TCRAP_Public/050202.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

             Wednesday, February 2, 2005, Vol. 8, No. 22

                            Headlines

A U S T R A L I A

BORTHWICK INDUSTRIES: Appoints Liquidator to Wind Up Company
CHECKMATE MERCHANDISING: To Declare Final Dividend February 15
C&J TRI-SLASHERS: Members, Creditors to Meet February 14
DOS EMPLOYMENT: Final General Meeting Slated for February 17
EROLGIN PTY: Creditors Confirm Appointment of Liquidators

FOODLIFE INVENTORY: Creditors Given Until Today to Prove Claims
GARDENA PLASTICS: To Hold Final Meeting February 14
GOLDEN BREAD: Appoints Liquidators for Winding Up Purposes
HENRY WALKER: Voluntary Administrator Resigns
INTEGRATED CORPORATE: To Hear Liquidator's Report During Meeting

JAMES HARDIE: Court Assures Asbestos Claims be Paid in Full
JOHN THOMAS: EGM Passes Resolution to Wind Up Company
LOSS DETECTION: Final Meeting Slated for February 17
MILLENNIUM DEVELOPMENT: Members Pass Resolution During Meeting
MOSO PTY: Names Leonard A. Milner as Liquidator

PARMALAT AUSTRALIA: Warwick Factory Closes Down After Six Years
PEGASUS LEVERAGED: Former Director Charged with AU$2.1-Mln Fraud
PE INVESTMENT: Appoints Liquidator for Winding Up Purposes
QANTAS AIRWAYS: Union Pushes Deal as Layoff Fears Abate
SALAZAR PTY: To Hold Final Meeting February 4

SEDMS PTY: To Declare Final Dividend March 1
SOUTH-EASTERN PROPERTIES: Sets Final Meeting on February 14
SULLY MUSIC: To Hear Liquidator's Report During Meeting
SUPREME KNITTING: Joint Meeting Set February 11
WEALTH CREATION: Members Agree to Wind Up Company


C H I N A  &  H O N G  K O N G

AMS FAR: Court to Hear Winding up Petition on Feb.23
BANK OF CHINA: Regulator Cracks Down on Massive Fraud
CHINA SPECIALISED: Names Joint and Several Liquidators
GOLDEN DRAGON: Court to Consider Appointment of Liquidator
TODAYTECH ASIA: Picks Liquidator for Winding Up Purposes

WIN GAIN: Creditors Meeting Slated for February 21


I N D O N E S I A

INDOFOOD SUKSES: Unit Builds New Detergent Plant
PERTAMINA: Won't Increase Price of Fuel Products This Month


J A P A N

ALL NIPPON: Achieves Q3 Profit on Cost-Cutting, Robust Demand
BIGGUBAN K.K.: Enters Bankruptcy
HOKKAIDO BANK: JCR Assigns BBB to Long-term Debt
HOKURIKU BANK: JCR Affirms BBB on Long-term Debt
KANAGAWA-KEN KATUO: Begins Bankruptcy Proceedings

MITSUBISHI FUSO: Reveals Use of Faulty Parts on New Truck
MITSUBISHI MOTORS: S&P Downgrades Credit Rating to 'CC'
SEIBU RAILWAY: Shareholders Sue Over Fake Accounts


K O R E A

JINRO CABLE: Court Rules Against Taihan's Petition
JINRO LIMITED: Search for New Owner Begins


M A L A Y S I A

AKTIF LIFESTYLE: Still Searching for New Core Businesses
DATUK KERAMAT: Trading of Shares Resumes
GOLDEN FRONTIER: Buys Back 7,000 Shares
KEMAYAN CORPORATION: Unveils Ownership of Shareholdings
LANKHORST BERHAD: Resumes Trading of Shares

LION INDUSTRIES: SC Grants Extension on Public Spread
LION INDUSTRIES: To Issue Additional Shares
NAIM INDAH: Lists Additional Shares
NALURI BERHAD: Litigation Hearings Set March 8
PAN MALAYSIA: Repurchases More Shares

PAN MALAYSIA: Unit Faces Voluntary Winding-Up
POS MALAYSIA: Resells 200,000 Treasury Shares
SUREMAX GROUP: AGM Slated for Feb. 24
TALAM CORPORATION: Repurchases Additional Shares
TAMCO CORPORATE: Discloses FY04 Quarterly Results


P H I L I P P I N E S

COLLEGE ASSURANCE: CHED Asks Schools to Aid Plan Holders
COLLEGE ASSURANCE: Seeking US$100-Mln Loan from Canadian Firm
MANILA ELECTRIC: Complies with Rules of Corporate Governance
NATIONAL POWER: Government Sets Stricter Rules on Assets Sale
PHILIPPINE LONG: Lists Additional Shares

PHILIPPINE LONG: Abides with Manual on Corporate Governance
PILIPINO TELEPHONE: Reschedules Stockholders Meeting on May 9


S I N G A P O R E

CHINA AVIATION (S): SASAC Expects Support of Rescue Plan
IPROPERTYNET PRIVATE: Faces Dissolution
KLW HOLDINGS: Responds to SGX Queries
LIVING SYSTEMS: Creditors Meeting Scheduled March 1
MANAGEMENT CORPORATION NO.086: Creditors Required to Prove Debt

SINGLAND MACHINERY: Winding Up hearing Set Feb. 18
SINO TRISTAR: Creditors to Submit Claims by Feb. 28
TOP-CEIL CONTRACTS: Court to Hear Winding up Petition on Feb. 11


T H A I L A N D

NAKORNTHAI STRIP: Details Utilization of Capital Increase
PREECHA GROUP: Issues Report on Utilization of Capital
SAFARI WORLD: Tsunami Affected Unit Reopens

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A U S T R A L I A
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BORTHWICK INDUSTRIES: Appoints Liquidator to Wind Up Company
------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Borthwick Industries Pty Limited (In Liquidation) A.C.N. 078 216
725 held on December 14, 2004 it was resolved that the Company
be wound up voluntarily and that for such purposes Mr. John
Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as liquidator.

Dated this 14th day of December 2004

J.F. Taylor
Liquidator
c/- WHK Greenwoods


CHECKMATE MERCHANDISING: To Declare Final Dividend February 15
--------------------------------------------------------------
A first and final dividend is to be declared on February 15,
2005, for Checkmate Merchandising Pty Ltd (Subject To Deed Of
Company Arrangement) A.C.N. 077 568 015.

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

Dated this 21st day of December 2004

C.P. White
Deed Administrator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


C&J TRI-SLASHERS: Members, Creditors to Meet February 14
--------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of C&J Tri-Slashers Pty Ltd (In Liquidation) A.C.N.
065 706 158 will be held at the offices of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on Monday, February 14, 2005 at 9:15 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 Liquidators.

Dated this 20th day of December 2004

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123.
Telephone: 9882 6666


DOS EMPLOYMENT: Final General Meeting Slated for February 17
------------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of DOS Employment Services Pty Ltd (In
Liquidation) A.C.N. 099 516 220 will be held at the offices of
PPB, Level 10, 90 Collins Street, Melbourne 3000 on February 17,
2004 at 11:00 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and
hearing any explanations that may be given by the liquidator.

Dated this 20th day of December 2004

Andrew Mclellan
Liquidator
Dos Employment Services Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


EROLGIN PTY: Creditors Confirm Appointment of Liquidators
---------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Erolgin Pty Limited (In Liquidation) A.C.N. 003 602 828 duly
convened and held on December 24, 2004, a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned were appointed joint and several
Liquidators.

The appointment was confirmed at a subsequent meeting of
creditors held on 24 December 2004.

Dated this 24th day of December 2004

David Levi
Riad Tayeh
Joint and Several Liquidators
c/- de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2124


FOODLIFE INVENTORY: Creditors Given Until Today to Prove Claims
---------------------------------------------------------------
A first dividend is to be declared on February 21, 2005 for
Foodlife Inventory Holdings Pty Ltd (In Liquidation) (FIH)
A.C.N. 078 176 717.

Creditors whose debts or claims have not already been admitted
are required today, February 2, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 22nd day of December 2004

G.A. Crisp
Official Liquidator
RSM Bird Cameron Partners
Chartered Accountants
Level 8, 525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


GARDENA PLASTICS: To Hold Final Meeting February 14
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Gardena Plastics Pty Ltd
(In Liquidation) A.C.N. 005 952 027 will be held at the offices
of Cole Downey, Chartered Accountants, Level 1, 22 William
Street, Melbourne, Victoria 3000 on February 14, 2005, at 10:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 11th day of January 2005

J.P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000


GOLDEN BREAD: Appoints Liquidators for Winding Up Purposes
----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Golden Bread Basket Pty Ltd held on December 15,
2004 it was resolved that Golden Bread Basket Pty Ltd (In
Liquidation) A.C.N. 005 674 313 be wound up voluntarily and that
Roger David Midgley Smith of 126 George Street, Morwell be
appointed liquidator of the Company for the purpose of such
Winding Up.

