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        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

           Wednesday, October 5, 2005, Vol. 8, No. 197

                            Headlines

A U S T R A L I A

A.C.N. 103 898 193: Members Resolve to Close Business
AGENIX LIMITED: Appoints International Luminary to Board
AIRCLUB PTY: Liquidator to Detail Wind Up Manner
ANDMORE PTY: Inability to Pay Debts Prompts Wind Up
ANVIL MINING: UN Report Brings Fresh Allegations

BOCOM PTY: Members Agree to Wind Up Operations
CARTER HOLT: Unveils Board Changes
DIMBEROY INVESTMENTS: Members to Receive Wind Up Report
EUROSTYLE FLOORING: Creditors OK Liquidator's Appointment
EVABUILD PTY: Winds Up Business

FORMSHELL PTY: Set to Declare Dividend
FUMINA PTY: Appoints Official Liquidator
HEASMAN PTY: Court Issues Winding Up Order
JTL MOBILE: Distributes Dividend Today
LADYSMITH CONSTRUCTIONS: Creditors Opt for Voluntary Liquidation

MAYNE GROUP: In Marketing Alliance with Indian Firm
MIH CORPORATION: Liquidator to Explain Winding Up to Members
MINGAH PTY: Liquidator to Distribute Company Assets
NAMPULA HOLDINGS: Set to Declare First, Final Dividend
NATIONAL AUSTRALIA: Banks on Local Resources

QANTAS AIRWAYS: Skywest Manages Claim
RAID PTY: Barry Taylor Named Liquidator
ROBPET PTY: Members Decide to Wind Up Business
STONEY RIDGE: Final Meeting Scheduled October 11
WARBERRY INVESTMENTS: Members Pass Winding Up Resolution

WINZET PTY: Placed Under Voluntary Liquidation


C H I N A  &  H O N G  K O N G

ACTEX COMPANY: To Emerge from Bankruptcy January 23
ADL PRINTING: Court Releases Winding Up Order
BEIJING MEDIA: Six Employees Detained on Corruption Probe
CHUNG HING: Poised to Exit Bankruptcy Next Year
EASTERN SKY: Court to Hear Winding Up Hearing November 9

EVERWIN COMPANY: Discharge from Bankruptcy Looms
FIRST DRAGONCOM: Delays 2005 Interim Results
HANG SING: Discharge from Bankruptcy Looms
LEE CHU: Bankruptcy Process Ends
LIPPO SECURITIES: SFC Reprimands Firm, Suspends Execs

MERCHANT WEALTH: To Wind Up Operations
TOP IN: Prepares to Wind Up Business
SURE BRIGHT: High Court Releases Winding Up Order
WAI TAT: May Exit Bankruptcy Next Year
WIN CHANCE: Creditors Meeting Set October 14


I N D I A

ABUZU HOLDINGS: Reserve Bank Cancels Certificate of Registration
BIECCO LAWRIE: In Restructuring Mode After Turnaround
BIRLA VXL: Scheme of Arrangement Gets Creditors' Nod
KERALA AYURVEDA: Members Approve Capital Reduction
KONKAN TYRES: SEBI Debars Promoters, Directors

* SEBI Bans Firms Over Fraudulent Activities


I N D O N E S I A

BANK MANDIRI: Top Officials Set to Stand Trial Next Week
TELEKOMUNIKASI INDONESIA: Government to OK Share Buyback Plan
* Fitch Assigns 'BB-' to Indonesia's Upcoming Global Bond Issue
* Indonesia's Proposed Global Bond Issue Gets B+ Rating


J A P A N

CAC CORPORATION: JCR Affirms BBB+ Rating
HEISEI DENDEN: Applies for Bankruptcy Protection
MITSUBISHI MOTORS: Unveils September U.S. Sales
TOYO COMMUNICATION: Prepares to Start Business Restructuring
WACOAL CORPORATION: To Undergo Restructuring Scheme


K O R E A

DAEWOO INTERNATIONAL: To Kick Off Gas Exploration Next Year


M A L A Y S I A

ANCOM BERHAD: To Purchase Rhodemark Development Shares
ANCOM BERHAD: Completes Disposal of Interest in Tubex
AVANGARDE RESOURCES: Seeks Lifting of PN17/2005 Status
BUKIT KATIL: Proposed Restructuring Status Unmoved
DFZ CAPITAL: Issues New Shares for Listing, Quotation

FARLIM GROUP: Bank Negara Gives Green Light to Warrant Issue
GEORGE TOWN: Shares Trading Still Suspended
KILANG PAPAN: Awaits SC Decision on Proposed Scheme
KL INFRASTRUCTURE: Books MYR18,871,000 Net Loss
MEDIA PRIMA: New Shares Up for Listing, Quotation

OLYMPIA INDUSTRIES: Works to Implement Rehab Scheme by Year-end
PAN MALAYSIA: Buys Back Ordinary Shares
PSC INDUSTRIES: Drafts Debt Restructuring Proposal for Lenders
PUNCAK NIAGA: Kris Heavy Seeks MYR5.45Mln in Claims
SUGAR BUN: 2Q Net Loss Down to MYR2,415,000

TALAM CORPORATION: Net Loss Balloons to MYR77,969,000
TAP RESOURCES: Swings to Black in 1Q


P H I L I P P I N E S

C&P HOMES: Amends Capital Restructuring Proposal
C&P HOMES: Reshuffles Board Committees
HACIENDA LUISITA: Impact of Stock Deal Revocation Spreads
LEPANTO CONSOLIDATED: Turnaround Unlikely This Year
MANILA ELECTRIC: Reduced Transmission Charge to Slash Tariffs

NATIONAL POWER: Creditors, Investors Concerned Over Delay
NICPHIL INSURANCE: Ousted Boss Blames Collapse on Board


S I N G A P O R E

ACCORD CUSTOMER: Accused Former CEO to Face New Charges
CHARTERED SEMICONDUCTOR: Appoints Senior Vice President
DIGILAND INTERNATIONAL: Issues Additional Shares to Director
EVERBLOOM MUSHROOM: Court Releases Winding Up Order
INTERLINE FREIGHT: Prepares to Pay Dividend

NEOCORP INTERNATIONAL: Unit Appoints Provisional Liquidator
WEE POH: Schedules EGM on Oct. 21



T H A I L A N D

PICNIC CORPORATION: SET Drops Probe to Big-Lot Transaction
THAI HEAT: Unveils Result of Warrant Exercise
THAI ENGINE: Provides SET with Information on Amended Plan

     -  -  -  -  -  -  -  -

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

A.C.N. 103 898 193: Members Resolve to Close Business
-----------------------------------------------------
Notice is given that at a meeting of creditors of A.C.N. 103 898
193 Pty Limited held on Aug. 30, 2005, it was resolved that the
Company be wound up, and Geoffrey Trent Hancock of Horwath
Sydney Partnership, Level 10, 1 Market Street, Sydney NSW 2000
was appointed Liquidator for such purpose.

Dated this 31st day of August 2005

Geoffrey T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000
Phone: 9372 0777
Fax:   9372 0606


AGENIX LIMITED: Appoints International Luminary to Board
--------------------------------------------------------
Agenix Limited on September 28, 2005 announced that it had
appointed Dr Andre Lamotte as a Non-executive Director. Dr.
Lamotte is a Switzerland-based entrepreneur, venture capitalist
and experienced company director who has nurtured developing
life sciences companies for nearly two decades.

Dr. Lamotte has a Bachelor of Science Degree from Ecole Centrale
Paris, a Master of Science Degree and a Doctor of Science Degree
from MIT (Massachusetts Institute of Technology) and a Master of
Business Administration Degree from Harvard Business School.

Agenix Chairman, Mr Ravi Govindan, commented that: "Dr. Lamotte
has outstanding qualifications and enormous experience with the
development of companies in the life sciences area. Of
particular importance to Agenix as it moves towards the
negotiation of a sales, marketing and distribution agreement for
ThromboView. Dr. Lamotte's track record of having negotiated
over 30 agreements between developing companies and large
pharmaceutical or medical technology companies."

"Dr. Lamotte and Professor Paul Eisenberg, Chairman of the
Agenix Scientific Advisory Board, will oversee the activities of
the ThromboView. commercialization process," Mr. Govindan said.
"The ThromboView. team consists of several internal staff and
external consultants, and Dr Lamotte brings a breadth of
experience in the negotiation of agreements which adds greatly
to the Agenix team's skill base."

Since 1988 Dr. Lamotte has founded or co-founded 18
biotechnology and pharmaceutical companies, 7 medical technology
companies and 2 medical service companies. Such companies
include Inspire Pharmaceuticals, Diatide, Oravax, Cryocath,
Vernalis, Ontogeny, Creagen, Axovan and Laser Vision. He also
has a track-record of executing spin-offs from large
pharmaceutical companies (such as Arpida from Roche, Paion from
Schering AG and Targacept from RJR).

Mr. Govindan stated, "Dr. Lamotte has been a director of many of
the companies with which he has been involved and, whilst his
advice in relation to the negotiation of a sales, marketing and
distribution agreement for ThromboView. will be significant, his
experience in positioning developing companies for growth will
be of great value to Agenix as well."

About Agenix

Agenix Limited is a global health and biotechnology company
based in Brisbane, Australia. The Company runs a suite of highly
profitable and established businesses in human and animal health
diagnostics, and is focused on growing its world-leading
molecular diagnostic imaging R&D program. Agenix's lead
candidate is its high-technology ThromboView. blood clot-imaging
project, which is currently undergoing human trials.
ThromboView. uses radiolabelled antibodies to locate blood clots
in the body, and could revolutionise the US $3 billion global
clot diagnostic imaging market. ThromboView. is being developed
with the assistance of the Federal Government through its START
scheme. Agenix employs 90 staff and sells its products to more
than 50 countries. ThromboView. is a registered trademark of
AGEN Biomedical. a wholly-owned subsidiary of Agenix.

CONTACT:

Agenix Limited
11 Durbell Street
Acacia Ridge QLD 4110
Phone: +61 7 3370 6396
Fax: +61 7 3370 6347
E-mail: mail@agenix.com
Web site: http://www.agenix.com


AIRCLUB PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is given that a final meeting of the members of Airclub
Pty Limited will be held on Oct. 11, 2005, 2:00 p.m. at the
offices of Tait Miller McIntyre & Co. of 53 Junction Street,
Nowra, to have an account laid before them showing the manner of
the winding up and disposal of the property of the Company, and
to give any explanation thereof.

Dated this 30th day of August 2005

Mark Crowther
Liquidator
Tait Miller McIntyre & Co
53 Junction Street, Nowra NSW 2541


ANDMORE PTY: Inability to Pay Debts Prompts Wind Up
---------------------------------------------------
At a meeting of the members of Andmore Pty Limited held on Aug.
30, 2005, the following special resolution was passed:

That the Company be wound up voluntarily, in view of its
inability to continue operations by reason of its liabilities;

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants of Level 10, 26 Flinders Street, Adelaide, SA be
appointed Joint and Several Liquidators for such winding up.

Timothy J. Clifton
Mark C. Hall
Liquidators
Level 10, 26 Flinders Street
Adelaide SA


ANVIL MINING: UN Report Brings Fresh Allegations
------------------------------------------------
The results of an investigation commissioned by the United
Nations (UN) has raised new concerns about the possible
involvement of Anvil Mining during a massacre in the Democratic
Republic of Congo (DRC) in October last year, according to ABC
News Online.

The UN's peacekeeping mission in DRC has been looking into
reports that more than 100 people were killed when government
troops tried to stop an uprising in the mining town of Kilwa
last year.  Australian mining firm Anvil was accused of aiding
the soldiers' efforts.

The UN's special investigation report confirmed three drivers
employed by Anvil drove the vehicles used by troops. The
vehicles reportedly appeared to have been used to transport
pillaged goods, as well as corpses, which may have included
victims of summary execution.

Anvil Mining strongly denied the accusations hurled against it,
saying it had no choice but provide some of its vehicles for use
by the DRC Army Forces because it was instructed to do so.

In the report, the UN mission also says Anvil Mining provided
food to the armed forces, and appears to have acknowledged
contributing to the payment of a certain number of soldiers.

A spokeswoman for Anvil Mining said everything in the UN report
has already been made public, and no further comment will be
made.

The Australian Federal Police (AFP) launched an investigation
into the actions of the mining company last month. The World
Bank has also launched its own inquiry.

