maroochydore) Pty
Limited (Subject to Deed of Company Arrangement) and The Carwash
Kings Pty Limited (Subject to Deed of Company Arrangement) are
entitled to participate in the Deed of Company Arrangement of
CCA, Deed Fund 1.

Formal Proof of Debt or Claim forms may be obtained from the
deed administrator's office.

Dated this 23rd day of December 2004

Stuart Ariff
Deed Administrator
Stuart Ariff Insolvency Administrators
Level 2, 21 Bolton Street, Newcastle NSW 2300


EROLFLAME PTY: Members Agree to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Erolflame Pty Limited (In Liquidation) A.C.N. 003 703 697,
held on December 21, 2004, it was resolved that the company be
wound up voluntarily and that Michael Edward Slaven be appointed
Liquidator.

Dated this 11th day of January 2005

Michael Edward Slaven
Liquidator
Rangott & Slaven
Unit 12, Level 3 Engineering House, 11 National
Circuit, Barton ACT
Telephone: (02) 6285 1430,
Facsimile: (02) 6281 1966


E.R. BLADWELL: To Declare Final Dividend Feb. 1
-----------------------------------------------
A First and Final dividend is to be declared on February 1, 2005
in respect of E.R. Bladwell (Golden Plains) Pty Limited (In
Liquidation) A.C.N. 008 448 779.

Creditors whose debt or claims have not already been admitted
are required on or before the February 1, 2005 formally to prove
their debt or claims. In default, they will be excluded from the
benefit of the dividend.

Dated this 11th day of January 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Telephone: (02) 6247 5988


FYSHWICK MALL: Members to Meet Feb. 14
--------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Fyshwick Mall Pty Limited
(In Liquidation) A.C.N. 008 463 474 will be held at the offices
of Senatore Brennan Rashid, Level 7, 28 University Avenue,
Canberra ACT 2601 on February 14, 2005, at 10:40 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 11th day of January 2005

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


GERWYN PTY: Members Opt to Wind Up Company
------------------------------------------
Notice is hereby given that at a general meeting of members of
Gerwyn Pty Ltd (In Liquidation) A.C.N. 059 543 403 held on
December 17, 2004 it was resolved that the company be wound up
voluntarily and that for such purpose Michael Owen, Chartered
Accountant, of BDO Kendalls, Level 18, 300 Queen Street,
Brisbane Qld 4000 be appointed Liquidator.

Dated this 21st day of December 2004

Michael Owen
Liquidator


HELISPRAY NQ: Appoints Liquidator to Wind Up Company
----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Helispray Nq Pty Ltd (In Liquidation) A.C.N. 069 885 794 held on
December 17, 2004 it was resolved that the company be wound up
voluntarily and that for such purpose Michael Owen, Chartered
Accountant, of BDO Kendalls, Level 18, 300 Queen Street,
Brisbane Qld 4000 be appointed Liquidator.

Dated this 22nd day of December 2004

Michael Owen
Liquidator


MILLER'S RETAIL: Moving Toward Major Restructuring
--------------------------------------------------
Ailing Miller's Retail is on its way to a major reform after it
sold a stake to Investec Westworth Private Equity, The
Australian relates.

Investec, which is partly owned by corporate adviser David
Gonski, is seen seeking structural and board changes at the
troubled retailer ahead of moves to trim the number of players
in the besieged discount variety market to stem losses.

It is understood that there will be a major restructuring of
Miller's struggling discount variety operations, including the
Crazy Clark's and Go-Lo stores.

Investec is expected to take a board seat to back Miller's chief
executive Gary Perlstein, whose revival initiatives encountered
resistance for the board.

Last week, Mr. Perlstein has bolstered its interest from 7.5
percent to 8 percent, while Investec has acquired a similar
stake. The two parties will consult on voting matters but will
effectively act as one entity.

Meanwhile, Miller's retailer revealed last week an earnings
downgrade, its second in seven months. The apparel business was
believed to have contributed to the dwindling profit.

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/


MOUNTAIN TIMBER: Lays Out Agenda for Final Meeting
--------------------------------------------------
Notice is given that a final meeting of the members of Mountain
Timber Transport Pty Limited (In Liquidation) A.C.N. 005 249 132
will be held at Suite 5, 32 Thesiger Court, Deakin ACT on
Monday, February 14, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the company has been disposed of;

(2) To receive any explanation in relation to the winding up.

Dated this 11th day of January 2005

H.J. Kazar
Liquidator
PO Box 211, Deakin West ACT 2600


NATIONAL AUSTRALIA: Needs AU$500 Mln to Turn Around
---------------------------------------------------
The National Australia Bank (NAB) is expected to take a
restructuring charge of about AU$500 million, according to The
Advertiser.

It is believed that NAB will soon announce restructuring costs
of AU$500 million with its first-half results, as part of
measures to remedy a huge earnings deficit. Speculation that NAB
would slash its workforce by 1,500 has also emerged. The lay-
offs would cost the bank some AU$170 million.

NAB, which is still in the turnaround phase, is struggling to
fill an AU$950 million pre-tax gap in earnings capability of the
business compared with peers.

Since last year's debacle involving its senior management, NAB
has been significantly underperforming against its rivals and is
suffering in its core areas of lending. The bank now faced the
daunting prospect of stalled revenue and rapidly growing costs.

Despite NAB's drastic restructuring efforts, analysts said the
bank is nowhere near recovery.

A NAB spokesman said it was easy for analysts said the bank's
future, but NAB had to wait until it completes its
restructuring.

The bank started its rehabilitation efforts late last year with
a cleaning-out of its senior management. It has also moved to
streamline its British ventures, starting with the sale of its
two Irish arms. Presently, the bank is working on its Australian
business.

NAB has confirmed it would be taking a restructuring charge but
had not disclosed the amount. It declined to comment on the
reported mass lay-off.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NORTH WEST UTILITIES: Members to Hear Liquidator's Report Feb. 4
----------------------------------------------------------------
Notice is given that a final meeting of members of North West
Utilities Pty Ltd (In Voluntary Liquidation) A.C.N. 087 222 535
will be held at 10:00 a.m. on February 4, 2005 at Level 30, 152-
158 St Georges Terrace, Perth.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of, and to receive any
explanation of the account.

Dated this 21st day of December 2004

Shaun Fraser
Liquidator
McGrathNicol+Partners
Level 30, Central Park, 152-158 St George's Terrace,
Perth WA 6000
Telephone: (08) 6363 7614


NILSEE PTY: Members Meeting Slated for Feb. 14
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Nilsee Pty Limited (In
Liquidation) A.C.N. 008 638 444 will be held at the offices of
Senatore Brennan Rashid, Level 7, 28 University Avenue Canberra
ACT 2601 on Monday, February 14, 2005, at 10:20 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 11th day of January 2005

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


PAAN INVESTMENTS: Picks Liquidator for Winding Up Purposes
----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Paan Investments Pty Limited (In Liquidation) A.C.N. 054 889
619 held on December 22, 2004 it was resolved that the company
be wound up voluntarily and that Michael Edward Slaven of
Rangott & Slaven, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT be appointed Liquidator.

Dated this 11th day of January 2005

Peter Georgiou
Secretary


PALM MANAGEMENT: To Hold Meeting Feb. 14
----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of Palm Management Pty Limited PMPL (In
Liquidation) A.C.N. 058 846 834 will be held at the offices of
Senatore Brennan Rashid, Level 7, 28 University Avenue, Canberra
ACT 2601 on Monday, February 14, 2005, at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 11th day of January 2005

E.M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


PAYNE STREET: Sets February 14 as Date of Final Meeting
-------------------------------------------------------
Notice is given that a final meeting of the members of Payne
Street Pty Limited (In Liquidation) A.C.N. 005 085 450 will be
held at Suite 5, 32 Thesiger Court, Deakin ACT on Monday,
February 14, 2005 at 10:30 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the company has been disposed of;

(2) To receive any explanation in relation to the winding up.

Dated this 11th day of January 2005

H.J. Kazar
Liquidator
PO Box 211, Deakin West ACT 2600


PROPERTY & EQUITY: Court Issues Winding Up Order
------------------------------------------------
On December 10, 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Property & Equity
Developments Pty Limited A.C.N. 095 570 728 be wound up and
appointed R.J. Porter as Official Liquidator.

