TCRAP_Public/051003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, October 3, 2005, Vol. 8, No. 195

                         Headlines

A U S T R A L I A

`A' CLASS: Members, Creditors to Receive Wind Up Report
A.C.N. 079 197 987: Members Resolve to Wind Up Firm
AMP LIMITED: Capital Return Likely in 2007
ARCUS SHOPFITTERS: Winds Up Business
AUSTRALIAN PYROTECHNICS: Declares First Dividend

CCF PTY: Members Agree to Close Operations
EDIVISION INVESTMENTS: Enters Liquidation
EMERGENCY CONSULTING: Schedules Final Meeting October 7
EMPEROR MINES: Considering Proposal from DRDGold
ENERGY WORLD: Restructures Debt Financing Facilities

EVANS & TATE: To Ink Supply, Processing Deal with Fosters
FIVE STAR: Members Pass Winding Up Resolution
IDEAL FENCING: Official Liquidators Appointed
INTERNATIONAL CONCERT: Says Turnaround on Track
JASMER PTY: Liquidator to Distribute Company Assets

KARFAM PTY: Creditors Meet to Review Winding Up
LIBERTYONE LIMITED: To Pay Dividend to Creditors
MXMM NOMINEES: Appoints Official Liquidators
NATIONAL AUSTRALIA: Still Keen on Asian Expansion
NATIONAL AUSTRALIA: Currency Options Traders Committed for Trial

PREMIUM FOOD: Creditors OK Liquidator's Appointment
PRIMELIFE CORPORATION: Schemes to be Wound Up
QANTAS AIRWAYS: Court Rejects Bart Doff's Application to Appeal
QBN PAPER: To Declare Final Dividend
REY ENTERPRISES: Cameron Dyal Named Liquidator

SAMSPIN PTY: Members Opt for Voluntary Liquidation
STEVE KURLIN: Court Orders Winding Up
TELSTRA CORPORATION: PM Talks Up Ailing Telco
VIETO PTY: Liquidator to Detail Wind Up Manner
YELLOWCO SEVEN: Placed under Voluntary Liquidation


C H I N A  &  H O N G  K O N G

ALROCO COMPANY: Issues Notice of Preferential Dividend
BT DEVELOPMENT: Creditors Meeting Set October 13
CHI KEE: Winding Up Process Ends
EURO FURNITURE: To Exit Bankruptcy Next Year
GEELONG INDUSTRIES: Winding Up Hearing Fixed November 16

HAN KONG: Court to Hear Winding Up Petition November 16
JUN CHENG: Contributories Meeting Set October 19
KONG KAI: Sees End to Bankruptcy
NHJ LIMITED: Sets Contributories, Creditors Meeting October 7
ONARE COMPANY: To Emerge from Bankruptcy January 8

UNIVERSAL PROGRESS: Discharge from Bankruptcy Looms
WING SHAN: Creditors Meeting Slated for October 13
* ICAC Arrests 22 Over Alleged Fund `Scam'


I N D I A

AIR INDIA: Enjoys INR96-crore Profit in FY05
AIR INDIA: To Add 68 New Planes to its Fleet


I N D O N E S I A

PERTAMINA: Boosts Daily Fuel Supply to 216,000 Kiloliters
PERUSAHAAN LISTRIK: Rewards Informants on Electricity Theft


J A P A N

HASEGAWA COMPANY: JCR Assigns BBB- Rating
JAPAN AIRLINES: On Watch Negative Following Safety Problems
JAPAN HIGHWAY: FTC Orders Bridge Builders To Stop Bid-rigging
KANEBO LIMITED: L'Oreal Pulls Out of Deal to Buy Stake
SANYO ELECTRIC: Moody's Reviews Baa1 Rating

SEIYU LIMITED: Unveils Capital Increase Measures


K O R E A

CITIBANK KOREA: Union Threatens to Stage a Strike
KOREA LEASE: Creditors Junk Lone Star Bid


M A L A Y S I A

ANCOM BERHAD: Purchases New Shares
ASIAN PAC: Reappoints Ernst & Young as Auditor
ATLAN HOLDINGS: Gets Shareholders OK to Proposals
BELL & ORDER: Agrees to Extend Cut-Off Date of SPA
EKRAN BERHAD: Issues Status Report on Payment Default

HABIB CORPORATION: Changes Company Name
HONG LEONG: Buys Back Ordinary Shares
LEBAR DAUN: SC Extends Deadline of Private Placement
MANGIUM INDUSTRIES: Sets Out Reason for Payment Default
O.Y.L. INDUSTRIES: Unit Placed in Voluntary Winding Up

MAXIS COMMUNICATIONS: Issues New Shares for Listing
PILECON ENGINEERING: SC OKs Appointment of Independent Adviser
PROLEXUS BERHAD: Books MYR2,696,000 Net Loss
PUNCAK NIAGA: Court Moves Hearing to Next Year
SATERAS RESOURCES: Hopes Court Would Reverse Decision

TELEKOM MALAYSIA: Unit Begins Trading on Jakarta Bourse
WEMBLEY INDUSTRIES: Sees No Changes to Payment Default Status


P H I L I P P I N E S

BAUANG PRIVATE: Clarifies Reports of Impending Bankruptcy
COLLEGE ASSURANCE: Throws Raps Towards SEC Exec
HACIENDA LUISITA: Government Scraps Stock Plan
INTERPHIL LABORATORIES: Notes Unusual Price Movement
NATIONAL POWER: U.S. Firm Eyes Generating Assets

NATIONAL POWER: Central Bank Approves US$150-Mln Bond Sale
RB CABUSAO: Court Grants Liquidation Assistance


S I N G A P O R E

AIROCEAN GROUP: Uses Share Issue Proceeds in Forwarding Firm
B&C CONSTRUCTION: To Distribute Dividend Soon
CHENG POH: Court Issues Winding Up Order
CHINA AVIATION (S): Unit's Fuel Tender Oversubscribed Six Times
KOH BROTHERS: Unit Secures Development Contract

MEGAVISA SOLUTIONS: Creditor Seeks to Wind Up Firm
NEOCORP INTERNATIONAL: Firm Issues Writ Order on Unpaid Debt
PENYU DAUN: Liquidator Sets Deadline for Claims Submission


T H A I L A N D

ADVANCE PAINT: Concludes Warrant Exercise
THAI PETROCHEMICAL: Mulls Amendment of Rehab Plan

     -  -  -  -  -  -  -  -

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

`A' CLASS: Members, Creditors to Receive Wind Up Report
-------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of `A' Class Parts & Services Pty Limited will be held
on Oct. 7, 2005, 2:30 p.m. at Hall Chadwick Level 29, St Martins
Tower, 31 Market Street, Sydney, for the following purposes:

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings, and of the conduct of the winding up
during the liquidation period ending on Oct. 7, 2005.

(2) Any other business.

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


A.C.N. 079 197 987: Members Resolve to Wind Up Firm
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of A.C.N. 079 197 087 Pty Limited held on Aug.
16, 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 Lokwe Ching Wong of Harrisons
Insolvency, Level 5, 150 Albert Road, South Melbourne be
appointed Joint & Several Liquidators for the winding up.

Dated this 16th 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


AMP LIMITED: Capital Return Likely in 2007
------------------------------------------
Life insurer and funds manager AMP Limited said it could look at
a further capital return in 2007, after promising last month to
give shareholders a "substantial" return early next year,
Reuters reports.

AMP posted a 22 percent rise in first-half profit to AU$393
million (US$297 million) last month and said it would make a big
capital return to shareholders in early 2006. Analysts have
estimated the return should be more than AU$1 billion.

A standard return to all shareholders, passed by an annual
meeting of shareholders was the preferred method for the 2006
return. The size of the 2006 return would be announced when AMP
reports its 2005 results in February.

AMP is one of Australia's biggest funds managers with about
Au$85 billion in assets under management.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


ARCUS SHOPFITTERS: Winds Up Business
------------------------------------
Notice is hereby given that at a General Meeting of Members of
Arcus Shopfitters Pty Limited held on Aug. 25, 2005, it was
resolved that the Company be wound up voluntarily, and that
Christopher Michael Williamson and Kimberley Andrew Strickland
of SimsPartners, Level 12, Dwyer Durack House, 40 St. George's
Terrace, Perth WA 6000 be appointed Joint & Several Liquidatora
for such purpose.

Dated this 30th day of August 2005

Kimberley A. Strickland
Christopher M. Williamson
Joint Liquidators
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


AUSTRALIAN PYROTECHNICS: Declares First Dividend
------------------------------------------------
Australian Pyrotechnics Pty Limited will declare a first
dividend today, Oct. 3, 2005.

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

Dated this 16th day of August 2005

Neil G. Singleton
Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000


CCF PTY: Members Agree to Close Operations
------------------------------------------
Notice is hereby given that at a general meeting of CCF 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 the
winding up.

Dated this 25th day of August 2005

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


EDIVISION INVESTMENTS: Enters Liquidation
-----------------------------------------
At an Extraordinary General Meeting of Edivision Investments Pty
Limited held on Aug. 23, 2005, members resolved to wind up the
Company voluntarily, and to appoint John Gibbons and Keiran
Hutchison of Ernst & Young, Level 37, 680 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


EMERGENCY CONSULTING: Schedules Final Meeting October 7
-------------------------------------------------------
Notice is hereby given that a final meeting of the members/and
creditors of Emergency Consulting Service Pty Limited will be
held on Oct. 7, 2005, 11:00 a.m. at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, to present the Liquidator's account showing the manner of
the winding up and disposal of the property of the Company, and
to give any explanation thereof.

Dated this 24th day of August 2005

Schon G. Condon RFD
Liquidator
c/o Jones Condon
Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: 02 9893 9499


EMPEROR MINES: Considering Proposal from DRDGold
------------------------------------------------
Emperor Mines Limited confirmed that it is considering a
proposal from DRDGold Limited that, if agreed, may result in
Emperor acquiring the Papua New Guinea based assets of DRDGold.

While the Company would not ordinarily comment on incomplete
proposals or speculation, this announcement has been made as
DRDGold has issued a cautionary announcement regarding the
proposal as required under the Johannesburg Stock Exchange
listing rules, its home exchange. A copy of the statement is
available at: http://bankrupt.com/misc/tcrap_drdgold093005.pdf.

If agreement can be reached on acceptable terms, the proposal
will be subject to a range of conditions including all necessary
regulatory consents and approvals and the approval of Emperor
shareholders (other than DRDGold). Given the incomplete nature
of the negotiations, there is no guarantee that this proposal
will proceed. Further, Emperor has been advised by DRDGold that
it is considering a number of other options to deal with its
offshore assets.