CONTACT:

Australia

Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/


BOCOM PTY: Members Agree to Wind Up Operations
----------------------------------------------
At a general meeting of the members of Bocom Pty Limited held on
Aug. 26, 2005, the following resolutions were passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Andre Janis Strazdins and Nicholas David Cooper of
SimsPartners, Level 4, 12 Pirie Street, Adelaide SA 5000 be
nominated Joint and Several Liquidators for the winding up.

Dated this 26th day of August 2005

Nicholas D. Cooper
Andre Janis Strazdins
Joint Liquidators
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000


CARTER HOLT: Unveils Board Changes
----------------------------------
Carter Holt Harvey Limited on Tuesday announced further changes
to its Board of Directors. Following the change of control from
International Paper to Rank Group Investments Limited and the
consequent restructuring of the Board, the Company has received
the resignations of Mr. Kerry McDonald and Dr Helen Nugent to
take effect at the close of the offer period.

"Change is inevitable following the transition to a new majority
shareholder", Carter Holt Harvey chairman John Maasland said.

"The Company has been fortunate to have directors of the caliber
of Kerry McDonald and Helen Nugent on its Board, and has
benefited from their significant depth of experience and
expertise. We wish them every success in their future
endeavors."

CONTACT:

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

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


DIMBEROY INVESTMENTS: Members to Receive Wind Up Report
-------------------------------------------------------
Notice is given that a final meeting of the members of Dimberoy
Investments Pty Limited will be held on Oct. 11, 2005, 10:00
a.m. at the offices of Armstrong Wily, Level 5, 75 Castlereagh
Street, Sydney NSW 2005, to present the Liquidator's account
showing how the winding up was conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.

Dated this 25th day of August 2005

N. W. Newbould
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


EUROSTYLE FLOORING: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Eurostyle Flooring Pty Limited held on Sept. 2, 2005, it was
resolved that the Company be wound up voluntarily, and that Sule
Arnautovic of Jirsch Sutherland Chartered Accountants be
appointed Liquidator for such winding up.

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

Dated this 2nd day of September 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland
Chartered Accountants
PO Box 4256, Sydney NSW 2001
Phone: 02 9233 2111
Fax:   02 9233 2144


EVABUILD PTY: Winds Up Business
-------------------------------
Notice is hereby given that at a General Meeting of Members of
Evabuild Pty Limited held on Aug. 31, 2005, it was resolved that
the Company be wound up voluntarily, and that P. Ngan and G.
Parker be appointed Liquidator for such purpose.

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

Dated this 5th day of September 2005

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


FORMSHELL PTY: Set to Declare Dividend
--------------------------------------
Formshell Pty Limited will declare a first and final dividend on
Oct. 6, 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

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


FUMINA PTY: Appoints Official Liquidator
----------------------------------------
At an Extraordinary General Meeting of Fumina Pty Limited held
on Aug. 31, 2005, members resolved to wind up the Company
voluntarily, and to appoint Justin Denis Walsh and Richard John
Dennis of Ernst & Young, Level 5, Waterfront Place, 1 Eagle
Street, Brisbane Qld 4000 as Liquidators.

Dated this 31st day of August 2005

Richard J. Dennis
Justin D. Walsh
Liquidators
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4000
Phone: 07 3243 3607


HEASMAN PTY: Court Issues Winding Up Order
------------------------------------------
On Aug. 29, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Heasman Pty Limited, and
appointed R. J. Porter as the Company's Official Liquidator.

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


JTL MOBILE: Distributes Dividend Today
--------------------------------------
JTL Mobile Granulation Limited will declare a first and final
dividend today, Oct. 5, 2005.

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

Dated this 30th day of August 2005

C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000
Phone: 02 8346 6000


LADYSMITH CONSTRUCTIONS: Creditors Opt for Voluntary Liquidation
----------------------------------------------------------------
At an Extraordinary General Meeting of Ladysmith Constructions
Pty Limited held on Sept. 2, 2005, the following special
resolution was passed:

That as it may not be able to pay its debts within 12 months,
the Company be wound up by a creditors' voluntary winding up.

Chris Chamberlain of Nicholls & Co., Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, NSW was appointed Liquidator for the Company.

Dated this 6th day of September 2005

Chris Chamberlain
Liquidator
Suite 103, 1st Floor
Wollundry Chambers, Johnston Street
Wagga Wagga NSW 2650


MAYNE GROUP: In Marketing Alliance with Indian Firm
---------------------------------------------------
Mayne Group's pharmaceuticals division, Mayne Pharma, and
India's Orchid Chemicals and Pharmaceuticals Ltd. had entered
into an exclusive marketing alliance for injectable drugs,
Reuters reports.

The tie-up was reportedly for markets such as the United States,
Canada, Europe and Australasia.

Under the agreement, Orchid will exclusively develop and
manufacture a range of drugs for distribution and marketing by
Mayne.

CONTACT:

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


MIH CORPORATION: Liquidator to Explain Winding Up to Members
------------------------------------------------------------
Notice is given that a final meeting of the members of MIH
Corporation Pty Limited will be held on Oct. 11, 2005, 10:30
a.m. at Level 19, 15 William Street, Melbourne, Vic.

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

Accounts have been compiled in accordance with Section 539(1) of
the Corporations Act, and are available for inspection at
Pitcher Partners, Level 19, 15 William Street, Melbourne during
normal business hours.

Dated this 24th day of August 2005

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


MINGAH PTY: Liquidator to Distribute Company Assets
---------------------------------------------------
Notice is hereby given that at the General Meeting of Members of
Mingah Pty Limited duly convened and held on Aug. 29, 2005,
members resolved to voluntarily wind up the Company, and that
the Liquidators be at liberty to divide amongst the members in
kind, the whole or any part of the assets of the company.

Dated this 30th day of August 2005

Philip G. Jefferson
Matthew L. Joiner
Joint Liquidators
Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


NAMPULA HOLDINGS: Set to Declare First, Final Dividend
------------------------------------------------------
Nampula Holdings Pty Limited will declare a first and final
dividend on Oct. 6, 2005.

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

Dated this 11th day of August 2005

Will Cowell
Liquidator
c/o Ferrier Hodgson (Qld)
Chartered Accountants
Level 7, 145 Eagle Street
Brisbane Qld 4000


NATIONAL AUSTRALIA: Banks on Local Resources
--------------------------------------------
National Australia Bank (NAB) has set up a specialist resource
unit in Perth, as part of efforts to capture a bigger share of
the Australian market, according to The Age.

The bank has assembled the resource team over the past year and
is now the fastest-growing area of the bank's business in the
state.

The resource team is one of the specialized units the bank has
created as part of a drive to return autonomy to state offices
and rebuild links with industry.

By moving the decision-makers back into the bank's state
headquarters, NAB chief executive John Stewart believes he can
eliminate the lumbering bureaucracy that had previously stifled
the bank's growth and lost its business clients.

NAB set up a commercial property finance team in Perth in
February and it is keen to develop a similar specialized unit to
target the energy and power sector.

When Mr. Stewart joined NAB 18 months ago, he said 90 percent of
the major decisions were sent back to the head office in
Melbourne. This slowed down the approval process, frustrated
business clients and lost the bank a share of clients in the
small to medium sized enterprises market.

We have now reversed those numbers and 90 per cent of the
decision are made here in WA," Mr. Stewart said. "We have moved
the expertise back to the state with the idea to make the state
more self-sufficient."


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


QANTAS AIRWAYS: Skywest Manages Claim
-------------------------------------
On July 8, 2005, Skywest Limited advised it had received a claim
from Qantaslink in connection with passenger screening services
at certain regional Western Australian airports.

The Company and Qantaslink have been involved in discussion
which have resulted in agreement being reached on both:

(1) The basis for the future provision of screening services at
the relevant airports (effective from July 1, 2005);

(2) A contribution by Skywest to the historical costs of
providing those services (incurred by Qantaslink) for the period
up to June 30, 2005.

The agreement between the parties includes a release of any
further liability of Skywest in relation to historical passenger
screen charges from Qantas as asserted in the claim (for the
period to June 30, 2005).

The amount Skywest has agreed to contribute to the historical
costs of providing those services is approximately AU$243,938
above all the amount which Skywest provisioned for screening
services reported in its June 30, 2004 statement of financial
position. This additional amount will therefore be recognized in
the statement of financial performance for the current year.

The Company is pleased that the claim has been amicably resolved
on terms acceptable to both parties. The relationship between
the two carriers remains strong and is unharmed by the claim
with Qantaslink continuing to provide passenger screening
services to Skywest customers.

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

Skywets Limited
First Floor
Domestic Terminal
Perth Airport
Western Australia 6105
Phone: 61 8 9478 9999
Fax: 61 8 9478 9928
Web site: http://www.skywest.com.au


RAID PTY: Barry Taylor Named Liquidator
---------------------------------------
Notice is hereby given that at a general meeting of the members
of Raid Pty Limited held on Aug. 29, 2005, it was resolved that
the Company be wound up voluntarily, and that Barry Keith Taylor
of B. K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne,
Victoria 3004 be appointed Liquidator for the winding up.

Dated this 29th day of August 2005

Barry K. Taylor
Liquidator
Taylor & Co., 8th Floor, 608 St Kilda Road,
Melbourne, Victoria 3004


ROBPET PTY: Members Decide to Wind Up Business
----------------------------------------------
Notice is hereby given that at a general meeting of Robpet 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.

Dated this 25th day of August 2005

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


STONEY RIDGE: Final Meeting Scheduled October 11
------------------------------------------------
Notice is given that a final meeting of the members of Stoney
Ridge Pty Limited will be held on Oct. 11, 2005, 9:30 a.m. at
the offices of Holbrook & Associates Chartered Accountants,
Level 2, 19 Pier Street (Corner Hay Street), Perth, Western
Australia, for the following purposes:

AGENDA

(1) To consider and if thought fit, adopt the Liquidator's
Statement, made during the course of the administration.

(2) To discuss and if thought fit, approve the Liquidator's
intention to destroy the company's books and records at the
expiry of six months of the meeting.

(3) To discuss and if thought fit, approve the Liquidator's
resignation.

(4) To discuss any general business which may be raised.

Dated this 26th day of August 2005

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


WARBERRY INVESTMENTS: Members Pass Winding Up Resolution
--------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Warberry Investments Pty Limited held on Aug. 30, 2005, it was
resolved that the Company be wound up voluntarily, and Murray
Campbell Smith and S. C. Davies were appointed Liquidators of
the Company.

Dated this 2nd day of September 2005

S. C. Davies
Murray Campbell
Liquidators
c/o McGrathNicol+Partners
Level 11, 115 Grenfell Street
Adelaide SA 5000
Phone: 08 8468 3700
Web site: http://www.mcgrathnicol.com.au/


WINZET PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an Extraordinary General Meeting of Winzet Pty Limited held
on Aug. 31, 2005, members resolved to wind up the Company
voluntarily, and to appoint Justin Denis Walsh and Richard John
Dennis of Ernst & Young, Level 5, Waterfront Place, 1 Eagle
Street, Brisbane, Qld, 4000 as Liquidators for such purpose.

Dated this 31st day of August 2005

Richard J. Dennis
Justin D. Walsh
Liquidator
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4000
Phone: 07 3243 3607


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

ACTEX COMPANY: To Emerge from Bankruptcy January 23
---------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Kiang Peter trading as
Actex Company (the bankrupt), will be discharged from bankruptcy
on January 23, 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/


ADL PRINTING: Court Releases Winding Up Order
---------------------------------------------
ADL Printing Company Limited whose place of business is located
at 2/F, Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai
Chung, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on September 21, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


BEIJING MEDIA: Six Employees Detained on Corruption Probe
---------------------------------------------------------
The board of directors of Beijing Media Corporation Limited
(BYDM) announced that Mr. Zheng Yijun (Vice-President), Mr. Niu
Ming (Vice-President), Mr. Yu Dagong (Head of Advertising
Department), Mr. Zhu Weijing (Deputy Head of Advertising
Department), Mr. Duan Tao (Officer of Advertising Department)
and Mr. Lu Jianning (Officer of Advertising Department) have
been taken into custody for questioning by the Prosecution
Office of the Beijing Dongcheng District and the Second
Prosecution Branch Office of the Beijing City, the People's
Republic of China (PRC).

