TCRAP_Public/050923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, September 23, 2005, Vol. 8, No. 189

                            Headlines

A U S T R A L I A

A.C.N. 085 324 965: Final Meeting Fixed September 30
AIR NEW ZEALAND: Keen on China Route
ANDRUPI PTY: Court Orders Winding Up
APEX AIR: Court Appoints Official Liquidator
AUSTRAL COAL: ASIC Will Not Appeal Decision on Takeovers Panel

BARS ARE US: David Young Named Liquidator
CARTER HOLT: Moody's Downgrades Rating to Baa3
COMPLETE PRESTIGE: Set to Distribute Final Dividend
COORING YERING: Members to Receive Wind Up Report End of Month
CROESUS MINING: Bleeds AU$16.98 Mln on Poor Production

CROESUS MINING: Cringes at Another Senior Official Departure
ENTERTAINMENT MEDIA: Huge Debt Fires Collapse
FLIGHT CENTRE: Aims to Return to Profitability
FLIGHT CENTRE: To Hold AGM Next Month
HARRISVILLE PASTORAL: Falls Into Liquidator's Hands

HAUBENWALLNER INVESTMENTS: Court Releases Winding Up Order
HOTA GROUP: Creditors Approve Liquidator's Appointment
KADURATE PTY: Members Agree to Wind Up Business
KINGSWAY AUTHORISED: Liquidator to Explain Winding Up to Members
LEENA ELECTRICAL: Members Resolve to Close Operations

LOVELL EARTHMOVING: To Pay Dividend to Creditors
MARGERN PTY: Final Meeting Slated for September 30
MYER LIMITED: Parent Says Biz to Stay Intact
MYER LIMITED: Lew Eyes Department Stores
PERFECT 10: Placed Under Voluntary Liquidation

PETAN MANAGEMENT: To Declare Dividend Soon
SCOTCHLINE MOBILE: Winds Up Business
SOUTHCORP LIMITED: Fosters Says Health in Worse Shape
TELSTRA CORPORATION: Taps Veterans for Ops Division
TELSTRA CORPORATION: Teams Up with ConnXion for Global Ops

TILES EXTRA: Court Orders Liquidation
VIEWSET PTY: Members, Creditors to Hear Liquidator's Report
WEBSTER HOLDINGS: Members Opt for Voluntary Liquidation


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Poised for Hong Kong Listing
FUSHAN HOLDINGS: 1H/2005 Net Loss Widens to HK$6.9 Mln
GRANDLY HONG KONG: Court Releases Winding Up Notice
GUANGDONG KELON: Unveils Disposal of Shares
GUANGDONG KELON: Posts Changes in Management

HONG KEE: To Close Down Business
LIK HING: Court Orders Winding Up
PRINTERS PLANT: Prepares to Wind Up Business
ROSENBLUTH INTERNATIONAL: Issues Debt Claim Notice
STONEHENGE TELECOM: Final Meeting Set October 17

WEALTH UNICORN: To Undergo Winding Up Process
YANION INTERNATIONAL: 1H05 Net Loss Shrinks to HK$16Mln


I N D I A

INDIAN OIL: Wants Sale of Subsidized LPG Limited to Poor
INDIAN OIL: To Bid for Oil Projects in Turkey
METRO CO-OPERATIVE: Loses License Due to Insolvency


I N D O N E S I A

INDOFOOD SUKSES: Gets "AA" Rating from Pefindo
PERUSAHAAN LISTRIK: Signs MOU to Receive Gas Supply from Plant
PERUSAHAAN LISTRIK: To Operate LNG-Powered Plant This Month


J A P A N

CEMEDINE COMPANY: METI Orders Product Investigation
JAPAN AIRLINES: To Launch Code Share Agreement With Malev
JAPAN AIRLINES: CAE Wins C$58 Mln Order for Full-flight Devices
JAPAN HIGHWAY: FTC Orders to Prevent Bid-rigging
MITSUBISHI MOTORS: Offers U.S. Buyers a Year's Worth of Gasoline

SOJITZ HOLDINGS: Appoints New Directors
SOJITZ HOLDINGS: To Dissolve Hong Kong Subsidiaries
SONY CORPORATION: Revises FY/2005 Results Forecast


K O R E A

DAEWOO COMPUTER: Lucoms Completes Acquisition
HAITAI CONFECTIONERY: Union to Boycott Crown-Made Products
LG CARD: August Delinquency Ratio Falls 9.55%


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing
DFZ CAPITAL: Bourse to List, Quote Additional Shares
FURQAN BUSINESS: Unit Disposes of Property
HABIB CORPORATION: Executes Second Letter of Variation
HONG LEONG: AGM Slated for Next Month

I-BERHAD: Purchases 5,000 Shares
MANGIUM INDUSTRIES: Given 6-Months to Conclude Proposals
METACORP BERHAD: Diverts Attention to Solid Waste Management
METACORP BERHAD: All AGM Resolutions Approved
PADIBERAS NASIONAL: Bourse to List, Quote New Shares

PANTAI HOLDINGS: New Shares Up for Listing, Quotation
PATIMAS COMPUTERS: Adds New Shares for Listing, Quotation
POLYMATE HOLDINGS: Books MYR73,857,000 Net Loss in Q3
TENCO BERHAD: Explains Unusual Market Activity


P H I L I P P I N E S

HACIENDA LUISITA: Agrarian Reform Free of Politics
NATIONAL FOOD: Conducts Continuous Market Monitoring
NATIONAL FOOD: Wants to Buy Farmer's Rice Produce
NATIONAL POWER: Nine Power Plants Up for Sale
NATIONAL POWER: Benguet Willing to Go to Court Over Tax Issue


S I N G A P O R E

ACCORD CUSTOMER: Posts Six-Month SGD7.9 Million Net Loss
CHARTERED SEMICONDUCTOR: Teams Up with IBM, Samsung on DFM
CITIRAYA INDUSTRIES: Creditor Dislikes Chosen Judicial Manager
CITIRAYA INDUSTRIES: Accused Employee to Stand Trial Alone
FHTK HOLDINGS: Banker Proposes Repayment Schedule

GREATRONIC LIMITED: Changes Office Address
RHOMBIC PTE: To Pay Dividend Soon


T H A I L A N D

POWER-P: Complies SEC's Request for Additional Information
TONGKAH HARBOUR: Names New Audit Committee Chairman
* Large Companies With Insolvent Balance Sheets

      -  -  -  -  -  -  -  -

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

A.C.N. 085 324 965: Final Meeting Fixed September 30
----------------------------------------------------
Notice is given that the final meetings of the members of A.C.N.
085 324 965 Pty Limited will be held consecutively on Sept. 30,
2005, 10:30 a.m. at the offices of Jones Condon, Chartered
Accountants, Level 13, 189 Kent Street, Sydney, NSW, 2000.

AGENDA:

(1) To receive the Liquidator's Account showing how the winding
up was conducted and the property of the Company disposed of;
and

(2) Any other business.

Dated this 22nd day of August 2005

Thomas Javorsky
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9251 5222


AIR NEW ZEALAND: Keen on China Route
------------------------------------
Air New Zealand is looking to add China to its line-up of
destinations, Dow Jones, reports, citing New Zealand Press
Association.

The airline's head of sales and marketing Norm Thompson
confirmed Air NZ is heavily considering China in its expansion
plans.

He told a gathering at a tourism industry conference in Auckland
that China is definitely a strong contender to become a new
route.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


ANDRUPI PTY: Court Orders Winding Up
------------------------------------
On Aug. 19, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Andrupi Pty Limited, and
appointed R. J. Porter to be Liquidator of the Company.

R. J. Porter
Liquidator
Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


APEX AIR: Court Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that on Aug. 17, 2005, the following
special resolution was passed:

That Apex Air 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 of the Company.

Dated this 19th day of August 2005

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


AUSTRAL COAL: ASIC Will Not Appeal Decision on Takeovers Panel
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Thursday announced it had decided not to appeal the Federal
Court's upholding of Glencore International AG's (Glencore)
challenge to the validity of the Takeovers Panel decision in the
dispute surrounding equity swaps Glencore entered into during
the Austral Coal Ltd takeover.

"It is essential that issues like the ones surrounding the
takeover of Austral Coal be decided by the Panel as quickly as
possible and not delayed by litigation. The Panel is the forum
for resolving takeover disputes while a bid is in progress,"
said ASIC's Deputy Chairman Jeremy Cooper.

"ASIC strongly supports the peer review role played by the Panel
in ensuring a transparent and fair market for corporate control
in Australia and ASIC will strive to see that the Panel retains
this role," Mr. Cooper said.

ASIC welcomed Mr. Justice Emmett's confirmation of the
constitutional validity of the Panel.

"It is important that all participants in the 'takeover
community' appreciate the implications of a return to litigation
as a means of resolving disputes about bids. We definitely don't
want to go back there," Mr. Cooper said.

On 14 September 2005, Justice Emmett of the Federal Court found
that the Panel had made some jurisdictional errors in arriving
at its decision on an application by Centennial Coal Company Ltd
in relation to arrangements that Glencore entered into during
Centennial's bid for Austral Coal. It set aside the Panel's
decision and ordered the matter be remitted back to the Panel
for rehearing.

CONTACT:

Australian Securities and Investments Commission
Phone: 03 5177 3988
From overseas,
phone: +613 5177 3988
E-mail: info.enquiries@asic.gov.au
Web site: http://www.asic.gov.au

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BARS ARE US: David Young Named Liquidator
-----------------------------------------
On Aug. 23, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney NSW to be the Official Liquidator in the winding up of
Bars Are Us Pty Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW


CARTER HOLT: Moody's Downgrades Rating to Baa3
----------------------------------------------
Moody's Investors Service has on Thursday lowered the long-term
senior unsecured rating of Carter Holt Harvey Limited (CHH) to
Baa3 from Baa2. The change in rating has been driven by the
effective transference of control of the company to Rank Group
Investments Limited (Rank), which took effect on September 21
2005.

At the same time, the rating remains on review for possible
downgrade, reflecting the associated uncertainty as to CHH's
financial and operating profile going forward. Moody's also
continues to believe that there is a material risk that the
company will be downgraded to non-investment grade in the near
future.

The downgrade to Baa3 is based on the assumption that Rank is
effectively debt funding its acquisition of CHH, which will
likely place increased pressure on CHH to increase shareholder
returns to assist in the servicing of that debt at the
consolidated Rank Group level. This in itself is a material
change in its credit profile compared to the pre-Rank
acquisition.

Moody's notes that some uncertainty exists over CHH's liquidity
profile going forward given that the current committed standby
facility is being renegotiated as a result of the change in
control. However, its need to access this facility is considered
relatively low as it is expected to receive funds from the sale
of its forestry assets in early October. The sale agreement on
these assets is now unconditional. It intends to use the
proceeds to pay out its existing bridge facility and commercial
paper obligations. As a result, CHH's debt profile will be
dominated by the US$ senior debentures that are not due to
mature until 2015 and 2024.

Moody's also understands that CHH will be able to fund 2005
capital expenditure and general working capital requirements
from operating cash flow and cash reserves.

The review will continue to focus on the likelihood of any
restructuring activities, including asset sales or further debt
increases, and the impact of such changes on CHH's operating and
financial profile. The nature and scale of debt increases,
increases in capital returns to shareholders and asset
divestments will determine the rating outcome for CHH. Moody's
notes in this context CHH remains relatively lowly levered for a
Baa3 company and that there exists the potential for increases
in debt and/or capital returns to occur without automatically
resulting in a further downgrade.

The key risk however is that the Rank group chooses to
substantially change the asset profile of CHH or significantly
increase leverage. Moody's also notes the Rank group owns
substantial interests in other companies and may have the
wherewithal to service acquisition debt for CHH without
necessarily materially changing CHH's asset profile or leverage.
Moody's further notes that if the Rank group is unsuccessful in
its offer to acquire 100% control of CHH it may be limited in
its ability to fully control the cashflows of
CHH.

CHH is a large integrated forest products company based in
Auckland, New Zealand. It has production faculties for pulp,
paper, wood and packaging products in Australia, New Zealand and
China.

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


COMPLETE PRESTIGE: Set to Distribute Final Dividend
---------------------------------------------------
The Complete Prestige Car Centre Mirror Finish Pty Limited will
declare a first and final dividend on Sept. 26, 2005.

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

Dated this 9th day of August 2005

P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000


COORING YERING: Members to Receive Wind Up Report End of Month
--------------------------------------------------------------
Notice is given that the final meeting of members of Cooring
Yering Pty Limited will be held on Sept. 30, 2005 at 91 Hume
Street, Wodonga Vic 3690.

