TCRAP_Public/050930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, September 30, 2005, Vol. 8, No. 194

                            Headlines

A U S T R A L I A

A.C.L. CABINETS: Members Pass Winding Up Resolution
A.C.N. 060 279 085: Pays Dividend to Creditors
ADLAM ENGINEERING: Court Appoints Official Liquidator
AL BARTON: Members Opt for Voluntary Liquidation
ALLSTATE EXPLORATIONS: Veterans Back Minor Shareholder's Bid

BAY BLOCKHOUSE: Liquidator to Explain Winding Up to Members
BURNS, PHILP: S&P Puts Ratings on Watch Negative
CARTER HOLT: NGC Renews Major Gas Contract
CCDVS PTY: Michael McCann Named Liquidator
CONCRETE PRODUCTS: Members Resolve to Wind Up Firm

CRYSTAL HOMES: Declares Dividend Today
DIANA "C": Shuts Down Business
DMDT HOTEL: Final Meeting Fixed October 6
EMPEROR MINES: Alcaston Wants More Time to Raise Funds
FELTEX CARPETS: Wants to Continue Talks with Rival

GILZAN PTY: Creditors Agree to Wind Up Business
GPT SPLIT: Unitholders to Get Wind Up Proceeds
IMPERIAL DESIGN: Court Orders Winding Up
INDUSTRIAL REFORM: Set to Distribute Dividend
INDUSTRIAL SHADE: Enters Liquidation

MANAKIN PTY: Decides to Close Operations
MEDICAL SERVICES: Members, Creditors Meet to Discuss Liquidation
PADDY REARDON: Creditors OK Liquidator's Appointment
R.J.B. INVESTMENTS: Liquidator Distributes Company Assets
ROJAN ENTERPRISES: Liquidator to Detail Wind Up Manner

TALAMBA PTY: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Wields Axe Over City Shops
TELSTRA CORPORATION: Prepares to Attack Government
SANTOS LIMITED: Discovers New Gas Field in Offshore NT


C H I N A  &  H O N G  K O N G

ASCEND DYEING: Issues Preferential Dividend Notice
ASIAN AREA: Creditors Meeting Set October 26
CAMELL ENGINEERING: Court Releases Winding Up Order
CHAMPION INTERNATIONAL: Poised to Cease Business
SOUTHERN AIRLINES: Fitch Revises Rating Outlook to Negative

GALAXY DISTRIBUTION: Creditors Meeting Slated for October 5
GOODLOOK INVESTMENT: Winding Up Petition Hearing Set October 19
PACIFIC OFFSET: Commences Winding Up Process
SLITECH LIMITED: Prepares to Wind Up Business
TAT CHEONG: Court Orders Winding Up

TOTAL TRADE: Succumbs to Winding Up Process


I N D O N E S I A

PERTAMINA: Has Enough Fuel Reserves in Light of Upcoming Hike
STAR AIR: Suspends Operations for the Second Time


J A P A N

JAPAN AIRLINES: To Offer Early Retirement Scheme
JAPAN STORAGE: METI Approves Restructuring
MITSUBISHI MOTORS: May Extend U.S. Gas Incentive
MITSUBISHI MOTORS: Shares Up 5.56% on Tuesday
OKUMA CORPORATION: METI OKs Business Restructuring Plan

RESONA HOLDINGS: Repays Perpetual Subordinated Loans
SANYO ELECTRIC: S&P Places BBB Rating On Watch Negative
SOJITZ HOLDINGS: METI Approves Restructuring
TERA PROVE: METI Authorizes Rehabilitation
YUASA CORPORATION: METI Approves Changes in Restructuring Plan


K O R E A

LG CARD: Shinhan Financial Signifies Interest to Bid
SAMSUNG GROUP: Chairman Under Fire


M A L A Y S I A

DATUK KERAMAT: Restraining Order Valid Until Final Disposal
GEORGE TOWN: Says No Fixed Expiry Date for Restraining Order
GLOBAL CARRIERS: PPMC Presents Winding Up Petition
GULA PERAK: Passes All AGM Resolutions
HABIB CORPORATION: BNM Approves Purchase Price Increase

HAP SENG: Repurchases Ordinary Shares
HONG LEONG: To Hold EGM October 14
I-BERHAD: Buys Back 120,000 Shares
INTAN UTILITIES: Details Measures to Address Units' Defaults
MAXIS COMMUNICATIONS: Ordinary Shares Up for Listing, Quotation

PILECON ENGINEERING: SC Sets Condition for Exemption
POS MALAYSIA: To List Additional Shares Today
PUNCAK NIAGA: Purchases 100,000 on Buyback
WCT ENGINEERING: Court Delays Ruling on Maju Case


P H I L I P P I N E S

GLOBAL STEEL: Completes Machine Repair
HACIENDA LUISITA: Investigators Criticize Stock Plan
NATIONAL HOME: Sets Up Low-income Housing Firm
NATIONAL POWER: Saves Php9-Bln on Cost Cuts
PHILIPPINE LONG: Opposes Cheaper Foreign Carriers in Clark

RFM CORPORATION: Elects Committee Chair, Member


S I N G A P O R E

CITIRAYA INDUSTRIES: Four Charged with Bribery Sentenced Harshly
DIGILAND INTERNATIONAL: Firm Files Claim for Unpaid Products
FIRSTLINK INVESTMENTS: Sells Unit-Owned Property to Repay Debt
NATSTEEL LIMITED: Unit Seeks Scheme Approval
PENTON INTERNATIONAL: Passes All Resolutions at AGM

TUNG LIN: Creditors Meet to Discuss Winding Up
TWK SKILL: Creditor Seeks Winding Up
UNITED FIBER: Restarts Indonesian Pulp Mill Operations


T H A I L A N D

NATURAL PARK: Notes Progress of PA's Assets Sale to Lehman
TONGKAH HARBOUR: Appoints New Audit Committee Member
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.C.L. CABINETS: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of A.C.L. Cabinets and Shopfitters Pty Limited held
on Aug. 29, 2005, it was resolved that the Company be wound up
voluntarily.

At a creditors' meeting held on the same day, it was resolved
that Gregory John Keith of Grant Thornton Recovery (Vic) Pty
Limited be appointed Liquidator for the wind up.

Dated this 29th day of August 2005

Gregory J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35
South Tower, 525 Collins
Street, Melbourne Vic 3000


A.C.N. 060 279 085: Pays Dividend to Creditors
----------------------------------------------
A.C.N. 060 279 085 will declare a first and final dividend on
Sept. 30, 2005.

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

Creditors are advised that they are required to provide
documentary evidence to substantiate their debt or claim.

Dated this 1st day of August 2005

Robyn Erskine
Liquidator
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East Vic 3123
Phone: 03 9882 6666


ADLAM ENGINEERING: Court Appoints Official Liquidator
-----------------------------------------------------
On Aug. 29, 2005, the Supreme Court of New South Wales appointed
David Young of Pitcher Partners, Level 3, 60 Castlereagh
Street, Sydney NSW to be the Official Liquidator in the winding
up of Adlam Engineering Pty Limited.

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


AL BARTON: Members Opt for Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of AL Barton & Co. Pty Limited held on Aug. 10, 2005, it was
resolved that the Company be wound up voluntarily, and that
Robert Molesworth Hobill Cole, Chartered Accountant of Cole
Downey & Co. Chartered Accountants, Level 1, 22 William Street,
Melbourne Vic 3000 be nominated to act as Liquidator for the
winding up.

Dated this 30th day of August 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co.
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


ALLSTATE EXPLORATIONS: Veterans Back Minor Shareholder's Bid
------------------------------------------------------------
A small shareholder of Allstate Explorations has won the support
of two legendary sharemarket tacticians, in his bid to appoint a
special-purpose administrator to the mining firm, Sydney Morning
Herald relates.

Gordon Elkington and Robert Catto have backed the efforts of
Jeffrey Knapp, who also had his liabilities guaranteed by
litigation funder IMF (Australia).

Sharemarket veterans Dr. Elkington and Mr Catto have long made a
habit of buying strategic stakes in target companies.

Mr. Knapp, a director of Honest Remark Pty Ltd, wants a new
administrator appointed to investigate a 2002 creditor's deal in
which Macquarie Bank was allowed to purchase AU$77 million in
inter-company debt for only AU$300,000. Mr. Knapp has accused
the bank of "monstering" Allstate creditors into approving the
deal.

Macquarie Bank, which is not a party to the action, has said it
"believes it has acted appropriately at all times".

Most of the company's creditors have had their claims repaid but
shareholders are likely to receive very little unless Allstate
relists.

The matter has been set down for a final hearing on October 21.

