TCRAP_Public/050209.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 9, 2005, Vol. 8, No. 28

                            Headlines

A U S T R A L I A

ARIES INTERNATIONAL: Members Agree to Wind Up Company
GATENBY BROS: To Hear Liquidator's Report During Meeting
HELTER PTY: Final Meeting Set February 15
HENRY WALKER: Founder Dies in Car Crash
HIH INSURANCE: Adler in Court for Stock Matters

IMB DB: Appoints Liquidator for Winding Up Purposes
J.R.P. EXCAVATIONS: Final Meeting Slated for February 18
K.B.G. PTY: Lays Out Purpose of Meeting
LIVEWIRE DISTRIBUTION: Sets February 18 as Date of Final Meeting
M&M GENERATIONS: Lays Out Agenda for Meeting

MORISON & WALL: To Hold Members Meeting February 22
NATIONAL AUSTRALIA: Suffers Another Blow
NATIONAL AUSTRALIA: May Keep its Two British Banks
ROBO PTY: Members Pass Resolution to Wind Up Company
SMITHFIELD FLEET: Court Names M. J. M. Smith as Liquidator

SOUTHLANDS SPORTS: Members, Creditors to Meet February 22
SPENCER-JONES: Members, Creditors Meeting Fixed February 28
STIRRUP PTY: Sets February 22 as Date of Final Meeting
TARMAC ROADSTONE: Enters Winding Up Proceedings
VAHUZUN PTY: To Hear Conduct of Winding Up During Liquidation

WHATTEL PTY: To Convene Final Meeting February 22
WINDMORE PTY: Names Receiver and Manager
WOOD PRO: Lays Out Agenda for February 18 Meeting
WOOLGOOLGA CONCRETE: Calls in Meeting Prior to Dissolution


C H I N A  &  H O N G  K O N G

ARTHUR & FILSON: Receives Winding Up Order from Court
CHEUNG WAI: Creditors Must Prove Debt by February 19
HESHUN INDUSTRIAL: Court to Hear Case February 24
HONGKONG CHAN: Faces Winding Up Order
HUGE POWER: Court Issues Winding Up Order

JAZZ PHOTO: Enters Winding Up Proceedings
LIN LUNG: Gives Creditors Until February 19 to Prove Debt
PACO MACHINERY: Court to Hear Winding Up Petition March 2
PERFECT SKILL: To Undergo Winding Up Process
WELL BEST: Court Issues Winding Up Order


I N D O N E S I A

BANK PERMATA: Lower Interest Rates Drive 12% Profit Hike
GARUDA INDONESIA:  Forecasts Operating Income to Climb 22.3%
SEMEN GRESIK: May Stop Exports to Meet Rising Local Demand


J A P A N

DAIEI INCORPORATED: Warns of US$4.9 Bln Full-year Net Loss
FUJITSU LIMITED: Inks Deal on Transfer of LCD Business to Sharp
MITSUBISHI MOTORS: Mulls Fuel Cell Car Tie-up with Heavy
MITSUBISHI MOTORS: Seals Pact with Peugeot Citroen
RESONA HOLDINGS: S&P Rates Banking Unit's Euro Bonds 'BBB-'

SEIBU RAILWAY: Activist Investor Keen on Takeover
* Three Hotels to Receive IRCJ's Last Bailouts


K O R E A

SSANGYONG MOTOR: 2004 Net Profit Falls 98%


M A L A Y S I A

AYER HITAM: Updates on Default Status of Unit
JIN LIN: Court Grants Restraining Order Extension to March 28
KEMAYAN CORPORATION: Legal Action Against Unit Withdrawn
LION CORPORATION: Details Voluntary Offer to Buy Shares
MALAYSIAN BULK: Units Dispose of Two Handymax Bulk Carriers

MYCOM BERHAD: Sees No New Developments in Restructuring Scheme
PANGLOBAL BERHAD: Unveils Unit's January Production Figures
PAN MALAYSIA: Buys Back 645,000 Shares
PAN PACIFIC: Awaits Approval of Regularization Plan
POS MALAYSIA: Notes Resale, Cancellation of Treasury Shares

SATERAS RESOURCES: Court Allows Restraining Order Extension
SEAL INCORPORATED: Releases FY04 Quarterly Results
SRI HARTAMAS: Bourse to Delist Securities on Feb. 17
TALAM CORPORATION: Completes Disposal of Wholly Owned Units
TRICUBES BERHAD: Director to Deal During Closed Period

UMW HOLDINGS: Lists New Ordinary Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Seeks to Revive Cebu Copper Project
CEBU PLAZA: Draws Interest of Two Prospective Buyers
COLLEGE ASSURANCE: Asks for Two Months to Settle Obligations
MANILA ELECTRIC: S&P Raises Rating to 'B- with Negative Outlook
NATIONAL POWER: Masinloc Employees Brace for Plant Turnover

PHILIPPINE LONG: Board OKs Amendment of Bylaws
PHILIPPINE LONG: Lists Additional 1,238 Shares Today


S I N G A P O R E

ALLIANCE TECHNOLOGY: Details Revised Scheme of Agreement
BBR GEOTECHNIC: Receiving Proofs of Claims Until February 21
CAPITALAND LIMITED: Triples PATMI to SG$313 for FY2004
CAPITALAND LIMITED: Establishes Indirect Subsidiary
CHINA AVIATION (S): Creditors Blast at Restructuring Scheme

COMFORT PROPERTIES: Struck Off by Parent Firm
INDIGOZ EXCHANGE: Seeks Court Approval for Judicial Management
RONG MAH: Court to Hear Winding Up Petition February 18
SHIFU RESTAURANT: Winding Up Hearing Slated for February 18
WEE POH: Enters into Sale and Purchase Agreement with Ho Lee

WEE POH: Requests Bourse to Lift Trading Halt


T H A I L A N D

BANGKOK STEEL: Gains Court Approval on Business Rehab Plan
BANGKOK STEEL: Releases Summary of Rehabilitation Plan
THAI PETROCHEMICAL: Founder Questions PM's Sincerity

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ARIES INTERNATIONAL: Members Agree to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Aries International Pty Limited (In Voluntary Liquidation)
A.C.N. 059 079 408 duly convened and held at Suite 9, Level 1,
58 The Boulevarde, Strathfield NSW 2135 on Thursday, December
23, 2004 at 9:30 a.m., a Special Resolution was passed that the
Company be wound up voluntarily and Peter Ngan was appointed
Liquidator.

Dated this 31st day of December 2004

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


GATENBY BROS: To Hear Liquidator's Report During Meeting
--------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Gatenby Bros Pty Limited (In Liquidation) A.C.N.
000 017 809 will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on February 21, 2005 at 12:00 noon, for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and the property of the Company has been
disposed and giving any explanation thereof.

Dated this 5th day of January 2005

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


HELTER PTY: Final Meeting Set February 15
-----------------------------------------
Notice is given that a final meeting of the members and
creditors of Helter Pty Limited (In Liquidation) A.C.N. 083 682
688 will be held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on Tuesday, February 15, 2005 at 10:30 a.m.

The purpose of the meeting is:

(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the Company.
(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


HENRY WALKER: Founder Dies in Car Crash
---------------------------------------
The chairman and joint founder of failed mining and civil
engineering contractor Henry Walker Eltin on Monday died in a
car accident near Darwin, relates The Age.

Neville Walker's death came just days after the Company fell
into voluntary administration.

Northern Territory chief minister Clare Martin said Mr. Walker's
death was "an enormous tragedy" for the territory and his
family.

Mr. Walker founded Henry Walker with his partner Frazer Henry in
1962.

The Company 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/


HIH INSURANCE: Adler in Court for Stock Matters
-----------------------------------------------
Businessman Rodney Adler appeared in court Monday in his first
trial on five criminal charges relating to the failed HIH
Insurance, according to the Sydney Morning Herald. The trial is
expected to last about eight weeks.

Mr. Adler, who is currently free on bail, stands trial in the
Supreme Court of NSW in Sydney on three charges of share market
manipulation and two of making false misleading statements. If
convicted, he will face a maximum of five years in prison and/or
a $200,000 fine on each charge.

The Australian Securities and Investments Commission alleges
that Mr. Adler purchased three parcels of shares in insurance
giant HIH in June 2000, using the Company's own money, in order
to try and halt the plunging share price.

The second set of charges relates to a series of conversations
Mr. Adler allegedly had with The Australian Financial Review
reporter Morgan Mellish, in which the businessman stated that he
believed HIH shares were undervalued and presented an
opportunity for a quick profit.

Mr. Adler's corporate career flourished in 1988 when he took
over the family Company, FAI Insurances, after the sudden death
of his father, Larry. In 1999, HIH head Ray Williams paid $300
million for FAI and Adler joined the HIH board. In March 2001,
HIH went into liquidation with losses of about $5.3 billion.


IMB DB: Appoints Liquidator for Winding Up Purposes
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
IMB DB Fund Pty Ltd (In Voluntary Liquidation) A.C.N. 065 593
375 duly convened and held on December 27, 2004, a Special
Resolution that the Company be wound up voluntarily was passed
by members and M. C. Smith was appointed Liquidator.

Dated this 4th day of January 2005

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


J.R.P. EXCAVATIONS: Final Meeting Slated for February 18
--------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of J.R.P. Excavations Pty Limited (In Liquidation)
A.C.N. 080 276 973 will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on February 18, 2005 at 11:30 a.m., for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and the property of the Company has been
disposed and giving any explanation thereof.