The Board understands that allegations of bribery have been made
against Mr. Yu Dagong, Mr. Zhu Weijing and Mr. Duan Tao but it
is uncertain as to whether the allegations have any relationship
with BYDM. The PRC authorities on the allegations made on the
remaining three employees have not officially notified the
Board.

None of the above individuals is a member of the Board.

The Board has suspended the duties of all of the above
individuals immediately after their detention until further
notice and have appointed Mr. Sun Wei, President and Executive
Director, to have overall responsibility of managing the
advertising business of BYDM to ensure minimal disruption of the
operation of BYDM. The Board has also appointed a special
committee led by Mr. Du Min, Executive Director, to manage the
daily operations of the advertising business.

The special committee will report to Mr. Sun Wei directly. With
the implementation of the above measures, the Board does not
anticipate any significant disruption will be caused to the
daily operations of BYDM. The Board has also resolved to engage
independent financial advisers to conduct an internal
investigation on the incident and any possible financial impact
on BYDM as a result. The independent directors have been
mandated to lead the internal investigation and will report the
findings to the Board. BYDM will announce the findings of the
investigation as soon as the Board approves them.

At the request of BYDM, trading of the shares of BYDM on the
Stock Exchange has been suspended from 9:30 a.m. on 3 October
2005 pending the release of this announcement. An application
for resumption of trading to take effect from 9:30 a.m. on 4
October 2005 has been made with the Stock Exchange.

This announcement is made pursuant to rule 13.09(1) of the
Listing Rules.

By Order of the Board
Zhang Yanping
Chairman
Beijing, PRC, 3 October 2005


CHUNG HING: Poised to Exit Bankruptcy Next Year
-----------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chung Chi Ming trading
as Chung Hing Restaurant (the bankrupt), will be discharged from
bankruptcy on January 23, 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/


EASTERN SKY: Court to Hear Winding Up Hearing November 9
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Eastern Sky Enterprises 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 directed to be heard before the Court at
9:30 am on the 9th day of November 2005 and 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; and
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.

KAO, LEE & YIP
Solicitors for the Petitioner
17th Floor, Gloucester Tower
The Landmark
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 8, 2005.


EVERWIN COMPANY: Discharge from Bankruptcy Looms
------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Wong Kam Cheong Terry
trading as Everwin Company (the bankrupt), will be discharged
from bankruptcy on January 23, 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/


FIRST DRAGONCOM: Delays 2005 Interim Results
--------------------------------------------
The Board of First Dragoncom Agro-Strategy Holdings Limited
announced that the publication of the 2005 Interim Results shall
be postponed until further notice.

The delay in the publication of the Company's 2005 Interim
Results is caused by the delay in the preparation of the
Company's 2004 Annual Results

The Board further announced that the registered office of the
Company will be relocated to Room 608, 6/F, Tower 2 Cheung Sha
Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, with effect from
October 3, 2005. The telephone and fax numbers of the Company
shall remain unchanged.

On September 30, 2005, the Petitioner filed a winding-up
petition in the High Court of Hong Kong against the Company.

At the request of the Company, trading in the company's
secruties has been suspended from 9:30 a.m. on April 28, 2005
and will remain suspended until further notice.

For a complete copy of the press release, go to
http://bankrupt.com/misc/tcrap_firstdragoncom.pdf

CONTACT:

First Dragoncom Agro-Strategy Holdings Limited
Unit 608, 6/F Tower 2 Cheung Sha Wan Plaza 833
Cheung Sha Wan Road Kowloon
Phone: 25265338
Fax: 25369223
Web site: http://www.dragoncom.com


HANG SING: Discharge from Bankruptcy Looms
------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Laui Wing Wa trading as
Hang Sing Trading Company (the bankrupt), will be discharged
from bankruptcy on January 23, 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/


LEE CHU: Bankruptcy Process Ends
--------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), So Pui Ha trading as
Lee Chu Sum Construction Co. (the bankrupt), will be discharged
from bankruptcy on January 23, 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/


LIPPO SECURITIES: SFC Reprimands Firm, Suspends Execs
-----------------------------------------------------
The Securities and Futures Commission has reprimanded Lippo
Securities Limited and suspended Mr. Han Sze Chao Richard, Mr.
Chan Ka Lok Cuthbert and Ms. Yeung Angie for 18 months, 10 weeks
and five weeks respectively following a settlement of its
disciplinary actions (Notes 1, 2, 3 and 4). Mr. Han is suspended
from October 3, 2005 to April 2, 2007. Mr. Chan is suspended
from November 7, 2005 to January 15, 2006. Ms. Yeung is
suspended from October 3, 2005 to November 6, 2005.

Mr. Han Sze Chao Richard

Mr. Han, a licensed representative and former responsible
officer of Lippo Securities, accepts a suspension of 18 months
for market manipulation.

The suspension follows an investigation by the SFC into the
unusual price movement of the shares of Fortuna International
Holdings Limited from January 2, 2002 to May 10, 2002.

The SFC found that, during the period, Han had placed buy orders
for Fortuna shares via the account of Super Glory International
Ltd maintained at Lippo Securities on 54 out of a total of 86
trading days. On 47 out of the 54 days, the last order placed by
Super Glory fell within the last minute of trading and resulted
in Super Glory's buy orders setting the closing price for
Fortuna shares on 46 of these days.

On 40 out of these days, single board lot orders were placed at
existing ask prices shortly before market close. Super Glory's
pattern of trading had the effect of pegging and/or stabilizing
the market price of Fortuna's shares during the period. Han was
the sole director and ultimate beneficiary of Super Glory and
the only person authorized to place orders on its behalf. Han
knew that his trading activities had the potential to distort
the market price of the shares and were prejudicial to the
integrity of the market (Note 5).

The SFC concludes that Han has been guilty of misconduct and his
fitness and properness has been called into question.

Lippo Securities Limited

Lippo Securities accepts a public reprimand for failing to
detect abusive trading activities.

The SFC found that Lippo Securities did not have sufficient
measures in place to identify abusive trading activities by
staff members using their staff accounts. Whilst Lippo
Securities monitored staff accounts to make sure that its staff
did not trade excessively in those accounts to the extent that
such trading would affect their work or seriously affect their
financial position, it did not check for abusive trades in those
accounts. Consequently, Lippo Securities failed to detect that
Han had engaged in improper trades to peg and/or stabilize the
price of Fortuna shares just before market close. As a result,
Lippo Securities breached the Code of Conduct with regard to the
monitoring of staff accounts.

Chan Ka Lok Cuthbert and Yeung Angie

Chan and Yeung, both licensed representatives of Lippo
Securities, accept a suspension of their licenses for 10 weeks
and five weeks respectively for facilitating Han's abusive
trading activities. Both Chan and Yeung executed Han's
questionable orders but neither reported them to Lippo
Securities' compliance department.

In deciding on the level of penalty, the SFC has considered all
circumstances of the case, including:

Han's guilty plea to the charged offence;

Their co-operation in the SFC's investigation and agreement to
settle the disciplinary proceedings against them; and

Lippo Securities took remedial action to prevent similar trading
malpractices from re-occurring and strengthened its internal
monitoring system of staff accounts.

The SFC considers that it is in the public interest and in the
interests of investors to settle its disciplinary actions
against Han, Lippo Securities, Chan, and Yeung.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Market manipulation is a serious offense, which jeopardizes the
integrity of the market. A licensee should remember it has a
fundamental duty to act in the best interests of both its
clients and the integrity of the market. Any breach of this duty
warrants a lengthy period of suspension."

Ends

Notes to Editor:

1. Lippo Securities is a corporation licensed under the
Securities and Futures Ordinance to carry on business in Type 1
(dealing in securities), Type 4 (advising on securities), Type 6
(advising on corporate finance) and Type 9 (asset management)
regulated activities.

2. Mr. Han is a representative licensed under the Securities and
Futures Ordinance to carry on Type 1 (dealing in securities) and
Type 2 (dealing in futures contracts) regulated activities and
accredited to Lippo Securities and Lippo Futures Limited.

3. Mr. Chan is a representative licensed under the Securities
and Futures Ordinance to carry on Type 1 (dealing in securities)
regulated activity and accredited to Lippo Securities.

4. Ms. Yeung is a representative licensed under the Securities
and Futures Ordinance to carry on Type 1 (dealing in securities)
and Type 2 (dealing in futures contracts) regulated activities
and accredited to Lippo Securities and Lippo Futures Limited.

5. Mr. Han was convicted of intentionally creating a false
market in the shares of Fortuna International Holdings Limited.
Please see SFC press release dated July 28, 2004.


MERCHANT WEALTH: To Wind Up Operations
--------------------------------------
Merchant Wealth Holdings Limited whose place of business is
located at G/F No. 14, Ting Yue Square, Ngau Tau Kok, Kowloon
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on September 21, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


TOP IN: Prepares to Wind Up Business
------------------------------------
Top In Construction Company Limited whose place of business is
located at Unit 18B, 18/F, No 6 Knutsford Terrace, Tsimshatsui,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on September 21, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


SURE BRIGHT: High Court Releases Winding Up Order
-------------------------------------------------
Sure Bright Enterprise Limited whose place of business is
located at R.2, 28 Yuen Shun Cir, G/F, Siu Lek Yuen, Shatin, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on September 21, 2005.

Date of Presentation of Petition: July 22, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


WAI TAT: May Exit Bankruptcy Next Year
--------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chan Chu Sun trading as
Wai Tat Construction Engineering 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/


WIN CHANCE: Creditors Meeting Set October 14
--------------------------------------------
Notice is hereby given that, that a meeting of the creditors of
Win Chance Limited will be held at 26th Floor, Wing On Centre,
111 Connaught Road Central, Hong Kong on 14th day of October
2005 at 3:00 pm for the purpose of:

1. Considering whether to appoint a creditors' committee; and

2. Approving the appointment of Messrs. Mark Chapman and Lai Kar
Yan Derek of Deloitte as the Company's joint liquidators with
power to act jointly and severally; or

3. Appointing an alternative liquidator or liquidators in place
of Messrs. Mark Chapman and Lai Kar Yan Derek.

A creditor entitled to attend and vote at either of the above
meetings is entitled to appoint a proxy to attend and on a poll,
vote instead of him. A proxy need not be a member or creditor of
the company.

Proxies used at the meeting must be lodged at 26th Floor, Wing
On Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meeting.

Dated this 3rd day of October 2005

LAI KAR YAN DEREK
MARK CHAPMAN
Joint and Several Liquidators


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


ABUZU HOLDINGS: Reserve Bank Cancels Certificate of Registration
----------------------------------------------------------------
The Reserve Bank of India, has on September 09, 2005 cancelled
the certificate of registration granted to Abuzu Holdings
Private Limited, having its registered office at 601-B, Wall
Street II, Ellisbridge, Ahmedabad-380006 for carrying on the
business of a non-banking financial institution.

Following cancellation of registration certificate, Abuzu
Holdings Private Limited cannot transact the business of a non-
banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


BIECCO LAWRIE: In Restructuring Mode After Turnaround
-----------------------------------------------------
Biecco Lawrie Limited has finalized a proposal for restructuring
its financial, business, assets and organizational aspects,
Business Standard reports.

The Kolkata-based electrical engineering firm, which is under
the administrative control of the Central Petroleum Ministry, is
now working to revive its business after booking a turnaround in
2004-2005. The firm registered a net profit of INR1.28 crore (1
crore= 10 million) after bleeding huge losses for four years.

Biecco presented its restructuring proposal before the Ministry
of Petroleum and Natural Gas of the Government of India for
consideration of the Board for Restructuring of Public Sector
Enterprises (BRPSE).

Meanwhile, the company was in the process of phasing out its
petroleum products business in view of its focus on the core
area of electrical equipments manufacturing and services.

Its research and development division developed and
commercialized new types of breakers to comply with
international electric-technical council standards (IEC), in a
bid to adapt itself to the changed environment at a pace
comparable to other companies.

CONTACT:

Biecco Lawrie Limited
6, Mayurbhanj Road,
Kolkata - 700 023
Phone : 033-24491797, 24492337, 24499857
Fax : 033-24495938, 24497910
E-mail : bieccomb@giasci01.vsnl.net.in,
bieccohr@giasci01.vsnl.net.in
Web site : http://www.biecco.com


BIRLA VXL: Scheme of Arrangement Gets Creditors' Nod
----------------------------------------------------
Birla Vxl Limited has informed the Exchange that the adjourned
meeting of the Unsecured Creditors was held on September 20,
2005.

