---

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

                     A S I A   P A C I F I C

             Thursday, September 22, 2005, Vol. 8, No. 188

                            Headlines

A U S T R A L I A

A.C.N 091 602 676: Members Resolve to Wind Up Business
A.C.N. 102 765 515: Poised to Declare Final Dividend
A.H.M. TOOLING: Placed Under Voluntary Liquidation
ASHLEY TRANSPORT: Court Appoints Official Liquidator
BALINGHAM PTY: Liquidator to Distribute Company Assets

CAMPOLO PTY: Members to Receive Winding Up Report
CARTER HOLT: Unveils Changes to Board
CORPORATE CONCEPT: Jamieson Louttit Named Liquidator
DI MARTINO: Winds Up Business
FABION HOLDINGS: Inability to Pay Debts Prompts Wind Up Action

G&J LENZO: Members Decide to Close Operations
HANENT PTY: To Pay Dividend to Creditors
HMR AUSTRALIA: Enters Liquidation
MAYDALE PTY: Final Meeting Fixed September 29
MGM GRAND: Members Pass Winding Up Resolution

NATIONAL AUSTRALIA: Launches New Online Savings Account
NATIONAL AUSTRALIA: Cuts Three-year Fixed Home Loan Rate
NN HOLDINGS: Winding Up Proceedings Initiated
OZDUCT PTY: Creditors Opt for Voluntary Liquidation
REXINE HOLDINGS: Liquidator to Explain Manner of Winding Up

SANTOS LIMITED: Sells Interest in Timor Sea Exploration Permit
SONS OF GWALIA: Gov't May Legislate Out Court Ruling
STREETWISE GROUP: Liquidators Demand AU$2.1-Mln Repayment
TELSTRA CORPORATION: Warned Of Rebranding
UNLIMITED BRICK: Creditors OK Liquidator's Appointment

VILLAGE LIFE: Signs Tripartite Agreement
VILLAGE LIFE: Joint Managing Directors to Step Down
WALSH REFRIGERATED: Court Orders Winding Up
WOOLTAB PTY: Liquidator to Explain Winding Up to Members


C H I N A  &  H O N G  K O N G

CHEER FORTUNE: To Undergo Winding Up Process
CHUN YIP: Court Orders Winding Up
CONACAN COMPANY: Issues Debt Claim Notice
EASE FOUNDATION: To Close Down Business
GOLDEN RESORTS: 1H/2005 Net Loss Widens to HK$366 Mln

GOOD CHANCE: Court Releases Winding Up Notice
GUANGDONG KELON: Hisense Bullish on Recovery
HONG KONG OIL: Receives Winding Up Notice
NEW TOWN: Begins Winding Up Process
SHANGHAI LAND: Unveils September 20 EGM Results

SHANGHAI LAND: Falls Into Liquidators' Hands
SIMON JACKSON: Court to Hear Application Next Month
SUN INNOVATION: Net Loss Shrinks to HK$22.8 Mln


I N D I A

BHARAT OPTHALMIC: Panel Blocks Closure
BHARAT PETROLEUM: Kochi Investors Oppose Merger
BHARAT PETROLEUM: Completes Deployment of Triple Point Solution
BPL LIMITED: Mulls Further Sale of Specialty Units
INDIAN OIL: Loses Tupras to Shell


I N D O N E S I A

ASEAN ACEH: Government Decides to Liquidate Plant
PERTAMINA: Police Arrest 13 Employees on Hoarding Charges
SEMEN GRESIK: Cement Sales Rise 5% in First Eight Months of 2005


J A P A N

HITACHI LIMITED: Wins Egyptian Turbine Order
JAPAN AIRLINES: Expands Code Share Agreement To Fukuoka
MITSUBISHI MOTORS: Indonesian Unit Projects Lower Sales
KANEBO LIMITED: Malaysia to Put Up Five More Salons This Year
KANEBO LIMITED: JICPA Investigates Accounting Fraud


K O R E A

HYUNDAI MOTOR: S&P Puts BB+ on CreditWatch
SAMSUNG MOTORS: Creditors to File Debt Recovery Lawsuit


M A L A Y S I A

ACP INDUSTRIES: All Resolutions Set Out in Notice Passed
ANCOM BERHAD: Buys Back 9,500 Shares
DATUK KERAMAT: To Appeal High Court Decision
DUOPHARMA BIOTECH: Issues New Shares for Listing
DUOPHARMA BIOTECH: Unveils TMSB's Dealing in Shares

GEORGE TOWN: Court to Hear Appeal Next Month
HAP SENG: Issues Shares Buy Back Notice
LITYAN HOLDINGS: Court Grants 90-Day Restraining Order
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
MBF HOLDINGS: Decision on Summary Relief Due Next Month

PATIMAS COMPUTERS: Completes Transfer of Units' Shareholding
POS MALAYSIA: Issues New Shares for Listing, Quotation
TH GROUP: Units Ink SPA


P H I L I P P I N E S

ALGS FINANCING: SEC Rings Alarm Bells
COLLEGE ASSURANCE: Assures Clients of Enough Funds
LIGHT RAIL: Gov't Plans to Bid Out US$867-Mln LRT Extension
MANILA ELECTRIC: 7-month Residential Sales Drop 2%
NATIONAL POWER: Inks Loan for Masbate Power Project

NATIONAL POWER: Drives 20% Hike in RP's Interest Payments


S I N G A P O R E

CITIRAYA INDUSTRIES: Heshe Holdings Gives Reason for Investment
FIRSTLINK INVESTMENTS: Seeks Shareholders' OK for Asset Sale
LUM CHANG-FLETCHER: Receiving Proofs of Claims Until Oct. 10
ROYAL DOOR: Creditor Seeks Winding Up
STATS CHIPPAC: Standard & Poor's Affirms `BB' Rating

THAKRAL CORPORATION: Expects to Incur First Quarter Net Loss


T H A I L A N D

RS PROMOTION: Expects Dara Daily to be a Hit
TANAYONG: Concludes Capital Decrease
THAI AIRWAYS: Asked to Spin Off Three Profitable Units
THAI PETROCHEMICAL: Stake Sale Hits Snag
WYNCOAST INDUSTRIAL: Trims Registered Capital

     -  -  -  -  -  -  -  -

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

A.C.N 091 602 676: Members Resolve to Wind Up Business
------------------------------------------------------
At a meeting of members of A.C.N. 091 602 676 Pty Limited held
on Aug. 18, 2005, it was unanimously resolved that the Company
be wound up, and that Stephen Gower Baker be appointed
Liquidator for such purpose.

Stephen G. Baker
Liquidator
Stephen Baker & Co. Chartered Accountant
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
Phone: 9817 6427
Fax:   9879 0964


A.C.N. 102 765 515: Poised to Declare Final Dividend
----------------------------------------------------
A.C.N. 102 765 515 Pty Limited will declare a first and final
dividend on Sept. 23, 2004.

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

Dated this 19th day of August 2005

H. A. MacKinnon
Joint Liquidator
Bent & Cougle
Chartered Accountants
332 St Kilda Road
Melbourne Vic 3004


A.H.M. TOOLING: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of A.H.M. Tooling Pty Limited held on Aug. 16, 2005,
it was resolved that the Company be wound up voluntarily and at
a meeting of creditors held on the same day, it was resolved
that Richard Herbert Judson of Judson & Co. Chartered
Accountants, Level 1, 10 Park Road, Cheltenham be appointed
liquidator for the winding up.

Dated this 16th day of August 2005

Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


ASHLEY TRANSPORT: Court Appoints Official Liquidator
----------------------------------------------------
On Aug. 19, 2005, the Federal Court of Australia, New South
Wales District Registry ordered that Christopher J. Palmer be
appointed Official Liquidator in the winding up of Ashley
Transport Pty Limited.

Dated this 6th day of September 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


BALINGHAM PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
At a General Meeting of Balingham Pty Limited duly convened and
held on Aug. 25, 2005, the following Special Resolutions were
passed:

(a) That the Company be wound up as a Members Voluntary Winding
Up, and that Eric Rainsford Baker of 45 Billyard Avenue,
Wahroonga, NSW be appointed Liquidator for such winding up.

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

Dated this 25th day of August 2005

Eric Rainsford Baker
Liquidator
45 Billyard Avenue
Wahroonga NSW


CAMPOLO PTY: Members to Receive Winding Up Report
-------------------------------------------------
Notice is hereby given that a General Meeting of the members of
Campolo Pty Limited will be held on Sept. 29, 2005, 3:00 p.m. at
the office of G S Andrews & Assoc, 22 Drummond Street, Carlton
3053, to present the Liquidator's account showing the manner in
which the winding up was conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.

Dated this 11th day of August 2005

G. S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax:   03 9662 9544


CARTER HOLT: Unveils Changes to Board
-------------------------------------
Carter Holt Harvey Limited on Wednesday announced changes to its
Board of Directors following the final settlement between
International Paper Company and Rank Group Investments Limited
for the sale of 50.5% of the shares in the Company.

Messrs R Grillet, A Lessin, B McDonald, J Mason and M Pacheco
have resigned as directors, and Messrs M Burrows, T Degnan, T
Hardman, G Hart and B Murray have been appointed to the Carter
Holt Harvey Board of Directors effective immediately.

CONTACT:

NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone: +64 9 262 6000
Facsimile: +64 9 262 6099

AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone: +61 3 9823 1600
Facsimile: +61 3 9823 1620
Web site: http://www.chh.com


CORPORATE CONCEPT: Jamieson Louttit Named Liquidator
----------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Corporate Concept Catering Services Pty Limited
held on Aug. 24, 2005, Jamieson Louttit was appointed Liquidator
in the winding up of the Company.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0505
Fax:   02 9231 0303


DI MARTINO: Winds Up Business
-----------------------------
Notice is hereby given that at a meeting of the members of Di
Martino Group Pty Limited held on Aug. 16, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day, it was resolved that Paul
Vartelas of B. K. Taylor & Co., 8th Floor, 608 St. Kilda Road,
Melbourne be appointed Liquidator for such winding up.

Dated this 16th day of August 2005

Paul Vartelas
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne


FABION HOLDINGS: Inability to Pay Debts Prompts Wind Up Action
--------------------------------------------------------------
Notice is hereby given that at a general meeting of Fabion
Holdings Pty Limited held on Aug. 22, 2005, the following
special resolution was passed:

That due to its deficiency in assets to meet its liabilities,
the Company be wound up voluntarily.

G. G. Woodgate
Liquidator
c/o Woodgate & Co
Phone: 9233 6088


G&J LENZO: Members Decide to Close Operations
---------------------------------------------
Notice is hereby given that at a General Meeting of Members of
G&J Lenzo Pty Limited held on Aug. 15, 2005, it was resolved
that the Company be wound up voluntarily, and that Oren Zohar
and Brian McMaster of KordaMentha, Level 11, 37 St. Georges
Terrace, Perth, Western Australia be appointed Joint and Several
Liquidators for the winding up.

Dated this 16th day of August 2005

Brian McMaster
Oren Zohar
Joint Liquidator
KordaMentha (WA)
Level 11, 37 St. Georges Street
Perth, Western Australia
Phone: 08 9221 6999


HANENT PTY: To Pay Dividend to Creditors
----------------------------------------
Hanent Pty Limited will declare a first and final dividend on
Sept. 27, 2005.

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

Dated this 16th day of August 2005

G. G. Woodgate
Liquidator
Woodgate & Co.
Phone: 02 9233 6088
Fax:   02 9233 1616


HMR AUSTRALIA: Enters Liquidation
---------------------------------
Notice is hereby given that at a meeting of members of HMR
Australia Pty Limited held on Aug. 15, 2005, it was resolved
that the Company be wound up voluntarily.