Dated this 5th day of January 2005

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


K.B.G. PTY: Lays Out Purpose of Meeting
---------------------------------------
Notice is given that a final meeting of the members and
creditors of K.B.G. Pty Limited (In Liquidation) A.C.N. 069 455
287 will be held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on Tuesday, February 15, 2005 at 10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books & records of the Company.
(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


LIVEWIRE DISTRIBUTION: Sets February 18 as Date of Final Meeting
----------------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Livewire Distribution Pty Limited (In
Liquidation) A.C.N. 083 747 424 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on February 18, 2005 at 11:00 a.m., for the
purpose of laying before the meeting an account showing how the
winding up has been conducted and the property of the Company
has been disposed and giving any explanation thereof.

Dated this 5th day of January 2005

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


M&M GENERATIONS: Lays Out Agenda for Meeting
--------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
M&M Generations Pty Limited (In Liquidation) A.C.N. 100 397 939
will be held at Parker Advisory, Level 5, 49 Market Street,
Sydney NSW 2000 on Tuesday, February 22, 2005 at 11:00 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 18th day of January 2005

G. J. Parker
Liquidator


MORISON & WALL: To Hold Members Meeting February 22
---------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Morison & Wall Interactive Pty Limited (In
Liquidation) A.C.N. 086 047 314 will be held at the offices of
Senatore Brennan Rashid, Level 7, 28 University Avenue,
Canberra, ACT 2601 on February 22, 2005 at 10:00 a.m. noted 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 18th day of January 2005

E. M. Senatore
Liquidator
c/- Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


NATIONAL AUSTRALIA: Suffers Another Blow
----------------------------------------
Besieged National Australia Bank (NAB) has faced a new setback
with a South Korean court awarding at the bank least $50 million
in damages for activities of a rogue employee, The Australian
says.

The Korean claim, which preceded NAB's $360 million foreign
exchange losses last January, relates to three civil actions
brought against the bank over the doings of Chul-joo Choi who
sold $77 million of forged certificates of deposits.

The Seoul District Court on Friday found NAB to be 70 percent
liable for Mr. Choi's actions in one claimant's loss of $66
million. The bank was deemed to be 60 per cent liable for the
$5.5 million incurred by two other claimants.

The financial hit, however, has been partly offset by a
favorable $36 million decision in a U.S. court, relating to the
bank's divested Michigan National Bank subsidiary.

The U.S. court had ruled the U.S. Internal Revenue Service could
not eliminate a tax deduction claimed by Michigan National Bank
in 1998.

CONTACT:

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


NATIONAL AUSTRALIA: May Keep its Two British Banks
--------------------------------------------------
The market is expecting National Australia Bank to retain
ownership of its two British banks, according to The Age.

NAB was expected to confirm it would keep Clydesdale and
Yorkshire banks and unveil plans to integrate the back offices
of the two institutions. The announcement was expected with the
earnings result in the first half of the 2005 financial year.

Last December, NAB divested its two Irish arms, Northern Bank
and National Irish Bank, to Danish group Danske for $2.5
billion. But the sale was later marred by the $60 million
robbery at the Northern Bank's Belfast headquarters.

Northern Ireland police believe the IRA is responsible for the
heist.


ROBO PTY: Members Pass Resolution to Wind Up Company
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Robo (Aust) Pty Limited (In Voluntary Liquidation) A.C.N. 083
339 664 duly convened and held at Level 29, 31 Market Street,
Sydney NSW 2000 on Friday, December 31, 2004 at 9:00 a.m., a
Special Resolution was passed that the Company be wound up
voluntarily and Peter Ngan was appointed Liquidator.

Dated this 31st day of December 2004

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


SMITHFIELD FLEET: Court Names M. J. M. Smith as Liquidator
----------------------------------------------------------
On December 17, 2004, the Supreme Court of New South Wales made
an Order that Smithfield Fleet Petroleum Pty Ltd (In
Liquidation) A.C.N. 098 004 285 be wound up and appointed the
undersigned to be Official Liquidator.

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


SOUTHLANDS SPORTS: Members, Creditors to Meet February 22
---------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Southlands Sports Club Limited (In Liquidation)
A.C.N. 073 708 791 will be held at the offices of Senatore
Brennan Rashid, Level 7, 28 University Avenue, Canberra, ACT
2601 on February 22, 2005 at 10:30 a.m. noted 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
Companies disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 18th day of January 2005

E. M. Senatore
Liquidator
c/- Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


SPENCER-JONES: Members, Creditors Meeting Fixed February 28
-----------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Spencer-Jones Consulting Pty Limited (In
Liquidation) A.C.N. 003 295 583 will be held at Hall Chadwick
Level 29, 31 Market Street, Sydney NSW 2000 on February 28, 2005
at 10:00 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 28 February 2005.

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

(3) Any other business.

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


STIRRUP PTY: Sets February 22 as Date of Final Meeting
------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Stirrup Pty Limited (In Liquidation) A.C.N. 064
771 151 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on
February 22, 2004 at 11:00 a.m., for the purpose of laying
before the meeting an account showing how the winding up has
been conducted and the property of the Company has been disposed
and giving any explanation thereof.

Dated this 6th day of January 2005

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


TARMAC ROADSTONE: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Tarmac Roadstone Australia Pty Ltd (In Voluntary Liquidation)
A.C.N. 000 041 869 duly convened and held on December 31, 2004,
a Special Resolution that the Company be wound up voluntarily
was passed by members and M. C. Smith was appointed Liquidator.

Dated this 4th day of January 2005

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


VAHUZUN PTY: To Hear Conduct of Winding Up During Liquidation
-------------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Vahuzun Pty Limited (In Liquidation) A.C.N. 003 261
649 will be held at Hall Chadwick Level 29, 31 Market Street,
Sydney NSW 2000 on Friday, February 18, 2005 at 10:30 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 18th February
2005.

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

(3) Any other business.

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


WHATTEL PTY: To Convene Final Meeting February 22
-------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Whattel Pty Limited (In Liquidation) A.C.N. 063
430 884 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on
February 22, 2005 at 12:00 noon, for the purpose of laying
before the meeting an account showing how the winding up has
been conducted and the property of the Company has been disposed
and giving any explanation thereof.

Dated this 6th day of January 2005

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


WINDMORE PTY: Names Receiver and Manager
----------------------------------------
Take notice on December 30, 2004, Harvey Nicolas Light and
Meredith Johnelle Gollan of 79 Palace Street, Petersham, NSW,
appointed Manfred Holzman to be the receiver and manager of
Windmore Pty Limited (Receiver & Manager Appointed) (In
Liquidation) A.C.N. 002 410 915, in accordance with their rights
pursuant to assignment of registered charge No. 785664.

Dated this 5th day of January 2005


WOOD PRO: Lays Out Agenda for February 18 Meeting
-------------------------------------------------
Notice is given that the final meeting of members and creditors
of Wood Pro Furniture Pty Limited (In Liquidation) A.C.N. 054
276 201 will be held at Level 1, 32 Martin Place, Sydney, NSW,
on Friday, February 18, 2005 at 11:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 6th day of January 2005

Nick Malanos
Liquidator


WOOLGOOLGA CONCRETE: Calls in Meeting Prior to Dissolution
----------------------------------------------------------
Please note that a final meeting has been called for Woolgoolga
Concrete Pty Ltd (in liquidation) for Friday, February 25, after
this date the Company will be dissolved.

Anthony Robertson
Liquidator
Gorrell Long Robertson


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C H I N A  &  H O N G  K O N G
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ARTHUR & FILSON: Receives Winding Up Order from Court
-----------------------------------------------------
Arthur & Filson Management Services Limited Of Dd 131, Tseng Tau
Sheung Tsuen, San Hui, Tuen Mun, NT has received a winding up
order from The High Court of The Hong Kong Special
Administrative Region Court of First Instance on January 26,
2005.

The winding up petition was presented December 3, 2004.


CHEUNG WAI: Creditors Must Prove Debt by February 19
----------------------------------------------------
Notice is hereby given that a dividend is intended to be
declared for Cheung Wai Shek (In Bankruptcy Proceedings).

Creditors who have not proved their debt by February 19, 2005
will be excluded from the above dividends.

Dated this 4th day of February 2005

E T O'connell
Official Receiver & Trustee


HESHUN INDUSTRIAL: Court to Hear Case February 24
-------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court in Chambers for consideration of the resolutions and
determinations (if any) of the first meeting of creditors and
contributories of Heshun (China) Industrial Group Company
Limited both held on 22nd December 2004 deciding the differences
(if any) and making such order of appointments as the court may
think fit.

Date and Time of Hearing: 24th February 2005 (Thursday) at 9:30
a.m.

Place of Hearing: 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.

Dated this 8th day of February 2005.
E. T. O'Connell
Official Receiver & Provisional
Liquidator


HONGKONG CHAN: Faces Winding Up Order
-------------------------------------
Hongkong Chan Brothers Travel Service Limited of Room 903,
Seaview Commercial Bldg, 23 Connaught Road West, HK has received
a winding up order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 26,
2005.

The winding up petition was presented December 3, 2004.


HUGE POWER: Court Issues Winding Up Order
-----------------------------------------
A winding up order was issued to Huge Power Corporation Limited
of Shop No 15, 1st & 2nd Floors, Cheung Ching Comm Complex,
Tsing Yi, NT on January 26, 2005 by the High Court Of The Hong
Kong Special Administrative Region Court Of First Instance.

The winding up petition was presented December 3, 2004.