R.J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


R&F MANAGEMENT: Voluntarily Winds Up
------------------------------------
At a general meeting of the members of R&F Management Group Pty
Limited (In Liquidation) A.C.N. 008 651 367 duly convened and
held at RSM Bird Cameron, Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612 on December 22, 2004, the special resolution set
out below was duly passed:

That the company be wound up voluntarily.

Dated this 22nd day of December 2004

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


SANTOS LIMITED: Posts Record AU$1.5-Bln Revenue
-----------------------------------------------
Santos Limited announced record total sales revenue of AU$1,500
million for the 12 months to 31 December 2004.

The record revenue reflected higher average prices across most
products and was achieved despite lower production for much of
the year that was largely related to the incident at Moomba on
January 1, 2004.

Fourth quarter revenue of AU$490.1 million was also a record for
any quarter in the Company's history, surpassing the previous
record of AU$423.0 million achieved in the second quarter of
2001.

Full-year production of 47.1 million barrels of oil equivalent
(mmboe) was ahead of previous market guidance.

In its Activities Report for the December 2004 quarter, Santos
announced:

- December 2004 quarter sales revenue was up 35.2 percent to
AU$490.1 million compared with AU$362.5 million in the previous
corresponding quarter, on a 5.2 percent increase in sales
volumes from 13.6 mmboe in the December quarter 2003 to 14.3
mmboe in the last quarter in 2004.

- Total full year sales revenue rose 2.5 percent to a record
AU$1,500.9 million from AU$1,465.0 million in the previous 12
months, despite a 9.9 percent decrease in full year sales volume
from 55.4 mmboe in 2003 to 49.9 mmboe in 2004.

- The average realised crude oil price for the latest December
quarter increased by 36.9 percent to AU$56.77 per barrel
compared with AU$41.47 per barrel in the December 2003 quarter
and was 1.0% lower than the AU$57.36 achieved in the September
2004 quarter.

- Annual gas and ethane sales revenue was down by 5.6 percent to
AU$680.1 million compared with the previous year's record
AU$720.8 million. This decrease is largely a result of lower gas
and ethane production and sales, due to the January 1, 2004
incident at Moomba and excludes insurance recoveries. Liability
for losses was accepted by insurers during the quarter and
Santos and the insurers are now proceeding to finalise the
quantum of the claim.

- Total full year production of 47.1 mmboe exceeded previous
guidance to the market by the Company of 45-46 mmboe and
compared with 54.2 mmboe produced in 2003. The total of 47.1
mmboe includes the effect of the January 1, 2004 incident at
Moomba together with the effect
of previously advised declines at the East Spar and Stag fields.
The last December quarter production of 12.9 mmboe was steady
compared with the December 2003 quarter.

Santos Managing Director, Mr. John Ellice-Flint said: "The
record full year revenue was a pleasing result given the
difficult start to the year.

"The above forecast annual production and the increased revenue
have coincided with the promising Jeruk discovery in Indonesia
which flowed during October at almost 7,500 barrels per day
restricted by surface facilities."

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_SANTOSLIMITED012405.pdf

CONTACT:

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


SOFTWOOD FORESTS: Creditors Should Prove Claims by Feb. 4
---------------------------------------------------------
A first and final dividend is to be declared on February 8, 2005
for Softwood Forests Pty Limited (Receiver Appointed) (In
Liquidation) A.C.N. 000 871 287.

Creditors whose debts or claims have not already been admitted
are required on or before February 4, 2005 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated this 15th day of December 2004

A.R.M. Macintosh
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone (02) 9338 2600
Web site: www.mcgrathnicol.com.au


STURT INVESTMENTS: Final General Meeting Slated for Feb. 11
-----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final General Meeting of Sturt
Investments Pty Limited (In Liquidation) A.C.N. 001 083 996 will
be held at the offices of William Buck, Chartered Accountants,
Level 24, 201 Elizabeth Street, Sydney on February 11, 2005 at
10:00 a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and the termination
of the administration.

Dated this 15th day of December 2004

Anthony W. Elkerton
Liquidator
Sturt Investments Pty Limited (In Liquidation)


TELSIDE INVESTMENTS: Appoints Liquidator for Winding Up Purposes
----------------------------------------------------------------
Notice is hereby given that at a meeting of members of Telside
Investments Pty Ltd (In Liquidation) A.C.N. 000 247 361 held on
December 13, 2004, the following special and ordinary
resolutions respectively were passed:

That the company be wound up as a members voluntary liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the Liquidator so
desire and that Ronald John Dean-Willcocks be appointed
Liquidator of the company.

Dated this 14th day of December 2004

Ronald John Dean-Willcocks
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2001
Telephone: (02) 9223 2944


THOLOO PTY: Unveils Resolutions Passed During Meeting
-----------------------------------------------------
At a General Meeting of Tholoo Pty Limited (In Liquidation)
A.C.N. 001 212 077, duly convened and held at Rayleigh, Cryon,
NSW on December 14, 2004 the following Special Resolutions were
passed:

(a) That the company be wound up as a Members' Voluntary Winding
Up and that Richard Alexander Dillon of 43 Auburn Street, Moree,
NSW be appointed liquidator of the company for the purposes of
such winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the company as he may deem
fit.

Dated this 14th day of December 2004

Richard Alexander Dillon
Liquidator
43 Auburn Street, Moree NSW


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


BANK OF CHINA: Employees Escape Embezzlement Case
-------------------------------------------------
Two Bank of China (BOC) officials have reportedly left the
country after being accused of alleged embezzlement of CNY1
billion, reveals the South China Morning Post.

After the two unnamed senior bankers of the bank's Hesong Street
sub-branch were reported missing, investigators were immediately
deployed to Harbin, Heilongjiang province to probe the
disappearance of the funds.

This is the most recent of the many scandals that hit BOC. The
scam came after the bank announced it had improved its corporate
and internal control mechanisms following the arrest of other
top executives for embezzlement.

The extent of damage from the recent fiasco remains to be
determined. But it will not allay the fears of international
investors regarding BOC's ability to implement effective
internal controls as it gears up for an initial public offering.

On Jan. 15, the misappropriation began to show when Northeast
Expressway said that CNY290 million of shareholders' funds
deposited with BOC's Hesong Street sub-branch was reported
missing. But it seems that Northeast Expressway is not the only
casualty. In a preliminary investigation, it was discovered that
more than CNY700 million deposited at the sub-branch by other
companies was also unaccounted for.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


BONG KEE: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that a Bankruptcy Order against Au Kwon
Leun trading as Bong Kee Cleaning was made on Jan. 12, 2004.

All debt due to the estate should be paid to the undersigned.

ET O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 21, 2005.


C&D CORPORATION: Court Issues Bankruptcy Order
----------------------------------------------
Notice is hereby given that a Bankruptcy Order against Siu Wing
Lee Winnie trading as C&D Corporation was made on Jan. 12, 2004.

All debt due to the estate should be paid to the undersigned.

ET O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 21, 2005.


CHINA CONSTRUCTION: Ex-director to Serve Life for Embezzlement
--------------------------------------------------------------
A former branch director of China Construction Bank (CCB) has
been sentenced to life imprisonment at the Zhuhai City
Intermediate People's Court for embezzling nearly CNY111 million
(HK$104.6 million), reports the Associated Press.

Liu Guangyi, who worked as a clerk at the Zhuhai municipal
branch office from 1996 to 1998, misappropriated CNY826,000 and
later stole another CNY110 million as the appointed bank
president of CCB's Jiuzhou branch in 2003.

The state is has been implementing rigorous audits on state-
owned banks and a number of bank officials have been sentenced,
as cases of embezzlement, fraudulent loans and other wrongdoing
are unearthed.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.com.cn


MANHOKO LIMITED: Creditors to Prove Debt by Jan. 31
---------------------------------------------------
Notice is hereby given that the creditors of the Company, which
is being voluntarily wound up, are required on or before Jan.
31, 2005 to send in their names and addresses, full particulars
of their debts and claims, and the names and addresses of their
solicitors (if any) to the Joint and Several Liquidators of the
company at 34th Floor, The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, Hong Kong.

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

Kenneth G Morrison
Joint and Several Liquidator

This notice is dated Jan. 14, 2005.


RICH TRUTH: Winding Up Petition Hearing Fixed on Feb. 2
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rich Truth Investment Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 8, 2004 presented to
the said Court by Industrial and Commercial Bank of China (Asia)
Limited formerly known as Union Bank of Hong Kong Limited of
ICBC Asia Building, 122-126 Queen's Road Central, Hong Kong.