Dated this 10th day of August 2005

Kevin J. Tracy
Liquidator
Stewart, Tracy & Mylon
91 Hume Street
Wodonga Vic 3690


CROESUS MINING: Bleeds AU$16.98 Mln on Poor Production
------------------------------------------------------
Croesus Mining reported a net loss after tax of AU$16.98 million
for the year ended 30 June 2005.

The loss is directly attributable to poor second half gold
production, which fell to 70,315 ounces and to exploration and
development write downs totaling AU$15.74 million.

Gold production during the second half at Davyhurst was
adversely impacted by underperformance of the Callion pit and
lower that expected grades from the Lady Gladys stockpiles. At
Norseman production fell due to the deferral of the Scotia open
pit, delays in stoping HV1 East and remnant mining at Bullen.
The results also reflect increasing open pit contract mining
costs and the impact that the rising oil price has had on power
costs at Norseman.

The carrying value of tenements, including those acquired during
the merger with Central Norseman Gold Corporation Limited, was
reviewed by the Board and it was decided that those areas where
no identified reserves had been established, would be written
down accordingly.
Group annual gold production was 183,020 ounces at a cash cost
of AU$440 per ounce. The majority of production was sourced from
Norseman and Davyhurst with minor clean up from Hannan
South/Binduli decommissioning.

Earnings before interest, tax, depreciation and amortisation
(EBITDA) were AU$6 million.
The loss per share was 5.2 cents.

At year-end the cash reserves were AU$21.8 million. During the
year Croesus secured AU$15 million funding by placing a secured
convertible note with Macquarie Bank Limited.

Outlook for 2005/06

Gold production for 2005/2006 is forecast at 170,000 - 180,000
ounces at a cash cost of $375 per ounce. This reflects the
placing of Davyhurst on care and maintenance as announced on
17th August 2005.

For further information please contact:

Gerard Anderson
Managing Director & CEO
Phone: 08 9429 8851
E-mail: ganderson@croesus.com.au
John Sobolewski
Company Secretary
Phone: 08 9429 8851
E-mail: jsobolewski@croesus.com.au

Sean Delaney
Chief Financial Officer
Phone: 08 90912222
E-mail: sdelaney@croesus.com.au


CROESUS MINING: Cringes at Another Senior Official Departure
------------------------------------------------------------
Troubles at gold miner Croesus Mining is piling up following the
surprised resignation of its chief executive officer, The West
Australian reports.

Gerard Anderson quit his senior post less than nine months after
joining the Company. Mr. Anderson is set to leave the firm today
after resigning for "personal reasons".

Michael Fowler, Croesus long-serving geologist and business
development manager, was immediately appointed to replace Mr.
Anderson effective Monday.

Mr. Anderson's sudden departure comes after a tumultuous 12
months for the iconic Goldfields miner. Chaired by Kalgoorlie
stalwart Ron Manners, Croesus became one of Australia's top five
home-grown gold miners following the acquisition of WMC's
Central Norseman Gold business in 2002.

Croesus has long underperformed many of its peers on the
sharemarket, but things really turned sour in October last year,
when detectives busted open a massive gold stealing racket at
Croesus' Norseman mines after an 18 month investigation. The
scandal divided Norseman and nine men were charged.

The Company was again rocked in November 2004 following the
departure of chief executive Mike Ivey.

Though it also enjoyed significant exploration success at
Norseman, the company's cash reserves were squeezed by below
budget production in the March and June quarters, leading to a
AU$16.98 million loss for the year on production of 183,000
ounces.

Last month, Croesus finally decided to shut Davyhurst where
production costs had blown out to AU$747/oz in the June quarter,
at the cost of 80 jobs.

In the midst of all that, Mr. Anderson laid out his own strategy
to take Croesus forward, including aggressive exploration and
the pursuit of overseas opportunities.

The company was rocked again in November, when respected chief
executive Mike Ivey quit after 18 years with the company to
spend more time with his family.

CONTACT:

Croesus Mining N.L. Head Office
39 Porter Street
Kalgoorlie, Western Australia 6430
Phone: +61 8 9091 2222
Fax: +61 8 9021 7724
E-mail: croesus@croesus.com.au
Web site: http://www.croesus.com.au/


ENTERTAINMENT MEDIA: Huge Debt Fires Collapse
---------------------------------------------
Entertainment Media and Telecoms (EMT) has collapsed with AU$12
million of debt, The Advertiser reports.

After a last lifeline failed on Friday when a shareholder vote
to issue more shares was defeated, receivers and managers were
appointed to EMT on Monday, and are now trying to sell the
business.

SimsPartners insolvency firm receiver Tony Sims early this week
said the company had found it tough after paying more than
AU$2.5 million in April for a Canadian business.

Its Australian business was too small to be profitable and the
company, which made an AU$5.9 million loss last year, was also
in default with its financiers.

The hotel movie provider had struggled without the latest
technology and a pile of outstanding debt.

Mr. Sims said the Canadian business was now in the hands of a
trustee and being restructured while he was trying to find a
seller for the Australian business and the US business, which
was doing "reasonably well".

CONTACT:

Entertainment Media & Telecoms Corporation Limited
Level 22, AGL Centre
111 Pacific Highway
North Sydney NSW 2060
Australia
PO Box 539
North Sydney NSW 2059
Australia
Phone:  +61 (0)2 9954 4200
Fax:  +61 (0)2 9954 5220
E-mail: info@emtcorp.com.au
Web site: http://www.emtcorp.com.au/


FLIGHT CENTRE: Aims to Return to Profitability
----------------------------------------------
Embattled Flight Centre Limited is working towards a turnaround
in 2005/06 by focusing on ongoing development of its four main
networks, Asia Pulse reports.

The company, which last month announced a 2004/05 net profit of
$A67.91 million ($US51.69 million), down 17 per cent from the
previous year, said it would find growth in its leisure,
corporate, wholesale and online travel related networks in its
nine countries of operation.

Flight Centre founder and executive chairman Graham Turner said
in the company's annual report that the current volatility in
the global travel market and pressure on some air margins make
it hard to predict 2005/06 results, but reiterated last month's
growth forecasts.

He said the company would look to improve returns in 2005/06 by
focusing on continued business expansion in corporate and
leisure travel and better retail and online informational and
transactional capabilities.

Mr. Turner recently returned to the top spot of the embattled
travel retailer after the resignation of its chief executive
Shane Flynn last month.

He added that the focus would also be on margin improvement
through air and land preferred supplier strategies, and cost
improvements by reducing overheads, structure and having a more
effective procurement area.

The company was also looking at further acquisitions, he said.

Mr. Flynn, who stepped down on September 1 after 19 years with
Flight Centre, walked away with a total salary package worth
AU$268,000 for the two months of 2005/06.

This included AU$84,000 worth of incentives and an AU$15,000
post-employment superannuation package, and was on top of his
2004 salary of AU$642,000.

CONTACT:

Level 13, 316 Adelaide Street,
BRISBANE, QUEENSLAND,
AUSTRALIA, 4000
Telephone: (07) 3032 9013
Fax: (07) 3032 9051
Web site: http://www.flightcentre.com


FLIGHT CENTRE: To Hold AGM Next Month
-------------------------------------
The Annual general Meeting of Flight Centre Limited ABN 25 003
377 188 will be held at:

Sofitel HOtel
Ballroom Le Grand I
249 Turbot Street
Brisbane Qld 4000

at 11:30 a.m. Thursday, October 27, 2005.

ORDINARY BUSINESS

Accounts and Reports

(1) To receive and consider the financial statements for the
year ended June 30, 2005 and the related director's report,
director's statement and audit report.

Election of Directors

(2) Peter Barrow retires in accordance with the constitution
and, being eligible, offers himself for re-election.

Other Business

To deal with any other business which may be brought forward in
accordance with the constitution and the Corporations Act.

By Order of the Board

G Pringle
Secretary
September 14, 2005

Voting Entitlements

Pursuant to the Corporations Act, the Directors have determined
that the shareholding of each shareholder for the purpose of
ascertaining the voting entitlements for the Annual General
Meeting will be as it appears in the Share Registrar as at 7:00
p.m. on Tuesday, October 25, 2005.


HARRISVILLE PASTORAL: Falls Into Liquidator's Hands
---------------------------------------------------
At an extraordinary general meeting of the members of
Harrisville Pastoral Coy. Pty Limited duly convened and held on
Aug. 18, 2005, the following Special Resolution was passed:

That the Company be wound up voluntarily, and that David Reeves
of Cooper Reeves, Level 1, 172 Evans Road, Salisbury, be
appointed Liquidator for such winding up.

Dated this 18th day of August 2005

David Reeves
c/o Cooper Reeves
Level 1, 172 Evans Road
Salisbury Qld 4107
Phone: 07 3875 9888
Fax:   07 3274 2908


HAUBENWALLNER INVESTMENTS: Court Releases Winding Up Order
----------------------------------------------------------
On Aug. 22, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Haubenwallner Investments Pty
Limited, and appointed Brian Silva to be Liquidator for such
purpose.

Dated this 24th day of August 2005

Brian Silva
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


HOTA GROUP: Creditors Approve Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a meeting of members of Hota
Group (Aust) Pty Limited held on Aug. 17, 2005, it was resolved
that the Company be wound up voluntarily. For such purpose,
creditors confirmed the appointment of Steven Nicols of Nicols &
Brien, Level 2, 350 Kent Street as Liquidator of the Company at
a creditors' meeting held on Aug. 19, 2005.

Dated this 23rd day of August 2005

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street
Sydney NSW 2000
Phone: 9299 2289
Fax:   9299 2239
Web site: http://www.bankrupt.com.au/


KADURATE PTY: Members Agree to Wind Up Business
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Kadurate Pty Limited held on Aug. 18, 2005, members passed a
Special Resolution to voluntarily wind up the Company, and
appointed M. F. Cooper to be Liquidator of the Company.

Creditors confirmed the Liquidator's appointment at a creditors'
meeting held that same day.

Dated this 19th day of August 2005

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


KINGSWAY AUTHORISED: Liquidator to Explain Winding Up to Members
----------------------------------------------------------------
Notice is given that a Final Meeting of the members of Kingsway
Authorised Newsagency Pty Limited will be held on Sept. 30,
2005, 10:30 a.m. at Level 19, 15 William Street, Melbourne.

The purpose of the meeting is to receive the Liquidator's
account showing the manner of the winding up and disposal of the
property of the Company, and to receive any explanation of the
account.

Accounts have been compiled in accordance with Section 539(1) of
the Corporations Act, and are available for inspection at the
Liquidator's office during normal business hours.

Dated this 8th day of August 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000
Phone: 03 8610 5144


LEENA ELECTRICAL: Members Resolve to Close Operations
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Leena Electrical Pty Limited held on Aug. 18, 2005, members
passed a Special Resolution to voluntarily wind up the Company,
and creditors confirmed the appointment of P. Ngan and G. Parker
as Liquidators for the winding up.

Dated this 22nd day of August 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


LOVELL EARTHMOVING: To Pay Dividend to Creditors
------------------------------------------------
Lovell Earthmoving Contractors Pty Limited will declare its
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 8th day of August 2005

A. S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


MARGERN PTY: Final Meeting Slated for September 30
--------------------------------------------------
Notice is hereby given that the final meeting of Margern Pty
Limited will be held on Sept. 30, 2005, 10:00 a.m. at Unit 5,
171 Walker Street, North Sydney, to lay before the meeting the
Liquidator's final account and to give an explanation thereof.

Dated this 11th day of August 2005

Ernest J. Langer
Liquidator
C/o Unit 5, 171 Walker Street
North Sydney


MYER LIMITED: Parent Says Biz to Stay Intact
--------------------------------------------
Myer Limited's 61 department stores won't be broken up if they
are sold, Coles Myer chief executive John Fletcher told Sydney
Morning Herald.

The possible sale of Myer Limited has drawn strong interest from
potential bidders both locally and internationally.

Mr. Fletcher stressed the business would remain intact, which
means it won't be sold store by store.

However, he said the future of Myer's premier Bourke Street
store, which encompasses two city blocks, had to be negotiated
with any buyer. He said a potential buyer's value of the store
would have to match that of its parent, Coles Myer.

Coles Myer is looking at three options for Myer - sell it off,
demerge it as a separately listed company on the Australian
Stock Exchange, or retain it in a streamlined version.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


MYER LIMITED: Lew Eyes Department Stores
----------------------------------------
Businessman Solomon Lew has hinted on his interest to acquire
department store chain, Myer Limited, the Australian Financial
Review reports.