Dated this 15th day of December 2004

R.D.M. Smith
Liquidator
126 George Street, Morwell Vic 3840


HENRY WALKER: Voluntary Administrator Resigns
---------------------------------------------
Ernst & Young administrators resigned Tuesday, a day after their
appointment as voluntary administrator for failed engineering
and management group Henry Walker Eltin Group Limited, relates
Dow Jones Newswires.

John Gibbons, Jack Crumlin and Keiran Hutchison of Ernst & Young
have advised the Australian Stock Exchange of their resignation,
without giving the reason for the move.

The board of Henry Walker said it appointed Anthony McGrath,
Scott Kershaw, Joseph Hayes and Shaun Fraser of
McGrathNicol+Partners as voluntary administrators on Tuesday.

Henry Walker called in an administrator after Glencore Finance
AG withdrew an AU$100 million recapitalization plan. The
Company's shares have been suspended from trading.  

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


INTEGRATED CORPORATE: To Hear Liquidator's Report During Meeting
----------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Integrated Corporate Services Pty Ltd (In
Liquidation) A.C.N. 061 676 266 will be held at the offices of
Brooke Bird & Co., Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, on Tuesday, February 15, 2005 at 9:30 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 Liquidators.

Dated this 20th day of December 2004

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Telephone: (03) 9882 6666


JAMES HARDIE: Court Assures Asbestos Claims be Paid in Full
-----------------------------------------------------------
A decision by the New South Wales Supreme Court gave James
Hardie asbestos victims assurance that their claims will be paid
in full, says the Australian Associated Press.

The court on Monday gave continued protection to the directors
of the Medical Research and Compensation Foundation (MRCF), the
fund that pays out compensation claims to James Hardie victims.
The protection allows the directors to pay claims in full, while
James Hardie works toward a binding long-term settlement.

Just before Christmas, James Hardie inked a non-binding
settlement with unions and victims for the Company to pay claims
to victims in the next few decades. The deal, however, requires
shareholder approval, which is expected by the end of June.

During this interim period, the MRCF directors have now been
granted protection from being sued by future victims if the deal
falls through.

The court also dismissed an application for provisional
liquidation that the MRCF had originally lodged last year when
its financial condition was much more dismal.

That situation was resolved by an injection of funds from a
former James Hardie subsidiary last year and the matter was
officially wrapped up Monday.

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.


JOHN THOMAS: EGM Passes Resolution to Wind Up Company
-----------------------------------------------------
At an extraordinary General Meeting of John Thomas (Holdings)
Pty Ltd (In Liquidation) A.C.N. 000 349 388 convened and held at
the offices of Peter Collier Chartered Accountants, Suite 101,
107 Phillip Street, Parramatta, NSW 2150 on December 21, 2004,
Riad Tayeh was appointed Joint Liquidator with Mr. Antony de
Vries.

Dated this 21st day of December 2004

Riad Tayeh
Joint Liquidator
de Vries Tayeh
c/- Level 3, 95 Macquarie Street,
Parramatta NSW 2150


LOSS DETECTION: Final Meeting Slated for February 17
----------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Loss Detection Security Services Pty
Ltd (In Liquidation) A.C.N. 090 606 518 will be held at the
offices of PPB, Level 10, 90 Collins Street, Melbourne on
February 17, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and hearing any explanations that may be given by the
liquidator.

Dated this 20th day of December 2004

Craig Crosbie
Liquidator
Loss Detection Security Services Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


MILLENNIUM DEVELOPMENT: Members Pass Resolution During Meeting
--------------------------------------------------------------
Notice is hereby given that by special resolution of Millennium
Development Pty. Ltd. A.C.N. 078 472 072 on December 20, 2004
resolved that the Company be wound up voluntarily and that
Anthony Robert Cant of Romanis Cant, Chartered Accountants, 106
Hardware Street, Melbourne be appointed Liquidator for the
purpose of such winding up.

Dated this 20th day of December 2004

Abraham Andrews
Director


MOSO PTY: Names Leonard A. Milner as Liquidator
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Moso Pty Ltd (In Liquidation) A.C.N. 059 188 546
held on December 21, 2004, it was resolved that the Company be
wound up voluntarily and at a meeting of creditors held on the
same day pursuant to Section 497, it was resolved that for such
purpose, Leonard A. Milner of Venn Milner & Co., of Suite 1, 43
Railway Road, Blackburn Vic 3130 be appointed Liquidator.

Dated this 21st day of December 2004

Leonard A. Milner
Liquidator


PARMALAT AUSTRALIA: Warwick Factory Closes Down After Six Years
---------------------------------------------------------------
Parmalat Australia's historic cheese factory in Warwick finally
ended its six-year operation on Friday last week, reports ABC
News.

The Australian dairy Company announced the closure in September
amid troubles at its Italian-based parent.

An official from the Australian Worker's Union, Dudley Watson,
said the factory is going to be mothballed, as the Company has
not decided yet whether to sell the factory or retain it as an
asset.

"I can probably understand why. They wouldn't want to make that
site available to another employer who perhaps may operate in
the same field as Parmalat and become opposition," Mr. Watson
quipped.

CONTACT:

Parmalat Australia Ltd  
South Brisbane, Queensland,
Australia


PEGASUS LEVERAGED: Former Director Charged with AU$2.1-Mln Fraud
----------------------------------------------------------------
Craig John McKim, of Labrador, Queensland, was committed to
stand trial yesterday in the Downing Centre Local Court, Sydney,
on 40 charges under the Crimes Act 1900, following an
investigation by the Australian Securities and Investments
Commission (ASIC).

Mr. McKim, who is a former director of a Sydney financial
services business, Pegasus Leveraged Options Group Pty Ltd
(Pegasus), will stand trial on 33 counts of fraudulently taking
funds totaling AU$2,187,963 for his own use. Mr. McKim was also
charged with seven counts of making or using false documents, or
copies of false documents, to induce investors to accept the
instruments as genuine, in relation to the promotion of a
managed investment scheme.

ASIC alleges the funds taken by Mr. McKim were withdrawn from an
account that Pegasus held with the National Australia Bank. Mr.
McKim allegedly deposited the money into three gaming accounts.
The alleged offences occurred during the period 25 July 2000 to
1 March 2001.

The matter will return to court on 11 February 2005. The
Commonwealth Director of Public Prosecutions is prosecuting the
matter.

Background

Pegasus was an unlicensed financial services business, based in
Crows Nest, NSW.

ASIC has previously taken civil action against Mr. McKim and
Pegasus in relation to the management of an unregistered managed
investment scheme, and the offer of securities without a
securities dealer's license. On 24 April 2002, ASIC obtained
orders for the winding up of both Pegasus and the scheme.

In addition, the NSW Supreme Court also banned Mr. McKim from
being involved in the management of a Company for 30 years. Mr.
McKim and Pegasus were found to be operating an unregistered
managed investment scheme, to have engaged in misleading or
deceptive conduct and to have made misleading statements in
order to entice investors into the scheme.


PE INVESTMENT: Appoints Liquidator for Winding Up Purposes
----------------------------------------------------------
Notice is hereby given that by special resolution of PE
Investment (Australia) Pty. Ltd. A.C.N. 078 571 141 on December
20, 2004 resolved that the Company be wound up voluntarily and
that Anthony Robert Cant of Romanis Cant, Chartered Accountants,
106 Hardware Street, Melbourne be appointed Liquidator for the
purpose of such winding up.

Dated this 20th day of December 2004

Tiou Seng Teo
Director


QANTAS AIRWAYS: Union Pushes Deal as Layoff Fears Abate
-------------------------------------------------------
A union representing Qantas Airways' 10,500 staff finally
decided their members' jobs were not under immediate threat,
reports the Australian Associated Press.

After intense negotiations with Qantas, the Australian Services
Union (ASU) has advised its members to vote in favor of the
airline's latest workplace agreement, as fears over massive job
losses subside.

In a letter to the union, Qantas said no areas of "ASU covered
work were targeted for offshoring".

"All aspects of our operations are always under review as part
of the Sustainable Future program on a regular basis."

The Company also reconfirmed it would not move call center jobs
offshore.

"There is nothing to advise on your question of when a function
performed by ASU covered staff will be offshored, because no
such decision has been taken," it said.

"Similarly, no decision has been taken in this area that would
lead to redundancies in the ASU's area of coverage."

The ASU has been in Enterprise Bargaining Agreement (EBA)
negotiations since the expiry of the last EBA in June last
year. It was still hard to tell where the votes should go but
the ASU said it had been "recommending a yes to members".