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

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

HO and WONG
Solicitors for the Petitioner
Rooms 1408-1411, 14th Floor, China Merchants Tower
Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong

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

This notice is dated Jan. 14, 2005.


SILVER EAGLE: Members, Creditors Meetings Set Feb. 1
----------------------------------------------------
Notice is hereby given that Annual Meetings of the members and
creditors of Silver Eagle Foods & Trading Company Limited will
be held at 2:30 p.m. and 3:30 p.m. respectively at the 21st
Floor, Chinachem Tower, 34-37 Connaught Road Central, Hong Kong
on Feb. 1, 2005, for the purpose of receiving an account of the
liquidators showing their acts and dealings and the conduct of
the winding-up of the above Company during the preceding year.

Proxies and proof of debt to be used at the Annual Meetings of
Members and Creditors must be lodged at the office of the Joint
and Several Liquidators c/o Tai Kong Corporate Advisory Limited
at 21/F., Chinachem Tower, 34-37 Connaught Road Central, Hong
Kong or sent by facsimile to 2834 8777 no later than 4:00 p.m.
on Jan. 31, 2005.

Tai Hay Yuen
Joint and Several Provisional Liquidator

This notice is dated Jan. 14, 2005.


STERLING SOFTWARE: Schedules Annual General Meeting on Feb. 1
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, a meeting of the members of Sterling
Software (Hong Kong) Limited formerly known as Synon Asia
Limited will be held at the 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong on Feb. 1,
at 10:30 a.m. and will be followed by a meeting of the creditors
of the company to be held at the same place at 11:00 a.m. for
the purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the year.

A member or creditor entitled to attend the vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company.

Forms of proxies for both meetings must be lodged at the office
of Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings or adjourned
meetings at which they are to be used.

Kennic Lai Hang Lui
Joint and Several Liquidator

This notice is dated Jan. 14, 2005.


YORKSHIRE HONGKONG: Creditors Meeting Slated for 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 the 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.


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


GARUDA INDONESIA: Inks MoU on Code Share With Gulf Air
------------------------------------------------------
Garuda Indonesia and Gulf Air signed a Memorandum of
Understanding (MoU) that explores significant areas of
cooperation including a code share agreement between the two
airlines, Garuda said in a Company news release.

The agreement, which commenced on January 1, 2005, was signed by
President & CEO of Garuda Indonesia, Indra Setiawan and Gulf
Air's President and Chief Executive, James Hogan.

The MoU, which includes a code share agreement, will strengthen
the commercial cooperation between Garuda and Gulf Air providing
a basis for economically feasible operations, while at the same
time facilitating more dynamic and competitive services that
will benefit both airlines' customers.

Mr. Hogan said the agreement would result in joint marketing and
promotions, to promote travel between Indonesia and Abu Dhabi in
United Arab Emirates, the Kingdom of Bahrain, the Sultanate of
Oman and other markets in their respective networks.

In addition to making the exotic delights of Arabia more
accessible to world travelers, the agreement will also make
travel to the tourist attractions of Indonesia, and its
beautiful islands, beaches and mountains, simpler and more
convenient with code shared flights to Jakarta, Bali and the
city of Surabaya.

It also makes provision for the expansion of cooperation into
other areas such as the establishment of a joint frequent flyers
program, shared lounge access, ground handling, aircraft
maintenance, catering, and training.

Garuda Indonesia and Gulf Air will jointly offer their
respective customers increased choice, "he said. "This agreement
is in line with our objective to establish strategic
partnerships and alliances to complement and add value to Gulf
Air's network, which is fundamental to our customer service.

By extending our relationships through alliances such as this,
both the airlines and customers win. We are able to achieve cost
synergies and our customers gain access to a broader global
market."

Mr. Setiawan said that at present Garuda Indonesia continues to
strengthen its network in the Asian region including China, in
Australia and Europe either through its own resources or through
code-share agreements.

In addition to current routes to Saudi Arabia and code-shared
route to Doha, Qatar, Setiawan believes this agreement would
further broaden Garuda Indonesia's network and marketing
opportunities in the Middle East, particularly to Abu Dhabi and
Bahrain.

"Besides, this agreement will significantly increase passengers
from the Middle East to Garuda's domestic destination, such as
Jakarta, Surabaya and Denpasar." Likewise for Gulf Air, this
cooperation offers the opportunity for the airline to broaden
its network in the Asian region, notably in Indonesia.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax: +62-21-231-1679
Web site: http://www.garuda-indonesia.com


MERPATI NUSANTARA: Creditors Propose to Sell Aircrafts
------------------------------------------------------
Selling some of its aircraft and other assets would help ease PT
Merpati Nusantara Airlines' cash-flow problems in the short-
term, Asia Intelligence Wire reports, citing the Ministry of
Finance.

Seeing no efforts to improve the cash flow of the ailing
carrier, the creditors agree to what has been proposed by the
ministry.  The move would also enable Merpati to secure its
financial balance for about four months prior to the planned
conversion of the firm's government stake into equity.

According to Treasury Director General, Mulya Nasution, the
proceeds of the sale can then be used to lease more planes so as
to boost the carrier's revenue.  Mr. Mulya did not elaborate
though how many aircraft should be sold.  The carrier has around
40 Boeing and Fokker jets in its hands.

An agreement has been reached between Merpati and the House of
Representatives that the debt-to-equity conversion would take
place prior to Merpati's privatization.  However, it is
necessary to conduct and audit first before the planned
conversion.

"I do not think they (Merpati) have another choice. They have to
accept the suggestion, because it did not come only from the
government, but from other creditors because obviously the
creditors do not want to lose their money as well," Mr. Mulya
said.

Following an approval from the House of Representatives last
month, the government is set to sell a 49 percent stake to
strategic investors next year.  The stake on sale could be
raised to 51 percent if the buyers are local investors.  The
strategic sale and debt restructuring is part of the company's
restructuring program to keep it afloat.  After the stake sale
and the restructure, an initial public offering (IPO) will take
place.

Merpati is currently indebted with IDR1.3 trillion and holds
asset worth about IDR775 billion. Its major creditors are the
government (IDR 225 billion), Mandiri (IDR230 billion) and
Garuda (IDR246 billion).

CONTACT:

Merpati Nusantara Airlines
Telephone: +61 (0) 8 8941 1606
Web site: http://www.merpati.co.id


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


DAIEI INCORPORATED: Foreign Firms Fail in Sponsorship Race
----------------------------------------------------------
The state-backed turnaround body has narrowed to three groups
the list of potential sponsors for the restructuring of ailing
retailer Daiei Incorporated, eliminating foreign consortiums
from the race, Reuters reports.

The Industrial Revitalization Corporation of Japan (IRCJ)
revealed Friday that supermarket chain Aeon Co., trading company
Marubeni Corp., and turnaround specialist Kiacon Corp. are still
in the race.

The three groups were required to submit final proposals by the
end of February. The IRCJ is set to hand down the final decision
on a sponsor in March, after examining each of their detailed
rehabilitation proposals.

On the other hand, foreign-led consortiums such as U.S. retail
giant Wal-Mart Store Inc., grain trader Cargill Inc., and
investment firm Ripplewood Holdings LLC failed to make it.

Under a revival scheme approved by the IRCJ in December, the
state-backed agency will take 33.4 percent equity or a one-third
stake in the debt-laden retailer.

The winning outside sponsor will acquire another third after
injecting into Daiei a proposed JPY60 trillion (US$580.4
million) in fresh capital. The remaining third will be held by
investors.

The IRCJ plans to shut down and dispose of 53 of Daiei's 263
existing outlets mainly general merchandise stores and open 100
new supermarkets in five years.

Daiei's creditor banks, including main lender UFJ Holdings Inc.,
are also expected to provide some US$6 billion in aid.

CONTACT:

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


FUJIEKUSERENTOKURABU K.K.: Enters Bankruptcy
---------------------------------------------
Fujiekuserentokurabu K.K. has fallen into bankruptcy and left a
total of US$933.98 million in liabilities, says Teikoku Databank
America.

The golf course operator is headquartered in Nagoya-shi, Aichi
460-0003.