JAZZ PHOTO: Enters Winding Up Proceedings
-----------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance has issued a winding up order for Jazz
Photo (Hong Kong) Ltd of Units 4205, 4206 And 4207a, 42/F
Metroplaza, Tower Ii, 223 Hing Fong Road, Kwai Fong, NT on
January 28, 2005.

The winding up petition was presented October 22, 2003.

Dated this 8th day of February 2005
E T O'Connell
Official Receiver


LIN LUNG: Gives Creditors Until February 19 to Prove Debt
---------------------------------------------------------
Notice is hereby given that a dividend is intended to be
declared for Lin Lung Chu Sammy (In Bankruptcy Proceedings).

Creditors who have not proved their debt by February 19, 2005
will be excluded from the above dividends.

Dated this 4th day of February 2005

E T O'Connell
Official Receiver & Trustee


PACO MACHINERY: Court to Hear Winding Up Petition March 2
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Paco Machinery & Engineering Limited by the High Court of Hong
Kong was on December 29, 2004 presented to the said Court by
Leung Wai Fong of Room 3301, Leung Shui House, Leung King
Estate, Tuen Mun, New Territories, Hong Kong.

The said petition is to be heard before the Court at 9:30 am. on
March 2, 2005 and 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 the 1st day of March
2005.


PERFECT SKILL: To Undergo Winding Up Process
--------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance has issued a winding up order for
Perfect Skill Property Management Company Limited of Flat B,
11th Floor, Comfort Bldg, 88 Nathan Rd, KLN on January 26, 2005.

The winding up petition was presented December 3, 2004.


WELL BEST: Court Issues Winding Up Order
----------------------------------------
The High Court Of The Hong Kong Special Administrative Region
Court Of First Instance has issued a winding up order for Well
Best Industrial Limited of Blk A, 9/F, Tins Centre Ph Ii, 3 Hung
Cheung Rd, Tuen Mun, NT on January 26, 2005.

The winding up petition was presented December 3, 2004.


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BANK PERMATA: Lower Interest Rates Drive 12% Profit Hike
--------------------------------------------------------
PT Bank Permata said its 2004 profit rose 12 percent, as the
lowest interest rates in six years helped it cut funding costs
and boosted demand for loans, according to Bloomberg News.

Net income in the year ended Dec. 31 climbed to IDR630.5 billion
from IDR564.5 billion in 2003. Permata's assets, likewise, rose
to IDR31.7 trillion as of Dec 31, 2004 from IDR29.03 trillion in
2003.

According to Mr. Irvin Patmadiwiria, assistant manager at PT
Batavia Prosperindo Asset Management,``most Indonesian banks
benefited from an expanding economy and improved political
climate last year".

Permata is controlled by Standard Chartered and PT Astra
International, which jointly paid IDR3.4 trillion for 62.2
percent of the Company.

The Indonesian government, which still owns 26 percent of the
lender, plans to sell its remaining stake this year to raise
funds to cover a budget deficit estimated at more than IDR17.4
trillion.

CONTACT:

Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Phone: +62 21 523 7899
Fax:   +62 21 250 068


GARUDA INDONESIA:  Forecasts Operating Income to Climb 22.3%
------------------------------------------------------------
Garuda Indonesia estimated that its operating income totaled
IDR10.11 trillion in 2004, up 22.3 percent from the previous
year, reports Asia Pulse.

The Company's financial report has yet to be audited, but its
operating cost was estimated to reach IDR9.69 trillion up from
IDR8.27 trillion, giving it an operating profit of around
IDR420.9 billion.

Garuda said earlier the number of its passengers rose 29 percent
to 9.82 million.

According to Company president Indra Setiawan, management Aims
to increase operating income to IDR11.82 trillion, with
operating cost at IDR11.63 trillion. He said the fuel price
hikes affected Company performance last year as fuel accounts
for 22 percent of its operating cost.

CONTACT:

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


SEMEN GRESIK: May Stop Exports to Meet Rising Local Demand
----------------------------------------------------------
Semen Gresik said Monday it may be forced to halt exports next
year to meet rising domestic demand, Agence France Press
reports. The cement maker also warned of a cement shortage in
2009,

Chairman Satriyo said cement companies in Indonesia were already
operating nearly at full capacity and may have to cut exports to
meet an expected eight percent growth in local demand this year,
adding that maybe next year, there would be no exports.

Mr. Satriyo warned that Indonesia may suffer a cement shortage
by 2009, partly because older plants would become less efficient
due to higher fuel prices.

"The shortage could even come earlier than expected if the
government's infrastructure projects currently being prepared
for tender begin construction," he added.

The state-owned Company expects its 45 percent current market
share to worsen if production capacity, currently at 16 million
tons a year, doesn't change.

CONTACT:

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


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


DAIEI INCORPORATED: Warns of US$4.9 Bln Full-year Net Loss
----------------------------------------------------------
Daiei Incorporated has warned that it would plunge deeper into
the red this year due to massive restructuring charges aimed at
turning its business around, Reuters says.

The embattled retail giant, which is currently undergoing a
state-led rehabilitation, forecasts a group net loss of JPY510
billion (US$4.88 billion) for the year through Feb. 28, against
a year-ago profit pf JPY18.1 billion.

Daiei, likewise, trimmed its revenue estimate by 1.6 percent to
JPY1.8 trillion and its recurring profit forecast by 83 percent
to JPY7 billion. It also plans to skip its dividend for 2004/05,
as it would incur special losses from impending store closures.

The state-backed Industrial Revitalization Corp. of Japan (IRCJ)
has narrowed the list of potential investors in Daiei to three
groups, dropping foreign bidders including Wal-Mart Stores Inc.
The three are alliances led by Japan's biggest retailer, Aeon
Co. Ltd., trading firm Marubeni Corp., and retail turnaround
fund Kiacon Corp.

The parties will submit final proposals by the end of February
and a winner will be chosen in early March.

CONTACT:

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


FUJITSU LIMITED: Inks Deal on Transfer of LCD Business to Sharp
---------------------------------------------------------------
Fujitsu Limited and Sharp Corporation on Monday announced that
they have entered into a basic agreement regarding the transfer
of Fujitsu's liquid crystal display (LCD) operations to Sharp.

The agreement calls for Fujitsu to transfer to Sharp the LCD
research and development, manufacturing and sales operations of
its consolidated subsidiary, Fujitsu Display Technologies
Corporation (FDTC), along with related R&D equipment at Fujitsu
Laboratories Ltd. As a result of the transfer, Sharp is expected
to take on FDTC's personnel and Yonago Plant in Tottori
Prefecture, as well as Fujitsu Laboratories' personnel involved
in FDTC-related R&D, and related intellectual property rights
held by the Fujitsu Group. Sharp and Fujitsu are now discussing
details of a definitive agreement, which they expect to complete
in March.

Starting with the successful introduction of a calculator with
the world's first practical LCD unit in 1973, Sharp has for more
than 30 years pursued LCD development under the banner of "one-
of-a-kind" technology and created numerous pioneering LCD
products, such as the AQUOS line of LCD televisions. In January
2004 the Company began integrated production of large-screen LCD
televisions - from panels through completed television sets - at
its Kameyama Plant in Mie Prefecture, and in January of this
year it decided to build a second production facility at the
Kameyama site to support its aim of strengthening its position
as the world leader in LCD televisions and LCDs overall.

In the small and mid-size LCD segment, responding to vigorous
demand for pplication in mobile phones and game consoles, as
well as in automotive and other new fields, Sharp has expanded
its production organization centering on its Taki Plant in Mie
Prefecture. The planned transfer will further expand Sharp's
development and production capabilities in the small and mid-
size LCD segment. bIn addition, by enhancing its ties with
Fujitsu as a key supplier of LCD devices, Sharp will further
reinforce its LCD business foundation.

Fujitsu, through FDTC, has been producing high-resolution, high-
image-quality LCD displays primarily for use in PC monitors. In
particular, Fujitsu's original technology for large-screen LCDs
requiring superior image quality has become the industry
standard, and the Company has leveraged that technology
leadership in developing its LCD business. However, in light of
the situation in the LCD market, Fujitsu has determined that the
best way to realize the full potential of this business is by
transferring it to the leading Company in LCDs, Sharp.

Fujitsu's business centers on providing customers with
comprehensive solutions comprising highly reliable, high-
performance products and services based on powerful information
technologies. The agreement announced on Monday is expected to
help enable Fujitsu to further consolidate and effectively
allocate its resources in order to strengthen its business.

About Fujitsu Display Technologies Corporation

President: Yoshihiro Matsuda
Headquarters: Kawasaki City, Kanagawa Prefecture, Japan
Factory: Yonago City, Tottori Prefecture, Japan
Established: June 2002 (spun off from Fujitsu Limited)
Capital: JPY1,190.25 million
Employees: 450 (as of September 2004)
Business Activities: Development, production and sales of TFT-
LCDs; engineering services

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
reported consolidated revenues of JPY4.7 trillion (US$45
billion) for the fiscal year ended March 31, 2004.

About Sharp Corporation

Sharp Corporation is a worldwide developer of innovative
products and core technologies that play a key role in shaping
the future of electronics. As a leader in liquid crystal
displays (LCDs) and digital technologies, Sharp offers one of
the broadest and most advanced lines of consumer electronics,
information products and electronic components, while also
creating new network businesses. Sharp Corporation employs about
55,100 people in the world (as of December 31, 2004) and
recorded consolidated annual sales of 2,257,273 million yen 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 MOTORS: Mulls Fuel Cell Car Tie-up with Heavy
--------------------------------------------------------
As part of efforts to revive dismal operations, Mitsubishi
Motors Corporation is considering the joint development of an
environment-friendly fuel-cell vehicle with Mitsubishi Heavy
Industries Limited, Kyodo News says.

