TCRAP_Public/050926.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

             Monday, September 26, 2005, Vol. 8, No. 190

                            Headlines

A U S T R A L I A

A.C.N. 000 673 647: Members to Receive Wind Up Report
ALAN MCDONALD: Members Opt for Voluntary Liquidation
AUSTRAL COAL: Panel Welcomes ASIC's Support
BUSINESS RISK: Decides to Wind Up Business
CHEMEQ LIMITED: Snags AU$1.4-Mln Sales Order

COSMIC IMPORTS: Court Orders Winding Up
GOLDTOUCH TECHNOLOGIES: Set to Distribute Dividend This Week
GROWERS PTY: Creditors Find Hope in AbbeyVale Wine Sales
HILLCREST LANDSCAPING: Paul Vartelas Named Liquidator
IMPRESSIVE TRANSPORT: Enters Liquidation

INDUSTRY AND COMMERCE: Liquidator to Detail Winding Up Manner
J BOLTON: Appoints Official Liquidator
JRL ELECTRICAL: Members Agree to Close Operations
KALAMAZOO PTY: Printing Firm Runs Out of Ink
MAYNE GROUP: Sends Company Split Plan to Regulators

MIDAS MOUSE: To Pay Dividend to Creditors
MR MOTORPARTS: Liquidator to Distribute Company Assets
MULTIPLEX: Appoints Independent Board Director
MYER LIMITED: Placed on Auction Block
MYER LIMITED: Citigroup Suggests Keeping Stores

PACIFIC SHEEPSKINS: Creditors Resolve to Wind Up Firm
P&C KINNANE: Members, Creditors Meet to Discuss Liquidation
PLAYERS FIRST: Members Pass Winding Up Resolution
PRESTIGE LAND: Prepares to Quit Business
QUALITY CONCRETE: Heading for Liquidation

RIVERLAND FRUIT: Pays Interim Dividend
ROBERT PHILLIPS: Schedules Final Meeting October 3
TELSTRA CORPORATION: Rival Offers Tie-up
TELSTRA CORPORATION: Delays Strategic Review
TRI SLASHERS: Placed Under Voluntary Liquidation

WILLIAM CAMPION: Members Decide to Cease Ops


C H I N A  &  H O N G  K O N G

BANK OF CHINA: To Join Auto Financing Venture
BLU SPA: FY/2005 Net Loss Widens to HK$5.7 Mln
CHINA CONSTRUCTION: IPO Wins Bourse's Nod
EXCELMIND INTERNATIONAL: Creditors Meeting Set September 30
GEOMAXIMA ENERGY: 1H/2005 Net Loss Balloons to CNY22 Mln

GRANDLY HONG KONG: Prepares to Shut Down Business
HUNDRED LEAF: Court Releases Winding Up Notice
RICH MANOR: To Start Winding Up Process
RNA HOLDINGS: To Delist Shares Today
SEMICONDUCTOR MANUFACTURING: Sinks to US$70-Mln Net Loss

TACTCON CONSTRUCTION: Creditors Meeting Set October 24
TECHNOLOGY INTERNATIONAL: To Close Down Business
UNIVERSAL FUNDS: SFC Reprimands Asset Management Firm


I N D I A

INDIAN OIL: Targets Turnaround in Second Half


I N D O N E S I A

PERTAMINA: Drills Oil Well for Exploration
PERTAMINA: Government Supports Bid to Operate Aceh Gas Block
PERTAMINA: Part-Time Workers Protest Downsizing Plan
PERUSAHAAN LISTRIK: Proposes Price Hike Scheme to Start in 2006
TELEKOMUNIKASI INDONESIA: Targets Stronghold on Domestic Market


J A P A N

HONMA GOLF: Two Firms Vow to Aid Rehabilitation
ISHIKAWAHIMA-HARIMA HEAVY: R&I Assigns BBB Rating
KOHNAN SHOJI: JCR Downgrades Rating to BBB-
NISSEI DOWA: To Delist in Sapporo, Fukuoka Stock Exchanges
SONY CORPORATION: Unveils Corporate Strategy, Axes 10,000 Jobs

UFJ HOLDINGS: Enters Retail Business Deal


K O R E A

DAEWOO GROUP: Insurer Recovers KRW5.5Bln from Suit


M A L A Y S I A

DUOPHARMA BIOTECH: Details TMSB Mandatory Offer
BIG WHEEL: Placed in Member's Voluntary Winding Up
KRETAM HOLDINGS: Disposes of Units
LEBAR DAUN: Positive to Meet Requirements Before Month's End
METROPLEX BERHAD: Court Adjourns Hearing of MSEMI Applications

OLYMPIA INDUSTRIES: To Seek Shareholders Approval to Proposals
PAN MALAYSIA: Singapore Units Seeks Privatization
POLYMATE HOLDINGS: Unit Enters SPA to Dispose of Industrial Land
POS MALAYSIA: Issues New Shares for Listing, Quotation
QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities

SBBS CONSORTIUM: Granted 90-Day Restraining Order
SETEGAP BERHAD: Court Further Extends RO
TALAM CORPORATION: Issues Notice of Expiration of Warrants
TANAH EMAS: Adds New Shares for Listing, Quotation
WCT ENGINEERING: Court to Hear Appeal Next Week


P H I L I P P I N E S

ATLAS CONSOLIDATED: Plans US$75-Mln IPO to Fund Unit's Project
BENPRES HOLDINGS: Meeting Creditors to Work Out Loan Terms
COLLEGE ASSURANCE: Eyes Capital Infusion from Potential Partners
MARIWASA MANUFACTURING: Unveils Results of BOD Meeting
MUSIC SEMICONDUCTORS: SEC Approves By-Laws

NATIONAL BANK: Tokyo Branch Chided for Selling Lotto Tickets
NATIONAL TRANSMISSION: New Owner Needs US$65.9 Mln for Expansion


S I N G A P O R E

CITIRAYA INDUSTRIES: Creditor Seeks to Acquire Two Plants
HOTEL MALAYSIA: Passes All AGM Resolutions
RAMPARTS INTERNATIONAL: Creditors Asked to Submit Debt Claims
RSH LIMITED: Unit Buys More Shares in Firm
TAMURA ELECTRONICS: Liquidator Sets Deadline to Submit Claims


T H A I L A N D

THAI AIRWAYS: Disapproves Transfer of Air Service to Nok Air
THAI PETROCHEMICAL: Stake Sale Deadline Looms
THAI PETROCHEMICAL: SET Resumes Trading of Securities
TPI POLENE: Two Bidders Show Interest

     -  -  -  -  -  -  -  -

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

A.C.N. 000 673 647: Members to Receive Wind Up Report
-----------------------------------------------------
Notice is hereby given that the final meeting of members of
A.C.N. 000 673 647 Pty Limited will be held on Oct. 3, 2005,
10:00 a.m. at the office of Rendall Kelly, Suite 2, Level 6,
Macquarie House, 169 Macquarie Street, Parramatta NSW 2150 to
lay before the meeting the liquidator's accounts and report on
the conduct of the liquidation.

Dated this 30th day of August 2005

Rod Kelly
Liquidator
Rendall Kelly
Suite 2, Level 6, Macquarie House
169 Macquarie Street
Parramatta NSW 2150
Phone: 02 9687 1899


ALAN MCDONALD: Members Opt for Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Alan McDonald Pty Limited duly convened and held on Aug. 22,
2005, members passed a special resolution to voluntarily wind up
the Company, and appointed Gerard John Mier to be Liquidator for
such purpose.

Dated this 22nd day of August 2005

Gerard John Mier
Liquidator
c/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870


AUSTRAL COAL: Panel Welcomes ASIC's Support
-------------------------------------------
The Takeovers Panel has noted the decision of the Australian
Securities and Investments Commission (ASIC) on Thursday not to
appeal the decision of the Federal Court in relation to the
Panel's decision in the Austral Coal 02R proceedings.

The Panel welcomes the strong support ASCI gave in its
announcement, of the Panel's role in ensuring a transparent and
fair market for corporate control in Australia and as the forum
for resolving takeover disputes while a bid is in progress.

The Panel agrees with ASIC that takeovers issues in Australia
should be resolved as quickly as possible and not delayed by
litigation. The Panel welcomed ASIC's decision, which the Panel
considers is likely to ensure that a decision in relation to the
proceedings will be delivered to the market in as short a time
as possible.

The President of the Panel is currently appointing a sitting
Panel to consider the application, which has been remitted back
from the Federal Court.

The Panel is directed to ensure its proceedings are:

(a) as fair and reasonable; and
(b) conducted with as little formality; and
(c) conducted in as timely manner;

as the requirements of the corporations legislation, and a
proper consideration of the matters before the Panel permit.

The Panel will look to conduct the Austral Coal 02RR proceedings
in such a manner, and within its normal time frames.

CONTACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.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


BUSINESS RISK: Decides to Wind Up Business
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the member of Business Risk Management Pty Limited held on
Aug. 19, 2005, it was resolved that the Company be wound up
Voluntarily.

At a meeting of creditors held on the same day, Messrs Philip
Newman and David Charles Quin of HLB Mann Judd Chartered
Accountants, Level 1, 160 Queen Street, Melbourne were appointed
Joint and Several Liquidators of the Company.

Dated this 22nd day of August 2005

Philip Newman
David C. Quin
Joint Liquidators
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000


CHEMEQ LIMITED: Snags AU$1.4-Mln Sales Order
--------------------------------------------
Chemeq Limited on Friday announced that it had signed a new
sales order with its key South African distributor Inviro Animal
Health Solutions CC.

The sales order provides for the shipment of CHEMEQ polymeric
antimicrobial worth approximately AU$1.4 million over the next
nine months.

Chief Executive Officer David Williams said that this new South
African order was the result of the continuing outstanding
efforts of the entire Chemeq team, which is firmly focused on
producing and marketing its unique products to the market.

"The Chemeq team is focused on delivering a world class solution
to some of the issue faced by pig and poultry producers around
the world and to working with producers, initially in South
Africa and other regional markets, to introduce CHEMEQ polymeric
antimicrobial into existing livestock management procedures.
Chemeq staff are to be applauded for their undivided attention
to delivering our quality products to this growing market, he
said.

"There is now a mounting acceptance amongst producers of the
benefits of CHEMEQ polymeric antimicrobial to their operations."

"As the company increases production of CHEMEQ polymeric
antimicrobial, the ability to meet this rising demand will
improve. We believe that further orders from the South African
pig and poultry sector may be forthcoming in the near future."

"We continue to market our products in South Africa, New Zealand
and Malaysia, where we have regulatory approval. Producers in
other countries continue to express interest in our products and
we continue to work with regulators and potential customers to
enable a speedy introduction of CHEMEQ polymeric antimicrobial
into these countries."

Inviro Animal Health Solutions CC Managing Director Dr. Pieter
Grimbeek said he was pleased with the growing interest
developing in CHEMEQ polymeric antimicrobial among commercial
pig and poultry producers in South Africa.

"Inviro's belief in the benefits of Chemeq's products is
confirmed by the enthusiastic response received from producers
as a result of the recent trials of CHEMEQ polymeric
antimicrobial in South Africa," he said.

"Producers are beginning to realize the economic benefits that
can be delivered from the use of CHEMEQ polymeric
antimicrobial."

Inviro Animal Health Solutions CC has a three-year distribution
agreement with Chemeq to distribute Chemeq polymeric
antimicrobial for pigs and poultry in South Africa.

Orders for CHEMEQ polymeric antimicrobial for the current
financial year ending June 30, 2006 now exceed 2,000 units.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


COSMIC IMPORTS: Court Orders Winding Up
---------------------------------------
On Aug. 19, 2005, the Federal Court of Australia, District
Registry ordered the winding up of Cosmic Imports Pty Limited,
and appointed Steven Nicols to be Liquidator for such winding
up.

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


GOLDTOUCH TECHNOLOGIES: Set to Distribute Dividend This Week
------------------------------------------------------------
Goldtouch Technologies Australia Pty Limited will declare a
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 18th day of August 2005

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


GROWERS PTY: Creditors Find Hope in AbbeyVale Wine Sales
--------------------------------------------------------
The administrator of failed winemaker The Growers Pty Ltd
claimed the firm may have traded while insolvent, according to
The West Australian.

Administrator Kim Wallman said in a supplementary report to
creditors that before its collapse in July, there may have been
grounds to assume the company behind the Margaret River wine
label Abbey Vale could not repay its debts when they fell due.

However, Mr. Wallman is ruling out any move to pursue the matter
in court, saying the action would not recover any substantial
cash for creditors.

Growers director Philip May, meanwhile, denied the insolvent
trading claim.

Under a deed of company arrangement (DOCA) agreed by creditors
owed more than AU$6 million, Mr. May is now trying to lead The
Growers out of administration through the orderly sale of the
company's 50,000 cases of wine and 800,000 litres of bulk wine.

