TCRAP_Public/050127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, January 27, 2005, Vol. 8, No. 19

                            Headlines

A U S T R A L I A

ARMION PTY: Members Agree to Wind Up Company
ATLANTEK PTY: Appoints Liquidator for Winding Up Purposes
AVON COLLIERY: To Hear Liquidator's Report During Meeting
BRIGADOON CORPORATION: Court Picks Liquidator
CALAKEPE PTY: Enters Winding Up Proceedings

CAZTRAN PTY: Names Peter Hillig as Liquidator
DYEWRX PTY: To Declare Final Dividend February 15
GREEN STAR: Members Resolve to Wind Up Voluntarily
HELLMAN INSURANCE: To Undergo Winding Up Process
HESUYU PTY: Creditors Confirm Appointment of Liquidator

JEM CONTRACTING: Members Pass Resolution During Meeting
J&G MACHINERY: To Hold Final Meeting February 14
KOBE STEEL: Creditors Should Prove Claims by February 3
LOCKWOOD PTY: Members Agree to Wind Up Company
NATIONAL AUSTRALIA: Rogue Traders Risk 10-year Jail Term

PLAN 2: Appoints Liquidator to Wind Up Company
P.R.O.S PTY: To Convene Meeting February 14
QANTAS AIRWAYS: AirAsia Boss Supports Stand on L.A. Route
T.E.S.S. ENGINEERING: Members Pass Resolution During Meeting
TITAN DIGITAL: Members Resolve to Wind Up Company

UNITED PREMIUM: Names M.C. Smith as Liquidator
ZIADE INVESTMENTS: Court Issues Winding Up Order


C H I N A  &  H O N G  K O N G

LUNG ELECTRONICS: Members, Creditors Meetings Set Feb. 8
MASS WINNER: Winding Up Petition Scheduled on March 2
SILICON LIMITED: Faces Winding Up Proceedings
STABLY ENGINEERING: Winding Up Hearing Slated for March 9
ZHU KUAN: Deutsche Bank Buys More Debt


I N D O N E S I A

BANK DANAMON: Picks Underwriters for IDR3 Trillion Bonds
BANK RAKYAT: Plans to Write Off Aceh's IDR400 Bln Debt
PERTAMINA: President Seeking Speedy Settlement of Cepu Row
SEMEN GRESIK: Cemex Hopes to Finalize Negotiations by February


J A P A N

APLUS COMPANY: Shinsei Bank Mulls JPY196-Bln Capital Injection
ASADA NOSAN: Enters Bankruptcy
ASADA NOSAN: Collapses After Bird Flu Snafu
BUNRAKU K.K.: Begins Bankruptcy Proceedings
MATSUSHITA ELECTRIC: Calls on 1,000 Employees to Retire

MITSUBISHI MOTORS: S&P Places Ratings on CreditWatch
MITSUBISHI MOTORS: May Use Share Transfers to Pay Compensation
MITSUBISHI MOTORS: To Record US$4.3 Bln Loss


K O R E A

HANARO TELECOM: Issues Bonds to Fund Takeover of Rival
KOOKMIN BANK: Plans to Cut Workforce Through Early Retirement
KOREA EXCHANGE: New President to Intensify Restructuring Program


M A L A Y S I A

ANTAH HOLDINGS: Unveils Default Status Update
ARTWRIGHT HOLDINGS: Lists Additional Shares
BOUSTEAD HOLDINGS: Discloses Share Option Scheme
DATUK KERAMAT: Enters Winding Up Proceedings
DATUK KERAMAT: Trading of Shares Suspended

GULA PERAK: Granted Listing of Additional Shares
HABIB CORPORATION: Unaware of Unusual Market Activity
LION CORPORATION: Acquires Remaining ACB Shares
LION CORPORATION: Delays Submission of Proposal Application
MALAYSIAN BULK: Director Intends to Deal During Closed Period

MALAYSIAN BULK: Sells Subsidiary to Torm for RM311.6 Mln
NORTH BORNEO: SC Approves Revised Regularization Plan
PAN MALAYSIA: Buys Back 3,500,000 Shares
PAN MALAYSIA: To Allot Remaining Shares to Bumiputera Investors
POS MALAYSIA: To List More Shares Today

POS MALAYSIA: Notes Resale of Treasury Shares
PUNCAK NIAGA: To List 390,000 New Ordinary Shares
PWE INDUSTRIES: Resignation of Adviser Won't Affect Rehab
WCT ENGINEERING: Director Wants to Deal in Securities
WCT ENGINEERING: Notes Closed Period Dealing

WCT ENGINEERING: Director to Deal in Securities
WCT ENGINEERING: Director Plans to Deal During Closed Period
WCT ENGINEERING: Unveils Closed Period Dealing


P H I L I P P I N E S

MANILA ELECTRIC: Court Denies Rate Hike Petition
NATIONAL POWER: State Urged to Watch Types of Debt it Absorbs
PHILIPPINE BANK: Furnishes Copy of Statement of Condition
PHILIPPINE LONG: Set to List Additional Shares Today
PHILIPPINE LONG: Issues Cash Dividend Declaration


S I N G A P O R E

CEP INSTRUMENTS: Posts Intended Dividend Notice
CHINA AVIATION (S): Parent Lauds Revival Efforts
KOH BROTHERS: Court May Confirm Cap Reduction Next Month
PLAZA PACIFIC: Faces Dissolution
SEATOWN CORPORATION: Proposes Judicial Management Extension

SENG LIM: Issues Notice Of Preferential Dividend
SONG & SONS: Posts Intended Dividend Notice


T H A I L A N D

BANGKOK STEEL: Promsri Property Becomes Major Shareholder
SIAM AGRO: Court Reschedules Hearing on February 14

     -  -  -  -  -  -  -  -

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


ARMION PTY: Members Agree to Wind Up Company
--------------------------------------------
At a General Meeting of Armion Pty Ltd (In Liquidation) A.C.N.
001 125 560, duly convened and held at 1 Currawong Avenue, Palm
Beach, 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 Peter Geoffrey Akehurst of 7/13 Avalon Parade,
Avalon Beach, 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 4th day of January 2005

Peter Geoffrey Akehurst
Liquidator
7/13 Avalon Parade, Avalon Beach NSW


ATLANTEK PTY: Appoints Liquidator for Winding Up Purposes
---------------------------------------------------------
Notice is hereby given that at a meeting of Atlantek Pty Limited
(In Liquidation) A.C.N. 074 404 836 held on December 20, 2004
the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Daniel
Civil be appointed Liquidator for the purpose of such winding
up.

Daniel Civil
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


AVON COLLIERY: To Hear Liquidator's Report During Meeting
---------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001, that the final meeting of the members of
Avon Colliery Pty Limited (In Liquidation) A.C.N. 003 561 153
will be held at the office of Star Dean-Willcocks, Level 1, 32
Martin Place, Sydney NSW 2000 on February 1, 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 hearing any explanation
that may be given by the Liquidator.

Dated this 21st day of December 2004

Nicholas Craig Malanos
Liquidator
c/- Star Dean-Willcocks
Chartered Accountants
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: (02) 9223 2944
Facsimile: (02) 9223 3011


BRIGADOON CORPORATION: Court Picks Liquidator
---------------------------------------------
On December 17, 2004 the Supreme Court of New South Wales,
Equity Division, made an Order that Brigadoon Corporation Pty
Ltd (In Liquidation) A.C.N. 104 234 380 be wound up by the Court
and appointed, Hugh Charles Thomas, BKR Walker Wayland, 8th
Floor, 55 Hunter Street, Sydney NSW 2000 to be Liquidator.

Dated this 21st day of December 2004


CALAKEPE PTY: Enters Winding Up Proceedings
-------------------------------------------
At a General Meeting of Calakepe Pty Ltd A.C.N. 067 687 263,
duly convened and held at 1 Findlay Avenue, Roseville on
December 15, 2004 the following Special Resolution was passed:

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

Dated this 16th day of December 2004

Stephanie O'connor
Liquidator
274 Parker Street,
Cootamundra NSW 2590


CAZTRAN PTY: Names Peter Hillig as Liquidator
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Caztran Pty Limited (In Liquidation) A.C.N. 003
495 645 held on December 20, 2004, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Peter Hillig of Smith Hancock, Chartered Accountants, Level 4,
88 Phillip Street, Parramatta NSW 2150 be appointed Liquidator.

Dated this 20th day of December 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


DYEWRX PTY: To Declare Final Dividend February 15
-------------------------------------------------
A first and final dividend to unsecured creditors is to be
declared on or before February 15, 2005 for DYEWRX Pty Limited
(Subject To Deed Of Company Arrangement) A.C.N. 003 642 519.

