TCRAP_Public/050128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, January 28, 2005, Vol. 8, No. 20

                            Headlines

A U S T R A L I A

AAA WHARVES: Members Pass Resolution During Meeting
ALANCLIFF PTY: To Hold Final Meeting February 11
AUSTRALIAN PRE-MIX: To Convene Final Meeting February 18
BERI MARKETING: Members Agree to Wind Up Company
BLUESCOPE STEEL: Gaining Foothold in China

CHAN AND CHAN: Final Meeting Slated for February 17
DEMMAJADA PTY: Gives Creditors Until February 4 to Prove Claims
ETTALONG NEWSAGENCY: Creditors Should Prove Claims by February 4
FERNDALE RECYCLERS: Members Pass Resolution During Meeting
HONDRY PTY: Members Opt for Voluntary Winding Up

JAMES HARDIE: Could Face Offshore Claims
JAMES HARDIE: Responds to Asia Compensation Queries
JO-AL PTY: Members Pass Special Resolution to Wind Up Company
LMH EMPLOYEE: Enters Winding Up Proceedings
R. DAVID: Members Agree to Wind Up Company

SANTOS LIMITED: Steps Up Exploration in 2005
SARJOS PTY: Appoints Liquidator to Wind Up Company
SCOTT-BUILD: Creditors Should Prove Claims by February 4
TOCAWA PTY: Members, Creditors to Meet February 2
TOCHI KOGYO: Members Resolve to Wind Up Company

TRANSWORLD MEDIA: Appoints Liquidator for Winding Up Purposes
UK COAL: To Face Winding Up Process
WORLD TRADING: Creditors Confirm Appointment of Liquidator
ZIADE INVESTMENTS: Court Issues Winding Up Order


C H I N A  &  H O N G  K O N G

EEI-X LIMITED: Creditors to Prove Claims by Feb. 21
GOLDEN TOP: Winding Up Hearing Scheduled on March 2
GRAPHIC CONSULTANTS: Court to Consider Liquidators' Application
HING FAT: Receiving Proofs of Debt Until Feb. 5
L&M QUALITY: Court to Hear Winding Up Petition on Feb. 16

POWERISE INVESTMENTS: Court Hearing Slated for Feb.7
TWIINTERACTIVE HONGKONG: Creditors to Submit Claims by Feb. 14
UNAXIA HONGKONG: Creditors Required to Prove Debt by Feb. 14


I N D O N E S I A

BANK DANAMON: Pefindo Upgrades Rating to idA
BANK RAKYAT: Hopes to Provide IDR15 Trillion in New Loans
* Fitch Upgrades Indonesia's Long-term Rating to 'BB-'


J A P A N

FUJITSU LIMITED: Inks FlexRay License Agreement with Bosch
MITSUBISHI FUSO: To Set Up Ethics Committee
MITSUBISHI MOTORS: May Become Mitsubishi Heavy Affiliate
NIPPON PAPER: Joint Venture in China Secures Aid
SEIBU RAILWAY: Panel Seeks Four Bank Execs to Join New Firm

YAMAICHI SECURITIES: Creditors Conclude Bankruptcy Procedures


K O R E A

LG CARD: December 2004 Delinquency Rate Falls to 17.25%
INCHON OIL: May Be Sold to Citigroup


M A L A Y S I A

HONG LEONG: Gets Approval for Proposed Disposals
I-BERHAD: Discloses Shares Buy Back
JASATERA BERHAD: Aims to Avert Suspension of Securities
JIN LIN: Passes All Resolutions at AGM
KAI PENG: Extends Profit Guarantee Compensation Period

KUALA LUMPUR KEPONG: Court Adjourns Applications to Feb. 7
KUMPULAN BELTON: Releases Monthly Status Update
LION CORPORATION: Notes Listing of Additional Shares
LION INDUSTRIES: To List More Shares Today
MALAYSIAN BULK: Clarifies Announcement on Disposal of Unit

MALAYSIAN BULK: Director to Deal During Closed Period
MALAYSIAN BULK: Director to Deal in Securities
MTD CAPITAL: Issues Notice of Shares Buy Back
PAN MALAYSIA: Repurchases Additional Shares
POS MALAYSIA: Notes Resale of Treasury Sales

SAAG CONSOLIDATED: Director Intends to Deal in Securities
SAAG CONSOLIDATED: Director Plans to Deal During Closed Period
TENAGA NASIONAL: Unveils FY04 Quarterly Results
WCT ENGINEERING: Director to Deal in Securities
WCT ENGINEERING: Notes Closed Period Dealing

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


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Sets Third Php135 Mln Interest Payment
COLLEGE ASSURANCE: SEC Asks Appraisers to Justify Land Valuation
MANILA ELECTRIC: To Appeal Court Ruling Against Rate Hike
NATIONAL POWER: Lawmaker Says Soaring Debts a Cause for Concern
PRYCE CORPORATION: Unaware of Reasons for Unusual Price Movement

VICTORIAS MILLING: Reschedules Stockholders' Meeting to April 1
* Fitch Assigns 'BB' to Philippines' 9.875% Global Bond Due 2030


S I N G A P O R E

ASIA ORIENT: Disposes of Asia Standard Shares
CHINA AVIATION (S): Vows Fair Treatment for Small Shareholders
EXPECT MUSIC: Creditors First Meeting Set February 4
ROWSLEY LIMITED: Posts Litigation Update
TRANS-UNITED CORPORATION: Enters Bankruptcy Proceedings

WINDSOR NURSING: Issues Dividend Notice


T H A I L A N D

KRUNG THAI: BOT Needs More Time to Decide on Legal Action
THAI HEAT: SET Grants Listing of Securities
THAI PETROCHEMICAL: Court Calls for Meeting on February 4


* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AAA WHARVES: Members Pass Resolution During Meeting
---------------------------------------------------
At a general meeting of the members of AAA Wharves Pty Limited
(In Liquidation) A.C.N. 082 752 136 held concurrently at UK Coal
PLC, Harworth Park, Blyth Road, Harworth, Doncaster, South
Yorkshire DN11 808 on December 21, 2004, a special resolution
that the Company be wound up voluntarily was passed.

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


ALANCLIFF PTY: To Hold Final Meeting February 11
------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Alancliff Pty
Ltd (In Liquidation) A.C.N. 001 202 839 will be held at the
offices of Paul and Brett Services, 286 Conadilly Street,
Gunnedah on February 11, 2005 at 11.00 a.m. for the purpose of
laying before the meeting the liquidators' final account and
report and giving any explanation thereof.

Dated this 22nd day of December 2004

Joanne Kelly
Liquidator
Paul & Brett Services Proprietary
286 Conadilly Street, Gunnedah NSW 2380


AUSTRALIAN PRE-MIX: To Convene Final Meeting February 18
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of Australian Pre-Mix Concrete
Association Limited (In Liquidation) A.C.N. 071 360 284 will be
held at the offices of Smith Hancock Chartered Accounts, Level
4, 88 Phillip Street Parramatta NSW 2150 on Friday, February 18,
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 21st day of December 2004

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


BERI MARKETING: Members Agree to Wind Up Company
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Beri Marketing Pty Limited (In Liquidation)
trading as Handover Personnel A.C.N. 078 395 114 held on
December 22, 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, Andrew Hugh Jenner Wily
of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 22nd day of December 2004

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


BLUESCOPE STEEL: Gaining Foothold in China
------------------------------------------
BlueScope Steel Limited has invested approximately AU$60 million
in two manufacturing facilities in China, which are expected to
start operations by mid-2006, according to Egoli News.

The Company confirmed the planned construction of a new facility
in Guangzhou to manufacture a range of Butler and Lysaght
branded products for customers in the growing building and
construction markets in China's south.

The new plant will incorporate a Butler manufacturing facility
for PEBs (pre-Engineered Buildings) and will complement an
existing Lysaght rollforming plant in Guangzhou, a project
expected to cost AU$45 million.   

In addition, the existing BlueScope Lysaght plant at Langfang,
near Beijing, will be expanded at a total cost of AU$16 million
to produce architectural and sandwich panels for the China
market.

Architectural and sandwich panels are widely used in premium
architectural building facade systems, and are expected to
feature prominently in signature buildings to be constructed
ahead of the Beijing Olympics.

"The further expansion of BlueScope Steel's manufacturing
capability in China reflects strong demand in that country for
our high quality branded building products, and our enthusiasm
for China as a destination for manufacturing capital
investment," noted BlueScope Steel's CEO and MD, Kirby Adams.

The Company added that each of the new operations will consume
the Zincalume and Clean Colorbond product to be manufactured at
the new AU$280 million metallic coating and paint line facility
BlueScope Steel has under construction at Suzhou, west of
Shanghai.  

BlueScope Steel is currently stepping up efforts to reel from
expected losses stemming from the industrial action at its
Western Port facility in Victoria. The protest has severely
affected its ability to supply steel products to its customers.

CONTACT:

BlueScope Steel Limited
Mailing address:
GPO Box 1736P
Melbourne VIC 3001
Street Address:
Level 4
333 Collins Street
Melbourne VIC 3000
Australia
Phone: 1300 855 998
Fax: +61 3 9615 9900
Overseas
Phone: +61 3 9615 9620
Fax: +61 3 9615 9900
Email: bluescopesteel@asxperpetual.com.au
Web site: http://bluescopesteel.com


CHAN AND CHAN: Final Meeting Slated for February 17
---------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of Chan And Chan Investments
Pty Ltd (In Liquidation) A.C.N. 008 458 615 will be held at the
offices of Irish & Saunders, 19 Richmond Avenue, Cremorne at
9:00 a.m. on February 17, 2005 for the purpose of laying before
the meeting the Liquidator's final account and giving any
explanation thereof.