CONTACT:

Allstate Explorations NL
The Administrator
Taylor Woodings Corporation Services
6th Floor, 30 The Esplanade
PERTH, AUSTRALIA, 6000
Telephone: 08 9321 8533
Fax: 08 9321 8544


BAY BLOCKHOUSE: Liquidator to Explain Winding Up to Members
-----------------------------------------------------------
Notice is given that a final meeting of the members of Bay
Blockhouse Pty Limited will be held on Oct. 6, 2005, 10:00 a.m.
at the offices of Horwath, Level 30, 525 Collins Street,
Melbourne, 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
Liquidator.

Dated this 29th day of August 2005

Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath Chartered Accountants
Level 30, 525 Collins Street
Melbourne Vic 3000


BURNS, PHILP: S&P Puts Ratings on Watch Negative
------------------------------------------------
Standard & Poor's Ratings Services on Thursday placed its 'BB-'
ratings on Burns, Philp & Co. Ltd. (Burns Philp) and its 'B'
ratings on Burns Philp Capital Pty. Ltd.'s subordinated issues
on CreditWatch with negative implications.

The action follows the company's announcement of new listing of
Goodman Fielder together with the purchase of New Zealand Dairy
Foods Ltd., which will be included in the new company. New
Zealand Dairy Foods Ltd. will be purchased from the Rank Group
Ltd., which also owns 53.7% of Burns Philp.

The Goodman Fielder businesses will comprise Burns Philp's
existing Baking division together with its existing Spreads &
Oils division. Burns Philp's Snack Food division will not be
included.

In addition, Burns Philp on yesterday made a conditional tender
offer for its three outstanding series of U.S. dollar notes at
an offer price of approximately US$820 million, to be funded by
a mix of cash and a new debt facility.

The CreditWatch placement reflects the uncertainties surrounding
the proposed transaction, including the impact on the group's
capital structure, the proportion of Goodman Fielder's
shareholding retained by Burns Philp, and the purchase price
paid for New Zealand Dairy Foods. The CreditWatch will be
updated or resolved once further details emerge on the proposed
transaction.

CONTACT:

Burns, Philp & Company Limited
Corporate Head Office
Level 23, 56 Pitt Street
Sydney NSW 2000
Australia
Telephone: + 61 2 9259 1111
Facsimile:   + 61 2 9247 3272
E-mail: shareholder.enquiries@burnsphilp.com
Web site: http://www.burnsphilp.com

Goodman Fielder Pty Limited
Head Office
75 Talavera Road
Macquarie Park NSW 2113
Australia
Telephone: + 61 2 8874 6000
Facsimile: + 61 2 8874 6099
http://www.goodmanfielder.com.au


CARTER HOLT: NGC Renews Major Gas Contract
------------------------------------------
NGC Holdings Limited has renewed a major contract to supply gas
to forest-products exporter Carter Holt Harvey Limited for
another five years, Dow Jones reports.

In a statement to the stock exchange, New Zealand-based NGC
revealed that the contract involves supplying 10 Carter Holt
Harvey sites with about 6 petajoules of gas each year until the
middle of 2010.

The volume of gas is equivalent to one year's gas consumption of
about 200,000 residential users, which was taken over by NGC's
parent Vector Limited earlier this year.

Financial details of the contract weren't provided. NGC wasn't
immediately available for comment.

Bryan Crawford, chief executive of NGC, said the contract
demonstrates his company's confidence in future natural-gas
supplies in New Zealand.

CONTACT:

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

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


CCDVS PTY: Michael McCann Named Liquidator
------------------------------------------
Notice is hereby given that at a general meeting of CCDVS Pty
Limited held on Aug. 25, 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 for such
purpose.

Dated this 25th day of August 2005

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


CONCRETE PRODUCTS: Members Resolve to Wind Up Firm
--------------------------------------------------
Notice is hereby given that at a special general meeting of the
members of Concrete Products & Home Improvements Pty Limited
held on Aug. 25, 2005, it was resolved that the Company be wound
up voluntarily, and that David Colin Shedden, Chartered
Accountant of 28/19-21 Central Road, Miranda NSW be appointed
Liquidator for such winding up.

Dated this 25th day of August 2005

David C. Shedden
Liquidator
28/19-21 Central Road
Miranda NSW 2228


CRYSTAL HOMES: Declares Dividend Today
--------------------------------------
Crystal Homes will declare a first and final dividend on Sept.
30, 2005.

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

Dated this 24th day of August 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co.
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


DIANA "C": Shuts Down Business
------------------------------
Notice is hereby given that at a General Meeting of Members of
Diana "C" Pty Limited held on Aug. 31, 2005, it was resolved
that the Company be wound up voluntarily, and that Gregory
Stuart Andrews of G. S. Andrews & Associates, 22 Drummond
Street, Carlton 3053 be appointed Liquidator for such purpose.

Dated this 1st day of September 2005

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


DMDT HOTEL: Final Meeting Fixed October 6
-----------------------------------------
Notice is given that a final meeting of the members of DMDT
Hotel Group Pty Limited will be held on Oct. 6, 2005, 10:00 a.m.
at Level 3, Brindabella Business Park, 20 Brindabella Circuit,
Canberra Airport, ACT.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up was conducted and the
property of the Company disposed of, and to receive any
explanation of the account.

Dated this 24th day of August 2005

M. J. Hill
Liquidator
McGrathNicol+Partners
Level 3, Brindabella Business Park
20 Brindabella Circuit, Canberra Airport ACT 2609
Phone: 02 6222 1420
Web site: http://www.mcgrathnicol.com.au/


EMPEROR MINES: Alcaston Wants More Time to Raise Funds
------------------------------------------------------
As part of the Agreement between Emperor Mines Limited and
Alcaston Mining NL, one of the conditions precedent for the
acquisition of the Tuvatu Project in Fiji owned by Emperor was
for Alcaston to successfully raise funds for the acquisition
within three calendar months of the date for acceptance, unless
an extension of time is agreed between the parties.

In this respect, Alcaston refers to the Australian Stock
Exchange (ASX) announcements dated April 19, 2005, May 31, 2005,
July 11, 2005 and August 3, 2005 announcing further extensions
of time, with the August 3, 2005 announcement advising that an
extension had been granted until September 30, 2005.

The Board of Alcaston announced that the Company has agreed with
Emperor for a further extension of time until October 21, 2005
for the fund raising condition precedent to be satisfied. The
Board also announced the extension of the closing date of the
Prospectus dated August 25, 2005 from the current closing date
of September 30, 2005 till October 21, 2005.

The Company also announced that AU$2 million subscription monies
has been received from an institutional investor.

Alcaston has asked the ASX to lift the Trading Halt previously
requested on the Company's securities and for the securities to
be reinstated to quotation. The securities affected are "AMG"
and AMGO".

CONTACT:

Alcaston Mining NL
ABN 39 006 710 774
32 Parliament Place, West Perth
WA 6005, Australia
Phone: +61 8 9481 5758
Fax: +61 8 9481 5759
E-mail: ppg@highway1.com.au

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


FELTEX CARPETS: Wants to Continue Talks with Rival
--------------------------------------------------
New Zealand carpet maker Feltex Carpets Limited has told its
Australian rival Godfrey Hirst Australia Pty Ltd. it still wants
to pursue merger discussions, according to the New Zealand
Herald.

Godfrey finance director Jim Walsh said he was disappointed at
recent comments made by a Feltex spokesman which indicate Feltex
is focused on its own restructuring rather than pursuing a
merger.

However, Feltex has already contacted Mr. Walsh in Australia to
assure him Feltex's interest in the merger is still alive.

Feltex chairman Tim Saunders said the exchange of information on
each other's operations was still proceeding.

Mr. Walsh said although this was inconsistent with Feltex's
earlier comments, he looked forward to discussions.

A merger of the two companies would create Australasia's largest
carpet manufacturer.

CONTACT:

Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/


GILZAN PTY: Creditors Agree to Wind Up Business
-----------------------------------------------
Notice is hereby given that at a meeting of creditors of Gilzan
Pty Limited convened and held on Aug. 15, 2005, it was resolved
that the Company be wound up, and Peter Paul Krejci of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 was
appointed Liquidator for the winding up.

Dated this 2nd day of September 2005

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


GPT SPLIT: Unitholders to Get Wind Up Proceeds
----------------------------------------------
Further to the announcement of September 12 in relation to the
winding up of GPT Split Trust, the net proceeds of the GPT Split
Trust wind up will be paid to unitholders on Monday, October 10,
2005.

As foreshadowed in section 3.1 of the Notice under Section 601NC
of the Corporations Act 2001 Cth dated August 9, 2005, the net
proceeds (after meeting all liabilities) per GPT stapled
security (of AU$3.93) will be distributed to unitholders as
follows:

(1) Income unitholders will receive AU$2.11 per unit held on the
record date of September 21, 2005 (representing the first
AU$1.50 plus 25% of the excess received per GPT security).

(2) Growth unitholders will receive AU$1.82 per unit held on the
record date of September 21, 2005 (representing the remaining
75% of the net proceeds above AU$1.50).

The net proceeds received by unitholders will receive by
unitholders includes a portion of the capital gain (without any
CGT discount) arising on the sale of the GPT Split Trust's
holding in GPT securities (of AU$1.27 per Income unit and
AU$1.10 per Growth unit).