If an agreement is reached, the Company will announce the
details of the proposal in accordance with its statutory
disclosure obligations.

CONTACT:

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


ENERGY WORLD: Restructures Debt Financing Facilities
----------------------------------------------------
Energy World Corporation Limited (EWC) announced that it has
finalized arrangements with both Commonwealth Bank of Australia
(CBA) and Energy World International Limited (EWI) in connection
with the refinancing of its debt obligations to both CBA and
EWI.

These arrangements require the security previously held by EWI
(a charge over the assets and shares of Central Energy Power
(CEP) and Central Energy Australia (CEA) to be relinquished by
EWI and transferred to CBA and for EWI's debt obligations to be
subordinated to CBA and restructures for payment.

In consideration of EWI releasing its security and for accepting
the subordinated position, subject to shareholders approval and
any other approvals that maybe required, EWC propose to
compensate EWI by paying EWI a restructuring fee in the form of
cash and shares and interest on the restructured facility.

The company also advised that EWC are currently formalizing
arrangements to raise additional funding for working capital and
other purposes though a rights issue to be arranged on a one
share to five share basis or a placement.

Further details in respect of these arrangements will be
provided to shareholders who will have the opportunity to vote
on these matters at the forthcoming Annual General Meeting of
the company; to be held on November 18, 2005 at Royal Automobile
Club of Australia, Sydney.

The Directors believe that, given these arrangements are
approved by shareholders, after an extensive period of financial
restructuring, the company is now positioned to focus on the
further development and expansion of its Indonesian and
Australian assets as well as develop other projects in Asia.

CONTACT:

Energy World Corporation
9A, Seaforth Crescent,
SEAFORTH, NSW,
AUSTRALIA, 2092
Telephone: (02) 9247 6888
Fax: (02) 9247 6100


EVANS & TATE: To Ink Supply, Processing Deal with Fosters
---------------------------------------------------------
Wine group Evans & Tate Limited on Friday announced that it has
entered into a Heads of Agreement with Fosters Wine Estates
Limited (Fosters) to provide contract processing services.

The agreement provides for Evans & Tate to supply and process a
minimum of 4,500 tonnes of Southeastern Australian grapes to
Fosters for an initial term of five years. These new contracted
volumes are in addition to current supply agreements with
Fosters. Evans & Tate will also, from 2006 Vintage, process a
minimum of 13,500 tonnes of grapes for Fosters. Evans & Tate
will process these tonnages at its wineries at Mildura, Victoria
and Griffith, New South Wales. Opportunities exist for the
Company to expand those services from our sites at Yarra Valley,
Victoria and Margaret River, Western Australia from Vintage
2007.

Commenting on the announcement, Evans & Tate Chairman John
Hopkins said that he was pleased that Fosters had agreed to
extend its relationship with Evans & Tate.

"This Heads of Agreement with Fosters represents a major
expansion of our relationship with the world's leading premium
wine company," he said.

"This expands our contract processing operations significantly
and allows us to fully utilize the Griffith winery facilities to
maximize revenue."

"We have indicated that we intend to undertake a sale and
leaseback of our Griffith winery, and this agreement will not
impact that decision. However, it does underline the
attractiveness of the Griffith winery as a processor of premium
wines."

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


FIVE STAR: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Five Star Formwork Pty Limited held on Aug.
29, 2005, it was resolved that the Company be wound up
voluntarily and at a creditors' meeting held on the same day, it
was resolved that David Anthony Hurst and Andrew Hugh Jenner of
Armstrong Wily Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 be appointed Joint Liquidators for such
purpose.

Dated this 5th day of September 2005

David A. Hurst
Andrew H. Jenner
Joint Liquidators
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


IDEAL FENCING: Official Liquidators Appointed
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Ideal
Fencing Services Pty Limited held on Aug. 29, 2005, it was
resolved that the Company be wound up, and Robert Molesworth
Hobill Cole of Cole Downey & Co. Chartered Accountants,
Unit 2, 6 Moorabool Street, Geelong Vic 3220 was appointed
Liquidator for such winding up.

Dated this 29th day of August 2005

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


INTERNATIONAL CONCERT: Says Turnaround on Track
-----------------------------------------------
International Concert Attractions on Friday confirmed that the
rebuilding of the company remained on track.

"The Board unanimously focused on growing the financial
viability of International Concert Attractions and on ensuring
our shareholders receive appropriate returns on their
investment."

"As a Board, we are deeply disappointed in by the actions of
those who are seeking to actively destabilize the Company.
However, we remain convinced of the future of International
Concert Attractions and will not, as a Board or as individuals,
acquiesce to threats."

"The Board is aware that a former Director, Kerry Jewel, is
actively involved in a smear campaign against several board
members. Whilst we encourage healthy debate both at Board level,
within the company and from our Shareholders, we can not and
will not condone nor allow the circulation of defamatory
material which significantly impacts this company's reputation
and future."

Frits Mare
Executive Chairman

CONTACT:

International Concert Attractions Limited
Level 4, 167 Collins Street
Melbourne Vic 3000
Telephone: +61 (0) 3 9639 3677
Facsimile: +61 (0) 3 9639 3766
Web site: http://www.icaaustralia.com/


JASMER PTY: Liquidator to Distribute Company Assets
---------------------------------------------------
At a general meeting of Jasmer Pty Limited held on Aug. 29,
2005, the following special resolution was passed:

That the Company be wound up voluntarily, and that its assets
may be distributed (in whole or part) to the members in specie,
should the Liquidator so desire.

Dated this 30th day of August 2005

Peter J. Saccasan
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street
Sydney NSW 2000


KARFAM PTY: Creditors Meet to Review Winding Up
-----------------------------------------------
Notice is given that the affairs of Karfam Pty Limitd have been
wound up fully, and a final meeting of the Company and its
creditors will held on Oct. 7, 2005, 10:00 a.m. at the offices
of PPB, 15th Floor, 25 Bligh
Street, Sydney.

AGENDA:

The purpose of the meeting is to table an account showing how
the winding up was conducted and the property of the Company
disposed of, and to give explanations thereof.

Dated this 25th day of August 2005

S. J. Parberry
A. L. Smith
Liquidators
PPB Chartered Accountants
Level 15, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


LIBERTYONE LIMITED: To Pay Dividend to Creditors
------------------------------------------------
Libertyone Limited will declare a first and final dividend on
Oct. 4, 2005.

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

Dated this 9th day of August 2005

John R. Gibbons
Liquidator
Ernst & Young Chartered Accountants
Ernst & Young Centre
Level 37, 680 George Street
Sydney NSW 2000
Phone: 61 2 9276 9300


MXMM NOMINEES: Appoints Official Liquidators
--------------------------------------------
At an Extraordinary General Meeting of MXMM Nominees ACT Pty
Limited held on Aug. 23, 2005, members resolved to wind up the
Company voluntarily, and to appoint John Gibbons and Keiran
Hutchison of Ernst & Young, Level 37, 680 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


NATIONAL AUSTRALIA: Still Keen on Asian Expansion
-------------------------------------------------
National Australia Bank (NAB) still wants to pursue its proposed
Asian expansion, a plan that has now been put on hold, Sydney
Morning Herald reports.

NAB chief Ahmed Fahour believes Asia would play a key role at
the bank, along with its British operations. But he said the
bank had to get its core domestic market in order first.

NAB earlier closed the doors of its Institutional Markets and
Services offices in Singapore, Korea and Malaysia as well as its
securities office in Tokyo with the loss of 400 jobs, leaving
Hong Kong as its sole Asian base.

Mr. Fahour told a Committee for Economic Development of
Australia luncheon that Asia will play a critical role alongside
the U.K. over the next decade. But he added NAB is not yet ready
to embark on that goal.

"Right now we are getting back to our core market," he declared.

CONTACT:

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


NATIONAL AUSTRALIA: Currency Options Traders Committed for Trial
----------------------------------------------------------------
Mr. Vincent Adam Ficarra and Mr. Gianni Gray, two former
National Australia Bank (NAB) Foreign Currency Options Desk
traders (FX Options Desk) were on Friday committed to stand
trial in relation to charges of dishonestly using their
positions as employees and obtaining a financial advantage by
deception.

Today's hearing follows an ASIC investigation into the alleged
unauthorized trading in foreign exchange and foreign exchange
options at the NAB by Messrs Ficarra and Gray, together with Mr
Luke Duffy and Mr. David Bullen.

ASIC alleges that Mr. Ficarra, 27, of North Fitzroy in Victoria
and Mr. Gray, 35, of Port Melbourne in Victoria, entered false
information into the NAB's accounting systems in order to
falsely inflate the profit results and hide losses of the FX
Options Desk between September 2003 and January 2004. ASIC also
alleges that Messrs Ficarra and Gray obtained a financial
advantage by deception, namely a performance bonus for the
2003/2004 financial year, such bonuses being partly based upon
the falsified profits.

Mr. Ficarra was committed for trial on 12 charges of having
dishonestly used his position as an employee of NAB and one
charge of having obtained a financial advantage by deception.
Mr. Gray was committed for trial on six charges of having
dishonestly used his position as an employee of NAB and one
charge of having obtained a financial advantage by deception.
Both reserved their pleas in relation to all charges.

Messrs Ficarra and Gray were granted bail and were committed for
trial in the County Court in Melbourne. They are due to appear
at a Case Conference on 24 October 2005.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


PREMIUM FOOD: Creditors OK Liquidator's Appointment
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Premium Food & Beverage Distributor Pty Limited held on Sept. 1,
2005, it was resolved that the Company be wound up voluntarily,
and that Sule Arnautovic of Jirsch Sutherland Chartered
Acountants be appointed Liquidator for such purpose.

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

Dated this 2nd day of September 2005

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


PRIMELIFE CORPORATION: Schemes to be Wound Up
---------------------------------------------
Primelife Corporation has received orders to wind up 16
unregistered investment schemes, according to the Sydney Morning
Herald.

The ailing aged care provider had promoted the schemes to
syndicates of investors who received favorable tax treatment to
finance retirement village developments, based on a Tax Office
ruling that has been rescinded.

An independent accountant appointed by the Australian Securities
and Investments Commission (ASIC) will review the financial
viability of the 16 schemes. If they are found to be solvent,
the original investors will be able to regularize them under the
Corporations Act and will have the option of retaining their
interests or selling.