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


MITSUBISHI MOTORS: Three Top Executives Set to Step Down
--------------------------------------------------------
Three top executives of Mitsubishi Motors Corporation (MMC) are
set to hand in their resignations to take responsibility for the
carmaker's futile rehabilitation program, Kyodo News reports,
citing the Nihon Keizai Shimbun newspaper.

MMC Chairman and Chief Executive Officer Yoichiro Okazaki, Vice
Chairman Koji Furukawa and President Hideyasu Tagaya are
expected to step down together amid the troubled carmaker's poor
earnings results following a series of defect cover-up scandals
and recalls.

Mr. Okazaki, who joined MMC in April, has been leading efforts
to revive MMC's lackluster operations under a rehabilitation
program approved in May last year. But despite Mr. Okazaki's
initiatives, the company was still suffering from dwindling
domestic sales which led to the delay of the announcement of a
new reconstruction plan scheduled in December last year.

MMC is scheduled to unveil the new rehabilitation plan later
this month, which include a capital boost of JPY250 billion to
be provided by the Bank of Tokyo-Mitsubishi, major trading house
Mitsubishi Corp. and Mitsubishi Heavy Industries.

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: Three Group Firms to Buy One-third of Shares
---------------------------------------------------------------
Three companies of the Mitsubishi group are planning to take a
combined equity stake of a least one third in Mitsubishi Motors
Corporation (MMC), in a bid to provide the embattled automaker
around JPY250 billion in fresh capital, according to Kyodo News.

The Bank of Tokyo-Mitsubishi, Mitsubishi Corp. and Mitsubishi
Heavy Industries Limited responded last year to MMC's calls to
boost its capital. Recently, the firms proposed to extend
additional capital to the carmaker, which have suffered from
slumping sales after it was hit by a series of defect cover-ups
and recalls last year.

Mitsubishi Heavy is seen investing JPY30 billion to JPY50
billion, making it MMC's largest shareholder with an equity
stake of around 15 percent, up from 8 percent as of Sept. 30
last year.

The measure is expected to be included in MMC's new
rehabilitation plan set to be released by the end of the month.


NIPPON KOEI: R&I Downgrades L-T Debt Rating to BBB-
---------------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
the following ratings of Nippon Koei Co., Ltd.

Senior Long-term Credit Rating; Long-term Bonds (1 Series)
R&I RATING: BBB- (Downgraded from BBB)
RATING OUTLOOK: Stable

RATIONALE:

In addition to a worsening in the operational environment, the
downturn in orders secured by
Nippon Koei Co., Ltd. has been protracted and the earnings base
has weakened in the aftermath of a bid-rigging incident
involving the state-funded House of Friendship construction
project on Kunashiri Island. In spite of the current slump in
earnings, the company requires a sizable sum of capital as the
company has finalized a plan to redevelop its idle land. Free
cash flow has been in deficit since the March 2002 period, but
R&I believes that it is not at a level that will erode the
favorable financial base.

In March 2005, Nippon Koei plans to make Nagoya-based Tamano
Consultants Co., Ltd. a subsidiary. The company has a track
record in urban and regional development, but its debt at the
end of September 2004 was JPY14.2 billion. However, there are
plans for the company to take advantage of a debt forgiveness
program by the Industrial Revitalization Corporation which will
enable it to shed about JPY13 billion of its debts. R&I will
carefully pay attention to future earning trends and synergy
effects.

R&I RATINGS:

ISSUER: Nippon Koei Co., Ltd.
Senior Long-term Credit Rating: BBB- (Downgraded from BBB)
RATING OUTLOOK: Stable
ISSUE:
Bonds Rated    Issue Date     Redemption    Issue Amount(mln)
Unsec. Str.
Bonds No. 1    Dec. 14, 2000  Dec 14, 2005  JPY5,000
R&I RATING: BBB- (Downgraded from BBB)

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

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

CONTACT:

Nippon Koei Company Limited
4 Kojimachi 5-Chome
Chiyoda-Ku 102-8539, Tokyo 102-8539
Japan
Phone: +81 3 3238 8040
Fax: +81 3 3238 8326
Web site: http://www.n-koei.co.jp/


RESONA HOLDINGS: Credit Agricole to Aid Shares Buyback
------------------------------------------------------
Resona Holdings opted to accept a JPY10 billion investment from
France's Credit Agricole in March so it could repurchase a
portion of its own stock, according to The Yomiuri Shimbun.

The funds coming from the French firm will be used by Resona
Holdings to buy back shares from the government to swap for the
Agricole-owned shares of Resona Trust Bank.

Resona Holdings is seeking to acquire Credit Agricole's 5
percent stake in the Resona Trust Bank by March so as to gain
full control over the subsidiary.

As a result, the government will reap JPY3 billion from Resona
Holdings in what will be the first reimbursement by Resona
Holdings of any amount of the JPY2 trillion in public funds
injected by the government in 2003.

Credit Agricole Group, which paid JPY10 billion for Resona Trust
Bank's shares in 2002, is hoping to retain at least a 0.5
percent stake in Resona Holdings as a "token of their
partnership".

Resona's tie-up with the French company is believed to benefit
the Japanese firm, as it seeks to enhance its image abroad.

CONTACT:

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


SEIBU RAILWAY: Kokudo Repays Maeda JPY1 Bln for Stock
-----------------------------------------------------
Kokudo Corporation, the core company of Seibu Railway Company
group, has nullified Seibu stock transfer deals with Maeda
Corporation and repaid almost JPY1 billion to the construction
firm, says The Japan Times.

Maeda confirmed that Kokudo returned JPY999.12 million last week
by voiding the contractor's purchase contract for 823,000 Seibu
Railway shares from Kokudo.

Maeda is one of about 70 companies that purchased Seibu Railway
shares from Kokudo without knowing the railway falsified its
shareholder ratio figures.

In August and September, Kokudo sold some JPY65 billion worth of
Seibu Railway shares to the 70 companies just before the railway
firm admitted it tampered share-ownership data.

The revelation brought the price of Seibu Railway shares
plummeting, prompting many buyers to demand their money back.

CONTACT:

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


YASUBUN K.K.: Enters Bankruptcy
-------------------------------
Liquor store operator Yasubun K.K. has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Fukui-shi, Fukui 918-8204, has total
liabilities of US$31.07 million.

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


* Corporate Bankruptcies Down 16.8% in 2004
-------------------------------------------
Japanese corporate bankruptcies in 2004 dropped 16.8 percent
from the previous year to 13,837, falling below 14,000 for the
first time in ten years, reports The Japan Times, citing Teikoku
Databank.

The private credit rating agency attributed the decline to aid
given to major firms by the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) and private
corporation reconstruction funds, as well as public financial
support for small and midsize companies.

Teikoku Data revealed that debt left by the failed companies
shrank 32.6 percent to JPY7,927,392 million, coming below JPY10
billion for the first time in eight years.

In December alone, corporate bankruptcies decreased 9.4 percent
from a year before to 1,064, marking the 24th straight decline.

Teikoku Databank said the major factor leading to corporate
failures has shifted from excessive debt incurred during the
bubble economy, which burst in the early 1990s, to structural
problems, including sluggish mainstay operations. The number of
corporate failures was also affected by a series of natural
calamities, including earthquakes and devastating typhoons.


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


HYNIX SEMICONDUCTOR: Refutes Rambus' Victory in U.S. Patent Case
----------------------------------------------------------------
Hynix Semiconductor refuted Rambus Inc.'s press statement
released on Jan. 20 regarding a summary judgment issued on a
number of ongoing patent disputes between the two companies, the
Korea Times reports.

Hynix said Rambus, a U.S. chip designer, is trying to make a big
deal out of the summary judgment made by federal Judge Ronald
Whyte of San Jose, California, as if the ruling were completely
in favor of Rambus.

"Rambus prevailed on some of its motions and Hynix prevailed on
some of its motions for summary judgment. By granting Hynix's
motions for summary judgment of non-infringement, Judge Whyte
dismissed those claims from the case," Ken Nissly, lead counsel
representing Hynix's U.S. affiliate, said.

Judge Whyte sided with Hynix on nine claims, according to the
Korean memory chip vendor.


Earlier in January, the judge denied Hynix's motion to dismiss
the patent-infringement suit.

The summary judgment motions granted by Judge Whyte are only one
part of the process of litigating these patent cases.

Hynix originally filed 59 claims of which the judge allowed 50
to proceed. Rambus must now choose 10 claims to take to trial
from the pool of 50, which includes the 29 claims in which the
judge has already found patent infringement by the Korean
chipmaker. The remaining claims will be tried at trials slated
for March and June.