In terms of the Order of the Honorable High Court of Gujarat,
the report of the Chairman has been filed relating to the said
meeting with the Honorable High Court of Gujarat at Ahmedabad on
September 26, 2005.

As per the report, the Unsecured Creditors of the Company have
unanimously approved the arrangement embodied in the Scheme of
Arrangement between Birla VXL Limited and its existing lenders,
creditors and shareholders and OCM Limited and its
shareholders(the Scheme).

The Company has further informed that a Petition under Section
391 to 394 of the Companies Act, 1956 for sanctioning the
arrangement embodied in the Scheme of Arrangement between Birla
VXL Ltd. and its Existing Lenders, Creditors and Shareholders
and OCM India Ltd. and its Shareholders was presented by the
Company on September 26, 2005 to the Honorable High Court of
Gujarat and the same was admitted by the Honorable High Court of
Gujarat at Ahmedabad on September 27, 2005 and the said Petition
is now fixed for hearing on October 20, 2005.

CONTACT:

BIRLA VXL LIMITED
Birla Building
9/1 R N Mukherjee Road
Kolkata - 700001
Telephone: 033-22201680/22489101
Fax: 22489110


KERALA AYURVEDA: Members Approve Capital Reduction
--------------------------------------------------
Kerala Ayurveda Pharmacy Ltd has informed BSE that the members
at the 13th Annual General Meeting (AGM) of the Company held on
September 13, 2005, inter alia, have passed the following
resolutions unanimously:

1. Adoption of the Profit & Loss Account for the year ended
March 31, 2005 and the Balance Sheet as at that date.

2. Re-appointment of Dr. S K Sreekumar, Smt. Chithra Gopinath &
Shri. P Maharaj, as Directors of the Company.

3. Appointment of M/s. Jayakrishnan & Co., Chartered
Accountants, as Auditors of the Company to hold office from the
conclusion of this Annual General Meeting up to the conclusion
of the next Annual General Meeting.

4. Reducing issued, subscribed and paid-up capital of the
Company from INR6,46,00,000/- comprising 64,60,000 equity shares
of the face value of INR10/- each fully paid-up to
INR3,56,05,281/- comprising 35,60,528 equity shares of the face
value of INR10/- each fully paid-up.

The reduction shall be effected by canceling INR4.48835/-
(rounded off to 5 decimals) per equity share of the face value
of INR10/- held by the shareholders of the Company as on the
Record Date (date fixed by the Board of Directors of the
Company) and thereafter consolidating 1.814337 equity shares of
the face value of INR5.51165/- each into one equity share of the
face value of INR10/- each, such that any fraction arising on
such consolidation shall be rounded to the nearest whole number
with a fraction of less than 0.5 being rounded downwards.

No payment shall be made to the shareholders in respect of the
capital cancelled. The sum of INR2,89,94,719/- being the total
reduction in equity capital of the Company, shall be utilised to
adjust the debit balance in the profit and loss account of the
Company.

CONTACT:

Kerala Ayurveda Pharmacy Ltd
Athani P.O
City Aluva
683585  Kerala
Phone: 2476301 2476302 2476303 2476304
Fax: 2474376


KONKAN TYRES: SEBI Debars Promoters, Directors
----------------------------------------------
Securities and Exchange Board of India (SEBI) vide order dated
September 29, 2005 has issued the following directions in the
matter of Konkan Tyres Ltd.(KTL):

The promoters and directors of KTL namely, S/ Shri O G Soni,
Sunil Kumar Menon, Ramesh Kumar Putta, Fateh Sinh Solanki,
Narayan N Iyerare, Smt Indu Omprakash Soni, Konkan Capfin Ltd,
Olympic Agro Industries and  Esskey Rubber Industries Pvt. Ltd.
are hereby directed not to buy, sell, pledge or deal in
securities of KTL, directly or indirectly, till further
directions in this regard. KTL is directed not to issue any
equity shares or any other instrument convertible into equity
shares or alter its capital structure in any manner till further
directions in this regard.

That the brokers of BSE namely, Bhupendra M Bheda, Unique Stock
Brokers Ltd. and DSE Securities Ltd. through whom the promoter
entities have dealt are hereby directed not to buy, sell or deal
in securities of KTL on behalf of the above-mentioned promoters
and directors, directly or indirectly, till further directions
in this regard.

All the above directions shall take effect immediately and shall
be in force until further orders.

Upon preliminary enquiry it was found that the recent increase
in price and trading volume in the shares of Konkan Tyres Ltd.
is unprecedented and is not supported by the poor financial
performance of the company. The company has been making a flurry
of favorable corporate announcements in the recent past which
has apparently increased the price and trading interest in the
share of the company.

The information so far collected by SEBI has raised doubts
regarding the genuineness of the corporate announcements. The
promoters of the company are found to have sold large quantities
of shares around the time of making corporate announcements. In
view of the grave emergency and to save the investors and the
securities market from further fraudulent acts of the concerned
entities the above orders were issued.

The full text of the order is available for downloading free of
charge at:
http://bankrupt.com/misc/tcrap_konkantyres100405.pdf


* SEBI Bans Firms Over Fraudulent Activities
--------------------------------------------
Securities and Exchange Board of India (SEBI) via an order dated
September 29, 2005 has issued the following directions in the
matter of (1) Prime Capital Market Ltd., (2) Subh Laxmi Projects
Ltd., (3) Global Capital Market Ltd., (4) Bankam Investments
Ltd., (5) S. T. Services Ltd. and (6) Amluckie Investment Co.
Ltd.:

1. The following eleven stock brokers of Calcutta Stock Exchange
(CSE) shall not buy, sell or deal in securities, in any manner,
either directly or indirectly, till further directions in this
regard:

(a) Sanju Kabra

(b) Shivam Stock Broking Pvt. Ltd.

(c) D B & Co.

(d) Rajendra Prasad Shah

(e) Badri Prasad & Sons

(f) M Bhiwaniwala & Co.

(g) Ram Mohan Sarda

(h) A V Shares & Stock Brokers Pvt. Ltd.

(i) Shyam Lal Sultania

(j) Ahilya Commercial Pvt. Ltd.

(k) S Jhunjhunwala & Co.


2. The trading in the following companies shall remain suspended
till further directions issued in this regard.

a) Prime Capital Market Ltd.

b) Subh Laxmi Projects Ltd.

c) Global Capital Market Ltd.

d) Bankam Investments Ltd.

e) S. T. Services Ltd.

f) Amluckie Investment Co.


The above directions shall take effect immediately and shall be
in force until further orders.

The order has been passed by Shri G Anantharaman, Whole Time
Member, SEBI in the following context:

It is evident from the findings of the preliminary inquiry, that
the six companies, all of which are listed in CSE, and one of
which is listed also in BSE, and another listed additionally in
Jaipur and Ahmedabad Stock Exchanges the brokers have followed a
common modus operandi of artificially jacking up the price and
creating false volumes through continuous self deals executed on
the same terminal and cross deals amongst themselves, thereby
not only enriching themselves but also aiding and abetting the
process of legitimizing the gains. Besides the companies
themselves have recorded poor or negative financial performance
and have not bothered to file up to date financial statements
with CSE.

Such acts by the brokers pose a serious risk to the stability
and settlement system of the stock exchange besides raising the
spectre that innocent investors may get drawn by the artificial
trading volumes generated by these brokers and may in the
process be beguiled into investing in the shares of these
fundamentally weak companies at unjustifiable market prices,
only to be left adrift.

Their dealings also establishes a prima facie case of violation
of SEBI (Prohibition of Fraudulent and Unfair Trade Practices
Relating to Securities Markets) Regulations, 2003 and Regulation
7 of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 read
with code of conduct as specified in Scheduled II of the said
Regulations.

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

BANK MANDIRI: Top Officials Set to Stand Trial Next Week
--------------------------------------------------------
Three former directors of state-owned lender PT Bank Mandiri
will stand trial next week in a recent IDR12 trillion lending
scam, reports the Jakarta Post.

The recent lending scam cuased huge financial state losses, as
Bank Mandiri is owned by the government.

Former Bank Mandiri president E.C. W. Neloe, former vice
president I Wayan Pugeg and former corporate banking director M.
Sholeh Tasripan were arrested on charges of willingly lending up
to IDR60 trillion in loans to private firms without conducting
proer due diligence. Several of the firms were ineligible to
loan from the bank.

According to court clerk Yunda Hasbi, the trial is slated to
begin on Oct. 10, 2005, with the following judges in attendance:
Judge Soedarto, I Ketut Mamika abd Gatot Suharnoto.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


TELEKOMUNIKASI INDONESIA: Government to OK Share Buyback Plan
-------------------------------------------------------------
The Indonesian government may approve state telecommunications
firm PT Telekomunikasi Indonesia (Telkom)'s plan to buy back
shares from the Jakarta Stock Exchange (JSX) and New York Stock
Exchange (NYSE), the Jakarta Post reports.

According to Minister of State enterprises Sugiharto, the
proposed shares buyback (which has yet to be approved by
shareholders in an upcoming November meeting) would increase the
government's stake in the Company, and it would receive higher
dividends as well.

The government believes that Telkom has sufficent funds to buy
back the shares. It currently holds a 51% stake in the Company.

Telkom President Director Arwin Rasyid previously said that the
Company plans to spend IDR3 trillion to buy back some shares
from JSX, where 42% of its shares are traded, and NYSE, which
holds 7% of the Company's shares in the form of American
depository receipts.

He also added that Telkom's shares buyback plan was still in
progress and must comply with existing regulations, aside from
being approved by Company shareholders.

CONTACT:

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


* Fitch Assigns 'BB-' to Indonesia's Upcoming Global Bond Issue
---------------------------------------------------------------
Fitch Ratings assigned on Oct. 4, 2005 an expected Long-term
foreign currency rating of 'BB-' (BB minus) to the Republic of
Indonesia's USD1.25 billion (IDR12.83 trillion) 10-year and 30-
year U.S. dollar-denominated global bonds to be issued today,
Oct. 5, 2005. This rating is contingent upon receipt of final
documents conforming to information already received.

The Oct. 1, 2005 announcement of the more than 87% hike in fuel
prices for the three categories of premium gasoline, diesel fuel
and kerosene is larger than expected. Fitch notes that the
government's decisive gesture came on the heels of the central
bank's monetary policy tightening in August and September, and
signals the administration's commitment to maintaining its
fiscal consolidation process and help stabilise currency
volatility. "Fitch believes the policy combination of interest
rate hikes and timely fuel subsidy cuts alleviates market
concerns surrounding the fiscal effects of higher oil prices and
the exchange rate implication of heightened dollar demand from
state-owned oil and gas company Pertamina," said Ai Ling Ngiam,
associate director in Fitch's Asian Sovereigns team.

Fitch highlights that the government has managed to implement a
politically difficult measure relatively smoothly, through
political fortitude and parliamentary support to cap the 2005
state budget fuel subsidy allocation at IDR89.2 trillion, as
well as the concurrent disbursements of cash compensation funds
to a large scale of eligible poor families. Fitch also
anticipates that discussions on the possible adoption of a new
mechanism to apply automatic tariff adjustments to fix fuel
subsidy amounts rather than the fuel price could pave the way
towards a more realistic alignment towards market prices.

Fitch believes the recurrence of Bali bombings may further
undermine the return of tourist arrivals, which had already been
affected by the 2002 bombing incident and the tsunami disaster.
Nonetheless, the economic impact of the terrorist attack is
likely to be isolated and muted, given that tourism only
constitutes around 2% of GDP while the Bali economy accounts for
about 1.2% of the overall Indonesian economy. Furthermore, Fitch
notes that the Indonesian economy is currently growing strongly,
with evidence of a recovery in investment as well as resilient
export growth. These factors should help sustain GDP growth at
around 5% for 2005 and 2006.

Ongoing efforts to pursue anti-corruption investigations in
high-profile cases within Bank Mandiri, Bank Negara Indonesia
and state-owned enterprises serve to further strengthen the
government's stance against graft. Clear signs of progress on
this front, together with a commitment to remove bureaucratic
obstacles to investment via deregulation and cutting of red
tape, could further improve investor confidence. Conversely,
failure to maintain macroeconomic stability and continue with a
strong reform agenda could erode the outlook for sovereign
creditworthiness over time.