CONTACT:

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


SALAZAR PTY: To Hold Final Meeting February 4
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of the members of Salazar
Pty Limited (In Liquidation) A.C.N. 003 418 022 will be held at
Level 15, 309 Kent Street, Sydney on February 4, 2005 at 10:00
a.m. for the purpose of having an account laid before it showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and hearing any explanation
that may be given by the liquidator.

Dated this 22nd day of December 2004

J.F. Taylor
Liquidator
c/- WHK Greenwoods


SEDMS PTY: To Declare Final Dividend March 1
--------------------------------------------
A first and final dividend is to be declared on March 1, 2005 in
respect of SEDMS Pty Ltd (In Liquidation) A.C.N. 081 522 509.

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

Dated this 15th day of December 2004

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666


SOUTH-EASTERN PROPERTIES: Sets Final Meeting on February 14
-----------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of South-Eastern Properties Pty Ltd (In Liquidation)
A.C.N. 092 662 738 will be held at the offices of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, East Hawthorn,
3123, on February 14, 2005 at 9:15 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 16th day of December 2004

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn Vic 3123
Telephone: 9882 6666


SULLY MUSIC: To Hear Liquidator's Report During Meeting
-------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of members and creditors of Sully
Music Pty Ltd (In Liquidation) A.C.N. 006 613 243 will be held
at the offices of D'Aloia Handberg, Chartered Accountants, Level
10, 200 Queen Street, Melbourne, on February 15, 2005 at 11:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 21st day of December 2004

A. D'aloia
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


SUPREME KNITTING: Joint Meeting Set February 11
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Supreme Knitting Mills Pty Ltd (In Liquidation) A.C.N. 068 628
302 will be held at the offices of Horwath Melbourne, Level 5,
114 William Street, Melbourne on February 11, 2005, at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Joint and Several
Liquidator.

Dated this 17th day of December 2004

Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


WEALTH CREATION: Members Agree to Wind Up Company
-------------------------------------------------
At a general meeting of the members of Wealth Creation
Management Pty Ltd (The Company) A.C.N. 092 753 243 duly
convened and held at the 98 Panoramic Road, Balwyn North on
December 15, 2004, the Special Resolution set out below was duly
passed:

That the Company be wound up voluntarily.

Dated this 15th day of December 2004

C. Vlassis
Director
c/- RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


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


AMS FAR: Court to Hear Winding up Petition on Feb.23
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of AMS
Far East Limited by the High Court of Hong Kong was on Dec. 22,
2004 presented to the said Court by Wong Yung Mui of Room 1706,
Block 1, Kwai Shing West Estate, Kwai Chung, New Territories,
Hong Kong.  

The said petition will be heard before the Court at 9:30 a.m. on
the Feb. 23, 2005.

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

Betty Chan
For Director of Legal Aid
34th Floor, 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 or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of Feb. 22, 2005.

This notice is dated Jan. 28, 2005.


BANK OF CHINA: Regulator Cracks Down on Massive Fraud
-----------------------------------------------------
The state banking regulator has demanded Bank of China to
strengthen its internal risk-control mechanisms and enforce
strict action against bank employees who were allegedly involved
in the CNY1 billion fraud case in a sub-branch at Heilongjiang
province, The Standard reports.

The China Banking Regulatory Commission (CBRC), which is
conducting an investigation on the lender, has found a number of
transactions that revealed BOC's vulnerable bank management and
control of operations at a branch level.

In turn, BOC is required to impose stringent checks at all
operational levels, strengthen internal reform efforts, tighten
risk management practices and apply preventive measures to avert
any fiasco in the future.

Meanwhile, media repots said that the fraud could exceed CNY1
billion, including CNY293.3 million missing from an account
belonging to Northeast Expressway, a Shanghai-listed toll-road
firm. The Company filed a lawsuit to recover the funds last
week.

CONTACT:

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


CHINA SPECIALISED: Names Joint and Several Liquidators
------------------------------------------------------
China Specialised Fibre Holdings Limited with office of
registered office at Rm 1904, 19/F, World Trade Centre 280
Gloucester Rd, Causeway Bay, Hk has appointed its Joint &
Several Liquidators Kennic Lai Hang Lui and Ruby Mun Yee Leung
Both Of Messrs. Kennic L.H. Lui & Co.

The Liquidators' registered office is located at 38-44 D'aguilar
Street, Ho Lee Commercial Building 5/F, Central, Hong Kong

The Date of Appointment was on Dec. 23, 2004.

E T O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 28, 2005.


GOLDEN DRAGON: Court to Consider Appointment of Liquidator
----------------------------------------------------------
Notice is hereby given that pursuant to Rule 45 of the Companies
(Winding-up) Rules and according to the instruction of Master S.
Kwang of the High Court of the Hong Kong Special Administration
Region, a hearing has been fixed on Feb. 16, 2005 (Wednesday) at
3:30 p.m. at High Court, High Court Building, 38 Queensway, Hong
Kong for the court to consider the application for appointment
of Messrs. Chiang Ping Kwan and Wu Wai Man as Joint and Several
Liquidators of Golden Dragon Food Company Limited.

Copies of reports of the results of the first meetings of
creditors and contributories are available at the address
hereunder upon request.

Chiang Ping Kwan
Joint and Several Provisional Liquidator
Patrick P K Chiang & Co.
9B Chang Pao Ching Building
427 Hennessy Road
Wanchai, Hong Kong

This notice is dated Jan. 24, 2005.


TODAYTECH ASIA: Picks Liquidator for Winding Up Purposes
--------------------------------------------------------
Notice is hereby given that Mr. Kelvin Edward Flynn and Mr.
Cosimo Borrelli both of 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, were appointed as the Joint
and Several Liquidators of Todaytech Asia Limited by an order
made by Master S. Kwang of the High Court of the Hong Kong
Special Administrative Region on 1st day of December, 2004.

Kelvin Edward Flynn
Cosimo Borrelli
Joint and Several Liquidators

Presented by RSM Nelson Wheeler Corporate Advisory Services
Limited

This notice is dated Jan. 28, 2005.


WIN GAIN: Creditors Meeting Slated for February 21
--------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Win Gain
International Investment Limited will be held at Room 1001, 10th
Floor, New Victory House, 93 Wing Lok Street, Central, Hong Kong
on Feb. 21, 2005 (Monday) at 10:00 a.m. for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room 1001, 10th Floor, New Victory
House, 93 Wing Lok Street, Central, Hong Kong not later than
4:00 p.m. on the day before the meeting or adjourned meeting at
which they are to be used.

By Order of the Board of
Win Gain International Investment Limited
Director

This notice is dated Jan. 28, 2005.


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


INDOFOOD SUKSES: Unit Builds New Detergent Plant
------------------------------------------------
PT Indofood Sukses Makmur's subsidiary PT Birina Multidaya will
build a detergent plant in Pasuruan, East Java, with IDR40
billion ($US4.3 million) in investments, reports Asia Pulse.

Indofood will venture into detergent business as a result of
growing demand for the material.  The new factory will be the
third for Birina, which already has one each in Citeurep and in
Cikampek, West Java. The factory will have an annual capacity of
100,000 tons of detergent.  

According to Birina Chief Executive Officer, F. Gunawan a
sufonation plant would also be built at the same location with a
capacity to produce five tons per hour.

CONTACT:

PT Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
Web site: http://www.indofood.co.id


PERTAMINA: Won't Increase Price of Fuel Products This Month
-----------------------------------------------------------
PT Pertamina has decided to retain prices of fuel products for
transportation and industry for this month, relates The Jakarta
Post, citing a media statement.

Premium fuel for industry is listed at IDR2,100 per liter and
kerosene at IDR2,200 per liter.  Automotive diesel is priced at
IDR2,050 per liter and industrial fuel at IDR1,600.  Prices of
premium gasoline at gas pumps will remain flat at IDR1,810 per
liter, while the price of kerosene remains IDR1,800 per liter.

Pertamax and Pertamax Plus, Pertamina's high-quality gasoline
brands will still be priced at IDR4,000 per liter and IDR4,200
per liter respectively.  The only adjustment of fuel prices was
in the international bunker prices, valid starting Tuesday.  The
international prices for bunker are not subject to tax and are
valid for foreign ships, vessels heading abroad and bunker fuel
agents.

The changes in fuel prices is decided every month based on
prices in other Asian countries like Singapore.  The exchange
rate developments are also considered.  But the government has
decided not to raise fuel prices during the elections.

CONTACT:

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


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


ALL NIPPON: Achieves Q3 Profit on Cost-Cutting, Robust Demand
-------------------------------------------------------------
The All Nippon Airways (ANA) Group on Monday reported a
consolidated net profit of JPY5.1 billion on revenue of JPY323
billion for the third quarter (October 1 - December 31, 2004) of
the 2005 fiscal year.