At a meeting of creditors held the same day, it was resolved
that for such purpose, Paul Vartelas of B.K. Taylor & Co., 8th
Floor, 608 St. Kilda Road, Melbourne be appointed Liquidator of
the Company.

Dated this 15th day of August 2005

Paul Vartelas
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne


MAYDALE PTY: Final Meeting Fixed September 29
---------------------------------------------
Notice is given that a final meeting of the creditors and
members of Maydale Pty Limited will be held on Sept. 29, 2005,
10:00 a.m. in the Boardroom of Meertens Chartered Accountants,
Level 10, 68 Grenfell Street, Adelaide, to lay before the
meeting an account of the manner of the winding up and disposal
of assets of the Company.

Dated this 17th day of August 2005

A. R. M. Taylor
Liquidator
Meertens Chartered Accountants
Level 10, 68 Grenfell Street
Adelaide SA 5000


MGM GRAND: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of MGM Grand Australia Pty Limited held on Aug. 15,
2005, it was resolved that the Company be wound up voluntarily,
and that Messrs. Tim Michael and Peter Geroff of c/o Ferrier
Hodgson (Qld), Level 7, 145 Eagle Street, Brisbane, be appointed
joint and several Liquidators for such purpose.

Dated this 18th day of August 2005

Peter Geroff
Tim Michael
Liquidators
c/o Ferrier Hodgson (Qld)
145 Eagle Street, Brisbane Qld 4000


NATIONAL AUSTRALIA: Launches New Online Savings Account
-------------------------------------------------------
The National Australia Bank (NAB) has launched a new online
savings account, adding to its range of savings and transaction
accounts.

The new account, called the National iSaver, offers customers a
high 5.45% p.a. variable interest rate with no account or
transaction fees and no minimum deposit.

Funds can be accessed immediately via National Internet Banking
and National Telephone Banking to and from a nominated National
transaction account.

General Manager, Deposits and Retail Transactions at NAB, Ms
Lisa Gray, said the new National iSaver account complemented the
National's existing range of deposit and savings accounts.

"The National has a range of deposit and savings solutions for
customers, with competitive term deposit rates, but the National
iSaver offers customers another solution to help them save with
great returns," Ms Gray said.

"With a National transaction account, the National iSaver offers
customers a complete transaction and savings solution that is
designed to help with more disciplined savings - keeping day-to-
day transactions away from that savings goal.

"The National iSaver is ideally suited to those saving for a
home, a car or for travel.  It provides customers with a single
view of all their bank accounts and can be set up so that
customers are able to have a regular transfer from their
National transaction account into the National iSaver account -
to help reach their savings goal faster.

"Unlike some of the other high yield internet accounts, there is
no waiting period to access funds.  Customers can access funds
from their National iSaver account when they want with immediate
access to funds via National Internet Banking or National
Telephone Banking," Ms Gray said.

Key features of the National iSaver account

- 5.45% p.a. variable interest rate, calculated daily, paid
monthly

- No minimum opening or ongoing balance

- No monthly account keeping  or transaction fees

- Access to funds via National Internet and National Telephone
Banking to and from a nominated National FlexiAccount,
FlexiDirect, Smart Access or Smart Direct transaction account

- Single view of all bank accounts via National Internet and
National Telephone Banking

To further help customers achieve that something special, those
who open a National iSaver account before 30 November 2005 will
automatically go into the draw to win one of 10 Melbourne 2006
Commonwealth Games ticket and travel packages valued at up to
AU$5,500.

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


NATIONAL AUSTRALIA: Cuts Three-year Fixed Home Loan Rate
--------------------------------------------------------
>From Monday 19 September, National Australia Bank (NAB) will
introduce a special three-year fixed home loan rate of 6.47
percent.

General Manager Mortgages at NAB, Mr. Warren Shaw, said the bank
prided itself on having competitive rates and making home loans
more affordable.

"This is a competitive market and we want to make sure that our
home loans are top of mind.  This interest rate of 6.47% is one
of the lowest three-year fixed rates in the market," Mr. Shaw
said.

Until 4 November, NAB is also promoting the Home Loan Triple
Saver campaign.  This campaign offers a base variable rate home
loan with no application fee or monthly fees, a Visa Gold credit
card and Smart Access bank account with substantial savings on a
range of fees and charges on all three products.  The Home Loan
Triple Saver is for new home loans of AU$200,000 or more.

Customers who take up NAB's Home Loan Triple Saver go into the
draw to win one of twenty Melbourne 2006 Commonwealth Games
prize packages, each valued at AU$5,500.

CONTACT:

Mikala Sabin,
Corporate Affairs,
National Australia Bank
Phone: 03 8634 1572
Mobile: 0404 863 976
Web site: http://www.national.com.au


NN HOLDINGS: Winding Up Proceedings Initiated
---------------------------------------------
Notice is hereby given that at a resolution of the members of NN
Holdings Pty Limited held on Aug. 15, 2005, members resolved to
voluntarily wind up the Company, appointed M. J. Fitzpatrick to
be Liquidator for such purpose.

Dated this 15th day of August 2005

M. J. Fitzatrick
Liquidator
c/o KPMG
Level 30, Central Plaza One
345 Queen Street
Brisbane Qld 4000


OZDUCT PTY: Creditors Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that on Aug. 17, 2005, the following
special resolution was passed:

That Ozduct Pty Limited be wound up voluntarily relating to a
Creditors' Voluntary Winding Up, and that K. L. Sutherland,
Chartered Accountant of Level 5, 332 St. Kilda Road, Melbourne
be appointed Liquidator for the winding up.

Dated this 19th day of August 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


REXINE HOLDINGS: Liquidator to Explain Manner of Winding Up
-----------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Rexine Holdings Pty Limited will be held on Sept. 29, 2005,
12:00 p.m. at the offices of Simmons Johnson & Co. Chartered
Accountants, Suite 2501, 44 Market Street, Sydney NSW 2000 for
the following purposes:

AGENDA

(1) To receive the liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to give any explanation of the account.

(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.

Dated this 22nd day of July 2005

J. C. Simmons
Liquidator
c/o Simmons Johnson & Co.
Suite 2501, 44 Market Street
Sydney NSW 2000


SANTOS LIMITED: Sells Interest in Timor Sea Exploration Permit
--------------------------------------------------------------
Santos Limited has entered into an agreement to sell its 25%
interest in the exploration permit JPDA 03-01 in the Timor Sea
to Paladin Resources plc (Paladin).

The permit contains the undeveloped Jahal and Kuda Tasi oil
fields and is located in the Joint Petroleum Development Area
between Australia and Timor Leste in the Timor Sea, 575
kilometres north west of Darwin.

Under the terms of the agreement, Santos will receive 3.5
million Paladin shares valued at approximately US$19.5 million
at the current share price and exchange rates.

In addition, Santos will be reimbursed for exploration
expenditure in the permit between 1 July 2005 and completion of
the transaction. This is expected to be approximately US$2.5
million.

Santos will also receive US$3 million in cash under certain
circumstances following any future oil field development in the
permit.

"This divestment is in line with Santos' strategy to rationalize
its portfolio and realize value by selling non core assets,"
said Santos Managing Director Mr. John Ellice-Flint.

The transaction is expected to be completed by the fourth
quarter of 2005, subject to any required government approvals.

Paladin is an independent British oil and gas exploration and
production company based in London and is listed on the London
Stock Exchange.

CONTACT:

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


SONS OF GWALIA: Gov't May Legislate Out Court Ruling
----------------------------------------------------
The Federal Government is likely to consider creating a law to
restore certainty to creditor security following a court ruling
that favored shareholders of failed gold miner Sons of Gwalia
Limited, Dow Jones reports.

On September 15, the Federal Court handed down a decision that
implies shareholders and creditors could be ranked equally in
the event of a Company's collapse.

The ruling stated that in the event that shareholders were
misled by a collapsed firm's failure to meet financial
disclosure obligations their interests would be aligned those of
unsecured creditors.

Banking and credit analysts said the ruling could be damaging
for investors and issuers of Australian debt due to the
uncertainty about the rights of creditors until the outcome of
an appeal.

Australian Treasurer Peter Costello confirmed the government
plans to restore certainty for creditors in the event that the
Sons of Gwalia decision is upheld on appeal.

Sons of Gwalia administrators Ferrier Hodgson is preparing to
appeal to the Full Court of the Federal Court but doesn't expect
the appeal to be heard until early 2006.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


STREETWISE GROUP: Liquidators Demand AU$2.1-Mln Repayment
---------------------------------------------------------
The liquidator of failed Streetwise Group has demanded
cricketers Brett and Shane Lee and Michael Slater to repay
AU$2.1 million, Daily Telegraph reports.

Geoff Macdonald of Hall Chadwick demanded the sporting
identities repay the money after checking a transaction between
the sporting identities and Streetwise Property & Projects, one
of eight Streetwise companies in liquidation.

Mark Viduka has also received a letter of demand in relation to
a AU$1 million property transferred to the soccer star from
Colosseum Investment Holdings, another of Kovelan Bangaru's
Streetwise companies now in the liquidator's hands.

The cricketers' lawyer, Robert Johnston of Ebsworth & Ebsworth,
however, said he had written to the liquidator last week
advising him that the cricketers would not repay the money as it
was not, as Mr. Macdonald claimed, a voidable transaction.

He said that the legal status of the transaction between Mr.
Bangaru and the cricketers meant that the money could not be
clawed back.

However, the three cricketers may be forced to repay the money
if it is found by the liquidator that Streetwise Property &
Projects was insolvent before the AU$2.1 million was handed
over.

Mr. Bangaru left the country last month before a second meeting
of creditors.


TELSTRA CORPORATION: Warned Of Rebranding
-----------------------------------------
The designer behind the Telstra logo has warned that the Company
should think twice before adopting a new one as a way of putting
its controversial past behind, according to The Australian.

The warning comes weeks after a secret meeting of Telstra
marketing executives in New South Wales (NSW) during which the
possibility of dumping the Telstra brand was thoroughly
discussed.

Richard Henderson, founder of R-Co and the man behind the design
of corporate logos for giants such as BHP Billiton, Crown, Orica
and the AFL, says the adoption of a new corporate image could be
seen by Telstra as a way to reinvent itself when the final sale
of the telco goes through.

He said when the Telstra logo was adopted to replace Telecom,
phones were seen as a right, mobile phones were still on the
horizon and email did not even exist.

Telstra executives were reportedly not amenable to the rebrand
based on the extensive costs involved, despite the hammering the
brand has taken in recent weeks as the debate over the
Government's handling of the privatization debate reaches
climax.

While a rebranding has been dismissed in the short to medium
term, observers believe it has not been entirely ruled out.

One marketing director says he believes there will be no
branding activity from Telstra for at least the next 18 months,
as management seeks to streamline product offerings.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
MELBOURNE , VICTORIA, AUSTRALIA, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


UNLIMITED BRICK: Creditors OK Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Unlimited Brick Cleaning Pty Limited duly convened and held on
Aug. 26, 2005, members passed a Special Resolution that the
Company be wound up voluntarily, and appointed M. F. Cooper to
be Liquidator for the winding up. Creditors confirmed the
Liquidator's appointment at a creditors' meeting held that same
day.

Dated this 26th day of August 2005

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


VILLAGE LIFE: Signs Tripartite Agreement
----------------------------------------
Village Life Limited, Australia's foremost commercial provider
of rental accommodation for seniors, announced that it has
entered into a long term Tripartite Agreement with the Oak Tree
Group (OTG) and ING Management Limited as responsible entity for
the ING Real Estate Community Living Fund (ILF).

Under this agreement, VLL will have first option to acquire the
management rights and ILF will have first option to acquire
senior's accommodation complexes developed by OTC for a term of
25 years.