* Indonesia's Proposed Global Bond Issue Gets B+ Rating
-------------------------------------------------------
On Oct. 4, 2005, Standard & Poor's Ratings Services assigned its
'B+' rating to Indonesia's (foreign currency B+/Stable/B; local
currency BB/Stable/B) proposed USD1.25 billion (IDR12.83
trillion) global bonds. The bonds will be issued in two
tranches, one tranche of at least USD750 million (IDR7.7
trillion) maturing in January 2016, and a second tranche of at
least USD250 million (IDR2.57 trillion), maturing in October
2035.

Indonesia's sovereign ratings are supported by the its declining
debt and debt-servicing burden, its track record of conservative
fiscal management, and adequate external liquidity.

President Susilo Bambang Yudhoyono's administration has
demonstrated its commitment to fiscal consolidation begun by
previous governments. "Although the government's belated
response to the damaging effects of the fuel subsidy highlighted
weaknesses in policy formulation and coordination, the average
126% fuel price rise on Oct. 1, 2005, sent a positive signal in
its robustness. Notably, the measure also had strong
parliamentary support," said Standard & Poor's credit analyst
Agost Benard.

The price rise should allow the government to cap its fuel
subsidies for 2005 at IDR89.2 trillion (USD8.8 billion; 3.4% of
GDP). This should enable the government to continue reducing its
fiscal deficit to 0.9%-1.1% of GDP this year from 1.3% in 2004,
and to register a primary surplus of about 1.2% of GDP. Ongoing
primary fiscal surpluses enabled a steady fall in public sector
indebtedness over the past four years. Gross public sector debt
is expected to fall to a projected 61.0% of GDP by the end of
2005, from 94.6% in 2001.

By reducing consumption distortion and hence import demand, the
lower subsidies will also ease pressure on the balance of
payments, cutting the estimated monthly USD1 billion spent on
oil imports before the price rise.

Nevertheless, Indonesia's retail fuel prices on average remain
about 45% below world prices. The deficit target therefore
remains vulnerable to further rises in oil prices and interest
rates, although these are not expected to reverse Indonesia's
medium-term progress toward an eventual balanced budget.

Indonesia's ratings are also supported by adequate external
liquidity, despite the fall in reserves this year after central
bank intervention to support the rupiah, and debt repayments.
Its foreign reserves were at USD30.2 billion as of September
2005, up from USD27 billion in 2001, and short-term debt was
negligible. As a result, even with smaller current account
surpluses, the ratio of gross financing requirement to reserves
is forecast to remain a low 60% for 2005. This indicates its
short-term liquidity position is strong compared with its peers.
Standard & Poor's expects Indonesia to maintain adequate
external liquidity with ongoing current account surpluses,
improved investment flows on the back of diminished political
uncertainty, and reforms under the new administration.

The ratings on Indonesia are constrained by its still-high
external  leverage. Public sector net external debt was about
60% of current account receipts in 2004. Although this is lower
than the median level in similarly rated countries, it presents
a heavy amortization profile and remains a source of ongoing
external vulnerability for the medium term.

The ratings are also limited by the country's below-potential
economic growth, which averaged a relatively modest 4.1% in the
past five years. Although growth accelerated in the first half
of 2005 to 5.9% year on year, elevating Indonesia's economy to a
higher growth path needs a sustained rise in its low investment
ratio, which remains below 20% of GDP. This, in turn, hinges on
the government's success in improving the investment climate and
competitiveness by implementing broad microeconomic reforms,
particularly in the judicial, legal, and labor market areas.

"Without such reforms, Indonesia's economy will continue to
underperform, posing a challenge to social and political
stability," said Mr. Benard.

"Nevertheless, progress in these areas--the latest example being
the timing and implementation of fuel price rises--speaks to a
pattern of incremental steps and slow implementation."


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

CAC CORPORATION: JCR Affirms BBB+ Rating
----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB+ rating on
the senior debts of Cac Corporation.

CAC is an independent midsize IT services provider. It has been
growing and expanding business frontier and operating base
through mergers and acquisitions (M&A), specializing in
financial institutions, pension, pharmaceutical and food
industries. It has sold off all of the shares in the subsidiary
IXI recently. The sell-off will have significant impact on the
revenue and earnings of the Company.

CAS plans to achieve numerical targets for the intermediate term
by expanding size of M&A. Contributions of the newly acquired
businesses to boosting the earnings are not known at this
moment. Proceeds from sales of IXI's shares reduced financial
burden for M&A for the near future. On the other hand, M&A may
increase earnings volatility, leading to additional financial
risk. If the company's efforts to raise earnings level fail to
produce good results fully, M&A may impair cash flow generation
capability and its stability.

Outlook for the rating is not stable fully.

CONTACT:

Cac Corporation
4-6 Hitotsubashi 2-Chome
Chiyoda-Ku 101-0003, Tokyo 101-0003
Japan
Phone: +81 3 3263 7241
Fax: +81 3 3263 3495
Web site: http://www.cac.co.jp/


HEISEI DENDEN: Applies for Bankruptcy Protection
------------------------------------------------
Heisei Denden Co. Ltd. is seeking bankruptcy protection to help
pay JPY120 billion of debt in Japan's second-biggest bankruptcy
filing this year, Japan Today reports.

The company has filed for a court-mandated rehabilitation under
the fast-track Civil Rehabilitation Law with the Tokyo District
Court.

Heisei Denden was facing increased competition as rivals cut
prices. It failed to attract subscribers from competitors with
its cheaper fixed-line services that required large network
investments, according to a press release from the Company.

CONTACT:

Heisei Denden Co. Ltd.
10th Floor, Tokyo Tatemono Hiroo Bldg.
5-8-14 Hiroo, Shibuya-ku, Tokyo
Japan, 150-0012


MITSUBISHI MOTORS: Unveils September U.S. Sales
-----------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) announced total
September 2005 U.S. sales of 9,054 units, two percent down from
this time last year.  The month was highlighted by outstanding
sales performance of the all-new 2006 Eclipse, which had the
best sales month this year.

"September sales were steady, with Eclipse continuing to lead
the way," said David Schembri, executive vice president of sales
and marketing at Mitsubishi Motors North America.  "Despite some
tough economic challenges, people are rediscovering our product
lineup which now includes the Raider truck.  Additionally, our
new Gas Comes Standard program for 2005 models has proven that
it's highly relevant for consumers and will assist in driving
sales moving forward -- so much so that we're extending the
program to select 2006 models, including the Galant and
Endeavor."

The Eclipse led the month's successes as the volume leader at
2,496 units, up seven percent from last month and 193 percent
from last year.  The Endeavor also fared well this month with
1,592 units sold -- up 17 percent from last month and 29 percent
from last year.

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

This is a company press release.

CONTACT:

Mitsubishi Motors North America Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web Site: http://media.mitsubishicars.com


TOYO COMMUNICATION: Prepares to Start Business Restructuring
------------------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
changes to the business-restructuring plan submitted by Toyo
Communication Equipment Co. Ltd. under the Law on Special
Measures for Industrial Revitalization on September 30, 2005.

The restructuring plan was evaluated pursuant to Article 4,
Paragraph 5 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Toyo Communication Equipment Company Limited
484 Tsukagoshi 3-Chome
Saiwai-Ku Kawasaki 212-8513, Kanagawa 108-0075
JAPAN
Phone: +81 44 542 6500
Fax: +81 44 542 6354


WACOAL CORPORATION: To Undergo Restructuring Scheme
---------------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan submitted by Wacoal Corporation
under the Law on Special Measures for Industrial Revitalization
on September 30, 2005.

The restructuring plan was evaluated pursuant to Article 2,
Paragraph 2 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements.

CONTACT:

Wacoal Corporation
29 Nakajima-Cho Kisshoin
Minami-Ku, Kyoto 601-8530
JAPAN
Phone: +81 75 682-5111
Fax: +81 75 661-5603


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

DAEWOO INTERNATIONAL: To Kick Off Gas Exploration Next Year
-----------------------------------------------------------
Daewoo International Corp. has inked an agreement with two
Indian state-run oil and gas companies and a South Korean gas
corporation Monday, reports Asia Pulse.

The companies will kick off the exploration of gas field in
Myanmar next year.  The project will be dubbed Block A-3. Daewoo
International received the Southeast Asian country's approval
for the exploration in February 2004.

The field is estimated to have three to 10 trillion cubic feet
of gas underneath it.  The site, measuring 6,780 square
kilometers, is also near the site called Block A-1, where the
company has been exploring since January 2004.

Under the agreement, Daewoo International will have a 60-percent
stake in the project, while India's Oil and Natural Gas Corp.
(BSE:ONGC) and the Gas Authority of India will invest 20 per
cent and 10 per cent, respectively. South Korea's state-run Gas
Corp. is to provide 10 percent of the investment for the
project.

CONTACT:

Daewoo International Corporation (Korea: DWIC)
541 5-Ga Namdaemunno, Chung Gu, CPO Box 2810
Seoul, South Korea
Phone: +82-2-759-2114
Fax: +82-2-753-9489
Web site: http://www.daewoo.com


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

ANCOM BERHAD: To Purchase Rhodemark Development Shares
------------------------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad details
of the proposed acquisition of a further 9.6 percent equity
interest in Rhodemark Development Sdn Bhd.

(1) Introduction

Ancom Berhad (Ancom) advised that it has entered into a
conditional share sale agreement (SSA) on September 29, 2005 to
acquire an additional 10,300,114 shares of MYR1.00 each
representing 9.6 percent equity interest in Rhodemark
Development Sdn Bhd (RDSB) from Class Team Resources Sdn Bhd
(CTR) for cash consideration of MYR6.0 million (Proposed
Acquisition).

(2) Information on RDSB

RDSB was incorporated on April 13, 1999 in Malaysia under the
Companies Act, 1965. It is a joint venture between Ancom (50.1
percent), CTR (9.6 percent) and Eminent East Limited (EEL - 40.3
percent) established then to acquire the 51.73 percent interest
in Nylex (Malaysia) Berhad (Nylex).

The current authorized share capital of RDSB is MYR150,000,000
divided into 150,000,000 ordinary shares of MYR1.00 each, of
which 107,292,858 ordinary shares have been issued and fully
paid-up.

Pursuant to a capital reconstruction exercise completed in June
2004, RDSB now holds 32.9 percent equity in Nylex and 44.93
percent equity in Tamco Corporate Holdings Berhad (Tamco). Nylex
is listed on the Main Board while Tamco is listed on the MESDAQ
Market of Bursa Malaysia Securities Berhad (Bursa Securities)
respectively.

(3) The Proposed Acquisition

(3.1) Rationale

The Proposed Acquisition will allow Ancom to increase its
effective shareholding in Nylex and Tamco. After the completion
of the Proposed Acquisition, Ancom's shareholding in RDSB will
increase from 50.1 percent to 59.7 percent. EEL will hold the
remaining 40.3 percent in RDSB.

At the same time as the execution of the SSA, Ancom, CTR and EEL
will sign a termination agreement to terminate the joint venture
agreement between the parties. Ancom and EEL will enter into a
new joint venture agreement to govern the parties' rights
reflective of the new shareholding structure in RDSB.

(3.2) Consideration

The purchase consideration of MYR6.0 million was derived at on a
willing buyer, willing seller basis based on the net tangible
assets (NTA) value of RDSB as at May 31, 2005.

Ancom will fund the Proposed Acquisition by bank borrowings.

(3.3) Condition Precedent

Pursuant to the listing of Tamco, Bursa Securities had imposed a
moratorium on CTR on the sale of RDSB shares for a period of
three (3) years from the date of listing of Tamco.

The Proposed Acquisition is subject to CTR obtaining a waiver
from Bursa Securities or the Securities Commission for the sale
of its shares in RDSB within 90 days from the date of the SSA.

(3.4) Related Party Transaction

The Proposed Acquisition is a related party transaction as Chua
Ah Lak, a director of CTR, is a past director of Nylex / Tamco
in the last 12 months. Chua Ah Lak is a connected person as
defined under the Listing Requirements of Bursa Securities.

(4) Financial Effects

The Proposed Acquisition is not expected to have any material
effects on the net tangible assets and earnings of Ancom Group.

However, the Company's borrowings will be increased by MYR6.0
million.