Primelife Chief Executive Jim Hazel said the company had bought
one aged-care facility after reaching a settlement with its
owners and ASIC and remained the manager of two more that had
been sold to a third party.

He said the Company was negotiating with other investor groups
to either buy their facilities or continue managing them under
long-term contracts.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


QANTAS AIRWAYS: Court Rejects Bart Doff's Application to Appeal
---------------------------------------------------------------
The High Court of Australia on Friday refused Mr. Robert (Bart)
Doff's application for special leave to appeal against his
conviction on one count of insider trading in the shares of
Qantas Airways Limited (Qantas) on 24 April 2001.

The High Court decision brings to an end the criminal
proceedings brought by the Australian Securities and Investments
Commission (ASIC) against Mr. Doff.

On 11 February 2005, Mr. Doff, a Sydney real estate agent, was
convicted and sentenced to 350 hours community service, fined
$30,000 and ordered to pay a pecuniary penalty of $37,255.25,
following an ASIC investigation.

The New South Wales Court of Criminal Appeal dismissed Mr.
Doff's appeal against his conviction, as well as the
Commonwealth Director of Public Prosecutions' appeal against the
sentence imposed on Mr. Doff, on 8 April 2005.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


QBN PAPER: To Declare Final Dividend
------------------------------------
QBN Paper Shop Pty Limited will declare a final dividend on Oct.
6, 2005.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims on or
before Oct. 5, 2005. In default thereof, they will be excluded
from the benefit of the dividend.

Dated this 6th day of September 2005

Stephen Brennan
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax:   02 6214 6799


REY ENTERPRISES: Cameron Dyal Named Liquidator
----------------------------------------------
At a general meeting of the members of Rey Enterprises Pty
Limited duly convened and held on Aug. 23, 2005, members passed
a special resolution to voluntarily wind up the Company, and to
appoint Cameron Dyal as Liquidator to wind up the Company and
distribute its assets.

Cameron Dyal
Suite 6, Level 1, 531 Sandgate Road
Clayfield Qld 4011


SAMSPIN PTY: Members Opt for Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of Samspin Pty Limited held
on Aug. 23, 2005, members resolved to wind up the Company
voluntarily, and to appoint John Gibbons and Keiran Hutchison of
Ernst & Young, Level 37, 680 George Street Sydney NSW 2000 as
Liquidators for such purpose.

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


STEVE KURLIN: Court Orders Winding Up
-------------------------------------
On Sept. 2, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Steve Kurlin Pty Limited be wound up, and
appointed Steven Nicols to be Liquidator of the Company.

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


TELSTRA CORPORATION: PM Talks Up Ailing Telco
---------------------------------------------
Prime Minister John Howard considers Telstra Corporation as a
"great company with a good future" but said it would perform a
lot better once the Federal Government sold its majority
interest, The Australian reports.

Mr. Howard believes the ailing telco will do better once it's
free from government ownership.

The Prime Minister refused to comment on Telstra's plan to
launch a web site showing the cost of Government regulations on
its business.

Telstra claimed it spends around AU$12 million annually to
comply with the state's regulations. The telco said the money
could have been used instead to upgrade more thna 180 rural
exchanges.

The parliament has just approved the sale of the Government's
remaining shares in Telstra. But a recent poll of NEWS.com.au
readers revealed that the Federal Government would have a hard
time selling its Telstra shares, with 80 percent of people not
interested in participating in the third tranche (T3) sale.

The poll, carried out over 12th to 14th September by Coredata
and NEWS.com.au, found only 20 per cent of respondents intended
to invest in the third and final sale of Telstra.

Of those who intended to participate, 64 percent said they would
only buy T3 shares at prices up to AU$3 a share. Just 27 percent
of people would buy the shares between AU$3 and AU$4. Only 5
percent said they would buy the shares if they were priced
between AU$5 and AU$6, the range which captures the Government's
value on Telstra.

The poll of 913 people found losing money in the second-tranche
sale of Telstra (T2) was one of the most important factors for
people deciding not to participate in any T3 sale.

The Federal Government in the May budget valued T3 shares at
AU$5.25.

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/


VIETO PTY: Liquidator to Detail Wind Up Manner
----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Vieto Pty Limited will be held on Oct. 7, 2005,
10:00 a.m. at Ngan & Co., Level 5, 49 Market Street, Sydney NSW
2000 for the following purposes:

AGENDA

(1) To receive the Liquidator's account showing the manner of
the winding up and disposal of the property of the Company, and
to receive any explanation required thereof; and

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


Dated this 29th day of August 2005

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


YELLOWCO SEVEN: Placed under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at the Extraordinary General Meeting
of Yellowco Seven Investment Pty Limited held on Aug. 24, 2005,
was resolved that the Company be wound up voluntarily, and that
Andrew McLellan of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, 3000 be appointed as
Liquidator for such purpose.

Dated this 6th day of September 2005

Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


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

ALROCO COMPANY: Issues Notice of Preferential Dividend
------------------------------------------------------
Alroco Company Limited (In Compulsory Liquidation) issued a
notice of first and final preferential dividend in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance with the following details:

Registered Office of the above Companies and Liquidator's
Address: 111 Connaught Road Central, Hong Kong.

First and Final Preferential Dividend: 100%

When Payable: On or after October 3, 2005

Where Payable: 29/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong

Dated this 30th day of September 2005

KONG CHI HOW, JOHNSON
Joint and Several Liquidator


BT DEVELOPMENT: Creditors Meeting Set October 13
------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the creditors and
members of BT Development Holdings Limited (In Creditors'
Voluntary Liquidation) will be held at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong on October 13, 2005
at 11 a.m. and 11:30 a.m. respectively.

Agenda

Annual Meetings of Creditors and Members called for the purpose
of laying before them an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the preceding year.

Forms of general and special proxies are enclosed. Members'
proxies to be used at the meetings must be lodged at the above
address not less than 48 hours before the time for holding the
members' meetings and creditors' proxies not later than 4 p.m.
on the 12th day of October 2005.

Dated this 30th day of September 2005

GABRIEL CK TAM
JACKY CW MUK
Joint and Several Liquidators


CHI KEE: Winding Up Process Ends
--------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Li Wong Chi trading as
Chi Kee Engineering (the bankrupt), will be discharged from
bankruptcy on January 3, 2006, in the absence of any objections
from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 26th day of September 2005.

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


EURO FURNITURE: To Exit Bankruptcy Next Year
--------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Kwok Kwai Kuen trading
as Euro Furniture Company (the bankrupt), will be discharged
from bankruptcy on January 16, 2006, in the absence of any
objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 26th day of September 2005.

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


GEELONG INDUSTRIES: Winding Up Hearing Fixed November 16
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Geelong Industries Limited by the High Court of Hong Kong
Special Administrative Region was on September 8, 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 am on
November 16, 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. T. H. KOO & ASSOCIATES
Solicitors for the Petitioner
Room A2, 15th Floor, United Centre
No. 95 Queensway
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 November 15, 2005.


HAN KONG: Court to Hear Winding Up Petition November 16
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Han
Kong Development (Holding) Limited by the High Court of Hong
Kong Special Administrative Region was on September 13, 2005
presented to the said Court by Fresh Peak Holdings Limited,
whose registered office is situated at Room 701, Cheuk Nang
Centre, 9 Hillwood Road, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on November 16, 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. DAVID LO & PARTNERS
Solicitors for the Petitioner
Suite 2502, Nine Queen's Road Central
Central, Hong Kong
Tel: 2526 8111   Fax: 2526 5322

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 15, 2005.


JUN CHENG: Contributories Meeting Set October 19
------------------------------------------------
Notice is hereby given that separate first meetings of
contributories and creditors of Jun Cheng Group Group Limited
(In Compulsory Liquidation) will be held at the office of Baker
Tilly Hong Kong, Unit 1203-13, 12/F., China Merchants Tower,
Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong on
Wednesday, 19th day of October 2005 at the following times:

Meeting of Contributories to be held at 3:00 pm

Meeting of Creditors to be held at 3:30 pm

Proofs of debt and proxies to be used at the meeting must be
lodged at the office of the Joint and Several Provisional
Liquidators c/o Baker Tilly Hong Kong, Unit 1203-13, 12th Floor,
China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Hong Kong, (Ph: 2525 0171 and Fax: 2810 1417) not later
than 5 p.m. on October 18, 2005.

Dated this 30th day of September 2005.

Bruno Arboit
Joint and Several Provisional Liquidator


KONG KAI: Sees End to Bankruptcy
--------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Sung Kwan Lam trading
as Kong Fai Engineering Company (the bankrupt), will be
discharged from bankruptcy on January 2, 2006, in the absence of
any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 26th day of September 2005.

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


NHJ LIMITED: Sets Contributories, Creditors Meeting October 7
-------------------------------------------------------------
Notice is hereby given that separate first meetings of
contributories and creditors of NHJ (HK) Limited (In Compulsory
Liquidation) will be held at the office of Baker Tilly Hong
Kong, Unit 1203-13, 12/F., China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Hong Kong on Wednesday,
19th day of October 2005 at the following times:

Meeting of Contributories to be held at 3:00 pm

Meeting of Creditors to be held at 3:30 pm

Proofs of debt and proxies to be used at the meeting must be
lodged at the office of the Joint and Several Provisional
Liquidators  c/o Baker Tilly Hong Kong, Unit 1203-13, 12th
Floor, China Merchants Tower, Shun Tak Centre, 168-200 Connaught
Road Central, Hong Kong, (Ph: 2525 0171 and Fax: 2810 1417) not
later than 5:00pm on the 18th day of October 2005.

Dated this 30th day of September 2005.

Bruno Arboit
Joint and Several Provisional Liquidator


ONARE COMPANY: To Emerge from Bankruptcy January 8
--------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Lau Yuet Ying trading
as Onare Company (the bankrupt), will be discharged from
bankruptcy on January 8, 2006, in the absence of any objections
from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 26th day of September 2005.

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


UNIVERSAL PROGRESS: Discharge from Bankruptcy Looms
---------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Yam Ying Wah trading as
Universal Progress Pp Bags Manufactory (the bankrupt), will be
discharged from bankruptcy on January 8, 2006, in the absence of
any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 26th day of September 2005.

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk/oro/


WING SHAN: Creditors Meeting Slated for October 13
--------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the creditors and
members of Wing Shan Finance Limited (In Creditors' Voluntary
Liquidation) will be held at 27th Floor, Alexandra House, 16-20
Chater Road, Central, Hong Kong on October 13, 2005 at 12 p.m.
and 12:30 p.m. respectively.