OTG is a private development group based in Brisbane that has
had previous experience in the development of long leasehold
assets through its co-promotional and marketing arrangements
with an affiliated developer of leasehold child care centers.
OTG is a vertically integrated developer, with market research,
marketing, planning and construction management competencies.
Through its arrangements with its institutional customer base,
OTG has created a senior's accommodation product and has secured
a substantial pipeline of development sites at attractive
locations throughout Australia.

The OTG group has indicated to VLL that their development
program will increase gradually and should produce in excess of
2500 units during the next 5 years. Village Life will maintain
its own robust development program.

The Oak Three villages will average 100 units each and will
operate as a pure rental model similar to the existing VLL
villages. It is intended to operate these villages under the Oak
Tree brand. The first of these villages should commence
construction prior to June 2006 for completion early 2007.

The consideration payable by VLL in respect of the acquisition
of management rights of the Oak Tree villages ay include the
issue of shares in VLL, subject to VLL's obligations under the
ASX Listing Rules and the Corporations Act 2001.

The Directors consider that this Tripartite Agreement will bring
to VLL a pipeline of properties with high quality recurring
income and no development risk. The Directors welcome both OTG's
and ILF's commitment to this long-term tripartite agreement.

CONTACT:

Village Life Limited
61 Park Road (PO Box 1162)
Milton Queensland 4064 Australia
Telephone: +61 7 3514 6400
Facsimilie: +61 7 3514 6497
Web site: http://www.villagelife.com.au/


VILLAGE LIFE: Joint Managing Directors to Step Down
---------------------------------------------------
As anticipated in the Company's annual report, Village Life's
founders and Joint Managing Directors, John Krimmer and Tony
Roberts will step down from their executive roles at Village
Life continuing as Non Executive Directors providing consulting
services to the Company.

The Chairman, Mr. Greg Gardiner stated that the achievement of
taking a new concept and developing it and the subsequent
listing of a Company which leads the rental sector for seniors
in Australia over a period of 6 years should not be
underestimated. Mr. Roberts and Mr. Krimmer should be
acknowledged for their significant contribution to Village
Life's growth and the service provided to Australian seniors.

Appointment of Experienced Managing Director

Village Life Chairman, Greg Gardiner, announced the appointment
of Stephen Lonie as Village Life's new Managing Director. Mr.
Lonie will commence his duties on October 3, 2005.

Mr. Lonie is a chartered accountant and management consultant,
currently engaged in his own personal practice. He was formally
Magaing Partner for the Queensland operations of the
international accounting firm KPMG, where he was a management
consulting partner. He is also currently a Director of Charter
Pacific Corporation Limited and VOxson Limited as well as
Chairman of the Queensland Government owned electricity
generator CS Energy Limited. Mr. Gardiner said that the Village
Life Board has agreed that Mr. Lonie will retain some of his
other directorships as part of his employment conditions.

Since leaving KPMG in March 2002, after KPMG had sold its
management consulting operations, Mr. Lonie has been involved in
a range of other activities including his involvement with the
Oak Tree Group where he helped to develop the business model.
The Oak Tree Group has entered into a Relationship Deed with
Village Life for the supply of long leasehold senior's
residential accommodation villages. Mr. Lonie, who owns a minor
interest in the Oak Tree Group has resigned his directorships in
Oak Tree entities to take up the position at Village Life.

Mr. Krimmer and Mr. Roberts have granted to Mr. Lonie a three
year call option over two million of their shares (in total),
struck at a price being the volume weighted average price per
share of the Company's shares on the ASX over five trading days
before Wednesday.


WALSH REFRIGERATED: Court Orders Winding Up
-------------------------------------------
On Aug. 18, 2005, the Supreme Court of New South Wales ordered
the winding up of Walsh Refrigerated Transport Pty Limited, and
appointed Stephen Jay to be Liquidator of the Company.

Stephen Jay
Liquidator
c/o Nicholls & Co Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


WOOLTAB PTY: Liquidator to Explain Winding Up to Members
--------------------------------------------------------
Notice is hereby given that the final meeting of the Members of
Wooltab Pty Limited will be held on Sept. 29, 2005, at 109
Jessie Street Armidale New South Wales, to lay an account before
them showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanation that may be
given by the liquidator.

Dated this 19th day of August 2005

A. J. Gilbey
Liquidator
c/o Cameron Kirk Rose
Chartered Accountants
109 Jessie Street
Armidale NSW 2350


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

CHEER FORTUNE: To Undergo Winding Up Process
--------------------------------------------
Cheer Fortune Limited whose place of business is located at
Elite Garden Upper G/F, Tuen Mun, Town Lot 183 San Hui, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 7, 2005.

Date of Presentation of Petition: July 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


CHUN YIP: Court Orders Winding Up
---------------------------------
Chun Yip Electronic Manufacturing Limited whose place of
business is located at Flat A, 6/F, Block 2, Camelpaint
Buildings, 62 Hoi Yuen Road, Kwun Tong, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
September 7, 2005.

Date of Presentation of Petition: July 8, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


CONACAN COMPANY: Issues Debt Claim Notice
-----------------------------------------
Notice is hereby given that the Creditors of Conacan Company
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before the October 21,
2005 to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the Liquidators of the
said Company at 8th Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong.

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

Dated this 20th day of September 2005

KONG CHI HOW, JOHNSON
Liquidator


EASE FOUNDATION: To Close Down Business
---------------------------------------
Ease Foundation Manufactory Limited whose place of business is
located at Rm 1 and 2, 8/F, Block 3, Nan Fung Industrial City,
18 Tin Hau Road, Tuen Mun, New Territories was issued a winding
up order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on September 7,
2005.

Date of Presentation of Petition: July 11, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


GOLDEN RESORTS: 1H/2005 Net Loss Widens to HK$366 Mln
-----------------------------------------------------
Golden Resorts Group posted a net loss of HK$365.9 million for
the first half of 2005, versus a net loss of HK$3.191 million a
year ago, Infocast News reports.

Loss per share (LPS) was $0.3384. No interim dividend was
declared.

The company posted a net loss of HK$1.40 million in the year
ended December 31, 2004, versus a net loss of HK$140,000 a year
earlier, according to Chong Hing Securities Limited.

The Group is engaged in hotel business with gaming entertainment
in Macau.

CONTACT:

Golden Resorts Group Limited
Suite 2809 28 th Floor
One International Finance Centre
1 Harbour View Street Central
Hong Kong
Phone: 36071031
Fax: 22951031
Web site: http://www.goldenresortsgroup.com


GOOD CHANCE: Court Releases Winding Up Notice
---------------------------------------------
Good Chance Limited whose place of business is located at Flat A
& B, G/F, Win Hing Court, Shui Chi Kwun Street, Yuen Long, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 7, 2005.

Date of Presentation of Petition: July 8, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: Hisense Bullish on Recovery
--------------------------------------------
Hisense Group is confident it can successfully revitalize
Guangdong Kelon Electrical Holdings, Agence France Press
reports.

Hisense has spent CNY900 million (US$110 million) on a 26.43
percent stake in Kelon, for what may be one of the company's
last chances to stay in business.

According to Hisense, the restructuring of the business is under
due consideration to maximize the resource efficiency and
enhance the expansion of the business.

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd,
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


HONG KONG OIL: Receives Winding Up Notice
-----------------------------------------
Hong Kong Oil and Petrochemical Company Limited whose place of
business is located at 1601 Chater House, 8 Connaught Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 7, 2005.

Date of Presentation of Petition: July 12, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


NEW TOWN: Begins Winding Up Process
-----------------------------------
New Town Holdings whose place of business is located at Shop 3,
Taiwo Centre, 24 Tai Wo Road, Tai Po, New Territories was issued
a winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
September 7, 2005.

Date of Presentation of Petition: July 8, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


SHANGHAI LAND: Unveils September 20 EGM Results
-----------------------------------------------
Reference is made to the announcement of Shanghai Land Holdings
Limited dated July 27, 2005 and the Circular and the Notice of
the EGM of the Company both dated August 27, 2005 relating to,
inter alia, the confirmation and/or ratification of the terms
of, and the Company's execution and entry into the Settlement
Deed. The withdrawal of the listing of the Shares of the Company
from the Stock Exchange and the voluntary winding-up of the
Company.

POLL RESULTS:

At the Extraordinary General Meeting (EGM) held on September 20,
2005, the proposed special resolutions no. 1 and 2 as set out in
the Notice of the EGM and contained in the Circular were voted
on a poll by the Independent Shareholders present at the
meeting. New Nongkai, BOCHK, BOC (HK) Nominees, Mr Chau, Ms Mo
and their respective associates had abstained from voting in
respect of the aforementioned resolutions. The resolutions were
duly passed by the Independent Shareholders and the poll results
are as follows:

              Special Resolutions        No. of Votes (%)
                                        For     Against

1. To confirm and/or ratify the terms of, and the Company's
execution and entry into the Settlement Deed.
385,587,715    6,000
                                     (99.9987%)     (0.0016%)

2. To approve the withdrawal of the listing of the Shares of the
Company from the Stock Exchange of Hong Kong Limited.
385,619,715    6,000
                                     (99.9984%)     (0.0016%)

As not less than 75% of the votes of the Independent
Shareholders present at the meeting were cast in favor of the
above resolutions no. 1 and 2, they were duly passed as special
resolutions.

As at the date of the EGM, the total number of shares entitling
the holders to attend and vote for or against resolutions no. 1
and 2 at the EGM (excluding the 2,288,521,317 shares
representing approximately 75% of the issued share capital held
by BOC (HK) Nominees) was 762,917,448.

As not less than 75% of the votes of the Shareholders present at
the meeting were cast in favor of the above resolutions no. 3 to
11, they were duly passed as special resolutions.

As at the date of the EGM, the total number of shares entitling
the holders to attend and vote for or against special
resolutions no. 3 to 11 at the EGM was 3,051,438,765. There were
no shares entitling the holders to attend and vote only against
special resolutions no. 3 to 11 at the meeting. Computershare
was appointed as the scrutineer at the EGM for the purpose of
the poll vote.

As a result, all the conditions precedent to the operation of
the Settlement Deed has been satisfied and the Settlement
Proposal contemplated thereunder will be put into operation by
the Liquidators in accordance with the timetable disclosed in
the Circular and the Company's announcement on 8 September 2005.
Upon the completion of the implementation of the Settlement
Proposal, an application will be made to the Stock Exchange for
the withdrawal of listing of the Shares of the Company from the
Stock Exchange. The tentative date for the Shares to be delisted
from the Stock Exchange is by close of business on October 10,
2005.

For and on behalf of
Shanghai Land Holdings Limited
(In Liquidation)
Stephen Liu Yiu Keung and Yeo Boon Ann
Joint & Several Liquidators
Hong Kong, 20 September 2005

CONTACT:

Shanghai Land Holdings Limited
18/F., Two International Finance Centre
8 Finance Street, Central, Hong Kong
Phone: 22326767
Fax: 22326700
Web site: http://www.shanghailand.com


SHANGHAI LAND: Falls Into Liquidators' Hands
--------------------------------------------
The Shareholders present at the Extraordinary General Meeting
(EGM) resolved to wind up Shanghai Land Holdings Limited by way
of a members' voluntary liquidation pursuant to section
228(1)(b) of the Companies Ordinance (Cap. 32).

Stephen Liu Yiu Keung and Yeo Boon Ann both of 18/F, Two
International Finance Centre, 8 Finance Street, Central, Hong
Kong were appointed as liquidators of the Company acting jointly
and severally for the purpose of such winding-up.

They were authorized to distribute the Company's assets in
accordance with the Settlement Deed by virtue of special
resolutions no. 3 to 11 set out in the notice of EGM.

This is a company press release.