"It is still early for Rambus to affirm their victory as the
summary judgment does not assure that final rulings at formal
trials, where juries deliver the final verdict, will be in favor
of Rambus, thus the summary judgment is not so significant,"
Hynix spokesman Park Hyun said.

CONTACT:

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


KOOKMIN BANK: To Downsize Workforce by 4,800 in 2007
----------------------------------------------------
Kookmin Bank is poised to cut 4,800 employees from its 27,338
staff members, about 17.5 percent of the total workforce by
2007, reports the Korea Herald.

After dismissing 3,800 employees through a voluntary
restructuring program, which represents 10 percent of the total
regular workers and 22 percent of the total non-regular workers
this year, the bank plans to cut an additional 1,000 workers by
2007.

The bank's manpower cut will start next February in the form of
an early retirement program. But unionized workers are set to
protest the move, saying that the management should take
appropriate measures against executives responsible for
mismanagement over the past few years.

"We will not negotiate with the management if they will not
censure executives for poor management before the manpower cut,"
Kookmin labor union leader Chang Young-doo said.

The Korean banking sector has been pushed to reform as foreign
banks have ramped up competition. The payroll cut of 4,800 is
the largest in scale since the 1997 financial crisis.

For the full-time workers, the bank said it would assist them in
getting new jobs in the financial sector or at Kookmin's
affiliate firms.


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


AOKAM PERDANA: To Hold EGM on Jan. 28
-------------------------------------
The Extraordinary General Meeting (EGM) of Aokam Perdana Berhad
to pass a special resolution on the proposed change of the
Company name from Aokam Perdana Berhad to Java Incorporated
Berhad will be held on Friday, Jan. 28, 2005, 10:00 a.m. at
Dewan Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan
Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur.

CONTACT:

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


FABER GROUP: Granted Listing of Additional Shares
-------------------------------------------------
Faber Group Berhad's additional 573,400 new ordinary shares of
RM1.00 each arising from the Conversion of RM1,146,800 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks will be granted listing and quotation with effect from
9.00 a.m., Wednesday, Jan. 26, 2005.

CONTACT:

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


GRAND-FLO SOLUTION: Discloses Unaudited Quarterly Results
---------------------------------------------------------
Grand-Flo Solution Berhad released its unaudited quarterly
report for the financial period ended Dec. 31, 2004.


                  SUMMARY OF KEY FINANCIAL INFORMATION
                             31/12/2004

               INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
           QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                    PERIOD

1  Revenue
           2,762             0          3,120             0

2  Profit/(loss) before tax
             483             0            538             0

3  Profit/(loss) after tax and minority interest
             472             0            510             0

4  Net profit/(loss) for the period
             472             0            510             0

5  Basic earnings/(loss) per shares (sen)
           4.20              0.00         4.54            0.00
6  Dividend per share (sen)
          0.00            0.00          0.00           0.00

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

7  Net tangible assets per share (RM)

              0.2130             0.000

For further information on the Company's report, click on:

http://bankrupt.com/misc/tcrap_grand-flo1012405.xls

http://bankrupt.com/misc/tcrap_grand-flo2012405.doc

Remarks:

With reference to the Company announcement made on Jan. 19,
2005, Grand-Flo Solution Berhad informs that:

1. The following to be added as remarks:

Grand-Flo Solution Berhad (Grand-Flo) was listed to hold the
businesses of the following subsidiaries:

(i) Grand-Flo System (S) Pte Ltd (GFS), a 51% owned subsidiary
of the Company; and
(ii) Grand-Flo Electronic System Sdn Bhd (GFES), a wholly owned
subsidiary of the Company.

The acquisition of GFES by the Company was only completed on
Oct. 1, 2004.

In respect of the above, the quarterly results of the Company
for the fourth quarter period ended Dec. 31, 2004 above are
based on the then existing group structure of the Company as at
Dec. 31, 2004 i.e. including GFES.

Notwithstanding the above, the Company has also prepared a
proforma group results in the detailed quarterly results for the
period ended Dec. 31, 2004 attached on the assumption that the
acquisition of GFES was completed on Jan. 1, 2004. Refer to the
file attached for further details.

2. Amendment under Note 15 of the attachment for Notes to the
Financial Statements which should read as Jan. 18, 2005 instead
of Dec. 18, 2004 as disclosed earlier.


MALAYSIAN INDUSTRIAL: To List Additional 509,000 Shares
-------------------------------------------------------
Malaysian Industrial Development Finance Berhad's disclosed to
Bursa Malaysia Securities Berhad (BMSB) that an additional
509,000 new ordinary shares of RM1.00 each issued pursuant to
the Company's Employee Share Option Scheme will be granted
listing and quotation effective 9:00 a.m., Wednesday, Jan. 26,
2005.

CONTACT:

Malaysian Industrial Development Finance Berhad
Bangunan MIDF
195A Jalan Tun Razak
50400 Kuala Lumpur
P O Box 12110
50939 Kuala Lumpur
Malaysia
Phone: 03-2161 0066/1166
Fax: 03-2161 5973


MCSB SYSTEMS: Director to Deal in Securities
--------------------------------------------
MCSB Systems (M) Berhad (MCSB) announced that Mr. Lim Koon Chow,
the Chairman/President/CEO of the Company intends to deal in the
securities of the Company during the closed-periods, which
start, from Jan. 22, 2005 until one (1) market day after the
announcement of the Company's financial result for the second
quarter ended Dec. 31, 2004.

Mr. Lim Koon Chow's current holdings in the securities of MCSB
as at Jan. 20, 2005 are as follows:

Name of Director: Mr. Lim Koon Chow, President/CEO

Securities: Ordinary Shares at RM1.00

Direct Interest: 100,380

% of Shares: 0.152

*Indirect Interest: 14,771,553

% of Shares: 22.39

*The indirect interest is by virtue of the interest of Mr. Lim
Koon Chow in Compusoft Sdn Bhd pursuant to Section 6A(4) of the
Companies Act, 1965


PNE PCB: To Convene 17th AGM on Feb. 24
---------------------------------------
This is to inform that the Seventeenth Annual General Meeting
(AGM) of PNE PCB Berhad will be held at Sri Muar Room, Hyatt
Regency Hotel, Jalan Sungei Chat, 80720 Johor Bahru, Malaysia on
Thursday, Feb. 24, 2005 at 12:00 noon.

For further details on the notice, go to:

http://bankrupt.com/misc/tcrap_pnepcb012405.doc

CONTACT:

PNE PCB Berhad
Suite 14A2, Level 14
Menara Ansar, 65 Jalan Trus
80000 Johor Bahru
Johor
Phone: 07-2241035
Fax: 07-2210891
Web site: http://www.pne.com.sg

This announcement is dated Jan. 20, 2005.


SATERAS RESOURCES: Restraining Order Extension Ends Jan. 28
-----------------------------------------------------------
Sateras Resources (Malaysia) Berhad's restraining order (RO)
granted by the Kuala Lumpur High Court of Malaya to facilitate
the Company's proposed restructuring schemes (announced on May
12, 2003) will end on Friday, Jan. 28, 2005.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Phone: +60 2161 8529


UMW HOLDINGS: Unveils Share Option Scheme
-----------------------------------------
UMW Holdings Berhad's additional 8,300 new ordinary shares of
RM1.00 each issued pursuant to the Employee Share Option Scheme
will be granted listing and quotation with effect from 9.00
a.m., Wednesday, Jan. 26, 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


WEMBLEY INDUSTRIES: Restructuring Deadline Set Jan. 27
------------------------------------------------------
Wembley Industries Holdings Berhad's (WIHB) deadline for the
implementation of its proposed restructuring program is on
Thursday, Jan. 27, 2005. The Securities Commission (SC) via its
letter dated Jan. 16, 2004, had approved the Company's
application for an extension of the implementation of its
Proposed Capital Reduction and Consolidation, Proposed Debt
Restructuring, and Proposed Rights Issue.


CONTACT:

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


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


BAYAN TELECOMMUNICATIONS: Revenue Up in 2004; Misses Target
-----------------------------------------------------------
Lopez-owned Bayan Telecommunications Inc. (Bayantel) chalked up
Php5.4 billion in revenue last year, up from Php5 billion the
previous year, reports The Philippine Daily Inquirer.