Agenda

Annual Meetings of Creditors and Members called for the purpose
of laying before them an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the preceding year.

Forms of general and special proxies are enclosed. Members'
proxies to be used at the meetings must be lodged at the above
address not less than 48 hours before the time for holding the
members' meetings and creditors' proxies not later than 4 p.m.
on the 12th day of October 2005.

Dated this 30th day of September 2005

GABRIEL CK TAM
JACKY CW MUK
Joint and Several Liquidators


* ICAC Arrests 22 Over Alleged Fund `Scam'
-----------------------------------------
The Independent Commission Against Corruption (ICAC) has
arrested 22 persons, including the chairmen of two publicly
listed companies, for alleged corruption offences under Section
9 of the Prevention of Bribery Ordinance and suspected
misappropriation of substantial corporate funds from the listed
companies, the ICAC reported on its Web site.

Also arrested in an operation codenamed "Sounding Arrow", which
commenced on Wednesday, was a financial controller of one of the
listed companies; two executive directors of the other listed
company; 14 employees and associates of the two chairmen; and
three suspected underground remitters.

The ICAC investigation arose from corruption complaints.

The arrested chairmen, financial controller and executive
directors of the two listed companies were suspected to have
offered advantages to a director of a corporate finance company
for assistance in creating false investment transactions.

The alleged false transactions were used to cover up the
misappropriation of corporate funds and to mislead the board of
directors of the two listed companies.

It was suspected that the funds were disbursed under the guise
of investment projects purportedly taking place in the Mainland.

The arrested employees and associates of the two chairmen were
suspected to have assisted in the scam. Enquiries are
continuing.

On September 29, ICAC raided the office of a company controlled
by Mr. Chan Tat-chee, who is the top executive in both China
Sciences Conservational Power (0351) and China Conservational
Power (0290).

Mr. Chan is the Chairman of China Conservational Power and
executive director of China Sciences Conservational Power.
Trading in shares of both listing companies has been suspended
since Wednesday.

According to The Standard, China Conservational Power, an
electrical equipment trader, had a HK$94.4 million net loss for
the year ended March 31, with about HK$11.3 million cash and
bank balances.


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

AIR INDIA: Enjoys INR96-crore Profit in FY05
--------------------------------------------
Air India saw its net profit climb to INR96.39 crore for the
current fiscal year, as against INR92.33 crore in 2003-04,
Business Standard reports.

While the national flag carrier posted a 22-percent increase in
total revenue at INR7,630 crore during the year compared with
INR6,246 crore to last year, total expenses shot up to INR7,565
crore from INR6,238 crore. The A-I board has also declared a
dividend of 10 percent to the government after a gap of 10
years.

However, increase in fuel prices adversely affected the
profitability of the airline to the extent of approximately
INR643 crore. Average fuel costs shot up from US Cents 114 per
US Gallon in 2003-04 to US Cents 159 per US Gallon in 2004-05.
Current prices are around 220 US Cents per US Gallon.

But for this increase, the net profit for 2004-05 would have
been in the region of INR450 crore after adjusting for fuel
surcharge.

The airline, in an effort to minimize the impact of rising fuel
prices, is planning to hedge some of its international fuel
uplifts very soon.


AIR INDIA: To Add 68 New Planes to its Fleet
--------------------------------------------
The government is likely to allow Air India to acquire 50
aircraft of its own and another 18 for its wholly owned
subsidiary, Air India Express, this month, PTI reports.

The decision came after the government approved the purchase of
43 aircraft by Indian Airlines.

The state has reportedly conducted talks with U.S.-based
aircraft manufacturer Boeing to negotiate the prices for the 68
new planes. The negotiations are expected to be completed next
week.

Price negotiations are required to be completed before Air
India's proposal is presented to the Public Investment Board.
The Board clears major acquisition programmes by public sector
companies.

The price negotiations for 18 Boeing 737-800W aircraft for Air
India Express had begun before Air-India drew up its final fleet
plan.

In April this year, the A-I board had approved a proposal to
acquire eight Boeing 777-200 Long Range, 15 B 777-300 Extended
Range and 27 B 787 at a total cost of about INR30,000 crore
(INR300 billion). The 18 planes for its subsidiary would cost
about INR10,000 crore (INR100 billion).

Air India was reportedly in a position to negotiate a "hard
bargain" as all the 68 planes were being ordered from the same
manufacturer.

In the meantime, Air-India is leasing at least one aircraft to
meet the capacity constraints and two others to cater to the
upcoming Haj operations in the next few months.


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

PERTAMINA: Boosts Daily Fuel Supply to 216,000 Kiloliters
---------------------------------------------------------
Due to a mass "panic buying" of fuel products spurred by the
government-planned Oct. 1 price hike, state-owned oil and gas
firm PT Pertamina has decided to increase the daily oil supply,
reports Xinhua News.

Pertamina plans to increase fuel supply from current 184,000
kiloliters per day to 216,000 kiloliters per day, in order to
keep up with public demand. It will bring the fuel directly to
consumer instead of going thorugh distributors, some of whom
have been discovered to sell fuel products to industry users
instead of consumers.

According to Pertamina spokesman Abadi Poernama, the Company
will maintain national fuel reserve levels between 21.3 days and
21.7 days unitl the end of the year, in spite of the increase in
daily fuel supply. Premium gasoline stock levels are expected to
remain at 17.4 days in November, while diesel fuel would be
enough for 17.8 days and kerosene at 27.1 days. In December,
premium gasoline is expected to decline to 16.6-day reserve
stock leve, while diesel fuel would be at 16.4 days and kerosene
at 29.5 days.

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


PERUSAHAAN LISTRIK: Rewards Informants on Electricity Theft
-----------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) has rewarded
informants for tipping them off on any illegal connections made
by firms and private businesses, the Jakarta Post reports.

PLN awarded IDR27 million to an informant who had told the
Company of an illegal connection made by a cold storage plant in
North Jakarta; the funds were a part (3%) of the IDR900 million
fine that the storage plant was ordered to pay the Company.

According to PLN Greater Jakarta Chapter General Manager Fahmi
Mochtar, every person who passes on accurate information on
illegal connections would receive a reward of 3% of the fine
imposed on the violaor. Of course, informants' identities are
kept confidential for obvious safety reasons.

Due to limited human resources, PLN needs all the help it an get
by way of public tip-offs in the cracdown on illegal power
connections. A joint team has been formed to spearhead the
crackdown operation, which plans to increase from three times a
week to a daily basis.

Team Chief Harry Ronald Watilette expects an increase in the
illegal use of electricity with the fuel price hike, which would
ultimately increase factory fuel costs to operate generators and
machines.

PLN encourages people to report any violations on power use ( up
to 200 kilovolt amperes) to nearby PLN units, while they could
contact the following for misuse of more than 200 KVA of
electricity:

PLN Office
J1. MI Ridwan Rais No.1

TIM P2TLKD (Crackdown on Illegal Connections)
Phone: 021 350 3047
Fax:   021 350 0706

CONTACT:

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


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

HASEGAWA COMPANY: JCR Assigns BBB- Rating
-----------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
senior debts of Hasegawa Co. Ltd.

Hasegawa, Japan's largest retailer for Buddhist altars, has been
strengthening its outlets, allocating management resources to
Tokyo while closing money-losing stores, in pursuit of profit-
oriented management strategy.

These efforts have not been effective. Improvement in the
earnings power has delayed. The Company has started grouping the
neighboring stores to implement product development and projects
that match characteristics of the localities.

Hasegawa has been bailing out of sideline businesses. There
remains, however, a possibility of incurrence of additional
loss. The Company has been incurring loss with respect to
liquidation of subsidiaries, lowering the financial strength.

JCR will examine the going of the reforms of the sales system
such as the grouping above and the operating performance.
Outlook for the rating is negative.


JAPAN AIRLINES: On Watch Negative Following Safety Problems
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
credit ratings on Japan Airlines Corp. (JAL) and its wholly
owned subsidiary, Japan Airlines International Co. Ltd., on
CreditWatch with negative implications, reflecting concerns over
the possible impact of a series of recent operational safety
problems on the company's financial profile.

Although JAL is addressing the issue by taking various measures
to improve safety awareness and avoid recurrence of the
problems, its tarnished reputation is expected to impact
passenger numbers.

"If the number of individual travelers drops substantially, the
impact on revenues could be larger than expected as individuals
provide a higher margin compared with group travelers," said
Standard & Poor's credit analyst Eiro Taniguchi.

"Failure to post satisfactory profits in the fiscal first half
during the busier travel season may force the company to lower
its profit forecast for fiscal 2005 (ending March 31, 2006),
which would increase the likelihood that the company will post a
net loss for all of fiscal 2005," Mr. Taniguchi added.

In resolving the CreditWatch status, Standard & Poor's will
examine the negative impact on revenues and financial profile
from the decrease in passengers, possible prolonged
deterioration of JAL's corporate reputation, and the prospects
for recovery of revenues through reforms of its cost structure
and weak debt-to-capital structure. In addition, progress in
cost reduction measures to address rising fuel prices also
remains crucial.

CONTACT:

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


JAPAN HIGHWAY: FTC Orders Bridge Builders To Stop Bid-rigging
-------------------------------------------------------------
The Fair Trade Commission (FTC) has ordered 45 domestic bridge
builders to stop their rigging of bids for contracts from the
government and Japan Highway Public Corporation, Japan Today
reports.

The FTC also ordered the public corporation to improve its
bridge contract procurement practices, alleging that some 20
former Japan Highway officials were involved in rigging bids for
steel bridge projects in the three years up to fiscal 2004.

CONTACT:

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


KANEBO LIMITED: L'Oreal Pulls Out of Deal to Buy Stake
------------------------------------------------------
French cosmetics giant L'Oreal SA has pulled out of bidding for
Kanebo Cosmetics Inc. and Kanebo Limited, Japan Today reports.

"After having extensively examined the Kanebo file, L'Oreal has
decided not to make an offer, not having identified enough
synergies with its own businesses," L'Oreal spokesman Lorrain
Kressman said.

The Industrial Revitalization Corp. of Japan (IRCJ) that is
rehabilitating the struggling cosmetics firm will narrow the
number of bidders to about three as early as October and will
choose a sponsor by year-end after another round of bidding.

CONTACT:

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


SANYO ELECTRIC: Moody's Reviews Baa1 Rating
-------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Baa1 ratings of Sanyo Electric Co., Ltd. (Sanyo).
The Prime-2 short-term rating of Sanyo Electric Finance
Netherlands B.V. is unaffected.