SIMON JACKSON: Court to Hear Application Next Month
---------------------------------------------------
Notice is hereby given that Master S. Kwang of the High Court
has fixed a date, time and place for considering the
determination in making an order for the appointment of
liquidators of Simon Jackson and Associates Limited (In
Compulsory Liquidation).

Date and Time of Hearing: 3rd October 2005 (Monday) at 10:00
a.m.

Place of Hearing:  High Court, High Court Building, No. 38
Queensway, Hong Kong.

Any creditor or contributory of the Company have a right to
attend and speak at the above hearing.

Dated this 20th day of September 2005

ANTHONY NEDDERMAN
Joint and Several Provisional Liquidator


SUN INNOVATION: Net Loss Shrinks to HK$22.8 Mln
-----------------------------------------------
Sun Innovation Holdings Limited (0547) posted a net loss of
$22.83 million for the first half of 2005, compared to a net
loss of $47.344 million a year ago, Infocast News reports.

Loss per share (LPS) was $0.004. No interim dividend was
declared.

The Company incurred a net loss of HK$98.12 million in the year
ended December 31, 2004, versus a net loss of HK$46.73 million,
according to Chong Hing Securities.

CONTACTS:

Sun Innovation Holdings Limited
3rd Floor, Chung Nam Building
1 Lockhart Road, Wan Chai
Hong Kong
Phone: 27366068
Fax: 27366101


=========
I N D I A
=========

BHARAT OPTHALMIC: Panel Blocks Closure
--------------------------------------
The shutting down of troubled Bharat Opthalmic Glass Limited
(BOGL) has hit a snag, Business Standard has learned.

The Department of Divestment (DoD) objected to the closure,
citing a 2003 Supreme Court ruling that restricted
disinvestments in public sector undertaking (PSU) that were
formed under an Act of the Parliament.

The department of heavy industry would seek a legal opinion to
clarify the status of the PSUs that fell within the scope of the
judgment. However, the department felt that BOGL was set up
under the Companies Act, 1956 and not under a law passed by the
Parliament.

Officials at the DoD informed the Board for Reconstruction of
Public Sector Enterprises (BRPSE, which had recommended the
BOGL's closure, that the verdict of the apex court could be
extended to cover the closure of PSUs.

The Supreme Court had directed that in matters relating to PSUs
that were nationalized through an Act of Parliament, the
government must approach the House with a Bill to either repeal
the nationalization Act or modify it to permit divestment
through an executive order.

The cost of closure of BOGL is estimated at INR331 crore and its
revival cost is about INR381 crore. The company, registered with
the Board for Industrial and Financial Reconstruction since
1992, was recommended for winding up.

The PSU has not been in operation for several years and it had a
negative net worth of INR322 crore in 2003-04.

CONTACT:

Bharat Ophthalmic Glass Limited
(Ministry of Heavy Industries & Public Enterprises)
Durgapur - 713 210
Phone : 26592, 26119, 26190
Telex : 0205-216


BHARAT PETROLEUM: Kochi Investors Oppose Merger
-----------------------------------------------
A proposed merger between profitable Kochi Refineries (KRL) and
loss-making Bharat Petroleum Corporation (BPCL) received
opposition from Kochi investors, Sify News relates.

The disgruntled retail investors threatened to take legal action
against the move.

Kochi Refineries Investors Forum, which together represented the
majority shareholders, wanted a petroleum trust in place to
control the KRL instead of merger.

In a memorandum to the Union Petroleum Minister, the investors
also expressed their dismay over the proposed 9:4 (four BPCL
shares against nine KRL shares) swap ratio, terming it as
unjustifiable and unacceptable.

The forum also alleged that the move was aimed at trashing a
profit making firm and push it into the hands of the North
Indian lobby, causing a huge loss to the small investors and
Kerala Government which held over five per cent stakes.

Forum Secretary V N Iyer suggested KRL must be allowed to buy
back the shares from BPCL at the same price and these can be
kept in a petroleum trust with representation from employees,
investors and even through rights issue to make it an employee-
owned cooperative.

The Union Government had sometime back in principle approved the
amalgamation proposal that was separately approved by the boards
of the two companies in January this year.

CONTACT:

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/


BHARAT PETROLEUM: Completes Deployment of Triple Point Solution
---------------------------------------------------------------
Triple Point Technology, a global supplier of cross-industry
software platforms for the supply, trading, marketing and
movement of commodities, has announced that India's Bharat
Petroleum Corp. Ltd. (BPCL) has successfully completed its
implementation of Triple Point's next-generation software
solution for integrated trading, risk management and physical
operations.

BPCL is a leader in the refining, marketing and distribution of
petroleum products throughout India.

The solution, which includes the fully integrated Triple Point
Commodity XL for Oil and PhysOps XL software products, is now
managing BPCL's physical and financial trading and movement of
its crude oil and refined products.

By replacing manual spreadsheet-based systems, the solution
reportedly automates and streamlines BPCL's deal capture,
operations planning, settlement, billing and other critical
business processes.

Triple Point also will provide BPCL with localized support
through the company's Pune, India-based subsidiary - Triple
Point India.


BPL LIMITED: Mulls Further Sale of Specialty Units
--------------------------------------------------
BPL Limited is planning more strategic divestments, after hiving
off its color television and business in a joint venture with
Sanyo and shelling its dry cell division to Eveready, according
to Business Standard.

The disposals are more likely to involve BPL's medical
electronics and engineering plastics businesses.

Earlier this year, BPL had commissioned PricewaterhouseCoppers
to do review its various operations. Based on PwC's report, BPL
will now focus on the core businesses, which have been
identified as entertainment electronics, medical electronics,
engineering plastics and tooling, the last primarily for the
automotive and consumer electronics industries.

Having obtained approval from the Kerala High Court for its
financial restructuring scheme and the launch of the 50:50 joint
venture with Sanyo for the CTV business, BPL is all set to focus
and strategize on the above core businesses.

On the move to divest dry cell business for Rs 67 crore to
Eveready, Ajit Nambiar, CMD, BPL said: "Although we were the
latest entrant in the domestic dry cell business, we have
established the BPL brand with a 10 per cent market share in the
business. This 10 per cent market share has been achieved by
only addressing the metal jacket segment of the dry cell
business. We have not addressed the paper jacket segment, which
still constitutes 50 per cent of the industry."

Mr. Nambiar explained that when BPL entered the battery
business, it wanted its brand to be associated only with the
premium dry battery segment and not the paper jacket categories,
which caters to price sensitive markets.

He added that as far as the alkaline battery business was
concerned, BPL was working on plans for strategic tie-ups to
address the global alkaline battery markets.

CONTACT:

BPL Limited
238, 3rd Phase Bommasandra Industrial Area
Bangalore, BG-562158
India
Phone: + 80 27832328
Fax: + 80 27833375


INDIAN OIL: Loses Tupras to Shell
---------------------------------
Indian Oil Corporation lost out in the race for Turkey's state-
owned Tupras, according to Business Standard.

The recent loss followed Oil and Natural Gas Corporation's
losing Petrokazakh to China National Petroleum Corporation.

The two failures further hampered India's bid to acquire
overseas energy assets.

The Tupras deal was bagged by a consortium formed by Shell and
Turkish conglomerate KOC Holdings.

The Shell-KOCH consortium bid US$4.14 billion for the Turkish
government's 51 percent stake in Tupras, while Indian Oil and
its local partner, the Calik Enerji group, withdrew from the
race after having bid US$4.12 billion.

After submitting an expression of interest on June 14, 2005, the
IndianOil-Calik Enerji consortium was shortlisted along with six
other companies. The Shell and Indian Oil consortia had made to
the final round of bidding.

For the final bid submitted by Indian Oil to the privatization
administration of Turkey on September 2, Ernst & Young was the
sole adviser.

Tupras, in which the Turkish government held 66 per cent stake,
owns four refineries - Izmit, Izmir, Kirikkale and Batman - with
a combined capacity of 27.6 million tonnes per annum of oil
amounting to about 86 per cent of the country's total refinery
capacity. It also has a petrochemical production capacity of
153,000 tonnes per annum.

CONTACT:

Indian Oil Corporation Limited
G-9 Ali Yavar Jung Marg Bandra East
INDIAN OIL BHAVAN
Mumbai, MAHARASHTRA 400 051
INDIA
Phone: +91 22 26427363/26423272
Fax: +91 22 26443880
Web site: http://www.iocl.com


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

ASEAN ACEH: Government Decides to Liquidate Plant
-------------------------------------------------
Members of the Association of Southeast Asian Nations (ASEAN)
had decided last Sept. 18, 2005 to liquidate troubled ASEAN Aceh
Fertilizer in Aceh due to a lack of gas supply, reports the
Jakarta Post.

According to Industry Minister Andung Nitimihardja, AAF's
shareholders decided to liquidate the Company due to the
uncertainty of gas supplies, which are necessary to the plant's
operations.

Indonesia is a makor stockholder of AAF, with a 60% stake in the
Company, while the remaining stake belongs to the following
countries: Malaysia (13%), Philippines (13%), Thailand (13%) and
Singapore (1%).

AAF is currently completing procedures for its closure,
including the distribution of severance pay to the plant's 800
workers. AAF president Rauf Purnama declined to comment, saying
he was prohibited to do so by the Company's stockholders.

ASEAN Aceh Fertilizer was established in 1979 as a joint venture
company that prioritized its market in ASEAN countries, as well
as China, India, Japan and Taiwan. It reached its peak in 1997,
when it produced 695,826 tons of Urea fertilizer.

Established in 1979, AAF reached its peak capacity in 1997,
producing 695,826 tons of Urea fertilizer. The joint venture
company prioritized its market in ASEAN countries and other
Asian countries such as China, India, Japan and Taiwan.

The closure of AAF is not expected to affect agriculture in the
northern parts of Sumatra, as the Company exports almost all of
its products, and the agriculture sector depends on other state-
owned fertilizer firms such as PT Pupuk Iskandar Muda (PIM).

CONTACT:

PT ASEAN Aceh Fertilizer (AAF)
Jl. Medan Banda Aceh
Krueng Geukueh PO. BOX No. 09
Lhokseumawe, Aceh Utara
Indonesia
Phone: 0645-56933
Fax:   0645-56660
Email: aaf@aaf.co.id
Web site: http://www.aaf.co.id/


PERTAMINA: Police Arrest 13 Employees on Hoarding Charges
---------------------------------------------------------
Medan Police announced on Sept. 20, 2005 that they had arrested
13 employees and officials of state-owned oil and gas firm PT
Pertamina on charges of hoarding up to 250,000 tons of diesel
and kerosene fuel in Belawan, the Jakarta Post reports.

According to North Sumatra Police chief inspector Gen. Iwan
Pandjiwinata, ploice confiscated the fuel that was being hoarded
in six different locations in Belawan. The  operation was
conducted jointly with National Police Headquarters.

He added that the synidicate had been hoarding fuel for some
time now, with some suspects owning gasoline stations, while
others were drivers. Some of the arrested are suspected to be in
league with Pertamina employees, but the investigation is still
ongoing.

According to the chief inspector, the fuel hoarding was the
cause for oil shortages in Medan.

Pertamina spokesman Joko Sasono Putranto said he doesn't know
anything about the case.

This is the second time Pertamina employees have been sus[ected
of illegal activities regarding fuel this year. Previously,
several employees were arrested for their alleged involvement in
a fuel smuggling ring to send oil to other neighboring
countries.

CONTACT:

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


SEMEN GRESIK: Cement Sales Rise 5% in First Eight Months of 2005
----------------------------------------------------------------
Cement manufacturer PT Semen Gresik announced a 5% increase in
cement sales in the first eight months of this year, Dow Jones
reports.