Mr. Lew is reportedly examining the Coles Myer unit's leases and
recovery prospects.

It is still unclear, however, whether Mr. Lew will use his own
resources to fund the offer, or those of listed Premier
Investments, if he makes a bid.

Mr. Lew joins a number of private equity groups reportedly
interested in the underperforming division, including Newbridge
Capital and CVC Asia Pacific.


PERFECT 10: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a meeting of the members of
Perfect 10 (Vic) Pty Limited held on Aug. 19, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day resolved that Paul
Vartelas of B. K. Taylor & Co., 8th Floor, 608 St. Kilda Road,
Melbourne be appointed Liquidator for such purpose.

Dated this 19th day of August 2005

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


PETAN MANAGEMENT: To Declare Dividend Soon
------------------------------------------
Petan Management Pty Limited is set to declare a final dividend
on Sept. 26, 2005.

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

Dated this 25th day of August 2005

R. A. Ferguson
Liquidator
Level 8, 115 Grenfell Street
Adelaide SA 5000


SCOTCHLINE MOBILE: Winds Up Business
------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Scotchline Mobile Pty Limited held on Aug. 22,
2005, it was resolved that the Company be wound up voluntarily,
and Robert Molesworth Hobill Cole of Cole Downey & Co. Chartered
Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 was
appointed Liquidator of the Company at a creditors' meeting held
later that day.

Dated this 23rd day of August 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co.
Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220


SOUTHCORP LIMITED: Fosters Says Health in Worse Shape
-----------------------------------------------------
Foster's Group is looking to revive the dwindling Southcorp
brands after discovering the latter's wine portfolio is in worse
shape than expected, The Age reports.

Foster's Wine Estates managing director Jamie Odell pointed out
the worse condition of Southcorp's Rosemount brand.

He said Foster's will roll out a campaign in June to revitalize
Rosemount. The Lindemans brand, while in better shape, also
needed "housekeeping" as there had been problems with costs and
its advertising had been "all over the place".

The other things which contributed to Southcorp's dismal
performance are the firm's "large and ineffective" global
marketing team and poor management of its supply chain.

On the bright side, Southcorp had stronger on-premise expertise,
good consumer insights and customer relations systems and strong
capacity for innovation on a large scale, as evidenced by the
roll-out of its hugely successful Little Penguin brand. The
group also had a powerful business model and scale in Europe
that now provided Foster's with access to that market, and it
had superior viticulture and grape-growing systems.

The future of some minor brands in the expansive Foster's-
Southcorp portfolio is still uncertain. A review of the
portfolio is now under way and scheduled to be finished in
November.

The review will examine which brands will fit into which local
markets around the world, and identify where each brand sits in
the portfolio, from local lead brands to boutique brands to
cheaper commercial wines.

CONTACT:

Southcorp Wines Pty Limited
403 Pacific Highway
Artarmon NSW 2064
PO Box 366
Artarmon NSW 1570
Phone: +61 2 9465 1000
Main Fax: +61 2 9465 1100
Web site: http://www.southcorp.com.au


TELSTRA CORPORATION: Taps Veterans for Ops Division
---------------------------------------------------
Telstra Corporation Chief Operations Officer Greg Winn has
appointed six operational executives, including two senior
executives to head departments under his division, according to
the Sydney Morning Herald.

The two senior officials, Michael Rocca and Stuart Lee, were
tapped mainly to bolster senior staff morale during the
implementation of the strategic plan that chief executive Sol
Trujillo is due to announce towards the end of October.

Mr. Rocca, group managing director for infrastructure services
and now also head of operational engineering, has been with
Telstra for 34 years. He leads a group of about 18,000 who
design, install and maintain services.

Mr. Lee has also clocked up 30 years' service.

Meanwhile, Telstra has come under fire from yet another ratings
agency, with Fitch Ratings revising its long-term outlook to
negative.

Earlier this month Moody's placed Telstra's long-term credit
rating of A1 on review, saying the deterioration in operating
performance was a concern.

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/


TELSTRA CORPORATION: Teams Up with ConnXion for Global Ops
----------------------------------------------------------
ConnXion Limited and Telstra Global Business (Telstra), a unit
of Telstra Corporation Limited, will market to its multinational
customers a global service for producing an delivering
electronic or hard copy invoices, statements and other important
documents. The service improves the reliability, speed and
flexibility of document delivery while cutting delivery costs by
up to 50 percent.

Drawing on its unparalleled international connectivity, Telstra
will deliver the hosted ConnXion service to its customers'
operations in the United Kingdom, United States, Asia and
Australasia as an option for streamlining business
communications.

By providing this service, Telstra is leveraging the burgeoning
business use of electronic communications. The new deal also
aims to give Telstra customers the advantage of a seamless
upgrade path from paper to electronic document delivery.
Companies can offer their customers the choice of hard or soft
copy document delivery, changing modes rapidly in line with
their customers' evolving preferences.

Drew Kelton, Managing Director of Telstra Global Business
comments, "Telstra can now offer multinational enterprise
customers, a unique online multi-channel document delivery
service that covers almost all the world.

"The ConnXion-Telstra service needs no business systems
integration and is simple to deploy and use. Customers will
really feel the benefit in invoicing efficiency and
productivity. In addition, by reducing document delivery costs,
the service improves cash flow thereby aiding the bottom line.

"The ConnXion platform is secure and can scale quickly as we add
more customers. And by partnering with ConnXion, we are able to
offer customers a proven service already used by large companies
around the world for managing existing delivery channels with
the flexibility to upgrade at a natural pace to electronic
document delivery.

"This agreement provides Telstra Global Business with an
additional foothold in a business process area that, while
currently dominated by post, will increasingly be characterized
by online delivery."

Frank Favretto, Chairman of ConnXion comments that the agreement
has the potential to significantly expand ConnXion's existing
customer base by introducing the service to the world's leading
enterprises.

"ConnXion's platform is a low-risk decision for companies
seeking to outsource some or all of their document delivery
processes. Commonly, companies quickly see cost and
administrative benefits from partnering with ConnXion and
subsequently grow their business with us. This agreement,
therefore, represents a significant revenue opportunity.

"More importantly, we are delighted to join forces with Telstra
Global Business as a leading provider of business enablement
solutions for companies seeking to maximize the cost
effectiveness of their business processes while harnessing the
value of online communications. We look forward to working with
Telstra Global Business in the months and years ahead."

ConnXion will manage and deliver its Hosted Service-on a
wholesale, white-labeled basis - to Telstra Global Business
customers.

About ConnXion Limited

ConnXion Limited is an innovative technology company and a
leading international service provider of document production
and multi-channel delivery solutions. ConnXion produces business
documents such as invoices, statements, notices, reminder
letters, remittance advices and reports and delivers them to
customers, shareholders, employees and suppliers across multiple
delivery channels including email, fax, SMS and post. ConnXion
provides a seamless transition from paper to electronic
production and delivery, resulting in reduced document delivery
costs, improved cash flow and enhanced productivity.

About Telstra Global Business

Telstra Corporation Limited is Australia's leading
telecommunications provider and one of the world's largest
telecommunications companies. Telstra Global business is one of
Telstra Corporation Limited's fastest growing business units
(its offshore entities grew 92% last financial year) and
specializes in providing information and communications
technologies (ICT) based business enablement solutions for
multinational corporations (MNCs) around the world.

Telstra Global Busines provides a comprehensive range of
services, including IP and Internet services, international
leaded lines, ATM, frame relay, co-location & hosting services
as well as managed remote access, managed CPE and managed IT &
security services to over 200 of the world's top 500 companies.


TILES EXTRA: Court Orders Liquidation
-------------------------------------
On Aug. 19, 2005, the Federal Court of Australia, District
Registry ordered that Tiles Extra Pty Limited be wound up, and
appointed Steven Nicols to be Liquidator for such purpose.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


VIEWSET PTY: Members, Creditors to Hear Liquidator's Report
-----------------------------------------------------------
Notice is hereby given pursuant that a general meeting of
members and creditors of Viewset Pty Limited will be held on
Sept. 30, 2005, 10:40 a.m. at the offices of Holzman Associates,
Level 2, 32 Martin Place, Sydney NSW 2000, to present the
Liquidator's account showing the manner of the winding up and
disposal of the property of the Company, and to hear any
explanations that may be given by Liquidator.

Dated this 22nd day of August 2005

Manfred Holzman
Liquidator
Phone: 02 9222 9070


WEBSTER HOLDINGS: Members Opt for Voluntary Liquidation
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Webster Holdings Pty Limited held on Aug. 12,
2005, it was resolved that the Company be wound up voluntarily,
and that Dean G. Scott of D. G. Scott & Co. Chartered
Accountants, 2nd Floor Dowie House, 83-89 Currie Street
Adelaide, South Australia 5000 be appointed liquidator for the
winding up.

Dated this 22nd day of August 2005

Dean G. Scott
Liquidator
D. G. Scott & Co.
2nd Floor 83-89 Currie Street
Adelaide SA 5000


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

CHINA CONSTRUCTION: Poised for Hong Kong Listing
------------------------------------------------
China Construction Bank (CCB) is set to price its more than US$6
billion initial public offering in Hong Kong next month, AFX
News reports.

CCB has set a minimum target of US$5.13 billion from its IPO,
but the bank wants to raise this amount further by selling about
12 percent of its enlarged share capital.

The Hong Kong Stock Exchange's listing committee met on
September 21 to discuss its proposal to sell a portion of its
enlarged share capital.

The underwriters are Credit Suisse First Boston Corp. (CSF.YY),
Morgan Stanley (MWD) and China International Capital
Corporation.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


FUSHAN HOLDINGS: 1H/2005 Net Loss Widens to HK$6.9 Mln
------------------------------------------------------
Fushan Holdings Limited posted a net loss of HK$6.938 million
for the first half of 2005, compared to a net loss of HK$6.557
million a year ago, Infocast News reports.

Loss per share (LPS) was HK$0.0033. No interim dividend was
declared.

The Company posted a net loss of HK$14.41 million in the year
ended December 31, 2004, versus a net loss of HK$2.81 million a
year earlier, Chong Hing Securities Limited reports.

The Group is engaged in the sale & marketing of gold & jewelry
products, manufacturing & sale of pharmaceutical products, sale
of computer scanners & computer equipment & sale of furniture.

CONTACT:

Fushan International Energy Group Limited
12/F Kwan Chart Tower No 6 Tonnochy Road Wanchai Hong Kong
Phone: 27650839
Fax: 27650958


GRANDLY HONG KONG: Court Releases Winding Up Notice
---------------------------------------------------
Grandly Hong Kong Limited whose place of business is located at
Unit No 3-5, 7/F, Westley Square, 48 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 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: Unveils Disposal of Shares
-------------------------------------------
On September 21, 2005, Guangdong Kelon Electrical Holdings
Company Limited received from the Intermediate People's Court of
Fushan City of Guangdong Province a List of Foreclosure No.
(2005). The contents of the List are as follows:

"Pending the foreclosure of the 262,212,194 shares of legal
person shares of Guangdong Kelon held by Greencool Enterprise
Development Company Limited (Shareholder Code: 0800000264) and
all the bonus shares, placement shares and bonus dividends and
other interests thereof:

Disposal of these assets mentioned above by any person is
strictly prohibited without prior consent by this Court or other
courts that proclaimed foreclosure earlier. Any person who
violates this court order shall bear legal liability."

Greencool Enterprise Development Company Limited is the single
largest shareholder of the Company.

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10 a.m. on 16th June,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in shares
of the Company will remain suspended until further notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman


GUANGDONG KELON: Posts Changes in Management
--------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited announces
that the change of senior management effective from September
16, 2005.

Mr. Liu Cong Meng has resigned as President of the Company but
remains as an executive director of the Company. Mr. Yan You
Song was removed as the Vice President of the Company but
remains as an executive director of the Company.

In place of Mr. Liu Cong Meng and Mr. Yan You Song, Mr. Tang Ye
Guo and Mr. Shi Yong Chang were appointed as President and Vice
President of the Company respectively. In addition to the
appointment of Mr. Tang Ye Guo and Mr. Shi Yong Chang, Mr. Xiao
Jian Lin, Mr. Su Yu Tao and Mr. L uo Jun were appointed as Vice
Presidents of the Company. None of Mr. Tang, Mr. Xiao, Mr. Su,
Mr. Shi and Mr. Luo has been appointed as directors of the
Company.