Operating profit was JPY21.3 billion, and recurring profit was
JPY12.2 billion. This is ANA Group's sixth consecutive quarter
of profitable operations

Compared with the same quarter of the previous fiscal year,
revenue and operating profit were up by 3.2% and 30%,
respectively. The growth in operating profit can be attributed
to improvements in unit price, strong demand for international
business travel and the success of the Three-Year Cost Reduction
plan, whose target savings of JPY30 billion per year was
accomplished within its second year, ie, the current fiscal
year.

Net profit was down 25% year-on-year, affected by JPY4.5 billion
in extraordinary costs mainly arising from the move to the new
Terminal 2 at Tokyo Haneda Airport in December and sales of
Company housing.

Nevertheless, looking at the nine-month period March 1 -
December 31, 2004, net profit for the first three quarters of
the year was up 27.6% to JPY35 billion, operating profit was up
162.6% to JPY81.1 billion on revenues of JPY982.5 billion, which
is in turn a 6.6% increase on the previous nine-month period.
Recurring profit was also up 148.4% at JPY65.3 billion.

"I believe we can say with conviction that we are well on the
way to achieving one of our corporate goals, which is the
establishment of a robust foundation able to maintain
profitability within volatile market conditions. We are still
seeing little growth in domestic travel demand, crude-oil prices
remain at unprecedented levels, and this difficult operating
environment is likely to continue for the foreseeable future,"
said ANA Senior Vice President Financial, Tomohiro Hidema.

"Nevertheless, we have undergone and continue to undergo
restructuring and cost saving initiatives, while maintaining
efforts to secure increased revenues. We have just posted our
sixth quarter of profitable operations and expect to be on track
for the whole fiscal year."

The five ANA Group airlines* transported a total of 36.9 million
passengers - 33.8 million domestic, 3.1 million international -
over 43.6 billion Revenue Passenger Kilometres (RPK) for the
nine-month period. This breaks down to 29.1 billion domestic and
14.5 billion international RPKs. Overall, passenger numbers were
up 1%, with international passenger numbers rising 27.8% year-
on-year. Domestic passenger numbers stayed almost the same as
the previous year - showing only a .7% point decrease - despite
a 4.4% cut in capacity.

ANA Group Airlines carried 502,000 tons of cargo, an increase of
5%, with strong demand on both international and domestic
services.

As a result of the favorable results for the period under
review, ANA Group will revise its profit forecast upward for the
entire fiscal year. A comparison of the original forecast and
the new forecast follows:

Revised Financial Forecast for Fiscal 2004, ended March 31, 2005
Unit: billion yen
                 Revised Forecast  Initial Forecast  Difference
                                   as of April 30

Revenue             1,281.0          1,266.0            15.0
Operating Profit       70.0             56.0            14.0
Recurring Profit       61.0             29.0            32.0
Net Profit             25.0             14.0            11.0

*ANA, ANK, Air Japan, A-net, Air Hokkaido

CONTACT:

All Nippon Airways Co Ltd
5-10 Hanedakuko 3-Chome
Ohta-Ku 144-0041, Tokyo 100-6027
Japan
Phone: +81 3 5756 5665
Fax: +81 3 5756 5679
Web site: http://www.ana.co.jp/eng/index.html


BIGGUBAN K.K.: Enters Bankruptcy
--------------------------------
Bigguban K.K., operator of general merchandise stores, has
entered bankruptcy, according to Teikoku Databank America.

The firm, based in Osaka-shi, Osaka 540-0039, left total
liabilities of US$34.36 million.

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


HOKKAIDO BANK: JCR Assigns BBB to Long-term Debt
------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has assigned a BBB
rating to long-term debts of The Hokkaido Bank, Ltd.

Rationale:

Hokkaido Bank is a regional bank of Hokuhoku Financial Group,
which is a wide-area financial group. It is a core bank of the
group with the fund totaling 3,200 billion yen. The head office
is located in Sapporo, Hokkaido. Its presence is significant as
indicated by the stable 20% market shares in both deposits and
loans in Hokkaido where competition is fierce. While the
earnings power is high, the capital is weak.

JCR will pay attention to the future developments as to the
going of the rehabilitation plan.

CONTACT:

Hokkaido Bank Limited (The)
1 Odori-Nishi 4-chome
Chuo-ku, Sapporo 060-8676, Hokkaido 060-0042
JAPAN
Phone: +81 11 233 1005
Fax: +81 11 221 4629  
Web site: http://www5.mediagalaxy.co.jp/hokkaidobank/


HOKURIKU BANK: JCR Affirms BBB on Long-term Debt
------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has assigned a BBB
rating to the long-term debt of The Hokuriku Bank, Ltd.

Rationale:

Hokuriku Bank is a regional bank of Hokuhoku Financial Group,
which is a wide-area financial group. It is a core bank of the
group with the fund totaling JPY4,900 billion. Its presence is
significant in Toyama, Ishikawa, Fukui and Hokkaido as a wide-
area regional bank on the strength of the long history in those
areas. While the earnings power is high, the capital is weak.

JCR will pay attention to the future developments as to the
going of the rehabilitation plan.

CONTACT:

Hokuriku Bank Limited (The)
2-26 Tsutsumicho-dori 1-chome
Toyama 930-8637, Toyama 930-8637
JAPAN
Phone: +81 76 423 7111
Fax: +81 764 91 6198  
Web site: http://www.hokugin.co.jp/


KANAGAWA-KEN KATUO: Begins Bankruptcy Proceedings
-------------------------------------------------
Fisheries firm Kanagawa-Ken Katuo Maguro Gyogyo Kyodokumiai has
fallen into bankruptcy, says Teikoku Databank America.

The firm, headquartered in Miura-shi, Kanagawa 238-0243, has
total liabilities of US$66.90 million.

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


MITSUBISHI FUSO: Reveals Use of Faulty Parts on New Truck
---------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation recently revealed that
its new Canter small truck contained defective parts, Jiji Press
reports.

The scandal-tainted truck maker made the surprising revelation
on Friday, a day after it received a type certificate form the
government to sell its new models.

Mitsubishi Fuso advised the Ministry of Land, Infrastructure and
Transport that the same three defective parts have already been
used in the Company's older Canter trucks, saying there have
been more than 70 cases of defects since 2003.

The Ministry then instructed the Company to fix the defects for
the new Canter model.

The transport ministry did not know until Friday that the truck
maker already manufactured some 2,800 units of the new Canter
before the certificate was granted.

Mitsubishi Fuso plans to file a recall with the ministry in
February to implement free repairs.

CONTACT:

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


MITSUBISHI MOTORS: S&P Downgrades Credit Rating to 'CC'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Mitsubishi Motors Corp. (MMC) to 'CC' from
'CCC+' following the automaker's announcement of a planned debt-
for-equity swap as part of its most recent restructuring plan.
At the same time, Standard & Poor's lowered its senior unsecured
debt rating on MMC to 'CCC+' from 'B-'. The ratings on the
Company and the senior unsecured debt were removed from
CreditWatch, where they were placed on Jan. 25, 2005. The
outlook on the long-term corporate credit rating is negative.
     
The capital enhancement plan announced on Jan. 28, 2005,
totaling JPY270 billion, includes a capital infusion by Bank of
Tokyo-Mitsubishi Ltd., Mitsubishi Corp., and Mitsubishi Heavy
Industries Ltd. The deal also calls for a debt-for-equity swap
on bank loans of JPY50 billion by Bank of Tokyo-Mitsubishi. When
the debt-for-equity swap is completed, the rating on MMC will be
subsequently lowered to 'SD'.
     
Standard & Poor's intends to assign a new corporate credit
rating on MMC after confirmation of the debt-for-equity swap and
capital injections. Strong concerns over the Company's financial
performance mean the new rating would likely be in the 'CCC'
category.
      
"It remains unclear whether pending operational and financial
restructuring measures will be sufficient to ensure MMC's
survival, given the serious damage to the carmaker's brand image
and collapsing sales in Japan and North America," said Standard
& Poor's credit analyst Chizuko Satsukawa.
     
Under the plan, Mitsubishi Heavy will raise its stake in MMC to
15% and consolidate the automaker as an equity-method affiliate.
This is a somewhat positive factor for MMC. However, as this
marks the second rescue package for MMC in the past 12 months,
the new rating after completion of the debt-for-equity swap will
reflect doubt over whether the three Mitsubishi group companies
would be willing to save MMC for a third time if the latest
turnaround plan fails.
     