Unitholders will be required to include this assessable capital
gain in their 2006 income tax return. A detailed tax statement
will be provided to all unitholders in late November 2005,
providing further details in relation to this capital gain and
other tax consequences arising as a result of the winding up of
the GPT Split Trust.

The Trustee will, where required by law, withhold tax in respect
of the capital gains component of the monies paid to
unitholders. For resident unitholders, this should only arise
where they have chosen not to quote a TFN or ABN.

Subject to confirmation with ASX, the revised date for removal
of GPT Split Trust from the exchange is October 12, 2005.

CONTACT:

Donna Byrne
GPT RE Limited
Phone: 0401 711 542


IMPERIAL DESIGN: Court Orders Winding Up
----------------------------------------
On Aug. 30, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Imperial Design Imports Pty
Limited, and appointed R. J. Porter to be the Official
Liquidator of the Company.

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


INDUSTRIAL REFORM: Set to Distribute Dividend
---------------------------------------------
Industrial Reform Recruitment & Training Service Pty Limited
will declare a second and final dividend on Sept. 30, 2005.

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

Dated this 10th day of August 2005

M. J. Chubb
Liquidator
Clout & Associates
Level 1, 144-148 West High Street
Coffs Harbour NSW 2450
Phone: 02 6652 3288
Fax:   02 6651 9393


INDUSTRIAL SHADE: Enters Liquidation
------------------------------------
At a general meeting of the members of Industrial Shade Pty
Limited held on Aug. 30, 2005, the following special resolution
was passed:

That the Company be wound up voluntarily.

Dated this 30th day of August 2005

Miroslav Gubas
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue, Turner ACT 2611
Phone: 02 6247 5988


MANAKIN PTY: Decides to Close Operations
----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Manakin Pty Limited held on Aug. 31, 2005, it
was resolved that the Company be wound up voluntarily, and that
Dean G. Scott of D. G. Scott & Co. Chartered Accountants, 2nd
Floor, Dowie House, 83-89 Currie Street, Adelaide SA 5000 be
appointed Liquidator for the winding up.

Dated this 1st day of September 2005

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


MEDICAL SERVICES: Members, Creditors Meet to Discuss Liquidation
----------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Medical Services Australia Pty Limited will be held
on Oct. 6, 2005, 10:00 a.m. at Suite 5, 32 Thesiger Court,
Deakin ACT for the following purposes:

AGENDA

1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and

2) To receive any explanation of the account.

Dated this 6th day of September 2005

H. J. KazaR
Liquidator
c/- Sims Partners
PO Box 211, Deakin West ACT 2600


PADDY REARDON: Creditors OK Liquidator's Appointment
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Paddy Reardon Production Design Pty Limited
held on Aug. 19, 2005, it was resolved that the Company be wound
up voluntarily.

At a creditors' meeting held on the same day, it was resolved
that William Bernard Abeyratne and Loke Ching Wong of Harrisons
Insolvency, Level 5, 150 Albert Road, South Melbourne be
appointed Joint & Several Liquidators for such purpose.

Dated this 19th day of August 2005

William B. Abeyratne
Loke Ching Wong
Joint Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885


R.J.B. INVESTMENTS: Liquidator Distributes Company Assets
---------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of R.J.B. Investments Pty Limited held on Aug.
23, 2005, the following special resolutions were passed:

1) That the Company be wound up, and that Alan Kenneth Moffat be
appointed Voluntary Liquidator;

2) That the Liquidator be and is hereby authorized to distribute
(all or any part of) the Company assets in specie to the
shareholders, in proportion to their respective holdings.

Dated this 23rd day of August 2005

Alan K. Moffat
Liquidator
c/o Borough Mazars
Level 6, 77 Castlereagh Street
Sydney NSW 2000


ROJAN ENTERPRISES: Liquidator to Detail Wind Up Manner
------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Rojan Enterprises Pty Limited will be held on Oct.
6, 2005, 11:30 a.m. at the offices of Foremans Business Advisors
(Vic) Pty Limited, Suite 8, 56-60 Bay Road, Sandringham,
Victoria, to have an account laid before them/to present the
Liquidator's account showing the manner of the winding up and
disposal of the property of the Company (showing how the winding
up was conducted and the property of the Company disposed of),
and to hear any explanation that may be given by the Liquidator.

Dated this 31st day of August 2005

Dean R. McVeigh
Liquidator

C/o Foremans Business Advisors (Vic) Pty Limited
Suite 8, 56-60 Bay Road
Sandringham, Victoria


TALAMBA PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of the members of Talamba
Pty Limited held on Aug. 23, 2005, members resolved to wind up
the Company voluntarily, and appointed John Gibbons and Kieran
Hutchison of Ernst & Young, Level 37, 608 George Street, Sydney
NSW 2000 as Liquidators for the winding up.

Dated this 13th day of September 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4121


TELSTRA CORPORATION: Wields Axe Over City Shops
-----------------------------------------------
Embattled telco Telstra Corporation has started axing staff even
before Chief Executive Sol Trujillo unveils his strategic plan
for the next five years, reports Sydney Morning Herald.

So far, the job cuts are relatively small but they signify more
activity in the future.

Telstra's 101 high-street outlets are being reviewed for
possible redundancies. Same thing goes for Sensis, Teltra's
wholly owned directories and search engine company.

The telco has reportedly been studying whether to close the
stores, or sell them off either as a chain or bit by bit.

One loss-making Telstra shop at Granville in western Sydney has
already closed its doors and others are expected to follow.

Franchised stores, many of them in country towns, and all
depending on mobile phone sales for their revenue, apparently
are not in the review, although their performance is expected
also to come under scrutiny as part of the looming overall
examination of Telstra.

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: Prepares to Attack Government
--------------------------------------------------
Telstra Corporation will unveil a controversial web site next
week, showing how Government regulations hurt its business, The
Advertiser reports.

The plan followed the plunging of Telstra's shares below the
AU$4 mark in stock market trading Wednesday, as the Government
continued plans to fully privatized the firm in 2006.

The web site is part Telstra's campaign to have the regulations
that restrict its ability to invest in the next-generation
networks relaxed.

Two months ago, Telstra chief executive Sol Trujillo and his
public policy and communications chief Phil Burgess began
criticizing government regulations ahead of legislation for the
full privatization of Telstra going before parliament.

While Telstra has so far stopped short of writing to its 1.6
million shareholders to detail the costs, the company has left
that avenue open. But Telstra will outline the costs in a format
to be known as a "scorecard" on the new website, which will be
launched next Monday.

Investment banks this week delivered their initial pitches for a
share in AU$160 million worth of fees associated with the sale.

The Telstra sale is expected to be the biggest in the world next
year if the Government sells down its entire 51.8 percent stake
in the company.


SANTOS LIMITED: Discovers New Gas Field in Offshore NT
------------------------------------------------------
Santos Limited, on behalf of its wholly owned subsidiary Santos
Offshore Pty Ltd, on Thursday confirmed the discovery of a new
gas field offshore Northern Territory with the drilling of the
Caldita 1 exploration well.

Caldita 1 commenced drilling on July 7 and reached a total depth
of 4037 metres. The well encountered a significant hydrocarbon
column in a high quality reservoir interval.

A Drill Stem Test in the primary objective flowed gas at a rate
of approximately 33 million cubic feet per day through a 1"
choke. The test was constrained by the limitations of surface
equipment.

The well will now be plugged and abandoned as per the planned
program. The Caldita discovery is located in exploration permit
NT/P61 265 kilometres north-northwest of Darwin in 137 metres of
water.

"This is an encouraging result and further evaluation will be
carried out to assess the appraisal and development potential of
Caldita and nearby resources," said Santos Managing Director,
Mr. John Ellice-Flint.

The participants in NT/P61 are:

Santos Offshore Pty Ltd                                 40%
ConocoPhillips Australia Exploration PTY Ltd (operator) 60%

CONTACT:

Media inquiries
Kathryn Mitchell
Phone: (08) 8218 5260 / 0407 979 982

Investor inquiries
Mike Hanzalik
Phone: (08) 8224 7725 / 0439 892 143

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


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

ASCEND DYEING: Issues Preferential Dividend Notice
--------------------------------------------------
Ascend Dyeing Works Limited whose place of business is located
at 10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong issued a notice of intended preferential dividend in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance.

Last Date for Receiving Proofs: October 8, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver & Liquidator


ASIAN AREA: Creditors Meeting Set October 26
--------------------------------------------
Notice is hereby given that the annual meeting of the members of
Asian Area Reinsurance Company Limited (In Creditors' Voluntary
Liquidation) will be held at 20th Floor, Prince's Building, 10
hater Road, Central, Hong Kong on October 26, 2005 at 9:30 a.m.
and will be followed by a meeting of the creditors of the
company to be held at the same place at 10:00 a.m. for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the preceding year.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 20/F., Prince's
Building, Central, Hong Kong not later than 12:00 noon on
October 25, 2005.