Connected transaction

It was resolved in the Board Meeting that a sales agency
agreement between Hisense Agent and the Company was approved. As
disclosed in the Company's announcement dated September 14,
2005, Hisense Air-Conditioner has entered into the Equity
Transfer Agreement with Guangdong Greencool, the single largest
shareholder of the Company under which Guangdong Greencool
intends to transfer 262,212,194 domestic legal person shares in
the Company to Hinsese Air-Conditioner representing 24.43
percent of the Company's total issued share capital. Both
Hisense Air-Conditioner and HIsense Agent are subsidiaries
controlled by Hisense Group, which indirectly holds 93 percent
and 70 percent equity interest in Hisense Air-Conditioner and
Hisense Agency respectively. As a result, the transactions
contemplated under the sales agency agreement with be deemed to
be a connected transaction (or continuing connected transaction)
under the Listing Rules. The details of such will be the subject
of separate announcement after the Company has received
regulatory approval for the contents of such announcement.

At the request of the Company, trading in H shares of the
Company was suspended with effect from 10 a.m. on June 16, 2005
pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in shares
of the Company will remain suspended until further notice.
Trading in A Shares of the Company will also remain suspended
until further notice.

For more information, go to
http://bankrupt.com/misc/tcrap_guangdong092205.pdf


HONG KEE: To Close Down Business
--------------------------------
Hong Kee Company Limited whose place of business is located at
Shop Nos 101-102, 172-173, Pierhead Garden Plaza, 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 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


LIK HING: Court Orders Winding Up
---------------------------------
Lik Hing (Hong Kong) Development Limited whose place of business
is located at Shop C, G/F, Garden View Building, Nos 197-209 Sai
Yuen gChoi Street North, 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 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


PRINTERS PLANT: Prepares to Wind Up Business
--------------------------------------------
Printers Plant (Hong Kong) Limited whose place of business is
located at Rm 702 B, 7th Floor Nan Dao Commercial Building, 359-
361 Queen's 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 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


ROSENBLUTH INTERNATIONAL: Issues Debt Claim Notice
--------------------------------------------------
Notice is hereby given that the Creditors of Rosenbluth
International (Hong Kong) Limited (In Members' Voluntary
Liquidation), which is being voluntarily wound up, are required
on or before 14th October 2005 to send their names, addresses
and descriptions, full particulars of their debts or claims, as
well as the names and addresses of their solicitors (if any) to
the Liquidators of the said Company.

If so required by notice in writing from the said liquidators 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 21st day of September 2005

CHIONG LAI LAI
Liquidator
Room 1201, Dina House
Rutrtonjee Centre
11 Duddell Street
Central, Hong Kong


STONEHENGE TELECOM: Final Meeting Set October 17
------------------------------------------------
Notice is hereby given, pursuant to Section 247 and 248 of the
Hong Kong Companies Ordinance, the annual and final meeting of
the creditors and members of Stonehenge Telecom Hong Kong
Limited (In Liquidation) will be held at 18th Floor, Two
International Finance Centre, 8 Finance Street, Central, Hong
Kong on October 17, 2005 at 4:00 p.m.

The purposes of the meeting are to lay the accounts laid before
the members showing the manner in which the winding up has been
conducted and the property of the company has been disposed of,
and of hearing any explanation that may be given by the
Liquidators, and also of determining by resolution of the
creditors the manner in which the books, accounts and documents
of the company, and of the Liquidators thereof, shall be
disposed of.

Dated this 16th day of September 2005

STEPHEN LIU YIU KEUNG
Joint and Several Liquidator


WEALTH UNICORN: To Undergo Winding Up Process
---------------------------------------------
Wealth Unicorn Holdings Limited whose place of business is
located at Shops 1-2, G/F, Centre De Laguna Ph 3, Laguna City,
No 93 Cha Kwo Ling Road, 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 13, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


YANION INTERNATIONAL: 1H05 Net Loss Shrinks to HK$16Mln
-------------------------------------------------------
Yanion International Holdings Limited reported a net loss of
HK$15.531 million for the first half of this year, against a net
loss of HK$25.745 million a year earlier, Infocast News reports.

Loss per share (LPS) was $0.025. No interim dividend was
declared.

The Company is engaged in the manufacturing, trading and
contracting of Chinese medicines in the Peoples Republic of
China (RRC)

CONTACT:

Yanion International Holding Limited
Unit 2703 27/F Tower I
Admiralty Center
18 Harcourt Road HK
Phone: 24112269
Fax: 24110369
Web site: http://www.chinamed82.com.hk


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

INDIAN OIL: Wants Sale of Subsidized LPG Limited to Poor
--------------------------------------------------------
Indian Oil Corporation (IOC) has proposed the limiting of sale
of subsidized products to below poverty line (BPL) customers
only, Business Line reports.

The oil firm raised the proposal, in a bid to reduce losses on
the sale of domestic liquefied petroleum gas (LPG) and kerosene.

The existing government policy states that although subsidized
kerosene is meant for only BPL families, domestic LPG is offered
at a subsidized rate irrespective of the economic background of
the customer.

But IOC is not amenable to the policy since its has been
incurring losses due to the sale of subsidized LPG to all types
of customers.

IOC has registered under-recoveries of INR6,589 crore against
the sale of subsidized kerosene and LPG in 2004-05. Of this
amount, INR2,788 crore was on account of subsidized LPG alone.
The company controls close to 50 percent of the domestic LPG
market.

IOC chairman Sarthak Behuria suggested a kerosene-subsidy-
sharing arrangement within the oil and natural gas sector and
the reduction in duties and taxes on petroleum products by the
Government to deal with the under-recoveries of oil marketing
companies.

Mr. Behuria focused on the development of integrated oil
companies with sufficient upstream and downstream exposure along
the lines of global oil majors.

"Two to three years back, the refining sector was badly hit.
Today, refineries are making money and so are upstream
companies, but marketing companies are losing heavily. Backward
and forward integration will prevent such drastic changes in
fortunes due to sharp deviations in oil prices.

"The proposed mega-merger of oil PSUs was definitely a good
idea. However, its implementation could be tough," he warned.

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


INDIAN OIL: To Bid for Oil Projects in Turkey
---------------------------------------------
Indian Oil Corporation has teamed up with Calik Energi Group to
explore the emerging opportunities for participation in the
cross-country oil pipeline projects in Turkey, according to
Business Line.

IOC had tied up with Calik to acquire majority stake in the
Tupras Refinery, a US$8-billion Turkish refinery company.
However, the bid was won by a consortium led by Shell.

Calik group is one of Turkey's leading industrial groups with
interests in gas distribution, oil exploration, banking and
textiles.

The Chairman of IOC, Sarthak Behuria, told reporters, "Our joint
venture partner has a few offers in the pipeline sector. We are
reviewing the options."

He stressed that Indian Oil would explore such opportunities
only through the joint venture route.

Located between the oil rich land-locked CIS countries and the
Black Sea and the Mediterranean, Turkey is witnessing an
increasing number of investment proposals in cross-country oil
pipelines.

As a pioneer, the Baku-Tbilisi-Ceyhan pipeline (BTC pipeline)
covering a distance of 1,760 km from the Azeri-Chirag-Guneshli
oil field in the Caspian Sea to the Mediterranean will start
functioning soon.


METRO CO-OPERATIVE: Loses License Due to Insolvency
---------------------------------------------------
The Reserve Bank of India, vide its order of September 8, 2005
cancelled the license granted to the Metro Cooperative Bank
Ltd., Surat Gujarat, in view of the fact that it had ceased to
be solvent.

The order canceling its license was delivered to the bank on
September 16, 2005 at 11.00 a. m. A requisition has been made to
the Registrar of Cooperative Societies (RCS), Gujarat for
winding up of The Metro Cooperative Bank Ltd., Surat, Gujarat
and to appoint a liquidator therefore.

It may be highlighted that on liquidation of the bank every
depositor is covered by the Deposit Insurance and Credit
Guarantee Corporation (DICGC) and is entitled to repayment of
his deposits up to a monetary ceiling of INR1,00,000/.

In October 2004, the bank failed to meet its clearing liability
and ceased to be a member of the Surat Bankers' Clearing House.
In view of the bank's poor liquidity position and on the request
of the bank, the Reserve Bank of India issued Directions under
Section 35A of the Act prohibiting the bank from accepting fresh
deposits, and restricting repayment of deposits up to INR500/-
per depositor with effect from the close of business of October
21, 2004.

Earlier, an inspection of the bank by the Reserve Bank of India
with reference to its financial position as on September 30,
2004 revealed the serious concerns relating to the precarious
financial position and management aspects of the bank. Its
financial parameters were found to be severely impaired. On
account of high NPAs, it's Net worth and Capital to Risk
Weighted Assets Ratio had turned negative and a significant
portion of its deposits had been eroded. The bank had also
violated a number of the Reserve Bank's guidelines/directives.

The functioning of the Board of Directors was far from
satisfactory. There was a complaint against the bank-alleging
opening of fictitious accounts and fraudulent transactions in
certain accounts of the bank. A scrutiny of the bank's books of
accounts was conducted by the Reserve Bank of India in December
2004, which revealed a number of irregularities committed by the
management.

In the light of the findings of the scrutiny and the
irregularities in the functioning of the bank, the Reserve Bank
requisitioned the RCS to supersede the Board of the bank and
accordingly the RCS superseded the Board of Directors on
February 19, 2005 and an Administrator was appointed.

A notice was issued to the bank on March 11, 2005, asking it to
show cause as to why the license granted to it for carrying on
banking business should not be cancelled. The bank's reply to
the notice was examined but was found not satisfactory.

The Reserve Bank of India, therefore, took the extreme measure
of canceling the license of the bank in the interest of the
bank's depositors. With the cancellation of its license, the
Metro Cooperative Bank Ltd., Surat is prohibited from carrying
on `banking business' as defined in Section 5(b) of the Act
ibid, including acceptance and repayment of deposits. After the
liquidation proceedings are initiated by the Government of
Gujarat, the process of paying the depositors of The Metro Co-
operative Bank Ltd., Surat, Gujarat, the amount insured as per
the DICGC Act will be set in motion.

CONTACT:

Urban Banks Department
Reserve Bank of India
La Gajjar Chambers, Ashram Road,
P. B. No. 1, Ahmedabad 380 009
Telephone Number: (079) 2658-2360
Fax Number: (079) 26584853
E-mail address: ubdahmedabad@rbi.org.in


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

INDOFOOD SUKSES: Gets "AA" Rating from Pefindo
----------------------------------------------
Pefindo affirmed its "idAA" ratings for PT Indofood Sukses
Makmur Tbk. and the Company's Bond II/2003 and Bond III/2004
totaling IDR2.5 trillion. On July 12, 2005, Indofood Sukses
fully repaid its IDR1 trillion matured Bond I/2000.

The ratings action is supported by the Company's superior market
position in food industry, highly diversified business portfolio
and high vertically integrated operations. Nevertheless, the
ratings are mitigated by the Company's high leverage level and
tightening competition within the industry.

Indofood Sukses operates nine business lines namely noodles,
flour, edible oils and fats (EOF), plantation, snack foods, baby
foods, food seasonings, distribution, and packaging, where its
four main divisions (noodles, flour, EOF and distribution)
contributed 95.4% of the Company's total revenue in 2004. As to
date, the Company's major shareholder is CAB Holdings Ltd. with
51.53% ownership.

CONTACT:

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


PERUSAHAAN LISTRIK: Signs MOU to Receive Gas Supply from Plant
--------------------------------------------------------------
On Sept. 20, 2005, state power firm PT Perusahaan Listrik Negara
(PLN) signed a Memorandum of Understanding (MOU) with PT Medco
Energi Internasional to receive a supply of compressed natural
gas (CNG) from the firm's Senoro field in Sulawesi, reports the
Jakarta Post.

According to PLN's director of power generation Ali Herman
Ibrahim, the CNG would be used to operate the Company's plants
in Bali, South Sulawesi and Southeast Sulawesi. PLN is slated to
receive around 100 million standard cubic feet of CNG per day
from the project, which is hoped to begin in 2008.


Medco Energi corporate secretary Andi Karamoy said that the
under the agreement, a task force would be formed to study the
possibility of the gas supply. Its Senoro gas block has reserves
of 1.5 trillion cubic feet of gas.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


PERUSAHAAN LISTRIK: To Operate LNG-Powered Plant This Month
-----------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) has
announced that it is ready to operate its first power plant in
Jambi that would run on liquefied natural gas (LNG) later this
month, the Jakarta Post reports.

The powerplant, which ran on diesel fuel, was modified to be
able to use pressurized LNG, which would come from the Kanji
field of PT Medco Energi Internasional in South Sumatra (30 tons
per day).