(5) Directors' & Substantial Shareholders' Interests

None of the directors or substantial shareholders of Ancom or
persons connected to them has any interests, directly or
indirectly, in the Propose Acquisition.

(6) Directors' Opinion

The directors of Ancom are of the opinion that the Proposed
Acquisition is not to the detriment of the shareholders of the
Company and is in the best interest of the Company.

(7) Documents for Inspection

The SSA will be available for inspection at the registered
office of Ancom at Level 14, Uptown 1, No.1 Jalan SS21/58,
Damansara Uptown, 47400 Petaling Jaya, Selangor Darul Ehsan
during normal office hours from Monday to Friday (except public
holidays) for 14 days from the date of this announcement.

This announcement is dated 30 September 2005

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


ANCOM BERHAD: Completes Disposal of Interest in Tubex
-----------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad an
update to the disposal Of 4,250,000 Ordinary Shares Of MYR1.00
Each In Tubex Sdn Bhd.

Further to the announcement on July 29, 2005 (Ref. No. AA-
050729-54611) in relation to the proposed disposal of 4,250,000
ordinary shares of MYR1.00 each representing 85 percent equity
interest in Tubex Sdn Bhd (Tubex) by its 50.2 percent-owned
subsidiary, Ancom Energy & Services Sdn Bhd (AES), for cash
consideration of MYR16,575,000, Ancom Berhad (Ancom) advised
that the above mentioned disposal has been completed on
September 29, 2005 in accordance with the terms of the sale and
purchase agreement dated July 29, 2005, except for the downward
price adjustment of MYR235,000 arising from the difference in
the audited net tangible assets (NTA) as against the NTA in the
management accounts for the financial year ended May 31, 2005.
The final adjusted consideration is MYR16,340,000.

This announcement is dated 30 September 2005.


AVANGARDE RESOURCES: Seeks Lifting of PN17/2005 Status
------------------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005, Avangarde
Resources Berhad unveiled to Bursa Malaysia Securities Berhad
the following development since the last announcement on
September 1, 2005 relating to the Company's plan to regularize
its condition.

On September 27, 2005, the Company's wholly owned subsidiary,
Align Metro Sdn. Bhd. (AMSB) has been awarded a housing
construction work located in Shah Alam, Selangor for a contract
sum of MYR30 million.

Upon achieving a turnover MYR2.2 million which represents more
than 5 percent of the issued and paid-up capital of the Company
of MYR43.75 million, the Company will apply to Bursa Malaysia
Securities Berhad for the uplifting of the Company from
PN17/2005 status.

This announcement is dated 3 October 2005.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


BUKIT KATIL: Proposed Restructuring Status Unmoved
--------------------------------------------------
Pursuant to Paragraph 4.1(b) of the Practice Note 4/2001, Bukit
Katil Resources Berhad disclosed to Bursa Malaysia Securities
Berhad that other then as previously announced, there has been
no further development on the status of the Company's proposed
restructuring scheme, which is still to be finalized.

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


DFZ CAPITAL: Issues New Shares for Listing, Quotation
-----------------------------------------------------
DFZ Capital Berhad advised that its additional 7,500 new
ordinary shares of MYR1.00 each arising from the conversion of
82,500 Irredeemable Convertible Preference Shares - A
(2005/2010) of MYR0.10 Each into 7,500 New Ordinary Shares will
be granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Wednesday, October 5, 2005.


FARLIM GROUP: Bank Negara Gives Green Light to Warrant Issue
------------------------------------------------------------
Farlim Group (Malaysia) Bhd provided Bursa Malaysia Securities
Berhad an update to the following proposals:

- Proposed renounceable two-call rights issue of up to
52,800,000 new ordinary shares of MYR1.00 each in Farlim (Rights
Shares) credited as fully paid-up at an issue price of MYR1.00
per share on the basis of two (2) rights shares for every five
(5) existing ordinary shares of MYR1.00 each in Farlim (Farlim
Shares) held at the Book Closure Date to be determined and
announced later together with up to 21,120,000 new free
Detachable Warrants (Warrants) on the basis of two (2) new
warrants for every five (5) rights shares subscribed (Proposed
Rights Issue);

- Proposed Debt Settlement Through:

(i) Issuance of Redeemable Convertible Secured Bonds (RCSB);

(ii) Issuance of Redeemable Convertible Secured Loan Stocks
(RCSLS);

(iii) Conversion to Term Loans (Term Loans); and
(iv) Issuance of Irredeemable Convertible Unsecured Loan Stocks
(ICULS)

(Proposed Debt Settlement);

- Proposed increase in the authorized share capital from
MYR300,000,000 comprising 300,000,000 Farlim Shares to
MYR500,000,000 comprising 500,000,000 Farlim Shares (Proposed
IASC); and

- Proposed alterations to the Memorandum and Articles of
Association (M&A) of Farlim (Proposed Alterations to the M&A)

(Collectively known as the proposals)

On behalf of Farlim, Commerce International Merchant Bankers
Berhad disclosed that Bank Negara Malaysia, via its letter dated
September 27, 2005 (which was received by Farlim on September
30, 2005), has approved the proposed issuance of the Warrants
pursuant to the Proposed Rights Issue.

This announcement is dated 30 September 2005.

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my


GEORGE TOWN: Shares Trading Still Suspended
-------------------------------------------
George Town Holdings Berhad advised Bursa Malaysia Securities
Berhad that it has yet to release its annual report for the 15
months financial period ended December 31, 2004 which was due on
June 30, 2005.

In this respect, trading in the Company's shares would be
suspended with effect from 9:00 a.m., Monday, October 3, 2005
pursuant to Paragraph 16.02(c) of the Listing Requirements.

However, in view that the trading in the Company's shares has
been suspended since August 1, 2005, hence the suspension will
continue until further notice.

CONTACT:

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


KILANG PAPAN: Awaits SC Decision on Proposed Scheme
---------------------------------------------------
Further to the announcement dated September 1, 2005, AmMerchant
Bank Berhad (a member of AmInvestment Group), on behalf of
Kilang Papan Seribu Daya Berhad, informed Bursa Malaysia
Securities Berhad that it is currently waiting for approvals
from the Securities Commission and Foreign Investment Committee
on its revised Proposed Restructuring Scheme.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.

This announcement is dated 3 October 2005.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


KL INFRASTRUCTURE: Books MYR18,871,000 Net Loss
-----------------------------------------------
KL Infrastructure Group Berhad issued to Bursa Malaysia
Securities Berhad a copy of its unaudited financial 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

    9,385         7,216           9,385          7,216

(2) Profit/(loss) before tax

    -18,871       -17,556         -18,871        -17,556

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

    -18,871       -17,556         -18,871        -17,556

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

    -18,871       -17,556         -18,871        -17,556

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

    -3.63         -3.38           -3.63          -3.38

(6) Dividend per share (sen)

    0.00           0.00            0.00           0.00

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

(7) Net tangible assets per share (MYR)

      0.2318                     0.2681

To view a full copy of the financial statement, click
http://bankrupt.com/misc/KLInfrastructureJULYL2005Quarterly

To view a full copy of the notes to financial statement, click
http://bankrupt.com/misc/KLInfrastructureNotesQ12006.doc


MEDIA PRIMA: New Shares Up for Listing, Quotation
-------------------------------------------------
Media Prima Berhad advised that its additional 102,000 new
ordinary shares of MYR1.00 each arising from the conversion of
153,000 Irredeemable Convertible Unsecured Loan Stocks 2003/2008
into 102,000 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, October 5, 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


OLYMPIA INDUSTRIES: Works to Implement Rehab Scheme by Year-end
---------------------------------------------------------------
In view of the Extension of Time, the Board of Directors of
Olympia Industries Berhad (OIB) (Board) set out to Bursa
Malaysia Securities Berhad the major outstanding events and the
proposed new timeline to complete the implementation of the
Restructuring Scheme by December 31, 2005.

To view a full copy of the Timetable, click
http://bankrupt.com/misc/OlympiaIndustriesBerhad100205.pdf

Barring any unforeseen circumstances, the Board is of the
opinion that the implementation of the Restructuring Scheme by
December 31, 2005 is achievable subject to the condition that
the major outstanding events as outlined in items (i) and (ii)
above, are carried out by October 2005.

This announcement is dated 30 September 2005.

CONTACT:

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


PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
Pan Malaysia Corp. Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: October 3, 2005

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

Total number of shares purchased (units): 50,000

Minimum price paid for each share purchased (MYR): 0.470

Maximum price paid for each share purchased (MYR): 0.490

Total consideration paid (MYR): 24,241.51

Number of shares purchased retained in treasury (units) : 50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 50,893,000

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

CONTACT:

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


PSC INDUSTRIES: Drafts Debt Restructuring Proposal for Lenders
--------------------------------------------------------------
Pursuant to Practice Note 1/2001 in relation to the default in
payment of loans by PSC Industries Berhad and certain of its
subsidiaries, the board of Directors of the Company informed
Bursa Malaysia Securities Berhad that there is no change to the
status of the default in payments since the last announcement on
August 30, 2005.

The Company is currently in the process of formulating a debt-
restructuring proposal for all the above Lenders.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PUNCAK NIAGA: Kris Heavy Seeks MYR5.45Mln in Claims
---------------------------------------------------
The Board of Puncak Niaga Holdings Berhad advised Bursa Malaysia
Securities Berhad that Kris Heavy Engineering & Construction Sdn
Bhd (KHEC), a sub-contractor for the Chennai Project, has
referred certain disputed claims totaling approximately MYR5.45
million against PNHB-LANCO-KHEC JV to arbitration in India.

(1) Background information on the Chennai Project

The Chennai Project was awarded to a consortium, PNHB-LANCO-KHEC
JV (the Consortium) on October 31, 2002 by the Chennai
Metropolitan Water Supply and Sewerage Board, India for a total
contract sum of MYR234 million. The parties' participation in
the Consortium is PNHB (70 percent): LANCO (20 percent): KHEC
(10 percent) respectively.

The Chennai Project involved, inter alia, the supply and laying
of water supply pipeline of length 114 km and of size ranging
from 1750mm to 1875mm diameter in Tamil Nadu State, India and
was duly completed by the Consortium on 18 January 2005.

(2) Information on the arbitration proceedings

KHEC as a sub-contractor for a portion of the Chennai Project
known as 'Sub-Package 8' which involved the laying of
approximately 27.5 km of water supply pipeline has referred
certain disputed claims totaling approximately MYR5.45 million
against the Consortium to arbitration.

Arising from the arbitration proceedings initiated by KHEC, both
KHEC and the Consortium have each appointed a qualified civil
engineer as their arbitrator respectively, and both arbitrators
have selected a retired Judge of the High Court in Chennai,
India as the third arbitrator who will also act as the presiding
arbitrator of the arbitral tribunal. The arbitral tribunal was
officially constituted on September 24, 2005.

On September 28, 2005, Puncak was informed that the arbitral
tribunal has fixed the following dates for the filling of the
arbitration cause papers as part of the preliminary procedural
formalities:

(a) Claim by the claimant, KHEC to be filed before October 4,
2005;

(b) Rejoinder by the respondent, the Consortium to be filed
before November 18, 2005; and

(c) Reply rejoinder by the claimant, KHEC to be filed before
December 5, 2005.

The Consortium is currently looking into possible counterclaims
of up to RM3 million against KHEC.

(3) Financial Effect

The arbitration proceedings is not expected to have any material
effect on the earnings and net tangible assets of the Group for
the financial year ending December 31, 2005.

Puncak will make the necessary announcement to the Exchange on
any material developments arising from the arbitration
proceedings.

This announcement is dated 30 September 2005.

CONTACT:

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


SUGAR BUN: 2Q Net Loss Down to MYR2,415,000
-------------------------------------------
Sugar Bun Corporation Berhad issued to Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
financial period ended July 31, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue

    5,986         9,924           13,204         19,579

(2) Profit/(loss) before tax

    -2,441        -2,942          -5,563         -5,008

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

    -2,415         -2,925          -5,522        -4,971

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

    -2,415         -2,925          -5,522        -4,971

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

    -2.68           -3.25          -6.13         -5.54

(6) Dividend per share (sen)

    0.00             0.00           0.00          0.00

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

(7) Net tangible assets per share (MYR)

    0.6700                    0.8900

To view a full copy of the financial statement, click
http://bankrupt.com/misc/SugarBunQtrlyRpt31July05.doc


TALAM CORPORATION: Net Loss Balloons to MYR77,969,000
-----------------------------------------------------
Talam Corporation Berhad provided Bursa Malaysia Securities
Berhad its unaudited second quarter report for the financial
period ended July 31, 2005.