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

Dated this 21st day of December 2004

Geoffrey Mcdonald
Deed Administrator
Hall Chadwick
Chartered Accountants
GPO Box 3555, Sydney NSW 2001


GREEN STAR: Members Resolve to Wind Up Voluntarily
--------------------------------------------------
Notice is hereby given that at Meetings of Members and Creditors
of Green Star Interiors Pty Ltd (In Liquidation) A.C.N. 083 537
982 duly convened and held on December 16, 2004, the following
Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Elliott and Geoffrey McDonald be appointed Liquidators for the
purpose of such winding up.

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


HELLMAN INSURANCE: To Undergo Winding Up Process
------------------------------------------------
Notice is hereby given that at a general meeting of members held
on December 17, 2004 it was resolved that Hellman Insurance
Brokers (In Liquidation) A.C.N. 087 717 977 would be wound up
voluntarily and that John Russell Biddle of Level 19, 207 Kent
Street, Sydney NSW 2000 be appointed Liquidator for the purpose.

Dated this 21st day of December 2004

J.R. Biddle
Liquidator


HESUYU PTY: Creditors Confirm Appointment of Liquidator
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hesuyu Pty Limited (In Liquidation) A.C.N. 001 530 516 duly
convened and held at Frasers Insolvency Advisory, Level 9, 99
Elizabeth Street, Sydney NSW 2000 on Friday, December 17, 2004
at 10:00 a.m. a Special Resolution that the Company be wound up
voluntarily was passed by members and the undersigned was
appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 27th day of December 2004

M.F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


JEM CONTRACTING: Members Pass Resolution During Meeting
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members and
Creditors of JEM Contracting Pty Ltd (In Liquidation) A.C.N. 081
507 931 duly convened and held at the offices of Lucas & Currie
Chartered Accountants of Level 8, ING Building, 100 Edward
Street, Brisbane Qld 4000, on the Monday, December 20, 2004, the
following resolutions were passed:

SPECIAL RESOLUTION

That it has been proved to the satisfaction of this Meeting of
Members and Creditors of JEM Contracting Pty Ltd, A.C.N. 081 507
931 that the Company cannot continue its business as it is
unable to meet its liabilities, and accordingly that the Company
be wound up voluntarily.

ORDINARY RESOLUTION

That Peter Anthony Lucas and Ian Alexander Currie of Lucas &
Currie Chartered Accountants, Level 8, 100 Edward Street,
Brisbane, Qld, be appointed joint and several Liquidators for
the purpose of winding up the Company.

Dated this 20th day of December 2004

P.A. Lucas
I.A. Currie
Joint & Several Liquidators
Telephone: (07) 3232 5200
Facsimile: (07) 3003 0334


J&G MACHINERY: To Hold Final Meeting February 14
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of J&G
Machinery Pty Limited (In Liquidation) A.C.N. 073 196 960 will
be held at the offices of Smith Hancock, Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta NSW 2150 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 17th day of December 2004

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


KOBE STEEL: Creditors Should Prove Claims by February 3
-------------------------------------------------------
A final dividend is to be declared on or after February 4, 2005
for Kobe Steel Australia Pty Limited (In Liquidation) - Members'
Voluntary A.C.N. 003 893 570.

Creditors whose debts or claims have not already been admitted
are required on or before February 3, 2005 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated this 11th day of January 2005

Keiran Hutchison
Liquidator
Kobe Steel Australia Pty Limited (In Liquidation)
Ernst & Young
Level 37, 680 George Street,
Sydney NSW 2000
Telephone: 61 2 9248 5555


LOCKWOOD PTY: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that, at a General Meeting of Lockwood
Pty Limited A.C.N. 000 124 596, duly convened and held at 75
Lead Street, Yass on December 21, 2004, the following Special
Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation.

Dated this 21st day of December 2004

Paul Twohill
Liquidator
Gregory & McCarthy
Chartered Accountants
75 Lead Street, Yass NSW 2582


NATIONAL AUSTRALIA: Rogue Traders Risk 10-year Jail Term
--------------------------------------------------------
The four foreign currency traders sacked by National Australia
Bank (NAB) for causing losses of AU$360 million are likely to
face five to 10 years jail sentence and pay fines of as much as
AU$220,000 if found guilty, reports The Australian.

David Bullen, Vince Ficarra, Luke Duffy and Gianni Gray were
charged at the Melbuorne Magistrates Court, before a committal
hearing in March when they are expected to declare how they will
plead.

While charged with multiple offences, it is understood any
prison sentences would probably be served concurrently, meaning
Mr. Bullen and Mr. Ficarra could face maximum jail time of 10
years while Mr. Duffy and Mr. Gray would serve no more than
five.

In documents lodged with the court, the Australian Securities
and Investments Commission has alleged Mr. Bullen and Mr.
Ficarra entered a series of foreign exchange transactions into
NAB's Horizon trading system between October 1, 2003, and
January 9, 2004, which combined to falsely inflate the bank's
profit figures by AU$262.5 million. The two were also accused of
deceiving the bank into paying them performance bonuses of
AU$83,044 and AU$46,350, respectively.

Mr. Duffy's and Mr. Gray's charges related to allegations that
they had entered 19 false foreign exchange trades into the
Horizon system worth a combined AU$263.6 million over the same
period, and misrepresented the performance of the foreign
exchange trading desk in order to qualify for bonuses.

For unknown reasons, none of the four was present in court
Tuesday to hear the charges.

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/


PLAN 2: Appoints Liquidator to Wind Up Company
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Plan 2 Play Pty Ltd (In Liquidation) A.C.N. 068
336 578 held on December 10, 2004, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose, A.
H. J. Wily of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 17th day of December 2004

A.H.J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


P.R.O.S PTY: To Convene Meeting February 14
-------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of P.R.O.S Pty Limited (In Liquidation) A.C.N. 096 969
621 will be held at Hall Chadwick Level 29, 31 Market Street,
Sydney NSW 2000 on Monday, February 14, 2005 at 10:00 a.m.

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

Business

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 14 February 2005.

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

(3) Any other business.

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


QANTAS AIRWAYS: AirAsia Boss Supports Stand on L.A. Route
---------------------------------------------------------
The head of AirAsia backs Qantas Airways' stand to keep
exclusive its lucrative Sydney-Los Angeles route, according to
Sydney Morning Herald.

AirAsia Chief Executive Tony Fernandes has accused Singapore
Airlines of double standards in its campaign to have Qantas
share the very profitable U.S.-Australia route.

Mr. Fernandes opted to take Qantas' stand when Singaporean
authorities hindered AirAsia's access into the island estate
following a protest by Singapore Airlines. The Singaporean
carrier claims it does not enjoy the same rights to fly on
certain destinations out of Australia as Qantas has to fly out
of Singapore.

"I support (Qantas chief executive) Geoff Dixon 250 per cent,"
Mr. Fernandes said. "Singapore would give them what Singapore
wants to give them."

Meanwhile, Singapore Transport Minister Yeo Cheow Tong had
earlier told the Aviation and Tourism Outlook conference in
Singapore that he was willing to give Qantas "whatever they
want".

Mr. Yeo declared Singapore would be "very happy" to have an open
skies agreement with Australia, considering the two nations'
economic ties.

The statement was made as a response to Qantas' complaint that
Singapore Air's insistence to enter the U.S. route would create
an uneven playing field.

Mr. Yeo further said he believed there were few "remaining
limitations" on where Qantas could fly out of Singapore, "as can
be seen with the setting up of Jetstar Asia in Singapore ... it
will benefit Qantas to a huge extent."

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


T.E.S.S. ENGINEERING: Members Pass Resolution During Meeting
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
T.E.S.S. Engineering Pty Limited (In Liquidation) A.C.N. 061 206
184 duly convened and held at Frasers Insolvency Advisory, Unit
8, 235A Darby Street, Cooks Hill NSW 2300 on Thursday, December
16, 2004 at 11:00 a.m. a Special Resolution that the Company be
wound up voluntarily was passed by members and the undersigned
was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 27th day of December 2004

M.F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


TITAN DIGITAL: Members Resolve to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Titan Digital Pty Ltd (In Liquidation) A.C.N. 101
321 411 held on December 20, 2004, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Geoffrey Trent Hancock of Horwath Sydney Partnership, Level 10,
1 Market Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 20th day of December 2004

G.T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


UNITED PREMIUM: Names M.C. Smith as Liquidator
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
United Premium Funding Pty Limited (In Voluntary Liquidation)
A.C.N. 003 219 065 duly convened and held at Level 6, 509 St
Kilda Road, Melbourne Victoria on December 16, 2004, a Special
Resolution that the Company be wound up voluntarily was passed
by members and M.C. Smith was appointed Liquidator.