PLN director of primary energy generation Ali Herman Ibrahim
said that this is part of the Company's efforts to seek
alternative power sources to operate its power plants, due to
increasing global oil prices and the Company's use of subsidized
fuel going beyond its quota dictated by the government.

Analysts have questioned, however, the use of LNG to opoerate
power plants, as the Company would need to build regasification
terminals near the plants. It is deemed to be cost-inefficient
as natural gas reserves would be depleted over time, hence
rendering the terminals useless.

The Company plans to convert four other power plants to use LPG
in its fuel diversification project; but it did not sat where it
would the amount of LNG  needed - 2,350 tons - to power those
plants.


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

CEMEDINE COMPANY: METI Orders Product Investigation
---------------------------------------------------
Cemedine Company Ltd. disclosed that the adhesives it sells
illegally contain asbestos, and that it would voluntarily recall
the products.

The Ministry of Trade and Industry (METI) instructed the company
to take all possible measures in line with the company's policy,
including recalling the adhesives, which are currently being
sold.

METI and the Ministry of Health, Labor and Welfare jointly gave
instructions to immediately investigate the situation further
through the relevant industry organizations.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


JAPAN AIRLINES: To Launch Code Share Agreement With Malev
---------------------------------------------------------
Japan Airlines (JAL) and Malev Hungarian Airlines (MA) have
inaugurated a code sharing agreement, which will come into
effect on October 30, 2005, subject to government approval.

The agreement allows JAL to place its flight numbers on
specified daily intra European round trip flights operated by
Malev between Frankfurt and Budapest.

This network expansion will provide JAL passengers with the
option of daily services between Japan and Hungary, as the new
code share flights will provide smooth connections with JAL's
existing daily service between Tokyo and Frankfurt.

Established in 1946, Malev Hungarian Airlines is the national
air carrier of the Republic of Hungary and is ranked as one of
the leading airlines in the Central-Eastern European region. In
addition to its domestic Hungary routes, Malev serves 34
countries worldwide and 42 cities. Flight operations for the new
code share flights will be handled by Malev Boeing 737 aircraft
and crews. www.malev.hu/bp/eng/index.asp

The new code share agreement will strengthen JAL's international
passenger network in Europe increasing to 23 the number of
European cities served by the airline. The agreement will offer
passenger's better travel options and more convenience, and
contribute greatly to the exchange of culture, goods and people
between Japan and Hungary. In Eastern Europe JAL already offers
daily services to both the Czech Republic and Poland.

According to figures from the Hungarian Ministry of Foreign
Affairs, in 2004 Japan's exports to Hungary amounted to US$1.82
billion and imports were about US$321.8 million. Furthermore the
value of Japanese direct investments in Hungary is estimated at
around US$2 billion. The main area of Japanese investment in
Hungary is in manufacturing, in particular, the assembly of
vehicles, production of parts, and assembly of electronic goods
for home and entertainment uses. Additionally, some 100,000
Japanese tourists visit Hungary each year.

Including passenger and cargo code-share agreements and frequent
flier tie-ups, the new code share agreement with Malev Hungarian
Airlines increases to 28 the number of airlines with which JAL
has bilateral partnerships.

Tickets for this new code share are expected to go on sale in
the middle of October.

About Japan Airlines: Asia's biggest airline group, Japan
Airlines ranks third in the world in terms of total sales
revenues, is the sixth largest airline group in the world in
terms of passengers carried and eighth in the world in terms of
traffic performance (revenue ton kilometers).

Originally founded in 1951 for domestic operations, JAL launched
international services in February 1954. Today, JAL Group
airlines serve 208 airports in 35 countries and territories,
including 61 airports in Japan. The Group network extends over
227 international passenger routes and 36 international cargo
routes. The JAL Group domestic network covers 166 routes (as of
April 2005). Altogether, the 10* airlines of the JAL Group make
a total of nearly 1,200 flights a day on domestic and
international routes.

For further information contact: geoffrey.tudor@jal.com /
stephen.pearlman@jal.com

Telephone: 81-3-5460-3109 / Fax: 81-3-5769-6487/
www.jal.com/en/corporate/

This is a company press release.


JAPAN AIRLINES: CAE Wins C$58 Mln Order for Full-flight Devices
---------------------------------------------------------------
CAE has been awarded contracts for four new full-flight
simulators and other training devices by several airlines around
the world. At list prices (and including some buyer-furnished
equipment), the total value of the contracts is approximately
C$58 million.

Longstanding CAE customer Japan Airlines International has
ordered three CAE-built Boeing 737 NG full-flight simulators,
which are scheduled to be delivered to the carrier's training
centre at Tokyo's Haneda Airport progressively over a 12-month
period, beginning in spring of 2007. These simulators will
include electric motion system technology.

Finnish national carrier Finnair has purchased a CAE-built
EMBRAER 170 full-flight simulator and an accompanying CAE
Simfinity(TM) EMBRAER 170 flight management systems trainer. The
simulator is slated for installation in Finnair's training
centre in Helsinki, Finland, in summer of 2006.

All four of the simulators are Level D -- the highest level
performance rating for flight training equipment given by the
U.S. Federal Aviation Administration - and will be equipped with
the CAE Tropos(TM) visual system, which uses satellite imagery
as well as sophisticated weather and lighting effects to provide
realistic training scenarios for pilots.

Air New Zealand has also purchased bought a CAE Simfinity Boeing
777 integrated procedures trainer.

"In this competitive market, we are proud to continue building
on our relationships with such longstanding customers such as
Japan Airlines International, Finnair and Air New Zealand," said
Marc Parent, CAE's Group President, Simulation Products. "These
orders say a great deal about the quality of CAE's equipment and
the company's ability to offer a wide range of solutions."

CAE is a leading provider of simulation and modeling
technologies as well as integrated training services for
commercial and business aviation, and defense customers
worldwide. The company has annual revenues of approximately C$1
billion, with operations and training facilities in 17 countries
on five continents.

This is a company press release.


JAPAN HIGHWAY: FTC Orders to Prevent Bid-rigging
------------------------------------------------
The Fair Trade Commission (FTC) of Japan has ordered Japan
Highway Public Corporation to come up with measures to prevent
recurrence of involvement in bid-riggings, Kyodo News reports.

Japan Highway will be ordered to prepare the plan before October
1, when it will be privatized.

The highway operator is expected to consider seeking damages
from former executives including former Vice President Michio
Uchida, who were indicted by the Tokyo High Public Prosecutors
Office in August for alleged involvement in bid-riggings.

The company allocated individual contracts on steel bridge-
building work until 1993, when the contractors began dividing
the work up among themselves, the report said.

CONTACT:

Japan Highway Public Corporation
3-3-2 Kazumigaseki Chiyoda-ku,
Tokyo,100-8979, Japan
Phone: +81-3-3506-267
Fax: +81-3-3506-8870
Web site: http://www.jhnet.go.jp


MITSUBISHI MOTORS: Offers U.S. Buyers a Year's Worth of Gasoline
----------------------------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA), in a press
release, announced a new retail program that rewards buyers of
new 2005 model-year vehicles with a year's worth of gasoline.
The program begins Friday and runs through the end of October.

All buyers of a new 2005 model-year Galant, Endeavor, Montero,
Outlander, Eclipse Coupe, Eclipse Spyder, Lancer, and Lancer
Evolution will receive pre-paid debit cards that can be used for
gasoline at most major motor oil companies' retail locations.

Recent national surveys show that the rise in oil and gasoline
prices is causing more than 70 percent of American motorists
financial hardship and forcing them to cut back on driving in
some way. In fact, Americans recently ranked gas prices as the
country's top economic issue.

Executive Vice President of Sales and Marketing Dave Schembri
said MMNA is excited to offer "GAS COMES STANDARD" -- a
straightforward incentive with relevance and real value to the
consumer. "There are a lot of confusing incentive offers out
there whose true value is extremely hard for customers to
determine," Schembri said.

"With the price of regular gasoline hovering at about $3 per
gallon, we believe this promotion will be welcomed by all
consumers," he added. "We're confident that customers who take
of advantage of this offer will agree that Mitsubishi products
provide the most 'thrills per gallon.'"

Each customer after purchasing a new 2005 model-year Mitsubishi
vehicle will receive in the mail pre-paid debit cards, totaling
from $1,500 to $2,500. The amount varies by vehicle depending on
two factors:

-  The estimated amount of gas required to drive the new vehicle
for 12,000 miles (at the EPA combined rating for the vehicle).

-  Whether the recommended fuel for the vehicle is regular
(computed at $2.80 per gallon) or premium (computed at $3.10 per
gallon).  These rounded prices were fixed at the average price
per gallon as reported in the AAA daily fuel report of Monday,
September 19, 2005.

Customers can select from a variety of major motor oil companies
for each debit card.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States. Mitsubishi Motors sells coupes, convertibles,
sedans and sport utility vehicles through a network of
approximately 570 dealers. For more information, contact the
Mitsubishi Motors News Bureau at (888) 560-6672 or visit
media.mitsubishicars.com.

CONTACT:

Dan Irvin
Mitsubishi News Bureau
Mitsubishi Motors North America, Inc.
Tel: 888-560-MMSA (6672)
714-372-5528
E-mail: newsbureau@mmsa.com
E-mail: dirvin@mmsa.com


SOJITZ HOLDINGS: Appoints New Directors
---------------------------------------
Sojitz Holdings Corporation announced details of proposed
appointments to representative directors following a Board of
Directors' meeting held on September 16, 2005.

The aforementioned changes will be ratified at a Board of
Directors' meeting scheduled on October 3, 2005.

1. Sojitz Corporation:  New Appointments to Representative
Director

Sojitz Holdings is scheduled to merge with Group company Sojitz
Corporation on October 1, 2005. Following the merger, the
Company's name will be changed to Sojitz Corporation.

Yutaka Kase        Representative Director Executive VP
Masaki Hashikawa   Representative Director Executive VP
Yasuyuki Fujishima Representative Director Senior Managing
Executive Officer

2. Effective Date of Appointments: October 3, 2005

Sojitz Holdings Corporation
Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: + 81 3 5520 3404

This is a company press release.


SOJITZ HOLDINGS: To Dissolve Hong Kong Subsidiaries
---------------------------------------------------
Sojitz Holdings Corporation announced details of its decision to
dissolve certain subsidiary companies.

Details of subsidiary companies to be dissolved are briefly as
follows.

1. Company Profiles

(1) Bluebell Investments Ltd.

a. Head office address: 16F, Harbour Centre, 25 Harbour Road,
Wanchai, Hong Kong

b. Representative: Takuya Shimada

c. Business activities: Investment in property development
company (Luck Eagle Investments Ltd.)

d. Established: August 23, 1996

e. Paid-in capital: HK$78,000

f. Shareholders (% share) : Sojitz Corporation (50%), Sojitz
(Hong Kong) Ltd. (50%)

(2) Luck Eagle Investments Ltd.

a. Head office address: 16F, Harbour Centre, 25 Harbour Road,
Wanchai, Hong Kong

b. Representative: Takuya Shimada

c. Business activities: Development, leasing and sales of own
office buildings

d. Established: May 30, 1994

e. Paid-in capital: HK$10,000

f. Shareholders (% share): Bluebell Investments Ltd. (100%)

2. Reasons for Dissolution

Luck Eagle Investments Ltd. was established to develop office
buildings in Hong Kong for leasing and sales. The company has
recently decided to sell all its properties. As a result, the
company will be dissolved.

Following the dissolution of Luck Eagle Investments Ltd., the
principal activities of Bluebell Investments Ltd. will conclude.
Accordingly, Bluebell Investments Ltd. will also be dissolved.

This is a company press release.


SONY CORPORATION: Revises FY/2005 Results Forecast
--------------------------------------------------
Sony Corporation announced today a revision of its consolidated
results forecast for the fiscal year ending March 31, 2006 from
those announced on July 28, 2005.

Change From            Current Forecast July Forecast July
Forecast

Sales and operating
revenue               JPY7,250 bln       Unchanged   JPY7,250
bln

Operating income
(loss)                (20 billion)          -     30 billion

(Restructuring charges
included within
operating income      140 billion          +59%   88 billion

Income before income
taxes                 40 billion           -43%   70 billion

Equity in net income
(loss) of affiliated
companies             (8 billion)       Unchanged (8 billion)

Net income (loss)     (10 billion)          -     10 billion

Assumed foreign currency exchange rates from the second quarter:
approximately YEN107 to the U.S. dollar and approximately YEN130
to the Euro.