Mr. Wallman said creditors were likely to realize about 30 cents
in the dollar under the DOCA, against between just 5 cents and
10 cents if the company was put into liquidation and  a lien
over 16,850 cases of wine was deemed valid.

Several creditors, including Evans & Tate, Portavin and Plum
Studios, have agreed to receive payment of debts from the sale
of the company's AbbeyVale and The Growers wines.

Mr. May said the company was not discounting its stock because
it had already been aggressive in the market by offering good
retail deals to gain shelf space.

The administrator slashed the value of The Growers' wine stocks
from AU$5.5 million to AU$1.1 million in his initial report to
creditors on July 12.


HILLCREST LANDSCAPING: Paul Vartelas Named Liquidator
-----------------------------------------------------
Notice is hereby given that at a meeting of the members of
Hillcrest Landscaping Services Pty Limited held on Aug. 22,
2005, it was resolved that the Company be wound up voluntarily,
and Paul Vartelas of B. K. Taylor & Co., 8th Floor, 608 St.
Kilda Road, Melbourne was appointed Liquidator at a creditors'
meeting held that same day.

Dated this 22nd day of August 2005

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


IMPRESSIVE TRANSPORT: Enters Liquidation
----------------------------------------
At a general meeting of Impressive Transport Haulage Pty Limited
held on Aug. 19, 2005, the following was resolved:

That the Company be wound up voluntarily, and that Kim David
Holbrook of Holbrook & Associates Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator for the winding up.

Dated this 19th day of August 2005

Kim D. Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


INDUSTRY AND COMMERCE: Liquidator to Detail Winding Up Manner
-------------------------------------------------------------
Notice is given that the final combined meeting of the members
and creditors of Industry and Commerce Employment and Training
Group Limited will be held on Oct. 3, 2005, 11:00 a.m. at the
offices of Horwath BRI Brisbane, Level 4, 370 Queen Street,
Brisbane Qld 4000, 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 the
Liquidators.

Dated this 9th day of August 2005

Gerald T. Collins
Liquidator
c/o Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


J BOLTON: Appoints Official Liquidator
--------------------------------------
Notice is hereby given that at a general meeting of J Bolton
Nominees Pty Limited held on Aug. 19, 2005, it was resolved that
the Company be wound up voluntarily, and that Michael Gerard
McCann of Grant Thornton Chartered Accountants, Level 4, Grant
Thornton House, 102 Adelaide Street, Brisbane, be appointed
Liquidator.

Dated this 19th day of August 2005

Michael G. McCann
Grant Thornton Chartered Accountants
Level 4, Grant Thornton House
102 Adelaide Street, Brisbane


JRL ELECTRICAL: Members Agree to Close Operations
-------------------------------------------------
Notice is hereby given that at a meeting of the members of JRL
Electrical Pty Limited held on Aug. 19, 2005 it was resolved
that the Company be wound up voluntarily and at a creditors'
meeting held that same day, it was resolved that Paul Vartelas
of B. K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne
be appointed Liquidator for such purpose.

Dated this 19th day of August 2005

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


KALAMAZOO PTY: Printing Firm Runs Out of Ink
--------------------------------------------
One of Australia's oldest printing companies, Kalamazoo (Aust)
Pty Limited, has fallen into receivership, according to the
Herald Sun.

McGrathNicol partners Chris Honey and Murray Campbell Smith were
appointed joint receivers and managers for Kalamazoo on
September 12.

Last week, members of the Australian Newsagents Federation and
other prospective creditors were shocked on news that
Kalamazoo's phonecard business, Zoo Telecom, had been shut down.
The closure was considered an indication that the company is no
longer viable.

Meanwhile, National Australia Bank (NAB) and GE Capital emerged
as among the creditors exposed to the firm following its
receivership.

NAB, which is reportedly owed over AU$5 million by Kalamazoo,
has registered several charges over the assets of the group in
the past nine months. GE Capital, on the other hand, is exposed
through a lease agreement.

The receivers have not yet issued a statement of liabilities for
the company, but newsagents and other distributors of the
group's phonecard products are also owed money.

The administrators disclosed that the members of the newsagents'
federation would be treated as unsecured creditors of Zoo
Telecom if they were still holding prepaid cards or had
reimbursed customers who were unable to use them.

Sources close to Kalamazoo told BusinessDaily last night that
the receivers were hopeful a buyer could be found for the
business.

The jobs of around 100 staff employed in Australia and New
Zealand are under threat.

The company was founded in 1919 in Victoria by Charles Howe, who
was managing director until 1969.

While Kalamazoo ventured into telecommunications in 2001, its
core businesses are focused on business stationery and security
printing in the financial services industry.

CONTACT:

Mc GrathNicol + Partners
Level 9
10 Shelley Street
Sydney NSW 2000

GPO Box 9986
Sydney NSW 2001

Telephone: 02 9338 2600
Facsimile: 02 9338 2699
Web site: http://www.mcgrathnicol.com.au/


MAYNE GROUP: Sends Company Split Plan to Regulators
---------------------------------------------------
Mayne Group Limited (Mayne) announced Friday that it has lodged
the Explanatory Memorandum in relation to the proposed demerger
of its injectable generic and specialty pharmaceutical business
(Mayne Pharma) with the Australian Securities and Investments
Commission (ASIC).

Mayne's Board has also determined the proposed composition of
the Boards of Mayne Pharma and Mayne and has appointed the Chief
Financial Officers of the respective businesses.  

Should the demerger be approved, Mr. Peter Willcox, Mr. Rowan
Russell, Dr John Sime and Dr Nora Scheinkestel will become
directors of Mayne Pharma and Dr Thierry Soursac will become its
Managing Director and Chief Executive Officer.  Mr. Paul
Binfield will become Mayne Pharma's Chief Financial Officer.  
Mr. Binfield is currently the Chief Financial Officer of Mayne
Group Limited.

Mr. Paul McClintock, Dr Ian Blackburne, Ms Carolyn Kay and Mr.
James Hall will continue to act as directors of Mayne and Mr.
Robert Cooke will be appointed its Managing Director and Chief
Executive Officer.  Mr. John Hickey will become Mayne's Chief
Financial Officer following the demerger.  Mr. Hickey was most
recently the Chief Financial Officer of Affinity Health Limited.

Mayne's Chairman, Mr. Peter Willcox said, "By lodging the
Explanatory Memorandum with ASIC today, we are on-track to
complete the demerger by the end of this year, if approved by
our shareholders."

"With the establishment of the Boards, and the appointment of
the CEOs and CFOs of both businesses, we will have strong
capabilities in both companies with an appropriate mix of
skills."

The demerger proposal is expected to be available for
shareholders to review in about two weeks time following ASIC's
normal review process and the Supreme Court of Victoria making
the required order to convene the shareholder meeting to approve
the demerger scheme.  The Explanatory Memorandum would be
dispatched to shareholders shortly thereafter to enable the
shareholder meeting to approve the demerger to occur in mid-
November.

Mayne has attractive businesses in the healthcare sector and
from time to time it has received unsolicited proposals from
parties interested in acquiring various parts of Mayne.

The Mayne Board remains convinced that a demerger is the best
strategy for delivering value to its shareholders, and
accordingly Mayne is re-iterating its intention not to sell any
of its businesses prior to the demerger.  

In conclusion, Mr. Willcox stated, "We look forward to the
public release of the Explanatory Memorandum and seeking
approval from Mayne's shareholders to implement the demerger."

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MIDAS MOUSE: To Pay Dividend to Creditors
-----------------------------------------
Midas Mouse International Pty Limited is set to declare a
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 17th day of August 2005

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


MR MOTORPARTS: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of MR Motorparts (Australia) Wholesale Pty
Limited duly convened and held on Aug. 22, 2005, the following
Special Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.

Dated this 29th day of August 2005

John L. Frazer
Liquidator
Suite 111, 1st Floor, 2 Crofts Avenue
Hurstville NSW 2220


MULTIPLEX: Appoints Independent Board Director
----------------------------------------------
Multiplex Group on Friday announced that it has appointed Mr.
James Tuckey to the Multiplex Limited and Multiplex Funds
Management Limited boards as an independent Non-Executive
Director.

Mr. Tuckey is well respected in the United Kingdom property
sector, having worked for the United Kingdom based property
investment and development company, MEPC plc for 28 years,
finally as chief executive for 11 years.

Through his roles with MEPC, Mr. Tuckey was responsible for
MEPC's U.K. development program with an estimated value of
GBP900 million (AU$2.125 billion). Mr. Tuckey is also familiar
with the Australian property market, having overseen MEPC's
growth into Australia and the United States.

Mr. Tuckey is currently Deputy Chairman of English Partnerships,
the governmental regeneration agency for England. He is also an
investment adviser to the BP plc pension fund, one of the
largest in the United Kingdom, and is Chairman both of property
consultants NAI Fuller Peiser, and of World Golf Systems Group
plc. Mr. Tuckey is also Chief Executive of Butterfield Land Ltd.
and is a Member of the President's Committee of the British
Property Federation, having served as President during 1993. Mr.
Tuckey is also a Fellow of the Royal Institution of Chartered
Surveyors.

The Multiplex Limited Board now comprises five independent and
five executive directors, led by the Non-Executive Chairman Mr.
Allan McDonald.

Mr. McDonald said: "The appointment of Mr. Tuckey delivers on
our previously stated strategy to strengthen the Board through
the addition of a U.K.-based independent director."

"Mr. Tuckey brings to the Board a history of practical, hands-on
experience not only in the property industry, but in the
business community generally. His knowledge of the U.K. property
industry is highly regarded."

Multiplex Group stapled securities trade on the Australian Stock
Exchange under the symbol "MXG".

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


MYER LIMITED: Placed on Auction Block
-------------------------------------
Coles Myer Limited has put its ailing department store unit Myer
Limited on the auction block Thursday last week, Reuters
reports.

The retailer has declared open the sale of Myer department
stores, inviting formal proposals for the chain before the
middle of next month.

The 61-department store chain has reportedly received informal
inquiries from up to 13 potential buyers. Analysts expect the
sale to generate around AU$500 million.

But chief executive John Fletcher clarified the chain would not
be broken up. This rules out several bidders, but Mr. Fletcher
is confident there is enough "local and international" interest
for a successful sale.

Rival retailers David Jones and Harris Scarfe are expected to be
ruled out as they were interested in some of the best stores
rather than the whole chain.

Founded by a Russian immigrant in 1900, Myer is a retail
institution. But its mid-range department stores have struggled
against competition from discount and specialty outlets as well
as upmarket chain David Jones Ltd.  

Coles Myer said last month it had appointed corporate advisers
Carnegie Wylie & Co to look at a potential sale.  

The sale, still to be officially sanctioned by the board, is
expected to be completed by late this year or early next year.

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: Citigroup Suggests Keeping Stores
-----------------------------------------------
Coles Myer Limited would be better off if it retains its Myer
Limited department store chain, an investment house suggested.

According to Asia Pulse, Citigroup believes Coles Myer should
restructure its ailing Myer department store rather than sell it
to risk it becoming another competitor.

Citigroup said the poor annual result from Myer, which made
AU$38.6 million (US$29.3 million in 2004/05 but lost AU$15
million in the second half, will make bargaining with interested
buyers more difficult.

Citigroup said there are 12 potential buyers at this stage, but
half of them are private equity firms looking to buy Myer on the
cheap.

Citigroup stressed selling Myer will be harmful for its parent,
saying the firm is unlikely to receive a good sale price.

It said Coles Myer would be stretched to get more than $600
million for the business.


PACIFIC SHEEPSKINS: Creditors Resolve to Wind Up Firm
-----------------------------------------------------
On Aug. 19, 2005, the creditors of Pacific Sheepskins Pty
Limited passed a Special Resolution to wind up the Company
voluntarily.

Dated this 23rd day of August 2005

D. I. Mansfield
R. J. Porter
Joint Liquidators
c/o Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


P&C KINNANE: Members, Creditors Meet to Discuss Liquidation
-----------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of P&C Kinnane Pty Limited will be held on Oct. 3,
2005, 12:00 p.m. at the offices of GHK Green Krejci, Level 9,
179 Elizabeth Street, Sydney NSW, to present the Liquidator's
account showing the manner in which the winding up was
conducted, and the property of the Company disposed of, and to
hear any explanations that may be given by the Liquidator.

Dated this 30th day of August 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


PLAYERS FIRST: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Players First Pty Limited held on Aug. 24, 2005, a special
resolution was passed to wind up the Company voluntarily, and
that Gregory Stuart Andrews of 22 Drummond Street, Carlton 3053
was appointed Liquidator.

Dated this 25th day of August 2005

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


PRESTIGE LAND: Prepares to Quit Business
----------------------------------------
Notice is hereby given that on Aug. 19, 2005, the Supreme Court
of New South Wales ordered the winding up of Prestige Land
Developments Pty Limited, and appointed Sule Arnautovic as
Official Liquidator of the Company.