Dated this 23rd day of September 2005

JAN G W BLAAUW
Joint and Several Liquidator


CAMELL ENGINEERING: Court Releases Winding Up Order
---------------------------------------------------
Camell Engineering (International) Company Limited whose place
of business is located at Rm 1109, 11/F, Two Grand Tower, 625
Nathan Road, Mongkok, 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 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


CHAMPION INTERNATIONAL: Poised to Cease Business
------------------------------------------------
Champion International (HK) Limited whose place of business is
located at Rm 1402-03, Connaught Commercial Building, 185
Wanchai Road, Wanchai, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on September 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


SOUTHERN AIRLINES: Fitch Revises Rating Outlook to Negative
-----------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China Southern
Airlines Company Limited's Long-term Senior Unsecured ratings to
Negative from Stable. At the same time, Fitch has affirmed the
ratings at 'BB-' (BB minus).

"The Negative Outlook primarily reflects Fitch's concerns over
China Southern's significantly declined profitability caused by
high jet fuel prices and intensifying domestic competition, and
the recently announced capacity expansion plans, which may put
pressure on free cash flow and increase leverage over the medium
term," says Eliza Liu, Associate Director in Fitch's Asia-
Pacific Corporates team.

The continuous rise in domestic jet fuel prices has caused the
surge in the carrier's operating expenses and the erosion of its
profitability in the first half of this year. China Southern's
fuel expenses accounted for 31.8% of total revenue in 1H05
compared to 25.2% in 1H04. The hike in fuel expenses is the
primary cause of China Southern's net loss of CNY964 million in
1H05 compared to a net profit of CNY374m in 1H04. Fitch believes
that the carrier has limited opportunities to manage its fuel
costs effectively due to regulatory restrictions on foreign
exchange and derivative transactions overseas. The decline in
profitability is also partly attributable to the fall in yields
- a 5% decrease in domestic passenger yield and a 7% fall in
Hong Kong regional passenger yield - mainly due to the combined
effects of industry capacity expansion and intensifying
competition.

Despite the sharp decline in its profitability, China Southern
has announced an aggressive capacity expansion plan. Between
January and August 2005, the carrier contracted to acquire a
total of 63 aircraft - 33 Boeing 737-800s, 12 Boeing 737-700s,
five Airbus 380s and 13 Boeing 787s - which will be delivered
between 2006 and 2010. Fitch estimates the total cost of the
acquisitions may reach CNY50bn, implying China Southern's
average annual capex on aircraft additions may amount to CNY10bn
over the next five years. Fitch believes that China Southern
will most likely finance its capex mainly through its operating
cash flows and further borrowings which could push its leverage
up and constrain its free cash flow generation until the new
aircraft start generating cash flow.

Fitch notes that two recent positive policy determinants may
boost China Southern's revenues in the second half of 2005.
First, the unpegging of the Chinese Yuan in August resulted in a
2.1% appreciation against the USD, which, as a stand-alone
event, will generate a one-off translation gain of CNY340m on
China Southern's US dollar debt. The airline will also likely
enjoy immediate annual cash savings of CNY50m to CNY60m in
respect of its operating and financial costs. Second, the re-
introduction of fuel surcharges in August will also increase
China Southern's revenue base in 2H05. Notwithstanding the above
positive factors, Fitch estimates that China Southern will not
likely realize a net profit for the whole year.

Fitch concludes that although China Southern's key credit ratios
are still appropriate for the current ratings, the likely
financial trend is downwards, mainly driven by the further
contraction in margins and the fast pace of capacity expansion.
A downgrade may be triggered if the company's total adjusted
debt to EBITDAR rises and be sustained above 10?, compared to
9.9x for the 12 month period ending 30 June 2005. On the other
hand, the Outlook could be revised to Stable should China
Southern demonstrate the ability to manage operating expenses
effectively and to improve its profitability back to the levels
seen in 2004, as well as limiting the increase in debt by
adjusting its capacity expansion plans if the need arises.

Contact:
Eliza Liu, Beijing,
Phone: +8610 8809 3388 ext.108
E-mail: Eliza.liu@fitchratings.com

Danny Chen, Beijing
Phone: +8610 8809 3388 ext 110
E-mail: Danny.Chen@fitchratings.com

Media Relations:
Ching-Yuen Lock
Singapore,
Phone: +65 6238 7301.


GALAXY DISTRIBUTION: Creditors Meeting Slated for October 5
-----------------------------------------------------------
Notice is hereby given that, that a meeting of the creditors of
Galaxy Distribution System Limited (In Creditors' Voluntary
Liquidation) will be held at Room 1807, West Tower, Shun Tak
Centre, 200 Connaught Road Central, Hong Kong on October 5, 2005
at 11:00 a.m. to transact the following businesses:

1. To consider the Statement of the Company's Affairs, List of
Creditors and their estimated claims:

2. To appoint a Liquidator; and

3. To appoint a Committee of Inspection, if required.

A creditor entitled to attend and vote at the abovenamed Meeting
is entitled to appoint a proxy, who need not be a member of the
Company to attend and vote instead of him.

Dated this 23rd day of September 2005

CHIANNILKULCHAI WUTTHILERD
Director


GOODLOOK INVESTMENT: Winding Up Petition Hearing Set October 19
---------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Goodlook Investment Limited by the High Court of Hong Kong
Special Administrative Region was on August 20, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on October 19, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

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

K. W. NG & CO.
Solicitors for the Petitioner
11/F., Wings Building
110 Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 18, 2005.


PACIFIC OFFSET: Commences Winding Up Process
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Pacific (Wing Hong) Offset Printing Company Limited by the High
Court of Hong Kong Special Administrative Region was on
September 5, 2005 presented to the said Court by Luk Siu Kuen
whose address is of Flat A, 2nd Floor, Casio Mansion, 209 Shau
Kei Wan Road, Hong Kong, Ng Ying Kwong whose address is of Flat
A, 21st Floor, Ka Yue Building, Nos. 1-7 Nam On Street, Shau Kei
Wan, Hong Kong and Tai Sui Lam whose address is of 4th Floor,
Kam Hoi House, 31 Bun Hoi Street, Quarry Bay, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
November 2, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

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

MESSRS. KITTY SO & TONG
Solicitors for the Petitioner
9th F., Asia Standard Tower
59 - 65 Queen's Road Central
Central, Hong Kong
Phone: 2524 5061
Fax: 2845 9098

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 1, 2005.


SLITECH LIMITED: Prepares to Wind Up Business
---------------------------------------------
Slitech Limited whose place of business is located at Flat A,
22nd Floor, Sunrise Industrial Building, 10 Hong Man Street,
Chai Wan, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 14, 2005.

Date of Presentation of Petition: July 21, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


TAT CHEONG: Court Orders Winding Up
-----------------------------------
Tat Cheong (HK) Plastic Manufacturing Limited whose place of
business is located at No. 17, 17/F, Thriving Industrial Centre,
26-38 Sha Tsui Road, Tsuen Wan, 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 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


TOTAL TRADE: Succumbs to Winding Up Process
-------------------------------------------
Total Trade Limited whose place of business is located at Flat
C, 1/F, Lee Fat Building, Yan Lok Square, Yuen Long, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 14, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


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

PERTAMINA: Has Enough Fuel Reserves in Light of Upcoming Hike
-------------------------------------------------------------
State-owned oil and gas firm PT Pertamina said that it is aware
of the long queues at gasoline stations nationwide, but would
only increase fuel supply in case of emergency, reports Reuters
News.

Motorists have recently been queueing at fuel stations in what
ius termed "panic buying," in anticipation of the government's
planned price hike in local oil prices by almost 50% on Oct. 1,
2005.

According to Pertamina's chief of marketing Achmed Faisal, the
Company cannot supply all of its fuel stocks, as doing so would
create risks and endanger current levels of fuel reserves. He
added that Pertamina will add supplies when it is really needed.

Pertamina's fuel stock levels are enough for 21 days, which is
near normal safe levels.

Thousands of students and workers protested in the streets
across the country on Sept. 29, 2005, demanding that President
Susilo Bambang Yudhoyono scrap the plan to raise fuel prices.

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


STAR AIR: Suspends Operations for the Second Time
-------------------------------------------------
After suspending operations once this year, private firm Star
Air said that it plans to suspend operations on Oct. 3, 2005,
Asia Pulse reports.

The Company had previously suspended operations for one month
beginning June 1, 2005 due to rising aviation fuel costs and
increased competition. This time, however, the reasons for the
suspension are unkown. An unnamed Star Air manager confirmed the
suspension but declined to give details.

The planned suspension is slated to be announced after the
government's planned increase in fuel prices on Oct. 1, 2005.

Star Air operates domestic routes, with one international route
from Jakarta to Kuala Lumpur, Malaysia. It currently has seven
aircraft, including three Being 737-200 and four MD 82 planes.