The development project is expected to enhance the effect of
cooperation for the reform of the scandal-tainted automaker,
which is currently rehabilitating under the heavy machinery
maker's leadership.

Fuel-cell cars are virtually pollution-free because they run on
electricity produced when hydrogen stored in a tank combines
with oxygen in the air leaving water as a byproduct.

Mitsubishi Heavy Industries is a leader in the development of
fuel cells, particularly in the field of polymer electrolyte
fuel cells. Polymer electrolyte fuel cell technology has been
employed by Toyota Motor Corp. and Honda Motor Co. for their
fuel-cell vehicles.

The development project would follow the two Mitsubishi
companies' joint development in 2001 of a vehicle powered by
hydrogen extracted from methanol.

Late last month, Mitsubishi Motors announced a plan to seek
revival under the leadership of Mitsubishi Heavy Industries.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MITSUBISHI MOTORS: Seals Pact with Peugeot Citroen
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) has on Friday signed a
memorandum of understanding with PSA Peugeot Citroen of France
for a partnership on all-new sport-utility vehicles (SUVs),
Reuters reports.

The move is part of efforts to fill underused output capacity as
sales crumble in North America and Japan due to a weakened
brand, exacerbated by a defect cover-up scandal that resurfaced
last year.

Under the deal, MMC will supply 30,000 SUVs annually to the
French firm for the European market.

The new SUVs will be manufactured in Japan and will go on sale
under the Peugeot and Citroen badges starting in 2007.

A final agreement will be sealed by the two parties in spring.


RESONA HOLDINGS: S&P Rates Banking Unit's Euro Bonds 'BBB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services on Monday assigned its 'BBB-'
long-term issue rating to the Euro-denominated subordinated
bonds due April 2015 issued by Resona Bank Ltd. (BBB/Stable/A-
2).

The ratings on Resona reflect rapid progress in financial
restructuring at the bank under the new management, most of whom
were appointed when public funds were injected in June 2003. The
bank reorganized its affiliates and restructured lending to
corporate borrowers with which it had close relationships, and
cut its equity portfolio. As a result, the bank's financial risk
decreased substantially.

Resona's net NPL ratio declined to 2.2% as of September 2004
from 6.7% in September 2003, while the ratio of equity holdings
to Tier 1 capital dropped to 72% from 146% during the same
period on a consolidated basis for the entire group. The ratings
also incorporate the likelihood that the government would
provide support to the bank if necessary, given the importance
of the bank to the Japanese financial system.

Generating sufficient profit to repay the injected public funds,
totaling more than JPY3 trillion, is a key challenge for Resona.
Currently, the bank is facing stagnant growth in lending due to
sluggish loan demand from small and midsize enterprises.
Attracting prime borrowers is an important step for the bank in
further strengthening its customer base.

CONTACT:

Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


SEIBU RAILWAY: Activist Investor Keen on Takeover
-------------------------------------------------
A famous activist investor has made a JPY430-billion takeover
bid for troubled Seibu railway Company, Jiji Press says.

M&A Consulting Incorporated, headed by Yoshiaki Murakami, is
offering to pay JPY1,000 for each Seibu Railway share. The offer
price is more than twice the Dec. 16 closing price of JPY485
just before the railway firm's shares were suspended from the
Tokyo Stock Exchange.

Seibu Railway, which is currently rehabilitating under the
auspices of creditor banks, was delisted from the bourse in
December after it admitted to falsifying share-ownership data
for several decades to conceal the fact that it is effectively
controlled by Yoshiaki Tsutsumi through the unlisted Kokudo
Corporation.

A reform panel of creditor banks has been considering splitting
Kokudo into an asset management firm for Mr. Tsutsumi and a
leisure Company that will be merged with Seibu railway.

But M&A Consulting rejected the merger plan and instead proposed
to publicly list Seibu Railway within two years.

Kokudo and Mr. Tsutsumi are expected to refuse the takeover
offer for fear that the Company will undergo drastic
restructuring measures under M&A Consulting.

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/


* Three Hotels to Receive IRCJ's Last Bailouts
----------------------------------------------
The Industrial Revitalization Corporation of the Japan (IRCJ)
has chosen three lodging companies as recipients of the
turnaround body's last bailouts, Kyodo News says.

The state-backed IRCJ announced last week its intention to help
rehabilitate three innkeepers namely the KanayaHotel Enterprise
Company, Okunikko Konishi Hotel and Kamaya Ryokan.

According to IRCJ officials, KanayaHotel incurred mounting debt
due to large-scale capital investments and expansion of business
during the bubble economy period.

All three firms are borrowers from failed Ashikaga Bank, a
regional bank that has been nationalized after falling into
negative net worth in December 2003.

IRCJ, which was set up in April 2003, is tasked to help
rehabilitate heavily-indebted firms deemed other wise viable by
purchasing loans held by banks other than their main creditors.

From August 2003 through Thursday, IRCJ picked 41 firms for
bailout, including listed ones. They include retail giant Daiei
Inc., cosmetics maker Kanebo Ltd., Misawa Homes Holdings Inc.,
Mitsui Mining Co. and condo builders Daikyo Inc. and Dia
Kensetsu Co.


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


SSANGYONG MOTOR: 2004 Net Profit Falls 98%
------------------------------------------
Ssangyong Motor Co. said its 2004 net profit plunged 98.1
percent because of a slump in domestic demand following weak
consumer spending, reports Yonhap News.

Full-year net profit stood at KRW11.4 billion, compared with
KRW589.6 billion, the Company said in a regulatory filing.
Operating income also plunged 89.3 percent to KRW31 billion.
Sales rose 0.5 % to KRW3.2 trillion.

Last year, South Korean automobile manufacturers fought to
compete with falling domestic sales because consumers have been
reluctant to spend ever since the collapse of a credit bubble in
2002.

Ssangyong Motor said it sold 98,001 vehicles domestically and
37,546 vehicles overseas in 2004. Its total sales fell 12
percent from a year ago.

On Jan. 27, Shanghai Automotive acquired a 48.9 percent stake in
Ssangyong Motor. Ssangyong controls about 10 percent of the
domestic market.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
South Korea
Phone: +82 31 610 1114
Fax:   +82 31 610 3739


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


AYER HITAM: Updates on Default Status of Unit
---------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) refers to the
announcement made to the Bursa Malaysia Securities Berhad on
Dec. 14, 2004 in respect of the status of default payment by
wholly owned subsidiary Motif Harta Sdn Bhd (MHSB).

The Board of Directors of AHTIN announced that the Plaintiffs'
solicitors had on Feb. 3, 2005, served a Notice in Form 16D
dated Feb. 2, 2005 pursuant to Section 254 of the National Land
Code 1965 on MHSB as the Chargor.

The Company has instructed its solicitors to reply and to
dispute the demand on its behalf.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


JIN LIN: Court Grants Restraining Order Extension to March 28
-------------------------------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) announced that on Jan.
31, 2005, Company subsidiary Jin Lin Trading Sdn Bhd (JLT) was
served with a Winding-up Petition via Sabah and Sarawak High
Court Petition No. 28-1-2005 by Alwayield Sdn Bhd for the
indebted sum of RM2,013,484.75 as at Nov. 30, 2004 together with
interest thereon at the rate of 8% per annum accruing from Dec.
1, 2004 until full and final payment for the purchase of timber
from Alwayield on a credit basis.

The Petition is fixed for hearing on July 15, 2005.

Alwayield's claim is as follows:

Amount adjudged in the High Court at Miri in
Suit No. 22-31 of 2001(BTU) dated Dec. 10, 2001 RM3,179,850.83

Add: Interest at 8% on RM3,179,850.83
(6/11/2001 - 31/1/2002 = 87 days) RM 60,634.96
RM3,340,485.79
Less: Payment received on 1/2/2002 (RM1,600,000.00)
RM1,640,485.79
Add: Interest at 8% on RM1,640,485.79
(2/2/2002 - 30/11/2004 = 1033 days) RM 371,423.96
RM2,011,909.75
Add: Costs RM 1,575.00
Total balance as at 30/11/2004= RM2,013,484.75


On Jan. 4, 2005, JLWIB announced that the Company and its
subsidiary companies have been granted an extension of the
Restraining Order (RO) for a further period of 120 days
effective from Nov. 29, 2004 to March 28, 2005 by the Kuala
Lumpur High Court pursuant to Section 176(10) of the Companies
Act, 1965.

The RO obtained, unless set aside by a Court Order will restrain
Alwayield from prosecuting the winding-up Petition further up
till the expiry of the RO on March 28, 2005 or such further
extensions of time granted by the High Court.

CONTACT:

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

This announcement is dated Feb. 4, 2005.


KEMAYAN CORPORATION: Legal Action Against Unit Withdrawn
--------------------------------------------------------
Further to the announcement dated Oct. 14, 2003, the Board of
Directors of Kemayan Corporation Berhad informed Bursa Malaysia
Securities Berhad that Kerajaan Malaysia, Lembaga Hasil Dalam
Negeri of Tingkat 16 Kanan, Blok 8A, Kompleks Bangunan Kerajaan,
Jalan Duta, Kuala Lumpur has ceased to take legal action against
Company subsidiary, Kemayan Pumpcrete Sdn Bhd in respect of
outstanding tax.