Dated this 23rd day of December 2004

Francis Clement Holmes
Liquidator


DEMMAJADA PTY: Gives Creditors Until February 4 to Prove Claims
---------------------------------------------------------------
A dividend is to be declared on February 12, 2005 in respect of
Demmajada Pty Ltd (In Liquidation) A.C.N. 079 556 826.

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

Dated this 22nd day of December 2004

Steve Nicols
Official Liquidator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289


ETTALONG NEWSAGENCY: Creditors Should Prove Claims by February 4
----------------------------------------------------------------
A dividend is to be declared on February 12, 2005 in respect of
Ettalong Newsagency Pty Ltd (In Liquidation) A.C.N. 099 491 353.

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. In default, they will be excluded from
the benefit of the dividend.

Dated this 22nd day of December 2004

Steve Nicols
Official Liquidator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289


FERNDALE RECYCLERS: Members Pass Resolution During Meeting
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ferndale Recyclers Pty Limited (In Liquidation) A.C.N. 056 303
130 duly convened and held at 11 Eleanor Street, Rosehill NSW
2142 on Thursday, December 23, 2004 at 8:30 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 24th day of December 2004

Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street,
Sydney NSW 2000


HONDRY PTY: Members Opt for Voluntary Winding Up
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Hondry Pty Limited (In Liquidation) A.C.N. 104 812 624 duly
convened and held at the offices of Kamper & Co, San Souci NSW
at 4.15 p.m. on December 22, 2004 the following resolutions were
passed:

That the Company be wound up voluntarily; and

That Thomas Javorsky be appointed Liquidator for the purpose of
such winding up.

Creditors of the Company are required to prove their debts or
claims within one month from the date of publication of this
notice. Failing which, they will be excluded from any
distribution made and from objecting to any such distribution.
Formal Proof of Debt forms are available on application to the
Liquidator.

Dated this 24th day of December 2004

Thomas Javorsky
Liquidator
Jones Condon
Chartered Accountants
Level 13, 189 Kent Street,
Sydney NSW 2000


JAMES HARDIE: Could Face Offshore Claims
----------------------------------------
Embattled James Hardie Industries NV is under pressure to extend
its AU$1.5 billion compensation package to asbestos victims in
the Asia-Pacific region, according to The Australian.

The former asbestos manufacturer is pressed by victims groups
and unions to compensate victims in countries where it
manufactured or sold asbestos products, on the same terms as
those for Australian victims.

James Hardie was found to have manufactured asbestos in New
Zealand for 45 years and ran two companies making pipes in
Indonesia for 16 years.

In New Zealand, victims of asbestos-related illness receive up
to NZ$68.77 a week from the government's Accident Compensation
Commission while victims in Indonesia receive nothing.

But James Hardie has washed its hands of the New Zealand issue,
saying it is a matter for the Wellington government. Australian
unions, therefore, demand Hardie to meet its Asian obligations.

CONTACT:

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

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

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

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

All other enquiries to CustomerLink Service Centre on 13 1103.


JAMES HARDIE: Responds to Asia Compensation Queries
---------------------------------------------------
James Hardie was a joint venture in companies which manufactured
products containing asbestos in Malaysia from 1966 and Indonesia
from 1969.

James Hardie divested its investments in Indonesia in 1985 and
in Malaysia shortly thereafter, and has not had a corporate or
operational presence involving asbestos in the region since.

James Hardie understands that both the Indonesian and Malaysian
Governments continue to allow the manufacture and distribution
of products containing asbestos.

With the sale of James Hardie's investments in the Indonesian
and Malaysian companies, any liabilities or obligations remained
with those joint venture entities.

James Hardie has not received any notification of a claim for
asbestos disease related compensation in respect of Indonesia or
Malaysia either prior to or since the sale of its operations in
either country. If any claim were received, it would be
considered on its merits.

New Zealand asbestos related disease compensation claims are
managed by the state-run Accident Compensation Commission (ACC).

James Hardie, like all businesses in New Zealand, contributes
financially to the established ACC fund as required by law via
payment of an annual levy.

All decisions relating to the amount and allocation of payments
to legitimate claimants in New Zealand are made by the ACC in
accordance with New Zealand Law.


JO-AL PTY: Members Pass Special Resolution to Wind Up Company
-------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Jo-Al Pty Limited (In Liquidation) A.C.N. 060 575 304 duly
convened and held at 5 Southleigh Avenue, Castle Hill NSW 2154
on Thursday, December 23, 2004 at 9:00 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 24th day of December 2004

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


LMH EMPLOYEE: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that at a general meeting of members of
LMH Employee Share Company Pty Ltd (In Liquidation) A.C.N. 064
584 167 held on December 16, 2004, it was resolved that the
Company be wound up voluntarily and that for such purpose Dr
Nicholas Cunio of 52A Wolseley Road Point Piper 2027 be
appointed liquidator.

Dated this 23rd day of December 2004

Nicholas Cunio
Liquidator


R. DAVID: Members Agree to Wind Up Company
------------------------------------------
Notice is hereby given that at a General Meeting of Members of
R. David Holdings Pty Limited (In Liquidation) A.C.N. 103 673
481 duly convened and held at Frasers Insolvency Advisory, Level
9, 99 Elizabeth Street, Sydney NSW 2000 on Friday, December 24,
2004 at 9:30 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 24th day of December 2004

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


SANTOS LIMITED: Steps Up Exploration in 2005
--------------------------------------------
Santos Limited announced a 25 well, high-impact exploration
program for 2005. The Company will invest a total of AU$153
million testing prospects within its expanding domestic and
international exploration portfolio, up 21% from the AU$126
million spent on exploration in 2004.

Oil is the main focus of the 2005 program with most activity in
the Kutei and East Java Basins offshore Indonesia, the Gulf of
Suez in Egypt, the Bonaparte Basin in the Timor Sea and the
Carnarvon Basin offshore Western Australia.

"The 2005 program reflects the increasing materiality of our
exploration portfolio and continues Santos' emphasis on more
globally-focused exploration as an important part of our growth
strategy," said Santos' Managing Director, John Ellice-Flint.

"We are commencing 2005 with a very high activity level in the
first quarter," he said.

Key wells in the first quarter are: three deep water wells in
the Kutei Basin, one of which has already spudded; the Agung oil
prospect in the North Bali 1 PSC, which will spud within days;
two wells in the Gulf of Suez and the Cougar prospect offshore
Gulf of Mexico.

Throughout the remainder of the year other key wells are planned
in the Gulf of Suez, the Kutei Basin, East Java, the Otway
Basin, the Bonaparte Basin, the Carnarvon Basin and onshore in
the United States.

Santos has also commenced an extensive 3D seismic acquisition
program in the Sampang and Madura Offshore Production Sharing
Contracts in East Java.

The exploration portfolio is constantly being optimised so the
program is likely to vary as a result of drilling outcomes and
as new prospects mature.

The table below details the proposed 2005 exploration drilling
program.

CONTACT:

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


SARJOS PTY: Appoints Liquidator to Wind Up Company
--------------------------------------------------
Notice is hereby given that at a meeting of members of Sarjos
Pty Ltd (In Liquidation) A.C.N. 000 258 006 held on December 15,
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 Nicholas Craig Malanos be appointed Liquidator
of the Company.

Dated this 23rd day of December 2004

Nicholas Craig Malanos
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2001
Telephone: (02) 9223 2944


SCOTT-BUILD: Creditors Should Prove Claims by February 4
--------------------------------------------------------
A dividend is to be declared on February 12, 2005 in respect of
Scott-Build Constructions Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 079 739 772.

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

Dated this 22nd day of December 2004

Steve Nicols
Deed Administrator
Nicols + Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Telephone: (02) 9299 2289


TOCAWA PTY: Members, Creditors to Meet February 2
-------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a final meeting of members and creditors
of Tocawa Pty Limited (In Liquidation) A.C.N. 004 714 665 will
be held at the offices of Robert Warby & Co., Chartered
Accountants, of Level 1, 19 Bridge Street, Pymble NSW 2073 on
February 2, 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

Robert Warby
Liquidator


TOCHI KOGYO: Members Resolve to Wind Up Company
-----------------------------------------------
At a general meeting of the members of Tochi Kogyo Australia Pty
Limited (In Liquidation) A.C.N. 054 957 916 held at Suite 21,
Level 5, 88 Pitt Street, Sydney, 2000 on December 21, 2004 a
special resolution that the Company be wound up voluntarily was
passed.

Timothy James Cuming
Simon John Cathro
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


TRANSWORLD MEDIA: Appoints Liquidator for Winding Up Purposes
-------------------------------------------------------------
Notice is hereby given that at a meeting of Transworld Media Pty
Ltd (In Liquidation) A.C.N. 105 506 554 held on December 23,
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


UK COAL: To Face Winding Up Process
-----------------------------------
At a general meeting of the members of UK Coal Australia Pty
Limited (In Liquidation) A.C.N. 073 075 582 held concurrently at
UK Coal PLC, Harworth Park, Blyth Road, Harworth, Doncaster,
South Yorkshire DN11 808 on December 21, 2004, a special
resolution that the Company be wound up voluntarily was passed.