Dated this 23rd day of August 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


QUALITY CONCRETE: Heading for Liquidation
-----------------------------------------
There is little possibility that ailing formworks contractor
Quality Concrete Pty Ltd will be saved, Company director Mark
Stevens told Townsville Bulletin.

The 25-year-old firm, which performed major contract work on
projects such as the Stockland shopping center development,
blamed its collapse on big projects that failed.

The company had taken hits worth more than AU$200,000 for work
at Magnetic Island and on the Sunshine Coast in the collapse of
local builder Kennedy Constructions earlier this year.

However, Mr. Stevens said a dispute over payment of about
AU$178,000 for work on Townsville developer Honeycombes' High
Point apartments and legal costs associated with it had caused
his collapse.

While Mr. Stevens was angry with the circumstances of the
dispute, he said the saddest part for him was the debts he had
left to around 30 local suppliers who had remained loyal to him
and having to lay off staff who had worked for him for up to 20
years.

The Australian Tax Office moved on Quality Concrete for unpaid
tax and Mr. Stevens placed the business in voluntary
administration on September 5.

Insolvency specialist Bill Buckby of Korda Mentha North
Queensland was appointed administrator.

A second meeting of creditors would be held on October 3 to
determine the future of the company, which was likely to be
placed in liquidation.

CONTACT:

KordaMentha
Level 1, 150 Walter Street
Townsville 4810
Queensland (Australia)

PO Box 1486
Townsville 4810
Queensland (Australia)

Phone: +61 7 4724 5455
Fax: +61 7 4724 5405
E-mail: tsv.reception@kordamentha.com
Web site: http://www.kordamentha.com/


RIVERLAND FRUIT: Pays Interim Dividend
--------------------------------------
Riverland Fruit Co-operative Limited will declare an interim
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

George Divitkos
Liquidator
c/o BDO Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000
Phone: 8223 1066


ROBERT PHILLIPS: Schedules Final Meeting October 3
--------------------------------------------------
Notice is hereby given that the final meeting of members of
Robert Phillips Investments Pty Limited will be held on Oct. 3,
2005, 10:00 a.m. at the offices of Kellaway Cridland Pty Limited
Chartered Accountants, 48 Hunter Street, Sydney to lay before
the meeting the Liquidator's final accounts and report and to
give any explanation thereof.

Dated this 18th day of August 2005

Robert Kellaway
Liquidator
Kellaway Cridland Pty Limited
Level 4, 48 Hunter Street
Sydney NSW 2000


TELSTRA CORPORATION: Rival Offers Tie-up
----------------------------------------
Embattled Telstra Corporation has received an unexpected offer
from rival Optus to co-operate in building a national fibre-
optic network, according to The Age.

The announcement came as Optus Chief Executive Paul O'Sullivan
revealed an AU$150-million investment aimed at snatching some of
Telstra's broadband business.

Telstra, meanwhile, said it would evaluate the proposal and
negotiate with Optus, if it was a genuine offer.

While Telstra said it was open to discussions on the fibre-optic
co-operation, it had earlier accused Optus of cherry-picking its
most lucrative customers and ignoring regional Australia by
confining the AU$150 million broadband roll-out to the three
main state capitals, ignoring regional Australia.

But Mr. Sullivan defended Optus' move, saying it was a dramatic
step-up in competition ion residential and business broadband
and telephony services.

The investment is the largest Optus, or any Telstra competitor,
has made in broadband facilities and will result in digital
subscriber line access multiplexers being installed in 340
Telstra telephone exchanges to connect customers via Telstra
copper phone lines. New optical fibre will be laid from these
exchanges to Optus' Australian network.

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: Delays Strategic Review
--------------------------------------------
Telstra Corporation has postponed until November its long-
awaited strategic review, which was originally expected to be
completed next month, The Australian says.

Telstra boss Sol Trujillo presented a set of plans to a board
meeting held last wee, which analysts expect to include wide-
reaching measures to halt the telco's shocking earnings decline.

The telco did not provide any explanation for the delay. But Mr.
Trujillo said earlier this month that the company's earnings
could fall by up to 10 percent this year, blaming regulatory
restrictions imposed by the federal government and a drop in
fixed line and mobile revenue.

The profit warning sparked a massive sell-off in Telstra shares,
sending the stock plummeting to an AU$4.26 low.

The review comes after the Federal Government's plan to sell its
remaining 51.8 percent stake in Telstra finally received Senate
approval last week, clearing the way for the multi-billion sale
to go ahead.


TRI SLASHERS: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is given that at a meeting of the members and creditors
of Tri Slashers Pty Limited held on Aug. 25, 2005, creditors
resolved that the Company be wound up, and appointed R. A.
Sutcliffe to be Liquidator for the winding up.

Dated this 25th day of August 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: 03 9482 6277


WILLIAM CAMPION: Members Decide to Cease Ops
--------------------------------------------
Notice is hereby given that a General Meeting of Members of
William Campion Pty Limited was held on Aug. 25, 2005, at which
a Special Resolution was passed to wind up the Company
voluntarily, and Bruce Neil Mulvaney of Bruce Mulvaney &
Co., 1st Floor, 613 Canterbury Road, Surrey Hills,
Victoria, 3127 was appointed Liquidator for such purpose.

Dated this 29th day of August 2005

Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co.
1st Floor, 613 Canterbury Road
Surrey Hills Vic 3127


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

BANK OF CHINA: To Join Auto Financing Venture
---------------------------------------------
PSA Peugeot Citroen will set up a an auto financing joint
venture with the Bank of China "very soon," joining General
Motors and DaimlerChrysler in offering car loans to bolster
sales, The Standard reports.

The venture, in which Bank of China will hold a 50 percent
stake, will offer dealership and retail loans for cars imported
and manufactured by Peugeot.

BOC expects a 15-percent increase in car sales to 2.6 million
units this year, according to the Chinese Association of
Automobile Manufacturers.

The Chinese lender has extended CNY40 billion (HK$38.4 billion)
of auto loans by itself, with a bad-loan ratio of 5 percent.

CONTACT:

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


BLU SPA: FY/2005 Net Loss Widens to HK$5.7 Mln
----------------------------------------------
Blu Spa Holdings Limited posted a net loss of HK$5.668 million
for the fiscal year ended June 30, versus a net loss of HK$4.563
million a year earlier.

Loss per share (LPS) was HK$0.0093. No final dividend was
declared.

The group is a developer, promoter and distributor of a broad
range of botanical personal care products, treatments and
services.

CONTACT:

Blu Spa Holdings Limited
Room 2202, 22/F, Carnival Commercial Building
18 Java Road, North Point
Hong Kong  
Phone: 25250229  
Fax: 28450691  
Web site: http://www.bluspa.com


CHINA CONSTRUCTION: IPO Wins Bourse's Nod
-----------------------------------------
The Hong Kong Stock Exchange (HKEx) has approved the listing
application of China Construction Bank (CCB.YY) Thursday,
reports Dow Jones.

The bank can now proceed with its more than US$6 billion IPO,
which is scheduled for mid- to late October.

With the Hong Kong listing approval, the lender can start the
pre-marketing stage of its IPO.

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

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


EXCELMIND INTERNATIONAL: Creditors Meeting Set September 30
-----------------------------------------------------------
Notice is hereby given, pursuant to Section 228A of the Hong
Kong Companies Ordinance, that a meeting of the creditors of
Excelmind International Limited will be held at YMCA of Hong
Kong, 41 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong on
September 30, 2005 at 2:30 p.m. to appoint liquidator and to
consider further matters relevant to the creditors' voluntary
winding-up of the above-named Company pursuant to Sections 241
(as modified by Section 228A(8)), 242, 243, 244 and 255A of the
Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at Room 1010,
10/F., Delta House, 3 On Yiu Street, Shek Mun, Shatin, N. T.,
Hong Kong, not later than 4:00 pm on the day before the
meetings.

Dated this 16th day of September 2005

KWAN KWOK TAI
Director


GEOMAXIMA ENERGY: 1H/2005 Net Loss Balloons to CNY22 Mln
--------------------------------------------------------
Geomaxima Energy Holdings Limited posted a net loss of CNY22.333
million for the first half of this year, against a net loss of
CNY21.372 million a year ago, according to Infocast News.

Loss per share was (LPS) was CNY0.0074. No interim dividend was
declared.  

CONTACT:

Geomaxima Energy Holdings Limited
Suite 3003 Great Eagle Center
23 Harbour Road, Wanchai
Hong Kong  
Phone: 25718028   
Fax: 28154111


GRANDLY HONG KONG: Prepares to Shut Down Business
-------------------------------------------------
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


HUNDRED LEAF: Court Releases Winding Up Notice
----------------------------------------------
The Hundred Leaf Group Limited whose place of business is
located at G/F, Efficiency House, 35 Tai Yau Street, San Po
Kong, 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 15, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


RICH MANOR: To Start Winding Up Process
---------------------------------------
Rich Manor Investment Limited whose place of business is located
at G/F, 9-11 Fuk Wing Street, Sham Shui Po, 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 15, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


RNA HOLDINGS: To Delist Shares Today
------------------------------------
The Stock Exchange of Hong Kong Limited (the Exchange) announced
that the listing of the shares of RNA Holdings Limited (In
Liquidation) will be cancelled with effect from 9:30 a.m. on
September 26, 2005 in accordance with the delisting procedures
stipulated in Practice Note 17 to the Listing Rules (the
Delisting Procedures).

Practice Note 17 to the Listing Rules formalizes the procedures
to be adopted to delist long-suspended companies.

Dealings in the Company's shares have been suspended since June
2, 2003. Accordingly, dealings in the Company's shares have
effectively been suspended for over 27 months.

The Company was put into the third stage of the Delisting
Procedures on March 4, 2005. Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was September 3, 2005 (the Deadline), where no valid
proposals have been received for resumption, the listing of the
Company's shares will be cancelled. Following the suspension in
trading in the Company's shares and before the Deadline, a
resumption proposal (the Proposal) was submitted to the Exchange
on December 15, 2004. After reviewing the Proposal, the Listing
Division decided that the resumption proposal was not viable.

The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement on
the same day of this announcement informing the public of the
cancellation of the listing of its shares.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.


SEMICONDUCTOR MANUFACTURING: Sinks to US$70-Mln Net Loss
--------------------------------------------------------
Semiconductor Manufacturing International Corporation incurred a
net loss of US$70.44 million for the first half of 2005,
compared with a net profit of US$42.779 million a year ago,
relates Infocast News.

Loss per share (LPS) was US$0.0039. No interim dividend was
declared.  

CONTACT:

Semiconductor Manufacturing Internatioanal Corporation
18 Zhangjiang Road, Pudong New Area
Shanghai 201203, PRC
Phone: 86-21-5080-2000
Fax: 86-21-5080-2868
Web site: http://www.smics.com


TACTCON CONSTRUCTION: Creditors Meeting Set October 24
------------------------------------------------------
Notice is hereby given that pursuant to Section 248 of the
Companies Ordinance (Chapter 32), the final meetings of the
members and of the creditors of Tactcon Construction Company
Limited (In Creditors' Voluntary Liquidation) will be held at
The Hong Kong Council of Social Service of Room 209, Duke of
Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong on October 24, 2005 at 10:15 a.m. and 10:30 a.m.
respectively.

The purpose of the meeting is to lay an account before the
members and creditors, showing the manner in which the winding-
up has been conducted and the property of the Company disposed
of, and of hearing any explanation that may be given by the
Liquidator, and also of directing by special resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator shall be disposed of.

A member or creditor entitled to attend and vote at any of the
above meetings is entitled to appoint a proxy to attend and vote
instead of him.  A proxy need not be a member or creditor of the
Company.

Forms of proxy of the meetings must be lodged at 17/F., Chun Wo
Commercial Centre, 23 Wing Wo Street, Central, Hong Kong no
later than 12:00 noon on the day before the meetings.

Dated this 23rd day of September 2005.

Chau Yin Fong
Liquidator


TECHNOLOGY INTERNATIONAL: To Close Down Business
------------------------------------------------
Technology International Limited whose place of business is
located at Shop Nos 415-429, Level 4, Metroplaza 223 Hing Fong
Road, Kwai Fong, 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 15, 2005

Dated this 16th day of September 2005

ET O'Connell
Official Receiver


UNIVERSAL FUNDS: SFC Reprimands Asset Management Firm
-----------------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Mr. Ming Tak Sang for holding out as carrying on a
business in asset management whilst unlicensed.

An SFC investigation revealed that Ming at the material time was
a representative of Universal Funds and Asset Management Inc,
which was not licensed by the SFC.

Between January and June 2004, Ming was responsible for
promoting unauthorized funds launched by Universal. He also took
part in explaining details of the funds to some investors. These
acts by an unlicensed person contravened section 114 of the
Securities and Futures Ordinance.