An increase in domestic sales contributed to the Company's
cement sales of 10.66 million metric tons. Domestic sales
increased by 8.3% to 9.4 million tons, but exports dropped 15%
to 1.26 million tons.

According to the Company, Indonesia's cement consumption rose
7.6 % in August as compared to the same last period last year.
Indonesia consumed 30.04 million tons of cement last year; this
year, analysts expect demand to increase by 5% to 10%.

PT Semen Gresik, which is 51% owned by the government and 25.53%
owned by Mexican cement firm Cemex SA de CV, produced 15.6
million tons of cement last year, which comprises 50% of the
state's national cement output. The Company can produce uo to 16
million tons of cement on an annual basis.

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


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

HITACHI LIMITED: Wins Egyptian Turbine Order
--------------------------------------------
Hitachi Limited and Sumitomo Corporation have received a JPY5
billion order for a steam turbine power generation system from
Upper Egypt Electricity Production Company, Kyodo News reports.

Hitachi will install and test run a 250-megawatt steam turbine,
a power generator, a condenser and other machines at a new power
plant some 95 kilometers south of Cairo by June 2008.

In a company statement, Hitachi recorded income before income
taxes and minority interests of JPY4.8 billion, down 89 percent
year on year. After income taxes of JPY17.6 billion, Hitachi
posted a loss before minority interests of JPY12.8 billion.
Hitachi also posted a net loss of JPY24.0 billion, compared with
net income of JPY16 billion in the first quarter of fiscal 2004.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com


JAPAN AIRLINES: Expands Code Share Agreement To Fukuoka
-------------------------------------------------------
Japan Airlines (JAL) and Korean Air Lines (KAL) agreed to expand
their code share operations to include KAL's twice-daily flights
between Fukuoka, Japan and Seoul. The agreement will come into
effect on October 3rd 2005, and is subject to government
approval.

The new code share agreement will increase the number of JAL/KAL
code share routes from six to seven and the total number of
weekly code share flights from 76 per week to 104 on a one-way
basis. KAL aircraft and crew will operate the new Fukuoka-Seoul
code share flights. As announced earlier this year, the JAL
operated daily service between Fukuoka and Seoul will be
suspended from October 3rd 2005.

Passengers traveling between the two countries on JAL's Korea
network including code share flights will now be able to choose
from 244 flights per week up from 230 flights per week (on a
one-way basis). JAL's Korea network serves the cities of Seoul
and Busan, linking nine cities in Japan to Korea.

On August 1st 2004, the JAL and Korean Air Lines started code
share flights from Komatsu, Niigata and Sapporo in Japan to
Seoul. From March 27th this year the airlines opened a fourth
code share flight between Nagoya (Chubu) and Busan.
Additionally, the carriers expanded their code share flight
operations to include flights between Hiroshima and Kagoshima in
Japan and Seoul on August 2nd 2005.

CONTACT:

Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate


MITSUBISHI MOTORS: Indonesian Unit Projects Lower Sales
-------------------------------------------------------
PT Krama Yudha Tiga Berlian, an Indonesian unit of Mitsubishi
Motors Corporation, expects a drop in sales over the next three
months if the Bank of Indonesia will tighten its monetary
policy, the Jakarta Post reports.

The central bank's tightening measures have included a 75-basis-
point hike in its benchmark Bank Indonesia rate to 9.50 percent
earlier this month.

"Declines in loan expansion will significantly affect our car
sales, of which 70% are financed with loans," the report says,
quoting Alamsjah.

CONTACT:

PT. Krama Yudha Tiga Berlian Motors
JL. Jend A. Yani, Proyek Pulomas, Jakarta
Phone: (021) 489 1608
Fax: 475 0765
E-mail: ktb@ktb.co.id


KANEBO LIMITED: Malaysia to Put Up Five More Salons This Year
-------------------------------------------------------------
Cosmetics Resources Resources Sdn Bhd, Kanebo Ltd's authorized
agent in Malaysia, is setting up five more Kanebo international
salons in Kuala Lumpur, Johor Baru and Kuching by the end of
2006, The Star Online reports.

Its customer service Director Julian Loh told StarBiz in a
recent interview that the international salon is different from
the conventional cosmetics store in that it provides privacy and
six-star special services such as facial treatment and body
massage.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


KANEBO LIMITED: JICPA Investigates Accounting Fraud
---------------------------------------------------
On September 13, 2005, Tokyo prosecutors arrested four
accountants for allegedly helping Kanebo executives falsify
accounting reports.

Kanebo Limited, a household goods and cosmetics conglomerate,
was delisted from the Tokyo Stock Exchange this year after
admitting to accountancy fraud over a four-year period. Though
the Japanese Institute of Certified Public Accountants (JICPA)
has yet to confirm the actual events at Kanebo and the actions
of its auditors and accountants, it deplores this regrettable
incident.

" From our standpoint, this case is currently under
investigation by the discipline committee of JICPA. We
definitely expend our efforts to grasp the fact relevance
promptly, however will refrain from making any comment until we
fully understand the case. Having adopted "the reinforcement of
audit practices" as its most important agenda in 2004, the
incumbent Executive Board of JICPA continues full-fledged
efforts to improve auditing practices. These work on the part of
JICPA makes the recent Kanebo incident all the more
regrettable," relates JICPA.

JICPA is currently working towards improvements in four main
areas:

i) Continue to strengthen its quality control review system. In
July of this year, for example, it will increase its full time
quality control reviewers from 10 to 20 to reinforce the
effectiveness of our quality control reviews in maintaining and
improving the quality of auditing practices at individual
auditing firms. We have also hired an information technology
expert to assist in these reviews.

ii) Reorganized the handling scheme of disciplinary cases, which
is engaged in, for example, individual audit failures and will
establish a disciplinary board and will have it independent from
our Executive Board. In addition, some of the members
participating in this new disciplinary board are enlisted from
outside the CPA profession and outside JICPA.

iii) JICPA has formed a project team to reinforce auditing
practices, and it continues its efforts to provide a sufficient
audit hour, rationalize and allocate the hours required for
auditing processes more properly.

iv) Will continue to strengthen auditing procedures in certain
industries, to conduct studies, to make proposals, and to
organize lectures related to auditing issues based on the
industry-specific management environment.

CONTACT:

The Japanese Institute of Certified Public Accountants
4-4-1, Kudan-Minami
Chiyoda-ku, Tokyo 102-8264
Japan
Phone:81-3-3515-1130
Fax:81-3-5226-3356

This is a company press release.


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

HYUNDAI MOTOR: S&P Puts BB+ on CreditWatch
------------------------------------------
Standard & Poor's Rating Services maintained its long-term BB+
ratings on Hyundai Motor Co. and Kia Motors Corp. on CreditWatch
with positive implications following recent reports that the
Hyundai Group may buy Mando Corp. a Korean auto parts maker.

Mando has been put up for sale for Korean won (W) 2 trillion by
JP Morgan Partners and Affinity Capital, which together own over
70% of the company.

"Should Hyundai Automotive Group be the successful bidder for
Mando, it will take on a company that has a relatively solid
credit profile, with return on capital averaging 26.3% over the
past two years and total debt to EBITDA of 1.6x over the same
period," said Standard & Poor's credit analyst Eun Jin Kim.

"However, the purchase price of Mando will ultimately decide
whether the acquisition is positive for Hyundai and Kia's credit
quality. A reasonable price for Mando would be about W1
trillion-W1.5 trillion," Ms. Kim added.

Despite Hyundai and Kia's continued improvement of their global
market positions, the group continues to make overly aggressive
expansion and acquisition plans. These include a recently
announced Kia factory in the U.S. and, of more concern, the W5
trillion-W7 trillion blast furnaces planned by group company INI
Steel Co.

The CreditWatch listings will be reassessed within the following
two months. If purchase terms for Mando are solidified during
that time, the CreditWatch placement will be resolved. However
if the negotiations are prolonged, Standard & Poor's will affirm
the current 'BB+' ratings until further information is
available.

CONTACT:

Hyundai Motor
Yangjae 2-dong Seocho-gu
Seoul, Seoul 137-938
Korea (South)
Telephone: +82 2 3464 1114 / +82 2 3464 3414


SAMSUNG MOTORS: Creditors to File Debt Recovery Lawsuit
-------------------------------------------------------
Creditors mull of filing a lawsuit against Samsung Motor Inc.'s
former parent Samsung Group to recover debts left by the
collapsed automaker, Yonhap News relates.

After Samsung Motors became insolvent in 1999, it left creditors
with KRW2.45 trillion in bad loans.  The creditors received 3.53
million shares in Samsung Life Insurance Co. from Samsung Group
Chairman Lee Kun-hee as collateral for the debt, but have failed
to sell them.

The debt value is estimated to reach KRW5 trillion including
back interests, an analyst said.

According to main creditor, Seoul Guarantee Insurance Co., the
creditors are most likely to file a debt recovery lawsuit
against Samsung Group as early as October.

"The creditors will meet late this month to make a decision on
calling on Samsung Group to buy back the Samsung Life Insurance
shares," an official at Seoul Guarantee Insurance said.

The original plan was to file the lawsuit in September, but the
plan was derailed due to the National Assembly's annual
inspection of the government and the Chuseok holiday.

The idea to file a lawsuit ignited when the creditors felt that
efforts to sell the Samsung Life Insurance stake made little
progress.


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

ACP INDUSTRIES: All Resolutions Set Out in Notice Passed
--------------------------------------------------------
ACP Industries Berhad advised that all nine (9) resolutions
prescribed in the notice convening the 12th Annual General
Meeting of the company dated August 29, 2005 as contained in the
Company's Annual Report 2005 have been duly passed by the
shareholders of the Company at the Company's Annual General
Meeting at No. 26, Jalan 2/6, Dataran Templer, Bandar Baru
Selayang, 68100 Batu Caves, Selangor Darul Ehsan.

CONTACT:

ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186 / +60 3 7958 6130


ANCOM BERHAD: Buys Back 9,500 Shares
------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on September 20, 2005.

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 9,500

Minimum price paid for each share purchased (MYR): 0.630

Maximum price paid for each share purchased (MYR): 0.640

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 9,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,819,300

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my


DATUK KERAMAT: To Appeal High Court Decision
--------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on August 10, 2005, Datuk Keramat Holdings Berhad advised
that the Court of Appeal had granted an interim restraining
order on September 19, 2005 (Restraining Order) pursuant to
Section 176(10) of the Companies Act 1965.

The Restraining Order of the Court of Appeal restrains further
proceedings in any action or proceeding against the Companies
pending the final disposal of the Companies appeal to the Court
of Appeal.

The Court of Appeal has fixed for hearing on October 24, 2005,
the appeal against the decision of the High Court not to extend
the restraining order dated March 9, 2005.

CONTACT:

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


DUOPHARMA BIOTECH: Issues New Shares for Listing
------------------------------------------------
Duopharma Biotech Bhd advised that its additional 114,500 new
ordinary shares of MYR0.50 each issued pursuant to Employees'
Share Option Scheme will be granted listing and quotation with
effect from 9:00 a.m., Thursday, September 22, 2005.


DUOPHARMA BIOTECH: Unveils TMSB's Dealing in Shares
---------------------------------------------------
Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia
Securities Berhad details to the Conditional Mandatory Offer by
Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of Chemical
Company Of Malaysia Berhad (CCM), to acquire up to 92,490,610
Duopharma Shares (Offer Shares) not already owned by TMSB and
persons acting in concert for a cash offer price of MYR2.80 per
offer share.