The rating action reflects Moody's concern that Sanyo's
competitiveness in its core business -- semiconductors and
audiovisual products -- may be substantially weakened; that it
may take longer than expected to improve profitability at the
operating level under its recently announced restructuring plan;
and that the company's equity base may be significantly damaged.

Sanyo has revised down its forecasts on sales and profit several
times since an earthquake damaged subsidiary Niigata Sanyo
Electric Co., Ltd's factory in Niigata prefecture in October
2004.

Moody's affirmed Sanyo's rating in December 2004 and has kept it
unchanged because 1) the losses from the earthquake were one-
time, and the company's fundamental competitive strengths were
undamaged by it, and 2) a large amount of restructuring charges
recorded during the fiscal year to March 2005 and those forecast
for the next fiscal year are non-cash outflow items, such as
write-offs of inventories and manufacturing facilities and
reversal of deferred income taxes.

On September 28, 2005, Sanyo revised down its forecast for March
2006, with operating profit at Yen18bn from Yen65bn. Net profit
was also amended down to Yen140bn in losses from Yen92bn in
losses.

Importantly, this unexpected revision suggested that the
competitiveness and profitability of Sanyo's core business
segments -- which support the current rating -- are under fierce
pressure, mainly due to fiercely competitive operating
environment and sharp price declines for its digital consumer
electronics products.

In addition, the company's equity base will be significantly
eroded during the fiscal year to March 2006 due to restructuring
charges.

Moody's expects that Sanyo's relationship banks will keep
supporting it despite the eroded equity. However, its increased
leverage may be inadequate to support the current rating level.

In its review, Moody's will examine Sanyo's strategy and how
quickly it can recover its competitiveness and profitability.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


SEIYU LIMITED: Unveils Capital Increase Measures
------------------------------------------------
Japanese retailer Seiyu Limited was scheduled to hold a news
conference to build up its capital base on September 28,
according to Reuters.

Wal-mart will likely raise its stake in the Japanese retailer to
more than 50 percent from 42 percent by December, a move that
will turn it into a subsidiary and expand the U.S. chain's
foothold in the world's second biggest retail market.

Seiyu also intends to start closing unprofitable stores in 2006,
with up to 10 percent of its 400 stores likely to be shut down,
the report said.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763


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

CITIBANK KOREA: Union Threatens to Stage a Strike
-------------------------------------------------
Citibank Korea Inc. threatens to hold a strike next month if
demands for wage increase among others are not granted, Asia
Pulse reveals.

The union said 83.5 percent of its 2,290 members, composed
mostly of former KorAm workers agree to a walk out. Unionized
employees at the lender, controlled by U.S.-based Citigroup,
account for about 80 per cent of the bank's regular workforce,
according to the union.

The union said that they will launch a full strike if management
treats wage increase negotiations other than a sincere manner.

The union is seeking for a special bonus equivalent to 10
percent of the bank's pretax profit and a pay rise for non-
regular employees and others.

Citibank Korea, launched in November last year, is the result of
a merger between the local unit of the U.S.-based financial
giant and KorAm Bank, then the country's seventh-largest lender.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


KOREA LEASE: Creditors Junk Lone Star Bid
-----------------------------------------
Creditors of Korea Lease Financing Corp. rejected Lone Star's
bid to takeover the firm, relates Asia Pulse.

Lone Star proposed to buy Korea Lease and its outstanding debts
for KRW321 billion.  But creditors of the leasing company
rejected the bid for they find it too low.

A steering committee meeting will be held early next month to
discuss the sale of the leasing company.

Six local banks, including Industrial Bank of Korea, jointly set
up Korea Lease Financing in July 1988 in an effort to
restructure their leasing divisions.


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

ANCOM BERHAD: Purchases New Shares
----------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:

Date of buy back: September 29, 2005

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

Total number of shares purchased (units): 20,000

Minimum price paid for each share purchased (MYR): 0.620

Maximum price paid for each share purchased (MYR): 0.635

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 20,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 14,098,900

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

CONTACT:

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


ASIAN PAC: Reappoints Ernst & Young as Auditor
----------------------------------------------
The Board of Directors of Asian Pac Holdings Berhad informed
Bursa Malaysia Securities Berhad that the following businesses
have been passed by the shareholders at the 87th Annual General
Meeting of the Company held on September 29, 2005:

(1) The Audited Financial Statements for the financial year
ended March 31, 2005 and the Reports of the Directors and
Auditors were received.

(2) Dato' Mustapha Bin Buang who retired in accordance with
Article 115 of the Company's Articles of Association was elected
to the Board.

(3) Messrs. Ernst & Young was re-appointed as the Company's
Auditors to hold office for the ensuing year and the Directors
were authorized to fix their remuneration.

(4) Pursuant to Section 132D of the Companies Act 1965 and
subject to the approval of the relevant authorities, the
Directors be and are hereby empowered to allot and issue shares
in the Company from time to time at such price and upon such
terms and conditions and for such purposes as the Directors may
in their absolute discretion, deem fit PROVIDED that the
aggregate number of shares to be issued for such person or
persons whomever does not exceed 10% of the total issued share
capital of the Company for the time being and that the Directors
be and are also empowered to obtain the approval for the listing
of and quotation for the additional shares so issued on the
Bursa Malaysia Securities Berhad and that such authority shall
continue in force until the conclusion of the next annual
general meeting of the Company.

(5) The payment of Director's Fee of MYR36,000 for the financial
year ended March 31, 2005.

The shareholders also approved and ratified the authorization
given to the Company or its related corporations to enter into
arrangements or transactions with the Directors of the Company
or any person connected with such Directors (within the meaning
of Section 122A of the Companies Act 1965) whereby the Company
or its related corporations may acquire from or dispose to such
Directors or connected persons non-cash assets including but not
limited to land, development properties, capital equipment and
related machineries and/or any other assets or products of the
Company or its related corporations provided that such
acquisitions or disposals are on commercial terms, or a revenue
and/or trading nature in the ordinary course of business, such
authority will continue to be in force until the conclusion of
the next annual general meeting AND THAT for the avoidance of
doubt, any such transactions entered into by the Company or its
subsidiaries with the Directors or connected persons prior to
the date of this resolution, in accordance with Section 132E of
the Companies Act 1965.

CONTACT:

Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195


ATLAN HOLDINGS: Gets Shareholders OK to Proposals
-------------------------------------------------
Atlan Holdings Bhd (AHB) issued to Bursa Malaysia Securities
Berhad an update to the following proposals:

(I) Proposed share buy-back scheme of AHB to purchase its own
ordinary shares of up to 10 percent of the issued and paid-up
ordinary share capital of the company; and

(II) Proposed amendments to the Articles of Association of AHB

(collectively referred to as the proposals)

On behalf of Atlan Holdings, Commerce International Merchant
Bankers Berhad advised that at the shareholders' Extraordinary
General Meeting of the Company held on September 29, 2005, the
shareholders had approved the Proposals.

This announcement is dated 29 September 2005.

CONTACT:

Atlan Holdings Berhad
Level 4, Wisma Atlan,
8 Persiaran Kampung Jawa,
Bayan Lepas Penang 11900
Malaysia
Telephone: 04-6461328
Fax: 04-6461358


BELL & ORDER: Agrees to Extend Cut-Off Date of SPA
--------------------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia Securities
Berhad details of the following proposals:

- Proposed Rights Issue;

- Proposed Acquisitions;

- Proposed Go Exemption; and

- Proposed Increased in Authorized Share Capital

(Hereinafter collectively referred to as the proposals)

The company refers to the announcement made on January 7, 2005.
The definitions in the same announcement shall apply herein
unless specified otherwise or the context otherwise requires.

Avenue, on behalf of B&O, advised that:

(i) B&O, KMC OB and KMC OC have on September 29, 2005 signed a
supplemental letter to extend the cut-off date of the SPA 1 from
October 31, 2005 to January 31, 2006; and

(ii) B&O and SCOMI have, on the same day, signed a supplemental
letter to extend the cut-off date of the SPA 2 from October 31,
2005 to January 31, 2006.

Save for the above, all the other terms and conditions as
contained in the SPA 1 and the SPA 2 continue to be in full
force and binding on the parties thereto.

This announcement is dated 29 September 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


EKRAN BERHAD: Issues Status Report on Payment Default
-----------------------------------------------------
Ekran Berhad issued to Bursa Malaysia Securities Berhad an
update a status report in respect of the default in payment of
the credit facilities of Ekran Group.

To view a full copy of the report, click
http://bankrupt.com/misc/EkranBerhad092905.doc


HABIB CORPORATION: Changes Company Name
---------------------------------------
The Board of Directors informed Bursa Malaysia Securities Berhad
that the name Habib Corporation Berhad has been changed to Scomi
Marine Bhd.

The change took effect September 27, 2005, the date of issuance
of the Certificate of Incorporation on Change of Name of Company
(Form 13).

CONTACT:

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


HONG LEONG: Buys Back Ordinary Shares
-------------------------------------
Hong Leong Industries Berhad issued to Bursa Malaysia Securities
Berhad details of its shares buy back on September 29, 2005.

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 17,500

Minimum price paid for each share purchased (MYR): 3.080

Maximum price paid for each share purchased (MYR): 3.080

Total consideration paid (MYR): 53,900.00

Number of shares purchased retained in treasury (units): 17,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,861,600

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

This announcement is dated 29 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


LEBAR DAUN: SC Extends Deadline of Private Placement
----------------------------------------------------
Lebar Daun Berhad (LDAUN) issued to Bursa Malaysia Securities
Berhad details of the private placement of up to 11,848,367 new
ordinary shares of MYR0.50 each in LDaun (Private Placement).

Reference is made to the announcement made by AmMerchant Bank
Berhad (AmMerchant Bank), a member of AmInvestment Group, on
July 13, 2005 wherein the Company had announced that the
Securities Commission had approved the Company's application for
an extension of time up to September 30, 2005 to complete the
implementation of the Private Placement (Deadline).

On behalf of the Board of Directors of LDAUN, AmMerchant Bank
advised that the Company, after taking into consideration
current market conditions, has decided not to proceed with the
Private Placement and as such, will not seek any further
extension of time upon the expiry of the Deadline. Accordingly,
AmMerchant Bank will no longer be the advisor for the above
Private Placement.

This announcement is dated 29 September 2005.