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


WORLD TRADING: Creditors Confirm Appointment of Liquidator
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
World Trading Pty Limited (In Liquidation) A.C.N. 100 333 686
duly convened and held at 22 Wybalena Road, Hunters Hill NSW
2110 on Thursday, December 23, 2004 at 9.00 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 24th day of December 2004

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market 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 No. 1 Pty
Limited A.C.N. 102 732 052 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
==============================


EEI-X LIMITED: Creditors to Prove Claims by Feb. 21
---------------------------------------------------
Notice is hereby given that the creditors of Eei-X Limited,
which is being wound up voluntarily, are required on or before
5:30 p.m. on Feb. 21, 2005 to send particulars of their debt or
claims and the names and addresses of their solicitors, if any,
to the undersigned.

If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the notice. In default thereof, creditors will
be deemed to have waived all or any such debt or claims and the
liquidators shall be entitled seven days after the above date to
distribute the funds available or any part thereof to the
members.

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

This Quamnet notice is dated Jan. 21, 2005.          


GOLDEN TOP: Winding Up Hearing Scheduled on March 2
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Golden Top Holdings Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 23, 2004 presented to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at the 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

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

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

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

This notice is dated Jan. 14, 2005.


GRAPHIC CONSULTANTS: Court to Consider Liquidators' Application
---------------------------------------------------------------
Take notice that pursuant to Cap. 32H Companies Rules Section 45
(2) the Court hearing to consider the application of joint and
several provisional liquidators of Graphic Consultants Limited
dated Dec. 15, 2004 will be heard on Feb. 17, 2005 at 9:30 a.m.
at the High Court, High Court Building, 38 Queensway, Hong Kong.

Ip Kwun Ting
Cho Yim Kan
Joint and Several Provisional Liquidators

This notice is dated Jan. 14, 2005.


HING FAT: Receiving Proofs of Debt Until Feb. 5
-----------------------------------------------
Notice is hereby given that a full payment of Yuen Chor Sang
trading as Hing Fat Engineering Co. will be made in the above
matter to all creditors who have already filed their claims with
the undersigned.

Any creditors who have not filed their claims by Feb. 5, 2005
will be excluded from this payment.

E T O'CONNELL
Official Receiver & Trustee

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


L&M QUALITY: Court to Hear Winding Up Petition on Feb. 16
---------------------------------------------------------
Notice is hereby given that a petition for the winding-up of L&M
Quality Coatings and Engineering Limited by the High Court of
Hong Kong was on Dec. 13, 2004, presented to the said Court by
Liu Siu Yik of Room 3008, Block B, Hei Wah House, Lok Wah South
Estate, Kowloon.

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

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

Betty Chan
for Director of Legal Aid
34/F, Hopewell Centre,
183 Queen's Road East
Wanchai, 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, the name
and address of the firm, and must be signed by the person or
firm or his or their solicitor (if any), and must be served, or
if posted, must be sent by post to the above named not later
than six o'clock in the afternoon of Feb. 15, 2005.

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


POWERISE INVESTMENTS: Court Hearing Slated for Feb.7
----------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Powerise Investments Limited will be heard before
Master S. Kwang of the High Court for consideration of the
resolutions and determinations (if any) of the first meeting of
creditors and contributories held on Oct. 19, 2004, deciding the
differences (if any), and making such order of appointments as
the court may think fit.

The hearing will be held on Feb. 7, 2005 (Monday) at 3:30 p.m.
at the High Court, High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

David Nip
Joint and Several Provisional Liquidator

This notice is dated Jan. 14, 2005.


TWIINTERACTIVE HONGKONG: Creditors to Submit Claims by Feb. 14
--------------------------------------------------------------
Notice is hereby given that the Creditors of Twiinteractive
HongKong Limited, which is being voluntarily wound up, are
required on or before Feb. 14, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned and Mr. John Toohey, Joint and
Several Liquidators.

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

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

This notice is dated Jan. 14, 2005.


UNAXIA HONGKONG: Creditors Required to Prove Debt by Feb. 14
------------------------------------------------------------
Notice is hereby given that the Creditors of Unaxia Hong Kong
Limited, which is being voluntarily wound up, are required on or
before Feb. 14, 2005 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof, they
will deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated Jan. 14, 2005.


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


BANK DANAMON: Pefindo Upgrades Rating to idA
--------------------------------------------
Pefindo upgraded the general obligation rating of PT Bank
Danamon Indonesia Tbk (BDMN) from idA- to idA.

The rating upgrade reflects BDMN's improving franchise value in
Small Medium Enterprise (SME) and consumer banking business,
strong capitalization and improving profitability.

Nevertheless, the rating is slightly mitigated by the intense
competition in the banking industry, particularly in retail
banking. Founded in 1956, as to date, the bank has consistently
grown and become the fifth largest bank in Indonesia in terms of
total assets.

Following the recapitalization program in 1998 and merging with
another 8 banks under IBRA, the majority of the bank's shares
have been sold to Asia Financial Indonesia Pte. Ltd. (AFI), an
entity owned by Temasek Holding, in June 2003.

A new management was then appointed by AFI to manage the bank.
As of December 2003, BDMN operates 477 branches and cash offices
in 184 cities across Indonesia, which is equipped with 477 self-
owned ATM networks and about 2,800 ATM under ALTO network and
2,400 ATM under ATM Bersama network.

As of June 2004, AFI held 61.9% ownership of the bank,
Government of Indonesia qq PPA (20.5%), and public (17.6%).

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: Hopes to Provide IDR15 Trillion in New Loans
---------------------------------------------------------
Bank Rakyat Indonesia (BRI) is targeting a 25 percent increase
in new loans this year, amounting to IDR15 trillion (US$1.64
billion) compared to previous year's IDR12 trillion, reports The
Jakarta Post.

In a report, BRI stated that its total amount of outstanding
loans increased from IDR47.51 trillion as of the end of 2003 to
IDR58.1 trillion as of last September.  More than 85 percent of
the total outstanding loans were channeled to SMEs (small medium
enterprise).

"We expect to channel about 90 percent of this year's new loans
to SMEs," said BRI president Rudjito before the launching of a
book on BRI Keluar Dari Krisis (BRI Exits from the Crisis) by
State Minister of State Enterprises Sugiharto in Jakarta.

The decrease in the bank's non-performing loans (NPL) is just as
encouraging.  BRI's NPL decreased from 6.03 percent as of
December 2003 to 5.75 percent as of September 2004.  

BRI's capital adequacy ratio (CAR) slipped from 20.87 percent to
19.65 percent during the same period, but was still way above
Bank Indonesia's minimum requirement of 8 percent.

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


* Fitch Upgrades Indonesia's Long-term Rating to 'BB-'
------------------------------------------------------
Fitch Ratings, the international rating agency, has upgraded
Thursday the Republic of Indonesia's Long-term foreign and local
currency ratings to 'BB-' (BB minus) from 'B+'.

The agency has also affirmed its Short-term rating at 'B'. The
Outlook on the ratings remains Positive.  This rating action
reflects Indonesia's reduced political risk, better policy
initiation and coordination, anticipated bureaucratic and
legislative reforms, stronger economic growth and continued
improvements in the nation's public and external finances.

"The current phase in the political and economic cycle presents
the government with an important window of opportunity to build
on macroeconomic stability and mitigate pressures on the balance
of payments and the public finances. By prioritising structural
adjustment, the government is sending a strong signal that it is
determined to reduce further Indonesia's country risk profile,'
says Ai Ling Ngiam, Associate Director in Fitch's Asian
Sovereigns team.

Backed by a strong public mandate following the peaceful
conclusion of the 2004 general elections and a tighter grasp
over the legislature, the government aims to secure an
improvement in the investment climate and raise export
competitiveness.

Key areas of investor concern that need to be addressed include
onerous labour laws, obstructive local government regulations
and deep-seated corruption, all of which contribute
unnecessarily to the cost of doing business. While these
measures could prove difficult to implement and will only have a
noticeable impact over the medium term, clear signs of progress
could deliver early improvements in investor sentiment.

The macroeconomic impact from the Tsunami-affected Aceh province
will likely be minimal given that Aceh accounts for only 1.8% of
Indonesia's economy. Fitch forecasts real GDP growth of 5% this
year and 5.5% in 2006, up from 4.5% in 2004.

The agency says private consumption, a noticeable pick-up in
domestic investment activities and improving foreign investor
interest in key sectors such as oil and gas should become more
supportive of economic growth.

Indonesia's public finances are both a rating strength and an
important part of the rationale underpinning the Positive
Outlook. Factoring in a 30% reduction in fuel subsidies, Fitch
forecasts the fiscal deficit will register 1.2% of GDP this
year, a further improvement from the estimated 1.6% of GDP in
2004.

Falling debt service costs, primary surpluses and accelerating
economic growth provide more room for Indonesia's government
debt-to-GDP ratio to fall to 55% in 2005, bringing it close to
the 52% median for the 'BB' rating category.

Although Indonesia's balance of payments is still weighed down
by heavy external debt servicing requirements, the debt service
ratio has come down to 28% of current external receipts (CXR)
from 63% in 1999 and net external debt/CXR is estimated to drop
to 94% in 2005, down significantly from its post-crisis high of
194%.

Foreign exchange reserves have held up better than expected and
are anticipated to stabilize around USD36 billion in 2005, while
the liquidity ratio of 90% is comparable to other 'BB-' rated
sovereigns like Brazil, Turkey and Ukraine.