There has been no revision to the forecast for sales and
operating revenue announced on July 28.

However, as a result of additional restructuring announced today
as part of Sony Group's mid-term corporate strategy, the
forecast for operating income (loss) has been revised downward
by JPY50 billion. Excluding restructuring charges, the forecast
is essentially unchanged from the forecast as of July 28. For
more information regarding restructuring please refer to today's
announcement "Sony Group Mid-Term Corporate Strategy FY2005-
FY2007."

The above forecast includes restructuring charges, recorded as
operating expenses, of approximately YEN140 billion expected to
be incurred across the Sony Group, primarily within the
Electronics segment, an increase of YEN52 billion from the
forecast as of July 28, 2005, while YEN90 billion of
restructuring charges were recorded for the fiscal year ended
March 31, 2005.

The principal reason for the increase in restructuring charges
is additional asset impairment write-downs related to CRT
televisions primarily in the U.S. and additional early
retirement program expenses particularly in Japan.

In addition to the reason described above, the revision to
income before income taxes also reflects income of approximately
YEN18 billion from the sale of a portion of Sony Corporation's
shareholding in Monex Beans Holdings, Inc. announced on
September 6, 2005.

Net income has been reduced for the impact of the factors noted
above, offset by the net income tax benefit of these events.

CONTACT:

Sony Corporation
6-7-35 Kitashinagawa
Shinagawa-ku
Tokyo 141-0001
Investor Relations Contacts:

Tokyo
Takao Yuhara
Phone: +81-(0)3-5448-2180
Web site: http://www.sony.net/IR/


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

DAEWOO COMPUTER: Lucoms Completes Acquisition
---------------------------------------------
Daewoo Lucoms Co. has concluded its due diligence on Daewoo
Computer Ltd. and has completely acquired the firm, Yonhap News
relates.

Daewoo Lucom did not disclose the value of the acquisition but
instead said that it will invest KRW2 billion in Daewoo Computer
to release new personal computers early next year.

Following the acquisition, Daewoo Lucom has no job cut plans as
well as reorganization.

Daewoo Lucoms and Daewoo Computer were both units of now-defunct
Daewoo Group, once the nation's second-largest business
conglomerate, which collapsed under debt estimated at $80
billion in 1999. The two companies are also unlisted.

CONTACT:

Factory

Daewoo Computer Ltd.
531-1 Gajwa-dong, Seo-gu, Inchon, Korea,
Telephone: 82-32-580-3202

Headquarters

6th and 7th Floors, Sunglim Building,
257 Chulsan-dong, Gwangmyung-si,
Gyunggi-do, Korea,
Telephone: 82-2-2610-2600


HAITAI CONFECTIONERY: Union to Boycott Crown-Made Products
----------------------------------------------------------
The strike at Crown Confectionery Co. intensified as unionized
workers of Haitai Confectionery and Foods Co. decided to stage a
boycott of all their products, Yonhap News said.

Crown acquired bankrupt Haitai in 2004, which made it to the
second spot as the nation's No. 2 snack maker.

The strike has reached its third month, which calls for job
security and recognition of the workers' union.

"The management is intentionally avoiding negotiations with us,"
a union official said.

"We will continue the boycott until the management changes its
stance and return to the negotiating table with a sincere
attitude."

The unionized workers along with the Korean Confederation of
Trade Unions (KCTU) will stage the boycott at the nation's major
discount stores, he said.  The progressive KCTU is one of South
Korea's two umbrella labor organizations with a membership of
nearly 800,000.

They will also hold a protest rally in front of the National
Assembly building in central Seoul during the parliament's
annual inspection of the government.

The boycott ignited after management shut down Haitai's
factories in retaliation for the strike.

According to unionized workers, Crown is pushing to lay off
Haitai workers through an early retirement program, which runs
counter to its earlier promise of three-year job guarantees.

"The management received applications for early retirement from
striking sales workers in a bid to break up the union," the
union official said.

The management denied the accusations and said that the move was
only part of its restructuring efforts.

Crown has suffered KRW10 billion in losses and warned that the
prolonged strike and product boycott could push the company to
the brink of collapse.

The business lobby group, Korea Employers Federation has called
on law enforcement authorities to get tough on the unionized
workers' action.

"Stern measures should be taken immediately against the union's
illegal activity according to the law and principles," the
federation said.

Haitai once the major confectionery in South Korea became
insolvent in 1997 as its parent Haitai Group crumbled under
massive debts. It was under court receivership before Crown's
takeover.

CONTACT:

Haitai Confectionery & Food Company
131-1, Namyoung-Dong,
Yongsan-Gu 140708
Seoul
Korea (South)
Telephone: +82-2-709-7647
Fax: +82-2-790-8127
Web site: http://www.ht.co.kr


LG CARD: August Delinquency Ratio Falls 9.55%
---------------------------------------------
LG Card Co. reported a decrease in its delinquency ratio in
August by 9.55 percent, Asia Pulse reveals.

The company attributes the results to decreased bad assets and
stricter lending criteria.  The company's overdue payments for
one month or more accounted for 9.55 per cent of its total
assets last month, down 0.16 percentage point from the previous
month, the card firm said in a regulatory filing.

Compared to the same month last year its rescheduled credit card
bills also fell 56.1 per cent to KRW2.12 trillion won (US$2.06
billion). Rescheduled asset proportions also dropped 12.5
percentage points to 17.8 per cent.

LG Card's commodity balance rose 1.5 percent to KRW10.82
trillion from last month.  But compared to the same period last
year, the figure dipped by 24.5 percent.

Creditors rescued the company from bankruptcy last year on a
KRW5 trillion bailout package.  It was hit rising overdue card
billings and a subsequent rise in loan-loss reserves, posted a
record KRW5.6 trillion-loss in 2003.

The credit card company dramatically cut its losses to KRW81.6
billion last year and managed to turn a net profit of KRW326
billion in the fourth quarter.

CONTACT:

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


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

AFFIN HOLDINGS: Issues New Shares for Listing
---------------------------------------------
Affin Holdings Berhad advised that its additional 149,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, September 23, 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
Fax: +60 2143 1057


DFZ CAPITAL: Bourse to List, Quote Additional Shares
----------------------------------------------------
DFZ Capital Berhad advised that its additional 16,000 new
ordinary shares of MYR1.00 each arising from the conversion of
176,000 Irredeemable Convertible Preference Shares - A
(2005/2010) of MYR0.10 Each into 16,000 New Ordinary Shares will
be granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, September 26, 2005.


FURQAN BUSINESS: Unit Disposes of Property
------------------------------------------
Furqan Business Organisation Berhad (FBO) unveiled to Bursa
Malaysia Securities Berhad the disposal of property by
subsidiary company, Austral Amal Properties Sdn. Bhd.

(1) Introduction

The Board of Directors of Furqan Business Organisation Berhad
advised the Exchange that Austral Amal Properties Sdn. Bhd.
(Company No. 345239-T) (AAP), a wholly owned subsidiary, had on
September 16, 2005 entered into a Sale and Purchase Agreement
(the Agreement) with Kasturi Gemilang Sdn. Bhd. (Company No.
249023-D) (KGSB or the Purchaser).

The SPA was pursuant to disposal of all that piece of industrial
leasehold land held under PN 3940 for Lot 24 Section 36 in the
Town of Petaling Jaya, Negeri Selangor Darul Ehsan measuring
approximately 8172.5988 sq. metre (87972 sq. ft) together with a
six storey light industrial building known as Kompleks Kemajuan
having an approximate built up area of 330,000 sq. ft. erected
thereon bearing postal address No 24, Jalan 19/1, 46300 Petaling
Jaya, Selangor Darul Ehsan (hereinafter collectively called the
said Property) for a total consideration of MYR29,000,000.00
(Ringgit Malaysia Twenty Nine Million) only (the Consideration)
(the said Disposal).

(2) Information on AAP

AAP is a wholly owned subsidiary of the Company and was
incorporated in Malaysia under the Companies Act, 1965, on June
5, 1995. The authorized and issued and paid up capital of AAP is
MYR100,000.00 divided into 100,000 ordinary shares of MYR1.00
each and MYR2.00 divided into 2 ordinary shares of MYR1.00 each
respectively.  AAP is a property investment holding company.

(3) Information on the Purchaser

KGSB was incorporated in Malaysia under the Companies Act, 1965,
on September 19, 1992. The authorized capital of KGSB is
MYR1,000,000.00 divided into 1,000,000 ordinary shares of
MYR1.00 each and the issued and paid up capital is
MYR1,000,000.00 divided into 1,000,000 ordinary shares of
MYR1.00 each.

KGSB is a property investment company.

(4) Rationale for the Said Disposal

The said Disposal is part of the Proposed Disposal of Non-Core
Assets of Austral Amalgamated Berhad (AAB) Group pursuant to the
Workout Proposal of AAB Group which were approved and
implemented under the Pengurusan Danaharta Nasional Berhad Act,
1998.

Pengurusan Danaharta Nasional Berhad (Danaharta) has agreed to
accept the Consideration for the said Disposal to redeem the
property from them subject to the said sum being paid to
Danaharta.

The details of the Workout Proposed had been disclosed in the
Information Circular to Shareholders of AAB dated October 8,
2002.

AAB is a wholly owned subsidiary of the Company.

(5) Salient Terms of the Agreement

The said Disposal of the Land shall be conditional upon the
following:

(a) The approval of the Foreign Investment Committee (FIC) being
obtained by the Purchaser for the purchase of said Property
within two (2) months from the date of the Agreement.

(b) In the event that on the last day of the Approval Period or
the Extended Approval Period, as the case may be:

(i) The FIC Approval has been granted subject to any terms,
conditions, modifications, and/or variations of any nature
whatsoever (hereinafter called "the FIC Approval Conditions")
and the FIC Approval Conditions are not acceptable to the
Purchaser; or

(ii) If the FIC objects to, refuses or has not approved the sale
and purchase of the said Property for any reason whatsoever; or

(iii) If the FIC rejects the appeal of the Purchaser pursuant to
Clause 2.4 hereof or the conditions therein after appeal are not
acceptable to the Purchaser; or

(iv) Any appeal lodged in accordance with the provisions of
Clause 2.4 remains pending,

(6) Financial Effect

The said Disposal will have no material effect on the share
capital, net tangible assets of FBO Group for the year ending 31
December 2005 as the disposal amount approximates the loan
redemption amount accepted by Danaharta.

(7) Approval

No shareholders approval is required at FBO level.

(8) Interest of Directors', Substantial Shareholders' and
Connected Person

None of the Directors and Substantial Shareholders, persons
connected to the Directors or Substantial Shareholders of the
Company and its subsidiaries or persons connected thereto have
any interest, direct or indirect in the said Disposal.

(9) Directors' Recommendation

The Directors of the Company are of the opinion that the said
Disposal is in the best interest of the Group.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


HABIB CORPORATION: Executes Second Letter of Variation
------------------------------------------------------
Habib Corporation Berhad (Habib) furnished Bursa Malaysia
Securities Berhad details of the:

(I) Proposed Acquisitions;

(II) Fund Raising Proposals;

(III) Proposed Authorised Share Capital Increase; and

(IV) Proposed Amendments to the Memorandum and Articles of
Association of Habib.

(collectively known as the Proposals)

With reference to the announcements dated February 14, 2005,
April 6, 2005, July 25, 2005 and July 27, 2005 in relation to
the Proposals.

Commerce International Merchant Bankers Berhad, advised that
Habib and Scomi Group Bhd (SCOMI), being parties of the Share
Subscription Agreement dated February 14, 2005 (as supplemented
by a letter of variation dated July 26, 2005) (Subscription
Agreement), had executed a second letter of variation as a
supplement to the Subscription Agreement (Second Letter of
Variation) to facilitate the appointment of SCOMI's nominees on
the board of directors of our Company before and after the
completion date of the Subscription Agreement as opposed to upon
completion of the Subscription Agreement.

Except as supplemented and varied by the Second Letter of
Variation, the Subscription Agreement shall continue in full
force and effect in all other respects and be binding on our
Company and SCOMI.

This announcement is dated 21 September 2005.

CONTACT:

Habib Corporation Berhad
1st Floor, Bangunan Habib Corporation,
Lot 106, Lorong Mamanda 2, Ampang Point,
68000 Ampang, Selangor
Malaysia
Telephone: (60) 3 452 7777
Fax: (60) 3 452 2143


HONG LEONG: AGM Slated for Next Month
-------------------------------------
Hong Leong Industries Berhad informed Bursa Malaysia Securities
Berhad that the Forty-second Annual General Meeting (AGM) of the
Company will be held at the Theatrette, Level 1, Wisma Hong
Leong, 18 Jalan Perak, 50450 Kuala Lumpur on Friday, October 14,
2005 at 3:00 p.m. in order to approve the resolutions as set out
in the notice of AGM.