Pursuant to Section 36 of the Code, Duopharma disclosed the
dealings by TMSB in the Duopharma Shares. The details of the
dealings are set out in the table below:

Date of      Name of  Description   No. of     Transaction price
Transaction  Party    of            Shares     per share
                      Transaction   acquired/
                                   (disposed)

20/09/2005    TMSB    Acquisition    126,900    2.7600


GEORGE TOWN: Court to Hear Appeal Next Month
--------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad on August 10, 2005, George Town Holdings Berhad advised
that the Court of Appeal had granted an interim restraining
order on September 19, 2005 (Restraining Order) pursuant to
Section 176(10) of the Companies Act 1965.

The Restraining Order of the Court of Appeal restrains further
proceedings in any action or proceeding against the Companies
pending the final disposal of the Companies appeal to the Court
of Appeal.

The Court of Appeal has fixed for hearing on October 24, 2005,
the appeal against the decision of the High Court not to extend
the restraining order dated March 9, 2005.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166 / +60 3 7957 8471


HAP SENG: Issues Shares Buy Back Notice
---------------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad details of its shares buy back on September 20, 2005.

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 19,500

Minimum price paid for each share purchased (MYR): 2.150

Maximum price paid for each share purchased (MYR): 2.200

Total consideration paid (MYR): 42,991.09

Number of shares purchased retained in treasury (units): 19,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,328,700

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

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


LITYAN HOLDINGS: Court Grants 90-Day Restraining Order
------------------------------------------------------
Lityan Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update to the following proposals:

- Proposed Acquisition of Guanhong Group;

- Proposed Exemption;

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Scheme of Arrangement with Creditors;

- Proposed Issuance of Shares;

- Proposed Offer for Sale;

- Proposed Transfer of Listing Status; and

- Proposed Disposal

(collectively, the Proposed Restructuring Scheme)

Further to the announcement dated September 15, 2005, Avenue
Securities Sdn Bhd, on behalf of the Board of Directors of
Lityan clarified that the restraining order was granted by the
High Court of Malaya for a period of 90 days effective from
September 15, 2005 up to December 13, 2005 (both days inclusive)
to Lityan and its following subsidiaries and associated company:

Subsidiaries

(i) Digital Transmission Systems Sdn Bhd

(ii) Hi Pro Edar (M) Sdn Bhd

(iii) Imagebase Sdn Bhd

(iv) Imageword (M) Sdn Bhd

(v) Impianas Sdn Bhd

(vi) Integrated Telecommunication Technology Sdn Bhd

(vii) Konsortium Jaya Sdn Bhd

(viii) Lityan Foreign Equities Sdn Bhd

(ix) Lityan Management Sdn Bhd

(x) Lityan Marketing Sdn Bhd

(xi) Lityan Overseas Sdn Bhd

(xii) Lityan Systems Sdn Bhd

(xiii) Sistem Komunikasi Gelombang Sdn Bhd

(xiv) Slam Atomised Metal Sdn Bhd

(xv) Kirium Solutions Sdn Bhd

(xvi) KJ Mobidata Sdn Bhd

(xvii) KJ Telecommunications Sdn Bhd

(xviii) Advanced Business Solutions (M) Sdn Bhd

(xix) Teem Business Solutions Sdn Bhd

Associated Company

(i) Lityan Applications Sdn Bhd

This announcement is dated 20 September 2005.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad advised that its additional 487,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, September 22, 2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


MBF HOLDINGS: Decision on Summary Relief Due Next Month
-------------------------------------------------------
Further to the announcement on September 2, 2005, MBf Holdings
Berhad informed Bursa Malaysia Securities Berhad that
GrandTech's application for Summary Relief and Interim Payment
which was fixed for decision on September 19, 2005, had been
adjourned to October 13, 2005.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
20 September 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


PATIMAS COMPUTERS: Completes Transfer of Units' Shareholding
------------------------------------------------------------
Patimas Computers Berhad (Patimas) issued to Bursa Malaysia
Securities Berhad an update to the Proposed Internal
Restructuring Exercise.

The company refers to its announcement on April 5, 2005 and
advised that the internal restructuring involving the transfer
of the entire shareholding in HPD Systems Sdn Bhd and DGN
Systems Sdn Bhd from GMH Services (MSC) Sdn Bhd, a wholly owned
subsidiary of Patimas to Patimas was completed on September 1,
2005 (letter from Lembaga Hasil Dalam Negeri in respect of the
stamp duty was received on September 19, 2005).

With the said completion, HPD Systems Sdn Bhd and DGN Systems
Sdn Bhd have become direct wholly owned subsidiaries of Patimas.

The other transfer involving the entire shareholding in EIX
Solutions Sdn Bhd from m-BX Systems Sdn Bhd to Patimas is still
pending.

CONTACT:

Patimas Computers Bhd
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818
Fax: 03-89941188


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 70,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, September 22, 2005.

CONTACT:

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


TH GROUP: Units Ink SPA
-----------------------
TH Group Berhad (TH Group) provided Bursa Malaysia Securities
Berhad details to the proposed subscription of shares into MEC
Dynamics Corporation (Subscription of Shares).

(1) Introduction

TH Group advised that, its wholly owned subsidiary, Asiaprise
Biotech Sdn Bhd (Asiaprise), had on September 20, 2005 entered
into an Preferred Stock and Note Purchase Agreement (SPA) with
MEC Dynamics Corporation (MEC), Emmanuel C. Mpock (the Founder)
and Spring Hill Bioventures Sdn. Bhd. (SBV) to subscribe for
preferred stock in MEC.

Under the SPA, Asiaprise will subscribe for 125,000 preferred
stock of MEC at an issue price of US$4.00 each (Preferred Stock)
amounting to an investment of US$500,000 (approximately
MYR1,899,500). Upon the subscription of the Preferred Stock,
Asiaprise's equity interest in MEC will be approximately 12.0
percent. The Proposed Subscription of Shares had been approved
by the Investment Committee of TH Group.

(2) Information on MEC

MEC was incorporated on December 9, 2003 as a private limited
liability company in Delaware, United States of America.

The current authorized share capital of MEC is 1,659,090 shares
consisting of 1,034,090 shares of common stock, at a par value
of $0.00001 per share and 625,000 shares of Series A Convertible
Preferred Stock, at a par value of $0.00001 per share.

MEC is developing point of service medical diagnostic products
using micro technological approaches. MEC has successfully
developed two unique microtechnological approaches for
performing hemoglobin A1c (HbA1c) tests for diabetics, and for
quickly, routinely and inexpensively screening for diabetes
using HbA1c as a diagnostic marker as opposed to the traditional
glucose test.

HbA1c testing is the most accurate way of assessing a patient's
risk of diabetic complications. However, current testing is
confined to hospitals and central laboratories. The MEC test
will be the world's first truly point of care HbA1c test kit,
suitable for sales within the physician's office and via
pharmacies. The test result can be known immediately and
eliminate the waiting period for a lab report. The product is
currently in the process of being patented.

(3) Salient terms of the SPA

The investment shall be by way of subscription of preference
shares in MEC, for an investment of US$500,000 for 125,000 new
preference shares at US$4.00 each, convertible into ordinary
shares at US$4.00 each.

In addition, Asiaprise has also signed a distributorship
agreement with MEC whereby Asiaprise has been granted the sole,
exclusive and independent rights to market, sell and distribute
such point of service medical testing products using micro
technological approaches manufactured and/or developed by MEC
from time to time in the territories of Brunei, Cambodia,
Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore,
Thailand, Vietnam, Hong Kong, and Taiwan.

(4) Rationale

As part of its focused growth strategy agenda, TH Group, through
Asiaprise, has expanded progressively into selective segments of
the biohealthcare industry. At present, Asiaprise owns and
manages Malaysia's first private specialist cancer centre, NCI
Cancer Hospital (formerly known as the Nilai Cancer Institute),
which provide diagnostics and screening services, cancer
treatment and clinical trials.

It also has a pharmaceutical distribution division which holds
the exclusive marketing and distribution rights of Marksans
Pharma Ltd (formerly known as Glenmark Laboratories Ltd) for
high quality generic pharmaceutical drugs for oncology, central
nervous system and diabetes.

The Subscription of Shares will enable Asiaprise to further
extend its business reach in the distribution of novel
diagnostics equipment, in addition to distribution of
therapeutic product, in this region.

(5) Sources of Funding

The Subscription of Shares will be financed from internally
generated funds of the Group.

(6) Liabilities to be Assumed

There are no liabilities to be assumed by Asiaprise arising from
the Subscription of Shares.

(7) Financial Effects

On a proforma basis, the Subscription of Shares is not expected
to have any material effect on the NTA per share of TH Group
based on the latest audited consolidated balance sheet as at
December 31, 2004.

As the subscription is by cash, there are no changes to the
share capital and shareholding of substantial shareholders of
the Company.

(8) Conditions

The Subscription of Shares does not require the approval of
regulatory authorities or shareholders of the Company other than
the approval from Bank Negara Malaysia (BNM) for the remittance
of funds. Approval from BNM was obtained on September 6, 2005.

(9) Directors' and Major Shareholders' Interests

Dr Tan Kim Sze, who is a director of Asiaprise, is also a
director of MEC.

Save as disclosed above, none of the other directors of the
Company or persons connected to them has any interest, direct or
indirect in the Subscription of Shares.

The directors are not aware of any major shareholders of the
Company or persons connected to them having any interest, direct
or indirect in the Subscription of Shares.

(10) Statement by the Board of Directors

The Board is of the opinion that the Subscription of Shares is
in the best interest of the Group.

(11) Documents For Inspection

A copy of the SPA is available for inspection by registered
shareholders at the registered office of the Company at
Securities Services (Holdings) Sdn. Bhd., Level 7, Menara
Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara
Heights, 50490 Kuala Lumpur during normal office hours from
Monday to Fridays (except public holidays) for a period of three
months from the date of this announcement.

CONTACT:

TH Group Berhad
Phase 1 Mile 1.5 Leila Road
Sandakan, Sabah 90712
Malaysia
Telephone: +60 89 273 388
           +60 89 272 868


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

ALGS FINANCING: SEC Rings Alarm Bells
-------------------------------------
The corporate watchdog has advised the public not to invest in
ALGS Financing & Investment Corp., The Philippine Star has
learned.

The Securities and Exchange Commission (SEC) issued the warning
after receiving numerous complaints and inquiries about the
Company, which has reportedly been soliciting higher investments
from the public without license.

In a public advisory, the SEC said ALGS is not licensed to
engage in any activity requiring a secondary license such as
investment consultancy, investment taking, lending activities
and trading in securities.

According to the SEC, ALGS is no longer operating but its
officers and directors are still at large and their whereabouts
cannot be determined despite extensive efforts to do so.

The SEC earlier came out with an advisory warning the public
against investing in 53 companies that are not authorized to
sell securities or issue investment certificates/contracts.

These corporations include Alabang Holdings Inc., Athon
Management and Trading Corp., Bicutan Holdings, Binondo
Holdings, Calamba Holdings, Cavite Holdings, Cielo Azul Holdings
Corp., Diamond Star Management & Trading Corp., Global Progress
Management and Trading Corp., Great Allianz Management & Trading
Corp. Growth Management and Trading Corp., Highland Management &
Trading Corp., Jamcor Holdings Corp., Las Pi as Global
Management & Trading Corp., Matcor Holdings Co. Ltd., Mindoro
Holdings, Muntinlupa International Management & Trading Corp.,
Musad Management & Trading Corp., Pamplona Holdings, Pangasinan
Holdings, Pangasinan Star Management & Trading Corp., Subic Bay
Holdings, Subic Bay Management & Trading Corp., Tagaytay
Holdings, Tagaytay Management & Trading Corp., TG Asset
Management Corp., Tibayan Management Group International
Holdings Co. Ltd., Tibayan Group Investment Co. Inc., United
Alpa Management & Trading Corp., Wallstreet International
Holdings Co. Ltd., Westar Holdings and Westar Royalty Management
& Trading Corp.