CONTACT:

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


MANGIUM INDUSTRIES: Sets Out Reason for Payment Default
-------------------------------------------------------
Mangium Industries Berhad (MIB) disclosed to Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Mangium
Sawmill Sdn Bhd (MSSB) has not paid, and is deemed to have
defaulted in its repayments on facilities granted by Standard
Chartered Bank Malaysia Berhad (SCB) and Southern Bank Berhad
(SBB), which are unsecured.

The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 attached.

Click to view a full copy of Table 1
http://bankrupt.com/misc/MangiumIndustriesAugust2005.doc

(A) Reason for default in payments

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group.

As a result, the cashflow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

(B) Measures by the listed issuer to address the default in
payments

Both SCB and SBB have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on December 22, 2003.

(C) Financial and legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness

The estimated total outstanding as at August 31, 2005, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to MYR14,392,084.76.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

(D) In the event the default is in respect of secured loan
stocks or bonds, the lines of action available to the guarantors
or security holders against the listed issuer.

Not applicable.

(E) In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager

Not applicable.

(F) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (Cross
Default) and the details thereof, where applicable

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.

CONTACT:

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


O.Y.L. INDUSTRIES: Unit Placed in Voluntary Winding Up
------------------------------------------------------
O.Y.L. Industries Bhd (OYL) informed Bursa Malaysia Securities
Berhad that its indirect 51 percent owned subsidiary
incorporated in Thailand, McQuay (Thailand) Company Limited
(McQuay (Thailand)), has been placed under Members' Voluntary
Winding-up under Sections 1247 through 1273 of the Civil and
Commercial Code of Thailand by its indirect wholly-owned
subsidiary, O.Y.L. (Thailand) Limited, and the other remaining
shareholders of McQuay (Thailand). Mr Pathai Chakornbundit of
2034/132-161 Italthai Tower, Petchburi Road, Bangkapi, Huay
Kwang, Bangkok 10320 Thailand has been appointed as liquidator
of McQuay (Thailand).

McQuay (Thailand) had ceased its business operations since 2002
and there are no future plans to activate it.

There is no loss arising from the voluntary winding-up of McQuay
(Thailand).

The voluntary winding-up of McQuay (Thailand) will not have any
material impact on the net tangible assets and earnings per
share of the OYL Group for the financial year ending June 30,
2006.

This announcement is dated 29 September 2005.


MAXIS COMMUNICATIONS: Issues New Shares for Listing
---------------------------------------------------
Maxis Communications Berhad advised Bursa Malaysia Securities
Berhad that its additional 95,000 new ordinary shares of MYR0.10
each issued pursuant to the Employee Share Option Scheme will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Friday, September 30, 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 OKs Appointment of Independent Adviser
--------------------------------------------------------------
Pilecon Engineering Berhad (Pilecon) provided Bursa Malaysia
Securities Berhad details of the proposed exemption from a
mandatory offer obligation for the remaining voting shares in
Pilecon under Practice Note 2.9.1 of the Malaysian Code on Take-
overs and Mergers, 1998 (Code) by Tradefast Properties Limited
(Tradefast) and the person acting in concert with it (Proposed
Exemption).

With reference to the announcement dated September 16, 2005 on
behalf of the Company in respect of the appointment of K&N
Kenanga Bhd (Kenanga) as the Independent Adviser to advise the
non-interested shareholders of Pilecon in relation to the
Proposed Exemption (the Appointment).

Kenanga, on behalf of Pilecon, disclosed that the Securities
Commission has, vide its letter dated September 28, 2005,
approved the Appointment.

This announcement is dated 29 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


PROLEXUS BERHAD: Books MYR2,696,000 Net Loss
--------------------------------------------
Prolexus Berhad provided Bursa Malaysia Securities Berhad a copy
of its unaudited fourth quarter report for the financial period
ended July 31, 2005.

Summary of Key Financial Information
July 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/07/2005    31/07/2004      31/07/2005     31/07/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    47,217       39,376           176,770        161,922

(2) Profit/(loss) before tax

    -3,043       -1,364           -4,065         -5,500

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

    -2,696       -146             -3,455         -4,567

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

    -2,696       -146             -3,455         -4,567

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

    -6.90        -0.37             -8.78         -11.44

(6) Dividend per share (sen)

    0.00          0.00              1.00          1.00

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

(7) Net tangible assets per share (MYR)

        1.0500                     1.1500

To view a full copy of the report, click
http://bankrupt.com/misc/ProplexusBerhadInterim

CONTACT:

Prolexus Berhad
No. 6944, Jalan Mak Mandin,
Mak Mandin Industrial Estate,
Butterworth Penang 13400
Malaysia
Telephone: 04-3313907
Fax: 04-3319610


PUNCAK NIAGA: Court Moves Hearing to Next Year
----------------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update on Kuala Lumpur High Court Civil Suit No.: S3-
22-878-2005 Premier Ayer Sdn Bhd & another versus Perbadanan
Urus Air Selangor Berhad & two others.

Reference is made to Puncak's earlier announcement dated
September 6, 2005 in relation to the abovementioned legal suit.

Puncak informed the Exchange that the inter-parte injunction
application and the inter-parte setting aside application
scheduled for hearing on September 27, 2005, has been postponed
by the Court to January 24, 2006.

This announcement is dated 29 September 2005.

CONTACT:

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


SATERAS RESOURCES: Hopes Court Would Reverse Decision
-----------------------------------------------------
Further to the announcement of August 19, 2005, the Board of
Directors of Sateras Resources (Malaysia) Berhad advised Bursa
Malaysia Securities Berhad that by a Notice of Motion dated June
24, 2005, the Company applied for leave to appeal to the Federal
Court in respect of the decision of the Court of Appeal dated
June 15, 2005 to strike out the Company's appeal to the Court of
Appeal without hearing the merits of the appeal.

The decision of the Court of Appeal to strike out the Company's
appeal was based on a technicality, which relates to a disputed
Order made in the High Court on November 3, 2004. While the
Company had applied to set aside the said disputed Order, the
application is only fixed for decision before the Learned High
Court Judge on October 25, 2005.

Therefore, the Federal Court has refused leave to appeal, inter
alia, on the basis that the High Court Order dated November 3,
2004 still stands and has yet to be set aside.

In the premises, the Company will proceed with its application
to set aside the disputed Court Order dated November 3, 2004 and
in the event it is successful in doing so, will take the
necessary steps thereafter to have the decision of the High
Court dated January 31, 2005 which refused sanction for the
Proposed Restructuring Scheme, reversed.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 5288
Fax: +60 3 2161 8529


TELEKOM MALAYSIA: Unit Begins Trading on Jakarta Bourse
-------------------------------------------------------
Telekom Malaysia Berhad (TM)'s Indonesian associate, PT
Excelcomindo Pratama (XL) announced in a press release that it
has commenced trading on the Jakarta Stock Exchange (JSE). XL
made its debut at IDR2,100 per share from its issue price of
IDR2,000 per share.

TM said in a statement released in Kuala Lumpur that the final
approval for the XL Initial Public Offering (IPO) was obtained
from the Indonesian Capital Markets Supervisory Agency (Bapepam)
on September 16, 2005 and the final allotment of shares was
carried out on September 27. XL filed its listing intentions to
Bapepam on August 8, 2005.

The IPO consists of 1,427,500,000 Ordinary Shares, which
reflects 20.1 per cent of the enlarged share capital of XL. TM's
stake in XL is held through Indocel Holding Sdn Bhd, which is a
subsidiary wholly owned by its international investment holding
company, TM International Sdn Bhd (TM International). TM
International acquired a 27.3 per cent interest in XL in a
transaction concluded on June 15, 2005.

Shareholding Structure upon Listing

Describing the allotment of the 20.1 per cent stake, the
statement stated that Indocel Holding Sdn Bhd subscribed an
additional 3.2 per cent of XL at the IPO. Khazanah Nasional
Berhad (Khazanah) also subscribed 16.8 per cent of XL at the
IPO.

Khazanah in its release today on its successful participation in
XL IPO states that it believes that the subscription represents
a significant co-investment opportunity with a key investee
company. The investment into XL also provides an excellent
platform for exposure into an important market and is an
important strategic investment and commitment by Khazanah into
the Indonesian telecommunications market.

Objectives of the Offering

In addressing the objectives of the listing TM Group Chief
Executive Officer and XL Commissioner Dato' Abdul Wahid Omar
said, "The IPO of XL enables the company to raise some USD281
million in order to part finance its expansion plans. As a
listed company, XL has put in place proper corporate governance
structure to ensure the Company is professionally run. The
listing status will also raise its corporate profile and enhance
the XL brand."

The statement further added that the Indonesian market is
significant in fulfilling TM's strategy of prudent international
expansion. This is because TM is able to infuse fresh capital
into XL to strengthen its balance sheet and enable it to fund
future expansion plans. TM is committed to an aggressive capital
expenditure plan for XL, given the immense potential in
subscriber growth in Asia's third most populous country.

Some USD200 million from the IPO proceeds will be used to
finance XL's expansion plans. XL has announced an aggressive
USD720 million capital expenditure programme over the 2005-2006
period, including modernization of the existing network platform
as well increase in network capacity. The effectiveness of XL's
capital expenditure will be further assisted by the 25 per cent
capital expenditure savings from bulk buying under the TM
umbrella of companies.

Main Parties to the Issue

The Joint Lead Underwriters for the XL IPO are PT CIMB Niaga
Securities and PT GK Goh Indonesia.

About XL

XL is the first private cellular operator in Indonesia, which
was established in November 1995 and started operating
commercially on October 8, 1996. XL's core business is Consumer
Solutions, offering dual band cellular network though its pre-
paid calling card jempol and bebas as well as its' post paid
card Xplor. XL's corporate division, known as Business
Solutions, offers an integrated telecommunication solutions for
its' corporate customers. Business Solutions services are Leased
Line and IP based.

XL is the only telecommunication company which owns and operates
its' own GSM and broadband wire line infrastructure. XL's fibre
optic backbone infrastructure is supported by four backup rings
as redundant alternative access to ensure high quality and
reliable services. XL's wide coverage network spans across Java,
Bali, Lombok, Sumatra and Singapore, as well as a submarine
fibre optics in Kalimantan and Sulawesi.

As at June 30, 2005, XL had a subscriber base of 4.3 million
with 98 per cent prepaid and 2 per cent post paid subscribers.

About TM

TM, a leading regional information and communications group,
offers a comprehensive range of communication services and
solutions in fixed-line, mobile, data and broadband. As one of
the largest listed companies on Bursa Securities with an
operating revenue of more than RM13 billion, TM is driven to
deliver value to its stakeholders in a highly competitive
environment.