CONTACT:

Star Air
Jl. Gunung Sahari Raya No. 57 A - B
Jakarta 10610, Indonesia
Phone: 62 21 422 2622, 424 9622, 424 9742
Fax:   62 21 424 9538
Email: commercial@starair-online.com
Web site: http://www.starair-online.com


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

JAPAN AIRLINES: To Offer Early Retirement Scheme
------------------------------------------------
Japan Airlines Co. Ltd. (JAL) has proposed voluntary retirement
to ground crews and flight attendants in an effort to reduce
labor costs by JPY2.4 billion, the Nihon Shimbun reports.

The airline expects 200-300 employees of JAL International and
JAL Domestic to accept the offer and retire on January 31.

JAL plans to have 5,900 fewer ground crew personnel by March
2008 than it did in March 2003, the report said.

CONTACT:

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


JAPAN STORAGE: METI Approves Restructuring
------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
changes to the business-restructuring plans of Japan Storage
Battery Co. Ltd. under the Law on Special Measures for
Industrial Revitalization on September 27, 2005.

These changes were made with the aims of early realization of
integration and further improvement of productivity by means of
corporate divestiture and mergers to consolidate ongoing
businesses by function.

CONTACT:

Japan Storate Battery Co. Ltd.
1 Inobanba-Cho Nishinosho Kisshoin
1, INOBANBA-CHO
Minami-Ku, Kyoto 601-8520, Kyoto 601-8520
JAPAN
Phone: +81 75 312 1211
Fax: +81 75 316 3005
Web site: http://www.nippondenchi.co.jp/


MITSUBISHI MOTORS: May Extend U.S. Gas Incentive
------------------------------------------------
Mitsubishi Motors Corporation may consider extending an
incentive plan that offers U.S. consumers one year's worth of
free gasoline to buyers of its 2005 model-year vehicles.

The free gasoline campaign is a cheaper alternative to offering
conventional incentives such as rebates and discounts, totaling
roughly a little over $1,000 per car, Mitsubishi President Osamu
Masuko said.

Mitsubishi is projecting a return to profit in the next business
year ending March 2007.

CONTACT:

Mitsubishi Motors Corporation
Address:  2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


MITSUBISHI MOTORS: Shares Up 5.56% on Tuesday
---------------------------------------------
Shares of Mitsubishi Motors Corporation increased 5.56 percent
at 228 yen on Tuesday after figures showed its domestic output
and sales, exports and overseas production all rose in August,
according to Reuters.

Demand is also recovering in Japan, with August sales rising
23.5 percent from the year before. Its global production rose 22
percent last month.

The maker of the Pajero SUV is counting on new models such as
the Raider pickup truck and Outlander SUV to boost demand and
cut losses at underused factories around the world.


OKUMA CORPORATION: METI OKs Business Restructuring Plan
-------------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Okuma Corporation under the Law
on Special Measures for Industrial Revitalization on September
27, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

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


RESONA HOLDINGS: Repays Perpetual Subordinated Loans
----------------------------------------------------
Resona Holdings, Inc. (President: Kenji Kawada) announced that
it reached an agreement with the competent authorities with
respect to repayments of the perpetual subordinated loans, which
it borrowed from the Resolution and Collection Corporation.

Details of the loans can be accessed at
http://bankrupt.com/misc/tcrap_ufj092905.pdf

CONTACT:

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


SANYO ELECTRIC: S&P Places BBB Rating On Watch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BBB'
corporate credit and debt ratings on Sanyo Electric Co. Ltd. on
CreditWatch with negative implications, following Sanyo
Electric's downward revision of its profit forecast for fiscal
2005.

Sanyo Electric announced that it has revised its fiscal 2005
(ending March 31, 2006) forecast for consolidated operating
profit to JPY18 billion from JPY65 billion, and net loss to
JPY140 billion from JPY92 billion, based on fiercer competition
and price drops in its digital electronics products, along with
the negative impact of an earthquake on its semiconductor
business.

The company also announced progress in its business reform plan
such as sales and securitization of its office buildings,
including its head office, closure of its Hojo factory in Hyogo
Prefecture, and faster implementation of its cost reduction
plan.

"We had already incorporated into the ratings Sanyo Electric's
business reform plan to reign in debt by generating free cash
flow through boosting profitability in its core business,
selling assets, and reducing inventory," said Standard & Poor's
credit analyst Katsuyuki Nakai.

However, the revised forecast indicates a recovery in profit has
been delayed and negative pressure on its financial standing
will be larger than expected, raising concerns over
deterioration in Sanyo Electric's ability to service debt solely
through internal cash flow. Improving its debt servicing ability
and its financial standing could take some time for the company.

In resolving the CreditWatch status, Standard & Poor's will
examine the impact of the forecast revision and business
restructuring on Sanyo Electric's financial profile, and the
likelihood that the plan will revive the company's
profitability. Any downgrade of Sanyo Electric could be by more
than one notch.


SOJITZ HOLDINGS: METI Approves Restructuring
--------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Sojitz Holdings Corporation and
Sojitz Corporation under the Law on Special Measures for
Industrial Revitalization on September 27, 2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Sojitz Holdings Corporation
President & CEO Akio Dobashi
Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


TERA PROVE: METI Authorizes Rehabilitation
------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Tera Prove Inc. under the Law on
Special Measures for Industrial Revitalization on September 26,
2005.

The restructuring plan was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

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


YUASA CORPORATION: METI Approves Changes in Restructuring Plan
--------------------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
changes to the business-restructuring plans of Yuasa Corporation
under the Law on Special Measures for Industrial Revitalization
on September 27, 2005.

These changes were made with the aims of early realization of
integration and further improvement of productivity by means of
corporate divestiture and mergers to consolidate ongoing
businesses by function.

CONTACT:

Yuasa Corporation
3-21, Kosobe-Cho 2-Chome
Takatsuki 569-1115, Osaka 569-0065
JAPAN
Phone: +81 726 86 6181
Fax: +81 726 86 6345
Web site: http://www.yuasa-jpn.co.jp/


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

LG CARD: Shinhan Financial Signifies Interest to Bid
----------------------------------------------------
South Korean financial services giant Shinhan Financial Holding
Co. is interested to participate in the tender for LG Card Co.,
Asia Pulse says.

Shinhan's credit card unit, Shinhan Card, said it intends to
acquire LG Card "if the price is right".

Shinhan Card signified its interest in LG Card after HSBC Group
chairman John Bond dismissed speculation his company wants to
acquire LG Card.

LG Card has fallen into the hands of creditors since it was
rescued from bankruptcy last year through a KRW5-trillion
(US$4.8 billion) debt-to-equity swap. But the firm has already
posted its third consecutive quarterly profit, the latest of
which is KRW479 billion for the second quarter of this year.

Hong Sung-kyun, chairman of Shinhan Card, believes that
acquisition of LG card is worthwhile considering the synergy
effects it would bring about.

Mr. Hong said the right price for LG Card will be around KRW3
trillion, lower than the 4.5 trillion won suggested in March by
the Korea Development Bank (KDB), the largest creditor with a
22.93-percent stake in the card company.

Aside from Shinhan, Woori Financial Holding Co., Hana Bank and
Nonghyup are also keen in buying the card issuer.

CONTACT:

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


SAMSUNG GROUP: Chairman Under Fire
----------------------------------
Samsung Group's boss was summoned to appear before the
parliament, in the wake of the President's criticism of the
group's controversial corporate governance record, Agence France
Presse has learned.

The National Assembly's Finance and Economy Committee has
ordered Samsung Group Chairman Lee Kun-Hee to come to the House
next week to answer questions about the unpaid debts and huge
losses of its bankrupt unit, Samsung Motors.

The House's decision came at the same President Roh Moo-Hyun
accused the group of seeking to avoid a government drive for
corporate go0vernance reform. Pres. Roh also pointed out the
controversial acquisition of shares in a Samsung Group unit by
Mr. Lee's son, Jay-Yong, who is seen here as the heir apparent.

Mr. Lee will appear before the committee on Wednesday next week.

CONTACT:

Samsung Group
250, 2-ga, Taepyung-ro, Jung-gu
Seoul 100-742, South Korea
Phone: +82-2-727-7114
Fax: +82-2-727-7985


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

DATUK KERAMAT: Restraining Order Valid Until Final Disposal
-----------------------------------------------------------
Please refer to Datuk Keramat Holdings Berhad's (DKMAT)
announcements dated 20 and 26 September 2005 in respect of the
interim restraining order granted by the Court of Appeal on 19
September 2005 pursuant to Section 176(10) of the Companies Act,
1965.

There is no fixed expiry date for the restraining order, as the
Court of Appeal has granted that the restraining order is valid
for the duration and until the final disposal of DKMAT, and 36
subsidiary and associate companies' appeal to the Court of
Appeal.