The SEC, along with other government agencies including the
Department of Trade & Industry, is stepping up the campaign
against illegal investment solicitation activities.

CONTACT:

ALGS Financing & Investment Corp.
Rm. 206 Ansa II Bldg.
Chino Roces Ave., Makati City
Phone: 896-2171


COLLEGE ASSURANCE: Assures Clients of Enough Funds
--------------------------------------------------
Beleaguered College Assurance Plan Philippines Inc. (CAP) told
shareholders it would continue paying tuition obligations even
during its proposed rehabilitation, according to The Philippine
Daily Inquirer.

The ailing pre-need provider responded to reports that its
business is more than a pyramiding scam. It stressed it was not
engaged in a "pyramid scam" and it is unfair to sow fear that
many clients would be left out of pocket.

CAP said it would continue to pay tuition and "there would be
enough funds for the plan holders" during its proposed
rehabilitation. It added it needed to sell "more educational
plans, especially with adjusted premiums, to provide for the
trust fund of the new plans, as mandated by the Securities and
Exchange Commission".

CAP was also branded as unfair a statement of Senator Manuel
Roxas II who accused its officials of giving "a litany of lies"
in dealing with the regulators and more than 700,000 plan
holders.

The firm said Sen. Roxas was mistaken when he alleged that the
pre-need business was engaging in "a form of kiting or Ponzi
scam". "Kiting" pertains to the practice of paying off maturing
liabilities of the older policyholders using new funds that have
not been deposited

CAP said it would not have engaged in such practice because all
securities it sold were reviewed and registered with the SEC.

The corporate regulator has required all pre-need companies to
deposit a percentage of the collections to the trust fund
according to a schedule validated by SEC consulting actuaries.

CONTACT:

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


LIGHT RAIL: Gov't Plans to Bid Out US$867-Mln LRT Extension
-----------------------------------------------------------
The government is considering bidding out the construction of
the AU$867-million, 12-kilometer extension if the overhead Light
Rail Transit (LRT) Line 1 instead of pursuing a deal with
Canada's SNC Lavalin, Philippine Daily Inquirer reports.

The embattled Light Rail Transit Authority (LRTA) confirmed that
the government has been advised by the International Finance
Corp. to drop the Canadian deal because it is expensive.

SNC Lavalin is offering to build the railway extension for more
than US$70 million per kilometer.

The Canadian firm also wanted a form of government guarantee on
the LRT extension project, which made its offer even more
disadvantageous.

The government received an unsolicited offer from SNC Lavalin
more than five years ago. The project could not proceed because
of doubts on whether the Canadian firm's offer was sound from
the government's financial perspective.

The LRTA is consulting with the IFC on the Line 1 extension, a
priority project of the administration of President Gloria
Macapagal-Arroyo that is supposed to be on stream by 2009.

CONTACT:

Light Rail Transit Authority
Administration Building,
LRTA Compound, Aurora Boulevard,
Pasay City, Metro Manila,Philippines
Phone:+63 (2) 853-0041 to 60
E-mail: lrtamain@lrta.gov.ph
Web site: http://www.lrta.gov.ph


MANILA ELECTRIC: 7-month Residential Sales Drop 2%
--------------------------------------------------
Manila Electric Co. (Meralco) saw a two-percent drop in sales to
the residential sector in the January-July period as compared
with the same months last year, according to The Philippine
Daily Inquirer.

The decline is attributed to the government's campaign for
energy conservation amid skyrocketing oil prices.

Sales to the commercial sector, on the other hand, grew to the
opening of new businesses.

Ivanna de la Pena, vice president and utility economics chief,
said it was still difficult to predict whether electricity
demand for the remainder of the year would follow the trend seen
in the first seven months.

"In the coming months, we'll have to see how sales will go," Ms.
Ivanna added.

"With the colder weather, we expect a dip in demand. As to how
much of a dip, we are not sure yet."

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: Inks Loan for Masbate Power Project
---------------------------------------------------
State-owned National Power Corporation (Napocor) was set to sign
Wednesday a GBP17.5-million contract that would bring
electricity to 128 barangays in Masbate, The Philippine Star
reports.

The power firm signed the contract with the Paris-Manila
Technology Corp. (Pamatec) and ETDE of Bouygues Construction.

The contract is part of a truce between the French and
Philippine governments, which means the project will not undergo
public bidding process under the build-operate-transfer scheme.

The GBP22.5-million loan is funded by the French government (60
percent) and BNP-Paribas (40-percent) with a repayment period of
25 years and 15 years, respectively.

The project will require the contractors to establish several
diesel-fired generators in the barangays depending on the size
and population of the barangay. Likewise, solar panel systems
will also be used.

The Special Power Utilities Group (SPUG), a subsidiary of
Napocor, will manage all the systems after its construction. It
already operates the 2.5-megawatt (MW) Masbate diesel power
plant I, the 14.4-MW power barge 105, and the 1.4-MW Ticao
diesel power plant.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: Drives 20% Hike in RP's Interest Payments
---------------------------------------------------------
National Power Corporation (Napocor) has contributed to the
significant rise in the country's interest payments in the first
eight months of the year, The Manila Standard reports.

The higher interest grew after the national government assumed
the Php200 billion debt of the state-run power firm.

Documents at the Bureau of Treasury show that interest payments
increased by PhpP34.57 billion to P203.54 billion from January
to August this year compared to Php168.97 billion in the same
period last year.

Interest payments on debt sourced from domestic creditors went
up by 16 percent to Php125.19 billion in the first eight months
of the year from Php107.96 billion while settlement on
obligations from foreign sources jumped 28 percent to Php78.34
billion from Php61 .01 billion.

Interest payments accounted for about one-third of government's
total expenditures of Php610.97 billion, which, in turn, were 7
percent higher from Php573.47 billion last year.


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

CITIRAYA INDUSTRIES: Heshe Holdings Gives Reason for Investment
---------------------------------------------------------------
Garment firm Heshe Holdings Limited explained its reasons for
investing in troubled waste recycler Citiraya Industries
Limited, saying that the Company's global infrastructure is
worth saving, reports Channel NewsAsia.

According to Heshe Holdings CEO Eddie Chng, the Company's
infrastructure is still intact and valuable. The investment also
serves Heshe Holdings' aim to enter the recylcing business.

Heshe Holdings invested up to SGD40 million into the Company,
together with partner Mr. Oei Hong Leong.

Mr. Chng added that he thinks the recycling business will go
global soon, and in order to build up an infrastructure,
acquiring Citiraya Industries would shorten the process. He
denied reports that the investment agreement was hurriedly
carried out, without conducting proer due diligence.

But the deal is dependent on the Company's creditor support, as
it has been served with a winding up petition, which would be
heard later this week.

CONTACT:

Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com


FIRSTLINK INVESTMENTS: Seeks Shareholders' OK for Asset Sale
------------------------------------------------------------
Troubled electronics firm Firstlink Investments Corporation
Limited wants its shareholders to approve the planned sale of a
hotel in New Zealand and an industrial building in Singapore,
Channel NewsAsia reports.

The planned assets sale would go to repay a SGD9.8 million debt
due in November this year.

Last May, Firstlink CEO Ngu Tieng Ung resigned from his position
after being charged with criminal trust in Malaysia; the Company
then filed reports with local and Hong police alleging attempts
to defraud them, in relation to a buyout of firm Green Salt
Group last year.

The Company's investigation showed fraud and improprieties, with
president Ngu signing documents without the board of directors'
consent. One document that Mr. Ngu supposedly signed prohibited
Firstlink from replacing the directors of Green Salt Group
without the consent of partner shareholder Asiacorp, despite the
fact that Firstlink owns 56% of the firm, while Asiacorp only
holdsa 43.78% in the firm.

Firstlink's investigation also revealed that Green Sapt Group
received dividends from a China unit in Qinghai, but its
directors did not issue dividends to the Company. According to
the Company, it is because they don't have control over Green
Salt's management.

Firstlink had invested SGD60 million in Green Salt, which was
served with a winding up petition last May. The Company is now
trying to preserve its stake in two salt mines in Tibet, as they
had invested so heavily in the firm, according to Firstlink
executive chairman Ling Yew Kong.

The Company is set to hold an extraordinary general meeting next
month to seek shareholder approval to sell two property assets
in order to repay its SGD9.8 million loan, and hopes to have a
cash surplus of up to SGD5 million.

CONTACT:

Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax:   65 6445 2506


LUM CHANG-FLETCHER: Receiving Proofs of Claims Until Oct. 10
------------------------------------------------------------
Notice is hereby given that the creditors of Lum Chang-Fletcher
Construction Pte Limited, which is being wound up voluntarily,
are required on or before Oct. 10, 2005 to send in their names
and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the Company Liquidators.

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

Dated this 9th day of September 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


ROYAL DOOR: Creditor Seeks Winding Up
-------------------------------------
Notice is hereby given that Aptronics Pte Limited, a creditor of
Royal Door Systems Pte Limited, filed a winding up petition
against the Company in the High Court on Sept. 6, 2005.

The Petition is directed to be heard before the Court sitting at
Singapore on Sept. 30, 2005, 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on such Petition may appear at
the time of hearing by himself or his counsel for that purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is care of 150 Beach Road, #32-00 The
Gateway West, Singapore 189720.

The Petitioners' solicitors are Ang & Partners, 150 Beach Road,
#32-00 The Gateway West, Singapore 189720.

ANG & PARTNERS
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 solicitors Ang & Partners a
written notice 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
solicitors not later than 12:00 p.m. of Sept. 29, 2005 (the day
before the day appointed for the hearing of the Petition).

CONTACT:

Royal Door Systems Pte Limited
177 Kaki Bukit Avenue
1 Shun Li Industrial Park
Phone: 65 6841 3843
Fax:   65 6841 6536


STATS CHIPPAC: Standard & Poor's Affirms `BB' Rating
----------------------------------------------------
On Sept. 21, 2005, Standard & Poor's Ratings Services affirmed
its 'BB' corporate credit rating on Singapore's STATS ChipPAC.
The outlook is stable.

According to Standard & Poor's credit analyst Royston Quek,
"STATS ChipPAC's rating continues to be constrained by its
higher-than-average industry risk, weak financial profile, and
high customer concentration risk."

"However, these weaknesses are partially offset by the company's
strength in mixed-signal testing and advanced packaging, robust
growth in the semiconductor assembly and testing services
market, and modest support from Temasek Holdings Pte. Ltd," he
added.

STATS ChipPAC is the fourth-largest provider of semiconductor
assembly and testing services (SATS). For the first six months
of 2005, the company generated sales of USD498 million (SGD37.5
million) and itstotal assets as of June 30, 2005 amounted to
USD2 billion (SGD3.4 billion).

The Company's rating reflects its exposure to the semiconductor
industry, which is highly cyclical and experiences significant
fluctuations in end-user demand. The Company also faces evolving
industry standards, competitive pricing pressure, and rapid
technological changes.

Although it has a moderate capital structure and EBITDA coverage
as compared with its peers, its financial profile may weaken in
the medium term due to its high capital expenditure needs.

Standard & Poor's sees that a sustained level of capital
spending is needed to acquire and retain customers and keep up
with technology. Hence, the Company may need additional debt to
support these capital expenditure needs. STATS ChipPAC posted
negative free cash flows in 2002-2004 due to its high capital
expenditure requirements. The credit profile on STATS ChipPAC is
also weakened by high customer concentration risk, as its top
five customers generated about 56% of total sales in fiscal
2004.