The Group places emphasis on continuing customer service quality
enhancements and innovations. Currently, with investments and
operations in 12 countries around Asia and globally, TM is
focused on sustainable growth in both the local and
international markets.

For further information on TM, visit http://www.tm.com.my

About TM International

Through its investment-holding arm, TM International, TM is one
of the leading regional telecommunications companies with
interests in Singapore, Sri Lanka, Bangladesh, Pakistan,
Indonesia, Thailand and Cambodia. It also has selected
investments in Africa namely in Guinea and Malawi.

TM International has a track record of adding value to its
investments, and an approach which focuses on developing the
skills and capabilities of its local management teams and
working in partnership with these local teams to achieve strong
market positions and profitability.

Activated in 2001, TM International contributes significantly to
TM's overall performance. In the financial half year ended June
30, 2005, TM's overseas investments contributed operational
profit after tax of MYR203.4 million (or 25.4 per cent),
compared to MYR291.9 million (or 20 per cent) in the
corresponding period in 2004.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S


WEMBLEY INDUSTRIES: Sees No Changes to Payment Default Status
-------------------------------------------------------------
Further to the said announcement, in relation to the status of
default in payment pursuant to PN1/2001, the Board of Directors
of Wembley Industries Holdings Berhad (WIHB) informed Bursa
Malaysia Securities Berhad that there is no change to the status
of default in payments of interest and principal sums to the
Lenders since then.

In compliance with Paragraph 3.2 of PN1/2001, the Company
advised that it is in the process of taking steps to secure an
extension of the said cut-off date to fulfill the conditions
precedent stipulated in the DRA and thereafter to implement the
restructuring therein.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad any updates on the
restructuring of the DRA.

This announcement is dated 29 September 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

BAUANG PRIVATE: Clarifies Reports of Impending Bankruptcy
--------------------------------------------------------
In an article entitled "Troubled Brewing for FG in Bauang" which
appeared in the Philippine Star last September 22, 2005, S.A.
Maguire wrote that Bauang Private Power Corporation (BPPC) was
directed by the Central Board of Assessment Appeals (CBAA) to
pay real property taxes to the local government of La Union.

The report also said BPPC was on then verge of bankruptcy, and
that negotiations are ongoing for a possible buy-out of BPPC by
Mirant Philippines.

BPPC is an affiliate of First Gen Corporation and is the project
company of the 225-MW diesel-fired Bauang Power Plant in La
Union.

This is to clarify that BPPC has always been able and continues
to meet all its financial obligations, is not in any way
bankrupt, and is not up for sale to Mirant or any other entity.
Moreover, the issue of liability for real property taxes
covering the Bauang Power Plant is currently pending before the
Court of Tax Appeals. There is thus no BPPC "mess" that needs to
be cleared up by First Gen prior to its planned Initial Public
Offering (IPO).


COLLEGE ASSURANCE: Throws Raps Towards SEC Exec
-----------------------------------------------
College Assurance Plan Philippines Inc. (CAP) has accused a
senior official at the Securities and Exchange Commission (SEC)
of violating the Anti-Graft and Corrupt Practices Act, The
Philippine Star reveals.

The embattled pre-need firm on Thursday filed before the Office
of the Ombudsman a criminal complaint against SEC accountant and
former chairman of the CAP oversight committee, Robert Manabat.

CAP has tapped the services of former Solicitor General Frank
Chavez of the Chavez Miranda Aseoche Law offices as legal
counsel for the case.

In its complaint, CAP described Mr. Manabat's decision to grant
a Php100,000 monthly compensation to CAP comptroller Mario Aguas
as "grossly excessive and unreasonable" since the action came
amid CAP's financial crisis. The firm claimed Mr. Manabat's move
contravened the cost saving measures of SEC.

CAP said Mr. Manabat was the one who decided on Mr. Aguas
monthly compensation, which is disproportionately high compared
to those of the other CAP officers. The firm claimed that the
two executives' partnership in Sycip Gorres Velayo (SGV) was the
reason behind Mr. Manabat's giving undue benefit and favor ro
Mr. Aguas.

Consequently, Mr. Manabat may be prosecuted for violation of the
Anti-Graft and Corrupt Practices Act. Under Sec. 3 of the Act,
officers and employees of offices or government corporations may
be sued for causing undue injury to any party.

CONTACT:

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


HACIENDA LUISITA: Government Scraps Stock Plan
----------------------------------------------
The government has formally junked Hacienda Luisita Inc.'s (HLI)
stock distribution option (SDO), Today News reports.

Department of Land Reform (DLR) Secretary Nazzer Pangandaman
formally made the announcement, saying HLI's SDO violated
provisions of the Comprehensive Agrarian Reform Law (CARL). He
also said the SDO did not alleviate the condition of the HLI
farmers.

He denied that the decision was in retaliation against former
President Corazon Aquino, who had been leading protests to seek
President Arroyo's resignation. The sugar estate is owned by
Mrs. Aquino's family.

Mr. Pangandaman said the investigation into the sugar estate's
SDO started in November last year upon the recommendation of
some lawmakers. He also said the findings and recommendations of
the investigation are not yet final. The President has the last
say in the Luisita SDO in her capacity as chairwoman of the
Presidential Agrarian Reform Council.

HLI union leaders claim farmers were forced to vote for the SDO
because they were allegedly threatened with eviction from the
estate. The Aquinos and the Cojuangcos have offered a plebiscite
among the estate's 5,000 farmers to implement the stock plan.


INTERPHIL LABORATORIES: Notes Unusual Price Movement
----------------------------------------------------
Reference is made to a facsimile transmission by the Philippine
Stock Exchange received by Interphil Laboratories Inc. at 11:45
A.M. regarding what the Exchange claim to be an unusual movement
in the trading of the Company's class "B" shares from Php1.12 to
Php0.68 per share.

The Company advised that it is not aware of any material
information, which may have caused such a movement in Friday's
trading nor affect the value and trading of the Corporation's
securities.

CONTACT:

Interphil Laboratories, Inc.
Canlubang Industrial Estate Bo Pittland
4025 Cabuyao, Laguna 4025
PHILIPPINES
Phone: +63 49 549 2345
Fax: +63 49 817 2435
Web site: http://www.telesenskscl.com


NATIONAL POWER: U.S. Firm Eyes Generating Assets
------------------------------------------------
The sale of National Power Corporation's (Napocor) generating
assets has drawn the interest on CalEnergy International
Limited, The Philippine Star has learned.

The U.S.-based firm has signified its interest to participate in
the auction of Napocor's assets, saying it is specifically
interested in the power firm's hydroelectric and geo-thermal
power plants.

Raymond E. Cunningham, CalEnergy's business development officer,
said his company would probably at three assets, namely, the
Tiwi-Makban geothermal power plants and the Pantabangan/Masiway
hydropower facilities.

Mr. Cunningham said they had been waiting six months for the
government to field out the bidding documents for these power
facilities.

The Pantabangan/Masiway's sale notice came out recently. Despite
the noted delay in the privatization of the gencos, he said they
are optimistic the government's efforts would continue.

CalEnergy is an international leader in the development and
production of energy from diversified fuel sources including
geothermal, natural gas and hydroelectric.

CONTACT:

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


NATIONAL POWER: Central Bank Approves US$150-Mln Bond Sale
----------------------------------------------------------
The policy-making arm of the Bangko Sentral ng Pilipinas (the
central bank) has approved in principle National Power Corp.'s
new US$150-million bond sale, The Manila Bulletin reports.

The central bank's Monetary Board (MB) authorized the capital
raising venture in principle but the timing of the bond sale
will be determined later.

Napocor recently raised fresh funds worth $300 million and
another US$100 million last August from the sale of its debt
papers to finance its requirements and mature loans this year.

The Department of Finance will absorb P200-billion worth of
Napocor's loans this year. Despite that, it is able to borrow
from the global markets again, the company relies mainly on
government support to maintain financial stability and meet its
liquidity requirement.

Earlier Standard & Poor's Ratings Services had assigned the bond
sale maturing in 2011 a "BB-" issue rating. The rating, S&P
analysts said, is based on an "irrevocable and unconditional
guarantee" on the bonds by the Philippine government.

The state-owned power firm's mounting losses has drained the
Natuional Government coffers. Its string of losses dates back to
1998 when the Asian financial crisis resulted in poor
electricity sales. It also led to higher operating and financing
expenses as fuel costs and borrowing costs escalated.

The ensuing years saw no relief for Napocor. In 1999, its net
loss went up to Php5.953 billion. In 2000, net loss more than
doubled to Php12.964 billion. In 2001, net loss improved to
Php10.4 billion. By 2002 the power firm incurred a net loss of
Php33.7 billion, blaming this on the 14 percent drop in energy
sales.

To pay off maturing debts and bankroll its operations, Napocor
raised US$1.5 billion this year in 2004. Of this amount, US$500
million was already raised with the NG reopening of US$400
million worth of Philippine bonds that will mature in 2011 and
2014. Another US$100 million was raised through a placement with
ING Bank.


RB CABUSAO: Court Grants Liquidation Assistance
-----------------------------------------------
Notice is hereby given that the Petition for Assistance in the
Liquidation of Rural Bank of Cabusao (Camarines Sur), Inc. filed
by the Philippine Deposit Insurance Corporation (PDIC) on July
8, 2004 before the Regional Trial Court, 5th Judicial Region,
Branch 23, Naga City, docketed as Other Spec. Procs. No. 2004-
0048 has been given due course.

All depositors, creditors, and those who may have claims against
the liquidation estate of Rural Bank of Cabusao (Camarines Sur),
Inc. may file their claims with the Court, the Deputy Liquidator
of Rural Bank of Cabusao (Camarines Sur), Inc. and/or directly
with the Philippine Deposit Insurance Corporation at the PDIC-
Ayala Extension Office, SSS Building, corner Ayala Avenue and V.
A. Rufino St. (formerly Herrera St.), Makati City.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator

CONTACT:

Philippine Desposit Insurance Corporation
Head Office: PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Extension Office:  PDIC Ayala Extension Office,
SSS Bldg., Ayala Avenue corner
V.A. Rufino St., (formerly Herrera St.)
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail us : info@pdic.gov.ph
Web site: http://www.pdic.gov.ph


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

AIROCEAN GROUP: Uses Share Issue Proceeds in Forwarding Firm
------------------------------------------------------------
Airocean Group Limited announces that in relation to the
issuance and allotment of new ordinary shares in the Company's
capital to Janco Strategic Biz Pte Limited, the Company has
further advanced SGd2.2 million of the proceeds raised from the
share issue as working capital for express courier business
Lima-Ubi Transport International Co. Limited.