Dated this 20th day of December 2004

M.C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000


ZIADE INVESTMENTS: Court Issues Winding Up Order
------------------------------------------------
On December 17, 2004, the Supreme Court of New South Wales,
Equity Division, made an Order that Ziade Investments Pty
Limited A.C.N. 062 643 556 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


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


LUNG ELECTRONICS: Members, Creditors Meetings Set Feb. 8
--------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance, a meeting of the members of Lung
Electronics (HK) Limited will be held at Room 1-3, 10th Floor,
Kwan Chart Tower, 6 Tonnochy Road, Wanchai, Hong Kong on Feb. 8,
2005 at 10:00 a.m.

It will be followed by a meeting of the creditors of the Company
to be held at the same place at 10:30 a.m. for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the Company during the year
ended Nov. 8, 2004.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at Room 1-3, 10th
Floor, Kwan Chart Tower, 6 Tonnochy Road, Wanchi, 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.

Au-Yeung Sin Ming, Cindy
Liquidator

This notice is dated Jan. 14, 2005.


MASS WINNER: Winding Up Petition Scheduled on March 2
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Mass Winner Limited by the High Court of Hong Kong Special
Administrative Region was on Dec. 28, 2004 presented to the said
Court by Mass Winner Limited whose registered office is situate
at Portion of Shop 41, 2nd Floor, Tower 1, Silvercord, 30 Canton
Road, Tsim Sha Tsui, Kowloon, Hong Kong.  

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

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

Knight & Ho
Solicitors for the Petitioner
Rooms 2207-2210, 22nd Floor, World-Wide House
19 Des Voeux Road Central
Central, Hong Kong

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

This notice is dated Jan. 14, 2005.


SILICON LIMITED: Faces Winding Up Proceedings
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Silicon Limited by the High Court of Hong Kong Special
Administrative Region was on Dec. 21, 2004 presented to the said
Court by Ng Wai Kuen of Room 703, Workingbond Commercial Centre,
162 Prince Edward Road West, Kowloon, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
Feb. 23, 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.

Messrs. Huen & Partners
Solicitors for the Petitioner
Units 3309-11, 33rd Floor
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Sheung Wan
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. 22, 2005.

This notice is dated Jan. 14, 2005.


STABLY ENGINEERING: Winding Up Hearing Slated for March 9
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Stably Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on Jan. 6, 2005 presented to
the said Court by Asia Commercial Bank of Limited whose
registered office is situated at 120 Des Voeux Road Central,
Hong Kong.

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

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of Mar. 8, 2005.

This notice is dated Jan. 14, 2005.


ZHU KUAN: Deutsche Bank Buys More Debt
--------------------------------------
British banking giant Deutsche Bank AG raised it debt holdings
in the bankrupt investment arm of China's Zhuhai Municipal
Government, Zhu Kuan Group, Bloomberg says.

Deutsche Bank AG increased its debt holding in Zhu Kuan from
HK$74.1 million in August 2002 to HK$536.3 million.

Zhu Kuan Group, which suspended payments to more than 30
financial creditors owed HK$7.5 billion in 1999, was put into
provisional liquidation by Hong Kong creditors in July 2003 and
declared bankrupt in June 2004 by a Macau court.

Deutsche Bank is optimistic a new agreement to restructure the
debt will provide better returns for unsecured creditors than
the settlement now being offered by the Company.

The provisional liquidator's report showed that Zhu Kuan offered
CNY2.7 billion to settle with creditors in November, 12.5
percent more than the CNY2.4 billion it proposed two years
earlier.

Provisional liquidators have been seeking a settlement that
would provide unsecured creditors a 34 percent return. They
estimate that Zhu Kuan Group and its main Hong Kong subsidiary
hold assets in land, accounts receivable and securities with
book value of HK$10.122 billion. The latest proposal would
provide unsecured creditors an estimated 21 cents on the dollar.


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


BANK DANAMON: Picks Underwriters for IDR3 Trillion Bonds
--------------------------------------------------------
PT Bank Danamon Indonesia has picked three underwriters for its
IDR3 trillion of bonds to be issued June this year, Dow Jones
reports.

The bank named Daniel Iskandar, a director at PT Danareksa
Sekuritas, HSBC Securities Indonesia and PT Trimegah Securindo
Lestari as underwriters for the bond issuance.

The proceeds from the issue will be used to expand the bank's
lending this year, said Kun Kin Lam, a senior officer at Bank
Danamon.

CONTACT:

PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax: +62 1 577 0716
Web site: http://www.danamon.co.id/


BANK RAKYAT: Plans to Write Off Aceh's IDR400 Bln Debt
------------------------------------------------------
Bank Rakyat Indonesia (BRI) is considering writing off IDR400
billion (US$43,695) worth of credits in tsunami affected Aceh
province, according to Asia Pulse.

Since 2001, BRI set aside 70 percent of IDR1.2 trillion in
outstanding credits in the province as reserves, BRI President
Director Rudjito said.

"So if the credits amounting to IDR400 billion are written off
they will not affect our profit/loss statement in 2005. Neither
will they raise our non-performing loans (NPLs) because their
amount is very small," Mr. Rudjito said.   

BRI granted the Aceh province a three-month grace period for the
repayment of credits that fell due this month.

"Let's wait until March because not all the creditors require a
grace period for the repayment of their long-term credits," he
said.

BRI suffered an estimated loss of IDR400 billion due to the
December 26 calamity, Mr. Rudjito said.

CONTACT:

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


PERTAMINA: President Seeking Speedy Settlement of Cepu Row
----------------------------------------------------------
Government officials and Pertamina should accelerate the
settlement of its row with Exxon Mobil Corp. over the Cepu oil
block, Reuters reports citing Indonesia's president.

Exxon Mobil and Pertamina signed a technical assistance contract
for the Cepu block.  Last year, Pertamina announced it will not
extend the contract for Exxon to operate the important field
when the deal expires in 2010, stating it would develop the
field on its own.

According to Exxon, it has spent $450 million on the block,
although there has been no commercial output.  Another
standpoint from Exxon over the contract extension has been its
estimates of its Cepu spending so far.

State Enterprise Minister Sugiharto said he had issued a decree
setting up a team to negotiate with Exxon Mobil.  The team was
put up in order to speed up Pertamina's negotiation with Exxon
Mobil, which is expected to begin later this month.

Mines and Energy Minister Purnomo Yusgiantoro has said the
development of the Cepu oil block is crucial to the country
boosting production.

Cepu if developed could produce a much-needed 100,000-barrel-
per-day (bpd) boost for Indonesia, equivalent to about 10
percent of current output.

CONTACT:

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


SEMEN GRESIK: Cemex Hopes to Finalize Negotiations by February
--------------------------------------------------------------
The scheduled signing of Memorandum of Understanding (MOU)
between the Indonesian government and Cemex SA over the latter's
acquisition of PT Semen Gresik was shelved, for an agreement on
some clauses have not been reached, Reuters relates.

The brawl between the companies erupted after Cemex purchased a
25.5 percent stake in state-owned Semen Gresik with the option
rights to buy majority control from 2001.  Cemex believed the
Indonesian government nullified the pact to sell Semen Gresik.

"We hope to continue the negotiation and hope (we) will reach an
agreement by February 28," Cemex Asia said in a statement late
on Tuesday.

Foreign investors concerned about legal certainty issues in
Southeast Asia's largest economy are watching the case.

CONTACT:

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


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



APLUS COMPANY: Shinsei Bank Mulls JPY196-Bln Capital Injection
--------------------------------------------------------------
Shinsei Bank Limited has hinted on plans to infuse almost US$2
billion (JPY196 billion) in fresh capital to debt-laden Aplus
Company Limited, Reuters reports. The amount is much more than
the figure it initially unveiled last year.

In November, Shinsei announced that it would provide JPY143
billion of the JPY241 billion needed to rescue Aplus from
insolvency. The remaining amount will be provided by outside
investors.

However, a consortium of banks and insurance firms headed by
Sumitomo Trust & Banking Company decided to contribute JPY45
billion in exchange for preferred shares, less than half the
amount Shinsei hoped to secure from outsiders.

The surprised move by the group forced Shinsei to revised its
plan and increase the amount it plans to pump into Aplus.

Still, Shinsei is looking to reduce its JPY196 billion outlay to
the originally planned JPY143 billion through the sale of shares
to third parties. The bank said several investors had expressed
interest.