Ming pleaded guilty to one summons before Mr. Eddie Yip, a
Magistrate at Eastern Magistracy and was fined $5,000, which
will be paid to the SFC as investigation costs.


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


INDIAN OIL: Targets Turnaround in Second Half
---------------------------------------------
Indian Oil Corporation Limited expects an improvement in its
performance in the second half due to better product prices and
oil bonds issued by the government, Reuters reports.

The state-owned refiner posted a quarterly loss for the first
time in the June quarter, of INR542.3 million, because of
government cap on product prices even as oil prices climbed to
record highs.

India, which imports 70 percent of its oil, raised domestic fuel
prices by 7 percent in June, and approved a similar increase
earlier this month. The government is also expected to give
bonds worth INR120 billion to help oil companies offset losses.

At the annual general meeting of shareholders Chairman Sarthak
Behuria told shareholders the company planned to sell its share
of INR60-70 billion of bonds and divest about 9 percent stake in
Oil and Natural Gas Corp. Ltd. worth about INR130 billion in
tranches.

Mr. Behuria said the company had no plans to defer or delay any
of its on-going or future projects such as expanding capacity at
its Panipat refinery in Haryana, setting up a naphtha cracker in
Panipat and laying of oil pipeline from Paradeep to Haldia in
eastern India.

CONTACT:

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


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

PERTAMINA: Drills Oil Well for Exploration
------------------------------------------
On Sept. 15, 2005, state oil firm PT Pertamina began drilling a
new oil well in Trembul, located in Central Java, to determine
whether the well has oil reserves, reports the Jakarta Post.

According to the head of the drill operation Jufri, workers had
drilled 303 meters below the surface as of Sept. 21, 2005. Once
they reach the 500 meter mark, they will be able to ascertain
whether the well holds oil reserves.

Indonesia's oil output has been steadily declining due to oild
facilities and the lack of investment to build new ones.

Pertamina spends up to IDR56.16 million on a daily basis for its
drilling works. It is still cheaper than offshore drilling
activities, which could cost as high as IDR510.55 million per
day, according to public relations officer Anggadewi Widyastuti.

In order to meet domestic fuel demand, which has risen in the
past two years due to increased economic activity, the Company
needs new fuel sources. The Company imports most of its crude
and refined oil for domestic use.

CONTACT:

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


PERTAMINA: Government Supports Bid to Operate Aceh Gas Block
------------------------------------------------------------
The Indonesian government will support state-owned oil firm PT
Pertamina's plan to take over the operations of a gas field in
Nangroe Aceh Darulassam, Asia Pulse reports.

According to Minister of State Enterprises Sugiharto, the
Company's planned acquisition of the A Block gas field is a
solution to the gas crisis in the Aceh province.

The A Block was previously co-owned by foriegn firms
ConocoPhillips and U.S. energy firm ExxonMobil Corp. It was
reported that both firms planned to divest 50% of their shares
on the gas field, and ExxonMobil made a tender offer last Sept.
19, 2005.

Minister Sugiharto said that the A Block has around 1 trillion
cubic feet of gas reserves, so it would be in the Company's best
interest to acquire it. The planned takeover of the A Block is
slated to privde continuous gas supply to plants located in the
Aceh province.


PERTAMINA: Part-Time Workers Protest Downsizing Plan
----------------------------------------------------
Around 300 part-time workers of state oil and gas firm PT
Pertamina held a rally in front of the Company's had office to
poretest a plan lay-off, reports Antara News.

According to the Coalition of PT Pertamina Trade Unions'
Abdullah Sodik, he planned to meet with the Company president
together with his colleagues to discuss the workers' fate.

Mr. Sodik added that the Company was very arrogant in insisting
on dismissing only its part-time employees, as many of them had
been with the Company for up to 20 years. PT Pertamina has 4,000
part-time employees.

Several Pertamina employees had recently been arrested in
connection with their alleged involvement in a fuel smuggling
operation to distribute fuel outside the country.


PERUSAHAAN LISTRIK: Proposes Price Hike Scheme to Start in 2006
---------------------------------------------------------------
State-owned power company PT Perusahaan Listrik Negara proposed
an automatic pricing adjustment scheme to be implemened by next
year in order to keep costs down, the Jakarta Post reports.

The Company plans to apply the scheme to households that would
use more power by next year, andthe year after (2007) they would
include firms who dont' use too much power (with a low voltage
of 450 volt amperes).

The scheme would provide periodical price changes depending on
fluctuations of certain cost elements such as fuel prices,
inflation and the local currency. PLN president director Eddie
Widiono said that prices are expected to be adjusted quarterly.

The Company can only raise its prices upon approval from the
government and the House of Representatives. It charges
different rates for different households/businesses, depending
on their power usage.

PLN has suffered the 29% increase in domestic oil prices by the
government, as well as a budget recommendation that the Company
pay a special market price of IDR4,740 per liter of diesel fuel,
instead of the current rate of IDR2,200 for 3 million kililiters
of fuel.  The budget commission also advised that the Company's
subsidy for poor customers increase from IDR4.1 trillion to
IDR12.5 trillion.

The Company posted an operational income of IDR2.56 trillion in
2004, but its net losses amounted to IDR2.02 trillion.

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


TELEKOMUNIKASI INDONESIA: Targets Stronghold on Domestic Market
---------------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia
(Telkom) plans to intensify its stronghold on the local market
ifrst before moving to the international market, reports the
Jakarta Post.

Telkom's vice president Garuda Sugardo said that the Company is
expected to penetrate other markets as it is listed on the New
York Stock Exchange, but it still wants to penetrate further the
domestic market, and has not thought about going global, at
least for the moment.

The Company doesn't want to risk losing its hold on the domestic
market with foreign competition coming in from Hong Kong and
Singapore.

Telkom currently holds a 93% share in the fixed-line market, as
well as a majority stake in mobile phone firm PT Telkomsel. It
holds the largest market capitalization at the Jakarta Stock
Exchange.

The Company plans to eventually tap the global market by
cooperating with global players, in order to offer improved
services.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

HONMA GOLF: Two Firms Vow to Aid Rehabilitation
-----------------------------------------------
Nikko Antfactory and Milestone Turnaround Management Co. have
agreed to help in the reconstruction of Honma Golf Company,
Japan Today reports.

Both firms will become the sponsors for the rehabilitation of
the golf course operator, which has debts totaling JPY30.5
billion.

Honma Golf is engaged in the manufacture and sale of golf clubs,
golf gear, and development and management of golf courses.

CONTACT:

Honma Golf Co. Ltd.
4-35-10, Kaminoge
Setagaya-ku, Tokyo
Japan
International Dept.
Phone: 81-3-5707-8000
       81-3-5707-8003(Direct)
Fax: 81-3-5707-7073
     81-3-5707-7179


ISHIKAWAHIMA-HARIMA HEAVY: R&I Assigns BBB Rating
-------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned a
long-term issue rating of BBB to Ishikawahima-Harima Heavy
Industrial Co. Ltd.

Ishikawajima-Harima Heavy Industries Co., Ltd. (IHI) is one of
Japan's major manufacturers of heavy industrial equipment. It
has an extensive track record and a high level of technological
expertise in distribution, steel structures, machinery, energy
plants, aerospace, shipping, and marine engineering.

However, a worsening in profits on major projects obtained under
highly competitive conditions for orders in Japan and overseas
has become conspicuous, and there are ongoing weakness in
earnings and deterioration in financial composition.

Attention should also be paid over the impact of the bridge bid-
rigging scandal on future orders and profits in its steel
structure business. The company cannot be said to have a
sufficient level of equity capital, as it is seen in the
deferred tax assets at the end of the March 2005 period reaching
nearly 50 percent.

Consequently, the company does not have an adequate risk buffer
in the event of large unexpected losses on a major project. The
Rating Outlook is Negative.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi
Chuo-ku, Tokyo 103-0027
Japan
Credit Rating Division
Phone: 03-3276-3419
Fax: 03-3276-3420
Web site: http://www.r-i.co.jp


KOHNAN SHOJI: JCR Downgrades Rating to BBB-
-------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating on
senior debts of Kohnan Shoji Co., Ltd. from BBB to BBB-.

RATIONALE:

Competition is intensifying in home center industry where growth
slowed down and large home center operators open their outlets
in the wider areas. Although Kohnan Shoji has been expanding the
territory in the face of fiercer competition, its pretax profit
before extraordinary items for fiscal year through February 28,
2005 dropped sharply. On the other hand, the increased inventory
is squeezing the operating cash flow.

The large capital spending increased interest-bearing debt,
increasing financial risk. The Company plans to continue making
large capital expenditures despite more-than-expected drop in
the earnings. JCR downgraded the rating on senior debts of the
Company, considering that the financial risk will rise over the
intermediate term.

CONTACT:

Kohnan Shoji Co., Ltd.
637-1 Ohtori Higashimachi 6-Chome
Sakai 593-8324, Osaka 593-8324
JAPAN  
Phone: +81 72 274 1621
Fax: +81 72 274 1731  
Web site: http://www.kohnan.net


NISSEI DOWA: To Delist in Sapporo, Fukuoka Stock Exchanges
----------------------------------------------------------
The Sapporo Securities Exchange and the Fukuoka Stock Exchange
are set to delist Nissei Dowa General Insurance Co. as the stock
is little traded on the markets, Japan Today reports.

The nonlife insurance company will file for the delisting Monday
and the delisting will be completed a month later, it said.

CONTACT:

Sapporo Securities Exchange
(Sapporo Shoken Torihikijo)
5-14-1 Nishi-minami,
I-jo, Chuo-ku, Sapporo
Tel: +81 11 241 6171
Fax: +81 11 251 0840


SONY CORPORATION: Unveils Corporate Strategy, Axes 10,000 Jobs
--------------------------------------------------------------
Sony Corporation announced significant moves to strengthen its
competitiveness by focusing on its three core sectors:
electronics, games and entertainment.

In particular, the company is concentrating on the
revitalization of its electronics business through further
structural reforms and promotion of a well-defined growth
strategy. Our target is for the Sony Group to achieve
consolidated sales of over 8 trillion yen and an operating
profit margin of 5% (electronics 4%) by the end of fiscal year
2007. (*1)

As a key part of this initiative, we are significantly
reorganizing our electronics group to place centralized
decision-making authority over key areas under the Electronics
CEO. This substantial change abolishes the company system and
assures coordination and focus across newly defined business
groups. Rigorous horizontal coordination in key areas - product
planning, technology, procurement, manufacturing, and sales &
marketing - will allow rapid and streamlined decision-making
across product lines. This will also permit uniform software
development that will assure seamless interoperability between
our products, eliminate design and product redundancies, and
assure decisive and rational R&D planning and spending.

In addition, our structural reforms are expected to achieve a
200 billion yen reduction in costs by the end of fiscal year
2007. This will include rationalizing unprofitable businesses,
reducing the number of product models, and consolidating
manufacturing sites, leading to a reduction of 10,000 in the
global group headcount. We will also review our real estate,
stock holdings and certain non-core assets with a view to making
disposals amounting to 120 billion yen by the end of fiscal year
2007. Reports on the progress of our structural reforms will be
given quarterly.

For our growth strategy in electronics, resources will be
focused on HD products, mobile products and the
semiconductors/key component devices that can further
differentiate Sony's products from the competition. A division
to promote the development of Cell processor-related technology,
products and applications will be created reporting directly to
Sony's CEO.

In addition to our strengthened electronics business, we will
leverage all our resources including motion pictures, music,
games and our brand recognition to deliver more appealing
products and services as the world's leading electronics and
entertainment company.

(*1 before restructuring and one time charges)

Details are as follows:

Restructuring the Electronics Organization

As mentioned above, we will abolish the existing company system
(known as "Network Companies") and will introduce reorganized
operational units called Business Groups, for specific product
categories. Corporate Executive Officers will be given clear
responsibilities at the Electronics Headquarters level to
oversee cross divisional functions relating to product planning,
technology, procurement, manufacturing, and sales & marketing
and will directly support the Electronics CEO. This significant
structural change is designed to eliminate the corporate silos
that have prevented us from focusing our vast resources on our
most competitive products and to foster coordinated, efficient
and rapid decision-making.

This new structure will also enable us to prioritize our R&D,
putting resources where they will maximize growth and avoid
duplication. We will reorganize the current laboratory structure
accordingly.

Improving our Profit Structure (Structural Reform)

1. Cost Reductions

Our plan is to cut 200 billion yen in costs by the end of fiscal
year 2007. We will achieve this through a reduction in the
number of business categories and product models,
rationalization of our manufacturing sites, and creation of a
more efficient administrative structure by eliminating
redundancies and overlap in organization and business processes.
Specific elements of the plan are as follows:

1) We have identified 15 business categories for which we are
implementing plans including downsizing, alliances and
disposals.

2) We plan to reduce the number of models by 20% compared to
fiscal year 2005.

3) We plan to reduce the number of manufacturing sites by 11,
from 65 to 54.