The downgrade on MMC's senior unsecured debt primarily reflects
the Company's increased secured debt, which has expanded to
JPY520 billion, accounting for about 28% of total assets as of
Sept. 30, 2004. As secured debt increases, the credit quality of
MMC's rated senior unsecured bonds falls, because secured debt
has a priority claim on the Company's assets. Even if the new
debt of JPY240 billion in the revitalization plan were all
unsecured, the relative ranking of the Company's unsecured bonds
would not change significantly.
     
The downgrade on MMC's senior unsecured debt also incorporates
the possibility that the three Mitsubishi group companies may
reduce financial support to the automaker in the future. The
rating on the long-term senior unsecured debt was one notch
higher than its long-term issuer rating, reflecting the
likelihood of loan waivers offered by key creditor banks.

However, if MMC were to need support for a third time, Standard
& Poor's believes that senior unsecured bondholders could see
their better protection deteriorate.
     
This rating was initiated by Standard & Poor's and may be based
solely on publicly available information and without the
participation of the issuer's management. Standard & Poor's has
used information from sources believed to be reliable, but does
not guarantee the accuracy, adequacy or completeness of any
information used. Ratings are statements of opinion, not
statements of fact or recommendations to buy, hold, or sell any
securities. Other analytic services performed by Standard &
Poor's may be based on information that was not available for
this rating and this report.
     
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


SEIBU RAILWAY: Shareholders Sue Over Fake Accounts
--------------------------------------------------
A group of 210 disgruntled shareholders in Seibu Railway Company
filed a lawsuit Tuesday, demanding compensation for a scandal
that cost them JPY350 million, relates The Asahi Shimbun.

The group lodged a suit with the Tokyo District Court against
Seibu Railway, Kokudo Corporation and former executives for
falsifying financial statements. The plaintiffs said Seibu
Railway's report last year, which contained information about
the amount of stock held by its major shareholders, was
submitted to authorities although the firm's executives knew the
act breached Tokyo Stock Exchange rules.

The group explained they opted to file for damages since they
have no other way to recoup losses from plunging Seibu share
prices after the false report came to light.

The group calculated its losses based on the closing share price
of JPY1,081 on the day Seibu Railway made its false statement
public. The price fell to JPY268 on the day the TSE decided to
delist Seibu Railway.

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/


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


JINRO CABLE: Court Rules Against Taihan's Petition
--------------------------------------------------
The Daejeon District Court rejected Saturday the petition filed
by Taihan Electric Wire Co. for a provisional injunction to halt
Jinro-Cable Industries Co.'s restructuring plan, The Korea
Herald says.

"The latest court rejection of the provisional injunction is the
most reasonable ruling that will benefit all the employees and
creditors of Jinro-Cable," said an LG Cable spokesperson. "We
hope Taihan will be cooperative and supportive of Jinro-Cable's
normalization."

According to Taihan, Jinro-Cable would suffer if the court did
not accept its request for an injunction, but according to LG
Cable, the court said there was no reason to delay the takeover
proceedings.

Taihan believes that LG Cable's takeover would disrupt fair
competition in such a way that the Company and its affiliate
would account for more than 60 percent of the market.

The disposal plan states that Jinro-Cable would undergo a
capital reduction this month and issue new shares by early
March, which LG Cable is expected to fully takeover the debt-
ridden cable Company.

CONTACT:

Jinro Industries Co., Ltd.
569 Boseong-Ri Pungse-Myeon Cheonan-Si
Chungnam 330-912
Korea (South)
Telephone: +82 41 559 4800/ +82 41 566 7919  
Web Site: http://www.jinro-cable.co.kr/


JINRO LIMITED: Search for New Owner Begins
------------------------------------------
The recent court approval to begin the sale, obtained by Jinro
Ltd., would enable the soju distiller kick off its search for a
new owner, relates The Korea Herald.

Jinro gives interested parties time to express their interest
until February 14, at 3:00 p.m. to the Business Finance Team of
Merril Lynce & Co. located in Jung-gu, Seoul.  A payment of
KRW10 million will be required to the party selected for due
diligence scheduled to take place from February 17 to March 29.  
Bidders will have to submit their proposals by 3 p.m. on March
30. Merrill Lynch & Co. is managing the sale for the Seoul
court.

Jinro is expected to become one of the hottest takeover deals in
Asia considering that it has a strong cash flow and the
potential to grow into a global Company.  The Company is valued
at KRW1.7 trillion to KRW3 trillion.

Possible bidders from abroad include Affinity Partners, HSBC,
Newbridge Capital, Asahi Breweries and Suntory.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453  
Web site: http://www.jinro.co.kr/


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



AKTIF LIFESTYLE: Still Searching for New Core Businesses
--------------------------------------------------------
Further to Aktif Lifestyle Corporation Berhad's "Initial
Announcement" dated June 15, 2004 and the subsequent
announcements dated July 28 & Oct. 28, 2004, the Company
announced that it is continuing its efforts to seek and acquire
new core businesses, the implementation of which will enable it
to ensure a level of operations that is adequate to warrant
continued trading and/or listing on the Official List.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone:  (60) 3 2693 1828
Fax:    (60) 3 2691 2798

This announcement is dated Jan. 28, 2005.


DATUK KERAMAT: Trading of Shares Resumes
----------------------------------------
Further to Listing Circular No. L/Q 29157 of 2005, trading in
Datuk Keramat Holdings Berhad's shares has resumed effective
Monday, Jan. 31, 2005, 9:00 a.m.

Please refer to the Company's announcement dated Jan. 28, 2005.

CONTACT:

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


GOLDEN FRONTIER: Buys Back 7,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on Jan. 31, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 31/01/2005

Description of shares purchased:  Ordinary Shares of RM1.00 Each
  
Total number of shares purchased (units): 7,000

Minimum price paid for each share purchased (RM): 0.660

Maximum price paid for each share purchased (RM): 0.665

Total consideration paid (RM): 4,669.67

Number of shares purchased retained in treasury (units): 7,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,300,000

Adjusted issued capital after cancellation
(no. of shares) (units):  
   
This announcement is dated Jan. 31, 2005.


KEMAYAN CORPORATION: Unveils Ownership of Shareholdings
-------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (Kemayan
announced the following information on the level of foreign
shareholdings as at Dec. 31, 2004:

1) The percentage shareholdings of entitled foreigners as at
Dec. 31, 2004 is 49%; and

2) The percentage shareholdings of non-entitled foreigners as at
Dec. 31, 2004 is 6.74%

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


LANKHORST BERHAD: Resumes Trading of Shares
-------------------------------------------
Further to Listing's Circular No. L/Q 29213 of 2005, trading in
Lankhorst Berhad's securities has resumed effective Monday, Jan.
31, 2005, 9:00 a.m.

Please refer to the Company's announcement dated Jan. 28, 2005.

CONTACT:

Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia


LION INDUSTRIES: SC Grants Extension on Public Spread
-----------------------------------------------------
Lion Industries Corporation Berhad announced that the Securities
Commission (SC) had via its letter dated Jan. 26, 2005, which
was received on Jan. 31, 2005, granted the Company an extension
of time to Oct. 31, 2005 from Dec. 31, 2004 to comply with the
public shareholding spread requirement of Lion Forest Industries
Berhad.

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

This announcement is dated Jan. 31, 2005.


LION INDUSTRIES: To Issue Additional Shares
-------------------------------------------
Lion Industries Corporation Berhad's additional 175,000 new
ordinary shares of RM1.00 each issued pursuant to the Executive
Share Option Scheme will be granted listing and quotation
effective Wednesday, Feb. 2, 2005, 9:00 a.m.


NAIM INDAH: Lists Additional Shares
-----------------------------------
Naim Indah Corporation Berhad's additional 106,722,090 new
ordinary shares of RM0.20 each arising from the Conversion of
106,722,090 nominal value of RM.20 irredeemable convertible
unsecured loan stocks 2003/2006 will be granted listing and
quotation effective Wednesday, Feb. 2, 2005, 9:00 a.m.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


NALURI BERHAD: Litigation Hearings Set March 8
----------------------------------------------
Naluri Berhad (Naluri) refers to its earlier announcement dated
Nov. 10 & Nov. 23, 2004 (the definitions of which apply
throughout this announcement) in relation to the petition which
was served on the Compayn.

The Company announced that the hearing on the Petitioner's
Injunction Application and the Respondents' Striking out
Applications in relation to Petition No. D2-26-88-2004 filed by
Adenan Bin Ismail against Naluri and others have been adjourned
to March 8, 2005.

In addition, the hearing of the "Notice To Show Cause" and the
case management in relation to the Petition No. D2-22-565-2004
filed by Hazman Bin Ahmad against Naluri and others was also
adjourned to March 8, 2005.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax:   +60 3 2162 0676

This announcement is dated Jan. 28, 2005.