Shinsei, which took over stricken Aplus in September to gain a
foothold in Japan's lucrative consumer lending market, has gone
out of its way to revive Aplus.

Aplus had a negative net worth of JPY181.6 billion for the half
year to Sept. 30, and Monday it announced a JPY261 billion
consolidated net loss for the nine months through December.


ASADA NOSAN: Enters Bankruptcy
------------------------------
Y.K. Asada Nousan, a firm engaged in poultry farming, has
entered bankruptcy, says Teikoku Databank America.

The firm, based in Himeji-shi, Hyogo 679-2121, left a total of
US$25.46 million.

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



ASADA NOSAN: Collapses After Bird Flu Snafu
-------------------------------------------
Asada Nosan Company has filed for bankruptcy after it failed to
recover from the bird flue epidemic last year, reports Japan
Today, citing Kyodo News.

The chicken farm operator has filed for bankruptcy proceedings
with the Himeji branch of the Kobe District Court after it was
hit by an outbreak of deadly avian influenza last February.

Asada Nosan, which owns six chicken farms in the western Japan
prefectures of Kyoto, Hyogo and Okayama, decided to shut down
one in Tamba, Kyoto Prefecture right after it came under fire
after it failed to report the outbreak promptly to authorities.





BUNRAKU K.K.: Begins Bankruptcy Proceedings
-------------------------------------------
Japanese restaurant operator Bunraku K.K. has fallen into
bankruptcy with total liabilities of US$75 million, according to
Teikoku Databank America.

The firm is headquartered in Himeji-shi, Hyogo 672-8040.

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


MATSUSHITA ELECTRIC: Calls on 1,000 Employees to Retire
-------------------------------------------------------
Matsushita Electric Industrial Company is urging personnel in
its consumer electronics divisions in Japan consider early
retirement, in a bid to slash 1,000 jobs from its payroll, The
Japan Times says.

Matsushita has started an early retirement program at Panasonic
AVC Networks Co., which develops and produces products that
include DVDs and flat-screen TVs, and Panasonic Mobile
Communications Co., a maker of cell phones.

Some 1,000 employees of the unit's combined workforce of 19,000
are expected to apply for the program.

The job cuts is part of the Company's plans to restructure to
survive cutthroat competition in consumer electronics.

Profit margins have declined for flat-screen TVs and other items
for Matsushita and its allies amid fierce competition with Sharp
Corporation and other industry leaders.


MITSUBISHI MOTORS: S&P Places Ratings on CreditWatch
----------------------------------------------------
Standard & Poor's Ratings Services on Jan. 25 placed its 'CCC+'
long-term issuer credit rating on Mitsubishi Motors Corp. on
CreditWatch with negative implications, reflecting the
possibility that the automaker's revitalization plan may
incorporate debt forgiveness, including debt-for-equity swaps.
     
If debt forgiveness by the creditor banks is incorporated in the
new revitalization plan, to be announced by the end of January
2005, the rating on Mitsubishi Motors will be lowered to 'CC'. A
'CCC+' rating on the Company would not allow for the possibility
of debt forgiveness. If creditor banks were to implement debt
forgiveness, the rating on the Company would be subsequently
lowered to 'SD'.
     
Standard & Poor's intends to assign a new rating on Mitsubishi
Motors after confirmation of the completion of debt forgiveness
and capital injections. Strong concerns over the Company's
financial performance mean the new rating would likely be in the
'CCC' category.
     
The 'B-' rating on Mitsubishi Motors' senior unsecured debt was
also placed on CreditWatch with negative implications, primarily
reflecting an increased ratio of secured debt. The amount of
secured debt increased to about JPY520 billion and accounted for
about 28% of total assets as of Sept. 30, 2004.To resolve the
CreditWatch status on Mitsubishi Motors' senior unsecured debt
rating, Standard & Poor's will examine how the new
revitalization plan would affect the Company's secured debt
position.
     
In addition, the CreditWatch placement of the rating on
Mitsubishi Motors' senior unsecured debt incorporates the
possibility that creditor banks, including Mitsubishi Tokyo
Financial Group Inc. and other Mitsubishi companies, may reduce
financial support to the automaker in the future.
     
The rating on the long-term senior unsecured debt is now one
notch higher than its long-term issuer rating, reflecting the
better protection for bondholders than bank lenders, given the
likelihood of loan waivers offered by key creditor banks. The
rating on the Company's debt, if it were to be lowered, is
unlikely to be lower than its long-term issuer rating.
    
Standard & Poor's will resolve the CreditWatch status on
Mitsubishi Motors' credit and debt ratings after the new
revitalization plan is unveiled.
     
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: May Use Share Transfers to Pay Compensation
--------------------------------------------------------------
Embattled Mitsubishi Motors Incorporated is considering paying
DaimlerChrysler AG with stakes in a truck maker and a car plant
in Netherlands as compensation for vehicle recalls, Bloomberg
says.

Sources said the Japanese carmaker might use the share transfers
of stakes in Mitsubishi Fuso Truck & Bus Corporation and
Netherlands Car BV as part of payments to the German carmaker,
estimated to reach a total of JPY50 billion (US$480 million).

DaimlerChrysler is hoping to remedy losses incurred after it
took control of Mitsubishi Fuso in March. Fuso had to recall
trucks for repairs after it failed to reveal defects in hub cabs
and other parts.

In April, the German Company refused to infuse additional
capital to Mitsubishi Motors right after defect cover-up
scandals came to light. The move forced Mitsubishi Motors to
turn to Mitsubishi group companies and other investors for
financial aid.

Mitsubishi Motors may announce this week a second rescue package
from the Mitsubishi group companies and banks totaling at least
JPY500 billion. That amount would match the aid it received in
May to help fund new models and repay debt.


MITSUBISHI MOTORS: To Record US$4.3 Bln Loss
--------------------------------------------
Mitsubishi Motors Corporation is likely to suffer a record net
loss of more than US$4.3 billion in the year to March due to
dwindling sales and a compensation payment of DaimlerChrysler,
according to Agence France Presse.

The Yomiuri Shimbun reported the ailing automaker plans to
revise its net loss forecast to more than JPY450 billion (US$4.3
billion) from the initial estimate of JPY240 billion.

The daily said Mitsubishi Motors will announce the new estimate
on Friday along with a new set of revival plans.

The revision is reported to stem mainly from compensation
payment to be made to DaimlerChrysler for losses on its
investment in Mitsubishi's truck unit. That is coupled with
depreciation charges on fixed assets in North America and
Australia due to sagging sales.


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


HANARO TELECOM: Issues Bonds to Fund Takeover of Rival
------------------------------------------------------
South Korea's Hanaro Telecom Inc. issued a total of US$500
million in overseas bonds to fund its takeover of smaller rival
Thrunet Co., according to Yonhap News.

The coupon for the bonds, which have a maturity of up to seven
years, is set at 7 percent, the Company said in a disclosure to
the Financial Supervisory Service.

Hanaro, owned by U.S. investors American International Group
Inc. and Newbridge Capital Ltd., originally set the target yield
on its debt between 7.25 percent and 7.5 percent.

JP Morgan Chase & Co. and UBS AG were arranging the sale.

CONTACT:

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


KOOKMIN BANK: Plans to Cut Workforce Through Early Retirement
-------------------------------------------------------------
Kookmin Bank introduced an early retirement program as the
Company seeks to cut its workforce by 10 percent, according to
Channelnews Asia.

Bank president Kang Chung-Won said the bank needed to slash jobs
if it was to survive stiff competition in a banking sector that
has attracted major international players.

The bank said it would accept applications for early retirement
from full-time staff until Jan. 31 after management and the
bank's labor union agreed on terms and conditions for the
scheme.

Under the terms, each applicant will be offered two years'
salary and 200 Kookmin Bank shares as an incentive, in addition
to a normal retirement payment of one month's salary for every
year worked.

Part of the job cuts will come from among 10,000 temporary
workers. The bank said temporary contracts that soon expire
would not be renewed.

Kookmin Bank became the country's largest bank after merging
with now-defunct Housing and Commercial Bank of Korea in 2001,
and has faced tougher competition from foreign lenders in the
local market.

CONTACT:

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


KOREA EXCHANGE: New President to Intensify Restructuring Program
----------------------------------------------------------------
Korea Exchange Bank's new chief executive officer vowed to
intensify the lender's restructuring process as it strives to
become more competitive in Asia's banking market, the Financial
Times reports.

But analysts said Jan. 24's surprise management reshuffle could
signal that KEB major shareholder Lone Star is preparing to sell
the bank later this year.

"We have a strong position in trade and foreign exchange
businesses," Mr. Wacker told reporters after his appointment was
announced.