To view a full copy of the AGM Notice, click
http://bankrupt.com/misc/HongLeongIndustries092105.pdf

CONTACT:

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


I-BERHAD: Purchases 5,000 Shares
--------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back: September 21, 2005

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

Total number of shares purchased (units): 5,000

Minimum price paid for each share purchased (MYR): 0.890

Maximum price paid for each share purchased (MYR): 0.890

Total consideration paid (MYR): 4,483.48

Number of shares purchased retained in treasury (units): 5,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,523,400

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

CONTACT:

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


MANGIUM INDUSTRIES: Given 6-Months to Conclude Proposals
--------------------------------------------------------
Mangium Industries Bhd. issued to Bursa Malaysia Securities
Berhad details of the:

I - Proposed debt settlement of MIB amounting to approximately
MYR58.52 million up to December 31, 2004 (including accrued
interest up to December 31, 2004) between the Company and
certain of its subsidiaries and the secured and unsecured
creditors to be settled by a combination of new ordinary shares
of MYR1.00 each in MIB (MIB Shares), irredeemable convertible
unsecured loan stocks (ICULS), redeemable convertible secured
loan stocks (RCSLS) and cash payment (Proposed Debt Settlement);

II - Proposed renounceable rights issue of up to MYR16.0 million
nominal value 5-year ICULS together with up to 16.0 million free
detachable warrants (Warrants) attached on the basis of MYR1.00
nominal value ICULS with one (1) free detachable warrant
attached for every two (2) existing MIB Shares (Proposed Rights
Issue Of ICULS);

(Collectively known as the Proposals)

On behalf of the Board of MIB, OSK advised that the Securities
Commission has, vide its letter dated September 21, 2005,
approved the extension of time of six (6) months from September
4, 2005 to March 3, 2006 for the Company to complete the
Proposals.

The terms used herein shall, unless the context otherwise
stated, bear the same meaning as those defined in the previous
announcements in relation to the Proposals.

This announcement is dated 21 September 2005.

CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


METACORP BERHAD: Diverts Attention to Solid Waste Management
------------------------------------------------------------
Metacorp Berhad has found an alternative to its declining toll
business in solid waste management, says The Star Online, citing
group executive chairman Datuk Dr Nik Hussein Abdul Rahman said.

According to Mr. Nik Hussein, the company has been searching for
diversity in business since the suspension of tolling
concessions at Jalan Cheras and Jalan Pahang in Kuala Lumpur
last year.

Metacorp has been given a 22-year concession in waste management
by the Government in a 50:50 venture with Kualiti Alam Sdn Bhd.

"Although this (waste management) is a different type of
concession, it has a better future," Mr. Nik Hussein told
reporters after the company AGM in Batu Caves. He said talks on
levy pricing were under way with the authorities and he hoped
discussions would conclude next year for the business to
commence.

The chairman also revealed that it had ventured overseas to
expand its business base.  Its wholly owned subsidiary, Metacorp
Australia Pty Ltd, has purchased two pieces of land north of
Melbourne intended for small-scale residential development.

"We want to test our market in Australia," he said, adding that
the company was on the lookout for good and viable properties to
invest in.

Metacorp has also obtained through its quarrying arm Dimensi
Timal Sdn Bhd a 50-year concession from the Kelantan government
to undertake granite-quarrying activities in Jedok, Tanah Merah,
Kelantan. The concession area, which measures 107.2ha, has an
estimated reserve of 1.5 billion tonnes of monolithic mother
rock. Nik Hussein said the quarry had been developed and was
ready for initial production.

"We will know for certain if it is marketable overseas in a
couple of months," he said, adding that samples had been sent to
an exposition in Verona, Italy.

Over the next four years, Metacorp plans to invest around MYR40
million to be used for developing the quarry operations expected
to be launched on September 25.

CONTACT:

Metacorp Bhd
22 Jalan 2/6,
Dataran Templer,
Bandar Baru Selayang
Batu Caves Selangor 68000
Malaysia
Telephone: 03-61201118
Fax: 03-61205558


METACORP BERHAD: All AGM Resolutions Approved
---------------------------------------------
Metacorp Berhad informed Bursa Malaysia Securities Berhad that
all resolutions as set out in the Notice of the Twenty-Second
Annual General Meeting of Metacorp Berhad were duly passed at
the Twenty-Second Annual General Meeting of Metacorp Berhad held
at its Registered Office at No. 26, Jalan 2/6, Dataran Templer,
Bandar Baru Selayang, 68100 Batu Caves, Selangor Darul Ehsan on
Wednesday, September 21, 2005.

This announcement is dated 21 September 2005.


PADIBERAS NASIONAL: Bourse to List, Quote New Shares
----------------------------------------------------
Padiberas Nasional Berhad advised that its additional 461,500
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, September 23, 2005.

CONTACT:

Padiberas Nasional Berhad
Level 19, CP Tower,
No. 11, Section 16/11,
Jalan Damansara,
Petaling Jaya Selangor
46350 Malaysia
Telephone: 03-76604545
Fax: 03-76604646


PANTAI HOLDINGS: New Shares Up for Listing, Quotation
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 7,400,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, September 23, 2005.

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528


PATIMAS COMPUTERS: Adds New Shares for Listing, Quotation
---------------------------------------------------------
Patimas Computers Berhad advised that its additional 3,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR11,400 Nominal Value of 6% Irredeemable Convertible Unsecured
Loan Stocks 2001/2006 into 3,000 Ordinary Shares of MYR1.00 each
will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Monday, September
26, 2005.

CONTACT:

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


POLYMATE HOLDINGS: Books MYR73,857,000 Net Loss in Q3
-----------------------------------------------------
Polymate Holdings Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited Third Quarterly report for the
financial period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    28,460       31,559           92,829         94,970

(2) Profit/(loss) before tax

    -70,535      -1,318          -82,713         -14

(3) Profit/(loss) after tax and minority interest

    -73,857      -1,354          -85,909         -127

(4) Net profit/(loss) for the period

    -73,857      -1,354          -85,909         -127

(5) Basic earnings/(loss) per shares (sen)

    -109.19       -2.11           -127.01        -0.19

(6) Dividend per share (sen)

    0.00           0.00            0.00           0.00

    As at end of               As at Preceding
    Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

    0.6200                     1.8900
To view a full copy of the financial statement, click
http://bankrupt.com/misc/PolymateHoldings2005Q3g.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/PolymateHoldings2005Q3g.xls


TENCO BERHAD: Explains Unusual Market Activity
----------------------------------------------
In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to Paragraph 9.11 of the
Listing Requirements of Bursa Malaysia Securities Berhad, the
Board of Directors of Tenco Berhad advised Bursa Malaysia
Securities Berhad that after having made all reasonable
enquiries seeking the cause of the unusual market activity in
the Company's securities, the Directors confirmed, to the best
of their knowledge and belief, that:

(i) There is no corporate development relating to the Group's
business and affairs that has not been previously announced that
may account for the unusual market activity including those in
the stage of negotiation/discussion;

(ii) There is no rumor or report concerning the business and
affairs of the Group that may account for the unusual market
activity;

(iii) There is no other factors, transactions or information
which may account for the unusual market activity; and

(iv) Should there be any material information which may
reasonably expected to have material effect on the price, value
or market activity of the Company's securities and on the
decision of a holder of securities of the Company or an investor
in determining his choice of action, appropriate announcement(s)
will be made accordingly particularly in accordance with
Paragraph 9.03 of the Listing Requirements of Bursa Securities.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax: (60) 3 541 0132


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

HACIENDA LUISITA: Agrarian Reform Free of Politics
--------------------------------------------------
The investigation into the alleged violation by Hacienda Luisita
Inc. of its memorandum of agreement with farm workers is not
politics-related, Agrarian Reform Acting Secretary Nasser
Pangandaman told Manila Times.

Mr. Pangandaman emphasized the inquiry had nothing to do with
the withdrawal of support of former President Aquino, whose
family owns HLI, from President Gloria Macapagal-Arroyo.

On Tuesday next week Mr. Pangandaman said the Department of
Agrarian Reform's Task Force Hacienda Luisita will submit its
findings on the alleged violation committed by the plantation
management.

Farmers represented by the Central Azucarera de Tarlac and the
United Luisita Workers' Union alleged that management has not
complied with the memorandum of agreement containing the
controversial stock-distribution option.

The stock option allows workers to become part owners of the
company.

The farm workers alleged that they did not receive dividends and
proceeds from the sale of a 500-hectare portion of the property.

Some 5,300 farm workers called for the junking of the stock
option because of the alleged violation. The DAR may scrap the
SDO-paving the way for the farmers to acquire the 6,453-hectare
property through the Comprehensive Agrarian Reform Program.


NATIONAL FOOD: Conducts Continuous Market Monitoring
----------------------------------------------------
Some 544 rice outlets were monitored by at least 16 members of
the National Food Authority's (NFA) Palengke Watch monitoring
teams in Metro Manila as of the third week of September.

The rice outlets include 103 Bigasan ni Gloria sa Palengke (BGP)
outlets, 216 accredited individual retailers (AIR) and 225
commercial rice outlets.

The monitoring teams were tasked to check the availability of
affordable NFA rice in the markets as well as to look into any
irregularities that may be committed by erring businessmen.

Prevailing prices for NFA rice was noted between P16 to P18 per
kilogram while commercial rice prices was monitored to be
between P19 to P25 per kilogram.

The NFA monitoring teams conduct market inspections on a daily
basis from Monday to Friday both in minor and major markets in
Metro Manila and other areas across the country.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL FOOD: Wants to Buy Farmer's Rice Produce
-------------------------------------------------
The National Food Authority (NFA) in Davao City is urging rice
farmers in the region to sell their produce to the agency in
order to help augment the buffer stock, according to SunStar
Daily.

NFA-Davao City assistant manager Felimon Cangrejo said the
agency is presently strengthening its rice procurement measures
in a bid to temporarily suspend the importation of rice from
Vietnam.

As of September 16 this year, the agency has already imported a
total of 2,149,913 sacks (50 kilograms each) for the consumers
of Davao City, Davao del Norte, and Davao Oriental.

Mr. Cangrejo said Davao City alone has a rice requirement of
7,263 sacks per day. If the farmers' produce will not be sold to
the NFA, Mr. Cangrejo said, price levels of rice might increase.

NFA buys palay at Php10 per kilogram plus an additional of
Php0.25 per kilogram as cooperative development fee, Php0.15 per
kilogram as drying fee (if the palay will be delivered dry), and
Php0.10 per kilogram as delivery fee.

There are 347 NFA rice retailers in Davao City.


NATIONAL POWER: Nine Power Plants Up for Sale
---------------------------------------------
Nine power generating plants of the National Power Corporation
(Napocor) is set for auction, according to Manila Times.

The Power Sector Assets and Liabilities Management Corporation
(PSALM), the agency tasked to privatize Napocor, is preparing to
bid off the facilities in the hope of reaping more than Php37
billion in revenues.

The government will privatize the decommissioned 225-megawatt
Bataan thermal plant this month.

By next month, PSALM will put on the auction block the 600-mw
Calaca coal-fired thermal power plant in Batangas and the 200-mw
Manila Thermal, another decommissioned plant.

The government will also privatize the 585-mw Tiwi and Makban
geothermal plants in Albay and Laguna, 112-mw Pantabangan-
Masiway hydro complex in Nueva Ecija and the 54-mw Cebu II plant
by November.

The six generating plants set for privatization from September
to November will generate about Php37 billion in revenues for
the government.

PSALM will also sell in December the 360-mw Magat hydroelectric
plant, the decommissioned 108-mw Aplaya plant and the 150-mw
Bacman geothermal plant.

The government began privatizing state-owned power plants in
March 2004 as part of the restructuring of the power sector.

It has so far sold six of the more than 30 power plants lined up
for sale for about US$566.95 million (Php31.75 billion).

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: Benguet Willing to Go to Court Over Tax Issue
-------------------------------------------------------------
The Benguet Provincial Government is willing to face National
Power Corporation (Napocor) in court if the power firm flies a
case against the local government unit, SunStar Daily relates.

The issue involves Benguet's decision to auction off Napocor's
properties. The proceeds of the sale will be regarded as
Napocor's payment for around Php113 million in franchise and
real property tax arrears.