Summary of Key Financial Information
June 30, 2005

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

(1) Revenue

    63,655        277,673         239,609        580,251

(2) Profit/(loss) before tax

    -71,349       38,614          -97,693        68,941

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

    -77,969       30,177          -97,061        50,699
(4) Net profit/(loss) for the period

    -77,969       30,177         -97,061        50,699

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

    -12.98         5.30          -16.16         8.91

(6) Dividend per share (sen)

    0.00           0.00            0.00         0.00

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

(7) Net tangible assets per share (MYR)

    1.5691                     1.8047

Click to view a full copy of the financial statement
http://bankrupt.com/misc/TalamCorpFinStmtQ22006.xls

Click to view a full copy of the notes to FS
http://bankrupt.com/misc/TalamCorpBursaMalaysiaQ22006.doc

CONTACT:

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


TAP RESOURCES: Swings to Black in 1Q
------------------------------------
Tap Resources Berhad furnished Bursa Malaysia Securities Berhad
a copy of its unedited first quarter financial report for the
financial period ended July 31, 2005.

Summary of Key Financial Information
June 30, 2005


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

(1) Revenue

    2,880         2,301           2,880          2,301

(2) Profit/(loss) before tax

    75            -1,539          75             -1,539

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

    65            -1,539          65            -1,539

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

    65             -1,539          65           -1,539

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

    0.07            -1.58          0.07         -1.58
(6) Dividend per share (sen)

    0.00             0.00           0.00         0.00

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

(7) Net tangible assets per share (MYR)

        0.2021                    0.2018

To view a full copy of the financial statement, click
http://bankrupt.com/misc/TapResources100105.xls

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


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

C&P HOMES: Amends Capital Restructuring Proposal
------------------------------------------------
At the meeting held Monday, the Board of Directors resolved to
amend the capital restructuring plan approved on 26 September
2005 to change the amount of the proposed increase in the
authorized capital stock of the Company, to wit, said increase
shall now be from Five Hundred Million Pesos (Php500,000,000.00)
divided into Five Hundred Million (500,000,000) common shares
with par value of One Peso (Php1.00) per share to Seven Billion
Pesos (Php7,000,000,000.00) divided into Seven Billion
(7,000,000,000) common shares with par value of One Peso
(Php1.00) per share.

The decision to adjust the amount of the proposed increase in
the authorized capital stock of the Company as aforementioned
was arrived at following confirmation of the amount of the
Company's Long-Term Commercial Papers debts that will be
converted to new shares out of the same capital increase. More
specifically, the Board approved the issuance of a total of
3,681,911,641 shares out of the proposed increase in authorized
capital stock, at par or the total issue price of
Php3,681,911,641.

The Board also approved the corresponding amendment to the
Articles of Incorporation of the Company.

As previously announced, the aforesaid capital restructuring
plan shall be presented to the stockholders of the Company for
the approval at a Special Stockholders' Meeting to be held on
November 14, 2005.

CONTACT:

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pias City
Phone:  874-5758; 873-2178; 772-1093; 726-6143
Fax:  872-4697; 726-6143
E-mail:  ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph


C&P HOMES: Reshuffles Board Committees
--------------------------------------
At the meeting of the Board of Directors held October 3, 2005,
the resignation, effective September 30, 2005, of Ms. Alma P.
Villadolid as an Independent Director of C&P Homes, Inc. (the
Company) was accepted by the Board.

In view thereof, an election was held and Ms. Maria Carolina C.
Mejias was elected as new Independent Director.

Ms. Maria Carolina C. Mejias, 48, is a Certified Public
Accountant who graduated from the Philippine School of Business
Administration with a Bachelor's Degree in Business
Administration major in Accounting. Presently, she is the
President and General Manager of CCM Accounting Firm rendering
Accounting, Taxation, Auditing and Management Services to
more than a hundred clients. Moreover, she also manages her two
other businesses - the JF Mejias Construction & Engineering
Services as Office Manager-Corporate Treasurer and
CICM Enterprises, Inc.(a garments business) as President and
General Manager.

As a consequence of the foregoing, the Board Committees have
been re-constituted as follows:

AUDIT COMMITTEE

Chairman - Maria Carolina C. Mejias
Members - Rosario H. Javier
          Estrellita S. Tan

COMPENSATION or REMUNERATION COMMITTEE

Chairman - Maribeth Tolentino
Members - Estrellita S. Tan
          Maria Carolina C. Mejias

NOMINATION and ELECTION COMMITTEE

Chairman - Gemma M. Santos
Members - Edgardo G. Santos (non-voting)
Romeo B. Albaniel
Maribeth Tolentino


HACIENDA LUISITA: Impact of Stock Deal Revocation Spreads
---------------------------------------------------------
The impending cancellation of the stock distribution contract
between Hacienda Luisita Inc. (HLI) farmers and management is
expected to affect a move to convert a portion of the Cojuangco
lands in Tarlac to industrial use, BusinessWorld says.

Once the President Agrarian Reform Council implements a
recommendation by Agrarian Reform Sec. Nasser C. Pangandaman to
scrap the HLI stock deal, the sugar estate's pending petition to
extend the land use conversion of the HLI lands from
agricultural to industrial will also be revoked.

HLI has asked for more time to convert portions of the estate
because it failed to fully convert the lands within five years,
as stipulated in a Department Agrarian Reform Order.  The
company also has a pending application to convert an additional
2,700 hectares of land to industrial and commercial use.

A resolution to cancel the stock distribution contract will also
affect the mortgages and encumbrances to the titles of some
parcels of the 6,453-hectare sugar estate.

The Agrarian Reform department has yet to consolidate a position
on the legal ramifications if the stock distribution option is
eventually cancelled.

In 1996, the Agrarian Reform department approved the land use
conversion application of Hacienda Luisita to convert 500
hectares of land in Sitios San Miguel, Luisita and Bantug,
Barangay Ungot, Tarlac, Tarlac from agricultural to industrial.
The move was aimed at creating new jobs given the increasing
population in the hacienda.

In a study commissioned by the firm, the industrialization of
Luisita will mean 30,000 jobs against the present 5,000.

The firm added, the conversion will help the estate's long-term
agricultural economic viability because it will be able to pay
obligations.

In the approval order of former Agrarian Reform Secretary
Ernesto D. Garilao, he set the following conditions: the
conversion will not amend or diminish obligations under the
stock distribution contract; the wages and salaries of the
farmer beneficiaries will not be affected; and the development
of the land must be completed within five years.


LEPANTO CONSOLIDATED: Turnaround Unlikely This Year
---------------------------------------------------
Lepanto Consolidated Mining Co. does not expect to post profit
this year, as the miner has yet to recover from a labor dispute
that temporarily paralyzed operations, according to
BusinessWorld.

Lepanto President and Chief Executive Bryan U. Yap confirmed the
possible loss resulting from the strike, but he added the figure
has yet to be computed.

Despite the miner's forecast, China's Zijin Mining Group Co.
Ltd., and Canada's Ivanhoe Mines Ltd. are still very much
interested to invest in Lepanto.

Hong Kong-listed Zijin is the largest gold producer in China.
Ivanhoe Mines, a Canadian miner for copper, gold and iron ore,
has operations in the Asia Pacific.

Earlier this year, Lepanto secured a US$3-million loan from
Ivanhoe in exchange for granting Ivanhoe priority in negotiating
for rights to its mineral assets. The loan, which bears a 3%
annual interest, was granted under a loan and priority
negotiation right agreement it had signed with Ivanhoe.

Meanwhile, a team of technical and financial personnel as well
as executives from Zijin Mining visited the minesite to do due
diligence on one of the mining projects in Benguet.

Lepanto hopes to rehabilitate its mines after the Sept. 2
resolution of the long-standing labor dispute between the
miner's management and its workers.

For the six-month period, Lepanto incurred a net loss of
Php180.8 million from an income of Php73 million due to lower
gold production and settlement of gold hedging losses amounting
to Php67 million.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


MANILA ELECTRIC: Reduced Transmission Charge to Slash Tariffs
-------------------------------------------------------------
Manila Electric Co. (Meralco) customers are likely to enjoy
lower power bills next month as the government reduces
transmission charges on electricity, Today News reports.

Transmission charges paid by Meralco customers will be further
reduced by November, as the government carries out the third
phase of its intra-grid subsidy removal process.

Intra-grid subsidies are those subsidies shouldered by high-
consuming and high-paying customers, which often times result in
charge distortions in the power rates among different classes of
subscribers.

Industrial and non-industrial Meralco clients may enjoy cuts of
as much as Php20.42 per kilowatt-hour in their transmission
charges, while residential and general service clients may see
their bills slashed by Php0.0639.

The reduction in transmission charges will be reflected in
Meralco customer's November billing.

The cut in transmission charges forms part of state-owned
National Transmission Corp.'s implementation of the third phase
of its intra-grid subsidy removal process in accordance with the
provisions of the Electric Power Industry Reform Act (EPIRA).

Total cuts in the transmission charges for industrial and non-
industrial clients stand at Php61.25 per kilowatt-hour, while
those for residential and general service clients already
amounted to Php0.1889.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL POWER: Creditors, Investors Concerned Over Delay
---------------------------------------------------------
The delay in the privatization of National Power Corporation
(Napocor) has worried foreign investors and creditors, reports
The Philippine Daily Inquirer.

Finance Secretary Margarito Teves said many of the investment
bankers he met during a meeting in London and New York last week
inquired about the reason for the slow progress in the
privatization of Napocor's assets.

The government's plan original plan to sell 50-70 percent of
Napocor's assets this year has been deferred to next year. Sec.
Teves explained the government is still waiting for three
Napocor creditors to approve the sale before the plan could
proceed.

Napocor creditors' approval is being sought for the transfer of
the assets to Power Sector Assets and Liabilities Management
Corp. (PSALM), the agency handling the privatization of power
plants and distribution facilities.

The major creditors are the Japan Bank for International
Cooperation (JBIC), the Asian Development Bank (ADB) and the
World Bank.

SEc. Teves is confident the government would soon get the major
creditors' formal approval of the transfer, as the ADB and the
World Bank have agreed in principle.

The World Bank expressed its approval last month. The ADB
expressed its willingness to approve the transfer much earlier.

Finance Undersecretary Roberto Tan said JBIC was only awaiting
the decision of the ADB and the World Bank before giving its
consent, but since the two multilateral agencies have agreed in
principle, the JBIC's approval can be expected any time soon.

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/


NICPHIL INSURANCE: Ousted Boss Blames Collapse on Board
-------------------------------------------------------
A former senior official at Nicphil Insurance Inc. traced the
collapse of the veteran insurance firm to the dubious business
decisions of its existing board, The Philippine Star has
learned.

Ex-president Emmanuel Ticzon, who is now the single biggest
shareholder of Nicphil, blamed the board's mismanagement and
poor collection of premiums to the insurance firm's liquidity
issues.

Mr. Ticzon pointed out that Nicphil has been posting consistent
revenue growth since he joined the company in 1994 and up to
2004. He said the company was even ranked as one of the top 35
direct non-life insurers in the country in 2003.

On April 2005, the Nicphil board axed Mr. Ticzon on allegations
he pocketed corporate funds.  The termination came after then
release of an audit report by Nicphil chairman Jesus Nacinto Jr.
and treasurer Roberto Jose Castillo, which revealed that the
firm's cashflow woes were due to substantial payments made to
and for the expenses of Mr. Ticzon.

The liquidity problems then worsened forcing Nicphil to delay
salary payments and accumulate arrears on payment of utilities,
rent and SSS premiums.

In July, Nicphil was prompted to voluntarily suspend operations
at the back of an investigation conducted by the Insurance
Commission.

The move, according to Mr. Ticzon, caused further irreversible
damage to the company with massive requests for cancellation of
paid policies from agents and large-sized intermediary brokers,
demand of cash collateral returns from agents, and demands for
immediate release of contingent profit commissions.

Recently, Nicphil assistant corporate secretary lawyer Miguel
Robillo of the Castillo Laman Law Office pushed for the
dissolution of the company during a recent special shareholders'
meeting. But Nicphil shareholders and their proxies fell short
of the 67-percent required votes to dissolve the company.