Below is a copy of the September 20 announcement:

Datuk Keramat Holdings Berhad advised that the Court of Appeal
had granted an interim restraining order on September 19, 2005
(Restraining Order) pursuant to Section 176(10) of the Companies
Act 1965.

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

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

CONTACT:

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


GEORGE TOWN: Says No Fixed Expiry Date for Restraining Order
------------------------------------------------------------
Please refer to the Company's announcements dated 20 and 26
September 2005 in respect of the interim restraining order
granted by the Court of Appeal on 19 September 2005 pursuant to
Section 176(10) of the Companies Act, 1965.

George Town Holdings Berhad said there is no fixed expiry date
for the restraining order as the Court of Appeal has granted
that the restraining order is valid for the duration and until
the final disposal of GTOWN and 22 subsidiary and associate
companies' appeal to the Court of Appeal.

Below is a copy of the Company's announcement dated September
20, 2005:

George Town Holdings Berhad advised that the Court of Appeal had
granted an interim restraining order on September 19, 2005
(Restraining Order) pursuant to Section 176(10) of the Companies
Act 1965.

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

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

CONTACT:

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


GLOBAL CARRIERS: PPMC Presents Winding Up Petition
--------------------------------------------------
Notice is given that Plaza Pekeliling Management Corporation
(PPMC) has on August 12, 2005 presented a winding up petition
against Global Carriers Property Sdn Bhd (GCP) in relation to a
dispute on maintenance charges of Plaza Pekeliling.

The hearing for the said petition is fixed at 9:00 a.m. on
November 10, 2005.

GCP had filed an application for a stay of execution in the
court in which the judgment was obtained and the said
application shall be heard on 4 October 2005.


GULA PERAK: Passes All AGM Resolutions
--------------------------------------
The Board of Directors of Gula Perak Berhad (GPB) announced that
the shareholders of the Company have, on its Annual General
Meeting held 28 September 2005 approved all the resolutions set
out in the Notice of AGM.

By order of the Board
Datuk Rahim bin Baba
Executive Chairman
Kuala Lumpur

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HABIB CORPORATION: BNM Approves Purchase Price Increase
-------------------------------------------------------
On behalf of Habib Corporation Berhad (HCB), Commerce
International Merchant Bankers Berhad (CIMB) announced that Bank
Negara Malaysia (BNM) had, via its letter dated 23 September
2005 (which was received on 28 September 2005) granted the
approval for an increase of SGD24 million (approximately MYR55
million) for the payment to International Marine Services Pte.
Ltd. for the purpose of acquiring the marine logistics and
offshore businesses of Chuan Hup Holdings Limited for a total
purchase price of SGD570,621,190 to be satisfied via a cash
payment of SGD485,621,190 and the issuance of 170,000,000 new
ordinary shares of MYR1.00 each in the capital of HCB(HCB
shares) at an issue price of MYR1.15 each (proposed
acquisitions)

Accordingly, the total amount for the payment of the Proposed
Acquisitions granted by BNM via its letters dated 4 July 2005
and 23 September 2005, amounts to SGD345.65 million
(approximately MYR795 million).

The conditions imposed by BNM remained the same as announced on
8 July 2005.

This announcement is dated 28 September 2005.

CONTACT:

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


HAP SENG: Repurchases Ordinary Shares
-------------------------------------
Hap Seng Consolidated Berhad has on September 28, 2005 bought
back ordinary shares of MYR1.00 each.

The details of the buyback are as follows:

Description of shares purchased :  Ordinary shares of MYR1.00
each
Total number of shares purchased (units) : 11,600
Minimum price paid for each share purchased (MYR) : 2.180
Maximum price paid for each share purchased (MYR) : 2.190
Total consideration paid (MYR) : 25,506.08
Number of shares purchased retained in treasury (units) : 11,600
Number of shares purchased which are proposed to be cancelled
(units) : 0
Cumulative net outstanding treasury shares as to-date(units) :
33,386,300
Adjusted issued capital after cancellation
(no. of shares) (units) : 0

CONTACT:

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


HONG LEONG: To Hold EGM October 14
----------------------------------
Hong Leong Industries Berhad advised that an Extraordinary
General Meeting (EGM) of the Company will be held at the
Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450
Kuala Lumpur on Friday, 14 October 2005 immediately upon the
conclusion of the 42nd Annual General Meeting of the Company to
be held at 3.00 p.m. on the same day, or any adjournment
thereof, for the purpose of considering and, if thought fit,
passing with or without modifications, the resolutions as set
out below:

- Proposed renewal of the authority for the purchase of own
shares by the Company
- Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature
- Proposed termination of the existing Executive Share Option
Scheme - Proposed establishment of a new ESOS of up to fifteen
percent (15%) of the issued and paid-up ordinary share capital
of the Company

This announcement is dated 28 September 2005.

CONTACT:

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


I-BERHAD: Buys Back 120,000 Shares
----------------------------------
I-Berhad furnished Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back from : 16/09/2005
Date of buy back to : 23/09/2005
Total number of shares purchased (units) : 120,800
Minimum price paid for each share purchased (MYR) : 0.890
Maximum price paid for each share purchased (MYR) : 0.900
Total amount paid for shares purchased (MYR) : 108,517.50
The name of the stock exchange through which the shares were
purchased  : Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units) :
120,800
Total number of shares retained in treasury (units) : 3,543,400
Number of shares purchased which were cancelled (units) : 0
Total issued capital as diminished : 0
Date lodged with registrar of companies : 28/09/2005
Lodged by  : Company Secretary

This announcement is dated 28 September 2005.

CONTACT:

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


INTAN UTILITIES: Details Measures to Address Units' Defaults
------------------------------------------------------------
Further to the announcement dated 25 August 2005 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors of Intan
Utilities Berhad announced the summary of the borrowings in
default and the steps taken to address the defaults by IDS
Electronics Sdn. Bhd. and IDS Technology Sdn Bhd, 70%
effectively-owned subsidiaries of Intan Utilities Berhad.

Detailed information can be viewed at:
http://bankrupt.com/misc/tcrap_IntanUtilities092805.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


MAXIS COMMUNICATIONS: Ordinary Shares Up for Listing, Quotation
---------------------------------------------------------------
Kindly be advised that Maxis Communications Berhad's additional
95,000 new ordinary shares of RM0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation with effect from 9.00 a.m., Friday, 30 September 2005.

CONTACT:

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


PILECON ENGINEERING: SC Sets Condition for Exemption
----------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of Pilecon Engineering
Berhad (the Company), announced that the Securities Commission
(SC) has, vide its letter dated 27 September 2005, informed that
the Proposed Exemption will only be considered by the SC after
the following conditions have been met:

(i) Tradefast Properties Limited and the person acting in
concert with it (PAC), namely Tan Hock Keng, must submit their
respective statutory declarations confirming that they have not
been involved in any disqualifying transactions, as required
under Practice Note 2.9.1(5)(a) of the Code, and to also
undertake not to acquire any Pilecon shares until the SC's
approval for the Proposed Exemption has been obtained;

(ii) Tradefast and the PAC must obtain approval from the
remaining shareholders of Pilecon, on a poll, at an
Extraordinary General Meeting (EGM), for them to gain control of
Pilecon without having to make a mandatory offer. All interested
parties should abstain from voting on the Proposed Exemption at
the EGM. The Scrutineer's report, verifying and confirming the
result of the poll and that all interested parties have
abstained from voting, must be forwarded to the SC; and

(iii) For the purpose of the aforesaid EGM, the remaining
shareholders of Pilecon should be provided with competent
independent advice regarding the Proposed Exemption by an
independent adviser, whose appointment must have been approved
by the SC. The independent adviser's circular to the remaining
shareholders of Pilecon, setting out details of the Proposed
Exemption, must also have been consented by the SC before being
circulated.

This announcement is dated 28 September 2005.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax:  +60 3 7804 3888


POS MALAYSIA: To List Additional Shares Today
---------------------------------------------
Kindly be advised that Pos Malaysia & Services Holdings Berhad's
additional 173,000 new ordinary shares of RM1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9.00 a.m., Friday, 30
September 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


PUNCAK NIAGA: Purchases 100,000 on Buyback
------------------------------------------
Puncak Niaga Holdings Berhad has bought back ordinary shares on
September 28, 2005. Details are as follows:

Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 100,000
Minimum price paid for each share purchased (MYR): 2.740
Maximum price paid for each share purchased (MYR): 2.790
Total consideration paid (MYR): 276,757.11
Number of shares purchased retained in treasury (units): 100,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date (units)
: 2,871,000
Adjusted issued capital after cancellation
(no. of shares) (units) : 0

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


WCT ENGINEERING: Court Delays Ruling on Maju Case
-------------------------------------------------
Further to the Company's announcement on 22 September 2005, the
Board of Directors of WCT Engineering Berhad announced as
follows:

The hearing of WCT CONSTRUCTION SDN. BHD.'s (WCTC) appeal
against the Court's decision in dismissing its application to
enter judgement against Maju Holdingd Sdn Bhd has been postponed
by the Court to 4 October 2005.