Despite a rise in Bayantel's profits, the sales figure last year
was still below its Php5.7 billion target.

In 2004, Bayantel was still optimistic it would post revenue of
Php6 billion from almost 280,000 fixed-line subscribers at the
start of the year. It expects the number of subscribers to
exceed 300,000 this year and double in the next five years, as
it expands to new voice and data markets.

Bayantel, which has been struggling for most of its 11 years of
operation, said profitability was not an issue for a company
undergoing financial restructuring.

The Company stressed it is focusing on its capacity to settle
debt and finance operations as reflected by Ebitda or earnings
before interest, taxes, depreciation and amortization.

Despite being in the red, Bayantel completed its investment in a
US$10-million upgrade of a nationwide backbone facility jointly
owned by several other telecom players.


MANILA ELECTRIC: Delays Payment of Refund
-----------------------------------------
The Phase IV of the refund process of Manila Electric Company
(Meralco) will not be carried out this month, as the troubled
electric company has yet to devise strategies to collect taxes
on the bonds to be issued under the phase, says The Philippine
Star.

The Company and the Bureau of Infernal Revenue (BIR) admitted
they have not yet formulated guidelines on how to impose
corporate tax on the particular refund scheme. But it is certain
that the tax to be imposed on Meralco customers who belong to
the last phase of the refund process will not exceed 32 percent.

Last week, Meralco obtained approval from the Energy Regulatory
Commission (ERC) to implement Phase 4-A from January 2005 until
June 2006.

The ERC said in its Jan. 7 order that Meralco's Phase IVA, which
has a gross refund amount (GRA) of Php2.276 billion, be credited
to future billings over a specified period of 18 months starting
Jan. 2005. The order also directed Meralco to submit the details
of its Phase 4B refund proposal and provide the commission with
a refund implementation status.

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


MAYNILAD WATER: Seeking Php2.733-Bln Debt Write-off
---------------------------------------------------
The government is set to request the two major shareholders of
Maynilad Water Service Inc. to waive the besieged water firm's
Php2.733 billion debt, reports Today.

The move comes after the government drew on the US$120-million
performance bond late last week.

An official at the Department of Finance confirmed the plan,
saying a debt write-off by the two major shareholders is
necessary before the government could buy a 20-25 percent stake
of French firm Ondeo Holdings.

The finance official, however, warned that the government might
be forced to buy part of Ondeo's share, using a portion of the
performance bond, some two to three months from now if no
parties are interested to infuse more investments into the water
firm, which controls the more populous part of the two
concession zones in Metro Manila.

He said this move was critical in continuing the operation of
Maynilad at a time when the full impact of El Nino is expected
to be felt, or early as next month.

Meanwhile, all parties are expected to stick to Maynilad's
revival program in order to avert a government bailout. Under
the scheme, all payables to the water firm's shareholders will
have to be waived or contributed as additional paid-in capital
to narrow the company's capital deficit.

Lopez-owned Benpres Holdings Corp., which has a 60-percent share
of the company, will have to write off some Php1.421 billion in
debts it owed to local banks namely Development Bank of the
Philippines (Php810.55 million), Equitable-PCI Bank (Php303.24
million), Rizal Commercial Banking Corp. (Php243.16 million),
and East-West Bank (Php64.84 million).

Ondeo, which presently controls 40 percent of Maynilad, will
have to write off some Php1.132 billion.

CONTACT:

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


* 25 State Firms May Lose a Total of Php102.7 Bln in 2005
---------------------------------------------------------
Some 25 of the 49 monitored government-owned and controlled
companies (GOCCs) are expected to lose a total of Php102.7
billion this year, Malaya News says.

The figure is extracted from a data at the budget department,
which also projected that 12 of the 49 will record a profit of
Php7.6 billion.

But according to Sen. Ralph Recto, the projected losses could
still climb as 12 of the 49 monitored GOCCs failed to submit in
time their income projections for the year.

Deducting the profit of the gainers from the losers would leave
the government with a net loss of at least Php95.1 billion in
the GOCC sector.

Among those whose reports did not make it in time for the
printing of 2005 budget support documents are "known heavy
losers" such as the Philippine National Railways and National
Irrigation Administration.

Their losses, however, may still be offset by income of known
moneymakers like the Philippine Charity Sweepstakes Office and
the Philippine Export Zone Authority, which were among the dozen
corporations whose 2005 projected performance was not factored
into the DBM forecast.

Leading the projected losers in 2005 is the National Power Corp.
with a forecast net loss of P83.62 billion, followed by National
Food Authority with Php13.13 billion.

Others that are projected to post losses are Light Rail Transit
Authority (Php1.29 billion), Philippine National Oil Co.
(Php1.23 billion), National Electrification Administration
(Php1.28 billion) National Tobacco Administration (Php80
million), Philippine Coconut Authority (Php236.57 million),
Sugar Regulatory Administration (Php60 million), National Dairy
Authority (Php676.74 million), specialty hospitals of the
Department of Health (Php824 million), Philippine Convention and
Visitors Corp. (Php64.8 million), Center for International Trade
Expositions and Missions (Php98 million), Cottage Industry
Technology Center (Php13.8 million), Cagayan Economic Zone
Authority (Php39.3 million), Cultural Center of the Philippines
(Php180.3 million), Philippine Rice Research Institute (Php200
million), Technology and Livelihood Resource Center (Php172.2
million) and Zamboanga City Economic Zone Authority (Php27.6
million).


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


ASA PACIFIC: Issues Notice of Winding Up Order
----------------------------------------------
In the matter of ASA Pacific Land Pte Ltd formerly known as ASA
Pacific (S) Pte Ltd., a Winding Up Order was made on Jan. 14,
2005.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Rajah & Tann
Solicitors for the Petitioner

Note:

(a) 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.

(b) All debts due to the above named company should be forwarded
to the liquidator.

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


CHINA AVIATION (S): To Receive Lifeline Cash Infusion
-----------------------------------------------------
Troubled China Aviation Oil (S) Corp (CAO) is likely to receive
cash injection from its Beijing parent China Aviation Oil
Holdings Corp (CAOHC) and Singapore's state investment agency
when it reveals its debt-restructuring scheme, reports Reuters.

CAOHC previously emphasized that CAO needed to present its
restructuring scheme before infuses capital worth US$100 million
(HK$780 million).

The amount, which will possibly be used as working capital, is
expected to help the oil trader work out its debt problems after
it lost US$550 million in oil trade derivatives.

According to CAO spokesman Gerald Woon, the Company's scheme of
arrangement is focused on restructuring the group's debt, which
is believed to be more than US$648 million.

CAO needs to get a majority vote from its creditors to approve
its restructuring scheme or the company will face liquidation.
Creditors such as Mitsui & Company, Barclay's Capital, Sumitomo
Mitsui Banking and South Korea's SK Energy will vote on Jun. 10
to decide on the company's fate.

Meanwhile, Mr. Woon still believes that CAO is functioning
normally with its newly formed subsidiary China Aviation Oil
Trading having just completed buying its January-February jet
fuel requirements.

CONTACT:

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


GLOBAL FISHERIES: Court Issues Winding Up Order
-----------------------------------------------
In the matter of Global Fisheries Pte Ltd., a Winding Up Order
was made on Jan. 14, 2005.

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

LEGAL21 LLC
Solicitors for the Petitioner

This Singapore Government Gazette notice is dated Jan. 20, 2005.


KLW HOLDINGS: Releases Profit Warning
-------------------------------------
The Board of Directors of KLW Holdings announced that the
Group's consolidated financial results for the full year ended
Dec. 31, 2004 will be worse compare to that of the first half.

The loss is caused by a few factors. The disposal of the
Company's building in the second half of financial year 2004,
the tough market conditions in the door industry, the
restructuring of the manufacturing /trading division in Malaysia
and the increased in production cost as a result of a change in
the products specification.

The Group is in the process of finalizing the results for the
financial year ended Dec. 31, 2004. Further details of the
Group's performance will be disclosed when it announces its
financial results for the year ended Dec. 31, 2004 by end of
February 2005.

Submitted by:
Felicia Ngo
Group Accountant


POWSEN ELECTRIC: Winding Up Hearing Set Jan. 28
-----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Powsen Electric (S) Pte Ltd by the High Court was on Dec. 30,
2004, presented (and re-amended on Jan. 17, 2005) by United
Overseas Bank Limited (RC No. 193500026Z) the successor-in-title
to Chung Khiaw Bank Limited now known as CKB (2000) Limited (RC
No. 194700128H) of 80 Raffles Place, UOB Plaza 1, Singapore
048624, a creditor.