Fitch notes the ongoing discussions with the Paris Club in the
wake of the Tsunami disaster, but does not expect the
authorities to agree to any deal that would entail a new IMF
agreement and comparability treatment with private creditors.

Important drivers of the sovereign ratings will be clear signs
that the government is delivering on its ambitious reform
agenda, coupled with the maintenance of macroeconomic stability
and continued fiscal prudence. Fitch notes that the economy is
already growing strongly.

However, evidence of a sustained recovery in investment and
exports will be key factors in any positive rating action.
Conversely, failure to exploit the current window of
opportunity, leading to a weak reform agenda, could erode market
confidence and sovereign creditworthiness over time.


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


FUJITSU LIMITED: Inks FlexRay License Agreement with Bosch
----------------------------------------------------------
Fujitsu Limited announced the acquisition of a license to use
the FlexRay(TM) Communication Controller IP-Module from Robert
Bosch GmbH. The license will allow Fujitsu to embed precision-
designed FlexRay IP into its automotive control MCUs and quickly
bring to market high-quality next-generation products.

Fujitsu currently offers MCUs with CAN and LIN interface
protocols for various automotive control applications, including
body and comfort electronics, climate control, dashboards,
navigation, safety and sensor electronics, power-train, and
chassis electronics. In-car control systems of the future will
require faster and more reliable data transfer as data volume
increases and systems continue to become more complicated. By
licensing FlexRay IP from Bosch, Fujitsu will be able to quickly
introduce new automotive control application products with even
higher-speed data transfer and reliability.

The FlexRay IP core features data transfer rates up to 10
megabits per second (10Mbits/s) and employs a bus system that
pre-defines necessary time slots within the transmission bus to
realize higher reliability. Embedding FlexRay IP into a single-
chip MCU will further advance the performance and range of
automotive electronic control applications.

Fujitsu plans to offer an FPGA prototype board that will enable
customers to incorporate FlexRay into their products with ease.
The Company also intends this year to offer FlexRay as an ASSP
standard IP solution,which will make it possible for customers
to utilize FlexRay IP with other CPU cores as part of their
systems. In early 2006 the first MCU with embedded FlexRay IP
will follow. The embedded solution will be based on the 32-bit
Fujitsu FR core.

Along with its CAN and LIN interface offerings, the new high-
speed FlexRay-equipped products will enhance and extend
Fujitsu's line-up of highly reliable MCUs for automotive control
applications.

Glossary and Notes:

(1) FlexRay(TM)

A next-generation automotive LAN protocol. Features high-
reliability and is suited for advanced control functions, with
maximum speeds up to 10 megabits per second (10Mbps). The
FlexRay Consortium is promoting the standardization of FlexRay
as a next-generation advanced automotive control protocol. Bosch
is a key member of the FlexRay Consortium.

(2) MCU

Micro Controller Unit. An ultra-compact microprocessor that is
usually used for the same purposes as a central processing unit
(CPU). Also referred to as a one-chip microcontroller.

(3) CAN

Controller Area Network. An automotive LAN protocol that is the
most widely-used. Maximum transfer speed: 1 megabit per second
(1Mbps).

(4) LIN

Local Interconnect Network. An automotive LAN protocol used for
low-cost automotive networks. Maximum transfer speed: 20
kilobits per second (20 kbps).

(5) FPGA

Field Programmable Gate Array. Large-scale integrated circuits
(LSIs) which are programmable and capable of changing logic
operations in electronic equipment during design, manufacturing
and post-production phases.

(6) ASSP

Application Specific Standard Products. Standardized ICs for
specific applications.

(7) FR core

Fujitsu's 32bit CPU for embedded devices.

All Company and product names mentioned herein are trademarks or
registered trademarks of their respective companies.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$45 billion) for the fiscal year ended March 31, 2004.

CONTACT:

Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/


MITSUBISHI FUSO: To Set Up Ethics Committee
-------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC) will establish
"Fuso Ethics Committee" on January 31. This committee will
monitor the policy and measure for corporate compliance from
"outsider's viewpoints", and directly make recommendation and
proposal to the board of directors.

As a part of Company's system strengthening activities to
restore confidence, this committee was designed to develop the
specific action guidelines for business activities and
employees' behavior for establishment of the in-house compliance
structure.

The existing "Corporate Ethics Committee", which consists of six
in-house committee members, was drastically reorganized to
establish this new committee. It will be composed of seven
members including five outside intellectuals, an in-house member
(an executive officer in charge of corporate ethics) and a
representative of the Labor Union, further enhancing the
"outsider's viewpoints".

"Fuso Ethics Committee" profile

1) Members

Outside committee members:

Mr. Kozo Fujita (chairman): Former President of the Hiroshima
High Court, former Chairman of Public Security Examination
Commission and now practices law
Mr. Keisuke Kitajima (member): Former Public Prosecutor General
and now practices law
Mr. Tadahiro Fujikawa (member): Journalist
Above three members have been fixed as members of the committee,
and we are currently asking for agreement from two other
candidates. We will inform you as soon as it is fixed.

In-house committee member:

Mr. Michio Hori (member): Chairman and representative director,
Mitsubishi Fuso Truck & Bus Corp. and executive officer in
charge of corporate ethics

Labor Union:

Mr. Yasuo Ohizumi (member):  President, Mitsubishi Fuso Truck &
Bus Workers Union

2) Planned activities

- The first meeting of "Fuso Ethics Committee" will take place
early in February. A report on the findings of the in-house
survey by outside lawyers and a report on the reexamination of
the Mitsubishi Fuso action guidelines will be submitted.

- Report on the "Compliance policy" by department.

- Inspection of the plant and exchange of opinions with plant
officers.

- Confirm the content and handling of information accepted
through the help line from within and outside the Company, such
as whistle-blowing.

Organizational backup for Fuso Ethics Committee

We are planning to newly establish "Compliance Promotion
Office", which will serve as the Secretariat of Fuso Ethics
Committee to promote and actively implement the recommendation
and proposal of the committee in daily business activities and
employees' behavior.

"Compliance Promotion Office" is to carry out the following
functions:

1. Secretariat of Fuso Ethics Committee
2. Counselor's Office for employees
3. Planning/implementation of education/training for
compliance/ethics
4. Development of internal organization for compliance
5. Social contribution activities
6. Planning/implementation of compliance measure for Mitsubishi
Fuso group

It will ensure thorough compliance and conduct ethics related
education as well as social contribution activities.

While we create "Fuso Ethics Committee" which includes
"outsider's viewpoints", we will further try to reform our
corporate culture and abide by the compliance with the rules in
order to fulfill our social responsibilities through a variety
of internal and external activities.  

A brief profile of Mr. Kozo Fujita, Chairman of Fuso Ethics
Committee

The date of birth: 11, January, 1932

Education background: March, 1955 Graduated from the School of
Law of Tokyo University

Professional background:
May 1991 - March 1993, President of the Tokyo District Court,
November 1995 - January 1997, President of the Hiroshima High
Court,
April 2004, Visiting professor of Surugadai Low School and now
practices law

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 Become Mitsubishi Heavy Affiliate
--------------------------------------------------------
Struggling automaker Mitsubishi Motors Corporation (MMC) is
likely to become an affiliate of Mitsubishi Heavy Industries
Limited, Reuters reports, citing the Nihon Keizai Shimbun
newspaper.

The planned move is part of the Mitsubishi group's effort to
revive operations of the besieged carmaker.

Mitsubishi Heavy, which originally spun off MMC in 1970, is
planning to acquire another JPY50 billion (US$481 million) worth
of shares in its sister firm, boosting its stake to above 15
percent from the current 10 percent.

The business daily said Mitsubishi Heavy chairman Takashi
Nishioka would replace Yoichiro Okazaki as Mitsubishi Motor's
chairman. MMC managing director Osamu Masuko, on the other hand,
will take over Hideyasu Tagaya as president.

A Mitsubishi Heavy spokesman said nothing had been decided on
the reported matter, while MMC said the article was based on
speculation and declined to comment.

MMC is set to announce a revival plan, including its second
major bailout package, by Monday.

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


NIPPON PAPER: Joint Venture in China Secures Aid
------------------------------------------------
Local governments have extended financial assistance to the
ailing joint venture of Nippon Paper Industries Company in
China, Asia Pulse says.

The unnamed textile and manufacturing firm, set up in Chengde,
Hebei Province, by the Nippon Paper and China's Chengde Dixian
Textile Co., is poised to resume operations as soon as it
receives the financial support.

The joint venture on Jan. 18 suspended 90 percent of its
production facilities due to cash flow problems.

The governments opted to provide the struggling Company with
operating capital to prevent it from falling into a financial
crisis. The governments are, likewise, conducting talks with
creditor banks to allow the joint venture to access bank loans.

CONTACT:

Nippon Paper Industries Company
Shin Yurakucho Building,
1-12-1 Yurakucho,Chiyoda-ku,
Tokyo 100-0006  
Telephone: +81-3-3218-8000   
Fax: +81-3-3216-4753  


SEIBU RAILWAY: Panel Seeks Four Bank Execs to Join New Firm
-----------------------------------------------------------
The Seibu Railway group reform panel requested that four banks
send in representatives to the board of directors of a newly
established Company to lead the controversial group, The Japan
Times reports.

Four banks were asked to send executives to the new entity that
will be formed from a merger between Seibu Railway Company and a
spinoff from Kokudo Corporation, the current leader of the
group.

Mizuho Corporate bank is expected to dispatch its vice-
president, Takashi Goto, as chief executive of the new Company.
Mr. Goto will join the Seibu group as an adviser as early as
February to lead the group's reform.