As a result, we will reduce our global headcount by 10,000 by
the end of fiscal year 2007 (headquarters/administrative staff
5000, non-administrative staff 5000; 4000 in Japan, 6000
overseas). These reductions will help streamline our operations
and enable us to operate more efficiently.

Estimated charges for these structural reforms are 210 billion
yen, and we expect that the end of fiscal year 2008 will recoup
these charges.

2. Sale of Real Estate, Stock and Non-Core Assets

We will review our real estate, stock and certain non-core
assets with a view to making disposals amounting to 120 billion
yen by the end of fiscal year 2007.

Strengthening our Current Electronics Business

In electronics, televisions, digital imaging, DVD recorders and
portable audio will be our focus areas, and we will work to
establish leading positions in each market. This will be in
tandem with our efforts to strengthen semiconductor and key
component device businesses as an engine of differentiation.

In particular, we are concentrating on a turnaround for our
television business, by rationalizing manufacturing sites,
increasing the ratio of internally sourced components and
centralizing engineering functions. The target is to be
profitable in television by the second half of fiscal year 2006.

Focusing Resources on Growth Strategy

Resources will be focused on HD products, mobile products and
the semiconductors/key component devices that can continue to
differentiate those products from the competition.

1. Making the HD World a Major Profit Pillar

Sony is already the world's leading HD company and is uniquely
well positioned to enjoy the forthcoming consumer transition to
high-definition products. We have a full range of broadcast and
consumer hardware products, as well as content assets that lead
the industry in HD digitization. Our goal is to make HD World a
major integrated profit pillar. Sony has superb high-end HD
technological resources such as production equipment as well as
the 4K projector, which pioneered the era of digital cinema. We
will further develop these and apply them to our consumer
lineup. Blu-ray disc - the highest capacity next generation
optical disc format, supported by many leading companies in
every key industry - will also be a dynamic driver of HD
business. Starting with the introduction of PLAYSTATION 3, we
will launch a range of new Blu-ray disc-related products and HD
content throughout fiscal year 2006.

2. Focusing on Intelligent & Interoperable Products

As computing power increases, digital audio and visual consumer
electronics are now operating in a networked communications
environment. With a radically enhanced CPU at their heart, new
applications are now possible. Users will be able to enjoy smart
functions that automatically personalize the content on their
devices and will also be able to share content with other users
on the network. Sony is positioning this as a growth area and
will further strengthen our efforts in developing network-
enabled products and applications.

3. Strengthening Technology Development

We will focus engineering resources on semiconductors and key
component devices essential to adding value to products. Key
areas in semiconductors will be games and imaging. In the key
component device area, we will develop innovative technologies
for system LSIs and next-generation displays, as well as Blu-ray
disc-related devices.

- Creation of Home and Mobile Platforms

We will work to develop a system LSI that can be integrated
across a range of home electronics products so that they can
handle the rapidly expanding flow of rich HD content. In tandem,
we will also develop a system LSI for mobile products to enhance
their performance and lower power consumption. This will result
in more efficient engineering solutions and speedier product
development.

- Concentrating Investment on Semiconductors and Key Component
Devices

Blu-ray Disc-Related Devices/Imagers/Cell

We will continue to strengthen our development programs in Blu-
ray disc-related devices, such as blue-violet laser diodes that
are at the heart of the realization of HD World. CCD and CMOS
image sensors, which are already highly competitive, remain a
focus for continuing enhancement.

- Next-Generation Display

Our focus will be self-luminous flat panel Organic Light
Emitting Diode (OLED) displays and we will establish a Display
Device Development Group that directly reports to the
Electronics CEO to accelerate development.

- Enhancing Software Development

We will significantly strengthen our software development to
assure smooth interoperability and superior user interfaces
across the electronics business and in areas such as middleware,
applications, codec and DRM. As a first step, we will establish
a Technology Development Group. One mission of this group is to
effectively utilize our global resources for software
development including expanded resources in the U.S. and China.

Group Convergence Strategy

Pursuit of mobile entertainment

We are moving into an era where music, video and games can be
distributed on the network and enjoyed on mobile devices. In
this environment, Sony will work to regain its position of
leadership in portable audio and establish a strong position in
the rapidly developing portable video market. Our goal is to
develop products and services that enable consumers to enjoy
entertainment content "on the go."

Establishment of Cell Development Center

Broadband infrastructure is rapidly expanding and the Cell
processor, with its advanced functionality and compatibility
across a range of products and applications, will be the key
component device. Sony will establish the Cell Development
Center under the direct supervision of Sony's CEO to promote
development of Cell-based technology, products and applications.

Group Strategy by Individual Sector

Games

The first priority is the successful introduction of PLAYSTATION
3 next spring, an event that will strengthen the entire Sony
Group and further grow the market for computer entertainment.
The ratio of internally-sourced games software will be increased
and links with electronics and entertainment expanded.
PlayStation Portable's market position will be solidified and
its functions will be enhanced.

Entertainment

Motion Pictures: Sony Pictures Entertainment (SPE) has a broad
and diverse set of profit centers including theatrical releases,
television licensing and DVD sales. With the industry's largest
library of digitized content, SPE will strive to continue its
pattern of stable growth. The advent of new media like UMD and
Blu-ray disc will provide many platforms to leverage SPE's
digital content assets and strengthen linkages with other
businesses in the Sony Group. The recently acquired MGM library
for which SPE has sole distribution rights is also being rapidly
digitized and will provide new opportunities for growth and
profit.

Music: The positive effects of the Sony BMG joint venture will
continue to be harnessed to strengthen the company's management.
Sony BMG will aggressively pursue its digital distribution
strategy and exploit new opportunities in packaged media from
formats such as UMD and Blu-ray disc. Sony Music Entertainment
Japan continues to show vigorous growth both in sales and
profit.

Mobile Phones

Sony Ericsson Mobile Communications is working to develop unique
products that will leverage the entertainment assets of the
entire Sony Group. The Walkman Phone is a great example of the
way forward.

Financial Services

Our Financial Services division continues to deliver strong and
consistent results, maintaining profit margins, which are among
the highest in the Sony Group, thus contributing greatly to our
overall financial performance. All three businesses - Sony Life,
Sony Assurance, and Sony Bank - continue to be held in high
regard by customers. The previously-disclosed IPO plan has been
postponed until fiscal year 2007 or beyond.

Network Services, Retail

Sony Communication Network Corporation is targeting an IPO for
this fiscal year to allow it to develop an independent strategy
for growth and the realization of its corporate value.

In our retail businesses, we will explore strategic alternatives
to maximize the value of the assets, including alliances with
relevant partners.

This is a company press release.

CONTACT:

Sony Corporation
6-7-35 Kitashinagawa
Shinagawa-ku
Tokyo 141-0001


UFJ HOLDINGS: Enters Retail Business Deal
-----------------------------------------
The Norinchukin Bank (Norinchukin; President and CEO: Hirofumi
Ueno), Mitsubishi Tokyo Financial Group, Inc. (MTFG; President
and CEO: Nobuo Kuroyanagi), UFJ Holdings, Inc. (UFJ; President
and CEO: Ryosuke Tamakoshi) and Nippon Shinpan Co., Ltd. (Nippon
Shinpan; President and Representative Director: Kazuhiro Omori)
have today agreed to enter into a strategic business and capital
alliance concerning the retail business of JA Bank.

Subject to approval by the relevant authorities, MTFG and UFJ
plan to form the Mitsubishi UFJ Financial Group (MUFG) in
October 2005. In addition, Nippon Shinpan is scheduled to become
a consolidated subsidiary of UFJ Bank Limited, and merge with
UFJ Card Co., Ltd. to form UFJ NICOS Co., Ltd. (UFJ NICOS) in
October 2005.

I. Purpose of Strategic Business and Capital Alliance

As a result of changes in the economic environment and lifestyle
in Japan, the financial needs of individual customers have
become increasingly diversified and sophisticated. In light of
such circumstances, it has become our important mission as
financial institutions to fulfill our customers' financial needs
in a timely and appropriate manner in various aspects, including
our business operations in credit cards, card loans, various
asset management products and testamentary trust services, and
ensuring security in financial transactions.

Based on this understanding, Norinchukin and MUFG have agreed to
enter into an extensive business alliance in the retail business
of JA Bank for the purpose of making optimal use of the
extensive customer base and operational network of JA Bank, and
the advanced technology and product marketability of MUFG.

Through such a business alliance, Norinchukin will additional
further expand and strengthen JA Bank's retail business base so
that JA Bank may provide further attractive products to its
members and customers. At the same time, MUFG will strengthen
its revenue base by increasing the number of UFJ NICOS Card
members, providing various retail products and know-how to JA
Bank, accepting outsourcing of infrastructure from JA Bank, and
so forth. Furthermore, in order to establish a strong mutual
partnership and make the business alliance stable and effective,
Norinchukin has decided to provide capital to MUFG and UFJ
NICOS.

JA Bank aims to build an efficient financial service group with
its own solid customer base and strong and close customer
relationships, focusing on its members and users as core
customers. At the same time, MUFG intends to further strengthen
its retail business as one of its core businesses in an effort
to accomplish its goal of reaching the, 'Global Top Five.' The
business and capital alliance agreed upon between Norinchukin
and MUFG at this time represents the strategic policy of both
parties based upon the above objectives.

II. Content of Business Alliance

1. Business Alliance Norinchukin and MUFG plan to pursue an
extensive business alliance with respect to the retail business
of JA Bank, mainly in respect of the following matters:

(1) Alliance between Norinchukin and UFJ NICOS

a) Card business

1) Through infrastructure, know-how, etc. provided by UFJ NICOS,
JA Bank will provide smooth and stable credit card services
based upon an affiliated credit card system.

2) Norinchukin and UFJ NICOS will jointly research and develop
an attractive incentive point program to be introduced by JA
Bank.

3) Norinchukin and UFJ NICOS will examine together the
possibility of entering into an alliance with respect to JA
Bank's IC cash card business.

b) Guarantee of small amount loan

UFJ NICOS will provide sub-guarantees to small amount loans,
guaranteed by Kyodo Housing Loan Co., Ltd., which is a
consolidated subsidiary of Norinchukin.

(2) Business alliance between Norinchukin and MUFG's subsidiary
bank (currently existing as The Bank of Tokyo-Mitsubishi, Ltd.
and UFJ Bank Limited, respectively; prepared to be merged as of
January 2006 and to become the Bank of Tokyo-Mitsubishi UFJ).

a) MUFG's subsidiary bank will provide JA Bank with
infrastructure and know-how in relation to the 'Self Issuing
Scheme' of multi-functional IC cards equipped with the biometric
verification system.

b) Services concerning ATMs

1) MUFG's subsidiary bank will provide infrastructure and know-
how to JA Bank, upon its introduction and launch of the new ATM
system, applicable for multi-functional IC cards equipped with
the biometric verification system (hereinafter referred to as
the 'New-Type ATM').

2) Norinchukin and MUFG's subsidiary bank will examine together
the possibility of cross-over use of the New-Type ATMs operated
by JA Bank and MUFG's subsidiary.

(3) Business alliance between Norinchukin and MUFG's subsidiary
trust bank (currently existing as The Mitsubishi Trust and
Banking Corporation and UFJ Trust Bank Limited, respectively;
scheduled to be merged as of October 2005 to become Mitsubishi
UFJ Trust and Banking Corporation).

MUFG's subsidiary trust bank will provide consulting services
and administrative services with respect to the execution
services of wills and inheritance arrangement services which
have been provided by Nochu Trust & Banking Co. Ltd., a
consolidated subsidiary of Norinchukin.

2. Capital Alliance

Norinchukin and MUFG will pursue the following capital alliance
in order to create a stable and efficient business alliance
between the parties:

(1) Norinchukin will invest approximately 100 billion yen in
MUFG, subject to agreement on the details and method which will
be further discussed and determined between the parties.

(2) Norinchukin will invest approximately 100 billion yen in UFJ
NICOS, subject to agreement on the details and method which will
be further discussed and determined between the parties,
including the possible method where Norinchukin will purchase
50,000,000 shares of First Series Class I Stock of

Nippon Shinpan held by UFJ Bank Limited at fair market value. On
and after the capital alliance, there will be no change to the
current policy of Nippon Shinpan to have UFJ NICOS continue to
list its shares on a stock exchange.

III. Schedule

Norinchukin and MUFG will proceed with specific discussions
aiming to execute a formal agreement concerning the
aforementioned business alliance and capital alliance by the end
of December 2005.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome, Chuo-ku
Osaka, Japan  
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870


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

DAEWOO GROUP: Insurer Recovers KRW5.5Bln from Suit
--------------------------------------------------
The Korea Deposit Insurance Corp. (KDIC) won damages from former
executives of now-defunct Daewoo Group worth KRW5.5 billion,
Yonhap News reveals.  

The figure constitutes two percent of the amount it is seeking
in compensation suits against them.