CONTACT:

NICPHIL INSURANCE INC.
11/F Equitable Tower 2
H.V. Dela Costa St. cor. Makati Ave.
Makati City
Philippines
Phone No: 810-0271
Fax No: 818-1405; 813-3932
E-mail: administration@nicphil.com
Web site: http://www.nicphil.com

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

ACCORD CUSTOMER: Accused Former CEO to Face New Charges
-------------------------------------------------------
In an update to an ongoing case against Mr. Victor Tan, former
CEO of Accord Customer Care Solutions Limited (ACCS), mobile
phone giant Nokia may file additional claims against the
Company, reports Channel NewsAsia.

Mr. Tan and ACCS ex-chief financial officer Yip Hwai Chong and
former general manager Ang Tse Aun Damien were charged with
several counts of cheating. Together with nine other men, they
had allegedly conspired to cheat Nokia of AGD4.3 million, after
having issued fake phone repair bills to the firm for phones
that were still under warranty. They currently face a total of
183 charges.

According to sources, Nokia may file additional claims against
the Company and Mr. Tan, along with three former senior ACCS
staff, in order to recover what it had paid out to ACCS.

Lawyers for the accused say it is too early to tell how they
would plead; a pre-trial conference was held on Oct. 3, which
was later adjourned to Oct. 31.

CONTACT:

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


CHARTERED SEMICONDUCTOR: Appoints Senior Vice President
-------------------------------------------------------
On Oct. 4, 2005, Chartered Semiconductor Manufacturing Limited
announced the appointment of Dr. Simon Yang as senior vice
president and chief technology officer.

In this newly created position, Dr. Yang is responsible for
developing and driving strategic programs in support of the
Company's corporate objectives and long-term strategic
direction. Dr. Yang reports directly to Chia Song Hwee,
president and CEO.

Dr. Yang brings more than 18 years of experience in the
semiconductor industry. He previously held key positions in
technology development and advanced fab operations. He was a
senior vice president for logic technology development and
manufacturing at Semiconductor Manufacturing International
Corporation (SMIC) and prior to that, a director of logic device
and process integration at Intel. Most recently, he was
president and CEO of Ciwest, a new semiconductor start-up based
in China. Dr. Yang has been awarded 12 U.S. patents and is the
author or coauthor of more than 30 technical papers. Dr. Yang
holds a bachelor's degree in electrical engineering from
Shanghai University of Science and Technology, and a master's
degree in physics and doctorate degree in materials engineering
from Rensselaer Polytechnic Institute in Troy, New York.

Chartered Semiconductor CEO Chia Song Hwee said, "Dr. Yang's
appointment comes at an important and exciting time in our
transformation into a leading foundry provider of complete
solutions for cutting-edge technologies."

"New opportunities are now available to us. We are looking to
Dr. Yang's leadership to capitalize on these opportunities and
position us for new trends that will place Chartered at the
forefront of our industry," he added.

CONTACT:

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


DIGILAND INTERNATIONAL: Issues Additional Shares to Director
------------------------------------------------------------
Digiland International Limited: Proposed Subscription of New
Ordinary Shares in the Capital of Digiland International Limited

Digiland International Limited announces that on Oct. 3, 2005,
the Company entered into an investment agreement with Company
director and shareholder Dr. Tan Kim Yong.

Subject to the terms and conditions of the Investment Agreement,
the Investor has agreed to subscribe for and the Company has
agreed to allot and issue to the Investor, 5,000,000,000 (or
such other number as may be adjusted in connection with and in
order to comply with the scheme of arrangement dated June 28,
2005 and entered into between the scheme creditors and the
Company) new ordinary shares of par value SGD0.001 each in the
capital of the Company at an aggregate subscription price of
SGD5 million.

The Subscription Shares will constitute 70% of the enlarged
issued share capital of the Company, on a fully diluted basis
(including the new ordinary shares to be allotted to scheme
creditors pursuant to the Scheme.

CONTACT:

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


EVERBLOOM MUSHROOM: Court Releases Winding Up Order
---------------------------------------------------
In the matter of Everbloom Mushroom Pte Limited, the Singapore
High Court issued a winding up order against the Company on
Sept. 21, 2005, with the following details:

Name and address of Liquidator: The Official Receiver
45 Maxwell Road, #06-11 The URA Centre (East Wing)
Singapore 069118.

Notes:

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

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

Drew & Napier LLC
Solicitors for the Petitioner


INTERLINE FREIGHT: Prepares to Pay Dividend
-------------------------------------------
Interline Freight Services Pte Limited, formerly of 115 Airport
Cargo Road, #03-06 Cargo Agent Building B, Cargo Airfreight
Centre, Singapore 819466, posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Interline Freight Services Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 167 of 1996
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

Chan Wang Ho
Assistant Official Receiver


NEOCORP INTERNATIONAL: Unit Appoints Provisional Liquidator
-----------------------------------------------------------
On Oct. 1, 2005, Neocorp International Limited's wholly owned
subsidiary, NeoCorp Innovations Pte Limited filed for the
appointment of provisional liquidator, and Mr. Bob Low Siew Sie
of Bob Low & Co., Certified Public Accountants was appointed to
the position.

The liquidator's appointment will have a material impact on the
Group's net assets value and earnings per share.

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


WEE POH: Schedules EGM on Oct. 21
---------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Wee Poh Holdings Limited will be held on Oct. 21, 2005,
11:00 a.m. at Ballroom 3, The Fullerton Hotel Singapore, 1
Fullerton Square, Singapore 049178, to consider, and pass
ordinary and special resolutions regarding the Company's
acquisition of the entire share capital of Winning Metal
Products Mfg. Co. Ltd., the appointment of directors, and
issuance of shares to Winning International Limited.

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

http://bankrupt.com/misc/tcrap_weepoh100405.pdf

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Phone: 65 6452 1210
Fax:   65 6453 6310
Web site: http://www.weepoh.com.sg


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

PICNIC CORPORATION: SET Drops Probe to Big-Lot Transaction
----------------------------------------------------------
Picnic Corporation Public Co. Ltd. has finally averted the
watchful eye of the Stock Exchange of Thailand (SET) when the
bourse said it is satisfied with the clarification made by Intel
Vision Securities, Bangkok Post reveals.

The SET recently instructed Picnic to clarify the big-lot
transaction for the price posted was far higher than the market
price.  Picnic shares were traded on the big-lot board at
THB13.19 a piece, 381 percent higher than the closing price of
THB2.74 on the same day.

In a statement, Intel Vision said that it had sold the shares to
one of its customers under an agreement made a few months back
when the share price was still high.

The explanation prompted SET President Kittiratt Na Ranong to
drop the probe citing the explanations provided by Intel Vision
were so clear, to the point and comprehensive that there would
be no need to dig deeper.

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com


THAI HEAT: Unveils Result of Warrant Exercise
---------------------------------------------
Thai heat Exchange Public Company Limited informed the Stock
Exchange of Thailand (SET) that it had issued a 5-year warrant
of 61,985,800 units to the shareholders on July 4-8, 2005.

The exercise Ratio is 1 common share: 1 warrant at THB1 per
share The exercise period is quarterly between 3rd quarter 2005
to May 17, 2010.

The following are the details of the 1st exercise dated on
September 30, 2005.

No. of exercising warrant holders: 7 Persons

No. of warrant holders who have been allotted common shares: 7
Persons

No. of warrants exercised: 708,900 Units

Total common shares allotted through exercise right: 708,900
Shares

Total outstanding THECO-WA warrants: 61,276,900 Units

After the above exercised rights on September 30, 2005, the
total number of the Company's paid-up capital will be
124,680,500 shares, at par value of THB1 each, amounting to
THB124,680,500.

The Company will subsequently process the capital increase
registration with the Ministry of Commerce and list the new
shares.

As the reorganization planner of Thai Heat Exchange PLC
Mr. Surin Wanpensakul
Authorized Director

CONTACT:

Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com


THAI ENGINE: Provides SET with Information on Amended Plan
----------------------------------------------------------
The court issued an order approving the Business Reorganization
Plan (the Existing Plan) of Thai Engine Manufacturing Public
Company Limited (the Company) on December 20, 2000.

The Company informed the Stock Exchange of Thailand (SET) for
dissemination to investors on the SET, that on July 7, 2005 the
Plan Administrator filed an application for amendment of the
Existing Plan (Amended Plan) with the official receiver, and the
creditors meeting resolved to accept the Amended Plan on August
4, 2005.

Thereafter, on September 29, 2005 the court issued an order
approving the Amended Plan.

Material particulars can be summarized as follows:

(1) Reason for Application for Amendment of the Existing Plan

The Existing Plan prescribes that the debts and assets of the
Company shall be transferred to two asset management companies
i.e. T.E.M. Asset Recovery Company Limited (TEMAR) and T.E.M.
Business Operations Company Limited (TEMBO).

These two asset management companies were assigned to manage the
assets of the Company and the proceeds thereof would be used for
debt repayment.  Subsequently, the Existing Plan was amended to
accommodate the joint investment of investors in the Company.

However, there was no investor agreeing to invest in the
Company.  This caused the Company to have no source of funds for
carrying out its business and implementing the Existing Plan.

Furthermore, such two asset management companies were short of
working capital for the business operation and have no funds for
repaying debt to the creditors transferring debts to them.

Investors interested to invest in the Company have contacted the
Plan Administrator.  These investors specified the condition
that the Company shall carry out business itself, not through
such two asset management companies to ensure that the Company
will be qualified to apply for permission to have its shares
traded on the SET again.

Moreover, the investors also specified other conditions
regarding the joint investment in the Company which have not
been provided by the Existing Plan.  Therefore, it is necessary
for the Plan Administrator to amend the Existing Plan,
substantial particulars of which are in Clause 2 below.

(2) Summary of Amendment of the Existing Plan

(2.1) Investment of Investors

The Company will procure investors to obtain investment funds in
the amount not less than THB180,000,000 to be used for
purchasing core assets for the business operation from TEMBO in
the amount of approximately THB140,000,000 and for working
capital in the sum of approximately THB40,000,000.

(2.2) Recapitalization

(a) Change of Par Value

The Company will change the par value of shares from THB10 per
share to THB1 per share resulting in the Company having
registered and paid-up capital of THB75,000,000, representing
75,000,000 shares at the par value of THB1 per share.

(b) Capital Decrease

The Company will decrease its registered and paid-up capital by
decreasing the number of shares on a pro rata basis to
20,000,000 shares at the par value of THB1 per share. As a
result, the registered and paid-up capital will be
THB20,000,000.

(c) Capital Increase

The Company will increase its registered capital from
THB20,000,000 to THB200,000,000 at the share value of THB1 per
share, totaling THB200,000,000.  The shares will be offered for
sale to the investors at the price of THB1 per share.

(2.3) Acceptance of Transfer of Assets from TEMBO and Debt
Repayment to Creditors by TEMBO Funds from the investors will be
used to purchase core assets from TEMBO and TEMBO will use such
funds to repay debt to its creditors.  The secured creditors
will receive repayment on the date TEMBO sells it assets to the
Company, and the unsecured creditors will receive repayment
within seven days after TEMBO sells its assets to the Company.

Upon receiving debt repayment the creditors will return
financial instruments to TEMBO, and the creditors agree to
discharge all remaining debt obligations to TEMBO and the
Company, including debt obligations waiting to be discharged in
the amount of THB3,891.58 million, to the Company.

(2.4) Management of TEMBO

TEMBO will no longer be under the management of the Company.
The Company will sell its shares in TEMBO at a price not lower
than the book value as at December 31, 2004.

(2.5) Management of TEMAR

TEMAR will no longer be under the management of the Company.
The management of TEMAR will be as follows:

(a) The Company will cause TEMAR to engage an asset
administrator to manage and collect debts of TEMAR, and the
funds therefrom will be subsequently used to repay the creditors
of TEMAR.  The engagement fee and conditions will be agreed and
negotiated between the Company and the asset administrator.

(b) The Company will sell its shares in TEMAR at a price not
lower than the book value as at December 31, 2004.

Please be informed accordingly for releasing information to the
investors on the SET.

Sincerely yours,
Thai Engine Manufacturing Public Company Limited
Mr. Teerachai Riensubdee
Managing Director

CONTACT:

Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com









                            *********


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

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