Supporting the Company's ratings is its leadership position in
the complex mixed-signal testing and advance packaging, which
enables it to earn higher margin than the industry average. In
the medium term, STATS ChipPac should benefit from the robust
growth in the SATS market, which will be supported by the
increasing trend in outsourcing. The rating on STATS ChipPAC
also benefits modestly from its strong shareholder in Temasek
Holdings Pte. Ltd. (AAA/Stable/--). Although Temasek is a
minority shareholder with approximately 37% ownership in STATS
ChipPAC, its strong financial profile indicates the ability to
provide support to STATS ChipPAC if needed.

"The stable outlook reflects STATS ChipPAC's relatively healthy
balance sheet compared with its peers. This should place the
company in a better position to obtain financing for its
operations. The company is expected to maintain an adequate
leverage for its rating level over the semiconductor cycle, with
debt to EBITDA below 4x," said Mr. Quek.

CONTACT:

STATS ChipPAC Limited
10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
Phone: 65 6824 7777
Fax:   65 6720 7823
Web site: http://www.statschippac.com/


THAKRAL CORPORATION: Expects to Incur First Quarter Net Loss
------------------------------------------------------------
Following a preliminary assessment, Thakral Corporation Limited
announces that the Company incurred losses amounting to SGD2.85
million for the two months and SGD640,000 for the five months
ended Aug. 31, 2005, based on unaudited management accounts.

The Company expects to report a loss for the first half of the
current financial year ending Sept. 30, 2005. Its attributable
profit for the six months and quarter ended Sept. 30, 2004 was
SGD9.33 million and SGD4.14 million respectively.

A significant slowdown in sales for the second qurter of the
financial year 2006 is the main reason for the expected decline
in net profit for the first quarter of the year, due to heavy
competition and parallel inflow of competing models resulting in
reduction gross margins.

During this period, the Company also incurred unforeseen charges
by provision of price protection to dealers, as well as
investment in marketing development activities. For the rest of
financial year 2006, the Company is expected to continue
operating under difficult market conditions.

Thakral Corporation's financial condition remains fundamentally
strong, with a net asset value per share of SGD14.22 cents as of
Aug. 31, 2005, compared to SGD14.15 cents as of June 30, 2005.

The Company intends to announce its unaudited first quarter
results for the financial year 2006 in the second week of
Novemberthis year.

By order of the Board
George Lau
Executive Vice President
Sept. 20, 2005

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Phone: 65 63368966
Fax:   65 63367225
Web site: http://www.thakral.com


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

RS PROMOTION: Expects Dara Daily to be a Hit
--------------------------------------------
RS Promotion Plc has released its entertainment newspaper, Dara
Daily, Bangkok Post said.  The company hopes to top incumbent
Siam Dara produced by Stock Exchange of Thailand (SET)-listed
Siam Sports Syndicate Plc.

Dara Daily targets women aged 18 to 45 in Bangkok.   It prints
300,000 copies a day and priced at THB10.  The company says the
content is also broader than the typical celebrity focus of
other publications, with more music and movie updates.

The paper's producer is News Generation Co., which is a 60:40
joint venture between RS and Kriengsak Sakulchai, better known
as Toy Aigner, the former founder of the influential TV Pool
entertainment weekly.

RS shelled out THB300 million in capital to launch the paper,
with 30 percent budgeted for marketing and promotion.

Marketing director of Poema Co, an RS publishing subsidiary,
Wiboon Wankerdphol said the company was pleased with the
response it heard on the first day.

Mr. Wiboon said Dara Daily is positioned as an upper-end
entertainment daily with an attractive look and was projected to
break even within six months.

With the limited competition in the entertainment daily market,
a quick investment return is anticipated.  The paper's sole
rival, Siam Dara was only launched last month.

CONTACT:

R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com


TANAYONG: Concludes Capital Decrease
------------------------------------
Tanayong Public Co. Ltd. informed the Stock Exchange of Thailand
(SET) that in order to to comply with the business
reorganization plan, the Company, by the Court's order, had
reduced unpaid share capital, split par value from THB10 per
share to THB1 per share and reduced share capital from
3,677,468,400 to THB533,333,333 at the ratio of 6.895253254310
original share for 1 new share. If the decimal from the
computation of reduction ratio was more than or equal to 0.5,
the number of share will be rounded up .If the decimal was less
than 0.5, the number of share will be rounded down.

The Company informed the SET that it has finished the
registration of capital decrease with the Ministry of Commerce
on September 16, 2005. Total registered paid capital would be
533,333,333 common share at par value THB1.

Please be informed accordingly.

Yours sincerely,

Mr. Sudha Liptawat
Mr. Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Plan Administrator of
Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn
Telephone: 0-2273-8511-15
Fax: 0-2273-8516-17
Website: http://www.tanayong.co.th


THAI AIRWAYS: Asked to Spin Off Three Profitable Units
------------------------------------------------------
Thai Airways International Plc will most likely spin off its
three profitable business units as part of its restructuring
plan, reports Business Day.

Transport Minister Pongsak Raktapongpaisal believes that the
said units will generate a lot of profi as separate companies
with clear management.

The three units out of Thai Airways' total five business units
are catering, cargo, and maintenance services. The remaining two
units provide ground services and ground handling services.

The airline will set up an ad-hoc team to handle the
restructuring plan.  Team members will comprise executives from
within the company and outsiders, he said.

The team will also be responsible for determining its market
position in the future, in a bid to increase its
competetiveness.

A separate team responsible for monitoring the airlines
operations will also be set up.  It is also tasked to liase
between Mr. Pongsak, the company's board and its employees, in
order to ensure the smooth running of the national carrier.

On Monday, Mr. Pongsak reiterated that the airline is expected
to swing to black in the July-to-September quarter after it
reported a hefty loss in the previous quarter.

The airline is expected to report a net profit exceeding the
THB1.48 billion parts reported in the same period last year.

No explanation was done for the expected turnaround, but
according to company executives, the airline recorded a high
passenger volume during the period.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173


THAI PETROCHEMICAL: Stake Sale Hits Snag
----------------------------------------
The stake sale of Thai Petrochemical Industry Public Co. Ltd.
(TPI) faced another roadblock Tuesday when PTT said it would
only take a major stake in the group if it can hold a management
role, reveals The Nation.

PTT said that its absence in the management of TPI is too risky.
The company wants to have assurance, because it is impossible to
inject money into TPI first and send representatives to the
board after TPI regains solvency.

"The deal will definitely go ahead, but TPI's plan
administrators must find a way," PTT Vice President Pichai
Chunhavajira told reporters.

He also warned that if PTT did not pay for TPI shares by the
court's November 4 deadline, TPI would have to convert its debts
into equity for creditors, in accordance with the debt-
restructuring plan.

Recently TPI administrators received an order from the Central
Bankruptcy Court to scrap its planned increase in the number of
board directors during its rehabilitation.  The recent ruling
led to a postponement in an XR designation, excluding the right
to subscribe to new shares, for TPI stock.

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


WYNCOAST INDUSTRIAL: Trims Registered Capital
---------------------------------------------
Wyncoast Industrial Park Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) on the resolutions passed during the
Extraordinary General Meeting on September 20, 2005.

(1) It is unanimously resolved to certify the Minutes of the
Annual General Meeting 2005 held on April 28, 2005.

(2) It is unanimously resolved to decrease the registered
capital of the Company from THB1,468, 835,640 to THB367,208,910.

At present the Company has the registered capital of
THB1,468,835,640 divided into 1,468,835,640 ordinary shares of
which THB1,400,937,360 is paid-up divided into 1,400,937,360
ordinary shares with the par value at THB1 and desire to
decrease the registered capital by canceling 1,101,626,730
shares held by the shareholders of the Company based on their
shareholding ratio, representing THB1,101,626,730.

The objective of the decrease of registered capital by canceling
the shares held by the shareholders of the Company based on
their shareholding ratio is to enable the Company to use the
decreased capital to minimize the share discount to ensure
appropriate shareholders' equity structure.

This is because currently the Company has registered capital of
THB1,468,835,640 of which 1,400,937,360 is paid-up while the
assets of the Company amount to approximately THB347,000,000
only.

Therefore, after the decrease of registered capital by reducing
a certain number of shares the Company would have the registered
capital of THB367,208,910 of which 350,234,340 would be paid up
and the share discount would be minimized by THB1,050,703,020.

With respect to the fraction of ordinary shares resulting from
the calculation for canceling a certain number of the shares
held by the shareholders based on their shareholding ratio as
mentioned above, Mrs. Sunisa Pathompreuk, Mr. Surachai
Kosithsereewong and Mr. Pathrlap Davivongsa are authorized to
consider decrease and/or increase of the number of shares
for each shareholder or any other appropriate methods to the
best benefit of the shareholder of the company, including to
take any other action necessary and in connection with such
decrease and/or increase of the number of shares for each
shareholder or any other  methods as appropriate.

(3) It is unanimously resolved to approve the amendment of
Clause 4 of the Memorandum of Association as detailed below and
submit this matter to a shareholders meeting for further
approval.

"Clause 4

Registered Capital- THB367,208,910 (Three hundred
sixty-seven million two hundred eight thousand nine hundred
and ten Baht)

Divided into- 367,208,910 shares  (Three hundred
sixty-seven million two hundred eight thousand nine hundred
and ten shares)

Share value- THB1 (Baht One)

Divided into:

Ordinary shares- 367,208,910 shares (Three hundred
sixty-seven million two hundred eight thousand nine hundred and
ten shares)

Preferred shares- (-)

(4) It is unanimously resolved to approve the amendment of the
Articles of Association of the Company to be consistent with the
Notification of the Securities and Exchange Commission, Re:
Disclosure of Information and Taking of Any Action by Listed
Companies Upon Repurchase of Shares and Sale of Repurchased
Shares B.E. 2544 (2001).

Article 9 of the Articles of Association shall be amended from:

"Article 9

The Company is prohibited to own or accept the pledge of its own
shares".

to:

"Article 9

The Company may not own or accept the pledge of its own shares,
except for the following cases:

(1) The Company may repurchase its shares from a shareholder
voting against a resolution of a shareholders meeting approving
the amendment of the Articles of Association in respect of the
right to cast vote and the right to receive dividend because the
shareholder voting against the resolution is of the opinion that
he/she is unfairly treated.

(2) The Company may repurchase its shares for the purpose of
financial management if the Company has an accumulated profit
and excess liquidity and such repurchase of shares shall not
cause any financial problem.

The shares held by the Company shall not be regarded to
constitute a quorum of a shareholders meeting and shall not have
the right to vote and receive dividend.

The Company shall sell the repurchased shares as prescribed in
the preceding paragraph with a period as specified in the
Ministerial Regulation.  If the Company fails to sell such
shares or cannot sell the whole amount of such shares within the
specified period, the Company shall decrease registered capital
by canceling unsold registered shares.

The repurchase, sale and cancellation of shares shall be in
accordance with the rules and procedures as prescribed in the
Ministerial Regulation."

Add to be Article 10 of the Articles of Association:

"Article 10

When the Company as the listed company in the Stock Exchange of
Thailand, the Company's share repurchasing have to receive the
approval of the Shareholders' Meeting except that such share
repurchasing have the amount of shares not more than 10% of paid
up capital, and are subject to the authorized of Board of
Directors to approve that share repurchasing"

(5) It is unanimously resolved to approve the adjustment of the
right under the warrants for ordinary shares of the Company
because the Company approved the decrease of registered capital
by canceling a certain number of the shares as detailed in
Clause 2.

As a result of the said decrease of the registered capital, the
number of ordinary shares for accommodating the exercise of the
warrants decreased from 67,898,280 shares to 16,974,570 shares.

Therefore, the conversion ratio as follows;

The exercise price- THB1 per share

The conversion ratio- 1 warrant has a right to

Subscribe 0.2685 ordinary shares.

Please be informed accordingly.

Sincerely yours,
Mr. Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4







                            *********


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

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

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

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

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

                 *** End of Transmission ***