"We have excellent customer relations and ability to develop new
products, and we will continue to invest in them."

Meanwhile, KEB chauirman and former president Mr. Fallon on Jan.
25 estimated that KEB would post record net profits of KRW520
billion for 2004, a sharp turnaround from the previous year's
Won214bn loss, thanks to higher fee income. The final figures
will be published next month.

CONTACT:

Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


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


ANTAH HOLDINGS: Unveils Default Status Update
---------------------------------------------
Antah Holdings Berhad (ANTAH) announced that further to the
Company's announcement on Dec. 24, 2004, there are no further
developments regarding the default in payments of various credit
facilities to financial institutions and non-financial
institutions.

On Nov. 27, 2004, the Company obtained the approval of its
Scheme Creditors for the Proposed Debt Restructuring pursuant to
Section 176(1) of the Companies Act, 1965.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax: 03-20949940

This announcement is dated Jan. 25, 2005.


ARTWRIGHT HOLDINGS: Lists Additional Shares
-------------------------------------------
Artwright Holdings Berhad's additional 54,196 new ordinary
shares of RM1.00 each arising from the Conversion of RM77,500
Nominal Value of 5.5% Irredeemable Convertible Unsecured Loan
Stocks 2002 - 2007 was granted listing and quotation effective
Wednesday, Jan. 26, 2005, 9:00 a.m.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


BOUSTEAD HOLDINGS: Discloses Share Option Scheme
----------------------------------------------
Boustead Holdings Berhad's additional 123,000 new ordinary
shares of RM0.50 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation effective
Friday, Jan. 28, 2005, 9:00 a.m.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Phone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my


DATUK KERAMAT: Enters Winding Up Proceedings
--------------------------------------------
On January 24, 2005 Datuk Keramat Holdings Berhad announced that
a winding-up petition was served on the Company by Affin Bank
Berhad.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax:   03-79566766


DATUK KERAMAT: Trading of Shares Suspended
------------------------------------------
Trading in the shares of Datuk Keramat Holdings Berhad has been
suspended effective Tuesday, Jan. 25, 2005, 9:00 a.m., until
further notice.

The Company refers to its announcement dated Jan. 24, 2005.


GULA PERAK: Granted Listing of Additional Shares
------------------------------------------------
Gula Perak Berhad's additional 3,000 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of 3,000
irredeemable convertible secured loan stocks 2000/2005
will be granted listing and quotation effective Thursday, Jan.
27, 2005, 9:00 a.m.

CONTACT:

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


HABIB CORPORATION: Unaware of Unusual Market Activity
-----------------------------------------------------
Habib Corporation Berhad refers to Bursa Malaysia Securities
Berhad's (Bursa Securities) query letter dated Jan. 25, 2005 on
unusual market activity.

In accordance with paragraph 9.11 of Bursa Securities Listing
Requirements on Corporate Disclosure Policy in response to
unusual market activity, the Board of Directors of the Company,
after making due enquiry, wishes to inform as follows:

(a) The Board is not aware of any particular circumstances
contributing to the sharp increase in volume traded in the
Company's shares recently.

(b) There are no material developments not previously disclosed
which would account for the unusual market activity.

Nevertheless, the Company is continuously exploring new
activities and businesses and will make the necessary
announcement to the Exchange should it fall under the ambit of
the Listing Requirements of Bursa Securities.

Bursa Malaysia's Query Letter content:

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

Yours faithfully

WONG KAY YONG
Head, Listing Compliance
Group Regulations

CONTACT:

Habib Corporation Berhad
Lot 106
Lorong Memanda 2,
Ampang Point,
68000 Ampang,
Selangor Malaysia
Phone: 03-42527777
Fax:   03-42527484


LION CORPORATION: Acquires Remaining ACB Shares
-----------------------------------------------
Lion Corporation Berhad (LCB) refers to its conditional
voluntary offer to acquire the remaining issued and fully paid-
up ordinary shares in Amalgamanted Containers Berhad (ACB).

Pursuant to Section 32 of the Code, K & N Kenanga Berhad on
behalf of LCB announced the dealings in the ordinary shares in
LCB and ACB as well as warrants of LCB (Affected Securities) by
LCB, persons acting in concert with LCB and/or the persons
connected to them as set out in Section 32 of the Code.

The details of the dealings in the Affected Securities by the
Parties are set out in the link below.

Any disclosures made by K & N Kenanga Berhad (Kenanga) pursuant
to Section 32 of the Code, on behalf of the relevant Parties,
are based on the disclosures as furnished by LCB.

Kenanga shall not be responsible for any omission and/or error
in such disclosure to the authorities.

To view full details of the dealings, go to:

http://bankrupt.com/misc/tcrap_lion012605.doc

CONTACT:

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

This announcement is dated Jan. 25, 2005.


LION CORPORATION: Delays Submission of Proposal Application
-----------------------------------------------------------
Lion Corporation Berhad (LCB) refers to its announcement dated
Nov. 25, 2004 in relation to the Proposals (Announcement). It
was stated in the Announcement that the application to the
relevant authorities for the Proposals (Applications) was
expected to be submitted within two (2) months from the date of
the Announcement.

The Company announced that a waiver application from applying
certain provisions of the Securities Commission's Policies and
Guidelines On Issue/Offer of Securities on the Proposals (Waiver
Application) was submitted to the Securities Commission (SC) and
the submission of the Applications would require more time,
pending the SC's decision on the Waiver Application.

An announcement on the expected timeline for submission of the
Applications will be made at a later date, after the SC's
decision on the Waiver Application is received.

This announcement is dated Jan. 25, 2005.


MALAYSIAN BULK: Director Intends to Deal During Closed Period
-------------------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) is now in the closed period
for dealing in its securities pending the announcement of its
results for the 4th Quarter ended Dec. 31, 2004.

MBC informs Bursa Malaysia that on Jan. 25, 2005, it received
notification from a Director on his intention to deal in MBC
securities during this closed period.

The details of his current interests in the Company securities
are set out below:

Name of Director: Kuok Khoon Kuan (CEO)

Direct Interest No. of Shares: 1,653,000 (0.2066%)

Indirect Interest No. of Shares:  Nil

CONTACT:

Malaysian Bulk Carriers Berhad
Level 17 and 18
PJ Tower Jalan Persiaran Barat Off Jalan Timur
46050 Petaling Jaya
Malaysia
Phone: 03-79661688
Fax: 03-79661628


MALAYSIAN BULK: Sells Subsidiary to Torm for RM311.6 Mln
--------------------------------------------------------
Malaysian Bulk Carriers Group (MBC Group) announced that on Jan.
25, 2005, it entered into a Share Purchase Agreement with the
Torm Group of Denmark (Torm) whereby Torm will acquire the
entire equity of the MBC Group's wholly owned subsidiary,
Brodsworth Enterprises Limited and all its underlying
subsidiaries (Brodsworth Group) for a total consideration of
approximately RM311.6 million.

Brodsworth Group owns four Panamax Tankers, the Penyu Agar and
three other vessels, which are presently under construction.

Although delivery of the final vessel will only be in January
2006, full settlement to the MBC Group will be made on Sept. 30,
2005.

Rationale for / Effects of the Disposal

The Board thinks that Panamax Tankers (73,000 dwt) will face
increasing competition as new buildings of this class are
delivered over the next three years.

This disposal is an opportunity for the MBC Group to exit the
Panamax Tankers market and to unlock values created by the
prevailing strong tanker market. The effect of the sale will be
a capital gain of approximately RM295.3 million and coupled with
the repayment of loans due to MBC by Brodsworth, it will release
cash of around RM589 million.

The liquidity will enable MBC to redeem all its outstanding
Redeemable Preference Shares and will contribute towards
financing the new vessels, which the MBC Group has contracted.

Statement by the Board of Directors

The Board of Directors feels that this disposal is in the best
interest of MBC and its shareholders.

Torm is not connected in anyway to the major shareholders and/or
directors of MBC.

This Announcement is dated Jan. 25, 2005.


NORTH BORNEO: SC Approves Revised Regularization Plan
-----------------------------------------------------
The North Borneo Corporation Berhad (NBC) refers to its
announcements made on May 31, 2004 and Jan. 13, 2005 in relation
to its Revised Regularization Scheme released by Southern
Investment Bank Berhad on Sept. 1, 2004.