The other three banks are Bank of Tokyo-Mitsubishi, Sumitomo
Mitsui Banking Corp. and the governmental Development Bank of
Japan.

The reform panel, chaired by Ken Moroi, is considering
appointing a former official of the Land, Infrastructure and
Transport Ministry as chairman of the new Company.

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/


YAMAICHI SECURITIES: Creditors Conclude Bankruptcy Procedures
-------------------------------------------------------------
Yamaichi Securities Company finally concluded a series of
bankruptcy procedures after it collapsed in 1997, according to
Kyodo News.

Creditors of the failed brokerage firm held their last meeting
Wednesday to complete bankruptcy formalities.

Yamaichi Securities, whose downfall nearly caused a national
financial crisis, became the first case in which part of the
emergency Bank of Japan (BOJ) loans supplied to a failed firm
had to be recovered at the expense of taxpayers because they
could not be repaid.

Yamaichi filed for voluntary liquidation in November 1997 after
it was found to have engaged in an illegal practice called
"tobashi", which keeps losses on securities from being disclosed
in financial reports.

In order to avert a financial system crisis, the BOJ extended
JPY1.2 trillion in emergency collateral-free loans to Yamaichi
Securities after the government decided the firm's liabilities
did not exceed its assets. But JPY110 billion became
irrecoverable, making it necessary for the portion to be covered
by taxpayer's money.

After the Tokyo District Court declared Yamaichi Securities
bankrupt in June 1996, the firm's receiver led efforts for four
and a half years to sell Yamaichi's assets at home and abroad to
help repay its debt of JPY306.9 billion.

The final ratio of repayment to creditors came to 62 percent,
higher than the initially anticipated 50 percent.

CONTACT:

Yamaichi Securities Co., Ltd.
21-2, Shinkawa 1-Chome
Chuo-Ku, Tokyo 104
Japan
Phone: +81 3 55411111
Fax: +81 3 55416366  
Web site: http://www.yamaichi.com/


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


LG CARD: December 2004 Delinquency Rate Falls to 17.25%
-------------------------------------------------------
LG Card Co. said that payments overdue for one month or more
accounted for 17.25% of its total assets in December, reports
Yonhap.

The Company attributed the drop to continuing write-offs of bad
debts and efforts to rein in new dud assets.

In December, the Company took KRW328 billion worth of bad assets
off its balance sheet, compared with KRW373 billion a month ago.

LG Card saw its rescheduled overdue credit card bills fall to
KRW3.48 trillion in December 2004 from KRW3.81 trillion in the
previous month.

CONTACT:

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


INCHON OIL: May Be Sold to Citigroup
------------------------------------
Citigroup is willing to buy Inchon Oil Refinery Co. Ltd. for
KRW780 billion if Chinese bidder Sinochem Corporation's purchase
of the small refiner falls through, the Financial Times reports.

Inchon Oil's major stockholder and creditor Citigroup and other
creditors have twice blocked a deal by Sinochem to buy the small
Company for about KRW630 billion, saying they want a higher
price.

"Inchon Oil should be sold at a fair price. So if Sinochem does
not raise its offer, Citigroup wants to buy the Company
instead," said a Company official, who attended a meeting with
creditors and court officials this week.

Creditor approval is needed for the deal to go through. Sinochem
will meet again with creditors and a judge at the end of this
month to reach an agreement over the sale, which is set to
become China's first takeover of a foreign oil Company.

If no agreement is reached, the court will decide whether to
reopen bidding or to keep Inchon in court receivership.

Citigroup is seeking a higher price to recoup more of its debt
owed by Inchon as it holds 30 percent of unsecured debt totaling
KRW371 billion, through wholly owned Blue Two Asset
Securitisation Specialty and Citigroup Global Market Securities,
creditors said.

Inchon has been under court receivership since 2001, with an
outstanding debt of KRW910 billion. The Company has a refining
capacity of 275,000 barrels a day but is operating at 45 % of
that. It posted a net profit of KRW82.3 billion in the first
nine months of 2004.

CONTACT:

Inchon oil Refinery Co. Ltd.
Yensei Building 84-11
Namdaemunro-5Ga, Jung-Gu
Seoul, South Korea  
Phone: +82 2 2004 3354
Fax:   +82 2 2004 3360
E-mail: kbkim@oilbank.co.kr


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


HONG LEONG: Gets Approval for Proposed Disposals
------------------------------------------------
Hong Leong Industries Berhad (HLI) refers to the Company's
announcements dated Nov. 17, 2004 and Jan. 12, 2005 in relation
to the proposed disposal by HLI subsidiary Guolene Packaging
Industries of its units to San Miguel Corporation.

HLI announced that the approval of the Ministry of International
Trade and Industry for the Proposed Disposals has been obtained
and the Proposed Disposals were completed on Jan. 26, 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax:   03-2164 2514
Web site: http://www.hongleong.com

This announcement is dated Jan. 26, 2005.


I-BERHAD: Discloses Shares Buy Back
-----------------------------------
I-Berhad disclosed details of its shares buy back on Jan. 13,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back from: 13/01/2005

Date of buy back to: 13/01/2005

Total number of shares purchased (units): 8,000

Minimum price paid for each share purchased (RM): 0.840

Maximum price paid for each share purchased (RM): 0.840

Total amount paid for shares purchased (RM): 6,770.01

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

Number of shares purchased retained in treasury (units): 8,000

Total number of shares retained in treasury (units): 593,200

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 26/01/2005

Lodged by: Company Secretary

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor
Phone: 03-7845 4511
Fax:   03-7845 4514
Web site: http://www.i-digital.com

This announcement is dated Jan. 26, 2005.


JASATERA BERHAD: Aims to Avert Suspension of Securities
-------------------------------------------------------
Jasatera Berhad on Jan. 24, 2005 received a letter dated on the
even date from Bursa Malaysia Securities Berhad (Bursa
Securities) wherein, Bursa Securities requested the Company to
make written representations supported by documentary evidence
(if any) to Bursa Securities within five (5) market days from
the date of the letter as to why a suspension should not be
imposed on the securities of the Company.

The Suspension was served on the Company on the ground that the
Company had failed to regularize its financial condition within
the prescribed time frames stipulated by the Securities
Commission (SC) following the decision of the SC to reject the
Company's request for a further extension of time to Aug. 31,
2005 to implement the Revised Proposed Recapitalization Exercise
pursuant to the Announcement made on Jan.12, 2005.

The Board of Directors announced that the Company is writing the
representations supported by the documentary evidence (if
necessary) to Bursa Securities as to why the Suspension should
not be imposed on the Company securities.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax:   603-7332607


JIN LIN: Passes All Resolutions at AGM
--------------------------------------
Jin Lin Wood Industries Berhad announced that the resolutions on
all motions as set out in the Notice of the 6th AGM and put to
the shareholders at the 6th AGM held on Jan. 26, 2005, were
unanimously approved and carried.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Phone: 086-334661/335570
Fax:   086-330866/334808

This announcement is dated Jan. 26, 2005.


KAI PENG: Extends Profit Guarantee Compensation Period
------------------------------------------------------
Kai Peng Berhad (KPB) announced that the Securities Commission
has granted its approval for an extension of time up to March
31, 2005 for the Company to complete, inter-alia, its Profit
Guarantee Compensation. Details of the Profit Guarantee
Compensation can be found in the Circular to Shareholders dated
Dec. 22, 2001.

KPB further announced that the Relevant Shareholders are
entitled to free Compensation Shares under the Profit Guarantee
Compensation based on a compensation ratio of one hundred (100)
free Compensation Shares for every eight hundred and seven (807)
existing shares held in KPB as at the close of business at 5.00
p.m. on Feb. 18, 2005.

In determining the Relevant Shareholders' entitlements to the
Profit Guarantee Compensation, fractional entitlements will be
disregarded and rounded down to the nearest whole free
Compensation Share.

CONTACT:

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

This announcement is dated Jan. 26, 2005.


KUALA LUMPUR KEPONG: Court Adjourns Applications to Feb. 7
----------------------------------------------------------
With references to its announcement dated Jan. 3, 2005, Kuala
Lumpur Kepong Berhad announced that the following applications
came up for hearing on Jan. 24, 2005:

(i) Application by Glamour Green Sdn Bhd on Dec. 16, 2004 for an
injunction against AmBank Berhad, KLK and Ablington Holdings Sdn
Bhd (AHSB) alleging wrongful sale of the 35 million ordinary
shares of RM1.00 each in Ladang Perbadanan-Fima Berhad (LPF);
and

(ii) Application by KLK and AHSB on Dec. 29, 2004 for an order
from the High Court of Malaya at Kuala Lumpur (Court) for the
preservation of assets in LPF.

The Court has adjourned the Applications for mention on Feb. 7,
2005 whereby the Court will then give further instructions on
how the Applications should proceed and thereafter fix a date
for hearing. As such, further announcements will be made only
when there is a material development in respect of the
Applications.

This announcement is dated Jan. 26, 2005


KUMPULAN BELTON: Releases Monthly Status Update
-----------------------------------------------
The Board of Directors of Kumpulan Belton Berhad (Belton)
advised the following updates on the status of Belton's default
in payment and involvement in litigation for the period from
24/12/2004 to 26/01/2005.

(Kumpulan Belton Berhad (Belton) announced the following updates
on the status of the Company's default in payment and
involvement in litigation for the period from Nov. 24 to Dec.
24, 2004.)