This announcement is dated 28 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
=====================

GLOBAL STEEL: Completes Machine Repair
--------------------------------------
Global Steel Philippines Inc. has seen another breakthrough in
the rehabilitation of its mill in Iligan City, The Philippine
Daily Inquirer says.

The firm, which has acquired the mill of the now-defunct
National Steel Corp., said it could now supply the Philippines'
requirement for steel products after it completed repairs on the
pant's 60-inch roll grinding machine. The mill had been
mothballed since National Steel shut down five years ago.

The 60-inch Farell machine will now enable the plant to process
steel with better accuracy and finish, said Global Steel
president Sushant Das.

Mr. Das said the repair of both the machine and of the software
that operates it was completed by Filipino employees who relied
mainly on the experience and know-how gained from years of work
at the plant.

Before the machine was repaired, the plant had only two working
roll grinders for 28-inch and 36-inch diameter rolls.

Global Steel supplies domestic and regional markets with hot
rolled plates, hot rolled coils, cold rolled full hard coils,
and cold rolled annealed coils.

Earlier this month, it said it would start production of thin
steel sheets and tin plates.

The company plans to launch soon cold-rolled steel for use as
panels, computer casings, appliances, furniture, and automobile
fuel tanks.

It also plans to start making full-hard, cold-rolled substrate
of aluminum zinc alloy coating -- called galvalume, which is
used as roofing material.


HACIENDA LUISITA: Investigators Criticize Stock Plan
----------------------------------------------------
A task force investigating into the affairs of Hacienda Luisita
Inc. (HLI) has recommended the cancellation of questioned stock
distribution contracts entered into by the firm with some 6,000
farm workers, BusinessWorld reveals.

After two months of reviewing the findings of Task Force
Luisita, the Department of Agrarian Reform's (DAR) special legal
team confirmed violations of the stock distribution option (SDO)
agreement entered into between the Cojuangcos and farmers in
1989.

The Task Force's "terminal report", however, is not yet the
DAR's final decision but is only the final step in the
evaluation of the stock contract.

The DAR's official recommendation will be presented to the
Presidential Agrarian Reform Council (PARC), which is now
chaired by President Gloria Macapagal-Arroyo. The PARC will
decide the fate of HLI's stock deal.

The recommendation to cancel the stock distribution was based on
the aim of Republic Act 6657 or the Comprehensive Agrarian,
which is to achieve social justice and improve the farmers'
quality of life through greater productivity of agricultural
lands.

The report cited allegations by Hacienda Luisita farmers that
their lives have deteriorated especially after the HLI
management said the firm couldn't distribute dividends since HLI
has not gained profits in the last 15 years.

HLI management has yet to issue an official statement pending
publication of the report, but company spokesman Atty. Vigor
Mendoza II noted that the department should make sure that its
final decision is fair.


NATIONAL HOME: Sets Up Low-income Housing Firm
----------------------------------------------
The loss-making National Home Mortgage Finance Corp. (NHMFC) has
formed a Php100-million financing firm to service housing
programs catering to the poor, The Philippine Star has learned.

The Securities and Exchange Commission (SEC) has on Wednesday
authorized the new entity, Social Housing Finance Corp. (SHFC),
to operate as a financing company.

SHFC will act as administrator of the government's Community
Mortgage Program (CMP) and other housing loan assistance that
will primarily cater to the informal sector.

SHFC said loans shall be made available only to duly organized
association of informal settlers in urban and urbanizing areas.
It said collection shall make use of peer pressure strategy
where a duly registered community association shall collect from
its member-beneficiaries and remit collections to the company.

SHFC's target market will be the homeless urban poor who are
informal occupants of properties owned by other parties or
government lands intended for roads and other infrastructure
projects. The company shall base its pricing policy on existing
guidelines where interest rates are pegged at six percent per
annum.

SHFC said additional operating capital requirement, if needed,
shall be provided through service income from a Php5 billion CMP
loan receivables to be turned over by the NHMFC through a
management contract. Any deficiency may be financed through
equity infusion and grants from multilateral agencies such as
the Social Security System (SSS) and local governments.

The NHMFC is the first secondary mortgage market institution
created in the country to tap funds from the capital market for
low-income mass housing finance through the buying and selling
of mortgages. It paved the way for the simplification of the
home financing system and documents, and initiated the operation
of a unified funding system for housing among the three
government pension funds: Government Service Insurance System
(GSIS), SSS and the Pag-IBIG Fund.

It is also charged with the development of a system that will
attract private institutional funds into long-term housing
mortgages.

NHMFC, which has a deficit of Php8.3 billion, is among the top
troubled state-run firms.

CONTACT:

National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430


NATIONAL POWER: Saves Php9-Bln on Cost Cuts
-------------------------------------------
State-owned National Power Corporation (Napocor) has realized
savings of more than Php9 billion in the first half of the year,
Napocor President Cyril C. del Callar told The Manila Bulletin.

The power firm booked huge savings from substantially reduced
operating expenses and numerous cost-cutting measures it is
adopting.

The corporate cash savings is a result of reduction in fuel
expenditures, cutting cost of its insurance policies, placing
interest earnings on temporary investment, and reduction of
contractual obligations to its contracted independent power
producers.

It was likewise gleaned from documents that the power firm
generated savings of Php1.13 billion from settlement and
collection of minimum and premium energy charges from the Manila
Electric Company for the periods from January to June this year.

Napocor targets a break-even financial performance this year.

Mr. del Callar gave assurance that Napocor will not only improve
its finances, but also to reduce rates for ordinary consumers.

CONTACT:

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


PHILIPPINE LONG: Opposes Cheaper Foreign Carriers in Clark
----------------------------------------------------------
National flag carrier Philippine Airlines (PAL) and its unit Air
Philippines have opposed the applications of Thai and
Singaporean low-cost carriers to mount flights to Macau from
Clark International Airport in Pampanga, BusinessWorld reports.

PAL officials asked the Civil Aeronautics Board (CAB) to reject
the application of Thai Air Asia and Tiger Airways Limited. The
executives claim an approval will dampen the profitability of
PAL's Manila-Hong Kong operations.

Hong Kong is only 40 kilometers away from Macau and is an
important route for domestic carriers that fly Filipinos working
there, or roughly 15 percent of the total population of overseas
Filipino workers. This month's opening of Disneyland Hong Kong,
a theme park, is expected to boost air traffic to the
Philippines.

Thai Air and Tiger Airways petitioned the aeronautics board to
approve their Clark-Macau flights twice or thrice weekly. The
low-cost carriers are ready to offer chartered flights beginning
next week. Low-cost carriers typically charge 40-50 percent
lower fares than commercial flights.

The new Clark-Macau routes of the low-cost carriers is seen to
increase the number of flights in and to Clark to 50 from 37
weekly

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


RFM CORPORATION: Elects Committee Chair, Member
-----------------------------------------------
In the regular meeting of the Board of Directors of RFM
CORPORATION held on even date, the election of Committee
Chairmen and Members took place:

1. Audit Committee
Lilia R. Bautista - Chairman
John Marie A. Concepcion - Member
Felicisimo M. Nacino Jr. - Member

2. Nomination Committee
Jose S. Concepcion Jr. -Chairman
Romeo L. Bernardo - Member
Raissa H. Posadas - Member

3. Compensation Committee
Romeo L. Bernardo - Chairman
Raissa H. Posadas - Member
Ernest Fritz Server - Member

About the Company

RFM Corporation (RFM) was incorporated in August 1957 under the
name Republic Flour Mills, Inc. and was originally into the
flour milling business. From its original endeavor, it gradually
entered into agribusiness, grocery and other areas of food
manufacturing. In 1963, plant facilities were commissioned to
produce cooking oil and margarine. This was subsequently
followed a few years later by a commercial feed mill to produce
poultry and hog feeds. As time went on, the Company expanded
further by acquiring several interests in different aspects of
the food industry.

It is engaged in a wide variety of activities including flour
milling, food processing, animal husbandry, animal feedmeal
production, marketing and distribution of grocery products and
operation of non-alcoholic beverages. The Company's diversified
product lines include flour and bakery products, animal
feedmeal, poultry and livestock, processed and canned meat and
fish and fruit juices. The Company also engages in non-food
business, which includes real estate, consumer financing and
integrated cargo-handling services.

In 2000, RFM started its corporate rationalization of business
portfolio, by divesting its non-core business so that it can
focus on its core food and beverage businesses. It sold its
interest in Consumer Savings Bank and Psi Technology. A year
later, the Company sold all assets relating to Tuna processing.
In November 2001, the Company entered into a Share Purchase
Agreement (SPA) with Atlantic Industries and Philippine
Bottlers, Inc. (PBI) for the sale of its entire interest in
Cosmos Bottling Corporation. Subsequently, in January 2002 all
the closing conditions for the execution of the SPA were
satisfied and the sale was effected.