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

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

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

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

DREW & NAPIER LLC
Solicitors for the Petitioner

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

This Singapore Government Gazette notice is dated Jan. 20, 2005.


RMCA REINSURANCE: Creditors to Submit Proofs of Claims by Feb.21
----------------------------------------------------------------
Notice is hereby given that the creditors of RMCA Reinsurance
Ltd, which is being wound up voluntarily are required on or
before Feb. 21, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidators of the said Company.

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

Neo Ban Chuan
Yeap Lam Kheng
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

This Singapore Government Gazette notice is dated Jan. 20, 2005.


SINGAPORE PRESS: Invests in Thai Media Companies
------------------------------------------------
Traffic Corner Holdings Public Company Limited and SPH Magazines
Pte Ltd, a wholly owned company of Singapore Press Holdings
Limited, announced they have entered into agreements for SPH
Magazines to invest in Traffic Corner and its subsidiary,
Traffic Corner Publishing Company Limited

Under the agreements, SPH Magazines will acquire about 49% of
Traffic Corner Publishing and about 9% of Traffic Corner.
The total consideration for the investments in Traffic Corner
Publishing and Traffic Corner is expected to be approximately
THB148.3m (SG$6.3 million). The transactions are expected to
complete in February 2005 and within the first half of this year
respectively, subject to the satisfaction of certain conditions
under the agreements.

Traffic Corner Publishing and its subsidiaries publish a range
of Thai language periodicals, mainly in lifestyle and
entertainment, including Maya Channel, A Day, MTV Trax and
Bangkok Today. Traffic Corner is a diversified media group
listed on the main board of the Stock Exchange of Thailand. SPH
Magazines is the leading magazine publisher in Singapore and
publishes more than 60 titles.

Mr. David Tay, Chief Executive Officer of SPH Magazines, said:
"We have been monitoring the Thai market closely, since our
first investment there in 2003. We are excited about the growth
potential in Thailand. "

"Traffic Corner has a good management team with an
entrepreneurial spirit. They have done a commendable job in
developing Traffic Corner Publishing to its current status. The
investment in Traffic Corner and Traffic Corner Publishing will
give SPH Magazines the impetus to benefit from that growth and
the partnership will bring Traffic Corner Publishing's business
to the next level."

Commenting on the investments by SPH Magazines, Mr. Suraphong
Triamchanchai, Chief Executive Officer of Traffic Corner, said:
"We are delighted to welcome SPH Magazines as a shareholder of
Traffic Corner and partner in Traffic Corner Publishing. The
combination of SPH Magazines' publishing expertise and Traffic
Corner's local knowledge and experience will be powerful. We
look forward to a bright future for Traffic Corner Publishing
and Traffic Corner."

Added Traffic Corner Publishing's Chief Executive Officer, Mr
Siriphong Vongvuttipornchai: "We see many synergies through this
partnership with SPH Magazines. Together, we can add value to
our existing portfolio to benefit readers and advertisers, as
well as further expand our portfolio of titles over time."

The investments in Traffic Corner Publishing and Traffic Corner
represent a further step in strengthening SPH Magazines'
position as a major magazine publisher in the region, following
the 2004 acquisition of Blu Inc's stable of titles, and launches
of SPH Magazines' flagship title "Her World" in Indonesia,
Malaysia, China and Thailand.

Mr. Arthur Seet, Chairman of SPH Magazines said: "Our strategy
to develop SPH Magazines into a leading regional magazines
business is taking shape. "Traffic Corner Publishing is a
relatively young company with a good management team. We believe
that, with SPH Magazines' publishing expertise, Traffic Corner
Publishing has significant potential. Together with our base in
the Singapore market and solid platform in Malaysia, I am
excited about the prospects for SPH Magazines."

Jointly issued by Traffic Corner Holdings Public Company Limited
and SPH Magazines Pte Ltd

For more information, please contact:
Traffic Corner SPH Magazines
Somphop Prompanapitak
Chief Finance Officer
Traffic Corner Holdings
DID: 0 2718 1999 Ext 105
Fax: 0 2718 1444
Email: somphop@traffic-corner.com

Irene Ngoo
Vice President
Corporate Relations
Singapore Press Holdings
DID: 6319 1216
Fax: 6319 8150
Email: ingoo@sph.com.sg

About Traffic Corner Holdings Public Company Limited
Headquartered in Bangkok, Traffic Corner Holdings provides
integrated marketing solutions for advertisers through
television, radio, publishing and events, and has been in
operation for more than 10 years. In television, Traffic
Corner Holdings holds the exclusive rights to broadcast "live"
English Premier League and German Bundesliga football matches,
and also produces top news and finance programs. Traffic Corner
Holdings was incorporated on Nov. 5, 2001, and is listed on the
Main Board of the Stock Exchange of Thailand.

About Traffic Corner Publishing Company Limited
Having been in operation for just over a year, Traffic Corner
Publishing has rapidly grown to be a leading publisher in
Thailand with 8 publications providing current news, and
lifestyle and entertainment information. Popular publications
in its portfolio include "Bangkok Today", "A Day", "A Day
Weekly", "Hamburger", "Knock Knock", "Maya Channel", "Tick A
Seat", and "MTV Trax".

About SPH Magazines Pte Ltd
SPH Magazines is the leading magazine publisher in Singapore.
SPH Magazines publishes 23 titles, which include Her World,
Singapore's No. 1 women's magazine, Home & D‚cor, Young Parents,
Maxim, Shape and Simply Her. SPH Magazines also publishes custom
titles including NSMan for SAFRA National Service Association,
ResQ for the Civil Defence Association for National Servicemen,
and SilverKris for Singapore Airlines. Blu Inc, a subsidiary of
SPH Magazines, publishes another 40 titles, which include
Female, Nuyou, Torque, Men's Health, Seventeen and Upload.

The Board of Directors of Singapore Press Holdings Limited
wishes to announce that SPH Magazines Pte. Ltd., a wholly-owned
subsidiary of The Straits Times Press (1975) Limited which is
100%-owned subsidiary of the Company, has entered into
agreements to acquire 49% of Thai publishing group Traffic
Corner Publishing Company Limited and approximately 9% of TCP's
parent company, Traffic Corner Holdings Public Company Limited.

About TCP & TCH
TCP and its subsidiaries publish a range of Thai language
periodicals, principally in lifestyle and entertainment,
including Maya Channel, A Day, MTV Trax and Bangkok Today.
Traffic Corner Holdings is a diversified media group listed on
the main board of the Stock Exchange of Thailand. In addition to
its interest in TCP, TCH has interests in radio broadcasting,
television programming and events.

Transaction Terms
The total consideration for the Proposed Investment is expected
to be approximately SG$6.3 million or THB148.3 million.
Under the TCH agreement, SPHM would subscribe for 26 million new
TCH shares, representing approximately 9% of the expanded
capital. The consideration for the TCH shares is expected to be
approximately, S$3.1 million or THB72.8 million, subject to
movements in the TCH share price to completion. The investment
in TCH is subject to a range of conditions and is expected to
complete in the first half of 2005. The investment
consideration, which is payable in cash, was arrived at
following negotiations on a willing buyer, willing seller basis.

Under the TCP agreement, SPHM will pay SG$3.2 million or THB
75.5 million for the 49% interest in TCP. The majority of this
amount will be in the form of new capital to repay indebtedness
and fund the development of the business. The investment is
subject to certain conditions and is expected to complete in
February 2005.

The respective agreements are subject to various conditions
precedent, which, unless satisfied or waived, will result in the
agreements lapsing and becoming null and void.

Copies of the respective agreements are available for inspection
at the Company's registered address during normal business hours
for a period of three months from the date of this announcement.

Rationale for Proposed Investment
The investments in TCP and TCH represent a further step in SPHM
realizing its ambition of becoming a major magazine publisher in
the region, following the 2004 acquisition of the titles of Blu
Inc, and launches of SPHM's flagship title "Her World" in
Indonesia, Malaysia, China and Thailand.

Financial Effects of the Proposed Investment
The Proposed Investment is fully funded by internal resources.
The Proposed Investment is not expected to have any material
impact on the net tangible assets per share or earnings per
share of the Company for the current financial year ending on 31
August 2005.