CONTACT:

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


LION CORPORATION: Details Voluntary Offer to Buy Shares
-------------------------------------------------------
Pursuant to Section 32 of the Code, Lion Corporation Berhad
(LCB) announced the dealings in the ordinary shares in the
Company and Amalgamated Containers Berhad, as well as warrants
of LCB, persons acting in concert with LCB and/or the persons
connected to them as set out in Section 32 of the Code.

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

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

Company advisor K & N Kenanga Berhad shall not be responsible
for any omission and/or error in such disclosure to the
authorities.

To view Table 1, go to:

http://bankrupt.com/misc/tcrap_lion020405.doc

CONTACT:

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

This announcement is dated Feb. 3, 2005.


MALAYSIAN BULK: Units Dispose of Two Handymax Bulk Carriers
-----------------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) announced that its wholly
owned subsidiaries, MBC Maju Sdn Bhd and MBC Mutiara Sdn Bhd,
had on Jan. 28, 2005 entered into a Memorandum of Agreement
respectively with Falcon Shipping LLC and Harrier Shipping LLC
of the Marshall Islands whereby the Buyers will acquire two
50,296 dwt Handymax Bulk Carriers, namely, "MV Alam Maju" and
"MV Alam Mutiara" from the Sellers for a cash consideration of
US$34 million each.

The Buyers have lodged a deposit of US$6.8 million and full
payment of the purchase price will be made when delivery of the
vessels, expected sometime in March/April 2005, is effected.

The disposal is expected to result in a capital gain of
approximately US$29.9 million to the MBC Group.

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

The Buyers are not in any way related to the major shareholders
and/or directors of MBC.

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


MYCOM BERHAD: Sees No New Developments in Restructuring Scheme
--------------------------------------------------------------
In relation to Paragraph 8.14 of the Bursa Malaysia Securities
Berhad's listing requirements, Mycom Berhad announced that there
has been no major development to the implementation of the
Company's Proposed Restructuring Scheme since the last monthly
status announcement on Jan. 3, 2005.

The Company's application for an extension of time for the
completion of the said Scheme is still pending
consideration/approval from the Securities Commission.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


PANGLOBAL BERHAD: Unveils Unit's January Production Figures
-----------------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of January 2005 was 66,200.98mt.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PAN MALAYSIA: Buys Back 645,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on Jan. 31, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back from: 26/01/2005

Date of buy back to: 31/01/2005

Total number of shares purchased (units): 645,000

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

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

Total amount paid for shares purchased (RM):  296,212.83
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 645,000

Total number of shares retained in treasury (units): 18,795,000

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 04/02/2005

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 PACIFIC: Awaits Approval of Regularization Plan
---------------------------------------------------
Pan Pacific Asia Berhad (PPAB) announced that the Company had,
on Feb. 2, 2005, received a letter from Bursa Malaysia
Securities Berhad (Bursa Securities) stating that, given the
fact that the Company has made a submission of its
regularization plan to the relevant authorities for approval,
Bursa Securities will await the outcome of the Company's
application from the relevant authorities.

PPAB must proceed to implement its regularization plan
expeditiously within the timeframe stipulated by the relevant
authorities in the event it obtains all relevant authorities'
approval necessary for such implementation.

Bursa Securities' decision is without prejudice to Bursa
Securities' right to proceed to de-list the securities of PPAB
from the Official List of Bursa Securities in the event:

(a) PPAB fails to obtain any of the relevant authorities'
approval necessary for the implementation of its regularization
plan; or

(B) PPAB fails to implement its regularization plan within the
timeframe or extended timeframe stipulated by the relevant
authorities.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor Malaysia
Phone: 03-77278168
Fax:   03-77271622

This announcement is dated Feb. 3, 2005.


POS MALAYSIA: Notes Resale, Cancellation of 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 Feb. 4, 2005.

Date of shares sold from: 24/01/2005 to: 02/02/2005

Number of treasury shares sold (units): 1,460,000.00

Minimum price at which the treasury shares were sold (RM): 2.630

Maximum price at which the treasury shares were sold (RM): 2.720

Total consideration received for the treasury shares sold
(RM): 3,887,510.00

The name of the Stock Exchange through which the treasury shares
were sold: Bursa Malaysia Securities Berhad

Total number of shares still in treasury (units): 34,638,000

Number of treasury shares cancelled (units):

Total issued capital as diminished:

Date lodged with registrar of companies: 04/02/2005

Lodged by: Pos Malaysia & Services Holdings Berhad

CONTACT:

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


SATERAS RESOURCES: Court Allows Restraining Order Extension
-----------------------------------------------------------
Further to the announcement made on Jan. 10, 2005, Sateras
Resources (Malaysia) Berhad announced that the High Court of
Malaya has on Jan. 29 extended the Order which inter alia
granted a Restraining Order in favor of the Company pursuant to
Section 176 of the Companies Act 1965 from Jan. 29 to March 31,
2005.

The extended Restraining Order is essential to avoid legal suits
to facilitate an orderly implementation of the Proposed schemes
contained in the announcement made to the Bursa Malaysia
Securities Berhad by the Company on May 12, 2003.

CONTACT:

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


SEAL INCORPORATED: Releases FY04 Quarterly Results
--------------------------------------------------
Seal Incorporated Berhad released its unaudited quarterly report
for the financial period ended Dec. 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004
                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                       QUARTER                    PERIOD
        31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
           4,592         4,651          8,784        8,872

2  Profit/(loss) before tax
          -1,637        -1,114         -3,341       -1,780

3  Profit/(loss) after tax and minority interest
          -1,785        -1,027         -3,144       -1,572

4  Net profit/(loss) for the period
          -1,785        -1,027         -3,144       -1,572

5  Basic earnings/(loss) per shares (sen)
           -1.25         -0.78          -2.20        -1.20


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)

         1.1600           1.1900

For a full copy of the report, go to:

http://bankrupt.com/misc/tcrap_seal020405.xls

CONTACT:

Seal Incorporated Berhad
No 1 Penang Road
Penang, Peral Darul Ridzuan 10000
Malaysia
Phone: +60 5 2415633

This announcement is dated Feb. 3, 2005.


SRI HARTAMAS: Bourse to Delist Securities on Feb. 17
----------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Malaysia Securities Berhad (Bursa Securities) in the
exercise of its powers under paragraph 16.17 of the Bursa
Malaysia Securities Berhad Listing Requirements has decided to
de-list the securities of Sri Hartamas Berhad from the Official
List of Bursa Securities as the Company does not have an
adequate level of financial condition to warrant continued
listing on the Official List of Bursa Securities.

The securities of the Company will be removed from the Official
List of Bursa Securities on Thursday, Feb. 17, 2005, 9:00 a.m.

With respect to the securities of the Company, which are
currently deposited with Bursa Malaysia Depository Sdn Bhd
(Bursa Depository), the securities of the Company may remain
deposited with Bursa Depository notwithstanding the de-listing
of the securities of the Company from the Official List of Bursa
Securities. It is not mandatory for the securities of the
Company to be withdrawn from Bursa Depository.

Shareholders of the Company who intend to hold their securities
in the form of physical certificates, can withdraw these
securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of the Company are de-listed from the Official List of Bursa
Securities by submitting an application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.

Shareholders of the Company can contact any Participating
Organization of Bursa Securities and/or Bursa Depository's
helpline at 03-2034 7711 for further information on the
withdrawal procedures.

CONTACT:

Sri Hartamas Berhad
8 Jalan Yap Kwan Seng
Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Phone: +60 3 2167 0600
Fax:   +60 3 2162 0212


TALAM CORPORATION: Completes Disposal of Wholly Owned Units
-----------------------------------------------------------
Talam Corporation refers to the Circular to Company shareholders
dated Nov. 23, 2004 on, amongst others, the Proposed Disposals
of the following wholly owned subsidiaries:

Talam Trading Sdn Bhd (for a consideration of RM6,684,993)

Talam Leasing Sdn Bhd (for a consideration of RM9,615,001)

to be settled by way of a set-off against the trade receivables
due by the Talam Group to Kumpulan Europlus Berhad.

The Company announced that the Proposed Disposals have been
completed on Feb. 3, 2005.

CONTACT:

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

This announcement is dated Feb. 3, 2005.


TRICUBES BERHAD: Director to Deal During Closed Period
------------------------------------------------------
Tricubes Berhad is now in the closed period for dealing in its
securities pending the announcement of its financial results for
the quarter ended Dec. 31, 2004. The Company informs Bursa
Malaysia Securities Berhad that it has on Feb. 3, 2005 received
notification from the following Director on intention to deal in
the securities of Tricubes during this closed period.

Name of Director: Khairun Bin Zainal Mokhtar
                  (Executive Director)

Direct Interest No. of Shares: 49,065,834 (36.62%)

Indirect Interest No. of Shares:  949,800 (0.708%)

This announcement is dated Feb. 3, 2005.


UMW HOLDINGS: Lists New Ordinary Shares
---------------------------------------
UMW Holdings Berhad's additional 1,135,107 new ordinary shares
of RM1.00 each issued as follows:

(i) 5,000 new ordinary shares issued pursuant to the Employees'
Share Option Scheme; and

(ii) 1,130,107 new ordinary shares arising from the Exercise of
1,130,107 warrants 1995/2005;

were granted listing and quotation effective Monday, Feb. 7,
2005, 9:00 a.m.

CONTACT:

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


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


ATLAS CONSOLIDATED: Seeks to Revive Cebu Copper Project
-------------------------------------------------------
Atlas Consolidated Mining and Development Corporation is seeking
to reopen after 10 years its copper project in Toledo City,
Cebu, according to the Manila Times.