KDIC has filed damage suits worth KRW249 billion against 73
former Daewoo Group executives for their alleged irregularities
such as accounting fraud.

The deposit insurer also said it has provisionally seized
KRW89.8 billion worth of properties owned by the executives,
KRW72.2 billion of which is connected to Daewoo Group founder
Kim Woo-choong.

Daewoo Group collapsed in 1999 with a US$80 billion in debt.  
The collapse in turn dealt a harsh blow to numerous financial
companies that were already hard hit by the unprecedented
financial crisis in late 1997.


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

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

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

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

21.09.2005   TMSB      Acquisition      222,500    2.7600


BIG WHEEL: Placed in Member's Voluntary Winding Up
--------------------------------------------------
Goodway Integrated Industries Berhad (GIIB) informed Bursa
Malaysia Securities Berhad that it has placed Big Wheel Holdings
Sdn Bhd (BWH), its newly acquired wholly owned subsidiary under
member's voluntary winding up on September 22, 2005, as part of
a rationalization and streamlining exercise.

As a result of the liquidation, all of BWH's assets and
investments will be distributed in specie to GIIB.

BWH, a private company limited by shares, was incorporated in
Malaysia on March 26, 1997 as an investment holding company. The
current authorized share capital of BWH is MYR25,000,000
comprising 25,000,000 ordinary shares of MYR1.00 each of which
13,656,000 ordinary shares of MYR1.00 each have been issued and
fully paid-up.

BWH has four (4) wholly owned subsidiaries namely Big Wheel
(Sabah) Sdn Bhd, Big Wheel (Malaysia) Sdn Bhd, Big Wheel
Marketing Sdn Bhd and Mobilia Car Care Centre Sdn Bhd.

The winding-up of BWH will not have any material effect on the
issued and paid-up share capital, earnings and net tangible
assets of the GIIB Group for the current financial year ending
December 31, 2005.


KRETAM HOLDINGS: Disposes of Units
----------------------------------
Kretam Holdings Berhad (KHB) informed Bursa Malaysia Securities
Berhad that it has disposed the following dormant wholly owned
subsidiaries on September 2005:

(i) KHB Power Sdn Bhd for a cash consideration of MYR2.00;

(ii) KHB Project Management Holdings Sdn Bhd for a cash
consideration of MYR2.00;

(iii) Wilahriang Sdn Bhd for a cash consideration of MYR2.00;
and

(iv) Alglobe Progress Sdn Bhd for a cash consideration of
MYR2.00.

Jeffa Construction Sdn Bhd, a 51 percent-owned subsidiary of KHB
Development Sdn Bhd which in turn is a wholly-owned subsidiary
of KHB, has disposed its dormant wholly-owned subsidiary, KHB
Foodchain Sdn Bhd, for a cash consideration of MYR2.00 on
September 22, 2005.

The above disposals will not have any material effect on the
share capital, earnings and net tangible assets of KHB.

None of KHB's Directors nor substantial shareholders has any
interest, direct or indirect in the above disposals.

CONTACT:

Kretam Holdings Berhad   
Lot 6, Block 44, Leboh Tiga,
Sandakan Sabah 90000
Malaysia
Telephone: 089-218999   
Fax: 089-275111   


LEBAR DAUN: Positive to Meet Requirements Before Month's End
------------------------------------------------------------
Lebar Daun Berhad (Ldaun) refers to the announcement made by the
Company on July 15, 2005 whereby Bursa Malaysia Securities
Berhad (Bursa Securities) had granted the Company a further
extension of time of three months from June 30, 2005 until
September 30, 2005 to comply with the public shareholding spread
requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements of Bursa Securities.

The Board of Directors of Lebar Daun informed the Exchange that
as at to-date (based on the Company's Record of Depositors as at
September 21, 2005) the public shareholding spread is 35.05
percent held by 998 public shareholders holding not less than
100 shares each, which represents a shortfall of 2 public
shareholders.

The Company has been undertaking various alternatives to address
the public shareholding spread, inter-alia, by promoting its
shares to the staff, staff's family members and general public
through its reputation as main contractor of prestigious
projects of Kumpulan Lebar Daun.

The Board of Directors of LDAUN, bearing unforeseen
circumstances, is confident and anticipates that the minimum
requirement of 1,000 public shareholders will be met on or
before September 30, 2005.

However, in the event Lebar Daun is unable to comply with the
minimum requirement of 1,000 public shareholders on September
30, 2005, the trading of Lebar Daun's securities will be
suspended.

In this connection, Lebar Daun will make further announcement on
the status of compliance with the aforesaid public shareholding
spread requirement on or before September 30, 2005.

CONTACT:

Lebar Daun Berhad
No 2 Jalan Tengku Ampuan Zabedah J9/J
Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 5511 1333
Fax: +60 3 5511 1888


METROPLEX BERHAD: Court Adjourns Hearing of MSEMI Applications
--------------------------------------------------------------
Metroplex Berhad (MB) provided Bursa Malaysia Securities Berhad
with details of the winding up petition served on MB by Morgan
Stanley Emerging Markets Inc. (MSEMI).

The Company informed the Exchange that the Kuala Lumpur High
Court has on September 21, 2005 adjourned the hearing of the
following applications to October 10, 2005:

(a) MSEMI's application for the appointment of a Provisional
Liquidator for MB; and

(b) MB's application to strike out MSEMI's winding-up petition.

This announcement is dated 22 September 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


OLYMPIA INDUSTRIES: To Seek Shareholders Approval to Proposals
--------------------------------------------------------------
Olympia Industries Berhad issued to Bursa Malaysia Securities
Berhad an update of the following proposals:  
   
(1) Proposed Renewal of the Existing Shareholders' Mandate for
Recurrent Related Party Transactions of a Revenue or Trading
Nature

(2) Proposed New Shareholders' Mandate for Recurrent Related
Party Transactions of a Revenue or Trading Nature

(3) Proposed Renewal of General Mandate for Finance Assistance

(4) Proposed Amendments to the Articles of Association of the
Company

collectively referred to as (Proposals)  

The Board of Directors of Olympia Industries Berhad advised the
Exchange that it would be seeking approval from its shareholders
at the forthcoming Annual General Meeting for the abovementioned
Proposals.

A circular to shareholders containing the details of the
Proposals will be issued in due course.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PAN MALAYSIA: Singapore Units Seeks Privatization
-------------------------------------------------
Pan Malaysia Corporation Berhad (PMC) informed Bursa Malaysia
Securities Berhad on the joint announcement by PMRI Investments
(Singapore) Pte Ltd and Network Foods International Limited
(NFIL) on a proposed scheme of arrangement to privatise NFIL.

PMC advised that its wholly owned subsidiary, PMRI Investments
(Singapore) Pte Ltd (PMRI), and Network Foods International Ltd
(NFIL) have on September 22, 2005 jointly announced to the
Singapore Exchange Securities Trading Limited a proposal to
privatize NFIL by way of a scheme of arrangement (the Scheme)
under Section 210 of the Companies Act, Chapter 50 of Singapore.

Click to view the joint announcement
http://bankrupt.com/misc/PanMalaysiaJointAnnouncement.doc

As at the date of this announcement, PMRI holds 281,664,132
ordinary shares of SGD$0.25 each representing 79.08 percent
equity interest in NFIL.

Directors' and Major Shareholders' Interests

Mr. Khet Kok Yin is the Chief Executive Officer and Director of
the Company and is also a Director of NFIL and he does not hold
any shares in the Company and NFIL.

Save for the disclosure above, none of the Directors, major
shareholders and persons connected with the Directors and major
shareholders of PMC have any interest, direct or indirect in the
Scheme.

This announcement is dated 22 September 2005.

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax:  +60 3 2031 1299


POLYMATE HOLDINGS: Unit Enters SPA to Dispose of Industrial Land
----------------------------------------------------------------
Polymate Holdings Berhad (Polymate) provided Bursa Malaysia
Securities Berhad with details of its unit's disposal of
property.

(1) Introduction

The Company advised that ABI Malaysia Sdn Bhd (ABI Malaysia), a
wholly owned subsidiary of Polymate has on September 13, 2005
entered into a Sale and Purchase Agreement (SPA) with Lo Ling of
No. 31 Richmond Hill, Lorong Stampin Tengah 5, 93350 Kuching,
Sarawak (the Purchaser) to dispose of a piece of freehold
industrial land together with a double storey warehouse cum
office block erected thereon and bearing postal address known as
Lot 142, Jalan Industri 2/4, Taman Industri Integrasi Rawang,
48000 Rawang, Selangor (the Property).

(2) Disposal of the Property (the Disposal)

(2.1) Particulars

The Disposal involves the disposal of the Property to the
Purchaser for a total cash consideration of Ringgit Malaysia Six
Million and Five Hundred Thousand (MYR6,500,000-00) only, which
shall be paid in the following manner:

(i) MYR650,000-00 upon execution of the SPA as deposit; and

(ii) The balance Purchase Price of MYR5,850,000-00 only within
ninety (90) days from the date of the SPA (Completion Period)

In the event the Purchaser is unable to pay the balance purchase
price as stated in item (ii) above, ABI Malaysia shall grant an
extension of a further thirty (30) days from the expiry of the
Completion Period to the Purchaser to pay the said balance
purchase price at an interest rate of ten per centum (10
percent) per annum on the outstanding balance. The interest
payable shall be paid together with the balance purchase price.

(2.2) Basis of arriving at the sale consideration

The sale consideration of MYR6,500,000-00 was arrived at on a
willing buyer-willing seller basis after taking into
consideration the net book value of the Property of
MYR9,130,000-00 as at September 30, 2004.

(2.3) Information on the Property

The piece of freehold industrial land to be disposed of measures
an estimated land area of 108,709 square feet and built up area
of approximately 122,814 square feet held under H.S. (D) 41429
P.T. 24190, Mukim Rawang, District of Gombak, State of Selangor
together with a double storey warehouse cum office block erected
thereon and bearing postal address known as Lot 142, Jalan
Industri 2/4, Taman Industri Integrasi Rawang, 48000 Rawang,
Selangor.

The Property is currently free from all encumbrances. The
Property shall be disposed of on a "as is where is" basis and
subject to all conditions of title express or implied affecting
the same but otherwise free from all encumbrances whatsoever and
with vacant possession.

The net book value of the Property based on the latest audited
balance sheet of Polymate as at September 30, 2004 is
MYR9,130,000-00.

(2.4) Original cost of investment

The original cost of investment of ABI Malaysia in the Property
is MYR9,130,000-00 comprises interests and incidental costs as
at September 30, 2004.

(2.5) Proposed utilization of proceeds

The proceeds from the Disposal of MYR6,500,000-00 will be
utilized to finance working capital requirements.

(3) Rationale for the Disposal

The Disposal is undertaken to generate immediate proceeds which
would provide Polymate with the much needed working capital
requirements.

(4) Effects of the Disposal

(4.1) Share capital

The Disposal will not have any effect on the issued and paid-up
share capital of Polymate.

(4.2) Earnings

The Disposal is expected to be completed by December 2005. Based
on the net book value of the Property of MYR9,130,000-00 as at
September 30, 2004, the Disposal is expected to result in a loss
on disposal of MYR2,630,000-00 at both the Company and group
level.

(4.3) Net tangible assets (NTA)

The proforma effects of the Disposal on the NTA of Polymate as
at September 30, 2004 are set out in Table A.

(4.4) Shareholding of substantial shareholders

The Disposal will not have any effect on the shareholdings of
the substantial shareholders of Polymate.

(5) Approvals Required

The Disposal is not subject to the approval of shareholders of
Polymate.

(6) Directors and Major Shareholders Interest

None of the Directors and Major Shareholders of Polymate and/or
persons connected to them has any interest, direct or indirect,
in the Disposal.

(7) Departure from the Securities Commission (SC) Guidelines

The Board of Directors of Polymate is not aware of any departure
from the applicable SC's Policies and Guidelines on Issue/Offer
of Securities in respect of the Disposal.

(8) Statement of Directors

The Board of Directors of Polymate having taken into
consideration all aspects of the Disposal, are of the opinion
that the Disposal is in the best interest of the Company.

(9) Documents for Inspection

The SPA on the Property dated September 13, 2005 is available
for inspection at the registered office of the Company at Suite
1008, 10th Floor, Wisma Lim Foo Yong No. 86 Jalan Raja Chulan
50200 Kuala Lumpur from Mondays to Fridays (except public
holidays) during business hours.

Table A  

    As at 30 September 2004 (MYR)      After the Disposal (RM)

NTA     127,626,509                       124,996,509

NTA
per
share          1.89                       1.85


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised Bursa Malaysia
Securities Berhad that its additional 162,000 new ordinary
shares of MYR1.00 each issued pursuant to the Employee Share
Option Scheme will be granted listing and quotation with effect
from 9:00 a.m., Monday, September 26, 2005.