None of the directors of the Company has any interest, direct or
indirect, in the Proposed Investment.


WEE POH: Unveils New Committee Appointments
-------------------------------------------
Wee Poh Holding Limited announced at the Singapore Stock
Exchange the new appointments made for the Audit, Nominating and
Remuneration Committees of the Company. The committee members
are as comprised:

Audit Committee:
Mr. Hoon Tai Meng (Chairman) Independent Director
Mr. Tan Song Koon (Member) Independent Director
Mr. Chandra Mohan (Member) Independent Director

Nominating Committee:
Mr. Tan Song Koon (Chairman) Independent Director
Mr. Wong Teck Kui (Member) Non-Executive Director
Mr. Chandra Mohan (Member) Independent Director

Remuneration Committee:
Mr. Wong Teck Kui (Chairman) Non-Executive Director
Mr. Chew Eu Hock (Member) Executive Director
Mr. Hoon Tai Meng (Member) Independent Director

By Order of the Board:
Wong Teck Kui
Chairman/Director


WEE POH: Appoints Executive Director
-----------------------------------
Wee Poh Holdings Ltd announced at the Singapore Stock Exchange
the appointment of Richard Ong Beng Chye.

Date of Appointment: Jan, 19, 2005

Name: Ong Beng Chye, Richard

Age: 36

Country of principal residence: Singapore

Whether appointment is executive, and if so, area of
responsibility:  Yes, Finance

Job Title: Finance Director

Working experience and occupation(s) during the past 10 years:

Cherie Hearts Child Development Sdn. Bhd - SAC Capital Private
Limited

Period: 1995-1997
Designation: Investment Analyst
Firm: Seacorp-Schroder Capital Management Sdn Bhd
Job Scope: Investment Analysis

Period: 1997 - 1998
Designation: Investment Manager
Firm: Jupiter Asset Management Sdn Bhd
Job Scope: Portfolio Management

Period: 1998 - 2004
Designation: Senior Manager
Firm: Deloitte & Touche, Singapore
Job Scope: Advisory and Assurance

Period: 2004 - Present
Designation: Vice President
Firm: SAC Capital Private Limited
Job Scope: Corporate Finance

Shareholding: in the listed issuer and its subsidiaries: Nil

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: Nil

Conflict of interest: Nil

Other Directorship:
- These fields are not applicable for announcements of
appointments pursuant to Rule 704(9)

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No

(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No

(c) Whether there is any unsatisfied judgment against him? No

(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No

(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach? No

(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misinterpretation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of involving an allegation of
fraud, misinterpretation or dishonesty on his part)? No

(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No

(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No

(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity? No

(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of:

    (i) any corporation which has been investigated for a breach
of any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

   (ii) any corporation or partnership which has been
investigated for a breach of any law or regulatory requirement
that relates to the securities or futures industry in Singapore
or elsewhere, in connection with any matter occurring or arising
during the period when he was so concerned with the corporation
or partnership?

Submitted by:
Wong Teck Kui
Chairman/Director


WEE POH: Details Change in Shareholder's Interest
-------------------------------------------------
Wee Poh Holdings Ltd released a notice on Jan.17 at the
Singapore Stock Exchange pertaining to the change in the
Percentage Level of the Substantial Interest of Chan Wang Kin.

Part I

(1) Date of notice to issuer: Jan. 17, 2005

(2) Name of Director: Chan Wang Kin

(3) Please tick one or more appropriate box(es):
Notice of a Director's (including a director who is a
substantial shareholder) Interest and Change in Interest.
[Please complete Part II and IV]

Part II
(1) Date of change of Interest: Jan. 14, 2005

(2) Name of Registered Holder DBS

(3) Circumstance(s) giving rise to the interest or change in
interest Sales in Open Market at Own Discretion
- Please specify details

(4) Information relating to shares held in the name of the
Registered Holder

No. of Shares held before the change 1000000
As a percentage of issued share capital 0.04 %

No. of Shares which are subject of this notice 1000000
As a percentage of issued share capital 0.04 %

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received 0.01

No. of Shares held after the change 0
As a percentage of issued share capital 0 %

Part III

(1) Date of change of [Select Option]

(2) The change in the percentage level From % To %

(3) Circumstance(s) giving rise to the interest or change in
interest [Select Option]
- Please specify details

(4) A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions:

Part IV

(1) Holdings of Director, including direct and deemed interest:

                                               Direct    Deemed
No. of shares held before the change                0   1000000
As a percentage of issued share capital             0%     0.04%
No. of shares held after the change                 0         0
As a percentage of issued share capital             0%        0

Submitted by:
Chan Wang Kin
Managing Director


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


CAPETRONIC INTERNATIONAL: Submits Projected FS to SET
-----------------------------------------------------
With reference to the New Business Plan of Capetronic
International (Thailand) Public Company Limited announced on
December 29, 2004, the Company submitted to the Stock Exchange
of Thailand (SET) the projected financial statement which was
included in such Plan.

The projected financial statement, herewith, consists, Projected
Income Statements, Projected Balance Sheet and Projected Cash
Flow Statement.

Click to view a full copy of the projected financial statement
http://bankrupt.com/misc/CAPETRONICProjected_Income_Statement012
405.doc

CONTACT:

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


INTER FAR EAST: Issues Progress Report on Reorganization
--------------------------------------------------------
The plan administrator of Inter Far East Engineering Public
Company Limited reported to the Stock Exchange of Thailand (SET)
the progress of the work performed under the Rehabilitation of
the Company and the Company's application to The Central
Bankruptcy Court.

It was found that the Company required more directors to meet
the Articles of Association, which states that the number of
directors should not be less than five person(s).

Therefore the plan administrator submitted the application
regarding the Central Bankruptcy Court's requirement to increase
the number of directors.

The Central Bankruptcy Court approved to take such action on
December 22, 2004 and the Official Receiver granted the official
letter to The Department of Business Development Ministry of
Commerce on January 10, 2005 for increasing the number of
directors.  Now The Department of Business Development Ministry
of Commerce is taking action and it is expected to be done soon.

Please be informed accordingly.

Sincerely yours,
Mr. Narong Taychachaiwong
(Mr. Narong Taychachaiwong)
Inter Far East Planner Company Limited
The plan administrator

CONTACT:

Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: www.ifct.co.th


K.C. PROPERTY: Posts Notification on Submission of FS
-----------------------------------------------------
K.C. Property Public Company Limited advised the Stock Exchange
of Thailand that it would submit the financial statements
audited by the Company's auditor within 60 days of its fiscal
year ending instead of Q4 financial statements reviewed by the
auditor within 45 days of its fiscal year ending.

The submission will take effect for 2004 financial statements
and to be consistently practiced by the Company.

For your information

Yours sincerely,
Mr. Apisit  Ngamachariyakul
(Authorized Director)

CONTACT:

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


SIAM AGRO: Unveils Resolutions Passed During Meeting
----------------------------------------------------
The Board of Directors of The Siam Agro Industry Pineapple and
Others Public Company Limited advised the Stock Exchange of
Thailand (SET) that at a meeting No. 2/2005 held on January 21,
2005, the following resolutions were passed:

Approved the cancellation of the holding of the Extra Ordinary
Shareholders Meeting No. 1/2005 including the share register
book that will be closed for fixing the right to attend the said
meeting on January 27, 2005 even though the date of holding of
the said meeting had not been fixed.

However, due to the cancellation of the Tender Offer made by Del
Monte Fresh Produce (Thailand) Inc., the Company does not need
to hold the Extra Ordinary Shareholders Meeting to consider and
approve the amendment to Article 3 of the Articles of
Association of the Company to expand the foreign shareholding
ratio from 51 percent to 80 percent of the total issued shares.

(Praful Shah)
Managing Director

CONTACT:

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


BOND PRICING: For the Week 24 January to 28 January 2005
--------------------------------------------------------

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


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    3
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    3
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   11
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    9
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Powerco Ltd                           8.150%     9/01/07    8
Prime Life Corp.                      9.500%     12/8/06    1
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities                   9.160%     9/20/35    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                     9.000%    12/15/08    2
Tampines Assets Ltd                    5.625%      12/7/06    1


CHINA
-----

China Government Bond                  2.900%    5/24/32    68


KOREA
-----

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


MALAYSIA
--------

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


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd                    6.000%      12/7/06    1



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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