PAN MALAYSIA: Repurchases More Shares
-------------------------------------
Pan Malaysia Corporation Berhad dislosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on Jan. 31,
2005.  

Date of buy back: 31/01/2005

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

Total number of shares purchased (units): 100,000

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

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

Total consideration paid (RM): 44,563.11

Number of shares purchased retained in treasury (units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 18,795,000

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

CONTACT:

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


PAN MALAYSIA: Unit Faces Voluntary Winding-Up
---------------------------------------------
Pan Malaysia Corporation Berhad announced that the shareholders
of its wholly owned subsidiary Syahdu Pinta Berhad (SPB) had on
Jan. 31, 2005 resolved to wind-up SPB by way of members'
voluntary winding-up (Voluntary Winding-Up) and to appoint
Messrs Mok Yuen Lok and Onn Kien Hoe as the Liquidators.

1. DETAILS OF THE VOLUNTARY WINDING-UP

At the Extraordinary General Meeting of the Company held on Oct.
28, 2004, the shareholders of the Company have approved the
settlement of inter-Company advances owing by Malayan United
Industries Berhad (MUIB) involving the issuance of Irredeemable
Convertible Unsecured Loan Stocks (ICULS) by MUIB. The details
of the Settlement are contained in the Circular to Shareholders
dated Oct. 12, 2004 issued by the Company. Pursuant to the
Settlement, MUIB issued RM1,285.0 million nominal value of ICULS
to SPB in settlement of the inter-Company advances owing of
RM1,066.5 million.

The Voluntary Winding-Up of SPB constitutes part of the process
under the arrangement of the Settlement to distribute the MUIB
ICULS held by SPB to the shareholders of SPB who comprises
substantially entitled shareholders of the Company [who were
eligible to receive the Class A preference shares of SPB
pursuant to the dividend-in-specie declared on Nov. 23, 2004 and
paid on Dec. 28, 2004 by the Company]. Further details of the
Voluntary Winding-Up of SPB and the distribution of the MUIB
ICULS are contained in Section 2.3 of the Circular.

2. EFFECTS OF THE VOLUNTARY WINDING-UP

The Voluntary Winding-Up of SPB is not expected to have material
operational impact on the PMC Group. However, due to the
distribution of the assets of SPB which comprise substantially
the MUIB ICULS, the Voluntary Winding-Up is estimated to result
in a loss to the PMC Group of approximately RM1,040 million or
loss of RM1.24 per share for the financial year ending Dec. 31,
2005. Accordingly, the net tangible assets per share of the PMC
Group is estimated to decrease by RM1.24 in the same financial
year. This effect should be viewed in the context that the value
of the assets in SPB are in fact distributed mainly to the
entitled shareholders of the Company [as mentioned in Section 3
above] and that the effect on the balance sheet of the PMC Group
is however a consequence of returning a portion of assets to the
entitled shareholders of the Company.

3. RATIONALE OF THE VOLUNTARY WINDING-UP

The Settlement involving the issuance of the ICULS by MUIB was
to enable an early and practicable settlement of inter-Company
advances by MUIB to PMC. The MUIB ICULS will be listed and
quoted on Bursa Malaysia Securities Berhad. The rationale of the
Voluntary Winding-Up is to benefit the entitled shareholders of
the Company through the distribution of a marketable instrument
in the form of the MUIB ICULS without any payment from these
entitled shareholders.


POS MALAYSIA: Resells 200,000 Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on Jan. 31, 2005.

Date of transaction: 31/01/2005

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

Total number of treasury shares cancelled (units):  

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

Maximum price paid for each share sold (RM):                      
2.660

Total amount received for treasury shares sold (RM):        
530,200.00

Cumulative net outstanding treasury shares as at to-date
(units): 35,138,000

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

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


SUREMAX GROUP: AGM Slated for Feb. 24
-------------------------------------
Suremax Group Berhad announced that its Tenth Annual General
Meeting (AGM) is scheduled to be held at Function Room 1, Kuala
Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit
Kiara, 60000 Kuala Lumpur on Thursday, Feb. 24, 2005, 9:30 a.m.

For further details on the agenda, go to:

http://bankrupt.com/misc/tcrap_suremax012905.doc

CONTACT:

Suremax Group Berhad
Level 7, Menara Melenium
Jalan Damanlela
Pusat Bandar Damansara
Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: 03-20957077
Fax:   03-20949940


TALAM CORPORATION: Repurchases Additional Shares
------------------------------------------------
Talam Corporation Berhad's additional 74,050 new ordinary shares
of RM1.00 each issued pursuant to the Conversion of 340,500
irredeemable convertible preference shares 2004/2009 into 34,050
new ordinary shares and the conversion of RM40,000 irredeemable
convertible unsdecured loan stocks 2003/2005 into 40,000 new
ordinary shares will be granted listing and quotation effective
Wednesday, Feb. 2, 2005, 9:00 a.m.

CONTACT:

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


TAMCO CORPORATE: Discloses FY04 Quarterly Results
-------------------------------------------------
Tamco Corporate Holdings Berhad released its unaudited quarterly
report for the financial year 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
           83,598        54,926        162,296      110,532     

2  Profit/(loss) before tax
           -8,430          -241         -4,900        1,588    

3  Profit/(loss) after tax and minority interest
           -8,142          -753         -5,956          253



4  Net profit/(loss) for the period
           -8,142          -753         -5,956          253

5  Basic earnings/(loss) per shares (sen)
            -3.14          -2.70         -2.30         0.65

6  Dividend per share (sen)
              0.00         0.00         0.00       0.00

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

7  Net tangible assets per share (RM)
              0.4500       0.4600


For further details on the report, go to:
http://bankrupt.com/misc/tcrap_tamco1020105.xls
http://bankrupt.com/misc/tcrap_tamco2020105.doc

CONTACT:

Tamco Corporate Holdings Sdn Bhd
Lot 2a, Jalan 13/2, Petaling Jaya,
46200 Selangor
Phone: 03 - 79562799  
Facsimile: 03 - 79556009
E-mail: tamco@tamco.com.my
Web site: http://www.tamco.com.my


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



COLLEGE ASSURANCE: CHED Asks Schools to Aid Plan Holders
--------------------------------------------------------
The Commission on Higher Education (CHED) is calling for
colleges and universities to "give all due considerations and
possible remedies" to students under the College Assurance Plan
(CAP) expected to graduate this year, Today reports.

For the first time since reports about CAP's insolvency emerged
last year, CHED intervened in behalf of CAP plan holders.

CHED said it understood why the schools have refused to accept
CAP checks, but said it also "sympathizes with the plight of
parents and plan holders who are now left with no immediate and
commensurate remedies against CAP."

The government agency is considering joining the efforts of
Securities and Exchange Commission and Department of Trade and
Industry to finally resolve the CAP issue.

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


COLLEGE ASSURANCE: Seeking US$100-Mln Loan from Canadian Firm
-------------------------------------------------------------
Embattled College Assurance Plans Philippines, Inc. (CAP) is
currently negotiating with a Canadian lender for another US$100-
million loan, Business World reports.

The move followed the recent signing of a deal with U.S. lender
First American Investment Limited for a US$300-million loan,
which will be used to service claims of CAP's plan holders.

CAP First Vice-President Bobby Cafe said talks with the Unnamed
Canadian firm will be finalized upon approval of CAP's
application to increase its capital.

The ailing pre-need firm had already filed its application to
beef up its capitalization to Php8 billion from Php300 million.
The Php6-billion worth of property, which will be used for the
increased capitalization petition, are already cleared of
encumbrances, liens and annotations.

Meanwhile, the Securities and Exchange Commission (SEC)
disclosed in a press conference that it is considering renewing
CAP's dealer's license since the firm already addressed its
liquidity problems, capital deficiency and issues involving the
computation of its trust fund shortfall.

CAP's dealer's license, which allows it to sell securities,
expired on Sept. 30. The SEC had refused to renew it pending the
resolution of the three issues. Without the dealer's license,
which serves as the business permit of pre-need firms, CAP can
only operate to service client claims.


MANILA ELECTRIC: Complies with Rules of Corporate Governance
------------------------------------------------------------
Manila Electric Company (MERALCO) has adopted leading practices
and principles on good governance. These practices and
principles are embodied in the Manual of Corporate Governance,
which have been kept under constant review and enhancement to
meet the emerging standards of good corporate governance
practices. The last enhancement was made effective June 7, 2004

This is to certify that MERALCO has reasonably complied with the
rules and principles of the Manual of Corporate Governance. The
Company is still working on the reasonable adoption of some
corporate governance practices and principles to their
subsidiaries. All subsidiary companies are non-listed and non-
public.

This certification is issued in accordance with the requirement
of the Company's Manual of Corporate Governance Article V,
Section 1.1 Paragraph d.