For more information, go to:

http://bankrupt.com/misc/tcrap_kumpulanb012705.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
Malaysia
Phone: +60 3 6257 2233
Fax:   +60 3 6257 8989


LION CORPORATION: Notes Listing of Additional Shares
----------------------------------------------------
Lion Corporation Berhad's additional 67,000 new ordinary shares
of RM1.00 each issued pursuant the Executive Share Option Scheme
will be granted listing and quotation effective Friday, Jan. 28,
2005, 9:00 a.m.

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


LION INDUSTRIES: To List More Shares Today
------------------------------------------
Lion Industries Corporation Berhad's additional 329,000 new
ordinary shares of RM1.00 each issued pursuant the Executive
Share Option Scheme will be granted listing and quotation
effective Friday, Jan. 28, 2005, 9:00 a.m.

CONTACT:

Lion Industries 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


MALAYSIAN BULK: Clarifies Announcement on Disposal of Unit
----------------------------------------------------------
Malaysian Bulk Carriers Berhad makes the following clarification
to the Announcement made on Jan. 25, 2005 in respect of the
disposal of 100% equity interest in Brodsworth Enterprises
Limited (Brodsworth).

Brodsworth Group has outstanding liabilities of US$44.4 million
to the shipyard in respect of progress payments on the vessels
currently under construction, for which Torm Group of Denmark
will assume responsibility. The total transaction, if including
the said liabilities to the shipyard, will amount to US$200
million.

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

This announcement is dated Jan. 26, 2005.


MALAYSIAN BULK: Director 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.

The Company informs Bursa Malaysia that on Jan. 26, 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: Dato' Capt. Ahmad Sufian @ Qurnain Bin Abdul
                  Rashid (Independent Non-Executive Director)

Direct Interest No. of Shares:  1,150,000 (0.1438 %)

Indirect Interest No. of Shares:  Nil


MALAYSIAN BULK: Director to Deal in Securities
----------------------------------------------
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.

The Company informs Bursa Malaysia that on Jan. 26, 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: Mr. Phua Cheng Tar (alternate director to Mr.
                                       Kuok Khoon Kuan)

Direct Interest No. of Shares:  950,000 (12%)

Indirect Interest No. of Shares:   Nil


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

Date of buy back from: 19/01/2005

Date of buy back to: 19/01/2005

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

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

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

Total amount paid for shares purchased (RM): 128,067.40

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

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

Total number of shares retained in treasury (units):  9,146,100

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 26/01/2005

Lodged by: MTD Capital Bhd

CONTACT:

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


PAN MALAYSIA: Repurchases Additional Shares
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 26,
2005.

Date of buy back26/01/2005

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

Total number of shares purchased (units): 325,000

Minimum price paid for each share purchased (RM): 0.455

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

Total consideration paid (RM): 149,984.64

Number of shares purchased retained in treasury
(units): 325,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 18,475,000

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


POS MALAYSIA: Notes Resale of Treasury Sales
--------------------------------------------
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 26, 2005.

Date of transaction: 26/01/2005

Total number of treasury shares sold (units):  200,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM):  2.630

Maximum price paid for each share sold (RM): 2.670

Total amount received for treasury shares sold (RM): 529,600.00

Cumulative net outstanding treasury shares as at to-date
(units): 35,738,000

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


SAAG CONSOLIDATED: Director Intends to Deal in Securities
---------------------------------------------------------
Saag Consolidated (M) Berhad is in a Closed Period pending the
announcement of its results for the fourth quarter ended Dec.
31, 2004.

The Company has been notified of a Director's Intention to deal
in the Company securities during this closed period.

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

Name of Director: Mr. Anand Subramanian, Executive Director

Direct Interest No. of Shares:  Nil

Indirect Interest No. of Shares: 4,317,354 (9.86%)

CONTACT:

SAAG Consolidated (M) Berhad
Level 14, Uptown 1
No. 1, Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Malaysia
Phone: 03-77252888
Fax:   03-77257791
Web site: http://www.saag.com

This announcement is dated Jan. 26, 2005.


SAAG CONSOLIDATED: Director Plans to Deal During Closed Period
--------------------------------------------------------------
Saag Consolidated (M) Berhad is in a Closed Period pending the
announcement of its results for the fourth quarter ended Dec.
31, 2004.

The Company has been notified of a Director's Intention to deal
in the Company securities during this closed period.

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

Name of Director: Mr. Loganathan Ramanujam, Executive Director

Direct Interest No. of Shares:     517,600 (1.18%)

Indirect Interest No. of Shares: 4,317,354 (9.86%)

This announcement is dated Jan. 26, 2005.


TENAGA NASIONAL: Unveils FY04 Quarterly Results
-----------------------------------------------
Tenaga Nasional Berhad released its unaudited quarterly
report for the financial period ended Nov. 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/11/2004

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

        30/11/2004    30/11/2003     30/11/2004   30/11/2003
1  Revenue
         4,544,800    4,243,900       4,544,800    4,243,900

2  Profit/(loss) before tax
           216,500      136,800         216,500      136,800
3  Profit/(loss) after tax and minority interest
             8,500      -26,400           8,500      -26,400

4  Net profit/(loss) for the period
             8,500      -26,400           8,500      -26,400
5  Basic earnings/(loss) per shares (sen)
              0.27       -0.85             0.27        -0.85
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)

To view the full quarterly report, click on:

http://bankrupt.com/misc/tcrap_tenaga012605.doc


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 informs the Bursa Malaysia Securities Berhad that on
Jan. 24, 2005, it received notification from a Director 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 Director: Mr. Wong Sewe Wing

Direct Interest No. of Shares:         627,100 (0.52%)

Indirect Interest No. of Shares:    30,960,960 (25.52%)

Direct Interest No. of Warrants:    Nil

Indirect Interest No. of Warrants:  16,481,000 (52.00%)

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 announces that on Jan. 24, 2005, it received
notification from a Director 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 Director: Mr. Choe Kai Keong

Direct Interest No. of Shares: 685,800 (0.56%)

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 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 announces that on Jan. 24, 2005, it received
notification from a Director 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 Director: Mr. Taing Kim Hwa

Direct interest No. of Shares:      2,472,080 (2.04%)

Indirect Interest No. of shares:   30,960,960 (25.52%)

Direct Interest No. of Warrants:    1,839,000 (5.30%)

Indirect Interest No. of Warrants: 16,481,000 (52.00%)

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 announces that on Jan. 24, 2005, it received
notification from a Director 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 Director: Mr. Liang Kai Chong

Direct Interest No. of Shares:     79,500 (0.06%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   29,000 (0.09%)

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 informs the Bursa Malaysia Securities Berhad that on
Jan. 24, 2005, it received notification from a Director 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 Director: Mr. Chua Siow Leng

Direct Interest No. of Shares:     780,000 (0.64%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   172,000 (0.54%)

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 announces that on Jan. 24, 2005, it received
notification from a Director 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 Director: Mr. Goh Chin Liong

Direct Interest No. of Shares:   399,640 (0.33%)

Indirect Interest No. of Shares: Nil

Direct Interest No. of Warrants:  20,000 (0.06%)

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Director Intends 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 informs the Bursa Malaysia Securities Berhad that on
Jan. 24, 2005, it received notification from a Director 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 Director: Dato Captain Ahmad Sufian @ Qurnain bin Abdul
                  Rashid

Direct Interest No. of Shares:     200,000 (0.16.%)

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


BAYAN TELECOMMUNICATIONS: Sets Third Php135 Mln Interest Payment
----------------------------------------------------------------
Bayan Telecommunications is poised to pay in March another
Php135 million in interest after its debt-settlement scheme
gained support from a court-appointed receiver, says The
Philippine Daily Inquirer.

Receiver Remigio Noval has submitted his term sheet to the
court, which is consistent with Bayantel's own debt cut plan.

The Lopez-owned phone company said it had made two sets of
Php135 million in interest payments, one in September and
another in December. With the receiver's term sheet coinciding
with the firm's interest schedule, Bayantel said it was ready to
pay another Php135 million in March.

The Company will use internally generated funds to pay the
interest and is hoping that creditors will no longer object to
the rehab plan after the receiver submitted his term sheet.


COLLEGE ASSURANCE: SEC Asks Appraisers to Justify Land Valuation
----------------------------------------------------------------
Cuervo Appraisers, Inc. was requested by the Securities and
Exchange Commission (SEC) to justify the valuation it gave for
the Quezon property which College Assurance Plans Philippines,
Inc. (CAP) plans to use in its bid to boost capitalization,
reports Business World.

The move follows an order by Sen. Sergio R. Osmena III to
investigate CAP after the upper chamber entered into a contract
with its subsidiary CAP Health Maintenance Organization (HMO),
Inc.

Sen. Osmena pointed out that CAP is trying to make people
believe that its woes are temporary.

"There is no way that I can see CAP being able to resurrect
itself and all of these capital insertions through 3,000
hectares of land is nothing at all. That is a non-starter. The
$300-million loan from an American Company is also a non-
starter," he said.

Mr. Osmena, who insisted that CAP's financial situation should
be revealed to the public, called for a probe on the ailing pre-
need firm after its subsidiary won the contract to be the
Senate's HMO. He stressed the possibility of CAP's problems also
being experienced by its unit.

At the SEC, an official said representatives of Cuervo
Appraisers are set to come to the SEC to explain the valuation
of the property, owned by businessman Romeo Roxas.