NBC announced that the Securities Commission (SC) had, via its
letter dated Jan. 24, 2005, approved the Revised Scheme of NBC
as follows:

(i) Proposed scheme of arrangement under Section 176 of the
Companies Act 1965 between NBC, its existing shareholders and
LLT Resources Berhad (LLT), whereby all the existing
shareholders of NBC will exchange their existing 66,124,000 NBC
shares for 3,306,200 new LLT shares on the basis of one new LLT
shares for every twenty (20) existing NBC shares held by each of
the existing shareholder of NBC (Proposed Share Exchange);

(ii) Proposed acquisition by LLT, via LLT Plantations Sdn Bhd
(LPSB), of the following land from Seatex Plantations Sdn Bhd
(SPSB):

  (a) Seatex Estate, a leasehold plantation land, located in Lot
No 140, Block No. 10, Niah Land District, Miri, Sarawak, for a
purchase consideration of RM25,000,000, to be satisfied by an
amount owing to SPSB by LPSB;
          
  (b) Benta Estate, a freehold plantation land, located in Mukim
Penjom, District of Kuala Lipis, Pahang, for a purchase
consideration of RM33,000,000, to be satisfied by an amount
owing to SPSB by LPSB;

  (c) Arishah Estate, a leasehold plantation land, located in
Mukim Rompin, District of Jempol, Negeri Sembilan, for a
purchase consideration of RM47,000,000, as opposed to
RM54,800,000, to be satisfied by an amount owing to SPSB by
LPSB;

  (d) Desa Beruntung Land, a leasehold plantation land, located
in PT 3002, 3003, 3005 and 3006, Mukim Ulu Yam, District of Ulu
Selangor, Selangor, for a purchase consideration of
RM26,700,000, to be satisfied by an amount owing to SPSB by
LPSB;

(iii) Proposed acquisition by LLT, via Super Worth Ventures Sdn
Bhd, of a freehold plantation land (converted into mixed
development land), located in Geran No 34993, Lot No 2099, Mukim
Ulu Yam, District of Ulu Selangor, Selangor, from Prospell
Enterprise Sdn Bhd (PESB), for a purchase consideration of
RM90,000,000, to be satisfied by the issuance of 90,000,000 new
LLT shares, at par (Proposed PESB Land Acquisition);

(iv) Proposed acquisition by LLT of the entire issued and paid-
up capital of SPSB, comprising 37,768,087 shares, from Yoke Hoh
Sdn Bhd (YHSB), for a purchase consideration of RM75,425,517, as
opposed to RM83,225,923, to be satisfied by the issuance
75,425,517 new LLT shares, at par (Proposed SPSB Acquisition);

(v) Proposed settlement and restructuring of the total debts
owing by NBC Group to its creditors, summarized as follows
(Proposed Debt Restructuring):

                         Total Debt       Terms of Settlement
                                        New LLT Shares     Cash
                           RM'000          (`000)         RM'000
Fully secured creditor     35,113           21,220           -
Danaharta, unsecured
creditor                   58,091            2,905           -
Other unsecured creditors  16,119              806           -

Preferential creditors        773               -            773
Chong Pah Aung              2,028              946            -
YHSB                        1,908            1,671            -

TOTAL:                    114,032           27,548           773

(vi) Proposed disposal of the NBC Group by LLT to a special-
purpose vehicle for a nominal value of RM1;

(vii) Proposed special issue of 10,000,000 new LLT shares to
Bumiputera investors to be identified, at par value (Proposed
Special Issue);

(viii) Proposed placement by YHSB, PESB and/or creditors of NBC
(excluding preferential creditors) of LLT shares to enable LLT
to meet the public shareholding requirement;

(ix) Proposed de-listing of NBC from the Main Board of Bursa
Malaysia Securities Berhad (Bursa Securities), and in its place,
the listing of and quotation for the entire issued and paid-up
ordinary share capital of LLT on the Main Board of Bursa
Securities; and

(x) Proposed issuance and listing of up to 225,927,204 new LLT
shares to be issued as follows:

- 3,306,200 new LLT shares for the Proposed Share Exchange;

- 90,000,000 new LLT shares for the Proposed PESB Land
Acquisition;

- 75,425,517 new LLT shares for the Proposed SPSB Acquisition;

- 19,647,910 new LLT shares arising from the capitalization of
the existing amount owing by SPSB to YHSB pursuant to the
Proposed SPSB Acquisition;

- 27,547,577 new LLT shares for the Proposed Debt Restructuring;
and

- 10,000,000 new LLT shares for the Proposed Special Issue.


The approval of the SC on the Revised Scheme is subject to the
following conditions:

(i) Vendors of acquiree Company, SPSB, and all the plantation
lands, would have to compensate for any bad debts which, at the
completion of the proposals, had not been provided for or
disclosed in the circular;

(ii) Any future transactions between the LLT Group and companies
related to the directors must be on arm's length basis and must
not be unfavorable to the LLT Group. The audit committee of LLT
is to monitor, and the directors of LLT to report on the
position of such related transactions, if any, in the annual
report on a yearly basis;

(iii) The circular to shareholders of NBC must include the
following disclosures:

(a) Detailed explanation as to how losses suffered by the NBC
Group over the past financial years were incurred and actions
taken to recover the losses;
(b) Details of all contracts in hand. The ability of the Group
to continue securing future contracts and the associated risks
as well as steps taken/ to be taken to mitigate the risks;

(c) The Company's risk-management plan;

(d) The Company's succession plan;

(e) Details on trade debtors' position, the ageing analysis and,
for amounts exceeding the credit period, comments by directors
on the recoverability of the amounts;

(f) Details of potential conflict-of-interest situations and
steps taken/ to be taken to mitigate the situations; and

(g) Details on the valuation methodology of the acquiree Company
and the acquiree lands, and LLT and SIBB to comment on the
reasonableness of the valuation;

(iv) Vendors of the acquiree Company and the acquiree lands are
required to provide an undertaking that they will bear/
compensate all the financial obligations deriving from the
existing litigations (disclosed or otherwise that exist prior to
the completion of the acquisitions), taxation, penalties (on
matters that occurred before the completion date), quit rent and
others, involving the acquiree Company and the acquiree lands
(in the event that the outcome of the litigations is unfavorable
to the acquiree Company/LLT), unless such financial obligations
have been provided for in the audited accounts and have been
taken into consideration in deriving at the purchase
consideration of SPSB, before the issuance of the circular;

(v) In relation to the litigations involving the vendors
personally, the vendors be required to provide a confirmation
that the litigations (and the outcome subsequently) would not
affect the current restructuring proposals and would not give
rise to an adverse effect to SPSB and the new LLT Group as a
whole, before the issuance of the circular;

(vi) SIBB to provide a confirmation from the due-diligent lawyer
before the completion of the acquisitions of all plantation
lands and Proposed SPSB Acquisition that SPSB, PESB and the
other vendors have the rights and the ability to dispose of the
respective lands and asset, and that the lands and asset to be
injected into LLT are free from all encumbrances and together
with all rights, benefits and entitlements attaching to the
assets/ shares;

(vii) NBC/LLT to comply with conditions imposed by other
authorities, if any; and

(viii) NBC/LLT to comply with the relevant requirements of the
SC's Policies and Guidelines on Issue/Offer of Securities.

CONTACT:

North Borneo Corporation Berhad (the)
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax:   +60 87 234363

This announcement is dated Jan. 25, 2005.


PAN MALAYSIA: Buys Back 3,500,000 Shares
----------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 25,
2005.

Date of buy back: 25/01/2005

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

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

Minimum price paid for each share purchased (RM): 0.450

Maximum price paid for each share purchased (RM): 0.470

Total consideration paid (RM): 1,618,842.98

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

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

Cumulative net outstanding treasury shares as at to-date
(units: 18,150,000

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

CONTACT:

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

  
PAN MALAYSIA: To Allot Remaining Shares to Bumiputera Investors
---------------------------------------------------------------
Pan Malaysia Corporation Berhad (PMC) refers to its announcement
to Bursa Malaysia Securities Berhad dated Feb. 19, 2004 in
respect of the private placement of up to 73,950,000 new
ordinary shares of RM0.50 each in PMC (Private Placement)
representing up to 10% of the then issued and paid-up share
capital of the Company.

In the said announcement, the Company said, inter-alia, that it
was required to comply with the Bumiputera equity condition
previously imposed by the Foreign Investment Committee (FIC), to
increase its Bumiputera shareholdings to 19.23% before Dec. 31,
2004, and by 3.21% of the enlarged issued and paid-up share
capital of PMC within a period of one (1) year from the
completion of the Private Placement.

The Company disclosed that, pursuant to the Guidelines On
Acquisition Of Assets, Mergers and Take Overs, 1974 of the FIC,
the Securities Commission (SC) has, via its letter dated Jan.
19, 2005, granted an extension of time up to Dec. 31, 2005 for
the Company to comply with the Bumiputera equity condition
previously imposed by the FIC (to increase its Bumiputera
shareholdings to 19.23%).