But Napocor claimed it is exempt from paying real property taxes
to the province, citing Section 234 of the Local Government
Code, which states that government-owned and controlled
corporations (such as Napocor) are not liable to pay real
property taxes from equipment used in generating power.

Napocor said what Benguet is taxing the company are its
machineries and equipment used for electricity generation.

Because of Napocor's refusal to pay, the provincial board (PB)
has created an ad hoc committee to finalize the "demandable"
amount from the corporation. The PB earlier adopted a committee
report recommending that the Napocor properties be finally
subject to public auction sale.

The PB expects Napocor to file a petition for injunction.

PB Member Juan Nazarro said Benguet is ready to face Napocor in
court. He is also optimistic Napocor will settle its accounts
once the issue is brought to the proper forum.


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

ACCORD CUSTOMER: Posts Six-Month SGD7.9 Million Net Loss
--------------------------------------------------------
Accord Customer Care Solutions Limited announces the release of
its financial statement for the first six months of 2005.

The Company operates in two business segments - after market
services (AMS) and distribution management solutions (DMS). For
the first half of the financial year 2005, the Company posted a
net loss of SGD7.9 million, compared to a net profit of SGD0.79
million for the same period last year. This is mainly due to
lower margins from both its AMS and DMS businesses, and rising
start-up costs for its DMS distribution and retails businesses,
as well as the setting up of new service centers.

To view the Company's financial statement, go to:

http://bankrupt.com/misc/tcrap_accordcustomer092205.pdf

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


CHARTERED SEMICONDUCTOR: Teams Up with IBM, Samsung on DFM
----------------------------------------------------------
On Sept. 21, 2005, Chartered Semiconductor Manufacturing
Limited, together with IBM and Samsung Electronics Limited,
announced a comprehensive strategy and initial set of solutions
for a cross-fab, common design-for-manufacturability (DFM)
initiative.

The multi-faceted effort, which includes participation by
leading electronic design automation (EDA) and DFM tool
suppliers, will offer a series of rules, models and utility kits
that provide new levels of predictability and control to achieve
working silicon faster and yield ramp more efficiently.

The DFM initiative builds on the companies' breakthrough jointly
developed Common Platform for 90-nanometer (nm) and 65nm nodes
and is supported by an extensive ecosystem of design enablement
resources. Details of the DFM initiative will be unveiled at the
annual Chartered Technology Forum 2005 in San Jose on September
22, 2005.

"This is a major expansion to an already unprecedented level of
cooperation and focus on the most challenging issues the
semiconductor industry faces. Our Common Platform approach has
initially concentrated on enabling designers to leverage
advanced processes in a copy-exact manner across multiple fabs,"
said Kevin Meyer, vice president of worldwide marketing and
platform alliances at Chartered. "This is significant
technically and economically for our industry. With the DFM
initiative we have extended that focus to develop a standard
platform that brings greater process control, higher model
accuracy and increased manufacturing awareness. This results in
greater predictability to Common Platform Partners Extend
Collaboration to Integrate Design for Manufacturing /2
customers, ensuring faster turnaround times, better yields, and
optimal use of nanometer manufacturing capabilities."

The DFM initiative addresses manufacturability as the newest,
most pressing design closure challenge faced by designers
targeting processes at 90nm and below. It is targeted to provide
enhanced depth and detail in its models, data, analysis
capabilities and shapes manipulation, which are based on both
statistical modeling of advanced manufacturing characteristics,
as well as actual data derived from silicon production at the
three manufacturing leaders.

"This is not the traditional DFM approach of providing designers
with basic design rule information and SPICE models. This is an
in-depth and information-rich approach to DFM," said Steve
Longoria, vice president of IBM's Technology Group. "Thanks to
the tight cooperation and information exchange among three of
the world's most renowned manufacturers and a host of design and
DFM tool experts, the common DFM platform introduces new levels
of control and insight that will allow designers to create
right-by-construction designs targeted at the most advanced
processes available. It offers all the benefits of the Common
Platform model we initiated with Chartered three years ago, and
adds new capabilities specifically aimed at managing
increasingly difficult issues such as yield and variability."

Shared methodology and an eight-pronged approach to the most
challenging issues The collaborative effort is targeting the
development of a shared manufacturing-aware design methodology,
which enables designers to quickly and efficiently identify
possible yield detractors, target those that are most
significant, and make intelligent trade-offs. It is focused on
eight key components to meet the needs of designers implementing
on leading-edge process technologies, drawing on multidiscipline
expertise including design, device physics, process and
manufacturing. These eight key components include:
DFM design guidelines
DFM checking decks
Yield enhancement design flows
Lithography/Shape simulation
Chemical mechanical polishing (CMP) simulation
Critical area analysis
Statistical timing analysis and optimization
DFM services, such as library certification and layout review

Individually, the focus areas will benefit from close
cooperation with EDA and DFM suppliers to offer designers
detailed views, guidelines and models that are based on
manufacturing data for designing to the specific physical
characteristics of highly complex manufacturing processes.

Combined, they provide more comprehensive visibility into
manufacturing effects so as to enable the designer to better
anticipate yield ramp as a part of the design process.
The DFM initiative is built upon the foundation of the
companies' common design enablement strategy, which includes a
set of common reference flows and technology kits that support
the use of the most popular EDA tools, libraries and IP cores.
The resulting DFM solution will become an integral part of the
Common Platform and is to be implemented through a combination
of rules- and model-based design kits, containing critical
information required by designers to better predict the impact
of their decisions on manufactured designs over a variety of
operating ranges and conditions.

The first phase release of the DFM initiative focuses on driving
a correct-by-construction approach and analysis capabilities to
gauge and give guidance on focus areas for improvement.
Capabilities include:
Updated and comprehensive DFM design guidelines for best
layout practices
Intelligent routing to address manufacturability
Various DFM post-processing utilities, such as redundant via
insertion
Yield- and process-sensitive site analysis
Critical area assessments
The above designer-enabled capabilities are augmented with a
range of optional manufacturerdelivered
DFM services including:
Library/IP DFM review
Full chip DFM review
Lithography process checks
Pattern density analysis

Future deliverables are being targeted to include customer-
enabled lithography/shape simulation, CMP thickness modeling and
its impact on improving parasitic extraction accuracy as well as
driving more intelligent metal fill, support for statistical
timing analysis and optimization, and lithographyaware/
critical area-aware driven routing.

"We started with a goal of giving designers a comprehensive
insight capability into the manufacturing process through
inserting detailed information into their domain of design
tools, IP use and verification," said Dr. Ho-Kyu Kang, vice
president of Technology Development at Samsung. "Through
cooperation with the core drivers of the EDA and DFM tool
industries, the alliance is working with best-of-breed third-
party tool vendors to have a compelling open solution for
customers available from all three companies."

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax:   65 63622938
Web site: http://www.charteredsemi.com


CITIRAYA INDUSTRIES: Creditor Dislikes Chosen Judicial Manager
--------------------------------------------------------------
DBS Bank, the largest creditor of troubled recycling firm
Citiraya Industries Limited, objected to the Company's choice of
judicial manager to handle its affairs, reports Dow Jones.

According to the bank's court documents, the Company's
appointment of accountant Nicky Tan is unacceptable as he is too
close to the Company to be objective.

Mr. Tan has been an independent investigator and financial
adviser of Citiraya Industries since January this year.

Citiraya Industries has lost its major businesses and key
employees, and mudt pay up to SGD474 million in creditors'
claims. Recently, some Company officials and employees were
arrested on bribery charges, after accepting bribes to sell
rejected products on the international black market.

So far, the Company has managed to stave off its creditors by
filing for judicial management one day before a scheduled
hearing on a winding up petition, and has managed to secure
investments from Heshe Holdings Limited and business tycoon Mr.
Oei Hong Leong.

CONTACT:

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


CITIRAYA INDUSTRIES: Accused Employee to Stand Trial Alone
----------------------------------------------------------
One of three employees of troubled recycler Citiraya Industries
Limited accused of bribery is ready to stand trial alone in
order to defend himself, Channel NewsAsia reports.

Former Citiraya transport supervisor Ong Cheng Ho attended a
pre-trial conference on Sept. 22, 2005 with two other employees
to face charges of taking bribes totaling SGD115,000. Mr. Ong
supposedly took the largest bribe at SGD86,000.

While the lawyer for the other two employees is seeking a
possible plea bargain for his clients, Mr. Ong's lawyer said
that his client wished to claim trial.

In a graft investigation conducted on the Company a few months
earlier, five employees of Citiraya's clients have pled guilty
to corruption charges in the bribery case.

Citiraya Industries is trying to avoid bankruptcy as it filed a
petition for judicial management to stave off its creditors, and
has secured investments from Heshe Holdings Limited and business
tycoon Oei Hong Leong.


FHTK HOLDINGS: Banker Proposes Repayment Schedule
-------------------------------------------------
FHTK Hloldings Limited announces that the Company's principal
banker in China has requested a repayment schedule on its
RMB173 million loan over a period of five years, as follows:

i. RMB10 million to be payable by end of September 2005,

ii. RMB25 million to be repayable by end of December 2005 and

iii. thereafter, the repayment shall be RMB2.9 million per
month.

The management is currently negotiating the repayment schedule
with the banker, and will publish an announcement on further
developments regarding the matter.

By Order of the Board

CONTACT:

FHTK Holdings Limited
20 Harbour Drive
Singapore 117612
Phone: 65 6779 5688
Fax:   65 6777 3960
Web site: http://www.fhtk.com.sg/


GREATRONIC LIMITED: Changes Office Address
------------------------------------------
Greatronic Limited announced that effective Sept. 21, 2005, the
Company's registered office will be situated at 101 Cecil
Street, #10-07 Tong Eng Building, Singapore 069533. The contact
details of the Company are as follows:

CONTACT:

Greatronic Limited
101 Cecil Street
#10-07 Tong Eng Building
Singapore 069533
Phone: 65 6225 0560
Fax:   65 6225 0562


RHOMBIC PTE: To Pay Dividend Soon
---------------------------------
Rhombic Pte Limited, formerly of 38 Genting Lane, #01-02 Metal
House, Singapore 349553, posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Rhombic Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 26 of 2000
Last day for receiving proofs: Oct. 7, 2005
Name  & address of Liquidators: John Teo Cheng Lok & Foong Daw
Ching
C/o TeoFoongWongLCLoong
15 Beach Road, #03-10 Beach Centre
Singapore 189677

Dated this 16th day of September 2005


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

POWER-P: Complies SEC's Request for Additional Information
----------------------------------------------------------
Power-P Public Co. Ltd. informed the Stock Exchange of Thailand
(SET) that it has submitted to the Securities and Exchange
Commission (SEC) additional information as per request about
revenue recognition, advance payment, and receiving payment as
stated in the Special Audit's report to the investors.

For more information, click


Please be informed accordingly.

Sincerely Yours,
Mr. Kittiphat Intharakaset
Deputy Managing Director
Corporate Planning and Investing

CONTACT:

Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2


TONGKAH HARBOUR: Names New Audit Committee Chairman
---------------------------------------------------
Pursuant to the Board of Director Meeting held on September 21,
2005, Tongkah Harbour Public Company Limited (THL) provided the
Stock Exchange of Thailand (SET), Shareholders and Investors the
following Board Resolution:

Acknowledged the resignation of Mr. Prakit Pradipasen as
Independent Director and Chairman of the Audit Committee,
effective September 21, 2005 and appointed Mr. Kriang
Kietfuengfoo as his replacement.

Mr. Kriang Kietfuengfoo is a former Banker and currently serves
as the Chairman of Audit Committee and the Independent Director
of two other listed Public Company.

As a result the Company's Audit Committee therefore consist
of two members as follows:

(1) Mr. Kriang Kietfuengfoo- Independent Director and
                             Chairman of Audit Committee

(2) Mr. Tiwa Sukumoljantra- Independent Director and
                            Audit Committee Member

The Company is in the process of appointing a third Independent
Director and Audit Committee Member.

Please be informed accordingly.

Yours faithfully,
Mr. Chalermchai Martmuang
Secretary to the Executive Board of Directors



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

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


CHINA & HONG KONG
-----------------
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Sichuan Topsoft Investment     000583     (-45.54)    228.05
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

INDONESIA
---------
PT Smart Tbk                    SMAR      (-37.55)     427.98
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72

JAPAN
------
Fujitsu Comp Ltd                6719        20.63      283.16

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-50.36)     189.92

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       850.58

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.12)      78.77
Bangkok Rubber PCL              BRC/F      (-57.12)      78.77
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87




                            *********


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
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                 *** End of Transmission ***