The 3,000-hectare property was originally valued by Cuervo at
Php6 billion. But the size was later reduced to 2,900 hectares
after CAP scrambled to make sure the title was free from claims
and other encumbrances. With the move, SEC officials said the
property is now valued at slightly below Php6 billion.

CONTACT:

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


MANILA ELECTRIC: To Appeal Court Ruling Against Rate Hike
---------------------------------------------------------
The Manila Electric Company (Meralco) said in a press release
that it is saddened by the decision of the Court of Appeals
denying its Motion for Reconsideration of the Court's July 22,
2004 decision.

Based on a petition for review, the appellate court last year
annulled and set aside the rulings of the Energy Regulatory
Commission (ERC) approving Meralco's unbundling and rate
increase. The court also remanded the case back to ERC for
further proceedings, including the conduct of a COA audit.

Meralco President and COO Jesus Francisco said that the CA
ruling will have severe repercussions on the Company's
viability.

"The 8.65 centavos increase granted by ERC starting June 2003
together with the unbundling is Meralco's first increase since
the provisionally approved 18.4 centavos in 1994 which was
subsequently slashed to 1.7 centavos because of the Supreme
Court ruling," said Mr. Francisco.

"We are, in fact, still servicing an over Php30 billion refund
arising out of the SC decision."

The CA decision also reverses the unbundling of Meralco rates
which provided substantial discounts to residential customers
consuming within 100 kwhs per month or the lifeline users. These
lifeline users enjoyed a reduction in their electric bills of
over Php100 per month starting June 2003 and are accorded
monthly discounts of 50%, 35%, and 20% under the unbundling.

"Implementation of the CA decision means substantially
increasing rates to these very small customers, something that
would be very difficult to implement at this time," added Mr.
Francisco.

Lifeline customers numbered close to 1.6 million in December
2004, representing over one-third of Meralco's 4.2 million
customers.

With Meralco's viability endangered by the CA decision and
considering its implications to the very poor among its
customers, Meralco may have no recourse but to elevate the
matter to the Supreme Court. While it still has to officially
receive a copy of the CA ruling, its legal counsels are already
studying the matter. Meralco may also have to seek relief at the
ERC whose duty is to balance the interests of customers and the
utilities.

"Public interest dictates that a utility be viable. Otherwise,
it cannot continue to perform the vital service of delivering
electricity to its customers," said Mr. Francisco.

CONTACT:

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


NATIONAL POWER: Lawmaker Says Soaring Debts a Cause for Concern
---------------------------------------------------------------
The Chairman of the Senate Committee on Finance advised the
government to closely review National Power Corporation's
(Napocor) debts, which are mounting every year, relates Asia
Pulse.

Senator Manny Villar is calling for the government to "once and
for all" check and control Napocor's debts, which have burdened
the Filipino people.

Of Napocor's Php600-billion debts, the government is set to
assume Php200 billion (US$3.6 billion) and around Php360 billion
would be shouldered by the people through the 23-plus centavo
per kilowatt hour rate hike to be charged by Napocor.

Napocor, one of the government-owned and controlled corporations
(GOCCs) being monitored by the Department of Finance (DoF), the
Department of Budget and Management (DBM) and the Senate's
Finance Committee, has been bleeding hefty amounts every year
since the late 1990s.

>From 1998 to 2004, Napocor has seen its losses skyrocket by
2,850 percent. In effect, the power firm's average losses during
the period was Php41.46 billion. By the end of this year, its
total liabilities estimated to reach Php1.5 trillion would
greatly exceed its total assets of Php945 billion.

Mr. Villar also noted that while Napocor is suffering from hefty
losses and debts, it also enters into dubious contracts with
independent power producers (IPPs) and is "giving out fat
paychecks even fatter separation pays and benefits to resigning
and retiring officers whom they eventually re-hire anyway".

CONTACT:

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


PRYCE CORPORATION: Unaware of Reasons for Unusual Price Movement
----------------------------------------------------------------
A letter dated January 26, 2005 and issued by the Market
Surveillance Department of the Exchange informed the Company
through its Corporate Information Officer that "there was an
unusual price movement in the trading of PRYCE CORPORATION (PPC)
shares at 11:11 a.m. on Wednesday, January 26, 2005". And that
"(t)he share price of PPC increased by 50% from Php0.20 to
Php0.30 per share".

The Company is unaware of any material information whatsoever
relating to such unusual movement in the trading within January
26, 2005. It is to be noted, however, that the trading of PPC
shares commenced only on Wednesday after it has been halted for
about six months now. Furthermore, it is to be noted that in a
disclosure last January 17, 2005, the Company already informed
the Philippine Stock Exchange that it received a Court Order
approving the Amended rehabilitation Plan for PPC.

Significantly, information about such approval was in the
business news (both print and television) soon after the
disclosure to the Exchange. Lastly, the undersigned was informed
that a review of the said trading revealed while there was an
unusual price movement, the volume traded involved only 10,000
shares.

Pursuant to the requirements of the Securities Regulation Code,
the issuer has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

(Signed)
Atty. GEOFFREY G. CAGAKIT
Corporate Information Officer


VICTORIAS MILLING: Reschedules Stockholders' Meeting to April 1
---------------------------------------------------------------
Notice is given that during the regular meeting of the Board of
Directors of Victorias Milling Company, Inc. on January 21, 2005
at Makati City, the following were unanimously approved, to wit:

(1) To postpone the Annual Stockholders' Meeting of the
Corporation scheduled on March 1, 2005 to April 1, 2005 at 9:00
o'clock in the morning.

(2) That the record date for the purpose of determining who are
qualified and entitled to vote during the Annual Stockholders'
Meeting of the Corporation on April 1, 2005 is March 7, 2005.

(3) That the deadline for submission of proxies is set ten (10)
days before the Annual Stockholders' Meeting, which is scheduled
on April 1, 2005, or on March 22, 2005.

VICTORIAS MILLING COMPANY, INC.
Issuer

ATTY. EVA A. VICENCIO-RODRIGUEZ
Compliance & Information Officer
Signature and Title

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Tel. No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.


* Fitch Assigns 'BB' to Philippines' 9.875% Global Bond Due 2030
----------------------------------------------------------------
Fitch Ratings, the international rating agency, assigned the
Republic of Philippines' forthcoming USD1 billion 9.875% global
bond due 2030 an expected Long-term foreign currency 'BB'
rating. The rating Outlook is Negative. The rating is in line
Philippines' Sovereign 'BB' ratings with Negative Outlook, which
were affirmed in December.

The rating will be final upon receipt of conclusive documents
conforming to information already received.

The Sovereign ratings reflect Philippines' strong macroeconomic
performance, current account surpluses supported by hefty
remittances from offshore Filipino workers and an external
balance sheet that continues to sit comfortably with 'BB'-rated
peers. The maturity structure of the government's external debt
is also helping to limit external financing pressures,
reflecting the fact that over half of the debt is owed to
official creditors. The government's capacity to switch to the
domestic market for its financing requirements also supports the
rating.

Nonetheless, the Negative Outlook reflects increased concerns
about prospects for fiscal policy adjustment. These come against
a backdrop of sharply diminishing fiscal flexibility that leaves
the public finances vulnerable to shocks, including from
domestic interest rate increases, exchange rate pressures or
contingent liabilities emanating from the wider public sector or
from banking system weaknesses. Fitch points out that while the
national government deficit improved last year, the broader non-
financial public sector deficit is expected to remain at a
historically high 6.3% of GDP, reflecting financial problems at
the National Power Corporation (NPC).

According to recently revised figures, national government debt
increased to 72% at end-2003 from 63% of GDP at end-2001 and is
estimated to have risen further to 76% of GDP this year
following the transfer of debts from NPC. Public debt as a share
of GDP is high relative to 'BB' norms and extremely high as a
share of revenue at over 500%.

The Philippines faces significant fiscal policy challenges in
the near term. The policy response witnessed to date has
entailed electricity tariffs hikes, increase in sin taxes, a
hike in import duties on fuel, efforts to improve tax collection
and a squeeze in non-interest expenditure to a historically low
level of 13% of GDP in 2004. Fitch believes the key to restoring
fiscal health lies in further tax policy measures. The proposal
being discussed to raise the value-added tax from 10% to 12% is
particularly important.

Fitch recognizes the recent increased momentum in fiscal policy
discussions in Congress, but notes that it will be crucial to
see implementation of major tax measures in the next few months.


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


ASIA ORIENT: Disposes of Asia Standard Shares
---------------------------------------------
The Shareholders of Asia Orient Holdings Limited at the Special
General Meeting (SGM) held on Jan. 6, 2005 have approved the
Disposal of approximately 40.0 million Asia Standard Shares,
representing approximately 1.0% of the issued share capital of
Asia Standard.

On Jan. 24, 2005, the Company, through its wholly owned
subsidiaries, has disposed of 35,000,000 Asia Standard Shares,
representing approximately 0.852% of the issued share capital of
Asia Standard, resulting in the Group's interest in the existing
issued share capital of Asia Standard decreasing from
approximately 50.851% to approximately 49.999%.

To the best of the Directors' knowledge, information and belief,
after having made all reasonable enquiries, the 35,000,000 Asia
Standard Shares were disposed of on market to parties who are
independent of the Company and any director, chief executive or
substantial shareholder of any member of the Group or any of
their respective Associates or any connected person of the
Company.