CONTACT:

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


QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities
-------------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
advised Bursa Malaysia Securities Berhad that it has entered
into the following disposals and acquisitions of quoted
securities on various dates as per Appendix I.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

(2) Aggregate value of consideration for transactions on
September 22, 2005: MYR317,708

This value represents the aggregate of actual sales and
purchases proceeds received and paid respectively.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005 MYR2.2850

NTA per share after the transactions MYR2.2778

Loss per share MYR0.0018

The Company has on September 22, 2005:

(1) Acquired 80,000 ordinary shares of MYR1.00 each in RHB CAP.

(2) Disposed off 119,000 ordinary shares of MYR1.00 each in OSK.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.

CONTACT:

Quality Concrete Holdings Bhd   
Level 5, Wisma Mata Kuching,
Jalan Tunku Abdul Rahman,
Kuching Sarawak 93100
Malaysia
Telephone: 082-488267   
Fax: 082-484959


SBBS CONSORTIUM: Granted 90-Day Restraining Order
-------------------------------------------------
SBBS Consortium Berhad informed Bursa Malaysia Securities Berhad
that it had on September 21, 2005 announced that SBBS Consortium
Berhad and its wholly owned subsidiaries, as set forth below:

(1) Syarikat Binaan Budi Sawmill (Kelantan) Sdn Bhd (575272-U)

(2) Cosmo Network Sdn Bhd (189330-P)

(3) Syarikat Sungei Nal Timber Industries Sdn Bhd (86111-W)

(4) SBBS Logging Sdn Bhd (660992-M)

(5) SBBS Sawmill Sdn Bhd (661026-M)

(6) SBBS Wood Supplies Sdn Bhd (660999-V)

(7) SBBS Pallet & Crates Sdn Bhd (403808-U)

(8) SBBS Timber Products Sdn Bhd (660984-U)

(9) SBBS International Sdn Bhd (450829-H)

(10) SBBS Kiln Drying Sdn Bhd (661028-T)

(11) SBBS Trading Sdn Bhd (579002-V)

have been granted a restraining order for a period of 90 days
effective from September 20, 2005 to December 18, 2005 pursuant
to Section 176 (10) of the Companies Act, 1965.

CONTACT:

SBBS Consortium Berhad   
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188   
Fax: 03-79813551


SETEGAP BERHAD: Court Further Extends RO
----------------------------------------
Further to the announcement made on September 1, 2005, the Board
of Directors of Setegap Berhad informed Bursa Malaysia
Securities Berhad that the High Court of Malaya, Kuala Lumpur
has granted an extension of the Restraining Order dated March
17, 2005 to December 8, 2005, and has also scheduled Setegap
Berhad's application for a further extension of the Restraining
Order dated March 17, 2005 for hearing on December 8, 2005.


TALAM CORPORATION: Issues Notice of Expiration of Warrants
----------------------------------------------------------
Notice is hereby given that pursuant to the conditions
stipulated in the Deed Poll dated October 31, 2000 and
Supplemental Deed Poll dated July 11, 2003 constituting the
outstanding 61,194,356 Warrants 2000/2005 (Warrants) issued by
Talam Corporation Berhad (Talam), the rights of the holders of
the Warrants (Subscription Rights) will expire on the close of
business at 5:00 p.m. in Malaysia on Wednesday, November 9, 2005
(Expiry Date).

The Warrants are listed on Bursa Malaysia Securities Berhad
(Bursa Securities) with the Stock Short Name: TALAM-WA and Stock
Code: 2259WA.

All Warrant holders intending to exercise their Warrants are
advised to submit the documents referred to in item 4.1 of this
Notice to the Registrar of the Company, Securities Services
(Holdings) Sdn Bhd, Level 7, Menara Milenium, Jalan Damanlela,
Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur
not later than the close of business at 5:00 p.m. in Malaysia on
the Expiry Date.

Warrants not exercised by the close of business at 5.00 pm in
Malaysia on the Expiry Date will lapse and become null and void
and shall cease to be exercisable thereafter. The Warrants will
be removed from the Official List of Bursa Securities from 9:00
a.m. on Thursday, November 10, 2005.

Warrant holders are advised to read carefully the procedures set
out below:

(1) Suspension of trading and last day for trading

The trading of the Warrants on Bursa Securities will be
suspended with effect from 9:00 a.m. on Thursday, October 20,
2005, being ten (10) clear market days prior to the Expiry Date.

Hence, the last day for trading of the Warrants shall be not
later than the close of business at 5:00 p.m. in Malaysia on
Wednesday, October 19, 2005.

Remarks: In the event that November 2, 2005 is declared a non-
trading day, the date of suspension of trading and last day for
trading will be on October 19, 2005 and October 18, 2005
respectively.

(2) Exercise Price

Each Warrant shall entitle the holder to subscribe for one (1)
new ordinary share of MYR1.00 each in TALAM (TALAM Shares) by
the payment of MYR1.00 in cash.

(3) Payment of Exercise Price

The remittance has to be made in full for the Exercise Price,
payable in Ringgit Malaysia by:

(a) Banker's draft/cashier's order drawn on a bank in Malaysia;
or

(b) Money order or postal order issued by a Post Office in
Malaysia,

and to be made out in favour of Warrant Conversion Account
crossed A/C Payee Only and endorsed on the reverse side with the
name, Old and New NRIC No./Company No./Passport No./Armed Forces
No./Police Personnel/Registration No. (whichever is applicable)
and address of the Warrant holders.

(4) Exercise of Subscription Rights

If you are a holder of deposited Warrants which are credited to
your securities account with Bursa Malaysia Depository Sdn Bhd
(formerly known as Malaysian Central Depository Sdn Bhd) (Bursa
Depository), you should:

(i) Complete and sign the enclosed Subscription Form; and

(ii) Deliver to the Company's Registrar, Securities Services
(Holdings) Sdn Bhd, Level 7, Menara Milenium, Jalan Damanlela,
Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur,
the following documents BEFORE 5.00 p.m. on the Expiry Date:

(a) The Subscription Form duly executed by you;
(b) The remittance for the Exercise Price as mentioned in
Section 2 above;

(c) The payment of MYR10.00 being the administrative charges to
the Company's Registrar by way of cash/cheque made payable to
"Securities Services (Holdings) Sdn Bhd";

(d) Photocopy of your Identity Card/Passport/Certificate of
Corporation (whichever applicable); and

(e) Photocopy of your latest statement of account from Bursa
Depository.

All new TALAM Ordinary Shares to be issued pursuant to the
exercise of Warrants will be credited into the Central
Depository System (CDS) Accounts specified by the Warrant
holders and no physical share certificates will be issued and
all new TALAM Ordinary Shares shall upon issue and allotment
rank pari passu in all respect with the then existing issued
ordinary shares of TALAM except that they shall not be entitled
for any dividends, rights, allotments or other distributions the
Record Date of which is on or before the date of allotment and
issue of such New Ordinary Shares pursuant to the exercise of
the Subscription Rights.

The Company shall allot and issue the new TALAM Ordinary Shares,
dispatch the notices of allotment to the Warrant Holders and
make an application to the Bursa Securities for quotation of
such new TALAM Ordinary Shares on the Bursa Securities within
ten (10) market days upon receipt by the Company's Registrar of
the Subscription Form together with the requisite payment.

(5) Book Closure Date in Relation to the Warrants

Further notice is hereby given that:

(5.1) In relation to deposited Warrants, the Bursa Depository
shall not be accepting any requests for ordinary transfers of
deposited Warrants commencing on 4:00 p.m. on October 28, 2005
until November 9, 2005.

(5.2) A depositor shall qualify for entitlement to subscribe for
a new TALAM Share in respect of the following:

(i) Warrants transferred into the depositor's securities account
before 4:00 p.m. on October 28, 2005 in respect of ordinary
transfers; and

(ii) Warrants bought on the Bursa Securities on or before
October 19, 2005 being the last day of trading of the Warrants.

Remarks: In the event that November 2, 2005 is declared a non-
trading day, the book closure date will be fixed on October 27,
2005 instead of October 28, 2005.

(6) Expiry of Subscription Rights

A Warrant holder should note that:

(i) If any of the Warrants, the Subscription Right of which is
not exercised and the relevant Subscription Form is not
delivered to the Company's Registrar by the close of business at
5:00 p.m. in Malaysia on Wednesday, November 9, 2005, the
Warrants will lapse and become null and void and cease to be
exercisable thereafter; and

(ii) All deposited Warrants as at Wednesday, November 9, 2005
will be debited from the respective depositor's securities
account on Thursday, November 10, 2005.

(7) Directors' Responsibility Statement

This Notice has been seen and approved by the Directors of TALAM
who collectively and individually accept full responsibility for
the accuracy of the information given in this Notice and confirm
that after making all reasonable enquiries and, to the best of
their knowledge and belief, there are no other facts, the
omission of which would make any statement herein misleading.

If you have any doubt as to the course of action that you should
follow, you should consult your stockbroker, bankers, solicitor,
accountant or other professional adviser accordingly.

All enquiries concerning the above notice should be addressed to
the company's registrar at the following address:

Securities Services (Holdings) Sdn Bhd
Level 7, Menara Milenium, Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone Number: 03-20849000
Fax Number: 03-20949940/03-20950292

By Order of the Board

Talam Corporation Berhad
Leow Chi Lih
Secretary
September 23, 2005

CONTACT:

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


TANAH EMAS: Adds New Shares for Listing, Quotation
--------------------------------------------------
Tanah Emas Corporation Berhad advised that its additional 4,000
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of 6,000 Irredeemable Convertible Unsecured Loan
Stocks 2001/2006 into 4,000 new ordinary shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9.00 a.m., Monday, 26 September 2005.


WCT ENGINEERING: Court to Hear Appeal Next Week
-----------------------------------------------
WCT Construction Sdn Bhd issued to Bursa Malaysia Securities
Berhad the following announcements:

(a) WCTC's appeal against the Court's decision in dismissing its
application for an order to enter judgement against Maju
Holdings Sdn Bhd (Maju) has been fixed for hearing on September
27, 2005.

(b) Maju is withdrawing its appeal against the Court's decision
in allowing WCTC's application to strike out Maju's
counterclaim.

This announcement is dated 22 September 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

ATLAS CONSOLIDATED: Plans US$75-Mln IPO to Fund Unit's Project
--------------------------------------------------------------
Atlas Consolidated Mining and Development Corporation (ACMDC) is
keen on raising at least US$75 million from the local stock
exchange to fund the development of its copper-gold mining
project under its new subsidiary, Carmen Copper Corp. (CCC), The
Philippine Star reports.

ACMDC executive vice president and chief finance officer ACMDC
said the initial public offering (IPO) for less than 40 percent
of CCC would be carried out before the end of this year.

The IPO was originally scheduled for October this year but had
to be postponed due to some listing requirement from the
Philippine Stock Exchange (PSE).

The other US$75 million needed by CCC, would be raised through
debt from "off-take" arrangements with foreign smelters being
arranged by a financial adviser in London. CCC's mining
operation is located in Toledo, Cebu.

Atlas has decided to create a copper mining subsidiary because
the firm is engaged in several other activities that include
nickel mining, exploration, water processing, urban development
and construction and engineering.

Although CCC's mining activities in Toledo, Cebu begun in 1955
and was suspended in 1994 due to water intrusion, the Toledo
mine site still has an estimated 870,000 copper ore reserve.

With world copper prices at record highs, Atlas is fastracking
the rehabilitation of the Toledo mines.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph


BENPRES HOLDINGS: Meeting Creditors to Work Out Loan Terms
----------------------------------------------------------
Beleaguered Benpres Holdings Corp. is set to meet with creditor
banks next week to talks about restructuring of debt payments,
BusinessWorld reveals.

Benpres President and Chief Operating Officer Angel S. Ong
confirmed the Company will be negotiating with creditors in a
bid to restructure existing debts.

Mr. Ong hopes the Company and creditor banks would be able to
thresh out crucial issues and finally jumpstart the debt
agreement.

Earlier, Benpres proposed a 10-year debt-repayment program. At
the end of 10 years, the firm is expected to either fully pay
the creditors or at a level that is quite manageable. However,
there are still issues on security and pricing the company needs
to resolve with creditors.

Benpres hopes to cut its total debt to US$403 million, once its
exit from west zone water concessionaire Maynilad Water
Services, Inc. is completed. Its current level of debt stands at
US$548 million, including US$193 million in direct obligations,
US$210 million in Bayan Telecommunications-related debt and
US$145 million in Maynilad-related debt.

The company is paying about US$3 million in interest
semiannually, even without a signed debt restructuring agreement
with creditors.

Benpres continued to post losses in 2004, at Php1.36 billion,
compared with Php1.90 billion in losses in 2003.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


COLLEGE ASSURANCE: Eyes Capital Infusion from Potential Partners
----------------------------------------------------------------
Embattled pre-need firm College Assurance Plan Philippines Inc.
(CAP) will be talking with potential investors for the infusion
of a much-needed capital, once the court approves the Company's
petition for rehabilitation.