The SC has further noted that a total of 15,100,000 PMC shares
pursuant to the Private Placement had been placed out to
Bumiputera investors. Consequent to the foregoing, the equity
condition imposed upon PMC via the SC's letter dated Feb. 16,
2004 has been revised and PMC is now required to allocate a
remaining 10,121,429 PMC shares to Bumiputera investors,
pursuant to the requirement to increase its Bumiputera
shareholdings by 3.21% of the enlarged issued and paid-up share
capital of PMC before Apr. 15, 2005.

This announcement is dated Jan. 25, 2005.


POS MALAYSIA: To List More Shares Today
---------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 31,000 new
ordinary shares of RM1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation
effective Thursday, Jan. 27, 2005, 9:00 a.m.

CONTACT:

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


POS MALAYSIA: Notes Resale of Treasury Shares
---------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on January 25, 2005.

Date of transaction: 25/01/2005

Total number of treasury shares sold (units): 60,000

Total number of treasury shares cancelled (units): n.a

Minimum price paid for each share sold (RM): 2.650

Maximum price paid for each share sold (RM): 2.650

Total amount received for treasury shares sold (RM): 159,000.00

Cumulative net outstanding treasury shares as at to-date
(units): 35,938,000

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


PUNCAK NIAGA: To List 390,000 New Ordinary Shares
-------------------------------------------------
Puncak Niaga Holdings Berhad's additional 390,000 new ordinary
shares of RM1.00 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation effective
Friday, Jan. 28, 2005, 9:00 a.m.

CONTACT:

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

  
PWE INDUSTRIES: Resignation of Adviser Won't Affect Rehab
---------------------------------------------------------
PWE Industries Berhad (PWE) refers to its announcement dated
Jan. 18, 2005 in relation to the Company's Proposed Corporate
Restructuring.

PWE announced that the resignation of PM Securities Sdn. Bhd.
and the appointment of Malaysian International Merchant Bankers
Berhad as the Adviser to the Proposed Corporate Restructuring of
PWE is not expected to have any effect to the Proposed Corporate
Restructuring of PWE which was approved by the Securities
Commission (SC) via SC's letter of approval dated Dec. 1, 2004.

CONTACT:

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

This announcement is dated Jan. 25, 2005.


WCT ENGINEERING: Director Wants to Deal in Securities
-----------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005 it received
notification from a Principal Officer on his intention to deal
in WCT securities during this closed period. The details of his
current interests in the Company securities are set out below:

Name of Principal Officer: Mr. Mohd Roslan Bin Sarip

Direct Interest No. of Shares:     45,000 (0.04%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Notes Closed Period Dealing
--------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005 it received
notification from a Principal Officer on his intention to deal
in WCT securities during this closed period. The details of his
current interests in the Company securities are set out below:

Name of Principal Officer: Mr. Saw Ai Hock

Direct Interest No. of Shares:     12,000 (0.01%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Director to Deal in Securities
-----------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005 it received
notification from a Principal Officer on his intention to deal
in WCT securities during this closed period. The details of his
current interests in the Company securities are set out below:

Name of Principal Officer: Mr. Chai Wai Teck

Direct Interest No. of Shares:     Nil

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Director Plans to Deal During Closed Period
------------------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company advised the Bursa Malaysia Securities Berhad that on
Jan. 24, 2005, it received notification from a Principal Officer
on his intention to deal in WCT securities during this closed
period. The details of his current interests in the Company
securities are set out below:

Name of Principal Officer: Mr. Chan Thit Yee

Direct Interest No. of Shares:    139,600 (0.12%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   26,000 (0.08%)

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Unveils Closed Period Dealing
----------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005, it received
notification from a Principal Officer on his intention to deal
in WCT securities during this closed period. The details of his
current interests in the Company securities are set out below:

Name of Principal Officer: Mr. Lai Yeng Fock

Direct Interest No. of Shares:     Nil

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


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

MANILA ELECTRIC: Court Denies Rate Hike Petition
------------------------------------------------
The Philippine Court of Appeals denied Manila Electric Company's
(Meralco) request to revise a July 2004 ruling that stopped the
power firm from raising electricity rates, reports

The Court of Appeals handed down a 16-page resolution that
denied the motion for reconsideration lodged by Meralco for lack
of merit. The resolution, likewise, dismissed the motions filed
by the ERC and a consumer that Meralco's grievances should be
brought before the commission.

The court also annulled the decision of the Energy Regulatory
Commission (ERC) approving a 30-centavo-a-kilowatt-hour rate
increase for Meralco.

The court dismissed Meralco's appeal, as the ERC which granted
the rate hike, gravely abused its discretion in allowing the
increase without appropriate consultations.

Meralco was the first private utility firm to be allowed to
unbundle its rates, which means it was authorized to break down
or detail its charges.

The unbundled rates took effect June 2003 after the ERC approved
the application for unbundling as well as a rate increase of
PHP0.17/kwh.

CONTACT:

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


NATIONAL POWER: State Urged to Watch Types of Debt it Absorbs
-------------------------------------------------------------
The government is being encouraged to be prudent in its
absorption of National Power Corporation's (Napocor) debt worth
Php200 billion prescribed under the law, relates The Manila
Bulletin.

Observers warned that the state should be cautious of the type
of debts being transferred to its balance sheet. Industry
players advised the government to only allow the absorption of
loans acquired to fund Napocor's needs, and leave those which
were used to build power plants, especially the ones under
contract with independent power producers (IPPs).

According to experts, absorbing the loans that were used to fund
construction plants would not serve as a sound policy, as the
money would soon be recovered from customers.

Under the Electric Power Industry Reform Act (EPIRA), Napocor is
required to transfer its outstanding assets and liabilities as
part of its privatization and the general restructuring of the
power industry.

As a major policy, the national government issued an Order in
December last year for an absorption of the mandated Php200
billion worth of debts, covering mainly bond issuances of
Napocor with sovereign guarantees.

CONTACT:

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


PHILIPPINE BANK: Furnishes Copy of Statement of Condition
---------------------------------------------------------
Philippine Bank of Communications (PBC or the Bank) provided the
Philippine Stock Exchange a copy of its Statement of Condition
for its Head Office and Branches and its Financial Subsidiaries
as of December 20, 2004.

A copy of the said reports shall be made available for reference
at the PSE Centre and PSE Plaza libraries.

For your information.

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

Noted:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine Bank Of Communications
6795 Ayala Ave. cor Herrera St.
PBCOm tower
Makati 1226
Philippines  
Phone: +63 2 830 7000
Fax: +63 2 818 2576  
Web site: http://www.pbcom.com.ph/


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

In this connection, please be advised that a total of 10,570
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 10,570 common shares is set
for Wednesday, January 26, 2005. This brings the number of
common shares listed under the ESOP to a total of 3364,803
common shares.

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

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: (0632) 813-2292
Web site: http://www.pldt.com.ph


PHILIPPINE LONG: Issues Cash Dividend Declaration
-------------------------------------------------
Philippine Long Distance Telephone Company (TEL or the Company)
submitted to the Philippine Stock Exchange the disclosure
pertaining to the cash dividend declared by the Board of
Directors during its meeting held on January 25, 2005.

In reference to Circular for Brokers No. 148-2003 dated January
21, 2003, please be reminded that the Securities and Exchange
Commission (SEC), in its letter to the Company dated December
16, 2002, has allowed the Company to set the payment date "in
accordance with its by-laws and Board's Resolution". In
addition, the SEC stated that the implementation of the same
should be "with proper coordination with the PCD."

Please take note of the following details of the cash dividends
declared for shares listed with the Exchange:

  CASH DIVIDEND (SERIES CC):
  -------------------------
Cash                - Php1.00 per share
Ex-Date             - February 21, 2005
Record Date         - February 24, 2005
Payment Date        - March 31, 2005

  CASH DIVIDEND (SERIES DD):
  -------------------------
Cash               - Php1.00 per share
Ex-Date            - February 3, 2005
Record Date        - February 8, 2005
Payment Date       - February 28, 2005

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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

CEP INSTRUMENTS: Posts Intended Dividend Notice
-----------------------------------------------
Cep Instruments Pte Ltd of 18 Cross Street #08-03 Marsh &
McLennan Centre Singapore 048423 posted a notice of dividend.