The Asia Standard Shares were disposed of for a consideration of
approximately HK$13,982,000, representing an average sale price
of approximately HK$0.399 per share. The sale price exceeds 90%
of the average closing price of the Asia Standard Shares for the
ten preceding trading days immediately prior to the date of the
disposal, being a condition of the Disposal approved by the
Shareholders.

As a result of this disposal, the Group will record a loss of
approximately HK$8,799,000 based on the net asset value of Asia
Standard and release of capital reserve related to this disposal
to be recorded in the Group's accounts. It is intended that the
net proceeds of the sale of approximately HK$13,933,000 will be
used to reduce the borrowings of the Group.

After this disposal, Asia Standard will be equity accounted for
as an associated Company of the Company and will no longer be
its subsidiary. Reasons for and the effects of the sale of Asia
Standard Shares As set out in the Circular, the principal reason
for proposing the Disposal is to reduce the Company's indirect
interest in Asia Standard so that on the completion of the
Disposal Asia Standard will cease to be a subsidiary of the
Company.

Asia Standard is a considerably larger Company than Asia Orient
in terms of net assets attributable to its ordinary shareholders
and market capitalization, and there is no group of closely
associated Shareholders holding more than 50% of the ordinary
shares in Asia Orient. Consequently, transactions, which Asia
Standard is permitted to conclude without the requirement under
the Listing Rules to obtain its shareholders' approval or obtain
such approval by the written consent of a majority of its
shareholders may require, depending on their size and nature,
the approval of shareholders of Asia Orient which can only be
obtained in general meeting.

This additional approval at the level of Asia Orient has been
reducing the flexibility of Asia Standard in entering into and
concluding transactions, particularly for transactions where the
speed of execution is essential if assets are to be acquired or
disposed of advantageously. This additional approval requirement
can be dispensed with now that Asia Standard has ceased to be a
subsidiary of Asia Orient.

By Order of the Board
Asia Orient Holdings Limited
Fung Siu To, Clement
Chairman
Hong Kong


CHINA AVIATION (S): Vows Fair Treatment for Small Shareholders
--------------------------------------------------------------
A business turnaround plan made by China Aviation Oil
Singapore's (CAO) restructuring task force ensures fair
treatment for the Company's minority shareholders, according to
Channel News Asia.

The CAO task force gave the assurance during Tuesday's meeting
with the Securities Investors Association of Singapore (SIAS).

The meeting was called to talk about matters related to minority
shareholders' interests following the announcement of CAO's debt
repayment plan on Monday.

The group discussed the pricing of new equity, which is feared
to lead to severe dilution in CAO shares, leaving existing
minority shareholders with an overly undervalued stock.

In its court document, CAO says the price will be determined by
its parent CAOH, the new investor and CAO itself, leaving
minority investors with no say in the matter.

However, SIAS confirmed that the CAO task force guaranteed that
the interests of minority shareholders will be kept a priority.

CONTACT:

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


EXPECT MUSIC: Creditors First Meeting Set February 4
----------------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Expect Music Pte Ltd will be held at 20 Cecil Street, #12-02
& 03 Equity Plaza, Singapore 049705 on Friday, Feb. 4, 2005 at
2.00 p.m. for the following purposes:

Agenda

(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company.

(2) To appoint a Committee of Inspection if deemed necessary.

(3) Any other matters.

DON M HO, FCPA
Liquidator
c/o Don Ho & Associates,
Certified Public Accountants,
Corporate Advisory & Recoveries
20 Cecil Street, #12-02 & 03 Equity Plaza,
Singapore 049705
Tel: 6532 0320 (8 lines)
Fax: 6532 0331

Note: To entitle you to vote thereat, your proof of debt must be
lodged at the Registered Office of the Company c/o Don Ho &
Associates, not less than forty-eight hours before the time for
that purpose in the notice conveying the meeting at which it is
to be used.

This Singapore Government Gazette notice is dated Jan. 25, 2005.


ROWSLEY LIMITED: Posts Litigation Update
----------------------------------------
Rowsley Limited, which was served a writ of summons from
Intentia Asia Pacific Pte Ltd, is claiming a sum of SG$166,389/-
for damages. The claim is in relation to projects undertaken by
a wholly owned subsidiary of the Company, SS Pte Ltd, which has
been placed under creditors' voluntary liquidation in March
2004.

The Company has sought legal advice on the matter and has been
advised that the Company has good defense to the claim.

The Company will make further announcements on this matter as
and when required.

Submitted by:
Cheryl Tan Choo Huang   
Company Secretary   


TRANS-UNITED CORPORATION: Enters Bankruptcy Proceedings
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Trans-United Corporation Ltd by the High Court was on Jan. 18,
2005 presented by Timothy James Reid of Ferrier Hodgson,
Judicial Manager, a Company incorporated in Singapore and having
its registered office at 50 Raffles Place, #16-06 Singapore Land
Tower, Singapore 048623.

The Petition will be heard before the Court sitting at the High
Court in Singapore at 10:00 a.m. on Feb. 11, 2005.

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

The Petitioners' address is 50 Raffles Place, #16-06 Singapore
Land Tower, Singapore 048623.

The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.

Messrs Wong Partnership
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Wong Partnership of No. 80 Raffles Place, #58-01 UOB
Plaza 1, Singapore 048624, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any) and must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later than twelve
o'clock noon of Feb. 10, 2005.

This Singapore Government Gazette notice is dated Jan. 25, 2005.


WINDSOR NURSING: Issues Dividend Notice
---------------------------------------
Windsor Nursing Holding Pte Ltd with address of registered
office at c/o 6 Shenton Way #32-00 DBS Building Tower Two
Singapore 068809 issued a notice of dividend.

Court: High Court of Singapore

Number of Matter: Companies Winding Up No. 303 of 2000

Amount per centum: 34.6 Cents in a Dollar

Creditors Entitled: Preference Creditors under section 328 (g)

First and final or otherwise: First and Final Dividend

When Payable: Jan. 25, 2005

Where Payable: c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Tam Chee Chong
Liquidator

This Singapore Government Gazette notice is dated Jan. 25, 2005.


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


KRUNG THAI: BOT Needs More Time to Decide on Legal Action
---------------------------------------------------------
The Bank of Thailand (BOT) said it has not gathered enough
evidence to pinpoint who among the people involved in the
decision-making that led to the 12 doubtful loans in Krung Thai
Bank Public Company Limited (KTB) should be sued, according to
The Nation.

It will take two weeks for the central bank to decide on taking
legal action against the former directors as two to three of the
12 loans have been found to have irregularities.

However, the central bank is reportedly zeroing in on Suchai
Jaovidha, Viroj Nualkhair and Matchima Kunchorn, The three are
three former directors of KTB.  An investigation is also
currently being conducted and the findings will be unveiled at
the end of the month.

Apisak Tantivorawong, the bank's president, said it has not been
decided yet whether Krung Thai Bank or the central bank would
file any lawsuit.

KTB is currently in the process of restructuring the 12 loans.  
Around THB1 billion of the THB46 billion loans have turned to
performing, while THB6 billion will be repaid soon. The
remaining amount will take time to restructure, as they are
syndicated loans.

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th


THAI HEAT: SET Grants Listing of Securities
-------------------------------------------
Starting from January 28, 2005 the Stock Exchange of Thailand
(SET) allowed the securities of Thai Heat Exchange Public
Company Limited (THECO) due to the conversion of convertible
debenture to common shares to be traded on the SET after
finishing capital increase procedures.         

Name: THECO

Issued and Paid up Capital

Old: THB568,029,000

- Common Shares: THB512,988,000  
- Preferred Shares: THB55,041,000

New: THB571,061,000

- Common Shares: THB516,020,000
- Preferred Shares: THB55,041,000

Par value: THB10.00
Allocate to: 3,032 convertible debenture convert to 303,200
common shares

Exercise Ratio: 1 convertible bond: 100 common share

Exercise Price: THB10

Exercise Date: December 30, 2004

* Note: preferred shares and convertible bond of THECO are not
listed on the SET.

CONTACT:

Thai Heat Exchange Pcl   
1364 Ramkhamhaeng Road,
Suan Luang Bangkok    
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5   
Fax: 0-2318-2655, 0-2319-4268   
Web site: http://www.thaiheat.com


THAI PETROCHEMICAL: Court Calls for Meeting on February 4
---------------------------------------------------------
The Central Bankruptcy Court has called for a meeting on
February 4 to end disputes over allocation of Thai Petrochemical
Industry Public Company Limited's (TPI) shares, relates Business
Day.

The court suggested that TPI founder Prachai Leophairatana and
concerned parties to further how to rejuvenate TPI and it is
willing to act as mediator.  

In a previous statement, Mr. Prachai said the reconciliation
process should be finalized in one or two months to raise fresh
capital for the first debt repayment of $900 million, scheduled
for the end of October.

According Finance Minister Somkid Jatusripitak, the ministry has
done the right thing concerning the share allocation. However,
Mr. Somkid did not say if the ministry will join the meeting on
February 4 but stressed that several negotiations with all
concerned parties were being held.

TPI, the country's biggest defaulter, is under a debt-
restructuring scheme covering US$2.95 billion.

CONTACT:

Thai Petrochemical Industry Pcl   
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th




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

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Sunrise Co., Ltd.                4830    (-100.79)    130.2
  
INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99
  
JAPAN
-----


Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-129.51)      14.98
YCS Corporation Bhd             YCS         28.34      160.27


PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91

SINGAPORE
---------

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


THAILAND
--------

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





                            *********


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

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

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

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

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

                 *** End of Transmission ***