The mining Company has been arranging with six foreign investors
the possible resumption of its Cebu operations this year.

Preliminary negotiations revealed that all six mining firms are
interested to take Atlas mining shares or buy the Company's
copper output and import the same. Three of the potential
investors are Chinese, two Korean and one Japanese.

Atlas' plan to revive its Toledo facility came after the Supreme
Court upheld the constitutionality of the 1995 Mining Act, a
ruling that drew the attention of foreign investors into the
local mining industry. The act will enable foreigners to acquire
and control 100 percent of mining project in the Philippines.

Last week, the local mining sector raked some US$3 billion in
pledges from investors during the International Mining
Conference spearheaded by the Chamber of Mines of the
Philippines.

Meanwhile, Atlas initially needs US$171 million to restart the
Cebu copper project. Around US$50 million will be used to fund
the construction of a 55-megawatt power plant, which will
provide the Company's electric needs. The rest will be earmarked
for the rehabilitation of Atlas' underground mine, which has the
capacity to yield 873 million tons of mineral resources with a
grade of 0.41 percent copper. The Toledo mining facility is,
thus, capable of producing 42,000 metric tons of copper daily.

The Company may need 2,700 for its workforce if the project
resumes operations within the year.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


CEBU PLAZA: Draws Interest of Two Prospective Buyers
----------------------------------------------------
The bank that owns the idle Cebu Plaza Hotel is currently
negotiating with two potential investors, Sunstar reports.

Metropolitan Bank and Trust Company (Metrobank) aims to dispose
of its unprofitable property within the year and is pursuing
talks with two interested buyers who wanted to reopen the hotel.

One of the interested parties is a local joint venture between
one of the major shareholders of a telecommunications Company.
The other is a Manila-based property developer.

Metrobank President Antonio Abacan Jr. said the domestic
investors are more aggressive than the group from Hong Kong,
denying rumors that the previous buyers had pulled out due to
the hotel's deteriorating facilities.

Cebu Plaza Hotel officially closed on March 15, 2003, months
after its owner Pathfinder Holdings Philippines Inc. (PHPI),
turned it over to Metrobank in payment for the debt of the bank.

PHPI had sued CPH for non-payment of its dollar-denominated
loan, which was initially equivalent to Php300 million (US$5.5
million).


COLLEGE ASSURANCE: Asks for Two Months to Settle Obligations
------------------------------------------------------------
College Assurance Plans Philippines Incorporated (CAP) has
requested to be given at least two months to settle its
financial obligations, Business World reports.

In a hearing of the Senate committee on banks, financial
institutions and currencies, CAP President and Chief Executive
Enrique Sobrepe¤a, Jr. is asking for a chance to finish
transactions that will help address the ailing pre-need firm's
liquidity woes.

He said the US$300-million loan from First American Investment
Ltd. will bear fruit in 40 days after the Securities and
Exchange Commission (SEC) issued a "no-objection letter" to the
transaction. He added that the firm's unsettled obligations only
amount to Php48 million, which can be easily covered by its Php8
billion trust fund.

Mr. Sobrepe¤a also challenged the actuarial reserve liability
(ARL) assessment of Php17 billion, saying the computation
overstated its ARL by 41 percent in 2003.

The Securities Regulation Code defines the ARL as the measure of
liabilities of pre-need companies for in-force plans or lapsed
plans as of valuation date. CAP has reported a Php17-billion
deficiency in its trust assets as of end-2003, and Php8.4
billion in trust assets, compared to an ARL of Php25.5 billion.

But Securities and Exchange Commission (SEC) Chairman Fe Barin
stressed that CAP's financial statement revealed the pre-need
firm is  "capital deficient, has impaired capital, trust fund
deficiency and right now suffering from acute liquidity
problems."

Ms. Barin further said the SEC is assisting CAP as it undertakes
activities to address its liquidity problems.

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: S&P Raises Rating to 'B- with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services on Monday raised its long-
term issuer credit rating on Manila Electric Co. (Meralco) to
'B-' from 'CC'. The rating was also removed from CreditWatch
with positive implications, where it was placed on Nov. 22,
2004. The outlook is negative.

At the same time, Standard & Poor's assigned its 'B-' rating to
Meralco's amortizing and secured term loan facility that it
borrowed in December 2004.

The facility matures in 2011 and consists of two tranches: a
US$170 million Tranche A, and a Philippine peso (PHP) 3.2
billion (US$65 million) Tranche B.

"The rating upgrade follows the successful refinancing of
Meralco's debt with the term loans, which has alleviated its
short-term liquidity concerns and lengthened its debt maturity
profile," said Standard & Poor's credit analyst Erly Witoyo.
Following the refinancing, Meralco's debt repayment in 2005 is
at PHP2 billion, compared with PHP12 billion-PHP13 billion
before the refinancing. Principal repayment of the term loan is
amortized quarterly.

Meralco is the dominant electricity distributor in the
Philippines, distributing electricity under one franchise
agreement to more than 4 million customers in 23 cities and 88
municipalities. In the first nine months of 2004, the Company
had revenues of PHP105 billion and net income of PHP2.2 billion.

Despite the improved liquidity, the Company's financial profile
remains very weak, with adjusted funds from operations to total
debt expected to average 5% in the next three years. The Company
had total debt of PHP24 billion at Dec. 31, 2004, as well as
large imputed debt of PHP126 billion, based on Standard & Poor's
analysis of Meralco's committed take-or-pay obligations under
long-term power purchase agreements. In addition, the Company
has significant unfunded pension liabilities of PHP12.6 billion
and customer refund obligations of PHP18 billion, which have
debt-like characteristics.

"Meralco faces the risk of early repayment of all its debt due
to a possible breach of financial covenants, which could occur
simply because they are onerous and restrict the Company's
operating flexibility," said Mr. Witoyo. For example, the
covenants restrict increases in the Company's operating
expenditure at below the inflation rate. Furthermore, a breach
could be triggered by an adverse court ruling on Meralco's
tariff increase or customer refund schedule.

The predictability of Meralco's cash flows is constrained by
uncertainty in its operating environment. The courts have
reversed some of the regulator's tariff increases in the past
two years. Although the Company has appealed one of the court
rulings, and continues to charge customers a higher tariff, a
rejection by the Supreme Court could result in Meralco having to
refund the additional charge to customers. In 2004, the
regulator ordered that Meralco must refund its customers certain
meter deposits, which are estimated to be
PHP1.5 billion and are expected to start in 2009. In addition,
the government is restructuring the Philippine electricity
sector.

"Nevertheless, the ratings on Meralco are supported by its
dominant market position as the largest electricity distributor
in the country," said Mr. Witoyo. Apart from Meralco,
electricity distribution is fairly fragmented, and there are no
alternative electricity suppliers in the Metro Manila region.

The negative outlook reflects Meralco's challenging operating
environment, which could significantly weaken cash flow and
result in a liquidity crunch. The rating on Meralco assumes the
Company is able to obtain an increase in its base tariff in
2006. Without this base tariff increase, the Company may not
have sufficient operating cash flow to service its debt, power
purchase, and customer refund obligations. Furthermore, Meralco
faces the risk of early repayment of all its debt due to a
possible breach of financial covenants.

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: Masinloc Employees Brace for Plant Turnover
-----------------------------------------------------------
Masinloc employees have prepared for the upcoming privatization
of the coal-fired thermal power plant, even as they urged the
management of the National Power Corporation (Napocor) to
negotiate for stronger personnel benefits from Masinloc's new
owner, YNN Pacific Consortium Incorporated, the Napocor Power
Hotline reports.

The Manager of Masinloc's Administration & Finance Division, Mr.
Rene Lachica disclosed that Masinloc plant personnel have
started preparations for the scheduled turnover of the facility
to YNN by June this year. Among other tasks, the Division has
started completing the records of all plant personnel to hasten
the clearance process. These records include documents
pertaining to loans and advances, tools and equipment issued to
individual employees, and other accountabilities.

Based on instructions of the Power Sector Assets & Liabilities
Management Corporation (PSALM), the Administration and Finance
Division has also started compiling lists of the different plant
properties and assets that are not part of the sale package,
including Mitsubishi spare parts, scrap items, plant tools, test
equipment, vehicles, housing units, technical documents (such as
engineering drawings), and training materials.

Finally, the management of Masinloc had also prepared a
transitional table of organization (T.O.) that is similar to
what is now in effect at the plant, and has the same manpower
complement of 281 employees. Management had originally prepared
a smaller T.O., but because of YNN's assurance that all plant
personnel will be retained for at least six months after the
turnover, Management opted to retain the existing T.O. until the
actual sale of Masiloc, and to give YNN a fresh hand at
restructuring the workforce thereafter.

Masinloc employees also presented to the NPT team several
personnel concerns, including their request that Napocor
Management negotiate for personnel benefits on their behalf with
YNN. Secondly, they are asking for HRD to facilitate the
clearance process, suggesting that, as in 2002-2003, a special
task force be formed again to speed up the clearance of
terminated employees. Finally, the employees are asking for more
detailed information about YNN, including its plans for the
plant personnel.

For its part, the NTP Team explained to the employees that NPC
Management will abide by Republic Act 6656, or the Government
Reorganization Law, on the issues of separation pay and
preference in hiring. The Team also interviewed several Masinloc
employees and noted that majority of them have already accepted
the realities of privatization, including the possibility that
some of them may not be absorbed by YNN after the six-month
probationary period.

The NTP Team was made up of Messrs. Alfonso Aliga,Jr., Roland
Cabasa, and Wilfredo Dolatre and Ms. Florida Cornejo.