Court: High Court of the Republic of Singapore

Matter: Companies Winding Up No. 112 of 2002/H

Amount per centum: 100 percentum of all admitted claims

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng

First and final or otherwise: First and final

When payable: Jan. 24, 2005

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

Dated this 24th day of January 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators

This Singapore Government Gazette notice is dated Jan. 24, 2005.


CHINA AVIATION (S): Parent Lauds Revival Efforts
------------------------------------------------
China Aviation Oil Holding Company (CAOHC), the Beijing-based
parent of China Aviation Oil (S) Corporation (CAO) announced
that it is pleased that after almost 2 months of intensive
effort and hard work by the Special Task Force and its
professional advisers, CAO has finalized a proposal for a scheme
of arrangement between CAO and its creditors and shareholders
and has filed the Scheme with the High Court of Singapore on
Jan. 24, 2005.

While the presentation of the Scheme is only the first step
towards the road to the resuscitation of CAO, CAOHC hopes that
all interested parties can work together towards achieving this
common and mutually beneficial objective.

CAOHC wishes to restate its commitment to and full support of
the restructuring of CAO, and will continue to work closely with
its advisors as well as the creditors and shareholders of CAO to
facilitate its completion and success. To demonstrate its
commitment to a successfully restructured CAO, CAOHC, together
with other strategic investor, is proposing under the Scheme to
inject fresh funds of up to US$100 million into CAO to help in
the restructuring of CAO.

However, as mentioned in our announcement of Dec. 14, 2004, the
offer with respect to the injection of new funds is subject to
the conditions mentioned in that announcement. CAOHC also wishes
to state that the restructuring of CAO will be driven strictly
according to commercial principles. While CAOHC is prepared to
support the efforts of CAO to undergo the restructuring, a
successful outcome can only be achieved if all parties can
accept the compromise offered based on the interests of the
various parties, and that CAOHC can itself convince its
strategic partner to proceed with the investment.

Accordingly, CAOHC hopes that all interested parties can
participate in the process in good faith and work together
towards this objective. Alleged back to back arrangements
between CAOHC and CAO to take over CAO's debts and liabilities
In the course of discussions between CAO and its creditors,
CAOHC understands that certain creditors have alleged that CAOHC
had entered into an agreement with CAO to the effect that CAOHC
has agreed to assume all liabilities of CAO with respect to the
derivative trades, or that the derivative trades were entered
into on behalf of CAOHC.

CAOHC wishes to put on record and categorically state that it
has never entered into any agreements or arrangements with CAO
to assume the liabilities of CAO's derivative trades or CAO's
debts and liabilities as alleged, nor has it ever authorized CAO
to enter into the said derivative trades on its behalf.

As the matter is subject to investigations by the relevant
investigating authorities CAOHC shall refrain from making
further comments on this matter. However, CAOHC considers such
allegations, while misconceived and spurious, to be serious
matters and will take all possible measures to protect its
reputation.

CAOHC Shareholders' Loan

CAOHC noted that there has been some media and other reports
that CAOHC has demanded immediate repayment of CAOHC's loan to
CAO. Such reports are baseless and untrue. While the loans are
technically repayable on demand, CAOHC has not made any demand
for its repayment to date. It should further be noted that under
the terms of the scheme, CAOHC has offered, out of goodwill, to
convert the shareholders' loan to equity, which would
effectively allow the creditors a higher recovery of their
outstanding liabilities.

US Class Action

CAOHC understands that CAO have been advised that the US class
action suit can be met with a strong jurisdictional challenge
against its commencement, as the plaintiffs do not have
jurisdiction to bring the class action in the US. Nonetheless,
such an action, which is commenced by out-of-jurisdiction
lawyers in pursuit of large contingency fees, can jeopardize the
Scheme, which CAO hopes to implement for the benefit of all
shareholders.

CAOHC wishes to reiterate that it will ensure that the interest
of all minority shareholders would be sufficiently considered in
the shareholding restructuring that follows the Scheme, and
accordingly, CAOHC urges all shareholders to participate in and
approve the Scheme instead of joining in the class action.

Yours faithfully,
Jia Changbin
President
China Aviation Oil Holding Company
25 January 2005


KOH BROTHERS: Court May Confirm Cap Reduction Next Month
--------------------------------------------------------
Koh Brothers Group Limited has scheduled a hearing by the High
Court of the Republic of Singapore to confirm its capital
reduction.

Capitalized terms not defined herein shall have the same
meanings ascribed to them in the Company's circular to its
shareholders dated Nov. 2, 2004.

Further to the announcement on Jan. 24, 2005, the Board would
like to inform Shareholders that the hearing by the High Court
to confirm the Capital Reduction has been adjourned to Feb. 21,
2005.

The Company will release a further announcement upon the
conclusion of that hearing.

By Order of the Board
Koh Brothers Group Limited
Koh Tiak Chye
Chief Executive Officer and Managing Director


PLAZA PACIFIC: Faces Dissolution
--------------------------------
The Board of Directors of Hotel Plaza Limited announced that
Plaza Pacific Hotels & Resorts International Ltd, a dormant
subsidiary incorporated in the British Virgin Islands, has been
dissolved pursuant to members' voluntary liquidation proceedings
commenced earlier.

Submitted by:
Foo Thiam Fong Wellington
Company Secretary

This Singapore Stock Exchange notice is dated Jan. 25, 2005.


SEATOWN CORPORATION: Proposes Judicial Management Extension
-----------------------------------------------------------
The Board of Directors of Seatown Corporation Ltd announced that
the Company held an informal creditors' meeting on Jan. 22,
2005.

The purpose of the meeting was for the Judicial Manager of the
Company, Mr. Nicky Tan Ng Kuang, to inform and update the
creditors on the status and duration of the Judicial Management
of the Company and related matters.

The Judicial Manager of the Company informed the attending
creditors that he intends to apply to the High Court to extend
the validity of the Judicial Management Order to Aug. 26, 2005
in order to complete the investment agreement entered into
between the Company and King Premier Holdings Limited.

The creditors had no objections to the proposed extension of the
Judicial Management.   

Submitted by:
The Board of Directors   


SENG LIM: Issues Notice Of Preferential Dividend
------------------------------------------------
Seng Lim Engineering & Construction Pte Ltd. with address of
registered office at Formerly of 10 Anson Road #10-06
International Plaza Singapore 079903 issued its notice of
preferential dividend.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 389 of 1999

Amount Per Centum: 65%

First and Final or otherwise: First & Final Dividend

When Payable: Jan. 14, 2005

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Sunari Bin Kateni
Assistant Official Receiver

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


SONG & SONS: Posts Intended Dividend Notice
-------------------------------------------
Song & Sons Fresh & Sea Produce Pte Ltd with address of former
registered office at 19 Pasir Panjang Road #01-128/129 Pasir
Panjang Wholesale Centre Singapore 110019 issued a notice of
intended dividend.

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.
Amount per centum: 100 percentum of all admitted preferential
claims. 4.2 percentum of all admitted ordinary claims.

First and final or otherwise: First and Final

When payable: Jan. 25, 2005

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

Chee Yoh Chuang
Lim Lee Meng
Liquidators

This Singapore Government Gazette notice is dated Jan. 24, 2005.


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

BANGKOK STEEL: Promsri Property Becomes Major Shareholder
---------------------------------------------------------
Bangkok Steel Industry Public Company Limited advised the Stock
Exchange of Thailand that it has a change in major shareholder
from Metal One Corporation with shareholding of 15,574,147
shares or 9.73 percent of the total paid-up shares to Promsri
Property Co.,Ltd. effective January 19, 2005.  

Therefore, Metal One Corporation is not a Company shareholder
and at present, Promsri Property Co. Ltd. is holding 15,574,147
shares or 9.73 percent of the paid-up shares.

Please also note that the change in the mentioned shareholding
structure will not affect the existing management team as well
as the operations of the Company.

Please be informed accordingly.

Yours sincerely,
Economic Intellect Co.,Ltd        
Planner

C.J. Morgan Co.,Ltd.
Planner                          

CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Web site: http://www.bangkoksteel.co.th


SIAM AGRO: Court Reschedules Hearing on February 14
---------------------------------------------------
Siam Agro Industry Pineapple and Others Public Company Limited
advised the Stock Exchange of Thailand that further to the joint
filing of the petition for rehabilitation to the Central
Bankruptcy Court by the Company and its major creditor,
Kasikornbank PCL, the Court made an order accepting the petition
on January 11, 2005 and initially notified the hearing date to
be on February 7, 2005.

However, the Company has now been informed that the Court has
postponed the hearing date on February 14, 2005.

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

Yours sincerely,
Mr. Praful Shah
Managing Director

CONTACT:

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



                            *********


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

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

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

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

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

                 *** End of Transmission ***