CONTACT:

RFM CORPORATION
Head Office: RFM Corporate Center, Pioneer corner Sheridan
Streets, Mandaluyong City 1550, Metro
Manila, Philippines
Telephone: (63-2) 631-8101
Facsimile: (63-2) 631-5094
Website: http://www.rfm.com.ph


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

CITIRAYA INDUSTRIES: Four Charged with Bribery Sentenced Harshly
----------------------------------------------------------------
Four men charged with bribery in relation to the selling of
rejected chips from recycling firm Citiraya Industries Limited
were meted harsh sentences on Sept. 28, 2005, reports Channel
NewsAsia.

According to the court, it wanted to send a strong message of
its intolerance of corruption to the industry, especially
relating to publicly-listed companies.

Seow Tech Keng got a 3.25-year jail term for accepting SGD1.7
million in bribes, while Chang Kar Yang, Teh Ah Bah and Wong
Chin Farn received jail terms of 1-13 months each. All four
accused were ordered to pay fines between SGD20,000 to SGD$6
million.

Lawyers for the accused have no plans to appeal the sentences,
which are harsher than usual, as Citiraya Industries is not a
private firm but is publicly listed.

CONTACT:

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


DIGILAND INTERNATIONAL: Firm Files Claim for Unpaid Products
------------------------------------------------------------
On Sept. 28, 2005, Digiland International Limited was served
with a writ of summons in respect of a claim by Avant Werx Pte
Limited for the sum of SGD387,500.00, plus interest at the rate
of 1.5% per month and costs.

The claim is in respect of software products alleged to have
been provided by Avant Werx to the Company pursuant to a
distributorship agreement, which the Company did not allegedly
pay for. From the outset, even before the service of the
writ, the Company has disputed this claim.

Digiland International's lawyers have advised that the claim is
without merit, and the Company intends to vigorously contest the
claim.

BY ORDER OF THE BOARD
Lim Koon Hock
Company Secretary
Sept. 28, 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6369 1613
Web site: http://www.digiland.com.sg


FIRSTLINK INVESTMENTS: Sells Unit-Owned Property to Repay Debt
--------------------------------------------------------------
Firstlink Investments Corporation Limited had earlier announced
its intention to sell a hotel in New Zealand (Central Auckland
Airport Hotel) owned by the Company's wholly owned unit, Glopeak
NZ Hotels Pte Limited.

On Sept. 28, 2005, Glopeak NZ Hotels entered into a sale and
purchase agreement whereby Goodearth Hotels NZ (Auckland)
Limited would purchase the hotel property for NZD17 million in
cash.

The proceeds of the sale would go toward repaying a USD4 million
convertible bond debt and US5.3 million non-convertible bond
debt that the Company owes to D.B. Zwirn Special Opportunities
Fund, L.P., which had sent a letter of demand to the Company for
such claim last Aug. 10, 2005.

To view the details on the sale & purchase agreement, go to:

http://bankrupt.com/misc/tcrap_firstlinkinvestments092905.pdf

CONTACT:

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


NATSTEEL LIMITED: Unit Seeks Scheme Approval
--------------------------------------------
Natsteel Limited announced that its wholly owned subsidiary,
Raffles Marina Limited, held its Noteholders' Meeting on Sept.
28, 2005 pursuant to an Order of the Singapore High Court dated
Aug. 25, 2005. The proposed Scheme of Compromise and Arrangement
was put to the Meeting this afternoon and was duly approved by
the required majority of Noteholders.

By Order of the Board

Lim Su-Ling
Company Secretary
Sept. 28, 2005

To view the proposed scheme of arrangement, click on:

http://bankrupt.com/misc/tcrap_natsteel092905.pdf

CONTACT:

NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Phone: 65 62651233
Fax:   65 62658317
Web site http://www.natsteel.com.sg


PENTON INTERNATIONAL: Passes All Resolutions at AGM
---------------------------------------------------
Penton International Limited announced that all items of
ordinary and special business were duly passed by shareholders
at the Company's Annual General Meeting held on Sept. 28, 2005.

To view the details of the Company's resolutions passed, go to:

http://bankrupt.com/misc/tcrap_pentoninternational092905.pdf

CONTACT:

Penton International Limited
80 Raffles Place
#24-21A UOB Plaza 2
Singapore 048624
Phone: 65 6538 3938, 65 6538 0678
Fax:   65 6538 2689


TUNG LIN: Creditors Meet to Discuss Winding Up
----------------------------------------------
Notice is given that a meeting of creditors of Tung Lin
Construction Pte Limited will be held on Oct. 13, 2005, 4:00
p.m. at 18 Cross Street, #08-01 Marsh & McLennan Centre (China
Square Central), Singapore 048423 for the following purposes:

AGENDA

(1) To update on the status of the Company's winding up;

(2) To consider and if thought fit to appoint a committee of
inspection; and

(3) Any other business.

Dated this 28th day of September 2005

Chee Yoh Chuang
Liquidator
c/o Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 08423


TWK SKILL: Creditor Seeks Winding Up
------------------------------------
Notice is hereby given that Hart Engineering (Private) Limited,
a creditor of TWK Skill Engineering Works Pte Limited, presented
a winding up petition against the Company to the Singapore high
Court on Sept. 12, 2005.

The Petition is directed to be heard before the Court
sitting at Singapore on Oct. 7, 2005, 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the said Petition may appear
at the time of hearing by themselves or their Counsel for that
purpose.

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

The Petitioners' address is at 26 Kallang Junction, Hart House,
Singapore 339279.

The Petitioners' solicitors are Messrs. Rabi Ahmad & Co of 32
Wallich Street, #03-59 Wallich Building, Singapore 078880.

Dated this 26th day of September 2005.

Messrs. Rabi Ahmad & Co.
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors Messrs. Rabi Ahmad &
Co. a written notice of his intention to do so. The notice must
state the name and address of the person, or if a firm, the name
and address of the firm, and must be signed by the person, firm
or his or their solicitor (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Oct. 6, 2005 (one clear
day before the day appointed for the hearing of the Petition).


UNITED FIBER: Restarts Indonesian Pulp Mill Operations
------------------------------------------------------
United Fiber System Limited (UFS) announces that after an
intense period of preparation activities since August 2005,
which included the procurement and delivery of raw materials to
the mill, UFS has resumed production at the pulp mill of PT
Kiani Kertas under an Operational Management Agreement.

The first batch of commercially marketable pulp of Grade A
quality was produced on Sept. 28, 2005, and a ready offtaker for
the product has been secured.

This is a significant milestone for UFS in realising its vision
to be a global market pulp producer.

By Order of the Board
Kishore Dass
Chief Executive Officer
28 September 2005

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg


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


NATURAL PARK: Notes Progress of PA's Assets Sale to Lehman
----------------------------------------------------------
Natural Park Company Limited (N-PARK) announced the progress of
the assets sale of its 63.40%-owned subsidiary, Pacific Assets
Public Company Limited (PA).

At an Extraordinary General Meeting held on August 18, 2005, PA
shareholders approved the sale of: (1) Pantip Court Executive
Residence; (2) One Pacific Place and Two Pacific Place
Buildings; (3) Le Royal Meridien Phuket Yacht Club; and (4) Le
Royal Meridien Baan Taling Ngam (Selling Assets) to Lehman
Brothers (Thailand) Company Limited for a total of THB3,220
million. The payment and transfer date was also set on October
17, 2005.

As a result of such transaction, revenue of N-PARK will increase
in Quarter 4/2005 from PA's profit from the sale of assets.

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


TONGKAH HARBOUR: Appoints New Audit Committee Member
----------------------------------------------------
The board of directors meeting/ Tongkah Harbour PCL No. 5/2005
held on 28 September 2005 passed a resolution appointing Mrs.
Arida Vidhyananda as Member Audit Committee in place Mr. Chaleo
Wanasawat at September 28, 2005.

1. Names of members of the Audit Committee are as follows:
                                           Remaining Terms of
                                           Holding Off
Chairman         Mr.Kriang Kietfuengfoo    2 year(s) 2006
Member           Mr.Tiwa Sukumoljanta      1 year(s) 2005
Member           Mrs. Arida Vidhyananda    3 year(s) 2007
Secretary        Mr. Chalermchai Martmuang


2. The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the board of directors
on:

- Ensuring that all financial reporting is in accordance with
generally excepted  accounting procedures.
- Ensuring timely and transparent regulatory compliance.
- Making informed recommendations regarding the Company's
accounting policies practices.
- Reviewing the scope, cost and results of internal and external
audits.
- Maintaining communication between the Board of Directors and
the Company's internal finance department and/or external
auditors.
- Assessing the adequacy of the Company's administrative,
operating and accounting controls and working suggestions for
possible improvement.
- Reviewing any matter that may potentially affect the financial
welfare of the company and/or connected transactions involved
with related companies.
- Reviewing and making recommendations in the company's internal
control.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

CONTACT:

Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901



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

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


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

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72

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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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