HELEN T. DE GUZMAN
Compliance Officer &
Head, Corporate Audits

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: Government Sets Stricter Rules on Assets Sale
-------------------------------------------------------------
The government plans to impose more stringent financial
requirements for interested buyers of National Power
Corporation's (Napocor) generating assets, reports The
Philippine Star.

The energy department said it would ask a higher performance
bond of US$20 million from the winning bidder in order to
provide additional protection to the government.

Energy Secretary Vincent S. Perez confirmed his department has
proposed the increase in the performance bond to the Joint
Congressional Power Commission (JCPC), which favorably endorsed
the proposal. The JCPC would thereafter consult the investors'
community on the said changes next month.

Aside from stricter financial requirement, the energy department
is considering putting a technical clause in the bid agreement.
The agency will propose to tighten the technical pre-
qualification. That is, the winning bidder must be able to
present a program that would ensure they would run the plant.

CONTACT:

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


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

In this connection, please be advised that a total of 500 common
shares have been availed of and fully paid by the optionee under
the Company's ESOP.

In view thereof, the listing of the 500 common shares is set for
Tuesday, February 1, 2005. This brings the number of common
shares listed under the ESOP to a total of 365,303 common
shares.

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

For your information and guidance.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


PHILIPPINE LONG: Abides with Manual on Corporate Governance
-----------------------------------------------------------
Pursuant to the provisions of the Philippine Long Distance
Telephone Company's (PLDT) Manual on Corporate Governance and as
required under the Securities and Exchange Commission (SEC)
Memorandum Circular No. 2 dated April 05, 2002, the Company
hereby deposes and states:

(1) Compliance with SEC Memorandum Circular No. 2 dated April 5,
2002, as well as all relevant Circulars on Corporate Governance
have been monitored;

(2) PLDT, its creditors, officers and employees complied with
all the leading practices and principles on good corporate
governance as embodied on the PLDT Manual on Corporate
Governance;

(3) PLDT also complied with its appropriate performance self-
rating assessment and performance evaluation system to determine
and measure compliance with the Manual;

(4) PLDT committed no major deviations from the provisions of
the Manual; and

(5) In accordance with Section 10.2 of the Manual, a copy of the
Manual had been furnished to the Directors, Officers, Executives
and heads of business units of PLDT, as well as disseminated to
all its employees and related third parties. PLDT directors,
Officers, Executives and heads of business units of PLDT
continuously enjoin the employees and related third parties to
comply with the provisions of the Manual.


PILIPINO TELEPHONE: Reschedules Stockholders Meeting on May 9
-------------------------------------------------------------
The following matters were approved at the meeting of the Board
of Directors of Pilipino Telephone Corporation held on Jan. 31,
2005:

(a) Annual Meeting of the Stockholders

Postponement of the annual meeting of the stockholders of the
Company which is scheduled on the last Thursday of April (April
28, 2005) per the Company's By-Laws to May 9, 2005, to give
Management a reasonably sufficient time to prepare the
Information Statement and Annual Report for the year ended
December 31, 2004, procure the Commission's approval/clearance
of the Information Statement, print the materials and complete
delivery thereof to the Company's more than 30,000 stockholders
of which 27,000 are holders of common shares with voting rights,
within the period required under the relevant rules.

(b) Record Date

Fixing March 11, 2005 as the record date for the purpose of
determining the stockholders entitled to receive notice of and
vote their shares at the annual meeting of stockholders.

We also disclose that per the Company's By-Laws (Article III,
Section 2), the deadline for receiving nominations for election
of directors at the annual meeting of stockholders is on
February 10, 2005.

Printed notice of the annual meeting of stockholders which shall
state the time, venue and agenda of said meeting will be
furnished to the Commission, the Philippine Stock Exchange and
the stockholders within the period prescribed under applicable
rules.

DEBORAH ANNE N. TAN
Corporate Governance Compliance Officer

CONTACT:

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


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


CHINA AVIATION (S): SASAC Expects Support of Rescue Plan
--------------------------------------------------------
State-owned Asset Supervision and Administration Commission
(SASAC) is hoping that the bailout plan for troubled jet fuel
trader China Aviation Oil (S) Corp. Ltd. (CAO) will receive
backing, according to the Xinhua News Agency.

CAO on Jan. 24 submitted to the Supreme Court of Singapore a
rescue plan, which is considered to be a practical approach to
reduce CAO's hefty losses.

Late last year, CAO revealed that it lost US$550mln in oil trade
derivatives and later sought court protection from its
creditors. Creditors are expected to convene on June 10 to
determine vote on the restructuring proposal. The Company needs
to get a majority vote in order to avoid liquidation.


IPROPERTYNET PRIVATE: Faces Dissolution
---------------------------------------
Oversea-Chinese Banking Corporation Limited wishes to inform
that iPropertyNet Private Ltd, in Members' Voluntary
Liquidation, which is 13% owned by OCBC Capital Investment I
Pte. Ltd. (OCI) and 44% owned by OCBC eVenture Fund II Pte Ltd
(OEF), was dissolved on Jan. 29, 2005.

OCBC Bank is the ultimate holding Company of both OCI and OEF.
Hence, iPropertyNet ceased to be a subsidiary of OCBC Bank with
effect from Jan. 29, 2005.    

Submitted by:
Ng Geok Chin   
Assistant Secretary   


KLW HOLDINGS: Responds to SGX Queries
-------------------------------------
The Board of Directors of KLW Holdings Ltd announced its answers
to the queries raised by the SGX in connection with the
Company's announcement on Jan. 20, 2005 and the Company's half
year results announcement made on Aug. 14, 2004:

(a) In the Company's Half Year Results, the Company stated
"Barring unforeseen circumstances, we expect the performance in
the second half to be better than the first half." In this
respect, we note that this prospects statement was made
notwithstanding that "Gross profit percentage decreased from 53%
for the 6 months ending Jun. 30, 2003 as compared to 25% for the
6 months ending Jun. 30, 2004 mainly due to the re-structuring
of the manufacturing / trading division in Malaysia to cater for
the more diverse demands in the export market.

The customer base had been expanded and the product types and
product specifications had increased. KLW Holdings Ltd had put
in place a new management team and recruited new production
staff to meet the change in the specification of products. This
resulted in a higher cost of production." To advise what
circumstances had changed subsequent to Aug. 14, 2004 which
caused the Company to make a loss that will be worse compared to
the first half.

When we made the statement that "Barring unforeseen
circumstances, we expect the performance in the second half to
be better than the first half.", we were expecting the loss to
be less than the first half in anticipation that the loss in our
Malaysian operations will be curbed, resulting in a smaller
loss.

This is because a new management team was put in place in July
2004 to oversee the operations of the manufacturing / trading
division in Malaysia and there were signs of improvement in
production when we made this statement. In fact we had seen 30%
to 50% improvement in the production level in August to October
2004 as compared to the monthly production level in July 2004.

However, the production level fell in November and December 2004
due to the intermittent delays in the deliveries of the raw
materials for production. This was due to the tight cash flow
position facing the Malaysian operations at that time. We had
also conducted a stock take at year-end to discard the materials
that are no longer in use due to changes in customers'
requirements. This resulted in write-off of materials, which was
unexpected.

Further, we had not anticipated the loss arising from the sale
of the property of KLW Wood Products Pte. Ltd. and the provision
to be made for the estimated rectification costs of SG$840,000
on the building. The loss on the sale of the property was
discovered during our annual interim financial audit carried out
towards the year-end. The issue of the rectification works was
negotiated and agreed with the buyer towards the year-end.
Due to the above changes in circumstances, we expect the Company
to incur a loss that will be worse compared to the first half.

(b) The Company's worsening loss is also attributed to "The
disposal of the Company's building in the second half of
financial year 2004". To advise whether the factors causing the
loss on disposal of the Company's building will result in any
adjustment to prior year's audited financial statements. To
quantify and provide details if any; the factors causing the
loss on disposal of KLWS' building will not result in any
adjustment to prior year's audited financial statements. This is
because the decision to dispose of the building was made in 2004
and hence any loss arising from this transaction should be
recognized in the financial year ended Dec. 31, 2004.

(c) We note that the Company's worse than expected financial
performance was caused by "a few factors". To advise whether, if
the loss arising from the disposal of the Company's building had
not been present, the loss caused by the other factors would
still have been material enough to warrant a profit warning.

If the loss arising from the disposal of KLWS' building had not
been present, the loss caused by the other factors as mentioned
in the profit warning dated Jan. 20, 2005 would still have been
material enough to warrant a profit warning.