CONTACT:

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


PHILIPPINE LONG: Board OKs Amendment of Bylaws
----------------------------------------------
This is in reference to Circular for Brokers No. 350-2005 dated
January 25, 2005, pertaining to the approval by the Board of
Directors of Philippine Long Distance Telephone Company (TEL) of
the amendments to the Company's By-Laws.

In relation thereto, TEL provided the Philippine Stock Exchange
certified true copies of the following, as approved by the
Securities and Exchange Commission on February 2, 2005:

(1) Certificate of Amendment of the By-Laws; and
(2) Amended By-Laws.

Copies of the said documents shall be made available for
reference at the PSE Centre library.

For your information.

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

Noted by:

(Original 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: Lists Additional 1,238 Shares Today
----------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 1,238
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,238 common shares is set
for Wednesday, January 9, 2005. This brings the number of common
shares listed under the ESOP to a total of 371,827 common
shares.

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

For your information and guidance.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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


ALLIANCE TECHNOLOGY: Details Revised Scheme of Agreement
--------------------------------------------------------
Further to the announcements made to the Singapore Stock
Exchange (SGX) by Alliance Technology and Development Limited
(ATD), currently in judicial management, on 17 April 2003 and 26
March 2004 relating to the proposed schemes of arrangement to be
entered into by the Company pursuant to section 210 (read with
Section 227X) of the Companies Act (Cap. 50) with its creditors
and shareholders.

The Scheme of Arrangement Agreement dated 16 April 2003 (Scheme
Agreement) made between the Company, Gallant Venture Pte. Ltd.
(Gallant) and P.T. Herwido Rintis (PTHR), the Company wishes to
announce that a revised Scheme of Arrangement Agreement (Revised
Scheme Agreement) has been entered into by the Company, Gallant
and PTHR on 8 February 2005, revising certain terms and
conditions of the Schemes.

The Revised Scheme Agreement supersedes the Scheme Agreement.
Under the terms of the Revised Scheme Agreement, the Schemes
would involve, inter alia,:

(a) The cancellation, by way of capital reduction, of all the
existing issued and paid-up capital of the Company of
S$82,531,680 divided into 82,531,680 ordinary shares of S$1.00
each (ATD Share);

(b) The transfer by PTHR of ordinary shares of par value S$0.20
each or such other par value from time to time in the share
capital of Gallant (Gallant Shares) to the existing shareholders
of the Company in consideration thereof, based on a share
exchange ratio of 100 Gallant Shares for every 1,000 ATD Shares
held, fractions to be disregarded;

(c) The assignment by the creditors of the Company of their
rights, title and interests to a portion of their approved
claims against the Company (Assigned Indebtedness) in the
aggregate amount of S$8,400,000 to PTHR and in consideration for
such assignment, the transfer by PTHR of such number of Gallant
Shares, at a transfer price of S$0.50 each (or such other price
as may be agreed) to such creditors; and

(d) The allotment and issue of 2 new ordinary shares of S$1.00
each in the Company (or such other number of ATD Shares as may
be agreed between the Company and PTHR), credited as fully paid-
up, to PTHR (so that PTHR will hold 100% of the Company's issued
capital), on the terms and conditions of the Revised Scheme
Agreement.

Pursuant to the Schemes, each shareholder of the Company will
receive 100 Gallant Shares for every 1,000 ATD Shares held, and
creditors of the Company will receive such number of Gallant
Shares at a transfer price of S$0.50 for each Gallant Share at
an aggregate issue price which shall be equal to the amount of
the Assigned Indebtedness assigned to PTHR. Fractional share
entitlements will be disregarded.

For more information, click
http://bankrupt.com/misc/ALLIANCETECHNOLOGY020805.pdf

CONTACT:

Alliance Technology And Development Limited
139 Joo Seng Road #06-01
ATD Centre
Singapore 368362
Telephone: 65 67491090
Fax: 65 62825377


BBR GEOTECHNIC: Receiving Proofs of Claims Until February 21
------------------------------------------------------------
BBR Geotechnic (S) Pte Ltd (In Liquidation) of 50 Changi South
Street 1 BBR Building Singapore 486126 issued to the Government
Gazette a notice of intended dividend.

Court: High Court of the Republic of Singapore

Number of Matter: Companies Winding Up No. 600295 of 2001.

Last day of receiving proofs: February 21, 2005.

Name and Address of liquidators:

Chee Yoh Chuang and Lim Lee Meng.
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Dated this 4th day of February 2005.


CAPITALAND LIMITED: Triples PATMI to SG$313 for FY2004
------------------------------------------------------
The CapitaLand Group reported a 4.2% increase in revenue for
FY2004 to S$3.80 billion. The Group posted a S$313.0 million
profit after tax and minority interests (PATMI) for FY2004,
tripling the S$102.6 million achieved in FY2003. All business
operations, in Singapore and overseas, reported a much better
performance.

Earnings before interest and tax (EBIT) at S$901.8 million were
S$312.8 million, or 53.1% better than 2003. The increase in EBIT
was a result of improved performance across the board, with
higher contributions from residential projects, higher fee-based
income, and improved performances from the hotels and serviced
residences operations.

At the operating level, the Group also turned in a stellar
performance. Excluding provisions and portfolio gains, the
Group's 2004 operating PATMI was S$295.2 million, compared to
the 2003 operating PATMI of S$207.9 million, a 42.0% increase.

To view a full copy of the press release, click
http://bankrupt.com/misc/CAPITALLANDLIMITED020705.pdf

CONTACT:

CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Telephone: 65 68233200
Fax: 65 68202202
Web site: http://www.capitaland.com


CAPITALAND LIMITED: Establishes Indirect Subsidiary
---------------------------------------------------
The Board of Directors of CapitaLand Limited advised the
Singapore Stock Exchange (SGX) on the establishment of the
following indirect subsidiary incorporated in Singapore:

Name: Floral Land Pte. Ltd.

Principal Activity: Investment Holding

Authorized Share: SG$100,000 divided into 100,000 ordinary
shares of SG$1 each.

Issued and Paid-up Share Capital: SG$10 comprising 10 ordinary
shares of SG$1 each.

Floral Land Pte. Ltd. (FLPL) is a 60 percent wholly owned
subsidiary of CapitaLand Residential Limited, itself a wholly
owned subsidiary of CapitaLand.  The balance 40 percent of the
issued and paid-up share capital of FLPL is owned by CapitaLand
China Residential Fund Ltd. in which CapitaLand has a 33.6
percent indirect interest.  Accordingly, CapitaLand's aggregate
indirect effective interest in FLPL is 73.44 percent.

By Order of the Board
Tan Wah Nam
Company Secretary
February 7, 2005


CHINA AVIATION (S): Creditors Blast at Restructuring Scheme
-----------------------------------------------------------
Creditors of embattled China Aviation Oil (Singapore)
Corporation (CAO) are directing fire at the jet-fuel trader's
proposed restructuring plan, according to Business Times.

Two of the Company's creditors criticized CAO's revival scheme,
saying it was "totally inadequate and unreasonable".

"We have formally advised the Company of our total rejection of
their latest offer and requested an improved offer," Martin
Botha, director for commodities activities at Standard Bank
London, which is owed US$34.1 million. Standard Bank has
formally rejected the offer and asked CAO Singapore to present a
better deal.

A spokesperson for Korea's SK Corp, whose Singapore subsidiary
SK Energy Asia is owed US$14.3 million, said: "We have reviewed
the current offer by CAO, which we find unreasonable and
unacceptable."

CAO, which lost US$550 million in derivatives trades last year,
offered last month to cancel 58.5 percent of its outstanding
debt and to repay creditors about 40 percent of what it owes
them over the next eight years.

It owes US$530 million to 98 external creditors, while its
Beijing-backed parent, China Aviation Oil Holding Co (CAOHC), is
claiming a further US$118 million it extended as shareholder's
loans.

The Company's restructuring plan needs approval from at least 50
percent of its creditors with claims equal to at least 75
percent of its total debts.

Meanwhile, CAO acknowledged that it remains at the bargaining
table and that discussions with creditors are still ongoing.

CONTACT:

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


COMFORT PROPERTIES: Struck Off by Parent Firm
---------------------------------------------
ComfortDelGro Corporation Limited announced to the Singapore
Stock Exchange (SGX) that Comfort Properties Pte Ltd a dormant
subsidiary have been deregistered pursuant to applications made
by the Company.

Bobby Tan Cher Chong
Company Secretary


INDIGOZ EXCHANGE: Seeks Court Approval for Judicial Management
--------------------------------------------------------------
Notice is hereby given that a petition for placing Indigoz
Exchange Pte Ltd. under the judicial management of a judicial
manager by the High Court, was, on January 29, 2005 presented by
the Company.  The said petition is to be heard before the Court
at 10:00 a.m. on Friday, February 18, 2005.

Messrs Chee Yoh Chuang and Lim Lee Meng of Chio Lim & Associates
of 18 Cross Street, #08-01 Marsh & McLennan Centre, Singapore
048423 have been nominated as the judicial managers, and any
person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of a judicial
manager under section 227B (3) (c) 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
member of the Company requiring it by the unders signed on
payment of the regulated charge.

The Petitioners' address is 18 Cross Street, #07-01 Marsh &
McLennan Centre, Singapore 048423.