CAP legal counsel Gilbert Reyes told The Manila Times the pre-
need provider is aiming to raise US$120 million in fresh capital
if their request for a seven-year rehabilitation plan is
granted.

Mr. Reyes said investors are already conducting due diligence
work. He added the only concerns of the investors are CAP's
license and permits, which were suspended in August because of
liquidity problems.

CAP earlier filed for an eight-year corporate rehabilitation
before the Makati Regional Trial Court, temporarily suspending
all payments to creditors except tuition fees to planholders.

In its rehabilitation plan, the company said its Php4.1-billion
liabilities exceed its Php14.6-million assets.

With the proposed rehabilitation, CAP's trust fund is expected
to post a positive balance of Php21.05 billion and liquid assets
of Php11.8 billion.

CAP expects its capital impairment to be fully eliminated by
2021.

CONTACT:

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


MARIWASA MANUFACTURING: Unveils Results of BOD Meeting
------------------------------------------------------
At the special meeting of the Board of Directors (BOD) of
Mariwasa Manufacturing, Inc. (MMI) held on 22 September 2005, at
which at least a majority of the members of the Board of
Directors was present and acting throughout, the Board of
Directors approved the:

(1) Holding of a special meeting of the stockholders of MMI on
16 November 2005.

(2) Setting the record date for its 16 November 2005 Special
Stockholders' Meeting on 17
October 2005.

(3) Setting the time of the special stockholders' meeting at
10:30 a.m at the Balagtas Room of The Peninsula Manila Hotel,
Ayala Ave. cor. Makati Ave., Makati City, Metro Manila.

(4) Agenda for the Special Stockholders' Meeting of MMI:

I. Call to order

II. Reading and Approval of the Minutes of the Meeting of
Stockholders held on 26 May2005

III. Approval of the Restructuring Plan

IV. Approval of the Dacion en pago of the Pasig Properties

V. Other Matters

VI. Adjournment

For your information.

CONTACT:

Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone:  628-1986 to 89; 628-3871 to 80
Fax:  625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address:  hotline@mariwasa.com
Web site: http://www.mariwasa.com


MUSIC SEMICONDUCTORS: SEC Approves By-Laws
------------------------------------------
In compliance with the continuing disclosure requirements of the
Philippine Stock Exchange (PSE), Music Semiconductors
Corporation reported that on September 16, 2005, the Securities
and Exchange Commission (SEC) approved the amended Articles of
Incorporation and By-Laws of the Corporation, both adopted on
May 25, 2004 by a majority vote of the Board of Directors, as
disclosed to the Philippine Stock Exchange on May 25, 2004 and
on August 27, 2004 by the vote of the stockholders owning or
representing at least two-thirds of the outstanding capital
stock of the Corporation, as disclosed to the Philippine Stock
Exchange on August 27, 2004.

A copy of the details of the amended Articles of Incorporation
and By-Laws of the Corporation and the corresponding
Certificates of filing from the SEC is available for downloading
free of charge at:
http://bankrupt.com/misc/tcrap_musicsemiconductors092305.pdf

CONTACT:

MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
       63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
     63-49 5491024 (Int'l)


NATIONAL BANK: Tokyo Branch Chided for Selling Lotto Tickets
-------------------------------------------------------------
Japan's corporate watchdog has reprimanded Philippine National
Bank's (PNB) Tokyo branch for the alleged sale lotto tickets and
other unauthorized activities, Manila Times has learned.

The Financial Service Agency (FSA) ordered PNB Tokyo to submit
plans on how to immediately address the issues, detailing how it
will improve its operations by October 21.

FSA charged PNB Tokyo of improperly handling foreign exchange
and remittance transactions and other possible illegal
activities such as selling Philippine lottery tickets at the
branch and in Nagoya satellite office as well.

PNB President Omar Mier admitted they have been forewarned and
is doing something about the matter.

Mr. Mier, who claimed he has not received a copy of the FSA
order as of Wednesday last week, said PNB authorities are still
trying to determine the impact of the order on the bank's
operations and revenues.

Tobacco tycoon Lucio Tan owns majority control in PNB as he
bought the bulk of government shares in the bank last month.
Government now owns less than 10 percent of the bank.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL TRANSMISSION: New Owner Needs US$65.9 Mln for Expansion
----------------------------------------------------------------
The new National Transmission Corporation (Transco)
concessionaire will need to dole out US$65.9 million to fund the
expansion and development of the country's transmission assets
until 2010, BusinessWorld reports.

The amount will be added to the US$850 million the government
will infuse. Developing the transmission network would need a
total of US$915.9 million.

Meanwhile, the national government has already approved the
capital lay-out in orders to begin different priority projects
that will help cushion the recurring power shortages.

The ongoing and future infrastructure projects are necessary to
complete the Department of Energy's Power Development Plan. This
helps the government determine and forecast any looming power
crisis.

Recently, the Transco was given the go-signal to start Php3-
billion worth of projects in the Visayas and Mindanao. These are
the 138-kiloVolt Wright-Calbayog, 138-kV Sangali-Pitogo and 138
kV General Santos-Tacurong transmission upgrading projects.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


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

CITIRAYA INDUSTRIES: Creditor Seeks to Acquire Two Plants
---------------------------------------------------------
United Overseas Bank (UOB), a creditor of troubled recycler
Citiraya Industries Limited, has started legal proceedings to
acquire two of the Company's plants, Dow Jones reports.

Citiraya Industries owes SGD6 million to UOB, and it also owes
SGD39 million to its single largest creditor, DBS Bank. The
Company has filed a judicial management order with the Singapore
High court, in order to stave off its creditors as it seeks
potential investors to inject much needed funds.

Last Sept. 19, 2005, Citiraya Industries announced that Heshe
Holdings Limited and Chip Lian Investments Pte Limited (owned by
business tycoon Oei Hong Leong) would invest SGD10 million each
in the Company for a combined 75% stake.

CONTACT:

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


HOTEL MALAYSIA: Passes All AGM Resolutions
------------------------------------------
Hotel Malaysia Limited hereby announced that the resolutions set
out in the Company's Notice of the Final General Meeting dated
Aug. 19, 2005 were duly passed at the Company's Final General
Meeting held on Sept. 22, 2005.

Ong Yew Huat
Liquidator
Sept. 23, 2005

CONTACT:

Hotel Malaysia Limited
21 Mount Elizabeth
Singapore 228516
Phone: 65 6235 0455
Fax:   65 6734 8055


RAMPARTS INTERNATIONAL: Creditors Asked to Submit Debt Claims
-------------------------------------------------------------
Notice is hereby given that the creditors of Ramparts
International Pte Limited are required within thirty days from
the date of this announcement (ergo Oct. 13, 2005) to send in
their names and addresses and the particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the Company Liquidator, and if so required by notice in
writing from the said Liquidator, are by their solicitors or
personally to come in and prove the said debts or claims at such
time and place as shall be specified in such notice. In default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

Date: Sept. 13, 2005
Teh Kwang Hee
Liquidator
C/o 2 Mistri Road
#12-01 HMC Building
Singapore 079624


RSH LIMITED: Unit Buys More Shares in Firm
------------------------------------------
RSH Limited announced that its wholly owned subsidiary company,
RSH Holdings Pte Limited (RSHH), subscribed in cash for an
additional 1,000,000 ordinary shares of S$GD1.00 each in the
capital of Aryan (SEA) Pte Limited.

Prior to the subscription, the issued and paid-up share capital
of Aryan was SGD1,000,000. With the cash injection, the issued
and paid-up share capital of Aryan now stands at SGD2,000,000,
all held by RSHH.

The above transaction is not expected to have any material
impact on the net tangible assets and earnings of the Company
for the financial year ending March 31, 2006. None of the
Directors and substantial shareholders of the Company has an
interest, direct or indirect, in the above transaction.  

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax:   65 68404327


TAMURA ELECTRONICS: Liquidator Sets Deadline to Submit Claims
-------------------------------------------------------------
Notice is hereby given that the creditors of Tamura Electronics
(Singapore) Pte Limited, which is being voluntarily wound up,
are required on or before Oct. 18, 2005 to send in their names
and addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the Company
Liquidator and, if so required by notice in writing from the
said Liquidator, are by their solicitors or personally to come
in and prove their debts and claims at such time and place as
shall be specified in such notice.  In default thereof, they
will be excluded from the benefit of any distribution made
before such debts and claims are proved.

Dated: Sept. 16, 2005
Wee Hui Pheng
Liquidator
C/o Messrs Wee Seng Tiong & Co.
1 Coleman Street, #06-01 The Adelphi
Singapore 179803


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

THAI AIRWAYS: Disapproves Transfer of Air Service to Nok Air
------------------------------------------------------------
Thai Airways International Plc employees and a group of
businessmen shows disapproval through a letter presented to Mae
Hong Son governor on the transfer of air service to low-cost
carrier Nok Air, reports The Nation.

Thai Airways plans to hand over its Chiang Mai-Mae Hong Son
route to its sister carrier in the near future, forcing a
redeployment of 29 staff in Mae Hong Son to Chiang Mai and
Chiang Rai.

Business travelers prefer to fly through Thai Airways because it
has better service than Nok Air.  Nok Air has a limitation to
its luggage weight.  Once Nok Air takes over the short haul, it
will use two small ATR72 aircraft.

A meeting with the group will be held Monday to explain why the
service has to be abandoned.  Somchainuk Engtrakul, a THAI board
member and acting president, several top executives and Direk
Ghonkleeb, who will become Mae Hong Son governor in next month's
rotation will be present in the said meeting.

CONTACT:

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


THAI PETROCHEMICAL: Stake Sale Deadline Looms
---------------------------------------------
The plan administrator of Thai Petrochemical Industry PCL (TPI)
shows no worry if PTT might not go on with its plans to buy into
the company's stake, Dow Jones Newswires reveals,

The administrator said it would exit rehabilitation with or
without PTT. The comment signifies trouble in the 61.5 percent
buy out of TPI's stake.  

Earlier, PTT said that it wants to have a hand in managing TPI.  
The company wants to be assured before it pours in large amount
of investment to the company.   

"PTT will not inject the money if the debt plan administrator
can't give us confidence that we will get management control
over the company, because there will be a time-lag of around one
month before TPI officially exits the rehabilitation program. We
aren't sure what could happen during that period," PTT Senior
Executive Vice President Anon Sirisaengtaksin said.

Mr. Anon also said that PTT is willing to wait to take control
until a new board is appointed after TPI exits rehabilitation.

"We haven't given up on the deal yet. We are waiting for the
administrator to come up with something to give us such
confidence," Mr. Anon added.

The TPI administrator said that if PTT fails to pay for the
stake by November 4, new shares will be handed over to creditors
and TPI will exit the rehabilitation program anyway.

"TPI will exit the rehabilitation program anyway whether PTT
injects its money or not. If the company can't get fresh funds
from new investors, it will then enter a debt-to-equity swap and
give a majority stake to creditors," Siri Jirapongphan, a member
of the administration team told reporters.

CONTACT:

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

THAI PETROCHEMICAL: SET Resumes Trading of Securities
-----------------------------------------------------   
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Thai Petrochemical Industry Public Company Limited (TPI)
because there is an information regarding the result of the sale
of TPI Polene Public Company Limited's (TPIPL) shares through
sealed bid which might affect TPI's asset and trading of its
securities, but the SET has not yet been officially informed.

Now, TPI has completely disclosed the relevant material
information, which has been broadly disseminated through the
SET's disclosure systems.

Thus, the SET permitted resumption of trading of TPI from the
second trading session of September 23, 2005 onwards.


TPI POLENE: Two Bidders Show Interest
-------------------------------------
Thai Petrochemical Industry Public Co. Ltd. (TPI) informed the
Stock Exchange of Thailand (SET) that there were 2 bidders that
participated the auction for TPI Polene PCL shares.

The Plan Administrator's representative opened the sealed bid
under the witness of the representative of the Committee of
Creditors (COC).

Only one bidder offered the highest price of THB17 per share
which makes the total receipt from the sale of TPI Pl shares
below US$250 million.

According to the Business Reorganization Plan, the bid price is
subject to Right of First Refusal from the creditors.

Therefore, the Plan Administrator will submit the result to the
COC for consideration if they wish to exercise the Right of
First Refusal. COC will inform us their decision on October 21,
2005.
           
In case the COC do not wish to exercise the mentioned right, the
Company will process the sale of TPI Polene Shares to the winner
at the bid price. The proceed from the sale of such shares will
be repay to the scheme creditors and the outstanding balance of
TPI's liabilities will be written off.
          
Your acknowledgement of the above matter is highly appreciated.
          
Yours sincerely,
          
Suwit Nivartvong
The Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

TPI Polene Public Company Limited   
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Web site: http://www.tpipolene.com
          




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

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