(d) We note that the factors due to "the tough market conditions
in the door industry, the restructuring of the manufacturing
/trading division in Malaysia and the increased in production
cost as a result of a change in the products specification."
appears to have been reasonably foreseen by the Company in the
course of the 2H04, even before the end of its financial year.
In this respect, to disclose (i) when the Directors were first
aware that the bases given in the Half Year Results were no
longer appropriate, resulting in a worsening financial
performance in the second half compared to the first; and (ii)
why the Directors were unable to provide investors with a profit
warning earlier explaining the change in the circumstances which
resulted in the performance of the Group to deviate from the
projection given in the 1H04 Results;

(i) As explained in (a) above, the trading/manufacturing
division in Malaysia started to experience a reduction in its
production volume in November 2004. Prior to that, there were
signs of improvement in the production level. Furthermore, the
stock take which resulted in unusable materials being written
off only took place at year end.

The loss arising from the sale of KLWS' building was discovered
towards the end of the year and upon discovery, the Company
released an announcement as soon as practicable to inform the
shareholders. Further details of this matter are contained in
the Company's announcement dated Dec. 21, 2004.

(ii) Arising from the timing of the abovementioned issues, the
Directors issued the profit warning as soon as practicable to
inform the shareholders.

(e) Noting that "the Group's consolidated financial results for
the full year ended Dec. 31, 2004 will be worse compared to that
of the first half" and noting that the Company had reported a
pre-tax loss of SG$4.8 million in 1H04, to disclose whether this
will have any material adverse impact on the Company's ability
to meet its short term obligations as and when they fall due. If
so, to provide the Directors' views on whether the Company will
still be able to operate as a going concern and the basis for
their views.

As disclosed in the circular dated 20 September 2004 and our
announcement dated Dec. 21, 2004, the rationale for the disposal
of KLWS' building was for the Group to go asset-light, as well
as to raise funds to repay its bank borrowings.

Following the disposal of KLWS' building, net proceeds of
approximately SG$15.6 million was realized and this amount was
used to repay the Group's bank obligations of approximately
S$7.8 million. After taking into account the rental security
deposit of SG$1.8 million and the deposit for the rectification
works amounting to S$0.8 million (which was agreed with the
buyer), the remaining balance of S$5.2 million was generated for
working capital purposes.

The Group is still in a positive net tangible asset position.
The Group's bank and cash balances of approximately SG$2 million
as at Dec. 31, 2004, together with its committed credit lines
from banks will enable the Group to meet its short term
obligations as and when they fall due. On this basis, the
Directors are of the view that the Group will still be able to
operate as a going concern.

Submitted by:
Felicia Ngo   
Group Accountant   


LIVING SYSTEMS: Creditors Meeting Scheduled March 1
---------------------------------------------------
Notice is hereby given that a Final General Meeting of Living
Systems Asia Pte Ltd and its Creditors will be held on Mar. 1,
2005 at 10 a.m. at 30 Robinson Road, #04-01 Robinson Towers,
Singapore 048546 for the following purposes:

Agenda

(1) To consider the Liquidator's Statement of Accounts showing
how the winding up has been conducted and how the property of
the Company has been disposed of and to receive any explanation
thereon.

(2) To resolve that pursuant to section 320 of the Companies
Act, the books and records of the Company and of the Liquidator
be disposed of by the Liquidator upon the dissolution of the
Company.

Tay Swee Sze
Liquidator

Note: A member/creditor entitled to attend and vote at the above
meeting may appoint a proxy to attend and vote instead of him. A
proxy need not be a member/creditor of the Company. The
instrument appointing a proxy must be deposited at 30 Robinson
Road, #04-01 Robinson Towers, Singapore 048546 at least 48 hours
before the time appointed for the meeting.

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


MANAGEMENT CORPORATION NO.086: Creditors Required to Prove Debt
---------------------------------------------------------------
Notice is hereby given that the creditors of The Management
Corporation Strata Title Plan No. 086, which is being wound up
voluntarily, are required on or before Feb. 28, 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidator of the said management
corporations.

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

Lai Seng Kwoon
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

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


SINGLAND MACHINERY: Winding Up hearing Set Feb. 18
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Singland Machinery & Construction Pte Ltd by the High Court was
on Jan. 24, 2005 presented by Soh Eng Cheong of Block 314B,
Anchorvale Link #11-133, Singapore 542314, a Director and
Shareholder.

The said petition will be heard before the Court sitting at the
High Court in Singapore at 10:00 o'clock in the forenoon, on
Friday, Feb. 18, 2005.

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

The Petitioner's address is Block 314B, Anchorvale Link #11-133,
Singapore 542314.

The Petitioner's solicitor is Messrs Vijay and Co. of 20 Upper
Circular Road, #03-09 The Riverwalk, Singapore 058416.

Messrs Vijay And Co.
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named
solicitor for the Petitioner, Messrs Vijay and Co. of 20 Upper
Circular Road, #03-09 The Riverwalk, Singapore 058416, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person firm, or
his or their solicitors (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
above named not later than 12 o'clock noon of Feb. 17, 2005.

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


SINO TRISTAR: Creditors to Submit Claims by Feb. 28
---------------------------------------------------
Notice is hereby given that the Creditors of Sino Tristar
Corporation Pte Ltd, which is being wound up voluntarily, are
required on or before Feb. 28, 2005, to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company.

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

Chia Soo Hien
Liquidator
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808

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


TOP-CEIL CONTRACTS: Court to Hear Winding up Petition on Feb. 11
----------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Top-Ceil Contracts Services Pte Ltd by the High Court was, on
the Jan. 17, 2005 presented by Messrs Alltrust International Pte
Ltd (formerly known as Conpex Marketing Agency Pte Ltd), of 54B
Kallang Pudding Road, Singapore 349325, a creditor.

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

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

The Petitioners' address is 54B Kallang Pudding Road, Singapore
349325.

The Petitioners' solicitor is Messrs Christopher Bridges of No.
9-A Mosque Street, Singapore 059489.

Messrs Christopher Bridges
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named
solicitors Messrs Christopher Bridges, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person, firm or his or their 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 12
o'clock noon of Feb. 10, 2005.

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


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


NAKORNTHAI STRIP: Details Utilization of Capital Increase
---------------------------------------------------------
With reference to the Rights offering of warrants amounting to
3.23 billion units of THB0.05 per unit and Public Offering
amount of 1.8 billion shares of THB2.20 per share, totaling
THB4,121.69 million shown in the Prospectus of Nakornthai Strip
Mill PLC., subscription period on October 27 to 29, 2003, the
Company reported to the Stock Exchange of Thailand (SET) the
summary and report on the use of increased capital as of  
December 31, 2004 as follow:

                                      (Unit: US$ millions)
Description   Forecast disclosed  Actual use as at   Remaining
                in the Filling    31 December 2004   Balance

(1) Flat-Rolled
Steel Mill        29.78             (28.18)           1.60

(2) Finishing
Mill Facility     40.04              (6.26)            33.78*

(3) Working
Capital           20.00             (20.00)            0.00

Total             89.82             (54.44)           35.38

Remark: * 20 million US$ temporary transferred for working
capital use in addition to the working capital fund.

Please be informed and disseminate the above accordingly.

Yours Sincerely,
Mr. Sawasdi Horrungruang
Director
Maharaj Planner Company Limited
as the plan Administrator of
Nakornthai Strip Mill Public Company Limited

CONTACT:

Nakornthai Strip Mill Public Company Limited   
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok    
Telephone: 0-2719-9800-9, 0-2719-9830-2   
Fax: 0-2719-9828


PREECHA GROUP: Issues Report on Utilization of Capital
------------------------------------------------------
According to the capital raising of 23.17 million shares for the
existing shareholders at THB2.25 per share in December 2004,
Preecha Group PLC. (Preecha) advised the Stock Exchange of
Thailand (SET) on the capital utilization.

(1) Preecha intends to use the net proceeds from the offering
for general working capital purposes and paying debt.

(2) The net proceeds from the offering is THB52.13 million

(3) During December 2004 - January 2005, Preecha invested
THB30.13 million for general working capital purposes and THB22
million for paying debt.

Please acknowledge the above matter.

Yours Sincerely,
Preecha Tirakijpong
President

CONTACT:

Preecha Group Public Company Limited   
1919 Pattanakarn Road, Suan Luang Bangkok    
Telephone: 0-2722-8855   
Fax: 0-2722-8844-5   
Web site: www.preecha.com


SAFARI WORLD: Tsunami Affected Unit Reopens
-------------------------------------------
Safari World Public Company Limited issued a confirmation to the
Stock Exchange of Thailand (SET) that starting February 1, 2005
onwards, Phuket Fantasea Public Company Limited, the Company's
subsidiary will resume normal operations everyday except
Thursday.
      
Please be informed accordingly.

Sincerely yours,
Pin Kewkacha
President

CONTACT:

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





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