The Petitioners' solicitor is Messrs Lim & Lim of 18 Cross
Street, #07-01 Marsh & McLennan Centre, Singapore 048423.
Messrs LIM & LIM 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 Messrs Lim &
Lim 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 in sufficient time to reach the
above named not later than twelve o'clock noon of the 17th
February 2005 (the day before the day appointed for the hearing
of the Petition).


RONG MAH: Court to Hear Winding Up Petition February 18
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Rong Mah Building Products (Sea) Pte Ltd by the High Court was,
on the 27th day of January 2005, presented by Eastern Pretech
Pte Ltd, a Company incorporated in the Republic of Singapore and
having its registered office at No. 22 Tanjong Kling Road,
Jurong Town, Singapore 628048, a creditor.

The said Petition is to be heard before the court sitting at the
High Court of Singapore at 10:00 a.m. on February 18, 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 this petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is No. 22 Tanjong Kling Road, Jurong
Town, Singapore 628048.

The Petitioner's solicitors are Messrs Ruth Chia & Co of 58 Tras
Street #02-01, Singapore 078997.

Messrs Ruth Chia & Co
Solicitors for the Petitioner
Ref. FC/EP/3090/05/lit/ac

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
solicitors Messrs Ruth Chia & Co, 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 in sufficient time to reach the above named not
later than twelve o'clock noon of 17th February 2005 (the day
before the day appointed for the hearing of the Petition).


SHIFU RESTAURANT: Winding Up Hearing Slated for February 18
-----------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Shifu Restaurant Disco Pub Pte Ltd by the High Court was, on
January 26, 2005, presented by NTUC CLUB, a society registered
under the Societies Act (Cap. 311) in Singapore having its
registered office at 1 Pasir Ris Close, Singapore 519599, a
Creditor.

The said Petition is directed to be heard before the Court
sitting at the High Court of Singapore at 10 o'clock in the
forenoon, on the 18th day of February 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 Company requiring a copy of the
Petition by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is 1 Pasir Ris Close, Singapore 519599.

The Petitioner's solicitors are Ramdas & Wong of 9 Raffles
Place, #07-01 Republic Plaza, Singapore 048619.

RAMDAS & WONG
Solicitors for the Petitioner
(Ref. CWF/rg/IL.DEPL.4)
Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the solicitors for the
petitioner, 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 abovenamed not later than 12 o'clock noon of the
17th day of February 2005 (the day before the day appointed for
the hearing of the petition).


WEE POH: Enters into Sale and Purchase Agreement with Ho Lee
------------------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced to
the Singapore Stock Exchange (SGX) that it has entered into an
sale and purchase agreement dated February 7, 2005 with Ho Lee
Construction Pte Ltd. (Purchaser) pursuant to which the Company
agrees to sell its entire shareholding in Wee Poh Construction
Co. (Pte.) Ltd. (WPC), presently its wholly owned subsidiary, to
the Purchaser (Disposal).

About WPC

WPC is incorporated in Singapore and has a paid up capital of
SG$17,500,000 comprising 17,500,000 share of par value SG$1.00
each (Sale Shares).  WPC is engaged in the construction business
in Singapore and holds a B1 ranking in civil engineering granted
by the Building Construction Authority.

As at the date of the Agreement, WPC owns a 49 percent equity
interest of Thai Sing Training Centre Co. Ltd. (a Company
incorporated in Thailand which is in the business of training
construction workers), a 50 percent equity interest of OVM
Prestress Co. Pte Ltd. (a Company incorporated in Singapore
which is involved in prestressing and related engineering
activities) and a 99.99 percent equity interest of Wee Poh
International Inc. (a Company incorporated in Guam which is
currently dormant).

For more information, click
http://bankrupt.com/misc/WEEPOH020705.pdf

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


WEE POH: Requests Bourse to Lift Trading Halt
---------------------------------------------
Pursuant to its request for trading halt effective February 7
Wee Poh Holdings Ltd issued to the Singapore Stock Exchange
(SGX) a request to lift trading halt effective February 8, 2005
at 9:00 a.m.

Wong Teck Kui
Chairman


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


BANGKOK STEEL: Gains Court Approval on Business Rehab Plan
----------------------------------------------------------
Bangkok Steel Industry Plc informed the Stock Exchange of
Thailand (SET) that on December 22, 2003 the Central Bankruptcy
Court ordered the business rehabilitation of the Company and
appointed Economic Intellect and C.J. Morgan Co., Ltd. to be the
co-planners in order to prepare the rehabilitation plan on April
19, 2004.

After the consideration and the approval of the business
rehabilitation plan by the creditors' meeting on December 22,
2004, the Central Bankruptcy Court ordered the consent of the
mentioned plan on February 7, 2005.

The planners, therefore, informed the Stock Exchange of Thailand
(SET) the result of the consideration and are pleased to submit
5 copies of the rehabilitation plan as well as the summary of
the said plan.

Please be informed accordingly.

Yours sincerely,
Economic Intellect Co., Ltd.
C.J. Morgan Co., Ltd.
Planners

CONTACT:

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


BANGKOK STEEL: Releases Summary of Rehabilitation Plan
------------------------------------------------------
Bangkok Steel Industry Company Limited (BSI) advised the Stock
Exchange of Thailand that on October 13, 2000, Bangkok Bank
(BBL) and Siam Commercial Bank (SCB) filed a petition for
reorganization of the Company, but the court dismissed the
petition on February 14, 2001.

Later, the Supreme Court had reversed the previous order and
ordered BSI to undergo business reorganization on December 22,
2003 with an appointment Economic Intellect Co., Ltd. (EIC) and
C.J. Morgan Co., Ltd. (CJM) as a co-planner on April 19, 2004.

Summary of the Rehabilitation Plan

Detail of Asset, Liability and Binding Obligations as of
December 22, 2003

Total Company asset is THB12,865.03 million, Liabilities is
THB19,453.08 million and Equity is negative THB6,588.05 million.

There is only one obligation with Citibank which are 5 letters
of guarantee, total amount is THB890,094.

The Classification of Debt

Twenty-nine creditors had filed the application for repayment of
debts in the total amount of THB59,091 million, comprising
THB38,529 million in principal and THB20,562 million in accrued
interests. Total creditors have been classified in 7 groups, one
group of secured creditors and 6 groups of unsecured creditors.

The Debt Restructuring Plan

Total amount of THB6,857 million shall be paid to creditors
within 136 months comprising non-core assets swap of THB130.94
million, repayment from cash flows of THB3,176.94 million,
repayment from guarantors or concerned persons of THB1,111
million and Hanging Debt of THB2,438.50 million.

The balance of THB52,234.45 million shall be forgiven after the
completion of all mentioned payments.

The Capital Restructuring Plan

There is no reducing or increasing of the current capital of
BSI. But the plan administrator has a right to do so by
consulting shareholders.

The Debt Recovery

According to the plan, creditors will receive the payment of
THB6,857.38 million which is equal to 11.60% of total claimed
debts (or 23.46% of total debt with voting rights).

However, in case of liquidation, all creditors will receive only
THB2,570.48 million which is equal to 4.35% of total claimed
debts (or 8.8% of total debt with voting rights).

Other Terms and Conditions

Plan Administrator:

EIC and CJM are proposed to be a plan administrator.
Compensation is THB500,000 per month (VAT is not included)

Dividend payment:

During the plan implementation period, the shareholders will not
be paid dividends until all debts will be completely repaid
pursuant to the plan.

Creating debt and raising funds:

The Company may raise new funds from any sources to be used in
normal operations by pledging Company's assets.

Ways to solve the problems if there is a temporary lack of
liquidity:

In case lack of liquidity problem occur, the Company, with the
consent of the creditor steering committee, may raise new funds
to clear the problem out.

Excess Cash:

In case of having excess cash, 35% will be reserved to pay the
principal repayment, the second 35% will be paid for the
principal hanging debt and the rest will be reserved for working
capital.

Termination of Business Reorganization:

During the implementing period, the plan has been deemed to be
successfully completed if one of the following circumstances
occur:

(1) BSI has repaid the Debts pursuant to the plan during 5
continuous years, or

(2) Plan Administrator with the consent of the Creditors
Steering Committee deems that the Business Reorganization has
been successfully completed pursuant to the Plan, or

(3) BSI has completely repaid The Debts.


THAI PETROCHEMICAL: Founder Questions PM's Sincerity
----------------------------------------------------
The founder and Chief Executive Officer of Thai Petrochemical
Industry Public Company Limited (TPI) finds Prime Minister
Thaksin Shinawatra not sincere enough to help solve the
Company's problems, Business Day relates.

Prachai Leophairatana believes that if the prime minister is
sincere in his efforts to help TPI, it should allow existing
shareholders to buy back TPI's capital-raising shares at a one
old share to nine new share ratio, a general practice usually
followed by good governance companies listed in the Stock
Exchange of Thailand (SET).

Recently, the Central Bankruptcy Court ordered for a reconcile
meet between TPI's plan administrator and TPI executives on the
disputed share allocation of the Company's capital-raising
shares.

But according to the plan administrator, it does not have
control over the share sale because the Ministry of Finance has
already appointed a committee to discuss the issue of TPI's
share allocation.

According to Mr. Prachai, TPI's plan administrator was not
authorized by the ministry appointed committee to talk on the
issue.

Mr. Prachai noted that the plan administrator wants to delay the
reconciliation process until after the general election and
wants to take over TPI.

But after the order from the Central Bankruptcy Court on the
reconcile meet, Permanent Secretary for Finance Suparut Kawatkul
said his committee is ready to comply with the court's ruling
without objection, but refuses to give a comment since he have
not talked with Mr. Prachai yet.

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


                            *********


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

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