The total amount from the proceeds of the share issue for the
working capital of Lima-Ubi's freight forwarding business now
amounts to SGD6.1 million.

BY ORDER OF THE BOARD
Winston Seow Han Chiang
Joint Company Secretary
Sept. 29, 2005

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Phone: 65 62255111
Fax:   65 62243594
Web site: http://www.airocean.com.sg


B&C CONSTRUCTION: To Distribute Dividend Soon
---------------------------------------------
B&C Construction Pte Limited, formerly of 462 Crawford Lane
#02-17 Crawford Centre, Singapore 190462 , posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: B & C Construction Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 278 of 1997
Last day for receiving proofs: Oct. 14, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Sept. 30, 2005

Kamala Ponnampalam
Assistant Official Receiver


CHENG POH: Court Issues Winding Up Order
----------------------------------------
In the matter of Cheng Poh Building Construction Pte Limited,
the Singapore High Court issued a winding up order against the
Company on Sept. 23, 2005, with the following details:

Dated this 30th day of September 2005

Name and Address of Liquidator: Yin Kum Choy
Messrs. K C Yin & Co.
100 Tras Street
#16-01 Amara Corporate Tower
Singapore 079027

Netto & Magin LLC
Solicitors for the Petitioners

Note:
(a) All Company creditors should file their proof debt with
Liquidator who will be administering all affairs of the company.

(b) All debts due to the Company should be forwarded to the
Liquidator.


CHINA AVIATION (S): Unit's Fuel Tender Oversubscribed Six Times
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited (CAO) would
like to announce that its wholly owned subsidiary, China
Aviation Oil Trading Pte Ltd (CAOT), has closed its latest
physical Jet Fuel tender for deliveries in September to December
2005.

CAOT's latest tender was very successful and received a strong
response from 17 physical jet fuel suppliers, including oil
majors, independent refineries and major trading houses. In this
tender, CAOT awarded a total volume of 490,000 metric tonnes of
A-1 Grade Jet Fuel, and the tender was approximately 6 times
oversubscribed. For the period September to December 2005, CAOT
has tendered for a total volume of 1.2 million tonnes of Jet
Fuel so far.

CAO chairman Jia Changbin said: "I am once again pleased that we
continue to receive strong support from industry players for our
tender. This latest tender is a reflection of the strong demand
for Jet Fuel towards the end of the year, as more people travel
over the holidays."

"CAOT has to date successfully completed tenders for a total of
2.92 million metric tonnes of A-1 Grade Jet Fuel, which exceeds
last year's total of 2.87 million metric tonnes." Madam Gu
Yanfei, CAO Head of the Special Task Force added.

CONTACT:

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


KOH BROTHERS: Unit Secures Development Contract
-----------------------------------------------
Koh Brothers Group Limited (Koh Brothers) announced on Sept. 29,
2005 that Koh Brothers Building & Civil Engineering Contractor
(Pte.) Ltd, a subsidiary of its 53.42%-owned Construction
Consortium Group, secured a new contract from the Urban
Redevelopment Authority (URA) worth SGD166.9 million.

The new contract from URA is for the Proposed Construction of
the Common Services Tunnel (CST) Phases 1B & 2, Main Sewer and a
5-storey 230/22kv Electrical Sub-Station with Basement at Marina
Bay.

Koh Brothers had earlier announced a SGD41.7 million Common
Services Tunnel in the Marina South (Stage 1 - balance of works)
contract secured from URA in April 2004. Hence, the new contract
is the second of two such Common Services Tunnel contracts
secured by Koh Brothers from URA. The first contract covers a
length of 1.4 km and is expected to complete by end 2005. The
new contract covers a length of 1.6 km and is expected to
complete in 2009.

The new contract brings Koh Brothers' project wins from the
public sector to approximately SGD419 million for the past 12
months. Currently it has secured contracts worth approximately
SGD891 million for completion from 2005 to 2009.

Commenting on the contractual wins, Koh Brothers CEO TC Koh
said, "We are pleased to have secured the new contract, which
adds on to our current portfolio of projects in the Marina
Downtown area - the other cur rent projects in the vicinity are
the Benjamin Sheares Bridge upgrading project, the CST Stage 1
project and the Marina Barrage project." He further added, "As
recently forecasted by the BCA, construction demand for 2005 is
revised upwards to between SGD10.5 billion to SGD11.5 billion.
Moving on further , there is also much potential development in
the Marina Downtown area expected to flow from the creation of
the new Business Financial Cent re and the Integrated Resort.
These expected trends, coupled with our proven track record in
handling a diversity of building and civil engineering projects,
bodes well for the future growth of our Construction Consortium
Group."

Koh Brothers Group Limited is a diversified group with core
businesses in:
- Real Estate
- Leisure and Hospitality
- Construction and Building Materials

To date, the Group has 43 subsidiaries, 4 joint -venture
companies and 4 associated companies in Singapore, China,
Indonesia, Malaysia and Vietnam. For the first half of the
financial year ended June 30, 2005, the Company recorded a net
loss of SGD14.85 million.

For further information, please contact:
Ms Lim Siew Hoon
Koh Brothers Group Limi ted
Tel : 65 6845 7277
Fax : 65 6841 5600
Emai l : l imsh@kohbrothers.com

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Phone: 65 6289 8889
Fax:   65 6841 5400
Web site: http://www.kohbrothers.com


MEGAVISA SOLUTIONS: Creditor Seeks to Wind Up Firm
--------------------------------------------------
Notice is hereby given that Mitco Labuan Co. Limited, a creditor
of Megavisa Solutions (Singapore) Pte Limited, presented a
winding up petition against the Company to the Singapore High
Court on Sept. 14, 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 Petition may appear at
the time of hearing by himself or his Counsel for that purpose.

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

The Petitioner's address is Unit 13, Main Office Tower,
Financial Park Labuan, Jalan Merdeka, 87000 Labuan, F.T. Labuan,
Malaysia.

The Petitioner's solicitors are LEGAL21 LLC of 4 Robinson Road
#10-01, Singapore 048543.

Dated this 30th day of September 2005

LEGAL21 LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors LEGAL21 LLC, notice
in writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their solicitors (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 (the day
before the date appointed for the hearing of the Petition).


NEOCORP INTERNATIONAL: Firm Issues Writ Order on Unpaid Debt
------------------------------------------------------------
Neocorp International announced that in addition to a claim by
Hanson Building Materials (S) Pte Limited for SGD837,872.68 plus
accrued 1% monthly interest (from Oct. 23, 2004 to Sept. 5,
2005) and SGD5,000 in costs, Hanson Building also issued the
following:

(a) two garnishee orders to recover a SGD882,690.34 judgment
debt against the Company's wholly owned subsidiary, Neocorp
Innovations Pte Limited (NIPL), and

(b) a writ of seizure and sale of property liable to be seized
belonging to NIPL.

By Order of the Board

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax:   65 65457880
Web site: http://www.neocorp.com.sg


PENYU DAUN: Liquidator Sets Deadline for Claims Submission
----------------------------------------------------------
Notice is hereby given that the creditors of Penyu Daun Shipping
Pte Limited, which is being wound up voluntarily, are required
on or before Oct. 26, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidators and, if so required by notice in writing by the
Liquidators are, by their solicitors or personally, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 26th day of September 2005

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


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

ADVANCE PAINT: Concludes Warrant Exercise
-----------------------------------------
Advance Paint & Chemical (Thailand) Public Co. Ltd. informed the
Stock Exchange of Thailand (SET) that it has issued
167,453,025 warrants for right offering to existing shareholders
whose names appeared in the Shareholders Registered Book as of
December 27, 2002.

The warrants can be exercised every quarter and has started
December 31, 2003 at the exercise ratio 1 warrant: 1 common
share.

Thus, Advance Pant & Chemical (Thailand) Public Co. Ltd.
unveiled the result of exercise of the warrant holders on
September 30, 2005 as follow:

As of September 30, 2005

Beginning Balance of Warrants: 133,463,425 Units

Less Exercised Warrants to be common shares: 0 Units

Ending Balance of Warrants: 133,463,425 Units

Please be informed accordingly.

Yours faithfully,
Mrs. Narumol Punnakitikashem
Executive Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871


THAI PETROCHEMICAL: Mulls Amendment of Rehab Plan
-------------------------------------------------
The administrator for Thai Petrochemical Industry Public Co.
Ltd. may be seeking for a revision of the company's
rehabilitation plan, reports Reuters, citing Mongkol
Ampornpisit, chairman of TPI's administrative team.

Finance Minister Thanong Bidiya is hoping that the court would
approve its request for an amendment of the plan.

The court recently released an order rejecting the
administrator's request to name new members to the company's
board.

The court denied the request on the grounds that the board is
powerless while the company is under the court's protection.

According to analyst there could be a possible disruption to the
transfer of power before a meeting can be held to elect a board
representing the new shareholders.

TPI founder Prachai Leopairatana, who has been fighting a long
and bitter battle to retain control of the company, appointed
most of the old board.

Mr. Thanong told reporters that the TPI administrator and PTT
had put forth several options to overcome the impasse, and that
he was comfortable with all of them.

PTT has earlier signed a memorandum of understanding to buy a
61.5 percent stake in TPI.

The PTT deal would most likely push through because parties
involved to the agreement are committed to making it work, even
if the MOU's November 4 deadline for payment of the shares isn't
met.

"I don't think there will be too much delay. Any delay would be
caused by the process of fund-raising, and not by the unresolved
issues among the parties. I don't think it will drag on too
long," Mr. Thanong said.

PTT President, Prasert Bumsumpun is also willing to extend the
validity of the MOU if necessary.

"There is still some time before the deadline to get things
done, I think... (But) if we have to extend the MOU it could be
done," Mr. Prasert said.

Should the plan go through without a hitch, existing TPI shares
as well as the 17.55 billion new shares accounting for 90
percent of the total share capital after the issue, will be sold
at THB3.30 per share to the group led by PTT and five
underwriters, for a total of THB57.92 billion.

Following the sale, PTT and its partners, the Government Savings
Bank, the Government Pension Fund, and the state-run Vayupak
Fund-One - would hold a combined 61.5 percent stake in TPI. The
underwriters would buy a 28.5 percent stake in the company on
behalf of creditors and other existing shareholders.

Existing shareholders, excluding creditors, would hold the
remaining 10 percent of the company.

CONTACT:

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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